11-14-01 1. INDENTURE OF TRUST - Laserfiche WebLink

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ARTICLE VII Remedies on Default Section 7.01 Events of Default. Each of the following events is hereby defined as,and is declared to be and to constitute, an "Event of Default": (a) Any nonpayment when due of the principal of or any premium or interest on any outstanding Senior Bonds (whether due at maturity or upon redemption, declaration or otherwise);or (b) Any nonpayment when due of the principal of or any premium or interest on any Senior Indebtedness other than Senior Bonds(whether due at maturity or upon redemption, declaration or otherwise); or (c) Any failure in the due and timely performance of any of the other covenants, conditions, agreements and provisions contained in the Senior Bonds or in this Indenture, or in any indenture supplemental hereto to be performed, and such default shall have continued for a period of sixty days after written notice, specifying such default and requiring the same to be remedied,shall have been given to the Borrower by the Trustee,or if such notice is given to the Trustee and the Borrower by Holders of not less than twenty- five percent(25%) in principal amount of outstanding Senior Bonds; or (d) The occurrence and continuation of any"Event of Default"as that term is defined in the Loan Agreement or the occurrence of any acceleration of Senior Indebtedness because of a default or nonperformance or noncompliance by the Borrower under any document governing such indebtedness. Default in the due and punctual payment of any interest on or principal of any Outstanding Subordinate Bonds shall also constitute an Event of Default under this Indenture; provided,however,that the Trustee shall not be entitled to exercise any remedies upon an Event of Default with respect to the Suburdiaut..Subordinate Bonds set forth herein unless the Senior Bonds are no longer Outstanding Bonds. Section 7.02 Acceleration of Maturity. Upon the occurrence of an Event of Default,the Trustee may, and upon written request of Holders of twenty-five percent(25%) in aggregate principal amount of outstanding Senior Bonds, the Trustee shall, by notice in writing delivered to the Borrower declare the principal of all Senior Bonds hereby secured then outstanding and the interest accrued thereon immediately due and payable, and such principal and interest shall thereupon become and be immediately due and payable;subject,however,to the right of a Majority of Holders,by written notice to the Borrower and to the Trustee,to annul such declaration and destroy its effect at any time if all covenants with respect to which default shall have been made shall be fully performed or made good, and all arrears of interest upon all outstanding Senior Bonds and the reasonable expenses and charges of the Trustee, its agents and attorneys shall be paid, or the amount thereof shall be paid to the Trustee for the benefit those entitled thereto. Section 7.03 Enforcement of Covenants and Conditions. In any case of Default or breach of any of the covenants and conditions of this Indenture,or to protect the Trust Estate,the Trustee,anything herein - 49 -