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                            EURODOLLAR REVOLVING NOTE

                                       TAX I.D. NO. 59-3479359

$33,000,000                            Detroit, Michigan
                                       December 15, 1997

      On or before January 31, 1999 FOR VALUE RECEIVED, the undersigned, 
IPG HOLDINGS LP, a Delaware limited partnership (herein called "Borrower"), 
promises to pay to the order of COMERICA BANK, a Michigan banking corporation 
(herein called "Bank"), in lawful currency of the United States of America at 
the main office of Bank, THIRTY THREE MILLION DOLLARS ($33,000,000), or so 
much of said sum as has been advanced and is then outstanding under this 
Note, together with interest thereon as hereinafter set forth.

      This Note is a note under which Advances, repayments and re-Advances 
may be made from time to time, subject to the terms and conditions of this 
Note; provided however, in no event shall Bank be obligated to make any 
Advances or re-Advances hereunder (or refunds or conversions of existing 
Advances) in the event that and so long as any Event of Default, or any 
condition or event which, with the giving of notice or the running of time, 
or both, would constitute an Event of Default, shall have occurred and be 
continuing hereunder.

      Each of the Advances made hereunder shall bear interest at the 
Eurodollar-based Rate or the Prime-based Rate, as elected by Borrower, or as 
otherwise determined under this Note.

      Interest on the unpaid balance of each outstanding Prime-based Advance 
shall be payable monthly, commencing on January 1, 1998, and on the first 
Business Day of each succeeding month thereafter. Interest accruing at the 
Prime-based Rate shall be computed on the basis of a year of 360 days, and 
shall be assessed for the actual number of days elapsed, and in such 
computation, effect shall be given to any change in the Prime-based Rate as a 
result of any change in the Prime-based Rate on the date of each such change.

      Interest on each Eurodollar-based Advance shall be payable on the last 
day of the Interest Period applicable thereto; provided, however, in the 
event that the Interest Period applicable to any such Eurodollar-based 
Advance is more than three (3) months, interest on such Eurodollar-based 
Advance shall also be payable at intervals of three (3) months from the date 
of such Advance. Interest accruing at the Eurodollar-based Rate shall be 
computed on the basis of a 360 day year and shall be assessed for the actual 
number of days elapsed from the first day of the Interest Period applicable 
thereto but not including the last day thereof.

      From and after the occurrence of any Event of Default hereunder, or any 
condition or event which, with the giving of notice or the running of time, 
or both, would constitute an Event of Default, and so long as any such Event 
of Default or such condition or event remains unremedied or uncured 
thereafter, the indebtedness outstanding under this Note shall bear interest 
at a per annum rate of three percent (3%) above the otherwise Applicable 
Interest Rate, which interest shall be payable upon demand.

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      The amount and date of each Advance, its Applicable Interest Rate, its 
Interest Period, if any, and the amount and date of any repayment shall be 
noted on Bank's records, which records shall be conclusive evidence thereof, 
absent manifest error; provided, however, any failure by Bank to make any 
such notation, or any error in any such notation, shall not relieve Borrower 
of its obligations to repay Bank the amount of any Advances, all accrued and 
unpaid interest thereon, and all other amounts payable by Borrower to Bank 
under or pursuant to this Note.

      The Borrower may request an Advance hereunder, including the refunding 
or conversion of an outstanding Advance, upon the delivery to Bank of a 
Request for Advance executed by an authorized representative of Borrower, 
subject to the following:

     (a)  no Event of Default, and no condition or event which, with the 
          giving of notice or the running of time, or both, would constitute 
          an Event of Default, shall have occurred and be continuing under 
          this Note; 

     (b)  each such Request for Advance shall set forth the information 
          required on the Request for Advance form annexed hereto as Exhibit 
          "A"; 

     (c)  each such Request for Advance shall be delivered to Bank by 11:00 
          a.m. (Detroit, Michigan time) three (3) Business Days prior to the 
          proposed date of Advance in the case of Eurodollar-based Advances, 
          and by 11:00 a.m. (Detroit, Michigan time) on the proposed date of 
          Advance in the case of Prime-based Advances;

     (d)  the principal amount of each Eurodollar-based Advance, plus the 
          amount of any outstanding indebtedness to be then combined 
          therewith having the same Applicable Interest Rate and Interest 
          Period shall be at least Five Hundred Thousand Dollars ($500,000), 
          and if greater, in integral multiples of One Hundred Thousand 
          Dollars ($100,000);

     (e)  the proposed date of any refunding or conversion of any outstanding 
          Eurodollar-based Advance shall only be on the last day of the 
          Interest Period applicable thereto;

     (f)  a Request for Advance, once delivered to Bank, shall not be 
          revocable by Borrower.

