REG Services definition
Examples of REG Services in a sentence
Notwithstanding the generality of the foregoing, the Company is not in material default under the Management and Operational Services Agreement dated May 9, 2008 by and between the Company, REG Services Group, LLC, a Subsidiary of REG, and REG Marketing & Logistics Group, LLC, a Subsidiary of REG (the “MOSA”), and, to the Knowledge of the Company, no event has occurred that with the lapse of time or the giving of notice or both would constitute a material breach or default by the Company thereunder.
REG Services shall remit by electronic transfer to Blackhawk Biofuels by the close of business each Wednesday all such proceeds received during the previous seven (7) days.
However, if the breach is non-payment by Blackhawk Biofuels under Section 3, or REG Services of proceeds of sale under Section 5(E), the cure period shall be ten (10) days after delivery of written notice by the non-breaching party.
Within ten (10) days of receipt of such invoice, Blackhawk Biofuels shall remit payment in full to REG Services.
This payment schedule will be re-evaluated if EFT payments for biodiesel produced by Blackhawk Biofuels received by REG Services exceeds 50% of the total payments being received for Product from Blackhawk Biofuels.
REG Services shall pursue all reasonable efforts at collecting accounts, Blackhawk Biofuels agreeing to pay for third party collection costs including attorney fees (“Collection Costs”) except as may be subsequently shared as set out hereafter.
For purposes of this Agreement, “Cost of Capital” shall be a variable interest rate adjusted daily equal to the cost of equity and short term debt capital for REG Services or REG Marketing, based upon the weighted average of the components of equity and debt used by REG Services or by REG Marketing (whichever is applicable) to provide trade credit to Blackhawk Biofuels.
REG Services will provide a General Manager to implement and oversee the business plan for the Biodiesel Facility, and direct, promote and coordinate the staff, personnel and plant operations.
The General Manager will report to such officer of REG Services as REG Services shall from time to time designate.
The Cost of Services paid or incurred by REG Services shall be based on the wages, payroll taxes, government mandated costs, including workers’ compensation, benefit costs, expenses charged to REG Services on a per employee basis, and any other costs mutually agreed upon as being appropriate for reimbursement, which REG Services paid to or incurred on behalf of the Leased Employees for the payment period covered by the statement.