Damaged, Lost, Impaired or Bypassed Coal Sample Clauses

Damaged, Lost, Impaired or Bypassed Coal a. If any of the economically recoverable Lessor’s Coal, within the meaning of MER, is lost or bypassed as a proximate result of Lessee’s failure to operate as a prudent mine operator (“Lost Coal”), Lessee shall pay production royalty for the Lost Coal as if mined and removed, at the times Lessee would otherwise have mined the Lessor’s Coal in its normal Mining Operations. b. If Lessee encounters any substantial seam of the Lessor’s Coal that Lessee considers economically un-recoverable for any reason, Lessee shall notify Lessor of that fact as promptly as circumstances reasonably permit. Upon receipt of the notice, Lessor shall have the right to appoint a representative to inspect mat portion of Lessor’s Coal that Lessee considers to be economically un-recoverable and Lessor’s representative shall be given reasonable access to the mine workings and all pertinent information available to Lessee regarding the Lessor’s Coal. However, Lessee shall not be obligated to delay its Mining Operations in order to afford such access to Lessor’s representative and Lessor’s representative shall not be permitted to unreasonably interfere with Lessee’s Mining Operations. At Lessor’s request, Lessee’s representative shall meet and confer with Lessor’s representative and the representatives shall endeavor in good faith to agree whether the Lessor’s Coal at issue is economically recoverable. If the representatives are unable to agree on that issue, they shall select a disinterested and independent person experienced in geology and coal mining economics to act as an arbitrator, whose decision shall be binding upon Lessor and Lessee. The prevailing party shall be entitled to reimbursement by the other party for a portion or all of the arbitration costs, as determined by the arbitrator to be appropriate. If the representatives selected by Lessor and Lessee cannot agree on an arbitrator, either party may invoke the dispute resolution provisions of Section 20 of this Lease to resolve the dispute. Even if it is determined, pursuant to the procedures set forth in this Section 9.13, that the Lessor’s Coal in dispute is economically recoverable, Lessee may elect not to mine it and, if Lessee so elects, the Lessor’s Coal shall be deemed to be Lost Coal. c. Any payment to be made by Lessee for a royalty paid on Lost Coal shall be based on the Gross Sales Price, as used in Section 7.1, for a one (1) year period (or the period of time the Mining Operations have produced coal if less tha...
Sample 1
AutoNDA by SimpleDocs

Related to Damaged, Lost, Impaired or Bypassed Coal

  • Termination Due to Force Majeure Event If the period of Force Majeure continues or is in the reasonable judgment of the Parties likely to continue beyond a period of 120 (one hundred and twenty) Days, the Parties may mutually decide to terminate this Agreement or continue this Agreement on mutually agreed revised terms. If the Parties are unable to reach an agreement in this regard, the Affected Party shall after the expiry of the said period of 120 (one hundred and twenty ) Days be entitled to terminate the Agreement in which event, the provisions of Articles 16 and 17 shall, to the extent expressly made applicable, apply.

  • No Release; Return or Destruction Each Party agrees not to release or disclose, or permit to be released or disclosed, any information addressed in Section 6.9(a) to any other Person, except its Representatives who need to know such information in their capacities as such (who shall be advised of their obligations hereunder with respect to such information), and except in compliance with Section 6.10. Without limiting the foregoing, when any such information is no longer needed for the purposes contemplated by this Agreement or any Ancillary Agreement, and is no longer subject to any legal hold or other document preservation obligation, each Party will promptly after request of the other Party either return to the other Party all such information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or notify the other Party in writing that it has destroyed such information (and such copies thereof and such notes, extracts or summaries based thereon); provided, that the Parties may retain electronic back-up versions of such information maintained on routine computer system backup tapes, disks or other backup storage devices; provided further, that any such information so retained shall remain subject to the confidentiality provisions of this Agreement or any Ancillary Agreement.

  • Available Relief for a Force Majeure Event 11.7.1 Subject to this Article 11: (a) no Party shall be in breach of its obligations pursuant to this Agreement except to the extent that the performance of its obligations was prevented, hindered or delayed due to a Force Majeure Event; (b) every Party shall be entitled to claim relief in relation to a Force Majeure Event in regard to its obligations, including but not limited to those specified under Article 4.5; (c) For avoidance of doubt, neither Party’s obligation to make payments of money due and payable prior to occurrence of Force Majeure events under this Agreement shall be suspended or excused due to the occurrence of a Force Majeure Event in respect of such Party. (d) Provided that no payments shall be made by either Party affected by a Force Majeure Event for the period of such event on account of its inability to perform its obligations due to such Force Majeure Event.

  • Independence from Material Breach Determination Except as set forth in Section X.D.1.c, these provisions for payment of Stipulated Penalties shall not affect or otherwise set a standard for OIG’s decision that Xxxxx has materially breached this IA, which decision shall be made at OIG’s discretion and shall be governed by the provisions in Section X.D, below.

  • Payment in the Event Losses Fail to Reach Expected Level On the date that is 45 days following the last day (such day, the “True-Up Measurement Date”) of the calendar month in which the tenth anniversary of the calendar day following the Bank Closing occurs, the Assuming Bank shall pay to the Receiver fifty percent (50%) of the excess, if any, of (i) twenty percent (20%) of the Stated Threshold less (ii) the sum of (A) twenty-five percent (25%) of the asset premium (discount) plus (B) twenty-five percent (25%) of the Cumulative Shared-Loss Payments plus (C) the Cumulative Servicing Amount. The Assuming Bank shall deliver to the Receiver not later than 30 days following the True-Up Measurement Date, a schedule, signed by an officer of the Assuming Bank, setting forth in reasonable detail the calculation of the Cumulative Shared-Loss Payments and the Cumulative Servicing Amount.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • Waiver; Deficiency Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-112 of the New York UCC. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

  • Epidemic Failure Warranty Supplier warrants all Products against Epidemic Failure for a period of three years after DXC’s Acceptance. Epidemic Failure means the occurrence of the same failure, defect, or non-conformity with an Order in 2% or more of Products within any three-month period.

  • In the Event of Forecasted Surpluses If the HSP is forecasting a surplus, the Funder may take one or more of the following actions: adjust the amount of Funding to be paid under Schedule A, require the repayment of excess Funding; adjust the amount of any future funding installments accordingly.

  • Termination due to Force Majeure 13.5.1 If the Force Majeure Event or its effects continue to be present beyond the period as specified in Article 4.5.3, either Party shall have the right to cause termination of the Agreement. In such an event, this Agreement shall terminate on the date of such Termination Notice.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!