Document:

Exhibit
10.5

EXECUTION COPY

TAX SHARING AGREEMENT

This Tax Sharing Agreement (this “Agreement”)
is entered into as of January 15, 2007, by and among Verizon Communications
Inc., a Delaware corporation (“Verizon”), Northern New England Spinco
Inc., a newly formed Delaware corporation and a wholly owned subsidiary of Verizon
(“Spinco”), and FairPoint Communications, Inc., a Delaware corporation (“FairPoint”).
 Capitalized terms used in this Agreement
and not otherwise defined herein shall have the meanings ascribed to such terms
in the Merger Agreement, dated as of the date hereof, by and among Verizon, FairPoint
and Spinco (the “Merger Agreement”).

RECITALS

WHEREAS, Verizon is the common parent corporation of
an affiliated group of corporations within the meaning of Section 1504(a) of
the Internal Revenue Code of 1986, as amended (the “Code”), that files a
consolidated U.S. federal income tax return;

WHEREAS, pursuant to the Merger Agreement and the
Distribution Agreement, among other things, Verizon will transfer or cause to
be transferred to Spinco or one or more Subsidiaries of Spinco (pursuant to
certain preliminary restructuring transactions, including Internal Spinoffs)
all of the Spinco Assets and Spinco and/or one or more Subsidiaries of Spinco will
assume or cause to be assumed all of the Spinco Liabilities;

WHEREAS, on the Distribution Date, Verizon will
distribute all of the issued and outstanding shares of Spinco Common Stock on a
pro rata basis to the holders of Verizon Common Stock;

WHEREAS, pursuant to the Merger Agreement, immediately
following the Distribution, Spinco will merge with and into FairPoint pursuant
to the Merger;

WHEREAS, the parties to this Agreement intend that (i) the First Internal Spinoff
qualify as a reorganization under Section 368(a)(1)(D) of the Code and a
distribution eligible for nonrecognition under Sections 355(a) and 361(c) of
the Code; (ii) the Second Internal
Spinoff qualify as a distribution eligible for nonrecognition under Sections
355(a) and 361(c) of the Code; (iii) the
Contribution, together with the Distribution, qualify as a tax-free
reorganization under Section 368(a)(1)(D) of the Code; (iv)
the Distribution qualify as a distribution of Spinco stock to Verizon
stockholders eligible for

nonrecognition under Sections 355(a) and 361(c) of the
Code; (v) no gain or loss be recognized by Verizon for U.S.
federal income tax purposes in
connection with the receipt of the Spinco Securities or the consummation of the
Debt Exchange; (vi) the
Special Dividend qualify as money transferred to creditors or distributed to
shareholders in connection with the reorganization within the meaning of
Section 361(b)(1) of the Code, to the extent that Verizon distributes the
Special Dividend to its creditors and/or shareholders in connection with the
Contribution; (vii) the Merger qualify as a
tax-free reorganization pursuant to Section 368(a) of the Code; and (viii) no gain or loss be recognized
as a result of such transactions for U.S. federal income tax purposes by any of
Verizon, Spinco, and their respective stockholders and Subsidiaries (except to
the extent of cash received in lieu of fractional shares); and

WHEREAS, Verizon, Spinco and FairPoint desire to set
forth their rights and obligations with respect to Taxes due for periods before
and after the Distribution Date and other Tax matters relating to the
transactions contemplated by the Merger Agreement and the Distribution
Agreement;

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE I

DEFINITIONS

“Affiliate” has the meaning set forth in the
Merger Agreement.

“Agreement” has the meaning set forth in the preamble.

“Applicable Federal Rate” means the rate
computed pursuant to Section 1274(d) of the Code, compounded quarterly, with
respect to the applicable period.

“Code” has the meaning set forth in the
recitals.

“Contribution” has the meaning set forth in the
Merger Agreement.

“Distribution” has the meaning set forth in the
Merger Agreement.

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“Distribution Agreement” has the meaning set
forth in the Merger Agreement.

“Distribution Date” has the meaning set forth
in the Distribution Agreement.

“Distribution Disqualification” means that (i) either the Contribution,
taken together with the Distribution, or the First Internal Spinoff fails to
qualify as a tax-free reorganization under Section 368(a)(1)(D) of the Code
pursuant to which no gain or loss is recognized for U.S. federal income tax
purposes by any of Verizon, Spinco or their Subsidiaries; (ii) any
of the Distribution or the Internal Spinoffs fails to qualify as a distribution
eligible for nonrecognition under Section 355 of the Code, pursuant to which no
gain or loss is recognized for U.S. federal income tax purposes by any of Verizon,
Spinco, their Subsidiaries, or the stockholders of Verizon, except to the
extent of cash received in lieu of fractional shares; (iii) the
Debt Exchange (if consummated) fails to constitute a transfer of qualified
property to Verizon’s creditors in connection with the reorganization within
the meaning of Section 361(c)(3) of the Code; and/or (iv) the
Special Dividend fails to qualify as money transferred to creditors or
distributed to shareholders in connection with the reorganization within the
meaning of Section 361(b)(1) of the Code, but only to the extent that Verizon
distributes the Special Dividend to its creditors or shareholders.  For the avoidance of doubt, a Distribution
Disqualification shall occur if Verizon or any of its Subsidiaries recognizes
gain pursuant to Section 355(d), 355(e) and/or 355(f) of the Code with respect
to the Distribution and/or any Internal Spinoff.

“FairPoint” has the meaning set forth in the
recitals.

“FairPoint Group” means FairPoint and all
entities that are Subsidiaries of FairPoint immediately following the Merger.

“Final Determination” means a determination
within the meaning of Section 1313 of the Code or any similar provision of
state or local tax law.

“Income Taxes” means any and all Taxes based
upon or measured by net or gross income (including alternative minimum tax
under Section 55 of the Code and including any liability described in clauses
(ii) or (iii) of the definition of “Taxes” that relates to any Income Tax).

“Merger Agreement” has the meaning set forth in
the preamble.

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“Non-Preparer Party” has the meaning set forth
in Section 2.02.

“Other Taxes” means any and all Taxes other
than Income Taxes, including any liability described in clauses (ii) or (iii)
of the definition of “Taxes” that relates to any Other Tax.

“Person” means any individual, partnership,
joint venture, corporation, limited liability company, trust, unincorporated
organization, government or department or agency of a government.

“Post-Distribution Period” means any taxable
year or other taxable period beginning after the Distribution Date and, in the
case of any taxable year or other taxable period that begins before and ends
after the Distribution Date, that part of the taxable year or other taxable
period that begins at the beginning of the day after the Distribution Date.

