ANY DESCRIPTION IN ANY NOTICE OF ANY NEWLY
ACQUIRED OR OPENED DEPOSIT ACCOUNT DELIVERED BY BORROWER TO COBANK PURSUANT TO
THE LOAN AGREEMENT OR OTHERWISE SHALL BE DEEMED INCORPORATED BY REFERENCE INTO
ANNEX H.
38
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
8.5
CONTINUING SECURITY INTEREST; TERM; SUCCESSORS AND ASSIGNS;
ASSIGNMENT; TERMINATION AND RELEASE; SURVIVAL.
THIS AGREEMENT SHALL CREATE A
CONTINUING SECURITY INTEREST IN THE COLLATERAL AND SHALL SECURE THE PAYMENT AND
PERFORMANCE OF ALL OF THE SECURED OBLIGATIONS AS THE SAME MAY ARISE AND BE
OUTSTANDING AT ANY TIME AND FROM TIME TO TIME FROM AND AFTER THE DATE HEREOF,
AND SHALL (A) REMAIN IN FULL FORCE AND EFFECT UNTIL THE OCCURRENCE OF THE
TERMINATION REQUIREMENTS, (B) BE BINDING UPON AND ENFORCEABLE AGAINST EACH
GRANTOR AND ITS SUCCESSORS AND ASSIGNS (PROVIDED, HOWEVER, THAT NO GRANTOR MAY
SELL, ASSIGN OR TRANSFER ANY OF ITS RIGHTS, INTERESTS, DUTIES OR OBLIGATIONS
HEREUNDER WITHOUT THE PRIOR WRITTEN CONSENT OF COBANK AS PROVIDED IN THE LOAN
AGREEMENT) AND (C) INURE TO THE BENEFIT OF AND BE ENFORCEABLE BY COBANK AND ITS
SUCCESSORS AND ASSIGNS, SUBJECT TO THE LIMITATIONS ON ASSIGNMENT IN THE LOAN
AGREEMENT.
UPON ANY SALE OR OTHER DISPOSITION BY ANY GRANTOR OF ANY COLLATERAL
IN A TRANSACTION PERMITTED HEREUNDER OR UNDER OR PURSUANT TO THE LOAN AGREEMENT,
OR ANY AMENDMENT OR WAIVER THEREOF, OR ANY OTHER APPLICABLE LOAN DOCUMENT, THE
LIEN AND SECURITY INTEREST CREATED BY THIS AGREEMENT IN AND UPON SUCH COLLATERAL
SHALL BE AUTOMATICALLY RELEASED, AND UPON THE SATISFACTION OF ALL OF THE
TERMINATION REQUIREMENTS, THIS AGREEMENT AND THE LIEN AND SECURITY INTEREST
CREATED HEREBY SHALL TERMINATE; AND IN CONNECTION WITH ANY SUCH RELEASE OR
TERMINATION, COBANK, AT THE REQUEST AND EXPENSE OF THE APPLICABLE GRANTOR, WILL
EXECUTE AND DELIVER TO SUCH GRANTOR SUCH DOCUMENTS AND INSTRUMENTS EVIDENCING
SUCH RELEASE OR TERMINATION AS SUCH GRANTOR MAY REASONABLY REQUEST AND WILL
ASSIGN, TRANSFER AND DELIVER TO SUCH GRANTOR, WITHOUT RECOURSE AND WITHOUT
REPRESENTATION OR WARRANTY, SUCH OF THE COLLATERAL AS MAY THEN BE IN THE
POSSESSION OF COBANK (OR, IN THE CASE OF ANY PARTIAL RELEASE OF COLLATERAL, SUCH
OF THE COLLATERAL SO BEING RELEASED AS MAY BE IN ITS POSSESSION).
ALL
REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS HEREIN SHALL SURVIVE THE
EXECUTION AND DELIVERY OF THIS AGREEMENT AND ANY AMENDMENT TO THIS AGREEMENT OR
JOINDER AGREEMENT TO THIS AGREEMENT AND THE CONTINUING GUARANTY.
8.6
NOTICES. ALL NOTICES AND OTHER COMMUNICATIONS PROVIDED FOR
HEREUNDERR TO COBANK SHALL BE GIVEN IN THE MANNER AND AT THE NOTICE ADDRESS
PROVIDED IN OR PURSUANT TO SECTION 15 OF THE LOAN AGREEMENT.
ALL NOTICES AND
OTHER COMMUNICATIONS PROVIDED FOR HEREUNDER TO ANY GRANTOR SHALL BE GIVEN IN THE
MANNER PROVIDED IN SECTION 15 OF THE LOAN AGREEMENT AND IN THE CARE OF THE
BORROWER AT THE BORROWER'S NOTICE ADDRESS PROVIDED IN OR PURSUANT TO SECTION 15
OF THE LOAN AGREEMENT.
8.7
ADDITIONAL GRANTORS. EACH GRANTOR RECOGNIZES THAT THE
PROVISIONS OF THE LOAN AGREEMENT MAY REQUIRE PERSONS THAT BECOME SUBSIDIARIES