200906254 - Laserfiche WebLink

Browse

200905254 by the Trustee shall be brought far the ratable benefit of the owners of the Bonds, subject to the provisions of this Indenture. Section 6. If at any time the moneys in the Bond Fund shall not be sufficient to pay the interest or principal of the bonds as the same become due and payable (whether at maturity or upon proceedings for the redemption thereof by declaration or otherwise), the moneys in said fund, together with any other moneys then available or thereafter becoming available for such purpose, whether through the exercise of the remedies provided for in this Article X or otherwise, shall be applied as follows: (a) Unless the principal. of all the bonds shall have become due and payable or shall have been declared due and payable pursuant to the provisions of Section 2 hereof, all such moneys shall be applied: First: to the payment to the persons entitled thereto of all installments of interest (including interest on interest as provided by law) then due on the bonds, in the order of the maturity of the installments of such interest, and if the amount available shall not be sufficient, then to the payment ratably, according to the amounts due on such installments, to the persons entitled thereto, without any discrimination or preference except as to any difference in the respective rates of interest specified in the bonds; Second: to the payment to the persons entitled thereto of unpaid principal which shall have become due, in the order of the dates such principal became due, with interest at the rate stated in each such bond upon such principal from the respective dates upon which such principal became due, and, if the amount available shall not be sufficient to pay in full the principal due on any particular date, together with such interest, then to the payment first of such interest, ratably according to the amount of such interest due on such date, and then to the payment of such principal, ratably according to the amount of such principal due on such date, to the persons entitled thereto without any discrimination or preference; and (b) if the principal of all the bonds shall have become due and payable or shall have been declared due and payable pursuant to the provisions of Section 2 hereof, all such moneys shall be applied to the payment of the principal and interest then due and unpaid, with interest on such principal and interest as aforesaid, without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any bond, ratably, according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference except as to any difference in the respective rates of interest specified in the bonds; and (c) if the principal of all the bonds shall have been declared due and payable pursuant to the provisions of Section 2 hereof, and if such declaration shall thereafter have been rescinded and annulled pursuant to the provisions of said Section 2, then, subject to the provisions of subsection (b) above of this Section 6 in the event that the principal of all the bonds shall later become due and payable or be declared due and payable pursuant to the provisions of Section 2 hereof, the moneys then held in the Bond Fund shall be applied to the payment of the principal of all matured bonds and all bonds (or portions of the principal amount thereof) then or theretofore required to be redeemed pursuant to any 27