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24U9062~4 ARTICLE V BOND FUND AND ADDITIONAL RENT Section 1. The Project has been leased to the College under the Lease-Purchase Agreement and the basic rent payments have been assigned and shall be remitted directly to the Trustee for the account of the Corporation and deposited in the Bond Fund, and the entire amount of said basic rent payments is pledged to the payment of the principal of and interest on the Bonds. Section 2. There is hereby created by the Corporation and ordered established with the Trustee a trust fund to be designated "Bond Fund", which shall be used to pay the interest on and principal of said Bonds. Section 3. There shall be deposited in the Bond Fund, as and when received, all basic rent payable under the Lease-Purchase Agreement and all other monies received by the Trustee under and pursuant to any of the provisions of the Lease-Purchase Agreement directing such monies to be paid into the Bond Fund. Upon the issuance of the bonds there shall be deposited to the Bond Fund an amount equal to all accrued interest received upon the sale of the bonds. The College shall receive credit against the amount of payments next falling due under the Agreement in the amount of such deposit. The Corporation hereby covenants that, so long as any Bonds issued hereunder are outstanding hereunder, it will cause the Project to be continuously and efficiently leased as a revenue and income producing undertaking and that, should there be a default under the Lease-Purchase Agreement with the result that the right of possession of the Project under the Lease-Purchase Agreement is returned to the Corporation, the Corporation shall fully cooperate with the Trustee and with the bondholders to the end of fully protecting the rights and security of the bondholders, and shall diligently proceed in good faith and use its best efforts to secure another tenant for the Project to the end of at all times deriving sufficient monies, income and revenues from the Project to promptly meet and pay the principal of and interest on the Bonds as the same become due and payable, as well as covering the cost of maintaining and insuring the Project. Section 4. Monies in the Bond Fund shall be used solely for the payment of the interest on the Bonds and for the retirement of the Bonds at or prior to maturity, including the making of any mandatary redemption as maybe set forth in this Indenture or any supplemental indenture. Section 5. The Bond Fund shall be in custody of the Trustee, and the Corporation hereby authorizes and directs the Trustee to withdraw funds from the Bond Fund in amounts sufficient to meet installments of interest or principal upon the Bands when due (including amounts due for principal upon mandatory redemption). The Trustee hereby accepts such authorization and direction. Section 6. In the event any Bonds shall not be presented for payment when the principal thereof becomes due, if funds sufficient to pay such Bonds and interest thereon shall have been made available to the Trustee for the benefit of the registered owners thereof, all liability of the Corporation to the registered owners thereof for the payment of such Bonds or interest thereon, as the case may be, shall forthwith cease, determine and be completely discharged and thereupon it shall be the duty of the Trustee to hold such fund or funds, without liability for interest thereon, far a period of five (S) years after such Bonds shall have matured, for the benefit of the registered owners of such Bonds, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on their part under this Indenture or on, or with respect to, such Bonds. At the expiration of such period, any unclaimed principal or interest shall be paid to 19