Agenda - Economic Development Authority - 05/24/2005

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only with the consent or at the direction of the Insurer, by written notice to the IsJuer, declare the principal of the Bonds to be immediately due and payable, whereupon that portion of the principal of the Bonds thereby coming due and the interest thereon accrued to the date of payment shall, without further action, become and be immediately due and payable, notwitlastanding any/_hing in this Indenture or in the Bonds to the contrary. At any time after such a declaration of acceleration has been made, but before the Trustee has exercised any other remedy specified herein or in the Lease, the Holders of a majority in aggregate pr/ncipal amount of the Bonds then Outstanding, by written notice to the Issuer and the Tt-tmtee, may rescind and annul such declaration and its consequences if: A. there has been paid to or deposited with the Trustee by or for the account of the Issuer, or provision satisfactory to the Trustee has been made for the payment of, a sum sufficient to pay -_.. (1) all overdue installments of interest on ail Bonds, (2) the principal of(and premium, if any, on) any Bonds which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Bonds, (3) to the extent that payment of such interest is lawful, kiterest upon overdue installments of interest at the rate borne by the Bonds, and (4) all sums paid or advanced by the Trustee hereunder ar:.d the reasonable compensation, expenses, disbursements and advances of ere Trustee, its agents and counsel; and B. all Events of Default, other than the non-payment of the principal of Bonds which have become due solely by such acceleration, have been cured or waived as provided herein. such rescission shall affect any subsequent default or impair any right consequent thereon. Upon the happening and continuance 'df an Event of Default, in addition to the acceleration of the Bonds, the Trustee may, and shall upon the written request by the Insurer or by registered or certified mail to the Trustee of the Holders of a majority in aggregate pr/nc/pal amount of outstanding Bonds: (a) proceed to protect and enforce its rights by a suit or suits in equity or at law, either for the specific performance of any covenant or agreement contained herein or in the Lease or the Bonds, or in aid of the execution of any power herein or therein granted, or for the enfbrcement of any other appropriate legal or equitable remedy; '.1 (b) with respect to the Project Equipment, exercise any remedies available to a secured w, rty under the Uniform Commercial Code as then in effect in the State of Minnesota; 1763903vl 105