Document:

SECOND
      AMENDED AND RESTATED CREDIT AGREEMENT

     

    DATED
      AS
      OF FEBRUARY 13, 2008

     

    among

     

    SUREWEST
      COMMUNICATIONS

     

    as
      Borrower,

     

    COBANK,
      ACB,

     

    as
      Administrative Agent, Lead Arranger, Issuing Lender, Swingline Lender and a
      Lender

    

    and

    

    the
      other
      Lenders referred to herein

     

    

    
      
        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE
      OF CONTENTS

    
      
        
           

        

      

    

    
      
        	
                SECTION
                  1 AMOUNTS AND TERMS OF LOANS

              	
                2

              
	
                1.1

              	
                .

              	
                Loans

              	 	
                2

              
	 	 	
                (A)

              	
                Term
                  Loan A Facility

              	
                2

              
	 	 	
                (B)

              	
                Term
                  Loan B Facility

              	
                2

              
	 	 	
                (C)

              	
                Revolving
                  Loan Facility

              	
                2

              
	 	 	
                (D)

              	
                Swingline
                  Loan Facility

              	
                2

              
	 	 	
                (E)

              	
                Letters
                  of Credit

              	
                3

              
	 	 	
                (F)

              	
                Notes

              	
                6

              
	 	 	
                (G)

              	
                Loans

              	
                6

              
	
                1.2

              	
                .

              	
                Interest

              	 	
                6

              
	 	 	
                (A)

              	
                Interest
                  Options

              	
                7

              
	 	 	
                (B)

              	
                Applicable
                  Margins

              	
                7

              
	 	 	
                (C)

              	
                Interest
                  Periods

              	
                8

              
	 	 	
                (D)

              	
                Calculation
                  and Payment

              	
                8

              
	 	 	
                (E)

              	
                Default
                  Rate of Interest

              	
                9

              
	 	 	
                (F)

              	
                Excess
                  Interest

              	
                9

              
	 	 	
                (G)

              	
                Selection,
                  Conversion or Continuation of Loans; LIBOR Availability

              	
                9

              
	
                1.3

              	
                .

              	
                Notice
                  of Borrowing, Conversion or Continuation of Loans

              	
                10

              
	
                1.4

              	
                .

              	
                Fees
                  and Expenses

              	
                10

              
	 	 	
                (A)

              	
                Commitment
                  Fees

              	
                10

              
	 	 	
                (B)

              	
                Certain
                  Other Fees

              	
                11

              
	 	 	
                (C)

              	
                Breakage
                  Fee

              	
                11

              
	 	 	
                (D)

              	
                Expenses
                  and Attorneys Fees

              	
                11

              
	 	 	
                (E)

              	
                Letter
                  of Credit Fees

              	
                11

              
	
                1.5

              	
                .

              	
                Payments

              	
                12

              
	
                1.6

              	
                .

              	
                Repayments
                  and Reduction of Term Loan Commitments and

              	 
	 	 	
                Revolving
                  Loan Commitment and Related Mandatory

              	 
	 	 	
                Repayments

              	
                13

              
	 	 	
                (A)

              	
                Scheduled
                  Repayments and Reductions of Term Loan

              	 
	 	 	 	
                Commitments,
                  Revolving Loan Commitment and Swingline

              	 
	 	 	 	
                Loan
                  Commitment

              	
                13

              
	 	 	
                (B)

              	
                Voluntary
                  Reduction of Loan Commitments

              	
                13

              
	 	 	
                (C)

              	
                Mandatory
                  Repayments

              	
                14

              
	
                1.7

              	
                .

              	
                Voluntary
                  Prepayments and Other Mandatory Repayments

              	
                14

              
	 	 	
                (A)

              	
                Voluntary
                  Prepayment of Loans

              	
                14

              
	 	 	
                (B)

              	
                Repayments
                  from Insurance Proceeds

              	
                14

              
	 	 	
                (C)

              	
                Repayments
                  from Asset Dispositions

              	
                14

              
	
                1.8

              	
                .

              	
                Application
                  of Prepayments and Repayments; Payment of

              	 
	 	 	
                Breakage
                  Fees, Etc

              	
                15

              
	
                1.9

              	
                .

              	
                Loan
                  Accounts

              	
                15

              
	
                1.10

              	
                .

              	
                Changes
                  in LIBOR Rate Availability

              	
                15

              
	
                1.11

              	
                .

              	
                Capital
                  Adequacy and Other Adjustments

              	
                16

              
	
                1.12

              	
                .

              	
                Optional
                  Prepayment/Replacement of Lender in Respect of

              	 
	 	 	
                Increased
                  Costs

              	
                17

              
	
                1.13

              	
                .

              	
                Taxes:
                  No Deductions

              	
                18

              

      

      
         

        
          
             

          

          
            i

            
              

            

          

          
             

          

        

      

       

      
        	 	 	
                (A)

              	
                No
                  Deductions

              	
                18

              
	 	 	
                (B)

              	
                Foreign
                  Lenders

              	
                18

              
	
                1.14

              	
                .

              	
                Changes
                  in Tax Laws

              	
                19

              
	
                1.15

              	
                .

              	
                Treatment
                  of Certain Refunds

              	
                19

              
	
                1.16

              	
                .

              	
                Mitigation
                  Obligations

              	
                20

              
	
                1.17

              	
                .

              	
                Term
                  of This Agreement

              	
                20

              
	
                1.18

              	
                .

              	
                Letter
                  of Credit Liability

              	
                20

              
	 	 	 	 
	
                SECTION
                  2 AFFIRMATIVE
                  COVENANTS

              	
                21

              
	
                2.1

              	
                .

              	
                Compliance
                  With Laws

              	
                21

              
	
                2.2

              	
                .

              	
                Maintenance
                  of Books and Records; Properties; Insurance

              	
                21

              
	
                2.3

              	
                .

              	
                Inspection

              	
                22

              
	
                2.4

              	
                .

              	
                Legal
                  Existence, Etc

              	
                22

              
	
                2.5

              	
                .

              	
                Use
                  of Proceeds

              	
                22

              
	
                2.6

              	
                .

              	
                Further
                  Assurances

              	
                22

              
	
                2.7

              	
                .

              	
                CoBank
                  Patronage Capital

              	
                22

              
	
                2.8

              	
                .

              	
                Investment
                  Company Act

              	
                23

              
	
                2.9

              	
                .

              	
                Payment
                  of Obligations

              	
                23

              
	
                2.10

              	
                .

              	
                Environmental
                  Laws

              	
                23

              
	
                2.11

              	
                .

              	
                ERISA
                  Compliance

              	
                24

              
	 	 	 	 
	
                SECTION
                  3 NEGATIVE
                  COVENANTS

              	
                24

              
	
                3.1

              	
                .

              	
                Indebtedness

              	
                24

              
	
                3.2

              	
                .

              	
                Liens
                  and Related Matters

              	
                25

              
	
                3.3

              	
                .

              	
                Investments

              	
                25

              
	
                3.4

              	
                .

              	
                Restricted
                  Junior Payments

              	
                25

              
	
                3.5

              	
                .

              	
                Restriction
                  on Fundamental Changes

              	
                25

              
	
                3.6

              	
                .

              	
                Disposal
                  of Assets or Subsidiary Stock

              	
                26

              
	
                3.7

              	
                .

              	
                Transactions
                  with Affiliates

              	
                27

              
	
                3.8

              	
                .

              	
                Conduct
                  of Business

              	
                27

              
	
                3.9

              	
                .

              	
                Fiscal
                  Year

              	
                27

              
	
                3.10

              	
                .

              	
                Inconsistent
                  Agreements

              	
                27

              
	 	 	 	 
	
                SECTION
                  4 FINANCIAL
                  COVENANTS AND REPORTING

              	
                27

              
	
                4.1

              	
                .

              	
                Leverage
                  Ratio

              	
                28

              
	
                4.2

              	
                .

              	
                Interest
                  Coverage Ratio

              	
                28

              
	
                4.3

              	
                .

              	
                Net
                  Worth

              	
                28

              
	
                4.4

              	
                .

              	
                Financial
                  Statements and Other Reports

              	
                28

              
	 	 	
                (A)

              	
                Quarterly
                  Financials

              	
                28

              
	 	 	
                (B)

              	
                Year-End
                  Financials

              	
                28

              
	 	 	
                (C)

              	
                Borrower
                  Compliance Certificate

              	
                28

              
	 	 	
                (D)

              	
                Budgets

              	
                29

              
	 	 	
                (E)

              	
                SEC
                  Filings

              	
                29

              
	 	 	
                (F)

              	
                Events
                  of Default, Etc

              	
                29

              
	 	 	
                (G)

              	
                Litigation

              	
                29

              
	 	 	
                (H)

              	
                Environmental
                  Notices

              	
                29

              
	 	 	
                (I)

              	
                ERISA
                  Events

              	
                29

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      
        	 	 	
                (J)

              	
                Other
                  Information

              	
                30

              
	
                4.5

              	
                .

              	
                Accounting
                  Terms; Utilization of GAAP for Purposes of

              	 
	 	 	
                Calculations
                  Under Agreement

              	
                30

              
	 	 	 	 
	
                SECTION
                  5 REPRESENTATIONS
                  AND WARRANTIES

              	
                30

              
	
                5.1

              	
                .

              	
                Disclosure

              	
                30

              
	
                5.2

              	
                .

              	
                No
                  Material Adverse Effect

              	
                31

              
	
                5.3

              	
                .

              	
                Organization,
                  Powers, Authorization and Good Standing

              	
                31

              
	 	 	
                (A)

              	
                Organization
                  and Powers

              	
                31

              
	 	 	
                (B)

              	
                Authorization;
                  Binding Obligation

              	
                31

              
	 	 	
                (C)

              	
                Qualification

              	
                31

              
	
                5.4

              	
                .

              	
                Compliance
                  of Agreement, Loan Documents and Borrowings with

              	 
	 	 	
                Applicable
                  Law

              	
                31

              
	
                5.5

              	
                .

              	
                Compliance
                  with Law; Governmental Approvals

              	
                32

              
	
                5.6

              	
                .

              	
                Tax
                  Returns and Payments

              	
                32

              
	
                5.7

              	
                .

              	
                Environmental
                  Matters

              	
                32

              
	
                5.8

              	
                .

              	
                Financial
                  Statements

              	
                33

              
	
                5.9

              	
                .

              	
                Intellectual
                  Property

              	
                33

              
	
                5.10

              	
                .

              	
                Litigation,
                  Investigations, Audits, Etc

              	
                33

              
	
                5.11

              	
                .

              	
                Employee
                  Labor Matters

              	
                33

              
	
                5.12

              	
                .

              	
                ERISA
                  Compliance

              	
                34

              
	
                5.13

              	
                .

              	
                Communications
                  Regulatory Matters

              	
                34

              
	
                5.14

              	
                .

              	
                Solvency

              	
                35

              
	
                5.15

              	
                .

              	
                Investment
                  Company Act

              	
                35

              
	
                5.16

              	
                .

              	
                Certain
                  Agreements and Material Contracts

              	
                35

              
	
                5.17

              	
                .

              	
                Title
                  to Properties

              	
                35

              
	
                5.18

              	
                .

              	
                Transactions
                  with Affiliates

              	
                35

              
	
                5.19

              	
                .

              	
                OFAC

              	
                36

              
	
                5.20

              	
                .

              	
                Patriot
                  Act

              	
                36

              
	 	 	 	 
	
                SECTION
                  6 EVENTS
                  OF DEFAULT AND RIGHTS AND REMEDIES

              	
                36

              
	
                6.1

              	
                .

              	
                Event
                  of Default

              	
                36

              
	 	 	
                (A)

              	
                Payment

              	
                36

              
	 	 	
                (B)

              	
                Default
                  in Other Agreements

              	
                36

              
	 	 	
                (C)

              	
                Breach
                  of Certain Provisions

              	
                36

              
	 	 	
                (D)

              	
                Breach
                  of Warranty

              	
                37

              
	 	 	
                (E)

              	
                Other
                  Defaults Under Loan Documents

              	
                37

              
	 	 	
                (F)

              	
                Involuntary
                  Bankruptcy; Appointment of Receiver; Etc

              	
                37

              
	 	 	
                (G)

              	
                Voluntary
                  Bankruptcy; Appointment of Receiver; Etc

              	
                37

              
	 	 	
                (H)

              	
                Judgment
                  and Attachments

              	
                37

              
	 	 	
                (I)

              	
                Dissolution

              	
                38

              
	 	 	
                (J)

              	
                Solvency

              	
                38

              
	 	 	
                (K)

              	
                Injunction

              	
                38

              
	 	 	
                (L)

              	
                ERISA;
                  Pension Plans

              	
                38

              
	 	 	
                (M)

              	
                Invalidity
                  of Loan Documents

              	
                38

              
	 	 	
                (N)

              	
                Licenses
                  and Permits

              	
                38

              
	 	 	
                (O)

              	
                Change
                  in Control

              	
                38

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

      

      
        	
                6.2

              	
                .

              	
                Suspension
                  of Commitments

              	
                38

              
	
                6.3

              	
                .

              	
                Acceleration

              	
                39

              
	
                6.4

              	
                .

              	
                Rights
                  of Collection

              	
                39

              
	
                6.5

              	
                .

              	
                Consents

              	
                39

              
	
                6.6

              	
                .

              	
                Performance
                  by Administrative Agent

              	
                39

              
	
                6.7

              	
                .

              	
                Set
                  Off and Sharing of Payments

              	
                40

              
	
                6.8

              	
                .

              	
                Application
                  of Payments

              	
                40

              
	
                6.9

              	
                .

              	
                Adjustments

              	
                41

              
	 	 	 	 
	
                SECTION
                  7 CONDITIONS
                  TO LOANS

              	
                41

              
	
                7.1

              	
                .

              	
                Conditions
                  to the Loan on the Amendment Date

              	
                41

              
	 	 	
                (A)

              	
                 Executed
                  Loan and Other Documents

              	
                41

              
	 	 	
                (B)

              	
                 Closing
                  Certificates; Opinions

              	
                41

              
	 	 	
                (C)

              	
                 Consents

              	
                42

              
	 	 	
                (D)

              	
                 Fees,
                  Expenses, Taxes, Etc

              	
                42

              
	 	 	
                (E)

              	
                 Miscellaneous

              	
                43

              
	
                7.2

              	
                .

              	
                Conditions
                  to All Loans

              	
                43

              
	 	 	 	 
	
                SECTION
                  8 ASSIGNMENT
                  AND PARTICIPATION

              	
                44

              
	
                8.1

              	
                .

              	
                Assignments
                  and Participations in Loans and Notes

              	
                44

              
	 	 	
                (A)

              	
                 General

              	
                44

              
	 	 	
                (B)

              	
                 Assignments
                  by the Lenders

              	
                44

              
	 	 	
                (C)

              	
                 Register

              	
                46

              
	 	 	
                (D)

              	
                 Participations

              	
                46

              
	 	 	
                (E)

              	
                 Limitations
                  upon Participant Rights

              	
                47

              
	 	 	
                (F)

              	
                 Certain
                  Pledges

              	
                47

              
	
                8.2

              	
                .

              	
                Administrative
                  Agent

              	
                47

              
	 	 	
                (A)

              	
                 Appointment

              	
                47

              
	 	 	
                (B)

              	
                 Nature
                  of Duties

              	
                48

              
	 	 	
                (C)

              	
                 Rights,
                  Exculpation, Etc

              	
                48

              
	 	 	
                (D)

              	
                 Reliance

              	
                49

              
	 	 	
                (E)

              	
                 Indemnification

              	
                49

              
	 	 	
                (F)

              	
                 Administrative
                  Agent Individually

              	
                50

              
	 	 	
                (G)

              	
                 Notice
                  of Default

              	
                50

              
	 	 	
                (H)

              	
                 Successor
                  Administrative Agent

              	
                50

              
	 	 	
                (I)

              	
                 Dissemination
                  of Information

              	
                51

              
	
                8.3

              	
                .

              	
                Consents;
                  Notices

              	
                51

              
	
                8.4

              	
                .

              	
                Disbursement
                  of Funds

              	
                51

              
	
                8.5

              	
                .

              	
                Disbursements
                  of Loans; Payments

              	
                52

              
	 	 	
                (A)

              	
                 Pro
                  Rata Treatment; Application

              	
                52

              
	 	 	
                (B)

              	
                 Availability
                  of Lender’s Pro Rata Share

              	
                52

              
	 	 	
                (C)

              	
                 Return
                  of Payments

              	
                52

              
	 	 	 	 	 

      

       

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
                  9 MISCELLANEOUS

              	
                53

              
	
                9.1

              	
                .

              	
                Indemnities

              	
                53

              
	
                9.2

              	
                .

              	
                Amendments
                  and Waivers

              	
                53

              
	
                9.3

              	
                .

              	
                Notices

              	
                54

              

      

      
        	
                9.4

              	
                .

              	
                Failure
                  or Indulgence Not Waiver; Remedies Cumulative

              	
                55

              
	
                9.5

              	
                .

              	
                Payments
                  Set Aside

              	
                55

              
	
                9.6

              	
                .

              	
                Severability

              	
                55

              
	
                9.7

              	
                .

              	
                Lenders’
                  Obligations Several; Independent Nature of Lenders’

              	 
	 	 	
                Rights

              	
                55

              
	
                9.8

              	
                .

              	
                Headings

              	
                56

              
	
                9.9

              	
                .

              	
                Governing
                  Law

              	
                56

              
	
                9.10

              	
                .

              	
                Successors
                  and Assigns

              	
                56

              
	
                9.11

              	
                .

              	
                No
                  Fiduciary Relationship

              	
                56

              
	
                9.12

              	
                .

              	
                Construction

              	
                56

              
	
                9.13

              	
                .

              	
                Confidentiality

              	
                56

              
	
                9.14

              	
                .

              	
                Consent
                  to Jurisdiction and Service of Process

              	
                57

              
	
                9.15

              	
                .

              	
                Waiver
                  of Jury Trial

              	
                57

              
	
                9.16

              	
                .

              	
                Survival
                  of Warranties and Certain Agreements

              	
                58

              
	
                9.17

              	
                .

              	
                Entire
                  Agreement

              	
                58

              
	
                9.18

              	
                .

              	
                Counterparts;
                  Effectiveness

              	
                58

              
	
                9.19

              	
                .

              	
                Patriot
                  Act

              	
                58

              
	
                9.20

              	
                .

              	
                Effectiveness
                  of Amendment and Restatement; No Novation

              	
                58

              
	 	 	 	 
	
                SECTION
                  10 DEFINITIONS

              	
                59

              
	
                10.1

              	
                .

              	
                Certain
                  Defined Terms

              	
                59

              
	
                10.2

              	
                .

              	
                Other
                  Definitional Provisions

              	
                73

              

      

    

    
 

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    SCHEDULES

    

      
        	
                Schedule
                  3.7

              	
                Transactions
                  with Affiliates

              
	
                Schedule
                  5.3(A)

              	
                Jurisdiction
                  of Organization

              
	
                Schedule
                  5.3(C)

              	
                Qualification
                  to Transact Business

              
	
                Schedule
                  5.4

              	
                Governmental
                  Approvals

              
	
                Schedule
                  5.6

              	
                Tax
                  Returns and Payments

              
	
                Schedule
                  5.10

              	
                Litigation,
                  Etc.

              
	
                Schedule
                  5.11

              	
                Employee
                  Labor Matters

              

      

    

    

     

    EXHIBITS

     

    
      
        	
                Exhibit
                  1.3

              	
                Form
                  of Notice of Borrowing/Conversion/Continuation

              
	
                Exhibit
                  4.4(C)

              	
                Form
                  of Compliance Certificate

              
	
                Exhibit
                  10.1(A)

              	
                Form
                  of Assignment and Assumption

              
	
                Exhibit
                  10.1(B)

              	
                Form
                  of Second Amended and Restated Revolving Loan

              
	
                 

              	
                Promissory
                  Note

              
	
                Exhibit
                  10.1(C)

              	
                Form
                  of Second Amended and Restated Term Loan A Note

              
	
                Exhibit
                  10.1(D)

              	
                Form
                  of Term Loan B Note

              
	
                Exhibit
                  10.1(E)

              	
                Form
                  of Swingline Promissory Note

              

      

       

       

    

    
      
         

      

      
        vi

        
          

        

      

      
         

      

    

    INDEX
      OF
      DEFINED TERMS

    

    

      
        	
                Defined
                  Term

              	
                Defined
                  in Section

              
	 	 
	
                Accounting
                  Changes

              	
                §4.5

              
	
                Acquired
                  Indebtedness

              	
                §10.1

              
	
                Adjusted
                  Consolidated Net Worth

              	
                §10.1

              
	
                Adjustment
                  Date

              	
                §10.1

              
	
                Administrative
                  Agent

              	
                §10.1

              
	
                Affected
                  Lender

              	
                §1.12

              
	
                Affiliate

              	
                §10.1

              
	
                Agreement

              	
                Preamble

              
	
                Amendment
                  Date

              	
                §10.1

              
	
                Applicable
                  Law

              	
                §10.1

              
	
                Asset
                  Disposition

              	
                §10.1

              
	
                Available
                  Revolving Loan Commitment

              	
                §10.1

              
	
                Banking
                  Day

              	
                §10.1

              
	
                Bankruptcy
                  Code

              	
                §10.1

              
	
                Base
                  Rate

              	
                §10.1

              
	
                Base
                  Rate Loan

              	
                §10.1

              
	
                Base
                  Rate Margin

              	
                §10.1

              
	
                Borrower

              	
                Preamble

              
	
                Breakage
                  Fees

              	
                §1.4(C)

              
	
                Budget

              	
                §10.1

              
	
                Business
                  Day

              	
                §10.1

              
	
                Calculation
                  Period

              	
                §10.1

              
	
                Capital
                  Leases

              	
                §10.1

              
	
                Cash
                  Equivalents

              	
                §10.1

              
	
                Change
                  of Law

              	
                §1.10

              
	
                Closing
                  Date

              	
                §10.1

              
	
                CoBank

              	
                Preamble

              
	
                Communications
                  Act

              	
                §10.1

              
	
                Compliance
                  Certificate

              	
                §4.4(C)

              
	
                Consolidated
                  Net Assets

              	
                §10.1

              
	
                Consolidated
                  Net Worth

              	
                §10.1

              
	
                Contingent
                  Obligation

              	
                §10.1

              
	
                Default

              	
                §10.1

              
	
                Defaulting
                  Lender

              	
                §10.1

              
	
                Directories
                  Sale

              	
                §10.1

              
	
                EBITDA

              	
                §10.1

              
	
                Electing
                  Lenders

              	
                §1.8

              
	
                Environmental
                  Laws

              	
                §10.1

              
	
                ERISA

              	
                §10.1

              

      

       

      
        
           

        

        
          vii

          
            

          

        

        
           

        

      

       

      
        	
                ERISA
                  Affiliate

              	
                §10.1

              
	
                ERISA
                  Event

              	
                §10.1

              
	
                Event
                  of Default

              	
                §6.1

              
	
                Everest
                  Acquisition

              	
                §10.1

              
	
                Everest
                  Material Adverse Change

              	
                §10.1

              
	
                Evergreen
                  Letter of Credit

              	
                §1.1(E)(8)

              
	
                Excluded
                  Taxes

              	
                §1.13(A)

              
	
                Existing
                  Credit Agreement

              	
                Preamble

              
	
                Facility(ies)

              	
                §10.1

              
	
                FCC

              	
                §10.1

              
	
                Fixed
                  Rate Loan

              	
                §1.2(B)

              
	
                Fixed
                  Rate Period

              	
                §1.2(B)

              
	
                Foreign
                  Lender

              	
                §1.13(A)

              
	
                Funding
                  Date

              	
                §7.2

              
	
                GAAP

              	
                §10.1

              
	
                Governmental
                  Approvals

              	
                §10.1

              
	
                Governmental
                  Authority

              	
                §10.1

              
	
                Incremental
                  Increase

              	
                Recitals

              
	
                Indebtedness

              	
                §10.1

              
	
                Indemnitees

              	
                §9.1

              
	
                Intellectual
                  Property Rights

              	
                §5.9

              
	
                Interest
                  Coverage Ratio

              	
                §10.1

              
	
                Interest
                  Period

              	
                §1.2(C)

              
	
                Interest
                  Rate Agreement

              	
                §10.1

              
	
                Investment

              	
                §10.1

              
	
                Issuing
                  Lender

              	
                §10.1

              
	
                Lender(s)

              	
                §10.1

              
	
                Assignment
                  and Assumption

              	
                §10.1

              
	
                IRC

              	
                §10.1

              
	
                ISP

              	
                §1.1(E)(7)

              
	
                Letter
                  of Credit Liability

              	
                §10.1

              
	
                Letter(s)
                  of Credit

              	
                §1.1(D)

              
	
                Leverage
                  Ratio

              	
                §10.1

              
	
                LIBOR

              	
                §10.1

              
	
                LIBOR
                  Loans

              	
                §10.1

              
	
                LIBOR
                  Margin

              	
                §10.1

              
	
                Licenses

              	
                §10.1

              
	
                Lien

              	
                §10.1

              
	
                Loan(s)

              	
                §10.1

              
	
                Loan
                  Commitment(s)

              	
                §10.1

              
	
                Loan
                  Documents

              	
                §10.1

              
	
                Material
                  Adverse Effect

              	
                §10.1

              
	
                Material
                  Contracts

              	
                §10.1

              
	
                Multi-employer
                  Plan

              	
                §10.1

              
	
                Net
                  Proceeds

              	
                §10.1

              

      

       

      
        
           

        

        
          viii

          
            

          

        

        
           

        

      

       

      
        	
                Non-Consenting
                  Lender

              	
                §9.2

              
	
                Nonrenewal
                  Notice Date

              	
                §1.1(E)(8)

              
	
                Note(s)

              	
                §10.1

              
	
                Note
                  Purchase Agreement

              	
                §10.1

              
	
                Notice
                  of Borrowing/Conversion/Continuation

              	
                §1.3

              
	
                Obligations

              	
                §10.1

              
	
                Overnight
                  LIBOR

              	
                §10.1

              
	
                Patriot
                  Act

              	
                §9.16

              
	
                PBGC

              	
                §10.1

              
	
                Permitted
                  Acquisitions

              	
                §3.5

              
	
                Permitted
                  Encumbrances

              	
                §10.1

              
	
                Person

              	
                §10.1

              
	
                Plan

              	
                §10.1

              
	
                Priority
                  Debt

              	
                §10.1

              
	
                Pro
                  Rata Share

              	
                §10.1

              
	
                Proposed
                  Change

              	
                §9.2

              
	
                PUC

              	
                §10.1

              
	
                Register

              	
                §8.1(C)

              
	
                Related
                  Interest Rate Agreement

              	
                §10.1

              
	
                Replacement
                  Lender

              	
                §1.12

              
	
                Reportable
                  Event

              	
                §10.1

              
	
                Requisite
                  Lenders

              	
                §10.1

              
	
                Restricted
                  Investments

              	
                §10.1

              
	
                Restricted
                  Junior Payment

              	
                §10.1

              
	
                Revolving
                  Loan(s)

              	
                §10.1

              
	
                Revolving
                  Loan Commitment

              	
                §10.1

              
	
                Revolving
                  Loan Expiration Date

              	
                §10.1

              
	
                Revolving
                  Loan Facility

              	
                §10.1

              
	
                Revolving
                  Note(s)

              	
                §10.1

              
	
                SEC

              	
                §4.4(A)

              
	
                Statement

              	
                §4.4(B)

              
	
                Swingline
                  Facility

              	
                §10.1

              
	
                Swingline
                  Funding Date

              	
                §7.3

              
	
                Swingline
                  Lender

              	
                §10.1

              
	
                Swingline
                  Loan Commitment

              	
                §10.1

              
	
                Swingline
                  Loans

              	
                §10.1

              
	
                Swingline
                  Note(s)

              	
                §10.1

              
	
                Subsidiary

              	
                §10.1

              
	
                Tax
                  Liabilities

              	
                §1.13(A)

              
	
                Telecommunications
                  System

              	
                §10.1

              
	
                Term
                  Loan A

              	
                §10.1

              
	
                Term
                  Loan A Availability Period

              	
                §10.1

              
	
                Term
                  Loan A Commitment

              	
                §10.1

              
	
                Term
                  Loan A Facility

              	
                §10.1

              
	
                Term
                  Loan A Maturity Date

              	
                §10.1

              

      

       

      
        
           

        

        
          ix

          
            

          

        

        
           

        

         

      

      
        	
                Term
                  Loan A Note(s)

              	
                §10.1

              
	
                Term
                  Loan B

              	
                §10.1

              
	
                Term
                  Loan B Commitment

              	
                §10.1

              
	
                Term
                  Loan B Facility

              	
                §10.1

              
	
                Term
                  Loan B Maturity Date

              	
                §10.1

              
	
                Term
                  Loan B Note(s)

              	
                §10.1

              
	
                Term
                  Loan Commitments

              	
                §10.1

              
	
                Term
                  Loan Facilities

              	
                §10.1

              
	
                Term
                  Loan Note(s)

              	
                §10.1

              
	
                Term
                  Loans

              	
                §10.1

              
	
                Total
                  Lender Loan Commitment

              	
                §10.1

              
	
                Loan
                  Commitment(s)

              	
                §10.1

              
	
                Wireless
                  Sale

              	
                §10.1

              

      

    

     

     

    
       

      
         

      

      
        x

        
          

        

      

      
         

      

    

     

    SECOND
      AMENDED AND RESTATED CREDIT AGREEMENT

    

     

    This
      SECOND
      AMENDED AND RESTATED CREDIT
      AGREEMENT
      (as
      amended, supplemented, modified, extended or restated as permitted herein from
      time to time, and including all schedules and exhibits hereto, this
“Agreement”)
      is
      entered into as of February 13, 2008, among SUREWEST
      COMMUNICATIONS,
      a
      California corporation (“Borrower”),
      COBANK,
      ACB
      (individually, “CoBank”
and,
      as
      Administrative Agent, “Administrative
      Agent”),
      in
      its capacity as Administrative Agent, as Lead Arranger, as Issuing Lender,
      as
      Swingline Lender and as a Lender, and each such other Lender as may from time
      to
      time become a party to this Agreement. Capitalized terms used and not otherwise
      defined herein shall have the meanings given to them in Subsection 10.1
      of this
      Agreement.

    

     

    RECITALS:

     

    

    WHEREAS,
      Borrower
      and CoBank previously entered into a Credit Agreement, dated as of May 1, 2006
      (the “Original
      Credit Agreement”),
      pursuant to which CoBank extended certain financial accommodations to Borrower
      consisting of a revolving loan facility and a term loan facility;
      and

    

    WHEREAS,
      Borrower and CoBank entered into an Amended and Restated Credit Agreement,
      dated
      as of May 14, 2007 (the “Existing
      Credit Agreement”),
      pursuant to which Borrower and CoBank amended and restated the Original Credit
      Agreement as described therein; and

     

    WHEREAS,
      Borrower, CoBank, Administrative Agent and Lenders have agreed to amend and
      restate the Existing Credit Agreement as described herein, including, without
      limitation, to increase
      the amount of the Term Loan A Facility by $80,000,000 (such increase, the
“Incremental
      Increase”)
      and to
      add a new Term Loan B Facility,
      the
      proceeds of the which together with the proceeds of the Revolver will be used
      to
      provide funds for (a) the Everest Acquisition, (b) general corporate purposes
      of
      Borrower and its Subsidiaries, including, without limitation, capital
      expenditures, permitted acquisitions, working capital needs and the issuance
      of
      Letters of Credit, and (c) costs associated with the Loans, and to provide
      for
      certain other amendments described herein; provided that the proceeds of the
      new
      Term Loan B Facility will be used solely for the Everest
      Acquisition.

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the agreements, provisions and covenants
      herein contained, and for other good and valuable consideration, the receipt
      and
      adequacy of which are hereby acknowledged, the parties agree, and amend and
      restate the Existing Credit Agreement in its entirety, as follows:

     

    
      
         

      

      
         

        
          

        

      

      
        
          Second
            Amended and Restated Credit Agreement/SureWest
            Communications

        

      

    

     

    SECTION
      1

     

    AMOUNTS
      AND TERMS OF LOANS

     

    1.1. Loans.
      Subject
      to the terms and conditions of this Agreement and in reliance upon the
      representations, warranties and covenants of Borrower contained herein and
      in
      the other Loan Documents:

     

    (A) Term
      Loan A Facility.
      CoBank
      has previously lent to Borrower $40,000,000 under the Term Loan A Facility.
      Each
      Lender, severally and not jointly, agrees to lend to the Borrower, in one or
      more advances during the Term Loan A Availability Period, a portion of the
      additional $80,000,000 of the Term Loan A Commitment as increased on the
      Amendment Date such that each Lender shall have advanced to Borrower its Pro
      Rata Share of the Term Loan A Commitment; provided
      all
      conditions precedent set forth in
      Subsections 7.1
      and
7.2
      are
      satisfied or waived by the Administrative Agent as provided herein. Amounts
      borrowed under this Subsection
      1.1(A)
      that are
      repaid or prepaid may not be reborrowed.

     

    (B) Term
      Loan B Facility.
      Each
      Lender, severally and not jointly, agrees to lend to Borrower, in a single
      advance on the Amendment Date, its Pro Rata Share of the Term Loan B
      Commitment;
      provided
      all
      conditions precedent set forth in Subsections
      7.1
      and
7.2
      are
      satisfied or waived by Administrative Agent as provided herein. Amounts borrowed
      under this Subsection
      1.1(B)
      that are
      repaid or prepaid may not be reborrowed.

     

    (C) Revolving
      Loan Facility.
      Each
      Lender, severally and not jointly, agrees to lend to Borrower, from time to
      time
      during the period commencing on the date all conditions precedent set forth
      in
Subsections
      7.1
      and
7.2
      are
      satisfied or waived as provided herein and ending on the Business Day
      immediately preceding the Revolving Loan Expiration Date, its Pro Rata Share
      of
      each Revolving Loan; provided
      that no
      Lender shall be required at any time to lend more than its respective Pro Rata
      Share of the Available Revolving Loan Commitment; and provided,
      further,
      that at
      any one time the aggregate principal amount of all Revolving Loans outstanding
      may not exceed the Revolving Loan Commitment less
      the sum
      of (i) the outstanding Letter of Credit Liability and (ii) the aggregate
      principal amount of the Swingline Loans then outstanding. Within the limits
      of
      the Revolving Loan Commitment and this Subsection 1.1(C)
      and
Subsections 1.6,
      1.7
      and
1.8,
      amounts
      borrowed under this Subsection 1.1(C)
      may be
      prepaid and reborrowed at any time prior to the Revolving Loan Expiration
      Date.

     

    (D) Swingline
      Loan Facility.
      The
      Swingline Lender agrees to lend to Borrower, during the period commencing on
      the
      date all conditions precedent set forth in Subsections
      7.1
      and
7.2
      are
      satisfied or waived and ending on the Business Day immediately preceding the
      Revolving Loan Expiration Date, Swingline Loans; provided,
      that
      the aggregate principal amount of all Swingline Loans outstanding may not exceed
      the Swingline Loan Commitment and provided,
      further,
      that
      the Swingline Lender shall not be required at any time to lend more than the
      Revolving Loan Commitment less
      the sum
      of (i) the outstanding Letter of Credit Liability and (ii) the aggregate
      principal amount of the Revolving Loans and Swingline Loans then outstanding.
      Within the limits of the Swingline Loan Commitment and this Subsection
      1.1(D)
      and
      Subsections 1.6,
      1.7
      and
1.8,
      amounts
      borrowed under this Subsection
      1.1(D)
      may be
      prepaid and reborrowed at any time prior to the Revolving Loan Expiration
      Date.

    
       

      
        
           

        

        
          -2-

          
            

          

        

        
          
            Second
              Amended and Restated Credit Agreement/SureWest
              Communications

          

        

      

       

    

    (E) Letters
      of Credit.
      The
      Revolving Loan Commitment may, in addition to advances as Revolving Loans,
      be
      utilized, upon the request of Borrower, for the issuance of irrevocable letters
      of credit (individually, a “Letter
      of Credit”
and,
      collectively, the “Letters
      of Credit”)
      by
      Issuing Lender for the account of Borrower or any of its Subsidiaries.
      Immediately upon the issuance by Issuing Lender of a Letter of Credit, and
      without further action on the part of Administrative Agent or any Lender with
      a
      Pro Rata Share of the Revolving Loan Commitment, each such Lender shall be
      deemed to have purchased from Issuing Lender a participation in such Letter
      of
      Credit equal to such Lender’s Pro Rata Share of the Revolving Loan Commitment of
      the aggregate amount available to be drawn under such Letter of Credit. Each
      Letter of Credit shall reduce the amount available under the Revolving Loan
      Commitment by the maximum amount capable of being drawn under such Letter of
      Credit.

     

    (1) Maximum
      Amount.
      The
      aggregate amount of Letter of Credit Liability with respect to all Letters
      of
      Credit outstanding at any time for the account of Borrower or any of its
      Subsidiaries may not exceed $25,000,000, and the aggregate amount of Letter
      of
      Credit Liability with respect to all Letters of Credit outstanding for the
      account of Borrower or any of its Subsidiaries plus
      the
      aggregate principal amount of Revolving Loans and Swingline Loans outstanding
      at
      any time may not exceed the Revolving Loan Commitment.

     

    (2) Reimbursement.
      Borrower is irrevocably and unconditionally obligated without presentment,
      demand, protest or other formalities of any kind to reimburse Issuing Lender
      in
      immediately available funds for any amounts paid by Issuing Lender with respect
      to a Letter of Credit issued hereunder for the account of Borrower or any of
      its
      Subsidiaries. Borrower hereby authorizes and directs Administrative Agent,
      at
      Administrative Agent’s option, to make a Revolving Loan in the amount of any
      payment made by Issuing Lender with respect to any Letter of Credit issued
      for
      the account of Borrower or any of its Subsidiaries. If the Letter of Credit
      is
      payable in a foreign currency, the amount owed by Borrower in connection with
      such Letter of Credit shall equal an amount in United States Dollars equivalent
      to Issuing Lender’s actual cost of settling its obligation under such Letter of
      Credit in such foreign currency. All amounts paid by Issuing Lender with respect
      to any Letter of Credit that are not immediately repaid by Borrower or that
      are
      not repaid with a Revolving Loan shall bear interest at the sum of the Base
      Rate
plus
      the Base
      Rate Margin applicable from time to time as provided in Subsection
      1.2(B).
      Each
      Lender agrees to fund its Pro Rata Share of any Revolving Loan made pursuant
      to
      this Subsection
      1.1(E)(2).
      In the
      event Administrative Agent elects not to debit Borrower's account and Borrower
      fails to reimburse Issuing Lender in full on the date of any payment in respect
      of a Letter of Credit issued for the account of Borrower or any of its
      Subsidiaries, Administrative Agent shall promptly notify each Lender the amount
      of such unreimbursed payment and the accrued interest thereon and each such
      Lender, on the next Business Day, shall deliver to Administrative Agent an
      amount equal to its Pro Rata Share thereof in same day funds. Each Lender hereby
      absolutely and unconditionally agrees to pay to Issuing Lender upon demand
      by
      Issuing Lender such Lender's Pro Rata Share of each payment made by Issuing
      Lender in respect of a Letter of Credit and not immediately reimbursed by
      Borrower. Each Lender acknowledges and agrees that its obligations to acquire
      participations pursuant to this Subsection
      1.1(E)(2)
      in
      respect of Letters of Credit and to make the payments to Issuing Lender required
      by the preceding sentence are absolute and unconditional and shall not be
      affected by any circumstance whatsoever, including, without limitation, the
      occurrence and continuance of a Default or an Event of Default or any failure
      by
      Borrower to satisfy any of the conditions set forth in Subsection
      7.2.
      If any
      Lender fails to make available to Issuing Lender the amount of such Lender's
      Pro
      Rata Share of any payments made by Issuing Lender in respect of a Letter of
      Credit as provided in this Subsection
      1.1(E)(2),
      Issuing
      Lender shall be entitled to recover such amount on demand from such Lender
      together with interest at the Base Rate. 

    
       

      
        
           

        

        
          -3-

          
            

          

        

        
          
            Second
              Amended and Restated Credit Agreement/SureWest
              Communications

          

        

      

       

    

    (3) Conditions
      of Issuance of Letters of Credit.
      In
      addition to all other terms and conditions set forth in this Agreement, the
      issuance by the Issuing Lender of any Letter of Credit shall be subject to
      the
      conditions precedent that the Letter of Credit shall support a transaction
      entered into in the ordinary course of Borrower’s or any of its Subsidiaries’
businesses, shall be in an amount equal to or greater than $50,000 and shall
      be
      in such form and contain such terms and conditions as are reasonably
      satisfactory to the Administrative Agent and the Issuing Lender. The expiration
      date of each Letter of Credit must be on a date which is the earlier of one
      year
      from its date of issuance or the 30th day before the date set forth in
      clause (iii) of the definition of the term Revolving Loan Expiration Date,
      or such other date as agreed to by both Administrative Agent and Issuing Lender,
      in their sole discretion.

     

    (4) Request
      for Letters of Credit.
      Borrower must give Administrative Agent and Issuing Lender at least three
      Business Days’ prior written notice specifying the date a Letter of Credit is
      requested to be issued and the amount and the currency in which such Letter
      of
      Credit is payable, identifying the beneficiary and describing the nature of
      the
      transactions proposed to be supported thereby. Any notice requesting the
      issuance of a Letter of Credit shall be accompanied by the form of the Letter
      of
      Credit to be provided by Issuing Lender. Borrower must also complete any
      application procedures and documents required by Issuing Lender in connection
      with the issuance of any Letter of Credit, including a certificate regarding
      Borrower’s compliance with the provisions of Subsection
      7.2
      of this
      Agreement.

     

    (5) Borrower
      Obligations Absolute.
      The
      obligations of Borrower under this Subsection 1.1(E)
      are
      irrevocable, will remain in full force and effect until Issuing Lender and
      the
      Lenders have no further obligations to make any payments or disbursements under
      any circumstances with respect to any Letter of Credit, shall be absolute and
      unconditional, shall not be subject to counterclaim, setoff or other defense
      or
      any other qualification or exception whatsoever and shall be paid in accordance
      with the terms and conditions of this Agreement under all circumstances,
      including, without limitation, any of the following circumstances:

     

    (a) Any
      lack
      of validity or enforceability of this Agreement, any of the other Loan Documents
      or any documents or instruments relating to any Letter of Credit;

     

    (b) Any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the obligations in respect of any Letter of Credit or any other
      amendment, modification or waiver of or any consent to or departure from any
      Letter of Credit, any documents or instruments relating thereto, or any Loan
      Document in each case whether or not Borrower or its Subsidiaries has notice
      or
      knowledge thereof;

    
       

      
        
           

        

        
          -4-

          
            

          

        

        
          
            Second
              Amended and Restated Credit Agreement/SureWest
              Communications

          

        

      

       

    

    (c) The
      existence of any claim, setoff, defense or other right that Borrower or its
      Subsidiaries may have at any time against a beneficiary named in a Letter of
      Credit, any transferee of any Letter of Credit (or any Person for whom any
      such
      transferee may be acting), Administrative Agent, Issuing Lender, any Lender
      or
      any other Person, whether in connection with this Agreement, any other Loan
      Document, any Letter of Credit, the transactions contemplated hereby or any
      other related or unrelated transaction or transactions (including any underlying
      transaction between Borrower or its Subsidiaries and the beneficiary named
      in
      any such Letter of Credit);

     

    (d) Any
      draft, certificate or any other document presented under any Letter of Credit
      proving to be forged, fraudulent, invalid or insufficient in any respect or
      any
      statement therein being untrue or inaccurate in any respect, any errors,
      omissions, interruptions or delays in transmission or delivery of any messages,
      by mail, telecopier or otherwise, or any errors in translation or in
      interpretation of technical terms;

     

    (e) Payment
      under any Letter of Credit against presentation of a demand, draft or
      certificate or other document which does not comply with the terms of such
      Letter of Credit;

     

    (f) Any
      defense based upon the failure of any drawing under any Letter of Credit to
      conform to the terms of such Letter of Credit (provided
      that any
      draft, certificate or other document presented pursuant to such Letter of Credit
      appears on its face to comply with the terms thereof), any nonapplication or
      misapplication by the beneficiary or any transferee of the proceeds of such
      drawing or any other act or omission of such beneficiary or transferee in
      connection with such Letter of Credit;

     

    (g) The
      exchange, release, surrender or impairment of any collateral or other security
      for the obligations;

     

    (h) The
      occurrence of any Default or Event of Default; or

     

    (i) Any
      other
      circumstance or event whatsoever, including, without limitation, any other
      circumstance that might otherwise constitute a defense available to, or a
      discharge of, Borrower or any Subsidiary.

     

    Any
      action taken or omitted to be taken by the Issuing Lender under or in connection
      with any Letter of Credit, if taken or omitted in the absence of negligence
      or
      willful misconduct, is binding upon Borrower and its Subsidiaries and shall
      not
      create or result in any liability of the Issuing Lender to Borrower or any
      of
      its Subsidiaries. It is expressly agreed that, for purposes of determining
      whether a wrongful payment under a Letter of Credit resulted from the Issuing
      Lender’s negligence or willful misconduct, none of the following shall be deemed
      to constitute negligence or willful misconduct by the Issuing Lender: (i) 
Issuing Lender’s acceptance of documents that appear on their face to comply
      with the terms of such Letter of Credit, without responsibility for further
      investigation, (ii)  Issuing Lender’s exclusive reliance on the documents
      presented to it under such Letter of Credit as to any and all matters set forth
      therein, including the amount of any draft presented under such Letter of
      Credit, whether or not the amount due to the beneficiary thereunder equals
      the
      amount of such draft and whether or not any document presented pursuant to
      such
      Letter of Credit proves to be insufficient in any respect (so long as such
      document appears on its face to comply with the terms of such Letter of Credit),
      and whether or not any other statement or any other document presented pursuant
      to such Letter of Credit proves to be forged or invalid or any statement therein
      proves to be inaccurate or untrue in any respect whatsoever, and (iii) any
      noncompliance in any immaterial respect of the documents presented under such
      Letter of Credit with the terms thereof.

    
       

      
        
           

        

        
          -5-

          
            

          

        

        
          
            Second
              Amended and Restated Credit Agreement/SureWest
              Communications

          

        

      

       

    

    (6) Obligations
      of Issuing Lender.
      Issuing
      Lender (if other than Administrative Agent) hereby agrees that it will not
      issue
      a Letter of Credit hereunder until it has provided Administrative Agent with
      written notice specifying the amount and intended issuance date of such Letter
      of Credit and Administrative Agent has returned a written acknowledgment of
      such
      notice to Issuing Lender. Issuing Lender (if other than Administrative Agent)
      further agrees to provide to Administrative Agent: (i) a copy of each Letter
      of
      Credit issued by Issuing Lender promptly after its issuance; (ii) a monthly
      report summarizing available amounts under Letters of Credit issued by Issuing
      Lender, the dates and amounts of any draws under such Letters of Credit, the
      effective date of any increase or decrease in the face amount of any Letters
      of
      Credit during such month and the amount of any unreimbursed draws under such
      Letters of Credit; and (iii) such additional information reasonably requested
      by
      Administrative Agent from time to time with respect to the Letters of Credit
      issued by Issuing Lender.

     

    (7) ISP. Unless
      otherwise expressly agreed by Issuing Lender and the Borrower when a Letter
      of
      Credit is issued, the rules of the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such
      later version thereof as may be in effect at the time of issuance)
      (“ISP”)
      shall
      apply to each Letter of Credit.

     

    (8) Evergreen
      Letters of Credit.
      If
      Borrower so requests in any applicable Letter of Credit application, the Issuing
      Lender agrees to issue a Letter of Credit that has automatic renewal provisions
      (each, an “Evergreen
      Letter of Credit”);
      provided that any such Evergreen Letter of Credit must permit the Issuing Lender
      to prevent any such renewal at least once in each twelve-month period
      (commencing with the date of issuance of such Letter of Credit) by giving prior
      notice to the beneficiary thereof not later than a day (the “Nonrenewal
      Notice Date”)
      in
      each such twelve-month period to be agreed upon at the time such Letter of
      Credit is issued. Unless otherwise directed by the Issuing Lender, Borrower
      shall not be required to make a specific request to the Issuing Lender for
      any
      such renewal. Notwithstanding anything to the contrary contained herein, the
      Issuing Lender shall have no obligation to permit the renewal of any Evergreen
      Letter of Credit at any time.

     

    (F) Notes.
      Borrower shall execute and deliver to each requesting Lender a Revolving Note,
      a
      Term Loan A Note, a Term Loan B Note and a Swingline Note, each dated the
      Amendment Date, in the principal amount of such Lender’s Pro Rata Share of the
      Revolving Loan Commitment, the Term Loan A Commitment, the Term Loan B
      Commitment and the Swingline Loan Commitment, respectively.

     

    (G) Loans.
      Loans
      will be made available by wire transfer of immediately available funds. Wire
      transfers will be made to such account or accounts as may be authorized by
      Borrower.

    
       

      
        
           

        

        
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    1.2. Interest.

     

    (A) Interest
      Options.
      From
      the date each Loan is made, based upon Borrower’s election at such time and from
      time to time thereafter (as provided in Subsection 1.3
      and
      subject to the conditions set forth in such Subsection
      1.3
      and
Subsection 1.2
      (C)),
      each
      Loan shall accrue interest as follows:

     

    (1) as
      a
      portion of the Base Rate Loan, at the sum of the Base Rate plus
      the Base
      Rate Margin applicable from time to time as provided in Subsection 1.2(B);
      or

     

    (2) as
      a
      LIBOR Loan, for the applicable Interest Period, at the sum of LIBOR plus
      the
      LIBOR Margin applicable from time to time as provided in Subsection 1.2(B);

    

    provided,
      further,
      that
      for each Swingline Loan, such Swingline Loan shall accrue interest at the sum
      of
      the Overnight LIBOR Rate applicable from time to time plus
      the
      LIBOR Margin applicable from time to time as provided in Subsection 1.2(B);
      and
provided,
      further,
      that
      $40,000,000 of the principal amount of the Term Loan A (the “Fixed
      Rate Loan”)
      shall
      be subject to a fixed rate of 6.2860% for the period from and including the
      Amendment Date through and including May 31, 2011 (the “Fixed
      Rate Period”).

     

    Except
      as
      otherwise provided in Subsections
      1.2(E)
      and
6.6,
      interest on all Obligations (other than the interest payments required pursuant
      to this Subsection
      1.2(A))
      not
      paid when due will accrue interest at the Base Rate plus
      0.75%
      per annum.

     

    (B) Applicable
      Margins.
      Initially, and continuing through the day immediately preceding the first
      Adjustment Date, the applicable Base Rate Margin and LIBOR Margin shall be
      0.75%
      and
      1.75% per annum, respectively. Commencing on such Adjustment Date, the
      applicable Base Rate Margin and LIBOR Margin shall be for each Calculation
      Period the applicable per annum percentage set forth in the pricing table below
      opposite the applicable Leverage Ratio of Borrower; provided,
      that at
      the election of Requisite Lenders, effective upon the occurrence of an Event
      of
      Default pursuant to Subsection
      6.1(A)
      or
Subsection
      6.1(C)
      with
      respect to failure to comply with a financial covenant in Section
      4
      and for
      so long as it continues the applicable Base Rate Margin and LIBOR Margin shall
      be 0.75% and 1.75% per annum, respectively.

    
       

      
        
           

        

        
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    TERM
      LOAN A, TERM LOAN B AND REVOLVING LOAN PRICING TABLE

    

    
      	
              Leverage Ratio

            	
              Base
                Rate Margin

            	
              LIBOR
                Margin

            
	
              ≥
                3.00:1

            	
              0.75%

            	
              1.75%

            
	
              ≥
                2.00:1 < 3.00:1

            	
              0.50%

            	
              1.50%

            
	
              ≥
                1.00:1< 2.00:1

            	
              0.25%

            	
              1.25%

            
	
              <
                1.00:1

            	
              0.00%

            	
              1.00%

            

    

    

    ;
      provided,
      that
      with
      respect to Term Loan B outstanding on and after May 13, 2008, the applicable
      Base Rate Margin and LIBOR Margin shall be the Base Rate Margin and LIBOR Margin
      set forth in the pricing table above plus
      an
      additional 0.25%;
      provided,
      further,
      that
      unless the outstanding principal amount of the Term Loan B has been reduced
      to
      $30,000,000 or less from the proceeds of the Wireless Sale on or before May
      31,
      2008, then with respect to Term Loan B outstanding on and after such date the
      applicable Base Rate Margin and LIBOR Margin shall be the Base Rate Margin
      and
      LIBOR Margin set forth in the pricing table above plus
      an
      additional 3.00%; and provided,
      further,
      that if
      the outstanding principal amount of the Term Loan B has been reduced to
      $30,000,000 or less from the proceeds of the Wireless Sale on or before May
      31,
      2008, then with respect to Term Loan B outstanding on and after August 12,
      2008,
      the applicable Base Rate Margin and LIBOR Margin shall be the Base Rate Margin
      and LIBOR Margin set forth in the pricing table above plus
      an
      additional 0.75%.

     

    (C) Interest
      Periods.
      Each
      LIBOR Loan may be obtained for a one, two, three, six, nine or 12 month period
      (each such period being an “Interest
      Period”).
      With
      respect to all LIBOR Loans:

     

    (1) the
      Interest Period will commence on the date that any LIBOR Loan is made or the
      date on which any portion of the Base Rate Loan is converted into a LIBOR Loan,
      or, in the case of immediately successive Interest Periods, each successive
      Interest Period shall commence on the day on which the immediately preceding
      Interest Period expires;

     

    (2) if
      the
      Interest Period would otherwise expire on a day that is not a Business Day,
      then
      it will expire on the next Business Day, provided,
      that if
      any Interest Period would otherwise expire on a day that is not a Business
      Day
      and such day is a day of a calendar month after which no further Business Day
      occurs in such month, such Interest Period shall expire on the Business Day
      next
      preceding such day;

     

    (3) any
      Interest Period that begins on the last Business Day of a calendar month or
      on a
      day for which there is no numerically corresponding day in the last calendar
      month in such Interest Period shall end on the last Business Day of the last
      calendar month in such Interest Period; and

    
       

      
        
           

        

        
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    (4) no
      Interest Period shall be selected for any LIBOR Loan if, in order to make
      repayments required pursuant to Subsection
      1.6
      in
      connection with scheduled installments on either Term Loan or scheduled
      reductions of the Revolving Loan Commitment pursuant to Subsection
      1.6,
      repayment of all or any portion of a Loan prior to the expiration of such
      Interest Period would be necessary.

     

    (D) Calculation
      and Payment.
      Interest on all Loans and all other Obligations and the amount of any fees
      set
      forth in Subsection 1.4
      shall
      be
      calculated on the basis of a 360-day year (of twelve 30-day months) for the
      actual number of days elapsed. The date of funding or conversion to the Base
      Rate Loan or a Swingline Loan and the first day of an Interest Period with
      respect to a LIBOR Loan shall be included in the calculation of interest. The
      date of payment of any Loan, the last day of an Interest Period with respect
      to
      a LIBOR Loan and the last day of the Fixed Rate Period shall be excluded from
      the calculation of interest; provided,
      if a
      Loan is repaid on the same day that it is made, one day’s interest shall be
      charged.

     

    Interest
      accruing on each Base Rate Loan and Swingline Loan and on the Fixed Rate Loan
      is
      payable in arrears on each of the following dates or events: (i) the last day
      of
      each calendar quarter, (ii) the prepayment of such Loan (or portion thereof)
      and
      (iii) the Term Loan A Maturity Date, the Term Loan B Maturity Date or the
      Revolving Loan Expiration Date, as applicable, whether by acceleration or
      otherwise. Interest accruing on each LIBOR Loan is payable in arrears on each
      of
      the following dates or events: (i) the last day of each applicable Interest
      Period, (ii) if the Interest Period is longer than three months, on each
      three-month anniversary of the commencement date of such Interest Period, (iii)
      the prepayment of such Loan (or portion thereof) and (iv) the Term Loan A
      Maturity Date, the Term Loan B Maturity Date or the Revolving Loan Expiration
      Date, as applicable, whether by acceleration or otherwise.

     

    Interest
      accruing pursuant to Subsection
      1.2(E)
      is
      payable on demand.

     

    (E) Default
      Rate of Interest.
      At the
      election of Requisite Lenders, after the occurrence of an Event of Default
      pursuant to Subsection
      6.1(A)
      or
Subsection
      6.1(C)
      with
      respect to failure to comply with a financial covenant in Section
      4
      and for
      so long as it continues, all Loans and other Obligations shall bear interest
      at
      rates that are 2.00% in excess of the rates otherwise in effect, including,
      without limitation, rates in effect pursuant to the proviso in the second
      sentence of Subsection
      1.2(B),
      with
      respect to such Loans and other Obligations.

     

    (F) Excess
      Interest.
      Notwithstanding anything to the contrary set forth herein, the aggregate
      interest, fees and other amounts required to be paid by Borrower to Lenders
      or
      any Lender hereunder are hereby expressly limited so that in no contingency
      or
      event whatsoever, whether by reason of acceleration of maturity of the
      Indebtedness evidenced hereby or otherwise, shall the amount paid or agreed
      to
      be paid to Lenders or any Lender for the use or the forbearance of the
      Indebtedness or Obligations evidenced hereby exceed the maximum permissible
      under Applicable Law. If under or from any circumstances whatsoever, fulfillment
      of any provision hereof or of any of the other Loan Documents at the time of
      performance of such provision shall be due, shall involve exceeding the limit
      of
      such as is validity prescribed by Applicable Law then the obligation to be
      fulfilled shall automatically be reduced to the limit of such validity and
      if
      under or from any circumstances whatsoever Lenders or any Lender should ever
      receive as interest any amount which would exceed the highest lawful rate,
      the
      amount of such interest that is excessive shall be applied to the reduction
      of
      the principal balance of the Obligations evidenced hereby and not to the payment
      of interest. Additionally, should the method used for calculating interest
      (i.e., using a 360-day year) be unlawful, such calculation method shall be
      automatically changed to a 365-6-day year or such other lawful calculation
      method as is reasonably acceptable to Administrative Agent. This provision
      shall
      control every other provision of this Agreement and all provisions of every
      other Loan Document.

    
       

      
        
           

        

        
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    (G) Selection,
      Conversion or Continuation of Loans; LIBOR Availability.
      Borrower shall have the option to (i) select all or any part of a new borrowing
      to be (a) a portion of the Base Rate Loan in a principal amount equal to
      $100,000 or any whole multiple of $5,000 in excess thereof, (b) a LIBOR Loan
      in
      a principal amount equal to $500,000 or any whole multiple of $100,000 in excess
      thereof or (c) a Swingline Loan in a principal amount equal to $50,000 or any
      whole multiple of $5,000 in excess thereof, (ii) convert at any time all or
      any portion of the Base Rate Loan or of the Fixed Rate Loan in a principal
      amount equal to $500,000 or any whole multiple of $100,000 in excess thereof
      into a LIBOR Loan, and (iii) upon the expiration of its Interest Period,
      continue any LIBOR Loan in a principal amount equal to $500,000 or any whole
      multiple of $100,000 in excess thereof into one or more LIBOR Loans for such
      new
      Interest Period(s) as selected by Borrower. During any period in which any
      Event
      of Default is continuing, as the Interest Periods for LIBOR Loans then in effect
      expire, such Loans shall be converted into the Base Rate Loan and the LIBOR
      option will not be available to Borrower until all Events of Default are cured
      or waived. Each LIBOR Loan must be made under a single Facility. In the event
      Borrower fails to elect a LIBOR Loan upon any advance hereunder or upon the
      termination of any Interest Period or of the Fixed Rate Period, Borrower shall
      be deemed to have elected to have such amount constitute a portion of the Base
      Rate Loan. Notwithstanding the foregoing, there may be no more than a total
      of
      ten LIBOR Loans outstanding under the Facilities at any one time.

     

    1.3. Notice
      of Borrowing, Conversion or Continuation of Loans.

     

    Whenever
      Borrower desires to request a Loan pursuant to Subsection 1.1
      or to
      convert or continue Base Rate or LIBOR Loans pursuant to Subsection 1.2(G),
      Borrower shall give Administrative Agent irrevocable prior written notice in
      the
      form attached hereto as Exhibit
      1.3
      (a
“Notice
      of Borrowing/Conversion/Continuation”),
      (i)
      if requesting a borrowing of, conversion to or continuation of the Base Rate
      Loan (or any portion thereof), not later than 11:00 a.m. (Denver, Colorado
      time), one Business Day before the proposed borrowing, conversion or
      continuation is to be effective, (ii) if requesting a borrowing of a Swingline
      Loan, not later than 2:00 p.m. (Denver, Colorado time) on the date the proposed
      borrowing is to be effective or (iii) if requesting a borrowing of, a conversion
      to or a continuation of a LIBOR Loan, not later than 11:00 a.m. (Denver,
      Colorado time), three Banking Days before the proposed borrowing, conversion
      or
      continuation is to be effective. Each Notice of
      Borrowing/Conversion/Continuation shall specify (a) the Loan (or portion
      thereof) to be converted or continued and, with respect to any LIBOR Loan to
      be
      converted or continued, the last day of the current Interest Period therefore,
      (b) the effective date of such borrowing, conversion or continuation (which
      shall be a Business Day, and in the case of a LIBOR Loan, also a Banking Day),
      (c) the principal amount of such Loan to be borrowed, converted or
      continued, (d) the Interest Period to be applicable to any new LIBOR Loan,
      and
      (e) the Facility under which such borrowing, conversion or continuation is
      to be made. Upon satisfaction of the notice requirement set forth in this
Subsection
      1.3,
      and the
      other applicable conditions set forth in this Agreement, Administrative Agent
      shall make the Loan, or requested conversion or continuation, on the requested
      effective date.

    
       

      
        
           

        

        
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    1.4. Fees
      and Expenses.

     

    (A) Commitment
      Fees.

     

    (1) Revolving
      Loan Commitment Fee.
      From
      the Amendment Date through the Revolving Loan Expiration Date, Borrower shall
      pay to Administrative Agent, for the benefit of all Lenders that are not
      Defaulting Lenders (based upon their respective Pro Rata Shares of the Revolving
      Loan Commitment) a fee in an amount equal to (i) the Revolving Loan Commitment
      less
      the sum
      of (a) the average daily outstanding balance of Revolving Loans plus
      (b) the average daily outstanding balance of Swingline Loans plus (c) the
      average daily outstanding Letter of Credit Liability, in each case during the
      preceding calendar quarter multiplied by
      0.375%
      per annum. Such fee is to be paid quarterly in arrears on the last day of each
      calendar quarter for such calendar quarter (or portion thereof),
      with
      the final such payment due on the Revolving Loan Expiration Date.

     

    (2) Term
      Loan A Commitment Fee.
      Borrower shall pay to Administrative Agent, for the benefit of all Lenders
      that
      are not Defaulting Lenders (based upon their respective Pro Rata Shares of
      the
      Term Loan A Commitment) a fee in an amount equal to the average daily
      unused portion of the Term Loan A Commitment during the Term Loan A Availability
      Period at the rate of 0.50% per annum.
      Such
      fee is to be paid quarterly in arrears on the last day of each calendar quarter
      for such calendar quarter (or portion thereof), with the final such payment
      due
      on the last day of the calendar quarter end immediately following the last
      day
      of the Term Loan A Availability Period.

     

    (B) Certain
      Other Fees.
      Borrower shall pay to Administrative Agent the fees specified in that certain
      letter agreement, dated February 6, 2008, from Administrative Agent to Borrower,
      in such amounts and at such times as specified in such letter
      agreement.

     

    (C) Breakage
      Fee.
      Upon
      any repayment or payment of a LIBOR Loan or the Fixed Rate Loan on any day
      that
      is not the last day of the Interest Period or the Fixed Rate Period applicable
      thereto (regardless of the source of such repayment or prepayment and whether
      voluntary, mandatory, by acceleration or otherwise), Borrower shall pay to
      Administrative Agent, for the benefit of all affected Lenders, an amount (the
      “Breakage
      Fee”)
      equal
      to the greater of (i) $300 or (ii) the sum of (a) present value of any losses,
      expenses and liabilities (including any loss (including interest paid but
      excluding the loss of any applicable margin) sustained by each such affected
      Lender in connection with the good faith re-employment of such funds) that
      any
      such affected Lender may sustain as a result of the payment of such LIBOR Loan
      or the Fixed Rate Loan on such day
      plus
      (b) in
      the case of the Fixed Rate Loan only, a per annum yield of 1⁄2 of 1 percent
      (0.50%) on the amount of the Fixed Rate Loan for the remaining Fixed Rate
      Period.

     

    (D) Expenses
      and Attorneys Fees.
      Borrower agrees to pay promptly all reasonable out-of-pocket fees, costs and
      expenses (including those of external attorneys) incurred by Administrative
      Agent and Lead Arranger in connection with any matters contemplated by or
      arising out of the Loan Documents. In addition to fees due under Subsections 1.4(A)
      and
(B),
      Borrower shall also reimburse on demand Administrative Agent for its
      out-of-pocket expenses (including reasonable attorneys’ fees and expenses and
      expenses) incurred in connection with the transactions contemplated herein.
      In
      addition to fees due under Subsections 1.4(A)
      and
(B),
      Borrower agrees to pay promptly (i) all reasonable fees, costs and expenses
      incurred by Administrative Agent in connection with any amendment, supplement,
      waiver or modification of any of the Loan Documents and (ii) all reasonable
      out-of-pocket fees, costs and expenses incurred by each of Administrative Agent
      and Lenders in connection with any Default or Event of Default and any
      enforcement of collection proceeding resulting therefrom or any workout or
      restructuring of any of the transactions hereunder or contemplated thereby
      or
      any action to enforce any Loan Document or to collect any payments due from
      Borrower. All fees, costs and expenses for which Borrower is responsible under
      this Subsection 1.4(D)
      shall be
      deemed part of the Obligations when incurred, payable upon demand and in
      accordance with the second paragraph of Subsection 1.5.

    
       

      
        
           

        

        
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    (E) Letter
      of Credit Fees.
      Borrower shall pay Administrative Agent for the account of all Lenders (other
      than Defaulting Lenders) committed to make Revolving Loans (based upon their
      respective Pro Rata Shares) an annual fee for each Letter of Credit from the
      date of issuance to the date of termination in an amount equal to the applicable
      LIBOR Margin multiplied by
      the face
      amount of such Letter of Credit. Such fee shall be payable to Administrative
      Agent for the benefit of all Lenders committed to make Revolving Loans (based
      upon their respective Pro Rata Shares). Such fee is to be paid quarterly in
      arrears on the last day of each calendar quarter and upon the termination of
      the
      Letter of Credit. With respect to each Letter of Credit, Borrower shall also
      pay
      Administrative Agent, for the benefit of Issuing Lender issuing such Letter
      of
      Credit an issuance fee equal to 0.125% of the face amount of such Letter of
      Credit, which amount shall be paid upon the date of issuance and, if the
      expiration date of such Letter of Credit is later than one year from its date
      of
      issuance, upon each anniversary of the date of issuance during the term of
      such
      Letter of Credit.

     

    1.5. Payments.
      All
      payments by Borrower of the Obligations shall be made in same day funds and
      delivered to Administrative Agent, for the benefit of Administrative Agent
      and
      Lenders, as applicable, by wire transfer to the following account or such other
      place as Administrative Agent may from time to time designate:

    

    CoBank,
      ACB

    Greenwood
      Village, Colorado

    ABA
      Number 3070-8875-4

    Account
      No. 00039293 (indicate whether a payment on

    Term
      Loan
      A Facility, Term Loan B Facility, Swingline Facility or the Revolving Loan
      Facility)

    Reference:
      CoBank for the benefit of SureWest Communications

     

    Borrower
      shall receive credit on the day of receipt for funds received by Administrative
      Agent by 11:00 a.m. (Denver, Colorado time) on any Business Day. Funds
      received on any Business Day after such time shall be deemed to have been paid
      on the next Business Day. Whenever any payment to be made hereunder shall be
      stated to be due on a day that is not a Business Day, the payment shall be
      due
      on the next succeeding Business Day and such extension of time shall be included
      in the computation of the amount of interest and fees due
      hereunder.

    
       

      
        
           

        

        
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    At
      any
      time that funds have been drawn thereunder, Borrower authorizes Lenders to
      make
      (but the Lenders shall not be obligated to make) a Loan constituting a portion
      of the Base Rate Loan under the Revolving Loan Facility, on the basis of their
      respective Pro Rata Shares of the Revolving Loan Commitment, for Letter of
      Credit Liability payments. Following an Event of Default, Borrower authorizes
      Lenders to make (but the Lenders shall not be obligated to make) a Loan
      constituting a portion of the Base Rate Loan under the Revolving Loan Facility
      for the payment of interest, commitment fees and Breakage Fees. Prior to an
      Event of Default, other fees, costs and expenses (including those of attorneys)
      reimbursable pursuant to Subsections
      1.4(A),
      1.4(B),
      1.4(D)
      and
      1.4(E)
      or
      elsewhere in any Loan Document may be debited to the Base Rate Loan under the
      Revolving Loan Facility after 15 days’ notice. After the occurrence of an Event
      of Default, any such other fees, costs and expenses may be debited to the Base
      Rate Loan under the Revolving Loan Facility without notice.

     

    To
      the
      extent Borrower makes a payment or payments to Administrative Agent for the
      ratable benefit of Lenders or for the benefit of Administrative Agent in its
      individual capacity, which payments or any part thereof are subsequently
      invalidated, declared to be fraudulent or preferential, set aside and/or
      required to be repaid to a trustee, receiver or any other party under any
      bankruptcy law, state or federal law, common law or equitable cause, then,
      to
      the extent of such payment or proceeds repaid, the Obligations or part thereof
      intended to be satisfied shall be revived and continued in full force and effect
      as if such payment or proceeds had not been received by Administrative
      Agent.

     

    Each
      payment received by Administrative Agent under this Agreement or any Note for
      the account of any Lender shall be remitted by Administrative Agent to such
      Lender promptly after Administrative Agent’s receipt thereof, and such
      remittance shall be made in immediately available funds for the account of
      such
      Lender for the Loans or other obligation in respect of which such payment is
      made.

     

    1.6. Repayments
      and Reduction of Term Loan Commitments and Revolving Loan Commitment and Related
      Mandatory Repayments.

     

    (A) Scheduled
      Repayments and Reductions of Term Loan Commitments, Revolving Loan Commitment
      and Swingline Loan Commitment.

     

    (1) Term
      Loans.
      In
      addition to any prepayments or repayments made or required pursuant to
Subsection
      1.7,
      the
      outstanding principal balance of Term Loan A and Term Loan B not sooner due
      and
      payable shall become due and payable on the Term Loan A Maturity Date and Term
      Loan B Maturity Date, respectively.

     

    (2) Revolving
      Loan Commitment and Swingline Loan Commitment.
      In
      addition to any reductions pursuant to Subsection
      1.6(B),
      the
      Revolving Loan Commitment and the Swingline Loan Commitment shall be permanently
      reduced and terminated in full on the Revolving Loan Expiration Date, and any
      outstanding principal balance of the Revolving Loans and the Swingline Loans
      not
      sooner due and payable will become due and payable on the Revolving Loan
      Expiration Date.

    
       

      
        
           

        

        
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    (B) Voluntary
      Reduction of Loan Commitments.
      Borrower shall have the right, upon at least three Business Days’ notice to
      Administrative Agent, to permanently reduce the then unused portion of the
      Revolving Loan Commitment or the Swingline Loan Commitment. Each reduction
      shall
      be in a minimum amount of at least $1,000,000, or any whole multiple of $250,000
      in excess thereof, and shall be applied as to each Lender based upon its Pro
      Rata Share. Notwithstanding the foregoing, no reduction of the Revolving Loan
      Commitment shall be permitted if, after giving effect thereto and to any
      prepayment made therewith, the aggregate principal balance of the Revolving
      Loans and the Swingline Loans then outstanding plus the amount of the Letter
      of
      Credit Liability then outstanding, would exceed the Revolving Loan Commitment,
      as so reduced. Notwithstanding the foregoing, no reduction of the Swingline
      Loan
      Commitment shall be permitted if, after giving effect thereto and to any
      prepayment made therewith, the aggregate principal balance of the Swingline
      Loans then outstanding would exceed the Swingline Loan Commitment, as applicable
      as so reduced.

     

    (C) Mandatory
      Repayments.
      On the
      date of any Revolving Loan Commitment reduction provided for in this
Subsection
      1.6,
      Borrower shall repay Revolving Loans and the Swingline Loans or reduce the
      Letter of Credit Liability pursuant to Subsection
      1.18
      in an
      amount at least sufficient to reduce the aggregate principal balance of
      Revolving Loans and the Swingline Loans then outstanding plus
      the
      amount of the Letter of Credit Liability then outstanding to the amount of
      the
      Revolving Loan Commitment as so reduced. If at any time the aggregate
      outstanding amount of Revolving Loans and the Swingline Loans plus
      the
      amount of the Letter of Credit Liability then outstanding exceeds the Revolving
      Loan Commitment, Borrower shall repay Revolving Loans and Swingline Loans or
      reduce the Letter of Credit Liability pursuant to Subsection
      1.18
      in an
      amount at least sufficient to reduce the aggregate principal balance of
      Revolving Loans and Swingline Loans then outstanding plus
      the
      amount of the Letter of Credit Liability then outstanding to the amount of
      the
      Revolving Loan Commitment, and until such repayment is made, Lenders shall
      not
      be obligated to make any Loans or issue any Letters of Credit. Any repayments
      pursuant to this Subsection
      1.6(C)
      shall be
      applied in accordance with Subsection 1.8,
      and
      shall be accompanied by accrued interest on the amount repaid and any applicable
      Breakage Fees. If at any time the aggregate outstanding amount of the Swingline
      Loans outstanding exceeds the Swingline Loan Commitment, Borrower shall repay
      Swingline Loans in an amount at least sufficient to reduce the aggregate
      principal balance of Swingline Loans then outstanding to the amount of the
      Swingline Loan Commitment, and until such repayment is made, Administrative
      Agent shall not be obligated to make any Loans or issue any Letters of Credit.
      Any repayments pursuant to this Subsection
      1.6(C)
      shall be
      applied in accordance with Subsection 1.8,
      and
      shall be accompanied by accrued interest on the amount repaid and any applicable
      Breakage Fees.

     

    1.7. Voluntary
      Prepayments and Other Mandatory Repayments. 

     

    (A) Voluntary
      Prepayment of Loans.
      Subject
      to the provisions of Subsection
      1.8,
      at any
      time, Borrower may prepay the Base Rate Loan, in whole or in part, without
      penalty. Subject to the provisions of Subsection 1.8,
      payment
      of applicable Breakage Fees and the notice requirement in the following
      sentence, at any time Borrower may prepay any LIBOR Loan or the Fixed Rate
      Loan,
      in whole or in part. Notice of any prepayment of a LIBOR Loan or of the Fixed
      Rate Loan shall be given not later than 11:00 a.m. (Denver, Colorado time)
      on the third Business Day preceding the date of prepayment. All prepayment
      notices shall be irrevocable. All prepayments shall be accompanied by accrued
      interest on the amount prepaid and any applicable Breakage Fees.

    
       

      
        
           

        

        
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    (B) Repayments
      from Insurance Proceeds.
      Borrower shall repay the Term Loans in an amount equal to the Net Proceeds
      received by Borrower or any of its Subsidiaries which are insurance proceeds
      from any Asset Disposition to the extent that such proceeds are not reinvested
      in equipment or other assets that are used or useful in the business of Borrower
      or any of its Subsidiaries within 180 days of receipt by Borrower or such
      Subsidiary of such proceeds. All such repayments shall be applied in accordance
      with Subsection 1.8.
      All
      such repayments shall be accompanied by accrued interest on the amount repaid
      and any applicable Breakage Fees.

     

    (C) Repayments
      from Asset Dispositions.
      Promptly upon receipt by Borrower or any of its Subsidiaries of Net Proceeds
      of
      an Asset Disposition, other than insurance proceeds reinvested pursuant to
      Subsection
      1.7(B)
      or Net
      Proceeds of Asset Dispositions permitted pursuant to Subsection
      3.6,
      without
      the consent of Administrative Agent (unless pursuant to Subsection 3.6(vi)
      Borrower
      is required to apply such proceeds to the repayment of the Term Loans pursuant
      to this Subsection
      1.7(C)),
      Borrower shall repay the Term Loans in an amount equal to the Net Proceeds
      received by Borrower or any of its Subsidiaries; provided,
      however,
      the Net
      Proceeds of the Wireless Sale shall be used to reduce the outstanding principal
      amount of Term Loan B to $30,000,000, unless at the time of the receipt of
      such
      Net Proceeds the outstanding principal amount of Term Loan B has previously
      been
      reduced to $30,000,000 or less in which case such Net Proceeds shall be used
      solely to repay Term Loan B in full, and to the extent the Net Proceeds
      therefrom exceed the amount required to be applied to Term Loan B pursuant
      to
      this proviso, such Net Proceeds shall be not be required to be applied to repay
      Term Loan A. All such repayments shall be applied in accordance with
Subsection 1.8.
      All
      such repayments shall be accompanied by accrued interest on the amount repaid
      and any applicable Breakage Fees.

    

    1.8. Application
      of Prepayments and Repayments; Payment of Breakage Fees, Etc.
      All
prepayments
      and repayments made pursuant to Subsection
      1.7
      with
      respect to the Term Loans shall applied
      to the Term Loan A and then to the Term Loan B, with the exception of the
      application of the Net Proceeds of the Wireless Sale which shall be used solely
      to repay Term Loan B (as and to the extent expressly provided in Subsection
      1.7) but
      shall
      be not be required to be applied to repay Term Loan A. All other prepayments
      and
      repayments made pursuant to Subsections
      1.6 and
      1.7
      shall be
      applied as directed in writing by Borrower. All prepayment and repayments made
      pursuant to Subsections
      1.6
      and
1.7
      shall
      first be applied to such of the applicable type of Loans of a Facility as
      Borrower shall direct in writing and, in the absence of such direction, shall
      first be applied to the Base Rate Loan and then to such LIBOR Loans or the
      Fixed
      Rate Loan as Borrower and CoBank shall agree (in the absence of agreement,
      such
      prepayments and repayments shall be applied to the LIBOR Loans and the Fixed
      Rate Loan on which the lowest amount of Breakage Fees would be
      due).

     

    1.9. Loan
      Accounts.
      Administrative Agent will maintain loan account records for (i) all Loans,
      interest charges and payments thereof, (ii) all Letter of Credit Liability,
      (iii) the charging and payment of all fees, costs and expenses and (iv) all
      other debits and credits pursuant to this Agreement. Absent manifest error,
      the
      balance in the loan accounts shall be presumptive evidence of the amounts due
      and owing to Lenders, provided
      that any
      failure by Administrative Agent to maintain such records shall not limit or
      affect Borrower’s obligation to pay. During the continuance of an Event of
      Default, Borrower irrevocably waives the right to direct the application of
      any
      and all payments and Borrower hereby irrevocably agrees that Administrative
      Agent shall have the continuing exclusive right to apply and reapply payments
      in
      any manner it deems appropriate.

    
       

      
        
           

        

        
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    1.10. Changes
      in LIBOR Rate Availability.
      If with
      respect to any proposed Interest Period, Administrative Agent or any Lender
      (after consultation with Administrative Agent) determines that deposits in
      dollars (in the applicable amount) are not being offered in the relevant market
      for such Interest Period, or Lenders having a Pro Rata Share of more than 50%
      under a Facility determine (and notify Administrative Agent) that the LIBOR
      Rate
      applicable pursuant to Subsection
      1.2(A)
      for any
      requested Interest Period with respect to a proposed LIBOR Loan under such
      Facility does not adequately and fairly reflect the cost to such Lenders of
      funding such Loan, Administrative Agent shall forthwith give notice thereof
      to
      Borrower and Lenders, whereupon and until such affected Lender or Lenders
      notifies Administrative Agent, and Administrative Agent notifies Borrower and
      the other Lenders that the circumstances giving rise to such situation no longer
      exist, the obligations of any affected Lender to make its portion of such type
      of LIBOR Loan shall be suspended and such affected Lender shall make its Pro
      Rata Share of such type of LIBOR Loans as a Base Rate Loan or such other type
      of
      Loan as permitted by Administrative Agent. Any Lender may, in its sole
      discretion, waive the benefits and provisions of this Subsection with respect
      to
      any proposed Interest Period.

     

    If
      the
      introduction of, or any change in, any Applicable Law or treaty or any change
      in
      the interpretation or administration thereof by any Governmental Authority,
      central bank, quasi-governmental entity or comparable agency charged with the
      interpretation or administration thereof or compliance by any Lender with any
      request or directive (whether or not having the force of law) of any such
      Governmental Authority, central bank, quasi-governmental agency or comparable
      agency (collectively, a “Change
      of Law”),
      shall
      make it unlawful or impossible for one or more Lenders to honor its obligations
      hereunder to make or maintain any LIBOR Loan, such Lender shall promptly give
      notice thereof to Administrative Agent, and Administrative Agent shall promptly
      give notice thereof to Borrower and all other Lenders. Thereafter, until such
      Lender or Lenders notifies Administrative Agent, and Administrative Agent
      notifies Borrower and the other Lenders that such circumstances no longer exist,
      (i) the obligations of such Lender or Lenders to make LIBOR Loans and the right
      of Borrower to convert any Loan of such Lender or Lenders to a LIBOR Loan or
      continue any Loan of such Lender or Lenders as a LIBOR Loan shall be suspended
      and (ii) if any Lender may not lawfully continue to maintain a LIBOR Loan to
      the
      end of the then current Interest Period applicable thereto, such Lender’s Loan
      shall immediately be converted to the Base Rate Loan.

     

    1.11. Capital
      Adequacy and Other Adjustments.

     

    (A) If
      any
      Change of Law would increase the reserve requirement or otherwise increase
      the
      cost to Administrative Agent of making or maintaining a LIBOR Loan, then
      Administrative Agent, on behalf of all affected Lenders, shall submit a
      certificate to Borrower setting forth the amount and demonstrating the
      calculation of such increased cost. Administrative Agent may seek recovery
      of
      such additional amounts from Borrower only to the extent it seeks recovery
      for
      such amounts from similarly situated borrowers. Borrower shall pay the amount
      of
      such increased cost to Administrative Agent for the benefit of the affected
      Lenders within 15 days after receipt of such certificate. Such certificate
      shall, absent manifest error, be final, conclusive and binding for all purposes.
      There is no limitation on the number of times such a certificate may be
      submitted.

    
       

      
        
           

        

        
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    (B) In
      the
      event that any Lender shall have determined that any Change of Law regarding
      capital adequacy, reserve requirements or similar requirements or compliance
      by
      any Lender or any entity controlling such Lender with any request or directive
      regarding capital adequacy, reserve requirements or similar requirements
      (whether or not having the force of law and whether or not failure to comply
      therewith would be unlawful) from any central bank or governmental agency or
      body having jurisdiction does or shall have the effect of increasing the amount
      of capital, reserves or other funds required to be maintained by such Lender
      or
      any entity controlling such Lender and thereby reducing the rate of return
      on
      such Lender’s or such entity’s capital as a consequence of its obligations
      hereunder, then Borrower shall from time to time within 15 days after notice
      and
      demand from such Lender (together with the certificate referred to in the next
      sentence and with a copy to Administrative Agent), pay to Administrative Agent,
      for the account of such Lender, additional amounts sufficient to compensate
      such
      Lender for such reduction. A Lender may seek recovery of such additional amounts
      from Borrower only to the extent it seeks recovery for such amounts from
      similarly situated borrowers. A certificate as to the amount of such cost and
      showing the basis of the computation of such cost submitted by such Lender
      to
      Borrower and Administrative Agent shall, absent manifest error, be final,
      conclusive and binding for all purposes. There shall be no limitation on the
      number of times such a certificate may be submitted.

     

    (C) Notwithstanding
      any other provision of this Agreement, Borrower shall not be obligated to pay
      any increased costs suffered or incurred by a Lender under this Subsection
      1.11
      more
      than 180 days prior to the date that such Lender obtained knowledge of the
      circumstances giving rise to such increased costs. Any Lender which becomes
      aware of (i) any Change of Law that will make it unlawful or impossible for
      such
      Lender to make or maintain any LIBOR Loan or (ii) any Change of Law or other
      event or condition that will obligate Borrower to pay any amount pursuant to
      this Subsection
      1.11
      shall
      notify Borrower and Administrative Agent thereof as promptly as practical.
      If
      any Lender has given notice of any such Change of Law or other event or
      condition and thereafter becomes aware that such Change of Law or other event
      or
      condition has ceased to exist, such Lender shall notify Borrower and
      Administrative Agent thereof as promptly as practical. Each Lender affected
      by
      any Change of Law which makes it unlawful or impossible for such Lender to
      make
      or maintain any LIBOR Loan or to which Borrower is obligated to pay any amount
      pursuant to this Subsection
      1.11
      shall
      use reasonable commercial efforts (including changing the jurisdiction of its
      applicable lending office) to avoid the effect of such Change of Law or to
      avoid
      or materially reduce any amounts which Borrower is obligated to pay pursuant
      to
      this Subsection
      1.11
      if, in
      the reasonable opinion of such Lender, such efforts would not be disadvantageous
      to such Lender or contrary to such Lender’s normal lending practices.

     

    1.12. Optional
      Prepayment/Replacement of Lender in Respect of Increased Costs.
      If (a)
      any Lender shall become a Defaulting Lender at any time, (b) any Lender shall
      suspend its obligation to make or maintain LIBOR Loans pursuant to Subsection
      1.11
      for a
      reason which is not applicable to any other Lender, or (c) any Lender shall
      demand any payment under Subsection
      1.11,
      1.13
      or
1.14
      for a
      reason which is not applicable to any other Lender, then, unless such Lender
      (an
“Affected
      Lender”)
      has
      theretofore taken steps to remove or cure, and has removed or cured, the
      conditions creating the cause for such obligation to pay such additional amounts
      or for such illegality or impossibility, Borrower may, at its option, notify
      Administrative Agent and such Affected Lender of its intention to do the
      following: Borrower may obtain, at Borrower’s expense, a replacement Lender
      (“Replacement
      Lender”)
      for
      such Affected Lender, which Replacement Lender shall be reasonably satisfactory
      to Administrative Agent. In the event Borrower obtains a Replacement Lender
      within 180 days following notice of its intention to do so, the Affected Lender
      shall sell and assign its Loans and its obligations under the Loan Commitments
      to such Replacement Lender at a price of par plus accrued interest and other
      amounts due to such Affected Lender, provided that Borrower has reimbursed
      such
      Affected Lender for its increased costs for which it is entitled to
      reimbursement under this Agreement through the date of such sale and
      assignment.

    
       

      
        
           

        

        
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    1.13. Taxes:
      No Deductions. 

     

    (A) No
      Deductions.
      Any and
      all payments or reimbursements made hereunder or under the Notes shall be made
      free and clear of and without deduction for any and all taxes, levies, imposts,
      deductions, charges or withholdings, and all liabilities with respect thereto,
      provided,
      however,
      that
      Borrower shall not be required to make any additional payment pursuant to this
      Subsection
      1.13 for
      or on
      account of (all of the following in clauses (i) and (ii), “Excluded
      Taxes”)
      (i)
      taxes, levies, imposts, deductions, charges or withholdings, and all liabilities
      with respect thereto (a) which are payable other than by withholding from
      payments or reimbursements made hereunder or under the Notes, (b) which are
      imposed on the payments to, or revenues, income or net income of, a Lender
      by
      its jurisdiction of incorporation or by the federal, state, local or foreign
      taxing authorities in the jurisdiction in which the principal place of business
      of such Lender is located or in which such Lender has or had a connection (other
      than a connection arising solely as a result of such Lender having executed,
      delivered or performed its obligations or received a payment under, or enforced,
      this Agreement or any other Loan Document), or by any jurisdiction or taxing
      authority thereof or therein or (c) which would not have been imposed but for
      the failure of the Lender to comply with certification, information or other
      reporting requirements concerning the nationality, residence, identity or
      connection with the United States of the Lender if such compliance is necessary
      by statute or by regulation of the United States Treasury Department as a
      precondition to relief or exemption from such taxes, levies, imposts,
      deductions, charges or withholdings, and all liabilities with respect thereto,
      or (ii) in the case of a Lender that is organized under the laws of a
      jurisdiction other than the United States (a “Foreign
      Lender”),
      any
      withholding tax that is imposed on amounts payable to such Foreign Lender at
      the
      time such Foreign Lender becomes a party hereto (or designates a new lending
      office), except to the extent that such Foreign Lender (or its assignor, if
      any)
      was entitled, at the time of designation of a new lending office (or
      assignment), to receive additional amounts from the Borrower with respect to
      such withholding tax pursuant to this Subsection
      1.13
      (all
      such non-excluded taxes, levies, imposts, deductions or withholdings, and all
      liabilities with respect thereto, collectively, “Tax
      Liabilities”).
      If
      Borrower shall be required by law to deduct any Tax Liabilities from or in
      respect of any sum payable hereunder to any Lender, then the sum payable
      hereunder shall be increased as may be necessary so that, after making all
      required deductions, such Lender receives an amount equal to the sum it would
      have received had no such deductions been made.

     

    (B) Foreign
      Lenders.
      Each
      Foreign Lender as to which payments made under this Agreement or under the
      Notes
      are exempt from withholding tax under the IRC or other applicable tax law or
      are
      subject to withholding tax at a reduced rate under an applicable statute or
      tax
      treaty shall provide to Borrower and Administrative Agent a properly completed
      and executed United States Internal Revenue Service Form W-8ECI or W-8BEN or
      other applicable form, certificate or document prescribed by the Internal
      Revenue Service of the United States or other taxing authority certifying as
      to
      such Foreign Lender’s entitlement to such exemption or reduced rate of
      withholding with respect to payments to be made to such Foreign Lender under
      this Agreement and under the Notes (a “Certificate
      of Exemption”).
       Prior to becoming a Lender under this Agreement and within 15 days after a
      reasonable written request of Borrower or Administrative Agent from time to
      time
      thereafter, each Foreign Lender that becomes a Lender under this Agreement
      shall
      provide a Certificate of Exemption to Borrower and Administrative Agent. In
      addition, any Lender, if requested by the Borrower or the Administrative Agent,
      shall deliver a properly completed United States Internal Revenue Service Form
      W-9 or other applicable form as will enable the Borrower or the Administrative
      Agent to determine whether or not such Lender is subject to backup withholding
      or information reporting requirements.

    
       

      
        
           

        

        
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    If
      a
      Foreign Lender is entitled to an exemption with respect to payments to be made
      to such Foreign Lender under this Agreement (or to a reduced rate of
      withholding) and does not provide a Certificate of Exemption to Borrower and
      Administrative Agent within the time periods set forth in the preceding
      paragraph, Borrower shall withhold taxes from payments to such Foreign Lender
      at
      the applicable statutory rates and Borrower shall not be required to pay any
      additional amounts as a result of such withholding, provided
      that all
      such withholding from subsequent payments shall cease or be reduced, as
      appropriate, upon delivery by such Foreign Lender of a Certificate of Exemption
      to Borrower and Administrative Agent.

     

    1.14. Changes
      in Tax Laws.
      In the
      event that, subsequent to the Closing Date, (i) any changes in any existing
      law,
      regulation, treaty or directive or in the interpretation or application thereof,
      (ii) any new law, regulation, treaty or directive enacted or any interpretation
      or application thereof, or (iii) compliance by Administrative Agent or any
      Lender with any request or directive (whether or not having the force of law)
      from any Governmental Authority:

     

    (a) does
      or
      shall subject any Lender to any tax of any kind whatsoever with respect to
      this
      Agreement, the other Loan Documents or any Loans made or any Letters of Credit
      issued hereunder, or change the basis of taxation of payments to such Lender
      of
      principal, fees, interest or any other amount payable hereunder (except Tax
      Liabilities covered by Subsection
      1.13
      and the
      imposition or, or any change in the rate of, any Excluded Tax payable by such
      Lender); or

     

    (b) does
      or
      shall impose on any Lender any other condition or increased cost in connection
      with the transactions contemplated hereby; 

     

    and
      the
      result of any of the foregoing is to increase the cost to such Lender of making
      or continuing any Loan or of issuing any Letters of Credit hereunder, or to
      reduce any amount receivable hereunder, then, in any such case, Borrower shall
      promptly pay to Administrative Agent (for the account of such Lender), upon
      its
      demand, any additional amounts necessary to compensate such Lender, on an
      after-tax basis, for such additional cost or reduced amount receivable, as
      determined by such Lender with respect to this Agreement or the other Loan
      Documents. If any Lender becomes entitled to claim any additional amounts
      pursuant to this Subsection
      1.14,
      it
      shall promptly notify Borrower (through Administrative Agent) of the event
      by
      reason of which such Lender has become so entitled. A certificate as to any
      additional amounts payable pursuant to the foregoing sentence submitted by
      a
      Lender to Borrower shall, absent manifest error, be final, conclusive and
      binding for all purposes. There is no limitation on the number of times such
      a
      certificate may be submitted.

    
       

      
        
           

        

        
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    1.15. Treatment
      of Certain Refunds.
      If
      Administrative Agent, a Lender or an Issuing Lender determines, in its sole
      discretion, that it has received a refund of any Taxes as to which it has been
      indemnified by Borrower or with respect to which Borrower has paid additional
      amounts pursuant to Subsection
      1.13
      or
1.14,
      it
      shall pay to Borrower an amount equal to such refund (but only to the extent
      of
      indemnity payments made, or additional amounts paid, by Borrower under
Subsection
      1.13
      or
1.14
      with
      respect to the Taxes giving rise to such refund), net of all out-of-pocket
      expenses of the Administrative Agent, such Lender or such Issuing Lender, as
      the
      case may be, and without interest (other than any interest paid by the relevant
      Governmental Authority with respect to such refund), provided that Borrower,
      upon the request of Administrative Agent, such Lender or such Issuing Lender,
      agrees to repay the amount paid over to Borrower (plus any penalties, interest
      or other charges imposed by the relevant Governmental Authority) to
      Administrative Agent, such Lender or such Issuing Lender in the event the
      Administrative Agent, such Lender or such Issuing Lender is required to repay
      such refund to such Governmental Authority. This Subsection
      1.15
      shall
      not be construed to require Administrative Agent, any Lender or any Issuing
      Lender to make available its tax returns (or any other information relating
      to
      its taxes that it deems confidential) to Borrower or any other
      Person.

     

    1.16. Mitigation
      Obligations.
      If any
      Lender requires Borrower to pay any additional amount to any Lender or any
      Governmental Authority for the account of any Lender pursuant to Subsection
      1.13 or
      1.14,
      then
      such Lender shall use reasonable efforts to designate a different lending office
      for funding or booking its Loans hereunder or to assign its rights and
      obligations hereunder to another of its offices, branches or affiliates, if,
      in
      the judgment of such Lender, such designation or assignment (i) would eliminate
      or reduce amounts payable pursuant to Subsection
      1.13
      or
1.14,
      as the
      case may be, in the future and (ii) would not subject such Lender to any
      unreimbursed cost or expense and would not otherwise be disadvantageous to
      such
      Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred
      by any Lender in connection with any such designation or
      assignment.

     

    1.17. Term
      of This Agreement.
      All of
      the Obligations shall become due and payable as otherwise set forth herein,
      but
      in any event, all of the remaining Obligations shall become due and payable
      on
      the Term Loan A Maturity Date. Until all Obligations have been indefeasibly
      and
      irrevocably paid and satisfied in full, all Letters of Credit have been
      terminated and the Revolving Loan Commitment has been terminated, this Agreement
      shall remain in full force and effect.

     

    1.18. Letter
      of Credit Liability.
      Upon
      the occurrence and during the continuance of an Event of Default, and in the
      event any Letters of Credit are outstanding at the time that Borrower terminates
      the Revolving Loan Commitment, then (a) with respect to each such Letter of
      Credit, Borrower shall either (i) deliver to Administrative Agent for the
      benefit of all Lenders with a Revolving Loan Commitment a letter of credit
      in
      the same currency that such Letter of Credit is payable, with a term that
      extends 60 days beyond the expiration date of such Letter of Credit, issued
      by a
      bank satisfactory to Administrative Agent and in an amount equal to 105% of
      the
      aggregate outstanding Letter of Credit Liability with respect to such Letter
      of
      Credit, which letter of credit shall be drawable by Administrative Agent to
      reimburse payments of drafts drawn under such Letter of Credit and to pay any
      fees and expenses related thereto or (ii) immediately deposit with
      Administrative Agent an amount equal to the aggregate outstanding Letter of
      Credit Liability to enable Administrative Agent to make payments under the
      Letters of Credit when required and such amount shall become immediately due
      and
      payable, and (b) Borrower shall prepay the fees payable under
      Subsection 1.4(E)
      with
      respect to all such Letters of Credit for the full remaining terms of such
      Letters of Credit. Upon termination of any such Letter of Credit, the unearned
      portion of such prepaid fee attributable to such Letter of Credit shall be
      refunded to Borrower.

    
       

      
        
           

        

        
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    SECTION
      2

     

    AFFIRMATIVE
      COVENANTS

     

    Borrower
      covenants and agrees that so
      long
      as the Loan Commitments remain in effect, or any Letter of Credit, any Loan,
      any
      interest on any Loan or any fee payable to Administrative Agent or any Lender
      hereunder remains outstanding, or any other amount then due and payable is
      owing
      to Administrative Agent or any Lender hereunder,
      and
      unless the Requisite Lenders shall otherwise give their prior written consent,
      Borrower shall and shall cause its Subsidiaries to, perform and comply with
      all
      covenants in this Section
      2.

     

    2.1. Compliance
      With Laws.
      Borrower will (i) comply with and will cause its Subsidiaries to comply with
      the
      requirements of all Applicable Laws (including laws, rules, regulations and
      orders relating to taxes, employer and employee contributions, securities,
      employee retirement and welfare benefits, environmental protection matters
      and
      employee health and safety) as now in effect and which may be imposed in the
      future in all jurisdictions in which Borrower or any of its Subsidiaries is
      now
      or hereafter doing business, other than those Applicable Laws the noncompliance
      with which could not reasonably be expected to have, either individually or
      in
      the aggregate, a Material Adverse Effect, (ii) obtain and maintain and will
      cause its Subsidiaries to obtain and maintain all licenses, qualifications
      and
      permits (including the Licenses) now held or hereafter required to be held
      by
      Borrower or any of its Subsidiaries, the loss, suspension or revocation of
      which
      or which the failure to obtain or renew could reasonably be expected to have
      a
      Material Adverse Effect and (iii) comply with and will cause its Subsidiaries
      to
      comply with all Material Contracts, other than, in all such cases, as would
      not,
      individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect. This Subsection 2.1
      shall
      not preclude Borrower or any of its Subsidiaries from contesting any taxes
      or
      other payments, if they are being diligently contested in good faith and if
      adequate reserves therefor are maintained in conformity with GAAP.

     

    2.2. Maintenance
      of Books and Records; Properties; Insurance.
      Borrower will keep and will cause each of its Subsidiaries to keep adequate
      records and books of account, in which full, true and correct entries will
      be
      made in accordance with GAAP consistently applied, reflecting all financial
      transactions of such Persons. Borrower will maintain or cause to be maintained
      and will cause each of its Subsidiaries to maintain or cause to be maintained
      in
      good repair, working order and condition all material property used in its
      business and the business of its Subsidiaries, and will make or cause to be
      made
      all appropriate repairs, renewals and replacements thereof. Borrower will and
      will cause each of its Subsidiaries to maintain complete, accurate and
      up-to-date books, records, accounts and other information relating to all
      property in such form and in such detail as may be reasonably satisfactory
      to
      Administrative Agent. Borrower will maintain or cause to be maintained and
      will
      cause each of its Subsidiaries to maintain or cause to be maintained, with
      financially sound and reputable insurers, commercial general liability, property
      loss and damage, business interruption and workers’ compensation insurance with
      respect to its business and properties and the business and properties of its
      Subsidiaries against loss and damage of the kinds customarily carried or
      maintained by corporations of established reputation engaged in similar
      industries, which may include self-insurance, if determined by Borrower to
      be
      reasonably prudent, and will deliver evidence thereof to Administrative Agent
      on
      or prior to the Closing Date, and thereafter at least 30 days prior to any
      expiration thereof, evidence of renewal of such insurance. All property loss
      and
      damage insurance shall be on an all risk basis and shall insure property for
      the
      full replacement cost thereof.

    
       

      
        
           

        

        
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    Administrative
      Agent shall be entitled, upon reasonable advance notice, to review and/or
      receive copies of, the insurance policies of Borrower and its Subsidiaries
      carried and maintained with respect to Borrower’s obligations under this
Subsection
      2.2.
      Notwithstanding anything to the contrary herein, no provision of this
Subsection
      2.2
      or any
      provision of this Agreement shall impose on Administrative Agent and Lenders
      any
      duty or obligation to verify the existence or adequacy of the insurance coverage
      maintained by Borrower and its Subsidiaries, nor shall Administrative Agent
      and
      Lenders be responsible for any representations or warranties made by or on
      behalf of Borrower and its Subsidiaries to any insurance broker, company or
      underwriter. Administrative Agent, at its sole option, may obtain such insurance
      if not provided by Borrower and in such event, Borrower shall reimburse
      Administrative Agent upon demand for the cost thereof.

     

    2.3. Inspection.
      Borrower will and will cause its Subsidiaries to permit any authorized
      representatives of Administrative Agent (i) to visit and inspect any of the
      properties of Borrower and its Subsidiaries, including its financial and
      accounting records, and to make copies and take extracts therefrom, and
      (ii) to discuss its affairs, finances and business with its officers,
      employees and certified public accountants, all upon at least five days notice,
      at such reasonable times during normal business hours and, unless
      a
      Default or Event of Default has occurred and is continuing, not more than twice
      a year.

     

    2.4. Legal
      Existence, Etc.
      Except
      as otherwise permitted by Subsection 3.5,
      Borrower will and will cause its Subsidiaries to at all times preserve and
      keep
      in full force and effect its or their legal existence and good standing and
      all
      rights and franchises material to its or their business.

     

    2.5. Use
      of
      Proceeds.
      Borrower will use and will cause its Subsidiaries to use the proceeds of the
      Loans solely for the purposes described in the recital paragraphs to this
      Agreement; provided, however, Borrower will solely use the proceeds under the
      Incremental Increase and Term Loan B Facility for purposes of the Everest
      Acquisition. No part of any Loan will be used to purchase any margin securities
      or otherwise in violation of the regulations of the Federal Reserve
      System.

     

    2.6. Further
      Assurances.
      Borrower will, and will cause each of its Subsidiaries to, from time to time,
      do, execute and deliver all such additional and further acts, documents and
      instruments as Administrative Agent reasonably requests to consummate the
      transactions contemplated hereby and to vest completely in and assure
      Administrative Agent of its rights under this Agreement and the other Loan
      Documents.

    
       

      
        
           

        

        
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    2.7. CoBank
      Patronage Capital.
      Borrower will acquire non-voting participation certificates in CoBank in such
      amounts and at such times as CoBank may require in accordance with CoBank’s
      Bylaws and Capital Plan (as each may be amended from time to time), except
      that
      the maximum amount of participation certificates that Borrower may be required
      to purchase in CoBank in connection with the Loans may not exceed the maximum
      amount permitted by the Bylaws at the time this Agreement is entered into.
      The
      rights and obligations of the parties with respect to such participation
      certificates and any distributions made on account thereof or on account of
      Borrower’s patronage with CoBank shall be governed by CoBank’s Bylaws. Borrower
      hereby consents and agrees that the amount of any distributions with respect
      to
      its patronage with CoBank that are made in qualified written notices of
      allocation (as defined in 26 U.S.C. § 1388) and that are received by Borrower
      from CoBank, will be taken into account by Borrower at the stated dollar amounts
      whether the distribution is evidenced by a participation certificate or other
      form of written notice that such distribution has been made and recorded in
      the
      name of Borrower on the records of CoBank. The Obligations shall be secured
      by a
      statutory first lien on all equity which Borrower may now own or hereafter
      acquire in CoBank.

     

    2.8. Investment
      Company Act.
      Neither
      Borrower nor any of its Subsidiaries shall be or become an “investment company”
as that term is defined in and is not otherwise subject to regulation under,
      the
      Investment Company Act of 1940, as amended.

     

    2.9. Payment
      of Obligations.
      Unless
      contested in good faith by appropriate proceedings and then only to the extent
      reserves required by GAAP have been set aside therefore, Borrower will, and
      will
      cause each of its Subsidiaries to, (i) pay, discharge or otherwise satisfy
      at or
      before maturity all liabilities and obligations as and when due (subject to
      any
      applicable subordination provisions), and any additional costs that are imposed
      as a result of any failure to so pay, discharge or otherwise satisfy such
      obligations, except to the extent failure to do so would not be reasonably
      likely to have a Material Adverse Effect, and (ii) pay and discharge all taxes,
      assessments, claims and governmental charges or levies imposed upon it, upon
      its
      income or profits or upon any of its properties, prior to the date on which
      penalties would attach thereto or a lien would attach to any of the properties
      of Borrower if unpaid unless the same are being contested in good faith and
      by
      appropriate proceedings and then only if and to the extent reserves required
      by
      GAAP have been set aside therefor.

     

    2.10. Environmental
      Laws.
      Borrower will, and will at all times cause each of its Subsidiaries
      to: 

     

    (A) Comply
      in
      all material respects with, and ensure compliance in all material respects
      by
      all its tenants and subtenants, if any, with, all applicable Environmental
      Laws
      and obtain and comply in all material respects with and maintain, and ensure
      that all its tenants and subtenants obtain and comply in all material respects
      with and maintain, any and all licenses, approvals, notifications, registrations
      or permits required by applicable Environmental Laws except to the extent that
      failure to do so could not reasonably be expected to have a Material Adverse
      Effect;

    
       

      
        
           

        

        
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    (B) Conduct
      and complete all investigations, studies, sampling and testing, and all
      remedial, removal and other actions required under Environmental Laws and
      promptly comply in all material respects with all lawful orders and directives
      of all Governmental Authorities regarding Environmental Laws except to the
      extent that the same are being contested in good faith by appropriate
      proceedings and the pendency of such proceedings could not reasonably be
      expected to have a Material Adverse Effect.

     

    (C) Defend,
      indemnify and hold harmless Administrative Agent and Lenders, and their
      Affiliates and their and their Affiliates’ respective employees, agents,
      officers and directors, from and against any and all claims, demands, penalties,
      fines, liabilities, settlements, damages, costs and expenses of whatever kind
      or
      nature known or unknown, contingent or otherwise, arising out of, or in any
      way
      relating to the violation of, noncompliance with or liability under, any
      Environmental Law applicable to the operations of Borrower or any of its
      Subsidiaries or their respective properties, or any orders, requirements or
      demands of Governmental Authorities related thereto, including, without
      limitation, reasonable attorney’s and consultant’s fees, investigation and
      laboratory fees, response costs, court costs and litigation expenses, except
      to
      the extent that any of the foregoing is determined by a final judgment of a
      court of competent jurisdiction or pursuant to arbitration as set forth herein
      to have resulted from the gross negligence or willful misconduct of the party
      seeking indemnification therefor. The agreements in this Subsection
      2.10
      shall
      survive repayment of the Obligations and the termination of this
      Agreement. 

     

    2.11. ERISA
      Compliance.
      With
      respect to any Plan that is intended to qualify under Section 401(a) of the
      IRC,
      Borrower will apply for and obtain a favorable determination letter within
      the
      period required by Applicable Law.

     

    SECTION
      3

     

    NEGATIVE
      COVENANTS

    

    Borrower
      covenants and agrees that so
      long
      as the Loan Commitments remain in effect, or any Letter of Credit, any Loan,
      any
      interest on any Loan or any fee payable to Administrative Agent or any Lender
      hereunder remains outstanding, or any other amount then due and payable is
      owing
      to Administrative Agent or any Lender hereunder,
      and
      unless Requisite Lenders (or (x) such other number of Lenders as is required
      by
Subsection
      9.2
      or (y)
      Administrative Agent if expressly set forth in this Section
      3)
      shall
      otherwise give their prior written consent, Borrower shall, and shall cause
      its
      Subsidiaries to, perform and comply with all covenants in this Section
      3.

     

    3.1. Indebtedness.
      Borrower will not and will not permit its Subsidiaries directly or indirectly
      to
      create, incur, assume, guaranty or otherwise become or remain liable with
      respect to any Indebtedness other than:

     

    (A) the
      Obligations;

     

    (B) Acquired
      Indebtedness if after giving effect to the incurrence the Acquired Indebtedness,
      Borrower, on a combined and consolidated basis with its Subsidiaries as set
      forth in Section
      4,
      are in
      compliance on a pro forma basis with the covenants set forth in Section 4
      recomputed
      for the most recently ended fiscal quarter for which information is
      available;

    
       

      
        
           

        

        
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    (C) Indebtedness
      issued or incurred by any of Borrower’s Subsidiaries if after giving effect
      thereto and the application of proceeds therefrom, the aggregate of all Priority
      Debt incurred after December 8, 1998 would not exceed 10% of Consolidated Net
      Assets as of the most recently completed fiscal quarter of
      Borrower;

     

    (D) secured
      Indebtedness issued by Borrower secured by a Lien described in clause (9) of
      the
      definition of Permitted Encumbrances;

     

    (E) Other
      unsecured Indebtedness issued by Borrower, provided,
      that no
      Default or Event of Default exists at the time of or will result in the
      succeeding 12 months after such issuance, including under Subsections
      4.1
      and
4.2,
      taking
      such additional Indebtedness (and a reasonable estimate of its related interest
      expense into account);

     

    (F) Indebtedness
      incurred in connection with any Related Interest Rate Agreement;
      and

     

    (G) Indebtedness
      under purchase money security agreements and Capital Leases not to exceed
      $40,000,000 in the aggregate principal at any one time.

     

    3.2. Liens
      and Related Matters..
      Borrower will not and will not permit its Subsidiaries directly or indirectly
      to
      create, incur, assume or permit to exist any Lien on or with respect to any
      property or asset (including any document or instrument with respect to goods
      or
      accounts receivable) of Borrower or its Subsidiaries, whether now owned or
      hereafter acquired, or any income or profits therefrom, except Permitted
      Encumbrances.

     

    3.3. Investments.
      Borrower will not make or own and will not permit its Subsidiaries to make
      or
      own any Investment in any Person that is prohibited by its investment policy
      as
      then in effect, except equities in Administrative Agent, as set forth in
Subsection
      2.7,
      Permitted Acquisitions and Investments acquired in connection with Permitted
      Acquisitions.

     

    3.4. Restricted
      Junior Payments.
      Borrower will not directly or indirectly declare, order, pay, make or set apart
      any sum for any Restricted Junior Payment; provided,
      however,
      that so
      long as no Default or Event of Default exists before or will result in the
      succeeding 12 months after such distributions and repurchases, based upon
      Borrower’s Budget delivered to Administrative Agent pursuant to Subsection
      4.4(D),
      Borrower may (i) declare or pay lawful distributions to its shareholders and
      (ii) repurchase its issued and outstanding stock so long as the aggregate amount
      of such distributions and repurchases does not exceed (A) during the fiscal
      year
      ending December 31, 2008, $25,000,000 and (B) during each fiscal year
      thereafter, the higher of $25,000,000 or 100% of the net income of the
      immediately preceding fiscal year; provided,
      further,
      however,
      that
      Borrower may satisfy on a non-cash basis the exercise of any stock option or
      similar award under a stock-based compensation plan.

    
       

      
        
           

        

        
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    3.5. Restriction
      on Fundamental Changes.
      Borrower will not and will not permit its Subsidiaries directly or indirectly
      to: (i) unless and only to the extent required by law, amend, modify or
      waive any term or provision of its articles of organization, partnership
      agreement, operating agreement, management agreements, articles of incorporation
      or certificates of designations pertaining to preferred stock or by-laws without
      the consent of Administrative Agent (which consent shall not be unreasonably
      withheld), other than an amendment, modification or waiver that is solely
      ministerial or administrative in nature or the reincorporation of Borrower
      in
      the State of Delaware; provided,
      however,
      Borrower shall promptly give Administrative Agent notice of any such amendment,
      modification or waiver; (ii) enter into any transaction of merger or
      consolidation or acquire by purchase or otherwise all or any substantial part
      of
      the business or assets of any other Person, except (each of the following,
      a
“Permitted Acquisition”) (a) any Subsidiary of Borrower may be merged with or
      into Borrower or any wholly owned Subsidiary of Borrower
      provided
      that
      Borrower or such wholly owned Subsidiary of Borrower is the surviving entity,
      (b) Borrower may consummate the Everest Acquisition and (c) Borrower or its
      Subsidiaries may consolidate or merge with or into any other Person or acquire
      by purchase or otherwise all or any substantial part of the business or assets
      of any other Person, provided
      that no
      Default or Event of Default then exists or would result from such transaction,
      Borrower or such Subsidiary is the surviving or continuing entity and the
      consideration for each such transaction provided by Borrower (whether in the
      form of stock, cash or other consideration) does not exceed $100,000,000 and
      such consideration for all such transactions under this subclause (c) does
      not
      in the aggregate exceed $200,000,000; or (iii) liquidate, wind-up or dissolve
      itself (or suffer any liquidation or dissolution).

     

    3.6. Disposal
      of Assets or Subsidiary Stock.
      Borrower will not, and will not permit any of its Subsidiaries to, directly
      or
      indirectly, convey, sell (including, without limitation, pursuant to a sale
      and
      leaseback transaction), lease (including, without limitation, pursuant to a
      lease and leaseback transaction), sublease, transfer or otherwise dispose of,
      or
      grant any Person an option to acquire, in one transaction or a series of
      transactions, any of its property, business or assets, or the capital stock
      of
      or other equity interests in any of its Subsidiaries, except for (i) the
      Wireless Sale, (ii) bona fide sales or leases of inventory to customers in
      the ordinary course of business, dispositions of equipment not used or useful
      in
      the business or otherwise obsolete and any sale, conveyance, lease, sublease,
      transfer or other disposition of assets of any of Borrower or its Subsidiaries
      to Borrower or any wholly owned Subsidiary; (iii) fair market value sales of
      Cash Equivalents or other Investments permitted by Subsection
      3.3;
      (iv)
      leasing or subleasing of its property in the ordinary course of business; (v)
      other Asset Dispositions if all of the following conditions are met: (a) the
      aggregate book value of such assets sold in any one transaction or series of
      related transactions (excluding the Directories Sales) for any 12-month period
      does not exceed 20% of Consolidated Net Assets determined as of the end of
      the
      immediately preceding fiscal year in the aggregate for Borrower and its
      Subsidiaries, (b) the consideration received by Borrower or such Subsidiary
      is
      at least equal to the fair market value of such assets, (c) the sole
      consideration received is cash or other assets (other than a note or other
      delayed payment transaction), (d) after giving effect to the Asset
      Disposition, Borrower, on a combined and consolidated basis with its
      Subsidiaries as set forth in Section
      4,
      are in
      compliance on a pro forma basis with the covenants set forth in Section 4
      recomputed for the most recently ended fiscal quarter for which information
      is
      available and Borrower is in compliance with all other terms and conditions
      contained in this Agreement, and (e) no Default or Event of Default then exists
      or would result from the Asset Disposition; (vi) the sale by Borrower or any
      Subsidiary of property and the subsequent lease, as lessee, of the same
      property, within 180 days following the acquisition or construction of such
      property, in an aggregate amount not to exceed $25,000,000; and (vii) an Asset
      Disposition if (a) the aggregate Net Proceeds of such assets disposed of under
      this clause (vii) does not exceed $100,000,000 from and after the Amendment
      Date, (b) the consideration received is at least equal to the fair market value
      of such assets, (c) the sole consideration received is cash or other assets
      (other than a note or other delayed payment transaction), (d) no Default or
      Event of Default then exists or would result from the Asset Disposition, (e)
      after giving effect to the Asset Disposition, Borrower, on a combined and
      consolidated basis with its Subsidiaries as set forth in Section
      4,
      are in
      compliance on a pro forma basis with the covenants set forth in Section
      4
      recomputed for the most recently ended fiscal quarter for which information
      is
      available and Borrower is in compliance with all other terms and conditions
      contained in this Agreement, and (f) the proceeds from any sale under this
      clause (vii) are promptly used to repay the Term Loan pursuant to Subsection
      1.7(C),
      provided
      that if
      at the time of such disposition under this clause (vii) Borrower’s Leverage
      Ratio is less than or equal to 2.2:1.0 for a disposition occurring on or before
      December 31, 2007 and less than or equal to 2.0:1.0 for a disposition occurring
      on or after January 1, 2008, Borrower may in lieu of repaying the Term Loan
      apply such proceeds to the acquisition of fixed assets or other property useful
      and intended to be used in the operation of the business of Borrower is
      Subsidiaries within 365 days of the date of sale of such assets, any remaining
      unapplied proceeds after such 365 days to be applied promptly to repay the
      Term
      Loan pursuant to
      Subsection 1.7(C).

    
       

      
        
           

        

        
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    3.7. Transactions
      with Affiliates.
      Borrower will not and will not permit its Subsidiaries directly or indirectly
      to
      enter into or permit to exist any transaction (including the purchase, sale,
      lease or exchange of any property or the rendering of any service) with any
      Affiliate or with any director, officer or employee of Borrower or any
      Affiliate, except (i) as set forth on Schedule
      3.7;
      (ii) transactions between Borrower or any wholly owned Subsidiaries with
      Borrower or any wholly owned Subsidiaries; (iii) pursuant to the reasonable
      requirements of the business of Borrower or such Subsidiary and upon fair and
      reasonable terms and are no less favorable to Borrower or such Subsidiary than
      would be obtained in a comparable arm’s length transaction with a Person that is
      not an Affiliate; or (iv) payment of compensation to directors, officers and
      employees in the ordinary course of business for services actually rendered
      in
      their capacities as directors, officers and employees, provided such
      compensation is reasonable and comparable with compensation paid by companies
      of
      like nature and similarly situated.

     

    3.8. Conduct
      of Business.
      Borrower will not and will not permit its Subsidiaries directly or indirectly
      to
      engage in any business other than businesses of owning, constructing, managing
      and operating Telecommunications Systems, or other lines of business necessary
      to or ancillary to the foregoing or consistent with advances in the
      Telecommunications Systems industry.

     

    3.9. Fiscal
      Year.
      Borrower will not and will not permit its Subsidiaries to change its or their
      fiscal year from a fiscal year ending on December 31 of each year.

     

    3.10. Inconsistent
      Agreements.
      Borrower will not, and will not permit any of its Subsidiaries to, enter into
      any agreement containing any provision which would (a) be violated or breached
      by any borrowing by Borrower hereunder or by the performance by Borrower or
      such
      Subsidiary of any of its obligations hereunder or under any other Loan Document,
      or (b) create or permit to exist or become effective any encumbrance or
      restriction on the ability of such Subsidiary to (i) pay dividends or make
      other
      distributions to Borrower or pay any Indebtedness owed to Borrower, (ii) make
      loans or advances to Borrower or (iii) transfer any of its assets or properties
      to Borrower, the effect of which encumbrance or restriction would reasonably
      be
      to have a Material Adverse Effect; provided,
      however,
      that
      the foregoing shall not apply to restrictions and conditions imposed by
      applicable governmental rules or by this Agreement.

    
       

      
        
           

        

        
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    SECTION
      4

     

    FINANCIAL
      COVENANTS AND REPORTING

     

    Borrower
      covenants and agrees that so
      long
      as the Loan Commitments remain in effect, or any Letter of Credit, any Loan,
      any
      interest on any Loan or any fee payable to Administrative Agent or any Lender
      hereunder remains outstanding, or any other amount then due and payable is
      owing
      to Administrative Agent or any Lender hereunder,
      and
      unless the Requisite Lenders (or Administrative Agent if expressly set forth
      in
      this Section
      4)
      shall
      otherwise give their prior written consent, Borrower shall perform and comply
      with, and shall cause its Subsidiaries to perform and comply with, all covenants
      in this Section
      4.
      For
      purposes of this Section
      4,
      all
      covenants calculated for Borrower shall be calculated on a consolidated basis
      for Borrower and its Subsidiaries.

     

    4.1. Leverage
      Ratio.
      Borrower shall have at each fiscal quarter end a Leverage Ratio less than or
      equal to 3.75:1.0.

     

    4.2. Interest
      Coverage Ratio.
      Borrower shall have at each fiscal quarter end an Interest Coverage Ratio
      greater than or equal to 3.0:1.0.

     

    4.3. Net
      Worth.
      Borrower shall have at each fiscal quarter end an Adjusted Consolidated Net
      Worth not less than $160,000,000.

     

    4.4. Financial
      Statements and Other Reports.
      Borrower will and will cause its Subsidiaries to maintain a system of accounting
      established and administered in accordance with sound business practices to
      permit preparation of financial statements in conformity with GAAP (it being
      understood that quarterly financial statements are not required to have footnote
      disclosures or reflect year end adjustments). Borrower will deliver each of
      the
      financial statements and other reports described below to Administrative
      Agent.

     

    (A) Quarterly
      Financials.
      As soon
      as available and in any event within 60 days after the end of each of the first
      three fiscal quarters of each fiscal year, Borrower will deliver consolidated
      balance sheets of Borrower and its Subsidiaries, as at the end of such fiscal
      quarter, and the related consolidated statements of income and cash flow for
      such fiscal quarter and for the period from the beginning of the then current
      fiscal year of Borrower to the end of such quarter; provided
      that
      delivery within the time period specified above of copies of Borrower’s
      Quarterly Report on Form 10-Q prepared in compliance with the requirements
      therefore and filed with the Securities and Exchange Commission (the
“SEC”)
      will
      be deemed to satisfy the requirements of this Subsection
      4.4(A).

    
       

      
        
           

        

        
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    (B) Year-End
      Financials.
      As soon
      as available and in any event within 105 days after the end of each fiscal
      year
      of Borrower, Borrower will deliver (i) consolidated balance sheets of
      Borrower and its Subsidiaries, as at the end of such year, and the related
      consolidated statements of income, stockholders’ equity and cash flow for such
      fiscal year and (ii) a report with respect to the financial statements from
      Ernst & Young LLP, or another firm of certified public accountants selected
      by Borrower and reasonably acceptable to Administrative Agent, which report
      shall be prepared in accordance with Statement of Auditing Standards No. 58
      (the “Statement”),
      as
      amended, entitled “Reports on Audited Financial Statements” and such report
      shall be “Unqualified” (as such term is defined in such Statement) ;
provided
      that
      delivery within the time period specified above of copies of Borrower’s Annual
      Report on Form 10-K prepared in compliance with the requirements therefore
      and
      filed with the SEC will be deemed to satisfy the requirements of this
Subsection
      4.4(B).

     

    (C) Borrower
      Compliance Certificate.
      Together with each delivery of financial statements of Borrower and its
      Subsidiaries pursuant to Subsections
      4.4(A)
      and
4.4(B),
      Borrower will deliver a fully and properly completed compliance certificate
      in
      substantially the same form as Exhibit
      4.4(C)
      (each, a
“Compliance
      Certificate”)
      signed
      by the chief financial officer of Borrower.

     

    (D) Budgets.
      As soon
      as available and in any event no later than 45 days following the first day
      of
      each of Borrower’s fiscal years, Borrower will deliver a final Budget of
      Borrower and its Subsidiaries for such fiscal year approved by Borrower’s senior
      management and Board of Directors.

     

    (E) SEC
      Filings.
      Promptly upon their becoming available, Borrower will deliver copies of (i)
      all
      financial statements, reports, notices and proxy statements sent or made
      available by Borrower or its Subsidiaries to its or their security holders
      and
      (ii) all regular and periodic reports and all registration statements and
      prospectuses, if any, filed by Borrower or any of its Subsidiaries with any
      securities exchange or with the SEC or any governmental or private regulatory
      authority, provided,
      that,
      such financial statements and reports shall be deemed to have been delivered
      upon the filing of such financial statements and reports by Borrower through
      the
      SEC's EDGAR system or publication by Borrower of such financial statements
      and
      reports on its website.

     

    (F) Events
      of Default, Etc.
      Promptly upon any executive officer of Borrower obtaining knowledge of any
      of
      the following events or conditions, Borrower shall deliver copies of all notices
      given or received by Borrower or any of its Subsidiaries with respect to any
      such event or condition and a certificate of Borrower’s chief executive officer
      specifying the nature and period of existence of such event or condition and
      what action Borrower has taken, is taking and proposes to take with respect
      thereto: (i) any condition or event that constitutes an Event of Default or
      Default; (ii) any notice that any Person has given to Borrower or any of
      its Subsidiaries or any other action taken with respect to a claimed default
      or
      event or condition of the type referred to in Subsection
      6.1(B);
      or
      (iii) any event or condition that could reasonably be expected to have a
      Material Adverse Effect.

     

    (G) Litigation.
      Promptly upon any executive officer of Borrower obtaining knowledge of
      (i) the institution of any action, suit, proceeding, governmental
      investigation or arbitration against or affecting Borrower or any of its
      Subsidiaries not previously disclosed by Borrower to Administrative Agent which,
      in each case, could reasonably be expected to have a Material Adverse Effect
      or
      (ii) any material development in any action, suit, proceeding, governmental
      investigation or arbitration at any time pending against or affecting Borrower
      or any of its Subsidiaries which, in each case, could reasonably be expected
      to
      have a Material Adverse Effect, Borrower will give notice thereof to
      Administrative Agent and provide such other information as may be reasonably
      available to Borrower to enable Administrative Agent and its counsel to evaluate
      such matter.

    
       

      
        
           

        

        
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    (H) Environmental
      Notices.
      Immediately after becoming aware of any material violation by Borrower or any
      Signficant Subsidiary of Environmental Laws or immediately upon receipt of
      any
      notice that a Governmental Authority has asserted that Borrower or any
      Subsidiary is not in material compliance with Environmental Laws or that its
      compliance is being investigated, which, in each case, could reasonably be
      expected to have a Material Adverse Effect, Borrower will give notice to
      Administrative Agent thereof and provide such other information as may be
      reasonably available to Borrower to enable Administrative Agent and its counsel
      to reasonably evaluate such matter.

     

    (I) ERISA
      Events.
      Promptly after becoming aware of any ERISA Event, accompanied by any materials
      required to be filed with the PBGC with respect thereto; promptly after any
      Borrower’s or any of its Subsidiaries’ receipt of any notice concerning the
      imposition of any withdrawal liability under Section 4042 of ERISA with respect
      to a Plan; promptly upon the establishment of any Pension Plan not existing
      at
      the Closing Date or the commencement of contributions by any Borrower or any
      of
      its Subsidiaries to any Pension Plan to which any Borrower or any of its
      Subsidiaries was not contributing at the Closing Date; and promptly upon
      becoming aware of any other event or condition regarding a Plan or any
      Borrower’s, or any of its Subsidiaries’ or an ERISA Affiliate’s compliance with
      ERISA which could reasonably be expected to have a Material Adverse Effect,
      such
      Borrower will give notice to Administrative Agent thereof and provide such
      other
      information as may be reasonably available to such Borrower to enable
      Administrative Agent and its counsel to reasonably evaluate such
      matter.

     

    (J) Other
      Information.
      With
      reasonable promptness, Borrower will deliver such other information and data
      with respect to Borrower or any of its Subsidiaries as from time to time may
      be
      reasonably requested by Administrative Agent.

     

    4.5. Accounting
      Terms; Utilization of GAAP for Purposes of Calculations Under
      Agreement.
      For
      purposes of this Agreement, all accounting terms not otherwise defined herein
      shall have the meanings assigned to such terms in conformity with GAAP. Except
      as otherwise expressly provided, financial statements and other information
      furnished to Administrative Agent pursuant to this Agreement shall be prepared
      in accordance with GAAP as in effect at the time of such preparation. No
“Accounting Changes” (as defined below) shall affect financial covenants,
      standards or terms in this Agreement; provided
      that
      Borrower shall prepare footnotes to each Compliance Certificate and the
      financial statements required to be delivered hereunder that show the
      differences between the financial statements delivered (which reflect such
      Accounting Changes) and the basis for calculating financial covenant compliance
      (without reflecting such Accounting Changes). “Accounting
      Changes”
means:
      (i) changes occurring after the Amendment Date in accounting principles required
      by GAAP and implemented by Borrower; (ii) changes occurring after the Amendment
      Date in accounting principles recommended by Borrower’s certified public
      accountants and implemented by Borrower; and (iii) changes occurring after
      the
      Amendment Date in the method of determining carrying value of Borrower’s or any
      of its Subsidiaries’ assets, liabilities or equity accounts. All such
      adjustments resulting from expenditures made subsequent to the Amendment Date
      (including, but not limited to, capitalization of costs and expenses or payment
      of pre-Amendment Date liabilities) shall be treated as expenses in the period
      the expenditures are made.

    
       

      
        
           

        

        
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    SECTION
      5

     

    REPRESENTATIONS
      AND WARRANTIES

     

    In
      order
      to induce Administrative Agent and Lenders to enter into this Agreement and
      to
      make Loans, Borrower hereby represents and warrants to Administrative Agent
      and
      each Lender that the following statements are true and correct on the Amendment
      Date (assuming consummation of the Acquisition) and on the date of each request
      for a Loan or the issuance of a Letter of Credit unless another date is
      expressly noted below:

     

    5.1. Disclosure.
      The
      information furnished by or on behalf of Borrower and its Subsidiaries contained
      in this Agreement, the financial statements referred to in Subsection
      5.8
      and any
      other document, certificate, opinion or written statement furnished to
      Administrative Agent pursuant to this Agreement or any other Loan Document
      (other than projections), taken as a whole, does not contain any untrue
      statement of a material fact or omit to state a material fact necessary in
      order
      to make the statements contained herein or therein not misleading in light
      of
      the circumstances in which the same were made. Any projections provided by
      or on
      behalf of Borrower and its Subsidiaries have been prepared by management in
      good
      faith and based upon assumptions believed by management to be reasonable at
      the
      time the projections were prepared. Borrower is not aware of any fact which
      it
      has not disclosed in writing to Administrative Agent having or which could
      reasonably be expect to have a Material Adverse Effect.

     

    5.2. No
      Material Adverse Effect.
      Since
      December 31, 2006, there has been no event or change in facts or circumstances
      affecting Borrower or any of its Subsidiaries which individually or in the
      aggregate have had or could reasonably be expected to have a Material Adverse
      Effect and that have not been disclosed herein or in the attached
      Schedules.

     

    5.3. Organization,
      Powers, Authorization and Good Standing.

     

    (A) Organization
      and Powers.
      Each of
      Borrower and its Subsidiaries is a corporation duly organized, validly existing
      and in good standing under the laws of its jurisdiction of organization (which
      jurisdiction is set forth on Schedule
      5.3(A)
      as of
      the Amendment Date). Each of Borrower and its Subsidiaries has all requisite
      legal power and authority to own and operate its properties, to carry on its
      business as now conducted and proposed to be conducted, to enter into each
      Loan
      Document to which it is a party and to carry out its respective obligations
      with
      respect thereto.

     

    (B) Authorization;
      Binding Obligation.
      Each of
      Borrower and its Subsidiaries has taken all necessary corporate and other action
      to authorize the execution, delivery and performance of this Agreement and
      each
      of the other Loan Documents to which it is a party. This Agreement is, and
      the
      other Loan Documents when executed and delivered will be, the legally valid
      and
      binding obligations of the applicable parties thereto (other than Administrative
      Agent and Lenders), each enforceable against each of such parties, as
      applicable, in accordance with their respective terms, except as such
      enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
      or similar state or federal debt or relief laws from time to time in effect
      which affect the enforcement of creditors’ rights in general and general
      principles of equity. 

    
       

      
        
           

        

        
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    (C) Qualification.
      Each of
      Borrower and its Subsidiaries is duly qualified and authorized to do business
      and in good standing in each jurisdiction where the nature of its business
      and
      operations requires such qualification and authorization, except where the
      failure to be so qualified, authorized and in good standing could not reasonably
      be expected to have a Material Adverse Effect. All jurisdictions in which each
      such Person is qualified and authorized to do business are set forth on
Schedule
      5.3(C)
      as of
      the Amendment Date.

     

    5.4. Compliance
      of Agreement, Loan Documents and Borrowings with Applicable Law.
      Except
      as set forth on Schedule
      5.4
      hereto,
      the execution, delivery and performance by Borrower and its Subsidiaries of
      the
      Loan Documents to which each is a party, the borrowings hereunder and the
      transactions contemplated hereby and thereby do not and will not, by the passage
      of time, the giving of notice or otherwise, (i) require any Governmental
      Approval or violate any Applicable Law relating to Borrower or any of its
      Subsidiaries, the violation of which could reasonably be expected to have a
      Material Adverse Effect, (ii) conflict with, result in a breach of or
      constitute a default under the articles of incorporation, bylaws or other
      organizational documents of Borrower or any of its Subsidiaries, (iii) conflict
      with, result in a breach of or constitute a default under any Material Contract
      to which such Person is a party or by which any of its properties may be bound
      or any Governmental Approval relating to such Person, the breach or default
      of
      which could reasonably be expected to have a Material Adverse Effect, or (iv)
      result in or require the creation or imposition of any Lien upon or with respect
      to any property now owned or hereafter acquired by such Person, the creation
      or
      imposition of which could reasonably be expected to have a Material Adverse
      Effect.

     

    5.5. Compliance
      with Law; Governmental Approvals.
      Each of
      Borrower and its Subsidiaries (i) has, or has the right to use, all material
      Governmental Approvals, including the Licenses, required by any Applicable
      Law
      for it to conduct its business and (ii) is in material compliance with each
      Governmental Approval, including the Licenses, applicable to it and in
      compliance with all other Applicable Laws relating to it or any of its
      respective properties the violation of which could reasonably be expected to
      have a Material Adverse Effect. Each such Governmental Approval is in full
      force
      and effect, is final and not subject to review on appeal and is not the subject
      of any pending or threatened attack by direct or collateral
      proceeding.

     

    5.6. Tax
      Returns and Payments.
      Each of
      Borrower and its Subsidiaries has duly filed or caused to be filed, except
      as
      set forth on Schedule
      5.6,
      all
      federal, state, local and other tax returns required by Applicable Law to be
      filed, and has paid, or made adequate provision for the payment of, all federal,
      state, local and other taxes, assessments and governmental charges or levies
      upon it and its property, income, profits and assets which are due and payable,
      except
      where
      the payment of such tax is being diligently contested in good faith and adequate
      reserves therefor have been established in compliance with GAAP. The charges,
      accruals and reserves on the books of Borrower and its Subsidiaries in respect
      of federal, state, local and other taxes for all fiscal years and portions
      thereof are in the judgment of Borrower adequate.

    
       

      
        
           

        

        
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    5.7. Environmental
      Matters.
      Each of
      Borrower and its Subsidiaries is in compliance in all material respects with
      all
      applicable Environmental Laws, and there is no contamination at, under or about
      the properties or operations of Borrower and its Subsidiaries, which interfere
      in any material respect with the continued operation of such properties or
      impair in any material respect the fair saleable value thereof or with such
      operations, except for any such violations or contamination as could not
      reasonably be expected to have, individually or in the aggregate, a Material
      Adverse Effect. 

     

    5.8. Financial
      Statements.

     

    (A) Except
      as
      set forth on Schedule
      5.8,
      all
      financial statements concerning Borrower and its Subsidiaries which have been
      furnished to Administrative Agent pursuant to this Agreement have been prepared
      in accordance with GAAP consistently applied (except as disclosed therein)
      and
      present fairly the financial condition of the Persons covered thereby as of
      the
      date thereof and the results of their operations for the periods covered thereby
      and disclose all material liabilities of Borrower or its Subsidiaries as at
      the
      dates thereof. Neither Borrower nor any of its Subsidiaries has outstanding,
      as
      of the Amendment Date, and after giving effect to the initial Loans hereunder
      on
      the Amendment Date, any Indebtedness for borrowed money other than (i) the
      Loans
      and (ii) the Indebtedness permitted under Subsection
      3.1.

     

    (B) All
      Budgets concerning Borrower and its Subsidiaries which have been furnished
      to
      Administrative Agent were prepared in good faith by or on behalf of Borrower
      and
      such Subsidiaries. No fact is known to Borrower which materially and adversely
      affects or is reasonably expected to have a Material Adverse Effect which has
      not been set forth in the financial statements referred to in Subsection
      5.8(A)
      or in
      such information, reports, papers and data or otherwise disclosed in writing
      to
      Administrative Agent prior to the date hereof.

     

    5.9. Intellectual
      Property.
      Each of
      Borrower and its Subsidiaries owns, or possesses through valid licensing
      arrangements, the right to use all patents, copyrights, trademarks, trade names,
      service marks, technology know-how and processes used in or necessary for the
      conduct of its business as currently or anticipated to be conducted
      (collectively, the “Intellectual
      Property Rights”),
      to
      its knowledge, without infringing upon any validly asserted rights of others,
      except for any Intellectual Property Rights the absence of which could not
      reasonably be expected to have a Material Adverse Effect. No event has occurred
      which permits, or after notice or lapse of time or both would permit, the
      revocation or termination of any such rights the absence of which could not
      reasonably be expected to have a Material Adverse Effect.

     

    5.10. Litigation,
      Investigations, Audits, Etc.
      Except
      as set forth on Schedule
      5.10,
      there
      is no action, suit, proceeding or investigation pending against, or, to the
      knowledge of Borrower, threatened against or in any other manner relating
      adversely to, Borrower or any of its Subsidiaries or any of their respective
      properties, including the Licenses, in any court or before any arbitrator of
      any
      kind or before or by any Governmental Authority (including the FCC), except
      such
      as affect the telecommunications industry generally which, in each case or
      in
      the aggregate, could reasonably be expected to have a Material Adverse Effect.
      None of the actions, suits, proceedings or investigations disclosed on
Schedule
      5.10
      (i)
      calls into question the validity of this Agreement or any other Loan Document,
      or (ii) individually or collectively could reasonably be expected to result
      in a
      judgment or liability not fully covered by insurance which, if determined
      adversely to Borrower or any of its Subsidiaries, could reasonably be expected
      to have a Material Adverse Effect. Neither Borrower nor any of its Subsidiaries
      is the subject of any review or audit by the Internal Revenue Service or any
      investigation by any Governmental Authority concerning the violation or possible
      violation of any law.

    
       

      
        
           

        

        
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    5.11. Employee
      Labor Matters.
      Except
      as set forth on Schedule
      5.11,
      (i)
      none of Borrower, its Subsidiaries nor any of their respective employees is
      subject to any collective bargaining agreement, (ii) no petition for
      certification or union election is pending with respect to the employees of
      any
      such Person and no union or collective bargaining unit has sought such
      certification or recognition with respect to the employees of any such Person
      and (iii) there are no strikes, slowdowns, unfair labor practice complaints,
      work stoppages or controversies pending or, to the best knowledge of Borrower
      after due inquiry, threatened between any such Person and its respective
      employees, other than employee grievances arising in the ordinary course of
      business which could not reasonably be expected to have, either individually
      or
      in the aggregate, a Material Adverse Effect.

     

    5.12. ERISA
      Compliance.

     

    (A) Each
      Plan
      is in compliance with the applicable provisions of ERISA, the IRC and other
      federal or state law except for failures to comply that would not reasonably
      be
      expected to have a Material Adverse Effect. Except as would not reasonably
      be
      expected to have a Material Adverse Effect, Borrower and each ERISA Affiliate
      has made all required contributions to any Plan subject to Section 412 of the
      IRC, and no application for a funding waiver or an extension of any amortization
      period pursuant to Section 412 of the IRC has been made with respect to any
      Plan.

     

    (B) There
      are
      no pending or, to the best knowledge of Borrower, threatened claims, actions
      or
      lawsuits, or action by any Governmental Authority, with respect to any Plan
      which has resulted or could reasonably be expected to have a Material Adverse
      Effect. There has been no prohibited transaction or violation of the fiduciary
      responsibility rules by Borrower or any of its ERISA Affiliates with respect
      to
      any Plan which has resulted or could reasonably be expected to have a Material
      Adverse Effect.

     

    (C) (i)
      No
      ERISA Event has occurred or is reasonably expected to occur that could
      reasonably be expected to have a Material Adverse Effect; (ii) neither Borrower
      nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
      liability under Title IV of ERISA with respect to any Pension Plan (other than
      premiums due and not delinquent under Section 4007 of ERISA) that could
      reasonably be expected to have a Material Adverse Effect; (iii) neither Borrower
      nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
      liability (and no event has occurred which, with the giving of notice under
      Section 4219 of ERISA, would result in such liability) under Section 4201 or
      4243 of ERISA with respect to a Multi-employer Plan; and (iv) neither Borrower
      nor any ERISA Affiliate has engaged in a transaction that could subject any
      Person to Section 4069 or 4212(c) of ERISA.

    
       

      
        
           

        

        
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    5.13. Communications
      Regulatory Matters.

     

    (A) The
      Licenses are valid and in full force and effect without conditions except for
      such conditions as are generally applicable to holders of such Licenses. No
      event has occurred and is continuing which could reasonably be expected to
      (i)
      result in the imposition of a material forfeiture or the revocation, termination
      or adverse modification of any such License or (ii) materially and
      adversely affect any rights of Borrower or its Subsidiaries or any other holder
      thereunder. Borrower has no reason to believe and has no knowledge that any
      License will not be renewed in the ordinary course. Except as disclosed on
      Schedule
      5.10,
      neither
      Borrower nor any of its Subsidiaries is a party to any investigation, notice
      of
      violation, order or complaint issued by or before the FCC or any applicable
      Governmental Authority, and there are no proceedings pending by or before the
      FCC or any applicable Governmental Authority, which could in any manner threaten
      or adversely affect the validity of any License.

     

    (B) All
      of
      the material properties, equipment and systems owned, leased or managed by
      Borrower or its Subsidiaries are, and (to the best knowledge of Borrower) all
      such property, equipment and systems to be acquired or added in connection
      with
      any contemplated system expansion or construction will be, in good repair,
      working order and condition (reasonable wear and tear excepted) and are and
      will
      be in material compliance with all terms and conditions of the Licenses and
      all
      standards or rules imposed by any Governmental Authority or as imposed under
      any
      agreements with telephone companies and customers.

     

    (C) Each
      of
      Borrower and its Subsidiaries has paid all material franchise, license or other
      fees and charges which have become due pursuant to any Governmental Approval
      in
      respect of its business and has made appropriate provision as is required by
      GAAP for any such material fees and charges which have accrued.

     

    5.14. Solvency.
      Each of
      Borrower and its Subsidiaries: (i) owns and will own assets the present fair
      saleable value of which are (a) greater than the total amount of liabilities
      (including contingent liabilities) of Borrower or its Subsidiaries and (b)
      greater than the amount that will be required to pay the probable liabilities
      of
      its then existing debts and liabilities as they become absolute and matured
      considering all financing alternatives and potential asset sales reasonably
      available to Borrower or such Subsidiary; (ii) has capital that is not
      unreasonably small in relation to its business as presently conducted or after
      giving effect to any contemplated transaction; and (iii) does not intend to
      incur and does not believe that it will incur debts and liabilities beyond
      its
      ability to pay such debts and liabilities as they become due.

     

    5.15. Investment
      Company Act.
      None of
      Borrower or any of its Subsidiaries is an “investment company” as that term is
      defined in and is not otherwise subject to regulation under, the Investment
      Company Act of 1940, as amended.

     

    5.16. Certain
      Agreements and Material Contracts.
      Each of
      Borrower and its Subsidiaries has performed all of its material obligations
      under all loan agreements, indentures, guarantees, capital leases and Material
      Contracts and, to the best knowledge of Borrower, each other party thereto
      is in
      compliance with each such agreement or Material Contract. Each such agreement
      or
      Material Contract is in full force and effect in accordance with the terms
      thereof.

    
       

      
        
           

        

        
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    5.17. Title
      to Properties.
      Borrower and each of its Subsidiaries has such title or leasehold interest
      in
      and to the real property or interests therein, including material easements,
      licenses and similar rights in real estate, owned or leased by it as is
      necessary or desirable to the conduct of its business and valid and legal title
      or leasehold interest in and to all of its personal property, including those
      reflected on the balance sheets of Borrower delivered pursuant to Subsection 5.8,
      except
      those which have been disposed of by Borrower subsequent to such date which
      dispositions have been in the ordinary course of business or as otherwise
      expressly permitted hereunder.

     

    5.18. Transactions
      with Affiliates.
      No
      Affiliate of Borrower is a party to any agreement, contract, commitment or
      transaction with Borrower or has any material interest in any material property
      used by Borrower, except as permitted by Subsection
      3.7.

     

    5.19. OFAC.
      None of
      Borrower or its Subsidiaries (i) is a person whose property or interest in
      property is blocked or subject to blocking pursuant to Section 1 of Executive
      Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
      With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed.
      Reg.
      49079 (2001)), (ii) engages in any dealings or transactions prohibited by
      Section 2 of such executive order, or is otherwise associated with any such
      person in any manner violative of Section 2, or (iii) is a person on the list
      of
      Specially Designated Nationals and Blocked Persons or subject to the limitations
      or prohibitions under any other U.S. Department of Treasury’s Office of Foreign
      Assets Control regulation or executive order.

     

    5.20. Patriot
      Act.
      Each of
      Borrower and its Subsidiaries is in compliance, in all material respects, with
      the (i) Trading with the Enemy Act, as amended, and each of the foreign
      assets control regulations of the United States Treasury Department (31 CFR,
      Subtitle B, Chapter V, as amended) and any other enabling legislation or
      executive order relating thereto, and (ii) Uniting And Strengthening America
      By
      Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA
      Patriot Act of 2001). No part of the proceeds of the Loans will be used,
      directly or indirectly, for any payments to any governmental official or
      employee, political party, official of a political party, candidate for
      political office, or anyone else acting in an official capacity, in order to
      obtain, retain or direct business or obtain any improper advantage, in violation
      of the United States Foreign Corrupt Practices Act of 1977, as
      amended.

     

     

    SECTION
      6

     

    EVENTS
      OF
      DEFAULT AND RIGHTS AND REMEDIES

     

    6.1. Event
      of Default.
      “Event
      of Default”
shall
      mean the occurrence or existence of any one or more of the
      following:

     

    (A) Payment.
      Failure
      to repay any outstanding amount of the Loans at the time required pursuant
      to
      this Agreement, or to reimburse Administrative Agent (for the account of Issuing
      Lender) for any payment made by Issuing Lender under or with respect to any
      Letter of Credit when due, or failure to pay, within five days after the due
      date, any interest on any Loan or failure to pay, within five days after receipt
      by Borrower of notice from Administrative Agent, any other amount due under
      this
      Agreement or any of the other Loan Documents; or

    
       

      
        
           

        

        
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    (B) Default
      in Other Agreements.
      (i)
      Failure of Borrower or any of its Subsidiaries to pay when due or within any
      applicable grace period any principal or interest on Indebtedness (other than
      the Loans) in excess of $5,000,000 or (ii) any other breach or default of
      Borrower or any of its Subsidiaries with respect to the Note Purchase Agreement,
      any Indebtedness (other than the Loans), if the effect of such breach or default
      is to cause or to permit the holder or holders then to cause such Indebtedness
      having an aggregate principal amount for Borrower and its Subsidiaries in excess
      of $5,000,000 to become or be declared due prior to its stated maturity;
      or

     

    (C) Breach
      of Certain Provisions.
      Failure
      of Borrower or any of its Subsidiaries to perform or comply with any term or
      condition contained in that portion of
      Subsection 2.2
      relating
      to Borrower’s or any of its Subsidiaries’ obligation to maintain insurance,
Subsection
      2.4,
      Section
      3
      or
Section
      4;
      or

     

    (D) Breach
      of Warranty.
      Any
      representation, warranty, certification or other statement made by Borrower
      or
      any of its Subsidiaries in any Loan Document or in any statement or certificate
      at any time given by Borrower or any of its Subsidiaries in writing pursuant
      to
      any Loan Document is false in any material respect on the date made or deemed
      made; or

     

    (E) Other
      Defaults Under Loan Documents.
      Borrower, any of its Subsidiaries or any other party (other than Administrative
      Agent or a Lender) breaches or defaults in the performance of or compliance
      with
      any term contained in this Agreement or the other Loan Documents and such
      default is not remedied or waived within 30 days after receipt by Borrower,
      any
      such Subsidiary or such other party of notice from Administrative Agent of
      such
      default (other than occurrences described in other provisions of this
Subsection
      6.1
      for
      which a different grace or cure period is specified or which constitute
      immediate Events of Default); or

     

    (F) Involuntary
      Bankruptcy; Appointment of Receiver; Etc.
      (i) A
      court enters a decree or order for relief with respect to Borrower or any of
      its
      Subsidiaries in an involuntary case under the Bankruptcy Code, which decree
      or
      order is not stayed or other similar relief is not granted under any applicable
      federal or state law within 60 days; or (ii) the continuance of any of the
      following events for 60 days unless dismissed, bonded or discharged: (a) an
      involuntary case is commenced against Borrower or any of its Subsidiaries,
      under
      any applicable bankruptcy, insolvency or other similar law now or hereafter
      in
      effect; or (b) a decree or order of a court for the appointment of a receiver,
      liquidator, sequestrator, trustee, custodian or other officer having similar
      powers over Borrower or any of its Subsidiaries, or over all or a substantial
      part of its property, is entered; or (c) an interim receiver, trustee or other
      custodian is appointed without the consent of Borrower or any of its
      Subsidiaries, for all or a substantial part of the property of Borrower or
      any
      of its Subsidiaries; or

     

    (G) Voluntary
      Bankruptcy; Appointment of Receiver; Etc.
      Borrower or any of its Subsidiaries (i) commences a voluntary case under the
      Bankruptcy Code, files a petition seeking to take advantage of any other law
      relating to bankruptcy, insolvency, reorganization, winding up or composition
      for adjustment of debts of Borrower or any of its Subsidiaries, or consents
      to,
      or fails to contest in a timely and appropriate manner, the entry of an order
      for relief in an involuntary case, the conversion of an involuntary case to
      a
      voluntary case under any such law, or the appointment of or taking possession
      by
      a receiver, trustee or other custodian of all or a substantial part of the
      property of Borrower or any of its Subsidiaries; or (ii) makes any assignment
      for the benefit of creditors; or (iii) the Board of Directors or the
      shareholders of Borrower or any of its Subsidiaries adopts any resolution or
      otherwise authorizes action to approve any of the actions referred to in this
      Subsection
      6.1(G);
      or

    
       

      
        
           

        

        
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    (H) Judgment
      and Attachments.
      Any
      money judgment, writ or warrant of attachment or similar process involving
      an
      amount in any individual case or in the aggregate for Borrower and its
      Subsidiaries at any time in excess of $5,000,000 (in either case not adequately
      covered by insurance as to which the insurance company has not denied coverage)
      is entered or filed against Borrower or any of its Subsidiaries or any of their
      respective assets and remains undischarged, unvacated, unbonded or unstayed
      for
      a period of 60 days or in any event later than five Business Days prior to
      the
      date of any proposed sale thereunder; or

     

    (I) Dissolution.
      Any
      order, judgment or decree is entered against Borrower or any of its Subsidiaries
      decreeing the dissolution or split up of Borrower or any of its Subsidiaries
      and
      such order remains undischarged or unstayed for a period in excess of 15 days;
      or

     

    (J) Solvency.
      Borrower or any of its Subsidiaries ceases to be solvent or Borrower or any
      of
      its Subsidiaries admits in writing its present or prospective inability to
      pay
      its debts as they become due; or

     

    (K) Injunction.
      Borrower or any of its Subsidiaries is enjoined, restrained or in any way
      prevented by the order of any court or any Governmental Authority from
      conducting all of its business or otherwise for more than 60 days to the extent
      that the results of such injunction or restraint could reasonably be expected
      to
      have a Material Adeverse Effect; or

     

    (L) ERISA;
      Pension Plans.
      (i)
      Borrower or any of its Subsidiaries fails to make full payment when due of
      all
      amounts which, under the provisions of any employee benefit plans or any
      applicable provisions of the IRC, any such Person is required to pay as
      contributions thereto and such failure results in or could reasonably be
      expected to have a Material Adverse Effect; or (ii) an accumulated funding
      deficiency occurs or exists, whether or not waived, with respect to any such
      employee benefit plans and such accumulated funding deficiency results in or
      could reasonably be expected to have a Material Adverse Effect; or (iii) any
      employee benefit plan of Borrower or any of its Subsidiaries loses its status
      as
      a qualified plan under the IRC and such loss results in or could reasonably
      be
      expected to have a Material Adverse Effect; or

     

    (M) Invalidity
      of Loan Documents.
      Any of
      the Loan Documents for any reason, other than a partial or full release in
      accordance with the terms thereof, ceases to be in full force and effect or
      is
      declared to be null and void and Borrower or any applicable Subsidiary fails
      to
      promptly correct such cessation or declaration, or Borrower or any of its
      Subsidiaries denies that it has any further liability under any Loan Documents
      to which it is party, or gives notice to such effect; or 

     

    (N) Licenses
      and Permits.
      The
      loss, suspension or revocation of, or failure to renew, any license or permit,
      including any License, now held or hereafter acquired by Borrower or any of
      its
      Subsidiaries, if such loss, suspension, revocation or failure to renew could
      reasonably be expected to have a Material Adverse Effect; or

    
       

      
        
           

        

        
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    (O) Change
      in Control.
      Any
      Person acquires or beneficially owns, directly or indirectly, and controls
      at
      least 35% of the voting equity in Borrower.

     

    6.2. Suspension
      of Commitments.
      Upon
      the occurrence and during the continuation of any Default or Event of Default,
      and without limiting any other right or remedy hereunder, Administrative Agent
      may with the consent of the Requisite Lenders or shall upon written instructions
      from the Requisite Lenders, upon written notice to Borrower, cease making
      additional Loans and suspend the Lenders’ obligation to lend their Pro Rata
      Share of the Loan Commitments; provided
      that, in
      the case of a Default, if the subject condition or event is cured to the
      reasonable satisfaction of the Requisite Lenders (unless otherwise provided
      in
Subsection
      9.2)
      or
      waived or removed by the Requisite Lenders (unless otherwise provided in
Subsection
      9.2)
      within
      any applicable grace or cure period, any suspended portion of the Loan
      Commitments shall be reinstated.

     

    6.3. Acceleration.
      Upon
      the occurrence and during the continuance of any Event of Default described
      in
      the foregoing Subsections
      6.1(F)
      or
6.1(G),
      the
      unpaid principal amount of and accrued interest and fees on the Loans, payments
      under the Letters of Credit and all other Obligations (other than Obligations
      under any Related Interest Rate Agreement to which a Lender or an Affiliate
      of a
      Lender is a party, which may be accelerated solely in the discretion of the
      Lender or Affiliate of a Lender party thereto) shall automatically become
      immediately due and payable, without presentment, demand, protest, notice of
      intent to accelerate, notice of acceleration or other requirements of any kind,
      all of which are hereby expressly waived by Borrower, and the obligations of
      Lenders to make Loans and issue Letters of Credit shall thereupon terminate.
      Upon the occurrence and during the continuance of any other Event of Default,
      Administrative Agent may and upon written demand of Requisite Lenders shall
      by
      written notice to Borrower declare all or any portion of the Loans, all or
      any
      Letter of Credit and all or some of the other Obligations (other than
      Obligations under any Related Interest Rate Agreement to which a Lender or
      an
      Affiliate of a Lender is a party, which may be accelerated solely in the
      discretion of the Lender or Affiliate of a Lender party thereto) to be, and
      the
      same shall forthwith become, immediately due and payable together with accrued
      interest thereon, and upon such acceleration the obligations of Lenders to
      make
      Loans and issue Letters of Credit shall thereupon terminate and Borrower shall
      immediately comply with the provisions of Subsection
      1.18.

     

    6.4. Rights
      of Collection.
      Upon
      the occurrence and during the continuation of any Event of Default and at any
      time thereafter, unless and until such Event of Default is cured or waived
      in
      writing by Requisite Lenders, Administrative Agent may exercise on behalf of
      Lenders all of its rights and remedies under this Agreement, the other Loan
      Documents and Applicable Law, in order to satisfy all of the
      Obligations.

     

    6.5. Consents.
      Borrower acknowledges that certain transactions contemplated by this Agreement
      and the other Loan Documents and certain actions which may be taken by
      Administrative Agent or a Lender in the exercise of its rights under this
      Agreement and the other Loan Documents may require the consent of a Governmental
      Authority. If counsel to Administrative Agent reasonably determines that the
      consent of a Governmental Authority is required in connection with the
      execution, delivery and performance of any of the aforesaid Loan Documents
      or
      any Loan Documents delivered to Administrative Agent or any Lender in connection
      therewith or as a result of any action which may be taken pursuant thereto,
      then
      Borrower, at Borrower’s sole cost and expense, agrees to use its reasonable
      efforts, and to cause its Subsidiaries to use their reasonable efforts, to
      secure such consent and to cooperate with Administrative Agent and such Lender
      in any action commenced by Administrative Agent or any Lender to secure such
      consent.

    
       

      
        
           

        

        
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    6.6. Performance
      by Administrative Agent.
      If
      Borrower shall fail to perform any covenant, duty or agreement contained in
      any
      of the Loan Documents, Administrative Agent may perform or attempt to perform
      such covenant, duty or agreement on behalf of Borrower after the expiration
      of
      any cure or grace periods set forth herein, subject to Applicable Law. In such
      event, Borrower shall, at the request of Administrative Agent, promptly pay
      any
      amount reasonably expended by Administrative Agent in such performance or
      attempted performance to Administrative Agent, together with interest thereon
      at
      the highest rate of interest in effect upon the occurrence of an Event of
      Default as specified in Subsection
      1.2(E)
      from the
      date of such expenditure until paid. Notwithstanding the foregoing, it is
      expressly agreed that neither Administrative Agent nor any Lender shall have
      any
      liability or responsibility for the performance of any obligation of Borrower
      under this Agreement or any other Loan Document.

     

    6.7. Set
      Off and Sharing of Payments.
      In
      addition to any rights now or hereafter granted under applicable law and not
      by
      way of limitation of any such rights, during the continuance of any Event of
      Default, each Lender is hereby authorized by Borrower at any time or from time
      to time, with reasonably prompt subsequent notice to Borrower (any prior or
      contemporaneous notice being hereby expressly waived) to set off and to
      appropriate and to apply against and on account of any of the Obligations any
      and all (A) balances held by such Lender at any of its offices for the account
      of Borrower or any of its Subsidiaries (regardless of whether such balances
      are
      then due to Borrower or any of its Subsidiaries), and (B) all other property
      at
      any time held or owing by such Lender to or for the credit or for the account
      of
      Borrower or any of its Subsidiaries; provided,
      that no
      Lender shall exercise any such right without the prior written consent of
      Administrative Agent. Any Lender exercising a right to set off shall, to the
      extent the amount of any such set off exceeds its Pro Rata Share of the amount
      set off, purchase for cash (and the other Lenders shall sell) interests in
      each
      such other Lender’s Pro Rata Share of the Obligations as would be necessary to
      cause such Lender to share such excess with each other Lender in accordance
      with
      their respective Pro Rata Shares. Borrower agrees, to the fullest extent
      permitted by law, that any Lender may exercise its right to set off with respect
      to amounts in excess of its Pro Rata Share of the Obligations and upon doing
      so
      shall deliver such excess to Administrative Agent for the benefit of all Lenders
      in accordance with their Pro Rata Shares; provided,
      that
      CoBank may exercise its rights against any equity of CoBank held by Borrower
      without complying with this Subsection
      6.7.

     

    6.8. Application
      of Payments.
      Subsequent to the occurrence and during the continuation of any Default or
      Event
      of Default, all payments received by Lenders (or Affiliates of Lenders party
      to
      Related Interest Rate Agreements) on the Obligations and on the proceeds from
      the enforcement of the Obligations shall be applied among Administrative Agent
      and Lenders (and Affiliates of Lenders party to Related Interest Rate
      Agreements) as follows: first,
      to all
      Administrative Agent’s and Lenders’ (and Affiliates of Lenders party to Related
      Interest Rate Agreements) fees and expenses then due and payable, other than
      such fees and expenses which, in effect, correspond to principal, notional
      amount or interest under or with respect to such Related Interest Rate
      Agreements; second,
      to all
      other expenses then due and payable by any Loan Party under the Loan Documents;
      third,
      to all
      indemnitee obligations then due and payable by any Loan Party under the Loan
      Documents; fourth,
      to all
      commitment and other fees and commissions then due and payable by Borrower
      under
      the Loan Documents; fifth,
      pro
      rata to (i) accrued and unpaid interest on the Loans (pro rata) in accordance
      with all such amounts due on the Loans and (ii) any scheduled payments
      (excluding termination, unwind and similar payments) due to a Lender or an
      Affiliate of a Lender on any Related Interest Rate Agreements (pro rata with
      all
      such amounts due); sixth,
      pro
      rata to (a) the principal amount of the Loans (pro rata among all Loans) and
      (b)
      any termination, unwind and similar payments due to a Lender or an Affiliate
      of
      a Lender under Related Interest Rate Agreements (pro rata with all such amounts
      due); and seventh,
      to any
      remaining amounts due under the Obligations, in that order. Any remaining monies
      not applied as provided in this Subsection
      6.8
      shall be
      paid to Borrower or any Person lawfully entitled thereto.

    
       

      
        
           

        

        
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    6.9. Adjustments.
      If any
      Lender (a “Benefited
      Lender”)
      shall
      at any time receive any payment of all or part of its Loans, or interest thereon
      in a greater proportion than any such payment received by any other Lender
      (other than pursuant to Subsection
      1.11(B)),
      if
      any, in respect of such other Lender’s Loans, or interest thereon, such
      Benefited Lender shall, to the extent permitted by Applicable Law, purchase
      for
      cash from the other Lenders such portion of each such other Lender’s Loans as
      shall be necessary to cause such Benefited Lender to share the excess payment
      or
      benefits ratably with each Lender; provided,
      that if
      all or any portion of such excess payment or benefits is thereafter recovered
      from such Benefited Lender, such purchase shall be rescinded, and the purchase
      price and benefits returned to the extent of such recovery, but without
      interest. Borrower agrees that each Lender so purchasing a portion of another
      Lender’s Loans may exercise all rights of payment (including rights of set-off)
      with respect to such portion as fully as if such Lender were the direct holder
      of such portion. This Subsection 6.9
      shall
      not apply to any action taken by CoBank with respect to equity in it held by
      Borrower.

     

     

    SECTION
      7

     

    CONDITIONS
      TO LOANS

     

    The
      obligations of Lenders to make Loans are subject to satisfaction of all of
      the
      applicable conditions set forth below.

     

    7.1. Conditions
      to the Loan on the Amendment Date.
      The
      obligations of Lenders to make the Loan on the Amendment Date are subject to
      the
      satisfaction of each of the following conditions:

     

    (A) Executed
      Loan and Other Documents.
      (i)
      This Agreement, (ii) the Notes and (iii) all other documents and instruments
      contemplated by such agreements, shall have been duly authorized and executed
      by
      Borrower or other Person, as applicable, in form and substance satisfactory
      to
      Administrative Agent and Lenders, and Borrower or such other Person, as
      applicable, shall have delivered original counterparts thereof to Administrative
      Agent for delivery to Lenders.

     

    (B) Closing
      Certificates; Opinions.

    
       

      
        
           

        

        
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    (1) Officers’
      Certificate.
      Administrative Agent shall have received a certificate from the chief executive
      officer and vice president, treasurer of Borrower, in form and substance
      reasonably satisfactory to Administrative Agent, to the effect that, to their
      knowledge after reasonable diligence, all representations and warranties of
      Borrower and its Subsidiaries contained in this Agreement and the other Loan
      Documents are true and correct in all material respects on and as of the date
      thereof; that neither Borrower nor any of its Subsidiaries is in violation
      of
      any of the covenants contained in this Agreement and the other Loan Documents;
      that, after giving effect to the transactions contemplated by this Agreement,
      no
      Default or Event of Default has occurred and is continuing; and that Borrower
      has satisfied each of the closing conditions to be satisfied
      hereby.

     

    (2) Certificate
      of Secretary of Borrower.
      Administrative Agent shall have received a certificate of the secretary or
      assistant secretary of Borrower certifying that attached thereto is a true
      and
      complete copy of its articles of incorporation, and all amendments thereto,
      certified as of a recent date by the Secretary of State of the state of its
      organization; that attached thereto is a true and complete copy of its bylaws
      as
      in effect on the date of such certification; that attached thereto is a true
      and
      complete copy of resolution of its Board of Directors authorizing the borrowings
      contemplated hereunder, and the execution, delivery and performance of this
      Agreement and the other Loan Documents; and as to the incumbency and genuineness
      of the signature of each of its officers executing Loan Documents.

     

    (3) Closing
      Certification.
      The
      Administrative Agent shall have received a certificate of the chief executive
      officer and the chief financial officer of the Borrower, dated the Amendment
      Date, in form and substance reasonably acceptable to the Administrative Agent,
      to the effect that as of the Amendment Date (i) the Borrower, on a combined
      and
      consolidated basis with its Subsidiaries as set forth in Section
      4,
      are in
      compliance on a pro forma basis (after giving effect to the Everest Acquisition
      and the transactions contemplated by this Agreement, including Loans to be
      made
      on the Amendment Date) with the covenants set forth in Section
      4 for
      the
      succeeding 12-month period based upon the Budgets delivered pursuant to
Subsection
      4.4(D),
      projections relating to the financial impact of the Everest Acquisition and
      other reasonable and good faith assumptions, which shall be set forth in such
      certification, as to transactions, including the proposed Wireless Sale,
      contemplated during such 12-month period and (ii) to the best of such officer’s
      knowledge, no Everest Material Adverse Change has occurred.

     

    (4) Certificates
      of Good Standing.
      Administrative Agent shall have received certificates as of a recent date of
      the
      good standing of Borrower under the laws of its jurisdiction of organization
      and
      such other jurisdictions as are requested by Administrative Agent.

     

    (5) Opinion
      of Counsel.
      Administrative Agent shall have received a favorable opinion of counsel to
      Borrower addressed to Administrative Agent with respect to Borrower and the
      Loan
      Documents reasonably satisfactory in form and substance to Administrative
      Agent.

     

    (C) Consents.

     

    (1) Governmental
      and Third Party Approvals.
      Borrower shall have delivered to Administrative Agent all necessary material
      approvals, authorizations and consents, if any, of all Persons, Governmental
      Authorities, including the FCC and all applicable PUCs, and courts having
      jurisdiction with respect to the execution and delivery of this Agreement and
      the other Loan Documents, and all such approvals shall be in form and substance
      reasonably satisfactory to Administrative Agent.

    
       

      
        
           

        

        
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    (2) No
      Injunction, Etc.
      No
      action, proceeding, investigation, regulation or legislation shall have been
      instituted, threatened or proposed before, nor any adverse ruling received
      from,
      any Governmental Authority to enjoin, restrain or prohibit, or to obtain
      substantial damages in respect of, or which is related to or arises out of
      this
      Agreement or the other Loan Documents or the consummation of the transactions
      contemplated hereby or thereby, or which, as determined by Administrative Agent
      in its reasonable discretion, is reasonably likely to result in a Material
      Adverse Effect.

     

    (D) Fees,
      Expenses, Taxes, Etc.
      There
      shall have been paid by Borrower to Administrative Agent the fees set forth
      or
      referenced in Subsection
      1.4
      and any
      other accrued and unpaid fees or commissions due hereunder (including legal
      fees
      and expenses), and to any other Person such amount as may be due thereto in
      connection with the transactions contemplated hereby, including all taxes,
      fees
      and other charges in connection with the execution, delivery, recording, filing
      and registration of any of the Loan Documents. 

     

    (E) Miscellaneous.

     

    (1) Proceedings
      and Documents.
      All
      opinions, certificates and other instruments and all proceedings in connection
      with the transactions contemplated by this Agreement shall be reasonably
      satisfactory in form and substance to Administrative Agent. Administrative
      Agent
      shall have received copies of all other instruments and other evidence as
      Administrative Agent or any Lender may request, in form and substance reasonably
      satisfactory to Administrative Agent and Lenders, with respect to the
      transactions contemplated by this Agreement and the taking of all actions in
      connection therewith.

     

    (2) Litigation,
      Investigations, Audits, Etc.
      There
      is no action, suit, proceeding or investigation pending against, or, to the
      knowledge of Borrower after due inquiry, threatened against or in any other
      manner relating adversely to, Borrower or any of its Subsidiaries or any of
      their respective properties, including the Licenses, in any court or before
      any
      arbitrator of any kind or before or by any Governmental Authority (including
      the
      FCC), except such as affect the telecommunications industry generally, that
      would reasonably be expected to have a Material Adverse Effect.

     

    (3) Conditions
      to Everest Acquisition Satisfied.
      The
      Administrative Agent shall have received evidence, in form and substance
      reasonably satisfactory to the Administrative Agent, that all conditions
      precedent to the consummation of the Everest Acquisition, other than the payment
      of the purchase price thereunder, have been satisfied on substantially the
      terms
      set forth in the Purchase and Sale Agreement, dated as of December 6, 2007,
      relating to the Everest Acquisition, subject only to such amendments,
      modifications or changes thereto or waivers as shall have been consented to
      by
      each of the Lenders.

     

    7.2. Conditions
      to All Loans.
      The
      obligations of Lenders to make Loans, including the Loan on the Amendment Date,
      and of Issuing Lenders to issue Letters of Credit, including the initial Letter
      of Credit, on any date (each such date a “Funding
      Date”),
      are
      subject to the further conditions precedent set forth below.

    
       

      
        
           

        

        
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    (1) Administrative
      Agent shall have received, in accordance with the provisions of Subsection 1.3,
      a
      Notice of Borrowing requesting an advance of a Loan or such notice as Issuing
      Lender shall require for the issuance of a Letter of Credit.

     

    (2) The
      representations and warranties contained in Section
      5
      of this
      Agreement and elsewhere herein and in the Loan Documents shall be (and each
      request by Borrower for a Loan or a Letter of Credit shall constitute a
      representation and warranty by Borrower that such representations and warranties
      are) true and correct in all material respects on and as of such Funding Date
      to
      the same extent as though made on and as of that date, except for any
      representation or warranty limited by its terms to a specific date and taking
      into account any amendments to the Schedules or Exhibits as a result of any
      disclosures made in writing by Borrower to Administrative Agent after the
      Amendment Date so long as what is being disclosed does not give rise to a
      Default or an Event of Default.

     

    (3) No
      event
      shall have occurred and be continuing or would result from the consummation
      of
      the borrowing or issuance contemplated that would constitute an Event of Default
      or a Default.

     

    (4) No
      order,
      judgment or decree of any court, arbitrator or Governmental Authority shall
      purport to enjoin or restrain any Lender from making any Loan or Issuing Lender
      from issuing any Letter of Credit.

     

    (5) Since
      December 31, 2006, there shall not have occurred any event or condition that
      has
      had or could reasonably be expected to have a Material Adverse
      Effect.

     

    (6) All
      Loan
      Documents shall be in full force and effect.

     

     

    SECTION
      8

     

    ASSIGNMENT
      AND PARTICIPATION

     

    8.1. Assignments
      and Participations in Loans and Notes.

     

    (A) General.
      No
      Lender may assign or otherwise transfer any of its rights or obligations
      hereunder except (i) to an assignee in accordance with the provisions of
Subsection
      8.1(B),
      (ii) by
      way of participation in accordance with the provisions of Subsection
      8.1(D),
      or
      (iii) by way of pledge or assignment of a security interest subject to the
      restrictions of Subsection
      8.1(F)
      (and any
      other attempted assignment or transfer by any party hereto shall be null and
      void). Nothing in this Agreement, expressed or implied, shall be construed
      to
      confer upon any Person (other than the parties hereto, their respective
      successors and assigns permitted hereby, Participants to the extent provided
      in
Subsection
      8.1(D)
      and, to
      the extent expressly contemplated hereby, the Related Parties of each of
      Administrative Agent and the Lenders) any legal or equitable right, remedy
      or
      claim under or by reason of this Agreement. In the event of an assignment
      pursuant to this Subsection
      8.1,
      if a
      new Note is requested by the Person to which interests are to be assigned,
      Borrower shall, upon surrender of the assigning Lender’s Note, issue a new Note
      to reflect the interests of the assigning Lender and the Person to which
      interests are to be assigned. Each Lender may furnish any information concerning
      Loan Parties and their Subsidiaries in the possession of that Lender from time
      to time to assignees and Participants (including prospective assignees and
      Participants), subject to the provisions of Subsection
      9.13.
      Notwithstanding anything contained in this Agreement to the contrary, so long
      as
      the Requisite Lenders shall remain capable of making LIBOR Loans, no Person
      shall become a “Lender” hereunder unless such Person shall also be capable of
      making LIBOR Loans.

    
       

      
        
           

        

        
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    (B) Assignments
      by the Lenders.
      Any
      Lender may at any time assign to one or more assignees all or a portion of
      its
      rights and obligations under this Agreement (including all or a portion of
      its
      Loan Commitments and the Loans at the time owing to it); provided
      that any
      such assignment shall be subject to the following conditions:

     

    
      	 	
              (i)

            	
              Minimum
                Amounts.

            

    

     

    
      	
            	(a)	
              in
                the case of an assignment of the entire remaining amount of the assigning
                Lender’s Loan Commitment and the Loans at the time owing to it or in the
                case of an assignment to another Lender, an Affiliate of a Lender
                or an
                Approved Fund, no minimum amount need be assigned;
                and

            

      	 	 	 

      	 	(b)	in any case not described in Subsection
              8.1(B)(i)(a),
              the aggregate amount of the Loan Commitment (which for this purpose
              includes Loans outstanding thereunder) or, if the applicable Loan
              Commitment is not then in effect, the principal outstanding balance
              of the
              Loans of the assigning Lender subject to each such assignment (determined
              as of the date the Assignment and Assumption with respect to such
              assignment is delivered to the Administrative Agent or, if an “Effective
              Date” is specified in the Assignment and Assumption, as of the Effective
              Date) shall not be less than $3,000,000, in the case of any assignment
              in
              respect of a revolving facility, or $1,000,000, in the case of any
              assignment in respect of a term facility, unless each of Administrative
              Agent and, so long as no Default or Event of Default has occurred and
              is
              continuing, Borrower otherwise consents (each such consent not to be
              unreasonably withheld or delayed).

    

     

    
      	 	
              (ii)

            	
              Proportionate
                Amounts.
                Each partial assignment shall be made as an assignment of a proportionate
                part of all the assigning Lender’s rights and obligations under this
                Agreement with respect to the Loans or the Loan Commitments assigned,
                except that this clause (ii) shall not prohibit any Lender from assigning
                all or a portion of its rights and obligations among separate Facilities
                on a non-pro rata basis.

            

    

     

    
      	 	
              (iii)

            	
              Required
                Consents.
                No consent shall be required for any assignment except to the extent
                required by of Subsection
                8.1(B)(i)(b)
                and, in addition:

            

    

    
       

      
        
           

        

        
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              	(a)	the consent of Borrower (such consent
                not to
                be unreasonably withheld or delayed) shall be required unless (x)
                a
                Default or an Event of Default has occurred and is continuing at
                the time
                of such assignment or (y) such assignment is to a Lender, an Affiliate
                of
                a Lender or an Approved Fund;
                and
                provided that assignments by CoBank to institutions chartered under
                the
                Farm Credit System shall not require written consent of the Borrower;
                and

        	 	 	 

        	 	(b)	the consent of Administrative Agent
                (such
                consent not to be unreasonably withheld or delayed) shall be required
                for
                assignments in respect of a Facility if such assignment is to a Person
                that is not a Lender with a Loan Commitment in respect of such Facility,
                an Affiliate of such Lender or an Approved Fund with respect to such
                Lender.

      

    

     

    
      	 	
              (iv)

            	
              Assignment
                and Assumption.
                The parties to each assignment shall execute and deliver to Administrative
                Agent an Assignment and Assumption, together with a processing and
                recordation fee of $3,500, and the assignee, if it is not a Lender,
                shall
                deliver to Administrative Agent an Administrative
                Questionnaire.

            

    

     

    
      	 	
              (v)

            	
              No
                Assignment to the Borrower.
                No such assignment shall be made to Borrower or any of the Borrower’s
                Affiliates or Subsidiaries.

            

    

     

    
      	 	
              (vi)

            	
              No
                Assignment to Natural Persons.
                No such assignment shall be made to a natural
                person.

            

    

     

    Subject
      to acceptance and recording thereof by Administrative Agent pursuant to
Subsection
      8.1(C),
      from
      and after the effective date specified in each Assignment and Assumption, the
      assignee thereunder shall be a party to this Agreement and, to the extent of
      the
      interest assigned by such Assignment and Assumption, have the rights and
      obligations of a Lender under this Agreement, and the assigning Lender
      thereunder shall, to the extent of the interest assigned by such Assignment
      and
      Assumption, be released from its obligations under this Agreement (and, in
      the
      case of a Assignment and Assumption covering all of the assigning Lender’s
      rights and obligations under this Agreement, such Lender shall cease to be
      a
      party hereto) but shall continue to be entitled to the benefits of Subsections
      1.4(D), 1.11, 1.13, 1.14, 9.1, 9.14 and
      9.15
      with
      respect to facts and circumstances occurring prior to the effective date of
      such
      assignment. Any assignment or transfer by a Lender of rights or obligations
      under this Agreement that does not comply with this Subsection
      8.1(B)
      shall be
      treated for purposes of this Agreement as a sale by such Lender of a
      participation in such rights and obligations in accordance with Subsection
      8.1(D).

     

    (C) Register.
      Administrative Agent, acting solely for this purpose as an agent of Borrower,
      shall maintain at one of its offices in Denver, Colorado a copy of each
      Assignment and Assumption delivered to it and a register for the recordation
      of
      the names and addresses of the Lenders, and the Loan Commitments of, and
      principal amounts of the Loans owing to, each Lender pursuant to the terms
      hereof from time to time (the “Register”).
      The
      entries in the Register shall be conclusive absent manifest error, and Borrower,
      Administrative Agent and the Lenders may treat each Person whose name is
      recorded in the Register pursuant to the terms hereof as a Lender hereunder
      for
      all purposes of this Agreement, notwithstanding notice to the contrary. The
      Register shall be available for inspection by Borrower and any Lender, at any
      reasonable time and from time to time upon reasonable prior notice.

    
      
         

        
          
             

          

          
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    (D) Participations.
      Any
      Lender may at any time, without the consent of, or notice to, Borrower or
      Administrative Agent, sell participations to any Person (other than a natural
      person or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”)
      in all
      or a portion of such Lender’s rights and/or obligations under this Agreement
      (including all or a portion of its Loan Commitment and/or the Loans owing to
      it); provided
      that (i)
      such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
      Lender shall remain solely responsible to the other parties hereto for the
      performance of such obligations and (iii) Borrower, Administrative Agent and
      the
      Lenders shall continue to deal solely and directly with such Lender in
      connection with such Lender’s rights and obligations under this Agreement.
      CoBank reserves the right to assign or sell participations in all or any part
      of
      its Pro Rata Share of each Loan Commitment on a non-patronage
      basis.

    

    Any
      agreement or instrument pursuant to which a Lender sells such a participation
      shall provide that such Lender shall retain the sole right to enforce this
      Agreement and to approve any amendment, modification or waiver of any provision
      of this Agreement; provided
      that
      such agreement or instrument may provide that such Lender will not, without
      the
      consent of the Participant, agree to any amendment, modification or waiver
      described in Subsection
      9.2
      relating
      to amendments requiring unanimous consent of the Lenders that affects such
      Participant; provided
      ,
further,
      that
      with respect to any bank that is a member of the Farm Credit System that has
      purchased a participation in excess of $10,000,000 from Administrative Agent,
      such member shall have the right to make elections and vote under Subsection
      1.8
      as to
      its portion. Subject to Subsection
      8.1(E),
      Borrower agrees that each Participant shall be entitled to the benefits of
      Subsections
      1.11,
      1.13
      and
      1.14
      to the
      same extent as if it were a Lender and had acquired its interest by assignment
      pursuant to Subsection
      8.1(B).
      To the
      extent permitted by law, each Participant also shall be entitled to the benefits
      of Subsection
      6.7
      as
      though it were a Lender, provided such Participant agrees to be subject to
      Subsection
      6.7
      as
      though it were a Lender.

     

    (E) Limitations
      upon Participant Rights.
      A
      Participant shall not be entitled to receive any greater payment under
Subsections
      1.11, 1.13 and
      1.14
      than the
      applicable Lender would have been entitled to receive with respect to the
      participation sold to such Participant, unless the sale of the participation
      to
      such Participant is made with the Borrower’s prior written consent and
      after
      disclosure in writing of such greater payment to the extent such Participant
      has
      knowledge of the circumstances giving rise to such greater payment at the time
      of such sale.
      A
      Participant that would be a Foreign Lender if it were a Lender shall not be
      entitled to the benefits of Subsection
      1.13
      unless
      Borrower is notified of the participation sold to such Participant and such
      Participant agrees, for the benefit of Borrower, to comply with Subsection
      1.13(B)
      as
      though it were a Lender.

     

    (F) Certain
      Pledges.
      Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement to secure obligations of such Lender,
      including any pledge or assignment to secure obligations to a Federal Reserve
      Bank; provided
      that no
      such pledge or assignment shall release such Lender from any of its obligations
      hereunder or substitute any such pledgee or assignee for such Lender as a party
      hereto.

    
      
         

        
          
             

          

          
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    8.2. Administrative
      Agent.

     

    (A) Appointment.
      Each
      Lender hereby irrevocably appoints and authorizes CoBank, as Administrative
      Agent, to act as Administrative Agent hereunder and under any other Loan
      Document with such powers as are specifically delegated to Administrative Agent
      by the terms of this Agreement and any other Loan Document, together with such
      other powers as are reasonably incidental thereto. Administrative Agent is
      authorized and empowered to amend, modify or waive any provisions of this
      Agreement or the other Loan Documents on behalf of Lenders, subject to the
      requirement that the consent of certain Lenders or all Lenders, as appropriate,
      be obtained in certain instances as provided in this Agreement. CoBank hereby
      agrees to act as Administrative Agent on the express conditions contained in
      this Subsection
      8.2.
      The
      provisions of this Subsection 8.2
      are
      solely for the benefit of Administrative Agent and Lenders, and Borrower shall
      have no rights as a third party beneficiary of any of the provisions hereof.
      In
      performing its functions and duties under this Agreement, Administrative Agent
      shall act solely as an Administrative Agent of Lenders and Administrative Agent
      shall not assume or be deemed to have assumed any obligation toward or
      relationship of agency or trust with or for any Loan Party or their respective
      Affiliates. Administrative Agent may execute any of its duties under this
      Agreement or any other Loan Document by or through agents or attorneys-in-fact
      and shall not be responsible for the negligence or misconduct of any agents
      or
      attorneys-in-fact that it selects with reasonable care.

     

    (B) Nature
      of Duties.
      The
      duties of Administrative Agent shall be mechanical and administrative in nature.
      Administrative Agent shall not have by reason of this Agreement a fiduciary
      relationship in respect of any Lender. Nothing in this Agreement or any of
      the
      Loan Documents, express or implied, is intended to or shall be construed to
      impose upon Administrative Agent any obligations in respect of this Agreement
      or
      any of the Loan Documents except as expressly set forth herein or therein.
      Each
      Lender expressly acknowledges that none of Administrative Agent or any of its
      officers, directors, employees, agents, attorneys-in-fact or Affiliates have
      made any representation or warranty to it and that no act by Administrative
      Agent or any such Person hereafter taken, including any review of the affairs
      of
      Borrower or any of its Subsidiaries, shall be deemed to constitute any
      representation or warranty by Administrative Agent to any Lender. Each Lender
      represents to Administrative Agent that (i) it has, independently and without
      reliance upon Administrative Agent or any other Lender and based on such
      documents and information as it has deemed appropriate, made its own appraisal
      of and investigation into the business, prospects, operations, properties,
      financial and other condition and creditworthiness of Borrower and its
      Subsidiaries and made its own decision to enter into this Agreement and extend
      credit to Borrower hereunder, and (ii) it will, independently and without
      reliance upon Administrative Agent or any other Lender and based on such
      documents and information as it shall deem appropriate at the time, continue
      to
      make its own credit analysis, appraisals and decisions in taking or not taking
      action hereunder and under the other Loan Documents and to make such
      investigation as it deems necessary to inform itself as to the business,
      prospects, operations, properties, financial and other condition and
      creditworthiness of Loan Parties. Administrative Agent shall have no duty or
      responsibility, either initially or on a continuing basis, to provide any Lender
      with any credit or other information with respect thereto (other than as
      expressly required herein). If Administrative Agent seeks the consent or
      approval of any Lenders to the taking or refraining from taking of any action
      hereunder, then Administrative Agent shall send notice thereof to each Lender.
      Administrative Agent shall promptly notify each Lender any time that Requisite
      Lenders have instructed Administrative Agent to act or refrain from acting
      pursuant hereto.

    
      
         

        
          
             

          

          
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    (C) Rights,
      Exculpation, Etc.
      Administrative Agent, its Affiliates and any of their or their Affiliates’
respective officers, directors, employees, agents or attorneys-in-fact shall
      not
      be liable to any Lender for any action taken or omitted by them hereunder or
      under any of the Loan Documents, or in connection herewith or therewith, except
      that each such entity shall be liable with respect to its own gross negligence,
      bad faith or willful misconduct. Administrative Agent shall not be liable for
      any apportionment or distribution of payments made by it in good faith and
      if
      any such apportionment or distribution is subsequently determined to have been
      made in error, the sole recourse of any Lender to whom payment was due but
      not
      made shall be to recover from other Lenders any payment in excess of the amount
      to which they are determined to be entitled (and such other Lenders hereby
      agree
      to return to such Lender any such erroneous payments received by them). In
      performing its functions and duties hereunder, Administrative Agent shall
      exercise the same care which it would in dealing with loans for its own account,
      but Administrative Agent shall not be responsible to any Lender for any
      recitals, statements, representations or warranties herein or for the execution,
      effectiveness, genuineness, validity, enforceability, collectibility or
      sufficiency of this Agreement or any of the Loan Documents or the transactions
      contemplated thereby, or for the financial condition of Loan Parties.
      Administrative Agent may at any time request instructions from Lenders with
      respect to any actions or approvals which by the terms of this Agreement or
      of
      any of the Loan Documents Administrative Agent is permitted or required to
      take
      or to grant, and if such instructions are promptly requested, Administrative
      Agent shall be absolutely entitled to refrain from taking any action or to
      withhold any approval and shall not be under any liability whatsoever to any
      Person for refraining from any action or withholding any approval under any
      of
      the Loan Documents (i) if such action or omission would, in the reasonable
      opinion of Administrative Agent, violate any Applicable Law or any provision
      of
      this Agreement or any other Loan Document, or (ii) until it shall have received
      such instructions from Requisite Lenders or all of Lenders, as applicable.
      Without limiting the foregoing, no Lender shall have any right of action
      whatsoever against Administrative Agent as a result of Administrative Agent
      acting or refraining from acting under this Agreement, the Notes, or any of
      the
      other Loan Documents in accordance with the instructions of Requisite Lenders,
      except in connection with its own gross negligence, bad faith or willful
      misconduct.

     

    (D) Reliance.
      Administrative Agent shall be entitled to rely, and shall be fully protected
      in
      relying, upon any written or oral notices, statements, certificates, orders
      or
      other documents or any telephone message or other communication (including
      any
      writing, telex, telecopy or telegram) believed by it in good faith to be genuine
      and correct and to have been signed, sent or made by the proper Person, and
      with
      respect to all matters pertaining to this Agreement or any of the Loan Documents
      and its duties hereunder or thereunder, upon advice of counsel selected by
      it in
      connection with the preparation, negotiation, execution, delivery,
      administration, amendment, modification, waiver or enforcement (whether through
      negotiations, legal proceedings or otherwise) of, or legal advice in respect
      of
      rights or responsibilities under, this Agreement or any of the other Loan
      Documents.

    
      
         

        
          
             

          

          
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    (E) Indemnification.
      Lenders
      will reimburse and indemnify Administrative Agent and its Affiliates and its
      and
      its Affiliates’ officers, directors, employees, agents, and attorneys-in-fact
      (collectively, “Representatives”),
      on
      demand (to the extent not actually reimbursed by Borrower, but without limiting
      the obligations of Borrower under this Agreement) for and against any and all
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses (including, without limitation, attorneys’ fees and expenses),
      advances or disbursements of any kind or nature whatsoever which may be imposed
      on, incurred by, or asserted against Administrative Agent or its Representatives
      (i) in any way relating to or arising out of this Agreement or any of the Loan
      Documents or any action taken or omitted by Administrative Agent or its
      Representatives under this Agreement or any of the Loan Documents, and (ii)
      in
      connection with the preparation, negotiation, execution, delivery,
      administration, amendment, modification, waiver or enforcement (whether through
      negotiations, legal proceedings or otherwise) of, or legal advice in respect
      of
      rights or responsibilities under, this Agreement or any of the other Loan
      Documents in proportion to each Lender’s Pro Rata Share; provided,
      that no
      Lender shall be liable for any portion of such liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses, advances or
      disbursements resulting from Administrative Agent’s or its Representatives’
gross negligence, bad faith or willful misconduct. If any indemnity furnished
      to
      Administrative Agent or its Representatives for any purpose shall, in the
      opinion of Administrative Agent, be insufficient or become impaired,
      Administrative Agent may call for additional indemnity and cease, or not
      commence, to do the acts indemnified against until such additional indemnity
      is
      furnished. The obligations of Lenders under this Subsection
      8.2(E)
      shall
      survive the payment in full of the Obligations and the termination of this
      Agreement.

     

    (F) Administrative
      Agent Individually.
      With
      respect to its obligations under the Loan Commitments, the Loans made by it,
      and
      the Notes issued to it, Administrative Agent shall have and may exercise the
      same rights and powers hereunder and is subject to the same obligations and
      liabilities as and to the extent set forth herein for any other Lender. The
      terms “Lenders”
or
      “Requisite
      Lenders”
or
      any
      similar terms shall, unless the context clearly otherwise indicates, include
      Administrative Agent in its individual capacity as a Lender or as one of the
      Requisite Lenders. Administrative Agent may lend money to, and generally engage
      in any kind of banking, trust or other business with, Loan Parties as if it
      were
      not acting as Administrative Agent pursuant hereto.

     

    (G) Notice
      of Default.
      Administrative Agent shall not be required to make any inquiry concerning either
      the performance or observance of any of the terms, provisions or conditions
      of
      this Agreement or any of the Loan Documents or the financial condition of
      Borrower or any of its Subsidiaries, or the existence or possible existence
      of
      any Default or Event of Default. Administrative Agent shall not be deemed to
      have knowledge or notice of the occurrence of any Default or Event of Default
      unless Administrative Agent shall have received written notice from Borrower
      or
      a Lender referring to this Agreement, describing such Default or Event of
      Default and stating that such notice is a “notice of default.” In the event that
      Administrative Agent receives such a notice, Administrative Agent will give
      notice thereof to Lenders as soon as reasonably practicable; provided,
      that if
      any such notice has also been furnished to Lenders, Administrative Agent shall
      have no obligation to notify Lenders with respect thereto. Administrative Agent
      shall (subject to this Subsection
      8.2)
      take
      such action with respect to such Default or Event of Default as shall reasonably
      be directed by Requisite Lenders; provided,
      further,
      that,
      unless and until Administrative Agent shall have received such directions,
      Administrative Agent may (but shall not be obligated to) take such action,
      or
      refrain from taking such action, with respect to such Default or Event of
      Default as they shall deem advisable and in the best interests of
      Lenders.

    
      
         

        
          
             

          

          
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    (H) Successor
      Administrative Agent.

     

    (a) Resignation.
      Administrative Agent may resign from the performance of all its agency functions
      and duties hereunder at any time by giving at least 30 Business Days’ prior
      written notice to Borrower and Lenders. Such resignation shall take effect
      upon
      the acceptance by a successor Administrative Agent of appointment pursuant
      to
      clause (b) below or as otherwise provided below.

     

    (b) Appointment
      of Successor.
      Upon
      any such notice of resignation or removal pursuant to clause (a) above,
      Requisite Lenders shall (and if no Event of Default or Default shall have
      occurred and be continuing, upon receipt of Borrower’s prior consent, which
      shall not be unreasonably withheld or delayed), appoint a successor
      Administrative Agent from among Lenders or another financial institution. If
      a
      successor Administrative Agent shall not have been so appointed within the
      30
      Business Day period referred to in clause (a) above, the retiring Administrative
      Agent, upon notice to Borrower, shall then appoint a successor Administrative
      Agent from among Lenders who shall serve as Administrative Agent until such
      time, if any, as Requisite Lenders, upon receipt of Borrower’s prior written
      consent (if required under the first sentence of this paragraph), which shall
      not be unreasonably withheld or delayed, appoint a successor Administrative
      Agent as provided above.

     

    (c) Successor
      Agent.
      Upon
      the acceptance of any appointment as Administrative Agent under the Loan
      Documents by a successor Administrative Agent, such successor Administrative
      Agent shall thereupon succeed to and become vested with all the rights, powers,
      privileges and duties of the retiring Administrative Agent, and the retiring
      Administrative Agent shall be discharged from its duties and obligations under
      the Loan Documents. After any retiring Administrative Agent’s resignation as
      Administrative Agent under the Loan Documents, the provisions of this
Subsection
      8.2
      shall
      inure to its benefit as to any actions taken or omitted to be taken by it while
      it was Administrative Agent under the Loan Documents.

     

    (I) Dissemination
      of Information.
      Administrative Agent will use its best efforts (except where otherwise provided
      herein) to provide Lenders with any information received by Administrative
      Agent
      from Borrower which is required to be provided to a Lender hereunder or which
      is
      otherwise requested by any Lender, provided
      that
      Administrative Agent shall not be liable to Lenders for any failure to do so,
      except to the extent that such failure is attributable to Administrative Agent’s
      or its Representatives’ gross negligence, bad faith or willful
      misconduct.

     

    8.3. Consents;
      Notices.

     

    In
      the
      event Administrative Agent requests the consent of a Lender and does not receive
      a written consent or denial thereof within ten Business Days after such Lender’s
      receipt of such request, then such Lender will be deemed to have denied the
      giving of such consent.

    
      
         

        
          
             

          

          
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    8.4. Disbursement
      of Funds.
      Administrative Agent shall advise each Lender by telephone or telecopy of the
      amount of such Lender’s Pro Rata Share of any Loan requested by Borrower no
      later than 11:00 a.m. (Denver, Colorado time) at least two Business Days
      immediately preceding the Funding Date applicable thereto (in the case of LIBOR
      Loans), otherwise on the Business Day immediately preceding the Funding Date
      applicable thereto, and each such Lender shall pay Administrative Agent such
      Lender’s Pro Rata Share of such requested Loan, in same day funds, by wire
      transfer to Administrative Agent’s account by no later than 1:00 p.m. (Denver,
      Colorado time) on such Funding Date. If any Lender fails to pay the amount
      of
      its Pro Rata Share forthwith upon Administrative Agent’s demand, Administrative
      Agent shall promptly notify Borrower, and Administrative Agent shall disburse
      to
      Borrower, by wire transfer of immediately available funds, that portion of
      such
      Loan as to which Administrative Agent has received funds. In such event,
      Administrative Agent may, on behalf of any Lender not timely paying
      Administrative Agent, disburse funds to Borrower for Loans requested, subject
      to
      the provisions of Subsection
      8.5(B).
      Each
      such Lender shall reimburse Administrative Agent on demand for all funds
      disbursed on its behalf by Administrative Agent. Nothing in this Subsection
      8.4
      or
      elsewhere in this Agreement or the other Loan Documents, including the
      provisions of Subsection
      8.5,
      shall
      be deemed to require Administrative Agent (or any other Lender) to advance
      funds
      on behalf of any Lender or to relieve any Lender from its obligation to fulfill
      its commitments hereunder or to prejudice any rights that Administrative Agent
      or Borrower may have against any Lender as a result of any default by such
      Lender hereunder.

     

    8.5. Disbursements
      of Loans; Payments.

     

    (A) Pro
      Rata Treatment; Application.
      Upon
      receipt by Administrative Agent of each payment from Borrower hereunder, other
      than as described in the succeeding sentence, Administrative Agent shall
      promptly credit each Lender’s account with its Pro Rata Share of such payment in
      accordance with such Lender’s Pro Rata Share and shall promptly wire advice of
      the amount of such credit to each Lender. Each payment to Administrative Agent
      of its fees shall be made in like manner, but for the account of Administrative
      Agent.

     

    (B) Availability
      of Lender’s Pro Rata Share.

     

    (a) Unless
      Administrative Agent has been notified by a Lender prior to a Funding Date
      of
      such Lender’s intention not to fund its Pro Rata Share of the Loan amount
      requested by Borrower, and Administrative Agent has given notice pursuant to
      Subsection
      8.4,
      Administrative Agent may assume that such Lender will make such amount available
      to Administrative Agent on the Funding Date. If such amount is not, in fact,
      made available to Administrative Agent by such Lender when due, and
      Administrative Agent disburses funds to Borrower on behalf of such Lender,
      Administrative Agent will be entitled to recover such amount on demand from
      Borrower, without set-off, counterclaim or deduction of any kind, with interest
      thereon at the rate per annum then applicable to such Loan.

     

    (b) Nothing
      contained in this Subsection
      8.5(B)
      will be
      deemed to relieve a Lender of its obligation to fulfill its commitments or
      to
      prejudice any rights Administrative Agent or Borrower may have against such
      Lender as a result of a default by such Lender under this
      Agreement.

     

    (c) Without
      limiting the generality of the foregoing, each Lender shall be obligated to
      fund
      its Pro Rata Share of any Revolving Loan made after any Event of Default or
      acceleration of the Obligations with respect to any draw on a Letter of
      Credit.

    
      
         

        
          
             

          

          
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    (C) Return
      of Payments.

     

    (a) If
      Administrative Agent pays an amount to a Lender under this Agreement in the
      belief or expectation that a related payment has been or will be received by
      Administrative Agent from Borrower and such related payment is not received
      by
      Administrative Agent, then Administrative Agent will be entitled to recover
      such
      amount from such Lender without set-off, counterclaim or deduction of any
      kind.

     

    (b) If
      Administrative Agent determines at any time that any amount received by
      Administrative Agent under this Agreement must be returned to Borrower or paid
      to any other Person pursuant to any solvency law or otherwise, then,
      notwithstanding any other term or condition of this Agreement, Administrative
      Agent will not be required to distribute any portion thereof to any Lender.
      In
      addition, each Lender will repay to Administrative Agent on demand any portion
      of such amount that Administrative Agent has distributed to such Lender,
      together with interest at such rate, if any, as Administrative Agent is required
      to pay to Borrower or such other Person, without set-off, counterclaim or
      deduction of any kind.

     

     

    SECTION
      9

     

    MISCELLANEOUS

     

    9.1. Indemnities.
      Borrower agrees to indemnify, pay, and hold Administrative Agent and each Lender
      and their respective Affiliates and the respective officers, directors,
      employees, agents, and attorneys of Administrative Agent, each Lender and their
      respective Affiliates (the “Indemnitees”)
      harmless from and against any and all liabilities, obligations, losses, damages,
      penalties, actions, judgments, suits and claims of any kind or nature whatsoever
      that may be imposed on, incurred by, or asserted against the Indemnitee as
      a
      result of Administrative Agent and each Lender being a party to this Agreement
      or otherwise in connection with this Agreement; provided,
      that
      Borrower shall have no obligation to an Indemnitee hereunder with respect to
      liabilities arising from the negligence or willful misconduct of that Indemnitee
      as determined by a court of competent jurisdiction; provided further, however,
      that Borrower’s obligations to indemnify or compensate any Indemnitee for taxes
      shall be subject to Subsection
      1.13.
      This
Subsection
      9.1
      and all
      indemnification provisions contained within any other Loan Document shall
      survive the termination of this Agreement.

    
      
        
           

          
            
               

            

            
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    9.2. Amendments
      and Waivers.
      Except
      as otherwise provided herein, no amendment, modification, termination or waiver
      of any provision of this Agreement, the Notes or any of the other Loan Documents
      (other than any Related Interest Rate Agreement, which may only be amended,
      modified or terminated, or any provision thereof waived, in accordance with
      the
      terms thereof), or consent to any departure by Borrower therefrom, shall in
      any
      event be effective unless the same shall be in writing and signed by Borrower
      and Requisite Lenders (or Administrative Agent, if expressly set forth herein,
      in any Note or in any other Loan Document); provided,
      that,
      notwithstanding any other provision of this Agreement to the contrary and
      except, with respect to an assignee or assignor hereunder, to the extent
      permitted by any applicable Assignment and Assumption, no amendment,
      modification, termination or waiver shall, unless in writing and signed by
      Borrower and all Lenders affected thereby, do any of the following: (i) increase
      any Lender’s Pro Rata Share of any Loan Commitment or change a pro rata payment
      of any Lender; (ii) reduce the principal of, rate of interest on (except as
      contemplated by Subsection 1.2)
      or fees
      payable with respect to any Loan; provided, however, that only the consent
      of
      the Requisite Lenders shall be necessary (a) to amend the definition of “Default
      Rate” or to waive any obligation of Borrower to pay interest or fees at the
      Default Rate or (b) to amend any financial covenant hereunder (or any defined
      term used therein) even if the effect of such amendment would be to reduce
      the
      rate of interest on any Loan or to reduce any fee payable hereunder; (iii)
      extend the Revolving Loan Expiration Date, the any Term Loan Maturity Date
      or
      extend any other scheduled date on which any Obligation is to be paid (but
      excluding mandatory prepayments); (iv) change the percentage of Lenders
      which shall be required for Lenders or any of them to take any action hereunder;
      (v) amend or waive this Subsection
      9.2 or
      the
      definitions of the terms used in this Subsection
      9.2
      insofar
      as the definitions affect the substance of this Subsection
      9.2;
      or (vi)
      consent to the assignment, delegation or other transfer by Borrower of any
      of
      its rights and obligations under any Loan Document; and provided,
      further,
      that no
      amendment, modification, termination or waiver affecting the rights or duties
      of
      Administrative Agent or under any Loan Document shall in any event be effective,
      unless in writing and signed by Administrative Agent, in addition to Lenders
      required hereinabove to take such action. Each amendment, modification,
      termination or waiver shall be effective only in the specific instance and
      for
      the specific purpose for which it was given. No amendment, modification,
      termination or waiver shall be required for Administrative Agent to take
      Collateral pursuant to any Loan Document. No amendment, modification,
      termination or waiver of any provision of any Note shall be effective without
      the written concurrence of the holder of that Note, except to the extent that
      all Notes have been amended with the consent of Requisite Lenders as permitted
      herein. No notice to or demand on Borrower or any other Person in any case
      shall
      entitle Borrower or such Person to any other or further notice or demand in
      similar or other circumstances. Any amendment, modification, termination, waiver
      or consent effected in accordance with this Subsection
      9.2
      shall be
      binding upon each holder of the Notes at the time outstanding, each future
      holder of the Notes, and, if signed by Borrower, on Borrower.

     

    
      In
        connection with any such proposed amendment, modification, waiver or termination
        requiring the consent of all Lenders (such proposed amendment, modification,
        waiver or termination, a “Proposed
        Change”),
        if
        the consent of the Requisite Lenders is obtained to such Proposed Change,
        but
        the consent of other Lenders whose consent is required is not obtained (any
        such
        Lender whose consent is not obtained as described in this Subsection
        9.2 being
        referred to as a “Non-Consenting
        Lender”),
        then,
        so long as the Lender that is acting as Administrative Agent is not a
        Non-Consenting Lender and provided no Event of Default has occurred and is
        then
        continuing, then Borrower shall have the right to cause each such Non-Consenting
        Lender to (and such Non-Consenting Lender shall) transfer or assign, without
        recourse, all of the rights, obligations and interests of each such
        Non-Consenting Lender or with respect to this Agreement to one or more assignees
        (in accordance with and subject to the restrictions contained in Subsection
        8.1(B))
        approved by Administrative Agent, which approval shall not be unreasonably
        withheld, so long as at the time of such transfer or assignment, each such
        assignee consents to such Proposed Change; provided,
        however,
        that no
        Non-Consenting Lender shall be obligated to make any such assignment unless,
        (x)
        such assignment shall not conflict with any law or any rule, regulation or
        order
        of any Governmental Authority and (y) such assignee shall pay to the affected
        Non-Consenting Lender in immediately available funds on the date of such
        assignment the principal of and interest accrued to the date of payment on
        the
        Loans made by such Non-Consenting Lender and all fees owed to such
        Non-Consenting Lender hereunder and all other amounts accrued for such
        Non-Consenting Lender’s account or owed to it hereunder. In furtherance of the
        foregoing, each Non-Consenting Lender agrees to execute an Assignment and
        Assumption to reflect such assignment, but regardless of whether such Assignment
        and Assumption is executed, such Non-Consenting Lender’s rights hereunder,
        except rights under Subsection
        9.1
        with
        respect to actions prior to such date, shall cease from and after the date
        of
        tender by the assignee to such Non-Consenting Lender of the amount specified
        by
        clause (y) above.

    

    
      
         

        
          
             

          

          
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    9.3. Notices.
      Any
      required notice or other communication shall be in writing addressed to the
      respective party as set forth below and may be personally delivered, telecopied,
      sent by overnight courier service or U.S. mail and shall be deemed to have
      been
      given: (i) if delivered in person, when delivered; (ii) if delivered by
      telecopy, on the date of confirmed transmission if transmitted on a Business
      Day
      before 2:00 p.m. (Denver, Colorado time) and otherwise on the Business Day
      next succeeding the date of transmission; (iii) if delivered by overnight
      courier, two days after delivery to the courier properly addressed; or (iv)
      if
      delivered by U.S. mail, four Business Days after deposit with postage prepaid
      and properly addressed.

     

    Notices
      shall be addressed as follows:

     

    
      	 	
              If
                to Borrower:

            	
              SureWest
                Communications

              200
                Vernon Street 

              Roseville,
                CA 95678

              Attn:
Chief
                Financial Officer

              Fax:
(916)
                786-1800

            

    

     

    
      	 	
              with
                a copy to:

            	
              SureWest
                Communications

              200
                Vernon Street 

              Roseville,
                CA 95678

              Attn:
Vice
                President, Treasurer

              Fax:
(916)
                786-1800

            

    

     

    
      	 	
              If
                to Administrative Agent:

            	
              CoBank,
                ACB

              
                5500
                  South Quebec Street

                Greenwood
                  Village, Colorado 80111

                Attn:
                  Communications & Energy Banking Group

                Fax:
                  (303) 224-2639

              

            

    

    

    

    9.4. Failure
      or Indulgence Not Waiver; Remedies Cumulative.
      No
      failure or delay on the part of Administrative Agent or any Lender to exercise,
      nor any partial exercise of, any power, right or privilege hereunder or under
      any other Loan Documents shall impair such power, right, or privilege or be
      construed to be a waiver of any Default or Event of Default. All rights and
      remedies existing hereunder or under any other Loan Document are cumulative
      to
      and not exclusive of any rights or remedies otherwise available.

    
      
         

        
          
             

          

          
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    9.5. Payments
      Set Aside.
      To the
      extent that Borrower or any other Person makes payment(s) or Administrative
      Agent enforces its Liens or Administrative Agent or any Lender exercises its
      right of set-off, and such payment(s) or the proceeds of such enforcement or
      set-off is subsequently invalidated, declared to be fraudulent or preferential,
      set aside, or required to be repaid by anyone (whether by demand, litigation,
      settlement or otherwise), then to the extent of such recovery, the Obligations
      or part thereof originally intended to be satisfied, and all Liens, rights
      and
      remedies therefor, shall be revived and continued in full force and effect
      as if
      such payment had not been made or such enforcement or set-off had not
      occurred.

     

    9.6. Severability.
      The
      invalidity, illegality, or unenforceability in any jurisdiction of any provision
      under the Loan Documents shall not affect or impair the remaining provisions
      in
      the Loan Documents or any such invalid, unenforceable or illegal provision
      in
      any jurisdiction in which it is not invalid, unenforceable or
      illegal.

     

    9.7. Lenders’
      Obligations Several; Independent Nature of Lenders’ Rights.
      The
      obligation of each Lender hereunder is several and not joint and no Lender
      shall
      be responsible for the obligation or commitment of any other Lender hereunder.
      In the event that any Lender at any time should fail to make an Loan as herein
      provided, Lenders, or any of them, at their sole option, may make the Loan
      that
      was to have been made by the Lender so failing to make such Loan. Nothing
      contained in any Loan Document and no action taken by Administrative Agent
      or
      any Lender pursuant hereto or thereto shall be deemed to imply or construe
      Lenders to be a partnership, an association, a joint venture or any other kind
      of entity. The amounts payable at any time hereunder to each Lender shall each
      be a separate and independent debt.

     

    9.8. Headings.
      Section
      and Subsection headings are included herein for convenience of reference only
      and shall not constitute a part of this Agreement for any other purposes or
      be
      given substantive effect.

     

    9.9. Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
      WITH THE INTERNAL LAWS OF THE STATE OF COLORADO WITHOUT REGARD TO CONFLICTS
      OF
      LAW PRINCIPLES THAT WOULD REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY
      OTHER
      STATE OR JURISDICTION.

     

    9.10. Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns except that Borrower may not assign
      its rights or obligations hereunder without the written consent of all
      Lenders.

     

    9.11. No
      Fiduciary Relationship.
      No
      provision in the Loan Documents and no course of dealing between the parties
      shall be deemed to create any fiduciary duty owing to Borrower or its Affiliates
      by Administrative Agent or any Lender.

     

    9.12. Construction.
      Administrative Agent, or each Lender and Borrower acknowledge that each of
      them
      has had the benefit of legal counsel of its own choice and has been afforded
      an
      opportunity to review the Loan Documents with its legal counsel and that the
      Loan Documents shall be constructed as if jointly drafted by Administrative
      Agent, each Lender and Borrower.

    
      
         

        
          
             

          

          
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    9.13. Confidentiality.
      Administrative Agent and Lenders agree to hold any confidential information
      that
      they may receive from Borrower or its Subsidiaries pursuant to this Agreement
      in
      confidence, except for disclosure: (i) on a confidential basis to directors,
      officers, employees, agents or legal counsel, independent public accountants
      and
      other professional advisors of Administrative Agent or Lenders or their
      respective Affiliates; (ii) to regulatory officials having jurisdiction over
      Administrative Agent or Lenders or their Affiliates; (iii) as required or
      requested by Applicable Law or legal process; or (iv) in connection with any
      legal proceeding between or among Administrative Agent or Lenders or their
      Affiliates and Borrower and/or their respective Subsidiaries or Affiliates
      (provided
      that, in
      the event Administrative Agent or Lenders or their Affiliates are so required
      to
      disclose such confidential information pursuant to clauses (iii) or (iv) of
      this
Subsection 9.13,
      Administrative Agent or Lenders shall promptly notify Borrower (unless legally
      prohibited from so doing), so that Borrower or any of its Subsidiaries may
      seek,
      at its sole cost and expense, a protective order or other appropriate remedy);
      and (v) to another Person in connection with a disposition or possible
      disposition to that Person of all or part of that Lender’s interests hereunder
      or a participation interest in its Pro Rata Share, provided
      that
      such disclosure is made subject to an appropriate confidentiality agreement
      on
      terms substantially similar to this Subsection
      9.13.
      For
      purposes of the foregoing, “confidential information” shall mean all information
      respecting Borrower or its Affiliates or Subsidiaries, other than (A)
      information previously filed by Borrower or its Affiliates or Subsidiaries
      with
      any Governmental Authority and available to the public or otherwise made
      available by Borrower or any of its Affiliates to third parties on a
      non-confidential basis, (B) information previously published in any public
      medium from a source other than, directly or indirectly, Lenders in violation
      of
      this Subsection
      9.13
      and (C)
      information obtained by Administrative Agent or Lenders from a source
      independent of Borrower or its Subsidiaries, which source is not actually known
      to Administrative Agent or Lenders to be bound by a duty of confidentiality
      with
      respect to such information.

     

    9.14. Consent
      to Jurisdiction and Service of Process. 

     

    (1)
      BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
      UNITED STATES FEDERAL COURT OR COLORADO STATE COURT IN THE STATE OF COLORADO
      HAVING SUBJECT MATTER JURISDICTION OVER ANY ACTION OR PROCEEDING ARISING OUT
      OF
      OR RELATING TO ANY LOAN DOCUMENTS. BORROWER HEREBY IRREVOCABLY AGREES THAT
      ALL
      CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
      IN
      ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
      HAVE
      AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
      COURT, PERSONAL JURISDICTION OF ANY SUCH COURT OR THAT SUCH COURT IS AN
      INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ADMINISTRATIVE
      AGENT
      OR ANY LENDER TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY OTHER
      JURISDICTION. 

     

    (2)
      BORROWER
      HEREBY AGREES THAT SERVICE OF THE SUMMONS AND COMPLAINT AND ALL OTHER PROCESS
      WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE EFFECTED
      BY
      MAILING BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, A COPY OF SUCH PROCESS
      TO
      BORROWER AT THE ADDRESS TO WHICH NOTICES TO BORROWER ARE THEN TO BE SENT
      PURSUANT TO SUBSECTION
      9.3
      AND THAT
      PERSONAL SERVICE OF PROCESS SHALL NOT BE REQUIRED. NOTHING HEREIN SHALL BE
      CONSTRUED TO PROHIBIT SERVICE OF PROCESS BY ANY OTHER METHOD PERMITTED BY
      LAW.

    
      
         

        
          
             

          

          
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    9.15. Waiver
      of Jury Trial.
      BORROWER, ADMINISTRATIVE AGENT AND EACH LENDER EACH HEREBY WAIVE THEIR
      RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
      OR
      ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, OR ANY DEALINGS
      BETWEEN ANY THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND
      THE
      LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER
      IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
      IN
      ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING
      WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND
      ALL
      OTHER COMMON LAW AND STATUTORY CLAIMS. BORROWER, ADMINISTRATIVE AGENT AND EACH
      LENDER EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
      INTO
      A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING
      INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
      RELATED FUTURE DEALINGS. BORROWER, ADMINISTRATIVE AGENT AND EACH LENDER EACH
      FURTHER WARRANTS AND REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER WITH ITS
      LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
      RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
      MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER
      SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
      TO THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO
      THE
      LOANS. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
      CONSENT TO A TRIAL BY THE COURT. BORROWER, ADMINISTRATIVE AGENT AND EACH LENDER
      ALSO WAIVE ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR
      THIS WAIVER, BE REQUIRED OF EACH OF THEM.

     

    9.16. Survival
      of Warranties and Certain Agreements.
      All
      agreements, representations and warranties made herein shall survive the
      execution and delivery of this Agreement, the making of the Loans, the issuances
      of Letters of Credit and the execution and delivery of the Notes.
      Notwithstanding anything in this Agreement or implied by law to the contrary,
      the agreements of Borrower set forth in Subsections
      1.4(D), 1.11, 1.13, 1.14, 9.1, 9.14
      and
9.15
      shall
      survive the payment of the Loans, the payment of the Letter of Credit
      Liabilities and the termination of this Agreement.

     

    9.17. Entire
      Agreement.
      This
      Agreement, the Notes and the other Loan Documents referred to herein embody
      the
      final, entire agreement among the parties hereto and supersede any and all
      prior
      commitments, agreements, representations, understandings, whether oral or
      written, relating to the subject matter hereof and may not be contradicted
      or
      varied by evidence of prior, contemporaneous or subsequent oral agreements
      or
      discussions of the parties hereto.

    
      
         

        
          
             

          

          
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    9.18. Counterparts;
      Effectiveness.
      This
      Agreement and any amendments, waivers, consents or supplements may be executed
      in any number of counterparts and by different parties hereto in separate
      counterparts, each of which when so executed and delivered shall be deemed
      an
      original, but all of which counterparts together shall constitute but one and
      the same instrument. This Agreement shall become effective upon the execution
      of
      a counterpart hereof by each of the parties hereto.

     

    9.19. Patriot
      Act.
      Administrative Agent notifies Borrower and its Subsidiaries that pursuant to
      the
      requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
      law October 26, 2001)) (the “Patriot
      Act”),
      it is
      required to obtain, verify and record information that identifies each of
      Borrower and its Subsidiaries, which information includes the name and address
      of such entity and other information that will allow Administrative Agent to
      identify such in accordance with the Patriot Act. Each of Borrower and its
      Subsidiaries shall provide to the extent commercially reasonable, such
      information and take such other actions as are reasonably requested by
      Administrative Agent in order to assist Administrative Agent in maintaining
      compliance with the Patriot Act.

     

    9.20. Effectiveness
      of Amendment and Restatement; No Novation.
      The
      amendment and restatement of the Existing Credit Agreement pursuant to this
      Agreement shall be effective as of the Amendment Date. All obligations and
      rights of Borrower and its Subsidiaries and Administrative Agent arising out
      of
      or relating to the period commencing on the Amendment Date shall be governed
      by
      the terms and provisions of this Agreement; the obligations of and rights of
      Borrower, its Subsidiaries, Lenders and Administrative Agent arising out of
      or
      relating to the period prior to the Amendment Date shall continue to be governed
      by the Existing Credit Agreement without giving effect to the amendment and
      restatements provided for herein. This Agreement shall not constitute a novation
      or termination of Borrower’s or any of its Subsidiary’s obligations under the
      Existing Credit Agreement or any document, note or agreement executed or
      delivered in connection therewith, but shall constitute an amendment and
      restatement of the obligations and covenants of Borrower and its Subsidiaries
      under the such documents, notes and agreements, and each Borrower and its
      Subsidiaries hereby reaffirms all such obligations and covenants, as amended
      and
      restated hereby.

     

     

    SECTION
      10

     

    DEFINITIONS

     

    10.1. Certain
      Defined Terms.
      The
      terms defined below are used in this Agreement as so defined. Terms defined
      in
      the preamble and recitals to this Agreement are used in this Agreement as so
      defined.

     

    “Acquired
      Indebtedness”
shall
      mean Indebtedness of a Person or any of its Subsidiaries existing at the time
      such Person becomes a Subsidiary or at the time it merges or consolidates with
      or into Borrower or any of its Subsidiaries or assumed in connection with the
      acquisition of assets from such Person and in each case not incurred by such
      Person in connection with, or in anticipation or contemplation of, such Person
      becoming a party to the Credit Agreement or such acquisition, merger or
      consolidation and which Indebtedness is without recourse to Borrower or any
      Subsidiary or to any of their respective properties or assets other than the
      Person or the assets to which such Indebtedness related prior to the time such
      Person became a Subsidiary or the time of such acquisition, merger or
      consolidation. Acquired Indebtedness shall not include any Indebtedness that
      refinances or replaces any Acquired Indebtedness.

    
      
         

        
          
             

          

          
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    “Adjusted
      Consolidated Net Worth”
means,
      as of any date of determination, the result of (i) Consolidated Net Worth
minus
      (ii) the
      sum of Restricted Investments incurred after December 9, 1998 in excess of
      10% of Consolidated Net Worth, all as of the such date of
      determination.

     

    “Adjustment
      Date”
means
      each date which is the fifth (5th)
      Business Day after the receipt by Administrative Agent of (i) each Compliance
      Certificate delivered by Borrower pursuant to Subsection
      4.4(C)
      and (ii)
      in the case a decrease in an applicable margin is warranted, a written notice
      from Borrower to decrease such margin.

     

    “Administrative
      Agent”
means
      CoBank in its capacity as Administrative Agent for Lenders under this Agreement
      and each of the other Loan Documents and any successor in such capacity
      appointed pursuant to Subsection 8.2.

     

    “Affiliate”
means
      any Person: (i) directly or indirectly controlling, controlled by, or under
      common control with, Borrower or any of its Subsidiaries; (ii) directly or
      indirectly owning or holding five percent (5%) or more of any equity interest
      in
      Borrower or any of its Subsidiaries; or (iii) five percent (5%) or more of
      whose
      voting stock or other equity interest is directly or indirectly owned or held
      by
      Borrower or any of its Subsidiaries. For purposes of this definition, “control”
(including with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”) means the possession directly or indirectly of
      the power to direct or cause the direction of the management and policies of
      a
      Person, whether through the ownership of voting securities or by contract or
      otherwise.

     

    “Amendment
      Date”
means
      the date hereof.

     

    “Applicable
      Law”
means,
      in respect of any Person, all provisions of constitutions, statutes, rules,
      regulations and orders of governmental bodies or regulatory agencies applicable
      to such Person, including the Licenses, the Communications Act and all
      Environmental Laws, and all orders, decisions, judgments and decrees of all
      courts and arbitrators in proceedings or actions to which the Person in question
      is a party or by which it is bound.

     

    “Asset
      Disposition”
means
      the disposition, whether by sale, lease, transfer, loss, damage, destruction,
      condemnation or otherwise, by Borrower or any of its Subsidiaries, of any of
      the
      following: (i) any of the capital stock or the ownership interests of any of
      its
      Subsidiaries, or (ii) any or all of its assets.

    

    “Assignment
      and Assumption”
means
      an agreement among Administrative Agent, a Lender and such Lender’s assignee
      regarding their respective rights and obligations with respect to assignments
      of
      the Loans, the Loan Commitment, the Facilities and other interests under this
      Agreement and the other Loan Documents in the form attached hereto as
Exhibit
      10.1(A).

    
      
         

        
          
             

          

          
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    “Available
      Revolving Commitment”
means,
      at any time, the Revolving Loan Commitment, as it may have been reduced pursuant
      to this Agreement, minus
      the sum
      of (a) aggregate principal balance of all Revolving Loans, (b) the Letter of
      Credit Liability then outstanding and (c) the aggregate principal amount of
      the
      Swingline Loans then outstanding.

     

    “Banking
      Day”
means
      a
      day on which CoBank is open for business, dealings in U.S. dollar deposits
      are
      being carried out in the London interbank market, and banks are open for
      business in New York City and London, England.

     

    “Bankruptcy
      Code”
means
      Title 11 of the United States Code entitled “Bankruptcy,” as amended from time
      to time or any applicable bankruptcy, insolvency or other similar federal or
      state law now or hereafter in effect and all rules and regulations promulgated
      thereunder.

     

    “Base
      Rate”
means
      a
      variable rate of interest per annum equal, on any day, to the rate of interest
      established by CoBank from time to time as its CoBank Base Rate, which rate
      is
      intended by CoBank to be a reference rate and not its lowest rate. The CoBank
      Base Rate will change on the date established by CoBank as the effective date
      of
      any change thereof.

     

    “Base
      Rate Loan”
means,
      at any time, the aggregate amount of all Loans then bearing interest at the
      rate
      determined by reference to the Base Rate.

     

    “Base
      Rate Margin”
means
      the applicable percent per annum determined in accordance with Subsection
      1.2(B).

     

    “Budget”
means,
      for Borrower prepared on a segment basis, (i) profit and loss statements and
      (ii) cash flow statements, all prepared on a consistent basis with Borrower’s or
      such Subsidiaries’ historical financial statements, together with appropriate
      supporting details and a statement of underlying assumptions. The Budget
      represents and will represent as of the date thereof the good faith estimate
      of
      Borrower and its senior management concerning the course of its business.
      Notwithstanding the foregoing, the Budget for the 2008 fiscal year delivered
      on
      or prior to the Amendment Date shall not be required to include information
      relating to the Everest Acquisition or the Wireless Sale; provided, that
      Borrower shall deliver to Administrative Agent an updated Budget for the 2008
      fiscal year including such information following the approval of such updated
      Budget by Borrower’s Board of Directors.

     

    “Business
      Day”
means
      (i) for all purposes other than as covered by clause (ii) below, any day
      excluding Saturday, Sunday and any day which is a legal holiday under the laws
      of the State of Colorado, or is a day on which banking institutions located
      in
      such state are closed or which the Federal Reserve Banks are closed, and (ii)
      with respect to all notices, determinations, fundings and payments in connection
      with LIBOR Loans, any day that is a Business Day described in clause (a) above
      and that is also a day for trading by and between banks in U.S. dollar deposits
      in the applicable interbank LIBOR market.

     

    “Calculation
      Period”
means
      each period commencing on each Adjustment Date and ending on the day preceding
      each subsequent Adjustment Date.

    
      
         

        
          
             

          

          
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    “Capital
      Lease”
means
      any lease of real or personal property which is required to be capitalized
      under
      GAAP or which is treated as an operating lease under regulations applicable
      to
      Borrower and its Subsidiaries but which otherwise would be required to be
      capitalized under GAAP.

     

    “Cash
      Equivalents”
means:
      (i) marketable direct obligations issued or unconditionally guarantied by the
      United States Government or issued by any agency thereof and backed by the
      full
      faith and credit of the United States, in each case maturing within one (1)
      year
      from the date of acquisition thereof; (ii) commercial paper maturing no more
      than one (1) year from the date issued and, at the time of acquisition, having
      a
      rating of at least A-1 from Standard & Poor’s Rating Service or at least P-1
      from Moody’s Investors Service, Inc.; (iii) certificates of deposit or bankers’
acceptances maturing within one (1) year from the date of issuance thereof
      issued by, or overnight reverse repurchase agreements from, any commercial
      bank
      organized under the laws of the United States of America or any state thereof
      or
      the District of Columbia having combined capital and surplus of not less than
      $500,000,000; and (iv) time deposits maturing no more than 30 days from the
      date
      of creation thereof with commercial banks having membership in the Federal
      Deposit Insurance Corporation in amounts at any one such institution not
      exceeding the lesser of $100,000 or the maximum amount of insurance applicable
      to the aggregate amount of Borrower’s deposits at such institution.

     

    “Closing
      Date”
means
      May 1, 2006.

     

    “Communications
      Act”
means
      the Communications Act of 1934, as amended and any similar or successor federal
      statute, and the rules and regulations of the FCC thereunder, all as the same
      may be in effect from time to time.

     

    “Consolidated
      Net Assets”
means,
      on a consolidated basis for Borrower and its Subsidiaries, total assets minus
      the sum of (a) Restricted Investments and (b) current liabilities.

     

    “Consolidated
      Net Worth”
means
      the consolidated stockholders’ equity of Borrower and its
      Subsidiaries.

     

    “Default”
means
      a
      condition or event that, after notice or lapse of time or both, would constitute
      an Event of Default if that condition or event were not cured or removed within
      any applicable grace or cure period.

     

    “Defaulting
      Lender”
means
      any Lender that (a) has failed to fund any portion of any Loan or participation
      in any Letter of Credit or Swingline Loans required to be funded by it hereunder
      within one Business Day of the date required to be funded by it hereunder,
      (b)
      has otherwise failed to pay over to Administrative Agent or any other Lender
      any
      other amount required to be paid by it hereunder within one Business Day of
      the
      date when due, unless the subject of a good faith dispute, or (c) has been
      deemed insolvent or become the subject of a bankruptcy or insolvency
      proceeding.

     

    “Directories
      Sale”
means
      the sale of Borrower’s directories business in accordance with the terms of that
      certain Share Purchase Agreement, dated as of January 28, 2007, by and among
      Borrower, SureWest Directories, a California corporation, and GateHouse Media,
      Inc., a Delaware corporation.

    
      
         

        
          
             

          

          
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    “EBITDA”
means
      the sum of (a) net income or deficit, as the case may be (excluding
      extraordinary gains, the write up of any asset or any gain realized upon the
      sale of an asset and excluding any extraordinary, non-cash losses, the write
      down of any asset and the loss realized upon the sale of any asset),
      (b) total interest expense (including non-cash interest), (c) depreciation
      and amortization expense, (d) income or franchise taxes, federal, state or
      local, (e) non-recurring fees and expenses incurred in connection with any
      investment, disposition or acquisition permitted by this Agreement or any
      issuance of equity interests or incurrence or early extinguishment of
      Indebtedness, or refinancing transactions or other modification of any debt
      instrument, in each case permitted herein, (f) non-cash compensation charges,
      including any such charges resulting from stock options, stock appreciation
      rights, restricted stock grants or other equity incentive programs, (g) to
      the
      extent actually reimbursed, expenses incurred to the extent covered by
      indemnification provisions in any agreement in connection with Permitted
      Acquisitions, and (h) purchase accounting adjustments in connection with
      Permitted Acquisitions. For any period of calculation, EBITDA shall be adjusted
      to give effect to any acquisition, sale or other disposition of any operation
      or
      business (or any portion thereof) during the period of calculation as if such
      acquisition, sale or other disposition occurred on the first day of such period
      of calculation.

     

    “Environmental
      Laws”
means
      all applicable federal, state or local laws, statutes, rules, regulations or
      ordinances, codes, common law, consent agreements, orders, decrees, judgments
      or
      injunctions issued, promulgated, approved or entered thereunder relating to
      public health, safety or the pollution or protection of the environment,
      including those relating to releases, discharges, emissions, spills, leaching,
      or disposals of hazardous substances (including petroleum, crude oil or any
      fraction or derivative thereof, or other hydrocarbons) to air, water, land
      or
      ground water, to the withdrawal or use of ground water, to the use, handling
      or
      disposal of polychlorinated biphenyls, asbestos or urea formaldehyde, to the
      treatment, storage, disposal or management of hazardous substances (including
      petroleum, crude oil or any fraction or derivative thereof, or other
      hydrocarbons), pollutants or contaminants, to exposure to toxic, hazardous
      or
      other controlled, prohibited, or regulated substances, including, without
      limitation, any such provisions under the Comprehensive Environmental Response,
      Compensation and Liability Act of 1980, as amended (42 U.S.C. § 9601
et seq.),
      or
      the Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. §
6901 et seq.).

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended from time to
      time.

     

    “ERISA
      Affiliate”
means
      any trade or business (whether or not incorporated) which is a member of a
      controlled group or under common control with Borrower within the meaning of
      Section 414(b) or (c) of the IRC (and Sections 414(m) and (o) of the IRC for
      purposes of provisions relating to Section 412 of the IRC).

     

    “ERISA
      Event”
means,
      with respect to Borrower, any ERISA Affiliate or any Pension Plan, the
      occurrence of any of the following: (a) a Reportable Event; (b) a withdrawal
      by
      a substantial employer (as defined in Section 4001(a)(12) of ERISA) subject
      to
      Section 4063 of ERISA; (c) a cessation of operations which is treated as a
      withdrawal under Section 4062(e) of ERISA; (d) a complete or partial withdrawal
      under Section 4203 or 4205 of ERISA from a Multi-employer Plan; (e) a
      notification that a Multi-employer Plan is in reorganization under Section
      4242
      of ERISA; (f) the filing of a notice of intent to terminate a Pension Plan
      under 4041 of ERISA; (g) the treatment of an amendment of a Pension Plan as
      a
      termination under 4041 of ERISA; (h) the termination of a Multi-employer Plan
      under Section 4041A of ERISA; (i) the commencement of proceedings by the PBGC
      to
      terminate a Pension Plan under 4042 of ERISA; (j) an event or condition which
      could reasonably be expected to constitute grounds under Section 4042 of ERISA
      for the termination of, or the appointment of a trustee to administer, a Pension
      Plan; or (k) the imposition of any liability under Title IV of ERISA, other
      than
      PBGC premiums due but not delinquent under Section 4007 of ERISA.

    
      
         

        
          
             

          

          
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    “Everest
      Acquisition”
means
      the acquisition by Borrower of substantially all of the stock of Everest
      Broadband, Inc. pursuant to that certain Purchase and Sale Agreement by and
      among Everest Broadband, Inc., the equity holders of Everest Broadband, Inc.
      and
      Borrower dated December 6, 2007.

     

    “Everest
      Material Adverse Change”
means
      any fact, event, series of events, change, effect or circumstance that has
      or is
      reasonably likely to have a material adverse effect on the business, assets,
      properties, condition (financial or otherwise) or results of operations of
      Everest Broadband, Inc. and its Subsidiaries, taken as a whole; provided,
      however,
      that in
      no event shall any of the following constitute an Everest Material Adverse
      Change: (a) any fact, event, series of events, change, effect or circumstance
      resulting from or relating to changes in economic or financial conditions
      generally (except to the extent that such change has had, or is reasonably
      likely to have, a disproportionate negative effect on Everest Broadband, Inc.
      and its Subsidiaries, taken as a whole, relative to other Persons in their
      industry); (b) any fact, event, series of events, change, effect or circumstance
      that affects their industry generally (except to the extent that such fact,
      event, series of events, change, effect or circumstance has had, or is
      reasonably likely to have, a disproportionate negative effect on Everest
      Broadband, Inc. and its Subsidiaries, taken as a whole, relative to other
      Persons in their industry); (c) any fact, event, series of events, change,
      effect or circumstance resulting from or relating to the public announcement
      of
      the Everest Acquisition; and (d) the engagement by the United States in
      hostilities or the escalation thereof, whether or not pursuant to the
      declaration of a national emergency or war, or the occurrence or the escalation
      of any military or terrorist attack upon the United States, or any of its
      territories, possessions, or diplomatic or consular offices or upon any military
      installation, equipment or personnel of the United States (except to the extent
      that such event or condition has had, or is reasonably likely to have, a
      disproportionate negative effect on Everest Broadband, Inc. and its
      Subsidiaries, taken as a whole, relative to other Persons in their industry).
      

     

    “Facility”
and
      “Facilities”
mean,
      respectively, each of the Term Loan Facility, the Swingline Facility and the
      Revolving Loan Facility and, collectively, both of the Term Loan Facilities,
      the
      Swingline Facility and the Revolving Loan Facility.

     

    “FCC”
means
      the Federal Communications Commission, or any other similar or successor agency
      of the federal government administering the Communications Act.

     

    “GAAP”
means
      generally accepted accounting principles as set forth in statements from
      Auditing Standards No. 69, as amended, entitled “The Meaning of ‘Present
      Fairly in Conformance with Generally Accepted Accounting Principles in the
      Independent Auditors Reports’” issued by the Auditing Standards Board of the
      American Institute of Certified Public Accountants and statements and
      pronouncements of the Financial Accounting Standards Board that are applicable
      to the circumstances as of the date of determination.

