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EXHIBIT 10.6
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DATE: DECEMBER 21, 1998
WHEREAS, the Seller and the Buyer (the "Parties") have been unable to
agree on the current market price for purposes of determining the Base Price for
the Year 1998, as contemplated by Sections 5.1 and 5.4 of the Contract, and
WHEREAS, in lieu of referring the price issue to arbitration in
accordance with Section 5.1 of the Contract, the Parties have agreed to adopt
the 1997 Base Price as the 1998 Base Price without regard to the current market
price and to reduce by 180,000 Metric Tons the minimum quantity that the Buyer
is required to purchase at that price,
NOW, THEREFORE, the Parties agree as follows:
1. The Base Price for the year 1998 shall be USD38.05 per Metric
Ton FOBT, and the minimum quantity for the Year 1998 shall be
810,000 Metric Tons, instead of the 990,000 Metric Tons
otherwise provided in Sections 3.1 and 3.2.
2. Any delivery tonnage over 810,000 Metric Tons scheduled to be
lifted before the end of 1998 is deemed as pre-lifted quantity
of 1999 and will be lifted at the 1999 provisional Base Price
subject to retroactive adjustment.
3. All other terms and conditions of the Contract and Addenda
Nos. 1 through 6 remain unaltered.
IN WITNESS WHEREOF, the Parties have executed this ADDENDUM on the date
indicated by their duly authorized representatives.
SELLER: BUYER:
PEN COAL CORPORATION TAIWAN POWER COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ By: /s/ Gan-▇▇▇▇▇▇ ▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: Gan-▇▇▇▇▇▇ ▇▇▇
Title: President Title: Vice President