apart from all other funds and accounts of the University and shall be a trust fund for the Owners, from time to time, of the Parity Bonds. The Gross Revenue is pledged to the payment of the Parity Bonds. The University irrevocably obligates and binds itself for as long as any of the Series 2018 Bonds remain Outstanding to set aside and pay into the Bond Fund from Gross Revenue or other money in the Revenue Fund, on or prior to the respective dates the same become due, such amounts as are required to pay the principal of and interest on the Series 2018 Bonds. All amounts pledged to be paid with respect to the Series 2018 Bonds are declared to be an equal and prior lien and charge upon the Gross Revenue superior to all other charges of any kind or nature whatsoever, except that the Series 2018 Bonds shall have a lien and charge upon such Gross Revenue on a parity with the lien and charge of the Outstanding Parity Bonds and any Future Parity Bonds. Money in the Bond Fund not needed to pay the interest or principal and interest next coming due on the Parity Bonds may be used to prepay the Parity Bonds or applied to the next payment of debt service coming due. Money in the Revenue Fund and the Bond Fund may be commingled for investment purposes and may be invested in any investments legal for the University. Pursuant to this Series Resolution, the Treasurer is authorized to make deposits to and transfers (or payments) from a number of “funds” and/or “accounts.” In each case, the Treasurer may designate each such fund or account in his or her discretion as a “fund” or as an “account,” regardless of its designation in this Series Resolution. Section 11. Tax Covenants. The University covenants that it will take all actions necessary to prevent interest on the Series 2018 Bonds from being included in gross income for
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