Document:

<PAGE>

                                                                     EXHIBIT 4.2

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) ("DTC") TO THE OBLIGOR OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                                                   CUSIP No. 10138M AE 5

                               BOTTLING GROUP, LLC

                     2.45% Senior Note due October 16, 2006

No. R-                              $

                  BOTTLING GROUP, LLC, a Delaware limited liability company
(herein called the "Obligor"), for value received, hereby promises to pay to
Cede & Co. as nominee for The Depository Trust Company (the "Holder") or to its
registered assigns, the principal sum of U.S.$         on October 16, 2006 (the
"Maturity Date"), and to pay interest on said principal sum semi-annually on
April 16 and October 16 of each year (each, an "Interest Payment Date"),
commencing April 16, 2004 at the rate of 2.45% per annum of the principal amount
then outstanding from the original issuance date of this Note, until payment of
the principal sum has been made or duly provided for.

                                      F-1

<PAGE>

                  The interest so payable and punctually paid or duly provided
for on any Interest Payment Date will, as provided in the Indenture, be paid to
the person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the Record Date for such Interest Payment
Date, which shall be the 15th day (whether or not a Business Day) next preceding
such Interest Payment Date, provided that interest payable on an Interest
Payment Date that is a Redemption Date or the Maturity Date shall be payable to
the Person to whom principal is payable. Any such interest that is payable but
is not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Record Date and may be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not earlier than 10 days prior to such Special Record Date.

                  Payment of the principal and interest on this Note will be
made at the Place of Payment in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts.

                  Reference is made to the further provisions of this Note and
to certain definitions set forth on the reverse hereof, which shall have the
same effect as though fully set forth at this place. Unless the certificate of
authentication hereon has been executed by or on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

                                      F-2

<PAGE>

                  IN WITNESS WHEREOF, the Obligor has caused this instrument to
be duly executed by manual or facsimile signature.

Dated:  ______________, 200[  ].

                                       BOTTLING GROUP, LLC

                                       By:__________________________________
                                          Authorized Officer

                                       By:__________________________________
                                          Authorized Officer

                  This is one of the Notes referred to in the within-mentioned
Indenture.

                                       JPMORGAN CHASE BANK, as Trustee

                                       By:__________________________________
                                          Authorized Officer

                                      F-3

<PAGE>

                               BOTTLING GROUP, LLC

                     2.45% Senior Note due October 16, 2006

                  Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated; provided,
that the term "Notes" shall mean the Obligor's 2.45% Senior Notes due October
16, 2006, issued under the Indenture hereinafter referred to.

                  1. INTEREST. Bottling Group, LLC, a Delaware limited liability
company (the "Obligor"), promises to pay interest on the principal amount of
this Note at the rate of 2.45% per annum from October 7, 2003 until payment of
the principal amount hereof has been made or duly provided for. The Obligor
shall pay interest on each Interest Payment Date (or if such day is not a
Business Day, on the next succeeding Business Day and no interest on the amount
payable on such Interest Payment Date shall accrue for the intervening period).
Interest on the Notes shall accrue from the most recent date to which interest
has been paid or duly provided for or, if no interest has been paid, from the
Issue Date; provided that if there is no existing default or Event of Default
relating to the payment of interest, and if this Note is authenticated between a
Record Date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be April 16,
2004. The Obligor shall pay interest (including post-petition interest in any
proceeding under any Federal or State bankruptcy, insolvency, reorganization, or
other similar law) on overdue principal and premium, if any, from time to time
on demand at the rate borne by this Note. The Obligor shall pay interest
(including post-petition interest in any proceeding under any Federal or State
bankruptcy, insolvency, reorganization, or other similar law) on overdue
installments of interest (without regard to any applicable grace periods) from
time to time on demand at the same rate to the extent lawful. Interest shall be
computed on the basis of a 360-day year of twelve 30-day months.

