Document:

Form of Amended and Restated Security Agreement, dated as of November __, 2004

 Exhibit 10.10 
  
 AMENDED AND RESTATED SECURITY AGREEMENT 
  
 THIS AMENDED AND RESTATED SECURITY AGREEMENT dated as of
[            ], 2004 (as amended, modified or supplemented, this “Agreement”), among IOWA TELECOMMUNICATIONS SERVICES, INC., an Iowa corporation (the
“Borrower”), the subsidiaries of the Borrower party hereto (the “Subsidiary Loan Parties” and, collectively with the Borrower, the “Grantors”) and RURAL TELEPHONE FINANCE COOPERATIVE, a South Dakota
cooperative association, as Administrative Agent under the Credit Agreement referred to below (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined herein). 
  
 Reference is made to the Credit Agreement dated as of June 30, 2000 (as
heretofore modified and supplemented and in effect on the date hereof, the “Existing Credit Agreement”) among the Borrower, the lenders referred to therein and Rural Telephone Finance Cooperative, as Administrative Agent, pursuant
to which such lenders have made loans to the Borrower that remain outstanding on the date hereof. In connection with a proposed recapitalization of the Borrower, the Borrower, said lenders (and certain other banks and financial institutions) and
Rural Telephone Finance Cooperative, as Administrative Agent, are amending and restating in its entirety the Existing Credit Agreement pursuant to an Amended and Restated Credit Agreement dated as of the date hereof (the “Credit
Agreement”). Under the Existing Credit Agreement, the Borrower and the Collateral Agent executed and delivered a Security Agreement dated as of June 30, 2000 (as heretofore modified and supplemented and in effect on the date hereof, the
“Existing Security Agreement”), pursuant to which the Borrower granted a security interest in substantially all of its property as collateral security for its obligations under the Existing Credit Agreement. In connection with the
execution and delivery of the Credit Agreement, the parties hereto have agreed to modify the Existing Security Agreement in certain respects and, as so modified, to amend and restate the Existing Security Agreement in its entirety as provided
herein. 
  
 The obligations of the Lenders under the Credit
Agreement to make Loans and to issue Letters of Credit (as defined therein) are conditioned upon, among other things, the execution and delivery by the Grantors of this Agreement, amending and restating the Existing Security Agreement, to secure

  
 (a) the due and punctual payment by the
Borrower of (i) the principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when
and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including
payments in respect of reimbursement of LC Disbursements (as defined in the Credit Agreement), interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations, including fees, costs, expenses and 
  
 Intercompany Subordination Agreement 

 indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrower to the Secured Parties under the Credit Agreement and
the other Loan Documents (as so defined), 
  
 (b)
the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower under or pursuant to the Credit Agreement and the other Loan Documents, 
  
 (c) the due and punctual payment and performance of all the covenants, agreements, obligations and
liabilities of each Loan Party under or pursuant to this Agreement and the other Loan Documents, 
  
 (d) the due and punctual payment and performance of all obligations of the Borrower under each Hedging Agreement (as so defined) entered
into with any counterparty that was a Lender or an Affiliate of a Lender at the time such Hedging Agreement was entered into, and 
  
 (e) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower to the Collateral Agent or the Lenders of every
kind, nature and description, arising under or in connection with the Credit Agreement, whether direct or indirect absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note,
and whether or not for the payment of money, and together with all sums payable hereunder and all advances and readvances, renewals, extensions, replacements, consolidations, modifications, restatements and amendments of the Notes and of all such
other sums, obligations and amounts 
  
 (all the monetary and other obligations
described in the preceding clauses (a) through (e) being collectively called the “Obligations”). 
  
 Accordingly, the Grantors and the Collateral Agent, on behalf of itself and each Secured Party (and each of their respective successors or assigns),
hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.01 Definition of Terms Used Herein. Unless the context otherwise requires, all capitalized terms used but
not defined herein shall have the meanings set forth in the Credit Agreement and all references to the Uniform Commercial Code shall mean the Uniform Commercial Code in effect in the State of New York as of the date hereof. 
  
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 Section 1.02 Definition of Certain Terms Used Herein. As used herein, the following terms shall
have the following meanings: 
  
 “Account
Debtor” shall mean any person who is or who may become obligated to any of the Grantors under, with respect to or on account of an Account. 
  
 “Accounts” shall mean any and all right, title and interest of any of the Grantors to payment for goods and services sold
or leased, including any such right evidenced by chattel paper, whether due or to become due, whether or not it has been earned by performance, and whether now or hereafter acquired or arising in the future, including accounts receivable from
Affiliates of such Grantor. The term “Account” includes all accounts as defined in Section 9-102(a)(2) of the Uniform Commercial Code. 
  
 “Accounts Receivable” shall mean all Accounts and all right, title and interest in any returned goods, together with all
rights, titles, securities and guarantees with respect thereto, including any rights to stoppage in transit, replevin, reclamation and resales, and all related security interests, liens and pledges, whether voluntary or involuntary, in each case
whether now existing or owned or hereafter arising or acquired. 
  
 “Applicable Regulations” means the Communications Act, the FCC Rules and any other federal, state or local laws, regulations, rules, orders or policies that are applicable to the operation of any of
the Grantors’ business. 
  
 “Applicable Regulatory Agency” means the FCC, the IUB, the MPUC or any other Governmental Authority that regulates any of the Grantors’ business. 
  
 “Collateral” shall mean all (a) Accounts Receivable, (b) Documents, (c) Equipment, (d)
General Intangibles, (e) Inventory, (f) cash and cash accounts, (g) Investment Property, (h) Proceeds, (i) all Instruments, including, without limitation, all Inter-Company Notes and (j) all other tangible and intangible personal property whatsoever
of such Grantor. 
  
 “Commodity
Account” shall mean an account maintained by a Commodity Intermediary in which a Commodity Contract is carried for a Commodity Customer. 
  
 “Commodity Contract” shall mean a commodity futures contract, an option on a commodity futures contract, a commodity
option or any other contract that, in each case, is (a) traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to the federal commodities laws or (b) traded on a foreign
commodity board of trade, exchange or market, and is carried on the books of a Commodity Intermediary for a Commodity Customer. 
  
 “Commodity Customer” shall mean a person for whom a Commodity Intermediary carries a Commodity Contract on its books.

  
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 “Commodity Intermediary” shall mean (a) a person who is registered as a
futures commission merchant under the federal commodities laws or (b) a person who in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to
federal commodities laws. 
  
 “Communications Act” shall mean the Communications Act of 1934, as amended. 
  
 “Copyright License” shall mean any written agreement, now or hereafter in effect, granting any right to any third party
under any Copyright now or hereafter owned by any of the Grantors or that such Grantor otherwise has the right to license, or granting any right to any of the Grantors under any Copyright now or hereafter owned by any third party, and all rights of
such Grantor under any such agreement. 
  
 “Copyrights” shall mean all of the following now owned or hereafter acquired by any of the Grantors: (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as
author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending
applications for registration in the United States Copyright Office, including those listed on Schedule I. 
  
 “Credit Agreement” shall have the meaning assigned to such term in the preliminary statement of this Agreement.

  
 “Documents” shall mean all
instruments, files, records, ledger sheets and documents covering or relating to any of the Collateral. 
  
 “Entitlement Holder” shall mean a person identified in the records of a Securities Intermediary as the person having a
Security Entitlement against the Securities Intermediary. If a person acquires a Security Entitlement by virtue of Section 8-501(b)(2) or (3) of the Uniform Commercial Code, such person is the Entitlement Holder. 
  
