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58 <br /> deadline. Lead Agency assignment for SWG Administration shall be recommended by the SWG <br /> to all three governing boards represented through this Agreement for approval. <br /> Article IV <br /> Term,Termination,Amendment <br /> 4.01 Term. <br /> a. Effective Date.This Agreement shall become effective upon the properly authorized <br /> execution of the Agreement by all Parties. <br /> b. This Agreement shall continue for a period of seventeen (17)years from the Effective <br /> Date, unless otherwise amended by the prior express written agreement of the Parties. <br /> This term aligns with horizon year of the current County Transit Multi-year Vision Plan at <br /> the time of execution of this Agreement. <br /> c. Any amendment,termination, or renewal of the Term must be in the form of a written <br /> instrument properly authorized and executed by the governing boards of each Party. <br /> d. The Parties agree that the Term shall be extended by mandatory amendment though <br /> the final maturity dates of any debt issued and payable from Orange County Transit Tax <br /> Revenues seventeen(17)year initial term. <br /> 4.02 Termination. <br /> a. Material Breach. If any Party violates a responsibility,duty, or assumption stated in <br /> Article V,the other Party(ies)shall give written notice of the breach and request to cure. <br /> If such breach is not cured within thirty(30)days of written notice thereof,any non- <br /> breaching Party may, without further notice or demand, in addition to all other rights <br /> and remedies provided in this Agreement,at law or in equity,terminate this Agreement <br /> and recover any damages to which it is entitles because of said breach. In the event of a <br /> non-material breach of the Agreement,the termination procedure set forth in 4.02{b} <br /> shall apply. <br /> b. Termination upon one (1)year's notice.Any Party may terminate its participation in this <br /> Agreement with or without breach by giving written notice to each other Party of intent <br /> to terminate,as well as reasons for terminating (which shall be in the sole discretion of <br /> the terminating party),at least one (1)year prior to the effective termination date. <br /> c. Bankruptcy/Insolvency Special Provisions. If any Party applies for or consents to the <br /> appointment of a receiver,trustee or similar officer for it or any substantial part of its <br /> property or assets, or any such appointment is made without such application or <br /> consent by such Party and remains discharged for sixty(50)days,or files a petition in <br /> bankruptcy or makes a general assignment for the benefit of creditors,then such action <br /> shall constitute a material breach of this Agreement not requiring notice and <br /> opportunity to cure and the other Party(ies) may terminate effective immediately. <br /> d. Cooperation Provisions. In the event of termination pursuant to any subsection <br /> hereunder,the terminating Party shall not be relieved of any existing and <br /> underperformed obligations up until the effective date of termination, and the <br /> Agreement shall remain in effect as to the non-withdrawing Parties.The non- <br /> withdrawing Parties, beginning at the time of notice of termination is received,shall <br /> work together in good faith to determine if the intent and purpose of the Agreement <br />