For Gold or Silver Bullion Sample Clauses

For Gold or Silver Bullion. Net Smelter Returns, in the case of Products produced from the Royalty Property for sale as gold bullion or silver bullion that is refined to a form that meets good delivery standards in the London Bullion Market, or comparable terminal market (“Gold Bullion” or “Silver Bullion,” respectively), shall be determined by multiplying (i) the gross number of xxxx ounces of Gold Bullion or Silver Bullion recovered from production from the Royalty Property and returned to or credited to Grantor or purchased and paid for by the smelter, refiner, processor, purchaser or other recipient of such bullion during a calendar quarter, by (ii) the average of the London Gold Market Fixing Limited Afternoon Fix prices reported for Gold Bullion for the calendar quarter or the average of the London Silver Market Fixing Limited Fix prices reported for Silver Bullion for the calendar quarter, and (iii) by deducting from the product of (i) times (ii) the Allowable Deductions permitted in Section 5(a) below.
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For Gold or Silver Bullion. For Products produced and sold as Gold or Silver Bullion, “Allowable Deductions” means, to the extent actually incurred:
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For Gold or Silver Bullion. For Products produced and sold as Gold or Silver Bullion, “Allowable Deductions” means: (i) charges imposed by the smelter or refinery for refining Gold or Silver Bullion from doré or concentrates produced in Grantor’s mill or other processing plant; however, charges imposed by the Grantor for processing raw or crushed ore or other preliminarily Products in Grantor’s mill or processing plant shall not be subtracted in determining Net Smelter Returns; (ii) penalty substance, assaying, and sampling charges imposed by Grantor for refining Gold or Silver Bullion contained in such production; (iii) charges and costs, if any, for transportation and insurance of doré or concentrates produced in Grantor’s mill or other processing plant to places where such doré or concentrates are smelted, refined and/or sold or otherwise disposed of; and (iv) all taxes paid on production of Gold or Silver Bullion, except income tax, including but not limited to, production, severance, sales and privilege taxes and all local, state and federal royalties that are based on the production of Gold or Silver Bullion.
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Related to For Gold or Silver Bullion

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