FairPoint Communications 2002 Annual Report Download - page 143

(D) makes a general assignment for the benefit of its creditors;
or takes any comparable action under any foreign laws relating to
insolvency;
(7) a court of competent jurisdiction enters an order or decree under
any Bankruptcy Law that:
(A) is for relief against the Company or any Significant
Subsidiary in an involuntary case;
(B) appoints a Custodian of the Company or any Significant
Subsidiary or for any substantial part of its property;
(C) orders the winding up or liquidation of the Company or any
Significant Subsidiary; or
(D) grants any similar relief under any foreign laws;
and in each such case the order or decree remains unstayed and in effect
for 30 days;
(8) any judgment or judgments for the payment of money in an aggregate
amount in excess of $5,000,000 or its foreign currency equivalent at the
time is entered against the Company or any Restricted Subsidiary and shall
not be waived, satisfied or discharged for any period of 60 consecutive
days during which a stay of enforcement shall not be in effect; or
(9) any Note Guarantee by a Note Guarantor that is a Significant
Subsidiary fails to be in full force or effect.
The foregoing will constitute Events of Default whatever the reason for any
such Event of Default and whether it is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body.
The term "Bankruptcy Law" means Title 11, United States Code, or any
similar Federal or state law for the relief of debtors. The term "Custodian"
means any receiver, trustee, assignee, liquidator, custodian or similar official
under any Bankruptcy Law.
A Default under clause (4) is not an Event of Default until the Trustee or
the Holders of at least 25.0% in aggregate principal amount of the Securities
then outstanding notify the Company (and in the case of such notice by Holders,
the Trustee) of the Default and the Company does not cure such Default within
the time specified after receipt of such notice. Such notice must specify the
Default, demand that it be remedied and state that such notice is a "Notice of
Default".
The Company shall deliver to the Trustee promptly, and in any event, within
10 days after the occurrence thereof, written notice in the form of an Officers'
Certificate of any Event of Default and any event that with the giving of notice
or the lapse of time
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would become an Event of Default, its status and what action the Company is
taking or proposes to take with respect thereto.
SECTION 6.02 ACCELERATION. If an Event of Default (other than an Event of
Default specified in Section 6.01(6) or (7) with respect to the Company) occurs
and is continuing, the Trustee by notice to the Company, or the Holders of at
least 25% in aggregate principal amount of the Securities then outstanding, by
notice to the Company and the Trustee, may declare the principal of and accrued
and unpaid interest to the date of acceleration on all the Securities to be due
and payable. Upon such a declaration, such principal and interest shall be due
and payable immediately. If an Event of Default specified in Section 6.01(6) or