Document:

Long Term Incentive Stock Plan

 EXHIBIT 10.27 
  
 Madison River Telephone Company, LLC 
 Long Term Incentive Stock Plan 
 Seconded Amended and Restated Plan
Provisions and Features 
  
 1.    Purpose. This Long Term Incentive Stock Plan (the “Plan”) is intended to enable Madison River Telephone Company, LLC, a Delaware limited liability company (the “Company”), to attract and
retain in its employ persons of outstanding competence, and to promote an entrepreneurial attitude among key employees of the Company by providing to employees of the Company and its direct or indirect subsidiaries certain grants awarded to
participants of the Plan. This Plan was previously established effective October 1, 1999 and amended March 26, 2004, and is hereby amended and restated in its entirety. Payouts under the Plan can be made only to the extent that distributions are
available to the holders of Class C Units of the Company. Distributions to the holders of Class C Units will be available if and only if invested capital and specified threshold rates of return are first paid to the holders of Class A Units, Class B
Units and Class D Units of the Company pursuant to the terms and conditions of the Operating Agreement. If invested capital and the specified rates of return are not paid to the holders of Class A Units, Class B Units and Class D Units, as a result
of one or more liquidity events such as an initial public offering and follow on offerings or sale of the Company, no payments will be made under this Plan. The Plan will continue in existence, subject to the terms and conditions set forth below,
notwithstanding the fact that a liquidity event occurs, but the required payments to the holders of Class A Units, Class B Units and Class D Units have not been fulfilled. The amount and timing of any payments under the Plan is uncertain and
payments, if made, may be made at various times and over several years. Many factors affect the potential for distributions under the Plan, including but not limited to general market conditions and the interest rate environment as well as the
financial performance of the Company. 
  
 2.    Definitions. Unless otherwise specified in this Plan, capitalized terms used in this Plan shall have the following meanings. 
  
 (a)    “Applicable Laws” has the meaning set forth in Section 3(a) hereof.

  
 (b)    “Available
LTISP Fund” has the meaning set forth in Section 4 hereof. 
  
 (c)    “Board” has the meaning set forth in Section 3(a) hereof. 
  
 (d)    “Commencement Date” means the date on which the Company awards Grants to a Participant. If a
Participant is awarded Grants on different dates, the date of each award will be deemed the Commencement Date for that particular award. 
  
 (e)    “Committee” has the meaning set forth in Section 3(a) hereof. 
  
 (f)    “Effective Date” means
October 1, 1999, the date the Plan was approved by the Board. 

 (g)    “Grant” shall be an amount or number of Plan Units
determined at the time of recommendation by the Board or the Committee, if so authorized by the Board. 
  
 (h)    “Operating Agreement” means the Madison River Telephone Company, LLC, Amended and Restated Limited
Liability Company Agreement, dated as of April 24, 1997, as it may have been or may be amended from time to time. 
  
 (i)    “Participant” means an employee of the Company or any Related Entity who is awarded a Grant or Grants
hereunder by the Board. 
  
 (j)    “Participant Ledger” has the meaning set forth in Section 4 hereof. 
  
 (k)    “Plan Distribution” has the meaning set forth in Section 8 hereof. 
  
 (l)    “Plan Percentage
Interest” means the proportionate participation rights, expressed as a percentage, as adjusted from time to time, of each Participant relative to the aggregate number of Units granted to Participants. The Plan Percentage Interest of each
Participant at any point in time shall be determined by reference to the following calculation: 
  
 The Plan Percentage Interest of each Participant shall be a fraction determined by reference to the following: 

	
	
	 Amount of Participant’s Grant of Plan Units
 which have vested as determined by Section 6 hereof

	 Aggregate Amount of all Participants’ Plan Units
 Granted which have vested as determined by Section 6 hereof

  
 It being understood
that the Company may, from time to time, award additional Grants to other persons without notice to any Participant. A Participant may obtain a statement of such Participant’s then current Plan Percentage Interest at any time upon request to
the Secretary of the Company. A Participant’s Plan Percentage Interest shall change from time to time depending upon the aggregate amount of Plan Units granted and outstanding at such time. 
  