“Potential Disqualifying Action” has the
meaning set forth in Section 10.02(b).

“Pre-Distribution Period” means any taxable
year or other taxable period that ends on or before the Distribution Date and,
in the case of any taxable year or other taxable period that begins before and
ends after the Distribution Date, that part of the taxable year or other
taxable period through the close of the Distribution Date.

“Spinco” has the meaning set forth in the preamble.

“Spinco Group” means Spinco and all entities
that are Subsidiaries of Spinco immediately following the Contribution.

“Spinco Return” has the meaning set forth in
Section 2.01(b).

“Spinco Securities” has the meaning set forth
in the Distribution Agreement.

“Subsidiary” has the meaning set forth in the
Merger Agreement.

“Tax” or “Taxes” has the meaning set
forth in the Merger Agreement.

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“Tax Attribute” means any net operating loss
carryover or carryback, net capital loss carryover or carryback, investment tax
credit carryover or carryback, foreign tax credit carryover or carryback,
charitable deduction carryover or carryback or other similar item that could
reduce Income Tax for a past or future taxable period.

“Tax Benefit” means, in the case of a separate
state, local or other Tax Return, the sum of the amount by which the Tax
liability (after giving effect to any alternative minimum or similar Tax) of a
corporation to the appropriate Taxing Authority is reduced (including by
deduction, entitlement to refund, credit or otherwise, whether available in the
current taxable year, as an adjustment to taxable income in any other taxable
year or as a carryforward or carryback, as applicable) plus any interest from
such government or jurisdiction relating to such Tax liability, and in the case
of a consolidated federal Tax Return or combined, unitary or other similar
state, local or other Tax Return, the sum of the amount by which the Tax
liability of the affiliated group (within the meaning of Section 1504(a) of the
Code) or other relevant group of corporations to the appropriate government or
jurisdiction is reduced (including by deduction, entitlement to refund, credit
or otherwise, whether available in the current taxable year, as an adjustment
to taxable income in any other taxable year or as a carryforward or carryback,
as applicable) plus any interest from such government or jurisdiction relating
to such Tax liability.

“Tax Contest” has the meaning set forth in
Section 5.01.

“Tax
Dispute” has the meaning set forth in Article IX.

“Tax
Dispute Arbitrator” has the meaning set forth in Article IX.

“Tax Materials” has the meaning set forth in
Section 10.01(a).

“Tax Return” has the meaning set forth in the
Merger Agreement.

“Taxing Authority” has the meaning set forth in
the Merger Agreement.

“Transactions” has the meaning set forth in
Section 2.04(a).

“Transfer Taxes” means any Merger Transfer
Taxes and Distribution Transfer Taxes (in each case, having the meaning set
forth in the Merger Agreement).

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“Transition Services Agreement” has the meaning
set forth in the Merger Agreement.

“Verizon” has the meaning set forth in the
preamble.

“Verizon Group” means Verizon and all
Subsidiaries of Verizon at any time preceding, at or following the
Contribution, but shall not include any member of the Spinco Group.

“Verizon Consolidated Group” means any
consolidated, combined or unitary group of which any member of the Verizon Group
is the common parent corporation at any time.

“Verizon Return” has the meaning set forth in
Section 2.01(a).

ARTICLE II

TAX RETURNS AND TAX
PAYMENTS

Section 2.01                                Obligations
to File Tax Returns.

(a)                                  Verizon
shall file or cause to be filed any Tax Return that is required to be filed
after the Distribution Date that includes both (i)
one or more members of the Verizon Group and (ii)
one or more members of the Spinco Group or any item of income, loss, gain,
deduction or credit relating to the Spinco Business (a “Verizon Return”).  Each member of the Spinco Group hereby
irrevocably authorizes and designates Verizon as its agent, coordinator and
administrator for the purpose of taking any and all actions necessary or
incidental to the filing of any such Verizon Return and, except as otherwise
provided herein, for the purpose of making payments to, or collecting refunds
from, any Taxing Authority in respect of a Verizon Return.  FairPoint shall cause members of the Spinco
Group to promptly prepare and deliver to Verizon in a manner consistent with
past practices pro forma Tax Returns and tax information packages with respect
to any Verizon Return.  In the case of
any Verizon Return that includes any member of the Spinco Group or any item
relating to the Spinco Business only for the portion of the relevant taxable
period that ends on the Distribution Date, Taxes shall be allocated to the
portion of such taxable period that ends on the Distribution Date based on an
actual or hypothetical closing of the books at the close of the Distribution
Date.  Except as otherwise provided
herein, Verizon shall have the exclusive right to file, prosecute,

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compromise or settle any claim for refund for
Taxes in respect of a Verizon Return for which Verizon bears responsibility
hereunder and to determine whether any refunds of such Taxes to which the Verizon
Consolidated Group may be entitled shall be received by way of refund or credit
against the Tax liability of the Verizon Consolidated Group.

(b)                                 FairPoint
shall file or cause to be filed any other Tax Return required to be filed after
the Distribution Date by or with respect to one or more members of the Spinco
Group (a “Spinco Return”).   All Spinco Returns shall be prepared (i) on a basis that is consistent
with the Distribution Tax Opinion, the Merger Tax Opinions and the IRS Ruling
and (ii) in a manner consistent with Verizon’s
determination of the adjusted Tax basis of any asset and the amount of any Tax
Attribute or any similar item held by the Spinco Group at the time of the
Distribution.  In the case of any Spinco
Return that includes any member of the Spinco Group or any item relating to the
Spinco Business only for the portion of the relevant taxable period that begins
after the Distribution Date, Taxes shall be allocated to the portion of such
taxable period that begins after the Distribution Date based on an actual or
hypothetical closing of the books at the close of the Distribution Date.

Section 2.02                                Review
of Tax Returns.  No later than thirty
(30) days prior to the date on which any Verizon Return or Spinco Return is
required to be filed (taking into account any valid extensions), if the party
that is not responsible for preparing such Tax Return under Section 2.01 (the “Non-Preparer
Party”) is responsible for any portion of the Taxes reported on such Tax
Return, the party responsible for preparing such Tax Return under Section 2.01
shall (a) submit or cause
to be submitted to the Non-Preparer Party such Tax Return for review and
comment and (b) shall consider
in good faithany changes to such
Tax Return reasonably requested by the Non-Preparer Party, to the extent that
such changes relate to items for which the Non-Preparer Party has
responsibility hereunder.

