Return of Initial Security Clause Samples

Return of Initial Security. SFV must return the Initial Security, or any amount SFV is holding on trust pursuant to clause 4.3(b) (“Recourse to Initial Security”), to LTES Operator within 10 Business Days after the earlier of: (a) the Commercial Operations Date; and (b) the date on which LTES Operator has paid the full amount of the Termination Amount to SFV. LTES Operator must: [Option 1: for bids where LTES Operator seeks only an LTESA and not an Access Right.] (a) develop the Project in accordance with the Social Licence Commitments, Good Industry Practice and all applicable Laws and authorisations; (b) use best endeavours to achieve each Milestone by the relevant Milestone Date; [End option 1.] [Option 2: for bids where LTES Operator seeks both an LTESA and an Access Right.] (a) develop the Project in accordance with Good Industry Practice and all applicable Laws and authorisations; (b) not used; [End option 2.] (c) use best endeavours to achieve Financial Close by the FC Sunset Date; and (d) report on the development of the Project in accordance with clause 10 (“Reporting”).