Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 835]

EXTRACTED TEXT FROM PAGE:

832

BOARD OF TRUSTEES

[June 29

or Pledged Estate, the Trustee may exclude the Foundation and its agents and servants from making any collections under such leases or contracts or enforcing or exercising any of the rights and powers of the Foundation with respect to such leases or contracts. Upon every such entry, the Trustee shall be entitled to collect and receive all rents, issues and profits, income, earnings, charges, premiums and othtr revenues, and benefits of the Trust Property, the Pledged Estate and every part thereof; and after deducting the expenses of operating the Trust Property and of all maintenance, repairs, renewals, and replacements, and all payments which may be made for taxes, assessments, and insurance and prior or other proper charges upon the Trust Property or any part thereof as well as just and reasonable compensation for the services of all attorneys, counsel, accountants, engineers, managers, employees, and agents by the_ Trustee properly engaged or employed, the Trustee shall apply the moneys arising as aforesaid as follows: First: To the payment of the costs and expenses of any action or proceedings taken pursuant to the provisions hereof, including reasonable compensation for the Trustee, its agents, attorneys, and counsel, and to the payment of all expenses and liabilities incurred and advances made by the Trustee or any holder of any of the Bonds, together with interest at the rate of four per cent (4%) per annum on all such advances; Second: ( a ) In case the principal of all the Bonds issued hereunder and then outstanding shall not have become due: (1) To the payment of any interest in default in the order of maturity of the installments of such interest, with interest, so far as may be lawful, on the over-due installments of interest at the rate of six per cent (6%) per annum, such payments to be made ratably to the persons entitled thereto without discrimination or preference, except as hereinafter in Section 9.04 provided; (2) To the payment of the principal of the Bonds issued hereunder (and premium, if any), the principal of which shall have become due, ratably to the persons entitled thereto without any discrimination or preference, except as hereinafter in Section 9.04 provided; and (3) To the payment of the amounts due for the principal of and interest on the Bonds subordinated by reasons of the provisions of Section 9.04 hereof, ratably to the persons entitled to such payments without any discrimination or preference as between principal and interest, or any installment of interest over any other installment, or any Bonds or coupons so subordinated over any others so subordinated; (4) To the remedying of any other default then existing hereunder; and (5) To the payment of the surplus, if any, into the Revenue Fund; or ( b ) In case the principal of all the Bonds issued hereunder and then outstanding shall have become due by declaration or otherwise: (1) To the payment of the whole amount then due and unpaid upon the Bonds issued hereunder for principal and interest (and premium, if any), with interest on over-due principal at the rate of four per cent (4%) per annum and, so far as may be lawful, on over-due interest on the Bonds at the rate of six per cent (6%) per annum; or in case such proceeds shall be insufficient to pay in full the whole amount so due and unpaid upon the Bonds, then ratably according to the aggregate of such principal and interest, without preference or priority as l>etween principal or interest, or any installment of interest over any other installment thereof except as hereinafter provided in Section 9.04; (2) To the payment of the amounts due for the principal of and interest on the Bonds subordinated by reason of the provisions of Section 9.04 hereof, ratably to the persons entitled to such payments