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protector

protector. 1. An unrelated, disinterested overseer of a trust who possesses broader authority than a trustee. • Protectors are usu. appointed to manage offshore trusts, but the concept is slowly being applied to domestic trusts. Protectors often possess broad powers to act for the benefit of the trust, as by removing trustees and clarifying or

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protection covenant

protection covenant. Oil & gas. The implied promise in an oil-and-gas lease that the lessee will protect the property against the loss of oil and gas by drainage from the producing reservoir by drilling one or more offsetting wells. • The covenant applies only if a reasonably prudent operator would drill the additional wells. —

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