 (m)    “Related Entity” means
any successor to the Company by merger, consolidation, liquidation, statutory conversion, or other reorganization that has made provision for adoption of this Plan and the assumption of the Company’s obligations thereunder, as well as (i) any
entity of which at least a majority of the outstanding voting interests are, directly or indirectly, owned or controlled by the Company and (ii) any entity that, directly or indirectly owns or controls at least a majority of the outstanding voting
interests in the Company. 
  
 (n)    “Termination” means a Participant’s severance from employment with the Company or a Related Entity for any reason, including but not limited to death, retirement, 

 
disability, voluntary resignation or discharge, for cause or without cause, but only if the Participant is not immediately thereafter employed by the Company
or a Related Entity. 
  
 (o)    “Termination Date” shall mean the date of a Participant’s Termination. 
  
 (p)    “Plan Units” shall mean the number of units awarded to a Participant representing the relative
interest and rights of the Participant and such number shall be used to determine the amount of any Plan Distribution that such Participant shall be entitled to receive, it being understood by the Company and the Participants that the Company has
used the words “Plan Units”, “Units” and “Shares of stock” interchangeably in correspondence with Participants, but such terms shall have the same meaning for purposes of this Plan, that is, the meaning given herein to
“Plan Units”. It is further understood by the Company and the Participants that, although certain characteristics of Plan Units are determined by reference to the Class C Units of the Company, Plan Units are not Class C Units and that a
Grant of Plan Units gives a Participant only the rights expressly stated in this Plan. 
  
 Capitalized terms not otherwise defined herein shall have the meaning set forth in the Operating Agreement. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall
include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. 
  

3.    Administration. 
  
 (a)    The Plan shall be administered by (i) the Board of Managers of the Company (the “Board”) or (ii) a
committee consisting of representatives or other persons appointed by the Board (the “Committee”). The appointment of the members of, and the delegation of powers to, the Committee by the Board shall be consistent with applicable laws and
regulations (collectively, the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time, the Board may increase the size of the Committee
and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer the Plan, all
to the extent permitted by the Applicable Laws. 
  
 (b)    The construction and interpretation by the Board of any provision of this Plan shall be final and conclusive. No member of the Board or the Committee shall be liable for any action or determination made in good
faith with respect to the Plan or any Grant awarded under it. Subject to the terms of the Plan, the Board (or the Committee, if so appointed and further authorized to act in part or in full under this Subsection 3(b)) shall have the authority to:

  
 (i)    determine the
Participants who shall participate in the Plan from time to time; 
  
 (iii)    determine the amount of a Grant to be awarded to a Participant; 
  
 (iv)    determine the Commencement Date of the Grant; 

 (v)    determine the vesting of the Grant; and 
  
 (vi)    interpret the Plan and
prescribe and rescind rules and regulations relating to it. 
  
 (c)    The Committee may select one of its members as its chairman, and shall hold meetings at such times and places as it may determine. Acts by a majority of the Committee, or acts reduced to or
approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee. All references in this Plan to the Committee shall mean the Board if no Committee has been appointed. 
  
 4.    Designation of Available LTISP Fund. The
Company has created a fund (the “Available LTISP Fund”) and hereby designates forty-two and three-tenths percent (42.3%) of Distributions (as defined by reference to the Operating Agreement) otherwise payable to the holders of Class C
Units pursuant to Sections 4.1 (a)(iii) through 4.1(a)(vii) of the Operating Agreement, when and if made, to be payable to the Available LTISP Fund. The Company shall distribute any payments received by the Available LTISP Fund in accordance with
the terms and conditions of the Plan. The Company shall set up an appropriate record (hereinafter called the “Participant Ledger”) and thereafter from time to time enter therein the name of each Participant, the amount of the Grant awarded
to him by the Board or the Committee, the Commencement Date, the vesting date, if any, for such Grant and the Plan Percentage Interest applicable to such Grant. The Participant Ledger shall be updated from time to time to reflect changes in Plan
Percentage Interests. In the event that the Available LTISP Fund contains funds after all Participant Plan Distributions have been paid in full, the Board or the Committee, if so authorized by the Board, may make payments of such available funds to
non-participant employees that have been recommended for participation by management of the Company. Notwithstanding anything to the contrary herein, Participants shall not be entitled to any Distributions payable to the holders of Class A, Class B
or Class D Units. 
  
