Application of Revenues. To provide for the efficient financing of Operations, it is agreed that all revenues from the sale of Product by or on behalf of the Participants shall be paid on behalf of the Participants directly to the Manager and the amount thereof credited to each Participant in the Joint Account. Cash standing to the credit of a Participant in the Joint Account, whether from such revenues or from cash calls or otherwise, shall be applied by the Manager on behalf of such Participant as follows:
Appears in 2 contracts
Sources: Mining Venture Agreement (New Jersey Mining Co), Mining Venture Agreement (Silverstar Mining Corp.)