Proposal Trustee definition
Examples of Proposal Trustee in a sentence
The Purchaser hereby covenants and agrees that, except as expressly contemplated in this Agreement, from the date hereof until the Closing Date, it shall take all such actions as are necessary to provide to the Proposal Trustee all necessary information in respect of the Purchaser reasonably required to complete the applicable tax elections in accordance with section 5.1 hereof and to execute all necessary forms related thereto.
Up to an amount of $300,000 (the “Royalty Payment”) shall be paid by the Buyer to the Proposal Trustee within 90 days of each calendar year end, and shall be accompanied by a letter from the Buyer’s auditor confirming the gross sales relating to the Royalty Payment for the applicable year end.
Unless otherwise agreed, all amounts payable to the Proposal Trustee either by way of Deposit or at the Time of Closing will be paid to the Proposal Trustee by cheque certified by, or bank draft of, a major Canadian bank listed in Schedule I to the Bank Act (Canada) or by wire transfer in accordance with wire transfer instructions provided in writing by the Proposal Trustee to the Buyer.
The Proposal Trustee shall be indemnified in full by the Company for all personal liability arising from fulfilling any duties or exercising any powers or duties conferred upon it by this Proposal or under the BIA, except for any willful misconduct or gross negligence.
The Purchaser further acknowledges and agrees that it shall not call upon the Proposal Trustee to produce any title deed, abstract of title, survey or other evidence of title that is not within the Proposal Trustee's possession or control.