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<br />41 <br />Section 7.7 Termination of Proceedings. In case the Trustee shall have proceeded to <br />enforce any right under this Indenture by the appointment of a receiver, or otherwise, and such <br />proceedings shall have been discontinued or abandoned for any reason, or shall have been <br />determined adversely, then and in every such case the Issuer and the Trustee shall be restored to <br />their former positions and rights hereunder, and all rights, remedies and powers of the Trustee shall <br />continue as if no such proceedings had been taken. <br />Section 7.8 Waivers of Events of Default. The Trustee may in its discretion waive any <br />event of default hereunder and its consequences and rescind any declaration of maturity of <br />principal of and interest on the Bonds, and shall do so upon the written request of (1) the holders <br />of all of the Bonds then outstanding in respect of which default in the payment of principal or <br />interest exists, or (2) the Requisite Bondholders in the case of any other default; provided, however, <br />that there shall not be waived without the consent of all Bondholders (a) any event of default in <br />the payment of the principal of any outstanding Bonds at the date of maturity specified therein, or <br />(b) any default in the payment when due of the interest on any such Bonds unless prior to such <br />waiver or rescission, arrears of interest, with interest (to the extent permitted by law) at the rate <br />borne by the Bonds in respect of which such default shall have occurred on overdue installments <br />of interest or all arrears of payments of principal when due, as the case may be, and all expenses <br />of the Trustee in connection with such default shall have been paid or provided for, and in case of <br />any such waiver or rescission, or in case any proceeding taken by the Trustee on account of any <br />such default shall have been discontinued or abandoned or determined adversely, then and in every <br />such case the Issuer, the Trustee and the Bondholders shall be restored to their former positions <br />and rights hereunder, respectively, but no such waiver or rescission shall extend to any subsequent <br />or other default, or impair any right consequent thereon. <br />(End of Article VII)