Exhibit 10(o)
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PACCAR Inc.
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July 22, 2008
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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:
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Gray Swoope
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Executive Director
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Lowndes County, Mississippi
P.O. Box 1364
Columbus, Mississippi 39703
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Attn:
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Harry Sanders
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President of Board of Supervisors
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Lowndes County Industrial Development
Authority
P.O. Box 1328
Columbus, Mississippi 39703
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Attn:
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Thomas Lee, Sr.
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President
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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:
* * *
(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
