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exercising or omission to exercise any remedy, right or power accruing upon any default or Event of <br /> Default is to impair that remedy, right or power or is to be construed to be a waiver of any default or <br /> Event of Default or acquiescence therein. Every remedy, right and power may be exercised from time to <br /> time and as often as may be deemed to be expedient. <br /> No waiver of any default or Event of Default under the Indenture, whether by the Trustee or by <br /> the Holders, is to extend to or is to affect any subsequent default or Event of Default or is to impair any <br /> remedy,right or power consequent thereon. <br /> Right of Holders to Direct Proceedings <br /> Anything to the contrary in the Indenture notwithstanding, the Holders of a majority in aggregate <br /> principal amount of Bonds then outstanding will have the right at any time to direct, by an instrument or <br /> document in writing executed and delivered to the Trustee, the method and place of conducting all <br /> proceedings to be taken in connection with the enforcement of the terms and conditions of the Indenture <br /> or any other proceedings thereunder; provided, that(i) any direction is not to be other than in accordance <br /> with the provisions of law and of the Indenture, (ii) the Trustee is indemnified as provided in the <br /> Indenture, and (iii) the Trustee may take any other action that it deems to be proper and that is not <br /> inconsistent with the direction. <br /> Application of Money <br /> All money received by the Trustee is to be applied as follows, subject to the Indenture: <br /> (a) Unless the principal of all of the Bonds has become, or has been declared to be, <br /> due and payable,all of such money is to be deposited in the Bond Fund and applied: <br /> First -- To the payment to the Holders entitled thereto of all installments of <br /> interest then due on the Bonds, in the order of the dates of maturity of the installments of <br /> that interest, beginning with the earliest date of maturity and, if the amount available is <br /> not sufficient to pay in full any particular installment,then to the payment thereof ratably, <br /> according to the amounts due on that installment, to the Holders entitled thereto, without <br /> any discrimination or privilege; and <br /> Second -- To the payment to the Holders entitled thereto of the unpaid principal <br /> of any of the Bonds that has become due, in the order of their due dates, beginning with <br /> the earliest due date, with interest on those Bonds from the respective dates upon which <br /> they became due at the rates specified in those Bonds, and if the amount available is not <br /> sufficient to pay in full all Bonds due on any particular date, together with that interest, <br /> then to the payment thereof ratably, according to the amounts of principal due on that <br /> date,to the Holders entitled thereto,without any discrimination or privilege. <br /> (b) If the principal of all of the Bonds has become due or has been declared to be due <br /> and payable pursuant to the Indenture, all of such money is to be deposited into the Bond Fund <br /> and applied to the payment of the principal and interest then due and unpaid upon the Bonds, <br /> without preference or priority of principal over interest, of interest over principal, of any <br /> installment of interest over any other installment of interest, or of any Bond over any other Bond, <br /> ratably, according to the amounts due respectively for principal and interest, to the Holders <br /> entitled thereto,without any discrimination or privilege. <br /> - 18 - <br />