Section 2.03                                Obligation
to Remit Taxes.  Verizon and FairPoint
shall each timely remit or cause to be timely remitted to the applicable Taxing
Authority any Taxes due in respect of any Tax Return that such party is
required to file or cause to be filed (or, in the case of a Tax for which no
Tax Return is required to be filed, which is otherwise payable by such party or
a member of such party’s affiliated group to any Taxing Authority) and shall be
entitled to reimbursement for such payments to the extent provided herein; provided,
however, that in the case of any Tax Return, the Non-Preparer Party shall remit
to the Party required to file such Tax Return in immediately available funds
the amount of any Taxes reflected on such Tax Return for which the Non-Preparer
Party is responsible hereunder at least two (2) Business Days before payment of
the relevant amount is due to a Taxing Authority.

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Section 2.04                                Tax
Sharing and Indemnification Obligations.

(a)                                  Spinco
and, from and after the Merger, FairPoint shall be liable for and shall
indemnify and hold the Verizon Group harmless against any Taxes (i) resulting from (A) the Internal Spinoffs, the
Contribution, the Distribution, the Debt Exchange or any transaction associated
therewith (the “Transactions”), including Taxes arising from any
Distribution Disqualification, to the extent that such Taxes arise as a result
of any action (or failure to take any reasonably required action to avoid a
Distribution Disqualification) by Spinco or any of its Affiliates following the
Effective Time or any action (or failure to take any reasonably required action
to avoid a Distribution Disqualification) by FairPoint or any of its Affiliates
(excluding the Spinco Group), or (B) any
breach of any representation, covenant or obligation of Spinco or FairPoint
under this Agreement or any other Transaction Agreement to the extent that
Taxes resulting from such breach are attributable to (x)
a Distribution Disqualification or (y) a breach
of Section 6.02 hereof, (ii) arising
in the Pre-Distribution Period and attributable to a member of the Spinco Group
or to the income, employees, assets or transactions of the Spinco Business,
except for Taxes resulting from the Transactions (including Taxes resulting
from the triggering into income of any items from intercompany transactions
under Section 1.1502-13 of the Treasury Regulations or excess loss accounts
under Section 1.1502-19 of the Treasury Regulations) for which either FairPoint
or Spinco is not otherwise responsible pursuant to any other provision of this
Section 2.04(a) or this Agreement or (iii)
arising in the Post-Distribution Period and attributable to a member of the
Spinco Group or to the assets, employees, or transactions of the Spinco
Business.  Taxes for which Spinco and FairPoint
are responsible pursuant to clause (ii) of the preceding sentence shall be
computed (A) as if Spinco and its
Subsidiaries had always conducted the Spinco Business as a separate affiliated
group of companies whose items of income, gain, loss, deduction, and credit for
U.S. federal income tax purposes included solely such items attributable to the
Spinco Business and none of such items attributable to the Verizon Business and
(B) by taking into account (x) elections and accounting methods
actually used in computing such items by the Verizon Consolidated Group in
filing its Tax Returns and (y) solely
items of income, gain, loss, deduction, and credit arising during the taxable
periods for which the applicable Tax claim is being brought under Section
2.04(a)(ii).

(b)                                 Except
for Taxes for which either Spinco or FairPoint is responsible under Section
2.04(a) or any other provision of this Agreement, Verizon shall be liable for
and shall indemnify and hold FairPoint and its Subsidiaries and the Spinco
Group harmless against, any Taxes (i) of the Verizon
Group or any Verizon Consolidated Group or any member thereof or attributable
to the employees, assets or transactions of the Verizon Business or (ii) of the Spinco Group or any
member thereof arising in the period ending on the Effective Time and resulting
from the Transactions, including Taxes arising from any Distribution
Disqualification.

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(c)                                  The
parties’ responsibilities for Transfer Taxes shall be governed by Section 11.1
of the Merger Agreement.

(d)                                 Except
as set forth in this Agreement and in consideration of the mutual indemnities
and other obligations of this Agreement, any and all prior Tax sharing or
allocation agreements, arrangements or practices between any member of the Verizon
Group and any member of the Spinco Group shall be terminated with respect to
the Spinco Group as of the Distribution Date, and no member of the Spinco Group
shall have any continuing rights or obligations thereunder.

(e)                                  FairPoint
shall be entitled to any refund of or credit for Taxes for which FairPoint is
responsible under this Agreement, and Verizon shall be entitled to any refund
of or credit for Taxes for which Verizon is responsible under this Agreement.  A party receiving a refund to which another
party is entitled pursuant to this Agreement shall pay the amount to which such
other party is entitled within five days after the receipt of the refund.  Each party shall be entitled to offset any
amount which it is owed under the Transaction Agreements by any amounts owed to
it by the other party under this Section 2.04(e) or any other provision of this
Agreement.

(f)                                    All
indemnification obligations in respect of Taxes pursuant to this Agreement
shall be increased to include (i) all
reasonable accounting, legal and other professional fees and court costs
incurred in connection with such Taxes, (ii) with
respect to Taxes related to the Transactions, all costs, damages or settlement
payments associated with any stockholders litigation in respect of adverse Tax
consequences of the Transactions, provided,
in the case of settlement payments, that any settlement of such litigation for
an amount equal to or in excess of $15 million shall not be made without the
prior written consent of the indemnifying party, which consent shall not be
unreasonably withheld, delayed or conditioned, and (iii)
Taxes resulting from indemnification payments hereunder, and shall be reduced
by any Tax Benefit realized by the indemnified party in respect of Taxes or
other losses subject to indemnification under this Agreement.

(g)                                 The
parties agree that any payments made among the parties pursuant to this
Agreement or any other Transaction Agreement shall be treated, to the extent
permitted by law, for all Tax purposes as nontaxable payments made immediately
prior to the Distribution.

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ARTICLE III

CARRYBACKS; AMENDED RETURNS; COMPENSATION DEDUCTIONS

Section 3.01                                Carrybacks.
 Without the consent of Verizon, no
member of the Spinco Group shall carry back any Tax Attribute (unless required
to carry back such Tax Attribute by law) from a Post-Distribution Period to a
Pre-Distribution Period, provided that if the carryback is required by
law, Verizon (or any other member of the Verizon Group receiving such refund)
shall promptly remit to FairPoint any Tax Benefit it realizes with respect to
any such carryback.

Section 3.02                                Amended
Returns.  FairPoint shall not, and
shall not permit any member of the Spinco Group to, file any amended Tax Return
of a member of the Spinco Group with respect to Income Taxes or a Tax Return
with respect to Other Taxes of a member of the Spinco Group that is filed on a
combined basis with a member of the Verizon Group, in each case with respect to
a Pre-Distribution Period without the prior written consent of Verizon, which
consent may be withheld in Verizon’s sole discretion.

