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paying or making provision for the payment of the necessary and reasonable current expenses of the dormitory between the time that any portion of it becomes revenue-producing and the establishment of the "Dormitory System Revenue Fund Account of 1963."

(4) All subsequent rentals, charges, income and revenues arising from the operation and ownership of the Dormitory System established under the provisions of Special Condition (b) above and from 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.

The "Dormitory System Revenue Fund Account of 1963" shall be held in the custody of the Treasurer of the Borrower, separate and apart from all other funds, in a bank which is a member of the Federal Deposit Insurance Corporation, and shall be maintained so long as any of the Bonds are outstanding.

Funds on deposit in the "Dormitory System Revenue Fund Account of 1963" shall be expended and used by the Treasurer of the Borrower only in the manner and order specified below.

(d) The current expenses of the Dormitory System shall be payable as a first charge, from the "Dormitory System Revenue Fund Account of 1963" as the same become due and payable.

Current expenses shall include all necessary operating expenses, current maintenance charges, expenses of reasonable upkeep and repairs, properly allocated share of charges for insurance, and all other expenses incident to the operation of the Dormitory System, but shall exclude depreciation, all general administrative expenses of the Borrower, all expenses of the operation of the dining halls or cafeterias, and the payments to be made into the "University of North Carolina Dormitory System Repair and Replacement Reserve Account of 1963" pursuant to the provisions of Special Condition (f) hereof.

(e) The Borrower covenants and agrees, as soon as the provisions of Special Conditions (a) and (b) above have been complied with, to establish, as a trust fund, with the bank or trust company to be designated in the Bond Resolution, and maintain, so long as any of the Bonds are outstanding, a separate Account or Accounts, collectively called the "University of North Carolina Dormitory System Bond and Interest Sinking Fund Account of 1963" (hereinafter sometimes referred to as the "Dormitory System Bond and Interest Sinking Fund Account of 1963") into which shall be deposited:

(1) All funds and/or investments then on hand in the "University of North Carolina Dormitory System Bond and Interest Sinking Fund Account" provided for by Section 503 of the revised Resolution under which the "University of North Carolina Dormitory Revenue Bonds Series 1956", dated November 1, 1956, being refunded hereby, were issued.

(2) All funds and/or investments then on hand in the "University of North Carolina Dormitory Revenue Bond and Interest Sinking Fund Account of 1960", provided for by Section 503 of the Resolution under which the "University of North Carolina Dormitory Revenue Bonds of 1960, Series A- B, and C", dated November 1, 1960, being refunded hereby, were issued.

(3) All of the accrued interest received from the sale of the "University of North Carolina Dormitory System Revenue Bonds of 1963", which sum shall be credited against the amount to be deposited into said "Dormitory System Bond and Interest Sinking Fund Account of 1963" on the next interest payment date.

Thereafter, and after providing for payment of current expenses, the Borrower shall transfer from the Dormitory System Revenue Fund Account of 1963 and deposit to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963 on or before each April 15 and October 15 a sum which,

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