 5.    Grants.
Grants may be awarded under the Plan at any time after the Effective Date until termination of the Plan in accordance with the terms hereof. The date of a Grant under the Plan will be the date specified by the Board or Committee at the time it
awards the Grant and shall be reflected as the “Commencement Date” on the Participant Ledger. All Grants will be approved in an amount designated as a number of Plan Units (sometimes referred to as units or shares) for each Participant.

  
 6.    Vesting. The Grants awarded
hereunder shall vest over a four year period from the date of Grant as determined at the time of the award by the Board (or the Committee if so authorized by the Board). 
  
 7.    Termination of Grant. 
  
 (a)    When a Participant’s employment is severed by Termination, Participant shall
cease to be a Participant with respect to any unvested Grant (and with respect to any unvested portion of any Grant), and as of the Termination Date the Participant shall forfeit all of his unvested rights in any Grant held by him and shall have no
rights therein or under the Plan with respect to 

 
such unvested Grant (or unvested portion of a Grant), and the Company shall have no obligation thereafter to make any Plan Distributions to such Participant
with respect to any such unvested Grant (or unvested portion of a Grant). 
  
 (b)    The termination of this Plan at any time after the Effective Date in accordance with the provisions of Section 12 hereof shall not terminate the Plan with respect to the Grants outstanding,
and vested pursuant to Section 6, at the time of such termination, and the Participants shall be entitled to all rights and benefits under the Plan, including the Plan Distributions payable pursuant to the terms of Section 8 hereof for amounts paid
into the Available LTISP Fund prior to, or at, the time of termination. After termination of the Plan, no additional amounts shall be paid into the Available LTISP Fund and no additional Plan Distributions shall be paid after amounts actually held
in the Available LTISP Fund have been distributed to Plan Participants. 
  
 8.    Payment of Plan Distributions. 
  
 (a)    Participants shall share in the Available LTISP Fund in an amount equal to the product of (i) the amounts paid into the Available LTISP Fund from time to time, and (ii) such
Participant’s Plan Percentage Interest (herein the “Plan Distribution”). For purposes of illustration only, if a Participant has fully vested in an award Grant of 250,000 Units, and the aggregate amount of vested Plan Units awarded at
such time is 2,500,000 and the amount of the Available LTISP Fund is $350,000, the Participant’s Plan Percentage would be ten percent (10%) and the Participant’s Plan Distribution would be $35,000 (10% X $350,000). 
  
 9.    Limitation of Rights. Nothing in this Plan
shall be construed to: 
  
 (a)    give any employee of the Company any right to the award of a Grant other than in the sole discretion of the Board or Committee if so authorized by the Board; 
  
 (b)    give a Participant any rights
whatsoever with respect to the Class C Units of the Company or cause the Participant to be a Unitholder or Member of the Company, as such terms are defined in the Operating Agreement; 
  
 (c)    cause the Grants of Plan Units to be deemed Class C Units of the Company;

  
 (d)    limit in any way
the right of the Company or any Related Entity to terminate a Participant’s employment or consulting relationship with the Company or such Related Entity at any time; or 
  
 (e)    be evidence of any agreement or understanding, express or implied, that the
Company or any Related Entity will employ a Participant in any particular position or at any particular rate of remuneration or for any particular period of time. 
  
 10.    Transferability and Assignability of Grants. No right or benefit under this Plan shall be
subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge or encumber, or charge the same shall be void. 

 
No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such
benefits. If any Participant hereunder shall become a bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right or benefit hereunder, then such right or benefit shall, in the discretion of the Board, cease, and
in such event the Company may, in the discretion of the Board, hold or apply the same or any part thereof for the benefit of the Participant in such manner and in such proportion as the Board may deem proper. 
  
