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Section 10.03 Trustee May Enforce Issuer鈥檚 Rights. The Trustee may enforce, in its name or
in the name of the Issuer, all rights of the Issuer for and on behalf of the Holders, except for Unassigned
Issuer鈥檚 Rights, and may enforce all covenants, agreements and obligations of the Borrower under and
pursuant to the Loan Agreement, regardless of whether the Issuer is in default in the pursuit or enforcement
of those rights, covenants, agreements or obligations. The Issuer, however, will do all things and take all
actions on its part necessary to comply with covenants, agreements, obligations, duties and responsibilities
on its part to be observed or performed under the Loan Agreement, and will take all actions within its
authority to keep the Loan Agreement in effect in accordance with the terms thereof.
ARTICLE XI
AMENDMENTS TO LOAN AGREEMENT, REGULATORY
AGREEMENT AND PROMISSORY NOTE
Section 11.01 Amendments Not Requiring Consent of Holders. Without the consent of or
notice to the Holders, the Issuer, the Borrower, and the Trustee may consent to any amendment, change or
modification of the Loan Agreement, the Regulatory Agreement or the Promissory Note as may be required
(a) by the provisions of the Loan Agreement, the Regulatory Agreement, or this Indenture; (b) for the
purpose of curing any ambiguity, inconsistency or formal defect or omission in the Loan Agreement, the
Regulatory Agreement, or the Promissory Note; (c) in connection with an amendment or to effect any
purpose for which there could be an amendment of this Indenture pursuant to Section 8.02 hereof; or (d) in
connection with any other change therein which is not materially adverse to the Trustee or the Holders of
the Bonds, applying the standards described in Sections 6.01 and 6.02 hereof. The Trustee shall not be
responsible for determining if an amendment has an adverse effect on the Holders.
Any subsequent amendment to this Indenture or the Loan Agreement is subject to prior written
approval of HUD (so long as the Project is subject to a mortgage insured or held by HUD). No amendment
to this Indenture or the Loan Agreement shall conflict with the provisions of the Program Obligations.
Section 11.02 Amendments Requiring Consent of Holders. Except for the amendments,
changes or modifications contemplated in Section 11.01 hereof, neither the Issuer nor the Trustee shall
consent to:
(a) any amendment, change or modification of the Loan Agreement or the Promissory Note
which would change the amount or time as of which Loan Payments are required to be paid, without the
giving of notice as provided in this Section of the proposed amendment, change or modification and receipt
of the written consent thereto of the Holders of all of the then Outstanding Bonds affected by such
amendment, change or modification; or
(b) any other amendment, change or modification of the Loan Agreement, the Regulatory
Agreement, or the Promissory Note without the giving of notice as provided in this Section of the proposed
amendment, change or modification and receipt of the written consent thereto of at least the Majority of the
Holders of the Bonds affected by such amendment, change or modification.
The consent of the Holders shall be obtained as provided in Section 8.03 hereof with respect to
Supplemental Indentures.
If the Issuer or the Authorized Borrower Representative shall request at any time the consent of the
Trustee to any proposed amendment, change or modification of the Loan Agreement, the Regulatory
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