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default in respect of the Bonds shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee or the Bondholders, then and in every such case the Issuer, the Trustee and the, Bondholders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Trustee shall continue as though no such proceeding had been taken. Section 7.06. Majority of Bondholders May Control Proceedings. Anything in this Indenture to the contrary notwithstanding, the Holders of a majority of the Bonds shall have the right (subject to the provisions of Section 6.01 hereof), by an instrument in writing executed and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings to be taken by the Trustee under this Indenture, provided that such direction shall not be otherwise than in accordance with law or the provisions of this Indenture, and the Trustee shall have the right to decline to follow any such direction that, in the opinion of the Trustee, would be unjustly prejudicial to Bondholders not parties to such direction. Section 7.07. Restrictions upon Action by Individual Bondholders. No Bondholder shall have any right to institute any suit, action or proceeding in equity or at law for the execution of any trust hereunder or for any other remedy hereunder unless (i) such Holder previously shall have given to the Trustee written notice of the Event of Default on account of which such suit, action or proceeding is to be instituted, (ii) the Holders of not less than 208 of the Bonds shall have made written request to the Trustee after the right to exercise such powers or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers granted by this Indenture or to institute such action, suit or proceeding in its or their name, and (iii) there shall have been offered to the Trustee reasonable security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee shall have refused or neglected to comply with such request within a reasonable time. Such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trusts of this Indenture or to any other remedy hereunder; provided, however, that notwithstanding the foregoing provisions of this Section and without complying therewith, the Holders of not less than 208 of the Bonds may institute any such suit, action or proceeding in their own names for the benefit of all Bondholders. It is understood and intended that, except as otherwise provided above, no one or more Bondholders shall have any right in any manner whatsoever to effect, disturb or prejudice the security of this Indenture or to enforce any right hereunder except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the benefit of all Holders of the Outstanding Bonds, and that any individual right of action or other right given by law to one or more of such Holders is restricted by this Indenture to the rights and remedies herein; provided, however, 51