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I , I.PCIG's obligation to Recipient shall not exceed $700..000.00 for the
<br />Ethylene Oxide Project and $300,000,00 fQr the Pulyet[lylene Project
<br />Recipient undcrstands ftlat the funds, paid to Recipient by the I....PDC are
<br />derived frorri to revenuecollected under 'Texas Local Governinant Code
<br />505 2,52, arid, that LPDC has estiniated the tax revenues to be collected during
<br />the learn of tWs Agreement Rec,pjent further understands, acknowledge.s, and
<br />agre(,,as that if the tax reVeTILie; actuadlly o0ected is less than 80% of the esfi'rnated
<br />'tax revenue—, to be collect rt in, any 2 of 3 successive- fiscal years during tt'ie term
<br />of this AgFeennent and prior to the year Recipient is othlpmyVlSe ej,-Ititle(j JU reCe�Ve
<br />a casl") incentive payniont pur$Lfarit to tNs Agreement, I PDC will be entitled to
<br />terminate all, fUrther c -ash incentive payments to Recipient dLiring or after the
<br />ftSCal year -ftyrr �N[JCJI tl,Ia ri a �e C - v -i u, short fall- provided, Recipient's obligations
<br />..e s, �,e i! r,
<br />vdth respect to the project so affected shall likewise be terminated.
<br />UWE �111 Zi
<br />If Recipient shaH fail to me any of the capital hives trPenl: or job Creafion
<br />thresholds outlinerd in thesoheldUICI contained in Article l Df this Agreement fur the
<br />Etlhyla,ne Omde Pru.iecor the P6yethylene Pl-oject uafter, individually, a
<br />W Project"), LPDC ,;hall have [lie dUht to reclaim and rocapture, ot'i a pro -rata
<br />basis, all or a portion of 0,ie cash incentive paynients, 111LIS IfIE' PO�Ai011 of accri.,ied
<br />interest of the cash 4icentive payments to Inc repaid, which were pare vious1ly
<br />disbUrSE,K] to Recipient with respect to, the affccted Project, whether or not such
<br />dlsbt,trsenrtents have been spent by Rec'Pent at tho aim e of the re-&lanliatioin by
<br />the LPDC. In such everit interest shall be, cal(1,1,0ated uttjzing the rate periodically
<br />announced by the VNIall Street Journal as the prin-ie or base cornniercial lending
<br />rate, or K the Wal[ Street Journal shall ever cease to eXiSt Of Ce@S,c to annOUr)(3-0- EI
<br />prime or base lendirirate, then at the annual rate of inteilest from finie to Uaie
<br />annDL]riced by CA"Jibank, NA. (or by any other New York money center bank
<br />elects by by the t..1-:11 C), as its pricne or base cornmercial lending rats:, from the,
<br />Effective Date until pliu(Ilr For pUrposes of this Agreement, LPDC's right of
<br />recaptILIMI, shall apply or) a Project -by -Project, basm area shall apply to the
<br />Per'Crentage of the capital investment or job creation target not mel by Reclpie,nt
<br />for the, atf(-,,cted Project M each such case, applicable percentage of the
<br />preViOL,191Y Paid cash Pay[Tent or payrnents, for the affected Project(s) shall be
<br />rerriAted to the LP[ DC withir"i sixty (60) days of receipt of written deawd for sarne,
<br />nie applicable per centage of theca captal investment ol"job, creaCon target not rnet
<br />by lir ,sciperit shall be T-nUtLI8l1Y agreed by 11he Parficsprovided however, should
<br />the Particls tail to agree on, such percentage the Dispute Resolutior) claLMC in
<br />Ai ticle XV shall apply.
<br />In the, event of a rnatr�rjal breach by Recipient hereunder, inclu(Jir)g, but
<br />rIot liaiited to, use of flare, funds provided; herein for fi(,,irposes other than those
<br />stated Ira Article I of this Agreement, I PID C may cease aH furture
<br />hereunder and ti3rnrlinafe fl-iis Apreernent" and, fUrthenvore, LP DC shall hiave the
<br />right to reclairn a r)d recapture, and Recipie nt. sfiafl refL.wd, any funds that are not
<br />spea
<br />nt in ccordane W
<br />race' thie ternis of this Agreerjj(�
<br />,rIt arid ar�y unspent and
<br />unobligaled I -PDC fund S PrCVIOUSlY P0i'd to Re6pient bt.rt not yet paid or pledged
<br />
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