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[383]

Part of Minutes of the University of Kentucky Board of Trustees

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(g) the maturity of any Indebtedness the principal amount of which exceeds $1,000,000 shall be accelerated as a consequence of a default thereon or in respect thereto; or (h) the Board shall default in the due and punctual performance of any other of the covenants, conditions, agreements and provisions contained in the Bonds, any Parity Indebtedness or in the Resolution on the part of the Board to be performed, and such default shall continue for thirty (30) days after written notice specifying such default and requiring same to be remedied shall have been given to the Board by the Owners of Bonds or holders of Parity Indebtedness of not less than twenty-five percent (25%) in aggregate principal amount of the Bonds and Parity Indebtedness then Outstanding. The provisions of subsections (c), (d) and (e) of this Section are subject to the following limitation: If by reason of force majeure the Board is unable in whole or in part to carry out any of such agreements, the Board shall not be deemed in default during the continuance of such inability. The term "force majeure" as used herein shall mean, without limitation, the following: acts of God; strikes; acts of public enemies; order or restraints of any kind of the government of the United States of America or any of the states thereof or of any of their departments, agencies or officials, or of any civil or military authority; insurrections; riots; fires; landslides; earthquakes; storms; floods; explosions; and any other cause or event not reasonably within the control of the Board. The Board agrees, however, to remedy with all reasonable dispatch the cause or causes preventing the Board from carrying out its agreement, provided that the settlement of strikes shall be entirely within the discretion of the Board, and the Board shall not be required to make a settlement of a strike, by acceding to the demands of the opposing party or parties when such course is in the judgment of the Board unfavorable to the Board. The declaration of an event of default and the exercise of remedies upon any such declaration, shall be subject to any applicable limitations of federal bankruptcy law affecting or precluding such declaration or exercise during the pendency of or immediately following any bankruptcy, liquidation or reorganization proceedings. Section 8.02 Acceleration of Payment Upon the happening and continuance of any event of default specified in Section 8.01 hereof, then and in every such case the Trustee may, and upon the written request of the Owners of not less than twenty-five percent (25%) in principal amount of the Bonds then Outstanding shall, by a notice in writing to the Board, declare the principal of all the Bonds then Outstanding to be due and payable immediately, and upon such declaration the same shall become and be immediately due and payable, anything contained in the Bonds or in the Resolu- tion or any Series Resolution to the contrary notwithstanding; provided, how- ever, that if at any time after the principal of the Bonds shall have been so declared to be due and payable, and before the entry of final judgment or decree in any suit, action or proceeding instituted on account of such default, or before the completion of the enforcement of any other remedy under the -27-