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Exhibit 10.2    
    

FIRST AMENDMENT TO CREDIT AGREEMENT  

        FIRST AMENDMENT TO CREDIT AGREEMENT (this "First Amendment"), dated as of December 17, 2003, among
FAIRPOINT COMMUNICATIONS, INC. (f/k/a MJD Communications, Inc.), a Delaware corporation (the "Borrower"), the undersigned Credit Parties,
the lenders from time to time party to the Credit Agreement referred to below (the "Lenders"), WACHOVIA BANK, N.A., as Documentation Agent (the
"Documentation Agent"), BANK OF AMERICA, N.A., as Syndication Agent (the "Syndication Agent"), and
DEUTSCHE BANK TRUST COMPANY AMERICAS (f/k/a Bankers Trust Company), as Administrative Agent (in such capacity, the "Administrative Agent" and, together
with the Documentation Agent and the Syndication Agent, collectively, the "Agents"). Unless otherwise indicated, all capitalized terms used herein and
not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below. 

W
I T N E S S E T H: 

        WHEREAS,
the Borrower, the Lenders and the Agents are parties to an Amended and Restated Credit Agreement, dated as of March 30, 1998 and amended and restated as of
March 6, 2003 (as so amended and restated, the "Credit Agreement"); and 

        WHEREAS,
subject to the terms and conditions of this First Amendment, the parties hereto wish to amend the Credit Agreement and enter into certain agreements relating to the Credit
Agreement, in each case as herein provided; 

        NOW,
THEREFORE, it is agreed: 

I.    Amendments and Agreements to Credit Agreement.    

        1.     Section 1.01
of the Credit Agreement is hereby amended by inserting the text "(including, in the case of Incremental A Term Loans, the terms and conditions of
Section 1.15)" immediately prior to the first comma appearing in said Section. 

        2.     Section 1.01(a)
of the Credit Agreement is hereby amended by (i) deleting the text "A Term Facility (each, an "A Term
Loan" and, collectively, the "A Term Loans")" appearing in said Section and inserting the text "Initial A Term Facility (each,
an "Initial A Term Loan" and, collectively, the "Initial A Term Loans")" in lieu thereof,
(ii) deleting each reference to the text "A Term Loans" appearing in subclauses (ii) and (iii) of the first sentence of said Section and in the last sentence of said Section and
inserting the text "Initial A Term Loans" in lieu thereof and (iii) deleting each reference to the text "A Term Commitment" appearing in said Section and inserting the text "Initial A Term
Commitment" in lieu thereof. 

        3.     Section 1.01
of the Credit Agreement is hereby further amended by inserting the following new clause (e) at the end of said Section: 

        "(e) Loans
under the Incremental A Term Facility (each, an "Incremental A Term Loan" and, collectively, the
"Incremental A Term Loans") (i) shall be made to the Borrower by each Lender with an Incremental A Term Commitment pursuant to a single drawing
on the Incremental A Term Borrowing Date, (ii) except as hereinafter provided, may, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or
Eurodollar Loans, provided that all Incremental A Term Loans incurred on the Incremental A Term Borrowing Date shall be added to the then outstanding
Borrowings of Initial A Term Loans as provided in Section 1.15(c) and (iii) shall not exceed in an aggregate principal amount for any Lender in respect of any incurrence of Incremental A
Term Loans the Incremental A Term Commitment, if any, of such Lender as in effect immediately prior to such incurrence. Once repaid, Incremental A Term Loans may not be reborrowed.". 

 

        4.     Section 1.04(a)
of the Credit Agreement is hereby amended by inserting the text "(or, in the case of a funding of Incremental A Term Loans on the Incremental A
Term Borrowing Date, in an amount equal to such Lender's Incremental A Term Commitment)" immediately prior to the period at the end of the first sentence of said Section. 

