Common use of Payments in Lieu of Taxes Clause in Contracts

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.5%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. ‌ (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of the year following the first year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment in the aggregate $10,000,000 of otherwise fully taxable investment in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c5.02(d) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain maintains an aggregate otherwise fully taxable investment at or in excess of at least the Minimum Investment $10,000,000 (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing on the January 15 of the year immediately following the year immediately after following the first year in which any portion of the Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty thirty (2030) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of ), times the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and and 6.01 hereof, and includes include all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. Notwithstanding the foregoing, the fair market value established for real property comprising the Project shall remain fixed for the Term. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, in the aggregate and together with any Sponsor Affiliates, has not invested failed to invest at least the Minimum Investment $14,000,000 in the aggregate new investment in the Project during within the Investment Period, then the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety one hundred eighty (90180) days after the end of the Project Investment Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision, with interest. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement (after the Company end of the Investment Period) the Company, in the aggregate and together with any Sponsor Affiliates Affiliates, no longer maintain an aggregate of at least the Minimum Investment investment (without regard to depreciation) of at least $14,000,000 of the new investment described herein in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. ‌ (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (or thirty consecutive years to the extent that the second paragraph of Section 4.01 hereof is invoked and implemented as part of the Agreement) (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment $13,000,000 in the aggregate in the Project or the Facilities during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate maintains $5,000,000 of at least the Minimum Investment investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of on the first year following the year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain maintains an aggregate investment at or in excess of at least the Minimum Investment $2,500,000 (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. ‌ (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least $5,000,000 in the Minimum Investment aggregate in the Project, and at least $8,000,000 in the aggregate in the Project or the Facilities, all during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $5,000,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of on the first year following the year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain maintains an aggregate investment at or in excess of at least the Minimum Investment $7,000,000 (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject A. Pursuant to the provisions of the Redevelopment Plan and the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) 34 hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.5%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except as the exemption allowed pursuant “Collection Authority”) to Section 3(g) of Article X of proceed against such property and/or the South Carolina Constitution and tenant or the exemptions allowed pursuant to Section 12-37-220(B) owner thereof (32) and (34) of the Code. (c) In but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the Act and/or failure of any property in the above-described Redevelopment Project Areas to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or any portion thereofwas not as great as expected, are declared invalid shall not by itself constitute a breach or unenforceabledefault. Promptly upon the designation and approval of the Redevelopment Project Ordinance, in whole or in partCity shall use all reasonable and diligent efforts to promptly notify the County Assessor, for any reasonCounty Collector, the Company City Treasurer and all other appropriate officials and persons and seek to assess the County express their intentions that such payments be reformed so property within the Redevelopment Project Areas as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth described in the Act and fully collect the Payments in Section 5.02(c) hereof, Lieu of Taxes and the Company shall make payment to the County, within ninety (90) days after the end implement reimbursement of the Reimbursable Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner Costs as provided in Section 12-54-25 of this Contract and in the Code, or any successor provisionRedevelopment Plan. (e) IfC. Notwithstanding anything to the contrary, after the expiration of the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment (without regard to depreciation) in the Projectherein, the applicable portions lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the Project (those subject to FILOT Payments) shallsame, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.and

