§ 1192. Remedies of bondholders. 1. In the event that the authority
shall default in the payment of principal of, or interest on, any of the
bonds after the said principal or interest shall become due, whether at
maturity or upon call for redemption, and such default shall continue
for a period of thirty days, or in the event that the authority shall
fail or refuse to comply with the provisions of this title, or shall
default in any agreement made with the holders of the bonds, the holders
of twenty-five per centum in aggregate principal amount of the bonds
then outstanding, by instrument or instruments filed in the office of
the clerk of the county of Erie and proved or acknowledged in the same
manner as a deed to be recorded, may appoint a trustee to represent the
bondholders for the purposes herein provided.

2. Such trustee may, and upon written request of the holders of
twenty-five per centum in principal amount of the bonds then outstanding
shall, in his or its own name:

(a) by suit, action or special proceeding enforce all rights of the
bondholders, including the rights to require the authority and the board
to collect rates, rentals and other charges adequate to carry out any
agreement as to, or pledge of, the revenues of the authority, and to
require the authority and the board to carry out any other agreements
with the bondholders and to perform its and their duties under this
title;

(b) bring suit upon the bonds;

(c) by action or suit in equity, require the authority to account as
if it were the trustee of an express trust for the bondholders;

(d) by action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the bondholders;

(e) declare all bonds due and payable, and if all defaults shall be
made good, then with the consent of the holders of twenty-five per
centum of the principal amount of the bonds then outstanding, to annul
such declaration and its consequences.

3. The supreme court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of the bondholders. The venue of any
such suit, action or proceeding shall be laid in the county of Erie.

4. Before declaring the principal of all bonds due and payable, the
trustee shall first give thirty days' notice in writing to the
authority.

5. Any such trustee, whether or not all bonds have been declared due
and payable, shall be entitled as of right to the appointment of a
receiver who may enter and take possession of the facilities of the
authority or any part or parts thereof and operate and maintain the
same, and collect and receive all rentals and other revenues thereafter
arising therefrom in the same manner as the authority and the board
might do and shall deposit all such moneys in a separate account and
apply the same in such manner as the court shall direct. In any suit,
action or proceeding by the trustee, the fees, counsel fees and expenses
of the trustee and of the receiver, if any, shall constitute taxable
disbursements and all costs and disbursements allowed by the court shall
be a first charge on any rentals and other revenues derived from the
facilities of the authority.

6. Such trustee shall, in addition to the foregoing, have and possess
all of the powers necessary or appropriate for the exercise of any
functions specifically set forth herein or incident to the general
representation of the bondholders in the enforcement and protection of
their rights.