                  2. METHOD OF PAYMENT. The Obligor shall pay interest on the
Notes (except Defaulted Interest) to the Persons who are registered Holders of
Notes on the Record Date therefor, even if such Notes are cancelled after such
Record Date and on or before such Interest Payment Date, except as provided in
Section 2.06 of the Indenture, provided that interest payable on an Interest
Payment Date that is a Redemption Date or the Maturity Date shall be payable to
the Person to whom principal is payable. The Notes shall be payable as to
principal, premium, if any, and interest at the office or agency of the Obligor
maintained for such purpose as set forth in Section 9.02 of the Indenture, or,
at the option of the Obligor, payment of interest may be made by check mailed to
the Holders at their addresses set forth in the Security Register, and provided
that payment by wire transfer of immediately available funds shall be required
with respect to principal of, premium, if any, and interest on Global Notes and
a Holder of $10,000,000 or more in aggregate principal amount of Notes will be
entitled to receive payments of interest, other than interest due at maturity or
any date of redemption, by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Trustee in
writing not less than 15 calendar days prior to the applicable Interest Payment
Date. Payment of principal of, premium, if any, and interest on the Notes shall
be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

                                      R-1

<PAGE>

                  3. PAYING AGENT AND REGISTRAR. Initially, JPMorgan Chase Bank,
the Trustee under the Indenture, shall act as Paying Agent and Registrar. The
Obligor may appoint and change any Paying Agent or Registrar without notice to
any Holder. The Obligor or any of its Subsidiaries may act in any such capacity.

                  4. INDENTURE. The Obligor issued the Notes under an Indenture
dated as of October 1, 2003 (as it may be amended or supplemented from time to
time in accordance with the terms thereof, the "Indenture") between the Obligor
and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act.
The Notes are subject to all such terms, and Holders are referred to the
Indenture and the Trust Indenture Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Indenture provides for the issuance of senior notes in one or more series (the
"Senior Notes") and reference is made to the Indenture for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the
Obligor, the Trustee and the Holders of the Senior Notes and of the terms upon
which the Senior Notes are, and are to be, authenticated and delivered. This
Note is one of the series designated on the face hereof limited in aggregate
principal amount to $500,000,000.

                  5. OPTIONAL REDEMPTION. The Notes will be redeemable, in whole
or in part, upon not less than 30 nor more than 60 days' notice, at any time at
the option of the Obligor, at the Redemption Price equal to the greater of: (1)
100% of the principal amount of the Notes being redeemed or (2) as determined by
one of the reference Treasury Dealers appointed by the Trustee after
consultation with the Obligor, the sum of the present value of the remaining
scheduled payments of principal and interest on the Notes being redeemed from
the Redemption Date to the Maturity Date discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at a discount rate equal to the Treasury Rate plus 10 basis points; plus, for
(1) or (2) above, whichever is applicable, accrued and unpaid interest on such
Notes to, but not including, the Redemption Date.

                  6. MANDATORY REDEMPTION. The Obligor shall not be required to
make mandatory redemption or sinking fund payments with respect to the Notes.

                  7. NOTICE OF REDEMPTION. Notice of redemption shall be mailed
at least 30 days but not more than 60 days before the Redemption Date to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000.

                  8. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered
and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Obligor may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture. The Obligor
need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the

                                      R-2

<PAGE>

Obligor need not exchange or register the transfer of any Notes for a period of
15 days before the mailing of a notice of redemption.

                  9. PERSONS DEEMED OWNERS. Except as provided in the Indenture,
the registered Holder of a Note on the Registrar's books may be treated as its
owner for all purposes under the Indenture.

                  10. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Obligor and the rights of the
Holders of the Notes under the Indenture at any time by the Obligor and the
Trustee with the consent of the Holders of a majority in aggregate principal
amount of the Outstanding Senior Notes of all series affected thereby. The
Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding, on behalf of
the Holders of all Notes, to waive certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

                  11. DEFAULTS AND REMEDIES. The Indenture provides that each of
the following events constitutes an Event of Default: (i) failure to make any
payment of principal when due (whether at maturity, upon redemption or
otherwise) on the Notes; (ii) failure to make any payment of interest when due
on the Notes, which failure is not cured within 30 days; (iii) failure of the
Obligor to observe or perform any of its other covenants or warranties under the
Indenture for the benefit of the holders of the Notes, which failure is not
cured within 90 days after notice is given as specified in the Indenture; (iv)
certain events of bankruptcy, insolvency, or reorganization of the Obligor, PBG
or any Restricted Subsidiary of PBG; and (v) the maturity of any Debt of the
Obligor, PBG or any Restricted Subsidiary of PBG having a then outstanding
principal amount in excess of $75 million shall have been accelerated by any
holder or holders thereof or any trustee or agent acting on behalf of such
holder or holders, in accordance with the provisions of any contract evidencing,
providing for the creation of or concerning such Debt or failure to pay at the
stated maturity (and the expiration of any grace period) any Debt of the
Obligor, PBG or any Restricted Subsidiary of PBG having a then outstanding
principal amount in excess of $75 million.