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty thirty (2030) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment $10,000,000 in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made (including the use of any infrastructure credits) and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement (following the Investment Period, if the $10,000,000 investment requirement was reached during the Investment Period) the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $10,000,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of the year following the first year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment in the aggregate $10,000,000 of otherwise fully taxable investment in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c5.02(d) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain maintains an aggregate otherwise fully taxable investment at or in excess of at least the Minimum Investment $10,000,000 (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of Act, the Actparties hereby agree that, during the Term of this Agreement the Agreement, the Company shall make pay with respect to the applicable portions Project annually a fee in lieu of taxes (a “FILOT”) in the amount calculated as set forth in paragraph (b) below, on or before January 15 of the year following the first calendar year after the close of the accounting period regularly employed by the Company for income tax purposes and in which accounting period a portion of the Project annual FILOT Payments was first placed in service, and at the places, in the amounts set forth in this Section at the times and placesmanner, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department of Revenue for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual . (b) The FILOT Payment shall be equal to the Project Increment Payment due with respect to each property tax year shall equal the sum of (i) with respect to any portion of the Project Incrementconsisting of undeveloped land or Non-Economic Development Property, including, subject a payment equal to the provisions taxes that would otherwise be due on such undeveloped land or Non-Economic Development Property were it taxable; (ii) with respect to those portions of the Act, Replacement Property for Project (other than undeveloped land and Non-Economic Development Property) placed in service during the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereofInvestment Period, for each of twenty (20) the 20 consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which such portion of the respective Project Increments are is placed in service. , a Negotiated Filot Payment calculated each year as set forth in paragraphs (bc) Each through (e) below; and (iii) with respect to increments of the Project Increment Payment shall be in an amount not less than constituting Economic Development Property after such 20-year period, a payment equal to the ad valorem taxes that would otherwise be due on such property were it taxable, with appropriate reductions with respect to the applicable Project Increment property described in clauses (i) and (ii) above, similar to the tax exemption, if any, which would be afforded to the same Company if ad valorem taxes were taxablepaid, but, only to the extent such Project Increment constitutes permitted by the Act for Economic Development Property. For the purposes of clause (ii) above, using the following formula: each such Project Increment Payment there shall be excluded any Released Property and any other portion of the Project which ceases to qualify for a FILOT hereunder or under the Act. (i) So long as the Company invests at least Forty-Five Million Dollars ($45,000,000) in an amount equal the Project in excess of the cost of the acquisition of the Existing Property before the end of the Investment Period, the Existing Property shall be included in the Project and subject to the product which would result from multiplying FILOT. In the event that the Corporation fails to invest at least Forty-Five Million Dollars ($45,000,000) in the Project Millage Rate in excess of the cost of the acquisition of the Existing Property before the end of the Investment Period, the Existing Property shall thereafter be excluded from the Project and subject to ad valorem taxes and the Company shall pay to the County the difference between the amount of ad valorem taxes that would have been paid on the Existing Property if such property had not been subject to this Agreement and the amount paid with respect to the Existing Property pursuant to this Agreement, with interest thereon at the rate provided by an assessment ratio law for late payment of six taxes, but without penalty for late payment of taxes and one-half percent such payment shall be due within 180 days after the end of the Investment Period. (6.5%i) of The Negotiated FILOT Payment with respect to any property tax year shall be calculated in accordance with subparagraph (c)(ii) below. (ii) The Negotiated FILOT Payments shall be calculated with respect to each property tax year based on (1) the fair market value of the portion of Land and improvements to real property and Equipment included within the Project included within such Project Incrementtheretofore placed in service (less, for Equipment, depreciation allowable for property tax purposes), (2) a millage rate of 315.8 mils, and (3) an assessment ratio of 6%. Such fair market value shall must be that determined by the Department on the basis provided in accordance with Section 12-44-50(A50(A)(1)(c)(i) of the Act, and shall, subject to the provisions of the Act, include . All such calculations shall take into account all Replacement Property and deductions for depreciation or diminution in value allowed by the Act Code or by the tax laws generally, and shall be as well as tax exemptions which would have been applicable if such property were subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions taxes, except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution of the State and the exemptions exemption allowed pursuant to Section Sections 12-37-220(B) (32220(B)(32) and (34) of the Code. The assessment ratio and millage rate set forth herein shall remain fixed for the duration of this Agreement. (cd) The Negotiated FILOT Payments are to be recalculated (i) to reduce such payments in the event the Company disposes of any part of the Project within the meaning of Section 12-44- 50(B) of the Code, as provided in Section 4.03 hereof, by the amount thereof applicable to the Released Property; provided, however, that any disposal of Released Property need not result in a recalculation of the Negotiated FILOT Payments unless the Company so elects, and further provided that no such disposal shall reduce the value of the Project property subject to payments under Section 5.01(b) hereof to less than Thirty-Eight Million, Five Hundred Thousand and No/100ths Dollars ($38,500,000.00), without regard to depreciation; or (ii) to increase such payments in the event the Company adds property (other than Replacement Property) to the Project. (e) To the extent that the Infrastructure Improvement Credit is used as payment for Equipment, and Equipment is removed from the Project at any time during the life of the FILOT, the amount of the FILOT due on said Equipment for the year in which said Equipment was removed from the Project also shall be due for the two years immediately following the removal. In these regards: (i) To the extent that any payment amounts were used for both real property and Equipment or infrastructure and Equipment, all amounts will be presumed to have been first used for Equipment. (ii) If Equipment is removed from the Project but is replaced with qualifying Replacement Property, then the Equipment will not be considered to have been removed from the Project. (f) Upon the Company’s installation of any Replacement Property for any portion of the Project removed under Section 4.03 hereof and sold, scrapped, or disposed of by the Company, such Replacement Property shall become subject to Negotiated FILOT Payments, to the extent permitted by the Act. (g) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment in the aggregate Thirty-Eight Million, Five Hundred Thousand and No/100ths Dollars ($38,500,000.00) of otherwise taxable investment in the Project during (excluding the Project Periodcost of acquiring the Existing Property) before the Threshold Date, the applicable portions of the Project (those previously subject to Negotiated FILOT Payments) Payments shall be subject, revert retroactively to the first year with respect to which FILOT Payments were to have been made, to normal ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereoftreatment, and the Company shall make payment pay to the County, within ninety (90) 180 days after the end of the Project PeriodThreshold Date, of the difference between the FILOT Payments total amount of fees actually made paid to the County pursuant to this Agreement (taking into account all Infrastructure Improvement Credits received) and the total retroactive amount of the normal ad valorem tax treatment required by law referred payments which would have been paid, if any (a “Deficiency”), which such Deficiency shall be subject to above, plus interest in at the manner as rate provided in Section 12-54-25 of the Code, Code (or any successor provision). To the extent permitted by applicable law, with respect to personal property, the Deficiency shall be calculated based on the assumption that the Deficiency in the capital investment consists of equipment which is subject to depreciation at the rate of eleven percent (11%) per annum with a salvage value of ten percent (10%) throughout the term of this Agreement. (eh) If, after In the expiration of event that the Company’s investment in the Project Period, based on an income tax basis without regard to depreciation at any time during the remaining Term of this Agreement the Company falls below Thirty-Eight Million, Five Hundred Thousand and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment No/100ths Dollars (without regard to depreciation) in the Project$38,500,000.00), the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to normal ad valorem tax treatment. (i) If taxes on real and personal property shall be replaced, in whole, with an alternate revenue source, or abolished in the County or in the State, the Company may terminate this Agreement immediately without further obligation.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 4-12-44-50 30 of the Act, during the Term of this Agreement the Company Lease the Tenant shall make with respect to the applicable portions Leased Property annual payments in lieu of the Project annual FILOT Payments taxes in the amounts set forth in this Section 6.03 at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the State Department of Revenue and Taxation for ad valorem taxes. Such annual payments shall be made on or before each January 15 February 1 of the following calendar year for each year during the term Term of this AgreementLease, commencing January 15 February 1, 1997. The amounts of such annual payments in lieu of taxes as provided in Section 4-12-30 of the year following Act are as follows: Each annual payment shall equal the year immediately after the year in which sum of (1) a payment with respect to any Project Increment is first placed in service. Subject to the provisions portion of the Act, each annual FILOT Payment shall be Leased Property consisting of undeveloped land equal to the Project taxes that would otherwise be due if such property were taxable; (2) a