ROYALTY IN KIND. (a) At the state's option, which may be exercised from time to time upon not less than 50 days' notice to the lessee, the lessee shall deliver all or a portion of the state's royalty oil, gas, or associated substances produced from the leased area in kind. Delivery will be on the leased area, unit area, or at a place mutually agreed to by the state and the lessee, and must be delivered to the State of Alaska or to any individual, firm, or corporation designated by the state.
(b) Royalty oil, gas, or associated substances delivered in kind must be delivered in good and merchantable condition, of pipeline quality, and free and clear of all lease expenses (and any portion of those expenses incurred away from the leased area), including, but not limited to, expenses for separating, cleaning, dehydration, gathering, saltwater disposal, and preparing the oil, gas, or associated substances for transportation off the leased area.
(c) After having given notice of its intention to take, or after having taken its royalty oil, gas, or associated substances in kind, the state, at its option, may elect to receive a different portion or none of its royalty in kind. If, under federal regulations, the taking of royalty oil, gas, or associated substances in value by the state creates a supplier-purchaser relationship, the lessee hereby waives its right to continue to receive royalty oil, gas, or associated substances under that relationship, and further agrees that it will require any purchasers of the royalty oil, gas, or associated substances likewise to waive any supplier-purchaser rights.
(d) The lessee shall furnish storage for royalty oil, gas, and associated substances produced from the leased or unit area to the same extent that the lessee provides storage for the lessee's share of oil, gas, and associated substances. The lessee shall not be liable for the loss or destruction of stored royalty oil, gas and associated substances from causes beyond the lessee's ability to control.
(e) If a state royalty purchaser refuses or for any reason fails to take delivery of oil, gas, or associated substances, or in an emergency, and with as much notice to the lessee as is practical or reasonable under the circumstances, the state may elect without penalty to underlift for up to six months all or a portion of the state's royalty on oil, gas, or associated substances produced from the leased or unit area and taken in kind. The state's right to underlift is limited to the portion ...
ROYALTY IN KIND. GRANTEE may elect to receive its Royalty on Precious Metals from the Properties "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the Properties. Notice of election to receive the following year's Royalty for Precious Metals “in cash” or “in kind” shall be made in writing by GRANTEE and delivered to GRANTOR on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date of this Agreement, GRANTEE elects to receive its Royalty on Precious Metals “in kind”. Royalties on Other Minerals shall not be payable "in kind".
(i) If GRANTEE elects to receive its Royalty for Precious Metals in "in kind", GRANTEE shall open a bullion storage account at each refinery or mint designated by GRANTOR as a possible recipient of refined bullion in which GRANTEE owns an interest. GRANTEE shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR shall not be required to bear any additional expense with respect to such "in-kind" payments.
(ii) Royalty will be paid by the deposit of refined bullion into GRANTEE’s account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR shall deliver written instructions to the mint or refinery, with a copy to GRANTEE directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the Royalty, by crediting to GRANTEE's account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. (iii) Royalty payable “in kind” on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. (iv) Title to refined bullion delivered to GRANTEE under this Agreement shall pass to GRANTEE at the time such bullion is ...
ROYALTY IN KIND. To pay royalty in kind upon receiving 30 days written notice from the Lessor. Royalty oil shall be delivered in tanks provided by the Lessee on the premises where produced without cost to the Lessor unless otherwise agreed to by the parties hereto, at such times as may be required by the Lessor. However, Lessee shall not be required to hold such royalty oil in storage for a period of more than thirty (30) days. In addition, Lessee shall be in no manner responsible or held liable for loss or destruction of such oil in storage caused by acts of nature. Accounting for royalty taken in kind shall be the responsibility of the MMS. Royalty gas shall be delivered by the Lessee to a mutually acceptable place in the Lessee's pipeline at no cost to the Lessor.
ROYALTY IN KIND. Lessor may elect to take all or any part of its royalty in kind at any time by giving Xxxxxx sixty (60) days written notice of such election. Lessor has the right to specify the point of delivery for Produced Substances, which, at Xxxxxx’s sole discretion, may be at the wellhead, at the separator, into a pipeline connected at the well, or at the location Lessee sells its production, or Lessor and Lessee may specify another mutually agreeable location. Lessee will bear to the point of delivery all Costs and Expenses related to the Produced Substances delivered to Lessor. Lessor’s election to take its royalty in kind will not modify or limit Xxxxxx’s duty to pay monetary royalties as provided herein or to market any Produced Substances not taken in kind. If Lessor elects to take its royalty in kind, Xxxxxx and Xxxxxx agree to negotiate in good faith for additional agreements necessary and useful including, but not limited to, a gas balancing agreement.
