Common use of ROYALTY IN KIND Clause in Contracts

ROYALTY IN KIND. NEWMONT may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by NEWMONT and delivered to BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT as it its then being paid. As of the date of this Agreement, NEWMONT elects to receive its Production Royalty on Precious Metals "in kind". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT shall open a bullion storage account at each refinery or mint designated by BUYER 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 BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production 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 occurred, BUYER shall deliver written instructions to the mint or refinery, with a copy to NEWMONT directing the mint or refinery to deliver refined bullion due to NEWMONT in respect of the Production Royalty, by crediting to NEWMONT's account the number of ounces of refined bullion for which Production 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 NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT under this Agreement shall pass to NEWMONT at the time such bullion is credited to NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.

ROYALTY IN KIND. NEWMONT may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash cash” or "“in kind" ” shall be made in writing by NEWMONT and delivered to BUYER GRANTOR on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT as it its is then being paid. As of the date Effective Date of this Agreement, NEWMONT elects to receive its Production Royalty on Precious Metals "“in kind"”. Royalties on Other Minerals shall not be payable "in kind". (1i) If NEWMONT elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT shall open a bullion storage account at each refinery or mint designated by BUYER 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 BUYER GRANTOR shall not be required to bear any additional expense with respect to such "in-kind" payments. (2ii) Production 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 Page 14 Newmont / CRS Copper Purchase and sale or other disposition occurredSale Agreement (Xxxxxx Lake, BUYER shall deliver written instructions to the mint or refineryNWT) September 24, with a copy to NEWMONT directing the mint or refinery to deliver refined bullion due to NEWMONT in respect of the Production Royalty, by crediting to NEWMONT's account the number of ounces of refined bullion for which Production 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 NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT under this Agreement shall pass to NEWMONT at the time such bullion is credited to NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.2002.5

ROYALTY IN KIND. NEWMONT may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by NEWMONT and delivered to BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT as it its is then being paid. As of the date of this Agreement, NEWMONT elects to receive its Production Royalty on Precious Metals "in kind". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT shall open a bullion storage account at each refinery or mint designated by BUYER 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 BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production 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 occurred, BUYER shall deliver written instructions to the mint or refinery, with a copy to NEWMONT directing the mint or refinery to deliver refined bullion due to NEWMONT in respect of the Production Royalty, by crediting to NEWMONT's account the number of ounces of refined bullion for which Production 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 NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT under this Agreement shall pass to NEWMONT at the time such bullion is credited to NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.

ROYALTY IN KIND. NEWMONT GRANTEE may elect to receive its Production Royalty on Precious Metals from the Property 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 PropertyProperties. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash cash” or "“in kind" ” shall be made in writing by NEWMONT GRANTEE and delivered to BUYER GRANTOR on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT GRANTEE as it its is then being paid. As of the date Effective Date of this Agreement, NEWMONT GRANTEE elects to receive its Production Royalty on Precious Metals "“in kind"”. Royalties on Other Minerals shall not be payable "in kind". (1i) If NEWMONT GRANTEE elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT GRANTEE shall open a bullion storage account at each refinery or mint designated by BUYER GRANTOR as a possible recipient of refined bullion in which NEWMONT GRANTEE owns an interest. NEWMONT GRANTEE shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and BUYER GRANTOR shall not be required to bear any additional expense with respect to such "in-kind" payments. (2ii) Production Royalty will be paid by the deposit of refined bullion into NEWMONT's 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, BUYER GRANTOR shall deliver written instructions to the mint or refinery, with a copy to NEWMONT GRANTEE directing the mint or refinery to deliver refined bullion due to NEWMONT GRANTEE in respect of the Production Royalty, by crediting to NEWMONTGRANTEE's account the number of ounces of refined bullion for which Production 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 NEWMONT's GRANTEE’s share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereofSection 1.9. (3iii) Production 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 9(a) hereofSection 1.2. (4iv) Title to refined bullion delivered to NEWMONT GRANTEE under this Agreement shall pass to NEWMONT GRANTEE at the time such bullion is credited to NEWMONT GRANTEE at the mint or refinery. (5v) NEWMONT GRANTEE agrees to hold harmless BUYER GRANTOR from any liability imposed as a result of the election of NEWMONT GRANTEE to receive Production Royalty "“in kind" ” and from any losses incurred as a result of NEWMONT's GRANTEE’s trading and hedging activities. NEWMONT GRANTEE assumes all responsibility for any shortages which occur as a result of NEWMONT's GRANTEE’s anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6vi) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" Returns under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER GRANTOR for transportation, smelting or other deductible costs, NEWMONT GRANTEE shall remit to BUYER GRANTOR full payment for such charges. If NEWMONT GRANTEE does not pay such charges when due, BUYER GRANTOR shall have the right, at its election, with NEWMONT's consent, provided GRANTEE does not dispute such consent not to be unreasonably withheldcharges, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT GRANTEE in the following month.

