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<br />31 <br /> <br />Second: To the payment to the persons entitled thereto of the unpaid <br />principal of any of the Bonds which shall have become due (other than Bonds <br />called for redemption for the payment of which moneys are held pursuant to the <br />provisions of this Indenture), with interest on such Bonds at their rate from the <br />respective dates upon which they became due, in the order of their due dates, <br />and, if the amount available shall not be sufficient to pay in full Bonds due on any <br />particular date, together with such interest, then to the payment ratably, <br />according to the amount of principal and interest due on such date, to the <br />persons entitled thereto without any discrimination or privilege. <br /> <br />(b) If the principal of all the Bonds shall have become due or shall have been <br />declared due and payable, all such moneys shall be applied to the payment of the <br />principal and interest then due and unpaid upon the Bonds, with interest on overdue <br />interest and principal, as aforesaid, without preference or priority over interest or of <br />interest over principal or of any installment of interest over any other installment of <br />interest, or of any Bonds over any other Bonds, ratably, according to the amounts due <br />respectively for principal and interest, to the persons entitled thereto without any <br />discrimination or privilege. <br /> <br />Whenever the Trustee shall apply such moneys (which shall not include the application <br />of moneys upon the occurrence of any acceleration pursuant to the provisions hereof), it shall fix <br />the date (which shall be an Interest Payment Date unless it shall deem another date more <br />suitable) upon which date such application is to commence and upon such date interest on the <br />amounts of principal and interest to be paid on such date shall cease to accrue. The Trustee <br />shall give such notice as it may deem appropriate of the deposit with it of any such moneys and <br />of the fixing of any such date and of the special record date in accordance with Article II hereof. <br />The Trustee shall not be required to make payment to the Owner of any unpaid Bond until such <br />Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully <br />paid. <br /> <br /> <br />ARTICLE VII <br /> <br />THE TRUSTEE <br /> <br />Section 7.01. Trustee, Duties, Removal and Resignation. By executing and delivering <br />the Indenture, the Trustee accepts the duties and obligations of the Trustee provided in the <br />Indenture, but only upon the terms and conditions set forth in the Indenture. <br /> <br />The Authority or the Owners of a majority in aggregate principal amount of all Bonds <br />Outstanding may, by thirty (30) days prior written request, remove the Trustee initially a party <br />hereto, and any successor thereto, and in such event, or in the event the Trustee resigns, the <br />Authority shall appoint a successor Trustee, but any such successor shall be a bank or trust <br />company in good standing doing business and having an office in Los Angeles or San <br />Francisco, California, having (or if such bank or trust company is a member of a bank holding <br />company system, its bank holding company shall have) a combined capital (exclusive of <br />borrowed capital) and surplus of at least Fifty Million Dollars ($50,000,000) and subject to <br />supervision or examination by federal or state authority. If such bank or trust company publishes <br />a report of condition at least annually, pursuant to law or to the requirements of any supervising <br />or examining authority above referred to, then for, the purposes of this Section the combined <br />8.C. - Page 142