Minimum Ownership Interest Requirement. If the effect of the application of Section 15.4 reduces any Member’s Ownership Interest to ten percent (10%) or less, that Member will forfeit its entire Ownership Interest to the remaining Participants and will instead be granted a three percent (3%) Royalty calculated in accordance with Exhibit C.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Yellowcake Mining Inc.), Limited Liability Company Operating Agreement (Strathmore Minerals Corp.)
Minimum Ownership Interest Requirement. If the effect of the application of Section 15.4 15.5 reduces any Member’s Ownership Interest to ten percent (10%) or less, that Member will forfeit its entire Ownership Interest to the remaining Participants and will instead be granted a three percent (3%) Royalty calculated in accordance with Exhibit C.or less, it will forfeit its Ownership Interest to the remaining Members.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (American Uranium Corp), Limited Liability Company Operating Agreement (Strathmore Minerals Corp.)
