Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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_ __ therein, or if under the provisions of any other law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or control of the City or of the whole or any substantial pa�t of its property; or (d) an event of default shall have occurred with respect to any Parity Obligations; then and in each and every such case during the continuance of such Event of Default the Authority may, by notice in writing to the City declare the principal amount of the unpaid Installment Payments to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything contained herein to the contrary notwithstanding. This provision, however, is subject to the condition that, except with respect to an Event of Default under subsection (c) above, if at any time after such principal amount of the unpaid Installment Payments shall have been so declared due and payable and before the acceleration date or the date of any judgment or decree for the payment of the money due shall have been obtained or entered, the City shall deposit with the Trustee a sum sufficient to pay such unpaid principal amount of the Installment Payments due prior to such date, with any interest due on such overdue installments, 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 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 Indenture (other than the Rebate Fund, if any) upon the date of the declaration of acceleration as provided in Section 7.01 and all Gross Revenues thereafter received shall be applied as provided for in the Indenture. 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 requi�ed 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; (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; or 23