      If, as to any outstanding Eurodollar-based Advance, Bank shall not 
receive a timely Request for Advance in accordance with the foregoing 
requesting the refunding of such Advance as a Eurodollar-based Advance, the 
principal amount of such Advance which is not then repaid shall be 
automatically converted to a Prime-based Advance on the last day of the 
Interest Period applicable thereto, subject in all respects to the terms and 
conditions of this Note. The foregoing shall not in any way whatsoever limit 
or otherwise affect any of Bank's rights or remedies under this Note upon the 
occurrence of any Event of Default hereunder, or any condition or event 
which, with the giving of notice or the running of time, or both, would 
constitute an Event of Default.

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      Borrower may prepay all or part of the outstanding balance of any 
Prime-based Advance under this Note at any time. Borrower may prepay all or 
part of any Eurodollar-based Advance on the last day of the Interest Period 
applicable thereto, provided that the amount of any such partial prepayment 
shall be at least One Hundred Thousand Dollars ($100,000), or, if greater, in 
integral multiples thereof, the aggregate balance of Eurodollar-based 
Advances outstanding after such prepayment shall be at least One Hundred 
Thousand Dollars ($100,000), and the unpaid portion of such Eurodollar-based 
Advance which is refunded or converted shall be subject to the limitations 
set forth in this Note. Any prepayment made in accordance with this paragraph 
shall be without premium or penalty. Any other prepayment shall be otherwise 
restricted by and subject to the terms of this Note.

      Subject to the definition of an "Interest Period" hereunder, in the 
event that any payment under this Note becomes due and payable on any day 
which is not a Business Day, the due date thereof shall be extended to the 
next succeeding Business Day, and, to the extent applicable, interest shall 
continue to accrue and be payable thereon during such extension at the rates 
set forth in this Note. 

      All payments to be made by Borrower to Bank under or pursuant to this 
Note shall be in immediately available funds, without setoff or counterclaim, 
and in the event that any payments submitted hereunder are in funds not 
available until collected, said payments shall continue to bear interest 
until collected. Borrower hereby authorizes Bank to charge any account of 
Borrower with Bank for all sums due hereunder when due in accordance with the 
terms hereof.

      If Borrower makes any payment of principal with respect to any 
Eurodollar-based Advance on any day other than the last day of the Interest 
Period applicable thereto (whether voluntarily, by acceleration, or 
otherwise), or if Borrower fails to borrow any Eurodollar-based Advance after 
notice has been given by Borrower to Bank in accordance with the terms of 
this Note requesting such Advance, or if Borrower fails to make any payment 
of principal or interest in respect of a Eurodollar-based Advance when due, 
Borrower shall reimburse Bank on demand for any resulting loss, cost or 
expense incurred by Bank as a result thereof, including, without limitation, 
any such loss, cost or expense incurred in obtaining, liquidating, employing 
or redeploying deposits from third parties, whether or not Bank shall have 
funded or committed to fund such Advance. Such amount payable by Borrower to 
Bank may include, without limitation, an amount equal to the excess, if any, 
of (a) the amount of interest which would have accrued on the amount so 
prepaid, or not so borrowed, refunded or converted, for the period from the 
date of such prepayment or of such failure to borrow, refund or convert, 
through the last day of the relevant Interest Period, at the applicable rate 
of interest for said Advance(s) provided under this Note, over (b) the amount 
of interest (as reasonably determined by Bank) which would have accrued to 
Bank on such amount by placing such amount on deposit for a comparable period 
with leading banks in the interbank eurodollar market. Calculation of any 
amounts payable to Bank under this paragraph shall be made as though Bank 
shall have actually funded or committed to fund the relevant Eurodollar-based 
Advance through the purchase of an underlying deposit in an amount equal to 
the amount of such Advance and having a maturity comparable to the relevant 
Interest Period; provided, however, that Bank may fund any Eurodollar-based 
Advance in any manner it deems fit and the foregoing assumptions shall be 
utilized only for the purpose of the calculation of amounts payable under 
this paragraph.  Upon 

                                 - 3 -
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the written request of Borrower, Bank shall deliver to Borrower a certificate 
setting forth the basis for determining such losses, costs and expenses, 
which certificate shall be conclusively presumed correct, absent manifest 
error.

