(b) If the extent to which a security interest is a production-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:

1. (1) In accordance with any reasonable method of application to which the parties agree;
2. (2) In the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or

3. (3) In the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order:

   1. (A) To obligations that are not secured; and
   2. (B) If more than one obligation is secured, to obligations secured by production-money security interests in the order in which those obligations were incurred.

(c) A production-money security interest does not lose its status as such, even if:

1. (1) The production-money crops also secure an obligation that is not a production-money obligation;
2. (2) Collateral that is not production-money crops also secures the production-money obligation; or
3. (3) The production-money obligation has been renewed, refinanced, or restructured.