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Part of Minutes of the University of Kentucky Board of Trustees

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of the Principal Account, an amount equal to the principal of all Outstanding Series A Bonds due on the next ensuing August 1; (c) (i) beginning on the twenty-fifth day, or if such day is not a Business Day on the next succeeding Business Day, of the month following any month in which money is transferred from the Reserve Account to the Interest Account or the Principal Account to cure a deficiency therein, and on the twenty-fifth day of each month thereafter, to the credit of the Equity Subaccount, one-twelfth (1/12) of the amount or amounts so transferred until the amount then on deposit in the Reserve Account is equal to the Reserve Account Requirement and (ii) beginning in the month following a valuation made in accordance with the Series A Resolution in which a loss resulting from a decline in the value of investments held for the credit of the Reserve Account is computed, and on the twenty-fifth day of each month thereafter, into the Equity Subaccount one-twelfth (1/12) of the amount of such loss until the amount of such loss is reimbursed. Section 5.03. Application of Money in Reserve Account; Replenishment of Reserve Account. Simultaneous with the delivery of the Series A Bonds, an amount equal to the Reserve Account Requirement shall be deposited in the Reserve Account. Any funds contributed by the Board for deposit to the credit of the Reserve Account shall be deposited in the Equity Subaccount, and any of the proceeds of the Series A Bonds deposited to the credit of the Reserve Account shall be deposited to the credit of the Proceeds Subaccount. The Trustee shall use amounts in the Reserve Account to make transfers to the Interest Account and the Principal Account to the extent necessary to pay interest on and principal (whether at maturity or by acceleration) of the Series A Bonds, whenever and to the extent that the money on deposit to the Interest Account and the Principal Account is insufficient for such purposes. Amounts on deposit to the credit of the Proceeds Subaccount shall be exhausted prior to the transfer of any amount on deposit to the credit of the Equity Subaccount. Subject to the provisions of the Master Resolution, the Board shall cause the State Treasurer to transfer from the Revenue Fund to the Equity Subaccount, in twelve (12) equal monthly installments, the amount of any transfer made from the Reserve Account pursuant to the preceding paragraph. Subject to the provisions of the Master Resolution, the Board shall cause the State Treasurer to transfer from the Revenue Fund to the Equity Subaccount, in twelve (12) equal monthly installments, the amount of any loss resulting from a decline in the value of investments held for the credit of the Reserve Account computed following a valuation made in accordance with the Series A Resolution. The Board may at any time withdraw amounts on deposit to the credit of the Proceeds Subaccount for its general purposes so long as, simultaneously therewith, it shall deposit an equal amount of its funds to the credit of the Equity Subaccount. -15-