Percentage and Calculation Sample Clauses
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Percentage and Calculation. Subject to applicable credits and adjustments, Lessee, in accordance with its usual practice, shall pay to Lessor a production royalty (the “Production Royalty”) equal to the applicable percentage of Net Value as defined, calculated and paid as set forth in Exhibit B, attached hereto and by this reference made a part hereof. Said percentages shall be as follows: $275 or less per ounce 2.5% $275.01 to $ 375 per ounce 3.0% $375.01 to $ 475 per ounce 4.0% $475.01 or greater 5.0%
Percentage and Calculation. Subject to applicable credits and adjustments, Lessee, in accordance with its usual practice, shall pay to Lessor a Net Smelter Return (the "NSR") equal to the applicable percentage of Net Value as defined, calculated and paid as set forth in Exhibit B, attached hereto and by this reference made a part hereof. Said percentages shall be as follows: $375.00 or less per ounce 3.0% More than $375 but less than $474 per ounce 4.0% $474.00 or more per ounce 5.0%