PAYMENT OF NET SMELTER RETURNS Sample Clauses

The "Payment of Net Smelter Returns" clause defines the obligation of one party, typically a mining operator, to pay a percentage of the revenue generated from the sale of minerals after deducting certain allowable costs, such as smelting and refining charges. In practice, this clause specifies how the net smelter return (NSR) is calculated, what deductions are permitted, and the timing and method of payments to the royalty holder. Its core function is to ensure that the royalty owner receives a fair share of the proceeds from mineral production while providing a clear and standardized method for calculating and remitting these payments.
PAYMENT OF NET SMELTER RETURNS. 3.01 If a party becomes entitled to a Net Smelter Returns royalty pursuant to the Agreement, the party paying the Net Smelter Returns (the “Royaltypayor”) shall calculate the Net Smelter Returns and the sums to be disbursed to the party receiving the Net Smelter Returns (the “Royaltyholder”) as at the end of each calendar quarter. 3.02 The Royaltypayor shall, within 60 days of the end of each calendar quarter, as and when any Net Smelter Returns are available for distribution: (a) pay or cause to be paid to the Royaltyholder that percentage of the Net Smelter Returns to which the Royaltyholder are entitled under the Agreement; (b) deliver to the Royaltyholder a statement indicating: (i) the gross amounts received from the purchaser contemplated in §2.01 of this Schedule “B”; (ii) the deductions therefrom in accordance with §2.01 of this Schedule “B”; (iii) the amount of Net Smelter Returns remaining; and (iv) the amount of those Net Smelter Returns to which the Royaltyholder are entitled; supported by such reasonable information as to the tonnage and grade of ores or concentrates shipped as will enable the Royaltyholder to verify the gross amount payable by the smelter or other purchaser.
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PAYMENT OF NET SMELTER RETURNS. 2.01 Royaltypayor shall calculate the Net Smelter Returns and the sums to be disbursed to the Royaltyholder as at the end of each calendar quarter. 2.02 Royaltypayor shall, within 60 days of the end of each calendar quarter, as and when any Net Smelter Returns are available for distribution: (a) pay or cause to be paid to the Royaltyholder that percentage of the Net Smelter Returns to which the Royaltyholder are entitled under the Agreement; (b) deliver to the Royaltyholder a statement indicating: (i) the gross amounts received from the purchaser contemplated in subsection 1.01 of this Schedule C; (ii) the deductions therefrom in accordance with subsection 1.01 of this Schedule C; (iii) the amount of Net Smelter Returns remaining; and (iv) the amount of those Net Smelter Returns to which the Royaltyholder are entitled; supported by such reasonable information as to the tonnage and grade of ores or concentrates shipped as will enable the Royaltyholder to verify the gross amount payable by the smelter or other purchaser.
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PAYMENT OF NET SMELTER RETURNS. 2.01 The Royalty-payor shall calculate the Net Smelter Returns and the sums to be disbursed to the Royalty-holder as at the end of each calendar quarter.
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PAYMENT OF NET SMELTER RETURNS. If a party becomes entitled to a Net Smelter Returns royalty pursuant to the Agreement, the party paying the Net Smelter Returns (the “Royaltypayor”) shall calculate the Net Smelter Returns and the sums to be disbursed to the party receiving the Net Smelter Returns (the “Royaltyholder”) as at the end of each calendar quarter.
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PAYMENT OF NET SMELTER RETURNS. 2.1 A Party which is obligated to pay a royalty shall maintain its accounts in accordance with accounting principles generally accepted in the mining industry and shall calculate the Net Smelter Returns and the sums to be disbursed to the royalty holder contemplated in Section 6.22 of the Agreement. 2.2 Each Party which is obligated to pay a royalty under Section 6.22 of the Agreement shall, within 60 days of the end of each calendar quarter from the commencement of commercial production, deliver to the royaltyholder a statement indicating: 70 Schedule H-3 (a) the gross amounts received as contemplated in Section 1.1 of this Schedule H; (b) the deductions therefrom in accordance with Section 1.1 of this Schedule H; and (c) the amount of Net Smelter Returns remaining. supported by such reasonable information as to the tonnage and grade of ores or concentrates shipped as is in the possession or control of that Party as will enable the royalty holder to verify the gross amount payable by the smelter or other purchaser. 2.3 To the extent which the Parties take their share of mineral production from a Property in kind or there are monies which have been paid or distributed to that Party by the Chinese entity which holds the Property, each Party shall pay or cause to be paid to the royaltyholder one percent of the Net Smelter Returns on the share of production which it has taken or which is attributable to its Interest. To the extent the Parties are not entitled to take in kind but rather monies are paid or distributed to them by Chinese entity and those distributions, the one percent Net Smelter Returns shall accrue to the royaltyholder and shall be paid following receipt by that Party of the payment or distribution from the Chinese entity; provided that the maximum payable to the royaltyholder shall be 10 percent of any payment or distribution received by the Party from the Chinese entity.