Financed Increment Payment with respect to each Project Financed Increment, including, subject to the provisions of the Act, including Replacement Property for the Project Leased Property originally included in such Project Financed Increment, calculated as set forth in Section 5.02(b) hereof, the next succeeding paragraph of this Lease for each of twenty (20) consecutive years (except to the extent that any portion of such Project Financed Increment ceases to qualify for a negotiated fee in lieu of taxes under Section 4-12-30 of the Act) commencing with the year following the year in which the respective Project Financed Increments are placed in service; and (3) a payment with respect to Non-Project Leasehold Improvements equal to the statutory payments in lieu of ad valorem taxes required by Section 4-12-20 or Section 4-1-170 of the Code, with appropriate reductions similar to the tax exemption, if any, which would be afforded to the Tenant if it were the owner of such leasehold improvements. (b) Each Project Financed Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio a millage rate of 213.0 millx xx six and one-half percent (6.56%) of the fair market value of the portion of the Project improvements to real property and Leased Equipment included within such Project Financed Increment. Such fair market value shall must be that determined by the State Department on of Revenue and Taxation at the basis provided in Section 12-44-50(A) time of the Act, payment and shall, subject to the provisions of the Act, must include all Replacement Property and deductions for depreciation or diminution in value allowed by Section 4-12-30(F) of the Act or by the tax laws generally, generally and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes such fair market value must exclude all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32220B(32) and (34) of the Code. The total annual payment due under Section 6.03(a)(2) shall equal the sum of the payments due for each Financed Increment. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company Tenant and the County express their intentions that such payments be reformed so as to afford the Company Tenant the maximum benefit then permitted by law, up . If the Project is deemed not to but not greater than be eligible for a negotiated fee-in-lieu of tax pursuant to Section 4-12-30 of the benefit afforded by this Agreement. In such eventAct in whole or in part, the Company shall be entitled, to Tenant and the extent allowed by law, (1) to enjoy County agree that the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation.Tenant shall (d) In the event that the Company, together with any Sponsor Affiliates, Tenant has not invested at least made the Minimum Investment in the aggregate minimum necessary investment in the Project during to qualify for a fee in lieu of tax under the Project PeriodAct by the Threshold Date, the applicable portions of the Project (those subject to FILOT Payments) financed under this Lease and the Indenture shall be subject, revert retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by lawpursuant to Sections 4-1-170 and 4-12-20 of the Act, calculated as set forth in the Act and in Section 5.02(c) hereofpreceding paragraph, and the Company unpaid fees due thereby, if any, (the "Deficiency") shall make payment be subject to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-5440-25 000 xx the Code; provided, however, that, to the extent permitted by law, the Threshold Date shall, in order to permit the Tenant to receive the benefits of Section 4-12-30 of the Code, or any successor provision. (e) If, after Act be extended for as long as circumstances beyond the expiration control of the Tenant prevent the Tenant from making the required investment. In the event that the Tenant's investment in the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain based on an aggregate of at least the Minimum Investment (income tax basis without regard to depreciation) in depreciation falls below the Projectrequirement of Section 4-12-30 of the Act, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem the tax treatmenttreatment required pursuant to Sections 4-1-170 and 4-12-20 of the Act, calculated as set forth in the preceding paragraph. If the Project or any portion thereof becomes ineligible for negotiated fees in lieu of taxes pursuant to Section 4-12-30 of the Act due to a transfer of an equity interest in the Tenant or of the Tenant's rights hereunder or under any fee agreement related hereto which does not comply with the Transfer Provisions, the Project, or such portion thereof, shall thereafter be subject to the tax treatment required pursuant to Sections 4-1-170 and 4-12-20 of the Act, calculated as set forth in the preceding paragraph.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment $6,900,000 in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement (following the Investment Period, if the $8,700,000 investment requirement was reached during the Investment Period) the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $6,900,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment $6.900,000 in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement (following the Investment Period, if the $8,700,000 investment requirement was reached during the Investment Period) the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $6,900,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. ‌ (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of on the first year following the year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) Pursuant to Section 12-44-70 of the Act, the County authorizes and grants the Company an Infrastructure Improvement Credit in the amount of $200,000. The