Excess Expenditures. If the Optionee incurs exploration expenditures pursuant to section 2.2(b), in excess of the amounts specified therein, any such excess expenditures may be carried forward to subsequent years and be credited towards the Optionee's subsequent exploration expenditure requirements under section 2.2 (b) hereof.
Excess Expenditures. If Xxxxxx has funded Expenditures in excess of the amount of the First Expenditure Condition as required by First Expenditure Deadline under Section 4.2(c), then the amount of the excess Expenditures will be credited against the Second Expenditure Condition to be funded by Xxxxxx by the First Option Deadline under Section 4.2(e), or, subject to compliance with the penultimate paragraph of Section 5.2, against the Expenditures required to be incurred by Xxxxxx under Section 5.2(c) if Xxxxxx delivers the Second Option Notice. If Xxxxxx delivers does not deliver the Second Option Notice or if the Second Option is terminated in pursuant to Section 5.6, then such excess will be booked as a Joint Venture Expenditures as set out in Section 5.7(b).
Excess Expenditures. To the extent the CONTRACTOR expends an amount in excess of the insurance proceeds received for damaged, lost or destroyed Project Property, such excess expenditure shall be recoverable as Petroleum Costs. To the extent the CONTRACTOR receives insurance proceeds in excess of the amount expended in repairing or replacing damaged, lost or destroyed Project Property, such excess insurance proceeds shall be credited to Petroleum Costs.
Excess Expenditures. Expenditures actually incurred exceeding the Expenditures required from time to time to maintain the Option in good standing in any period (the "Excess Expenditures") shall be carried forward and credited to future Expenditure requirements of Halo in subsequent periods. Any excess Expenditures as at the Earn-In-Date shall be carried forward and credited under the Joint Venture Agreement.
Excess Expenditures. The Optionee may make Expenditures at a faster rate than that required by Section 5.1 (the “Excess Expenditures”) and the Option will be effectively exercised when the Optionee has funded and incurred Expenditures which total $4,000,000 (plus GST). Any Excess Expenditures over the minimum Expenditures required by a particular date shall be credited toward the amount of Expenditures to be expended by the next due date in order to maintain the Option. All due dates for Expenditures, including the Option Period, shall be extended for such time as access to the Property and/or work on it is prevented by any condition of Force Majeure as described in Section 10.
Excess Expenditures. If the Optionee incurs exploration expenditures, pursuant to section 2.2, in excess of $240,000, such expenditures shall be credited towards the Optionee's future exploration expenditures under the Joint Venture (as hereinafter defined).
Excess Expenditures. If, as at the date the Joint Venture is formed under Section 7.1, Black Shield has incurred Expenditures in excess of the amount required to exercise the Option and acquire the Additional Interest, as applicable, then such excess Expenditures will be credited to Black Shield and be applied against Black Shield’s obligations to contribute to expenditure requirements under the Joint Venture.
Excess Expenditures. If, at any time during the Term of this Agreement, the Project Operator determines that a Budget Overrun is expected, it shall promptly notify the Management Committee in writing before such overrun is incurred; provided, however that before incurring a Material Budget Overrun, the Project Operator shall obtain approval of the Management Committee by Majority Vote.
Excess Expenditures. Unless the Operator is guilty of gross negligence, the Operator shall have no liability for the payment of any Expenditure incurred in excess the total of the Expenditures estimated or budgeted within an Approved Program and Budget and each Partner shall be responsible for any such excess Expenditure in accordance with their respective Proportionate Share.
Excess Expenditures. Subject to Section 2.09, the expenditure by the Company or any Subsidiary of any operating expenses in excess of the amounts authorized under the Operating Budget;