Section 3.03                                Tax
Benefit Realized.  For purposes of
this Agreement, a Tax Benefit shall be deemed to have been realized at the time
any refund of Taxes is received or applied against other Taxes due, or at the
time of filing of a Tax Return (including any relating to estimated Taxes) on
which a loss, deduction or credit is applied in reduction of Taxes which would
otherwise be payable; provided, however, that where a party has other
losses, deductions, credits or similar items available to it, deductions,
credits or items for which the other party would be entitled to a payment under
this Agreement shall be treated as the first items utilized to produce a Tax
Benefit.   If any Tax Benefit is
subsequently reduced or disallowed as a result of an audit, the party that had
previously received a payment (or was entitled to reduce a payment that such
party was otherwise required to make) on account of such Tax Benefit shall
promptly pay an amount equal to the amount so reduced or disallowed to the
other party.

Section 3.04                                Deductions
with Respect to Debt Exchange, Compensation, Etc.

(a)                                  Verizon
and the other members of the Verizon Group shall be entitled to all Tax
Benefits resulting from any loss, deduction, credit or other item which
decreases Taxes paid or payable, or increases Tax basis, associated with the
Debt Exchange including, without limitation, any Tax Benefits resulting from
any issuance costs or issuance expenses associated with any Spinco Securities
other than out-of-pocket costs and out-of-pocket expenses borne by Spinco.

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(b)                                 All
deductions for United States federal, state and local Income Tax purposes
resulting from the exercise of compensatory options issued prior to the
Distribution Date with respect to stock of Verizon shall be taken by Verizon or
a member of the Verizon Group, and no party to this Agreement shall take any
position on any Tax Return which is inconsistent with such treatment, unless
required to do so pursuant to a Final Determination to such effect.

(c)                                  If,
by reason of a subsequent Final Determination as to the treatment of any tax
deductions related to the compensatory options referred to in Section 3.04(b)
above, a Taxing Authority determines that a member of the FairPoint Group is
entitled to such deduction, then FairPoint shall, and shall cause the Spinco
Group to, pay to Verizon the amount of any Tax Benefits that result therefrom
within ten (10) days of the date on which such Tax Benefits are realized.

(d)                                 The
principles of paragraphs (b) and (c) shall apply, mutatis
mutandis, to other items of compensation expense or transaction
expense that are economically borne by members of the Verizon Group or Verizon
shareholders, including, for the avoidance of doubt, severance bonuses or other
similar compensatory payments made by Verizon to employees who are transferred
to Spinco or its Subsidiaries in connection with the Contribution and any
Spinco transaction expenses paid by Verizon pursuant to Section 11.1 of the
Merger Agreement.

ARTICLE IV

PAYMENTS

Section 4.01                                Payments.
 Except as otherwise provided in Section
2.03 or Section 3.04, payments due under this Agreement shall be made no later
than thirty (30) days after the receipt or crediting of a refund, the
realization of a Tax Benefit for which the other party is entitled to
reimbursement, the delivery of notice of payment of a Tax for which the other
party is responsible under this Agreement, or the delivery of notice of a Final
Determination which results in such other party becoming obligated to make a
payment hereunder to the other party hereto. 
Payments due hereunder, but not made within such 30-day period, shall be
accompanied with interest at a rate equal to the Applicable Federal Rate from
the due date of such payment.

Section 4.02                                Notice.  Verizon and FairPoint shall give each other
prompt written notice of any payment that may be due to the provider of such
notice under this Agreement.

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ARTICLE V

TAX CONTESTS

Section 5.01                                Notice.
 FairPoint shall promptly notify Verizon
in writing upon receipt by FairPoint or any member of the FairPoint Group of a
written communication from any Taxing Authority with respect to any pending or
threatened audit, dispute, suit, action, proposed assessment or other
proceeding (a “Tax Contest”) concerning any Taxes for which Verizon may
be liable under this Agreement.  Verizon
shall promptly notify FairPoint in writing upon receipt by Verizon or any
member of the Verizon Group of a written communication from any Taxing
Authority with respect to any Tax Contest concerning any Taxes for which FairPoint
may be liable under this Agreement.

Section 5.02                                Control
of Contests by Verizon. Verizon
shall have sole control of any Tax Contest related to (a) any Verizon Return or (b) the Tax-Free Status of the Transactions,
including the exclusive right to communicate with agents of the Taxing
Authority and to control, resolve, settle or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of
any such Tax Contest, provided, however, that in the case of any such
Tax Contest that may affect Taxes for which FairPoint has responsibility
hereunder, FairPoint may participate fully in the Tax Contest at its own
expense.  In the case of any such Tax
Contest relating to Taxes for which the potential liability of FairPoint or
Spinco for any Post-Distribution Period under this Agreement equals or exceeds $15,000,000,
(A) Verizon shall not
settle or concede any such Tax Contest without the prior written consent of FairPoint,
which consent shall not be unreasonably withheld, delayed or conditioned and (B) absent a settlement of such Tax
Contest pursuant to subclause (A) above, Verizon shall be required to pursue,
at FairPoint’s expense, such Tax Contest through one level of appellate
judicial review (it being understood that Verizon shall have no obligation to
pursue such Tax Contest beyond one level of appellate judicial review).

Section 5.03                                Control
of Contests by FairPoint.  Except as
provided in Section 5.02, FairPoint shall have sole control of any Tax Contest
related to any Spinco Return, including the exclusive right to control,
resolve, settle or agree to any deficiency, claim or adjustment proposed,
asserted or assessed in connection with or as a result of any such Tax Contest,
provided, however, that in the case of any such Tax Contest that may
affect Taxes for which Verizon has responsibility hereunder, Verizon may
participate fully in the Tax Contest at its own expense.

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ARTICLE VI

COOPERATION

Section 6.01  
General.

(a)           Verizon and FairPoint
shall cooperate with each other in the filing of any Tax Returns and the
conduct of any audit or other proceeding and each shall execute and deliver
such powers of attorney and make available such other documents as are
reasonably necessary to carry out the intent of this Agreement.  Each party agrees to notify the other party
in writing of any audit adjustments which do not result in Tax liability but
can be reasonably expected to affect Tax Returns of the other party, or any of
its Subsidiaries, for a Post-Distribution Period.

