Existing Royalty definition

Existing Royalty means the 1.2% net smelter return royalty granted in favour of Franco-Nevada Corporation on production in excess of 503,386 ounces of gold and 17,907,080 ounces of silver pursuant to:

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Existing Royalty means a 2% net smelter returns royalty on the leased patented claims that comprise a portion of the Mineral Rights granted to ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ pursuant to a mining lease and option to purchase dated June 2, 2005 and made between ▇▇▇▇▇▇▇▇ and Maximus Ventures Ltd. ("Maximus"), as assigned by Maximus to ▇▇▇▇▇▇ ▇▇▇▇ Gold LLC ("▇▇▇▇▇▇") pursuant to an assignment and assumption agreement dated March 18, 2006 and further assigned by ▇▇▇▇▇▇ to Timberwolf Minerals Ltd. ("Timberwolf") pursuant to an assignment and assumption agreement dated February 12, 2008, and further assigned by Timberwolf to ISC Copper Systems Ltd. pursuant to an assignment and assumption agreement dated August 29 2010;

Existing Royalty shall have the meaning ascribed to the term in Clause 2.2 herein.

Examples of Existing Royalty in a sentence

• If any Existing Royalty is other than a net smelter returns royalty, then the Members shall negotiate in good faith to agree on an equivalent value net smelter returns royalty for purposes of determining the amount of such Existing Royalty that is netted pursuant to clause (B) above.

• Except as may arise under or pursuant to the Existing Royalty Agreements, the Borrower will not allow Marigold Mining Company to, create or suffer to exist any royalty, overriding royalty, production payment or other interest with respect to the Marigold Project.

• Sections 9.2, 9.3, 9.4, 9.7(b)-(d), 9.8, 9.9, 9.11, 9.12, 9.13 and 9.14 of the Existing Royalty Purchase Agreement are hereby incorporated by reference into this Amendment, mutatis mutandis, and the parties hereto hereby agree that such provisions shall apply to this Amendment with the same force and effect as if set forth herein in their entirety.

• The Borrower shall not permit Marigold Mining Company to amend or modify the Existing Royalty Agreements in any manner that increases or accelerates (or may potentially increase or accelerate) its liabilities thereunder; provided that the UNR Lease may be amended to allow for an increased upfront payment or annual instalment payments (or any combination thereof) in an aggregate amount of not more than U.S.$30,000,000 in return for a decrease in the production royalty.

• To the extent a Development Project includes a Royalty Product, the Royalty Product will be added to the written Royalty Product list at that time, either as an Existing Royalty Product or a New Royalty Product.

• The summary for each Approved Development Concept will include the date of approval (the “Development Concept Approval Date”), description of the Approved Development Concept, any potential Royalty Products that could result from the Approved Development Concept and whether such Royalty Products would be Existing Royalty Products or New Royalty Products.

• On Closing, Argonaut and Richmont shall assume full financial responsibility for payment of the Existing Royalties and shall indemnify and hold harmless each other from and against their obligations to pay the Existing Royalties to the Existing Royalty Holders pursuant to the provisions of the Existing Agreements.

• Taisho shall bear all associated costs and expenses (including attorneys' fees) incurred after the execution of this Agreement and pay all damages and settlement amounts with respect to the making, having made, using, selling or having sold NBI-6024 in the Licensed Territory other than those with respect to Existing Royalty Obligation Patent Rights by the holders of those rights, which shall be borne by Neurocrine.

• In consideration of ***** Existing Royalty Obligations ***** will pay to *****.

• To the extent any term or provision of this Amendment conflicts with any term or provision of the Existing Royalty Right Agreement, the terms and provisions of this Amendment shall control.

More Definitions of Existing Royalty

Existing Royalty means a 1.5% net smelter return royalty payable on minerals produced from the Property, payable to the royalty holder pursuant to a prior agreement.

Existing Royalty means the 1% net smelter returns royalty and certain other rights and obligations contemplated by the Net Smelter Returns Royalty Agreement dated January 7, 2010 among Kennecott Exploration Company, Kennecott Arctic Company, Alaska Gold Company and NovaGold Resources Inc. and assigned to MF2, LLC by Kennecott Exploration Company and Kennecott Royalty Company pursuant to a Royalty Assignment and Assumption Agreement effective December 28, 2012;

Existing Royalty means the 1% net smelter returns royalty and certain other rights and obligations contemplated by the Royalty Agreement;

Existing Royalty means the aggregate 3% net smelter return royalty on the Property and any After-Acquired Interest granted in accordance with the terms and conditions of the Royalty Agreement.

Existing Royalty means the 2% net smelter returns royalty payable to Emerald Lake Development Corp. over the Property;

Existing Royalty means the six percent (6.0%) net smelter return royalty payable pursuant to that Settlement Agreement and Release between LKA and Au Mining, Inc., dated August 24, 2007 and that Royalty Agreement dated August 24, 2007 executed by LKA (attached as Exhibit E to the Settlement Agreement and Release (collectively “Settlement Agreement”). As set forth in the Settlement Agreement, the Existing Royalty has a cap of $12,647,505.00. LKA represents and warrants that, as of the Effective Date of this Agreement, it has paid $275,690.96 in royalties pursuant to the Settlement Agreement, and has otherwise complied with the terms of the Settlement Agreement. To LKA’s knowledge, all requirements of the Settlement Agreement that have become or are due have been satisfied.