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200904064 thereof to the Corporation by the Trustee, or by the registered owners of not less than fifty -one percent (51 %) or more in aggregate principal amount of Bonds outstanding hereunder. The term "default" shall mean default by the Corporation in the performance or observance of any of the covenants, agreements or conditions on its part contained in this Indenture, or in the Bonds outstanding hereunder, exclusive of any period of grace required to constitute a default as an "event of default ", as hereinabove provided, after giving notice to the Corporation, if applicable. Notwithstanding any other provision of this Indenture, no default shall be declared to be an "event of default" until after the expi- ration of ten (10) days after written notice of such default has been given to the College. Section 2. Upon the occurrence of an event of default, the Trustee may, and upon the written request of the registered owners of fifty -one percent (51 %n) or more in aggregate principal amount of Bonds outstanding hereunder, shall, by notice in writing delivered to the Corporation declare the principal of all Bonds hereby secured then outstanding, and the interest accrued thereon, immediately due and payable. This provision is subject, however, to the condition that if at any time after such declaration of principal and interest as immediately due, and before any further action has been taken other than such declaration, the principal amount of all Bonds which have matured and all arrears of interest, together with the reasonable charges and expenses of the Trustee, shall be paid or caused to be paid, then the registered owners of a majority in principal amount of the Bonds then outstanding, by notice in writing delivered to the Trustee, may require the Trustee to waive such default and its consequences and rescind such declaration. Until it is required to make the declaration hereinabove in this Section provided, the Trustee shall have power to waive any default arising hereunder if, in the opinion of the Trustee, the same shall have been cured or adequate satisfaction made therefor or if the Trustee deems the declaration not to be in the best interest of bondholders. No such waiver shall extend to or affect any subsequent default. Section 3. Upon the occurrence or continuation of an event of default, the Trustee may on its own initiative, and shall upon the written request of the registered owners of not less than fifty -one percent (51 %) in principal amount of the Bonds then outstanding hereunder, and upon being indemnified to its reasonable satisfaction against any and all costs, expenses, outlays, counsel fees and other reasonable disbursements and against all liability, proceed to take steps needful for the protection and enforcement of its rights and the rights of the holders of the Bonds as shall be provided by law, including foreclosure of the mortgage provided herein. Section 4. No registered owner of any of the Bonds shall have any right to institute any suit, action or proceeding in equity or at law hereunder or for any other remedy hereunder unless such owner previously shall have given to the Trustee written notice of any event of default as herein provided and unless the registered owners of not less than fifty -one percent (51 %) in principal amount of the Bonds then outstanding shall have made written request of the Trustee, after the right to exercise such powers or rights of action, as the case may be, shall have accrued, either to proceed to exercise the powers herein granted or to institute such action, suit or proceeding in the name of the Trustee and the Trustee shall have refused or neglected to comply with such request within a reasonable time and after being afforded a reasonable opportunity to do so and after having been offered security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, as aforesaid. All actions to enforce any provision of this Indenture shall be instituted and maintained for the equal benefit of all owners of the Bonds, except that nothing herein contained shall impair the right of any owner of any Bond at or after the maturity thereof to reduce the same to judgment. Section 5. All rights of action under this Indenture or under any of the Bonds secured hereby enforceable by the Trustee may be enforced without the possession of any of the Bonds or the 22