                  If an Event of Default shall occur and be continuing, the
principal amount hereof may be declared due and payable in the manner and with
the effect provided in the Indenture.

                  12. AUTHENTICATION. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent.

                  13. ABBREVIATIONS. Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entirety), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

                                      R-3

<PAGE>

                  14. CUSIP NUMBERS. Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Obligor has
caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

                  15. GOVERNING LAW. This Note shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving
effect to rules governing the conflict of laws.

                                      R-4

<PAGE>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

________________________________________________________________________________
        (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Obligor. The agent may substitute
another to act for him.

________________________________________________________________________________

Date:_________________________      Your Signature: ____________________________

                                    (Sign exactly as your name appears on the
                                    face of this Note)

                                    Tax Identification No: ___________________

                                    SIGNATURE GUARANTEE:

                                    ____________________________________________
                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting the
                                    requirements of the Registrar, which
                                    requirements include membership or
                                    participation in the Security Transfer Agent
                                    Medallion Program ("STAMP") or such other
                                    "signature guarantee program" as may be
                                    determined by the Registrar in addition to,
                                    or in substitution for, STAMP, all in
                                    accordance with the Securities Exchange Act
                                    of 1934, as amended.

                                      R-5

<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for a
Global Note or a Definitive Note, or exchanges of a Definitive Note for an
interest in this Global Note, have been made:

<TABLE>
<CAPTION>
                                                                      Principal Amount
                          Amount of              Amount of           of this Global Note         Signature of
                         decrease in            increase in            following such         authorized officer
                      Principal Amount        Principal Amount            decrease               of Trustee or
Date of Exchange     of this Global Note     of this Global Note        (or increase)              Custodian
----------------     -------------------     -------------------     -------------------      ------------------
<S>                  <C>                     <C>                     <C>                      <C>
----------------     -------------------     -------------------     -------------------      ------------------

----------------     -------------------     -------------------     -------------------      ------------------
</TABLE>

                                      R-6<PAGE>

                                                                  Exhibit 10.1.6

                                 AMENDMENT NO. 5

      AMENDMENT NO. 5, dated as of August 1, 2003 (this "Amendment and Waiver"),
to the credit agreement dated as of January 7, 1999, as amended and restated as
of February 29, 2000, as amended by Amendment No. 1 dated as of July 28, 2000,
Amendment No. 2 dated as of August 3, 2001, Amendment No. 3 dated as of
September 5, 2001 and Amendment No. 4 dated as of June 19, 2003 (as so amended,
as hereby amended and as otherwise amended, restated, modified or supplemented
from time to time, the "Credit Agreement"), among CENTENNIAL CELLULAR OPERATING
CO. LLC, as Borrower; CENTENNIAL PUERTO RICO OPERATIONS CORP., as PR Borrower;
CENTENNIAL COMMUNICATIONS CORP. (formerly known as Centennial Cellular Corp.),
as a Guarantor ("Parent"); the other Guarantors party thereto; each of the
lenders from time to time party thereto (individually, a "Lender" and,
collectively, the "Lenders"); JP MORGAN CHASE BANK (formerly known as The Chase
Manhattan Bank), as co-lead arranger and co-syndication agent (in such capacity,
together with its successors in such capacity, "JP Morgan Chase"); MERRILL LYNCH
& CO. and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as co-lead
arrangers and co-syndication agents (in such capacity, together with their
successors in such capacity, and JP Morgan Chase, the "Co-Syndication Agents");
BANK OF AMERICA, N.A., as arranger and administrative agent (in such capacity,
together with its successors in such capacity, the "Administrative Agent"); and
THE BANK OF NOVA SCOTIA, as documentation agent (in such capacity, together with
its successors in such capacity, the "Documentation Agent"). Capitalized terms
used herein and not otherwise defined shall have the meanings ascribed to them
in the Credit Agreement, as amended hereby.

