Common use of Selection and Changes of Rates Clause in Contracts

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section 4(A)(2) hereof, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to the LIBOR option. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR option, for a new Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereof. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Second Supplement, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Second Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern Central time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower Borrowers shall select the rate option or options applicable to any Portion of the Loan at on the time it requests such Portion of date the LoanLoan is advanced. Thereafter, with respect to Portions the Portion of the Loan accruing interest at the Variable Rate, the Borrower Borrowers may, on any Business Day subject to Section 5(A)(3) above, elect to have a Quoted Rate apply to all or a part of such Portion in the minimum amounts provided above, and on First Supplement/Globe/Interstate/Valley Loan No. ML0883T1 any Banking Day, subject to Section 4(A)(2) hereof5(A)(2), elect to have the a LIBOR option Option rate apply to all or a part of such PortionPortion in the minimum amounts provided above. In addition, with respect to all or a part of any Portion of the Loan accruing interest pursuant to the Quoted Rate or LIBOR optionOption rate, the Borrower Borrowers may, subject to Section 4(A)(2Sections 5(A)(2) hereofand 5(A)(3) above, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on all or a part of such Portion for another an Interest Period pursuant to the Quoted Rate or the LIBOR optionOption rate. In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time the Borrower Borrowers may elect, on a any Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the Quoted Rate or the LIBOR optionOption rate, and upon payment of the a Surcharge or a LIBOR Surcharge, as applicable Surcharge (each as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a any combination of the Variable Rate and the LIBOR option, for a new Interest Period or Interest Periods selected fixed rate options described in Sections 5(A)(2) and 5(A)(3) hereof in accordance with Section 4(A)(2the terms thereof. Notwithstanding any other provision hereof to the contrary, the Borrowers may have outstanding at any time not more than an aggregate of five (5) hereofseparate Portions. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower Borrowers by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower Borrowers in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower Borrowers to request the Loan or select interest rates hereunder so long hereunder. Upon the occurrence and during the continuance of an Event of Default, as any funds advanced the Interest Periods for Portions of the Loan accruing interest at a Quoted Rate or a LIBOR Option rate expire, at CoBank's option, such Portions of the Loan shall be converted to the Variable Rate option and the Quoted Rate and the LIBOR Option rate will not be available to the Borrowers until all Events of Default are wired to an account previously designated by the Borrowerno longer continuing.

Selection and Changes of Rates. The Borrower shall select the applicable interest rate option or options applicable at the time it gives CoBank written notice of the Funding Date for an advance pursuant to Section 3. The Borrower may, on any Banking Day, elect to have the LIBOR Rate apply to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan then accruing interest at the Variable Base Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optionRate, the Borrower may, subject to Section 4(A)(2) hereofSubsection (A)(2), on two Banking Days prior to the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another an Interest Period pursuant at a LIBOR Rate. In the absence of any such refix, interest shall automatically accrue on such Portion of the Loan at the Base Rate minus 1% as provided in Section 4(A)(1). Notwithstanding the foregoing, in the event the Borrower elects to have any Portion of the Loan accruing interest at the LIBOR optionRate and the last day of the Interest Period for such Portion is not a Banking Day, then interest shall accrue on such Portion at the Base Rate minus 1% as provided in Section 4(A)(1) until the LIBOR Rate becomes effective. From time to time the Borrower may elect, elect on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) 6), to convert all, but not part, of such any Portion of the Loan so that it accrues accruing interest pursuant to the LIBOR Rate to accrue interest at the Variable Base Rate or a combination of the Variable Rate and pursuant to the LIBOR option, Rate for a new another Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereofSubsection (A)(2); provided, however, that any such conversion to a LIBOR Rate shall not be effective until two Banking Days after such election, which can only be made on a Banking Day. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be is entitled to rely on (and shall will incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by hereunder; provided, however, that in the Borrowercase of LIBOR rate loans, all such selections must be confirmed in writing upon CoBank’s request.

