RES 94044 - Laserfiche WebLink

such unpaid principal amount of the Installment Payments due prior to such date and the accrued interest thereon, with interest on such overdue installments at the rate on such Bonds, and the reasonable expenses of the Authority and the Trustee, and any and all other defaults known to the Authority (other than in the payment of such principal amount of the unpaid Installment Payments and the accrued interest thereon due and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Authority or provision deemed by the Authority to be adequate shall have been made therefor, then and in every such case the Authority, by written notice to the City, may rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default or shall impair or exhaust any right or power consequent thereon. Section 7.02. Application of Funds Upon Acceleration. All moneys and investments in the funds and accounts held hereunder and under the Trust Agreement (other than the Rebate Fund) upon the date of the declaration of acceleration as provided in Section 7.01 and all Revenues thereafter received shall be applied as provided for in the Trust Agreement. Section 7.03. Other Remedies of the Authority. The Authority may-- (a) by mandamus or other action or proceeding or suit at law or in equity enforce its rights against the City, or any board member, officer or employee thereof, and compel the City or any such board member, officer or employee to perform and carry out its or his duties under applicable law and the agreements and covenants contained herein required to be performed by it or him; (b) by suit in equity enjoin any acts or things which are unlawful or violate the rights of the Authority; or (c) by suit in equity upon the happening of an Event of Default require the City and its board members, officers and employees to account as the trustee of an express trust. Section 7.04. Non-Waiver. Nothing in this Article VII or in any other provision hereof shall affect or impair the obligation of the City, which is absolute and unconditional, to pay the Installment Payments and the interest thereon to the Authority at the respective due dates or upon prepayment from the Revenues, or, except as expressly provided herein, shall affect or impair the right of the Authority, which is also absolute and unconditional, to institute suit to enforce such payment by virtue of the contract embodied herein. 23 9406701W. LA 1