Joint Venture Participant definition
Examples of Joint Venture Participant in a sentence
The abandoning Joint Venture Participant shall remain liable for its share of all Liabilities relating to the abandoned property arising out of Operations conducted on such property prior to the transfer of such property to the objecting Joint Venture Participant.
The Diluted Interest Royalty payable to a former Joint Venture Participant whose Joint Venture Interest was converted pursuant to Section 2.2 of Schedule “B” (a “Payee”) will, subject to reduction under paragraph 9, be equal to Two Percent (2.0%) of Net Returns and will be paid by the remaining Participant (the “Payor”) in accordance with the terms of this Schedule “C”.
The inspection and access rights herein are granted on the conditions that the Joint Venture Participant comply with Minera Metalin's rules and not obstruct or interfere with Minera Metalin's work.
Upon the reduction of the Participating Interest of a Joint Venture Participant (the “Withdrawing Participant”) to ten percent (10%) or less, the other Joint Venture Participant (the “Non-Withdrawing Participant”) shall have the right at any time to elect to require that the Withdrawing Participant’s Participating Interest shall be converted to a net smelter royalty on substantially the terms and conditions of the net smelter royalty agreement set out as Appendix I hereto (the “NSR Royalty” ) ..
Percentage of services planned and actually provided by subcontractor or Joint Venture Participant during the report period and cumulative to date by SIC code if applicable.
The Joint Venture Participants intend that all income and all tax benefits (including, but not limited to, deductions, depreciation, amortization and credits) with respect to the expenditures made by the Operator on behalf of the Joint Venture Participants will be allocated by the relevant Government tax authorities to the Joint Venture Participants based on the relevant interest of each Joint Venture Participant.
If the performance of services does not meet this standard and if this deficiency is timely reported in writing to the Joint Venture Participant providing services by the other Joint Venture Participant, the Joint Venture Participant providing services shall correct any deficiencies at its expense.
Within 10 days after receipt of each billing, each Joint Venture Participant shall advance its proportionate share of the estimated amount.
Nothing in this Agreement, and no delivery of Residue Gas by the Joint Venture or any Joint Venture Participant by virtue of this Agreement, will be construed to constitute the Joint Venture or any of the Joint Venture Participants, jointly or severally, as a public utility within the meaning of the Utilities Commission Act (British Columbia) or otherwise by operation of law.
If such Joint Venture Participant fails to make a written request to transfer such mineral claims within such 30 day period, the Management Committee may then abandon such mineral claims without further notice to such Joint Venture Participant.