 11.    Adjustments. Unless otherwise provided in a
written agreement between the Participant and the Company relating to the award of a Grant, the rights of a Participant hereunder shall be adjusted as hereinafter provided upon the occurrence of any of the following events: 
  
 (a)    If the Company is to be
consolidated with or acquired by another entity in a merger, sale of all or substantially all of the Company’s assets, equity interests or otherwise (an “Acquisition”), unless otherwise provided in its sole discretion by the Board or
Committee, the Board or Committee shall, as to outstanding vested Grants, make appropriate provision for the continuation of payments, if any, required under this Plan with such equitable adjustments as may be deemed necessary or appropriate in its
sole discretion. In connection with any such Acquisition, there shall be no obligation on the part of any acquiring company to make payments to any Participant subsequent to the consummation of such Acquisition. 
  
 (b)    Except as expressly provided
herein, no issuance by the Company of any Class C Units shall affect, and no adjustment by reason thereof shall be made with respect to, the award of Grants hereunder. 
  
 12.    Amendment or Termination of Plan. 
  
 (a)    The Board may terminate this Plan
at any time; provided, however, that any such termination shall not affect the payment of the Plan Distributions for any vested amounts then held in the Available LTISP Fund, and any such vested amounts shall be distributed in accordance with the
terms of Section 8 hereof as soon as is administratively practicable in connection with any such termination. 
  
 (b)    This Plan (including all Grants awarded hereunder) shall automatically terminate upon the dissolution of the
Company; provided, however, that any such termination shall not affect the payment of the Plan Distributions from the Available LTISP Fund related to previously vested Grants (or previously vested portions of Grants) or related to or in connection
with such dissolution. 
  
 (c)    The Board may amend this Plan at any time; provided, however, that any amendment of this Plan adversely affecting the vested rights of Participants to payments of Plan Distributions in accordance with Section 8
hereof shall require the approval of such affected Participants; provided, further, however, that the Board may terminate this Plan at any time without the approval of any Participant. Notwithstanding the foregoing, the approval of such Participants
will not be required to amend the Plan or the rights of Participants hereunder if, in the judgment of 

 
the Board, it is in the interest of the Company to comply with a request for amendment of the Plan necessary to receive any required governmental approval of
the Plan or the award of Grants hereunder or to comply with any other request of any governmental agency. In no event shall the approval of the Participants be required for any amendment or termination of the Operating Agreement. 
  
 13.    Interpretation and Disputes. If any
question shall arise in regard to the interpretation of any provision of this Plan or any agreement between the Company and Participant pursuant to this Plan or if any dispute or difference between the Company and Participant shall arise out of or
in connection with this Plan or any agreement between the Company and Participant pursuant to this Plan, the determination by the Board or Committee if so authorized by the Board with respect to such question, dispute or difference shall be deemed
conclusive. 
  
 14.    Nature of
Company’s Obligation. The Company shall not be required to segregate any funds or other assets to be used for the payment of the Plan Distributions under this Plan, and no record or other notation on the Company’s books of the
obligation created by this Plan shall be considered as evidence of the creation of a trust fund, an escrow or any other segregation of assets for the benefit of any Participant. The obligation of the Company to make the Plan Distributions described
in this Plan is an unsecured contractual obligation only, and the Participants shall not have any beneficial or preferred interest by way of trust, escrow, lien or otherwise in and to any specific assets or funds of the Company. By accepting a Grant
or Plan Distribution hereunder, each Participant specifically acknowledges and agrees that (a) the Grants awarded pursuant to the terms of this Plan are not securities of the Company and do not create any right in the equity or capital of the
Company, (b) the receipt of a Plan Distribution shall constitute ordinary income to the Participant for federal, state and local income tax purposes, and the Company shall be entitled to withhold and otherwise offset from any such Plan Distribution
all applicable federal, state and local taxes in accordance with such tax laws, rules and regulations, and (c) that the Participant understands that the Company makes no representation as to the tax consequences of participation in the Plan and that
the Participant shall rely on such Participant’s own tax adviser for counsel regarding the tax consequences of participation in the Plan. Each Participant shall look solely to the general credit of the Company for satisfaction of any
obligations due or to become due under this Plan. If the Company should, in its sole discretion, earmark or set aside any funds or other assets to pay benefits hereunder, the same shall, nevertheless, remain and be regarded as part of the general
assets of the Company subject to the claims of its general creditors (and shall not be considered to be held in a fiduciary capacity for the benefit of any Participant), and the Participants shall not have any legal, beneficial, security or other
property interest herein. 
  
