FairPoint Communications 2004 Annual Report Download - page 272

respect of all such shares, options, warrants and rights so redeemed or repurchased in any calendar year, does not exceed $2,000,000;
(iii) the Borrower may declare and pay Dividends to the holders of Borrower Common Stock (including by way of the repurchase of
outstanding shares of Borrower Common Stock) in an amount not to exceed the amount of Cumulative Distributable Cash at such time (determined
as of the date of the payment of such Dividends); provided that no such Dividend shall be made (w) if a Default or Event of Default is then in
existence or would exist immediately after giving effect thereto, (x) if a Dividend Suspension Period is then in effect, (y) if the Minimum Liquidity
Condition is not satisfied at such time (before and after giving effect to the respective Dividend) and (z) the Borrower shall have delivered an officer’s
certificate on the date of the proposed Dividend certifying that the Cumulative Distributable Cash on such date (after giving effect to all prior and
contemporaneous adjustments thereto, except as a result of such Dividend) exceeds the aggregate amount of the proposed Dividend;
(iv) subject to the subordination provisions of the respective indenture governing the respective issuance of Permitted Senior
Subordinated Notes and so long as no Default or Event of Default then exists or would result therefrom, the Borrower may pay regularly scheduled
interest on each issuance of Permitted Senior Subordinated Notes as and when due in accordance with the terms of the Permitted Senior Subordinated
Notes Documents;
(v) subject to the subordination provisions of the respective agreements governing the respective issuance of Additional Permitted
Subordinated Debt and so long as no Default or Event of Default then exists or would result therefrom, the Borrower may pay regularly scheduled
interest on each issuance of Additional Permitted Subordinated Debt through the issuance of Additional Permitted Subordinated Debt (but not in
cash) as and when due in accordance with the terms of the instruments and agreements governing the respective Additional Permitted Subordinated
Debt;
(vi) the Existing 2008 Senior Subordinated Notes Redemption may be consummated as contemplated by Section 6.13(b);
(vii) Existing 2010 Senior Notes and Existing 2010 Senior Subordinated Notes not repurchased in connection with the Tender Offer
and Consent Solicitation therefor may from time to time be redeemed in accordance with the terms of the respective indenture therefor and/or
repurchased on the open-market, so long as (I) the aggregate amount of cash expended by the Borrower to effect such repurchases or redemptions
shall not exceed the sum of (A) the principal amount of the Indebtedness so repurchased or redeemed plus (B) the amount of accrued but unpaid
interest on the Indebtedness so repurchased or redeemed through the respective date of repurchase or redemption plus (C) any required premium
payable in connection with such repurchase or redemption, (II) no Default or Event of Default then exists or would result therefrom (or, in the case of
any redemption of Existing 2010 Senior Notes and/or Existing 2010 Senior Subordinated Notes pursuant to the respective indenture therefor, no
Default or Event of Default under Section 8.01 or 8.05 then exists or would result therefrom), (III) all such Existing 2010
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