Permian Basin Royalty Trust is an express trust created by the Permian Basin Royalty Trust indenture between Southland Royalty Company and The First National Bank of Fort Worth. Southwest Bank is the trustee of the Trust. The net overriding royalties conveyed to the Trust include a 75% net overriding royalty in Southland Royalty Company's fee mineral interest in the Waddell Ranch in Crane County, Texas and a 95% net overriding royalty carved out of Southland Royalty Company's major producing royalty properties in Texas. The net overriding royalty for the Texas Royalty properties is subject to the provisions of the lease agreements under which such royalties were created. The function of the trustee is to collect the income attributable to the royalties, to pay all expenses and charges of the Trust and then to distribute the remaining available income to the unit holders. The Trust is not empowered to carry on any business activity.