Fording Royalty definition

Fording Royalty means the participation right retained by New Fording to receive a royalty to be determined on an arm’s length commercial basis in respect of expansion of production, if any, from lands forming part of the Prairie Operations beyond levels on January 12, 2003, such royalty not to exceed 5% of Gross Revenues from such expansion, excluding for this purpose only the planned 2005 expansion of the Genesee mine;
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Fording Royalty means the right held by Fording Inc. as part of the 2003 Arrangement in connection with the sale of the Prairie Operations, that occurred as part of such transaction pursuant to which Fording Inc. was entitled to receive a royalty in respect of new coal or mineral production on respect of the lands forming part of the Prairie Operations after February 28, 2003, excluding coal from the Genesee mine permit area (as at February 28, 2003) utilized in the planned 2005 expansion of the Genesee generating facility. The Fording Royalty in respect of any property is not to exceed 5% of gross revenues from such property. The Fording Royalty became the property of the Trust following the 2005 Arrangement;
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Fording Royalty means the gross royalty payable by Luscar to the Trust of up to 5% of all of Luscar’s gross revenues on coal or mineral production in specified areas of Alberta and Saskatchewan granted in connection with the 2003 Arrangement;
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Examples of Fording Royalty in a sentence

  • On the Effective Date, Fording will transfer the Prairie Operations, subject to the Fording Royalty, to SCPII or an affiliated entity of OTPP and Sherritt on the terms set out in the Prairie Operations Sale Agreement for $225 million, subject to adjustment for working capital.

  • These contributions established Elk Valley Coal as the world’s second-largest producer of seaborne metallurgical hard coking coal.In addition, as part of the 2003 Arrangement, and subject to the Fording Royalty, Old Fording sold its Prairie Operations to Sherritt Coal Partnership II and each of Teck Cominco, Westshore, Sherritt and OTPP subscribed for Units.

  • The Fording Royalty applies in respect to any expansion of production from lands forming part of the Prairie Operations beyond current levels (other than the planned 2005 expansion of the Genesee mine).

  • Sale of Prairie Operations As part of the New Arrangement, Fording will sell the Prairie Operations to SCPII (or an affiliated entity of OTPP and Sherritt), subject to the Fording Royalty, for a cash payment of $225 million, subject to adjustment for working capital.


More Definitions of Fording Royalty

Fording Royalty means a right, retained by New Fording in connection with the sale of the Prairie Operations, in respect of the lands forming part of the Prairie Operations to receive a royalty (to be determined by good faith negotiations or, failing that, arbitration) in respect of (i) a property on which production has not commenced at or prior to February 28, 2003 (and that as of that date is not dedicated to any of the generating stations to which coal is supplied from the Prairie Operations) where, after February 28, 2003, either mining or other production is commenced on the property or it becomes part of the properties designated for any power generating station or other project; (ii) a property producing a mineral other than coal at or prior to February 28, 2003, on production in any year that exceeds the adjusted average annual amount of that mineral produced from that property over the period 1998-2002; and (iii) a property producing coal at February 28, 2003, on all coal production attributable to the net increase in the generating capacity of the related power generating station, where that generating capacity increases by more than 10% over and above the capacity as of February 28, 2003, excluding for this purpose coal from the Genesee mine permit area (as at February 28, 2003) utilized in the planned 2005 expansion of the Genesee generating facility. In each case the Fording Royalty in respect of any property is not to exceed 5% of gross revenues.
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Related to Fording Royalty

  • Royalty Payments has the meaning set forth in Section 7.3.1.

  • Overriding Royalty Interest means an interest in the oil and gas produced pursuant to a specified oil and gas lease or leases, or the proceeds from the sale thereof, carved out of the working interest, to be received free and clear of all costs of development, operation, or maintenance.

  • Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.

  • Minimum Royalty shall have the meaning set forth in Section 7.3.

  • Royalty Payment has the meaning set forth in Section 6.1.

  • Royalties means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a License.

  • Royalty means an interest in an oil and gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof), but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.

  • Royalty Fee means a royalty fee in the amount of $0.00 of Actual Production payable by BC Hydro to the Province for each year of the Term in accordance with Article 6 of the Master Agreement.

  • Net Smelter Returns means the gross proceeds received by the Purchaser in any year from the sale of Product from the mining operation on the Property, less:

  • Royalty Rate means the percentage defined in Exhibit B.

  • Net Smelter Return means the aggregate proceeds received by the Optionee from time to time from any smelter or other purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Property after deducting from such proceeds the following charges only to the extent that they are not deducted by the smelter or other purchaser in computing the proceeds:

  • Royalty Interest is defined in Section 1.01.

  • Third Party Royalties means any royalties or license fees owing to a Third Party attributable to the manufacture, use or sale of Products and in consideration of a license under any patent which such Product would otherwise infringe.

  • Sublicense Income means any payments that Company receives from a Sublicensee in consideration of the sublicense of the rights granted Company under Section 2.1., including without limitation license fees, royalties, milestone payments, and license maintenance fees, but excluding the following payments: (a) payments made in consideration for the issuance of equity or debt securities of Company at fair market value, and (b) payments specifically committed to the development of Licensed Products.

  • Volumetric Production Payments means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith.

  • Royalty Period means the partial calendar quarter commencing on the date on which the first Licensed Product is sold or used and every complete or partial calendar quarter thereafter during which either (a) this Agreement remains in effect or (b) Company has the right to complete and sell work-in-progress and inventory of Licensed Products pursuant to Section 8.5.

  • Sublicense Fees shall have the meaning set forth in Section 7.3 below.

  • Net Sales Revenue shall have the meaning as set out in Schedule "A"

  • Royalty Agreement means the amended royalty agreement between the Partnership, Vermilion, 1209963 Alberta Ltd. and the Trust dated January 22, 2003 providing for the creation of the Royalty;

  • Royalty Report shall have the meaning set forth in Section 7.1.

  • Sublicensing Revenue means all (i) cash, (ii) sublicensing fees and (iii) all other payments and the cash equivalent thereof, which are paid to LICENSEE by the Sublicensees of its rights hereunder, but excluding the following payments:

  • License year means the period of time for which a

  • Net Sales means [***].

  • Royalty owner means any owner of oil and gas in place, or oil and gas rights, to the extent that the owner is not an operator as defined in subsection (17) of this section;

  • Production Payments means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments.

  • Net Revenue Interest means, with respect to any Property, the interest in and to all Hydrocarbons produced, saved, and sold from or allocated to such Property after giving effect to all royalties, overriding royalties, production payments, carried interests, net profits interests, reversionary interests, and other burdens upon, measured by, or payable out or production therefrom.