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existing in law or in equity or by statute or otherwise and may be exercised without exhausting and without regard to any other remedy conferred by any other law. Section 6.05. No Liability by the Trustee to the Owners. Except for the duty. of the Trustee to make payments of principal, redemption premiums and interest with respect to the Bonds from moneys received from the Authority, the Trustee will not have any obligation or liability to the Owners with respect to the payment when due of the principal of or interest on the Bonds, or with respect to the performance by the Authority of the other agreements and covenants required to be performed by it contained herein. Section 6.06. Limitation on Owners' Right to Brin� Suit. No Owner of any Bond shall have any right to institute any proceeding, judicial or otherwise, under or with respect to this Indenture or the Installment Purchase Contract, or for the appointment of a receiver or trustee or for any other remedy hereunder,at law or in equity,unless: (1) such Owner has previously given written notice to the Trustee of a continuing event of default; (2) the owners of not less than a majority in principal amount of the Bonds � Outstanding shall have made written request to the Trustee to institute proceedings in respect of such event of default in its own name as Trustee hereunder; (3) such Owner or Owners have offered to the Trustee reasonable indemnity, satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in compliance with such request; and (4) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding. It being understood and intended that no one or more Owners shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the lien of this Indenture or the rights of any other Owners or to obta.in or to seek to obtain priority or preference over any other Owners or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Bonds. Notwithstanding the foregoing,the Owner of any Bond shall have the right which is absolute and unconditional to receive payment of interest on such Bond when due in accordance with the terms thereof and hereof and the principal of such Bond at the stated maturity thereof and to institute suit for the enforcement of any such payment in accordance with the provisions of this Indenture and such rights shall not be impaired without the consent of such Owner. Section 6.07. Anplication of Funds Upon Default. All monies received by the Trustee or by any receiver pursuant to any right given or action taken under the provisions of this Article VI shall, after payment of the reasonable costs and fees of, and the reasonable fees, expenses, liabilities and advances incurred or made by the Trustee (including fees and expenses of its attorneys and advisors),be deposited in the Payment Account and all moneys so deposited during the continuance of an Event of Default(other than moneys for the payment of Bonds which have -34- 338471 1.DOC