Common use of Silver Clause in Contracts

Silver. (a) If Grantee sells unprocessed silver ores, or silver dores, or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee during the calendar month from such sales. Grantee shall have the right to sell such unprocessed silver ores, silver dores and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b) If Grantee produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a) If Grantee Payor sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Payor during the calendar month from such sales. Grantee Payor shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. . (b) If Grantee Payor produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇, and if Handy & ▇▇▇▇▇▇ no longer publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a) If Grantee Payer sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Payer during the calendar month from such sales. Grantee Payer shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b) If Grantee Payer produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇, and if Handy & ▇▇▇▇▇▇ no longer publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a1) If Grantee Buyer sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Buyer during the calendar month from such sales. Grantee Buyer shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable favorable than those that would be have been obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b2) If Grantee Buyer produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇▇ in the Wall Street Journal) from Minerals, and if Section 1.2.2(aparagraph 2.A.viii.b.(1) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a) If Grantee Lessee sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Lessee during the calendar month from such sales. Grantee Lessee shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, considered to have been sold at prices and on terms no less favourable favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b) If Grantee Lessee produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇Harmon) from Minerals, and if Section ▇▇ ▇▇▇tion 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall shal1 be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a) If Grantee Payor sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Payor during the calendar month from such sales. Grantee Payor shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b) If Grantee Payor produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇) from Minerals, and if Section 1.2.2(a1.3.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.

Silver. (a) If Grantee Payor sells unprocessed silver ores, or silver dores, dore or silver concentrates produced from Minerals, then Gross Value shall be equal to the proceeds received by Grantee Payor during the calendar month from such sales. Grantee Payor shall have the right to sell such unprocessed silver ores, silver dores dore and silver concentrates to an affiliated party, provided that such sales shall be considered, solely for the purpose of determining Gross Value, to have been sold at prices and on terms no less favourable favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances. (b) If Grantee Payor produces refined silver (meeting the specifications for refined silver subject to the New York Silver Price published by Handy & ▇▇▇▇▇▇, and if Handy & ▇▇▇▇▇▇ no longer publishes such specifications, the specifications of such other association or entity generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Monthly Average Silver Price for the month in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the calendar month by the Monthly Average Silver Price.