Common use of Payments in Lieu of Taxes Clause in Contracts

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signed. However, the Company shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 6% and a millage rate of 336.400. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxes, except for the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (d) Any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, for a period not exceeding 20 years following the year in which such property was placed in service. Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More than one piece of property can replace a single piece of property. Replacement Property does not have to serve the same function as the property it is replacing. To the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 30-year fee period for the property which it is replacing.

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signed. However, the Company shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 66 % and a millage rate of 336.400350.647. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real propertyproperty (although no real property investment is anticipated at the Project), using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxessubject to no other tax exemptions, except for including, but not limited to the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (d) Any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, for a period not exceeding 20 years following the year in which such property was placed in service. Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More than one piece of property can replace a single piece of property. Replacement Property does not have to serve the same function as the property it is replacing. To the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 3020-year fee period for the property which it is replacing.

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signedtaxes. However, the Company and/or any Sponsor Affiliate shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company and any Sponsor Affiliates, as applicable, shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has Subject to the remaining provisions of this Section 5.1 and Section 5.3 hereof, for a period of 30 years plus, and in accordance with Section 12-44-30(21) of the Act, a ten- year extension, for a total of 40 years with respect to each Stage, the Company, and as applicable, the Sponsor Affiliates, have agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 64.0% and a fixed millage rate equal to that in effect at each applicable site comprising the Project as of 336.400June 30, 2013. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must shall be in an amount calculated on the basis of the net present value payment method set forth in Section 12-44-50(A)(3) of the Act. The net present value payment method shall provide for essentially equal annual Payments-in-Lieu-of- Taxes for the term of this Fee Agreement with respect to each Stage of the Project, assuming that the Project property subject to the Payments-in-Lieu-of-Taxes does not change. The applicable discount rate to be used in connection with the calculation of the net present value payments shall be %, which is the yield in effect for the United States Treasury 20-year bonds published on , 2014. Notwithstanding the provisions of this Section, as required under Section 12-44- 50(A)(3) of the Act, the Company, and/or the Sponsor Affiliates, as applicable, shall not be entitled to continue to use the net present value payment method in the event that it fails to invest, at least $45 million in the Project by the end of the fifth year following the first year in which any portion of the Project is placed in service. If the Company and/or the Sponsor Affiliates, as applicable, shall fail to make such investment within such period, there shall be computed the amount of Payments-in-Lieu-of-Taxes which would previously have been made with respect to Project property if made in accordance with this subsection without using the net present value method. To the extent that the amount which would have been so paid with respect to such property exceeds the amount paid by the Company and/or the Sponsor Affiliates, as applicable, pursuant to the net present value payment method, the Company and/or the Sponsor Affiliates, as applicable, shall pay the County the difference, plus any interest required by the Act at the rate provided by statute, with the Payments-in-Lieu-of-Taxes due the following January 15th. (c) The Payments-in-Lieu-of-Taxes shall be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxes, except for the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (cd) The Company and the Sponsor Affiliates, as applicable, shall also be entitled to receive an Annual Special Source Revenue Credit against the Payments-in-Lieu-of-Taxes as provided in Section 5.6 hereof. (e) The Company and the Sponsor Affiliates, as applicable, shall make Payments-Payments- in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year the property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the Greenville County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (df) Any Subject in all events to the provisions of the Act, (i) any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b), (c) and (cd), above, for a period not exceeding 20 40 years (subject to the provisions of subsection (g) of this Section 5.1) following the year in which such property was placed in service. ; (ii) Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b), (c) and (cd), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. ; (iii) Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More ; (iv) more than one piece of property can replace a single piece of property. ; (v) Replacement Property does not have to serve the same function as the property it is replacing. To ; (vi) to the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 30-year fee period for the property which it is replacing.; and

