§ 1596-o. Remedies of bondholders. 1. In the event that the authority
shall default in the payment of principal of or interest on any issue of
the bonds after the same 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 any issue of the bonds, the holders
of twenty-five per centum in aggregate principal amount of the bonds of
such issue then outstanding, by instrument or instruments filed in the
office of the clerk of the county of Westchester and proved or
acknowledged in the same manner as a deed to be recorded, may appoint a
trustee to represent the holders of such bonds 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 such 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 right to require the authority to collect
revenues adequate to carry out by any agreement as to, or pledge of,
such revenues, and to require the authority to carry out any other
agreements with the holders of such bonds and to perform its duties
under this title;

(b) bring suit upon such 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 holders of such
bonds;

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

(e) declare all such 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 such 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 bondholders. The venue of any
such suit, action or proceeding shall be laid in the county of
Westchester.

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

5. Any such trustee, whether or not the issue of bonds represented by
such trustee has been declared due and payable, shall be entitled as of
right to the appointment of a receiver of any part or parts of the
project the revenues of which are pledged for the security of the bonds
of such issue, and such receiver may enter and take possession of such
part or parts of the project and, subject to any pledge or agreement
with bondholders, shall take possession of all moneys and other property
derived from or applicable to the acquisition, construction, operation,
maintenance and reconstruction of such part or parts of the project and
proceed with the acquisition of any real property necessary or
convenient in connection with the project that the authority has
covenanted to construct, and with any construction which the authority
is under obligation to do and to operate, maintain and reconstruct such
part or parts of the project and collect and receive all revenues
thereafter arising therefrom subject to any pledge thereof or agreement
with bondholders relating thereto and perform the public duties and
carry out the agreements and obligations of the authority under the
direction of the court. In any suit, action or proceeding by the
trustee, the fee, 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
revenues derived from such project.

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 bondholders in the enforcement and protection of their
rights.