RES 02047 - Laserfiche WebLink

(a) Unless the principal of all Bonds shall have become or shall have been declared due and payable. all such moneys shall be applied: First: To the payment to the persons entitled thereto of all installments of interest then due on the Bonds, with interest on overdue installments. if lawfuL at the rate per annum borne by the Bonds, in the order of the maturity of the installments of such interest. and. if the amount available shall not be sufficient to pay in full any particular installment of interest, then to the payment ratably according to the amounts due on such installment, to the persons entitled thereto without any discrimination or privilege: and Second: To the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture). with interest on such Bonds at their rate from the respective dates upon which they became due. in the order of their due dates. and. if the amount available shall not be sufficient to pay in full Bonds due on any particular date. together with such interest. then to the payment ratably, according to the amount of principal and interest due on such date. to the persons entitled thereto without any discrimination or privilege. (b) If the principal of all the Bonds shall have becorne due or shall have been declared due and payable. all such moneys shall be applied to the pa)ment of the principal and interest then due and unpaid upon the Bonds. with interest on overdue interest and principaL as aforesaid. without preference or priority over interest or of interest over principal or of any installment of interest over any other installment of interest, or of any Bonds over any other Bonds. ratably. according to the arnounts due respectively for principal and interest. to the persons entitled thereto without any discrimination or privilege. Whenever the Trustee shall apply such moneys (which shall not include the application of moneys upon the occurrence of any acceleration pursuant to the provisions hereof). it shall fix the date (which shall be an Interest Payment Date unless it shall deem another date more suitable) upon which date such application is to commence and upon such date interest on the amounts of principal and interest to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date and of the special record date in accordance with Article 11 hereof. The Trustee shall not be required to rnake payrnent to the Owner of any unpaid Bond until such Bond shall be presented to the Trustee for appropriate endorsernent or for cancellation if fully paid. -36- Pleasanton Cross Town Indenture (2).DOC