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_ DRAFT <br />SECURITY AGREEMENT <br />Date: September 1, 2011 <br />Debtor: PARIS ECONOMIC DEVELOPMENT FOUNDATION <br />A Texas Non-Stock, Non-Profit Industrial Development Corporation <br />Debtor's Mailing Address: <br />1125 Bonham Street <br />Paris (Lamar County) <br />Texas 75460 <br />Secured Party: CAPITAL ONE BANK, N.A. <br />Secured Party's Mailing Address: <br />Attn: <br />Classification of Collateral: <br />General Intangibles <br />Collateral: All of Debtor's interest in income received by it from sales tax revenues, and other income <br />received by Debtor, EXCEPT that portion of same currently obligated or subsequent bonds <br />issued as contemplated by the Series 1998 bonds; "income received" being defined as a one- <br />quarter of One percent (1.00%) sales and use tax collected by the City of Paris payable to <br />Debtor upon receipt of same from the Comptroller of Public Accounts of the State of Texas, <br />and deposited in Debtor's sales tax receipts account in its official depository bank. <br />Obligation: <br />Note: <br />Date: September 1, 2011 <br />Original Principal Amount: $2,000,000.00 <br />Borrower (Debtor): Paris Economic Development Corporation <br />Lender (Secured Party): Capital One Bank, N.A. <br />Maturity Date: September 1, 2012 <br />Terms of Payment: As set out in the Note. <br />Other Debt/Future Advances: The security interest also secures all other present and future debts and <br />liabilities of Debtor to Secured Party, including future advances. <br />Debtor's Representations Concerning Debtor and Locations: <br />Debtor's state of organization is Texas; Debtor's name, as shown in its organizational documents, as amended, <br />is exactly as set forth above; and Debtor's organizational identification number is 01278651-01. <br />Debtor's Federal tax identification number is 75-6000635. <br />Debtor's records concerning the Collateral are located at 1125 Bonham Street, Paris, Lamar County, Texas <br />75460. <br />Debtor grants to Secured Party a security interest in the Collateral and all its proceeds to secure the Obligation, <br />and all renewals of the Obligation. Debtor authorizes Secured Party to file a Financing Statement describing the <br />Collateral. <br />