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58

Bond and Interest Sinking Fund Account" are sufficient to meet the
interest on all then outstanding Bonds due on the next succeeding
interest paynent date, one-half of the principal on all then outstanding
Bonds due within the succeeding twelve (12) months, plus a Debt Service
Reserve in an amount sufficient to pay the interest and principal due
within the next succeeding two (2) fiscal years on all then outstanding
Bonds; and thereafter on or before each February 15 and August 15, such
sums from said source sufficient to meet the interest on all then
outstanding Bonds due on the next succeeding interest payment date,
one-half of the principal on all then outstanding Bonds due within the
next succeeding twelve (12) months, and to maintain the Debt Service
Reserve in an amount sufficient to pay the interest and principal due
within the next succeeding two (2) fiscal years on all then outstanding
Bonds.

It is provided, however, that nothing herein shall be construed to
prevent the Borrower from depositing, or causing to be deposited, to the
credit of the "Housing System of 1964 Bond and Interest Sinking Fund
Account" net revenues of the Housing System or any other funds legally
available to the Borrower for such purpose, in excess of the requirements
of this Condition.

(f) 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 called the "North Carolina State of the University of
North Carolina at Raleigh Housing System Revenue Bonds of 1964 Repair
and Replacement Reserve Account" (hereafter sometimes referred to as the
"Housing System of 1964 Repair and Replacement Reserve Account"), into
which shall be deposited:

(1) All funds and/or investments then on hand in the "North Carolina
State College Maintenance and Equipment Reserve Account" provided
for by Section 503 and maintained under Section 504 of the
Resolution under which the "North Carolina State College of
Agriculture and Engineering of 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 "State College
Student Apartments Revenue Bonds, Series 1958, Building Maintenance
and Equipment Reserve Fund" provided for by Section 503 and
maintained under Section 504 of the Resolution under which the
"North Carolina State College Student Apartments Revenue Bonds,
Series 1958," dated September 1, 1958, being refunded hereby,
were issued.

(3) All funds and/or investments then on hand in the "North Carolina
State College Student Housing Repair and Replacement Reserve Account
of 1961" provided for by Section 503 and maintained under Section
504 of the Resolution under which the "North Carolina State College
Student Housing Revenue Bonds, Series 1961," dated F ebruary 1, 1961,
being refunded hereby, were issued.

(4) All funds and/or investments then on hand in the "North Carolina
State College Dormitory Repair and Replacement Reserve Account of
1961" provided for by Section 503 and maintained under Section 504
of the Resolution under which the "North Carolina State College
of Agriculture and Engineering of the University of North Carolina
Dormitory Revenue Bonds - Series 1961," dated September 1, 1961,
being refunded hereby, were issued.

Thereafter, the Borrower further covenants and agrees that, as soon as the
required semi-annual deposits to the "Housing System of 1964 Bond and
Interest Sinking Fund Account," as described in Special Condition (e)
above have been fully met in each fiscal year, there shall be transferred
from the "Housing System of 1964 Revenue Fund Account" on or before the
close of each fiscal year, and deposited to the credit of the "Housing
System of 1964 Repair and Replacement Reserve Account," the sum of

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