8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77

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maturity of the installment, of such interest and, if the amount available shall not be sufficient to pay in full any particular installments then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or privilege, and SECOND —To the payment to the persons entitled thereto of any unpaid installments of principal of and premium, if any, on the Bonds and the Taxable Note, in the order of their due dates, with interest on such Bonds from the respective dates upon which they become due, and, if the amount available shall not be sufficient to pay in full such installments of principal of and premium, if any, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or privilege. (ii) If the principal of all the Bonds and the Taxable Note shall have become due or shall have been declared due and payable, all such moneys shall be applied to the payment of the principal then due and unpaid on the Bonds and the Taxable Note and to the payment of the interest then due and unpaid on the Bonds and the Taxable Note (either to a holder or a former holder of the Bonds or the Taxable Note), in such order as the holders thereof shall elect. (c) Whenever all principal of, premium, if any, and interest on all Bonds and on the Taxable Note have been paid under the provisions of this section and all expenses and charges of the Trustee have been paid, any balance remaining in the Bond Fund shall be paid to the Borrower as provided in Section 509 hereof. Section 906. Remedies Vested in Trustee. All rights of action (including the right to file proof of claims) under this Indenture or under any of the Bonds may be enforced by the Trustee without the possession of any of the Bonds or the production thereof, but only upon the direction to the Trustee in accordance with Section 904, in any trial or other proceedings relating thereto and any such suit or proceeding instituted by the Trustee shall be brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any holders of the Bonds, and any recovery or judgment shall be for the ratable benefit of the holders of the outstanding Bonds. Section 907. Rights and Remedies of Bondholders. No holder of any Bond shall have any right to institute any suit, action or proceeding in equity or at law for the enforcement of this Indenture or for the execution of any trust thereof or for the appointment of a receiver or any other remedy hereunder, unless (i) a Default has occurred of which the Trustee has been notified as provided in subsection (g) of Section 1001, or of which by said subsection it is deemed to have notices and (ii) such Default shall have become an Event of Default and the holders of a majority in aggregate principal amount of Bonds then outstanding shall have made written request to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name, and have offered to the Trustee indemnity as provided in Section 1001, and (iii) the Trustee shall thereafter fail or refuse to -29-