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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 8 02 Application of Funds Upon Acceleration All moneys in the accounts and funds provided in Sections 2 11, 4 02, 4 03 and 4 04 upon the date of the declaration of acceleration by the Trustee as provided in Section 8 01 and all Revenues (other than Revenues on deposit in the Rebate Fund)thereafter received by the Authority hereunder shall be transmitted to the Trustee and shall be applied by the Trustee in the following order-- First, to the payment of the costs and expenses of the Trustee and the Holders in providing for the declaration of such event of default, and in carrying out the provisions of this article, including reasonable compensation to their accountants and counsel, and Second, upon presentation of the several Bonds, and the stamping thereon of the amount of the payment if only partially paid or upon the surrender thereof if fully paid, to the payment of the whole amount then owing and unpaid upon the Bonds for interest and principal, with (to the extent permitted by law) interest on the overdue interest and principal at the rate borne by such Bonds, and in case such money shall be insufficient to pay in full the whole amount so owing and unpaid upon the Bonds, then to the payment of such interest, principal and (to the extent permitted by law) interest on overdue interest and principal without preference or priority among such interest, principal and interest on overdue interest and principal ratably to the aggregate of such interest, principal and interest on overdue interest and principal SECTION 8 03 Institution of Legal Proceedings by Trustee If one or more of the events of default shall happen and be continuing, the Trustee, may, and upon the written request of the Holders of a majority in principal amount of the Bonds then Outstanding, so long as any Series 2017 Bonds are Outstanding, shall, proceed to protect or enforce its rights or the rights of the Holders of Bonds under this Trust Agreement and under Article VI of the Agreement by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or by mandamus or other appropriate proceeding for the enforcement of any other legal or equitable remedy as the Trustee shall deem most effectual in support of any of its rights and duties hereunder SECTION 8 04 Non-Waiver Nothing in this article or in any other provision hereof or in the Bonds shall affect or impair the obligation of the Authority, which is absolute and unconditional, to pay the interest on and principal of and redemption premiums, if any, on the Bonds to the respective Holders of the Bonds at the respective dates of maturity or upon prior redemption as provided herein from the Revenues as provided herein pledged for such payment, or shall affect or impair the right of such Holders, which is also absolute and unconditional, to institute suit to enforce such payment by virtue of the contract embodied herein and in the Bonds A waiver of any default or breach of duty or contract by any Holder shall not affect any subsequent default or breach of duty or contract or impair any rights or remedies on any such subsequent default or breach of duty or contract No delay or omission by any Holder to exercise any right or remedy accruing upon any default or breach of duty or contract shall -27- 2762680 2