  

 15.    Governing Law; Construction. The validity and construction of the Plan
and the award of Grants hereunder shall be governed by the laws of the State of North Carolina without regard to principles of conflicts of law. 
  
 This Seconded Amended and Restated Plan was duly approved by the Board as of October 22, 2004. 

	
	
	 /S/    PAUL H.
SUNU

	 Secretary

	 Madison River Telephone Company, LLCAmend /  Restated Revolving Line of Credit Agreement

  
 Exhibit 10.28

  
 RURAL TELEPHONE FINANCE COOPERATIVE 
 AMENDED AND RESTATED REVOLVING LINE OF CREDIT AGREEMENT 
 (“Agreement”) 
  
 This Agreement
is made as of the 14th day of April, 2004 by and between COASTAL UTILITIES, INC. Georgia corporation located at P.O. Box 585, 100 Ryan Avenue, Hinesville, Georgia 31310-0585 (“Borrower”), and RURAL TELEPHONE FINANCE COOPERATIVE, a South
Dakota cooperative association with its principal place of business located at 2201 Cooperative Way, Herndon, Virginia 20171 (“RTFC” or “Lender”). 
  
 Borrower and Lender are parties to a certain Unsecured Revolving Line of Credit Agreement dated as of March 29, 2000 (the “Original
Line of Credit”), and now mutually desire to amend certain terms and conditions of such agreement pursuant to the terms and conditions set forth in this Agreement. In consideration of their mutual premises hereunder and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Lender and Borrower agree to the following terms and conditions: 
  

	1.	Revolving Credit and Term. Lender agrees to make advances to the Borrower pursuant to the terms of this Agreement (“Advances”). The maximum principal amount
outstanding at any point in time shall not exceed $10,000,000. Within such limits, the Borrower may borrow, repay and reborrow at any time or from time to time until March 29, 2005 (the “Maturity Date”). 

  

	2.	Requisitions. The Borrower shall give Lender such prior notice of requests for Advances as RTFC may reasonably require from time to time.

  

	3.	Interest Rate and Payment. The Borrower unconditionally promises and agrees to pay, as and when due, interest on all amounts advanced hereunder from the date of each
Advance and to repay all amounts advanced hereunder with interest on the Maturity Date. Interest shall be due and payable quarterly on the first day of each January, April, July, and October, commencing on the first such date after such initial
Advance; except that if Lender gives notice thereof to the Borrower before the first day of any month, interest shall thereafter be due and payable on the 15th day of such month and each month thereafter. Lender shall invoice the Borrower at least
five (5) days prior to the due date of any such interest payment. All amounts shall be payable at RTFC’s main office at Woodland Park, 2201 Cooperative Way, Herndon, Virginia 20171-3025 or at such other location as designated by Lender from
time to time. 

  
 The interest rate on all
Advances will be equal to RTFC’s standard line of credit as established from time to time by Lender pursuant to its policies and procedures plus one hundred (100) basis points. However, in no event shall the interest rate exceed the Prevailing
Bank Prime Rate (as defined herein), plus one and one-half percent per annum. Interest will be computed on the basis of a year of 365 days. The interest rate will be adjusted as determined from time to time by Lender, provided that no such
adjustment may be effective on a date other than the first or 

  

 
sixteenth day of any month, and will remain in effect until a subsequent change in rate occurs. 
  
 The “Prevailing Bank Prime Rate” is that bank prime rate published
in the “Money Rates” column of any edition of The Wall Street Journal which Lender determines in its discretion to be the representative bank prime rate on the day preceding the day on which an adjustment in the interest rate hereof
shall become effective. If such preceding day is not a publication day for The Wall Street Journal then the Prevailing Bank Prime Rate shall be established by reference to such “Money Rates” column as of the last publication day
next preceding the day on which such adjustment shall become effective; provided if The Wall Street Journal shall cease to be published, then the Prevailing Bank Prime Rate shall be determined by RTFC by reference to another publication
reporting bank prime rates in a similar manner. 
  

