Authorizing $1,550.000 Economic Development Technologies Corp Project

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ably require for the better assuring, granting, pledging and assigning unto the Bank (or such other owner) the right, title and interest of the Issuer in and to the Agreement, the Note and the Mortgage, as well as the rights of the Issuer in and to the required payments of revenues and income pursuant to Section 4.2(a) of the Agreement and the Note hereby assigned and pledged to the payment of the principal installments of, premium, if any, and interest on the Bond. The Issuer covenants and agrees that, except as herein and in the Agreement provided, it will not sell, convey, mortgage, encumber or otherwise dispose of any part of the revenues and income derived from the Agreement and the Note, or of its right, title and interest in and to the Agreement, the Note and the Mortgage. The Issuer covenants and agrees that all books and documents in its possession relating to the Project and the pay- ments on the Note and under the Agreement shall at all reasonable times be open to inspection by the Bank or any other owner of the Bond or such accountants or other agencies as the Bank or such owner may from time to time designate. The Issuer covenants and agrees that it shall, through the Bank or any other owner of the Bond, enforce all of its rights and all of the obligations of the Company under the Agree- ment and the Mortgage for the benefit of the Bank or any other owner of the Bond. The Issuer shall protect the rights of the Bank or any other owner of the Bond hereunder with respect to the assignment and pledge of the revenues and income coming due under the Agreement and the Note. EVENTS OF DEFAULT AND REMEDIES Section 11. If any of the following events occurs it is hereby defined as and declared to be and to constitute an "event of default" hereunder: (a) Default in the due and punctual payment of any interest on the Bond; provided, however, that the payment of less than the full amount of interest due on the Bond on any quarterly interest payment date shall not constitute an event of default hereunder if the amount of interest paid shall be the amount of interest which the Bank has advised the Issuer and the Company is the amount of interest estimated to be due on such interest payment date. (b) Default in the due and punctual payment of any principal installment of or premium, if any, on the Bond, whether at the stated maturity thereof or upon redemption prior to maturity or proceedings for the acceleration thereof. -27-