ROYALTY IN KIND. (A) If and to the extent that the Royalty Owner in any of Seller’s oil and gas leases (including the State of Alaska) elects to take its Royalty in Kind under applicable laws, regulations, unit, or lease terms, then Seller will have the right, in its sole discretion, to reduce Seller’s obligations under this Agreement in proportion to the amount of Seller’s Gas which has been taken as Royalty in Kind.
(B) If Seller elects to reduce its obligations under this provision, then Seller will provide Formal Notice to Buyer within sixty (60) Days after Seller receives notice from the Royalty Owner that said Royalty Owner intends to take its Royalty in Kind, setting forth the quantities of Firm Daily Contract Quantity Gas by which Seller will reduce its deliveries as a consequence of the Royalty Owner taking its Royalty in Kind.
(C) In the event a Royalty Owner elects to take Royalty in Kind, the Parties shall meet, discuss, and agree on the volumes remaining after the application of the Royalty in Kind taking.
ROYALTY IN KIND. Newmont may elect to receive its Royalty on Precious Metals from the Property "in cash" or "in kind" as refined bullion. The election may be exercised once per year on a calendar year basis during the life of production from the Property. Notice of election to receive the following year's Royalty for Precious Metals in cash or in kind shall be made in writing by Newmont and delivered to Grantor on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid as it is then being paid. As of the date of this Deed, Newmont elects to receive its Royalty on Precious Metals "in cash." Royalties on Other Minerals shall not be payable in kind.
(A) If Newmont elects to receive its Royalty for Precious Metals in kind, Newmont shall open a bullion storage account at each refinery or mint designated by Grantor as a possible recipient of refined bullion in which Newmont owns an interest. Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and Grantor shall not be required to bear any additional expense with respect to such in-kind payments.
(B) Royalty will be paid by the deposit of refined bullion into Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition
ROYALTY IN KIND. (a) At the state's option, which may be exercised from time to time upon not less than 90 days notice to the lessee, the lessee must deliver all or a portion of the state's royalty due under this lease in kind. Delivery must be on the leased area or at a place mutually agreed to by the state and the lessee, and must be delivered to the State of Alaska or to any individual, firm, or corporation designated by the state.
(b) Royalty geothermal resources taken in kind must be delivered in merchantable condition.
(c) After having given notice of its intention to take, or after having taken its royalty on geothermal resources in kind, the state, at its option and upon 90 days notice to the lessee, may elect to receive a different portion or none of its royalty in kind. If, under federal regulations, the taking of royalty geothermal resources in value by the state creates a supplier-purchaser relationship, the lessee hereby waives its right to continue to receive royalty geothermal resources under the relationship, and further agrees that it will require any purchasers of the royalty geothermal resources likewise to waive any supplier-purchaser rights.
(d) If a state royalty purchaser refuses or for any reason fails to take delivery of geothermal resources, or in an emergency, and with as much notice to the lessee as is practical or reasonable under the circumstances, the state may elect without penalty to underlift for up to 180 days all or a portion of the state's royalty on geothermal resources produced from the leased or unit area and taken in kind. The state's right to underlift is limited to the portion of royalty geothermal resources that the royalty purchaser refused or failed to take delivery of, or the portion necessary to meet the emergency condition. Underlifted geothermal resources may be recovered by the state at a daily rate not to exceed ten (10) percent of its royalty interest share of daily production at the time of the underlift recovery.
ROYALTY IN KIND. Lessee shall pay cash royalties based on the value of the gross production from the Premises, unless Lessor elects to receive royalty in kind. Lessee shall pay oil or gas royalty, or both, in kind at the option of Lessor. Lessor may exercise its option to take oil or gas royalty in kind, or if royalty is taken in kind, Lessor may elect to take cash royalties, at any time or from time to time by giving Lessee notice of such election not less than sixty (60) days in advance. If Lessor elects to take its royalty production in kind, Lessor may elect to have the royalty production delivered in kind at the wellhead, at the oil and gas separator, into a pipeline connected at the well, at the location Lessee sells its production, or at another location mutually acceptable to Lessor and Lessee. Lessee shall bear all costs to the point of delivery.
ROYALTY IN KIND. University Lands may elect to take all or any part of its royalty in kind at any time by giving Developer sixty (60) days written notice of such election. University Lands has the right to specify the point of delivery for Produced Substances, which, at University Lands’ sole discretion, may be at the wellhead, at the separator, into a pipeline connected at the well, or at the location Developer sells its production, or University Lands and Developer may specify another mutually agreeable location. Developer shall bear to the point of delivery all Costs and Expenses related to the Produced Substances delivered to University Lands. University Lands’ election to take its royalty in kind shall not modify or limit Developer’s duty to pay monetary royalties as provided herein or to market any Produced Substances not taken in kind. If University Lands elects to take its royalty in kind, University Lands and Developer agree to negotiate in good faith for additional agreements necessary and useful including, but not limited to, a gas balancing agreement.