                                  INTRODUCTION

      (A) Borrower and PR Borrower have requested, and the Majority Lenders and
the Administrative Agent have agreed, to certain waivers and modifications of
the Credit Agreement as hereinafter set forth.

      (B) From and after the Effective Date (as hereinafter defined) of this
Amendment and Waiver, the provisions of the Credit Agreement specified below
shall be waived or amended, as the case may be, but only upon and subject to the
terms and conditions set forth herein.

      (C) In consideration of the mutual agreements contained herein and other
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto hereby agree as follows:

                                   ARTICLE I

                                    WAIVERS

Section 1.1. Waivers.

      (a) On the terms and subject to the conditions set forth in this Amendment
and Waiver, the Administrative Agent and the Majority Lenders hereby waive the
Obligor's obligations under Section 2.10(a)(ii) of the Credit Agreement solely
to the extent that the Net Available Proceeds resulting from the Fifth Amendment
Equity Issuance (as hereinafter defined) are used to prepay outstanding Parent
Subordinated Notes (including, without limitation, any accrued and unpaid
interest) (it being expressly acknowledged and agreed for the avoidance of doubt
that the terms of Section 2.10(a)(ii) of the Credit Agreement shall apply to and
be fully effective with respect to any Net Available Proceeds resulting from
<PAGE>
(i) the Fifth Amendment Equity Issuance in excess of the amount used to prepay
outstanding Parent Subordinated Notes (including, without limitation, any
accrued and unpaid interest), or (ii) any other Equity Issuance).

      (b) On the terms and subject to the conditions set forth in this Amendment
and Waiver, the Administrative Agent and the Majority Lenders hereby waive the
Obligor's obligations under Section 9.23(a) of the Credit Agreement solely to
the extent necessary to permit the Parent, in accordance with Section 1.1(a)
above, to prepay outstanding Parent Subordinated Notes (including, without
limitation, any accrued and unpaid interest) from the Net Available Proceeds
resulting from the Fifth Amendment Equity Issuance.

                                   ARTICLE II

                       AMENDMENTS TO THE CREDIT AGREEMENT

Section 2.1. Amendments.

      (a) Section 1.01 of the Credit Agreement is hereby amended by inserting
the following new definitions therein in correct alphabetical order:

            "Amendment No. 5" shall mean Amendment No. 5 dated as of August 1,
            2003 to this Agreement.

            "Amendment No. 5 Effective Date" shall mean the Effective Date, as
            such term is defined in Amendment No. 5.

            "Fifth Amendment Equity Issuance" shall mean the issuance by the
            Parent of up to $250 million of common stock on or prior to January
            31, 2004 pursuant to a registered public offering.

            "Fifth Amendment Equity Issuance Documents" shall mean any
            underwriting agreement relating to the Fifth Amendment Equity
            Issuance and any documents to be executed and delivered by the
            Obligors pursuant to such underwriting agreement.

            "Fifth Amendment Equity Issuance Proceeds" shall mean the gross
            proceeds resulting from the Fifth Amendment Equity Issuance.

      (b) Section 9.21 of the Credit Agreement is hereby amended by adding the
following sentence at the end thereof:

            "Notwithstanding anything herein to the contrary, so long as no
      Default has occurred and is continuing or would otherwise arise therefrom,
      the Parent may enter into customary underwriting or purchase agreements in
      connection with any Equity Issuance or Debt Issuance otherwise permissible
      under the terms of this Agreement and the other Credit Documents."

                                       2
<PAGE>
                                  ARTICLE III

                           AUTHORIZATIONS AND CONSENTS

Section 3.1. Fifth Amendment Equity Issuance. The Administrative Agent and the
Majority Lenders hereby consent to the Fifth Amendment Equity Issuance;
provided, that the Fifth Amendment Equity Issuance shall be consummated not
later than January 31, 2004.

