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<br />30 <br />Section 6.06. Limitation on Owners’ Right to Bring Suit. No Owner of any Bond shall <br />have any right to institute any proceeding, judicial or otherwise, under or with respect to this <br />Indenture or the Installment Purchase Contract, or for the appointment of a receiver or trustee or <br />for any other remedy hereunder, at law or in equity, unless: <br /> <br />(1) such Owner has previously given written notice to the Trustee of a <br />continuing event of default; <br /> <br />(2) the owners of not less than a majority in principal amount of the Bonds <br />Outstanding shall have made written request to the Trustee to institute proceedings in <br />respect of such event of default in its own name as Trustee hereunder; <br /> <br />(3) such Owner or Owners have offered to the Trustee reasonable indemnity, <br />satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in <br />compliance with such request; and <br /> <br />(4) the Trustee for sixty (60) days after its receipt of such notice, request and <br />offer of indemnity has failed to institute any such proceeding. <br /> <br />It being understood and intended that no one or more Owners shall have any right in any <br />manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb <br />or prejudice the lien of this Indenture or the rights of any other Owners or to obtain or to seek to <br />obtain priority or preference over any other Owners or to enforce any right under this Indenture, <br />except in the manner herein provided and for the equal and ratable benefit of all Bonds. <br />Notwithstanding the foregoing, the Owner of any Bond shall have the right which is absolute and <br />unconditional to receive payment of interest on such Bond when due in accordance with the <br />terms thereof and hereof and the principal of such Bond at the stated maturity thereof and to <br />institute suit for the enforcement of any such payment in accordance with the provisions of this <br />Indenture and such rights shall not be impaired without the consent of such Owner. <br /> <br />Section 6.07. Application of Funds Upon Default. All monies received by the Trustee <br />or by any receiver pursuant to any right given or action taken under the provisions of this Article <br />VI shall, after payment of the reasonable costs and fees of, and the reasonable fees, expenses, <br />liabilities and advances incurred or made by the Trustee (including fees and expenses of its <br />attorneys and advisors), be deposited in the Payment Account and all moneys so deposited <br />during the continuance of an Event of Default (other than moneys for the payment of Bonds <br />which have previously matured or otherwise become payable prior to such Event of Default or <br />for the payment of interest due prior to such Event of Default), together with all moneys in the <br />funds and accounts maintained by the Trustee under Article III hereof, shall be applied as <br />follows: <br /> <br />(a) Unless the principal of all Bonds shall have become or shall have been <br />declared due and payable, all such moneys shall be applied: <br /> <br />First: To the payment to the persons entitled thereto of all installments of <br />interest then due on the Bonds, with interest on overdue installments, if lawful, at <br />the rate per annum borne by the Bonds, in the order of the maturity of the <br />installments of such interest, and, if the amount available shall not be sufficient to <br />pay in full any particular installment of interest, then to the payment ratably <br />according to the amounts due on such installment, to the persons entitled thereto <br />without any discrimination or privilege; and <br />8.C. - Page 141