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200906254 provisions of this Indenture (excluding principal not then due except by reason of said declaration) and all arrears of interest and interest then due, if any, upon all bonds then outstanding, and any moneys thereafter deposited in the Bond Fund shall be applied in accordance with the provisions of Article V hereof. Whenever moneys are to be applied pursuant to the provisions of subsections (a) and (b) of this Section 6, (i) such moneys shall be applied by the Trustee at such times, and from time to time, as the Trustee in its sole discretion shall determine, having due regard to the amount of such moneys available for application or the likelihood of additional moneys becoming available for such application in the future; (ii) the deposit of such moneys, in trust for the proper purpose, shall constitute proper application by the Trustee; and (iii) the Trustee shall incur no liability whatsoever to the Corporation, to the College, to any bondholder or to any other person for the delay in applying any such moneys, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of this Indenture as may be applicable at the time of application by the Trustee. Whenever the Trustee shall exercise such discretion in applying such moneys, it shall fix the date (which shall be an Interest Payment Date unless the Trustee shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date and shall not be required to make payment of principal to the owner of any bond until such bond shall be surrendered to the Trustee for appropriate endorsement, or for cancellation if fully paid. Section 7. The Trustee shall be entitled and empowered, either in its own name or as trustee of an express trust, or as attorney in fact for the Owners of the Bonds or in any one or more of such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims of the Trustee and of the owners of the bonds allowed in any equity receivership, insolvency, bankruptcy, liquidation, readjustment, reorganization or other similar proceedings relative to the Corporation, the College or the Project. For this purpose the Trustee is hereby irrevocably appointed the true and lawful attorney in fact of the respective owners of the bonds (and the successive owners of the bonds by taking and holding the same shall be conclusively deemed to have so appointed the Trustee) with authority to make and file in the respective names of the owners of the bonds any such proof of debt, amendment of proof of debt, claim, petition or other document in any such proceedings, and to receive payment of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all acts and things for and on behalf of the owners of the bonds as may be necessary or advisable in the opinion of the Trustee in order to have the respective claims of the Trustee and of the owners of the bonds allowed in any such proceeding and to receive payment of and on account of such claims. However, nothing contained herein shall be deemed to give the Trustee any right to accept or consent to any plan of reorganization or compromise or otherwise take any action of any character in any such proceeding to waive or change in any way any rights of any owners of bonds, which rights shall be and remain exercisable by the owners of the bonds to the full extent provided by law. Section 8. Anything in this Indenture to the contrary notwithstanding, the owners of not less than a majority of principal amount of the bonds at the time outstanding (determined in accordance with the provisions of Article X hereof) shall be authorized and empowered and have the right, by an instrument or concurrent instruments in writing delivered to the Trustee, (a) to direct the time, method and place of conducting any proceeding for any remedy to be taken by the Trustee hereunder or available to the Trustee hereunder or available to the owners of the bonds, or exercising any trust or power conferred upon the Trustee hereunder, or (b) on behalf of the owners of the bonds then outstanding, to consent to the waiver of any event of default or its consequences, and the Trustee hereunder shall waive any event of default and its consequence upon the written request of the owners of such majority.. 28