Agenda - 11-16-2010 - 4k - Laserfiche WebLink

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(a) If the principal with respect to all Bonds has not become or will not have been • declared due and payable, all such moneys in the Payment Fund will be applied as follows: First, Costs and Expenses: to the payment of the costs and expenses of the Trustee and of the Owners in declaring such Event of Default, including reasonable compensation to its or their agents, attorneys and counsel; Second, Interest: to the payment to the persons entitled thereto of all installments of interest then due in the order of the maturity of such installments, and, if the amount available is not sufficient to pay in full any installment or installments maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the persons entitled thereto, without any discrimination or preference; and Third, Principal: to the payment to the persons entitled thereto of the unpaid principal with respect to any Bonds which have become due, whether at maturity or by call for prepayment, in the order of their due dates, with interest on the overdue principal at a rate equal to the rate paid with respect to the Bonds, and, if the amount available will not be sufficient to pay in full all of the amounts due with respect to the Bonds on any date, together with such interest, then to the payment thereof ratably, according to the amounts of principal due on such date to the persons entitled thereto, without any • discrimination or preference. (b) If the principal with respect to all Bonds has become or been declared due and payable, all such money will be applied (i) first to pay the Trustee's fees and expenses, and then (ii) to the payment of principal and interest then due with respect to the Bonds, without preference or priority of principal or interest, or of any installment of interest over .any other installment of interest, or of any Bond over any other Bond, ratably according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or privilege. (c) If the principal with respect to all Bonds has been declared due and payable and if such declaration thereafter has been rescinded and annulled under the provisions of Section 8.02, then, subject to the provisions of subsection (b) above, if the principal with respect to all Bonds later becomes due and payable or is declared due and payable, the money then remaining in and thereafter accruing to the Payment Fund will be applied in accordance with the provisions of subsection (a) above. The Trustee may fix a payment date for any payment to the Owners under this Section. Section 8.11. Undertaking for Costs. In any suit for the enforcement of any right • or remedy under this Trust Agreement or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its 21