Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 837]

EXTRACTED TEXT FROM PAGE:

834

BOARD OF TRUSTEES

[June 29

to exercise by any of the provisions of this Indenture, which right to a receiver or receivers shall be deemed to continue notwithstanding the filing of any bill in equity to enforce the specific performance hereof, or in aid thereof, or the commencement of any other judicial proceeding to enforce any right of the Trustee or of the holders of the Bonds or coupons. In case the attached lease to the University shall not be in force at the time of any. such appointment of a receiver or receivers or at any time during the .continuance of any such receivership, such receiver or receivers may be authorized by the court to lease, use or operate the Project, the Site thereof and the other Trust Property for purposes other than those for which the Foundation itself as Trustee under the Medical and Dental College Building Trust may lease, use or operate same; such receiver or receivers may thus be authorized by the court to lease, use or operate said property (in the name or names of such receiver or receivers) for any purposes whatsoever and not merely for college, seminary, university or other educational purposes. Upon the happening of any event of default, then and in every such case, the Trustee, with or without entry, personally or by attorney, may in its discretion proceed to protect and enforce its rights and the rights of the holders of the Bonds at law or in equity by suit, action, mandamus or other proceeding including proceedings for the appointment of a receiver, for the specific performance of any covenant, condition or agreement in this Indenture contained or in aid of the execution of any power herein granted, or for the enforcement of any other appropriate legal or equitable remedy or other appropriate remedy as the Trustee, being advised by its attorneys, shall deem most effectual to protect and enforce any of the rights under this Indenture. Without limiting the generality of the foregoing, the Trustee shall be entitled, pending any such suit or suits, as a matter of right to the appointment of a receiver as aforesaid, and the Foundation irrevocably consents and requests that such receiver be appointed in case of the election by the Trustee to request such appointment. Section 9.04. No coupon the time for payment of which shall, except with the prior consent of the holders of two-thirds {Ys) of the Bonds then outstanding, have been extended in any manner, or-which in any way at or after maturity shall have been transferred or pledged separate and apart from the Bond to which it appertains (unless accompanied by such Bond) and no Bond the time for payment of which shall, except with the prior consent of the holders of twothirds {%) of the Bonds, have been extended in any manner, shall be entitled, in case of the happening of an event of default, to any benefit or security of or from this Identure, or to any payment out of the Pledged Estate or proceeds received from the operation of the T r u s t Property, except subject to the prior payment in full of the principal of all of the Bonds and of all coupons not so extended or so transferred or pledged. Section 9.05. In case any one or more of the events of default shall happen, the Trustee may, and upon the written request of the holders of at least ten per cent (10%) in principal amount of the Bonds then outstanding and upon being indemnified to its satisfaction shall, take all steps needful to protect and enforce its rights and the rights of the holders of the Bonds as the Trustee, being advised by its counsel, shall deem most expedient in the interest of the holders of the Bonds. T h e holders of not less than a majority in principal amount of the Bonds then outstanding hereunder shall have the right at "any time, by an instrument in writing executed and delivered to the Trustee, to direct the method and place of conducting all proceedings to be taken hereunder whether for the appointment of a receiver, the enforcement of any right or remedy hereunder or otherwise; provided that such direction shall not be otherwise than in accordance with the provisions of law or of this Indenture, and provided that the Trustee shall be indemnified to its satisfaction; and the Trustee shall be fully protected in acting upon and in accordance with any instrument or instruments in writing so executed by the holders of not less than a majority in principal amount of the Bonds at the time outstanding. Section 9.06. In case any event of default of either class specified in paragraphs ( a ) and (b) of Section 9.01 hereof shall happen, then, and in any such