      For any Interest Period for which the Applicable Interest Rate is the 
Eurodollar-based Rate, if Bank shall designate a Eurodollar Lending Office 
which maintains books separate from those of the rest of Bank, Bank shall 
have the option of maintaining and carrying the relevant Eurodollar-based 
Advance on the books of such Eurodollar Lending Office.

      If, with respect to any Interest Period, Bank determines that, (a) by 
reason of circumstances affecting the foreign exchange and interbank markets 
generally, deposits in Eurodollars in the applicable amounts or for the 
relative maturities are not being offered to Bank for such Interest Period, 
or (b) if the rate of interest referred to in the definition of 
"Eurodollar-based Rate" upon the basis of which the rate of interest for a 
Eurodollar-based Advance is to be determined does not accurately or fairly 
cover or reflect the cost to Bank of making or maintaining a Eurodollar- 
based Advance hereunder, then Bank shall forthwith give notice thereof to the 
Borrower. Thereafter, until Bank notifies Borrower that such circumstances no 
longer exist, the right of Borrower to request a Eurodollar-based Advance and 
to convert an Advance to or refund an Advance as a Eurodollar-based Advance 
shall be suspended.

      If, after the date hereof, the introduction of, or any change in, any 
applicable law, rule or regulation or in the interpretation or administration 
thereof by any governmental authority charged with the interpretation or 
administration thereof, or compliance by Bank (or its Eurodollar Lending 
Office) with any request or directive (whether or not having the force of 
law) of any such authority, shall make it unlawful or impossible for the Bank 
(or its Eurodollar Lending Office) to make or maintain any Advance with 
interest at the Eurodollar-based Rate, Bank shall forthwith give notice 
thereof to Borrower. Thereafter, (a) the right of Borrower to request a 
Eurodollar-based Advance and to convert an Advance to or refund an Advance as 
a Eurodollar-based Advance shall be suspended, and thereafter, Borrower may 
select only the Prime-based Rate as the Applicable Interest Rate hereunder, 
and (b) if Bank may not lawfully continue to maintain an outstanding Advance 
to the end of the then current Interest Period applicable thereto, the Prime- 
based Rate shall be the Applicable Interest Rate for the remainder of such 
Interest Period with respect to such outstanding Advance.

      If the adoption after the date hereof, or any change after the date 
hereof in, any applicable law, rule or regulation of any governmental 
authority, central bank or comparable agency charged with the interpretation 
or administration thereof, or compliance by Bank (or its Eurodollar Lending 
Office) with any request or directive (whether or not having the force of 
law) made by any such authority, central bank or comparable agency after the 
date hereof:

     (a)  shall subject Bank (or its Eurodollar Lending Office) to any tax, 
          duty or other charge with respect to this Note or any Advance 
          hereunder or shall change the basis of taxation of payments to Bank 
          (or its Eurodollar Lending Office) of the principal of or interest 
          on any Advance or any other amounts due under this Note in respect 
          thereof (except for changes in the rate of tax on the overall net 
          income of Bank or its Eurodollar Lending Office imposed by the 
          jurisdiction in which Bank's principal executive office or 
          Eurodollar Lending Office is located); or

                                 - 4 -
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     (b)  shall impose, modify or deem applicable any reserve (including, 
          without limitation, any imposed by the Board of Governors of the 
          Federal Reserve System), special deposit or similar requirement 
          against assets of, deposits with or for the account of, or credit 
          extended by Bank (or its Eurodollar Lending Office) or shall impose 
          on Bank (or its Eurodollar Lending Office) or the foreign exchange 
          and interbank markets any other condition affecting any Advance 
          under this Note;  

and the result of any of the foregoing is to increase the cost to Bank of 
maintaining any part of the indebtedness hereunder or to reduce the amount of 
any sum received or receivable by Bank under this Note by an amount deemed by 
the Bank to be material, then Borrower shall pay to Bank, within fifteen (15) 
days of Borrower's receipt of written notice from Bank demanding such 
compensation, such additional amount or amounts as will compensate Bank for 
such increased cost or reduction.  The Bank shall use reasonable efforts to 
advise Borrower of any event described in this paragraph within a reasonable 
time.  A certificate of Bank, prepared in good faith and in reasonable detail 
by Bank and submitted by the Bank to the Borrower, setting forth the basis 
for determining such additional amount or amounts necessary to compensate 
Bank shall be conclusive and binding for all purposes, absent manifest error 
in computation. 

