DUTIES AND RESPONSIBILITIES OF THE COMPANY. A. The Company agrees to perform the Project as described in Paragraph 3 and shall maintain operations at the Project Location for at least the Term of the Agreement. The Company shall keep at the Project Location the Qualified Investment property that is the basis for the tax credit in Indiana for at least (i) the useful life of the property, as determined for federal income tax purposes; or (ii) ten (10) years, whichever is less. The Company shall pay an average wage to all its employees, excluding Highly Compensated Employees, in each Taxable Year that the tax credit provided herein is available, that equals at least one hundred fifty percent (150%) of the hourly minimum wage under Indiana Code § 22-2-2-4 or its equivalent. During the Term of the Agreement, the Company shall maintain, at the Project Location where the Qualified Investment is made, a total payroll that is at least equal to the payroll level that existed before the Qualified Investment was made. The Company agrees to use reasonable commercial efforts to spend its Qualified Investment with Indiana Businesses (as defined by Indiana Code § 5– 22–15–20.5). The Company made certain representations to the IEDC regarding the Project in the Company’s application and the Agreement. The Company represents and warrants that all representations, statements, and all other matters contained in the application submitted by the Company to the IEDC and the Agreement are true and complete in all materials respects.
Appears in 4 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
