2026-35 An Ordinance Authorizing the Issuance and Sale of Revenue Bonds (Millikin University), Series 2026A of the City of Decatur, Macon County, Illinois, in an Aggregate Principal Amount not to Exceed $18,000,000; Authorizing the Execution

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(n) The termination, repudiation or ineffectiveness of the Account Control Agreement other than in strict compliance with the terms thereof and/or failure by the Borrower to replenish the balance therein within 60 days of any deficiency therein.; (o) The Borrower loses its accreditation from the Higher Learning Commission; or (m) The Borrower fails to make the deposits to the Collateral Fund required by Section 2.20 hereof. The Borrower hereby agrees to provide notice to the Trustee and the City of any event described in subsections (d) - (g) and (i) - (m) above. Unless the Trustee has been notified in writing by the City, the Owner or the Beneficial Owner of an event of default described in subsection (c), the Trustee shall not be deemed to have notice of such event. Section 4.02. Remedies. During the continuance of any such event of default and subject to the provisions of Section 4.01 hereof, the City may pursue the following remedies, in addition to any other remedies provided for by law: (a) Acceleration of Maturity; Waiver of Event of Default and Rescission of Acceleration. The Trustee may, or upon the written direction of the Majority Holders, shall,by written notice to the Borrower, declare the principal of the Series 2026A Note (if not then due and payable) and the interest accrued thereon to be due and payable immediately, and upon any such declaration the principal of the Series 2026A Note and the interest accrued thereon shall become and be immediately due and payable, anything in the Series 2026A Note or in this Loan Agreement contained to the contrary notwithstanding. This provision, however, is subject to the condition that if, at any time after the principal of the Series 2026A Note and the interest accrued thereon shall have been so declared and become due and payable, all arrears of principal of and interest, if any, upon the Series 2026A Note and the expenses of the City and/or the Trustee shall be paid by the Borrower, and every other default in the observance or performance of any covenant, condition or agreement in the Series 2026A Note or in this Loan Agreement contained shall be made good,or be secured,to the satisfaction of the Trustee, or provision deemed by the Trustee to be adequate shall be made therefor, then and in every such case the Trustee by by written notice to the Borrower may at its option waive the event of default by reason of which the principal of the Series 2026A Note shall have been so declared and become due and payable,and may rescind and annul such declaration and its consequences; but no such waiver,rescission or annulment shall extend to or affect any subsequent event of default or impair any right consequent thereon. (b) Trustee Powers. The Trustee may pursue all remedies available under the UCC as secured party with respect to the Trust Estate, and under the Intercreditor Agreement. The Trustee may also pursue any and all other remedies at law or in equity. (c) City's Powers. The City, personally or by attorney, may in its discretion proceed to protect and enforce its rights by suit or suits in equity or at law, whether for the -25-