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determined by a two - thirds vote of the remaining Board Members; <br />and <br />c) Full satisfaction of all outstanding financial obligations of the <br />ILJAOC; and <br />d) All other contractual obligations of the ILJAOC have been <br />satisfied, <br />7.03 In the event of the termination of this Agreement, any funds <br />remaining following the discharge of all obligations shall be disposed of by <br />returning to each current Member Agency of the ILJACC immediately prior to <br />the termination of this Agreement, a share of such funds proportionate to the <br />contribution made to the 1LJAOC by said Member Agency, to the extent <br />determined by the Board in its sole discretion to be fair and equitable. <br />7.04 Notwithstanding any other provisions of this Agreement, the <br />Member Agencies agree to abide by the following procedure for selling of <br />equipment in the event this Agreement is terminated, The equipment shall be <br />given a fair market value by an appraiser agreed upon by the Board. Before the <br />equipment is sold on the open market, the Member Agencies each shall have <br />the right to purchase the equipment at a price and under terms as agreed upon <br />by the Board, which may include a financing arrangement for the purchaser to <br />allow 'for a transition period after the termination of this Agreement. If an <br />agreement cannot be reached concerning a purchase of the equipment, then it <br />shall be sold on the open market. Proceeds from the sale of equipment upon <br />termination of the Agreement shall be distributed to the Member Agencies in a <br />manner consistent with the cost- sharing format outlined in Paragraph 4.06 (a), <br />(b), and (c) of this Agreement, and any modifications to that formula adopted by <br />the Board. <br />21 <br />25F -23 <br />