Operator’s Authority. The approval of a program and budget by the Board will be authority for the Operator to undertake the Operations specified in and incidental to such Approved Program and to incur on behalf of the Company the Company Expenditures estimated in and incidental to such Approved Budget, but the Operator must not incur Company Expenditures in the performance of the Operations specified in an Approved Program and an Approved Budget in an amount which exceeds by more than 10% the total of the Company Expenditures estimated within an Approved Program and an Approved Budget except:
Appears in 1 contract
Sources: Loan Agreement (Emc Metals Corp.)
Operator’s Authority. The approval of a program and budget by the Board Executive Committee will be authority for the Operator to undertake the Operations activities specified in and incidental to such Approved Program the program and to incur on behalf of the Company Corporation the Company Expenditures expenditures estimated in and incidental to such Approved Budget, the budget but the Operator must not incur Company Expenditures expenditure in the performance of the Operations activities specified in an Approved Program approved program and an Approved Budget approved budget in an amount which exceeds by more than 10% the total of the Company Expenditures expenditures estimated within an Approved Program approved program and an Approved Budget approved budget except:
Appears in 1 contract
Sources: Authorizing and Amendment Agreement (Rio Alto Mining LTD)