Common use of Margins Clause in Contracts

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31, 2013 on which the Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change, the applicable LIBOR Margin shall be 3.00%. Commencing on such Adjustment Date, the LIBOR Margin shall be determined based on the consolidated Total Leverage Ratio of the Borrower, determined in accordance with Subsection 8(I)(1) of the MLA, on the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio LIBOR Margin Greater than or equal to 3.50:1.00 3.50% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.00% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.75% Less than 2.00:1.00 2.50% The LIBOR Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin (each such date described in (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Margin shall be 3.50%.

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31, 2013 2008 on which the Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change, the applicable LIBOR Margin shall be 3.002.75%. Commencing on such Adjustment Date, the LIBOR Margin shall be determined based on the consolidated Total Leverage Ratio of the BorrowerParent Guarantor, determined in accordance with Subsection 8(I)(1) of the Parent Guarantor MLA, on the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio of the Parent Guarantor LIBOR Margin Greater than or equal to 4.00:1.00 2.75% Less than 4.00:1.00 and greater than or equal to 3.50:1.00 3.502.50% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.252.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.002.00% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.75% Less than 2.00:1.00 2.501.75% The LIBOR Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin (each such date described Second Supplement to the Master Loan Agreement/Xxxxxxxxxx Acquisition Corp. Loan No. RX0584-T2 in (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Margin shall be 3.502.75%.

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31September 30, 2013 2018 on which the Borrower demonstrates that a change in the LIBOR Applicable Margin is warranted and requests such change, the applicable LIBOR Applicable Margin shall be 3.003.25%. Commencing on such Adjustment Date, the LIBOR Applicable Margin shall be determined based on the consolidated Borrower’s Total Leverage Ratio of the BorrowerRatio, determined in accordance with Subsection 8(I)(1) of the MLA, on as of the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio Applicable Margin for Portions of the Loan bearing interest at the LIBOR Margin Option or the Variable Rate Option Greater than or equal to 3.50:1.00 3.50% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 2.50:1.00 3.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.00% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.753.00% Less than 2.00:1.00 2.502.25% The LIBOR Applicable Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin margins (each such effective date described in clauses (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Applicable Margin shall be 3.503.25%. Upon the occurrence of any Event of Default the Obligations are also subject to the default rate of interest in Section 11(D) of the MLA.

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March December 31, 2013 2014 on which the Borrower demonstrates that a change in the LIBOR Applicable Margin is warranted and requests such change, the applicable LIBOR Applicable Margin shall be 3.003.25%. Commencing on such Adjustment Date, the LIBOR Applicable Margin shall be determined based on the consolidated Borrower’s Total Leverage Ratio of the BorrowerRatio, determined in accordance with Subsection 8(I)(1) of the MLA, on as of the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio Applicable Margin for Portions of the Loan bearing interest at the LIBOR Margin Option or the Variable Rate Option Greater than or equal to 3.50:1.00 3.00:1.00 3.50% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.003.25% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.753.00% Less than 2.00:1.00 2.50% The LIBOR Applicable Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin margins (each such effective date described in clauses (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Applicable Margin shall be 3.50%.. Upon the occurrence of any Event of Default the Obligations are also subject to the default rate of interest in Section 11(D) of the MLA. Amended and Restated Third Supplement to the Amended and Restated Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T3A

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March December 31, 2013 2014 on which the Borrower demonstrates that a change in the LIBOR Applicable Margin is warranted and requests such change, the applicable LIBOR Applicable Margin shall be 3.003.25%. Commencing on such Adjustment Date, the LIBOR Applicable Margin shall be determined based on the consolidated Borrower’s Total Leverage Ratio of the BorrowerRatio, determined in accordance with Subsection 8(I)(1) of the MLA, on as of the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio Applicable Margin for Portions of the Revolving Loan bearing interest at the LIBOR Margin Option or the Variable Rate Option Greater than or equal to 3.50:1.00 3.00:1.00 3.50% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.003.25% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.753.00% Less than 2.00:1.00 2.50% The LIBOR Applicable Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin margins (each such effective date described in clauses (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Applicable Margin shall be 3.50%.. Upon the occurrence of any Event of Default the Obligations are also subject to the default rate of interest in Section 11(D) of the MLA. Amended and Restated Second Supplement to the Amended and Restated Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T2A