(b)           Verizon shall, and shall cause the Verizon
Subsidiaries to, make information in the possession of the Verizon Group available
to the Company for purposes of preparation and compilation by the Company and
the Company’s advisors of those reports and studies necessary for the Company in
order for it to comply with its tax reporting and filing obligations in
Post-Distribution Periods, including but not limited to studies related to the
earnings and profits of Spinco and the Company as of the Effective Time and the
tax basis in assets and the stock of corporate subsidiaries.

Section 6.02  
Consistent Treatment.

(a)           Unless and until
there has been a Final Determination to the contrary, each party agrees to
treat (i) each of (A)
the Contribution, together with the Distribution and (B)
the first Internal Spinoff, as a tax–free reorganization qualifying under
Section 368(a)(1)(D) of the Code, (ii) each of
the Internal Spinoffs and the Distribution as a transaction qualifying under
Sections 355 and 361 of the Code, (iii) the
Debt Exchange (if consummated) as a transfer of qualified property to Verizon’s
creditors in connection with the reorganization within the meaning of Section
361(c)(3) of the Code; and (iv) the
Merger as a reorganization qualifying for nonrecognition under Section 368(a)
of the Code, pursuant to each of which no gain or loss is recognized by any of Verizon,
Spinco, FairPoint and their respective shareholders and Subsidiaries (except to
the extent of cash received in lieu of fractional shares).

(b)           Unless and until
there has been a Final Determination to the contrary, FairPoint shall file or
cause to be filed all Tax Returns of a member of the Spinco Group or relating
to the Spinco Business and shall conduct any Tax Contests in respect of a 

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member of the
Spinco Group or the Spinco Business in a manner consistent with Verizon’s
determination of the adjusted Tax basis of any asset and the amount of any Tax
Attribute or any similar item held by the Spinco Group at the time of the
Distribition.

ARTICLE VII

RETENTION OF RECORDS; ACCESS

The Verizon Group and the FairPoint Group shall (a) subject to the provisions of the
Transition Services Agreement, in accordance with their respective then current
record retention policies or for the period required by applicable law, if
longer, retain records, documents, accounting data and other information
(including computer data) necessary for the preparation and filing of all Tax
Returns in respect of Taxes of any member of either the Verizon Group or the
Spinco Group for any Pre-Distribution Period or any Post-Distribution Period or
for any Tax Contests relating to such Tax Returns; and (b)
give to the other party reasonable access to such records, documents,
accounting data and other information (including computer data) and to its
personnel (insuring their cooperation) and premises, for the purpose of the
review or audit of such Tax Returns to the extent relevant to an obligation or
liability of a party under this Agreement or for purposes of the preparation or
filing of any such Tax Return, the conduct of any Tax Contest or any other
matter reasonably and in good faith related to the Tax affairs of the
requesting party.  Subject to the
provisions of the Transition Services Agreement, at any time after the
Distribution Date that the FairPoint Group proposes to destroy such material or
information, it shall first notify the Verizon Group in writing and the Verizon
Group shall be entitled to receive at Verizon’s cost and expense such materials
or information proposed to be destroyed. 
Subject to the provisions of the Transition Services Agreement, at any
time after the Distribution Date that the Verizon Group proposes to destroy
such material or information, it shall first notify the FairPoint Group in
writing and the FairPoint Group shall be entitled to receive at FairPoint’s
cost and expense such materials or information proposed to be destroyed.

ARTICLE VIII

SURVIVAL

Notwithstanding any other provision in this Agreement,
all representations under this Agreement shall survive until 180 days after the
expiration of the statute of limitations period (giving effect to any written waiver,
mitigation or extension thereof) applicable to the matters covered thereby and
the resolution of all disputes under this 

 14
 

Agreement with respect to
any such matter that arose during such period. 
All covenants and agreements contained in this Agreement shall survive
indefinitely.

ARTICLE IX

DISPUTE RESOLUTION

Verizon and FairPoint shall attempt in good faith to
resolve any disagreement arising with respect to this Agreement, including, but
not limited to, any dispute in connection with a claim by a third party (a “Tax
Dispute”).  Either party may give the
other party written notice of any Tax Dispute not resolved in the normal course
of business.  If the parties cannot agree
by the tenth Business Day following the date on which one party gives such
notice, then the parties shall promptly retain the services of a nationally
recognized law or accounting firm reasonably acceptable to the parties (the “Tax Dispute Arbitrator”).  The Tax Dispute Arbitrator shall be
instructed to resolve the Tax Dispute and such resolution shall be (a) set forth in writing and signed
by the Tax Dispute Arbitrator, (b)
delivered to each party involved in the Tax Dispute as soon as practicable
after the Tax Dispute is submitted to the Tax Dispute Arbitrator but no later
than the 15th day after the Tax Dispute Arbitrator is
instructed to resolve the Tax Dispute, (c) made in
accordance with this Agreement, and (d) final,
binding and conclusive on the parties involved in the Tax Dispute on the date
of delivery of such resolution.  The Tax
Dispute Arbitrator shall only be authorized on any one issue to decide in favor
of and choose the position of either of the parties involved in the Tax Dispute
or to decide upon a compromise position between the ranges presented by the
parties to the Tax Dispute Arbitrator. 
The Tax Dispute Arbitrator shall base its decision solely upon the
presentations of the parties to the Tax Dispute Arbitrator at a hearing held
before the Tax Dispute Arbitrator and upon any materials made available by
either party and not upon independent review. 
The fees and expenses of the Tax Dispute Arbitrator shall be borne 50%
by Verizon and 50% by FairPoint.

ARTICLE X

REPRESENTATIONS, WARRANTIES
AND COVENANTS

Section 10.01         Representations
and Warranties.

(a)           Spinco hereby
represents and warrants that (i) it
has examined (or upon receipt will examine) (A) the
IRS Ruling and any other rulings issued by the IRS in connection with the
Distribution, (B) the Distribution Tax
Opinion, (C) each IRS 

 15
 

Submission, (D) the Distribution Tax
Representations and (E) any
other materials delivered or deliverable by Spinco and others in connection
with the rendering by Verizon Tax Counsel of the Distribution Tax Opinion and
the issuance by the IRS of the IRS Ruling and such other rulings (all of the
foregoing, collectively, the “Tax Materials”) and (ii) the
facts presented and the representations made therein, to the extent descriptive
of or otherwise relating to Spinco, are or will be true, correct and complete
in all material respects from the time presented or made through and including
the Distribution Date.

(b)           Verizon hereby
represents and warrants that (i) it
has examined (or upon receipt will examine) the Tax Materials and (ii) the facts presented and the
representations made therein, to the extent descriptive of or otherwise relating
to Verizon, are or will be true, correct and complete in all material respects from
the time presented or made through and including the Distribution Date.

