Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 687]

EXTRACTED TEXT FROM PAGE:

676

BOARD OF TRUSTEES

[June 16

Resolution, it will procure and maintain Business Interruption Insurance on the Project in an amount not less than two years' debt service requirements. Such insurance policy or policies shall be payable to The Board of Trustees of the University of Illinois and all moneys collected on account of loss covered by any such insurance shall be held in trust by the Board of Trustees and credited to the Medical Center Parking Revenue Bond Fund, Article Eight — Events of Default SECTION 8.01. Events of Default. The 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; (b) Failure to make due and punctual payment of any installment of interest on any Bond when and as such interest installment shall become due and payable, and such default shall have continued for a period of thirty (30) days; (c) Failure to make due and punctual payment or satisfaction of any payment into the Bond and Interest Sinking Fund Account when and as such payments shall become due and payable as in this Resolution or any resolution supplemental hereto expressed and such default shall have continued for a period of one hundred eighty (180) days; (d) If the University shall default in the observance of any other covenants, agreements, or conditions on its part in this Resolution or any resolution supplemental hereto or in the Bonds contained, and such default shall have continued for a period of ninety (90) days after notice thereof given to the University by the holder of any Bond setting forth the nature of such default. If an event of default shall happen and be continuing, then and in each and every such case the holders of not less than a majority in aggregate principal amount of the Bonds at the time outstanding shall be entitled, upon notice in writing to the University, to declare the principal of all of the Bonds then outstanding hereunder and the interest accrued thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Resolution or in the Bonds contained to the contrary notwithstanding. All of the revenues of the facilities including all sums in the Medical Center Parking Revenue Bond Fund upon the date of the happening of any event of default and all revenues of the facilities thereafter received by the University, shall be applied by the University in the order following upon presentation of the several Bonds and coupons, and the stamping thereon of the payment if only partially paid, or upon the surrender thereof if fully paid: First, to the payment of the costs and expenses of the holders of the Bonds in declaring such event of default, including reasonable compensation to their agents, attorneys, and counsel; Second, in case the principal of the Bonds shall not have become due and shall not then be due and payable, to the payment of the interest in default in the order of the maturity of the installments of such interest, with interest on the overdue installments at the rate now or hereafter provided by law, such payments to be made ratably to the persons entitled thereto without preference or priority; Third, in case the principal of the Bonds shall have become due and shall be