                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

In order to induce the Administrative Agent and the Majority Lenders to enter
into this Amendment and Waiver, the Borrower and each of the Obligors hereby
agree as follows:

Section 4.1. Use of Fifth Amendment Equity Issuance Proceeds. The Fifth
Amendment Equity Issuance Proceeds shall be used solely (i) for the prepayment
of the Parent Subordinated Notes (including, without limitation, any accrued and
unpaid interest), (ii) for the payment of reasonable and customary transaction
costs incurred in connection with the Fifth Amendment Equity Issuance, and (iii)
for general corporate purposes in accordance with the terms and provisions of
the Credit Agreement.

Section 4.2. Fee to Approving Lenders. As an inducement to the Lenders and the
Administrative Agent to enter into this Amendment and Waiver, the Borrower
agrees to pay to the Administrative Agent, for the benefit of each Lender that
executes and delivers this Amendment and Waiver on or prior to 11:00 a.m.
(Eastern time) on August 1, 2003 (each such Lender an "Amendment No. 5 Approving
Lender"), a fee (an "Approving Lenders Fee") in an amount equal to 0.125%
(one-eighth of one percent) of the sum of (i) the aggregate outstanding
principal amount of such Amendment No. 5 Approving Lender's Term Loans and (ii)
such Amendment No. 5 Approving Lender's Revolving Credit Commitment. Such
Approving Lenders Fee shall be earned only upon and shall be payable upon the
closing date of the Fifth Amendment Equity Issuance.

                                   ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

Section 5.1. Representations and Warranties. Each of the Obligors represents and
warrants (which representations and warranties shall survive the execution and
delivery hereof) to the Creditors that:

      (a) it has the corporate power and authority to execute, deliver and
perform the terms and provisions of this Amendment and Waiver and the
transactions contemplated hereby and has taken or caused to be taken all
necessary corporate action to authorize the execution, delivery and performance
of this Amendment and Waiver and the transactions contemplated hereby;

      (b) no Default or Event of Default shall have occurred and be continuing;

      (c) the representations and warranties of the Obligors contained in the
Credit Agreement and in the other Credit Documents are true and complete in all
material respects on and as of the Effective Date (as defined in Section 6.1
below) with the same force and effect as if made on and as of the Effective Date

                                       3
<PAGE>
(except to the extent that such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects as of such earlier date;

      (d) as of July 31, 2003, the outstanding principal amount of the Parent
Subordinated Notes, together with all accrued and unpaid interest thereon was
approximately $207,833,733;

      (e) giving effect to this Amendment and Waiver, the Fifth Amendment Equity
Issuance shall not cause a Default or Event of Default under the Credit
Documents, the Parent Financing Documents, the Senior Subordinated Notes
Financing Documents or any other agreements to which the Obligors may be a
party; and

      (f) the execution, delivery and performance of this Amendment and Waiver,
and the other instruments and documents contemplated hereby will not violate any
law, statute or regulation, or any order or decree of any court or governmental
instrumentality, or conflict with, or result in the breach of, or constitute a
default under any contractual obligation of such party.

                                   ARTICLE VI

                                  EFFECTIVENESS

Section 6.1. Effective Date. This Amendment and Waiver shall become effective on
the date on which all of the following conditions precedent shall have been
satisfied, or waived in writing (such date being referred to herein as the
"Effective Date"):

      (a) the Administrative Agent shall have received fully executed
counterparts of this Amendment and Waiver executed by (i) the Obligors, (ii) the
Administrative Agent and (iii) the Majority Lenders;

      (b) the Administrative Agent shall have received a reasonably detailed
list of all fees and transaction costs incurred in connection with the Fifth
Amendment Equity Issuance;

      (c) the Administrative Agent shall have received fully executed copies of
each of the Fifth Amendment Equity Issuance Documents;

      (d) all representations and warranties contained in this Amendment and
Waiver or otherwise made in writing to the Administrative Agent and the Lenders
in connection herewith shall be true and correct in all material respects;

      (e) the Administrative Agent and the Lenders shall have received payment
of all fees and other amounts due and payable on or prior to the Effective Date,
including to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses (including, without limitation, the reasonable fees and disbursements
of Clifford Chance US LLP and FTI Consulting, Inc., financial advisor to
Clifford Chance US LLP ("FTI")), required to be reimbursed or paid by any
Obligor hereunder or under any other Credit Document;

      (f) the Administrative Agent and its counsel shall have received such
approvals, information, materials and documentation as the Administrative Agent
or its counsel may reasonably request, which approvals, information, materials
and documentation shall be satisfactory in form and substance to the
Administrative Agent and its counsel; and

                                       4
<PAGE>
      (g) all legal matters incident to this Amendment and Waiver and the
effects hereof or any of the Credit Documents shall be acceptable to the
Administrative Agent and its counsel.

