SEC Contract Filing

Filing Date: 2017-07-28

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Term
Note Non-Revolving LINE OF CREDIT </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">__________,
<B>2017</B></FONT></P>

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 <TD STYLE="width: 43%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1,200,000.00</B></FONT></TD>
 <TD STYLE="width: 57%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Albany,
 New York</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
value received, the undersigned <B>Premier Packaging Corporation, a New York corporation</B>, with an address of <B>6 Framark
Drive</B>, <B>Victor</B>, <B>New York 14564</B> (the &ldquo;Borrower&rdquo;), promises to pay to the order of Citizens Bank, N.A.,
a national banking association with an address of 833 Broadway, Albany, New York 12207 (together with its successors and assigns,
the &ldquo;Bank&rdquo;), the principal amount of <B>One Million, Two Hundred Thousand Dollars and Zero Cents</B> (<B>$1,200,000.00</B>),
or, if less, such amount as may be the aggregate unpaid principal amount of all loans or advances made by the Bank to the Borrower
pursuant hereto, on or before <B>__________, 2025</B> (the &ldquo;Maturity Date&rdquo;), as set forth below, together with interest
from the date hereof on the unpaid principal balance from time to time outstanding until paid in full for any Interest Period
(as hereinafter defined). Until the Conversion Date (as hereinafter defined), the aggregate principal balance outstanding shall
bear interest thereon at a per annum rate equal to <B>Two Percent</B> (<B>2.00</B>%) above the LIBOR Advantage Rate (as hereinafter
defined) during each LA Interest Period (as hereinafter defined). Effective on the Conversion Date, the interest rate payable
on the aggregate principal balance outstanding shall be adjusted to a fixed rate (the &ldquo;Fixed Rate&rdquo;) equal to <B>Two
Percent</B> (<B>2.00</B>%) above the Bank&rsquo;s Cost of Funds on the Conversion Date as determined by the Bank in its sole discretion.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LA
Interest Period means with respect to any LIBOR Advantage Loan, the period commencing on (and including) the date of this Note
(the &ldquo;Start Date&rdquo;) and ending on (but excluding) the numerically corresponding date one month later, and thereafter
each one month period ending on the day of such month that numerically corresponds to the Start Date. If an LA Interest Period
is to end in a month for which there is no day which numerically corresponds to the Start Date, the LA Interest Period will end
on the last day of such month.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the date of commencement of any LA Interest Period, interest shall only begin to accrue as of the date the initial LIBOR Advantage
Loan is made hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>LIBOR
Advantage Rate</U>&rdquo; means, relative to any LA Interest Period, the offered rate for deposits of U.S. Dollars for a term
coextensive w