University of Virginia Library

Article 11.

Default in the payment of the principal of the said bonds,
or any of them, and default for ninety days in the payment of
the interest coupons thereon, as hereinbefore mentioned, referred
to and specified, shall be construed to mean such default
after demand shall have been made at or after maturity for the
payment of any of such bonds or coupons; and no such default
shall be understood to have accrued as to any such bond, or coupon
for interest, until such demand therefor shall have been
made; and no interest shall accrue or any overdue coupon until
after demand for the payment thereof shall have been made.

And if the said Virginia Trust Company shall at any time
fail or cease to keep an office in the City of Richmond, Virginia,
at which the said bonds and coupons can in the usual
course of business be presented for payment or redemption, or
shall cease to act as trustee under this indenture; then, and
in either of these events, all the said bonds then outstanding
and interest and coupons, representing such interest thereon,
shall be and become payable at the office of the Proctor of
the said University; he being by law constituted the fiscal
agent of the said Rector and Visitors.