AND CONSENT IN FORM AND CONTENT REASONABLY ACCEPTABLE TO COBANK) NONE OF
THE COLLATERAL SHALL BECOME FIXTURES, AND THE GRANTORS WILL TAKE ALL SUCH
REASONABLE ACTION OR ACTIONS AS MAY BE REASONABLY NECESSARY TO PREVENT ANY OF
THE COLLATERAL FROM BECOMING FIXTURES, WHICH ACTIONS MAY INCLUDE, GRANTORS'
OBTAINING WAIVERS OF LIENS, IN FORM SATISFACTORY TO COBANK, FROM EACH LESSOR OF
REAL PROPERTY ON WHICH ANY OF THE COLLATERAL IS OR IS TO BE LOCATED TO THE
EXTENT REASONABLY REQUESTED BY COBANK.
4.18
COMMERCIAL TORT CLAIMS. IF ANY GRANTOR SHALL AT ANY TIME OBTAIN
KNOWLEDGE (DETERMINED AS SPECIFIED IN SECTION 3.12), SUCH GRANTOR SHALL PROMPTLY
FURNISH WRITTEN NOTICE THEREOF TO COBANK, TOGETHER WITH AN AMENDED ANNEX I
INCLUDING ANY SUCH COMMERCIAL TORT CLAIM.
SUCH GRANTOR SHALL ADDITIONALLY, AT
ITS OWN EXPENSE, EXECUTE AND DELIVER, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO COBANK, A GRANT OF A SECURITY INTEREST IN SUCH COMMERCIAL TORT
CLAIM AND THE PROCEEDS THEREOF, TOGETHER WITH ANY OTHER AGREEMENTS, INSTRUMENTS
AND DOCUMENTS THAT COBANK MAY REASONABLY REQUEST FROM TIME TO TIME TO FURTHER
EFFECT AND/OR CONFIRM THE ASSIGNMENT AND GRANT OF THE SECURITY INTEREST CREATED
BY THIS AGREEMENT IN SUCH COMMERCIAL TORT CLAIM AND THE PROCEEDS THEREOF.
4.19
CREATION OR ACQUISITION OF SUBSIDIARIES. CONCURRENTLY WITH (AND IN
ANY EVENT WITHIN 30 DAYS THEREAFTER) THE CREATION OR DIRECT OR INDIRECT
ACQUISITION BY A GRANTOR OF ANY NEW WHOLLY OWNED SUBSIDIARY (IF SUCH NEW
SUBSIDIARY IS NOT A FOREIGN SUBSIDIARY, IS NOT A FOREIGN SUBSIDIARY HOLDING
COMPANY AND IS NOT PROHIBITED FROM COMPLYING WITH THIS SECTION BY THE APPLICABLE
LAW OF ANY APPLICABLE PUC), EACH SUCH NEW SUBSIDIARY WILL EXECUTE AND DELIVER TO
COBANK (UNLESS SUCH REQUIREMENT IS WAIVED IN WRITING BY COBANK IN ITS SOLE
DISCRETION) A JOINDER AGREEMENT, IN FORM AND SUBSTANCE ACCEPTABLE TO COBANK IN
ITS SOLE DISCRETION, PURSUANT TO WHICH SUCH NEW SUBSIDIARY (A) SHALL BECOME A
PARTY TO THE CONTINUING GUARANTY AS A "GUARANTOR," (B) SHALL BECOME A PARTY TO
THE LOAN AGREEMENT AS A "LOAN PARTY" AND (C) SHALL BECOME A PARTY HERETO AS A
"GRANTOR" AND SHALL DELIVER TO COBANK ALL SUCH OTHER INSTRUMENTS, DOCUMENTS AND
AGREEMENTS PROVIDING COLLATERAL SECURITY WITH RESPECT TO THE SECURED OBLIGATIONS
AS COBANK SHALL REASONABLY REQUEST, AND SHALL GRANT TO COBANK A FIRST PRIORITY
LIEN UPON AND SECURITY INTEREST IN ITS COLLATERAL (SUBJECT TO LIENS PERMITTED
UNDER THE LOAN AGREEMENT), TO THE EXTENT PROVIDED HEREIN AND IN SUCH
INSTRUMENTS, DOCUMENTS AND AGREEMENTS, FOR THE SECURED OBLIGATIONS.
23
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
As promptly as reasonably possible, the Grantors and their respective
Subsidiaries will deliver any such other documents, certificates and opinions
(including opinions of local counsel in the jurisdiction of organization of each
such new Subsidiary and updated annexes to this Agreement), in form and
substance reasonably satisfactory to CoBank, as CoBank may reasonably request in
connection therewith and will take such other action as CoBank may reasonably
request to create in favor of CoBank a perfected security