Common use of Libor Option Clause in Contracts

Libor Option. At a fixed rate equal to "LIBOR" (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below). Under this option: (a) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, and 6 months, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' prior notice. For purposes hereof: (i) "LIBOR" shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "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 (iii) "Interest Period" shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bps

Libor Option. At a fixed rate equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("“bps"”) in the chart immediately set forth below). Under this option: (a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, and 3 or 6 months, or 1 year, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' ’ prior notice. For purposes hereof: (i) "“LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "“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 (iii) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months or 1 year thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points FIXED RATE PRODUCT INDEX SPREAD OVER INDEX IN BASIS POINTS (Applicable LIBOR Margin) One Month LIBOR 90 bps 90bps Two Months LIBOR 90 bps 90bps Three Months LIBOR 90 bps 90bps Six Months LIBOR 90 bps90bps One Year LIBOR 90bps

Libor Option. At a fixed rate equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("“bps"”) in the chart immediately set forth below). Under this option: (a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, and 3 or 6 months, or 1 year, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' ’ prior notice. For purposes hereof: (i) "”LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "“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 (iii) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months or 1 year thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points FIXED RATE PRODUCT INDEX SPREAD OVER INDEX IN BASIS POINTS (Applicable LIBOR Margin) One Month LIBOR 90 bps 90bps Two Months LIBOR 90 bps 90bps Three Months LIBOR 90 bps 90bps Six Months LIBOR 90 bps90bps One Year LIBOR 90bps

Libor Option. At a fixed rate equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("“bps"”) in the chart immediately set forth below). Under this option: (a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, and or 6 months, or 1 year, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' ’ prior notice. For purposes hereof: (i) "”LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "“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 (iii) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months or 1 year thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points FIXED RATE PRODUCT INDEX SPREAD OVER INDEX IN BASIS POINTS (Applicable LIBOR Margin) One Month LIBOR 90 bps 90bps Two Months LIBOR 90 bps 90bps Three Months LIBOR 90 bps 90bps Six Months LIBOR 90 bps90bps One Year LIBOR 90bps

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus the Applicable LIBOR Margin 1.75% per annum (as described in terms of basis points ("bps") in the chart immediately set forth below“LIBOR Option”). Under this option: (a) option rates may be fixed fixed: (A) for "Interest Periods" (as hereinafter defined) of 1, 21,2, 3, and 6 months, as selected by the Company; (b) the minimum amount that provided, however, that: in no event may rates be fixed at any one time shall be for Interest Periods expiring after the Maturity Date; (B) on balances of $2,000,000.00500,000 or in increments of $500,000; and (cC) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, on 2 3 Banking Days' ’ prior notice; and (D) on not more than five (5) separate balances at any one time. For purposes hereof: (ia) "LIBOR" shall mean the rate indicated by Telerate (rounded upward to the nearest thousandthsixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as having been hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (“BBA”) at 11:00 a.m. London time on 2 Banking Days before the date commencement of the Company 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 Company, as published by Bloomberg or another major information vendor listed on BBA’s official website; (iib) "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 (iiic) "Interest Period" shall mean a period commencing on the day the Company elects to fix a rate under date this option (or, at the option of the Company, two Banking Days later) is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 3, or 6 months thereafter, as the case may be; provided, however, that: (xi) 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 (yii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index ; (d) “Eurocurrency Liabilities” shall have meaning as set forth in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsFRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At 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 (a "LIBOR Rate") equal to "LIBOR" the sum of LIBOR (as hereinafter defined) plus a margin (the "LIBOR Margin") equal to ---- the Applicable LIBOR Margin per annum (as described in terms of basis points subject to Subsection ("bps") in the chart immediately set forth belowB)). Under this option: (a) rates , the interest rate on any Portion of the Loan, in minimum amounts of $100,000, may be fixed for "an Interest Periods" (as hereinafter defined) Period of 11 month, 22 months, 33 months, and 6 months, as selected by or 9 months but not beyond the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' prior noticeMaturity Date. For purposes hereof: (i) The term "LIBOR" shall mean the interest rate (rounded upwards, if necessary, to the next higher 1/100th of 1%) indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. a.m., London time time, on the date (which must be a Banking Day) the Company Borrower elects to fix a rate under this option LIBOR option, for the offering of U.S. dollar deposits in the London interbank market Interbank Market for the Interest Period designated selected by the Company; (ii) Borrower. The term "Banking Daymonth" 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 (iii) or "Interest Periodmonths" shall mean a period commencing on two Banking Days after the day date the Company Borrower elects to fix a rate under this LIBOR option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 3, 6, or 6 9 months thereafter, as the case may be; provided, however, that: -------- ------- that (xi) in the event such ending day date 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 such period shall end on the next preceding Banking Day; and (yii) if there is no numerically corresponding day in the ending month, then such period shall end on the last Banking Day in the relevant such month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bps.

