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1 . DEFINITIONS . As used in this Agreement the terms below will have the following meanings : <br /> A . "Affiliate . " A company that the Company controls , controls the Company , or is under <br /> common control with the Company . <br /> Be "Baseline Employment . " The number of employees , 204 , employed by Company as of <br /> the date of execution of this Agreement . <br /> C . "Baseline Valuation . " Current assessed valuation of the Subject Property as assessed by <br /> the Orange County Tax Administrator prior to the investment contemplated in this <br /> Agreement . Upon revaluation by the County prior to the Commencement Date the <br /> Baseline Valuation shall be adjusted as determined by the Orange County Tax <br /> Administrator . <br /> D . " Commencement Date . " The date in which the Company begins actual production <br /> operations at the Subject Property, after having obtained applicable governmental <br /> approvals , certificates of zoning compliance , and certificates of occupancy . Unless <br /> delayed by causes beyond the control of the Company , the Commencement Date is <br /> anticipated to be no later than December 31 , 2026 . <br /> E . " Company . " Morinaga America Foods , Inc . , its Affiliates , successors , and assigns . <br /> F . "Eligible Property . " Includes (a) the Subject Property, together with other real property <br /> in the County owned by Company ("Additional Property") , and all in the <br /> Company or an Affiliate of the Company constructs or installs , or causes to be <br /> constructed or installed, at the Sub ect Property or any Additional Property , including all <br /> buildings , building systems , and building improvements , the estimated value of which is <br /> described in Exhibit C , and (b) all Personal Property the Company or an Affiliate of the <br /> Company purchases or leases and installs at, or relocates to , the Subject Property or any <br /> Additional Property , the estimated value of which is described in Exhibit C . Does not <br /> include property valued for the Baseline Valuation as noted ' Exhibit D , Description of <br /> Existing Real Property and Exhibit E , Description of Existing Personal Property . <br /> G . "Inducement Grant . " An economic development grant provided to Company for the <br /> purpose of securing the Company ' s commitment to expand its manufacturing facility in <br /> Orange County, North Carolina . <br /> H . "Minimum Taxable Investment . " The aggregate Qualifying Expenditures made by the <br /> Company that Company anticipates will be made annually as reflected in Exhibit C and <br /> verified by the Orange County Tax Assessor and which will be used for calculating the <br /> annual Inducement Grant payment . <br /> I . " Orange County Facility" or "Facility . " The Subject Property and the improvements <br /> now or hereafter located on the Subject Property or any Additional Property, including, <br /> without limitation, the Company-constructed or owned primary and secondary structures , <br /> Utilities , and operations and service areas located in Mebane , Orange County, North <br /> Carolina in and on which Company conducts its business or operations . <br /> ividual , partnership , trust, estate , association, limited liability J . "Person . " Any ind <br /> company , corporation, custodian , nominee , governmental instrumentality or agency , <br /> body politic or any other entity in its own or any representative capacity . <br /> 4863 -5202 -3475 .v5 <br />