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to ea <br /> 3. In addition to the terms and conditions regarding an MVIC default to DWCD under the <br /> D/M and T/HC Contracts, should MVIC be delinquent in any payments under these contracts, <br /> MVIC shall: <br /> a. pay a late fee of one-half percent(0.5%)per month upon the balance of <br /> unpaid payments to DWCD as long as any payment owed to DWCD continues to be <br /> delinquent, in addition to paying default interest as set forth in the D/M and T/HC <br /> Contracts. <br /> b. allow DWCD to immediately shut off any Project water deliveries to <br /> MVIC shareholders, including any deliveries of"Call Water,"as defined under the T/HC <br /> Contract,Article 10(d),no earlier than thirty(30)days following the receipt of written <br /> notice from DWCD to MVIC setting forth the detail of any delinquency in payment and <br /> the amount necessary to cure,including the arithmetic calculation thereof, until all <br /> payments owed DWCD,including late fees and interest, e. <br /> c. use theP roceeds from MVIC's; ;a1 , + I=" '7 a Capitol Fund <br /> , ,, <br /> l's <br /> ("Annuity")to make not only payments owed CW ': -. CB •. Contracts 1 <br /> and 2,but also payments owed DWCD under the D/M and ;`i. • Ott-,cts. The <br /> payments from the Annuity to DWCD and CWCB will be pro rata,.._., if, for the year in <br /> question,the Annuity payment is$100,000, and MVIC owes DWCD $100,000 and <br /> CWCB $200,000,under both CWCB Loan Contracts 1 and 2, DWCD would receive <br /> $33,334 and CWCB would receive$67,773 from MVIC's receipt of the Annuity <br /> 3 <br />