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No delay in exercising or omission to exercise any remedy, right or power accruing upon <br /> any default or Event of Default shall impair that remedy, right or power or shall be construed to <br /> be a waiver of any default or Event of Default or acquiescence therein. Every remedy, right and <br /> power may be exercised from time to time and as often as may be deemed to be expedient. <br /> No waiver of any default or Event of Default hereunder, whether by the Trustee or by the <br /> Holders, shall extend to or shall affect any subsequent default or Event of Default or shall impair <br /> any remedy, right or power consequent thereon. <br /> As the assignee of all right, title and interest of the Issuer in and to the Agreement (except <br /> for the Unassigned Issuer's Rights), the Trustee is empowered to enforce each remedy, right and <br /> power granted to the Issuer under the Agreement. In exercising any remedy, right or power <br /> thereunder or hereunder, the Trustee shall take any action which would best serve the interests of <br /> the Holders in the judgment of the Trustee, applying the standards described in Sections 6.01 and <br /> 6.02 hereof. <br /> Section 7.05. Right of Holders to Direct Proceedings. Anything to the contrary in this <br /> Indenture notwithstanding, the Holders of a majority in aggregate principal amount of Bonds <br /> then outstanding shall have the right at any time to direct, by an instrument or document in <br /> 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 this <br /> Indenture or any other proceedings hereunder; provided, that (i) any direction shall not be other <br /> than in accordance with the provisions of law and of this Indenture, (ii) the Trustee shall be <br /> indemnified as provided in Sections 6.01 and 6.02, and (iii) the Trustee may take any other <br /> action which it deems to be proper and which is not inconsistent with the direction. <br /> Section 7.06. Application of Moneys. All moneys received by the Trustee, shall be <br /> applied as follows, subject to Section 3.04 hereof and any provision made pursuant to Section <br /> 5.10 hereof: <br /> (a) Unless the principal of all of the Bonds shall have become, or shall have <br /> been declared to be, due and payable, all of those moneys shall be deposited in the Bond <br /> Fund and shall be 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 <br /> installments of that interest, beginning with the earliest date of maturity and, if <br /> the amount available is not sufficient to pay in full any particular installment, <br /> then to the payment thereof ratably, according to the amounts due on that <br /> installment, to the Holders entitled thereto, without any discrimination or <br /> privilege; and <br /> Second -- To the payment to the Holders entitled thereto of the unpaid <br /> principal of any of the Bonds which shall have become due, in the order of <br /> their due dates, beginning with the earliest due date, with interest on those <br /> Bonds from the respective dates upon which they became due at the rates <br /> specified in those Bonds, and if the amount available is not sufficient to pay in <br /> - 51 - <br />