Immediate Remedies for Default. (a) Except as may be otherwise provided in Supplemental Indentures or in a Credit Agreement, upon the happening and continuance of any Default or Event of Default:
(i) The Trustee shall deposit all receipts of the Admissions Tax, Parking Tax and other amounts constituting Pledged Revenues as provided in Section 4.3 until such Event of Default has been cured in full and all payments with respect to Outstanding Obligations and Credit Agreement Obligations are made current;
(ii) Subject to Sections 4.12 and 4.15 (which permits the continuance of an Extraordinary Prepayment Offer during the continuance of an Event of Default), the Trustee shall transfer amounts, in the following order, in the RentCo Additional Rent Account, Tenant Additional Rent Account, Additional Rent Reimbursement Account, the Debt Service Reserve Account, the Work Stoppage Reserve Account and the Extraordinary Prepayment Offer Account to the Debt Service Account to the extent needed to cure any such Event of Default; and
(iii) A Credit Provider or the Trustee at the direction of Owners holding at least 17.5% of the outstanding principal amount of the Obligations, may proceed against the City for the purpose of protecting and enforcing the rights of the Credit Providers and the Owners under this Indenture, (y) exercising or authorizing the Trustee to exercise all remedies contained herein; and (z) exercising, or directing the Trustee to exercise, any action, suit or special proceeding in equity or at law, in any court of competent jurisdiction, for any relief to the extent permitted by Applicable Law, including, but not limited to, specific performance of any covenant or agreement contained herein, or injunction; provided that if a Qualifying Event of Default specified in either clause (a)(i) or (a)(ii) of Section 6.1 shall occur and during the continuation thereof, the Obligations shall thereafter bear interest (including post-petition interest in any proceeding under applicable bankruptcy laws) at a rate per annum equal to the Default Rate.
(b) Subject to Section 4.15(c) hereof relating to a commenced Extraordinary Prepayment Offer, from and after the 30th day after any Default or Event of Default hereunder has been cured or waived as applicable, the City shall be restored to its former position under this Indenture prior to such Default or Event of Default. Any proceedings theretofore commenced for relief shall be abandoned and dismissed within 30 days after such Default or Event of Def...