 “Equipment” shall mean all equipment,
furniture and furnishings, and all tangible personal property similar to any of the foregoing, including tools, parts and supplies of every kind and description, and all improvements, accessions or appurtenances thereto, that are now or hereafter
owned by any of the Grantors. The term Equipment shall include Fixtures. 
  
 “FCC” shall mean the Federal Communications Commission and any federal agency succeeding to its jurisdiction. 
  

“FCC Rules” shall mean the rules, regulations and published policies of the FCC. 
  
 “Financial Asset” shall mean (a) a
Security, (b) an obligation of a person or a share, participation or other interest in a person or in property or an enterprise of a person that is, or is of a type, dealt with in or traded on financial markets, or that is recognized in 

 
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 any area in which it is issued or dealt in as a medium for investment or (c) any property that is held by
a Securities Intermediary for another person in a Securities Account if the Securities Intermediary has expressly agreed with the other person that the property is to be treated as a Financial Asset under Article 8 of the Uniform Commercial Code. As
the context requires, the term Financial Asset shall mean either the interest itself or the means by which a person’s claim to it is evidenced, including a certificated or uncertificated Security, a certificate representing a Security or a
Security Entitlement. 
  
 “Fixtures” shall mean all items of Equipment, whether now owned or hereafter acquired, of any of the Grantors that become so related to particular real estate that an interest in them arises under any real estate law
applicable thereto. 
  
 “General
Intangibles” shall have the meaning assigned to such term in Section 9-102(a)(42) of the Uniform Commercial Code and shall include all choses in action and causes of action and all other assignable intangible personal property of any of the
Grantors of every kind and nature (other than Accounts Receivable) now owned or hereafter acquired by such Grantor, including all rights and interests in partnerships, limited partnerships, limited liability companies and other unincorporated
entities, corporate or other business records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Hedging Agreements and other agreements), Intellectual Property, goodwill,
registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to such Grantor to secure payment by an Account Debtor of any of the Accounts Receivable, including all
goodwill, going concern value, and all of such Grantor’s rights in, to or under, or relating to, any license, permit, approval or other authorization (each, an “Operating License”) issued by any Applicable Regulatory
Agency (provided, however, that such security interest does not include at any time any Operating License to the extent, but only to the extent, that such Grantor is prohibited at that time from granting a security interest therein
pursuant to the Applicable Regulations, but includes, to the maximum extent permitted by law, all rights incident or appurtenant to any such Operating License and the rights to receive all proceeds, money or other consideration derived or derivable
from or in connection with the sale, assignment or transfer of any Operating License. 
  
 “Instruments” shall have the meaning ascribed thereto in Article 9 of the Uniform Commercial Code. 
  
 “Intellectual Property” shall mean all
intellectual and similar property of any of the Grantors of every kind and nature now owned or hereafter acquired by such Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary
technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements and
accessions to, and books and records describing or used in connection with, any of the foregoing. 
  
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 “Inter-Company Notes” shall mean, collectively, each promissory note
issued by the Borrower or any Subsidiary to the Borrower or any Subsidiary, whether now existing or herinafter coming into existence. 
  
 “Inventory” shall mean all goods of any of the Grantors, whether now owned or hereafter acquired, held for sale or lease,
or furnished or to be furnished by such Grantor under contracts of service, or consumed in such Grantor’s business, including raw materials, intermediates, work in process, packaging materials, finished goods, semi-finished inventory, scrap
inventory, manufacturing supplies and spare parts, and all such goods that have been returned to or repossessed by or on behalf of such Grantor. 
  
 “Investment Property” shall mean all Securities (whether certificated or uncertificated), Security Entitlements,
Securities Accounts (including any Financial Asset credited thereto), Commodity Contracts and Commodity Accounts of any of the Grantors, whether now owned or hereafter acquired by such Grantor. 
  
 “License” shall mean any Patent License,
Trademark License, Copyright License or other license or sublicense to which any of the Grantors is a party, including those listed on Schedule II (other than those license agreements in existence on the date hereof and listed on Schedule II and
those license agreements entered into after the date hereof, which by their terms prohibit assignment or a grant of a security interest by such Grantor as licensee thereunder). 
  
 “Loan Documents” shall mean the Credit Agreement, this Agreement and any other document
executed and delivered in connection with the Credit Agreement. 
  
 “Obligations” shall have the meaning assigned to such term in the preliminary statement of this Agreement. 
  
 “Patent License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to
make, use or sell any invention on which a Patent, now or hereafter owned by any of the Grantors or that such Grantor otherwise has the right to license, is in existence, or granting to any of the Grantors any right to make, use or sell any
invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of such Grantor under any such agreement. 
  
 “Patents” shall mean all of the following now owned or hereafter acquired by any of the Grantors: (a) all letters patent
of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or any other country, including registrations, recordings and pending applications in the United States
Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule III, and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or
claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 
  
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 “Perfection Certificate” shall mean a certificate substantially in the
form of Annex 1 hereto, completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by a Financial Officer and the chief legal officer of the Borrower. 
  
 “Proceeds” shall have the meaning assigned
to such term in Section 9-102(a)64 of the Uniform Commercial Code. 
  
 “Secured Parties” shall mean (a) the Lenders, (b) the Collateral Agent, (c) each counterparty to a Hedging Agreement entered into with the Borrower if such counterparty was a Lender or an Affiliate of
a Lender at the time the Hedging Agreement was entered into (and the Collateral Agent shall have received notice thereof from the Borrower), (d) the beneficiaries of each indemnification obligation undertaken by any of the Grantors under any Loan
Document and (e) the successors and assigns of each of the foregoing. 
  
 “Securities” shall mean any obligations of an issuer or any shares, participations or other interests in an issuer or in property or an enterprise of an issuer that (a) are represented by a
certificate representing a security in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer, (b) are one of a class or series or by its terms is divisible into a
class or series of shares, participations, interests or obligations and (c)(i) are, or are of a type, dealt with or traded on securities exchanges or securities markets or (ii) are a medium for investment and by their terms expressly provide that
they are a security governed by Article 8 of the Uniform Commercial Code. 
  
 “Securities Account”shall mean an account to which a Financial Asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the
person for whom the account is maintained as entitled to exercise rights that comprise the Financial Asset. 
  
 “Security Entitlements” shall mean the rights and property interests of an Entitlement Holder with respect to a Financial
Asset. 
  
 “Security Interest”
shall have the meaning assigned to such term in Section 2.01. 
  
 “Securities Intermediary” shall mean (a) a clearing corporation or (b) a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is
acting in that capacity. 
  
 “Trademark
License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter owned by any of the Grantors or that such Grantor otherwise has the right to license, or
granting to any of the Grantors any right to use any Trademark now or hereafter owned by any third party, and all rights of such Grantor under any such agreement. 
  
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 “Trademarks” shall mean all of the following now owned or hereafter
acquired by any of the Grantors: (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general
intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications
in the United States Patent and Trademark Office, any State of the United States or any similar offices in any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on Schedule IV, (b) all
goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill. 
  
 Section 1.03 Rules of Interpretation. The rules of interpretation specified in Section 1.03 of the Credit Agreement shall be applicable to this
Agreement. 
  
 ARTICLE II 
  
 SECURITY INTEREST 
  
 Section 2.01 Security Interest. As security for the payment or
performance, as the case may be, in full of the Obligations, each of the Grantors hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges, hypothecates and transfers to the Collateral Agent, its successors and assigns, for the
ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a security interest in, all of such Grantor’s right, title and interest in, to and
under the Collateral (the “Security Interest”). Without limiting the foregoing, the Collateral Agent is hereby authorized to file one or more financing statements (including fixture filings), continuation statements, filings
with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country) or other documents for the purpose of perfecting, confirming, continuing, enforcing or
protecting the Security Interest granted by each of the Grantors, without the signature of such Grantor, and naming such Grantor as debtor and the Collateral Agent as secured party. 
  
