§ 2046-h. Remedies of bondholders and noteholders. Subject to
resolutions adopted pursuant to paragraph (j) of subdivision three of
section two thousand forty-six-g of this title:

1. In the event that the agency shall default in the payment of
principal of or interest on any issue of bonds or notes 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 agency 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 bonds or notes, the holders of twenty-five per cent in
aggregate principal amount of the bonds or notes, of such issue then
outstanding, by instrument or instruments filed in the office of the
clerk of the county of Suffolk 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 or notes for the purpose herein provided.

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

(a) by suit, action or proceeding in accordance with the civil
practice law and rules, enforce all rights of the bondholders or
noteholders, including the right to require the agency to collect
rentals, rates, fees and charges adequate to carry out any agreement as
to, or pledge of such rentals, rates, charges and other fees and to
require the agency to carry out any other agreements with the holders of
such bonds or notes to perform its duties under this title;

(b) bring suit upon such bonds or notes;

(c) by action or suit, require the agency to account as if it were the
trustee of an express trust for the holders of such bonds or notes;

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

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

3. 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 or noteholders in the enforcement and
protection of their rights.

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

5. Before declaring the principal of bonds or notes due and payable,
the trustee shall first give thirty days notice in writing to the
governing body and president of the agency.

6. 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
properties the revenues of which are pledged for the security of the
bonds or notes of such issue and such receiver may enter and take
possession of such part or parts of the properties and subject to any
pledge or agreement with holders of bonds or notes shall take possession
of all moneys and other property derived from such part or parts of the
properties and proceed with any construction thereon or the acquisition
of any property, real or personal in connection therewith which the
agency is under obligation to do, and to operate, maintain and
reconstruct such part or parts of the properties and collect and receive
all revenues thereafter arising therefrom subject to any pledge thereof
or agreement with bond or note holders relating thereto and perform the
public duties and carry out the agreements and obligations of the agency
under the direction of the court. 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 revenues derived from the properties.