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 made forty-five (45) days following the end of each calendar quarter during which Net Proceeds are realized, and shall be subject to adjustment, if required, at the end of each calendar year. The recipient of such Net Proceeds payments shall have the right to audit such payments following receipt of each payment by giving notice to the remaining Participant and by conducting such audit in accordance with Section 10.6 of the Agreement. Costs of such an audit shall be borne by the holder of the Net Proceeds interest described herein.
Appears in 3 contracts
Samples: Exploration, Development and Mine Operating Agreement (Thompson Creek Metals CO Inc.), Exploration, Development and Mine Operating Agreement (Midway Gold Corp), Exploration, Development and Mine Operating Agreement (Miranda Gold Corp)
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 made forty-five (45) days following the end of each calendar quarter during which Net Proceeds are realized, and shall be subject to adjustment, if required, at the end of each calendar year. The recipient of such Net Proceeds payments shall have the right to audit such payments following receipt of each payment by giving notice to the remaining Participant and by conducting such audit in accordance with Section SECTION 10.6 of the Agreement. Costs of such an audit shall be borne by the holder of the Net Proceeds interest described herein.
Appears in 2 contracts
Samples: Agreement (Golden Phoenix Minerals Inc /Mn/), Agreement (Gryphon Gold Corp)
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 made forty-five (45) days following the end of each calendar quarter during which Net Proceeds are realized, and shall be subject to adjustment, if required, at the end of each calendar year. The recipient of such Net Proceeds payments shall have the right to audit such payments following receipt of each payment by giving notice to the remaining Participant and by conducting such audit in accordance with Section 10.6 6.5 of the Agreement. Costs of such an audit shall be borne by the holder of the Net Proceeds interest described herein.
Appears in 1 contract
Samples: Exploration Agreement With Option for Joint Venture (Miranda Gold Corp)