 Notwithstanding anything to the contrary contained in this Agreement, with respect only to the portion of the Collateral
comprised of (i) the SCCs, (ii) any Pledged Securities evidencing such SCCs and (iii) all Proceeds thereof (collectively, the “SCC Collateral”): 
  
 (i) the SCC Collateral shall be solely for the benefit of the Tranche D Lenders as provided in Article VII
of the Credit Agreement, including, without limitation, that the Proceeds thereof shall be applied as provided therein; 
  
 (ii) any exercise of remedies by the Administrative Agent under this Agreement in respect of the SCC Collateral shall be solely at the
direction of the Tranche D Term Lenders; and 
  
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Subordination Agreement 

 (iii) at the request of the Tranche D Lenders, the Administrative Agent may deliver the
Pledged Securities evidencing any SCCs to the Tranche D Lenders or their designee to hold in pledge as a sub-agent of the Administrative Agent pursuant to this Agreement. 
  
 Section 2.02 No Assumption of Liability. The Security Interest is granted as security only and shall not subject the
Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any of the Grantors with respect to or arising out of the Collateral. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Each of the Grantors represents and warrants to the Collateral Agent and the Secured Parties that: 
  
 Section 3.01 Title and Authority. Such Grantor has good and valid
rights in and title to the Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Collateral pursuant hereto and to
execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained. 
  
 Section 3.02 Filings. 
  
 (a) Perfection Certificate and UCC Filings. The Perfection
Certificate has been duly prepared, completed and executed by such Grantor and the information set forth therein in respect of such Grantor is correct and complete. Uniform Commercial Code financing statements (including fixture filings, as
applicable) or other appropriate filings, recordings or registrations containing a description of the Collateral have been delivered to the Collateral Agent for filing or filed in each governmental, municipal or other office specified in Schedule VI
to the Perfection Certificate, which are all the filings, recordings and registrations (other than filings required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the Security
Interest in Collateral consisting of United States Patents, Trademarks and Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral
Agent (for the ratable benefit of the Secured Parties) in respect of all Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories
and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation
statements. 
  
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 (b) Intellectual Property. Pursuant to the Existing Security Agreement, fully executed security
agreements containing a description of all Collateral consisting of Intellectual Property with respect to United States Patents and United States registered Trademarks (and Trademarks for which United States registration applications are pending)
and United States registered Copyrights have been delivered to the Collateral Agent for filing or recorded by the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. §
1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and otherwise as may be required pursuant to the laws of any other necessary jurisdiction, to protect the validity of and to establish a legal, valid and perfected security
interest in favor of the Collateral Agent (for the ratable benefit of the Secured Parties) in respect of all Collateral consisting of Patents, Trademarks and Copyrights in which a security interest may be perfected by filing, recording or
registration in the United States (or any political subdivision thereof) and its territories and possessions, or in any other necessary jurisdiction, and no further or subsequent filing, refiling, recording, rerecording, registration or
reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to any Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired
or developed after the date hereof). 
  
 Section 3.03 Validity
of Security Interest. The Security Interest constitutes (a) a legal and valid security interest in all the Collateral securing the payment and performance of the Obligations, (b) subject to the filings described in Section 3.02 above, a
perfected security interest in all Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its
territories and possessions pursuant to the Uniform Commercial Code or other applicable law in such jurisdictions and (c) a security interest that shall be perfected in all Collateral in which a security interest may be perfected upon the receipt
and recording of this Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Collateral, other than Liens
expressly permitted to be prior to the Security Interest pursuant to Section 6.02 of the Credit Agreement. 
  
 Section 3.04 Absence of Other Liens. The Collateral is owned by such Grantor free and clear of any Lien, except for Liens expressly permitted
pursuant to Section 6.02 of the Credit Agreement. Such Grantor has not filed or consented to the filing of (a) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Collateral, (b)
any assignment in which such Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (c) any assignment in
which such Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security
agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement. 
  
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 ARTICLE IV 
  
 COVENANTS 
  
 Section 4.01 Change of Name; Location of Collateral; Records; Place of Business. 
  
 (a) Notification of Change of Name, Etc. Each of the Grantors agrees promptly to notify the Collateral Agent in
writing of any change (i) in its corporate name or in any trade name used to identify it in the conduct of its business or in the ownership of its properties, (ii) in the location of its chief executive office, its principal place of business, any
office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral owned by it is located (including the establishment of any such new office or facility), (iii) in its identity or
corporate structure or (iv) in its Federal Taxpayer Identification Number or its Organizational Identification Number. Each of the Grantors agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been
made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Collateral. Each
of the Grantors agrees promptly to notify the Collateral Agent if any material portion of the Collateral owned or held by such Grantor is damaged or destroyed. 
  

(b) Maintenance of Records. Each of the Grantors agrees to maintain, at its own cost and expense, such complete and accurate records with
respect to the Collateral owned by it as is consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged, but in any
event to include complete accounting records indicating all payments and proceeds received with respect to any part of the Collateral, and, at such time or times as the Collateral Agent may reasonably request, promptly to prepare and deliver to the
Collateral Agent a duly certified schedule or schedules in form and detail satisfactory to the Collateral Agent showing the identity, amount and location of any and all Collateral. 
  
 Section 4.02 Periodic Certification. Each year, at the time of delivery of annual financial statements with respect
to the preceding fiscal year pursuant to Section 5.01 of the Credit Agreement, the Borrower shall deliver to the Collateral Agent a certificate executed by a Financial Officer of the Borrower (a) setting forth the information required pursuant to
Section 2 of the Perfection Certificate or confirming that there has been no change in such information since the date of such certificate or the date of the most recent certificate delivered pursuant to this Section 4.02 and (b) certifying that all
Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations, including all refilings, rerecordings and reregistrations, containing a description of the Collateral
have been filed of record in each governmental, municipal or other appropriate office in each 
  
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 jurisdiction identified pursuant to clause (a) above to the extent necessary to protect and perfect the Security Interest
for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed within such period). Each certificate delivered pursuant to this Section 4.02 shall identify
in the format of Schedule I, II, III or IV, as applicable, all Intellectual Property of each of the Grantors in existence on the date thereof and not then listed on such Schedules or previously so identified to the Collateral Agent. 
  
 Section 4.03 Protection of Security. Each of the Grantors shall, at
its own cost and expense, take any and all actions necessary to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly
permitted pursuant to Section 6.02 of the Credit Agreement. 
  
 Section 4.04 Further Assurances. Each of the Grantors agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral
Agent may from time to time request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery
of this Agreement, the granting of the Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount payable (i) in excess of $100,000 under or in
connection with any of the Collateral shall be or become evidenced by any promissory note or other Instrument (excluding Inter-Company Notes) or (ii) in excess of $500,000 under any Inter-Company Note, such note, Instrument or Inter-Company Note
shall be immediately pledged and delivered to the Collateral Agent, duly endorsed in a manner satisfactory to the Collateral Agent. 
  
