Common use of Application of Production Proceeds Clause in Contracts

Application of Production Proceeds. So long as no default has ----------------------------------- occurred hereunder, the Production Proceeds received by Agent during each -18 calendar month shall on the first business day of the next succeeding calendar month (or, at the option of Agent, on any earlier date) be applied by Agent as follows: FIRST, to the payment of all secured indebtedness then due and ----- payable, in such manner and order as Agent deems advisable; SECOND, to the prepayment of the remainder of the secured indebtedness ------ in such manner and order and to such extent as Agent deems advisable; and THIRD, the remainder, if any, of the Production Proceeds shall be paid ----- over to Mortgagor or to Mortgagor's order or to such other parties as may be entitled thereto by law. After a default hereunder has occurred, all Production Proceeds from time to time in the hands of Agent shall be applied by it toward the payment of all secured indebtedness (principal, interest, attorneys' fees and other fees and expenses) at such times and in such manner and order and to such extent as Agent deems advisable.

Application of Production Proceeds. So long as no default has ----------------------------------- occurred hereunder, the Production Proceeds received by Agent during each -18 calendar month shall on the first business day of the next succeeding calendar month (or, at the option of Agent, on any earlier date) be applied by Agent as follows: FIRST, to the payment of all secured indebtedness then due and ----- payable, in such manner and order as Agent deems advisable; SECOND, to the prepayment of the remainder of the secured indebtedness ------ in such manner and order and to such extent as Agent deems advisable; and THIRD, the remainder, if any, of the Production Proceeds shall be paid ----- over to Mortgagor or to Mortgagor's order or to such other parties as may be entitled thereto by law. After a default hereunder has occurred, all Production Proceeds from time to time in the hands of Agent shall be applied by it toward the payment of all secured indebtedness (principal, interest, attorneys' fees and other fees and expenses) at such times and in such manner and order and to such extent as Agent deems advisable.

Application of Production Proceeds. So long as no default has ----------------------------------- occurred hereunder, the Production Proceeds received by Agent during each -18 calendar month shall on the first business day of the next succeeding calendar month (or, at the option of Agent, on any earlier date) be applied by Agent as follows: FIRST, to the payment of all secured indebtedness then due and ----- payable, in such manner and order as Agent deems advisable; SECOND, to the prepayment of the remainder of o f the secured ------ indebtedness ------ in such manner and order and to such extent as Agent deems advisable; and THIRD, the remainder, if any, of the Production Proceeds shall ----- be paid ----- over to Mortgagor or to Mortgagor's order or to such other parties as may be entitled thereto by law. After a default hereunder has occurred, all Production Proceeds from time to time in the hands of Agent shall be applied by it toward the payment of all secured indebtedness (principal, interest, attorneys' fees and other fees and expenses) at such times and in such manner and order and to such extent as Agent deems advisable.

Application of Production Proceeds. So long as no default has ----------------------------------- occurred hereunder, the Production Proceeds received by Agent during each -18 calendar month shall on the first business day of the next succeeding calendar month (or, at the option of Agent, on any earlier date) be applied by Agent as follows: FIRST, to the payment of all secured indebtedness then due and ----- payable, in such manner and order as Agent deems advisable; SECOND, to the prepayment of the remainder of the secured indebtedness ------ in such manner and order and to such extent as Agent deems advisable; and THIRD, the remainder, if any, of the Production Proceeds shall be paid ----- over to Mortgagor or to Mortgagor's order or to such other parties as may be entitled thereto by law. After a default hereunder has occurred, all Production Proceeds from time to time in the hands of Agent shall be applied by it toward the payment of all secured indebtedness (principal, interest, attorneys' attorney's fees and other fees and expenses) at such times and in such manner and order and to such extent as Agent deems advisable.

Application of Production Proceeds. So long as no default has ----------------------------------- occurred hereunder, the Production Proceeds received by Agent during each -18 calendar month shall on the first business day of the next succeeding calendar month (or, at the option of Agent, on any earlier date) be applied by Agent as follows: FIRST, to the payment of all secured indebtedness then due and ----- payable, in such manner and order as Agent deems advisable; SECOND, to the prepayment of the remainder of the secured indebtedness ------ in such manner and order and to such extent as Agent deems advisable; and THIRD, the remainder, if any, of the Production Proceeds shall be paid ----- over to Mortgagor or to Mortgagor's ’s order or to such other parties as may be entitled thereto by law. After a default hereunder has occurred, all Production Proceeds from time to time in the hands of Agent shall be applied by it toward the payment of all secured indebtedness (principal, interest, attorneys' ’ fees and other fees and expenses) at such times and in such manner and order and to such extent as Agent deems advisable.