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Section 3.05. No Setoff. No setoff, subrogation, contribution, counterc~aim, reduction or diminution of any obli~ation, or any defense of any kind or nature which the Borrower or at\y shareholder thereof has or may have , or may come ta have, against the Issuer, the Trustee or the holder of any of the Bonds or against their respective properties or assets, shall be available hereunder to or for the benefit of the Guarantor against the Issuer, the Trustee or any holder of any Bond. Section 3.06. Guaranty, Suret~ship or Indemnity. At the option of the Trustee or any of the Bondholders, whichever shall be seeking enforcement hereof, this Agreement may be treated as a guaranty or a suretyship or an indemnification, In the event of a default in the payment of any principal of, premium, if any, or interest on any of the Bonds, the Trustee or any of the Bondholders, as the case may be, shall have the right to proceed first diractly against any one or more parties to this Agreement without proceeding against or exhausting any other remedies which it or they may have against the Issuer or any other person and without resorting to any security held by the Trustee or any other person. Before the Trustee takes any action under this Agreement, the Trustee may require that indemnity, satisfactory to the Trustee, be furnished by the Bondholders as provided in the Indenture for the reimbursement of all expenses (including reasonable attorneys' fees} and to protect it against all liability, except liability which is adjudicated to have resulted from the Trustee's own negligence or ~illful default hy reason of any action so taken. Section 3.07. Special Grace Period, Notwithstanding the provisions of Section 1.02 and Section 3.04(2} hereof, the following provisions of this Section shall a~ply in the event of any failure to give or delay in giving any notice to any party of the occurrence of any Event of Default for whi.ch notice is required under the terms and provisions of the Indenture or the Loan Agreement or of any default an the Bonds prior to the dote demand upon such particular party for payment hereunder is made. ln the event of i:iuch fai Lure, the party receiving such dem.:ind shall be allowed a grace period of JO days from the date of such uemand within which to mu.ke such tJayment hereunder. In the event of a delay in giving any notice to any party of the occurrence of any such Event of Default pr.ior to the m.:1l~ing of demand upon ::;uch party foe-payment hercun~ler, such party shall be allowed a 1:irace period from the date of such -l6-