 Without limiting the generality of the foregoing, each of the Grantors hereby authorizes the Collateral Agent, with prompt notice thereof to such Grantor,
to supplement this Agreement by supplementing Schedule I, II, III or IV hereto or adding additional schedules hereto to specifically identify any asset or item that the Collateral Agent reasonably believes constitute Copyrights, Licenses, Patents or
Trademarks; provided, however, that such Grantor shall have the right, exercisable within 10 days after it has been notified by the Collateral Agent of the specific identification of such Collateral, to advise the Collateral Agent in
writing of any inaccuracy of the representations and warranties made by such Grantor hereunder with respect to such Collateral. Each of the Grantors agrees that it will use its best efforts to take such action as shall be necessary in order that all
representations and warranties hereunder shall be true and correct with respect to such Collateral within 30 days after the date it has been notified by the Collateral Agent of the specific identification of such Collateral. 
  
 Section 4.05 Inspection and Verification. The Collateral Agent and
such persons as the Collateral Agent may reasonably designate shall have the right, at the respective Grantors’ own cost and expense, to inspect the Collateral, all records related thereto (and to make extracts and copies from such records) and
the premises upon which any of the Collateral is located, to discuss such Grantor’s affairs with the officers of such Grantor and their independent accountants 
  
 Intercompany Subordination Agreement 

 and to verify under reasonable procedures, in accordance with Section 5.09 of the Credit Agreement, the validity, amount,
quality, quantity, value, condition and status of, or any other matter relating to, the Collateral, including, in the case of Accounts or Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing
such Collateral for the purpose of making such a verification. The Collateral Agent shall share any information it gains from such inspection or verification with the other Grantors and shall have the absolute right to share any such information
with any Secured Party (it being understood that any such information shall be deemed to be “Information” subject to the provisions of Section 9.12 of the Credit Agreement). 
  
 Section 4.06 Taxes; Encumbrances. At its option, the Collateral Agent may discharge past due taxes, assessments,
charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not permitted pursuant to Section 6.02 of the Credit Agreement, and may pay for the maintenance and preservation of the Collateral to
the extent any of the Grantors fails to do so as required by the Credit Agreement or this Agreement, and each of the Grantors agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent on
its behalf pursuant to the foregoing authorization; provided, however, that nothing in this Section 4.06 shall be interpreted as excusing any of the Grantors from the performance of, or imposing any obligation on the Collateral Agent
or any Secured Party to cure or perform, any covenants or other promises of such Grantor with respect to taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan
Documents. 
  
 Section 4.07 Assignment of Security
Interest. If at any time any of the Grantors shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to
the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security
interest. 
  
 Section 4.08 Continuing Obligations of the
Grantors. Each of the Grantors shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the
terms and conditions thereof, and each of the Grantors agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 
  
 Section 4.09 Use and Disposition of Collateral. None of the Grantors
shall make or permit to be made an assignment for security, pledge or hypothecation of the Collateral or shall grant any other Lien in respect of the Collateral, except as expressly permitted by Section 6.02 of the Credit Agreement. None of the
Grantors shall make or permit to be made any transfer of the Collateral and each of the Grantors shall remain at all times in possession of the Collateral owned by it, except that (a) Inventory may be sold in the ordinary course of business and (b)
unless and until the Collateral Agent shall notify the Grantors that an Event of Default shall have occurred and be continuing and that during the continuance thereof the Grantors shall 
  
 Intercompany Subordination Agreement 

 not sell, convey, lease, assign, transfer or otherwise dispose of any Collateral (which notice may be given by telephone
if promptly confirmed in writing), the Grantors may use and dispose of the Collateral in any lawful manner not prohibited by this Agreement, the Credit Agreement or any other Loan Document. Without limiting the generality of the foregoing, each of
the Grantors agrees that it shall not limit any Inventory to be in the possession or control of any warehouseman, bailee, agent or processor at any time unless such warehouseman, bailee, agent or processor shall have been notified of the Security
Interest and shall have agreed in writing to hold the Inventory subject to the Security Interest and the instructions of the Collateral Agent and to waive and release any Lien held by it with respect to such Inventory, whether arising by operation
of law or otherwise. 
  
 Section 4.10 Limitation on
Modification of Accounts. None of the Grantors will, without the Collateral Agent’s prior written consent, grant any extension of the time of payment of any of the Accounts Receivable, compromise, compound or settle the same for less than
the full amount thereof, release, wholly or partly, any person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary
course of business and consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which the applicable Grantor is engaged. 
  
 Section 4.11 Insurance. Each of the Grantors, at its own expense,
shall maintain or cause to be maintained insurance covering physical loss or damage to the Inventory and Equipment in accordance with Section 5.07 of the Credit Agreement, and shall cause the Collateral Agent to be the loss-payee in respect thereof.
Each of the Grantors irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose,
during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the
proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. In the event that any of the Grantors at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby
or to pay any premium in whole or part relating thereto, the Collateral Agent may, without waiving or releasing any obligation or liability of such Grantor hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies
of insurance and pay such premium and take any other actions with respect thereto as the Collateral Agent deems advisable. All sums disbursed by the Collateral Agent in connection with this Section 4.11, including reasonable attorneys’ fees,
court costs, expenses and other charges relating thereto, shall be payable, upon demand, by such Grantor to the Collateral Agent and shall be additional Obligations secured hereby. 
  
 Section 4.12 Covenants Regarding Patent, Trademark and Copyright Collateral. 
  
 (a) Patents. Each of the Grantors agrees that it will not, nor will
it permit any of its licensees to, do any act, or omit to do any act, whereby any Patent that is material to the conduct of such Grantor’s business may become invalidated or dedicated to the public, and 
  
 Intercompany Subordination Agreement 

 agrees that it shall continue to mark any products covered by a Patent with the relevant patent number as necessary and
sufficient to establish and preserve its maximum rights under applicable patent laws. 
  
 (b) Trademarks. Each of the Grantors (either itself or through its licensees or its sublicensees) will, for each Trademark material to the conduct of such Grantor’s business, (i) maintain such Trademark in
full force free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under such Trademark, (iii) display such Trademark with notice of Federal or foreign registration to the extent
necessary and sufficient to establish and preserve its maximum rights under applicable law and (iv) not knowingly use or knowingly permit the use of such Trademark in violation of any third party rights. 
  
 (c) Copyrights. Each of the Grantors (either itself or through
licensees) will, for each work covered by a material Copyright, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as necessary and sufficient to establish and preserve its maximum rights under
applicable copyright laws. 
  
 (d) Notice of Abandonment,
Etc. Each of the Grantors shall notify the Collateral Agent immediately if it knows or has reason to know that any Patent, Trademark or Copyright material to the conduct of its business may become abandoned, lost or dedicated to the public, or
of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office or any court or similar office of
any country) regarding such Grantor’s ownership of any Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same. 
  
 (e) Additional Intellectual Property. In no event shall any of the Grantors, either itself or through any agent, employee, licensee or designee,
file an application for any Patent, Trademark or Copyright (or for the registration of any Trademark or Copyright) with the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political
subdivision of the United States or in any other country or any political subdivision thereof, unless it promptly informs the Collateral Agent, and, upon request of the Collateral Agent, executes and delivers any and all agreements, instruments,
documents and papers as the Collateral Agent may request to evidence the Collateral Agent’s security interest in such Patent, Trademark or Copyright, and each of the Grantors hereby appoints the Collateral Agent as its attorney-in-fact to
execute and file such writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with an interest, is irrevocable. 
  
 (f) Maintenance of Registrations. Each of the Grantors will take all necessary steps that are consistent with the
practice in any proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision thereof,
to maintain and pursue each material application relating to the Patents, Trademarks and/or 
  
 Intercompany Subordination Agreement 

 Copyrights (and to obtain the relevant grant or registration) and to maintain each issued Patent and each registration of
the Trademarks and Copyrights that is material to the conduct of such Grantor’s business, including timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if
consistent with good business judgment, to initiate opposition, interference and cancelation proceedings against third parties. 
  
