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Gold/Mining/Energy : Primo Resources - PRI.VSE
PII 70.66-1.7%4:00 PM EST
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To: Leigh McBain who wrote (558)4/6/2000 3:40:00 PM
From: tom shelby  Read Replies (2) of 579
 
Thanks for the update. My guess is that the property payments had specific due dates. However it would be typical that the JV agreement had a notice provision (usually 30 days) to correct any defaults. So while Primo made a late payment there is nothing that GL can do other than piss and moan.

Cash calls usually require at least 30 days notice and I have seen some that require a 6 month budget or even a 12 month budget so that all JV partners know what the requirements. Usually these type of provisions are ignored when dealing with a fast moving project.
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