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ARTICLE IV GRANT PAYMENTS FROM THE CITY Section 4.01. Grant Payments. The City will make Grant Payments to Grifols in the manner set forth in this Article. Section 4.02. 10 Year Payment Period. Subject to the requirements and limitations of this Article, other terms and conditions of this Agreement and Grifols' compliance with this Agreement, for a period of 10 years, the City shall commence and continue annually, thereafter, making Grant Payments for the Personal Property attributable to the New Improvements. The date of completion of any particular New Improvement subject to ad valorem real property tax assessment, shall dictate the commencement date for Grant Payments based on Personal Property attributable to such New Improvement. Thus, as to any single New Improvement, Grant Payments shall begin for the Personal Property attributable to such New Improvement in the calendar year following the year of completion of such New Improvement (resulting in overlapping 10 year Grant Payment periods). Section 4.03. Time for Payment. The City shall not be required to make a Grant Payment during any applicable fiscal year of the City unless and until: (a) the Personal Property Taxes are received by the City from the Tax Office for the applicable year; (b) funds equivalent in value to 75 percent the Personal Property Taxes are appropriated for the specific purpose of making a Grant Payment as part of the City's ordinary budget and appropriations approval process for the applicable year; and (c) Grifols has submitted all information required under this Agreement necessary to verify its compliance. Provided all three events in subsections (a), (b) and (c) of this Section have been satisfied and Page 6 of 22