Precious Metals. The Payor shall pay the Royalty for each shipment of Precious Metals either (a) in the form of gold bullion (.995+ fine gold) directly to Franco's account maintained with the Payor as directed by Franco, or (b) by delivery of a cheque or draft payable to Franco's account with a bank to be designated in writing by Franco. In the event Franco instructs the Payor to deliver the Royalty in the form of gold bullion, the Royalty payable on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 4.1.
Appears in 4 contracts
Samples: Royalty Purchase Agreement, Royalty Purchase Agreement (Dorato Resources Inc), Royalty Agreement (Dorato Resources Inc)
