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reports must be presented to the PEDC within thirty (30) days of the day PCT begins construction, and these reports shall begin with the twenty-three (23) existing jobs as mentioned above and continue up to the date construction began. Thereafter, PCT shall continue to provide the PEDC with a copy of its Texas Workforce Commission Employer's Quarterly Report within thirty (30) days of its filing of the same with the Texas Workforce Commission to evidence the continued existence of such new jobs and to evidence additional jobs created for additional incentive payments from the PEDC. 4. PCT agrees that the PEDC, its agents and employees, shall have the reasonable right of access to records concerning PCT I S investment in the improvements for the purpose of conducting an audit of the project improvements and project costs. Any such audit shall be made only after giving PCT notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with the operation of the Facility. Upon request, PCT will provide the PEDC with a detailed Asset Report with an itemized list of assets placed into service from the date of execution of this Agreement to June 17, 2003. The Asset Report will provide the date on which the asset was capitalized, the acquisition amount, and the accumulated depreciation amount. At the PEDC' s request, PCT will provide actual invoices to support the amounts shown on the Asset Report. 5. PCT further agrees that the PEDC, its agents and employees, shall have reasonable right of access to the property to inspect the improvements in order to insure that the construction of the improvements are in accordance with this Agreement and all applicable state and local laws and regulations or valid waiver thereof. After completion of the improvements, the PEDC shall have the continuing right to inspect the property to insure that it is thereafter maintained and operated in accordance with this Agreement during the term of the Agreement, and PCT shall provide evidence as to the creation of any new, permanent jobs described in this Agreement. All inspections will be made only after giving PCT notice at least seventy-two (72) hours in advance, and such inspections shall be conducted in such a manner so as not to interfere with the operation of the Facility. Representatives of the PEDC inspecting the property and improvements shall be accompanied by one (1) or more representatives of PCT and shall sign an agreement promising to maintain the confidentiality of any information they obtain in connection therewith except for the purposes of verifying or enforcing compliance with this Agreement. Said representative shall also be required to observe any facility rule and regulation applicable to the property. Nothing herein shall be construed as limiting the PEDC's ability to perform inspections or to enter the Property the subject of this Agreement. 6. In the event that the improvements described in Paragraph 1 hereof are not completed in accordance with this Agreement or the expenditure for the improvements does not meet the amount required herein, then PCT shall return all incentives paid to it within one hundred twenty (120) days of the date of notice of default. Page 3 of 5