CHANGED DEFINITIONS WHICH WOULD NOT OTHERWISE BE INCLUDED IN SUCH GRANT ON THE
DATE HEREOF, BE INCLUDED IN SUCH GRANT IMMEDIATELY UPON THE EFFECTIVE DATE OF
SUCH REVISION, TO THE EXTENT A SECURITY INTEREST IN SUCH PERSONAL PROPERTY MAY
BE GRANTED UNDER SUCH REVISED UNIFORM COMMERCIAL CODE (AND, TO THE EXTENT
EFFECTIVE UNDER APPLICABLE LAW, SUCH SECURITY INTEREST WILL ATTACH IMMEDIATELY
WITHOUT FURTHER ACTION).
REFERENCES TO "SECTIONS," "ARTICLES," "EXHIBITS," "ANNEXES" AND "SCHEDULES"
SHALL BE TO SECTIONS, ARTICLES, EXHIBITS, ANNEXES AND SCHEDULES, RESPECTIVELY,
OF THIS AGREEMENT UNLESS OTHERWISE SPECIFICALLY PROVIDED.
ANY OF THE TERMS
DEFINED IN SECTION 1.1 MAY, UNLESS THE CONTEXT OTHERWISE REQUIRES, BE USED IN
THE SINGULAR OR THE PLURAL DEPENDING ON THE REFERENCE.
IN THIS AGREEMENT,
"HEREOF," "HEREIN," "HERETO," "HEREUNDER" AND THE LIKE MEAN AND REFER TO THIS
AGREEMENT AS A WHOLE AND NOT MERELY TO THE SPECIFIC SECTION, ARTICLE, PARAGRAPH
OR CLAUSE IN WHICH THE RESPECTIVE WORD APPEARS; WORDS IMPORTING ANY GENDER
INCLUDE THE OTHER GENDER; REFERENCES TO "WRITING" INCLUDE PRINTING, TYPING,
LITHOGRAPHY AND OTHER MEANS OF REPRODUCING WORDS IN A TANGIBLE VISIBLE FORM; THE
WORDS "INCLUDING," "INCLUDES" AND "INCLUDE" SHALL BE DEEMED TO BE FOLLOWED BY
THE WORDS "WITHOUT LIMITATION"; REFERENCES TO AGREEMENTS AND OTHER CONTRACTUAL
INSTRUMENTS SHALL BE DEEMED TO INCLUDE SUBSEQUENT AMENDMENTS, ASSIGNMENTS,
EXTENSIONS, RENEWALS, AND OTHER MODIFICATIONS THERETO, BUT ONLY TO THE EXTENT
SUCH AMENDMENTS, ASSIGNMENTS, EXTENSIONS, RENEWALS AND OTHER MODIFICATIONS ARE
NOT PROHIBITED BY THE TERMS OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT; AND
ALL REFERENCES TO STATUTES AND RELATED REGULATIONS SHALL INCLUDE ANY AMENDMENTS
OF SAME AND ANY SUCCESSOR STATUTES AND REGULATIONS.
7
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
ARTICLE II
CREATION OF SECURITY INTEREST
2.1
PLEDGE AND GRANT OF SECURITY INTEREST.
EACH GRANTOR HEREBY
GRANTS, PLEDGES, ASSIGNS AND DELIVERS TO COBANK A LIEN UPON AND SECURITY
INTEREST IN, ALL OF SUCH GRANTOR'S RIGHT, TITLE AND INTEREST IN AND TO THE
FOLLOWING, IN EACH CASE WHETHER NOW OWNED OR EXISTING OR HEREAFTER ACQUIRED OR
ARISING (COLLECTIVELY, THE "COLLATERAL"):
(I)
ALL ACCOUNTS, LETTERS OF CREDIT, LETTER-OF-CREDIT RIGHTS,
AND SUPPORTING OBLIGATIONS;
(II)
ALL CONTRACTS;
(III)
ALL DEPOSIT ACCOUNTS;
(IV)
ALL GOODS, INCLUDING ALL EQUIPMENT AND INVENTORY;
(V)
ALL FIXTURES;
(VI)
ALL OIL, GAS OR OTHER MINERALS BEFORE EXTRACTION;
(VII)
ALL COMMERCIAL TORT CLAIMS LISTED IN ANNEX I HERETO;
(VIII)
ALL EQUITY INTERESTS AND ALL INVESTMENT PROPERTY;
(IX)
ALL GENERAL INTANGIBLES (INCLUDING ALL LICENSES TO THE FULLEST
EXTENT PERMITTED BY LAW AND ALL PROCEEDS FROM THE SALE, TRANSFER, LEASE,
ASSIGNMENT OR OTHER DISPOSITION OF THE LICENSES);
(X)
ALL MONIES AND CASH EQUIVALENTS;
(XI)
ALL INSTRUMENTS;
(XII)
ALL DOCUMENTS;
(XIII)
TO THE EXTENT NOT COVERED AND NOT SPECIFICALLY EXCLUDED BY
CLAUSES (I) THROUGH
(XII) ABOVE, ALL OF SUCH GRANTOR'S OTHER PERSONAL PROPERTY;
AND
(XIV)
ALL PROCEEDS OF THE FOREGOING.
2.2
SECURITY FOR SECURED OBLIGATIONS.
THIS AGREEMENT AND THE
COLLATERAL SECURE THE FULL AND PROMPT PAYMENT AND PERFORMANCE OF THE SECURED
OBLIGATIONS.
2.3
EXCLUDED COLLATERAL.
NOTWITHSTANDING ANYTHING TO THE CONTRARY
CONTAINED HEREIN, AS AND TO THE EXTENT