Deemed Receipts definition
Deemed Receipts means the following:
Deemed Receipts means the following:
(i) Where Payor or any Affiliate of Payor produces or has produced any Refined Products through any smelting or refining arrangements or any other transactions that result in the return to, or credit to the account of, Payor or any Affiliate of Payor of Refined Products meeting the physical specifications for good delivery or minimum purity requirements of: in the case of copper, the London Metal Exchange ("LME") or the COMEX division of the New York Mercantile Exchange ("COMEX") (each, "Refined Copper"); in the case of zinc, the LME ("Refined Zinc"); in the case of gold, the London Bullion Market Association ("LBMA") ("Gold Bullion"); in the case of silver, the LBMA ("Silver Bullion"); in the case of Platinum, the LBMA ("Platinum"); in the case of Palladium, the LBMA ("Palladium"); in the case of rhodium, iridium or ruthenium, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ("Rhodium"); and, in the case of other Products produced from Raw Products and/or Intermediate Products through subsequent smelting and/or refining and the outturned metal from which meets the relevant specifications for Refined Products that have prices regularly quoted on the LME ("Other Refined Products"), then notwithstanding anything in this Agreement to the contrary, the term "Deemed Receipts" for such Refined Products shall be deemed to mean the net number of pounds avoirdupois of Refined Copper or Refined Zinc or ▇▇▇▇ ounces of Gold Bullion, Silver Bullion, Platinum, Palladium or Rhodium or net number of pounds avoirdupois or other relevant unit of measure for Other Refined Products, as the case may be, returned to, or credited to the account of, Payor or its Affiliates by the applicable smelter, refinery or other treatment facility in a calendar quarter, multiplied by: A. for Refined Copper, the average of the LME Settlement Price for Grade A Copper Cathode in the case of return of LME Grade A Copper Cathode or of the COMEX High Grade First Position Settlement price in the case of return of COMEX High Grade Copper or the equivalent, in each case for the calendar quarter in which such Refined Copper is returned or credited to the account of Payor or its Affiliates by such smelter, refinery or other treatment facility;
Deemed Receipts means, with respect to any particular Refined Product and for any particular Fiscal Quarter, the net number of pounds avoirdupois, ▇▇▇▇ ounces or other relevant unit of measure, as applicable, returned to, or credited to the account of, the Payor or any Related Person by the applicable Refinery in such Fiscal Quarter, multiplied by the following applicable price, determined in each case for such Fiscal Quarter in accordance with the terms hereof:
(i) for Refined Copper, the average of the LME Settlement Price for Grade A Copper Cathode in the case of return of LME Grade A Copper Cathode or of the COMEX High Grade First Position Settlement price in the case of return of COMEX High Grade Copper or the equivalent;
(ii) for Refined Zinc, the average of the LME Settlement Price for special high-grade zinc;
(iii) for Gold Bullion, the average daily mean of the initial and final quotations of LBMA Gold Price;
(iv) for Silver Bullion, the average LBMA Silver Price;
(v) for Lead, the LME Settlement Price for high-grade lead;
(vi) for Platinum plate or ingots, the average of morning and afternoon fix LBMA Platinum Prices;
(vii) for Palladium plate or ingots, the average of morning and afternoon fix LBMA Palladium Prices;
(viii) for Iridium, the average ▇▇▇▇▇▇▇ Matthey Rhodium Base Price;
(ix) for Rhodium, the average ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Rhodium Base Price;
(x) for Ruthenium, the average ▇▇▇▇▇▇▇ Matthey Rhodium Base Price;
(xi) for Other Refined Products, the average LME prices for such Other Refined Product.
More Definitions of Deemed Receipts
Deemed Receipts means the following:
1.5.1 Where the Grantor or its Affiliates produce as a final Product or have produced as a final Product through a tolling or smelting or refining contract or any other transaction that results in the return to, or credit to the account of, Grantor or its Affiliates, of refined copper meeting either the good delivery requirements of the London Metal Exchange (“LME”) for Grade “A” Copper Cathode or for High Grade Copper meeting the COMEX division of the New York Mercantile Exchange (“COMEX”) requirements for delivery, and/or fine gold bullion of .995 or better (“Gold Bullion”) and/or silver bullion of .9995 or better (“Silver Bullion”), in each case from ores or other material mined and removed from the Royalty Property, then notwithstanding anything in this Royalty Deed to the contrary, the term “Deemed Receipts” for such metal shall be deemed to mean the net number of pounds avoirdupois of copper or ▇▇▇▇ ounces of Gold Bullion and Silver Bullion, as the case may be, returned to, or credited to the account of, Grantor or its Affiliates in a calendar quarter, multiplied by: (i) for copper, the average of the LME Settlement Price for Grade “A” Copper Cathode in the case of LME Grade “A” Copper Cathode or of the COMEX most nearby spot price in the case of COMEX High Grade Copper, in each case for the calendar quarter in which such copper is returned or credited; (ii) for Gold Bullion, the average London Bullion Market Association P.M. Gold Fixing for the calendar quarter in which such bullion is returned or credited; or (iii) for Silver Bullion, the average London Bullion Market Association Silver Fixing for the calendar quarter in which such bullion is returned or credited.
1.5.2 The average price for the calendar quarter shall be determined by dividing the sum of all daily prices posted during the relevant calendar quarter by the number of days that prices were posted. The posted price shall be obtained, in the case of LME Grade “A” copper cathode or COMEX Grade Copper, from ▇▇▇▇▇’▇ Metals Price Alert, Metals Week Monthly Averages for the applicable period or Metals Bulletin, but corrected to the official quotations of COMEX or the London Metal Exchange in the event of printing errors, and for other prices, The Wall Street Journal, Reuters, or other reliable source selected by the Grantor. If the LME Settlement Price for Grade “A” Copper Cathode, or the COMEX most nearby spot price for High Grade Copper, the London Bullion Brokers P.M. ...