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PAYMENT OF NET SMELTER RETURNS. If the Mining Lands are brought into production by Lincoln then Lincoln shall pay to the Optionor a Production Royalty of two percent (2%) Net Smelter Returns attributable to production of ores and mineral products from the Mining Lands by Lincoln determined in accordance with Schedule “B” hereto.
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PAYMENT OF NET SMELTER RETURNS. 3.1 From the date of commencement of Commercial Production from the Property, the Payor shall calculate the amount of the Net Smelter Returns and the sums to be disbursed to the Holder as at the end of each calendar quarter. 3.2 The Payor shall, within 60 days of the end of each calendar quarter, as and when any Net Smelter Returns are available for distribution: (a) pay or cause to be paid to the Holder that percentage of the Net Smelter Returns to which the Holder is entitled under this Agreement; and (b) deliver to the Holder a statement indicating: (i) the gross amounts received from the purchaser contemplated in §2.3 of this Agreement; (ii) the deductions therefrom in accordance with §2.3 of this Agreement; (iii) the amount of Net Smelter Returns remaining; and (iv) the amount of those Net Smelter Returns to which the Holder is entitled; supported by such reasonable information as to the tonnage and grade of ores or concentrates shipped as will enable the Holder to verify the gross amount payable by the smelters or other purchasers. 3.3 Payment to the Holder shall be made in Canadian dollars by wire transfer to an account specified by the Holder upon not less than 48 hours prior written notice. 3.4 The Holder may elect to receive the Net Smelter Returns in kind so long as: (a) the Holder has provided notice to the Payor of its intention to take the Net Smelter Returns for such calendar quarter in kind not less than 90 days prior to the commencement of such calendar quarter; (b) upon timely receipt of such notice, the Payor shall direct any offtaker that is the final refiner or other processor of the applicable Products to pay the Net Smelter Returns to the account of the Holder in kind; and (c) all costs incurred by the Payor with respect to arranging for such payment in kind shall be for the account of the Holder and may be deducted from any subsequent payment of the Net Smelter Returns.
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Related to PAYMENT OF NET SMELTER RETURNS

  • Payment of Royalties To the best of Seller’s knowledge, all royalties and in-lieu royalties with respect to the Assets which accrued or are attributable to the period prior to the Effective Time have been properly and fully paid, or are included within the suspense amounts being conveyed to Buyer pursuant to Section 11.4.

  • Reports; Payment of Royalty During the term of the Agreement for so long as royalty payments are due, ACORDA shall furnish to RUSH a written report for each Calendar Quarter showing the Net Sales of all Products subject to royalty payments during the reporting period and the calculation of the royalties payable to RUSH under this Agreement, including deductions from Net Sales. Reports shall be due on the forty-fifth (45th) day following the close of each Calendar Quarter. Royalties shown to have accrued by each royalty report, if any, shall be due and payable on the date such report is due. ACORDA shall keep complete and accurate records in sufficient detail to enable the royalties hereunder to be determined. ACORDA shall retain such records for twenty-four (24) months after submission of the corresponding report.

