Failure to Pay Invoice. If any Participant, after having committed to contribute pursuant to Section 16.3, fails to pay an invoice within the thirty (30) day period referred to in Section 16.4 the Manager may by notice demand payment. If no payment is made within the period of thirty (30) days next succeeding the receipt of the demand notice, that Participant shall be deemed to have forfeited its right to contribute to any further Costs under this Agreement and it shall be deemed to have elected not to contribute to each Program subsequently conducted and accordingly, shall have its Interest reduced in the manner contemplated in Sections 15.5 and 15.6.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (American Uranium Corp), Limited Liability Company Operating Agreement (Strathmore Minerals Corp.)
Failure to Pay Invoice. If any ParticipantMember, after having committed to contribute pursuant to Section 16.3, fails to pay an invoice within the thirty (30) day period referred to in Section 16.4 the Manager may by notice demand payment. If no payment is made within the period of thirty (30) days next succeeding the receipt of the demand notice, that Participant Member shall be deemed to have forfeited its right to contribute to any further Costs under this Agreement and it shall be deemed to have elected not to contribute to each Program subsequently conducted and accordingly, shall have its Ownership Interest reduced in the manner contemplated in Sections 15.5 and 15.615.4.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Yellowcake Mining Inc.), Limited Liability Company Operating Agreement (Strathmore Minerals Corp.)
