Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 838]

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i936l

UNIVERSITY OF ILLINOIS

835

case, upon written demand of the Trustee, the Foundation, out of any funds available to it for that purpose as herein provided, shall, pay to the Trustee for the benefit of the holders of the Bonds and coupons then outstanding the whole amount which then shall have become due and payable on all such Bonds and coupons then outstanding for interest or principal or both, as the case may be, with interest at the rate of four per cent (4%) per annum on over-due principal and, so far as may be lawful, on over-due interest on the Bonds at the rate of six per cent (6%) per annum, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee's attorneys and counsel and any expenses or liabilities incurred or advances made by the Trustee or any holder of any of the Bonds hereunder. Section 9.07. In case the Foundation shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute such actions or proceedings, at law or in equity, as may be advised by its attorneys, for the collection of the sums so due and unpaid and may prosecute any such action or proceeding to judgment or final decree and may enforce any such judgment or final decree against the Foundation, as trustee under the Medical and Dental College Building Trust, and may collect, out of the revenues of the Trust Property and the Pledged Estate, the moneys adjudged or decreed to be payable, all in the manner provided by law. The Trustee shall be entitled to recover judgment or to secure a final decree as aforesaid, either before or after or during the pendency of any proceedings for the enforcement of the lien of this Indenture by the appointment of a receiver or otherwise or by the exercise of any other right, power or remedy for the enforcement of the provisions of this Indenture. The Trustee, in its own name and as trustee of an express trust, shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid upon any and all of the Bonds then outstanding for the benefit of the holders thereof and shall be entitled to recover judgment or to secure a final decree for such amounts, with interest. No recovery of any judgment or securing of any decree by the Trustee shall affect, in any manner or to any extent, the lien of this Indenture upon the Pledged Estate or any part thereof, or any lien, rights, powers, or remedies of the Trustee hereunder, or any lien, rights, powers, or remedies of the holders of the Bonds, but such lien, rights, powers, and remedies of the Trustee and of the holders of the Bonds shall continue unimpaired as before. No provision contained in this Section or elsewhere in this Indenture shall be deemed to create or permit the creation of a personal obligation of the Foundation, nor shall the Foundation be held obligated under this Indenture to pay any sums out of its general or personal funds, but only out of moneys available for any such purpose as herein provided. Any moneys collected by the Trustee pursuant to this Section shall be applied by the Trustee in the same manner as that provided by Section 9.02 hereof. Section 9.08. All rights of action under this Indenture or under any of the Bonds or coupons may be enforced by the Trustee without the possession of any of the Bonds or coupons and without the production thereof at any trial or other proceeding relative thereto. Any such suit or proceeding instituted by the Trustee shall be brought in its name as Trustee, and any recovery of judgment shall be for the ratable benefit of the holders of the Bonds outstanding hereunder and the coupons thereto appertaining (subject, however, to the provisions of Section 9.04 hereof). Section 9.09. The Trustee, upon the written request of the holders of a majority in principal amount of the Bonds at the time outstanding hereunder, shall waive any default hereunder and its consequences, except a default in the payment of the principal of any Bond at the date of maturity specified therein; provided, however, that a default in the payment of interest on the Bonds shall not be waived unless, prior to such waiver, all arrears of interest with interest thereon, so far as may be lawful, at the rate of six per cent (6%) per annum, and all expenses of the Trustee, shall have been paid (or shall have been pro-