CJR, it is my belief that we will only get credit for monies spent in the process of the closing of the JV. Unless something is added to the A&F Agreement I see nothing that gives us credit for what we have spent so far other than hard assets. Here are 3 paragraphs that lead me to my conclusion.
Following completion of the Updated Cost Report (as hereinafter defined) and an appraisal of the plant and equipment Crystallex owns which is located outside Venezuela (the “Plant and Equipment”) by an independent third party appraiser acceptable to CRRC and Crystallex, acting reasonably, Crystallex will contribute the Plant and Equipment to JV Subco or will assign a two-thirds interest therein to CRRC, and the total appraised value of the Plant and Equipment will be offset against the amount due under the Note Facility.
CRRC acknowledges that Crystallex has commissioned a detailed report by SNC Lavalin, updating the capital and operating cost estimates set out in the Feasibility Study (the “Updated Cost Report”). The out-of-pocket costs associated with obtaining the Environmental Permit and associated consents and the Updated Cost Report shall be borne as to one-third by Crystallex and as to two-thirds by CRRC with the Crystallex obligation to be funded as part of the loan obligations under the Joint Venture Agreement.
Each of the parties hereto agrees to be responsible for its own costs and expenses, including those related to its representatives and advisers, whether or not the Transactions are consummated, including any commissions or fees payable to financial advisors.