Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 229]

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226

BOARD OF TRUSTEES

[December 17

may apply to any court of competent jurisdiction to appoint a successor Trustee. Said court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee. Any Trustee appointed under the provisions of this Section 9.08 in succession to the Trustee shall be a bank or trust company organized under the laws of the State of Illinois or a national banking association, doing business and having its principal office in the City of Chicago, Illinois, and having a capital and surplus aggregating at least One Million Dollars ($1,000,000), if there be such a bank or trust company or national banking association willing and able to accept the office on reasonable and customary terms and authorized by law to perform all the duties imposed on it by this Resolution. SECTION 9.09. Transfer of Rights and Property to Successor Trustee. Any successor Trustee appointed under this Resolution shall execute, acknowledge and deliver to its predecessor Trustee, and also to the University, an instrument accepting such appointment, and thereupon such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all moneys, estates, properties, rights, powers, duties and obligations of such predecessor Trustee, with like effect as if originally named as Trustee, and the predecessor Trustee shall promptly furnish to the successor Trustee on request therefor, or on such request permit the successor Trustee to secure from the records of the predecessor Trustee such information as may be required by the successor Trustee to perform its duties and obligations as such successor, and shall deliver to the successor Trustee instruments then in its possession for the inspection of the holders of Bonds; but the Trustee ceasing to act shall nevertheless, on the written request of the University, or of the successor Trustee, execute, acknowledge and deliver such instruments of conveyance and further assurance and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor Trustee all the right, title and interest of the predecessor Trustee in and to any property held by it (if any) under this Resolution, and shall pay over, assign and deliver to the successor Trustee any money or other property subject to the trusts and conditions herein set forth, including all records and books of registry. SECTION 9.10. Merger or Consolidation. Any company into which any Trustee may be merged or converted or with which it may be consolidated or any company resulting from any merger, conversion or consolidation to which it shall be a party or any company to which any Trustee may sell or transfer all or substantially all of its corporate trust business, provided such company shall be a bank or trust company organized under the laws of the State of Illinois or a national banking association and shall have an office for the transaction of its business in the City of Chicago and State of Illinois, and shall be authorized by law to perform all the duties imposed upon it by this Resolution, shall be the successor to such Trustee without the execution or filing of any paper or the performance of any further act. SECTION 9.11. Adoption of Authentication. In case any of the Bonds contemplated to be issued under this Resolution shall have been authenticated but not delivered, any successor Trustee may adopt the Certificate of Authentication of any predecessor Trustee so authenticating such Bonds and deliver such Bonds so authenticated; and in case any of the said Bonds shall not have been authenticated, any successor Trustee may authenticate such Bonds in the name of the predecessor Trustee, or in the name of the successor Trustee, and in all such cases such certificate shall have the full force which it is anywhere in said Bonds or in this Resolution provided that the certificate of the Trustee shall have. ARTICLE TEN

EVENTS OF DEFAULT

SECTION IO.OI. Events of Default. T h e University shall be in default herein if one or more of the following events (herein called "events of default") shall happen, to-wit: ( a ) Failure to make due and punctual payment of the principal of or any redemption premium on any Bond when and as the same shall become due and payable;