        5.     Section 1.05
of the Credit Agreement is hereby amended by (i) deleting the word "The" appearing in clause (a) of said Section and inserting the text
"Subject to Section 1.05(g) hereof," in lieu thereof and (ii) inserting the following new clause (g) at the end of said Section: 

        "(g) Notwithstanding
anything to the contrary contained above or elsewhere in this Agreement, Notes shall only be delivered to Lenders which at any time specifically request
the delivery of such Notes. No failure of any Lender to request or obtain a Note evidencing its Loans to the Borrower shall affect or in any manner impair the obligations of the Borrower to pay the
Loans (and all related Obligations) which would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and shall not in any way affect the security or guaranties
therefor provided pursuant to the various Credit Documents. Any Lender which does not have a Note evidencing its outstanding Loans shall in no event be required to make the notations otherwise
described in preceding clause (f). At any time when any Lender requests the delivery of a Note to evidence any of its Loans, the Borrower shall promptly execute and deliver to the respective
Lender the requested Note in the appropriate amount or amounts to evidence such Loans.". 

        6.     Section 1.07
of the Credit Agreement is hereby amended by (i) deleting the text "A Term Loans" appearing in said Section and inserting the text "Initial A
Term Loans, Incremental A Term Loans" in lieu thereof and (ii) deleting the text "A Term Commitments" appearing in said Section and inserting the text "Initial A Term Commitments, Incremental A
Term Commitments" in lieu thereof. 

        7.     Section 1.14
of the Credit Agreement is hereby amended by (i) inserting the text "on or prior to June 30, 2004" immediately following the text "have
the right to request" appearing in clause (a) of said Section, (ii) deleting the text "$10,000,000" appearing in clause (a) of said Section and inserting the text "$35,000,000" in
lieu thereof, (iii) deleting the word "and" appearing immediately prior to subclause (vi) of clause (a) of said Section and inserting a comma in lieu thereof,
(iv) inserting the text "and (vii) any provision of an Incremental Revolving Commitment pursuant to this Section 1.14 shall occur on or prior to June 30, 2004" immediately
prior to the period at the end of clause (a) of said Section, (v) inserting the text "(x)" immediately after the text "Section 1.14," appearing in the first sentence of
clause (b) of said Section and (vi) inserting the following text immediately prior to the period at the end of the first sentence of clause (b) of said Section: 

"and
(y) the Borrower shall deliver to the Administrative Agent (I) an opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent, from counsel to the
Borrower reasonably satisfactory to the Administrative Agent and dated such date, covering such matters relating to the provision of the Incremental Revolving Commitment as may be reasonably requested
by the Administrative Agent and (II) a solvency certificate from the Chief Financial Officer of the Borrower, dated the Incremental Revolving Commitment Date, in form and substance satisfactory
to the Administrative Agent,". 

        8.     Section 1
of the Credit Agreement is hereby further amended by inserting the following new Section 1.15: 

        "1.15    Incremental A Term Loan Commitments.    (a)    So long as the Incremental Commitment Requirements
are satisfied at the time of the delivery of the request referred to below, the Borrower shall have the right to request on or prior to June 30, 2004 that one or more Lenders (and/or one or
more other Persons which will become Lenders as provided below) provide Incremental A Term Commitments and, subject to the terms and conditions contained in this 

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Agreement,
make Incremental A Term Loans pursuant thereto; it being understood and agreed, however, that (i) no Lender shall be obligated to provide an Incremental A Term Commitment as a result
of any such request by the Borrower, and until such time, if any, as such Lender has agreed in its sole discretion to provide an Incremental A Term Commitment and executed and delivered to the
Administrative Agent an Incremental A Term Commitment Agreement as provided in clause (b) of this Section 1.15, such Lender shall not be obligated to fund any Incremental A Term Loans,
(ii) any Lender (or, in the circumstances contemplated by clause (v) below, any other Person which will qualify as an Eligible Transferee) may so provide an Incremental A Term Commitment
without the consent of any other Lender, (iii) each provision of Incremental A Term Commitments pursuant to this Section 1.15 shall be in a minimum aggregate amount (for all Lenders
(including in the circumstances contemplated by clause (v) below, Eligible Transferees who will become Lenders)) of at least $2,500,000 and in integral multiples of $500,000 in excess thereof,
(iv) the aggregate amount of all Incremental A Term Commitments permitted to be provided pursuant to this Section 1.15 shall not exceed $10,000,000, (v) the Borrower may request
Incremental A Term Commitments from Persons reasonably acceptable to the Administrative Agent which would qualify as Eligible Transferees hereunder,  provided that any such Incremental A Term Commitment
provided by any such Eligible Transferee which is not already a Lender shall be in a minimum amount
(for such Eligible Transferee) of at least $2,500,000 (and with the fees to be paid to such Eligible Transferee to be no greater than those fees to be paid to the then existing Lenders (if any)
providing Incremental A Term Commitments) and (vi) all actions taken by the Borrower pursuant to this Section 1.15 shall be done in coordination with the Administrative Agent. 

