Common use of For Precious Metals Clause in Contracts

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGE, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE with respect to such refining. In the event SEABRIDGE receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE shall pay to SELLERS the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré dot-6 or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGEBUYER's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGEBUYER's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEBUYER, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE BUYER would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE BUYER then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE BUYER with respect to such refining. In the event SEABRIDGE BUYER receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE BUYER shall pay to SELLERS NEWMONT the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE BUYER for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in recovered from the production from the Property during the preceding calendar month ("“Monthly Production"”) delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor")collectively,“Payor”) during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") month, and for all other Precious Metals, the average of the New York Commodities Mercantile Exchange final spot prices for the preceding calendar month for the particular Minerals Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: : (1i) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals ("“Beneficiated Precious Metals"”) produced by SEABRIDGE's Grantor’s final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; ; (2ii) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and and (3iii) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final Newmont’s mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEGrantor, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE Grantor would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE Grantor with respect to such refining. In the event SEABRIDGE Grantor receives insurance proceeds for loss of production of Precious Metalsproduction, SEABRIDGE Grantor shall pay to SELLERS Newmont the Production Royalty percentage of any such insurance proceeds which that are received by SEABRIDGE Grantor for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGE, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE with respect to such refining. In the event SEABRIDGE receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE shall pay to SELLERS the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in recovered from the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor")) during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") month, and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: : (1i) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's Grantors final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; ; (2ii) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and and (3iii) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final Newmonts mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEGrantor, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE Grantor would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE Grantor with respect to such refining. In the event SEABRIDGE Grantor receives insurance proceeds for loss of production of Precious Metalsproduction, SEABRIDGE Grantor shall pay to SELLERS Newmont the Production Royalty percentage of any such insurance proceeds which that are received by SEABRIDGE Grantor for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor")) during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: : (1A) charges imposed by the Payor for refining bullion from doré dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGEGrantor's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; ; (2B) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and and (3C) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGEGrantor's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. ; and In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEGrantor, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE Grantor would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE Grantor with respect to such refining. In the event SEABRIDGE Grantor receives insurance proceeds for loss of production of Precious Metalsproduction, SEABRIDGE Grantor shall pay to SELLERS Newmont the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE Grantor for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGEBUYER's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGEBUYER's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEBUYER, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE BUYER would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE BUYER then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE BUYER with respect to such refining. In the event SEABRIDGE BUYER receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE BUYER shall pay to SELLERS the TOTALthe Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE BUYER for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the 5. production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGE, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE with respect to such refining. In the event SEABRIDGE receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE shall pay to SELLERS the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré dare or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGEBUYER's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGEBUYER's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEBUYER, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE BUYER would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE BUYER then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE BUYER with respect to such refining. In the event SEABRIDGE BUYER receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE BUYER shall pay to SELLERS NEWMONT the Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE BUYER for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: (1) charges imposed by the Payor for refining bullion from doré dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGEBUYER's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; (2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (3) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGEBUYER's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEBUYER, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE BUYER would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE BUYER then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE BUYER with respect to such refining. In the event SEABRIDGE BUYER receives insurance proceeds for loss of production of Precious Metals, SEABRIDGE BUYER shall pay to SELLERS the TOTALthe Production Royalty percentage of any such insurance proceeds which are received by SEABRIDGE BUYER for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of ▇▇▇▇ ounces of Precious Metals contained in recovered from the production from the Property during the preceding calendar month ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor")) during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month (the "Applicable Spot Price") month, and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar month for the particular Minerals Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: : (1i) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's Grantor’s final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; ; (2ii) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and and (3iii) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGENewmont's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by SEABRIDGEGrantor, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount SEABRIDGE Grantor would have incurred if such refining were carried out at facilities not owned or controlled by SEABRIDGE Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by SEABRIDGE Grantor with respect to such refining. In the event SEABRIDGE Grantor receives insurance proceeds for loss of production of Precious Metalsproduction, SEABRIDGE Grantor shall pay to SELLERS Newmont the Production Royalty percentage of any such insurance proceeds which that are received by SEABRIDGE Grantor for such loss of production.