Payment of Royalty. If the Optionor and Optionee have formed the Joint Venture under Article 4.1 hereof, then until either the Optionee or Optionor ceases to have any interest in the Joint Venture and the Property, the Optionee and Optionor shall pay their proportionate shares(based on their respective undivided interests in the Joint Venture) of any royalty payable to any governmental body.
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Samples: Purchase and Joint Venture Agreement (Shannon International Resources Inc), Purchase and Joint Venture Agreement (Shannon International Resources Inc), Purchase and Joint Venture Agreement (Shannon International Resources Inc)
Payment of Royalty. If the Optionor and Optionee have formed the Joint Venture under Article 4.1 hereofparagraph 4.2, then until either the Optionee or Optionor ceases to have any interest in the Joint Venture and the Property, the Optionee and Optionor shall pay their proportionate shares(based shares (based on their respective undivided interests in the Joint Venture) of any the royalty payable to any governmental bodythe Vendor pursuant to the Underlying Agreement, the payments to be determined and paid directly from the proceeds of production by the management committee.
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