Board of Visitors minutes :: February 20, 1960 :: University of Virginia Library

SECTION 7.01. The Board, from time to time, and at any time, may adopt a resolution
amending or supplementing the provisions of this Resolution (which thereafter shall form a
part hereof), which shall not adversely affect the rights of the Holders of the Bonds outstanding
hereunder, for any of the following purposes

(a) to cure any ambiguity, formal defect or omission in this Resolution, or
in any supplemental resolution, or

(b) to grant to or to confer upon the Holders of the Bonds, any additional
rights, remedies, powers, authority or security that lawfully may be granted to,
or conferred upon, the Holders of the Bonds, or

(c) to add to the covenants and agreements of the Board in this Resolution
contained other covenants and agreements thereafter to be observed, or to surrender
any right or power herein reserved to, or conferred upon the Board.

SECTION 7.02. With the consent of the Holders of not less than sixty-five per
centum (65%) of the Bonds then outstanding, the Board, from time to time, and at any time,
may adopt a resolution amending or supplementing the provisions of this Resolution (which
thereafter shall form a part hereof), for the purposes of adding any provisions to, or changing
in any manner, or eliminating, any of the provisions of this Resolution, or of any supplemental
resolution, or modifying in any manner the rights of the Holders of the Bonds and
coupons, provided, however, that no such resolution amending or supplementing the provisions
hereof shall (i) extend the fixed maturity date for the payment of the principal, or of any
installment of the principal, of any Bond, or reduce the principal amount of any Bond, or
reduce the rate, or extend the time of payment, of interest thereon, or reduce any premium
payable upon the redemption or prepayment thereof, without the specific consent of the Holder
of each Bond so affect, or (ii) permit the creation by the Board of any lien or encumbrance
prior to or on a parity with the lien of this Resolution upon any part of the receipts, revenues,
Gross Revenues and securities of the Board specifically securing the payment of the
Bonds, or reduce the aforesaid percentage of Bonds, the Holders of which are required to
consent to any such resolution amending or supplementing the provisions hereof, without the
specific consent of the Holders of all the Bonds then outstanding. It shall not be necessary
for the consent of the Holders of the Bonds under this Section to approve the particular form
of any proposed resolution amending or supplementing the provisions hereof, but it shall be
sufficient if such consent shall approve the substance thereof. A modification or amendment
of the provisions with respect to the Revenue Fund, the Bond Fund or the Debt Service Reserve
is not to be deemed a change in the terms of payment, provided, however, that no such modification
or amendment shall, except upon the consent of the Holders of all outstanding Bonds
affected thereby, reduce the amount, or amounts, required to be on deposit, or required to be
deposited, in said accounts, Nothing herein contained, however, shall be construed as making
necessary the approval by the Bondholders of the adoption of any amending or supplementing
resolution, as authorized in Section 7.01 of this Article VII.

SECTION 7.03. Upon the adoption of any resolution amending or supplementing the
provisions of this Resolution pursuant to the provisions of this Article VII, this Resolution
shall be modified and amended in accordance therewith, and the respective rights, limitations
of rights, obligations, duties and immunities under this Resolution of the Board and of the
Holders of the Bonds and coupons shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all of the terms and
conditions of any such amending or supplementing resolution shall be a part of the terms and
conditions of this Resolution for any and all purposes.