Infrastructure Improvement Credit shall be taken applied against all FILOT Payments due under this Agreement during the first year of this Agreement and shall continued to be fully applied against all FILOT Payments due under this Agreement during each successive year until the $200,00 Infrastructure Improvement Credit is fully exhausted. The Treasurer of the County shall display and subtract the Infrastructure Improvement Credit from the FILOT Payment statement sent to the Company for the duration of the Infrastructure Improvement Credit. (d) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (de) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment minimum investment, as such term is defined in Section 12-44-30(14) of the aggregate Code, in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c5.02(d) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment $15,500,000 in the aggregate in the Project Project, and created at least 29 new, full-time jobs, all during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $10,000,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. ‌ (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56.0%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment $15,500,000 in the aggregate in the Project Project, and created at least 29 new, full-time jobs, all during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, If at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment $10,000,000 of investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of Act, the Actparties hereby agree that, during the Term of this Agreement the Agreement, the Company shall make pay with respect to the applicable portions Project annually a fee in lieu of taxes (a “FILOT”) in the amount calculated as set forth in paragraph (b) below, on or before January 15 of the year following the first calendar year after the close of the accounting period regularly employed by the Company for income tax purposes and in which accounting period a portion of the Project annual FILOT Payments was first placed in service, and at the places, in the amounts set forth in this Section at the times and placesmanner, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department of Revenue for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual . (b) The FILOT Payment shall be equal to the Project Increment Payment due with respect to each property tax year shall equal the sum of (i) with respect to any portion of the Project Incrementconsisting of undeveloped land or Non- Economic Development Property, including, subject a payment equal to the provisions taxes that would otherwise be due on such undeveloped land or Non-Economic Development Property were it taxable; (ii) with respect to those portions of the Act, Replacement Property for Project (other than undeveloped land and Non-Economic Development Property) placed in service during the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereofInvestment Period, for each of twenty (20) the 20 consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which such portion of the respective Project Increments are is placed in service. , a Negotiated Filot Payment calculated each year as set forth in paragraphs (bc) Each through (e) below; and (iii) with respect to increments of the Project Increment Payment shall be in an amount not less than constituting Economic Development Property after such 20- year period, a payment equal to the ad valorem taxes that would otherwise be due on such property were it taxable, with appropriate reductions with respect to the applicable Project Increment property described in clauses (i) and (ii) above, similar to the tax exemption, if any, which would be afforded to the same Company if ad valorem taxes were taxablepaid, but, only to the extent such Project Increment constitutes permitted by the Act for Economic Development Property. For the purposes of clause (ii) above, using the following formula: each such Project Increment Payment there shall be in an amount equal to the product which would result from multiplying excluded any Released Property and any other portion of the Project Millage Rate by an assessment ratio of six which ceases to qualify for a FILOT hereunder or under the Act. The Company and onethe County understand that legislation is being considered that would clarify that Section 12-half percent (6.5%44-30(21) of the Act authorizes fee in lieu of tax agreements with termination dates that are no later than the last day of a property tax year that is 29 years following the property tax year in which an applicable piece of economic development property is placed in service. The Company and the County agree that their intention is for the benefits provided under this Agreement to apply for 20 years with respect to each portion of the Project placed in service during the Investment Period. The County agrees that if, and only if, this Agreement would otherwise be deemed unenforceable by virtue of such 20 year term, the term shall be extended to December 31 of the year which is the twenty-ninth (29th) year following the first year in which each portion of the Project is placed in service, provided that in such case, the Company agrees to elect to terminate the Agreement with respect to each portion of the Project after the Company has received 20 years of benefits with respect to such portion of the Project. (i) The Negotiated FILOT Payment with respect to any property tax year shall be calculated in accordance with subparagraph (c)(ii) below. (ii) The Negotiated FILOT Payments shall be calculated with respect to each property tax year based on (1) the fair market value of the portion of Land and improvements to real property and Equipment included within the