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rM Section 1003. Subject to the provisions of Section 404 hereof, available moneys shall be applied by the Trustee as follows: (a) Unless the principal of all the bonds shall have become or shall have been declared due and payable, all such moneys shall be applied: First: to the payment to the persons entitled thereto of all installments of interest then due, in the order of the maturity of the installments of such interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimina- tion or privilege; Second: to the payment to the persons entitled thereto of the unpaid principal of any of the bonds which shall have become due (other than bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in the order of their due dates, with interest on such bonds from the re- spective dates upon which they become due, and, if the amount avail- able shall not be sufficient to pay in full bonds due on any particu- lar date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or privilege; and Third: to the payment of the interest on and the principal of the bonds, and to the redemption of bonds, all in accordance with the provisions of Article IV of this Indenture. (b) If the principal of all the bonds shall have become due or shall have been declared due and payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the bonds, without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or