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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />""""\'" <br /> <br />First: To the payment to the persons entitled thereto of <br />all installments on interest then due in the order of the maturity of such <br />installments, and, if the amount available shall not be sufficient to pay in <br />full any installment, then to the payment thereof ratably, according to the <br />amounts due on such installment, to the persons entitled thereto, without any <br />discrimination or preference; and <br /> <br />(2) If the principal of all .of the Bonds shall have bec.ome due <br />and payable, to the payment of the principal and interest then due and unpaid <br />upon the Bonds without preference or priority .of principal over interest .or <br />interest over principal, or of any installment .of interest .over any .other <br />installment .of interest, or .of any Bond over any other Bond, ratably, <br />according to the amounts due respectively f.or principal and interest, to the <br />persons entitled thereto without any discrimination or preference except as to <br />any difference in the respective rates of interest specified in the Bonds and <br />coupons. <br /> <br />The provisions of this Section 1204 are in all respects subject to the <br />provisions of Section 902. <br /> <br />Whenever moneys are to be applied by the Trustee pursuant t.o the <br />provisi.ons of this Section, such moneys shall be applied by the Trustee at <br />such times, and from time to time, as the Trustee in its sole discretion shall <br />determine, having due regard t.o the am.ount of such m.oneys available f.or <br />application in the future; the deposit .of such moneys with the Paying Agents, <br />or otherwise setting aside such moneys in trust for the pr.oper purpose, shall <br />constitute proper application by the Trustee; and the Trustee shall incur no <br />liability whats.oever to the Agency, to any Bondholder, or to any other pers.on <br />for any delay in applying any such moneys, so long as the Trustee acts with <br />reasonable diligence, having due regard f.or the circumstances, and ultimately <br />applies the same in accordance with such provisions .of this Resoluti.on as may <br />be apPlicable at the time of application by the Trustee. Whenever the Trustee <br />shall exercise such discretion in applying such moneys, it shall fix the date <br />(which shall be an Interest Payment Date unless the Trustee shall deem another <br />date IOOre suitable) up.onwhich such appl ication is to be made and upon such <br />date interest on the amounts of principal to be paid on such date shall cease <br />to accrue. The Trustee shall give such notice as it may deem appropriate for <br />the fixing of any such date. The Trustee shall not be required to make <br />payment to the Holder of any unpaid coupon or any Bond unless such coupon or <br />such Bond shall be presented to the Trustee for approriate endorsemernt or for <br />cancellation as fully paid. <br /> <br />1205. Termination of Proceedings. In case any proceeding taken by the <br />Trustee on account of any Event of Default shall have been discontinued or <br />abandoned for any reason, then in every such case the Agency, the Trustee and <br />the Bondholders shall be restored to their former positions and rights <br />hereunder, respectively, and all rights, remedies, powers and duties of the <br />Trustee shall continue as though no such proceeding had been taken. <br /> <br />58 <br />