Common use of Acceptance of Appointment and Other Matters Relating to Administrator Clause in Contracts

Acceptance of Appointment and Other Matters Relating to Administrator. (a) The Grantor, in its capacity as originator of the Royalty Contracts hereby appoints Planet Royalty Administrator, LLC to act as the Administrator under this Agreement and Planet Royalty Administrator, LLC hereby agrees to act as the Administrator under this Agreement (b) The Administrator shall service and administer the Royalty Contracts and shall collect payments due under the Royalty Contracts in accordance with commercially reasonable standards and shall have full power and authority, acting alone or through any party properly designated by it hereunder to do any and all things in connection with such administration which it may deem necessary or desirable. Without limiting the generality of the foregoing and subject to Section 9.1, the Administrator is hereby authorized and empowered to execute and deliver, on behalf of the Trust for the benefit of the Beneficiaries, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Royalty Contracts and, after default of the Royalty Contracts and to the extent permitted under and in compliance with applicable law and regulations, to commence enforcement proceedings with respect to the Royalty Contracts. The Trustee shall furnish the Administrator with any documents necessary or appropriate to enable the Administrator to carry out its administrative duties hereunder.