                                  ARTICLE VII

                                ACKNOWLEDGEMENTS

Section 7.1. Confirmation and Acknowledgement of the Obligations. Each of
Borrower, Parent and PR Borrower hereby reaffirms and admits the validity and
enforceability of the Credit Agreement and the Credit Documents and the Liens on
the Collateral which were granted pursuant to any of the Credit Documents or
otherwise.

Section 7.2. Acknowledgement and Consent by Guarantors.

      (a) Each of the Guarantors hereby acknowledges that it has read this
Amendment and Waiver and consents to the terms hereof and further confirms and
agrees that, notwithstanding the effectiveness of this Amendment and Waiver, its
obligations pursuant to the Credit Documents shall not be impaired and its
guarantee pursuant to the Credit Agreement is, and shall continue to be, in full
force and effect and is hereby confirmed and ratified in all respects.

      (b) Each of the Guarantors hereby reaffirms and admits the validity and
enforceability of the Credit Agreement and the Credit Documents to which it is a
party and the Liens on the Collateral which were granted by it pursuant to any
of the Credit Documents or otherwise.

                                  ARTICLE VIII

                                  MISCELLANEOUS

Section 8.1. Consultation with Advisors. Each of the Obligors acknowledges that
it has consulted with counsel and with such other experts and advisors as it has
deemed necessary in connection with the negotiation, execution and delivery of
this Amendment and Waiver.

Section 8.2. Limited Waiver or Modification; Ratification of Credit Agreement.

      (a) Except to the extent hereby expressly waived or modified, the Credit
Agreement and each of the Credit Documents remain in full force and effect and
are hereby ratified and confirmed.

      (b) This Amendment and Waiver shall be limited precisely as written and
shall not be deemed: (i) to be a consent granted pursuant to, or a waiver or
modification of, any other term or condition of the Credit Agreement or any of
the instruments or agreements referred to therein or a waiver of any Default or
Event of Default under the Credit Agreement, whether or not known to the
Creditors; or (ii) to prejudice any right or rights which the Creditors may now
have or have in the future under or in connection with any Credit Document or
any of the instruments or agreements referred to in a Credit Document. Except to
the extent hereby modified, the Credit Agreement and each of the Credit
Documents shall continue in full force and effect in accordance with the
provisions thereof on the date hereof and the Credit Agreement as heretofore
amended or modified and as modified by this Amendment and Waiver are hereby
ratified and confirmed.

                                       5
<PAGE>
Section 8.3. References. All references to the "Credit Agreement," "this
Agreement," "herein," "hereafter," "hereto," "hereof," and words of similar
import appearing in the Credit Agreement, shall, unless the context otherwise
requires, mean the Credit Agreement as modified by this Amendment and Waiver.
Reference to the terms "Agreement" or "Credit Agreement" appearing in the
Exhibits or Schedules to the Credit Agreement or in the other Credit Documents
shall, unless the context otherwise requires, mean the Credit Agreement as
modified by this Amendment and Waiver. This Amendment and Waiver shall be deemed
to have been jointly drafted, and no provision of it shall be interpreted or
construed for or against any party hereto because such party purportedly
prepared or requested such provision, any other provision, or this Amendment and
Waiver as a whole.

Section 8.4. Counterparts. This Amendment and Waiver may be executed in any
number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed signature page to this Amendment and
Waiver by facsimile shall be as effective as delivery of a manually executed
counterpart of this Amendment and Waiver.

Section 8.5. Credit Document. This Amendment and Waiver is a Credit Document
pursuant to the Credit Agreement and shall (unless expressly indicated herein or
therein) be construed, administered, and applied, in accordance with all of the
terms and provisions of the Credit Agreement.

