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The declaration of an Event of Default under subsection (c) above, and the exercise of remedies
upon any such declaration, shall be subject to any applicable limitations of federal bankruptcy law affecting
or precluding that declaration or exercise during the pendency of or immediately following any bankruptcy,
liquidation or reorganization proceedings.
Section 7.2 Remedies on Default. Whenever an Event of Default shall have happened and be
subsisting, any one or more of the following remedial steps may be taken:
(a) If acceleration of the principal amount of the Bonds has been declared pursuant to
Section 7.03 of the Indenture, the Trustee shall declare all Loan Payments to be immediately due and
payable together with any other amounts payable by the Borrower under this Loan Agreement and the
Promissory Note whereupon the same shall become immediately due and payable;
(b) The Trustee may exercise any or all or any combination of the remedies specified in this
Loan Agreement;
(c) The Issuer or the Trustee may have access to, inspect, examine and make copies of the
books, records, accounts and financial data of the Borrower pertaining to the Project; or
(d) The Issuer or the Trustee may pursue all remedies now or hereafter existing at law or in
equity to collect all amounts then due and thereafter to become due under this Loan Agreement, the
Regulatory Agreement and the Promissory Note or to enforce the performance and observance of any other
obligation or agreement of the Borrower under those instruments.
Notwithstanding the foregoing, neither the Issuer nor the Trustee, as assignee of the Issuer, shall
be obligated to take any step which in its respective opinion will or might cause it to expend time or money
or otherwise incur liability unless and until a satisfactory indemnity bond has been furnished to the Issuer
or the Trustee, as applicable, at no cost or expense to the Issuer or the Trustee. Any amounts collected as
Loan Payments or applicable to Loan Payments and any other amounts which would be applicable to
payment of Bond Debt Service Charges collected pursuant to action taken under this Section shall be paid
into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the Outstanding
Bonds have been paid and discharged in accordance with the provisions of the Indenture, shall be paid as
provided in Section 5.08 of the Indenture for transfers of remaining amounts in the Bond Fund.
The provisions of this Section are subject to the further limitation that the rescission by the Trustee
of its declaration that all of the Bonds are immediately due and payable also shall constitute an annulment
of any corresponding declaration made pursuant to subsection (a) above and a waiver and rescission of the
consequences of that declaration and of the Event of Default with respect to which that declaration has been
made, provided that no such waiver or rescission shall extend to or affect any subsequent or other default
or impair any right consequent thereon.
Section 7.3 No Remedy Exclusive. No remedy conferred upon or reserved to the Issuer or the
Trustee by this Loan Agreement is intended to be exclusive of any other available remedy or remedies, but
each and every such remedy shall be cumulative and shall be in addition to every other remedy given under
this Loan Agreement, the Regulatory Agreement, or the Promissory Note, or now or hereafter existing at
law, in equity or by statute. No delay or omission to exercise any right or power accruing upon any default
shall impair that right or power or shall be construed to be a waiver thereof, but any such right and power
may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Issuer
or the Trustee to exercise any remedy reserved to it in this Article, it shall not be necessary to give any
notice, other than any notice required by law or for which express provision is made herein.
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