Third Party Payor definition
Examples of Third Party Payor in a sentence
Each Payor shall not dispose of any Minerals except pursuant to (i) a sale and delivery by such Payor to a Third Party Payor on industry standard terms or (ii) a disposition of Minerals as Waste Materials in accordance with Section 13(h).
The Royalty Payor Parties shall ensure that all contractual or other arrangements entered into by the Royalty Payor Entities with the Third Party Payor shall contain provisions implementing the terms and conditions of payment set forth in Sections 3 and 4 and this Section 5 and shall procure the written undertaking of the Third Party Payor contractually binding the Third Party Payor to performance in accordance with Sections 3 and 4 and this Section 5 in form and substance enforceable by the Payee.
The Payors shall ensure that each shipment of Minerals is adequately insured in such amounts and with such coverage as is customary in the mining industry, until the time that ▇▇▇▇ of loss and damage for such Minerals is transferred to the Third Party Payor.
The Royalty Payor Parties acknowledge their primary obligation to pay the Royalty and that no undertaking by the Third Party Payor shall relieve the Royalty Payor Parties of that obligation.
Such statement shall be accompanied by copies of the relevant settlement sheets from the Third Party Payor and invoices for all Allowable Deductions applied to the Royalty.