Licensee Withdrawal Options Sample Clauses

Licensee Withdrawal Options. If at any point prior to the Licensees’ award of construction contracts for implementation of habitat expansion action(s) but no later than twelve (12) months after NMFS’ determination of consistency of the Final Design and Permitting Report under Section 4.6 of this Agreement, the Licensees estimate that the net present value (January 2006 cost basis) of the life- cycle cost of all of the recommended or approved habitat expansion action(s) will exceed $15 million for the two Licensees combined, either or both of the Licensees may withdraw from the Agreement. The Licensees may also decide, in their sole discretion, to proceed with the recommended or approved habitat expansion action(s) with an estimated cost that exceeds $15 million or propose to NMFS an alternative as provided in Section 11 .5 of this Agreement. The $15 million threshold is for the sole purpose of establishing a Licensee decision point, and the Licensees specifically reserve the right to establish, at their discretion, a threshold that exceeds $15 million. Therefore, any decision by the Licensees not to withdraw from this Agreement once the $15 million threshold is reached shall not constitute a waiver of the Licensees’ right of withdrawal under this Section 11 .1 , which right, however, shall end upon the Licensees’ award of construction contracts for implementation of habitat expansion action(s) or twelve (12) months after NMFS’ determination of consistency of the Final Design and Permitting Report under Section 4.6 of this Agreement, whichever occurs first. The Licensees are solely responsible for estimating the cost of the habitat expansion action(s) for purposes of this Section 11 .1 .

Licensee Withdrawal Options. If at any point during the Approval of Action(s) (Paragraph 4(B)), Preliminary Design of Action(s) (Paragraph 4(C)), and Final Design and Permitting of Action(s) (Paragraph 4(D)), the Licensees’ estimate that the net present value (January 2006 cost basis) of the life-cycle cost of implementing all of the recommended or approved habitat expansion action(s) exceeds $15 million for the two Licensees combined, either or both of the Licensees may withdraw from the Agreement. The Licensees may also decide to proceed with the recommended or approved habitat expansion action(s) with an estimated cost that exceeds $15 million or propose to NMFS an alternative as provided in Paragraph 11(C). The $15 million threshold is for the sole purpose of establishing a Licensee decision point. It is not the Signatories’ estimate of the cost of meeting the Habitat Expansion Threshold, and the Signatories recognize that the actual cost to achieve the Habitat Expansion Threshold may exceed this amount. The Licensees are solely responsible for estimating the cost of the habitat expansion action(s) for purposes of this Paragraph.