; (B) includes any service that is a functional equivalent of the service described in subparagraph (A); and (C) does not include dial-up internet access service. (5) Funding recipient The term funding recipient means an entity that receives funding for a project under this section. (6) Program Unless otherwise indicated, the term program means the program established under subsection (a). (7) Project The term project means an undertaking by a funding recipient under this section to construct and deploy infrastructure for the provision of broadband. (8) Reverse auction The term reverse auction means an auction in which bids are submitted for a particular project and the bids serving the most locations for the lowest cost to the entity administering the reverse auction (either the State or the Commission), taking into consideration the funding preferences in subsection (c)(2) are selected for funding. (9) Underserved area The term underserved area means an area that has access to broadband offered— (A) with a download speed of at least 25 megabits per second and not more than 99 megabits per second; (B) with an upload speed of at least 10 megabits per second; and (C) with latency that is sufficiently low to allow real-time, interactive applications. (10) Unserved anchor institution The term unserved anchor institution means an anchor institution that has no access to broadband or does not have access to broadband offered— (A) with a download speed of at least 1 gigabit per second; (B) with an upload speed of at least 1 gigabit per second; and (C) with latency that is sufficiently low to allow multiple, simultaneous, real-time, interactive applications. (11) Unserved area The term unserved area means an area that has no access to broadband or does not have access to broadband offered— (A) with a download speed of at least 25 megabits per second; (B) with an upload speed of at least 3 megabits per second