FairPoint Communications 2004 Annual Report Download - page 273

Senior Notes and/or any Existing 2010 Senior Subordinated Notes, as the case may be, so repurchased or redeemed are promptly cancelled by the
purchaser thereof and (IV) at the time of any delivery of an irrevocable notice of redemption pursuant to the indenture governing the Existing 2010
Senior Notes or the Existing 2010 Senior Subordinated Notes, no Default or Event of Default then exists;
(viii) Indebtedness may be refinanced with the proceeds of Permitted Refinancing Indebtedness in accordance with the requirements of
the definition thereof, so long as no Default or Event of Default is in existence at the time of the incurrence of such Permitted Refinancing
Indebtedness and immediately after giving effect thereto;
(ix) the Permitted Senior Subordinated Notes may be exchanged for Permitted Exchange Senior Subordinated Notes in accordance
with the requirements of the respective definitions thereof and the relevant provisions of this Agreement;
(x) the Permitted Senior Unsecured Notes may be exchanged for Permitted Exchange Senior Unsecured Notes in accordance with the
requirements of the respective definitions thereof and the relevant provisions of this Agreement;
(xi) the Transaction shall be permitted to be consummated in accordance with the relevant requirements of this Agreement;
(xii) the Borrower and its Subsidiaries may make payments with respect to Intercompany Debt, so long as the respective payment is
permitted to be made in accordance with the terms of the Intercompany Subordination Agreement (giving effect to the exceptions required by
applicable regulatory law as contemplated thereby);
(xiii) so long as no Default or Event of Default exists or would result therefrom, the Borrower may pay regularly accruing Dividends
on its Disqualified Preferred Stock issued pursuant to Section 7.13(d) in cash and/or through the issuance of additional shares of Disqualified
Preferred Stock in accordance with the terms of the documentation governing the same;
(xiv) the Borrower may pay regularly accruing Dividends with respect to Qualified Preferred Stock through the issuance of additional
shares of Qualified Preferred Stock (but not in cash) in accordance with the terms of the documentation governing the same;
(xv) the Borrower may redeem shares of Qualified Preferred Stock or Disqualified Preferred Stock or repurchase or refinance any
Permitted Senior Unsecured Notes, Permitted Senior Subordinated Notes or Additional Permitted Subordinated Debt with the proceeds of any
issuance of Permitted Senior Unsecured Noted or Permitted Junior Capital not required to be applied to repay B Term Loans as a result of the
application of clause (v) of the proviso in Section 3.02(A)(c);
(xvi) so long as (x) no Default or Event of Default then exists or would exist immediately after giving effect thereto and (y) the
Minimum Liquidity Condition is satisfied at such time, the Borrower may, within 70 days following the last day of the first
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