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principal and redemption price of and interest on the Bonds, .all <br />to the extent herein provided. The ..rentals so pledged .and <br />hereafter received by.the Trustee or Authority, shall immediately <br />be subject to the lien of such pledge without any physical delivery <br />thereof or further act; and the lien of such pledge shall be valid <br />and binding as against all parties having claims of any kind in <br />tort, contract or otherwise against the Authority, irrespective of <br />whether such parties have notice thereof. <br />ARTICLE IV. <br />Redemption of Bonds <br />Sec. 4.01. The Authority shall have the right, at its option, <br />to redeem, according to the procedure hereinafter provided, all or <br />any part of the Bonds secured by .this Agreement maturing on or <br />after March 1, 1995, in whole multiples of $5,000 in .inverse order <br />of maturities and by lot within maturities, on any interest payment <br />date not earlier than March 1, 1994, from any moneys made available <br />for that purpose at face value plus accrued interest to the date <br />fixed for redemption and without premium. <br />Sec. 4.02. To evidence -its intention to exercise the right <br />of redemption, the Authority shall, not less than forty-five (45) <br />days prior to the date selected for redemption, file with the <br />°Trustee written-notice of its intention to redeem, designating the <br />'-date fixed for-redemption, and if less than all of the outstanding <br />~' `Bonds are to be redeemed stating the aggregate principal amount of <br />Bonds which the Authority desires to redeem. If less than all of <br />the outstanding Bonds are to be redeemed, then the Bonds shall be <br />redeemed in inverse order of maturity and by lot within maturities, <br />and the Authority shall notify the Trustee in writing of the Bonds <br />to be redeemed. No failure or defect in such notice by the <br />Authority to the Trustee shall affect the 'validity of the <br />redemption of any Bonds. <br />Sec. 4.03. Official notice of such redemption shall be_mailed <br />by the Trustee to the registered owners of all Bonds to be <br />redeemed, not-less than thirty (30) days prior to the date fixed <br />for .redemption. Said official notice shall be dated and shall, <br />with substantial accuracy: <br />(a) Designate the date and places of redemption, said <br />places to be the offices of the Trustee; <br />(b) if the Bonds to be redeemed. are less than the whole <br />amount outstanding, designate the Bonds (or portions thereof) <br />to be redeemed; and <br />-14- <br />