	4.	RTFC Accounts. Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower resulting from each
Advance made from time to time and the amounts of principal and interest payable and paid from time to time hereunder. In any legal action or proceeding in respect of this Agreement, the entries made in such account or accounts (whether stored on
computer memory, microfilm, invoices or otherwise) shall be presumptive evidence (absent manifest error) of the existence and amounts of the Borrower’s transactions therein recorded. 

  

	5.	Corporate and Regulatory Approvals. Borrower represents that it has obtained any and all necessary corporate and regulatory approvals for Borrower to execute and
perform pursuant to this Agreement. 

  

	6.	Reports. Borrower agrees to deliver to Lender, promptly upon their becoming available, a copy of (i) any annual audit report prepared subsequent to the submission of
this Agreement; (ii) its monthly operating report within thirty (30) days for any month in which there are advances outstanding pursuant to this Agreement; and (iii) any other reports which Lender reasonably requests during the term of this
Agreement. 

  

	7.	Covenants/Financial Ratios. Subject to applicable laws and rules and orders of regulatory bodies, and to events which in the reasonable judgment of the Lender are
beyond the control of the Borrower, so operate and manage its business as to achieve an annual Debt Service Coverage (DSC) ratio of not less than 1.50, an annual Times Interest Earned Ratio (TIER) of not less than 1.50, and a maximum annual Leverage
Ratio that shall not exceed 4.00, in each case as of the last calendar day of any fiscal year. 

  
 DSC for any year shall mean (a) total net income (including guaranty payments to Borrower from any of its affiliates) or margins plus depreciation and
amortization and deferred compensation expense and interest on long-term debt for such year, 

  

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divided by (b) principal and interest on long-term debt payable in such year, as calculated on a consolidated basis for the Borrower and all its
subsidiaries. 
  
 Leverage Ratio for any year shall mean (a)
total debt divided by (b) the sum of: (i) total net income (including guaranty payments to Borrower from any of its affiliates) or margins, (ii) income taxes, (iii) interest expense payable on long-term debt for such year, (iv) depreciation and
amortization expense where pre-tax income or loss excludes any extraordinary gains, (v) the write-up of any asset, and (vi) any investment income or losses (including all Lender patronage capital allocations), as measured on a consolidated basis for
Borrower and all its subsidiaries. 
  
 TIER for any year shall
mean (a) total net income (including guaranty payments to Borrower from any of its affiliates) or margins plus income taxes plus interest payable on long-term debt for such year, divided by (b) interest on long-term debt payable in such year, as
measured on a consolidated basis for the Borrower and all its subsidiaries. 
  

	8.	Fees. If any amount outstanding and due hereunder shall not be paid when due, Borrower agrees to pay on demand Lender’s reasonable costs of collection or
enforcement of this Agreement, or preparation therefor, including reasonable fees of counsel. If payment of any principal and/or interest due under the terms of this Agreement is not received at Lender’s office in Herndon, Virginia, or such
other location designated by Lender within five (5) business days after the due date thereof (such unpaid amount of principal and/or interest being herein called the “delinquent amount,” and the period beginning after such due date being
herein called the “late-payment period”), Borrower will pay to Lender, on demand, in addition to all other amounts due under the terms of this Agreement, any late-payment charge as may then be in effect pursuant to Lender’s policy on
the delinquent amount for the late payment period. 

  

	9.	Credit Support. This Agreement may not be used as credit support for any other financings without Lender’s prior written approval.

  

	10.	Notices, Acceleration of Debt and Waivers. While any amount hereunder is outstanding, Borrower agrees to notify Lender of any delinquency or default on any of its
financial obligations, any material adverse change in its financial or business condition, and if any representation or warranty made in this Agreement has become untrue in any respect having a material adverse effect on the financial condition or
business of the Borrower. 