Selection and Changes of Rates. The Borrower shall select the applicable interest rate option or options applicable at the time it gives CoBank written notice of the Funding Date pursuant to Section 3. The Borrower may, on any Banking Day, elect to have the LIBOR Rate apply to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan then accruing interest at the Variable Base Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optionRate, the Borrower may, subject to Section 4(A)(2) hereofSubsection (A)(2), on two Banking Days prior to the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another an Interest Period pursuant at a LIBOR Rate. In the absence of any such refix, interest shall automatically accrue on such Portion of the Loan at the Base Rate. Notwithstanding the foregoing, in the event the Borrower elects to have any Portion of the Loan accruing interest at the LIBOR optionRate and the last day of the Interest Period for such Portion is not a Banking Day, then interest shall accrue on such Portion at the Base Rate until the LIBOR Rate becomes effective. From time to time the Borrower may elect, elect on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) 6), to convert all, but not part, of such any Portion of the Loan so that it accrues accruing interest pursuant to the LIBOR Rate to accrue interest at the Variable Base Rate or a combination of the Variable Rate and pursuant to the LIBOR option, Rate for a new an Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereofSubsection (A)(2); provided, however, that any such conversion to a LIBOR Rate -------- ------- shall not be effective until two Banking Days after such election, which can only be made on a Banking Day. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, on any Business Day with respect to Portions of the Loan accruing interest at the Variable RateRate option or on the last day of any Interest Period, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereof, on the last day and 4(A)(4) of the Interest Period for such Portionthis Fourth Supplement, elect to fix the interest rate accruing on such Portion for another Interest Period or any part thereof pursuant to one of the LIBOR fixed rate options. In the absence of any election, interest shall automatically accrue at the Variable Rate option. From time to time and subject to the payment of a Surcharge as defined in and as calculated pursuant to Subsection 6(B), Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Fourth Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern timeMountain Time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized in writing by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by Borrower; provided, however, that in the Borrowercase of Portions of the Loan bearing interest at the Quoted Rate option or the LIBOR option, all such elections must be confirmed in writing upon CoBank’s request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, First Supplement to the Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T1 on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this First Supplement, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 5 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this First Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern Central time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Third Supplement, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 5 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Third Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern Central time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of an advance under the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable RateRate Option, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Fourth Supplement, elect to have one of the LIBOR option Fixed Rate Options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optiona Fixed Rate Option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Fourth Supplement, on the last day of the Interest Period for such PortionPortion (or, if applicable, such earlier date as specified in Subsection 4(A)(2)), elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionFixed Rate Options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period (or, if applicable, such earlier date as specified in Subsection 4(A)(2)) for any Portion of the Loan accruing interest pursuant to the LIBOR optiona Fixed Rate Option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof7 of this Fourth Supplement) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR optiona Fixed Rate Option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofor 4(A)(4) of this Fourth Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long hereunder; provided, however, that in the case of LIBOR rate loans, all such selections must be confirmed in writing upon CoBank’s request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any funds advanced are wired fixed rate balance in order to an account previously designated by the Borrowerpay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the applicable interest rate option or options applicable at the time it gives CoBank written notice of the Funding Date for an advance pursuant to Section 3. The Borrower may, on any Banking Day, elect to have the LIBOR Rate apply to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan then accruing interest at the Variable Base Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optionRate, the Borrower may, subject to Section 4(A)(2) hereofSubsection (A)(2), on two Banking Days prior to the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another an Interest Period pursuant at a LIBOR Rate. In the absence of any such refix, interest shall automatically accrue on such Portion of the Loan at the Base Rate. Notwithstanding the foregoing, in the event the Borrower elects to have any Portion of the Loan accruing interest at the LIBOR optionRate and the last day of the Interest Period for such Portion is not a Banking Day, then interest shall accrue on such Portion at the Base Rate until the LIBOR Rate becomes effective. From time to time the Borrower may elect, elect on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) 6), to convert all, but not part, of such any Portion of the Loan so that it accrues accruing interest pursuant to the LIBOR Rate to accrue interest at the Variable Base Rate or a combination of the Variable Rate and pursuant to the LIBOR option, Rate for a new an Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereofSubsection (A)(2); provided, however, that any such conversion to a LIBOR Rate shall not be effective until two Banking Days after such election, which can only be made on a Banking Day. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, on any Business Day with respect to Portions of the Loan accruing interest at the Variable RateRate option or on the last day of any Interest Period, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereof, on the last day and 4(A)(4) of the Interest Period for such Portionthis Third Supplement, elect to fix the interest rate accruing on such Portion for another Interest Period or any part thereof pursuant to one of the LIBOR fixed rate options. In the absence of any election, interest shall automatically accrue at the Variable Rate option. From time to time and subject to the payment of a Surcharge as defined in and as calculated pursuant to Subsection 6(B), Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Third Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern timeMountain Time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized in writing by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by Borrower; provided, however, that in the Borrower.case of Portions of the Loan bearing interest at the Quoted Rate option or the LIBOR option, all such elections must be confirmed in writing upon CoBank’s request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause Borrower to have to break any fixed rate balance in order to pay any installment of principal. Amended and Restated Third Supplement to the Amended and Restated Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T3A

