MORE AT ANY TIME DURING THE PERIOD COVERED BY THE
BUDGET OR SUCH UPDATE, WEEKLY UPDATES TO THE BUDGET BY NO LATER THAN THE THIRD
(3RD) BUSINESS DAY OF EACH WEEK.
AT ALL OTHER TIMES, MONTHLY UPDATES TO THE
BUDGET BY NO LATER THAN THREE BUSINESS DAYS AFTER THE PREVIOUS MONTH END.
(E)
COMPLIANCE CERTIFICATES.
AT THE TIME OF THE DELIVERY OF THE
FINANCIAL STATEMENTS PROVIDED FOR IN SECTIONS 6.01(B) OR (C), A CERTIFICATE
("COMPLIANCE CERTIFICATE") OF THE CHIEF FINANCIAL OFFICER OR OTHER AUTHORIZED
OFFICER OF FAIRPOINT TO THE EFFECT THAT NO DEFAULT OR EVENT OF DEFAULT EXISTS
OR, IF ANY DEFAULT OR EVENT OF DEFAULT DOES EXIST, SPECIFYING THE NATURE AND
EXTENT THEREOF, WHICH CERTIFICATE IF DELIVERED WITH THE FINANCIAL STATEMENTS
REQUIRED BY SECTION 6.01(C), SHALL SET FORTH THE CALCULATIONS REQUIRED TO
ESTABLISH WHETHER THE BORROWERS AND THEIR SUBSIDIARIES WERE IN COMPLIANCE WITH
THE PROVISIONS OF SECTIONS 7.05 AND 7.12 AS AT THE END OF SUCH FISCAL PERIOD.
(F)
NOTICE OF DEFAULT OR LITIGATION.
PROMPTLY, AND IN ANY EVENT
WITHIN FIVE BUSINESS DAYS AFTER ANY OFFICER OF ANY BORROWER OBTAINS KNOWLEDGE
THEREOF, NOTICE OF (X) THE OCCURRENCE OF ANY EVENT WHICH CONSTITUTES A DEFAULT
OR EVENT OF DEFAULT, WHICH NOTICE SHALL SPECIFY THE NATURE THEREOF, THE PERIOD
OF EXISTENCE THEREOF AND WHAT ACTION THE BORROWERS PROPOSE TO TAKE WITH RESPECT
THERETO, AND (Y) THE COMMENCEMENT OF, OR ANY SIGNIFICANT ADVERSE DEVELOPMENT IN,
ANY LITIGATION OR GOVERNMENTAL PROCEEDING PENDING AGAINST ANY BORROWER OR ANY OF
ITS SUBSIDIARIES OR THEIR ASSETS OR BUSINESS (I) WITH RESPECT TO ANY CREDIT
DOCUMENT OR (II) WHICH HAS HAD, OR IS REASONABLY LIKELY TO HAVE, A MATERIAL
ADVERSE EFFECT AND (III) ANY OTHER EVENT WHICH HAS HAD, OR IS REASONABLY LIKELY
TO HAVE, A MATERIAL ADVERSE EFFECT.
(G)
OTHER INFORMATION.
PROMPTLY UPON TRANSMISSION THEREOF, COPIES OF
ANY FILINGS AND REGISTRATIONS WITH, AND REPORTS TO, THE SECURITIES AND EXCHANGE
COMMISSION OR ANY SUCCESSOR THERETO (THE "SEC") (INCLUDING ANY ANNUAL OR
QUARTERLY AUDITED OR UNAUDITED FINANCIAL STATEMENTS), AND WITH REASONABLE
PROMPTNESS, SUCH OTHER INFORMATION OR DOCUMENTS (FINANCIAL OR OTHERWISE) AS THE
ADMINISTRATIVE AGENT ON ITS OWN BEHALF OR ON BEHALF OF ANY LENDER MAY REASONABLY
REQUEST FROM TIME TO TIME.
(H)
"DAILY OPERATIONS DASHBOARD."
ON A BI-WEEKLY BASIS, BY NO LATER
THAN THE THIRD BUSINESS DAY OF EVERY OTHER WEEK (COMMENCING WITH THE FIRST SUCH
DAY FOLLOWING THE CLOSING DATE), THE "DAILY OPERATIONS DASHBOARD" IN
SUBSTANTIALLY THE FORM PREVIOUSLY DELIVERED TO THE FINANCIAL ADVISOR.
(I)
VARIANCE REPORTS.
TO THE EXTENT THE BORROWERS ARE REQUIRED TO
UPDATE THE BUDGET WEEKLY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 6.01(D),
BY NO LATER THAN THE THIRD BUSINESS DAY OF EACH WEEK, OTHERWISE, ON A BI-WEEKLY
BASIS, BY NO LATER THAN THE THIRD BUSINESS
34
DAY OF EVERY OTHER WEEK (IN EITHER CASE, COMMENCING WITH THE FIRST SUCH DAY
FOLLOWING THE CLOSING DATE), VARIANCE REPORTS (IN THE SAME FORMAT AS THE
BUDGET), SHOWING ACTUAL CASH RECEIPTS AND DISBURSEMENTS FOR THE IMMEDIATELY
PRECEDING WEEK(S), NOTING THEREIN ALL VARIANCES, ON A LINE-ITEM