Royalty Contracts definition
Examples of Royalty Contracts in a sentence
The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be reasonably requested by the Grantor to vest in the Grantor all right, title and interest which the Trust had in the Royalty Contracts.
The Administrator shall not be under any obligation to appear in, prosecute or defend any legal action whether or not incidental to its duties to service the Royalty Contracts in accordance with this Agreement which in its good faith opinion may result in Administrator incurring any expense or liability.
In the event the Administrator decides not to pursue legal action in connection with the enforcement of the Royalty Contracts, Grantor, may at its sole option, pursue any such legal action it deems necessary or appropriate to enforce such Royalty Contracts including, without limitation, action to terminate the Royalty Contracts.
Notwithstanding the foregoing, Grantor reserves the right to receive from the Royalty Rights and other Available Funds reimbursement for any and all expenses Grantor incurs in connection with Royalty Contracts and the Trust.
Administrator shall use good faith efforts to collect and cause to be delivered to Trustee the payments due under the Royalty Contracts on the due dates therefor prior to each Payment Date.
The foregoing transfer, assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption by the Trust, the Trustee or any Beneficiary of any obligation of Grantor or any other Person in connection with the Royalty Contracts or any agreement or instrument relating to the Royalty Contracts.
The Trustee makes no representations as to the validity or sufficiency of this Agreement or of any document related to the Royalty Contracts.
Administrator shall be entitled to reimbursement, from amounts otherwise distributable to Beneficiaries, of all expenses and liabilities incurred by Administrator in connection with its efforts to collect the Royalty Rights, enforce the provisions of the Royalty Contracts and/or satisfying any indemnity or other obligations of Grantor under the Royalty Contracts.
The trust may also terminate at the end of the calendar year following the fiscal year of the trust during which income under the Royalty Contracts, or such other property then held as the Trust Estate, shall be less than an amount equal to twice the aggregate of the sums required for administration of the trust, including compensation of the Trustees as provided in this Agreement.
At least ten (10) Business Days preceding a Payment Date, the Administrator shall forward to the Trustee a report setting forth (i) the aggregate amount of Collections received by Administrator, if any, during the preceding quarter, (ii) a description of collection expenses or other sums, if any, for which Administrator is claiming reimbursement, and a description of any significant event occurring with respect to the Royalty Contracts during such period.