      In the event that any applicable law, treaty, rule or regulation 
(whether domestic or foreign) now or hereafter in effect and whether or not 
presently applicable to the Bank, or any interpretation or administration 
thereof by any governmental authority charged with the interpretation or 
administration thereof, or compliance by the Bank with any guideline, request 
or directive of any such authority (whether or not having the force of law), 
including any risk-based capital guidelines, affects or would affect the 
amount of capital required or expected to be maintained by the Bank (or any 
corporation controlling the Bank), and the Bank determines that the amount of 
such capital or any reserve requirements (including any marginal, special, 
supplemental or emergency reserve requirements imposed with respect to any 
category of extensions of credit or assets which include "Eurocurrency 
Liabilities" as defined in Regulation D of the Federal Reserve System) to 
which Bank or its Eurodollar Lending Office is increased by or based upon the 
existence of any obligations of the Bank hereunder or the making or 
maintaining any Advances hereunder and such increase has the effect of 
reducing the rate of return on the Bank's (or such controlling corporation's) 
capital as a consequence of such obligations or the making or maintaining 
such Advances hereunder to a level below that which the Bank (or such 
controlling corporation) could have achieved but for such circumstances 
(taking into consideration its policies with respect to capital adequacy) by 
an amount deemed by the Bank to be material, then the Borrower shall pay to 
the Bank, within fifteen (15) days of Borrower's receipt of written notice 
from Bank demanding such compensation, additional amounts sufficient to 
compensate the Bank (or such controlling corporation) for any increase in the 
amount of capital and reduced rate of return which the Bank reasonably 
determines to be allocable to the existence of any obligations of the Bank 
hereunder or to the making or maintaining any Advances hereunder. A 
certificate of Bank as to the amount of such compensation, prepared in good 
faith and in reasonable detail by the Bank and submitted by the Bank to the 
Company, shall be conclusive and binding for all purposes absent manifest 
error in computation.

                                 - 5 -
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      Upon the occurrence and during the continuance of any Event of Default, 
Bank may at any time and from time to time, without notice to the Borrower 
(any requirement for such notice being expressly waived by the Borrower), set 
off and apply against any and all of the indebtedness of Borrower to Bank any 
and all deposits (general or special, time or demand, provisional or final) 
at any time held and other indebtedness at any time owing by Bank to or for 
the credit or the account of the Borrower and any property of the Borrower 
from time to time in possession of Bank, irrespective of whether or not Bank 
shall have made any demand hereunder and although such obligations may be 
contingent and unmatured. The rights of Bank under this paragraph are in 
addition to other rights and remedies (including, without limitation, other 
rights of setoff) which Bank may otherwise have.

      Upon the occurrence of any Event of Default, Bank may declare this Note 
due forthwith and collect, deal with and dispose of all or any part of any 
security in any manner permitted or authorized by the Indiana Uniform 
Commercial Code or other applicable law (including public or private sale) 
and after deducting expenses (including reasonable attorneys' fees and 
expenses), Bank may apply the proceeds and any deposits or credits in part or 
full payment of any of said liabilities, whether due or not, in any manner or 
order Bank elects.

      For the purposes of this Note, the following terms have the following 
meanings: 

      "Advance" means a borrowing requested by Borrower and made by Bank 
under this Note, including any refunding or conversions of such borrowing, 
and shall include a Eurodollar-based Advance and a Prime-based Advance.

      "Applicable Interest Rate" means the Eurodollar-based Rate or the 
Prime-based Rate, as selected by Borrower from time to time subject to the 
terms and conditions of this Note.

      "Business Day" means any day, other than a Saturday, Sunday or holiday, 
on which Bank is open for all or substantially all of its domestic and 
international business (including dealings in foreign exchange) in Detroit, 
Michigan.

      "Eurodollar-based Advance" means an Advance which bears interest at the 
Eurodollar-based Rate.

