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00017 <br />EDC to be allocated to those marketing efforts. Carolantic will meet with EDC at least quarterly to <br />discuss cooperative marketing plans and the funding for those plans from resources of Carolantic <br />or from the cooperative marketing funds held by EDC. Any funds provided by EDC to Carolantic <br />will be used solely for the agreed upon cooperative marketing efforts and shall be in such amounts <br />that are customary and reasonable for the services provided. Those funds will not be used for <br />salaries of employees of Carolantic, administrative overhead of Carolantic, or any other unrelated <br />expenses of Carolantic. Carolantic will maintain financial records to reflect the allocations of the <br />funds from EDC to cooperative marketing efforts agreed upon. The marketing materials purchased <br />with or marketing efforts undertaken by Carolantic which utilize in part funds from EDC as a part of <br />the cooperative marketing efforts will be purchased by Carolantic and/or charged to EDC at a fair <br />market value. Carolantic will at least semi-annually provide written reports to EDC showing what <br />marketing materials and efforts those funds from EDC were used to pay all or a portion of. <br />ARTICLE 1111 <br />AUDITS OF EDC <br />3.01. To the extent EDC is audited by Chatham County, any other local government which <br />contributes to this cooperative marketing effort or by state or federal tax authorities, Carolantic will <br />cooperate fully with EDC in providing information for those audits. <br />ARTICLE IV <br />TERMINATION <br />4.01. This Agreement will be for a term of three (3) years from the date of its execution, <br />and may be renewed for additional periods of time based upon the concurrence of both Parties. <br />Provided however, that either Party may terminate this Agreement in each Party's sole discretion <br />by giving sixty (60) days written notice to the other Party. <br />NPRAL1:792129.2-TSF-(EPEARSON) 900000-02216 <br />