(c)           FairPoint hereby agrees,
represents and warrants that (i) upon
receipt, it shall promptly examine the Tax Materials, (ii)
within (A) ten (10) Business Days following
such receipt, in the case of the initial draft of the Ruling Request, (B) five (5) Business Days following
such receipt, in the case of any other Tax Materials, or (C)
such other time period following such receipt as may be necessary to comply
with deadlines imposed by any Taxing Authority, to the extent that FairPoint does
not believe that the facts presented and the representations made therein which
are descriptive of or otherwise relating to FairPoint are accurate, FairPoint
shall inform Verizon of any items that it believes are inaccurate and shall
propose specific changes to the Tax Materials with respect to such items so as
to make them true, correct and complete in all material respects, and (iii) all other such facts and
representations with respect to which FairPoint proposes no specific changes will
be true, correct and complete in all material respects.  FairPoint further represents and warrants
that neither FairPoint nor any Subsidiary of FairPoint owns any shares of Verizon
Common Stock or any rights, warrants or options to acquire, or securities
convertible into or exchangeable for, Verizon Common Stock.  The representations and warranties set forth
in this Section 1.02(c) shall be true and correct as of the date of this
Agreement or, with respect to the Tax Materials, as of the date immediately
following the deadline specified in clause (ii) above, and at all times through
and including the Distribution Date.

Section 1.02           Covenants
Relating to the Distribution.

(a)           FairPoint shall not,
nor shall it permit any of its Subsidiaries to, take any action, including
entering into any agreement, understanding or arrangement or any substantial
negotiations with respect to any transaction or series of transactions that could

 16
 

reasonably be
expected to cause a Distribution Disqualification to occur; provided,
however, that the foregoing shall not prohibit the Merger.

(b)           Until the first day
after the second anniversary of the Distribution Date, FairPoint shall not, nor
shall it permit any of its Subsidiaries to, take any action (including entering
into any agreement, understanding or arrangement or any substantial
negotiations with respect to any transaction or series of transactions) that
might cause a Distribution Disqualification to occur (any such action or
failure to act, a “Potential Disqualifying Action”), including any
action or failure to act that might be inconsistent with any representation
made in the Tax Materials.

(c)           Until the first day
after the second anniversary of the Distribution Date, FairPoint shall not
enter into any agreement, understanding or arrangement or any substantial
negotiations with respect to any transaction (including a merger to which FairPoint
is a party) involving the acquisition (including by FairPoint or any of its
Subsidiaries) of stock of FairPoint or a shift of ownership (by vote or value)
of FairPoint, and shall not issue any additional shares of capital stock,
modify its certificate of incorporation (or other organizational documents), or
transfer or modify any option, warrant, convertible obligation or other
instrument that provides for the right or possibility to issue, redeem or
transfer any equity interest in FairPoint (or enter into any agreement,
understanding, arrangement or any substantial negotiations with respect to any
such issuance, transfer or modification). 
Notwithstanding the foregoing,

(i)            FairPoint
may issue additional equity interests in FairPoint to a person in a transaction
to which Section 83 or Section 421(a) or (b) of the Code applies in
connection with the person’s performance of services as an employee, director
or independent contractor of (A) FairPoint or its Subsidiaries, (B) any other
person that is related to FairPoint under Section 355(d)(7)(A) of the Code or (C)
a corporation the assets of which the FairPoint acquires in a reorganization
under Section 368 of the Code (including Spinco or any of its Subsidiaries), provided
that such stock is not excessive by reference to the services performed by such
person and such person or a coordinating group of which the person is a member
will not be a controlling shareholder or a ten-percent shareholder of FairPoint
(within the meaning of Treasury Regulations Section 1.355-7(h)(3) and (14))
immediately after the issuance of such common stock; and

(ii)           FairPoint
may issue additional shares of common stock of FairPoint to a retirement plan
of FairPoint or any other person that is treated as the same employer as FairPoint
under Section 414(b), (c), (m), or (o) of the Code that qualifies under
Section 401(a) or 403(a) of the Code, provided that the stock 

 17
 

acquired by all of the qualified plans of FairPoint
and such other persons during the four-year period beginning two years before
the Distribution Date does not, in the aggregate, represent more than ten
percent of the total combined voting power of all classes of stock of FairPoint
entitled to vote or more than ten percent of the total value of shares of all
classes of stock of FairPoint.

The intent of the foregoing clauses (i) and (ii) is to
permit certain equity issuances by FairPoint, but solely to the extent such
issuances would comply with Safe Harbor 8 or 9 set forth in Treasury
Regulations Section 1.355-7(d)(8) or (9) and would not cause Verizon or any of
its Subsidiaries to recognize gain pursuant to Section 355(d), 355(e) and/or
355(f) of the Code with respect to the Distribution and/or any Internal Spinoff.  To the extent the Treasury Regulations (or
the Code) are amended and such amendments could affect the Tax-Free Status of
the Transactions, such amendments shall automatically be incorporated by
reference into the requirements of the foregoing clauses (i) and (ii) and/or
the other relevant parts of this Section 10.02, if applicable.

(d)           Until the first day
after the second anniversary of the Distribution Date, FairPoint shall not, and
shall not permit any of its Subsidiaries to, repurchase any shares of stock of FairPoint
except to the extent consistent with the requirements of Section 4.05(1)(b) of Revenue
Procedure 96-30, 1996-1 C.B. 696, as the same may be modified or supplemented
from time to time, and only to the extent not revoked.

(e)           Until the first day
after the second anniversary of the Distribution Date, FairPoint shall (i) cause its wholly owned
Subsidiaries that were wholly owned Subsidiaries of Spinco at the time of the
Distribution to continue the active conduct of the Spinco Business (determined
in accordance with Section 355(b) of the Code) to the extent so conducted by
those Subsidiaries immediately prior to the Distribution and (ii) continue such active conduct of
the Spinco Business to the extent FairPoint directly holds any portion of the
Spinco Business immediately after the Merger. 
FairPoint shall neither cause nor permit any such Subsidiary of Spinco to
dissolve, liquidate, merge or consolidate with any other Person or to become a
disregarded entity for U.S. federal income tax purposes.

(f)            Until the first day
after the second anniversary of the Distribution Date, FairPoint shall not
voluntarily dissolve, liquidate, merge or consolidate with any other person,
unless, in the case of a merger or consolidation, FairPoint is the survivor of
the merger or consolidation and the transaction otherwise complies with the
other provisions of this Section 10.02.

