Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 231]

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228

BOARD OF TRUSTEES

[December 17

Resolution, and to enjoin the University and any of its officers, agents or employees from taking any action in conflict with any contract or covenant with the holders of the Bonds and coupons as provided by this Resolution; ( b ) By action or suit in equity to require the University to account as if it were the trustee of an express trust; or ( c ) By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holders of Bonds. N o remedy conferred hereby upon the Trustee or any holder of Bonds is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred hereby. No waiver of any default or breach of duty or contract by the holder of any Bond shall extend to or shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies thereon. No delay or omission of the Trustee or the holder of any Bond to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the holders of Bonds may be enforced and exercised from time to time and as often as may be deemed expedient. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holders of Bonds, then, and in every such case, the University and the holders of Bonds shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken. SECTION 10.03. Trustee to Act as Trustee for Bond Holders. The Trustee appointed hereunder (and the successive respective holders of the Bonds and interest coupons, by taking and holding the same, shall be conclusively deemed to have so appointed the Trustee) shall act as Trustee to represent the Bond holders in the matter of exercising and prosecuting on their behalf such rights and remedies as may be available to such holders under the provisions of the Bonds and this Resolution. Upon any default or other occasion giving rise to a right in such Trustee to represent the Bond holders, such Trustee may, but need not, take such action on behalf of the Bond holders as may seem appropriate to it and, upon the request in writing of the holders of twenty per cent (20%) in principal amount of all the Bonds then outstanding, which request shall specify such default or occasion and the action to be taken by the Trustee, and upon being furnished with indemnity satisfactory to it, such Trustee shall take such action on behalf of the Bond holders as may have been so requested; subject however to the provisions of Section 10.01 requiring not less than a majority in aggregate principal amount of the Bonds at the time outstanding to declare the principal of all Bonds then outstanding hereunder and the interest accrued thereon to be due and payable. Except as in this Section 10.03 provided, no holder of any Bond or of any interest coupon pertaining to any coupon Bond shall have any right by virtue or by availing of any provision of this Resolution or provisions of applicable law to institute any suit, action or proceeding, at law or in equity, for the appointment of any trustee in bankruptcy, receiver, liquidator or custodian of the revenues and other funds pledged or held hereunder, unless such holder shall previously have given to the Trustee written notice of an existing default, and unless, also, there shall have been tendered to the Trustee security and indemnity satisfactory to it against all costs, expenses and liabilities which might be incurred in or by reason of such action, suit or proceeding, and unless, also, the holders of twenty per cent (20%) in aggregate principal amount of all the Bonds then outstanding shall have requested the Trustee in writing to take action with respect to such default and the Trustee shall have declined to take such action or failed so to do within thirty (30) days thereafter; it being intended that no one or more holders of Bonds or interest coupons shall have any right in any manner to institute or prosecute any action, suit or proceeding for the appointment of a trustee in bankruptcy, receiver, liquidator or custodian of the revenues and other funds pledged or held hereunder, except in the manner herein provided, and for the equal proportionate benefit of all holders of outstanding Bonds and interest coupons; provided that nothing contained in this Resolution or in the Bonds shall affect or impair the obligation to pay the principal of, premium (if any) and the