FairPoint Communications 2004 Annual Report Download - page 317

“Unfunded Current Liability” of any Plan shall mean the amount, if any, by which the actuarial present value of the accumulated plan
benefits under the Plan as of the close of its most recent plan year, determined in accordance with actuarial assumptions at such time consistent with Statement
of Financial Accounting Standards No. 87, exceeds the market value of the assets allocable thereto.
“Unpaid Drawing” shall have the meaning provided in Section 1A.04.
“Unrestricted” shall mean, when referring to cash or Cash Equivalents of the Borrower or any of its Subsidiaries, that such cash or Cash
Equivalents are not Restricted.
“Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower that is acquired or created after the Effective Date and designated by
the Borrower as an “Unrestricted Subsidiary” hereunder by written notice to the Administrative Agent, provided that the Borrower shall only be permitted to so
designate a new Unrestricted Subsidiary after the Initial Borrowing Date and so long as (i) no Default or Event of Default exists or would result therefrom, (ii)
such Subsidiary is not a Telco or a Carrier Services Company, and (iii) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the
Borrower or any of its Subsidiaries) through Investments as permitted by, and in compliance with, Section 7.06(l), with the Pledge Party’s or respective
Qualified Subsidiary’s ownership percentage in the value of the assets owned by such Unrestricted Subsidiary at the time of the initial designation thereof to
be treated as an Investment pursuant to Section 7.06(l); provided that at the time of the initial Investment in any Subsidiary designated as an “Unrestricted
Subsidiary”, such Subsidiary and the Borrower shall have entered into tax sharing agreement on a basis which is satisfactory to the Administrative Agent.
“Unutilized Revolving Commitment” for any Lender with a Revolving Commitment at any time shall mean the excess of (i) the Revolving
Commitment of such Lender at such time over (ii) the sum of (x) the aggregate outstanding principal amount of RF Loans made by such Lender at such time
plus (y) an amount equal to such Lender’s Percentage of the Letter of Credit Outstandings at such time.
“U.S.” shall mean the United States of America and any state or territory thereof or the District of Columbia.
“Wholly-Owned Domestic Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of such Person which is a Domestic
Subsidiary.
“Wholly-Owned Subsidiary” of any Person shall mean any Subsidiary of such Person to the extent all of the capital stock or other
ownership interests in such Subsidiary, other than directors’ qualifying shares, is owned directly or indirectly by such Person; provided, however, that (x)
for purposes of the definitions of “Asset Sale”, “Available Basket Amount”, “Available Basket Sub-Limit”, “Consolidated Net Income” and “Wholly-Owned
Domestic Subsidiary” and Sections 6.10, 7.06(c), (h) and (l), 90%-Owned Subsidiaries that are Telcos or Carrier Services Companies shall be deemed to be
“Wholly-Owned Subsidiaries” and (y) no Unrestricted Subsidiary shall be considered a Wholly-Owned Subsidiary.
111