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<br />23 <br />such rescission of redemption. The Trustee shall mail notice of such rescission of redemption in <br />the same manner as the original notice of redemption was sent. <br /> <br />Section 4.04. Partial Redemption of Bonds. Upon surrender of any Bond redeemed in <br />part only, the Trustee shall authenticate and deliver to the Owner thereof a new Bond or Bonds <br />equal to the unredeemed principal amount of the Bond surrendered. <br /> <br />Section 4.05. Effect of Redemption. Notice having been given as aforesaid, and the <br />moneys for the redemption, including interest to the applicable redemption date of the Bonds to <br />be redeemed, having been set aside in the Redemption Account or Payment Account, the <br />portion of Bonds to be redeemed shall become due and payable on said redemption date, and, <br />upon presentation and surrender thereof at the office or offices specified in said notice, said <br />Bonds shall be paid at the unpaid principal amount and premium, if any, with respect thereto, <br />plus any unpaid and accrued interest to said redemption date. <br /> <br />If, on said redemption date, moneys sufficient for the redemption of all the Bonds to be <br />redeemed, together with interest to said redemption date shall be held by the Trustee so as to <br />be available therefor on such redemption date, and, if notice of redemption thereof shall have <br />been given as aforesaid, then, from and after said redemption date, interest with respect to the <br />portion of Bonds to be redeemed shall cease to accrue and become payable. If said moneys <br />shall not be so available on said redemption date, interest with respect to such portion of Bonds <br />shall continue to be payable until paid at the same rates as they would have been payable had <br />they not been called for redemption. All moneys held by or on behalf of the Trustee for the <br />redemption of particular Bonds shall be held in trust for the account of the Owners of the Bonds <br />so to be redeemed for the lesser of two (2) years or the period ending one day prior to the date <br />such moneys would escheat to the State. Subject to any applicable escheat laws, after the <br />earlier of two (2) years or the period ending one day prior to the date such moneys would <br />escheat to the State, the Trustee will pay over to the Authority the unclaimed money for the <br />years to which such money applies, if any, and thereafter the Owners of such Bonds shall be <br />entitled to payment on their Bonds only from the Authority and only from the amounts so paid to <br />the Authority. The Trustee shall have no obligation to determine what applicable escheat law <br />applies, but shall only be-required to follow the Authority’s written instructions to comply with this <br />Section. <br /> <br /> <br />ARTICLE V <br /> <br />COVENANTS OF THE AUTHORITY AND THE TRUSTEE <br /> <br />Section 5.01. Compliance with Indenture. The Authority will not suffer or permit any <br />material default by it to occur hereunder, but will faithfully comply with, keep, observe and <br />perform all the agreements, conditions, covenants and terms hereof required to be complied <br />with, kept, observed and performed by it. <br /> <br />Section 5.02. Observance of Laws and Regulations. The Authority will faithfully <br />comply with, keep, observe and perform all valid and lawful obligations or regulations now or <br />hereafter imposed on it by contract, or prescribed by any law of the United States of America or <br />of the State of California, or by any officer, board or commission having jurisdiction or control, as <br />a condition of the continued enjoyment of each and every franchise, right or privilege now <br />owned or hereafter acquired by it, including their right to exist and carry on their respective <br />8.C. - Page 134