Payment Procedures for Coal Shipments. For all coal unloaded at Buyer’s generating station(s) between the first (1st) and fifteenth (15th) days of any Delivery Month, Buyer shall make a “Preliminary Payment” of one-hundred percent (100%) of the Base Price for such coal (based on the assumption that the coal will meet all GMWA parameters) by the twenty-fifth (25th) day of such Delivery Month. All Preliminary Payments shall be calculated based solely on the then-current Base Price on a dollar-per-ton basis. By the fifteenth (15th) day of the Payment Month, Buyer will pay for all coal unloaded at the Buyer’s generating station(s) between the sixteenth (16th) and the last day of any Delivery Month plus any quality adjustments for the Delivery Month as provided in §8.2 above. For example, Buyer will make a Preliminary Payment by August 25 for coal unloaded between August 1 through August 15. On or before the fifth (5th) working day of September, Buyer will provide Seller with the Buyer’s Statement. On or before the tenth (10th) day of September, the Seller shall provide Buyer the Monthly Invoice for all coal unloaded by Buyer in August. The Monthly Invoice for August unloadings, to the extent it is verified by Buyer, will be paid by the fifteenth (15th) day of September. In every case referenced in this section for payment, if a specific day is not a banking day and regular work day for Buyer, payment shall be made on the next regular work day for Buyer. The parties acknowledge that Buyer’s performance of its obligations in this Section 9 may be performed by one or more agents, including without limitation LG&E and KU Services Company. Buyer shall electronically transfer funds to Seller’s Account: Xxxxxxxxx Energy, Inc. Bank: US Bank, N.A. ABA # 152306681361 Account # 000-000-000
Appears in 3 contracts
Samples: Coal Supply Agreement (Armstrong Coal Company, Inc.), Coal Supply Agreement (Armstrong Energy, Inc.), Coal Supply Agreement (Armstrong Energy, Inc.)
Payment Procedures for Coal Shipments. For all coal unloaded at Buyer’s generating station(s) between the first (1st) and fifteenth (15th) days of any Delivery Month, Buyer shall make a “Preliminary Payment” of one-hundred percent (100%) of the Base Price for such coal (based on the assumption that the coal will meet all GMWA parameters) by the twenty-twenty- fifth (25th) day of such Delivery Month. All Preliminary Payments shall be calculated based solely on the then-current Base Price on a dollar-per-ton basis. By the fifteenth (15th) day of the Payment Month, Buyer will pay for all coal unloaded at the Buyer’s generating station(s) between the sixteenth (16th) and the last day of any Delivery Month plus any quality adjustments for the Delivery Month as provided in §8.2 above. For example, Buyer will make a Preliminary Payment by August 25 for coal unloaded between August 1 through August 15. On or before the fifth (5th) working day of September, Buyer will provide Seller with the Buyer’s Statement. On or before the tenth (10th) day of September, the Seller shall provide Buyer the Monthly Invoice for all coal unloaded by Buyer in August. The Monthly Invoice for August unloadings, to the extent it is verified by Buyer, will be paid by the fifteenth (15th) day of September. In every case referenced in this section for payment, if a specific day is not a banking day and regular work day for Buyer, payment shall be made on the next regular work day for Buyer. , The parties acknowledge that Buyer’s performance of its obligations in this Section 9 may be performed by one or more agents, including without limitation LG&E and KU Services Company. Buyer shall electronically transfer funds to Seller’s Account: Xxxxxxxxx Energy, Inc. Bank: US Bank, N.A. ABA # #152306681361 Account # 000-000-000
Appears in 2 contracts
Samples: Coal Supply Agreement (Armstrong Coal Company, Inc.), Coal Supply Agreement (Armstrong Energy, Inc.)