  
 Lender may
declare at any time all outstanding amounts hereunder immediately due and payable in full with accrued interest, without presentment or demand, and may withhold advances of funds upon the occurrence of any of the following: (i) any delinquency or
default in payment of any sum due the Lender under the Agreement; (ii) a court shall enter a decree or order for relief with respect to Borrower or any subsidiary or guarantor in an insolvency or bankruptcy or 

  

 3 

 
appoint a receiver, liquidator, trustee or similar official and such order remains in effect for a period of ninety (90) days; (iii) Borrower or any
subsidiary shall commence a voluntary case under bankruptcy, insolvency or similar law or consent to the appointment of a receiver, liquidator, or trustee; (iv) the dissolution or liquidation of Borrower or subsidiary or guarantor or failure to
forestall or remove any execution, garnishment or attachment of such consequence as to impair its ability to continue business and such execution, garnishment or attachment shall not be vacated within thirty (30) days; or (v) any other event as a
result of which any holder of indebtedness in excess of five percent (5%) of Borrower’s total assets may declare the same due and payable shall occur and continue for more than any applicable grace period. 
  
 If any representation or warranty herein shall become untrue, or Borrower
shall fail to comply with any term of this Agreement or if the financial condition of Borrower shall have changed to the extent that such change in the reasonable judgment of RTFC, materially increases RTFC’s risk hereunder, then RTFC at its
discretion may withhold advances of funds and/or declare all outstanding amounts hereunder immediately due and payable in full with accrued interest, without presentment or demand. 
  
 The Borrower waives the defense of usury and all rights to set off, counterclaim, deduction or recoupment. 
  

	11.	Purpose, Repayments and Deposit. Borrower agrees that any and all Advances hereunder will be used only for proper corporate purposes and consistently with the
requirements of outstanding security documents of Borrower relating to its operations. Borrower agrees that this loan shall be repayable out of Borrower’s general funds and that loan proceeds will not be deposited in any other account dedicated
for secured financing advances. 

  

	12.	Additional Indebtedness. While any amount hereunder is outstanding and unless otherwise disclosed in writing to Lender, or as permitted pursuant to the Amendment to
Loan Agreement by and between Lender and Madison River LTD Funding Corp., dated as of July 30, 2003, Borrower agrees that it will not, without the prior written consent of Lender, (a) make distributions of cash to its shareholders, if applicable, or
(b) create, incur, assume, guarantee or otherwise become obligated for any additional indebtedness, other than to Lender except that the Borrower may borrow against another loan previously approved by Lender. 

  

	13.	Survival of Representations, Warranties and Payment Obligations. Borrower agrees that the representations and warranties made in this Agreement shall survive the
making of Advances hereunder. Any unsatisfied payment obligation hereunder shall survive the maturity and cancellation of this Agreement. 

  

 4 

	14.	Representations and Warranties. Except as set forth in writing and attached hereto, Borrower represents and warrants as of the date of its application and on the date
of each and every Advance hereunder that: 

  

	 	(a)	The Borrower has and will meet all obligations and be in compliance with all instruments under which it is bound and that all information submitted in support of its application is
true, complete and correct except where the failure to so comply or the inaccuracy of any such information could not, in either case, be reasonably be expected to have a material adverse effect; 

  

	 	(b)	There has been no material adverse change in the Borrower’s business or financial condition from that set forth in its most recent audited financial statements provided to
Lender; 

  

	 	(c)	The Borrower has no outstanding loans from sources other than Lender; 

  

	 	(d)	The Borrower is not in default in any material respect of any of its obligations and no litigation is threatened or pending which would have a material adverse impact on the
Borrower’s ability to perform under this Agreement; and 

  

	 	(e)	The Borrower has no lines of credit with any other lenders. 

  

	15.	Consent to Patronage Capital Distributions. Borrower hereby consents that the amount of any distributions with respect to Borrower’s patronage which are made in
written notices of allocation (as defined in Section 1388 of the Internal Revenue Code of 1986, as amended (“Code”) including any other comparable successor provision) and which are received from Lender will be taken into account by
Borrower at their stated dollar amounts in the manner provided in Section 1385(a) of the Code in the taxable year in which such written notices of allocation are received. 

  

	16.	Severability. If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable by any court
or governmental agency of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such term, provision or condition nor any other term, provision or condition, and this Agreement shall survive and be construed
as if such invalid or unenforceable term, provision or condition had not been contained therein.  

