Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 840]

EXTRACTED TEXT FROM PAGE:

I936]

UNIVERSITY OF ILLINOIS

837

mit the execution of every power as though no such law or laws had been made or enacted. Section 9.14. Any notice required or permitted to be given by the Trustee to the Foundation under the provisions of this Indenture shall be sufficiently given if it shall have been mailed, postage prepaid, addressed to the Foundation, 725 S. Wright St., City of Champaign, Illinois, or at such other address as the Foundation shall have in writing given to the Trustee. Section 9.15. All payments to be made hereunder by the Trustee upon Bonds and interest coupons shall be made upon the presentation of the Bonds or interest coupons respectively for notation thereon of the payment if partially paid, or for the surrender and cancellation thereof if fully paid. Section 9.16. If and as soon as ( a ) the Foundation or the Trustee shall have determined to redeem all or any Bonds outstanding hereunder, and proper notice of redemption shall have been published or shall be in course of publication, or shall have been mailed if all of the Bonds are registered, and funds sufficient and available to accomplish such redemption and to pay all charges and expenses of the Trustee shall be on deposit with the Trustee, or ( b ) T h e r e shall have been deposited with the Trustee, or accumulated by it as a result of the operation of the Trust Property and the Pledged Estate by the Trustee or a receiver or otherwise, an amount sufficient and available to pay the principal amount of and accrued interest (and premium, if any) on all Bonds outstanding hereunder when the same shall become due, whether by their terms, by call for redemption, or by declaration, and an amount sufficient to pay all charges and expenses of the Trustee, then and in every such case the moneys deposited with or held by the Trustee, shall without further act be deemed forthwith to be set aside and reserved for the benefit of the holders of Bonds and coupons called for redemption, as mentioned in subparagraph (a) above, or for the benefit of the holders of all Bonds and coupons then outstanding hereunder, as mentioned in subparagraph ( b ) , as the case may be. Sums so reserved in the hands of the Trustee shall constitute a special trust fund and shall, after deduction of all charges and expenses of the Trustee, be paid out to the holder or holders of the Bonds and coupons for which such reservations shall have been made.

ARTICLE X

PROTECTION OF SECURITY BY TRUSTEE OR HOLDERS OF BONDS

Section 10.01. T h e Trustee is hereby authorized, but not required, whenever and as often as it may become necessary or advisable to do so by reason of the failure of the Foundation to observe or perform any covenant, condition or agreement on the part of the Foundation in this Indenture contained, to pay any indebtedness due and to cure any default of the Foundation hereunder including, but without limiting the generality of the foregoing, the procurance or renewal of any policy of insurance, the collection of insurance moneys, the placing of the T r u s t Property in proper condition and repair, the discharge of taxes, assessments or other charges levied, imposed or assessed upon the Trust Property, or any part thereof, the redemption of the Trust Property, or any part thereof from any tax sale or forfeiture, or the purchase of any tax title thereon existing, the removal of any mechanics' lien or other lien or encumbrance thereon existing, the carrying on of the prosecution or defense of any suit affecting the security for the Bonds hereunder, and the advance or expenditure of the necessary moneys for any of such purposes, including the payment of reasonable fees and disbursements for attorneys, court costs, stenographers' charges, and any and all costs necessary or incident to the preparation for trial or trials of any suit or suits. Any moneys advanced or expended by the Trustee pursuant to any and all provisions of this Indenture, with interest on each item from the date of such