Common use of PAYMENT OF NET SMELTER RETURNS Clause in Contracts

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.

PAYMENT OF NET SMELTER RETURNS. 3.01 2.01 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 2.02 The Royaltypayor Royalty 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 Royaltyholder that percentage of the Net Smelter Returns to which the Royaltyholder are entitled under the AgreementAgreement less any net smelter returns royalty or other royalties; (b) deliver to the Royaltyholder a statement indicating: (i) the gross amounts received from the purchaser contemplated in §2.01 of 1.01of this Schedule “B”; (ii) the deductions therefrom in accordance with §2.01 1.01 of this Schedule “B”; (iii) the amount of Net Smelter Returns remaining; and; (iv) the amount of those any net smelter returns royalty or other royalties; and (v) the amount of the 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.

PAYMENT OF NET SMELTER RETURNS. 3.01 2.01 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, in accordance with generally accepted accounting principles consistently as applied in Canada. 3.02 2.02 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 is entitled under the Agreement; (b) deliver to the Royaltyholder a statement indicating: (i) the gross amounts received from the purchaser contemplated in §2.01 1.01 of this Schedule “B”; (ii) the deductions therefrom in accordance with §2.01 1.01 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.