FairPoint Communications 2002 Annual Report Download - page 142

a pro forma basis, the Company or the Surviving Person, as the case may be,
would be able to Incur at least $1.00 of additional Debt under Section
4.03(a)(i); (f) immediately after giving effect to such transaction or series of
transactions on a pro forma basis, the Surviving Person shall have a
Consolidated Net Worth in an amount that is not less than the Consolidated Net
Worth of the Company immediately prior to such transaction or series of
transactions; and (g) the Company shall deliver, or cause to be delivered, to
the Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers' Certificate and an Opinion of Counsel, each stating that such
transaction and the supplemental indenture, if any, in respect thereto comply
with this Article V and that all conditions precedent herein provided for
relating to such transaction have been satisfied.
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The Surviving Person shall succeed to, and be substituted for, and may
exercise every right and power of the Company under this Indenture, but the
predecessor company in the case of a sale, transfer, assignment, lease,
conveyance or other disposition shall not be released from its obligations under
this Indenture and the Securities (except the predecessor company shall be so
released in the case of the sale, transfer, assignment, conveyance or other
disposition, but not the lease, of the assets as an entirety or virtually as an
entirety).
ARTICLE VI
DEFAULTS AND REMEDIES
SECTION 6.01 EVENTS OF DEFAULT. The following events shall be "Events of
Default":
(1) the Company defaults in any payment of interest on any Security
when the same becomes due and payable, and such default continues for a
period of 30 days;
(2) the Company defaults in the payment of any principal of, or
premium, if any, on any Security when the same becomes due and payable at
its Stated Maturity, upon acceleration, redemption, optional redemption,
required repurchase or otherwise;
(3) the Company fails to comply with Section 4.14 or Article V hereof;
(4) the Company fails to comply with any other covenant or agreement
in the Securities or in this Indenture (other than a failure that is the
subject of the foregoing clause (1), (2) or (3)) and such failure continues
for 30 days after written notice is given to the Company as specified
below;
(5) a default by the Company or any Restricted Subsidiary under any
Debt of the Company or any Restricted Subsidiary that results in
acceleration of the maturity of such Debt, or the failure to pay any such
Debt at maturity, in an aggregate amount in excess of $5,000,000 or its
foreign currency equivalent at the time;
(6) the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law:
(A) commences a voluntary case;
(B) consents to the entry of an order for relief against it in an
involuntary case;
(C) consents to the appointment of a Custodian of it or for any
substantial part of its property; or
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