University of Virginia Library

$7,500,000 November 5, 1981
THE RECTOR AND VISITORS
OF THE
UNIVERSITY OF VIRGINIA

hereby promises to pay, but only from the source hereinbelow provided, to the order of The Rector and Visitors of the University of Virginia (the "University") for the benefit of the endowment funds of the University the principal amount of $7,500,000 on July 1, 1991, or sooner as hereinbelow provided, together with interest as hereinbelow provided. The principal of this Note shall be payable in such amounts, not to exceed $7,500,000 in the aggregate, as shall correspond to the principal payments due on any obligations of the University payable from said endowment funds which may be issued to finance or refinance the costs of a telephone communications system for the University ("Obligations"), payable one day before the dates on which principal is payable on such Obligations; provided, however, that no principal amount shall be payable on this Note to pay the principal becoming due on any Obligations which other Obligations shall have been issued to refinance.

As interest on this Note, the University shall remit to its endowment funds that portion of the interest payable on the aforesaid Obligations corresponding to that portion of the said system that is operational at the time such interest shall accrue, all as certified by the University's Comptroller.

This Note is a special obligation of the University, payable solely from such moneys of the University as may be appropriated and available therefor. Except to the extent such moneys shall be appropriated and available, this Note shall not be a debt or obligation of the University and in no event shall this Note be deemed to constitute a debt, general obligation or pledge of the faith and credit, legal, moral or otherwise, of the Commonwealth of Virginia.

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

By_________________________________ Comptroller