Laserfiche WebLink
below $19.00 per ton, at which time the <br />royalty rate shall revert to $2.00 per ton. <br /> <br />e) Basis of Royalty Payment <br />The royalty payment contemplated in this <br />Agreement will become due at the time coal is <br />sold by Ravenwood. Market value for purpose <br />of calculating royalty payments shall be the <br />price for which coal is sold at the minehead <br />to the' consumer thereof. For purposes hereof, <br />the term "minehead" shall mean the point of <br />shipment of such coal to the consumer thereof <br />or the point at which the price for the sale <br />of such coal to the consumer thereof is based. <br />Calculation of tons sold shall be from scale <br />weights of trucks or railroad cars at time of <br />shipment. Royalties shall be paid not later <br />than the twentieth (20th) day of the month <br />succeeding that month in which the coal was <br />shipped. In the event coal is mined and sold, <br />but not shipped, Ravenwood and CFI shall <br />meet and agree on estimated payments. <br />f) Guaranteed Tonnage <br />Ravenwood guarantees a royalty payment based <br />on an annual volume of 50,000 tons of 2,000 <br />I! <br />pounds of coal during the term hereof. In any <br />h <br />'i?! v1s <br />rr •'pr <br />12-month period commencing from the effective <br />date hereof and for each successive year <br />thereafter during the term of this lease, in <br />which less than 50,000 tons of coal is <br />stiipped,'Ravenwood~ will, within 30 days <br />thereafter, pay to CFI the royalty due. Such <br />