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Revolving Loan at the time it requests such Portion of an advance on the Revolving Loan. Thereafter, on any Business Day with respect to Portions of the Revolving Loan accruing interest at the Variable RateRate option or on the last day of any Interest Period, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereof, on the last day and 4(A)(4) of the Interest Period for such Portionthis Second Supplement, elect to fix the interest rate accruing on such Portion for another Interest Period or any part thereof pursuant to one of the LIBOR fixed rate options. In the absence of any election, interest shall automatically accrue at the Variable Rate option. From time to time and subject to the payment of a Surcharge as defined in and as calculated pursuant to Subsection 6, Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Revolving Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Revolving Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Second Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern timeMountain Time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized in writing by the Borrower to request the Revolving Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by Borrower; provided, however, that in the Borrower.case of Portions of the Revolving Loan bearing interest at the LIBOR option or the Quoted Rate option, all such elections must be confirmed in writing upon CoBank’s request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause Borrower to have to break any fixed rate balance in order to pay any installment of principal. Amended and Restated Second Supplement to the Amended and Restated Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T2A

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of an advance under the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable RateRate Option, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Third Supplement, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Third Supplement, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof7 of this Third Supplement) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofor 4(A)(4) of this Third Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long hereunder; provided, however, that in the case of LIBOR rate loans, all such selections must be confirmed in writing upon CoBank's request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any funds advanced are wired fixed rate balance in order to an account previously designated by the Borrowerpay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to First Supplement to Master Loan Agreement/CT Communications, Inc. Loan No. RX0383-T1 Portions of the Loan accruing interest at the Variable Base Rate, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2) hereofand 4(A)(3) above, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2) hereofand 4(A)(3) above, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) a fixed rate option to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Base Rate or a combination of the Variable Base Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2) hereofor 4(A)(3) above. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower (designated in writing by Borrower) by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized designated in writing by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated in writing by Borrower. Notwithstanding the Borrowerforegoing, rates may not be fixed in such a manner as to cause Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Revolving Loan at the time it requests such Portion of an advance on the Revolving Loan. Thereafter, on any Business Day with respect to Portions of the Revolving Loan accruing interest at the Variable RateRate option or on the last day of any Interest Period, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereof, on the last day and 4(A)(4) of the Interest Period for such Portionthis Fifth Supplement, elect to fix the interest rate accruing on such Portion for another Interest Period or any part thereof pursuant to one of the LIBOR fixed rate options. In the absence of any election, interest shall automatically accrue at the Variable Rate option. From time to time and subject to the payment of a Surcharge as defined in and as calculated pursuant to Subsection 6, Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Revolving Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Revolving Loan so that it accrues interest at the Variable Rate option or a combination of the Variable Rate option and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this Fifth Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by electronic (if applicable), telephonic or written request of an authorized employee of the Borrower and must be received by CoBank by 12:00 noon, Eastern timeMountain Time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized in writing by the Borrower to request the Revolving Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by Borrower; provided, however, that in the Borrowercase of Portions of the Revolving Loan bearing interest at the LIBOR option or the Quoted Rate option, all such elections must be confirmed in writing upon CoBank’s request. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause Borrower to have to break any fixed rate balance in order to pay any installment of principal.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section Sections 4(A)(2) hereofand 4(A)(3), elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Sections 4(A)(2) hereofand 4(A)(3), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Sections 4(A)(2) hereofor 4(A)(3). Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be First Supplement to Master Loan Agreement/Warwick Valley Telephone Company Loan No. 0886-T1 made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

