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SECTION 403. Mandatory Tender Provisions.
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SECTION 403. Mandatory Tender Provisions.

If (i) the Bank gives notice to the Paying Agent requiring the Paying Agent to cause the mandatory tender for purchase of all Bonds on the Mandatory Tender Date as a result of an event of default under the


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Reimbursement Agreement (or similar agreement with respect to a Substitute Credit Facility or Alternate Credit Facility), (ii) the State Treasurer gives notice to the Paying Agent that there are not sufficient Net Revenues made available by the University to make the deposit to the Reserve Account required by Section 605(d) hereof or (iii) an Act of Bankruptcy shall have occurred, the Holders of all Bonds (other than Bank Bonds) shall be deemed to have tendered their Bonds to the Paying Agent effective as of the Mandatory Tender Date and the Holders of such Tendered Bonds shall have only those rights with respect to such Tendered Bonds as are set forth in Section 207 hereof. Upon receipt of such notice from the Bank or the State Treasurer the Paying Agent shall give written notice to the Holders as soon as practicable thereafter, but in any event not later than twenty days prior to the Mandatory Tender Date, stating: (i) that all Bonds shall be deemed to have been tendered as of the Mandatory Tender Date, (ii) that the Holders of all such Bonds shall not be entitled to any payment (including any interest to accrue subsequently to the Mandatory Tender Date) other than the purchase price for such Bonds which shall be equal to the unpaid principal amount of such Bonds, 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, which payment shall be made only upon the surrender of such Bonds at the principal corporate trust office of the Paying Agent; and (iii) that the Holders will not have the right to elect to retain their Bonds.