ROYALTY INTEREST. The Optionor shall be entitled to receive and the Optionee shall pay to the Optionor a royalty equal to a 2% royalty from production (the "Royalty Interest") calculated and payable from the Property in accordance with the provisions of Schedule "B" attached hereto. The Optionee may at any time purchase 0.5% of the Royalty Interest from the Optionor for $500,000 and may at any time purchase an additional 0.5% of the Royalty Interest from the Optionor for $500,000 thereby leaving the Optionor with a 1% Royalty Interest.
ROYALTY INTEREST. If any party is diluted to a ten percent (10%) or lower participating interest, that party will be deemed to have waived the opportunity to participate in future work programs, whether in exploration, development or production, and to have converted its participating interest to a two percent (2%) Net Smelter Return, to be determined and paid as set out in Schedule “B” hereto.
ROYALTY INTEREST. The Optionor shall be entitled to receive and the Optionee shall pay to the Optionor a royalty equal to 2% of the net smelter returns (the "Royalty Interest") calculated and payable from the Property in accordance with the provisions of Schedule "B" attached hereto. The Optionee may at any time purchase the Royalty Interest from the Optionor for $2,000,000 or in increments of 0.5% of the Royalty Interest for the sum of $500,000 per each 0.5% increment. The Optionee agrees to pay to the Optionor Advance Royalty payments in the amount of $15,000 commencing on the date which is 60 months from the date of signing this Agreement and payable each year thereafter on the anniversary date of signing this Agreement. Such Advance Royalty payments will continue until such time as the Optionee has commenced commercial production on the Property, at which time the Advance Royalty payments will cease. Any Advance Royalty payments shall be deducted from any Royalty payments or buy-out contemplated by this section should commercial production commence. If the Optionee exercises its Option and subsequently allows the claims comprising the Property to lapse, the Optionee will be under no further obligation to make any Advance Royalty payments.
ROYALTY INTEREST. Pinnacle's royalty interest (the "Royalty Interest"), if any, for each Exploratory Prospect shall be subject to the following terms:
(a) The interest shall be in the amount determined as set forth in Exhibit F, attached hereto and made a part hereof; and ------- -
(b) The interest shall not be reduced by any costs associated with developing the Exploratory Prospect, including costs associated with land acquisition, seismic surveying, drilling, testing, completing, surface facilities, lease operations; provided, however, -------- -------- that Pinnacle shall not be reimbursed for any costs described in Section 2.2(a) and such interest shall be subject to the deductions described in Exhibit F. ------- -
ROYALTY INTEREST. 2.1 The Grantor does hereby grant the Royalty to the Grantee in perpetuity, subject to the terms and conditions of this Agreement. The Grantor and the Grantee expressly acknowledge and agree that the grant of the Royalty herein is effective as of the date of this Agreement, is intended to be binding upon the successors and assigns of the Grantor and all successors of the Grantor in title to the Property and, notwithstanding anything to the contrary contained herein, the Royalty interests described in this Agreement are intended to be treated as interests in real property for all purposes and, therefore, constitute an estate, right, title, interest or equity in registered land within the meaning of Section 71 of the Land Titles Act. The Royalty shall run with the Property, and shall be registered against title to the Property.
ROYALTY INTEREST. Upon completion of the payments and issuance of shares to you, we shall have a 100% interest in the mining claim and we may at any time place the mining claim into production, and you shall receive therefrom 2% of the Net Smelter Returns (“NSR”) calculated and payable in accordance with the provisions of Schedule “B” attached hereto (hereinafter “Royalty Interest”).
ROYALTY INTEREST. Amphastar is entitled to grant and pay the Royalty Interest to DRC as herein contemplated. There has been no sale, conveyance, assignment or granting of any license or any royalties or similar rights to or the creation of any Encumbrance on or in respect of the Royalty Interest, the Product Rights, Intellectual Property, the Acquisition Agreements or the Collateral as defined in and under the Security Agreement in favor of any other Person except for the Royalty Interest to DRC contemplated by this Agreement; the security granted to Organon under the Organon Security Agreement and as set forth in Schedule C.
ROYALTY INTEREST. A fractional Nonoperating Interest in the gross production, or the Gross Proceeds therefrom, of oil and gas and other minerals under a lease, free of any expenses of exploration, development, operation and maintenance. For purposes of the above definitions, Gross Proceeds shall mean, in general, the total amounts received from the sale by a Working Interest owner of oil, gas and other minerals produced from a Producing Property and attributable to that Working Interest. Operating costs shall mean, in general, all expenditures made and costs incurred by a Working Interest owner in connection with the operation and maintenance of Producing Properties in which the Partnership may own Nonoperating Interests and the production and marketing of hydrocarbons therefrom. As used with respect to Net Profits Interests and Overriding Royalty Interests to be created under the Net Profits Agreement, Gross Proceeds and Operating Costs shall have the specific meanings set forth in the Net Profits Agreement.
ROYALTY INTEREST. The Optionor shall be entitled to receive and the Optionee shall pay to the Optionor a royalty equal to 3% of the net smelter returns (the "Royalty Interest") calculated and payable from the Property in accordance with the provisions of Schedule "B" attached hereto. The Optionee may at any time purchase the first one-third of the Royalty Interest from the Optionor for $1,000,000 and may at any time purchase another one-third of the Royalty Interest from the Optionor for $1,000,000, thereby leaving the Optionor with a 1% Royalty Interest. The Optionee shall issue to Gervais 100,000 common shares of the Optionee after the completion of a positive feasibility study. The Optionee agrees to pay to Gervais Advance Royalty payments in the amount of $12,500 commencing on the date which is 66 months from the date of regulatory approval and payable every six months thereafter. Such Advance Royalty payments will continue until such time as the Optionee has commenced commercial production on the Property, at which time the Advance Royalty payments will cease. Any Advance Royalty payments shall be deducted from any Royalty Interest payments contemplated by this section should commercial production commence. If the Optionee exercises its Option and subsequently allows the claims comprising the Property to lapse, the Optionee will be under no further obligation to make any Advance Royalty Interest payments.
ROYALTY INTEREST. The Optionors shall be entitled to receive and the Optionee shall pay to the Optionors a royalty equal to 3% of the net smelter returns (the “Royalty Interest”) calculated and payable from the Property in accordance with the provisions of Schedule “B” attached hereto. The Optionee may at any time purchase one-third (1%) of the Royalty Interest from the Optionor for $1,000,000, thereby leaving the Optionor with a 2% Royalty Interest. The Optionee shall issue to the Optionor a further 100,000 common shares of the Optionee after the completion of a positive feasibility study.
