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200510856
<br />The term "default" shall mean default by the Corporation in the performance or observance of any
<br />of the covenants, agreements or conditions on its part contained in this Indenture, or in the bonds
<br />outstanding hereunder, exclusive of any period of grace required to constitute a default as an
<br />"event of default ", as hereinabove provided, after giving notice to the Corporation, if applicable.
<br />Notwithstanding any other provision of this Indenture, no default shall be declared to be an "event
<br />of default" until after the expiration of ten (10) days after written notice of such default has been
<br />given to the City.
<br />Section 9.02. Upon the occurrence of an event of default, the Trustee may, and
<br />upon the written request of the registered owners of fifty -one percent (51 %) or more in aggregate
<br />principal amount of bonds outstanding hereunder, shall, by notice in writing delivered to the
<br />Corporation declare the principal of all bonds hereby secured then outstanding, and the interest
<br />accrued thereon, immediately due and payable. This provision is subject, however, to the
<br />condition that if at any time after such declaration of principal and interest as immediately due, and
<br />before any further action has been taken other than such declaration, the principal amount of all
<br />bonds which have matured and all arrears of interest, together with the reasonable charges and
<br />expenses of the Trustee, shall be paid or caused to be paid, then the registered owners of a majority
<br />in principal amount of the bonds then outstanding, by notice in writing delivered to the Trustee,
<br />may require the Trustee to waive such default and its consequences and rescind such declaration.
<br />Until it is required to make the declaration hereinabove in this Section provided, the Trustee shall
<br />have power to waive any default arising hereunder if, in the opinion of the Trustee, the same shall
<br />have been cured or adequate satisfaction made therefor or if the Trustee deems the declaration not
<br />to be in the best interest of bondholders. No such waiver shall extend to or affect any subsequent
<br />default.
<br />Section 9.03. Upon the occurrence or continuation of an event of default, the
<br />Trustee may on its own initiative, and shall upon the written request of the registered owners of not
<br />less than fifty -one percent (51 %) in principal amount of the bonds then outstanding hereunder, and
<br />upon being indemnified to its reasonable satisfaction against any and all costs, expenses, outlays,
<br />counsel fees and other reasonable disbursements and against all liability, proceed to take steps
<br />needful for the protection and enforcement of its rights and the rights of the holders of the bonds as
<br />shall be provided by law, including causing this Indenture, as a real estate mortgage, to be
<br />foreclosed in the manner prescribed by law and/or the exercising of any rights as a secured party
<br />under the Nebraska Uniform Commercial Code with respect to portions of the Project which
<br />constitute personal property. The Trustee shall, to the fullest extent permitted by law, be entitled to
<br />have a receiver appointed for the Project with such receiver to take possession and charge of the
<br />Project during the pendency of any foreclosure proceedings and during any period permitted for
<br />redemption or stay of said proceedings, to rent the Project or portions thereof and to receive and
<br />collect the rents, issues and profits thereof under the direction of the court and any amount so
<br />collected by such receiver shall be applied under the direction of the court to the costs and expenses
<br />of receivership, expenses of insurance on the Project, expenses of management, repairs and
<br />maintenance, taxes, assessments and on all indebtedness secured by this Indenture. The Trustee
<br />shall have the right to bid at any foreclosure sale and to obtain a judgement in respect of any
<br />deficiency. To the extent that this Indenture covers both real and personal property, the Trustee
<br />may, in its discretion, proceed as to both the real and personal property in accordance with the
<br />Trustee's rights hereunder. To the extent permitted by law, the Trustee, in its discretion may
<br />ill
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