 (g) Notice of Infringements. In the event that any of the Grantors has reason to believe that any Collateral consisting of a Patent, Trademark or
Copyright material to the conduct of such Grantor’s business has been or is about to be infringed, misappropriated or diluted by a third party, such Grantor promptly shall notify the Collateral Agent and shall, if consistent with good business
judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and take such other actions as are appropriate under the circumstances to protect such
Collateral. 
  
 (h) Consents to Assignments. Upon and
during the continuance of an Event of Default, each of the Grantors shall use its best efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent License or Trademark License to effect the assignment of
all of such Grantor’s right, title and interest thereunder to the Collateral Agent or its designee. 
  
 Section 4.13 Covenants Regarding Operating Licenses. Each of the Grantors agrees that, in the event of any change in any requirement of law
occurring after the date hereof that affects in any manner the Collateral Agent’s rights of access to, or use or sale of, the Operating Licenses held by it or the procedures necessary to enable such Grantor to obtain such rights of access, use
or sale (including, without limitation, changes allowing greater such access), such Grantor, upon request of the Collateral Agent, shall amend this Agreement and the other Loan Documents in such manner as the Collateral Agent shall reasonably
request to provide the Collateral Agent with such rights to the greatest extent possible consistent with then-applicable requirements of law, including without limitation the Applicable Regulations. 
  
 Section 4.14 Operating Licenses. Each of the Grantors agrees to take
any and all necessary and appropriate commercially reasonable actions to preserve the Operating Licenses and to otherwise prevent any modification, revocation, suspension, cancellation, or refusal by any Applicable Regulatory Agency to renew any of
the Operating Licenses held by it except to the extent such modification, revocation, suspension, cancellation or refusal could not reasonably be expected to have a Material Adverse Effect. To that end, each of the Grantors shall execute any and all
documents required by any Applicable Regulatory Agency or requested by the Collateral Agent, and to provide any information within its possession reasonably requested by any of the foregoing, to ensure that any and all applications, reports, and
other filings are made each Applicable Regulatory Agency in a timely fashion and that no action is taken by any Applicable Regulatory Agency, any court, or any Governmental Authority which could have a material adverse effect on any of the Operating
Licenses. 
  
 Intercompany Subordination Agreement

 Section 4.15 Actions Requiring Approval. 
  
 (a) Limitations on Action Regarding Operating Licenses.
Notwithstanding anything to the contrary contained in this Agreement, or any of the documents executed pursuant hereto, the Collateral Agent will not take any action pursuant to this Agreement, or any such documents, which would constitute or result
in any assignment of any Operating License or any transfer of control of the holder of any Operating License, if such assignment of such Operating License or such transfer of control would require under then existing law (including the Applicable
Regulations) the prior approval of any Applicable Regulatory Agency, without first obtaining such approval. In connection with this Section 4.15, after the occurrence and during the continuation of an Event of Default, the Collateral Agent shall be
entitled to rely upon the advice of regulatory counsel of the Collateral Agent’s choice with respect to such assignment or transfer (including to determine whether any such assignment or transfer has occurred or will occur and whether or not
prior approval of the Applicable Regulatory Agency is required) whether or not the advice rendered is ultimately determined to have been accurate. 
  
 (b) Actions by Grantors upon Event of Default. If any Event of Default shall have occurred and be continuing, each of the Grantors shall take any
action which the Collateral Agent may request in the exercise of its rights and remedies under this Agreement in order to transfer or assign the Collateral to the Collateral Agent or to such one or more third parties as the Collateral Agent may
designate, or to a combination of the foregoing. To enforce the provisions of this Section 4.15, after an Event of Default shall have occurred and be continuing, the Collateral Agent is empowered to request, and each of the Grantors agrees to
authorize, the appointment of a receiver or trustee from any court of competent jurisdiction. Such receiver or trustee shall be instructed to seek from the Applicable Regulatory Agency its consent to or approval of any assignment of the Operating
Licenses and assets of, or transfer of control of any or all of the Operating Licenses of, any Person whose stock, partnership interests, other securities or other Collateral is subject to this Agreement to the extent required for such receiver or
trustee to assume such control for the purpose of seeking a bona fide purchaser to whom such Operating Licenses ultimately will be assigned or control of such entity ultimately will be transferred. Each of the Grantors agrees, at such Grantor’s
own cost and expense, to cooperate with any such purchaser and with the Collateral Agent in the preparation, execution and filing of any applications and other documents and providing any information that may be necessary or helpful in obtaining the
consent of the Applicable Regulatory Agency to the assignment or transfer to such purchaser of the Collateral or any of the Operating Licenses. 
  
 To the fullest extent permitted by applicable law, each of the Grantors hereby agrees to consent to and authorize any such transfer of control or
assignment upon the request of the Collateral Agent after the occurrence and during the continuation of an Event of Default and, without limiting any rights of the Collateral Agent under this Agreement, to authorize the Collateral Agent to nominate
a receiver or trustee to assume control of the Collateral, subject only to any required consents, approvals or orders of courts of competent jurisdiction or the Applicable Regulatory Agency, for the purpose of effectuating the transactions
contemplated in this Section 4.15. Such receiver or trustee shall have all the rights and powers as provided to it by law, court order or the Collateral Agent under this Agreement. Each of the Grantors shall cooperate fully and use its best efforts
in obtaining the consent and approval of each Applicable Regulatory Agency required to effectuate the foregoing. 
  
 Intercompany Subordination Agreement 

 (c) Consents of Applicable Regulatory Agency. Each of the Grantors shall use its best efforts to
assist in obtaining consent or approval of each Applicable Regulatory Agency, and any court, if required, for any action or transactions contemplated by this Agreement, including, without limitation, the preparation, execution and filing with the
Applicable Regulatory Agency of the transferor’s or such Grantor’s portion of any application or applications for consent to the transfer of control or assignment necessary or appropriate under the Applicable Regulatory Agency’s
policies, rules and regulations for approval of the transfer or assignment of all or any portion of the Collateral. 
  
 (d) Specific Enforcement. Each of the Grantors hereby acknowledges and agrees that the Collateral is a unique asset and that a violation of such
Grantor’s covenant to cooperate with respect to the obtainment of any regulatory consents would result in irreparable harm to the Collateral Agent for which monetary damages are not readily ascertainable. Each of the Grantors further agrees
that, because of the unique nature of its undertakings in this Section 4.15, the same may be specifically enforced, and each of the Grantors hereby waives, and agrees to waive, any claim or defense that the Collateral Agent would have an adequate
remedy at law for the breach of such undertakings and any requirement for the posting of bond or other security. This Section 4.15 shall not be deemed to limit any other rights of the Collateral Agent and the Lenders available under applicable law
and consistent with the Applicable Regulations. The parties agree that, in the event of any change in any requirement of law occurring after the date hereof that affects in any manner the Collateral Agent’s rights of access to, or use or sale
of, the Operating Licenses or the procedures necessary to engage the Collateral Agent to obtain such rights of access, use or sale (including, without limitation, changes allowing greater access), the Collateral Agent and the Grantors, upon request
of the Collateral Agent, shall amend this Agreement and the other Loan Documents in such manner as the Collateral Agent shall reasonably request, to provide the Collateral Agent with such rights to the greatest extent consistent with then-applicable
requirements of law. 
  
