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40 <br />Priority of Payments following Default (Section 7.04) <br />If an Event of Default under the Indenture occurs and the moneys held <br />by the Trustee under the Indenture (other than moneys then held or set aside <br />under the Indenture for the payment of any Bonds at maturity or on any <br />redemption date or Tender Date that have not been presented for payment) shall <br />not be sufficient to pay the principal or Redemption Price of and interest on, <br />and the purchase price of, the Bonds as the same become due and payable <br />(either by their terms or by acceleration of maturity under the Indenture), <br />such moneys, together with any moneys then available or thereafter becoming <br />available for such purpose, whether through the exercise of the remedies <br />provided for in the Indenture or otherwise, shall be applied as follows: <br />(a) Unless the principal of all the Bonds shall be due and payable, <br />all such moneys shall be applied: <br />FIRST: to the payment to the persons entitled thereto of the <br />interest then due on the Bonds and, if the amount available shall not be <br />sufficient to pay in full all such interest, then to the payment of such <br />interest, ratably, to the persons entitled thereto, without any discrimination <br />or preference; <br />SECOND: to the payment to the persons entitled thereto of the <br />unpaid principal or Redemption Price due on any of the Outstanding Bonds in <br />the order of the due dates for such payments, with interest upon such <br />principal or Redemption Price from the respective dates upon which such <br />amounts shall have become due and payable (whether upon proceedings for <br />redemption or otherwise), and, if the amount available shall not be sufficient <br />to pay in full the principal or Redemption Price due and payable on any <br />particular date, together with such interest, then to the payment first of <br />such interest, ratably, according to the amount of interest due on such date, <br />and then to the payment of such principal or Redemption Price, ratably, <br />according to the amount due on such date, to the persons entitled thereto, <br />without any discrimination or preference; <br />THIRD: to the payment of the interest on and the principal of <br />the Bonds as the same become due and payable (whether upon proceedings for <br />redemption or otherwise); and <br />FOURTH: to the Credit Facility Provider to the extent of any <br />amount due and unpaid under the Credit Facility Agreement in accordance with <br />the terms thereof upon the certification to the Trustee of such amount by the <br />Credit Facility Provider. <br />(b) If the principal of all the Bonds shall, have become due and <br />payable, either by their terms or by a declaration of acceleration, all such <br />moneys shall be applied to the payment of the principal and interest then due <br />and unpaid upon the Outstanding Bonds, without preference or priority of <br />principal over interest or of interest over principal, or of any installment <br />of interest over any other installment of interest, or of any such Bond over <br />-33- <br />