  

	17.	 Setoff. Lender is hereby authorized at any time and from time to time without prior notice to the Borrower to exercise rights of setoff or recoupment
and apply any and all amounts held, or hereafter held, by Lender or owed to the Borrower or for the credit or account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing hereunder. Lender agrees to notify
the Borrower promptly after any such setoff or recoupment and the application thereof, provided that the failure to give such notice shall not affect the validity of such setoff, recoupment or application. The rights of -Lender under this section

  

 5 

	 	 
are in addition to any other rights and remedies (including other rights of setoff or recoupment) which Lender may have. 

  

	18.	Additional Terms and Conditions. Additional terms and conditions set forth herein or attached hereto as Exhibit A are an integral part of this Agreement.

  

	19.	Integration. This Agreement and the matters incorporated by reference contain the entire agreement of the parties hereto with respect to the matters covered and the
transactions contemplated hereby, and no other agreement, statement or promise made by any party hereto, or by any employee, officer, agent or attorney of any party hereto, which is not contained herein, shall be valid and binding. No amendment or
waiver to this Agreement shall be valid and binding except if in writing and signed by both parties. 

  

	20.	Headings. The headings and sub-headings contained in this Agreement are intended to be used for convenience only and do not constitute part of this Agreement.

  

	21.	Security. All Advances hereunder shall be secured by a security interest in certain of Borrower’s properties pursuant to a (a) Deed to Secure Debt and Security
Agreement dated as of June 14, 1999 by and between RTFC and Borrower, as the same shall have been or may be amended, consolidated, restated or supplemented from time to time (the “Mortgage”), (b) a Pledge and Security Agreement dated as of
March 29, 2000 by and between RTFC and Borrower, as the same shall have been or may be amended, consolidated, restated or supplemented from time to time (the “Pledge Agreement’), and (c) UCC-1 financing statements filed in such locations
necessary to provide RTFC with a first priority, perfected lien on all of Borrower’s Mortgaged Property (as defined in the Mortgage) and the Collateral (as defined in the Pledge Agreement). Such Mortgage, Pledge Agreement and UCC-1 financing
statements shall continually exist until the later of (i) all Advances and fees hereunder having been repaid or (ii) the Maturity Date. Borrower agrees that, with respect to the Mortgage Property and/or Collateral that is subject to Article 9 of the
Uniform Commercial Code, the Lender shall have, but not be limited to, all the rights and remedies of a secured party under the Uniform Commercial Code. 

  

	22.	GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF VIRGINIA. 

  
 [Signatures appear on the following page] 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed this Agreement under
seal as of the date first above written. 
  

			
	 COASTAL UTILITIES, INC.

		
	 By:
	 	 /s/    J. Stephen Vanderwoude

		
	 Title:
	 	 CEO

  

			
	 (SEAL)

		
	 Attest:
	 	 /s/    Matt L. Springer

	 	 	 Assistant Secretary

  

			
	 RURAL TELEPHONE FINANCE COOPERATIVE

		
	 By:
	 	 /s/    John Williams

	 	 	 Assistant Secretary-Treasurer

  

			
	 (SEAL)

		
	 Attest:
	 	 /s/    Kenneth Fried

	 	 	 Assistant Secretary-Treasurer

  

 EXHIBIT A TO AMENDED AND RESTATED LINE OF CREDIT AGREEMENT 
  
 Reduce Balance to Zero. Within 360 days of the first Advance hereunder, Borrower will
reduce to zero for a period of at least five consecutive business days, (the last day of such five day period being herein called the “Zero Balance Date”) amounts outstanding hereunder, and will reduce to zero for a period of at least five
consecutive business days (the last day of such five business day period being called the “Subsequent Zero Balance Date”) amounts outstanding hereunder within 360 days from the Zero Balance Date or Subsequent Zero Balance Date, as
appropriate. 
  
 This Agreement amends and restates the Original Line of Credit
and should not be, nor is it deemed to be, a novation of the indebtedness evidenced by the Original Line of Credit. This Agreement does not constitute the extinquishment of the debt evidenced by the Original Line of Credit, but represents a
continuation of the Original Line of Credit. Any amount outstanding under the Original Line of Credit as of the date of this Agreement shall constitute an Advance hereunder.

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