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<br />4. The Issuer will not: <br /> <br />(a) exercise or attempt to exercise any remedies under the Loan Agreement <br />except as permitted by Sections 9.02 of the Loan Agreement, or ternlinate, modifY or accept <br />a surrender of the same, or by affirmative act, consent to the creation or existence of any <br />security interest or other lien in the Loan Agreement to secure payment of any other <br />indebtedness; or <br /> <br />(b) receive or collect or permit the receipt or collection of any payments, receipts, <br />rentals, profits or other moneys under the Loan Agreement (except as allowed under <br />Sections 4.03, 7.03 and 9.04 thereof) or assign, transfer or hypothecate (other than to the <br />Lender hereunder) any or the same then due or to accrue in the future. <br /> <br />5. The Issuer expressly covenants and agrees that the Lender shall be entitled to receive <br />all payments under the Loan Agreement (exeept any payments due the Issuer under Sections 4.30, <br />7.03 and 9.04 thereof) and hereby authorizes and directs the Corporation to make such payments <br />directly to the Lender. The Lender covenants and agrees that all payments received by the Lender <br />pursuant to the Loan Agreement shall be applied to the payment of principal and interest on the <br />Bonds. <br /> <br />6. If an Event of Default (as defined in the Loan Agreement) shall occur and be <br />continuing, the Lender may exercise anyone or more or all, and in any order, of the remedies set <br />forth in Section 9.02 of the Loan Agreement, it being expressly understood that no remedy therein <br />conferred is intended to be exclusive of any other remedy or remedies; but each and every remedy <br />shall be cumulative and shall be in addition to every other remedy given therein or now or hereafter <br />existing at law or in equity or by statute. <br /> <br />7. This Pledge Agreement shall terminate when the Bonds have been fully paid and <br />discharged. <br /> <br />8. Whenever any of the parties hereto is referred to, such reference shall be deemed to <br />include the successors and assigns of such party; and all the covenants, promises and agreements <br />in this Pledge Agreement contained by or on behalf of the Issuer or the Lender shall bind and inure <br />to the benefit of the respective successors and assigns of such parties whether so expressed or not. <br /> <br />9. The unenforceability or invalidity of any provision or provisions of this Pledge <br />Agreement shall not render any other provision or provisions herein contained unenforceable or <br />invalid. <br /> <br />10. This Pledge Agreement shall in all respects be construed in accordance with and <br />governed by the laws of the State of North Dakota. This Pledge Agreement may not be amended <br />or modified except in writing signed by the Issuer and the Lender. <br /> <br />II. This Pledge Agreement may be executed, acknowledged and delivered in any number <br />of counterpa11s and each of such counterparts shall constitute an original but all of which together <br /> <br />Pledge Agreemenc <br />