SUCH GRANTOR
SHALL HAVE EXERCISED COMMERCIALLY REASONABLE EFFORTS TO OBTAIN, AT SUCH
GRANTOR'S SOLE COST AND EXPENSE, A WRITTEN AGREEMENT TO HOLD SUCH INVENTORY
SUBJECT TO THE SECURITY INTEREST CREATED BY THIS AGREEMENT AND THE REASONABLE
INSTRUCTIONS OF COBANK AND TO WAIVE AND RELEASE ANY LIEN (WHETHER ARISING BY
OPERATION OF LAW OR OTHERWISE) IT MAY HAVE WITH RESPECT TO SUCH INVENTORY, SUCH
AGREEMENT TO BE IN FORM AND SUBSTANCE SATISFACTORY TO COBANK.
4.7
CONTRACTS.
EXCEPT TO AN EXTENT THAT WOULD NOT REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT, EACH GRANTOR (A) WILL, AT ITS
EXPENSE, AT ALL TIMES PERFORM AND COMPLY WITH ALL TERMS AND PROVISIONS OF EACH
SPECIFIED CONTRACT TO WHICH IT IS OR HEREAFTER BECOMES A PARTY REQUIRED TO BE
PERFORMED OR COMPLIED WITH BY IT AND ENFORCE THE TERMS AND PROVISIONS THEREOF IN
ACCORDANCE WITH ITS TERMS, AND (B) WILL NOT WAIVE, AMEND OR MODIFY ANY PROVISION
THEREOF IN ANY MANNER OTHER THAN IN THE ORDINARY COURSE OF BUSINESS OF SUCH
GRANTOR (PROVIDED
THAT IN NO EVENT MAY ANY WAIVER, AMENDMENT OR MODIFICATION BE
MADE THAT WOULD MATERIALLY ADVERSELY AFFECT THE INTERESTS OF COBANK UNDER THE
LOAN DOCUMENTS OR THAT IS PROHIBITED BY ANY LOAN DOCUMENT).
WITH REGARD TO ALL
CONTRACTS THAT ARE EXCLUDED FROM THE DEFINITION OF THE TERM "COLLATERAL," EACH
GRANTOR COVENANTS AND AGREES TO EXERCISE ALL OF ITS MATERIAL RIGHTS AND REMEDIES
UNDER SUCH CONTRACTS TO WHICH IT IS A PARTY IN A COMMERCIALLY REASONABLE MANNER
CONSISTENT WITH THE INTERESTS OF COBANK AND NOT TO TAKE ANY ACTION THEREUNDER IN
CONTRAVENTION OF THE TERMS AND PROVISIONS OF THE LOAN DOCUMENTS.
EACH GRANTOR
WILL USE COMMERCIALLY REASONABLE EFFORTS NOT TO ENTER INTO ANY SPECIFIED
CONTRACT (INCLUDING LEASES AND IP LICENSES) THAT BY ITS TERMS PROHIBITS THE
ASSIGNMENT OF SUCH GRANTOR'S RIGHTS AND INTEREST THEREUNDER IN THE MANNER
CONTEMPLATED BY THIS AGREEMENT.
AS TO ALL REAL ESTATE LEASED BY EACH GRANTOR
AFTER THE DATE HEREOF THAT IS THE CHIEF EXECUTIVE OFFICE OF ANY GRANTOR OR WHERE
ANY BOOKS AND RECORDS RELATING TO COLLATERAL ARE KEPT, LOCATED IN A JURISDICTION
WHICH PROVIDES FOR LIENS OF LANDLORDS IMPOSED BY STATUTE, SUCH GRANTOR SHALL USE
COMMERCIALLY REASONABLE EFFORTS TO OBTAIN WAIVERS FROM THE LANDLORDS OF ALL SUCH
REAL ESTATE, IN FORM AND CONTENT REASONABLY ACCEPTABLE TO COBANK.
EACH GRANTOR
WILL NOTIFY COBANK PROMPTLY IN WRITING UPON WRITTEN NOTICE OF (I) ANY
TERMINATION OF ANY SPECIFIED CONTRACT, IN WHOLE OR IN PART, PRIOR TO ITS STATED
DATE OF MATURITY OR (II) ANY MATERIAL BREACH, DEFAULT OR EVENT OF DEFAULT BY ANY
PARTY THEREUNDER, IN EACH CASE, IF ANY OF THE FOREGOING WOULD REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.
16
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
4.8
TAXES. EACH GRANTOR WILL PAY AND DISCHARGE (A) ALL TAXES,
ASSESSMENTS AND GOVERNMENTAL CHARGES OR LEVIES IMPOSED UPON IT, UPON ITS INCOME
OR PROFITS OR UPON ANY OF ITS PROPERTIES, PRIOR TO THE DATE ON WHICH PENALTIES
WOULD ATTACH THERETO,