Earned Royalty. Armstrong Coal shall pay to Cyprus Creek as an Earned Royalty (“Earned Royalty”) for each ton of Coal mined and sold from the Property five percent (5%) of Armstrong Coal’s per ton royalty basis per ton, as provided in the Duncan Lease affecting each ton of Coal mined and sold hereunder for the one-half (1/2) interest of the Lessors thereunder. Armstrong Coal’s payment of the five percent (5%) per ton royalty shall completely satisfy the Earned Royalty obligations owed for both Cyprus Creek’s #9 Owned Partial Interest Tracts being leased herein and the #9 Leased Premises being subleased herein.
Appears in 4 contracts
Samples: Asset Purchase Agreement (Armstrong Coal Company, Inc.), Asset Purchase Agreement (Armstrong Energy, Inc.), Asset Purchase Agreement (Armstrong Energy, Inc.)
