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06-M PEDC/Paris Pkg Note Apprv
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06-M PEDC/Paris Pkg Note Apprv
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Entry Properties
Last modified
11/8/2005 11:23:42 AM
Creation date
4/11/2003 10:00:43 PM
Metadata
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Template:
AGENDA
Item Number
6-L
AGENDA - Type
RESOLUTION
Description
Approve PEDC Resolution authorizing extension of note with Paris Packaging, Inc.
AGENDA - Date
4/14/2003
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FIRST ADDENDUM TO <br /> <br /> SECURITY AGREEMENT <br /> <br /> (CONSUMER GOODS, EQUIPMENT AND FARM PRODUCTS) <br /> <br />THE STATE OF TEXAS )( <br /> )( KNOW ALL MEN BY THESE PRESENTS: <br />COUNTY OF LAMAR )( <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 of July 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 /> BEAR.ING iNTEREST AT 7% PEP, ANNUM, WITH 165 MONTHLY PAYMENTS, <br /> COMMENCiNG J-fLY 15, 2003, iN TI-IE AMOUNT OF $32,000 AND ONE <br /> MONTHLY PAYMENT OF TI--IE UNPAID BALANCE DUE AND PAYABLE ON <br /> APRIL 15, 2017. <br /> <br /> Providing for acceleration of maturity and for a~torney'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 CONTP, AR.Y, THE SECUP,.ITY <br />INTEREST IN THE COLLATEKAL EVIDENCED BY THE SECUI~TY AGREEMENT AS <br />AMENDED BY THIS ADDENDUM IS SUBORDINATE IN ALL RESPECTS TO (1) THE <br />FIRST PKIORITY SECURITY iNTEREST GRANTED TO HIBERNIA NATIONAL BANK <br />AND ITS SUCCESSOR.S AND ASSIGNS, AND (2) THE SECOND AND EQUAL PKIOR.ITY <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 <br /> <br /> <br />
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