ELSBURG JV definition

ELSBURG JV means the joint venture established between the following entities, whose proportionate interests in such joint venture were as at the EFFECTIVE DATE, are as at the SIGNATURE DATE and will be as at the CLOSING DATE as follows:- 1.1.17.1 MOGALE - 50% (fifty per centum) thereof; and 1.1.17.2 ERPM

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ELSBURG JV means Elsburg Gold Mining Joint Venture, the participants whereunder and their proportionate joint venture interests are as at the EFFECTIVE DATE and will be as at the CLOSING DATE, as follows:- 1.1.16.1 MOGALE - 50% (fifty per centum); and 1.1.16.2 ERPM - 50% (fifty per centum);

ELSBURG JV means the Elsburg Gold Mining Joint Venture, the participants whereunder and their proportionate joint venture interests as at:- 1.1.11.1 the SIGNATURE DATE, Page 8 are:- • MOGALE - 50% (fifty per centum); and • ERPM - 50% (fifty per centum); and 1.1.11.2 the CLOSING DATE, in the event of the non-exercise of the OPTION, will be:- • MOGALE - 35% (thirty five per centum); and • ERPM - 65% (sixty five per centum); or 1.1.11.3 the CLOSING DATE, in the event of the exercise of the OPTION, will be:- • MOGALE - 23,6% (twenty three comma Page 9 six per centum); and • ERPM - 76,4% (seventy six comma four per centum);

Examples of ELSBURG JV in a sentence

• All property owned by the ELSBURG JV, however, irrespective of the nature thereof and whether tangible or intangible, corporeal or incorporeal, shall be deemed to be owned by the ELSBURG JV as an entity and neither VENTURER shall, in the absence of written agreement to the contrary, have any claim to ownership thereof.

• The ELSBURG JV, at the determination of the VENTURERS, may purchase and maintain insurance on behalf of the INDEMNIFIED PERSONS against any liability that may be asserted against or incurred by such INDEMNIFIED PERSONS which is subject to indemnification hereunder.

• Admission of a new VENTURER shall not dissolve the ELSBURG JV but the VENTURERS expressly agree to an equal dilution in their respective PERCENTAGE INTERESTS in order to cater for the admission of any BEE participant in order to comply with the requirements of the DME.

• No VENTURER (nor any AFFILIATE of any VENTURER) shall receive any compensation for any services provided to the ELSBURG JV other than such VENTURER’s interest in the DISTRIBUTABLE CASH.

• The receivables of the ELSBURG JV shall be collected, and its assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof.

• All such waivers, consents and approvals shall be filed with the records of the ELSBURG JV or made a part of the minutes of the meeting.

• No VENTURER may withdraw from the ELSBURG JV without the consent of the other VENTURERS, which may be granted or withheld by the other VENTURERS in their sole and absolute discretion.

• On or before the last day of February of each calendar year, the VENTURERS shall cause to be prepared by the AUDITORS and delivered to each VENTURER at the expense of the ELSBURG JV, an annual report of the financial affairs relating to the preceding financial year containing an unaudited balance sheet and profit and loss and cash flow statements.

• Upon the occurrence of a TRIGGER EVENT , the TRANSFERRING VENTURER shall forthwith give written notice to the ELSBURG JV and to the other VENTURER, stating when the TRIGGER EVENT occurred, the reason therefor, the percentage of Page 41 the interest of the AFFECTED VENTURER in the ELSBURG JV so affected, and the name, address and capacity of the transferee, if a transfer has occurred.

• The ELSBURG JV shall pay the expenses incurred by any INDEMNIFIED PERSON in defending a PROCEEDING in advance of the final disposition of such PROCEEDING upon receipt of an undertaking by the INDEMNIFIED PERSON to repay such payment if there shall be an adjudication or determination that he is not entitled to indemnification as provided in the AGREEMENT.

More Definitions of ELSBURG JV

ELSBURG JV means an unincorporated joint venture between DRDGold and ERPM established in terms of the Heads of Agreement between them dated 8 December 2008;