Libor Option. At 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" LIBOR (as hereinafter defineddefined in this Section 4(A)(2)) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below)4.50%. Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defineddefined in this Section 4(A)(2)) of 1one, 2two, 3three, and 6 or six months, as selected by the CompanyBorrower; (bii) the minimum amount that may be amounts fixed at any one time shall be in increments of $2,000,000.00100,000 or multiples thereof; and (ciii) rates may only be fixed on a "Banking Day" Day (as hereinafter defineddefined in this Section 4(A)(2)) or, at the option of the Company, on 2 three Banking Days' ’ prior written notice. For purposes hereof: (i) "“LIBOR" shall mean ” means the rate indicated by Telerate (rounded upward to the nearest thousandththousandth 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 having been hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the British Bankers Association BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Company 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 Company; (ii) "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; and (iii) ". “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 commencing commences on the day the Company elects to fix a rate fixed under this option (or, Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option of the Company, two Banking Days later) and ending shall end on the numerically corresponding day in the next calendar month or in the month that is 2two, 3 three or 6 six months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) 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. Amended and Restated Third Supplement to the Amended and Restated Master Loan Agreement/Warwick Valley Telephone Company Loan No. RX0886-S3(A) 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 MARGINS 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 Product Index Spread Over Index in Basis Points One Month option and the LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsoption will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

Libor Option. At 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" LIBOR (as hereinafter defineddefined in this Section 4(A)(2)) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below)4.50%. Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defineddefined in this Section 4(A)(2)) of 1one, 2two, 3three, and 6 or six months, as selected by the CompanyBorrower; (bii) the minimum amount that may be amounts fixed at any one time shall be in increments of $2,000,000.00100,000 or multiples thereof; and (ciii) rates may only be fixed on a "Banking Day" Day (as hereinafter defineddefined in this Section 4(A)(2)) or, at the option of the Company, on 2 three Banking Days' ’ prior written notice. For purposes hereof: (i) "“LIBOR" shall mean ” means the rate indicated by Telerate (rounded upward to the nearest thousandththousandth 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 having been hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the British Bankers Association BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Company 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 Company; (ii) "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; and (iii) ". “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 commencing commences on the day the Company elects to fix a rate fixed under this option (or, Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option of the Company, two Banking Days later) and ending shall end on the numerically corresponding day in the next calendar month or in the month that is 2two, 3 three or 6 six months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) 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 MARGINS 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 Product Index Spread Over Index in Basis Points One Month option and the LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsoption will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

