Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 839]

EXTRACTED TEXT FROM PAGE:

836

BOARD OF TRUSTEES

[June 29

vided for by deposit with the Trustee of a sum sufficient to pay the same); with respect to the provisions therein respectively for the rescission of a declaration accelerating the maturity of the Bonds and for the restoration of possession to the Foundation upon the conditions therein prescribed. In case of any such waiver or in case any proceeding taken on account of any default shall have been discontinued or abandoned or determined adversely to the Trustee, then and in every such case, the Foundation, the Trustee and the holders o£ the Bonds shall be restored to their former positions and rights hereunder, respectively. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Section 9.10. In order to promote and protect the equal and ratable rights of every holder of any of the Bonds issued hereunder and to avoid multiplicity of suits, it is expressly covenanted and agreed, and all the Bonds issued hereunder are subject to the condition, that no holder of any Bond shall be entitled either at law or in equity to institute any suit, action, mandamus or other proceeding to enforce any rights or remedies granted by this Indenture unless and until such holder shall have previously given to the Trustee written notice of a default hereunder and of the continuance thereof as hereinbefore provided, and also unless and until the holders of at least ten per cent (10%) in principal amount of the Bonds then outstanding shall have made written request upon the Trustee, and shall have afforded it a reasonable opportunity to institute such action, suit or proceeding in its own name, and also unless the Trustee shall have been offered security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and unless the Trustee for sixty days after receipt of such notification, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding. Such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution and enforcement by any bondholder or bondholders of the powers and trusts of this Indenture and to any action or cause of action for the enforcement of any remedy hereunder; it being understood and intended and being expressly covenanted by the taker and holder of every Bond and coupon issued hereunder and the Trustee that (subject to the provisions of Section 9.04 hereof) no one or more holders of Bonds and coupons shall have any right in any manner whatsoever to affect, disturb or prejudice the rights of the holders of any other of the Bonds and coupons, or in any manner or way to obtain or seek to obtain priority over or preference to any such holders, or to enforce any right hereunder except in the manner herein provided and for the equal, ratable and common benefit of all holders of the Bonds and coupons. Section 9.H. No remedy herein conferred upon or reserved to the Trustee or to the holders of the Bonds or coupons is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Section 9.12. No delay or omission of t h e Trustee or of any holder of the Bonds or coupons to exercise any right or power accruing upon any default, occurring and continuing as aforesaid, shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence thereto; and every power and remedy given by this Indenture to the Trustee or to the holders of the Bonds or coupons may be exercised from time to time and as often as may be deemed expedient by the Trustee or by the holders of the Bonds or coupons. Section 9.13. To the extent that the Foundation may lawfully do so, the Foundation covenants that it shall not at any time insist upon, plead, or in any manner whatever claim or take any benefit or advantage of any moratorium, stay or extension law whatever enacted, now or at any time hereafter in force, which may affect the covenants and terms of performance of this Indenture; and the Foundation hereby expressly waives all benefit or advantage of any such law or laws, and covenants not to hinder, delay or impede the execution of any power herein granted or delegated to the Trustee but to suffer and per-