§ 8. Remedies of bondholders. 1. Subject to the provisions of section
six of this act, in the event that the corporation shall default in the
payment of principal of, or interest on, or sinking fund payment on, any
issue of bonds after the same shall become due, whether at maturity or
upon call for redemption, or in the event that the corporation or the
state shall default in any agreement made with the holders of any issue
of 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 Albany 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, or any trustee appointed under this act, 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:

(i) by suit, action or proceeding in accordance with the civil
practice law and rules, enforce all rights of the bondholders, including
the right to require the corporation to carry out any agreement with
such holders and to perform its duties under this act;

(ii) bring suit upon such bonds;

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

(iv) 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; and

(v) 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, annul
such declaration and its consequences, provided, however, that nothing
herein shall preclude the corporation from agreeing that consent of the
provider of an ancillary bond facility is required for an acceleration
of related bonds in the event of a default other than a failure to pay
principal of or interest on the bonds when due.

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

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