        (b)   In
connection with any provision of Incremental A Term Loan Commitments pursuant to this Section 1.15, (i) the Borrower, the Administrative Agent and each
such Lender or other Eligible Transferee (each, an "Incremental A Term Lender") which agrees to provide an Incremental A Term Commitment shall execute
and deliver to the Administrative Agent an Incremental A Term Commitment Agreement substantially in the form of Exhibit L hereto (appropriately completed), with the effectiveness of such
Incremental A Term Lender's Incremental A Term Commitment to occur upon delivery of such Incremental A Term Commitment Agreement to the Administrative Agent, the payment of any fees required in
connection therewith (including, without limitation, any agreed upon up-front or arrangement fees owing to the Administrative Agent) and the satisfaction of the Incremental Commitment
Requirements and the other terms and conditions described in this Section 1.15 and (ii) the Borrower shall deliver to the Administrative Agent (x) an opinion or opinions, in form
and substance reasonably satisfactory to the Administrative Agent, from counsel to the Borrower reasonably satisfactory to the Administrative Agent and dated such date, covering such matters relating
to the provision of the Incremental A Term Commitments as may be reasonably requested by the Administrative Agent and (y) a solvency certificate from the Chief Financial Officer of the
Borrower, dated the Incremental A Term Borrowing Date, in form and substance satisfactory to the Administrative Agent. The Administrative Agent shall promptly notify each Lender as to the
effectiveness of each Incremental A Term Commitment Agreement, and at such time (i) Annex I to the Credit Agreement shall be deemed modified to reflect the Incremental A Term Commitments of
such Incremental A Term Lenders and (ii) to the extent requested by any Incremental A Term Lender, an A
Term Note will be issued at the Borrower's expense, to such Incremental A Term Lender, to be in conformity with the requirements of Section 1.05 (with appropriate modification) to the extent
needed to reflect the new Incremental A Term Loans made by such Incremental A Term Lender. 

        (c)   In
connection with each incurrence of Incremental A Term Loans pursuant to Section 1.01(e), the Lenders and the Borrower hereby agree that, notwithstanding
anything to the contrary contained in this Agreement, the Borrower and the Administrative Agent may take all 

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such
actions as may be necessary to ensure that all Lenders with outstanding A Term Loans continue to participate in each Borrowing of outstanding A Term Loans (after giving effect to the incurrence
of Incremental A Term Loans pursuant to Section 1.01(e)) on a pro rata basis, including by adding the Incremental A Term Loans to be so incurred
to the then outstanding Borrowings of Initial A Term Loans on a pro rata basis even though as a result thereof such new Incremental A Term Loans (to the
extent required to be maintained as Eurodollar Loans) may effectively have a shorter Interest Period than the then outstanding Borrowings of Initial A Term Loans, and it is hereby agreed that, to the
extent the Incremental A Term Loans are to be so incurred or added to the then outstanding Borrowings of Initial A Term Loans which are maintained as Eurodollar Loans, the Lenders that have made such
Incremental A Term Loans shall be entitled to receive from the Borrower such amounts, as reasonably determined by the respective Lenders, to compensate them for funding the various Incremental A Term
Loans during an existing Interest Period (rather than at the beginning of the respective Interest Period, based upon rates then applicable thereto). All determinations by any Lender pursuant to the
immediately preceding sentence shall, absent manifest error, be final and conclusive and binding on all parties hereto.". 

        9.     Section 2.01
of the Credit Agreement is hereby amended by deleting clause (f) of said Section in its entirety and inserting the following new
clause (f) in lieu thereof: 

        "(f)  The
Borrower shall pay to the Administrative Agent for distribution to each Incremental Lender such fees and other amounts, if any, as are specified in the relevant
Incremental Commitment Agreement, with the fees and other amounts, if any, to be payable on the respective Incremental Commitment Date.". 