      "Eurodollar-based Rate" means a per annum interest rate which is equal 
to the sum of one and one-quarter percent (1-1/4%), plus the the per annum 
interest rate at which Bank's Eurodollar Lending Office offers deposits to 
prime banks in the eurodollar market in an amount comparable to the relevant 
Eurodollar-based Advance and for a period equal to the relevant Interest 
Period at or about 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter 
as practical) two (2) Business Days prior to the first day of such Interest 
Period.

      "Eurodollar Lending Office" means Bank's office located in the Grand 
Cayman Islands, British West Indies, or such other branch of Bank, domestic 
or foreign, as it may hereafter designate as its Eurodollar Lending Office by 
notice to Borrower.

      "Event of Default" means the occurrence of any one of the following:

                                 - 6 -
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     (a)  Borrower shall fail to pay the principal or interest under any 
          Advance or shall fail to pay any other amount owing by Borrower to 
          Bank, whether under this Note or otherwise, when due in accordance 
          with the terms hereof or thereof;

     (b)  any representation, warranty, certification or statement made or 
          deemed to have been made by Borrower herein or in any certificate, 
          financial statement or other document or agreement delivered to 
          Bank pursuant hereto shall prove to be untrue in any material 
          respect;

     (c)  Borrower shall fail to observe or perform any condition, covenant 
          or agreement of Borrower set forth in the Loan Agreement or any 
          other loan or security agreement or other agreement with Bank, 
          other than as provided in subparagraph (a) above, and Borrower 
          shall fail to cure such failure within any grace or cure period 
          provided with respect thereto;

     (d)  Borrower shall make any assignment for the benefit of creditors, or 
          there shall be commenced any bankruptcy, receivership, insolvency, 
          reorganization, dissolution or liquidation proceedings by or 
          against Borrower, or the entry of any judgment, levy, attachment, 
          garnishment or other process, or the filing of any lien against the 
          Borrower, which proceeding, if involuntary, judgment, levy, 
          attachment, garnishment or other process shall not be discharged, 
          dismissed, vacated or otherwise stayed by the Borrower within 
          forty-five (45) days after the commencement or filing thereof, as 
          applicable;

     (e)  Borrower shall have defaulted in the payment when due and payable 
          (whether at maturity, by reason of acceleration or otherwise), 
          after the expiration of any applicable cure period, of the 
          principal of or interest on any indebtedness of Borrower for 
          borrowed money in excess of Five Million Dollars ($5,000,000) or the 
          maturity of any such indebtedness shall have been accelerated in 
          accordance with the provisions of any indenture, contract, agreement 
          or instrument providing for the creation of or concerning or 
          otherwise governing or evidencing such indebtedness, or any event or 
          condition shall have occurred and be continuing which, with the 
          giving of notice or the passage of time, or both, would permit any 
          holder or holders of such indebtedness, any trustee or agent acting 
          on behalf of such holder or holders, or any other person, to 
          accelerate the maturity of such indebtedness. 

      "Interest Period" means a period of 1, 2, 3 or 6 months; as selected by
Borrower pursuant to the terms of this Note, commencing on the day a 
Eurodollar-based Advance is made, provided that:

     (a)  any Interest Period which would otherwise end on a day which is not 
          a Business Day shall be extended to the next succeeding Business 
          Day, except that if the next succeeding Business Day falls in 
          another calendar month, the Interest Period shall end on the next 
          preceding Business Day, and when an Interest Period begins on a day 
          which has no numerically corresponding day in the calendar month 
          during 

                                 - 7 -
<PAGE>

          which such Interest Period is to end, it shall end on the last 
          Business Day of such calendar month, and

     (b)  no Interest Period shall extend beyond the maturity date of this 
          Note. 

      "Loan Agreement" shall mean that certain Revolving Credit Agreement of 
even date herewith among Borrower and Bank.

      "Prime-based Advance" shall mean an Advance which bears interest at the 
Prime-based Rate.

      "Prime Rate" means the per annum interest rate established by Bank as 
its prime rate for its borrowers, as such rate may vary from time to time, 
which rate is not necessarily the lowest rate on loans made by Bank at any 
such time.

