(a) An agreement will terminate upon one of the following, whichever occurs first:

1. (1) The agreement expires by its own terms, unless the term is extended prior to expiration under § 583.345;
2. (2) The project is terminated, as set forth in § 583.350; or
3. (3) A party to the agreement notifies BOEM, in writing, that sufficient OCS sand, gravel, and/or shell resources, up to the amount authorized in the agreement, have been obtained to complete the project.