Section 3. The Board (a) covenants to fix, revise,
charge and collect fees and rents, including rents payable
under a lease between the University and the Darden School
Sponsors and a payment due to the University each year from
the Darden School Sponsors for or in connection with the entire
Sponsors Hall facility, including the Sponsors Hall Project,
and (b) pledges said fees and rents to the payment of the
principal of, premium, if any, and interest on that portion
of the Bonds issued to finance the Sponsors Hall Project;
provided that the current expenses of operating the entire
Sponsors Hall facility (the "Sponsors Hall Current Expenses")
shall be a first charge on such fees and rents. The Board further
covenants that such fees and rents will be fixed, revised,
charged and collected so that the net revenues from or for the
use or otherwise received on behalf of the entire Sponsors Hall
facility, including the Sponsors Hall Project, after payment
of the Sponsors Hall Current Expenses, will at all times be
sufficient to pay the principal of, premium, if any, and
interest on that portion of the Bonds issued to finance the
Sponsors Hall Project as and when the same become due, and
to pay debt service on any outstanding obligations that have
been previously issued to provide funds for the Sponsors Hall
facility, that portion of the Bonds issued to finance the
Sponsors Hall Project to be secured on a parity with such
obligations. Any such revenues in excess of the amounts
required for the payment of the Sponsors Hall Current Expenses,
the payment of the principal of, premium, if any, and interest
on that portion of the Bonds issued to finance the Sponsors
Hall Project when due, and debt service on any outstanding
obligations issued to provide funds for the Sponsors Hall
facility may be used by the University for any other proper
purpose.