      "Prime-based Rate" shall mean a per annum interest rate which is equal 
to the greater of (i) the Prime Rate; or (ii) the rate of interest equal to 
the sum of (a) one percent (1%) and (b) the rate of interest equal to the 
average of the rates on overnight Federal funds transactions with members of 
the Federal Reserve System arranged by Federal funds brokers (the "Overnight 
Rates"), as published by the Federal Reserve Bank of New York, or, if the 
overnight Rates are not so published for any day, the average of the 
quotations for the Overnight Rates received by Bank from three (3) Federal 
funds brokers of recognized standing selected by Bank, as the same may be 
changed from time to time. Effect shall be given to any change in the 
Prime-based Rate as a result of any change in the Prime Rate or Overnight 
Rates on the date of any such change in the Prime Rate or Overnight Rates, as 
applicable.

      "Request for Advance" means a Request for Advance issued by Borrower 
under this Note in the form annexed to this Note as Exhibit "A".

      Borrower agrees to make all payments to Bank of any and all amounts due 
and owing by Borrower to Bank hereunder, including, without limitation, the 
payment of principal and interest on any Advance, on the date provided for 
such payment, in United States Dollars in immediately available funds at any 
the office of Bank located in the State of Michigan, or such other address as 
Bank may notify Borrower in writing.

      No delay or failure of Bank in exercising any right, power or privilege 
hereunder shall affect such right, power or privilege, nor shall any single 
or partial exercise thereof preclude any further exercise thereof, or the 
exercise of any other power, right or privilege. The rights of Bank under 
this Agreement are cumulative and not exclusive of any right or remedies 
which Bank would otherwise have, whether by other instruments or by law. 

                                 - 8 -

<PAGE>

      This Note has been deemed to have been delivered at Detroit, Michigan, 
and shall be governed by and construed and enforced in accordance with the 
laws of the State of Michigan. Whenever possible each provision of this Note 
shall be interpreted in such manner as to be effective and valid under 
applicable law, but if any provision of this Note shall be prohibited by or 
invalid under applicable law, such provision shall be ineffective to the 
extent of such prohibition or invalidity, without invalidating the remainder 
of such provision or the remaining provisions of this Note.

      BORROWER AND THE BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A 
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING 
(OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, 
KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO 
TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR 
ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS 
HEREUNDER. 

       THE BORROWER ACKNOWLEDGES THAT ANY APPROVAL OR EXTENSION OF CREDIT 
PURSUANT TO THIS NOTE IS EXTENDED BY THE BANK FROM ITS PRINCIPAL OFFICE IN 
DETROIT, MICHIGAN.

                          IPG HOLDINGS LP
                          By Intertape Polymer, Inc.

                          By: [signature]
                             ________________________________________

                          Its: [illegible]
                              ________________________________________

                                 - 9 -
<PAGE>

                                     EXHIBIT "A"
                                 REQUEST FOR ADVANCE


      The undersigned hereby requests COMERICA BANK ("Bank") to make a(an) 
____________________________ * Advance to the undersigned on 
________________, _____, in the amount of  ________________________ Dollars 
($__________) under the Promissory Note dated as of December 15, 1997, issued 
by the undersigned to said Bank in the face amount of Thirty Three Million 
Dollars ($33,000,000) (herein called "Note").  The Interest Period for the 
requested Advance, if applicable, shall be ____________________ **.  The last 
day of the Interest Period for the amounts being converted or refunded 
hereunder, if applicable, is ____________________, 19_____.

      The undersigned certifies that no Event of Default, or any condition or 
event which, with the giving of notice or the running of time, or both, would 
constitute an Event of Default, has occurred and is continuing under the 
Note, and none will exist upon the making of the Advance requested hereunder. 
The undersigned further certifies that upon advancing the sum requested 
hereunder, the aggregate principal amount outstanding under the Note will not 
exceed the face amount thereof. If the amount advanced to the undersigned 
under the Note shall at any time exceed the face amount thereof, the 
undersigned will pay such excess amount on demand.

      The undersigned hereby authorizes said Bank to disburse the proceeds of 
this Request for Advance by crediting the account of the undersigned with 
Bank separately designated by the undersigned or as the undersigned may 
otherwise direct, unless this Request for Advance is being submitted for a 
conversion or refunding, in which case it shall refund or convert that 
portion stated above of the existing outstandings under the Note.

      Dated this _____ day of ________________________, _____.

                                                                              
                          IPG HOLDINGS LP
                          By Intertape Polymer, Inc.
                          Its General Partner


                          By:________________________________________

                          Its:________________________________________


_________________________

*     Insert Eurodollar-based or Prime-based Advance.

**    Insert one 1, 2, 3 or 6 months.

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