FairPoint Communications 2002 Annual Report Download - page 267

March 31, 2005 1.50:1.0
June 30, 2005 1.25:1.0
September 30, 2005 1.25:1.0
December 31, 2005 1.25:1.0
March 3l,2006 1.25:1.0
June 30, 2006 1.25:1.0
September 30, 2006 1.25:1.0
December 31, 2006 1.25:1.0
March 3l, 2007 1.25:1.0
7.14 LIMITATION ON ISSUANCE OF EQUITY INTERESTS. The Borrower will
not permit any of its Subsidiaries, directly or indirectly, to issue any shares
of such Subsidiary's capital stock, securities or other equity interests (or
warrants, rights or options to acquire shares or other equity interests), except
(i) for replacements of then outstanding shares of capital stock or other equity
interests, (ii) for stock splits, stock dividends and similar issuances which do
not decrease the percentage ownership of the Borrower and its Subsidiaries taken
as a whole in any class of the capital stock or other equity interests of such
Subsidiary, (iii) for issuances to the Borrower or any of its Subsidiaries in
connection with the creation of new Subsidiaries permitted under Section 7.07
and (iv) to qualify directors to the extent required by applicable law.
7.15 DESIGNATED SENIOR DEBT. (a) The Borrower shall not designate
any Indebtedness (other than the Obligations) as "Designated Senior Debt" (as
defined in each indenture governing Permitted Subordinated Debt).
(b) The Borrower shall not set a purchase date in connection with
a Change of Control Offer (as defined in each indenture governing any Permitted
Subordinated Debt and in the New Senior Note Indenture) earlier than 60 days
after the delivery by the Borrower of notice of such Change of Control Offer to
the holders of such Permitted Subordinated Debt or the New Senior Notes, as the
case may be, unless the Borrower shall first have paid in full all Obligations
and terminated all Commitments hereunder.
SECTION 8. EVENTS OF DEFAULT. Upon the occurrence of any of the
following specified events (each, an "EVENT OF DEFAULT"):
8.01 PAYMENTS. The Borrower shall (i) default in the payment when
due of any principal of the Loans or (ii) default, and such default shall
continue for five or more Business Days, in the payment when due of any interest
on the Loans or any Fees or any other amounts owing hereunder or under any other
Credit Document; or
8.02 REPRESENTATIONS, ETC. Any representation, warranty or
statement made by any Credit Party herein or in any other Credit Document or in
any statement or certificate delivered or required to be delivered pursuant
hereto or thereto shall prove to be untrue in any material respect on the date
as of which made or deemed made; or
8.03 COVENANTS. Any Credit Party shall (a) default in the due
performance or observance by it of any term, covenant or agreement contained in
Section 7, or (b) default in the due performance or observance by it of any
term, covenant or agreement (other than those referred to in Section 8.01, 8.02
or clause (a) of this Section 8.03) contained in this Agreement and such default
shall continue unremedied for a period of at least 30 days after written notice
to the Borrower by the Administrative Agent or the Required Lenders; or
8.04 DEFAULT UNDER OTHER AGREEMENTS. (a) The Borrower or any of its
Subsidiaries shall (i) default in any payment with respect to any Indebtedness
(other than the Obligations) beyond the period of grace, if any, applicable
thereto or (ii) default in the observance or performance of any agreement or
condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall