Head office functions definition
Head office functions means ordinary course administrative services, head office overhead, use of the corporate infrastructure, and other general services provided by Victory Eagle and its Affiliates which include but are not limited to the officers of Victory Eagle and their expenses, all in-house legal, accounting, human resources, insurance, taxes, payroll, data processing and employee benefit administration functions as well as office rents, office supplies, and other expenditures made for the benefit of the work performed by persons in those functions. The costs of those head office functions are not to be recovered directly as an Expenditure. However, Victory Eagle shall provide those head office functions and for that shall be entitled to a charge, in addition to the direct Expenditures, but calculated as a percentage of those Expenditures, calculated without reference to the charge itself, as follows: 10% of Exploration Expenditures, reduced for third party contracts to 5% of the amount in excess of $50,000; and 2% of Construction and Operating Expenditures;
Head office functions means ordinary course administrative services, head office overhead, use of the corporate infrastructure, and other general services provided by the Operator and its Affiliates which include but are not limited to the officers of the company and their expenses, all in-house legal, accounting, human resources, insurance, taxes, payroll, data processing and employee benefit administration functions as well as office rents, office supplies, and other expenditures made for the benefit of the work performed by persons in those functions. The costs of those head office functions are not recovered directly as a Cost. However, the Operator shall provide those head office functions and for that shall be entitled to a charge, in addition to the direct Costs, but calculated as a percentage of those Costs, calculated without reference to the charge itself, as follows: