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Exhibit 10.3
 EXECUTION COPY




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TABLE OF CONTENTS
 PageARTICLE I DEFINED TERMS
    
    
    1SECTION 1.1
    
    Definitions
    
    
    1SECTION 1.2
    
    Other Definitional Provisions
    
    
    2ARTICLE II GUARANTY
    
    
    2SECTION 2.1
    
    Guaranty
    
    
    2SECTION 2.2
    
    Bankruptcy Limitations on Guarantors
    
    
    2SECTION 2.3
    
    Agreements for Contribution
    
    
    3SECTION 2.4
    
    Nature of Guaranty
    
    
    4SECTION 2.5
    
    Waivers
    
    
    5SECTION 2.6
    
    Modification of Loan Documents, etc
    
    
    6SECTION 2.7
    
    Demand by the Administrative Agent
    
    
    6SECTION 2.8
    
    Remedies
    
    
    7SECTION 2.9
    
    Benefits of Guaranty
    
    
    7SECTION 2.10
    
    Termination; Reinstatement
    
    
    7SECTION 2.11
    
    Payments
    
    
    8ARTICLE III REPRESENTATIONS AND WARRANTIES
    
    
    8SECTION 3.1
    
    Organization, etc
    
    
    8SECTION 3.2
    
    Due Authorization; Non-Contravention, etc
    
    
    8SECTION 3.3
    
    Governmental Approval, Regulation, etc
    
    
    8SECTION 3.4
    
    Validity, etc
    
    
    8SECTION 3.5
    
    Litigation
    
    
    9SECTION 3.6
    
    Solvency
    
    
    9ARTICLE IV MISCELLANEOUS
    
    
    9SECTION 4.1
    
    Notices
    
    
    9SECTION 4.2
    
    Amendments in Writing
    
    
    9SECTION 4.3
    
    Expenses; Indemnification; Waiver of Consequential Damages, etc
    
    
    9SECTION 4.4
    
    Right of Set-off
    
    
    10SECTION 4.5
    
    Governing Law; Jurisdiction; Venue; Service of Process
    
    
    10SECTION 4.6
    
    Waiver of Jury Trial
    
    
    11SECTION 4.7
    
    No Waiver by Course of Conduct, Cumulative Remedies
    
    
    11SECTION 4.8
    
    Successors and Assigns
    
    
    11SECTION 4.9
    
    Survival of Indemnities
    
    
    11SECTION 4.10
    
    Titles and Captions
    
    
    11SECTION 4.11
    
    Severability of Provisions
    
    
    11SECTION 4.12
    
    Counterparts
    
    
    11SECTION 4.13
    
    Integration
    
    
    12SECTION 4.14
    
    Advice of Counsel, No Strict Construction
    
    
    12SECTION 4.15
    
    Acknowledgements
    
    
    12SECTION 4.16
    
    Releases
    
    
    12SECTION 4.17
    
    Additional Guarantors
    
    
    12
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Guaranty Agreement Holdings Guarantors Guarantor Administrative Agent
 STATEMENT OF PURPOSE
 Credit Agreement CCI
Borrower TXU Borrower Merger Sub Borrowers Lenders
      DEFINED TERMS
 Definitions
 Additional Guarantor Section 4.17 Section 5.16




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Applicable Insolvency Laws
 Guaranteed Obligations Section 2.1
 Guaranteed Parties
 Solvent Section 2.2
 Other Definitional Provisions
  GUARANTY
 Guaranty Guaranteed Obligations
 Bankruptcy Limitations on Guarantors Section 2.1
 2




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Section 2.3(a) Section 2.3(a) Section 2.2 Section 2.3(a) Section 2.2 Section 2.2 Section 2.2
 Agreements for Contribution
 Section 2.3(a) Section 2.3(a) Section 2.3(a) Excess
Payment Ratable Share provided however Contribution Share
 3




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provided however Section 2.3(a)
 No Subrogation
 Nature of Guaranty
     4




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Section 2.2
   Waivers
      5




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Modification of Loan Documents, etc
         Demand by the Administrative Agent Article II
 6




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Remedies
 Benefits of Guaranty
 Termination; Reinstatement
    7




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Payments Section
7.05
  REPRESENTATIONS AND WARRANTIES
  Organization, etc
 Due Authorization; Non-Contravention, etc Schedule
3.02(c)
 Governmental Approval, Regulation, etc Schedule 3.03
 Validity, etc
 8




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Litigation Schedule 3.07
 Solvency
  MISCELLANEOUS
 Notices Section 9.01 provided Section 9.01
 Amendments in Writing Section
9.02
 Expenses; Indemnification; Waiver of Consequential Damages, etc
   Section 9.03
 Section 4.3
 9




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Right of Set-off provided
 Governing Law; Jurisdiction; Venue; Service of Process
 Governing Law
 Submission to Jurisdiction
 Waiver of Venue
 Service of Process Section 9.01
 10




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Waiver of Jury Trial
 No Waiver by Course of Conduct, Cumulative Remedies Section 4.2
 Successors and Assigns provided
 Survival of Indemnities Section 4.3
 Titles and Captions
 Severability of Provisions
 Counterparts
 11




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Integration provided
 Advice of Counsel, No Strict Construction
 Acknowledgements
   Releases
 Additional Guarantors Section 5.16
  12




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CONSOLIDATED COMMUNICATIONS HOLDINGS, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial Officer




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CONSOLIDATED COMMUNICATIONS PUBLIC SERVICES, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS MARKET RESPONSE, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS OPERATOR SERVICES, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS NETWORK SERVICES, INC., as Guarantor/s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS MOBILE SERVICES, INC., as Guarantor/s/ Steven L. ChildersSteven L. ChildersChief Financial Officer




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CONSOLIDATED COMMUNICATIONS BUSINESS SYSTEMS, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS VENTURES COMPANY, as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS SERVICES COMPANY, as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS TELECOM SERVICES OF TEXAS COMPANY, as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS OF FORT BEND COMPANY, as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial Officer




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CONSOLIDATED COMMUNICATIONS OF TEXAS COMPANY, as Guarantor/s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerCONSOLIDATED COMMUNICATIONS TRANSPORT COMPANY, as Guarantor/s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerNORTH PITTSBURGH TELEPHONE COMPANY, as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerPENN TELECOM, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial OfficerPINNATECH, INC., as GuarantorBy:
    /s/ Steven L. ChildersSteven L. ChildersChief Financial Officer




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WACHOVIA BANK, NATIONAL ASSOCIATION, as
Administrative AgentBy:
    /s/ Marc BirenbaumMarc BirenbaumDirector