Common use of Termination and Distribution Clause in Contracts

Termination and Distribution. 14.3.1 This Agreement shall continue until terminated. However, it may not be terminated until such time as (1) DWR has accepted the Conveyance Project in accordance with Joint Exercise of Powers Agreement between the Department of Water Resources, State of California and the Construction Authority and (2) DWR has taken over all activities related to the design and construction of the Conveyance Project, and all principal of and interest on any liabilities or other forms of indebtedness of the Construction Authority are paid in full. Thereafter, this Agreement may be terminated by the written consent of 80% of the then current Members; provided, however, that this Agreement and the Construction Authority continue to exist after termination for the purpose of disposing of all claims, distribution of assets and all other functions necessary to conclude the obligations and affairs of the Construction Authority. 14.3.2 After completion of the Construction Authority’s purposes, all assets and any surplus money on deposit in any fund or account of the Construction Authority will be distributed in accordance with the Board’s direction. The Board is vested with all powers of the Delta Conveyance Design and Construction Joint Powers Authority.

Termination and Distribution. 14.3.1 14.4.1 This Agreement shall continue until terminated. However, it may not be terminated until such time as (1) DWR has accepted the Conveyance Project in accordance with Joint Exercise of Powers Agreement between the Department of Water Resources, State of California and the Construction Authority and (2) DWR has taken over all activities related to the design and construction of the Conveyance Project, and all principal of and interest on any liabilities or other forms of indebtedness of the Construction Authority are paid in full. Thereafter, this Agreement may be terminated by the written consent of 80% of the then current Members; provided, however, that this Agreement and the Construction Authority continue to exist after termination for the purpose of disposing of all claims, distribution of assets and all other functions necessary to conclude the obligations and affairs of the Construction Authority. 14.3.2 14.4.2 After completion of the Construction Authority’s purposes, all assets and any surplus money on deposit in any fund or account of the Construction Authority will be distributed in accordance with the Board’s direction. The Board is vested with all powers of the Delta Conveyance Design and Construction Joint Powers Authority.