Advance Minimum Royalty definition

Advance Minimum Royalty means payments made by Juneau to Tetlin in accordance with Section 3.2(b) hereof.

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Advance Minimum Royalty. Each Anniversary of Effective Date While this Lease Remains in Effect: Fifty Thousand Dollars ($50,000); and Each such payment of Advance Minimum Royalty shall be deemed a payment toward production royalties from the Subject Property. The obligation to make such annual Advance Minimum Royalty payments under this Section 3.2(b) shall terminate upon the commencement of commercial production, provided that Juneau shall be obligated to resume such payments if it subsequently suspends commercial production for more than one hundred eighty (180) consecutive days.

Advance Minimum Royalty means that Owner will receive no production royalties (Section 1.3 below) until Lessee has recaptured all advance royalty payments previously made to Owner under this Agreement. However, payments made to Owner in any given lease year in which production occurs shall not be less than the advance minimum royalty payable in that year had no production occurred. After recapture, Lessee shall pay production royalties in excess of the annual advance minimum royalties paid to Owner. These advance minimum royalty payments shall be in lieu of any obligation on the part of Lessee, express or implied, to explore, develop, mine, or perform any work on or in connection with the Property.

Examples of Advance Minimum Royalty in a sentence

Within any one (1) calendar year, Lessee may use one hundred percent (100%) of that calendar year’s Advance Minimum Royalty Payment as credit against Production Royalties due Lessor within that calendar year.
For the purpose of this Lease, the “U.S. Dollar Equivalent” referred to in Article 3 shall be for gold that is at least ninety-nine and ninety-five one-hundredths percent (99.95%) pure, and shall be determined by the average of the London afternoon fixing as published in the Wall Street Journal (or its recognized successor in the publication of gold and silver quotations) for the third calendar quarter preceding January 1 of the year in which the Advance Minimum Royalty payment is due.
If the total dollar amount of Production Royalties due Lessor within that calendar year exceed the dollar amount of the Advance Minimum Royalty Payment due Lessor within that calendar year, Lessee can credit all uncredited Advance Minimum Royalty Payments made in previous years against fifty percent (50%) of the Production Royalties due Lessor within that calendar year.
No partial termination under this Article 16 shall, however, cause a reduction in the amounts of any of the Advance Minimum Royalty and Production Royalty payments set forth in Article 3 and 4 or the Work Requirements set forth in Article 5.
Further, such release shall not cause or result in any diminution of Lessee’s obligations regarding confidentiality, Advance Minimum Royalty, Production Royalty or Work Requirements described below.
The method of calculating the “U.S. Dollar Equivalent” for Advance Minimum Royalty silver shall be the same as that for calculating the “U.S. Dollar Equivalent” using gold above in Article 3, using the appropriate base price for silver.
It is mutually agreed that Lessor shall be solely responsible for payment of its own taxes attributable to Advance Minimum Royalty payments or Production Royalty payments to Lessor under this agreement.
Each of the Mining Leases is in full force and effect, and the lessee has performed all of its obligations thereunder (other than payment of the Advance Minimum Royalty payment due thereunder between January 1 and 15, 1997), and neither party is in default thereunder.
Lessee shall pay to Owner, Annual Advance Minimum Royalty Payments in the amounts and on or before the dates described below: Upon contract Effective Date $ 50,000.00 I st anniversary, 2012 $ 50,000.00 The Anniversary Date, each year of lease thereafter $ 75,000.00 the above payments may be recouped by Lessee by crediting Advance Minimum Royalty Payments against production royalty payments due the same calendar year in which the minimum royalty payments were paid.
Upon execution of this Lease, Lessee shall pay to RGGS, as a contemporaneous exchange, the sum of [*] which shall be considered as Advance Minimum Royalty.

More Definitions of Advance Minimum Royalty

Advance Minimum Royalty means that Owner will receive no production royalties (Section 1.4 below) until Lessee has recaptured all advance minimum royalty payments previously made to Owner under this Agreement. Payments made to Owner in any given lease year in which production occurs shall not be less than the advance minimum royalty payable in that year, had no production occurred. After recapture, Lessee shall pay production royalties in excess of the annual advance minimum royalties paid to Owner.

Advance Minimum Royalty means the required annual payment to be made by USMX to NPMC as provided in Section 6 of this Agreement.

Advance Minimum Royalty. $50,000 on each anniversary of Effective Date prior to July 15, 2012 while this Mineral Lease remains in effect;