392

366

(2) The existing dormitories for men known as Craige Hall and Ehringhaus Hall and the housing addition to the Nurses' Dormitory constructed under Project NC 31-CH-27 (D), Revised, and financed in part from the proceeds of the "University of North Carolina Dormitory Revenue Bonds of I960, Series A, B and C", dated November 1, I960, herein refunded.

(3) The heretofore constructed dormitories known as Alderman, Alexander, Aycock, Battle-Vance-Pettigrew, Carr, Cobb, Conner, Everett, Graham, Grimes, Joyner, Kenan, Lewis, Mangum, Manly, Mclver, Old East, Old West, Ruffin, Smith, Spencer (not including the addition thereto constructed under Project NC 31-CH-8 (D), Stacy, Whitehead and Winston Halls and the Nurses' Dormitory (not including the addition thereto constructed under Project NC 31-CH-27 (D), Revised).

(4) The dormitory for men to be constructed under Project CH-NG73 (D),

(5) Any other dormitories, together with the necessary appurtenant facilities, that may be voluntarily hereafter added to the Dormitory system at future dates as additional security for the then outstanding Bonds and/or for the issuance of additional parity bonds for the purpose of financing, entirely or in part, the cost of such additional facilities under the provisions of Special Condition (i) and of Special Condition (j) hereof.

Provided, however, that none of the dining halls or cafeterias which are included in the dormitories in the Dormitory System to be established in accordance with the provisions of Paragraphs (l) through (4) of this Condition or in any dormitory which subsequently may be added to said Dormitory System in accordance with the provisions of paragraph (5) of this Condition and of Special Conditions (i) and (j) hereof, shall constitute a part of said Dormitory System.

(c) The Borrower covenants and agrees, as soon as the provisions of Special Conditions (a) and (b) above have been complied with, to establish a "University of North Carolina Dormitory System Revenue Fund Account of 1963" (hereinafter sometimes referred to as the "Dormitory System Revenue Fund Account of 1963") into which shall be deposited:

(1) All unexpended or unencumbered funds and/or investments than on deposit, or on hand to be deposited, in the "University of North Carolina Dormitory Project Revenue Fund" provided for by Section 503 of the revised Resolution under which the "University of North Carolina Dormitory Revenue Bond-Series 1956" dated November 1, 1956, being refunded thereby, were issued, or in any Account independently established by the Borrower and identified as the "Existing Facilities Pledged Revenue Account", or in any other corresponding Account independently established by the Borrower for the purpose of receiving the "Revenues of the Existing Dormitories"as defined in Section 101 of said revised Resolution.

(2) All unexpended or unencumbered funds and/or investments then on deposit, or on hand to be deposited, in the "University of North Carolina Dormitory Revenue Fund Account of 1960" and the "University of North Carolina Existing Dormitories Pledged Revenues Fund Account of I960" provided for by Section 503 of the Resolution under which the "University of North Carolina Dormitory Revenue Bonds of I960, Series A, B, and C", dated November 1, I960, being refunded thereby, were issued.

(3) All subsequent rentals, charges, income and revenues arising from the operation or ownership of the dormitory to be constructed under Project CH-NC-73 (D); provided, however, in the event that if any portion of said dormitory becomes revenueproducing before the provisions of Special Conditions (a) and (b) above have been complied with, the Borrower shall covenant and agree to hold such revenues in a special fund, separate and apart from all other funds, and to deposit into the "Dormitory System Revenue Fund Account of 1963", as soon as this Account is established, the balance remaining in said special fund, after