Manner of Application. Where any amount is due and payable from the Borrower hereunder and any payment is received from the Borrower of less than the whole of such outstanding amount, the amount received shall be applied in the following order (or such other order as the Lenders shall decide) and such manner of application shall override any appropriation made by the Borrower:-
Appears in 3 contracts
Sources: Credit Loan Facility Agreement (Smedvig Asa), Third Supplemental Agreement to the Usd600,000,000 Reducing and Revolving Credit Loan Facility (Smedvig Asa), Loan Agreement (Smedvig Asa)