 (e) Execution by Clerks of Court.
Without limiting the obligations of the Grantors hereunder in any respect, if any of the Grantors, upon or after the occurrence and during the continuation of an Event of Default, should fail or refuse to execute any application or other document
necessary or appropriate to obtain any governmental consent necessary or appropriate for the exercise of any right of the Collateral Agent hereunder, each of the Grantors agrees that, to the full extent permitted by the Applicable Regulations, such
application or other document may be executed on such Grantor’s behalf by the clerk of any court or other forum in any competent jurisdiction without prior notice to any of the Grantors. 
  
 Intercompany Subordination Agreement 

 ARTICLE V 
  
 REMEDIES 
  
 Section 5.01 Remedies upon Default. Upon the occurrence and during the continuance of an Event of Default, and subject, with respect to any
FCC license, permit or other authorization, to Section 4.15, each of the Grantors agrees to deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any or all of the
following actions at the same or different times: 
  
 (a) with respect to any Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any or all of such Collateral by each of the Grantors to the Collateral
Agent, or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall
determine (other than in violation of any then-existing licensing arrangements to the extent that waivers cannot be obtained), and 
  
 (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Collateral and
without liability for trespass to enter any premises owned or operated by any Grantor where the Collateral may be located for the purpose of taking possession of or removing the Collateral and, generally, to exercise any and all rights afforded to a
secured party under the Uniform Commercial Code or other applicable law. 
  
 Without limiting the generality of the foregoing, each of the Grantors agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of
all or any part of the Collateral, at public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be
authorized at any such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a
view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold, and each of the Grantors agrees
that the FCC Licenses and other governmental authorizations are, in such event, to be transferred or assigned together with such Collateral. Each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right
on the part of any of the Grantors, and each of the Grantors hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal that such Grantor now has or may at any time in the future have under any rule of law or statute
now existing or hereafter enacted. 
  
 The Collateral Agent shall
give the Grantors 10 days’ written notice (which the Grantors agree is reasonable notice within the meaning of Section 9-610(b) of the Uniform 
  
 Intercompany Subordination Agreement 

 Commercial Code as in effect in the State of New York or its equivalent in other jurisdictions) of the Collateral
Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the ease of a sale at a broker’s board or on a securities exchange, shall state the board or
exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and
at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral
Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have
been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further
notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale
price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of
redemption, stay, valuation or appraisal on the part of any of the Grantors (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account
thereof by using any claim then due and payable to such Secured Party from any of the Grantors as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property
without further accountability to any of the Grantors therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale
pursuant to such agreement and none of the Grantors shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all
Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this
Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver or trustee. 
  
 Section 5.02 Application of Proceeds. The Collateral Agent
shall apply the proceeds of any collection or sale of the Collateral, as well as any Collateral consisting of cash, as follows: 
  
 FIRST, to the payment of all costs and expenses incurred by the Collateral Agent (in its capacity as such hereunder or as Administrative
Agent under any other Loan Document) in connection with such collection or sale or otherwise in connection with this 
  
 Intercompany Subordination Agreement 

 Agreement or any of the Obligations, including all court costs and the fees and expenses of its agents
and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of the Grantors and any other costs or expenses incurred in connection with the exercise of any right or remedy
hereunder or under any other Loan Document; 
  
 SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and

  
 THIRD, to the Grantors, their successors or
assigns, or as a court of competent jurisdiction may otherwise direct. 
  
 The
Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale
granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall
not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
  
 Section 5.03 Grant of License to Use Intellectual Property. For the purpose of enabling the Collateral Agent
to exercise rights and remedies under this Article at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each of the Grantors hereby grants to the Collateral Agent an irrevocable, non-exclusive license
(exercisable without payment of royalty or other compensation to such Grantor) to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be
located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by the
Collateral Agent shall be exercised, at the option of the Collateral Agent, upon the occurrence and during the continuation of an Event of Default; provided that any license, sub-license or other transaction entered into by the Collateral
Agent in accordance herewith shall be binding upon such Grantor notwithstanding any subsequent cure of an Event of Default. 
  
 Intercompany Subordination Agreement 

 ARTICLE VI 
  
 MISCELLANEOUS 
  
 Section 6.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and
given as provided in Section 9.01 of the Credit Agreement. 
  
 Section 6.02 Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest and all obligations of the Grantors hereunder shall be absolute and unconditional irrespective of (a) any lack of validity
or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or
non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any of the Grantors in respect of the Obligations or this Agreement. 
  
 Section 6.03 Survival of Agreement. All covenants, agreements, representations and warranties made by any of the Grantors herein and in the
certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the making by the Lenders of the Loans, and the execution
and delivery to the Lenders of any notes evidencing such Loans, regardless of any investigation made by the Lenders or on their behalf, and shall continue in full force and effect until this Agreement shall terminate. 
  
 Section 6.04 Binding Effect; Several Agreement. This Agreement
shall become effective as to the Grantors when a counterpart hereof executed on behalf of each of the Grantors shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and
thereafter shall be binding upon the Grantors and the Collateral Agent and their respective successors and assigns, and shall inure to the benefit of the Grantors, the Collateral Agent and the other Secured Parties and their respective successors
and assigns, except that none of the Grantors shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly
contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each of the Grantors and may be amended, modified, supplemented, waived or released with respect to any of the Grantors
without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder not affected thereby. 
  
 Section 6.05 Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns 
  
 Intercompany
Subordination Agreement 

 of such party; and all covenants, promises and agreements by or on behalf of any of the Grantors or the Collateral Agent
that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
  
 Section 6.06 Collateral Agent’s Fees and Expenses; Indemnification. 
  
 (a) Collateral Agent’s Fees and Expenses. Each of the Grantors agrees to pay upon demand to the Collateral Agent
the amount of any and all reasonable expenses, including the reasonable fees, disbursements and other charges of its counsel and of any experts or agents, which the Collateral Agent may incur in connection with (i) the administration of this
Agreement (including the customary fees and charges of the Collateral Agent for any audits conducted by it or on its behalf with respect to the Accounts Receivable or Inventory), (ii) the custody or preservation of, or the sale of, collection from
or other realization upon any of, the Collateral, (iii) the exercise, enforcement or protection of any of the rights of the Collateral Agent hereunder or (iv) the failure of such Grantor to perform or observe any of the provisions hereof.

  
 (b) Indemnification. Without limitation of its
indemnification obligations under the other Loan Documents, each of the Grantors agrees to indemnify the Collateral Agent and the other Indemnitees against, and hold each of them harmless from, any and all losses, claims, damages, liabilities and
related expenses, including reasonable fees, disbursements and other charges of counsel, incurred by or asserted against any of them arising out of, in any way connected with, or as a result of, the execution, delivery or performance of this
Agreement or any claim, litigation, investigation or proceeding relating hereto or to the Collateral, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.

  
 (c) Expenses and Indemnification Constitute Obligations,
Etc. Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 6.06 shall remain operative and in full force and effect regardless of the
termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan
Document, or any investigation made by or on behalf of the Collateral Agent or any Lender. All amounts due under this Section 6.06 shall be payable on written demand therefor. 
  
 Section 6.07 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK. 
  
 Section 6.08 Waivers; Amendment.

  
 (a) Remedies Cumulative. No failure or delay of the
Collateral Agent in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or 
  
 Intercompany Subordination Agreement 

 partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent hereunder and of the Collateral Agent, the Administrative Agent and the Lenders under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provisions of this Agreement or any other Loan Document or consent to any departure by any of the Grantors therefrom shall in
any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any of the Grantors in
any case shall entitle any of the Grantors to any other or further notice or demand in similar or other circumstances. 
  
