Common use of Monthly Reconciliation Clause in Contracts

Monthly Reconciliation. (i) On or before the twenty-fifth (25th) day of the month, BUYER shall make an interim settlement based on the information then available of such Production Royalty for the prior calendar month, either in cash or in kind, whichever is applicable, by paying (1) not less than one hundred percent (100%) of the anticipated final settlement of Precious Metals "in kind" Production Royalty payments and (2) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of doré or concentrates from ore, the production of refined or finished product from dot-6 or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Production Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. BUYER will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. (iii) In the event that TOTAL has been underpaid for any provisional payment (whether in cash or "in kind"), BUYER shall pay the difference in cash by check and not "in kind" with such payment being made at the time of the final reconciliation. If TOTAL has been overpaid in the previous calendar quarter, TOTAL shall make a payment to BUYER of the difference by check. Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to section 9(c)(ii) hereof.

Monthly Reconciliation. (i) On or before the twenty-fifth (25th) day of the month, BUYER shall make an interim settlement based on the information then available of such Production Royalty for the prior calendar month, either in cash or in kind, whichever is applicable, by paying (1) not less than one hundred percent (100%) of the anticipated final settlement of Precious Metals "in kind" Production Royalty payments and (2) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of doré dore or concentrates from ore, the production of refined or finished product from dot-6 dare or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Production Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. BUYER will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. (iii) In the event that TOTAL NEWMONT has been underpaid for any provisional payment (whether in cash or "in kind"), BUYER shall pay the difference in cash by check and not "in kind" with such payment being made at the time of the final reconciliation. If TOTAL NEWMONT has been overpaid in the previous calendar quarter, TOTAL NEWMONT shall make a payment to BUYER of the difference by check. Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to section 9(c)(ii) hereof.

Monthly Reconciliation. (i) On or before the twenty-fifth (25th) day of the month, BUYER shall make an interim settlement based on the information then available of such Production Royalty for the prior calendar month, either in cash or in kind, whichever is applicable, by paying (1) not less than one hundred percent (100%) of the anticipated final settlement of Precious Metals "in kind" Production Royalty payments and (2) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of doré dare or concentrates from ore, the production of refined or finished product from dot-6 dare or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Production Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. BUYER will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. (iii) In the event that TOTAL has been underpaid for any provisional payment (whether in cash or "in kind"), BUYER shall pay the difference in cash by check and not "in kind" with such payment being made at the time of the final reconciliation. If TOTAL has been overpaid in the previous calendar quarter, TOTAL shall make a payment to BUYER of the difference by check. Reconciliation payments shall be made on the same basis as used for 'the payment in cash pursuant to section 9(c)(ii) hereof.

Monthly Reconciliation. (i) On or before the twenty-fifth (25th) day of the month, BUYER SEABRIDGE shall make an interim settlement based on the information then available of such Production Royalty for the prior calendar month, either in cash or in kind, whichever is applicable, by paying (1) not less than one hundred percent (100%) of the anticipated final settlement of Precious Metals "in kind" Production Royalty payments and (2) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of doré dore or concentrates from ore, the production of refined or finished product from dot-6 or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Production Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. BUYER SEABRIDGE will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. (iii) In the event that NEWMONT and/or TOTAL has been underpaid for any provisional payment (whether in cash or "in kind"), BUYER SEABRIDGE shall pay the difference in cash by check and not "in kind" with such payment being made at the time of the final reconciliation. If TOTAL NEWMONT and/or TOTAL, as the case may be, has been overpaid in the previous calendar quarter, TOTAL NEWMONT and/or TOTAL, as the case may be, shall make a payment to BUYER SEABRIDGE of the difference by check. Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to section 9(c)(ii) hereof.

Monthly Reconciliation. (i) On or before the twenty-fifth (25th) day of the month, BUYER shall make an interim settlement based on the information then available of such Production Royalty for the prior calendar month, either in cash or in kind, whichever is applicable, by paying (1) not less than one hundred percent (100%) of the anticipated final settlement of Precious Metals "in kind" Production Royalty payments and (2) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of doré dore or concentrates from ore, the production of refined or finished product from dot-6 or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Production Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. BUYER will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. (iii) In the event that TOTAL NEWMONT has been underpaid for any provisional payment (whether in cash or "in kind"), BUYER shall pay the difference in cash by check and not "in kind" with such payment being made at the time of the final reconciliation. If TOTAL NEWMONT has been overpaid in the previous calendar quarter, TOTAL NEWMONT shall make a payment to BUYER of the difference by check. Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to section 9(c)(ii) hereof.