Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 232]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

229

interest on the Bonds as in this Resolution provided, or shall affect or impair the right of action, which is absolute and unconditional, of the holders of the Bonds otherwise to enforce payment thereof by virtue of the contract embodied in the Bonds and in this Resolution or applicable statutes and provisions of law, or to enforce any of the covenants or provisions in the Bonds, this Resolution, or applicable statutes or provisions of law, except as hereinabove provided with respect to suits, actions or proceedings for the appointment of any trustee in bankruptcy, receiver, liquidator or custodian of the revenues and other funds pledged or held hereunder. SECTION 10.04. Trustee Constituted Attorney-in-Fact for Bondholders. The Trustee is hereby appointed (and the successive respective holders of the Bonds and interest coupons issued hereunder, by taking and holding the same, shall be conclusively deemed to have so appointed it) the true and lawful attorney-in-fact of the respective holders of the Bonds and interest coupons, with authority to make or file, irrespective of whether the Bonds or any of them are in default as to payment of principal or interest, in the respective names of the holders of the Bonds or interest coupons, or in behalf of all holders of the Bonds, or of interest coupons pertaining to the Bonds, as a class or classes, any proof of debt, amendment of proof of debt, petition or other document, to receive payment of any sum or sums becoming distributable on account thereof, and to execute any and all other papers and documents and to do and perform any and all acts and things for and in behalf of the respective holders of the Bonds or interest coupons, or in behalf of such holders as a class or classes, as may be necessary or advisable in the opinion of any such attorney-in-fact in order to have the respective claims of such holders of Bonds or interest coupons allowed in any equity receivership, insolvency, liquidation, bankruptcy or other proceedings to which the State of Illinois or the University may at any time be a party, and to receive payment of or on account of such claims; and each and every receiver, assignee or trustee in bankruptcy is hereby authorized by each of the respective holders of the Bonds and interest coupons to make such payments to such attorney-in-fact, and, in the event that such attorney-in-fact shall consent to the making of such payments directly to such holders, to pay to such attorney-in-fact any amount which may be due to it for compensation and expenses, including counsel fees, incurred by it up to the date of such distribution. ARTICLE ELEVEN

MODIFICATION AND AMENDMENT OF THE RESOLUTION

SECTION I I . O I . Amendment by Consent of Bond Holders. This Resolution and the rights and obligations of the University and of the holders of the Bonds and coupons may be modified or amended at any time by resolution supplemental hereto adopted by the Board of Trustees pursuant to the affirmative vote at a meeting of Bond holders held in accordance with this Article, or with the written consent without a meeting, given as provided in Section 11.04, of the holders of sixty-six and two-thirds per cent ( 6 6 ^ % ) in principal amount of all of the Bonds then outstanding; provided that no such modification or amendment shall (i) extend the maturity of or reduce the interest rate on, or otherwise alter or impair the obligation of the University to pay the principal or interest or redemption premiums at the time and place and at the rate and in the currency provided therein of any Bond without the express consent of the holder of such Bond, or (ii) permit the creation by the University of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held hereunder, except as permitted by this Resolution, other than the lien and pledge created by this Resolution, or (iii) permit the creation of a preference or priority of any Bond or Bonds over any other Bond or Bonds or coupon or coupons, or (iv) reduce the percentages of Bonds required for the affirmative vote or written consent to an amendment or modification, without the written consent of holders of all Bonds, and without the written assent of the Trustee thereto, no such modification or amendment shall modify any of the rights or obligations of the Trustee at the time acting hereunder. SECTION 11.02. Bond Holders Meetings. T h e University may at any time call a meeting of the holders of Bonds. Every such meeting shall be held at such place in the City of Chicago, State of Illinois, as may be specified in the notice calling such meeting. Written notice of such meeting, stating the place and time