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.
