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( 3) Representations and Covenants of Assignor <br /> The Assignor represents and warrants that (a) each of the <br /> Bond Documents is in full force and effect and na5 hot been <br /> assigned or encumbered by it except pursuant to thl , A sinment , <br /> (b) the Note is in full force and effect and has no b-en e--- <br /> dorsed, assigned or encumbered by the Assignor e::oept withc'..t <br /> recourse to the order of the Assignee and (c) no default exists <br /> under any of the Bond Documents. <br /> The Assignor covenants that so long as this Assignment shall <br /> remain in effect it will not assign or encumber, to anyone other <br /> than the Assignee, the whole or any part of the moneys, claims <br /> and rights hereby assigned, and that it will not, without the <br /> prior written approval of the Assignee (any agreement enterer <br /> into without such consent being void) , amend, modify or cancel <br /> any of the Bond Documents, accept the surrender of any thereof, <br /> give any consent or waiver or make any acceptance or rejection <br /> thereunder, or take or omit to take any action, the taking or <br /> omission of which might result in an alteration or impairment of <br /> any of the Bond Documents or this Assignment or any of the rights <br /> created by any of such instruments. <br /> The Assignor , at the Company ' s expense, will execute and <br /> deliver all such instruments and take all such action as the <br /> Assignee from time to time may reasonably request in order to <br /> obtain the full benefits of this Assignment and of the rights and <br /> powers herein created. <br /> (4) Consent and Agreement of Company <br /> The Company hereby acknowledges receipt of an executed copy, <br /> and consents to the execution, of this Assignment. As an induce- <br /> ment to the Assignor to enter into the Loan Agreement, the Com- <br /> pany, for valuable consideration, agrees that: <br /> (a) it will be bound by the terms and provisions <br /> hereof; <br /> (b) it will pay, or cause to be paid, directly to t`.-.e <br /> Assignee, or in accordance with subsequent directions re- <br /> ceived from the Assignee, all payments and prepayments due <br /> under any of the Bond Documents, such payments and prepay- <br /> ments to be made regardless of any right of set-off or <br /> counterclaim or other defense which the Company may have <br /> against the Assignor or the Assignee, it being the intent <br /> hereof that the Company shall be absolutely and uncondition- <br /> ally obligated to pay all such sums; <br /> 5. <br />