Termination of Joint Venture. Effective as of the date hereof upon payment by CPII and receipt by the Seller of the Purchase Price (as hereinafter defined) and the delivery of the Assignment of Joint Venture Interest in the form of Exhibit A attached hereto, without any further action by the parties, the Joint Venture shall terminate and all right, title and interest in and to the assets of the Joint Venture and all obligations (other than obligations incurred by Seller on behalf of the Joint Venture outside of the scope of Seller's authority) of the Joint Venture shall inure to CPII as successor in interest.
Appears in 4 contracts
Samples: Purchase Agreement (Delphi Film Associates Ii), Purchase Agreement (Delphi Film Associates V), Purchase Agreement (Delphi Film Associates Iv)
