Financial Obligation of Recipient if Business Incentive Goals are Not Met. Recipient shall repay the Business Incentive to Grantor as required by Section 3.1, provided, however, if all of the Business Incentive Goals described in Section 3.5 are met by Recipient, the payment for that year shall be forgiven by Xxxxxxx, as if the payment due in that year had been paid by Recipient on the due date of that installation. If, however, the Business Incentive Goals are not met at any time a Business Incentive balance is outstanding, the Business Incentive shall be repaid in accordance with Section 3.1. If the Recipient fails to maintain continuous, full- time operation of the facility pursuant to Section 3.5.2, the payment for that year must be paid in full. If the Recipient maintains continuous, full-time operation in accordance with Section 3.5.2, but fails to meet the requirements of Section 3.5.1, the repayment obligation shall be prorated to reflect any partial fulfillment as follows: Grantor shall subtract the actual number of employees from the required number of employees and divide that number by the number of employees required for that year. Then, Grantor shall multiply that number by $313,000. That sum shall be the prorated amount due by Recipient to Grantor. For example, if the facility employs 10 employees in 2026. The loan repayment would be calculated as ((12-10)/12) x $313,000= $52,166.67. $52,166.67 would be the prorated amount due by Recipient to Grantor. Recipient shall not be required to repay any portion of the Business Incentive Repayment attributable to unmet goals that result from an act of God or terrorism.
