Common use of Silver Clause in Contracts

Silver. (a) If Payor sells silver concentrates, dore or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, dore and ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Average Silver Price for the month in which the silver concentrates, dore and ore were sold. (b) If Payor produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & Harmon, and if Handx & Xxrmon no longer puxxxxxxs such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the month by the Monthly Average Silver Price.

Silver. (a) If Payor sells Xxxxxxx xxxxx silver concentrates, dore or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, dore and oreore determined in accordance with generally accepted mining industry practices and standards; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore determined in accordance with generally accepted mining industry practices and standards (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Quarterly Average Silver Price for the month quarter in which the silver concentrates, dore and ore were was sold. (b) If Payor Miranda or a third party acting for Miranda's account produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & Harmon, and if Handx & Xxrmon no longer puxxxxxxs such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industryXxxxxx) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Quarterly Average Silver Price for the month quarter in which it was refined. The Gross Value shall be determined by multiplying Silver Production Minerals production during the month calendar quarter by the Monthly Quarterly Average Silver Price.

Silver. (a) If Payor Lessee sells silver concentrates, unprocessed gold ores or gold concentrates or gold dore or oreproduced from Minerals, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and dore, or ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, dore and or ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Average Silver Price for the month in which the silver concentrates, dore and or ore were sold. (b) If Payor Lessee produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & HarmonHxxxxx, and if Handx Handy & Xxrmon Hxxxxx no longer puxxxxxxs publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a1.2.2 (a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by my multiplying Silver Production during the month by the Monthly Average Silver Price.

Silver. (a) If Payor sells silver concentrates, dore or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and ore determined by utilizing: (1l) the mine weights and assays for such silver concentrates, dore and ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Average Silver Price for the month in which the silver concentrates, dore and ore were sold. (b) If Payor produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & HarmonXxxxxx, and if Handx Handy & Xxrmon Xxxxxx no longer puxxxxxxs publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the month by the Monthly Average Silver Price.. Net Smelter Returns Exhibit

Silver. (a) If Payor sells XXX xxxxx silver concentrates, dore or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, dore and ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Average Silver Price for the month in which the silver concentrates, dore and ore were sold. (b) If Payor MAX produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & HarmonXxxxxx, and if Handx Handy & Xxrmon Xxxxxx no longer puxxxxxxs publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a1.3.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Quarterly Average Silver Price for the month quarter in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the month calendar quarter by the Monthly Quarterly Average Silver Price.

Silver. (a) If Payor the remaining Member sells silver concentrates, dore or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, dore and ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, dore and ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, dore and ore); and (3) the Monthly Average Silver Price for the month in which the silver concentrates, dore and ore were sold. (b) If Payor the remaining Member produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & HarmonXxxxxx, and if Handx Handy & Xxrmon Xxxxxx no longer puxxxxxxs publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the month by the Monthly Average Silver Price.