Common use of Libor Option Clause in Contracts

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)) plus 4.50%. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option Option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%the LIBOR Margin (as hereinafter defined) applicable on the first day of the applicable "Interest Period" (as hereinafter defined) or applicable from time to time as otherwise provided herein. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) option rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)defined) or, at the option of the Borrower, on three (3) Banking Days’ ' prior written notice. “"LIBOR” means " shall mean the rate (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (thousandth) indicated by Telerate at Page 3750 as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as having been quoted by the BBA British Bankers Association at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” "BANKING DAY" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” "INTEREST PERIOD" shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day the Borrower elects to fix a rate fixed under Section 4(A)(44(A)(2) hereof becomes effectiveor under this Section 4(A)(3) (or, at the option of the Borrower, three (3) Banking Days later). The Interest Period for Portions accruing interest at the LIBOR option Option rate shall be 1, 2, 3, 6 or 9 months, as selected by the Borrower, and the Interest Period shall end on the day in the next calendar month or in the month that is two2, three 3, 6 or six 9 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding First Supplement to Master Loan Agreement/Warwick Valley Telephone Company Loan No. 0886-T1 Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond In the Maturity Date. “Eurocurrency Liabilities” has event Telerate ceases to provide such quotations or materially changes the meaning form or substance of such quotations (as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated determined by CoBank), then CoBank will notify the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option Borrower and the LIBOR option parties hereto will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingagree upon a substitute basis for obtaining such quotations.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)) plus 4.503.50%. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.. Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company Loan No. RX0886-S1

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at At a fixed rate per annum equal to LIBOR "LIBOR" (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%1.75% per annum (the “LIBOR Option”). Under this option: (i) option rates may be fixed fixed: (A) for "Interest Periods Periods" (as hereinafter defined in this Section 4(A)(2)defined) of one1,2, two3, three, or six and 6 months, as selected by the BorrowerCompany; provided, however, that: in no event may rates be fixed for Interest Periods expiring after the Maturity Date; (iiB) amounts fixed shall be on balances of $500,000 or in increments of $100,000 or multiples thereof500,000; and (iiiC) rates may only be fixed on a "Banking Day Day" (as hereinafter defined in this Section 4(A)(2)defined) on three 3 Banking Days’ prior written notice; and (D) on not more than five (5) separate balances at any one time. “For purposes hereof: (a) "LIBOR” means " shall mean the rate (rounded upward to the nearest thousandth sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities Liabilities” (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to “FRB Regulation D D” (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (“BBA”) at 11:00 a.m. London time and published by Bloomberg, on 2 Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. “; (b) "Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “; and (c) "Interest Period” " shall mean a period commencing on the time period chosen by the Borrower during which the chosen fixed rate date this option is to apply to a Portion of the Loan, which period commences take effect and ending on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the numerically corresponding day in the next calendar month or in the month that is two2, three 3, or six 6 months thereafter which corresponds numerically with thereafter, as the day the Interest Period commencescase may be; provided, however, that: (ai) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (bii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. ; (d) “Eurocurrency Liabilities” has the shall have meaning as set forth in FRB Regulation D. D; and (e) “FRB Regulation D” means shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingamended.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at At a fixed rate per annum equal to LIBOR “LIBOR” (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%1.75% per annum (the “LIBOR Option”). Under this option: (i) option rates may be fixed fixed: (A) for “Interest Periods Periods” (as hereinafter defined in this Section 4(A)(2)defined) of one1,2, two3, three6, or six and 9 months, as selected by the BorrowerCompany; provided, however, that: in no event may rates be fixed for Interest Periods expiring after the Maturity Date; (iiB) amounts fixed shall be on balances of $500,000 or in increments of $100,000 or multiples thereof500,000; and (iiiC) rates may only be fixed on a “Banking Day Day” (as hereinafter defined in this Section 4(A)(2)defined) on three 3 Banking Days’ prior written notice; and (D) on not more than five (5) separate balances at any one time. For purposes hereof: (a) “LIBOR” means shall mean the rate (rounded upward to the nearest thousandth sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities Liabilities” (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to “FRB Regulation D D” (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (“BBA”) at 11:00 a.m. London time and published by Bloomberg, on 2 Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. ; (b) “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. ; and (c) “Interest Period” shall mean a period commencing on the time period chosen by the Borrower during which the chosen fixed rate date this option is to apply to a Portion of the Loan, which period commences take effect and ending on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the numerically corresponding day in the next calendar month or in the month that is two2, three 3, 6, or six 9 months thereafter which corresponds numerically with thereafter, as the day the Interest Period commencescase may be; provided, however, that: (ai) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (bii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. ; (d) “Eurocurrency Liabilities” has the shall have meaning as set forth in FRB Regulation D. D; and (e) “FRB Regulation D” means shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingamended.

