Expenditure Costs definition
Examples of Expenditure Costs in a sentence
Unless approved by the Optionee, the Operator will be exclusively liable for the payment of all Costs incurred in excess of 125% of any budgeted Expenditure Costs.
Subject to the terms of Section 6.3, when AUC has contributed to the Company, the remaining Twenty Million Six Hundred Twenty-five Thousand Dollars (US$20,625,000) in Expenditure Costs referred to in Section 3.1(b)(iv), AUC shall possess an additional thirty-seven and one half percent (37.5%) Ownership Interest, for a total of a sixty percent (60%) Ownership Interest in the Company, and the Operative Date will be deemed to have occurred.
If any withdrawals are made from the Capex Reserve Account to pay Approved Capital Expenditure Costs, the Capex Reserve Account must be topped up to the Required Capex Reserve Amount from transfers from the Jamalco Collection Account in accordance with the order of priority set out in ‘Jamalco Collection Account’ above.
If the Manager suspends or prematurely terminates a Program pursuant this Section 13.5, any funds advanced by AUC for that Program in excess of the Expenditure Costs incurred prior to the suspension or premature termination, will be refunded within sixty (60) days of the suspension or premature termination.
The Authority shall disburse up to three Capital Expenditure Grant payments to Grantee, but shall have no obligation to disburse more than three percent (3%) of all capital expenditures for Allowable Capital Expenditure Costs.
The draft Program will contain a statement in reasonable detail of the proposed Mining Operations, estimates of all Expenditure Costs to be incurred and an estimate of the time when they will be incurred, and will be delivered to the Optionee by no later than 60 days prior to the period to which the draft Program relates.
No Ownership Interest in the Company shall vest in AUC until the first Twelve Million Three Hundred and Seventy-five Thousand Dollars ($12,375) of Expenditure Costs have been contributed.
Within fifteen (15) days of a Program being adopted by AUC, AUC will deposit the budgeted Expenditure Costs for the Program into a bank account maintained exclusively for receipt and payment of the Expenditure Costs for the Property by Strathmore.
Provided that AUC is not in default of obligations under Section 3.1, when AUC has contributed to the Company the sum of Twelve Million Three Hundred Seventy-five Thousand Dollars (US$12,375,000) of the Thirty-Three Million Dollars (US$33,000,000) in Expenditure Costs referred to in Section 3.1(b)(iv), AUC shall possess a twenty-two and one half percent (22.5%) Ownership Interest in the Company.
After the contribution of the Expenditure Costs, the Members shall have the following Ownership Interests: AUC 60% Strathmore 40% During the Option Period, the Manager will keep the Property in good standing, free and clear of all Encumbrances resulting from its activities.