TRANSFER OF PROVINCIAL CROWN MINERALS IN CERTAIN CIRCUMSTANCES Sample Clauses

TRANSFER OF PROVINCIAL CROWN MINERALS IN CERTAIN CIRCUMSTANCES. (a) Where Saskatchewan is the Fee Simple Mineral Owner of any Minerals underlying Entitlement Lands which it does not hold in trust pursuant to an existing trust agreement or trust certificate for any Person which are subject to a Mineral Disposition and the Band indicates that it wishes to Purchase the Minerals and to pay for the Minerals out of the future revenue to be earned from those Minerals, Saskatchewan will transfer the Minerals to Canada, unencumbered, effective upon the Entitlement Reserve creation provided: (i) the Mineral Disposition Holder has agreed to surrender its Mineral Disposition and accept a Replacement Mineral Disposition; and (ii) Canada agrees to take all necessary steps to create a Replacement Mineral Disposition and, pursuant thereto, to remit to Saskatchewan, from those amounts received by Canada from the Mineral Disposition Holder, an amount equivalent to the Provincial Mineral Revenues which would have otherwise been payable to Saskatchewan (based upon actual production by such Mineral Disposition Holder) had the Minerals which are the subject of the Replacement Mineral Disposition not been transferred to Canada. (b) In the event that the Mineral Disposition Holder defaults under the terms of the Replacement Mineral Disposition, Canada and the Band agree: (i) to immediately advise Saskatchewan of the default; (ii) to take all reasonable steps to collect the amounts due from the Mineral Disposition Holder and to pay therefrom an amount up to (but not exceeding) the Provincial Mineral Revenues owing by Canada to Saskatchewan pursuant to subsection 5.08(a)(ii) to the date the Replacement Mineral Disposition is terminated; and (iii) upon request of Saskatchewan, to take steps to cancel the Replacement Mineral Disposition if the default has not been remedied prior to receipt of such request from Saskatchewan. (c) In the event that the Replacement Mineral Disposition is terminated as a result of the default by the Mineral Disposition Holder, any of Canada, Saskatchewan or the Band may arrange for a new Replacement Mineral Disposition and Canada agrees to grant the new Replacement Mineral Disposition on terms and conditions generally available in the industry at the time and for a period of time, including associated rights of renewal, similar to those that had been contained in the original Mineral Disposition. In such an event, Canada agrees to take all necessary steps to create a new Replacement Mineral Disposition and thereafter ...
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