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[387] > Image [387] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

Section 8.08. No Remedy Exclusive. No remedy herein conferred by the Owners of Bonds is intended to be exclusive of any other remedy or remedies, and each and every remedy conferred shall be cumulative and shall be in addition to every other remedy given hereunder now or hereafter existing at law or in equity or by statute. Section 8.09. No Delay or Omission Construed To Be a Waiver. No delay or omission of any Owner of Bonds to exercise any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy given by this Article to the Owner of Bonds may be exercised from time to time as often as may be deemed expedient. ARTICLE IX. MISCELLANEOUS PROVISIONS Section 9.01. All Covenants Binding on Successors and Assigns. Whenever in the Resolution reference is made to the Board or any officers, agents or employees thereof such references shall also be deemed to include the successors and assigns of the Board and its officers, agents and employees and all covenants and agreements in the Resolution contained by or on behalf of the Board shall bind and inure to the benefit of such successors and assigns whether so expressed or not. Section 9.02. Defeasance. If, when (a) the Bonds shall have become due and payable in accord- ance with their terms or shall have been duly called for redemption, or (b) irrevocable instructions to pay such Bonds at their respective maturities or to call such Bonds for redemption shall have been given by the Board to the Trustee, the whole amount of the principal, premium, if any, and the interest so due and payable upon all of such Bonds then Outstanding shall be paid or sufficient moneys, or Defeasance Obligations, the principal of and interest on which, when due upon maturity or a specified redemption date (if such obliga- tions are subject to redemption prior to maturity), will provide sufficient moneys, shall be held by the Paying Agents for such purpose under the pro- visions of the Resolution and the Series Resolution under which such Bonds were issued, and provision shall also be made for paying all other sums payable thereunder by the Board, then and in that case the right, title and interest of the Owners of such Bonds in the Net Revenues and the funds and accounts mentioned in the Resolution shall thereupon cease, determine and become void. If all the Bonds of all Series issued under the Resolution shall have been paid or provided for, the Board shall have obtained from nationally recognized municipal bond counsel experienced in bankruptcy matters an opinion that the setting aside of such moneys or securities shall not constitute an avoidable preference with respect to the Board under the United States Bankruptcy Code, the Board in such case shall repeal and cancel the Resolution ard may apply any surplus in any account in the Sinking Fund and all balances remaining in any other funds or accounts other than moneys held for the redemption or payment of -31-