Libor Option. As to any Portion or Portions of the Loan selected by the BorrowerBorrowers, in minimum amounts of $100,000, interest shall accrue pursuant to this LIBOR option Option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%the LIBOR Margin applicable on the ---- first day of the applicable Interest Period (as hereinafter defined) or applicable from time to time as otherwise provided herein. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)defined) of one1, two2, three3, or six 6 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereofBorrowers; and (iiiii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)defined) or, at the option of the Borrowers, on three two (2) Banking Days’ ' prior written notice. “"LIBOR” means " shall mean the rate indicated by Telerate at Page 3750 (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (thousandth) as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as having been quoted by the BBA British Bankers Association at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects Borrowers elect to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official websiteBorrowers. “"Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “"Interest Period” " shall mean the time period chosen by the Borrower Borrowers during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day the Borrowers elect to fix a rate fixed under this Section 5(A)(2) or under Section 4(A)(45(A)(3) hereof becomes effective(or, at the option of the Borrowers, two (2) Banking Days later). The Interest Period for Portions accruing interest at the LIBOR option Option rate shall be 1, 2, 3 or 6 months, as selected by the Borrowers, and the Interest Period shall end on the day in the next calendar month or in the month that is two2, three 3, or six 6 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond In the Maturity Date. “Eurocurrency Liabilities” has event Telerate ceases to provide such quotations or materially changes the meaning form or substance of such quotations (as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated determined by CoBank), then CoBank will notify the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option Borrower and the LIBOR option parties hereto will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingagree upon a substitute basis for obtaining such quotations.

Libor Option. As to any Portion or Portions of the Loan selected by the BorrowerBorrowers, in minimum amounts of $100,000, interest shall accrue pursuant to this LIBOR option Option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%the LIBOR Margin applicable on the ---- first day of the applicable Interest Period (as hereinafter defined) or applicable from time to time as otherwise provided herein. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)defined) of one1, two2, three3, or six 6 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereofBorrowers; and (iiiii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)defined) or, at the option of the Borrowers, on three two (2) Banking Days’ ' prior written notice. “"LIBOR” means " shall mean the rate indicated by Telerate at Page 3750 (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (thousandth) as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as having been quoted by the BBA British Bankers Association at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects Borrowers elect to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official websiteBorrowers. “"Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “"Interest Period” " shall mean the time period chosen by the Borrower Borrowers during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day the Borrowers elect to fix a rate fixed under this Section 5(A)(2) or under Section 4(A)(45(A)(3) hereof becomes effective(or, at the option of the Borrowers, two (2) First Supplement/Globe/Interstate/Valley Loan No. ML0883T1 Banking Days later). The Interest Period for Portions accruing interest at the LIBOR option Option rate shall be 1, 2, 3 or 6 months, as selected by the Borrowers, and the Interest Period shall end on the day in the next calendar month or in the month that is two2, three 3, or six 6 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond In the Maturity Date. “Eurocurrency Liabilities” has event Telerate ceases to provide such quotations or materially changes the meaning form or substance of such quotations (as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated determined by CoBank), then CoBank will notify the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option Borrower and the LIBOR option parties hereto will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingagree upon a substitute basis for obtaining such quotations.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section Subsection 4(A)(2)) plus 4.50%the LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section Subsection 4(A)(2)) of one, two, three, six, nine or six 12 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as ) quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a First Supplement to the Master Loan Agreement/Xxxxxxxxxx Acquisition Corp. Loan No. RX0584-T1 Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4Subsection 4(A)(2) hereof or 4(A)(3) of this First Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three three, six, nine or six 12 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning Date (as set forth defined in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board Section 6 of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to timethis First Supplement). Upon the occurrence and during the continuance of a Potential Default or an any Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borroweroption, such Portions of the Loan shall be converted to the Variable Rate option option, and the LIBOR option will not be available to the Borrower until all Potential Defaults or any such Events of Default are no longer continuinghave been waived.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum margin (the "LIBOR Margin") equal to LIBOR (as hereinafter defined the percentage determined from time to time in accordance with Subsection 4(A)(5) of this Section 4(A)(2)) plus 4.50%Third Supplement. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall must be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)defined) on three Banking Days’ ' prior written notice; provided, however, that the LIBOR option is not available with respect to new advances during the continuance of any Event of Default. “"LIBOR” " means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (the "BBA") at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s 's official website. “"Banking Day” shall mean " means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “"Interest Period” shall mean " means the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4this Subsection 4(A)(2) hereof or Subsection 4(A)(3) of this Third Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall rate will end on the day in the next calendar month or in the month that is one, two, three three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall will be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant monthThird Supplement/Shenandoah Telecommunications Company Loan No. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.ML0743-T3

