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<br />-32- <br />however, that no such rescission and annulment shall extend to or shall affect any subsequent <br />Event of Default, or shall impair or exhaust any right or power consequent thereon. <br /> <br />In addition to declaring the principal of all of the Bonds, and the interest accrued thereon, <br />to be immediately due and payable as set forth above, the Trustee shall have the right to pursue <br />any other remedy provided by law or in equity or otherwise after an Event of Default has <br />occurred. <br /> <br />SECTION 7.03. Application of Revenues and Other Funds After Default. If an Event <br />of Default occurs and is continuing, all Revenues and any other funds then held or thereafter <br />received by the Trustee under any of the provisions of this Indenture shall be applied by the <br />Trustee in the following order of priority: <br /> <br />(a) To the payment of reasonable fees, charges and expenses of the <br />Trustee (including reasonable fees and disbursements of its legal counsel <br />including outside counsel and the allocated costs of internal attorneys) incurred <br />in and about the performance of its powers and duties under this Indenture; and <br /> <br />(b) To the payment of the principal of and interest then due on the <br />Bonds (upon presentation of the Bonds to be paid, and stamping or otherwise <br />noting thereon of the payment if only partially paid, or surrender thereof if fully <br />paid) in accordance with the provisions of this Indenture, as follows: <br /> <br />First: To the payment to the persons entitled thereto of all <br />installments of interest then due in the order of the maturity of such <br />installments, and, if the amount available shall not be sufficient to pay in <br />full any installment or installments maturing on the same date, then to the <br />payment thereof ratably, according to the amounts due thereon, to the <br />persons entitled thereto, without any discrimination or preference; and <br /> <br />Second: To the payment to the persons entitled thereto of the <br />unpaid principal of any Bonds which shall have become due, whether at <br />maturity or by acceleration or redemption, with interest on the overdue <br />principal at the rate borne by the respective Bonds (to the extent <br />permitted by law), and, if the amount available shall not be sufficient to <br />pay in full all the Bonds, together with such interest, then to the payment <br />thereof ratably, according to the amounts of principal due on such date to <br />the persons entitled thereto, without any discrimination or preference. <br /> <br />SECTION 7.04. Trustee to Represent Bond Owners. The Trustee is hereby irrevocably <br />appointed (and the successive respective Owners of the Bonds, by taking and holding the <br />same, shall be conclusively deemed to have so appointed the Trustee) as trustee and true and <br />lawful attorney-in-fact of the Owners of the Bonds for the purpose of exercising and prosecuting <br />on their behalf such rights and remedies as may be available to such Owners under the <br />provisions of the Bonds, this Indenture and applicable provisions of any law. All rights of action <br />under this Indenture or the Bonds or otherwise may be prosecuted and enforced by the Trustee <br />without the possession of any of the Bonds or the production thereof in any proceeding relating <br />thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in the <br />name of the Trustee for the benefit and protection of all the Owners of such Bonds, subject to <br />the provisions of this Indenture. <br /> <br />Page 48 of 205