University of Virginia Library

SECTION 207. Rights of Holders of Tendered Bonds.

After the Tender Date applicable to any Tendered Bonds, any Holder of such Tendered Bonds shall not be entitled to any payment (including any interest to accrue subsequently to the applicable Tender Date) other than the purchase price for such Bonds which shall be equal to the unpaid principal amount of such Tendered Bonds (except for Bonds deemed to be tendered pursuant to Section 403 hereof), and such Bonds shall no longer be entitled to the benefits of the Resolution, except for the purpose of payment of the purchase price therefor. Payment of the purchase price of any Tendered Bond shall be made only upon the presentment and surrender of such Bond at the principal corporate trust office of the Paying Agent. Any such Bonds shall be deemed to have been sold by such prior Holders and such prior Holders shall have recourse solely to the funds held by the Paying Agent for the purchase of such Bonds, and the Paying Agent shall not recognize any further transfer of such Bonds by such prior Holders. In the case of any Tendered Bond, whether or not such Bond is delivered to the Paying Agent, the University shall cause to be executed, and the Paying Agent shall authenticate and deliver to the new holder in accordance with Section 304 hereof, a new Bond of like date and tenor in lieu of and in substitution for such Tendered Bond. Interest on any such Bonds from such Tender Date shall be payable to the purchaser thereof in accordance with Section 208.