Termination Consequences – First Option Sample Clauses

Termination Consequences – First Option. If the First Option is terminated (the date of such termination being the “Phase I Termination Date”) pursuant to Section 4.5, then: (a) Nevada Lithium will acquire no Interest; (b) the Work Program and Budget approved and in effect prior to the Phase I Termination Date shall be terminated; (c) Nevada Lithium shall be obligated to reimburse the Operator, in cash, promptly for any Expenditures approved by the Technical Committee and incurred by the Operator (or which the Operator is contractually obligated, on a commercially reasonable basis, to Third Parties to incur) prior to the Phase I Termination Date (including in respect of any remediation expenses payable in respect of such Work Program and Budget) pursuant to the approved Work Program and Budget which has been terminated in accordance with Section 4.6(b). Any amounts owing by Nevada Lithium to the Operator pursuant to this Section 4.6(c) shall first be funded from monies already deposited by Nevada Lithium in the Segregated Account prior to the Phase I Termination Date before Nevada Lithium shall have any obligation to make any payments to the Operator pursuant to this Section 4.6(c); (d) after giving effect to Section 4.6(c), the Operator shall promptly return, or cause to be returned, to Nevada Lithium all remaining monies deposited by Nevada Lithium in the Segregated Account, as at the date immediately prior to the Phase I Termination Date and, without the need of any further confirmation or formality, Nevada Lithium shall be absolved of any requirement or obligation to fund or incur Expenditures, Option Expenditures or other payments under this Agreement, including, for the avoidance of doubt, any Maintenance Payments. Notwithstanding any other provision hereof, after the First Option Exercise Date, Nevada Lithium shall not be entitled to the return of any monies deposited by Nevada Lithium in the Segregated Account on account of the earn-in of the First Option Interest. For greater clarity, after the First Option Exercise Date and prior to the Second Option Exercise Date, Nevada Lithium shall only be entitled to the return of monies deposited be Nevada Lithium in excess of the First Option Expenditures; (e) Nevada Lithium shall deliver to Iconic Subco all records, information and data in respect of the Mineral Rights that existed on the date hereof and that were derived thereafter using Option Expenditures (and, for the avoidance of doubt, Nevada Lithium shall not be required to deliver intern...
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Termination Consequences – First Option. If the First Option is terminated (such date of termination being the "First Option Termination Date") pursuant to Section 3.05, then Athena shall acquire no Interest.
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Related to Termination Consequences – First Option

  • Termination Consequences In the event of this agreement being determined whether by effluxion of time Notice breach or otherwise:

  • TERMINATION AND CONSEQUENCES OF TERMINATION Either Party may immediately terminate this Agreement upon written notice if this other Party: materially breaches this Agreement, and such breach is incapable of cure, or, if the breach is capable of cure, fails to cure such breach within [NUMBER] days after receiving written notice of the breach; becomes insolvent or is generally unable to pay its debts as they become due; files, or has filed against it, a petition for voluntary or involuntary bankruptcy, or otherwise becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law; makes or seeks to make a general assignment for the benefit of its creditors; applies for, or has appointed, a receiver, trustee, custodian, or similar agent by order of a court of competent jurisdiction to take charge of or sell any material portion of its property or business; or is dissolved or liquidated. The expiration or termination of this Agreement shall not affect any rights or obligations that: (i) are intended to survive such expiration or termination; and (ii) were incurred by the Parties prior to such expiration or termination. Upon the expiration or termination of this Agreement for any reason, each Party shall promptly: [return to the other Party/destroy] all documents and tangible materials (including any copies) containing, reflecting, incorporating, or based on the other Party’s Confidential Information; permanently erase all of the other Party’s Confidential Information from its computer systems, [except for copies that are: (i) required to be retained under applicable laws; or (ii) maintained as archive copies on its disaster recovery or information technology backup systems, which shall be destroyed upon the normal expiration of such backup files, or as otherwise required by law]; and certify in writing to the other Party that it has complied with these requirements.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Termination of Rights as Stockholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

  • Termination of Rights as Shareholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.