ROYALTY IN KIND. NEWMONT TOTAL may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by NEWMONT TOTAL and delivered to BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT TOTAL as it its then being paid. As of the date of this Agreement, NEWMONT TOTAL elects to receive its Production Royalty on Precious Metals "in kind". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT TOTAL elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT TOTAL shall open a bullion storage account at each refinery or mint designated by BUYER as a possible recipient of refined bullion in which NEWMONT TOTAL owns an interest. NEWMONT TOTAL shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production Royalty will be paid by the deposit of refined bullion into NEWMONTTOTAL'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, BUYER shall deliver written instructions to the mint or refinery, with a copy to NEWMONT TOTAL directing the mint or refinery to deliver refined bullion due to NEWMONT TOTAL in respect of the Production Royalty, by crediting to NEWMONTTOTAL's account the number of ounces of refined bullion for which Production 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 NEWMONTTOTAL's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT TOTAL under this Agreement shall pass to NEWMONT TOTAL at the time such bullion is credited to NEWMONT TOTAL at the mint or refinery. (5) NEWMONT TOTAL agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT TOTAL to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONTTOTAL's trading and hedging activities. NEWMONT TOTAL assumes all responsibility for any shortages which occur as a result of NEWMONTTOTAL's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT TOTAL shall remit to BUYER full payment for such charges. If NEWMONT TOTAL does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONTTOTAL's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT TOTAL in the following month.

ROYALTY IN KIND. Each of NEWMONT and TOTAL may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by each of NEWMONT and TOTAL and delivered to BUYER SEABRIDGE on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT and/or TOTAL, as the case may be, as it its is then being paid. As of the date of this Agreement, NEWMONT elects to receive its Production Royalty on Precious Metals "in kind" and TOTAL elects to receive its Production Royalty on Precious Metals "in cash". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT elects and/or TOTAL elect to receive its Production Royalty for Precious Metals in "in kind", NEWMONT and/or TOTAL, as the case may be, shall open a bullion storage account at each refinery or mint designated by BUYER SEABRIDGE as a possible recipient of refined bullion in which NEWMONT SELLERS owns an interest. NEWMONT and/or TOTAL, as the case may be, shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and BUYER SEABRIDGE shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production Royalty will be paid by the deposit of refined bullion into NEWMONTNEWMONT and/or TOTAL's account, as the case may be. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, BUYER shall deliver written instructions to the mint or refinery, with a copy to NEWMONT directing the mint or refinery to deliver refined bullion due to NEWMONT in respect of the Production Royalty, by crediting to NEWMONT's account the number of ounces of refined bullion for which Production 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 NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT under this Agreement shall pass to NEWMONT at the time such bullion is credited to NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.which

