Laserfiche WebLink
<br />27 <br />Section 6.07. Application of Funds Upon Default. All monies received by the Trustee <br />or by any receiver pursuant to any right given or action taken under the provisions of this Article <br />VI shall, after payment of the reasonable costs and fees of, and the reasonable fees, expenses, <br />liabilities and advances incurred or made by the Trustee (including fees and expenses of its <br />attorneys and advisors), be deposited in the Payment Account and all moneys so deposited <br />during the continuance of an Event of Default (other than moneys for the payment of Bonds which <br />have previously matured or otherwise become payable prior to such Event of Default or for the <br />payment of interest due prior to such Event of Default), together with all moneys in the funds and <br />accounts maintained by the Trustee under Article III hereof, shall be applied as follows: <br /> <br />(a) Unless the principal of all Bonds shall have become or shall have been <br />declared due and payable, all such moneys shall be applied: <br /> <br />First: To the payment to the persons entitled thereto of all installments of <br />interest then due on the Bonds, with interest on overdue installments, if lawful, at <br />the rate per annum borne by the Bonds, in the order of the maturity of the <br />installments of such interest, and, if the amount available shall not be sufficient to <br />pay in full any particular installment of interest, then to the payment ratably <br />according to the amounts due on such installment, to the persons entitled thereto <br />without any discrimination or privilege; and <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, and, <br />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, according <br />to the amount of principal and interest due on such date, to the persons entitled <br />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 principal <br />and interest then due and unpaid upon the Bonds, with interest on overdue interest and <br />principal, as aforesaid, without preference or priority over interest or of interest over <br />principal or of any installment of interest over any other installment of interest, or of any <br />Bonds over any other Bonds, ratably, according to the amounts due respectively for <br />principal and interest, to the persons entitled thereto without any discrimination or <br />privilege. <br /> <br />Whenever the Trustee shall apply such moneys (which shall not include the application of <br />moneys upon the occurrence of any acceleration pursuant to the provisions hereof), it shall fix the <br />date (which shall be an Interest Payment Date unless it shall deem another date more suitable) <br />upon which date such application is to commence and upon such date interest on the amounts of <br />principal and interest to be paid on such date shall cease to accrue. The Trustee shall give such <br />notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of <br />any such date and of the special record date in accordance with Article II hereof. The Trustee <br />shall not be required to make payment to the Owner of any unpaid Bond until such Bond shall be <br />presented to the Trustee for appropriate endorsement or for cancellation if fully paid. <br /> <br /> <br />8.A. - Page 147 of 255 <br />775