  • Payment of Royalty The royalty obligation under Section 5.4 shall accrue upon the sales of a Licensed Product in each particular country in the Territory, commencing upon [***], and such obligation shall end upon the expiration of the Royalty Term applicable to such Licensed Product in such country. All such royalty payments are non-refundable and non-creditable and shall be due within [***] days of the end of each [***] and are payable in immediately available funds. ProNAi shall notify Marina in writing promptly upon the First Commercial Sale of Licensed Product in each country and thereafter ProNAi shall furnish Marina with a written report (the “Royalties Report”) for each completed [***] showing, on a country-by-country basis, according to the volume of units of Licensed Product sold in each such country (by SKU) during the reporting period (whether Licensed Product is sold by ProNAi or its Affiliates or Sublicensees): (a) the gross invoiced sales of the Licensed Product sold in each country during the reporting period, and the amounts deducted therefrom to determine Net Sales from such gross invoiced sales; (b) the royalties payable in dollars, if any, which shall have accrued hereunder based upon Net Revenues from sales of Licensed Product; and (c) the withholding taxes, if any, required by Applicable Law to be deducted in respect of such sales (provided that, as to sales by Sublicensees, ProNAi shall report only the net sales numbers (using the definition for such term in the applicable sublicense agreement) as reported by the Sublicensee, if such Sublicensee does not report gross invoiced sales numbers). With respect to sales of Licensed Product invoiced in US dollars, the gross invoiced sales, Net Revenues and royalties payable shall be expressed in the Royalties Report in US Dollars. With respect to sales of Licensed Product invoiced in a currency other than US dollars, the gross invoiced sales, Net Sales and royalties payable shall be expressed in the Royalties Report in the domestic currency of the party making the sale as well as in the US dollar equivalent of the Royalty payable and the exchange rate used in determining the amount of US dollars. The US dollar equivalent shall be calculated on a calendar-month basis using the average monthly interbank rate listed in the Wall Street Journal.

  • Royalty Payments 6.1 During the TERM of this Agreement, as partial consideration for the LICENSE, LICENSEE shall pay to YALE an earned royalty of [***] percent ([***]%) of worldwide cumulative NET SALES of LICENSED PRODUCTS by LICENSEE or its SUBLICENSEES or AFFILIATES (“EARNED ROYALTY”). 6.1.1 The obligation to pay royalties under this Article 6.1 shall be imposed only on the original sale of any individual LICENSED PRODUCT to the end-user thereof, and the royalty shall be imposed only once on such sale regardless of whether such LICENSED PRODUCT is covered by more than one patent claim within the LICENSED PATENTS. 6.1.2 In the event that LICENSEE determines that it is necessary to obtain a license from a third party in order to avoid infringing a third party’s patent(s) by making, having made, using, offering for sale, selling, having sold, importing or exporting LICENSED PRODUCTS, LICENSEE may reduce its applicable royalty obligation to YALE by an amount which is the lesser of (i) [***], or (ii) [***]. 6.1.3 The multiplier to be used to reduce the running royalties paid by LICENSEE to YALE on a COMBINATION PRODUCT, defined as a product containing a LICENSED PRODUCT and one or more additional products containing active ingredients sold together as a single product by LICENSEE, AFFILIATES or SUBLICENSEES, will be calculated by [***]. 6.1.4 Notwithstanding the foregoing, in no event shall the operation of Articles 6.1.2 or 6.1.3 result in EARNED ROYALTIES payable to YALE being reduced to less than [***] percent ([***]%). 6.1.5 Should a compulsory license be granted by LICENSEE or an AFFILIATE to a third party under the applicable laws, rules, regulations, guidelines, or other directives of any governmental or supranational agency in the LICENSED TERRITORY under the LICENSED PATENTS, LICENSEE shall notify YALE, including any material information concerning such compulsory license, and the running royalty rates payable under Article 6.1 for sales of LICENSED PRODUCTS in such country will be adjusted to equal any lower royalty rate granted to such third party for such country with respect to the sales of LICENSED PRODUCTS therein. 