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<br />I: <br />, . <br /> <br />. <br /> <br />. <br /> <br />t <br /> <br />, ~ <br /> <br />(3) upon the happening of any event of default <br />(as defined in this Section), by suit, action or <br />proceeding in any court of competent jurisdiction, to <br />require the Agency and its members and employees to <br />account as if it and they were the trustees of an <br />express trust, <br /> <br />C. Non-Waiver, Nothing in this Section or in any <br />other provisions of this Resolution, or in the Bonds, or in the <br />coupons, shall affect or impair the obligation of the Agency, <br />which is absolute and unconditional, to pay the principal of <br />and interest on the Bonds to the respective Holders of the <br />Bonds and coupons at the respective dates of maturity, as <br />herein provided, or affect or impair the right, which is also <br />absolute and unconditional, of the OWners to institute suit to <br />enforce the payment by virtue of the contract embodied in the <br />Bonds and coupons. <br /> <br />No remedy conferred upon any Bondholder by the <br />Resolution is intended to be exclusive of any other remedy, but <br />each remedy is cumulative and in addition to every other remedy <br />and may be exercised without exhausting and without regard to <br />any other remedy conferred by the Law or any other law of the <br />State of California. No waiver of any default or breach of any <br />duty or contract by any Bondholder shall affect any subsequent <br />default or breach of any duty or contract or shall impair any <br />rights or remedies on the subsequent default or breach. No <br />delay or omission of any Bondholder to exercise any right or <br />power accruing upon any default shall impair any such right or <br />power or shall be construed as a waiver of any default or <br />acquiescence therein, Every substantive right and every remedy <br />conferred upon the Bondholders may be enforced and exercised as <br />often as may be deemed expedient. In case any suit, action or <br />proceeding to enforce any right, or exercise any remedy, shall <br />be brought and should said suit, action or proceeding be <br />abandoned, or be determined adversely to the Bondholders, then, <br />and in every such case, the Agency and the Bondholders shall be <br />restored to their former positions, rights and remedies as if <br />the suit, action or proceeding had not been brought or taken. <br /> <br />D. Actions by Fiscal Agent as Attorney-in-Fact. <br />Any suit, action or proceeding which any Owner of Bonds shall <br />have the right to bring to enforce any right or remedy <br />hereunder may be brought by the Fiscal Agent for the equal <br />benefit and protection of all Holders of Bonds similarly <br />situated and the Fiscal Agent is hereby appointed (and the <br />successive respective registered owners of the Bonds and <br />interest coupons issued hereunder, by taking and holding of the <br />same, shall be conclusively deemed so to have appointed it) the <br />true and lawful attorney-in-fact of the respective registered <br />Holders and registered owners of the Bonds and interest coupons <br />for the purpose of bringing any suit, action or proceeding and <br /> <br />05-01-83 <br />4439P/2306/00 <br /> <br />-30- <br />11-'1/ <br /> <br />t <br />. <br /> <br />2A <br />