Project included within such Project Incrementtheretofore placed in service (less, for Equipment, depreciation allowable for property tax purposes), (2) a millage rate of 260.0 mils, and (3) an assessment ratio of 7%. Such fair market value shall must be that determined by the Department on the basis provided in accordance with Section 12-44-50(A50(A)(1)(c)(i) of the Act, and shall, subject to the provisions of the Act, include . All such calculations shall take into account all Replacement Property and deductions for depreciation or diminution in value allowed by the Act Code or by the tax laws generally, and shall be as well as tax exemptions which would have been applicable if such property were subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions taxes, except the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and the exemptions exemption allowed pursuant to Section Sections 12-37-220(B220(B)(32) (32) and (34) of the Code. (c) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (d) In the event the Company, together with any Sponsor Affiliates, has not invested at least the Minimum Investment in the aggregate in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c) hereof, and the Company shall make payment to the County, within ninety (90) days after the end of the Project Period, of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.and

Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term Term of this Agreement, commencing January 15 of on the first year following the year immediately after the year in which any first Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment payment in lieu of taxes shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service. (b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, subject to the extent such Project Increment constitutes Economic Development Propertyprovisions of Section 00-00-000 of the Act, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.56%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 Section 5.01, this Section 5.02 and Section 6.01 hereof, and includes all applicable ad valorem tax exemptions except (i) the exemption allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina Constitution and (ii) the exemptions allowed pursuant to Section 12-37-220(B) (32220(B)(32) and (34) of the Code. (c) Pursuant to Section 12-44-70 of the Act, the County authorizes and grants the Company an Infrastructure Improvement Credit in the amount of $200,000. The Infrastructure Improvement Credit shall be taken applied against all FILOT Payments due under this Agreement during the first year of this Agreement and shall continued to be fully applied against all FILOT Payments due under this Agreement during each successive year until the $200,00 Infrastructure Improvement Credit is fully exhausted. The Treasurer of the County shall display and subtract the Infrastructure Improvement Credit from the FILOT Payment statement sent to the Company for the duration of the Infrastructure Improvement Credit. Deleted: the minimum investment, as such term is defined in Section 12-44- 30(14) of the Code, Deleted: If the Company fails to meet the Job Requirement and/or the Investment Requirement, the Company will be required to repay a portion of the Infrastructure Improvement Credit previously given to the Company. Deleted: For purposes of this Section 5.02(f), pro rata repayment for failure to meet either the Job Requirement or the Investment Requirement will be calculated independently with each calculation based on 50% (d) In the event that the Act and/or the above-described payments in lieu of taxes or any portion thereof, are declared invalid or unenforceable, in whole or in part, for any reason, the Company and the County express their intentions that such payments be reformed so as to afford the Company the maximum benefit then permitted by law, up to but not greater than the benefit afforded by this Agreement. In such event, the Company shall be entitled, to the extent allowed by law, entitled (1) to enjoy the five-year exemption from ad valorem taxes (or fees in lieu of taxes) provided by South Carolina Constitution Article X, Section 3, and any other exemption allowed by law from time to time; and (2) to enjoy all allowable depreciation. (de) In the event the Company, together with any Sponsor Affiliates, Company has not invested at least the Minimum Investment in the aggregate $10,000,000 in the Project during the Project Period, the applicable portions of the Project (those subject to FILOT Payments) shall be subject, retroactively to the first year with respect to which FILOT Payments were to have been made, to ad valorem tax treatment required by law, calculated as set forth in the Act and in Section 5.02(c5.02(d) hereof, and the Company shall make payment to the Countyshall, within ninety (90) days after of the end of the Project PeriodThreshold Date, make payment to the County of the difference between the FILOT Payments actually made and the total retroactive amount of ad valorem tax treatment required by law referred to above, plus interest in the manner as provided in Section 12-54-25 of the Code, or any successor provision. (e) If, after the expiration of the Project Period, at any time during the remaining Term of this Agreement the Company and any Sponsor Affiliates no longer maintain an aggregate of at least the Minimum Investment (without regard to depreciation) in the Project, the applicable portions of the Project (those subject to FILOT Payments) shall, beginning with the tax year in which such deficiency first occurs, no longer qualify for the payments in lieu of taxes referred to in paragraph (b) of this Section 5.02, and shall thereafter be subject to ad valorem tax treatment.