TO THE EFFECT THAT AN EVENT OF DEFAULT HAS
OCCURRED AND IS CONTINUING, TO ATTORN TO OR OTHERWISE RECOGNIZE COBANK AS
ENTITLED TO EXERCISE THE RIGHTS OF THE OWNER UNDER SUCH CONTRACT AND TO PAY,
OBSERVE AND OTHERWISE PERFORM THE OBLIGATIONS UNDER SUCH CONTRACT TO OR FOR
COBANK OR COBANK'S DESIGNEE AS THOUGH COBANK OR SUCH DESIGNEE WERE SUCH GRANTOR
NAMED THEREIN, AND TO DO SO UNTIL OTHERWISE NOTIFIED BY COBANK;
(B)
TO TAKE POSSESSION OF, RECEIVE, ENDORSE, ASSIGN AND
DELIVER, IN ITS OWN NAME OR IN THE NAME OF ANY GRANTOR, ALL CHECKS, NOTES,
DRAFTS AND OTHER INSTRUMENTS RELATING TO ANY COLLATERAL, INCLUDING RECEIVING,
OPENING AND PROPERLY DISPOSING OF ALL MAIL ADDRESSED TO ANY GRANTOR CONCERNING
ACCOUNTS AND OTHER COLLATERAL AND TO NOTIFY THE APPROPRIATE POSTAL AUTHORITY TO
CHANGE THE MAILING OR DELIVERY ADDRESS OF SUCH MAIL; TO VERIFY WITH ACCOUNT
DEBTORS OR OTHER CONTRACT PARTIES THE VALIDITY, AMOUNT OR ANY OTHER MATTER
RELATING TO ANY ACCOUNTS OR OTHER COLLATERAL, IN ITS OWN NAME OR IN THE NAME OF
ANY GRANTOR; TO ACCELERATE ANY INDEBTEDNESS OR OTHER OBLIGATION CONSTITUTING
COLLATERAL THAT MAY BE ACCELERATED IN ACCORDANCE WITH ITS TERMS; TO TAKE OR
BRING ALL ACTIONS AND SUITS DEEMED REASONABLY NECESSARY OR APPROPRIATE TO EFFECT
COLLECTIONS AND TO ENFORCE PAYMENT OF ANY ACCOUNTS OR OTHER COLLATERAL; TO
SETTLE, COMPROMISE OR RELEASE IN WHOLE OR IN PART ANY AMOUNTS OWING ON ACCOUNTS
OR OTHER COLLATERAL; AND TO EXTEND THE TIME OF PAYMENT OF ANY AND ALL ACCOUNTS
OR OTHER AMOUNTS OWING UNDER ANY COLLATERAL AND TO MAKE ALLOWANCES AND
ADJUSTMENTS WITH RESPECT THERETO, ALL IN THE SAME MANNER AND TO THE SAME EXTENT
AS ANY GRANTOR MIGHT HAVE DONE;
27
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
(C)
TO NOTIFY ANY OR ALL BANKS, DEPOSITORY INSTITUTIONS
AND SECURITIES INTERMEDIARIES WITH WHICH ANY DEPOSIT ACCOUNTS OR SECURITIES
ACCOUNTS ARE MAINTAINED TO REMIT AND TRANSFER ALL MONIES, SECURITIES AND OTHER
PROPERTY ON DEPOSIT IN OR HELD IN SUCH DEPOSIT ACCOUNTS OR SECURITIES ACCOUNTS
OR DEPOSITED OR RECEIVED FOR DEPOSIT OR HELD THEREAFTER TO COBANK, FOR DEPOSIT
IN OR TRANSFER TO A COLLATERAL ACCOUNT OR SUCH OTHER ACCOUNTS AS MAY BE
DESIGNATED BY COBANK, FOR APPLICATION TO THE SECURED OBLIGATIONS AS PROVIDED
HEREIN;
(D)
TO TRANSFER TO OR REGISTER IN ITS NAME OR THE NAME OF
ANY OF ITS AGENTS OR NOMINEES ALL OR ANY PART OF THE COLLATERAL, WITHOUT NOTICE
TO ANY GRANTOR AND WITH OR WITHOUT DISCLOSING THAT SUCH COLLATERAL IS SUBJECT TO
THE SECURITY INTEREST CREATED HEREUNDER;
(E)
TO REQUIRE ANY GRANTOR TO, AND EACH GRANTOR HEREBY
AGREES THAT IT WILL AT ITS EXPENSE AND UPON REQUEST OF COBANK FORTHWITH,
ASSEMBLE ALL OR ANY PART OF THE COLLATERAL AS DIRECTED BY COBANK AND MAKE IT
AVAILABLE TO COBANK AT A PLACE DESIGNATED BY COBANK;
(F)
TO ENTER AND REMAIN UPON THE PREMISES OF ANY
GRANTOR, SUBJECT TO THE TERMS OF ANY LEASE IN THE CASE OF PREMISES LEASED BY A
GRANTOR, AND TAKE POSSESSION