Margins. Initially, The NVR Margin shall be 1.00% and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31, 2013 on which the Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change, the applicable LIBOR Treasury Margin shall be 3.00%% from the date hereof through June 30, 1996. Commencing on such Adjustment DateThereafter, the LIBOR NVR Margin and the Treasury Margin (accordingly, the Treasury Rate with respect to any Portion of the Loan fixed pursuant to Sections 4(A)(1) and (2) may fluctuate during the Interest Period selected for such Portion, which fluctuation shall depend on changes in the applicable Treasury Margin pursuant to this Section 4(B)) shall be determined equal to the percentage specified below based on the consolidated Total Leverage Ratio of the Borrower, determined in accordance with Subsection 8(I)(1(as hereinafter defined) of the MLA, Borrower on the last day of each the immediately preceding fiscal quarter of the Borrower, as set forth in the following tablequarter: Consolidated Total Leverage Ratio LIBOR Margin TOTAL LEVERAGE RATIO NVR MARGIN TREASURY MARGIN -------------------- ---------- --------------- Greater than or equal 5.00 1.00% 3.00% 3.50 to 3.50:1.00 3.505.00 0.50% 2.25% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.25% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.00% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.75% Less than 2.00:1.00 2.503.50 (0.25)% 1.75% The LIBOR applicable NVR Margin and the Treasury Margin shall be (i) increased, if warranted, beginning on the date which is the fifth 5th Business Day following CoBank’s 's receipt of the financial statements required pursuant to Subsections 8(H)(1Sections 13(I)(1) and 8(H)(2(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9Section 13(I)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth 5th Business Day following CoBank’s 's receipt of such financial statements and compliance certificate and the Borrower’s 's written request to decrease such margin (each such date described in (i) and (ii), an “Adjustment Date”)the margin. In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth 5th Business Day following CoBank’s 's receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s 's written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR NVR Margin shall be 3.501.00% and the Treasury Margin shall be 3.00%.

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31, 2013 2008 on which the Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change, the applicable LIBOR Margin shall be 3.002.50%. Commencing on such Adjustment Date, the LIBOR Margin shall be determined based on the consolidated Total Leverage Ratio of the Borrower, determined in accordance with Subsection 8(I)(1) of the MLA, on the last day of each fiscal quarter of the Borrower, as set forth in the following table: Second Supplement to the Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T2 Consolidated Total Leverage Ratio LIBOR Margin Greater than or equal to 4.00:1.00 2.50% Less than 4.00:1.00 and greater than or equal to 3.50:1.00 3.502.25% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.252.00% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.001.75% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.75% Less than 2.00:1.00 2.501.50% The LIBOR Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin (each such date described in (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Margin shall be 3.502.50%.

Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date (as hereinafter defined in this Subsection 4(B)) occurring on or after March 31, 2013 2008 on which the Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change, the applicable LIBOR Margin shall be 3.002.50%. Commencing on such Adjustment Date, the LIBOR Margin shall be determined based on the consolidated Total Leverage Ratio of the Borrower, determined in accordance with Subsection 8(I)(1) of the MLA, on the last day of each fiscal quarter of the Borrower, as set forth in the following table: Consolidated Total Leverage Ratio LIBOR Margin Greater than or equal to 4.00:1.00 2.50% Less than 4.00:1.00 and greater than or equal to 3.50:1.00 3.502.25% Less than 3.50:1.00 and greater than or equal to 3.00:1.00 3.252.00% Less than 3.00:1.00 and greater than or equal to 2.50:1.00 3.001.75% Less than 2.50:1.00 and greater than or equal to 2.00:1.00 2.75% Less than 2.00:1.00 2.501.50% The LIBOR Margin shall be (i) increased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of the financial statements required pursuant to First Supplement to the Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T1 Subsections 8(H)(1) and 8(H)(2) of the MLA, and the compliance certificate required pursuant to Subsection 8(H)(9) of the MLA and (ii) decreased, if warranted, beginning on the date which is the fifth Business Day following CoBank’s receipt of such financial statements and compliance certificate and the Borrower’s written request to decrease such margin (each such date described in (i) and (ii), an “Adjustment Date”). In the event that CoBank shall not receive when due such financial statements and compliance certificate, then from such due date and until the fifth Business Day following CoBank’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), or upon the occurrence of any Event of Default, then at the option of CoBank the LIBOR Margin shall be 3.502.50%.