Deficiency in Exploration Expenditures Sample Clauses

Deficiency in Exploration Expenditures. In the event the Optionee does not incur the minimum Exploration Expenditures required to be incurred in any annual period to keep the Option in good standing, the Optionee may in place thereof pay the difference between the amount of Exploration Expenditures incurred and such minimum amount in cash to the Optionor, which shall be paid within 30 days of the applicable annual period, and upon such payment the Optionee shall be deemed to have satisfied the required Exploration Expenditure requirement.