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20090~2~4 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; (d) if an order, judgment or decree shall be entered by any court of competent jurisdiction: (i) appointing a receiver, trustee or liquidator for the Corporation or the whole or any substantial part of its properties; (ii) approving a petition with respect to ar by the Corporation or with respect to its properties under the provisions of the United States Bankruptcy Code; (iii) granting relief to the Corporation under any amendment ar revision of said Bankruptcy Code and such order, judgment or decree shall not be vacated or set aside or stayed (or, in the case custody or control is assumed by said order, such custody or control shall not be otherwise terminated), within sixty (60) days from the date of entry of such order, judgment or decree provided that no such event or occurrence shall constitute an event of default under this Indenture as and to the extent that the Corporation or the College demonstrates to the satisfaction of the Trustee that such event or occurrence will not affect in any material adverse way the performance of the Corporation's obligations under this Indenture; or (e) if the Corporation shall (i) admit in writing its inability to pay its debts generally as they become due; (ii) file a petition in any insolvency or bankruptcy proceedings or seeking any composition of indebtedness; (iii) make an assignment for the benefit of its creditors; (iv) consent to the appointment of a receiver of the whole or any substantial part of its properties; (v) file a petition or an answer seeking relief under the United States Bankruptcy Code; or (vi) consent to the assumption by any court of competent jurisdiction under the provisions of any other law for the relief or aid of debtors of custody or control of the whole or any substantial part of the properties of the Corporation provided that no such event or occurrence shall constitute an event of default under this Indenture as and to the extent that the Corporation or the College demonstrates to the satisfaction of the Trustee that such event or occurrence will not affect in any material adverse way the performance of the Corporation's obligations under this Indenture. The term "default" shall mean default by the Corporation in the perfarrnance or observance of any of the covenants, agreements or conditions on its part contained in this Indenture, or in the Bands 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%) 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 thatrf 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 25