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signedtaxes. However, the Company and/or any Sponsor Affiliate shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company and any Sponsor Affiliates, as applicable, shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has Subject to the remaining provisions of this Section 5.1 and Section 5.3 hereof, for a period of 30 years plus, and in accordance with Section 12-44-30(21) of the Act, a ten-year extension, for a total of 40 years with respect to each Stage, the Company, and as applicable, the Sponsor Affiliates, have agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 64.0% and a fixed millage rate equal to that in effect at each applicable site comprising the Project as of 336.400June 30, 2013. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must shall be in an amount calculated on the basis of the net present value payment method set forth in Section 12-44-50(A)(3) of the Act. The net present value payment method shall provide for essentially equal annual Payments-in-Lieu-of- Taxes for the term of this Fee Agreement with respect to each Stage of the Project, assuming that the Project property subject to the Payments-in-Lieu-of-Taxes does not change. The applicable discount rate to be used in connection with the calculation of the net present value payments shall be %, which is the yield in effect for the United States Treasury 20-year bonds published on , 2014. Notwithstanding the provisions of this Section, as required under Section 12-44-50(A)(3) of the Act, the Company, and/or the Sponsor Affiliates, as applicable, shall not be entitled to continue to use the net present value payment method in the event that it fails to invest, at least $45 million in the Project by the end of the fifth year following the first year in which any portion of the Project is placed in service. If the Company and/or the Sponsor Affiliates, as applicable, shall fail to make such investment within such period, there shall be computed the amount of Payments-in-Lieu-of-Taxes which would previously have been made with respect to Project property if made in accordance with this subsection without using the net present value method. To the extent that the amount which would have been so paid with respect to such property exceeds the amount paid by the Company and/or the Sponsor Affiliates, as applicable, pursuant to the net present value payment method, the Company and/or the Sponsor Affiliates, as applicable, shall pay the County the difference, plus any interest required by the Act at the rate provided by statute, with the Payments-in-Lieu-of-Taxes due the following January 15th. (c) The Payments-in-Lieu-of-Taxes shall be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxes, except for the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (cd) The Company and the Sponsor Affiliates, as applicable, shall also be entitled to receive an Annual Special Source Revenue Credit against the Payments-in-Lieu-of-Taxes as provided in Section 5.6 hereof. (e) The Company and the Sponsor Affiliates, as applicable, shall make Payments-in-in- Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year the property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the Greenville County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (df) Any Subject in all events to the provisions of the Act, (i) any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b), (c) and (cd), above, for a period not exceeding 20 40 years (subject to the provisions of subsection (g) of this Section 5.1) following the year in which such property was placed in service. ; (ii) Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b), (c) and (cd), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. ; (iii) Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More ; (iv) more than one piece of property can replace a single piece of property. ; (v) Replacement Property does not have to serve the same function as the property it is replacing. To the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 30-year fee period for the property which it is replacing.;

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signed. However, the Company shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 6% and a millage rate of 336.400[515.107]. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxessubject to no other tax exemptions, except for including, but not limited to the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (d) Any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, for a period not exceeding 20 years following the year in which such property was placed in service. Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More than one piece of property can replace a single piece of property. Replacement Property does not have to serve the same function as the property it is replacing. To the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 3020-year fee period for the property which it is replacing.

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signedtaxes. However, the Company shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such Project property, if it were taxable, but using an assessment ratio of 6% and a millage rate of 336.400350.7. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxes, except for the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (d) Any property placed in service as part of the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, for a period not exceeding 20 30 years following the year in which such property was placed in service. Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, but only up to the original income tax basis of property which is being disposed of in the same property tax year. Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property is placed in service. More than one piece of property can replace a single piece of property. Replacement Property does not have to serve the same function as the property it is replacing. To the extent that the income tax basis of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 30-year fee period for the property which it is replacing.

Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signedtaxes. However, the Company shall be required to make the Payments-in-Lieu-of-of- Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows: (a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 66.0% and a millage rate of 336.400equal to 318 xxxxx. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows: (i) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and (ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence. (b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be allowed all applicable exemptions from those taxes, except for the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended. (c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year the property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first date following the delivery of this Fee Agreement when, but for this Fee Agreement, such taxes would have been paid with respect to the Project. (d) Any property placed in service as part . Notwithstanding any other provision of this Section 5.1, the Project during the Investment Period shall be included in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, County hereby agrees that for a period not exceeding 20 years total of seven (7) years, beginning with respect to the property tax year following the property tax year in which such property was placed in service. Replacement Property shall be included (using its income tax basis) in the calculation of payments pursuant to paragraphs (a), (b) and (c), above, but only up to Project or the original income tax basis of property which is being disposed of in the same property tax year. Replacement Property shall be deemed to replace the oldest property subject to the fee which is disposed of in the same property tax year that the Replacement Property first Stage thereof is placed in service. More than one piece , the Company automatically shall be entitled to receive and take an Annual Special Source Revenue Credit in the form of property can replace a single piece of property. Replacement Property does not have credit equal to serve the same function as the property it is replacing. To the extent that the income tax basis fifteen (15%) percent of the Replacement Property exceeds the original income tax basis of the property which it is replacing, the portion of such property allocable to the excess amount shall be subject to annual payments calculated as if the exemption for economic development property under the Act were not allowed. Replacement Property is entitled to the fee payment pursuant to this Section 5.1 for the period of time remaining on the 30Payments-year fee period for the property which it is replacingin-Lieu-of-Taxes.