Laserfiche WebLink
`WAW <br />registered owners of not less than ten percent (10%) in <br />principal amount of the bonds then oustanding shall have made <br />written request of the Trustee after the right to exercise <br />such powers or right of action, as the case may be, shall <br />have accrued, and shall have afforded the Trustee a reasonable <br />opportunity either to proceed to exercise the powers herein <br />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 <br />to be incurred therein or thereby and the Trustee shall have <br />refused or neglected to comply with such request within a <br />reasonable time, and such notification, request and offer of <br />indemnity are hereby declared in every such case, at the option <br />of the Trustee, to be conditions precedent to the execution <br />of the powers and trusts of this Ordinance or to any other <br />remedy hereunder. It is understood and intended that no one <br />or more holders or registered owners of the bonds hereby <br />secured shall have any right in any manner whatever by his <br />or their action to affect, disturb or prejudice the security <br />of this Ordinance, or to enforce any right hereunder except <br />in the manner herein provided, that all proceedings at law <br />or in equity shall be instituted, had and maintained in the <br />manner herein provided, that all proceedings at law or in <br />equity shall be instituted, had and maintained in the manner <br />herein provided and for the benefit of all holders and <br />registered owners of the outstanding bonds and coupons, and <br />that any individual rights of action or other right given <br />to one or more of such holders and registered owners by law <br />are restricted by this Ordinance to the rights and remedies <br />herein provided. <br />