Nature of the "charges" in relation to the donation of Allocated Land
The reference to the "charges" in relation to the donation of Allocated Land refers to the obligations and conditions imposed on the Group under the Agreement in connection with the donation. These obligations and conditions are as follows: -
(a) to submit the relevant construction and executive design documents to the competent municipal bodies within twelve (12) months from the registration of the Deed with the Real Estate Registry Office of Ibia ("Registration");
(b) to commence the construction works for the implementation of the Industrial Plant within eighteen (18) months from the Registration;
(c) to obtain and maintain all applicable licences, authorisations, grants and permits required for the implementation and operation of the Industrial Plant;
(d) to complete the implementation works and obtain the Environmental Operating Licence and the Location and Business Operating Permit within sixty (60) months from the Registration;
(e) to maintain the Industrial Plant on the Allocated Land in continuous operation for a minimum period of seven (7) years from the date of issuance of the Environmental Operating Licence or the Business Operating Permit, whichever occurs later, ensuring its regular operation throughout such period;
(f) to make direct investments for the implementation, construction, installation, development, operation and expansion of the Industrial Plant, in an amount not less than BRL100 million, within a period of five (5) years from the Registration, it being understood that such investments may be made progressively throughout such period. For the avoidance of doubt, such investment amount comprises all capital expenditures and operating expenditures directly related to the implementation and operation of the Industrial Plant, including expenditures incurred in fulfilling the Group's obligations under the Agreement;
(g) to create and maintain between 200 and 250 direct and indirect jobs throughout the period referred to in item (e), giving preference, on equal terms, to persons residing in the Municipality when hiring employees;
(h) to adopt environmental and social responsibility measures and comply with the applicable federal, state and municipal laws and regulations, including in relation to environmental licensing and sustainable development;
(i) to make investments in the areas of health, social assistance, culture, sports and the environment in the Municipality; and
(j) to promote skills development and training initiatives for the local workforce, as well as community development programmes, in the form and with the frequency to be agreed with the Municipality.