Statement. At such time as Payor makes any payment of Royalty, Payor shall provide directly to Beneficiary a brief written statement setting forth the manner in which such payment of Royalty was calculated and including details of any determination made by the Payor as to the over or under payment of Royalty. Beneficiary shall be deemed to have irrevocably waived any right it may have had to dispute or oppose to any particular payment of Royalty unless Beneficiary notifies Payor in writing of such dispute, stating the specific grounds therefor, within six (6) months from the receipt of Xxxxx’x statement with respect to such payment. 6. Election to Take the Royalty in Kind. Beneficiary may elect, by providing written notice to Payor not less than sixty (60) calendar days prior to the commencement of any Calendar Quarter, to take the Royalty in kind in respect of any Mineral which is refined in that Calendar Quarter instead of taking the Royalty corresponding to the same in cash. If Beneficiary does not deliver to Payor the above-mentioned notice as early as required, it shall be understood that Beneficiary agrees to receive it in cash. Such election shall be irrevocable with respect to the Calendar Quarter in question. In the event of such election by Beneficiary to take in kind, Beneficiary shall be entitled to take a percentage equal to the Royalty with regard to all Mineral which is refined during that Calendar Quarter, subject to the obligation to bear certain costs and expenses, without duplication, as described further below. Beneficiary shall be entitled to take delivery of its share of Mineral only at the refinery after the refining thereof. Beneficiary shall bear and promptly pay the Net Smelter Returns Percentage corresponding to him with respect to all items making up the Deductions related to the Mineral so taken in kind. Beneficiary shall make all necessary arrangements to take delivery of its share of production at the refinery, shall establish an account at the applicable refinery into which its Royalty share of such refined Mineral shall be deposited, and shall bear all costs, expenses, risks and responsibilities associated with such taking, including without limitation the costs of separating the Beneficiary’s share from Payor’s production, and of loading and removing such share of production from the refinery. Any extra expenditure incurred in connection with the taking of the Royalty in kind or with the segregation or division of Mineral in connecti...
