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2U09U6254 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 by the registered owners of the bonds 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 causing this Indenture, as a real estate mortgage, to be foreclosed in the manner prescribed by law and/or the exercising of any rights as a secured party under the Nebraska Uniform Commercial Code with respect to portions of the Project which constitute personal property. The Trustee shall, to the fullest extent permitted by law, be entitled to have a receiver appointed for the Project with such receiver to take possession and charge of the Project during the pendency of any foreclosure proceedings and during any period permitted for redemption or stay of said proceedings, to rent the Project or portions thereof and to receive and collect the payments, rents, issues and profits thereof under the direction of the court and any amount so collected by such receiver shall be applied under the direction of the court to the costs and expenses of receivership, expenses of insurance on the Project, expenses of management, repairs and maintenance, taxes, assessments and on all indebtedness secured by this Indenture. The Trustee shall have the right to bid at any foreclosure sale and to obtain a judgment in respect of any deficiency. To the extent that this Indenture covers both real and personal property, the Trustee may, in its discretion, proceed as to both the real and personal property in accordance with the Trustee's rights hereunder. To the extent permitted by law, the Trustee, in its discretion may proceed to cause the sale of the Project in a single sale upon foreclosure including both real and personal property. If the Trustee holds any additional security for any of the obligations secured hereby, it may enforce the terms hereof or otherwise realize upon such additional security, at its option, either before or concurrently herewith or after proceedings for the enforcement hereof and may apply the proceeds upon the indebtedness secured hereby without affecting the status of or waiving any right to exhaust all or any other security, including the security hereunder, and without waiving any breach or default or any right or power whether exercised hereunder or contained herein or in any other instrument providing for such additional security. 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 ar 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 (S1%) 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 ar 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 production thereof at the trial or other proceedings relative thereto, and any such suit or proceeding instituted 26