Termination and Wind-Up. 23.01 Upon termination of this Agreement for whatever cause, the Management Committee shall administer wind-up of the Joint Venture and shall dispose of JV Assets in such manner as the Management Committee determines, consistent with practices of corporate law and practice, and shall distribute the net JV Assets, after discharge of all encumbrances, in accordance with outstanding Interests. At the time of wind-up of the Joint Venture or termination of the Project for any reason, the Management Committee shall meet and approve a procedure for the retention, maintenance and disposal of documents (the "Documents") and shall appoint such Party as may consent thereto to ensure that all proper steps are taken to implement and maintain that procedure. If the Management Committee fails to approve a procedure as aforesaid, the Operator, if a Party, otherwise a Party holding an Interest as at the date immediately preceding the date the management Committee was called to meet, shall retain, maintain and dispose of the Documents according to such procedure, in compliance with all applicable laws, as it deems fit. The Party entrusted with the retention, maintenance and disposal of the Documents shall estimate the costs and expenses incidental thereto and shall be entitled to receive payment of those costs and expenses prior to any distribution being made of the Assets or the revenues received on the disposal thereof.
Termination and Wind-Up. 6.10.1 In the event that a Constructing Party terminates Work pursuant to section 9.4, each Paying Party shall reimburse the Constructing Party for such Paying Party’s Allocated Share of any Termination Cost of such Work within thirty (30) days after the Constructing Party has incurred such Termination Cost and has submitted an invoice therefor to such Paying Party (or, if the Paying Party is also the Constructing Party with respect to such Work, shall bear its Allocated Share of any Termination Cost of such Work).In the event that a Constructing Party terminates Work pursuant to section 10.3 or 12 (as a result of a Paying Party defaulting under section 10 or a Withdrawing Paying Party withdrawing under section 12), the Defaulting Paying Party or Withdrawing Paying Party as the case may be shall reimburse the Constructing Party for 100% of any Termination Cost of such Work within thirty (30) days after the Constructing Party has incurred such Termination Cost and has submitted an invoice therefor to such Paying Party (or, if the defaulting Paying Party or Withdrawing Paying Party as the case may be is also the Constructing Party with respect to such Work, shall bear 100% of any Termination Cost of such Work).
Termination and Wind-Up. In the event of termination of the Consortium established by this Agreement, either at the conclusion of the initial Term, or at the end of any additional extended term agreed to by the Parties, any funds remaining in the Consortium Account shall be returned to those Participants who are part of the Consortium at the time of termination based upon the same percentage (rounded to seven decimal digits) as was used in determining the Contribution Amount set forth in Attachment “A”, including any subsequent addendum necessitated by addition or reduction in the number of Participants (as reflected at the time of termination). Such funds shall be disbursed to the Participants remaining on the date of Termination no more than thirty (30) days after the date of Termination. By way of example, using the initial cost sharing summary, Hellam Township's share ($3,001) is 0.015005 of the total ($200,000). Yorkana Borough's share ($69) is 0.000345 of the total ($200,000). These decimals would be used to allocate the refund of any remaining funds on termination of the Consortium.
Termination and Wind-Up. 5.04.1. Municipalities may elect to terminate this Agreement at the end of each regularly scheduled Pennsylvania Department of Environmental Protection General MS4 Permit period (hereinafter referred to as the “Permit Period”). Should the Permit Period be administratively extended by the Pennsylvania Department of Environmental Protection, that later date shall be deemed to be the end of the Permit Period for purposes of this section.
Termination and Wind-Up. In the event of termination of the Consortium established by this Agreement, either at the conclusion of the initial Term, or at the end of any additional extended term agreed to by the Parties, any funds remaining in the Consortium Account shall be returned to those Participants who are part of the Consortium at the time of termination. For Participants who hold an MS4 Permit, any remaining BMP Project contributions shall be returned based upon their percentage (rounded to three decimal digits) of the total Participant BMP contributions as reflected at the time of termination. For Participants who have an MS4 Permit Waiver or are non-MS4s, any remaining administration contributions shall be returned based upon their percentage of the total Participant administration contributions as reflected at the time of termination. Such funds shall be disbursed to the Participants remaining on the date of Termination no more than thirty (30) days after the date of Termination.
Termination and Wind-Up
