FairPoint Communications 2002 Annual Report Download - page 191

one of the Initial Securities referred to in the Indenture. The Securities
include the Original Securities in an aggregate principal amount of
$225,000,000, additional Initial Securities issued under the Indenture in
aggregate principal amount specified by the Company and any Exchange Securities
issued in exchange for the Initial Securities. The Original Securities, the
additional Initial Securities and the Exchange Securities are treated as a
single class of securities under the Indenture and vote and consent together on
all matters as one class under the Indenture.
OPTIONAL REDEMPTION.
Except as set forth below, the Securities may not be redeemed prior to
March 1, 2007. On and after that date, the Company may redeem the Securities, in
whole or in part, at any time and from time to time, upon not less than 30 nor
more than 60 days' prior notice, at the following redemption prices (expressed
in percentages of principal amount), plus accrued and unpaid interest, if any,
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date that is on or prior to the date of redemption), if redeemed during the
12-month period beginning on March 1 of the years set forth below:
Year Price
---- -----
2007 105.938%
2008 102.969%
2009 and thereafter 100.000%
Notwithstanding the foregoing, on or prior to March 1, 2006, the
Company may redeem up to 35% of the aggregate principal amount of all Securities
theretofore issued, with proceeds of an Equity Sale, at a redemption price of
111.875% of the principal amount thereof plus accrued and unpaid interest, if
any, to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date that is on or prior to the date of redemption), PROVIDED, HOWEVER, that at
least 65% of the aggregate principal amount of the Original Securities (and
Exchange Securities issued in exchange therefor) remains outstanding after the
occurrence of such redemption and PROVIDED, FURTHER, that such redemption shall
be made within 75 days of such Equity Sale upon not less than 30 nor more than
60 days' notice.
SINKING FUND.
The Securities are not subject to any sinking fund.
NOTICE OF REDEMPTION.
Notice of redemption will be mailed by first-class mail at least 30
days but not more than 60 days before the redemption date to each Holder of
Securities to be redeemed at his or her registered address. Securities in
denominations larger than $1,000
may be redeemed in part but only in whole multiples of $1,000. If money
sufficient to pay the redemption price of and accrued interest on all Securities
(or portions thereof) to be redeemed on the redemption date is deposited with
the Paying Agent on or before the redemption date and certain other conditions
are satisfied, on and after such date interest ceases to accrue on such
Securities (or such portions thereof) called for redemption.
REPURCHASE OF SECURITIES AT THE OPTION OF HOLDERS UPON CHANGE OF CONTROL.