Phased project. A cooperative agreement described in para- graph (1) shall require that the North Bay Water Reuse Program carried out under this section shall consist of 2 phases as follows:
Phased project. For purposes of this Agreement, a “Phased Project” consists of a Project that consists of more than one separate phases (each, a “Phase”), each of which is underwritten, developed, constructed and financed independently. Notwithstanding anything to the contrary in this Agreement, for all purposes under this Agreement, including this Article 2, each Phase shall be treated as an independent Project, except that upon APFC’s grant of Final Approval of a Submitted Final Project that is a second or subsequent Phase within a given Project, Section 2.3(d) shall be modified so that such Phase shall be included within the then-existing Venture for such Project, as opposed to a newly formed Venture, and the then-existing Venture Documents shall be amended to reflect the addition of such Phase.