    
      
         

        
          
             

          

          
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    “Governmental
      Approvals”
means
      all authorizations, consents, approvals, licenses and exemptions of,
      registrations and filings with, and reports to, all Governmental Authorities,
      including all Licenses.

     

    “Governmental
      Authority”
means
      any nation, province, or state or any political subdivision of any of the
      foregoing, and any government or any Person exercising executive, legislative,
      regulatory or administrative functions of or pertaining to government, and
      any
      corporation or other entity owned or controlled, through stock or capital
      ownership or otherwise, by any of the foregoing, including the FCC and any
      PUC.

     

    “Guarantee Obligation”
means
      as to any Person (the “guaranteeing
      person”),
      any
      obligation, including a reimbursement, counterindemnity or similar obligation,
      of the guaranteeing person that guarantees any Indebtedness, leases, dividends
      or other obligations (the “primary
      obligations”)
      of any
      other third Person (the “primary
      obligor”)
      in any
      manner, whether directly or indirectly, including any obligation of the
      guaranteeing person, whether or not contingent, (i) to purchase any such primary
      obligation or any property constituting direct or indirect security therefor,
      (ii) to advance or supply funds (1) for the purchase or payment of any such
      primary obligation or (2) to maintain working capital or equity capital of
      the
      primary obligor or otherwise to maintain the net worth or solvency of the
      primary obligor, (iii) to purchase property, securities or services primarily
      for the purpose of assuring the owner of any such primary obligation of the
      ability of the primary obligor to make payment of such primary obligation,
      (iv)
      otherwise to assure or hold harmless the owner of any such primary obligation
      against loss in respect thereof or (v) to reimburse or indemnify an issuer
      of a
      letter of credit, surety bond or guarantee issued by such issuer in respect
      of
      primary obligations of a primary obligor other than Borrower or any Subsidiary;
      provided,
      however,
      that
      the term Guarantee Obligation shall not include endorsements of instruments
      for
      deposit or collection in the ordinary course of business. The amount of any
      Guarantee Obligation of any guaranteeing person shall be deemed to be the lower
      of (a) an amount equal to the stated or determinable amount of the primary
      obligation in respect of which such Guarantee Obligation is made and (b) the
      maximum amount for which such guaranteeing person may be liable pursuant to
      the
      terms of the instrument embodying such Guarantee Obligation, unless such primary
      obligation and the maximum amount for which such guaranteeing person may be
      liable are not stated or determinable, in which case the amount of such
      Guarantee Obligation shall be such guaranteeing person’s reasonably anticipated
      liability in respect thereof as determined by Borrower in good
      faith.

     

    “Indebtedness”
as
      applied to any Person, means, without duplication: (i) all indebtedness for
      borrowed money; (ii) that portion of obligations with respect to Capital Leases
      or other capitalized agreements that is properly classified as a liability
      on a
      balance sheet in conformity with GAAP; (iii) notes payable and drafts
      accepted representing extensions of credit whether or not representing
      obligations for borrowed money; (iv) any obligation owed for all or any part
      of
      the deferred purchase price of property or services, except trade payables
      arising in the ordinary course of business not more than 90 days past due;
      (v)
      all indebtedness secured by any Lien on any property or asset owned or held
      by
      that Person regardless of whether the indebtedness secured thereby shall have
      been assumed by that Person or is nonrecourse to the credit of that Person,
      but
      only to the extent of the fair value of such property or asset; (vi) fixed
      rate
      hedging obligations that are due (after giving effect to any period of grace
      or
      notice requirement applicable thereto) and remain unpaid; (viii) all
      obligations of such Person, contingent or otherwise, as an account party or
      applicant under or in respect of acceptances, letters of credit, surety bonds
      or
      similar arrangements (other than reimbursement obligations, which are not due
      and payable on such date, in respect of documentary letters of credit issued
      to
      provide for the payment of goods and services in the ordinary course of
      business);
      (ix)
      obligations under partnership, organizational or other agreements to fund
      capital contributions or other equity calls with respect to any Person or
      investment, or to redeem, repurchase or otherwise make payments in respect
      to
      capital stock or other securities of such Person and (x) all
      Guarantee Obligations of such Person in respect of obligations of the kind
      referred to in clauses (i) through (ix) above.

    
      
         

        
          
             

          

          
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    “Interest
      Coverage Ratio”
means
      the ratio derived by dividing (i) EBITDA (excluding, for the period from
      and including the Amendment Date and through and including May 31, 2008, EBITDA
      related to the wireless business of Borrower) by
      (ii) total interest expense (excluding (A) for the period from and
      including the Amendment Date and through and including May 31, 2008, interest
      expense on the Term Loan B, and (B) interest expense attributable to
      Indebtedness repaid by the seller or otherwise in connection with a Permitted
      Acquisition, but including for the applicable calculation period prior to the
      date of any such Permitted Acquisition, pro forma interest expense on any
      Indebtedness incurred to finance all or a portion of the purchase price for
      such
      Permitted Acquisition based on the principal amount of such Indebtedness on
      the
      date of such Permitted Acquisition and the rate of interest thereon on such
      date), in each case for the then most recently completed four fiscal
      quarters.

     

    “Interest
      Rate Agreement”
means
      any interest rate swap, hedge, cap, collar or similar agreement or arrangement
      designed to protect Borrower against fluctuations in interest
      rates.

     

    “Investment”
means
      (i) any direct or indirect purchase or other acquisition by Borrower or any
      of
      its Subsidiaries of any beneficial interest in, including stock, partnership
      interest or other equity securities of, any other Person, other than trade
      associations and similar organizations purchased or acquired in the ordinary
      course of business; and (ii) any direct or indirect loan, advance, guarantee,
      assumption of liability or other obligation of liability, or capital
      contribution by Borrower or any of its Subsidiaries to any other Person,
      including all indebtedness and accounts receivable from that other Person that
      are not current assets or did not arise from sales to that other Person in
      the
      ordinary course of business. The amount of any Investment shall be the original
      cost of such Investment plus
      the cost
      of all additions thereto, without any adjustments for increases or decreases
      in
      value, or write-ups, write-downs or write-offs with respect to such
      Investment.

     

    “IRC”
means
      the Internal Revenue Code of 1986, as amended from time to time, and all rules
      and regulations promulgated thereunder.

     

    “Issuing
      Lender”
      means
      CoBank, or any other Lender designated from time to time by Administrative
      Agent
      or Borrower (and subject to such Lender’s acceptance of such designation), in
      such Lender’s capacity as an issuer of Letters of Credit hereunder.

     

    “Lead
      Arranger”
means
      CoBank in its capacity as Lead Arranger.

    
      
         

        
          
             

          

          
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    “Lender”
or
      “Lenders”
means
      one or more of the banks or other financial institutions identified as Lenders
      in the first paragraph of this Agreement and their successors and permitted
      assigns pursuant to Subsection 8.1.

     

    “Letter
      of Credit Liability”
      means,
      as to each Letter of Credit, all reimbursement obligations of Borrower to
      Issuing Lender consisting of (a) the amount available to be drawn or which
      may
      become available to be drawn; (b) all amounts which have been paid and made
      available by Issuing Lender to the extent not reimbursed by Borrower, whether
      by
      the making of a Revolving Loan or otherwise; and (c) all accrued and unpaid
      interest, fees and expenses with respect thereto. In the case of any Letter
      of
      Credit that is issued in a currency other than United Stated Dollars, the
      corresponding Letter of Credit Liability shall be determined in United States
      Dollars based on the currency exchange rate from time to time applicable to
      the
      issuer of such Letter of Credit.

     

    “Leverage
      Ratio”
means,
      for any period, the ratio derived by dividing all Indebtedness as of the last
      day of the applicable period (excluding, for the period from and including
      the
      Amendment Date and through and including May 31, 2008, the Term Loan B)
by
      EBITDA
      (excluding, for the period from and including the Amendment Date and through
      and
      including May 31, 2008, EBITDA related to the wireless business of
      Borrower), in each case as determined for the immediately preceding four fiscal
      quarters.

     

    “LIBOR”
means
      the rate (rounded upward to the nearest sixteenth and adjusted for reserves
      required on Eurocurrency Liabilities (as defined in Regulation D as promulgated
      by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as
      amended) for banks subject to such Regulation D or required by any other federal
      law or regulation) quoted by the British Bankers Association at 11:00 a.m.
      London time two Banking Days before the commencement of the Interest Period
      for
      the offering of U.S. dollar deposits in the London interbank market for the
      Interest Period designated by Borrower, as published by Bloomberg or another
      major information vendor listed on British Bankers Association’s official
      website.

     

    “LIBOR
      Loans”
means
      Loans (excluding Swingline Loans) accruing interest at rates determined by
      reference to the LIBOR.

     

    “LIBOR
      Margin”
means
      the applicable percent per annum determined in accordance with Subsection
      1.2(B).

     

    “Licenses”
means
      any material telephone, long distance, cellular telephone, microwave, personal
      communications or other telecommunications or similar license, authorization,
      waiver, certificate of compliance, franchise, approval or permit, whether for
      the acquisition, construction or operation of any Telecommunications System,
      granted or issued by the FCC or any applicable PUC and held by Borrower or
      any
      of its Subsidiaries.

     

    “Lien”
means
      any lien, mortgage, pledge, security interest, charge or encumbrance of any
      kind, whether voluntary or involuntary (including any conditional sale or other
      title retention agreement and any lease in the nature thereof), and any
      agreement to give any lien, mortgage, pledge, security interest, charge or
      encumbrance.

    
      
         

        
          
             

          

          
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    “Loan”
or
      “Loans”
means
      an advance or advances under the Term Loan Commitments, the Revolving Loan
      Commitment and the Swingline Loan Commitment.

     

    “Loan
      Commitment”
or
      “Loan
      Commitments” mean,
      respectively, each of the Term Loan Commitments, the Revolving Loan Commitment
      and the Swingline Loan Commitment and collectively, the Term Loan Commitments,
      the Revolving Loan Commitment and the Swingline Loan Commitment.

     

    “Loan
      Documents”
means
      this Agreement, the Notes, the Letters of Credit, any Related Interest Rate
      Agreement and all other instruments, documents and agreements executed and
      delivered concurrently herewith or at any time hereafter to or for the benefit
      of Administrative Agent in connection with the Loans and other transactions
      contemplated by this Agreement, all as amended, supplemented or modified from
      time to time.

     

    “Material
      Adverse Effect”
means
      (i) a material adverse effect upon the business, operations, properties, assets
      or condition (financial or otherwise) of Borrower and its Subsidiaries, taken
      as
      a whole, or (ii) the material impairment of the ability of Borrower or any
      of its Subsidiaries to perform its obligations under any Loan Document to which
      it is a party or of Administrative Agent to enforce any Loan Document or collect
      any of the Obligations. In determining whether any individual event could
      reasonably be expected to have a Material Adverse Effect, notwithstanding that
      such event does not of itself have such effect, a Material Adverse Effect shall
      be deemed to have occurred if the cumulative effect of such event and all other
      then existing events could reasonably be expected to have a Material Adverse
      Effect.

     

    “Material
      Contracts”
means
      (a) any contract or any other agreement, written or oral, of Borrower or any
      of
      its Subsidiaries involving monetary liability of or to any such Person in an
      amount in excess of $1,000,000 per annum, and (b) any other contract or
      agreement, written or oral, of Borrower or any of its Subsidiaries the failure
      to comply with which could reasonably be expected to have a Material Adverse
      Effect; provided, however, that any (i) vendor contract or (ii) contract or
      agreement which is terminable by a party other than Borrower or any of its
      Subsidiaries without cause upon notice of 95 days or less shall not be
      considered a Material Contract.

     

    “Multi-employer
      Plan”
means
      a
      Multi-employer plan as defined in Section 4001(a)(3) of ERISA to which Borrower
      or any ERISA Affiliate makes, is making, made, or was at any time during the
      current year or the immediately preceding 6 years obligated to make
      contributions.

     

    “Net
      Proceeds”
means
      cash proceeds received by Borrower or any of its Subsidiaries from any Asset
      Disposition (including insurance proceeds, awards of condemnation, and payments
      under notes or other debt securities received in connection with any Asset
      Disposition), net of (i) the costs of such sale, lease, transfer or other
      disposition (including taxes attributable to such sale, lease or transfer)
      and
      (ii) amounts applied to repayment of Indebtedness (other than the Obligations)
      secured by a Lien on the asset or property disposed.

     

    “Note”
or
      “Notes”
means
      one or more of the Term Loan Notes, the Revolving Notes and the Swingline
      Notes.

    
      
         

        
          
             

          

          
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    “Note
      Purchase Agreement”
means
      that certain Note Purchase Agreement, dated as of December 9, 1998, between
      Borrower and the purchasers listed on Schedule A thereto, as supplemented by
      that certain Supplement to Note Purchase Agreement, dated as of March 13, 2003,
      between Borrower and the purchasers listed on Schedule A thereto, and as further
      amended, supplemented, modified, extended or restated from time to
      time.

     

    “Obligations”
means
      all obligations, liabilities and indebtedness of every nature of Borrower from
      time to time owed to Administrative Agent or any Lender (or an Affiliate of
      a
      Lender party to a Related Interest Rate Agreement) under the Loan Documents
      including the principal amount of all debts, claims and indebtedness, accrued
      and unpaid interest, all reimbursement obligations in respect of any Letters
      of
      Credit and all fees, costs and expenses thereunder, whether primary, secondary,
      direct, contingent, fixed or otherwise, heretofore, now and/or from time to
      time
      hereafter owing, due or payable whether before or after the filing of a
      proceeding under the Bankruptcy Code by or against Borrower or any of its
      Subsidiaries.

     

    “Overnight
      LIBOR”
with
      respect to any Swingline Loans, the per annum rate of interest most recently
      announced within CoBank at its principal office in Denver, Colorado as its
      Overnight LIBOR Rate, with the understanding that CoBank’s Overnight LIBOR is
      one of its base rates and serves as the basis upon which effective rates of
      interest are calculated for those loans making reference thereto, and is
      evidenced by the recording thereof after its announcement in such internal
      publication or publications as CoBank may designate. CoBank shall base its
      determination of the Overnight LIBOR upon such offers for deposits on or other
      market indicators of the interbank market as CoBank in its discretion deems
      appropriate, and the Overnight LIBOR available to Borrower hereunder shall
      be
      adjusted by CoBank for reserves required on Eurocurrency Liabilities (as defined
      in Regulation D as promulgated by the Board of Governors of the Federal Reserve
      System, 12 CFR Part 204, as amended). Any change in the Overnight LIBOR shall
      become effective on the date on which each such change in the Overnight LIBOR
      is
      announced within CoBank.

     

    “PBGC”
means
      the Pension Benefit Guaranty Corporation or any Person succeeding to the
      functions thereof.

     

    “Pension
      Plan”
means
      a
      pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA
      which any Borrower or an ERISA Affiliate sponsors, maintains, or to which it
      makes, is making, or is obligated to make contributions or, in the case of
      a
      Multi-employer Plan, has made contributions at any time during the current
      year
      or the immediately preceding six plan years.

     

    “Permitted
      Encumbrances”
means
      the following:

     

    (1) Liens
      for
      taxes, assessments or other governmental charges not yet due and payable unless
      the same are being diligently contested in good faith and by appropriate
      proceedings and then only if and to the extent that adequate reserves therefor
      are maintained in accordance with GAAP;

     

    (2) statutory
      Liens of landlords, carriers, warehousemen, mechanics, materialmen and other
      similar liens imposed by law, which are incurred in the ordinary course of
      business for sums not more than 90 days delinquent or which are being contested
      in good faith; provided
      that a
      reserve or other appropriate provision shall have been made
      therefor;

    
      
         

        
          
             

          

          
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    (3) Liens
      incurred or deposits made in the ordinary course of business in connection
      with
      workers’ compensation, unemployment insurance and other types of social security
      (other than any Lien imposed by the Employee Retirement Income Security Act
      of
      1974 or any rule or regulation promulgated thereunder), or to secure the
      performance of tenders, statutory obligations, surety, stay, customs and appeal
      bonds, bids, leases, government contracts, trade contracts, performance and
      return of money bonds and other similar obligations (exclusive of obligations
      for the payment of borrowed money);

     

    (4) deposits,
      in an aggregate amount not to exceed $1,000,000, made in the ordinary course
      of
      business to secure liability to insurance carriers or others;

     

    (5) any
      attachment or judgment Lien not constituting an Event of Default under
Subsection
      6.1(H);

     

    (6) easements,
      rights of way, restrictions and other similar charges or encumbrances not
      interfering in any material respect with the ordinary conduct of the business
      of
      Borrower or any of its Subsidiaries;

     

    (7) Liens
      in
      favor of CoBank as set forth in Subsection
      2.7;

     

    (8) Liens
      securing purchase money security agreements and capital leases permitted under
      Subsection
      3.1(G),
      provided that such Liens do not encumber any property other than the items
      purchased with the proceeds of such Indebtedness or leased pursuant to such
      Indebtedness and such liens do not secure any amounts other than amounts
      necessary to purchase or lease such items; and

     

    (9) other
      Liens securing Priority Debt of Borrower or any Subsidiary not otherwise
      permitted by this definition of Permitted Encumbrances, provided
      that
      Priority Debt incurred after December 8, 1998 does not exceed (i)
      until
      the Indebtedness owing by Borrower under the Note Purchase Agreement (and any
      debt securities issued thereunder) is repaid in full, 15%
      of
      Consolidated Net Worth as of the most recently completed fiscal quarter of
      Borrower
      and (ii)
      after the Indebtedness owing by Borrower under the Note Purchase Agreement
      (and
      any debt securities issued thereunder) is repaid in full, 10% of Consolidated
      Net Assets as of the most recently completed fiscal quarter of
      Borrower.

     

    “Person”
means
      and includes natural persons, corporations, limited liability companies, limited
      partnerships, limited liability partnerships, general partnerships, joint stock
      companies, joint ventures, associations, companies, trusts, banks, trust
      companies, land trusts, business trusts or other organizations, whether or
      not
      legal entities, and governments and agencies and political subdivisions thereof
      and their respective permitted successors and assigns (or in the case of a
      governmental person, the successor functional equivalent of such
      Person).

    
      
         

        
          
             

          

          
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    “Plan”
means
      an employee benefit plan (as defined in Section 3(3) of ERISA) which any
      Borrower or an ERISA Affiliate sponsors or maintains or to which any Borrower
      or
      an ERISA Affiliate makes, is making, or is obligated to make contributions
      and
      includes any Pension Plan.

     

    “Priority
      Debt”
means
      (without duplication) the sum of (a) unsecured Indebtedness of the Subsidiaries
      other than Indebtedness owing to Borrower or any other Subsidiary and (b)
      Indebtedness of Borrower and its Subsidiaries secured by a Lien described in
      clause (9) of the definition of Permitted Encumbrances.

     

    “Pro
      Rata Share”
means
      (i) with respect to matters relating to each Facility, the percentage
      obtained by dividing (a) the commitment of a Lender under such facility by
      (b)  the total commitment of all Lenders under such Facility and
      (ii) with respect to all other matters, the percentage obtained by dividing
      (a) the total commitments of a Lender under all of the Facilities
      (b) the aggregate total commitments of all Lenders, in either case as such
      percentage may be adjusted by assignments and participations permitted pursuant
      to Subsection
      8.1;
      provided,
      however,
      if the
      commitment under a Facility is terminated pursuant to the terms hereof, in
      lieu
      of commitments, the calculation of clauses (i) and (ii) above, as they relate
      to
      or include such Facility, shall be based on the aggregate amount of a Lender’s
      outstanding loans related to such Facility and the aggregate amount of all
      outstanding loans related to such Facility.

     

    “PUC”
means
      any state, provincial or other local regulatory agency or body that exercises
      jurisdiction over the rates or services or the ownership, construction or
      operation of any Telecommunications System or over Persons who own, construct
      or
      operate a Telecommunications System, in each case by reason of the nature or
      type of the business subject to regulation and not pursuant to laws and
      regulations of general applicability to Persons conducting business in any
      such
      jurisdiction.

     

    “Related
      Interest Rate Agreement”
means
      any interest rate swap, hedge, cap, collar or similar agreement or arrangement
      designed to protect Borrower against fluctuations in interest rates and will
      also include any arrangement that Lenders, in their sole discretion, may offer
      to Borrower to effectively fix the interest rate applicable to any portions
      of
      the Loans.

     

    “Reportable
      Event”
means
      any of the events set forth in Section 4043(c) of ERISA or the regulations
      thereunder, other than any such event for which the 30 day notice requirement
      under ERISA has been waived in regulations issued by the PBGC.

     

    “Requisite
      Lenders”
means
      any Lender or Lenders who have in the aggregate Pro Rata Shares greater than
      50.00%; provided that the Pro Rata Share of any Defaulting Lender shall be
      excluded for purposes of making a determination of Requisite
      Lenders.

     

    “Restricted
      Investment”
means
      all Investments except (i) property to be used in the ordinary course of
      business; (ii) current assets arising from the sale of goods and services in
      the
      ordinary course of business; (iii) Investments in one or more Subsidiaries
      or
      any Person that concurrently becomes a Subsidiary; (iv) Investments existing
      on
      December 9, 1998; (v) Investments in obligations, maturing within one year,
      issued by or guaranteed by the United States of America or an agency thereof;
      (vi) Investments in municipal securities, maturing within one year, which are
      rated in one of the top two ratings classifications by at least one national
      rating agency; (vii) Investments in certificates of deposit or banker’s
      acceptances issued by Bank of America or other commercial banks which are rated
      in one of the top two rating classifications by at least one national rating
      agency; (viii) Investments in commercial paper, maturing within 270 days, rating
      in one of the top two rating classifications by at least one national rating
      agency; and (ix) Investments in money market instrument programs which are
      classified as current assets in accordance with GAAP.

    
      
         

        
          
             

          

          
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    “Restricted
      Junior Payment”
means:
      (i) any dividend or other distribution, direct or indirect, on account of any
      equity interest in Borrower, including any shares of any class of stock of
      Borrower now or hereafter outstanding, except a dividend payable solely in
      shares of a class of stock to the holders of that class; (ii) any redemption,
      conversion, exchange, retirement, sinking fund or similar payment, purchase
      or
      other acquisition for value, direct or indirect, of any equity interest in
      Borrower, including any shares of any class of stock of Borrower now or
      hereafter outstanding; (iii) any payment or prepayment of interest on, principal
      of, premium, if any, redemption, conversion, exchange, purchase, retirement,
      defeasance, sinking fund or similar payment with respect to, any Indebtedness
      subject to subordination provisions for the benefit of Administrative Agent
      and
      Lenders unless
      expressly permitted by such subordination provisions
      and
      Administrative Agent and Requisite Lenders have consented in writing to such
      provisions;
      and
      (iv) any payment made to retire, or to obtain the surrender of, any outstanding
      warrants, options or other rights to acquire any equity interest in Borrower,
      including any shares of any class of stock of Borrower now or hereafter
      outstanding.

     

    “Revolving
      Loan”
or
      “Revolving
      Loans”
means
      an advance or advances under the Revolving Loan Commitment.

     

    “Revolving
      Loan Commitment”
means,
      initially, $60,000,000, as such amount is reduced from time to time as provided
      in this Agreement.

     

    “Revolving
      Loan Expiration Date”
means
      the earlier of (i) the suspension (subject to reinstatement) of the Lenders’
obligations to make Loans pursuant to Subsection
      6.2,
      (ii)
      the acceleration of the Obligations pursuant to Subsection
      6.3
      or
      (iii) May 1, 2012.

     

    “Revolving
      Loan Facility”
means,
      the revolving loan credit facility extended to Borrower pursuant to Subsection 1.1(C).

     

    “Revolving
      Note”
or
      “Revolving
      Notes”
means
      one or more of the notes of Borrower substantially in the form of Exhibit
      10.1(B),
      or any
      combination thereof, and any replacements, restatements, renewals or extensions
      of any such notes, in whole or in part.

     

    “Subsidiary”
means,
      with respect to any Person, any corporation, partnership, association or other
      business entity of which more than fifty percent (50%) of the total voting
      power
      of shares of stock (or equivalent ownership or controlling interest) entitled
      (without regard to the occurrence of any contingency) to vote in the election
      of
      directors, managers or trustees thereof is at the time owned or controlled,
      directly or indirectly, by that Person or one or more of the other Subsidiaries
      of that Person or a combination thereof.

    
      
         

        
          
             

          

          
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    “Swingline
      Facility”
means
      the working capital loan facility extended to Borrower pursuant to Subsection
      1.1(D).

     

    “Swingline
      Lender”
means
      CoBank, and its successors and permitted assigns under the Swingline Loan
      Commitment pursuant to Subsection 8.1.

     

    “Swingline
      Loan Commitment”
means,
      initially $20,000,000, as such amount is reduced from time to time as provided
      in this Agreement.

     

    “Swingline
      Loans”
means
      an advance or advances under the Swingline Loan Commitment.

     

    “Swingline
      Note”
or
      “Swingline
      Notes”
means
      one or more of the Notes of Borrower substantially in the form of Exhibit
      10.1(E),
      or any
      combination thereof, and any replacements, reinstatements, renewals or extension
      of any such notes, in whole or in part.

     

    “Telecommunications
      System”
means
      a
      telephone, long distance, internet, data services, video and satellite services,
      wireless telecommunications, telephone directories, fiber and cable leasing,
      telecommunications equipment, including hand sets, rental, leasing,
      installation, selling or maintenance system or business and shall include a
      microwave system or a paging system operated in connection with (and in the
      same
      general service area as) any of the foregoing systems, and businesses related
      thereto.

     

    “Term
      Loan A ”
means
      the Loan under the Term Loan A Commitment.

     

    “Term
      Loan A Availability Period”
means
      the period beginning with the Amendment Date and
      ending on May 31, 2008.

     

    “Term
      Loan A Commitment”
means
      $120,000,000, as such amount is reduced from time to time as provided in this
      Agreement.

     

    “Term
      Loan A Facility”
means
      the term loan credit facility extended to Borrower pursuant to Subsection
      1.1(A).

     

    “Term
      Loan A Maturity Date”
means
      the earlier of (i) the acceleration of the Obligations pursuant to Subsection
      6.3
      or (ii)
      May 1, 2012.

     

    “Term
      Loan A Note”
or
      “Term
      Loan A Notes”
means
      one or more of the notes of Borrower substantially in the form of Exhibit
      10.1(C),
      or any
      combination thereof, and any replacements, restatements, renewals or extensions
      of any such notes, in whole or in part.

     

    “Term
      Loan B ”
means
      the Loan under the Term Loan B Commitment.

     

    “Term
      Loan B Commitment”
means
      $60,000,000, as such amount is reduced from time to time as provided in this
      Agreement.

     

    “Term
      Loan B Facility”
means
      the term loan credit facility extended to Borrower pursuant to Subsection
      1.1(B).

    
      
         

        
          
             

          

          
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    “Term
      Loan B Maturity Date”
means
      the earlier of (i) the acceleration of the Obligations pursuant to Subsection
      6.3
      or (ii)
      February 12, 2009.

     

    “Term
      Loan B Note”
or
      “Term
      Loan B Notes”
means
      one or more of the notes of Borrower substantially in the form of Exhibit
      10.1(D),
      or any
      combination thereof, and any replacements, restatements, renewals or extensions
      of any such notes, in whole or in part.

     

    “Term
      Loan Commitments”
means
      the Term Loan A Commitment and the Term Loan B Commitment.

     

    “Term
      Loan Facilities”
means
      the Term Loan A Facility and the Term Loan B Facility.

     

    “Term
      Loan Maturity Date”
means
      the Term Loan A Maturity Date and the Term Loan B Maturity Date, as applicable
      to the respective Term Loan Facility.

     

    “Term
      Loan Note”
or
      “Term
      Loan Notes”
means,
      collectively, the Term Loan A Notes and the Term Loan B Notes.

     

    “Term
      Loans”
means
      the Term Loan A and the Term Loan B.

     

    “Wireless
      Sale”
means
      the Borrower’s sale of substantially all of its wireless business assets to
      Cellco Partnership, a Delaware general partnership doing business as Verizon
      Wireless (“Verizon”),
      pursuant to that certain Asset Purchase Agreement dated January 18, 2008 among
      SureWest Wireless, West Coast PCS LLC, Verizon and Borrower.

     

    10.2. Other
      Definitional Provisions.
      References to “Sections,” “Subsections,” “Exhibits” and “Schedules” shall be to
      Sections, Subsections, Exhibits and Schedules, respectively, of this Agreement
      unless otherwise specifically provided. Any of the terms defined in Subsection
      10.1
      may,
      unless the context otherwise requires, be used in the singular or the plural
      depending on the reference. In this Agreement, “hereof,” “herein,” “hereto,”
“hereunder” and the like mean and refer to this Agreement as a whole and not
      merely to the specific section, paragraph or clause in which the respective
      word
      appears; words importing any gender include the other gender; references to
      “writing” include printing, typing, lithography and other means of reproducing
      words in a tangible visible form; the words “including,” “includes” and
“include” shall be deemed to be followed by the words “without limitation”;
      references to agreements and other contractual instruments shall be deemed
      to
      include subsequent amendments, assignments, and other modifications thereto,
      but
      only to the extent such amendments, assignments and other modifications are
      not
      prohibited by the terms of this Agreement or any other Loan Document; references
      to Persons include their respective permitted successors and assigns or, in
      the
      case of governmental Persons, Persons succeeding to the relevant functions
      of
      such Persons; and all references to statutes and related regulations shall
      include any amendments of same and any successor statutes and
      regulations. 

    
      
         

        
          
             

          

          
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    Witness
      the due execution hereof by the respective duly authorized officers of the
      undersigned as of the date first written above.

    
      	 	 	 
	 	SUREWEST
              COMMUNICATIONS
	 
 	 
 	 
 
	 	By:  	/s/ Steven
              C.
              Oldham
	 	
              
Steven
              C. Oldham
	 	President
              and
              Chief Executive Officer

    

     

    

     

    

     

     

     

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    [Signatures
      Continued from Previous Page]

    

    

    

    

    
      	 	
              COBANK,
                ACB

               

              By: 
                /s/ Ted
                Koerner                                                              
                

              Ted
                Koerner

              Managing
                DirectorExhibit
      4.1

    

      
        	
                NUMBER

              	 
	
                U-__________

              	
                UNITS

              

      

    

    

    SEE
      REVERSE FOR CERTAIN DEFINITIONS

    NEW
      ASIA PARTNERS CHINA I CORPORATION

    CUSIP
      64201Q 204

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK

    AND
      ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

     

    THIS
      CERTIFIES
      THAT _________________________________________________________________
is
      the
      owner of _________________________________________________________
Units.

     

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $0.0001 per share
      (“Common Stock”), of New Asia Partners China I Corporation, a Delaware
      corporation (the “Company”), and one warrant (the “Warrant”). Each Warrant
      entitles the holder to purchase one (1) share of Common Stock for $6.00 per
      share (subject to adjustment). Each Warrant will become exercisable on the
      later
      of (i) the Company’s completion of a merger, capital stock exchange, asset
      acquisition, stock purchase, reorganization or other similar business
      combination and (ii) __________, 2009, and will expire unless exercised before
      5:00 p.m., New York City Time, on ______, 2013, or earlier upon redemption
      (the
“Expiration Date”). The Common Stock and Warrants constituting the Units
      represented by this certificate are not transferable separately prior to ______,
      2008, subject to earlier separation. The terms of the Warrants are governed
      by a
      Warrant Agreement, dated as of ______, 2008, between the Company and Continental
      Stock Transfer & Trust Company, as Warrant Agent, and are subject to the
      terms and provisions contained therein, all of which terms and provisions the
      holder of this certificate consents to by acceptance hereof. Copies of the
      Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery
      Place, New York, New York 10004, and are available to any Warrant holder on
      written request and without cost.

     

    This
      certificate is not valid unless countersigned by the Transfer Agent and
      Registrar of the Company.

     

    WITNESS
      the facsimile seal of the Company and the facsimile signatures of its duly
      authorized officers.

     

    NEW
      ASIA
      PARTNERS CHINA I CORPORATION

    CORPORATE

    SEAL

    DELAWARE

    

    
      	 	 	 
	
              CHAIRMAN

            	 	
              SECRETARY 

            

    

    

    Countersigned:

     

    
      	
                                                        
                                                

            
	
              Transfer
                Agent and Registrar

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    New
      Asia Partners China I Corporation

     

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights.

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    
      	
              TEN
                COM –
                as tenants in common

              TEN
                ENT – as tenants by entireties

              JT
                TEN – as joint tenants with right of 

              survivorship
                and not as tenants in common

            	 	
              UNIF
                GIFT MIN ACT -

            	
              ________Custodian
                ________

              (Cust)                          
                 (Minor)

              under
                Uniform Gifts to 

              Minors
                Act 

              ______

              (State)

            

    

     

    Additional
      Abbreviations may also be used though not in the above list.

     

    For
      value
      received, hereby sell, assign and transfer unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR

    OTHER
      IDENTIFYING NUMBER OF ASSIGNEE

     

      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, 

    INCLUDING
      ZIP CODE, OF ASSIGNEE)

    

    _____________
      Units represented by the within Certificate, and do hereby irrevocably
      constitute and appoint Attorney to transfer the said Units on the books of
      the
      within named Company with full power of substitution in the
      premises.

     

    Dated
      _______________

     

    Notice:
      The signature to this assignment must correspond with the name as written upon
      the face of the certificate in every particular, without alteration or
      enlargement or any change whatever. 

     

    Signature(s)
      Guaranteed:

     

      
        

      

    

    THE
      SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
      IN
      AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
      17Ad-I5).

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