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum margin (the “LIBOR Margin”) equal to LIBOR (as hereinafter defined the percentage determined from time to time in accordance with Subsection 4(A)(5) of this Section 4(A)(2)) plus 4.50%Fourth Supplement. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall must be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)defined) on three Banking Days’ prior written notice; provided, however, that the LIBOR option is not available with respect to new advances during the continuance of any Event of Default. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (the “BBA”) at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean means the time period chosen by the Borrower during which the chosen fixed rate Fixed Rate Option is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4this Subsection 4(A)(2) hereof or Subsection 4(A)(3) of this Fourth Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall rate will end on the day in the next calendar month or in the month that is one, two, three three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall will be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant monthFourth Supplement/Shenandoah Telecommunications Company Loan No. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.ML0743-T4

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section Subsection 4(A)(2)) plus 4.50%the LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section Subsection 4(A)(2)) of one, two, three, six, nine or six 12 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as ) quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4Subsection 4(A)(2) hereof or 4(A)(3) of this First Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next First Supplement to the Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T1 calendar month or in the month that is two, three three, six, nine or six 12 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning Date (as set forth defined in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board Section 6 of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to timethis First Supplement). Upon the occurrence and during the continuance of a Potential Default or an any Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borroweroption, such Portions of the Loan shall be converted to the Variable Rate option option, and the LIBOR option will not be available to the Borrower until all Potential Defaults or any such Events of Default are no longer continuinghave been waived.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at At a fixed rate per annum equal to LIBOR "LIBOR" (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%2.00% per annum (the “LIBOR Option”). Under this option: (i1) rates may be fixed for "Interest Periods Periods" (as hereinafter defined in this Section 4(A)(2)defined) of one1, two2, three3, or six 6 months, as selected by the BorrowerCompany; (ii2) amounts rates may be fixed shall be in increments on balances of $100,000 or multiples thereof; and (iii3) the maximum number of balances that may be fixed at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day Day" (as hereinafter defined in this Section 4(A)(2)defined) on three 3 Banking Days’ prior written notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. “For purposes hereof: (a) "LIBOR” means " shall mean the rate (rounded upward to the nearest thousandth sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities Liabilities” (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to “FRB Regulation D D” (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (“BBA”) at 11:00 a.m. London time and published by Bloomberg, on 2 Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. “; (b) "Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “; (c) "Interest Period” " shall mean a period commencing on the time period chosen by the Borrower during which the chosen fixed rate date this option is to apply to a Portion of the Loan, which period commences take effect and ending on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the numerically corresponding day in the next calendar month or in the month that is two2, three 3, or six 6 months thereafter which corresponds numerically with thereafter, as the day the Interest Period commencescase may be; provided, however, that: (ai) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (bii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. ; (d) “Eurocurrency Liabilities” has shall have the meaning as set forth in FRB Regulation D. D; and (e) “FRB Regulation D” means shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingamended.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section Subsection 4(A)(2)) plus 4.50%the LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section Subsection 4(A)(2)) of one, two, three, six, nine or six 12 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as ) quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4Subsection 4(A)(2) hereof or 4(A)(3) of this Third Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three three, six, nine or six 12 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning Date (as set forth defined in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board Section 6 of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to timethis Third Supplement). Upon the occurrence and during the continuance of a Potential Default or an any Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borroweroption, such Portions of the Loan shall be converted to the Variable Rate option option, and the LIBOR option will not be available to the Borrower until all Potential Defaults or any such Events of Default are no longer continuinghave been waived.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate per annum (a “LIBOR Rate”) equal to the sum of LIBOR (as hereinafter defined in this Section 4(A)(2)defined) plus 4.50%0.625% . Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice; provided, however, that the LIBOR option shall not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)defined) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)defined) or required by any other federal law or regulation)), as ) quoted by the BBA British Bankers Association (the “BBA”) at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4this Subsection 4(A)(2) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option rate shall end on the day in the next calendar month or in the month that is one, two, three three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity DateDate (as defined in Section 5). “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest shall will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section Subsection 4(A)(2)) plus 4.50%the Applicable Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section Subsection 4(A)(2)) of one, two, three, three or six months, months as selected by the Borrower; (ii) amounts fixed shall be in increments a principal amount equal to $100,000 or any whole multiple of $100,000 or multiples in excess thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth sixteenth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the BBA ) reported at 11:00 a.m. London time and published by Bloomberg, on two Banking Days before the date commencement of the Borrower elects to fix a rate under this option Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerBorrower by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as published determined by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open from time to time, for business, dealings in U.S. the purpose of proving quotations of interest rates applicable to dollar deposits are being carried out in the London interbank market); provided that if CoBank determines in its sole discretion that LIBOR is not available, and banks are open for business an alternative rate shall be substituted as CoBank may select in New York City and Londonits sole discretion; provided, Englandfurther, that in no event shall LIBOR be less than 0%. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen a fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Section 4(A)(4Subsection 4(A)(2) hereof becomes effectiveor 4(A)(3) of this Fifth Supplement. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning Date (as set forth defined in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board Subsection 6(A) of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to timethis Fifth Supplement). Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borroweroption, such Portions of the Revolving Loan shall be converted to the Variable Rate option option, and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuingcontinuing or have been waived.