Payment of Net Proceeds. Payments of Net Proceeds shall commence in the calendar quarter following the calendar quarter in which Net Proceeds are first realized and shall be subject to adjustment, if required, at the end of each calendar year. The recipient of Net Proceeds payments shall have the right to audit such payments following receipt of each payment by giving notice to the remaining Member and by conducting such audit in accordance with Section 11.6 of the LLC Operating Agreement. Costs of such an audit shall be borne by the recipient of Net Proceeds requesting the audit.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Uranium Energy Corp)