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of interest thereon, or extend the time of payment of interest from <br /> their due date, or reduce the amount of principal thereof, or <br /> reduce any premium payable on the prepayment thereof, without the <br /> consent of the Owner of each Certificate so affected; or <br /> (b) reduce the aforesaid percentage of Certificate <br /> owners required to approve such proceeding or action without the <br /> consent of the Owners of all of the Outstanding Certificates. <br /> Section 5. 06. Limitations on Actions by Owners. No Owner <br /> shall have any right to pursue any remedy hereunder unless: <br /> (a) the Trustee shall have been given written notice of <br /> an Event of Default; <br /> (b) the Owners of at least a majority in principal <br /> amount of the Certificates then Outstanding respecting which there <br /> has been an Event of Default shall have requested the Trustee, in <br /> writing, to exercise the powers hereinabove granted or to pursue <br /> such remedy in its or their name or names; <br /> (c) the Trustee shall have been offered indemnity <br /> satisfactory to it against costs, expenses and liabilities; and <br /> (d) the Trustee shall have failed to comply with such <br /> request within 60 days. <br /> Section 5. 07 . Trustee May Enforce Rights Without Possession <br /> of Certificates. All rights under this Agreement and the Certifi- <br /> cates may be enforced by the Trustee without the possession of any <br /> Certificates or the production thereof at the trial or other <br /> proceedings relative thereto, and any proceeding instituted by the <br /> Trustee shall be brought in its name for the ratable benefit of all <br /> Owners of the Certificates. <br /> Section 5. 08. Delays and Omissions Not to Impair Rights. <br /> No delay or omission in respect of exercising any right or power <br /> accruing upon any Event of Default shall impair such right or power <br /> or be a waiver of such Event of Default and every remedy given by <br /> this Article may be exercised from time to time and as often as may <br /> be deemed expedient. <br /> • <br /> Section 5. 09. Application of Money in Event of Default. <br /> Any money received by the Trustee under this Article V shall be <br /> applied: <br /> First: To the payment of all amounts due the Trustee <br /> under Section 6. 03 hereof; <br /> -17- D0T437 91/09/24 <br />