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previously matured or otherwise become payable prior to such Event of Default or for the payment of interest due prior to such Event of Default),together with all moneys in the funds and accounts maintained by the Trustee under Article III hereof, shall be applied as follows: (a) Unles� 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 payrnent 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 tlie installments of such interest, and, if the amount available shall not be sufficient to pay in full any particulaz 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 become due or shall have been declared due and payable, all such moneys shall be applied to the payment 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 ic�terest 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 amounts due respectively for principal and interest, to the persons entitled thereto withaut 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 hereo�, 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 II hereof. The Trustee sha.11 not be required to make payment to the Owner of any unpaid Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. -35- 338471 1.DOC