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*4rr w Page 24 (c) No holder or registered owner of any of the outstanding Sewer Revenue Bonds shall have any right to institute any suit, action, mandamus or other proceeding in equity or in law for the protection or enforcement of any right under this Ordinance or under said Act No. 132 of 1933, as amended, and Act No. 297 of 1937, as amended, unless such holder previously shal l have given to the Trustee written notice of the default on account of which such suit, action or proceeding is to be taken, and unless the holders and registered owners of not less than ten per cent (10%) in principal amount of the Sewer Revenue Bonds then outstanding shall have made written request of 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 herein granted or granted by said Act No. 132 of 1933, as amended, and Act No. 297 of 1937, as amended, or by the laws of the State of Arkansas, or to institute such action, suit or proceeding in its name, and unless, also, 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, and 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 Ordinance or to any other remedy hereunder. It is understood and intended that no one or more holders or registered owners of the bonds hereby secured shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Ordinance, or to enforce any right hereunder except in the manner herein provided, 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 and registered owners of the outstanding bonds and coupons, and that any individual rights