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all moneys in the Acquisition and Construction Fund at the time <br /> of the occurrence of an event of default shall be deposited in <br /> the Bond Fund and all such moneys in the Bond Fund shall be <br /> applied to the payment of the principal installments and interest <br /> then due and unpaid upon the Bonds to the persons entitled <br /> thereto. <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 Assignee shall determine, <br /> but in any event within fifteen business days after deposit of <br /> such moneys in the Bond Fund. The Assignee shall give such <br /> notice as it may deem appropriate of the deposit with it of any <br /> such moneys and of the fixing of any such date, and shall not be <br /> required to make payment to the registered owner or owners of the <br /> Bonds in whole until such Bonds shall be presented to the <br /> Assignee for appropriate endorsement or for cancellation if fully <br /> paid. <br /> Whenever all principal installments of and interest on <br /> the Bonds have been paid under the provisions of this Section and <br /> all expenses of the Purchaser, the Assignee and the Issuer have <br /> been paid, and payment of all amounts under Section 103 (c) (6) of <br /> the Code have been paid or provided for, any balance remaining in <br /> the Bond Fund shall be paid to the Borrower. <br /> With regard to any event of default concerning which <br /> notice is given to the Borrower under the provisions of this <br /> Section, the Issuer hereby grants the Borrower full authority for <br /> the account of the Issuer to perform or observe any covenant or <br /> -32- <br />