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Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices FINRA as compensation for the FINRA OTC
Data; 1 less iii reasonable working capital reserves and reasonable reserves for contingencies for such calendar year, as determined by the Operating Committee, and all costs and expenses of the Company during such calendar year, including:
A all amounts payable during such calendar year to the Administrator pursuant to the Administrative Services Agreement or this Agreement;
B all amounts payable during such calendar year to the Processors pursuant to the Processor Services Agreements or this Agreement; and C all amounts payable during such calendar year to third-party service providers engaged by or on behalf of the Company.
k INITIAL ELIGIBILITY. At the time a Member implements a Processor-approved electronic interface with the Processors, the Member will become eligible to receive revenue.
l QUARTERLY DISTRIBUTIONS. The Company shall cause the Administrator to provide costs associated with collecting, consolidating, validating, generating, and disseminating the FINRA OTC Data are borne directly by FINRA and not the Company and the Members.

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Members with written estimates of each Members quarterly Net Distributable Operating Income within 45 calendar days of the end of the quarter, and estimated quarterly payments or billings shall be made on the basis of such estimates. All quarterly payments or billings shall be made to each eligible Member within 45 days following the end of each calendar quarter in which the Member is eligible to receive revenue;
provided, that each quarterly payment or billing shall be reconciled against a Members cumulative year-to-date payment or billing received to date and adjusted accordingly;
further, provided, that the total of such estimated payments or billings shall be reconciled at the end of each calendar year and, if necessary, adjusted by March 31st of the following year. Interest shall be included in quarterly payments and in adjusted payments made on March 31st of the following year. Such interest shall accrue monthly during the period in which revenue was earned and not yet paid and will be based on the 90-day Treasury bill rate in effect at the end of the quarter in which the payment is made. Monthly interest shall start accruing 45 days following the month in which it is earned and accrue until the date on which the payment is made.

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m ITEMIZED STATEMENTS. In conjunction with calculating estimated quarterly and reconciled annual payments under this Exhibit D, the Company shall cause the Administrator to submit to the Members a quarterly itemized statement setting forth the basis upon which Net Distributable Operating Income was calculated. Such Net Distributable Operating Income shall be adjusted annually based solely on the quarterly itemized statement audited pursuant to the annual audit. The Company shall cause the Administrator to pay or bill Members for the audit adjustments within thirty days of completion of the annual audit.
Upon the affirmative vote of Voting Representatives pursuant to Section 4.3, the Company shall cause the Administrator to engage an independent auditor to audit the Administrators costs or other calculations.
Exhibit E
Fees To be determined by the Operating Committee under this Agreement FR Doc. 202117113 Filed 81021; 8:45 am BILLING CODE 801101P

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