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0 <br /> competent jurisdiction for the appointment of a receiver to <br /> © administer the System on behalf of the City and the holders and <br /> registered owners with power to charge and collect (or by mandatory <br /> injunction or otherwise to cause to be charged and collected) rates <br /> sufficient to provide for the payment of the expenses of operation, <br /> maintenance and repair and to . pay any Bonds and interest <br /> outstanding and to apply the revenue in conformity with the laws of <br /> Arkansas and with this Ordinance . When all defaults in principal <br /> and interest payments have been cured, the custody and operation of <br /> the System shall revert to the City. <br /> (b) No holder or registered owner of any of the <br /> outstanding Bonds shall have any right to institute any suit, <br /> action, mandamus or other proceeding in equity or at law for the <br /> protection or enforcement of any right under this Ordinance or <br /> under the laws of Arkansas unless such holder or registered owner <br /> previously shall have given to the Trustee written notice of the <br /> default on account of which such suit, action or proceeding is to <br /> be taken, and unless the holders and registered owners of not less <br /> than ten percent (10%) in principal amount of the Bonds then <br /> outstanding shall have made written request of the Trustee after <br /> the right to exercise such powers or right of action, as the case <br /> may be, shall have accrued, and shall have afforded the Trustee a <br /> reasonable opportunity either to proceed to exercise the powers <br /> herein granted or granted by the laws of Arkansas, or to institute <br /> such action, suit or proceeding in its name, and unless, also, <br /> there shall have been offered to the Trustee reasonable security <br /> and indemnity against the costs, expenses and liabilities to be <br /> incurred therein or thereby and the Trustee shall have refused or <br /> neglected to comply with such request within a reasonable time, and <br /> such notification, request and offer of indemnity are hereby <br /> declared in every such case, at the option of the Trustee, to be <br /> conditions precedent to the execution of the powers and trusts of <br /> this Ordinance or to any other remedy hereunder. It is understood <br /> and intended that no one or more holders or registered owners of <br /> the Bonds hereby secured shall have any right in any manner <br /> whatever by his or their action to affect, disturb or prejudice the <br /> security of this Ordinance, or to enforce any right hereunder <br /> except in the manner herein provided, that all proceedings at law <br /> or in equity shall be instituted, had and maintained in the manner <br /> herein provided and for the benefit of all holders and registered <br /> owners of all outstanding Bonds and that any individual rights of <br /> action or other right given to one or more of such holders and <br /> registered owners by law are restricted by this Ordinance to the <br /> rights and remedies herein provided. <br /> (c) All rights of action under this Ordinance or under <br /> any of the Bonds secured hereby, enforceable by the Trustee, may be <br /> enforced by it without the possession of any of the Bonds <br /> appertaining thereto, and any such suit, action or proceeding <br /> instituted by the Trustee shall be brought in its name for the <br /> 20 <br />