Subject: Letter WaiverWaiver Agreement |
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Search Waiver Agreement by:
Exhibit 10(o)
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PACCAR Inc. |
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July 22, 2008 |
Mississippi Major Economic Impact Authority
Mississippi Development Authority
501 North West Street (39202)
Post Office Box 849
Jackson, Mississippi 39205-3613
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Attn: |
Gray Swoope |
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Executive Director |
Lowndes County, Mississippi
P.O. Box 1364
Columbus, Mississippi 39703
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Attn: |
Harry Sanders |
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President of Board of Supervisors |
Lowndes County Industrial Development Authority
P.O. Box 1328
Columbus, Mississippi 39703
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Attn: |
Thomas Lee, Sr. |
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President |
Subject: Letter Waiver
Ladies and Gentlemen:
We refer to the Memorandum of Understanding (the “MOU”), effective as of May 24, 2007, between the State of Mississippi, the Mississippi Development Authority (“MDA”), the Mississippi Major Economic Impact Authority (“MMEIA”), the Mississippi Department of Environmental Quality, the Mississippi Department of Employment Security, Lowndes County, Mississippi (the “County”), the Lowndes County Industrial Development Authority (the “LCIDA”), Oktibbeha County, Mississippi, and East Mississippi Community College and PACCAR Engine Company (the “Company”). Unless otherwise defined herein, the terms defined in the MOU shall be used herein as therein defined.
Section 13.05 of the MOU provides that “[t]he Company, and only the Company, may waive any of the obligations of one or more of the Inducers set forth in this MOU.” The purpose of this letter is to waive certain of the obligations of the Inducers under the MOU, and to set forth the agreements of the affected Inducers for those waivers.
Road Construction . Section 3.01 of the MOU enumerates the reimbursement obligations of the State for construction activities to be undertaken by the County. Specifically, Section 3.01(b)(i) requires the State
(b) to timely reimburse the County in an amount not to exceed Five Million Dollars ($5,000,000.00) for the construction of all necessary road access improvements required by the Company for the Project, including, but not limited to the following:
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(ii) the construction of a new 7,400 linear foot, on-site, two-lane road acceptable to the Company
In order to reduce the aggregate cost of constructing the road as well as to meet construction schedules for the Project, it is preferable for the Company to construct this road in place of the County.
Section 3.08 of the MOU provides for a reallocation of funds:
If the full amount(s) specified for an expenditure listed in Sections 3.01(a) through 3.01(e), above, is not required therefor, MDA and MMEIA agr