6.2 In the event that (i) LICENSEE or any of its AFFILIATES or SUBLICENSEES brings a PATENT CHALLENGE anywhere in the world, or (ii) LICENSEE or any of its AFFILIATES or SUBLICENSEES assists another party in bringing a PATENT CHALLENGE anywhere in the world, and (iii) YALE does not choose to exercise its rights to terminate this Agreement pursuant to Article 13, then the following provisions shall apply. (a) All payments due to YALE under this Agreement other than patent costs shall be [***] during the pendency of the PATENT CHALLENGE and shall remain payable to YALE when due. (b) If the PATENT CHALLENGE is inconclusive or results in a determination that at least one challenged claim is both valid and infringed, (i) all payments due to YALE under this Agreement other than patent costs shall be [***] for the remainder of the TERM of the Agreement. (ii) LICENSEE shall promptly reimburse YALE for all legal fees and expenses incurred in YALE’s defense against the PATENT CHALLENGE. (c) In the event that such a PATENT CHALLENGE is successful, LICENSEE will have no right to recoup any payments made prior to the final, non-appealable determination of a court of competent jurisdiction. 6.3 Neither LICENSEE nor any of its AFFILIATES or SUBLICENSEES shall bring a PATENT CHALLENGE without first providing YALE [***] written notice setting forth (a) precisely which claims and patents are being challenged or claimed not to be infringed, (b) a clear statement of the factual and legal basis for the challenge, and (c) an identification of all prior art and other matter believed to invalidate any claim of the LICENSED PATENT or which supports the claim that the LICENSED PATENT is not infringed. 6.4 LICENSEE shall pay all EARNED ROYALTIES accruing to YALE within [***] from the end of each calendar quarter (March 31, June 30, September 30 and December 31), beginning in the first calendar quarter in which NET SALES occur. Unless YALE requests otherwise, LICENSEE shall report all EARNED ROYALTIES and other payments accruing to YALE on a quarterly basis, but shall defer payments accruing to YALE that do not, in total, exceed [***] Dollars ($[***]) in any given quarter until the earlier of (1) the end of the calendar year, or (2) the quarter upon which the cumulative accrued royalties and other payments exceed [***] Dollars ($[***]). 6.5 All EARNED ROYALTIES and other payments due under this Agreement shall be paid to YALE in United States Dollars. In the event that conversion from foreign currency is required in calculating a payment under this Agreement, the exchange rate used shall be the Interbank rate quoted by Citibank at the time the payment is due. If overdue, the royalties and any other payments due under this Agreement shall bear interest until payment at a per annum rate [***] percent ([***]%) above the prime rate in effect at Citibank on the due date. The payment of such interest shall not foreclose YALE from exercising any other right it may have as a consequence of the failure of LICENSEE to make any payment when due.

  • Running Royalties Company shall pay to JHU a running royalty as set forth in Exhibit A, for each LICENSED PRODUCT(S) sold, and for each LICENSED SERVICE(S) provided, by Company or AFFILIATED COMPANIES, based on NET SALES and NET SERVICE REVENUES for the term of this Agreement. Such payments shall be made quarterly. All non-US taxes related to LICENSED PRODUCT(S) or LICENSED SERVICE(S) sold under this Agreement shall be paid by Company and shall not be deducted from royalty or other payments due to JHU. In order to insure JHU the full royalty payments contemplated hereunder, Company agrees that in the event any LICENSED PRODUCT(S) shall be sold to an AFFILIATED COMPANY or SUBLICENSEE(S) or to a corporation, firm or association with which Company shall have any agreement, understanding or arrangement with respect to consideration (such as, among other things, an option to purchase stock or actual stock ownership, or an arrangement involving division of profits or special rebates or allowances) the royalties to be paid hereunder for such LICENSED PRODUCT(S) shall be based upon the greater of: 1) the net selling price (per NET SALES) at which the purchaser of LICENSED PRODUCT(S) resells such product to the end user, 2) the NET SERVICE REVENUES received from using the LICENSED PRODUCT(S) in providing a service, or 3) the net selling price (per NET SALES) of LICENSED PRODUCT(S) paid by the purchaser. No multiple royalties shall be due or payable because any LICENSED PRODUCT(S) or LICENSED SERVICE(S) is covered by more than one claim of the PATENT RIGHTS or by claims of both the PATENT RIGHTS under this Agreement and “PATENT RIGHTS” under any other license agreement between Company and JHU. The royalty shall not be cumulative based on the number of patents or claims covering a product or service, but rather shall be capped at the rate set forth in Exhibit A.