interest on a
first-priority basis in the Collateral being pledged pursuant to the documents
described above.
4.20
REAL PROPERTY. EACH GRANTOR AGREES TO PROMPTLY NOTIFY COBANK OF
THE ACQUISITION OF ANY PARCEL OF REAL PROPERTY, WHETHER OWNED IN FEE OR ACQUIRED
BY LEASEHOLD, AND TO DELIVER AN AMENDED ANNEX J INCLUDING SUCH REAL PROPERTY.
WITHIN 30 DAYS (OR SUCH LATER DATE AS DETERMINED BY COBANK IN WRITING IN ITS
SOLE DISCRETION) AFTER THE REQUEST OF COBANK, EACH GRANTOR WILL FURNISH COBANK
WITH A MORTGAGE OR ITS EQUIVALENT UNDER APPLICABLE LAW COVERING ANY PARCEL OF
REAL PROPERTY OWNED OR ACQUIRED BY IT, TOGETHER WITH ENVIRONMENTAL AUDITS,
MORTGAGEE TITLE INSURANCE COMMITMENT, REAL PROPERTY SURVEY, LOCAL COUNSEL
OPINION(S), SUPPLEMENTAL CASUALTY INSURANCE AND FLOOD INSURANCE, AND SUCH OTHER
DOCUMENTS, INSTRUMENTS OR AGREEMENTS, IN EACH CASE, AS REASONABLY REQUESTED BY
COBANK AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO COBANK.
ARTICLE V
CERTAIN PROVISIONS RELATING TO EQUITY INTERESTS
5.1
OWNERSHIP; AFTER-ACQUIRED EQUITY INTERESTS.
(A)
EXCEPT AS PROVIDED IN SECTION 2.3, EACH GRANTOR WILL CAUSE THE
EQUITY INTERESTS PLEDGED BY IT HEREUNDER TO CONSTITUTE AT ALL TIMES 100% OF THE
EQUITY INTERESTS IN EACH ISSUER HELD BY SUCH GRANTOR.
(B)
SUBJECT TO SECTION 2.3, IF ANY GRANTOR SHALL, AT
ANY TIME AND FROM TIME TO TIME AFTER THE DATE HEREOF, ACQUIRE ANY ADDITIONAL
EQUITY INTERESTS IN ANY PERSON, THE SAME SHALL BE AUTOMATICALLY DEEMED TO BE
EQUITY INTERESTS, AND TO BE PLEDGED TO COBANK PURSUANT TO SECTION 2.1, AND SUCH
GRANTOR WILL FORTHWITH PLEDGE AND DEPOSIT THE SAME WITH COBANK (OR DEPOSIT THE
SAME IN A SECURITIES ACCOUNT SUBJECT TO A CONTROL AGREEMENT PURSUANT TO SECTION
4.15) AND DELIVER TO COBANK ANY CERTIFICATES OR INSTRUMENTS EVIDENCING THE SAME,
TOGETHER WITH THE ENDORSEMENT OF SUCH GRANTOR (IN THE CASE OF ANY PROMISSORY
NOTES OR OTHER INSTRUMENTS), UNDATED STOCK POWERS (IN THE CASE OF EQUITY
INTERESTS EVIDENCED BY CERTIFICATES) OR OTHER NECESSARY INSTRUMENTS OF TRANSFER
OR ASSIGNMENT, DULY EXECUTED IN BLANK AND IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO COBANK, TOGETHER WITH SUCH OTHER CERTIFICATES AND INSTRUMENTS AS
COBANK MAY REASONABLY REQUEST (INCLUDING UNIFORM COMMERCIAL CODE FINANCING
STATEMENTS OR APPROPRIATE AMENDMENTS THERETO), AND WILL PROMPTLY DELIVER TO
COBANK AN AMENDED ANNEX A, A FULLY COMPLETED AND DULY EXECUTED AMENDMENT TO THIS
AGREEMENT OR A JOINDER TO THIS AGREEMENT AND THE CONTINUING GUARANTY, AS
APPLICABLE (IN EACH CASE, IN FORM AND SUBSTANCE ACCEPTABLE TO COBANK IN ITS SOLE
DISCRETION), IN RESPECT THEREOF.
EACH GRANTOR HEREBY AUTHORIZES COBANK TO
ATTACH EACH SUCH AMENDMENT OR JOINDER AGREEMENT TO THIS AGREEMENT, AND AGREES
THAT ALL SUCH COLLATERAL LISTED ON ANY SUCH AMENDMENT OR JOINDER AGREEMENT SHALL
FOR ALL PURPOSES BE DEEMED COLLATERAL HEREUNDER AND SHALL BE SUBJECT TO THE
PROVISIONS HEREOF; PROVIDED
THAT THE FAILURE OF ANY GRANTOR TO EXECUTE AND
DELIVER ANY SUCH AMENDMENT OR JOINDER AGREEMENT WITH RESPECT TO ANY SUCH
ADDITIONAL COLLATERAL AS REQUIRED HEREINABOVE SHALL NOT IMPAIR THE SECURITY
INTEREST OF COBANK IN SUCH COLLATERAL OR OTHERWISE ADVERSELY AFFECT THE RIGHTS
AND REMEDIES OF COBANK HEREUNDER WITH RESPECT