Libor Option. At 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" LIBOR (as hereinafter defineddefined in this Section 4(A)(2)) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below)3.50%. Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defineddefined in this Section 4(A)(2)) of 1one, 2two, 3three, and 6 or six months, as selected by the CompanyBorrower; (bii) the minimum amount that may be amounts fixed at any one time shall be in increments of $2,000,000.00100,000 or multiples thereof; and (ciii) rates may only be fixed on a "Banking Day" Day (as hereinafter defineddefined in this Section 4(A)(2)) or, at the option of the Company, on 2 three Banking Days' ’ prior written notice. For purposes hereof: (i) "“LIBOR" shall mean ” means the rate indicated by Telerate (rounded upward to the nearest thousandththousandth 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 having been hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the British Bankers Association BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Company 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 Company; (ii) "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; and (iii) ". “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 commencing commences on the day the Company elects to fix a rate fixed under this option (or, Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option of the Company, two Banking Days later) and ending shall end on the numerically corresponding day in the next calendar month or in the month that is 2two, 3 three or 6 six months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) 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 MARGINS 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 Product Index Spread Over Index in Basis Points One Month option and the LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsoption 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. At As to any Portion or Portions of the Loan selected by the Borrowers, in minimum amounts of $100,000, interest shall accrue pursuant to this LIBOR Option at a fixed rate per annum equal to "LIBOR" LIBOR (as hereinafter defined) plus the Applicable LIBOR Margin per annum applicable on the ---- first day of the applicable Interest Period (as described in terms of basis points ("bps"hereinafter defined) in the chart immediately set forth below)or applicable from time to time as otherwise provided herein. Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defined) of 1, 2, 3, and or 6 months, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00Borrowers; and (cii) rates may only be fixed on a "Banking Day" Day (as hereinafter defined) or, at the option of the CompanyBorrowers, on 2 two (2) Banking Days' prior notice. For purposes hereof: (i) "LIBOR" shall mean the rate indicated by Telerate at Page 3750 (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) Borrowers. "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 (iii) . "Interest Period" shall mean the time period chosen by the Borrowers during which the chosen fixed rate is to apply to a Portion of the Loan, which period commencing commences on the day the Company elects Borrowers elect to fix a rate under this option Section 5(A)(2) or under Section 5(A)(3) (or, at the option of the CompanyBorrowers, two (2) First Supplement/Globe/Interstate/Valley Loan No. ML0883T1 Banking Days later) ). The Interest Period for Portions accruing interest at the LIBOR Option rate shall be 1, 2, 3 or 6 months, as selected by the Borrowers, and ending the Interest Period shall end on the numerically corresponding day in the next calendar month or in the month that is 2, 3 3, or 6 months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsIn the event Telerate ceases to provide such quotations or materially changes the form or substance of such quotations (as determined by CoBank), then CoBank will notify the Borrower and the parties hereto will agree upon a substitute basis for obtaining such quotations.

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin 1.75% per annum (as described in terms of basis points ("bps") in the chart immediately set forth below“LIBOR Option”). Under this option: (a) option rates may be fixed fixed: (A) for "“Interest Periods" ” (as hereinafter defined) of 1, 21,2, 3, 6, and 6 9 months, as selected by the Company; (b) the minimum amount that provided, however, that: in no event may rates be fixed at any one time shall be for Interest Periods expiring after the Maturity Date; (B) on balances of $2,000,000.00500,000 or in increments of $500,000; and (cC) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 3 Banking Days' ’ prior notice; and (D) on not more than five (5) separate balances at any one time. For purposes hereof: (ia) "“LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandthsixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as having been hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (“BBA”) at 11:00 a.m. London time on 2 Banking Days before the date commencement of the Company 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 Company, as published by Bloomberg or another major information vendor listed on BBA’s official website; (iib) "“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 (iiic) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under date this option (or, at the option of the Company, two Banking Days later) is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 3, 6, or 6 9 months thereafter, as the case may be; provided, however, that: (xi) 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 (yii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index ; (d) “Eurocurrency Liabilities” shall have meaning as set forth in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsFRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("“bps"”) in the chart immediately set forth below). Under this option: (a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, and or 6 months, or 1 year, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' ’ prior notice. For purposes hereof: (i) "“LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "“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 (iii) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months or 1 year thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points FIXED RATE PRODUCT INDEX SPREAD OVER INDEX IN BASIS POINTS (Applicable LIBOR Margin) One Month LIBOR 90 bps 90bps Two Months LIBOR 90 bps 90bps Three Months LIBOR 90 bps 90bps Six Months LIBOR 90 bps90bps One Year LIBOR 90bps

Libor Option. At a fixed rate per annum equal to "LIBOR" LIBOR (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below)1.30%. Under this option: (a1) rates may be fixed for "Interest Periods" Periods (as hereinafter defined) of 1, 2, 3, and 6 or 12 months, as selected by the Company; (b2) the minimum amount that amounts may be fixed in an amount not less than $100,000.00; (3) the maximum number of fixes in place at any one time shall will be $2,000,000.00five; and (c4) rates may only be fixed on a "Banking Day" Day (as hereinafter defined) oron three Banking Days’ prior written notice, at and (5) no Interest Period will end later than the option maturity date of the Company, on 2 Banking Days' prior noticeLoans as may be extended from time to time. For purposes hereof: (a) “LIBOR” means the higher of: (i) "LIBOR" shall mean zero percent (0.000%); or (ii) the rate indicated by Telerate (rounded upward to the nearest thousandth1/100th and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as having been quoted hereinafter defined) or required by the British Bankers Association any other federal law or regulation) reported at 11:00 a.m. London time on two Banking Days before the date commencement of the Company 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 Company, by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market); (iib) "“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; and (iiic) "“Interest Period" shall mean ” means a period commencing on the day the Company elects to fix a rate under date this option (or, at the option of the Company, two Banking Days later) is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 1, 2, 3 3, 6 or 6 12 months thereafter, as the case may be; provided, however, that: (xi) 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 will end on the preceding Banking Day; and (yii) if there is no numerically corresponding day in the month, then such period shall will end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index ; (d) “Eurocurrency Liabilities” will have meaning as set forth in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsFRB

Libor Option. At 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 (a “LIBOR Rate”) equal to "LIBOR" the sum of LIBOR (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("bps") in the chart immediately set forth below)0.625% . Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defined) of 1one, 2two, 3three, and 6 or six months, as selected by the CompanyBorrower; (bii) the minimum amount that may be amounts fixed at any one time shall be in increments of $2,000,000.00100,000 or multiples thereof; and (ciii) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, Day on 2 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. For purposes hereof: (i) "“LIBOR" shall mean ” means the rate indicated by Telerate (rounded upward to the nearest thousandthsixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as having been hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time on two Banking Days before the date commencement of the Company 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 Company; (ii) "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; and (iii) ". “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 commencing commences on the day the Company elects to fix a rate fixed under this option (or, Subsection 4(A)(2) becomes effective. The Interest Period for Portions accruing interest at the LIBOR option of the Company, two Banking Days later) and ending rate shall end on the numerically corresponding day in the next calendar month or in the month that is 2one, 3 two, three, or 6 six months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index No Interest Period shall extend beyond the Maturity Date (as defined in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsSection 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.

Libor Option. At 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" LIBOR (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms hereinafter defined) applicable on the first day of basis points ("bps") in the chart immediately set forth below). Under this option: (a) rates may be fixed for applicable "Interest PeriodsPeriod" (as hereinafter defined) of 1, 2, 3, and 6 months, or applicable from time to time as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) otherwise provided herein. Under this option rates may only be fixed on a "Banking Day" Day (as hereinafter defined) or, at the option of the CompanyBorrower, on 2 three (3) Banking Days' prior written notice. For purposes hereof: (i) "LIBOR" shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) indicated by Telerate at Page 3750 as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) Borrower. "Banking DayBANKING 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 (iii) . "Interest PeriodINTEREST 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 commencing commences on the day the Company Borrower elects to fix a rate under Section 4(A)(2) or under this option Section 4(A)(3) (or, at the option of the CompanyBorrower, two three (3) Banking Days later) ). The Interest Period for Portions accruing interest at the LIBOR Option rate shall be 1, 2, 3, 6 or 9 months, as selected by the Borrower, and ending the Interest Period shall end on the numerically corresponding day in the next calendar month or in the month that is 2, 3 3, 6 or 6 9 months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsIn the event Telerate ceases to provide such quotations or materially changes the form or substance of such quotations (as determined by CoBank), then CoBank will notify the Borrower and the parties hereto will agree upon a substitute basis for obtaining such quotations.

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus the Applicable LIBOR Margin 1.75% per annum (as described in terms of basis points ("bps") in the chart immediately set forth below“LIBOR Option”). Under this option: (a) option rates may be fixed fixed: (A) for "“Interest Periods" ” (as hereinafter defined) of 1, 21,2, 3, 6, and 6 9 months, as selected by the Company; (b) the minimum amount that provided, however, that: in no event may rates be fixed at any one time shall be for Interest Periods expiring after the Maturity Date; (B) on balances of $2,000,000.00100,000 or in increments of $100,000; and (cC) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 2 3 Banking Days' ’ prior notice; and (D) on not more than five (5) separate balances at any one time. For purposes hereof: (ia) "“LIBOR" ” shall mean the rate indicated by Telerate (rounded upward to the nearest thousandthsixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as having been hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (“BBA”) at 11:00 a.m. London time on 2 Banking Days before the date commencement of the Company 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 Company, as published by Bloomberg or another major information vendor listed on BBA’s official website; (iib) "“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 (iiic) "“Interest Period" ” shall mean a period commencing on the day the Company elects to fix a rate under date this option (or, at the option of the Company, two Banking Days later) is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 3, 6, or 6 9 months thereafter, as the case may be; provided, however, that: (xi) 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 (yii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index ; (d) “Eurocurrency Liabilities” shall have meaning as set forth in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsFRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate equal to "LIBOR" (as hereinafter defined) plus the Applicable LIBOR Margin per annum (as described in terms of basis points ("“bps"”) in the chart immediately set forth below). Under this option: (a) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, and 6 months, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, on 2 Banking Days' ’ prior notice. For purposes hereof: (i) "LIBOR" shall mean the rate indicated by Telerate (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) "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 (iii) "Interest Period" shall mean a period commencing on the day the Company elects to fix a rate under this option (or, at the option of the Company, two Banking Days later) and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6 months thereafter, as the case may be; provided, however, that: (x) 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 (y) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsRATE PRODUCT INDEX

