WAIVERS. EACH GRANTOR, TO THE GREATEST EXTENT NOT PROHIBITED BY
APPLICABLE LAW, HEREBY (A) AGREES THAT IT WILL NOT INVOKE, CLAIM OR ASSERT THE
BENEFIT OF ANY LAW NOW OR HEREAFTER IN EFFECT (INCLUDING ANY RIGHT TO PRIOR
NOTICE OR JUDICIAL HEARING IN CONNECTION WITH COBANK'S POSSESSION, CUSTODY OR
DISPOSITION OF ANY COLLATERAL OR ANY APPRAISAL, VALUATION, STAY, EXTENSION,
MORATORIUM OR REDEMPTION LAW), OR TAKE OR OMIT TO TAKE ANY OTHER ACTION, THAT
WOULD OR COULD REASONABLY BE EXPECTED TO HAVE THE EFFECT OF DELAYING, IMPEDING
OR PREVENTING THE EXERCISE OF ANY RIGHTS AND REMEDIES WITH RESPECT TO THE
COLLATERAL, THE ABSOLUTE SALE OF ANY OF THE COLLATERAL OR THE POSSESSION THEREOF
BY ANY PURCHASER AT ANY SALE THEREOF, AND WAIVES THE BENEFIT OF ALL SUCH LAWS
AND FURTHER AGREES THAT IT WILL NOT HINDER, DELAY OR IMPEDE THE EXECUTION OF ANY
POWER GRANTED HEREUNDER TO COBANK, BUT THAT IT WILL PERMIT THE EXECUTION OF
EVERY SUCH POWER AS THOUGH NO SUCH LAWS WERE IN EFFECT, (B) WAIVES ALL RIGHTS
THAT IT HAS OR MAY HAVE UNDER ANY LAW NOW EXISTING OR HEREAFTER ADOPTED TO
REQUIRE COBANK TO MARSHAL ANY COLLATERAL OR OTHER ASSETS IN FAVOR OF SUCH
GRANTOR OR ANY OTHER PARTY OR AGAINST OR IN PAYMENT OF ANY OR ALL OF THE SECURED
OBLIGATIONS, AND (C) WAIVES ALL RIGHTS THAT IT HAS OR MAY HAVE UNDER ANY LAW NOW
EXISTING OR HEREAFTER ADOPTED TO DEMAND, PRESENTMENT, PROTEST, ADVERTISEMENT OR
NOTICE OF ANY KIND (EXCEPT NOTICES EXPRESSLY PROVIDED FOR HEREIN).
6.8
RESTORATION OF PARTIES. IN THE EVENT COBANK SHALL HAVE
PROCEEDED TO ENFORCE ANY RIGHT OR REMEDY UNDER THIS AGREEMENT, AND SUCH
PROCEEDINGS ARE DISCONTINUED OR ABANDONED FOR ANY REASON, THEN THE GRANTORS AND
COBANK SHALL IMMEDIATELY BE RESTORED TO THEIR FORMER POSITIONS AND RIGHTS
HEREUNDER, AND ALL RIGHTS, POWERS AND REMEDIES OF COBANK SHALL CONTINUE AS IF NO
SUCH PROCEEDING HAD TAKEN PLACE.
33
Amended and Restated Pledge and Security Agreement/New Ulm Telecom, Inc.
Loan No. RX0583
ARTICLE VII
STANDARD OF CARE; FURTHER ASSURANCES
7.1
STANDARD OF CARE. EXCEPT FOR TREATMENT OF THE COLLATERAL IN ITS
POSSESSION IN A MANNER SUBSTANTIALLY EQUIVALENT TO THAT WHICH COBANK ACCORDS ITS
OWN PROPERTY OF A SIMILAR NATURE, AND THE ACCOUNTING FOR MONIES ACTUALLY
RECEIVED BY IT HEREUNDER, COBANK SHALL HAVE NO DUTY AS TO ANY COLLATERAL OR AS
TO THE TAKING OF ANY NECESSARY STEPS TO PRESERVE RIGHTS AGAINST PRIOR PARTIES OR
ANY OTHER RIGHTS PERTAINING TO THE COLLATERAL.
COBANK SHALL NOT BE LIABLE TO
ANY GRANTOR (A) FOR ANY LOSS OR DAMAGE SUSTAINED BY SUCH GRANTOR, OR (B) FOR ANY
LOSS, DAMAGE, DEPRECIATION OR OTHER DIMINUTION IN THE VALUE OF ANY OF THE
COLLATERAL THAT MAY OCCUR AS A RESULT OF OR IN CONNECTION WITH OR THAT IS IN ANY
WAY RELATED TO ANY EXERCISE BY COBANK OF ANY RIGHT OR REMEDY UNDER THIS
AGREEMENT, ANY FAILURE TO DEMAND, COLLECT OR REALIZE UPON ANY OF THE COLLATERAL
OR ANY DELAY IN DOING SO, OR ANY OTHER ACT OR FAILURE