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declaration of acceleration Revenues thereafter received Bank in the following order: by the Bank as provided in Section 8.01, and all by the City hereunder, shall be applied by the First, to the payment of the costs and expenses of the Bank in declaring such event of default, including reasonable compensation to its agents, attorneys and counsel; Second, in case the principal of the Note shall not have become due and payable,---~--the payment of the interest in default in the order of the maturity of the installments of such interest, with interest on the overdue installments at the rate equal to two percent (2%) above the rate in effect on the Note at the date of default (to the extent that such interest on overdue installments shall have been collected); Third, in case the principal of the Note shall have become and shall be thence and payable, to the payment of the whole amount then owing and unpaid upon the Note for principal and interest, with interest on the overdue principal and installments of interest at a rate equal to two percent {2%) above the rate in effect on the Note at the date of default, and in case such monies shall be insufficient to pay in full the whole amount so owing and unpaid upon the Note, then to the payment of such principal and interest without preference or priority of principal over interest, or interest over principal, or of any installment of interest over any other installment of interest, ratably to the aggregate of such principal and interest. Section 7.03. Institution of Legal Proceedings b~ Bank. If one or more of the events of default shall happen and be continuing, the Bank in its discretion may, and upon being indemnified to its satisfaction therefor, shall, proceed to protect or enforce its rights under the Ordinance or under this Resolution by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or by mandamus or other appropriate proceeding for the enforcement of any other legal or equitable remedy as the Bank shall deem most effectual in support of any of its rights or duties hereunder. Section 7.04. Effect of Dela~ or Omission to Pursue Remedy. No delay or omission of the Bank to exercise any right or power arising from any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein, and every power and remedy given by this Article VIII to the Bank may be exercised from time to time, and as often as shall be deemed expedient. In case the Bank shall have proceeded to enforce any right under this Resolution, and such proceedings shall have been discontinued or abandoned because of waiver or for any other reason, or shall have been determined adversely to the Bank, then and in every such case the City and the Bank, severally and respectively, shall be restored to their former positions and rights hereunder; and all remedies, rights and powers of the City and the Bank shall continue as though no such proceedings had been taken. 17