 18
 

(g)           Notwithstanding the
foregoing, the provisions of this Section 1.03 shall not prohibit FairPoint
from implementing any Potential Disqualifying Action, subject to, and without
limiting or modifying, FairPoint’s indemnification obligations under Section
2.04(a), if (i) FairPoint obtains the
written consent of Verizon (which consent may be given or withheld in Verizon’s
sole discretion) or (ii) FairPoint
obtains a supplemental ruling from the IRS or an opinion of a nationally
recognized law firm, in form and substance reasonably satisfactory to Verizon,
that the taking of such action will not adversely affect, directly or
indirectly, the Tax-Free Status of the Transactions or result in a Distribution
Disqualification.

(h)           Notwithstanding
anything else to contrary contained in this Agreement or any other Transaction
Agreement, FairPoint hereby agrees that (i) it will
not, and will not permit any of its Subsidiaries to, directly or indirectly, (A) pre-pay, pay down, redeem, retire
or otherwise acquire, however effected, any of the Spinco Securities prior to
their maturity, (B) take any
action that might result in any Person other than FairPoint being treated after
the Merger as the obligor for U.S. federal income tax purposes under the Spinco
Securities or any other debt obligations of Spinco incurred pursuant to the New
Financing, or (C) take any action that might
result in any “significant modification” of the Spinco Securities within the
meaning of Treasury Regulations Section 1.1001-3(e), (ii)
it will not take or permit to be taken any action at any time that could
jeopardize, directly or indirectly, the qualification, in whole or in part, of
any of the Spinco Securities as “securities” within the meaning of Section
361(a) of the Code, (iii) no
issuance of stock by FairPoint or any of its Affiliates and no change in the
ownership (by vote or value, including as a result of any shift in voting
power) of any such entities will occur that could cause Section 355(d), Section
355(e) and/or Section 355(f) of the Code to apply to the Distribution and/or
any Internal Spinoff, and (iv) it will
not take or permit to be taken any action at any time that could jeopardize,
directly or indirectly, any ruling received from the IRS, or opinion of counsel
received from Company Tax Counsel or Verizon Tax Counsel, in connection with
the Transactions; provided that, the foregoing shall not prohibit FairPoint
from implementing any of the above actions, subject to, and without limiting or
modifying, FairPoint’s indemnification obligations under Section 2.04(a), if (x) FairPoint complies with the
requirements of Section 10.02(g) or (y) failure
to take such action would violate the credit agreements entered into in
connection with the New Financing (each as executed as of the Distribution
Date).

ARTICLE XI

MISCELLANEOUS
PROVISIONS

To the extent not inconsistent with any specific term
of this Agreement, the following sections of the Distribution Agreement shall
apply in relevant part to this 

 19
 

Agreement: 10.1 (Complete
Agreement), 10.3 (Governing Law), 10.4 (Notices), 10.5 (Amendment and
Modification), 10.7 (Counterparts), 10.8 (Interpretation), 10.9 (Severability),
10.10 (References; Construction), 10.11 (Termination), 10.12 (Consent to
Jurisdiction and Service of Process), 10.13 (Waivers), and 10.14 (Waiver of
Jury Trial).  Except
as provided in the preceding sentence, and except as specifically provided in
the Merger Agreement and the Transition Services Agreement, this Agreement shall
be the exclusive agreement among the parties with respect to all Tax matters,
including indemnification in respect of Tax matters.  In the event of any conflict between this
Agreement and any other Transaction Agreement, this Agreement shall control.

ARTICLE XII

SUCCESSORS AND
ASSIGNS; NO THIRD-PARTY BENEFICIARIES

This Agreement and all of the provisions hereof shall
be binding upon and inure to the benefit of the parties hereto and their
successors and permitted assigns, but neither this Agreement nor any of the
rights, interests and obligations hereunder shall be assigned by any party
hereto without the prior written consent of the other parties.  This Agreement is solely for the benefit of Verizon,
Spinco and FairPoint and their respective Subsidiaries and Affiliates and is
not intended to confer upon any other Persons any rights or remedies
hereunder.  The obligations of Spinco and
FairPoint under this Agreement shall be binding upon any Person that acquires
all or substantially all the assets or stock of FairPoint, whether by merger,
amalgamation or consolidation, asset purchase, stock purchase or subscription
or otherwise, and FairPoint shall not enter into any agreement for any such
transaction that does not so expressly provide in writing.  The obligations of Verizon under this
Agreement shall be binding upon any Person that acquires all or substantially
all the assets or stock of Verizon, whether by merger, amalgamation or
consolidation, asset purchase, stock purchase or subscription or otherwise, and
Verizon shall not enter into any agreement for any such transaction that does
not so expressly provide in writing.  This
Agreement is being entered into by Verizon, FairPoint and Spinco on behalf of
themselves and the members of their respective affiliated groups.  This Agreement shall constitute a direct
obligation of each member of the Verizon Group and each member of the FairPoint
Group and shall be deemed to have been readopted and affirmed on behalf of any
entity that becomes a Subsidiary of Verizon or FairPoint in the future.

 20
 

ARTICLE XIII

EFFECTIVENESS

All covenants and agreements of the parties contained
in this Agreement (except for the covenants and agreements contained in Article
X, which shall be effective immediately) shall be subject to and conditioned
upon the Merger becoming effective.

 21
 

IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the day and year first above written.

	
  

  	
   

  
	
   

  	
  VERIZON
  COMMUNICATIONS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John W.
  Diercksen

  
	
   

  	
   

  	
  Name:

  	
  John
  W. Diercksen

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President—Strategy,

  
	
   

  	
   

  	
   

  	
  Development
  and Planning

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTHERN NEW
  ENGLAND

  SPINCO INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen E.
  Smith

  
	
   

  	
   

  	
  Name:

  	
  Stephen
  E. Smith

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FAIRPOINT
  COMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eugene B.
  Johnson

  
	
   

  	
   

  	
  Name:

  	
  Eugene
  B. Johnson

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Executive Officer

  
					

 

 22Exhibit
10.6

TERMINATION
AGREEMENT

TERMINATION AGREEMENT (this “Agreement”), dated
as of January 15, 2007, among FairPoint Communications, Inc., a Delaware
corporation (the “Company”), Kelso Investment Associates V, L.P., a
Delaware limited partnership (“KIA V”), Kelso Equity Partners, L.P., a
Delaware limited partnership (together with KIA V, “Kelso”) and Thomas
H. Lee Equity Fund IV, L.P., a Delaware limited partnership (“THL”, and
together with Kelso, the “Stockholders”).