 (b) Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Collateral Agent and the Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.02 of the Credit Agreement. 
  
 Section 6.09 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.09. 
  
 EACH OF THE GRANTORS HEREBY IRREVOCABLY CONSENTS TO AND WAIVES ANY RIGHT TO
OBJECT TO OR OTHERWISE CONTEST THE APPOINTMENT OF A RECEIVER OR TRUSTEE AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT. EACH OF THE GRANTORS GRANTS SUCH WAIVER AND CONSENT KNOWINGLY AFTER HAVING DISCUSSED THE IMPLICATIONS THEREOF WITH COUNSEL,
ACKNOWLEDGES THAT THE UNCONTESTED RIGHT TO HAVE A RECEIVER OR TRUSTEE APPOINTED FOR THE FOREGOING PURPOSES IS CONSIDERED ESSENTIAL BY THE LENDERS IN CONNECTION WITH THE ENFORCEMENT OF THEIR RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER LOAN
DOCUMENTS, AND THE AVAILABILITY OF SUCH APPOINTMENT AS A REMEDY UNDER THE FOREGOING CIRCUMSTANCES WAS A MATERIAL FACTOR IN INDUCING THE LENDERS TO MAKE (AND COMMIT TO MAKE) THE LOANS TO THE BORROWER, AND AGREES TO ENTER INTO ANY AND ALL STIPULATIONS
IN ANY LEGAL ACTIONS, OR AGREEMENTS OR OTHER INSTRUMENTS IN 
  
 Intercompany Subordination Agreement 

 CONNECTION WITH THE FOREGOING AND TO COOPERATE FULLY WITH THE COLLATERAL AGENT IN CONNECTION WITH THE ASSUMPTION AND
EXERCISE OF CONTROL BY THE RECEIVER OR TRUSTEE OVER ALL OR ANY PORTION OF THE COLLATERAL. 
  
 Section 6.10 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions. 
  
 Section 6.11 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract (subject to Section
6.04), and shall become effective as provided in Section 6.04. Delivery of an executed signature page to this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
  
 Section 6.12 Headings. Article and Section headings used herein
are for the purpose of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 Section 6.13 Jurisdiction; Consent to Service of Process. 
  
 (a) Submission to Jurisdiction. Each of the Grantors hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent, the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement or the other Loan Documents against any of the Grantors or its properties in the courts of any jurisdiction. 
  
 (b) Venue, Etc. Each of the Grantors hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 Intercompany Subordination Agreement 

 (c) Service of Process. Each party to this Agreement irrevocably consents to service of process in
the manner provided for notices in Section 6.01. Nothing in this Agreement will affected the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 Section 6.14 Termination. This Agreement and the Security Interest shall terminate when all the Obligations
have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement, at which time the Collateral Agent shall execute and deliver to the Grantors or the Grantors’ designee, at the Grantors’
expense, all Uniform Commercial Code termination statements and similar documents which the Grantors shall reasonably request from time to time to evidence such termination. Any execution and delivery of termination statements or documents pursuant
to this Section 6.14 shall be without recourse to or warranty by the Collateral Agent. 
  
 Section 6.15 Additional Grantors. Upon execution and delivery by the Collateral Agent and a Subsidiary of an instrument in the form of Annex 2 hereto, such Subsidiary shall become a “Grantor”
hereunder with the same force and effect as if originally named as a “Grantor” herein. The execution and delivery of any such instrument shall not require the consent of any of the Grantors hereunder. The rights and obligations of the
Grantors hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 
  
 Intercompany Subordination Agreement 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

			
	 GRANTORS

	
	 IOWA TELECOMMUNICATIONS SERVICES, INC.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 IOWA TELECOM COMMUNICATIONS, INC.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 IOWA TELECOM DATA SERVICES, L.C.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 IOWA TELECOM TECHNOLOGIES, LLC

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Intercompany
Subordination Agreement 

			
	 COLLATERAL AGENT

	
	 RURAL TELEPHONE FINANCE
      COOPERATIVE

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Intercompany
Subordination AgreementNon-Competition Agreement

 Exhibit 10.17 
  
 NON-COMPETITION AGREEMENT 
  
 THIS NON-COMPETITION AGREEMENT (the “Non-Competition Agreement”), is made and entered into this
         day November, 2004, by and among Iowa Telecommunications Services, Inc., an Iowa corporation (the “Company”); ING Furman Selz Investors III L.P., a Delaware limited partnership
(“ING LP”), ING Barings U.S. Leveraged Equity Plan LLC, a Delaware limited liability company (“ING LLC”) and ING Barings Global Leveraged Equity Plan Ltd., a Bermuda company (“ING
LTD” and, together with ING LP and ING LLC, referred to hereafter as “ING”); and Iowa Network Services, Inc., an Iowa corporation (“INS”). 
  
  
 BACKGROUND 
  
 A.    The Company, INS and ING, along with BancBoston Ventures, Inc., a Massachusetts corporation (“BancBoston”) and Teachers Insurance and Annuity Association of America, a New York corporation
(“Teachers”), are party to a Stockholders and Registration Rights Agreement, dated as of June 30, 2000, as amended on September 25, 2001 and April 7, 2004 (the “Stockholders Agreement”). 
  
 B.    The Company intends to engage in an initial public
offering (the “Offering”) of its shares of Common Stock, par value $0.01 per share. 
  
 C.    The Company, INS and ING expect the Stockholders Agreement will be amended and restated in anticipation of the Offering, and
that in the course of such amendment and restatement current contractual restrictions on the activities of INS will be removed from the Stockholders Agreement. 
  

D.    The Company, INS and ING desire to preserve the current contractual restrictions on the activities of INS by including those
restrictions in this Non-Competition Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual consents and obligations hereinafter set forth herein, the parties hereto hereby further agree as follows: 
  
 Section 1.    Non-Competition 
  
 (a)    INS represents and warrants to ING that (i) INS is owned by 123 independent
telephone companies providing local exchange services and other telecommunication services in Iowa (the “INS Shareholder LECs”); (ii) INS owns subsidiary corporations netINS, Inc., INS Wireless, Inc. and Iowa Network
Properties, Inc.; and may in the future own other subsidiary corporations (collectively, the “INS Subsidiaries”); (iii) INS Wireless, Inc. is a member of Iowa Wireless Services, LLC, a limited liability company, which holds
the PCS wireless licenses for, and operates a PCS wireless telecommunications system in, the Des Moines MTA except for the Des Moines BTA and may acquire PCS wireless licenses for, and operate PCS wireless systems in, other MTA’s and BTA’s
in the future (the provision of such wireless services in such areas, the “Wireless Services”); (iv) INS and the INS Subsidiaries are in the businesses of 

 providing telecommunications services, including but not limited to centralized equal access service,
long distance service, 800/8XX toll free service, internet services, voice messaging, paging, enhanced fax services, travel/prepaid cards, DS3/DS1 capacity, video conference and multi-point services, switched digital video and digital entertainment
services, high speed data/ISDN services, wireless switching services, and intelligent network services, and wireless telecommunications services, and may provide other telecommunications services in the future (the “INS
Services”); (v) other than the Wireless Services and internet services which are provided and sold by INS both at wholesale and at retail to end-users, the INS Services are primarily provided and sold only at wholesale to the INS
Shareholder LECs and to other Iowa independent local exchange carriers with whom INS has traffic agreements (collectively, the “Participating LECs”), interexchange carriers, commercial telecommunications users, and other
retail telecommunications services providers, throughout the State of Iowa and Des Moines MTA, and in the states of Minnesota, Missouri, Illinois, Nebraska and South Dakota; (vi) the Company has received by transfer from GTE certificates of public
convenience and necessity issued by the Iowa Utilities Board, and, pursuant thereto, furnishes to end-users (A) local exchange, exchange access and intra-LATA toll communications services to end users, (B) exchange access telecommunications services
to interexchange carriers and other local exchange carriers, (C) retail sales of telephone equipment and products, and (D) non-tariffed public communications (pay telephones) and commercial telecommunications services facilities leasing (the
“Company Core Services”), in the service territories defined in those certificates and in any other service areas in which the Company may be certified to provide such services (“Service Territories”);
and (vii) the Company will provide other services as it may from time to time determine, including but not limited to, voice, data, video or other transmissions and related services to end-users, whether distributed by telephone lines, wire lines,
coaxial cable, fiber optic, satellite, cable, internet, fixed antenna or otherwise (the “Other Company Services”) in the Service Territories. 
  