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus the Applicable LIBOR Margin 1.50% per annum (as described in terms of basis points ("bps") in the chart immediately set forth below“LIBOR Option”). Under this option: (a) option rates may be fixed fixed: (A) for "Interest Periods" (as hereinafter defined) of 1, 21,2, 3, and 6 months, as selected by the Company; (b) the minimum amount provided, however, that in no event may rates be fixed at any one time shall be for Interest Periods expiring after the Maturity Date; (B) on balances of $2,000,000.00500,000 or in increments of $500,000 in excess thereof; and (cC) rates may only be fixed on a "Banking Day" (as hereinafter defined) or, at the option of the Company, on 2 3 Banking Days' ’ prior notice; and (D) on not more than five (5) separate balances at any one time. For purposes hereof: (ia) "LIBOR" shall mean the rate indicated by Telerate (rounded upward to the nearest thousandthsixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as having been hereinafter defined) or required by any other federal law or regulation) quoted by ICE Benchmark Administration (“ICE”), or, if the British Bankers Association ICE ceases to quote such interest rate, a successor entity thereto providing such quotations, at 11:00 a.m. London time on 2 Banking Days before the date commencement of the Company 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 Company, as published by Bloomberg or another major information vendor listed on ICE’s official website; (iib) "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 (iiic) "Interest Period" shall mean a period commencing on the day the Company elects to fix a rate under date this option (or, at the option of the Company, two Banking Days later) is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 3, or 6 months thereafter, as the case may be; provided, however, that: (xi) 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 (yii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index ; (d) “Eurocurrency Liabilities” shall have meaning as set forth in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsFRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At As to any Portion or Portions of the Loan selected by the Borrowers, in minimum amounts of $100,000, interest shall accrue pursuant to this LIBOR Option at a fixed rate per annum equal to "LIBOR" LIBOR (as hereinafter defined) plus the Applicable LIBOR Margin per annum applicable on the ---- first day of the applicable Interest Period (as described in terms of basis points ("bps"hereinafter defined) in the chart immediately set forth below)or applicable from time to time as otherwise provided herein. Under this option: (ai) rates may be fixed for "Interest Periods" Periods (as hereinafter defined) of 1, 2, 3, and or 6 months, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00Borrowers; and (cii) rates may only be fixed on a "Banking Day" Day (as hereinafter defined) or, at the option of the CompanyBorrowers, on 2 two (2) Banking Days' prior notice. For purposes hereof: (i) "LIBOR" shall mean the rate indicated by Telerate at Page 3750 (rounded upward to the nearest thousandth) as having been quoted by the British Bankers Association at 11:00 a.m. London time on the date the Company 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 Company; (ii) Borrowers. "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 (iii) . "Interest Period" shall mean the time period chosen by the Borrowers during which the chosen fixed rate is to apply to a Portion of the Loan, which period commencing commences on the day the Company elects Borrowers elect to fix a rate under this option Section 5(A)(2) or under Section 5(A)(3) (or, at the option of the CompanyBorrowers, two (2) Banking Days later) ). The Interest Period for Portions accruing interest at the LIBOR Option rate shall be 1, 2, 3 or 6 months, as selected by the Borrowers, and ending the Interest Period shall end on the numerically corresponding day in the next calendar month or in the month that is 2, 3 3, or 6 months thereafter, as thereafter which corresponds numerically with the case may beday the Interest Period commences; provided, however, that: (xa) 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 (yb) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. LIBOR MARGINS Rate Product Index Spread Over Index in Basis Points One Month LIBOR 90 bps Two Months LIBOR 90 bps Three Months LIBOR 90 bps Six Months LIBOR 90 bpsIn the event Telerate ceases to provide such quotations or materially changes the form or substance of such quotations (as determined by CoBank), then CoBank will notify the Borrower and the parties hereto will agree upon a substitute basis for obtaining such quotations.