Humbug Royalty definition
Humbug Royalty means the 2% NSR royalty on the patented mining claims comprising a portion of the Lemhi Property owing to BHLK‐2 LLC pursuant to a deed of royalty dated September 22, 2011;
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Related to Humbug Royalty
Royalty Payments has the meaning set forth in Section 7.3.1.
Royalty Payment has the meaning set forth in Section 6.1.
Royalty means an interest in an oil and natural 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.
Royalties means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a License.
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.