Common use of Market Price Adjustments Clause in Contracts

Market Price Adjustments. 3.4.1 Beginning with the 2017 Contract Year, and again upon the expiration of a three (3) year period beginning on January 1st of such Contract Year, and upon the expiration of each three (3) year period thereafter, the Parties shall adjust the Base Price to reflect then-current market prices for similar quality coal meeting the quality specifications set forth in Exhibit A and sold for delivery the following year (the “Market Adjusted Base Price”). The Parties shall follow [**] REPRESENTS CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELTY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT Exhibit 10.4 the procedures described below to determine the adjusted Base Price. If the Parties agree on a Market Adjusted Base Price, the Market Adjusted Base Price shall become effective and shall be the “Base Price” as described in Section 3.1 for all purposes hereunder as of January 1st of the first Contract Year of the relevant three (3) year period. The Market Adjusted Base Price shall include all adjustments to the Base Price made pursuant to Section 3.3 prior to the date that such Market Adjusted Base Price is determined. If any adjustments to the Base Price made pursuant to Section 3.3 occur after the date on which the Market Adjusted Base Price is determined, but before the date on which the Market Adjusted Base Price becomes effective, such adjustments shall also be applied to the Market Adjusted Base Price as of the date on which the Market Adjusted Base Price becomes effective.

Market Price Adjustments. 3.4.1 Beginning with the 2017 2016 Contract Year, and again upon the expiration of a three (3) year period beginning on January 1st of such Contract Year, and upon the expiration of each three (3) year period thereafter, the Parties shall adjust the Base Price to reflect then-current market prices for similar quality coal meeting the quality specifications set forth in Exhibit A and sold for delivery the following year (the “Market Adjusted Base Price”). The Parties shall follow [**] REPRESENTS CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELTY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT Exhibit 10.4 10.3 the procedures described below to determine the adjusted Base Price. If the Parties agree on a Market Adjusted Base Price, the Market Adjusted Base Price shall become effective and shall be the “Base Price” as described in Section 3.1 for all purposes hereunder as of January 1st of the first Contract Year of the relevant three (3) year period. The Market Adjusted Base Price shall include all adjustments to the Base Price made pursuant to Section 3.3 prior to the date that such Market Adjusted Base Price is determined. If any adjustments to the Base Price made pursuant to Section 3.3 occur after the date on which the Market Adjusted Base Price is determined, but before the date on which the Market Adjusted Base Price becomes effective, such adjustments shall also be applied to the Market Adjusted Base Price as of the date on which the Market Adjusted Base Price becomes effective.

Market Price Adjustments. 3.4.1 Beginning with the 2017 2018 Contract Year, and again upon the expiration of a three (3) year period beginning on January 1st of such Contract Year, and upon the expiration of each three (3) year period thereafter, the Parties shall adjust the Base Price to reflect then-current market prices for similar quality coal meeting the quality specifications set forth in Exhibit A and sold for delivery the following year (the “Market Adjusted Base Price”). The Parties shall follow [**] REPRESENTS CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELTY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT Exhibit 10.4 the procedures described below to determine the adjusted Base Price. If the Parties agree on a Market Adjusted Base Price, the Market Adjusted Base Price shall become effective and shall be the “Base Price” as described in Section 3.1 for all purposes hereunder as of January 1st of the first Contract Year of the relevant three (3) year period. The Market Adjusted Base Price shall include all adjustments to the Base Price made pursuant to Section 3.3 prior to the date that such Market Adjusted Base Price is determined. If any adjustments to the Base Price made pursuant to Section 3.3 occur after the date on which the Market Adjusted Base Price is determined, but before the date on which the Market Adjusted Base Price becomes effective, such adjustments shall also be applied to the Market Adjusted Base Price as of the date on which the Market Adjusted Base Price becomes effective.