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Provided, That in no event shall any license issued under 
this Act authorize the commercial recovery of such resources 
prior to January 1, 1976: And provided further, That, 
except to the extent that such licenses are authorized pur- 
suant to the provisions of an international agreement estab- 
lishing a regime for the development of mineral resources of 
the international seabed area beyond the limits of coastal 
State territorial or resource jurisdiction, no licenses shall be 
issued under this Act subsequent to the ratification by the 
United States of any such international agreement. 
“(2) Priority of right for the issuance of a license shall 
be created and maintained by receipt by the Secretary of a 
license application from an eligible applicant: Provided, That 
the application is submitted in conformity with the pro- 
visions of this Act and the regulations promulgated by the 
Secretary pursuant to section 6 hereof. 
““(3) An application, submitted in accordance with sub- 
section (b) of section 4 hereof and prior to the effective 
date of the regulations promulgated pursuant to section 6 
of this Act, shall be entitled to priority of right as established 
in paragraph (2) of this subsection: Provided, That the 
eligible applicant complies with the provisions of this Act, 
including, but not limited to, the tender of the fee required 
by section 5, the furnishing of information required by sub- 
section (b) of section 6, and the minimum expenditures 