Section 8.6. Severability. Any provision of this Amendment and Waiver which is
invalid, illegal or unenforceable under the applicable law of any jurisdiction,
shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without invalidating the remaining provisions
hereof, and any such invalidity, illegality or unenforceability in any
jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 8.7. GOVERNING LAW. THIS AMENDMENT AND WAIVER AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAWS PRINCIPLES THEREOF.

Section 8.8. Further Assurance. The parties hereto shall, at any time and from
time to time following the execution of this Amendment and Waiver, execute and
deliver all such further instruments and take all such further action as may be
reasonably necessary or appropriate in order to carry out the provisions of this
Amendment and Waiver.

Section 8.9. Successors and Assigns. The provisions of this Amendment and Waiver
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.

Section 8.10. Headings. The headings of this Amendment and Waiver are for the
purposes of reference only and shall not affect the construction of, or be taken
into consideration in interpreting, this Amendment and Waiver.

Section 8.11. Relationship. The Obligors agree that the relationship between the
Administrative Agent and the Lenders, on the one hand, and the Obligors, on the
other hand, is that of creditor and debtor and not that of partners or joint
venturers. This Amendment and Waiver does not constitute a partnership agreement
or any other association between the Administrative Agent, the Lenders and the
Obligors. The Obligors acknowledge that the Administrative Agent and the Lenders
have acted at all times only as creditors to the Obligors within the normal and
usual scope of the activities normally undertaken by a

                                       6
<PAGE>
creditor and in no event have the Administrative Agent or any of the Lenders
attempted to exercise any control over the Obligors or their respective
businesses or affairs.

Section 8.12. No Third Party Beneficiaries. This Amendment and Waiver is made
and entered into for the sole protection and benefit of the Obligors, the
Administrative Agent and the Lenders and no other person or entity shall have
any right of action herein, right to claim any right or benefit from the terms
contained herein, or be deemed a third party beneficiary hereunder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       7

<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and the year first above written.

                                        BORROWER:

                                        CENTENNIAL CELLULAR OPERATING CO. LLC

                                        By:    /s/ TONY L. WOLK
                                           ----------------------------------
                                            Name:  Tony L. Wolk
                                            Title: Senior Vice President,
                                                   General Counsel

                                        PR BORROWER:

                                        CENTENNIAL PUERTO RICO OPERATIONS CORP.

                                        By:    /s/ TONY L. WOLK
                                           ----------------------------------
                                            Name:  Tony L. Wolk
                                            Title: Senior Vice President,
                                                   General Counsel

                                        PARENT AND GUARANTOR:

                                        CENTENNIAL COMMUNICATIONS CORP.
                                        (formerly known as Centennial Cellular
                                        Corp.)

                                        By:    /s/ TONY L. WOLK
                                           ----------------------------------
                                            Name:  Tony L. Wolk
                                            Title: Senior Vice President,
                                                   General Counsel

                                        AGENTS AND LENDERS:

                                        BANK OF AMERICA, N.A., individually and
                                        as Administrative Agent

                                        By:    /s/ JOHN W. WOODIEL
                                           ----------------------------------
                                            Name:  John W. Woodiel III
                                            Title: Managing Director

                                        JP MORGAN CHASE BANK (formerly known as
                                        The Chase Manhattan Bank), individually
                                        and as Co-Syndication Agent

                                        By:    /s/ DAVID E. OLIVER
                                           ----------------------------------
                                            Name:  David E. Oliver
                                            Title: Vice President

                                        MERRILL LYNCH & CO. and MERRILL LYNCH,
                                        PIERCE, FENNER & SMITH INCORPORATED,
                                        individually and as Co-Syndication Agent

                                        By:    /s/ GRAHAM GOLDSMITH
                                           ----------------------------------
                                            Name:  Graham Goldsmith
                                            Title: Managing Director

                                        THE BANK OF NOVA SCOTIA, individually
                                        and as Documentation Agent

                                        By:    /s/ STEPHEN C. LEVI
                                           ----------------------------------
                                            Name:  Stephen C. Levi
                                            Title: Director

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