Arkansas River Water Purchases Sample Clauses

Arkansas River Water Purchases. Except in connection with any of the activities described in Section 2(b)(i) – (viii) above, if the Equity Holder proposes to consummate an acquisition of any decreed tributary surface water rights below Pueblo Reservoir in the Arkansas River or its tributaries that are subject to the jurisdiction of Division 2 of the Colorado Water Court or additional shares of stock in Fort Lyon Canal Company (collectively, “Arkansas Water Rights”), the Equity Holder shall promptly, and in any event not fewer than thirty (30) days prior to the closing of any such acquisition, give Pure Cycle written notice of the proposed acquisition, which notice shall described in reasonable detail the terms on which the Equity Holder believes the acquisition can be consummated and the Arkansas Water rights to be acquired. The Equity Holder shall also deliver to Pure Cycle all due diligence materials it has with respect to the proposed acquisition. Pure Cycle shall have twenty (20) days to determine whether it is interested in pursuing the proposed acquisition. If Pure Cycle determines to pursue the acquisition, the Equity Holder shall fully cooperate with and assist (at no charge to the Equity Holder other than normal overhead expenditures) Pure Cycle in consummating the acquisition. If Pure Cycle is unwilling to pursue the acquisition or unable to negotiate a definitive agreement with the owner(s) of the water rights which are the subject of the proposed acquisition within three (3) months, then the Equity Holder may pursue such proposed acquisition on its own behalf; provided, however, that if the Equity Holder acquires the subject water rights within six (6) months after the expiration of the three (3) month period referenced above on terms and conditions which, taken as a whole, are comparable to or more favorable to the Equity Holder than the terms that Pure Cycle offered the owner(s) of the subject water rights, then at Pure Cycle’s request made within thirty (30) days after the Equity Holder notifies Pure Cycle of such purchase by the Equity Holder, the Equity Holder shall sell the subject water rights to Pure Cycle on the same terms and conditions as the Equity Holder acquired the subject water rights plus reasonable costs and expenses, including attorneys’ fees and carrying costs, incurred by the Equity Holder to complete the acquisition. If the Equity Holder does not enter into an agreement in principle with the owner(s) of the subject water rights within six (6) months afte...