Payments in Kind. In the event that the Royalty Holder determines that it wishes to receive Royalty payments in physical product in kind, the Royalty Holder shall provide written notice of such election. Upon timely receipt of such notice, the Owner shall direct any Offtaker that is the final refiner or other processor of the applicable Products to pay the Royalty directly to the account of the Royalty Holder. The Owner shall, and shall cause the Offtaker to, notify the Royalty Holder in writing at least three weeks prior to any change of such Offtaker. All costs incurred by the Owner with respect to arranging for such payment in kind shall be for the account of the Royalty Holder and may be deducted from any subsequent payment of the Royalty.
Appears in 2 contracts
Sources: Net Smelter Returns Royalty Agreement (Gold Royalty Corp.), Royalty Purchase Agreement (Gold Royalty Corp.)
Payments in Kind. In the event that the Royalty Holder determines that it wishes to receive Royalty payments in the physical product in kind, the Royalty Holder shall provide written notice of such election. Upon timely receipt of such notice, the Owner shall direct any Offtaker that is the final refiner or other processor of the applicable Products Minerals to pay the Royalty directly to the account of the Royalty Holder. The Owner shall, and shall cause Holder at the Offtaker to, and the Owner shall notify the Royalty Holder in writing at least three weeks prior to any change of such Offtaker. All costs incurred by the Owner with respect to arranging for such payment in kind shall be for the account of the Royalty Holder and may be deducted from any subsequent payment of the Royalty.
Appears in 1 contract
Sources: Net Smelter Return Royalty Agreement (Solitario Exploration & Royalty Corp.)