 (b)    INS agrees that for a period commencing on the date of the initial closing of the
Offering (the “Offering Closing Date”) and ending on the later of (i) three (3) years after the Offering Closing Date, or (ii) six (6) months following the first date on which no INS designee and no employee or director of
INS or an INS Subsidiary is a director of the Company, INS shall not and shall cause the INS Subsidiaries not to engage, directly or indirectly, whether as principal, agent, investor, distributor, representative, stockholder, consultant, volunteer
or otherwise, with or without compensation, in the provision of (i) local exchange or exchange access telecommunications services, including local switched service as a competitive local exchange carrier, to end users in the Service Territories or
(ii) any other products or services that compete with (A) the Company’s Core Services in the Service Territories, or (B) the Other Company Services in any Service Territories in which the Company commences providing or makes substantial
preparation to provide such services prior to the time that INS or the INS Subsidiaries have commenced the provision of such services in such Service Territories; provided that this provision shall not prohibit INS and the INS Subsidiaries from
providing the Wireless Services in the Service Territories or elsewhere. Notwithstanding the foregoing, this Section 1 shall not (i) limit the ability of INS or the INS Subsidiaries to provide services over internet 
  

 2 

 protocol [including voice over internet protocol (VoIP), but excluding dial-up or broadband
internet services], at wholesale or retail in the Service Territories or elsewhere; or, (ii) limit the ability of INS or the INS Subsidiaries to provide INS Services at wholesale to the Company, Participating LECs, interexchange carriers, or
other retail telecommunications services providers, including those which provide or may provide retail telecommunications services that compete with services provided by the Company; or, (iii) limit the ability of INS and the INS Subsidiaries to
provide INS Services (other than local exchange or exchange access services) at retail in any areas other than the Company’s Service Territories or other territories in which the Company is making substantial preparation to provide Company Core
Services or Other Company Services. 
  
 Section
2.    Effective Date. 
  
 This Non-Competition Agreement shall become effective as of the date hereof. 
  
 Section 3.    General Provisions. 
  
 (a)    Successors, Assigns, Third-Party Beneficiaries and
Transferees.    This Non-Competition Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective permitted successors and assigns. 
  
 (b)    Headings; Execution in
Counterparts.    The headings and captions contained herein are for convenience and shall not control or affect the meaning or construction of any provision hereof. This Non-Competition Agreement may be executed in one or
more counterparts, each of which will be deemed to be an original copy of this Non-Competition Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Non-Competition Agreement shall not be
binding on any of the parties hereto unless and until this Non-Competition Agreement or a counterpart hereof shall be signed by all parties. 
  
 (c)    Entire Agreement.     This Non-Competition Agreement and any agreements entered into
in connection hereto constitute the entire agreement and the understanding of the parties hereto with the matters referred to herein. This Non-Competition Agreement and the agreements referred to in the preceding sentence supersede all prior
agreements and understandings between the parties with respect to such matters. 
  
 (d)    Amendment and Modification.    This Non-Competition Agreement may be amended,
modified or supplemented by written agreement of all parties hereto. 
  
 (e)    Governing Law.    This Non-Competition Agreement and the rights and obligations of the parties hereunder and the persons subject hereto shall be governed by, and
construed and interpreted in accordance with, the law of the State of Iowa, without giving effect to the choice of law principles thereof. 
  
 (f)    Invalidity of Provision.    The invalidity or unenforceability of any provision of
this Non-Competition Agreement in any jurisdiction shall not affect the validity or 
  

 3 

 enforceability of the remainder of this Non-Competition Agreement in that jurisdiction or the validity or
enforceability of this Non-Competition Agreement, including that provision, in any other jurisdiction. 
  
 (g)    Notices.    All notices, requests, demands, letters, waivers and other
communications required or permitted to be given under this Non-Competition Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) mailed, certified or registered mail with postage prepaid, (iii)
sent by next-day or overnight mail or delivery or (iv) sent by fax, as follows: 
  
 (i)    If to the Company, to it at: 
  
 Iowa Telecommunications Services, Inc. 
 115 S. Second Avenue West 
 Newton, Iowa 50208 Attn: Donald G. Henry, Esq. 
 General Counsel 
 Telecopy : 641-787-2468

  
 (ii)    If to ING, to it
at: 
  
 FS Private Investments LLC 
 520 Madison Avenue, 12th Floor 
 New York,
New York 10022 
 Attn: Brian P. Friedman, President 
 Telecopy: 212-284-1717 
  
 (iii)    If to INS, to it at: 
  
 Iowa Network Services 
 4201 Corporate Drive 
 West Des Moines, IA 50266-5906 
 Attn: Richard Vohs, Chief Executive Officer 
 Telecopy: 515-830-0123 
  
 (iv)    or to such other person or address as any party shall specify by notice in writing to the Company. All such
notices, requests, demands, letters, waivers and other communications shall be deemed to have been received (i) if by personal delivery on the day delivered, (ii) if by certified or registered mail, on the fifth business day after the mailing
thereof, (iii) if by next-day or overnight mail or delivery, on the day delivered, or (iv) if by fax, on the day delivered, provided that such delivery is confirmed. 
  
 (h)    Injunctive Relief.    Each of the parties recognizes
and agrees that money damages may be insufficient and, therefore, in the event of a breach of any provision of this Non-Competition Agreement the aggrieved party may elect to institute and prosecute 
  

 4 

 proceedings in any court of competent jurisdiction to enforce specific performance or to enjoin the
continuing breach of this Agreement. Such remedies shall, however, be cumulative and not exclusive, and shall be in addition to any other remedy which such party may have. 
  
 (i)    Further Assurances.    Subject to the specific terms
of this Agreement, each of the parties hereto shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and
to consummate the transactions contemplated hereby. 
  
 IN WITNESS WHEREOF, each of the parties has caused this Non-Competition Agreement to be executed on its behalf by its officers thereunto duly authorized, on the day and year first above written. 
  
  

			
	 IOWA TELECOMMUNICATIONS SERVICES, INC.

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 ING FURMAN SELZ INVESTORS III L.P.

		
	 By:
	 	ING FURMAN SELZ INVESTMENTS III LLC, its [Manager]
		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:

  

 5 

			
	 ING BARINGS U.S. LEVERAGED EQUITY PLAN LLC

		
	 [By:
	 	FS PRIVATE INVESTMENTS III LLC, its [Manager]]
		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 ING BARINGS GLOBAL LEVERAGED EQUITY PLAN LTD.

		
	 [By:
	 	FS PRIVATE INVESTMENTS III LLC, its [Manager]]
		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 IOWA NETWORK SERVICES, INC.

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:

  

 6

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