Payors definition
Examples of Payors in a sentence
The Payors, the Royalty Payor Parties and the Royalty Payor Entities (to the extent they assume obligations hereunder) are jointly and severally liable for the due and punctual performance and observance of all obligations, covenants and agreements of the Payors and the Royalty Payor Parties under this Agreement (including the obligation to make credits/payments on account of the Royalty).
The Payors shall ensure that insurance is maintained with reputable insurance companies with respect to the Projects and the Property and the operations conducted at, on and in respect thereof against such casualties and contingencies and of such types and in such amounts as is customary in the case of similar operations in the United States.
Notwithstanding anything in this Agreement, the Payee shall have the right to Transfer by way of Encumbrance, in whole or in part, its rights and obligations under this Agreement to one or more lenders providing financing to the Payee or any of its Affiliates without notice to, or the consent of, the Payors.
If the Payors wish to abandon any of the material licenses, patented or unpatented claims comprising part of the Property or any other interest in the Property (“Abandonment Property”), the Payors shall first give notice of such intention to the Payee at least 45 days in advance of the proposed date of abandonment.
If such transferee enforces such Encumbrance, it will provide notice to the Payors and upon delivery of such notice, which notice shall confirm that such transferee agrees to be bound by such transferred obligations under this Agreement, such transferee shall become a party to this Agreement with all of the rights and obligations of the Payee.