W I T N E S S E T H

WHEREAS, the Company and each of the Stockholders are
parties to the Nominating Agreement (the “Nominating Agreement”), dated
as of February 8, 2005;

WHEREAS, the Company is entering into an Agreement and
Plan of Merger, dated as of the date hereof, with Verizon Communications, Inc.,
a Delaware corporation (“Verizon”), and Northern New England Spinco
Inc., a Delaware corporation (the “Merger Agreement”);

WHEREAS, each of the Stockholders wishes to effect the
resignation of each of their respective designees to the board of directors of
the Company; and

WHEREAS, the Stockholders and the Company wish to
terminate the Nominating Agreement effective immediately prior to the Effective
Time if it has not previously been terminated (as defined in the Merger
Agreement).

NOW THEREFORE, in consideration of the mutual
covenants and premises set forth herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, and agreeing to be
legally bound, the parties hereby agree as follows:

1.             Resignation of Directors.  The Stockholders agree to take all necessary
action to effect the resignation of their respective designees to the board of
directors of the Company, effective at such time as the Company may request by
no less than 10 days prior notice to the Stockholders and, in any event, no
later than immediately prior to the Effective Time (as defined in the Merger
Agreement).  Notwithstanding the
foregoing, each of their respective designees may resign their positions at any
time prior to the Effective Time. 
Sections 3 to 5 of the Nominating Agreement shall have no force and
effect, and the Stockholders shall have no rights thereunder, from and after
the date upon which their respective designees to the board of

 

directors of the Company
resign in accordance with this Section 1; provided, that Sections 3 to 5
of the Nominating Agreement shall once again have full force and effect if this
Agreement is terminated in accordance with Section 3 hereof.

2.             Termination. 
Effective immediately prior to the Effective Time (as defined in the
Merger Agreement), the Nominating Agreement shall be deemed terminated in all
respects without further action by any party and the parties thereto shall have
no further obligations to each other thereunder.

3.             Term.  This
Agreement shall terminate automatically in the event of any termination of the
Merger Agreement pursuant to Article IX thereof.

4.             Notices. Any notice or other communication in
connection with this Agreement shall be deemed to be delivered and received if
in writing (or in the form of a telex or telecopy) addressed as provided below
(a) when actually delivered, in person, (b) if telexed or
telecopied to said address, when electronically confirmed, (c) when
delivered if delivered by overnight courier or (d) in the case of
delivery by mail, five business days shall have elapsed after the same shall
have been deposited in the United States mails, postage prepaid and registered
or certified:

If to the Company, to:

FairPoint Communications,
Inc.

521 East Morehead Street

Suite 250

Charlotte, North Carolina 28202

Attention: Shirley J. Linn, Esq.

Facsimile: (704) 344-1594

with a copy to:

Paul, Hastings, Janofsky
& Walker LLP

75 East 55th Street

New York, New York 10022

Attention: Thomas E. Kruger, Esq.

If to Kelso, to:

Kelso & Company

320 Park Avenue, 24th Floor

New York, New York 10022

 

 2
 

Attention:
James J. Connors, II, Esq.

Facsimile: (212) 223-2379

If to THL, to:

Thomas H. Lee Partners, L.P.

100 Federal Street

35th Floor

Boston, Massachusetts 02110

Attention: Anthony J. DiNovi

Kent R. Weldon

Facsimile: (617) 227-3514

5.             Governing Law; Submission to
Jurisdiction. All questions concerning the construction, validity and
interpretation of this Agreement will be governed by the internal laws of the
State of Delaware, without giving effect to principles of conflicts of law. The
parties hereby irrevocably and unconditionally consent to submit to the
exclusive jurisdiction of the courts of the State of Delaware or the United
States of America located in the State of Delaware for any actions, suits or
proceedings arising out of or relating to this Agreement and the transactions
contemplated hereby (and the parties agree not to commence any action, suit or
proceeding relating hereto except in such courts), and further agree that
service of any process, summons, notice or documents by United States
registered mail to a party in accordance with Section 4 hereof shall be
effective service of process for any action, suit or proceeding brought against
such party in any such court and, absent any statute, rule or order to the
contrary, that each party shall have 30 days from actual receipt of any
complaint to answer or otherwise plead with respect thereto. The parties hereby
irrevocably and unconditionally waive any objection to the laying of venue of
any action, suit or proceeding arising out of this Agreement in the courts of
the State of Delaware or the United States of America located in the State of
Delaware, and hereby further irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

6.             Miscellaneous.  Verizon shall be a third party beneficiary to
this Agreement.  This Agreement and the
rights and obligations set forth herein shall inure to the benefit of, and be
binding upon, the parties hereto, Verizon as third party beneficiary and each
of their respective successors, heirs, and assigns.  No party hereto shall assign its rights, or
delegate its duties, under this Agreement without the prior written consent of
all of the other parties hereto and Verizon. 
No modification, amendment or waiver of any provision of this Agreement
shall be effective unless approved in writing by all parties hereto and
Verizon.  This Agreement constitutes the
entire understanding of the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with
respect to such 

 

 3
 

matters.  This Agreement may be
executed in one or more counterparts, each of which will be deemed an original,
and all of which, taken together, shall be deemed to constitute one and the
same agreement.  Any counterpart
of this Agreement may be delivered via facsimile or electronic transmission
(such as a document in PDF format) and shall be binding on the party executing
such counterpart to the same extent as an original thereof.

[Signatures follow on next page]

 

 4
 

IN WITNESS
WHEREOF, the undersigned have executed and delivered this Termination Agreement
as of the day and year first above written.

	
  

  	
  FAIRPOINT COMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Shirley J. Linn

  
	
   

  	
   

  	
  Name:

  	
  Shirley J. Linn

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  KELSO INVESTMENT ASSOCIATES V, L.P.

  
	
   

  	
  By:

  	
  Kelso GP V, LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frank K. Bynum, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Frank K. Bynum, Jr.

  
	
   

  	
   

  	
  Title:

  	
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  KELSO EQUITY PARTNERS V, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Frank K. Bynum, Jr.

  
	
   

  	
  By:

  	
  Name:

  	
  Frank K. Bynum, Jr.

  
	
   

  	
   

  	
  Title:

  	
  General Partner

  
								

 

 5
 

 

	
  

  	
  THOMAS H. LEE EQUITY FUND IV, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  THL Equity Advisors IV, LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kent R. Weldon

  
	
   

  	
   

  	
  Name:

  	
  Kent R. Weldon

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

 6

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