GROSS OVERRIDING ROYALTY. 4.1 In addition to the consideration provided in Section 5.1, the Optionor reserves for itself and shall be entitled to receive a gross overriding royalty equal to 2.5% of all products mined and removed from the Property, to be calculated and paid in accordance with Schedule B to this Agreement. At the discretion of NAGR, it may buy down 1% of the Gross Overriding Royalty for $2.5 million, leaving a 1.5% Gross Overriding Royalty to the Optionor.
Appears in 4 contracts
Samples: Option Agreement (North American General Resources Corp), Property Option Agreement (North American General Resources Corp), Option Agreement (North American General Resources Corp)
