Termination Consequences – Third Option Sample Clauses

Termination Consequences – Third Option. If the Third Option (the date of such termination being the “Phase III Termination Date”) is terminated pursuant to Section 7.5, then: (a) Nevada Lithium will not acquire the Third Option Interest, but shall retain the First Option Interest and the Second Option Interest; (b) the Work Program and Budget approved and in effect prior to the Phase III Termination Date shall be terminated; (c) Nevada Lithium shall be obligated to reimburse the Operator, in cash, as soon as practicable 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 III 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 7.6(b). Any amounts owing by Nevada Lithium to the Operator pursuant to this Section 7.6(c) shall first be funded from monies already deposited by Nevada Lithium in the Segregated Account prior to the Phase III Termination Date before Nevada Lithium shall have any obligation to make any payments to the Operator pursuant to this Section 7.6(c); (d) after giving effect to Sections 7.6(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 III Termination Date. Notwithstanding any other provision hereof, after the Third 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, the Second Option Interest and the Third Option Interest; (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 internal working product and interpretations derived individually by Nevada Lithium in respect of the Mineral Rights) and Nevada Lithium may keep a copy of, and use the information contained in, such records, subject to the terms of Section 15; and (f) Alternative Phase III shall commence.