Common use of Assignment by Payor Clause in Contracts

Assignment by Payor. Upon any assignment, conveyance, termination or abandonment of the Property or any portion thereof, as the case may be, by the Payor, the Payor shall have no further obligation to the Royalty Holder in respect of the Property or such portion, as the case may be; provided that, in the case of assignment or conveyance, it shall be a condition of any assignment or conveyance that the assignee or transferee shall have agreed to assume the Payor’s obligation to the Royalty Holder to pay the royalty in respect of that portion of the Property acquired by such assignee or transferee.

Assignment by Payor. Upon any assignment, conveyance, termination conveyance or final abandonment of the Payor’s interest in the Property or any portion thereof, as the case may be, by the Payor, the Payor shall have no further obligation to the Royalty Holder Payee in respect of the Property or such portion, as the case may be; provided that, in the case of assignment or conveyance, it shall be a condition of any assignment or conveyance that the assignee or transferee shall have agreed to assume the Payor’s obligation to the Royalty Holder Payee to pay the royalty Royalty in respect of that portion of the Property acquired by such assignee or transferee.. [Redacted: Assignment provision]