Production and Proceeds Sample Clauses
The 'Production and Proceeds' clause defines how the output (such as goods, resources, or products) generated under an agreement is handled, as well as how the resulting revenues are distributed among the parties. Typically, this clause outlines the rights and responsibilities regarding the collection, sale, and allocation of proceeds from production, and may specify timelines, methods of payment, or deductions for costs. Its core function is to ensure transparency and fairness in the management and division of both the produced goods and the income they generate, thereby preventing disputes over entitlements and financial flows.
Production and Proceeds. Notwithstanding that, by the terms of the various Mortgages and other Basic Documents, the Borrower and any other mortgagors are and will be assigning to the Trustee all of the Hydrocarbons covered thereby and all of the products thereof and proceeds and revenues attributable thereto and all payments in lieu of such Hydrocarbons (in this section collectively called the "Production and Proceeds"), so long as no Default has occurred and is continuing (a) the Borrower and such mortgagors may continue to receive all such Production and Proceeds, subject, however, to the Liens created under the Mortgages and other Basic Documents, and (b) upon the Borrower's request the Agent will confirm to any purchasers of Hydrocarbons, title examiners, or other Persons that the Borrower and such mortgagors continue to have the right so to receive such Production and Proceeds until notification by the Agent of the occurrence of a Default. During the continuance of an Event of Default, however, the Trustee at the direction of the Agent may (subject to all rights of the Senior Loan Agent and the Senior Lenders under the Senior Loan Documents) exercise its rights and remedies granted under the Mortgages and the other Basic Documents, including the rights and remedies granted under the Mortgages and the other Basic Documents, including the right to obtain possession of all Production and Proceeds then held by the Borrower and such mortgagors and to receive directly from the purchasers of Hydrocarbons all other Production and Proceeds. In no case shall any failure by the Trustee to collect directly any such Production and Proceeds constitute in any way a release of any of its or the Agent's rights under the Basic Documents.
Production and Proceeds. 42 Section 10.04 Set-Off...................................................42 ARTICLE XI THE AGENT................................................................42 Section 11.01 Authorization and Action..................................42 Section 11.02 Agent's Reliance, Etc.....................................43 Section 11.03 The Agent and Its Affiliates..............................43 Section 11.04 Noteholders Loan Decision.................................43 Section 11.05 Indemnification...........................................44 Section 11.06
Production and Proceeds. 68 Article 11 The Agent.....................................................................................68 Section 11.01 Appointment, Powers and Immunities.................................................68
Production and Proceeds. 64 ARTICLE XI THE AGENT
Production and Proceeds. Notwithstanding that, by the terms of the various Mortgages and other Loan Documents, the Borrower and any other mortgagors are and will be assigning to Agent all of the Hydrocarbons covered thereby and all of the products