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200510856 of the City, be repaid by the Trustee to the City as unclaimed portions of the Payments and as the City's property and be free from the trust created by this Indenture, and the Trustee shall thereupon be released and discharged with respect thereto, and the owners of the bonds payable from such monies shall look only to the City for the payment of such bonds, provided, however, that the Trustee or the Corporation or the City, or any one of them, shall be permitted to discharge all responsibility with respect to any such monies or Government Obligations by making payment to the Treasurer of the State of Nebraska in accordance with Section 69 -1301 to 69 -1329 R.R.S. Neb. 2003, as now or hereafter amended, or to the appropriate officer of any other state for which similar laws are determined by the Trustee, the Corporation or the City to apply to funds so held by the Trustee, the Corporation or the City, as the case may be. Section 8.06. Notwithstanding anything herein to the contrary, in the event that the principal and/or interest due on the Building Bonds shall be paid by the Insurer pursuant to the Policy, the Building Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Corporation (or from the Payments as required to be made by the City), and the assignment and pledge provided for in this Indenture and all covenants, agreements and other obligations of the Corporation (and of the City with respect to the Payments as provided under the terms of the Agreement) to the registered owners shall continue to exist and shall run to the benefit of the Insurer and the Insurer shall be subrogated to the rights of such registered owners. ARTICLE IX DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS Section 9.01. If any of the following events occur, it is hereby defined as and declared to be and to constitute an "event of default ": (a) default in the due and punctual payment of the principal of or the interest on any bond hereby issued, secured and outstanding; (b) default in the due and punctual making of the Payments as required to be paid by the City under the Agreement to the Trustee as described in Article V hereof and the continuance thereof for period of five (5) days, or the default in the due and punctual payment of additional payments required to be paid by the City to the Trustee as described in Article V hereof and the continuance thereof for period of thirty (30) days, or (c) default in the performance or observance of any other of the covenants, agreements or conditions on the Corporation's part contained in this Indenture or the bonds outstanding hereunder and the continuance thereof for a period of thirty (30) days after written notice thereof to the Corporation by the Trustee, or notice given to the Trustee and the Corporation by the registered owners of not less than fifty -one percent (51 %) or more in aggregate principal amount of bonds outstanding hereunder. 25