Selection and Changes of Rates. The Borrower Borrowers shall select the rate option or options applicable to any Portion of the Loan at on the time it requests such Portion of date the LoanLoan is advanced. Thereafter, with respect to Portions the Portion of the Loan accruing interest at the Variable Rate, the Borrower Borrowers may, on any Business Day subject to Section 5(A)(3) above, elect to have a Quoted Rate apply to all or a part of such Portion in the minimum amounts provided above, and on any Banking Day, subject to Section 4(A)(2) hereof5(A)(2), elect to have the a LIBOR option Option rate apply to all or a part of such PortionPortion in the minimum amounts provided above. In addition, with respect to all or a part of any Portion of the Loan accruing interest pursuant to the Quoted Rate or LIBOR optionOption rate, the Borrower Borrowers may, subject to Section 4(A)(2Sections 5(A)(2) hereofand 5(A)(3) above, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on all or a part of such Portion for another an Interest Period pursuant to the Quoted Rate or the LIBOR optionOption rate. In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time the Borrower Borrowers may elect, on a any Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the Quoted Rate or the LIBOR optionOption rate, and upon payment of the a Surcharge or a LIBOR Surcharge, as applicable Surcharge (each as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a any combination of the Variable Rate and the LIBOR option, for a new Interest Period or Interest Periods selected fixed rate options described in Sections 5(A)(2) and 5(A)(3) hereof in accordance with Section 4(A)(2the terms thereof. Notwithstanding any other provision hereof to the contrary, the Borrowers may have outstanding at any time not more than an aggregate of five (5) hereofseparate Portions. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower Borrowers by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower Borrowers in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower Borrowers to request the Loan or select interest rates hereunder so long hereunder. Upon the occurrence and during the continuance of an Event of Default, as any funds advanced the Interest Periods for Portions of the Loan accruing interest at a Quoted Rate or a LIBOR Option rate expire, at CoBank's option, such Portions of the Loan shall be converted to the Variable Rate option and the Quoted Rate and the LIBOR Option rate will not be available to the Borrowers until all Events of Default are wired to an account previously designated by the Borrowerno longer continuing.

Selection and Changes of Rates. The Borrower Borrowers shall select the rate option or options applicable to any Portion of the Loan at on the time it requests such Portion of date the LoanLoan is advanced. Thereafter, with respect to Portions the Portion of the Loan accruing interest at the Variable Rate, the Borrower Borrowers * less than may, on any Business Day subject to Section 5(A)(3) above, elect to have a Quoted Rate apply to all or a part of such Portion in the minimum amounts provided above, and on any Banking Day, subject to Section 4(A)(2) hereof5(A)(2), elect to have the a LIBOR option Option rate apply to all or a part of such PortionPortion in the minimum amounts provided above. In addition, with respect to all or a part of any Portion of the Loan accruing interest pursuant to the Quoted Rate or LIBOR optionOption rate, the Borrower Borrowers may, subject to Section 4(A)(2Sections 5(A)(2) hereofand 5(A)(3) above, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on all or a part of such Portion for another an Interest Period pursuant to the Quoted Rate or the LIBOR optionOption rate. In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time the Borrower Borrowers may elect, on a any Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the Quoted Rate or the LIBOR optionOption rate, and upon payment of the a Surcharge or a LIBOR Surcharge, as applicable Surcharge (each as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a any combination of the Variable Rate and the LIBOR option, for a new Interest Period or Interest Periods selected fixed rate options described in Sections 5(A)(2) and 5(A)(3) hereof in accordance with Section 4(A)(2the terms thereof. Notwithstanding any other provision hereof to the contrary, the Borrowers may have outstanding at any time not more than an aggregate of five (5) hereofseparate Portions. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower Borrowers by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower Borrowers in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower Borrowers to request the Loan or select interest rates hereunder so long hereunder. Upon the occurrence and during the continuance of an Event of Default, as any funds advanced the Interest Periods for Portions of the Loan accruing interest at a Quoted Rate or a LIBOR Option rate expire, at CoBank's option, such Portions of the Loan shall be converted to the Variable Rate option and the Quoted Rate and the LIBOR Option rate will not be available to the Borrowers until all Events of Default are wired to an account previously designated by the Borrowerno longer continuing.

