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<br />30 <br />declared in every case at the option of the Trustee to be conditions precedent to the execution of <br />the powers and trusts of this Indenture, and to any action or cause of action for the enforcement of <br />this Indenture, or for the appointment of a receiver or for any other remedy hereunder; it being <br />understood and intended that no one or more holders of the Bonds shall have any right in any <br />manner whatsoever to affect, disturb or prejudice the lien of this Indenture by its, his or their action <br />or to enforce any right hereunder except in the manner herein provided, and that all proceedings <br />at law or in equity shall be instituted, had and maintained in the manner herein provided and for <br />the equal benefit of the holders of all Bonds then outstanding. Nothing in this Indenture contained <br />shall, however, affect or impair the right of any Bondholder to enforce the covenants of the Issuer <br />to pay the principal of and interest on each of the Bonds issued hereunder to the respective holders <br />thereof at the time, place, from the source and in the manner in said Bonds expressed. <br />Section 7.8. Termination of Proceedings. In case the Trustee shall have <br />proceeded to enforce any right under this Indenture by the appointment of a receiver, or otherwise, <br />and such proceedings shall have been discontinued or abandoned for any reason, or shall have <br />been determined adversely, then and in every such case the Issuer, the Company and the Trustee <br />shall be restored to their former positions and rights hereunder, and all rights, remedies and powers <br />of the Trustee shall continue as if no such proceedings had been taken. <br />Section 7.9. Waivers of Events of Default. At the written direction of the <br />Requisite Bondholders the Trustee may in its discretion waive any event of default hereunder and <br />its consequences and rescind any declaration of maturity of principal of and interest on the Bonds, <br />and shall do so upon the written request of the holders of (1) all the Bonds then outstanding in <br />respect of which default in the payment of principal or interest exists, or (2) all Bonds then <br />outstanding in the case of any other default; provided, however, that there shall not be waived <br />without the consent of all Bondholders (a) any event of default in the payment of the principal of <br />any outstanding Bonds at the date of maturity specified therein, or (b) any default in the payment <br />when due of the interest on any such Bonds unless prior to such waiver or rescission, arrears of <br />interest, with interest (to the extent permitted by law) at the rate borne by the Bonds in respect of <br />which such default shall have occurred on overdue installments of interest or all arrears of <br />payments of principal when due, as the case may be, and all expenses of the Trustee in connection <br />with such default shall have been paid or provided for, and in case of any such waiver or rescission, <br />or in case any proceeding taken by the Trustee on account of any such default shall have been <br />discontinued or abandoned or determined adversely, then and in every such case the Issuer, the <br />Trustee and the Bondholders shall be restored to their former positions and rights hereunder, <br />respectively, but no such waiver or rescission shall extend to any subsequent or other default, or <br />impair any right consequent thereon. <br />(End of Article VII)