Payability Rate definition
Payability Rate means, with respect to any Recovered Metals in an Offtaker Delivery, the outturn, expressed as a percentage, of Refined Metals processed by the Processor from Minerals in such Offtaker Delivery (before any deduction in respect of any Offtaker Charges) in accordance with the settlement sheets (or other Offtake Sales Documents reasonably acceptable to Purchaser) provided by the Processor in connection with such Offtaker Delivery.
Payability Rate means (i) with respect to Reference Cobalt contained in a Parcel, the actual payable metal percentage applied by the Offtaker to cobalt in such Parcel pursuant to the relevant Offtake Agreement; (ii) with respect to Reference Nickel contained in a Parcel, the actual payable metal percentage applied by the Offtaker to nickel in such Parcel pursuant to the relevant Offtake Agreement.