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1994-06-21 Minutes
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1994-06-21 Minutes
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First: To the payment of amounts, if <br />• any, payable to the United States Treasury <br />pursuant to Section hereof; and <br />Second: To the payment of the principal <br />and interest then due and unpaid upon the <br />Bonds, with interest on overdue interest and <br />principal, as aforesaid, without preference or <br />priority of principal over interest or of <br />interest over principal or of any installment <br />of interest over any other installment of <br />interest, or of any Bond over any other Bond, <br />ratably, according to the amounts due <br />respectively for principal and interest, to <br />the Persons entitled thereto without any <br />discrimination on or privilege; <br />Third: To the payment of the principal <br />and interest then due and unpaid upon Bonds <br />with respect to which the payment of principal <br />and interest has been extended as described in <br />Section 901 hereof; and <br />Fourth: To the payment of any amounts <br />owed to the Credit Facility Issuer under the <br />terms of the Credit Facility. <br />• (c) If the principal of all the Bonds shall have been <br />declared due and payable, and if such declaration shall thereafter <br />have been rescinded and annulled under the provisions of this <br />Article IX, then, subject to the provisions of paragraph (b) of <br />this Section 907 which shall be applicable in the event that the <br />principal of all the Bonds shall later become due or be declared <br />due and payable, the moneys shall be applied in accordance with the <br />provisions of paragraph (a) of this Section 907. <br />Notwithstanding the foregoing, any moneys which the <br />Trustee holds pursuant to Section hereof must be distributed <br />in accordance such Section <br />Whenever moneys are to be applied pursuant to the <br />provisions of this Section, such moneys shall be applied at such <br />times, and from time to time, as the Trustee shall determine, <br />having due regard for the amount of such moneys available for <br />application and the likelihood of additional moneys becoming <br />available for such application in the future. Whenever the Trustee <br />shall apply such moneys (which shall not include the application <br />of moneys upon the occurrence of an acceleration pursuant to <br />Section 903 hereof), it shall fix the date (which shall be an <br />Interest Payment Date unless it shall deem another date more <br />suitable) upon which such application is to commence and upon such <br />date interest on the amounts of principal and interest to be paid <br />• <br />82 <br />
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