Purchase and Sale of Purchased Interest. Upon payment of by Elk Creek of $5,000,000 in cash, plus the offset of $12,000,000 in unpaid advance royalty payments payable by Xxxxxxxxx Coal Company, Inc. to Ceralvo Resources, LLC, Western Diamond and Western Land hereby jointly agree to indirectly convey to Elk Creek, an undivided interest in the Subject Assets equal to the Purchased Interest, as further described herein. The parties hereby agree that for purposes of determining the Subject Assets that are subject of the Purchased Interest the aggregate fair market value of the Subject Assets is $255,797,388.
Appears in 5 contracts
Samples: Option Amendment, Option Exercise and Membership Interest Purchase Agreement (Armstrong Coal Company, Inc.), Option Amendment, Option Exercise and Membership Interest Purchase Agreement (Armstrong Energy, Inc.), Option Amendment, Option Exercise and Membership Interest Purchase Agreement (Armstrong Energy, Inc.)