Selection and Changes of Rates. The Borrower shall select the applicable interest rate option or options applicable at the time it gives CoBank written notice of the Funding Date for an advance pursuant to Section 3. The Borrower may, on any Banking Day, elect to have the LIBOR Rate apply to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan then accruing interest at the Variable Base Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optionRate, the Borrower may, subject to Section 4(A)(2) hereofSubsection (A)(2), on two Banking Days prior to the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another an Interest Period pursuant at a LIBOR Rate. In the absence of any such refix, interest shall automatically accrue on such Portion of the Loan at the Base Rate minus 1% as provided in Section 4(A)(1). Notwithstanding the foregoing, in the event the Borrower elects to have any Portion of the Loan accruing interest at the LIBOR optionRate and the last day of the Interest Period for such Portion is not a Banking Day, then interest shall accrue on such Portion at the Base Rate minus 1% as provided in Section 4(A)(1) until the LIBOR Rate becomes effective. From time to time the Borrower may elect, elect on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) 6), to convert all, but not part, of such any Portion of the Loan so that it accrues accruing interest pursuant to the LIBOR Rate to accrue interest at the Variable Base Rate or a combination of the Variable Rate and pursuant to the LIBOR option, Rate for a new another Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereofSubsection (A)(2); provided, however, that any such conversion to a LIBOR Rate shall not be effective until two Banking Days after such election, which can only be made on a Banking Day. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be is entitled to rely on (and shall will incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by hereunder; provided, however, that in the Borrower.case of LIBOR rate loans, all such selections must be confirmed in writing upon CoBank’s request. Fourth Amended and Restated Line of Credit Agreement/Commonwealth Loan No. S0667F

Selection and Changes of Rates. The Borrower shall select the applicable interest rate option or options applicable at the time it gives CoBank written notice of the Funding Date pursuant to Section 3. The Borrower may, on any Banking Day, elect to have the LIBOR Rate apply to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan then accruing interest at the Variable Floating Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR optionRate, the Borrower may, subject to Section 4(A)(2) hereofSubsection (A)(2), on two Banking Days prior to the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another an Interest Period pursuant at a LIBOR Rate. In the absence of any such refix, interest shall automatically accrue on such Portion of the Loan at the Floating Rate. Notwithstanding the foregoing, in the event the Borrower elects to have any Portion of the Loan accruing interest at the LIBOR optionRate and the last day of the Interest Period for such Portion is not a Banking Day, then interest shall accrue on such Portion at the Floating Rate until the LIBOR Rate becomes effective. From time to time the Borrower may elect, elect on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) 6), to convert all, but not part, of such any Portion of the Loan so that it accrues accruing interest pursuant to the LIBOR Rate to accrue interest at the Variable Floating Rate or a combination of the Variable Rate and pursuant to the LIBOR option, Rate for a new an Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereofSubsection (A)(2); provided, however, that any such conversion to a LIBOR Rate shall not be -------- ------- effective until two Banking Days after such election, which can only be made on a Banking Day. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

Selection and Changes of Rates. The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan. Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this First Supplement, elect to have one of the LIBOR option fixed rate options apply to such Portion. In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, the Borrower may, subject to Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the LIBOR optionfixed rate options. From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR a fixed rate option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 5 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR a fixed rate option, for a new Interest Period or Interest Periods selected in accordance with Section Subsections 4(A)(2), 4(A)(3) hereofand 4(A)(4) of this First Supplement. Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern Central time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing. In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal.