8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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(g) if bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings for relief under any bankruptcy law or similar law for the relief of debtors are instituted by or against the Borrower or either Noel H.Yarger or G. Toms Yarger (other than bankruptcy proceedings instituted by the Borrower against third parties) , and if instituted against the Borrower or either Noel H. Yarger or G. Toms Yarger and are allowed against the Borrower or either Noel H. Yarger or G. Toms Yarger or are consented to or are not dismissed, stayed or otherwise nullified within 10 days after such institution; or (h) any event of default occurs under the 1986 Loan Agreement. During the occurrence and continuance of any event of default hereunder, the Trustee, as assignee of the Issuer pursuant to the Indenture, shall, to the extent permitted by law, have the following rights and remedies, in addition to any other remedies herein or by law provided: I. Remedies Under Uniform Commercial Code. In addition to any other remedies provided for hereby or by law, the Trustee shall have the rights of a secured party and the Borrower shall have the rights of a debtor under the Uniform Commercial Code of Indiana, codified at Indiana Code 26-1 (or any successor code or statute) , with respect to the Mortgaged Property upon the occurrence and continuance of an event of default hereunder, as defined in this Section 7. 1. II. Right to Bring Suit, Etc. The Trustee may in its discretion proceed to protect and enforce its rights by a suit or suits in equity or at law, whether for damages or for the specific performance of any covenant or agreement contained in the Notes, this Loan Agreement or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy, as the Trustee shall deem most effectual to protect and enforce any of its rights or duties hereunder; provided, however that all costs incurred by the Trustee and the Issuer under this Article shall be paid to the Trustee or the Issuer, as the case may be, by the Borrower on demand. III. Acceleration of Series 1993 Note. The Trustee may declare the unpaid indebtedness on the Series 1993 Note and under this Loan Agreement to be due and payable immediately, if concurrently or prior to such declaration, the unpaid principal amount of the Series 1993 Bonds shall have been declared due and payable, and upon such declaration the same shall become immediately due and payable. Section 7 .2. Foreclosure and Sale of Mortgaged Property. During occurrence and continuance of an event of default the Trustee in its discretion may, to the extent permitted by law, sell to the -36-