ROYALTY IN KIND. Each of NEWMONT and TOTAL may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by each of NEWMONT and TOTAL and delivered to BUYER SEABRIDGE on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT and/or TOTAL, as the case may be, as it its is then being paid. As of the date of this Agreement, NEWMONT elects to receive its Production Royalty on Precious Metals "in kind" and TOTAL elects to receive its Production Royalty on Precious Metals "in cash". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT elects and/or TOTAL elect to receive its Production Royalty for Precious Metals in "in kind", NEWMONT and/or TOTAL, as the case may be, shall open a bullion storage account at each refinery or mint designated by BUYER SEABRIDGE as a possible recipient of refined bullion in which NEWMONT SELLERS owns an interest. NEWMONT and/or TOTAL, as the case may be, shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and BUYER SEABRIDGE shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production Royalty will be paid by the deposit of refined bullion into NEWMONTNEWMONT and/or TOTAL's account, as the case may be. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, BUYER SEABRIDGE shall deliver written instructions to the mint or refinery, with a copy to NEWMONT and/or TOTAL, as the case may be, directing the mint or refinery to deliver refined bullion due to NEWMONT and/or TOTAL, as the case may be, in respect of the Production Royalty, by crediting to NEWMONTNEWMONT and/or TOTAL's account account, as the case may be, the number of ounces of refined bullion for which Production 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 NEWMONT's NEWMONT and/or TOTAL's, as the case may be, share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT and/or TOTAL, as the case may be, under this Agreement shall pass to NEWMONT and/or TOTAL, as the case may be, at the time such bullion is credited to NEWMONT and/or TOTAL's account, as the case may be, at the mint or refinery. (5) NEWMONT agrees and/or TOTAL, as the case may be, agree(s) to hold harmless BUYER SEABRIDGE from any liability imposed as a result of the election of NEWMONT and/or TOTAL, as the case may be, to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's NEWMONT and/or TOTAL's, as the case may be, trading and hedging activities. NEWMONT and/or TOTAL, as the case may be, assumes all responsibility for any shortages which occur as a result of NEWMONT's NEWMONT and/or TOTAL's, as the case may be, anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER SEABRIDGE for transportation, smelting or other deductible costs, NEWMONT and/or TOTAL, as the case may be, shall remit to BUYER SEABRIDGE full payment for such charges. If NEWMONT and/or TOTAL, as the case may be, does not pay such charges when due, BUYER SEABRIDGE shall have the right, at its election, with NEWMONTSELLERS's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT and/or TOTAL, as the case may be, in the following month.

ROYALTY IN KIND. NEWMONT TOTAL may elect to receive its Production Royalty on Precious Metals from the Property "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 Property. Notice of election to receive the following year's Production Royalty for Precious Metals in cash or "in kind" shall be made in writing by NEWMONT TOTAL and delivered to BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to NEWMONT TOTAL as it its is then being paid. As of the date of this Agreement, NEWMONT TOTAL elects to receive its Production Royalty on Precious Metals "in kindcash". Royalties on Other Minerals shall not be payable "in kind". (1) If NEWMONT TOTAL elects to receive its Production Royalty for Precious Metals in "in kind", NEWMONT TOTAL shall open a bullion storage account at each refinery or mint designated by BUYER as a possible recipient of refined bullion in which NEWMONT TOTAL owns an interest. NEWMONT TOTAL shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (2) Production Royalty will be paid by the deposit of refined bullion into NEWMONTTOTAL'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, BUYER shall deliver written instructions to the mint or refinery, with a copy to NEWMONT TOTAL directing the mint or refinery to deliver refined bullion due to NEWMONT TOTAL in respect of the Production Royalty, by crediting to NEWMONTTOTAL's account the number of ounces of refined bullion for which Production 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 NEWMONTTOTAL's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of section 9(f) hereof. (3) Production 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 9(a) hereof. (4) Title to refined bullion delivered to NEWMONT TOTAL under this Agreement shall pass to NEWMONT TOTAL at the time such bullion is credited to NEWMONT TOTAL at the mint or refinery. (5) NEWMONT TOTAL agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT TOTAL to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONTTOTAL's trading and hedging activities. NEWMONT TOTAL assumes all responsibility for any shortages which occur as a result of NEWMONTTOTAL's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT TOTAL shall remit to BUYER full payment for such charges. If NEWMONT TOTAL does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONTTOTAL's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT TOTAL in the following month.