Effect of Abandonment of Proceedings on Default. In case any proceeding taken by the Trustee or the Holders of the Bonds on account of any Event of Default shall have been discontinued or abandoned for any reason, then and in every such case the Authority, the Trustee and the Holders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Trustee shall continue as though no such proceeding had been taken.
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Samples: Participation Agreement (Consolidated Edison Co of New York Inc), Trust Indenture (Consolidated Edison Co of New York Inc), Amending and Supplementing the Indenture (Keyspan Corp)
Effect of Abandonment of Proceedings on Default. In case any proceeding taken by the Trustee Trustee, the Bond Insurer or the Holders of the Bonds on account of any Event of Default shall have been discontinued or abandoned for any reason, then and in every such case the Authority, the Trustee Trustee, the Bond Insurer and the Holders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Trustee shall continue as though no such proceeding had been taken.
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