        10.   Section 2.03
of the Credit Agreement is hereby amended by deleting clauses (a) and (b) of said Section in their entirety and inserting the following
new clauses (a) and (b) in lieu thereof: 

        "(a) The
Total Initial A Term Commitment and the Total Revolving Commitment (and the Initial A Term Commitment and Revolving Commitment of each Lender with such a
Commitment) shall terminate in their entirety on the Expiration Date unless the Restatement Effective Date has occurred on or before such date. 

        (b)   (i)    The
Total Initial A Term Commitment (and the Initial A Term Commitment of each Lender with such a Commitment) shall terminate in its entirety on the
Restatement Effective Date (after giving effect to the making of Initial A Term Loans on such date). 

         (ii)  The
Total Incremental A Term Commitment (and the Incremental A Term Commitment of each Lender with such a Commitment) shall terminate in its entirety on the Incremental
A Term Borrowing Date (after giving effect to the making of Incremental A Term Loans on such date).". 

        11.   Section 5.05
of the Credit Agreement is hereby amended by deleting clause (a) of said Section in its entirety and inserting the following new
clause (a) in lieu thereof: 

        "(a) (i)    The
proceeds of all Initial A Term Loans shall be utilized to effect the Refinancing and to pay certain fees and expenses relating to the Transaction. 

         (ii)  The
proceeds of all Incremental A Term Loans shall be utilized for general corporate and working capital purposes (including, without limitation, Permitted
Acquisitions) of the Borrower and its Subsidiaries.". 

        12.   Section 5.05(b)
of the Credit Agreement is hereby amended by inserting the text "and to repay Indebtedness of FairPoint Carrier Services under the FairPoint
Carrier Services Credit Agreement" immediately after the text "Carrier Services Expenditures" appearing in said Section. 

4

 

        13.   Section 7.04(m)
of the Credit Agreement is hereby amended by deleting clause (i) of said Section and the text "and (ii)" appearing immediately after such
clause in their entirety. 

        14.   Section 7.06(n)
of the Credit Agreement is hereby amended by (i) deleting the text "on the Restatement Effective Date" in the first place it appears in
said Section and inserting such text immediately after the text "incurrence of Loans" appearing in said Section and (ii) deleting clause (y) of said Section in its entirety and inserting
the following new clause (y) in lieu thereof: 

        "(y) cash
on hand and/or proceeds from the incurrence of Revolving Loans in an aggregate amount not to exceed $25.0 million, so long as FairPoint Carrier Services
promptly uses the full amount of the
proceeds of such contribution or loan to repay amounts owing under the FairPoint Carrier Services Credit Agreement.". 

        15.   The
Lenders hereby agree that, notwithstanding anything to the contrary contained in Sections 7.03 and 7.04 of the Credit Agreement, Indebtedness of FairPoint Carrier
Services under the FairPoint Carrier Services Credit Agreement, and Liens on assets of FairPoint Carrier Services and its Subsidiaries (including the capital stock of such Subsidiaries) securing such
Indebtedness, shall be permitted to be outstanding on the date FairPoint Carrier Services becomes a Subsidiary under the Credit Agreement, so long as (and only so long as) all of such Indebtedness is
promptly repaid in full, all commitments thereunder and guaranties thereof are terminated, and all of such Liens are promptly released (but, in any event, by close of business on such date). 

        16.   Section 7.06
of the Credit Agreement is hereby amended by deleting clause (k) of said Section in its entirety and inserting the following new
clause (k) in lieu thereof: 

        "(k) [Intentionally
omitted]". 

        17.   Section 7.13
of the Credit Agreement is hereby amended by deleting the table appearing in said Section in its entirety and inserting the following new table in
lieu thereof: 

	"Fiscal Quarter Ended
 
	 	Ratio
	 
	September 30, 2003	 	1.75:1.0	 
	December 31, 2003	 	2.00:1.0	 
	

March 31, 2004	
 	

2.00:1.0	
 
	June 30, 2004	 	2.00:1.0	 
	September 30, 2004	 	2.00:1.0	 
	December 31, 2004	 	1.75:1.0	 
	

March 31, 2005	
 	

1.75:1.0	
 
	June 30, 2005	 	1.75:1.0	 
	September 30, 2005	 	1.75:1.0	 
	December 31, 2005	 	1.50:1.0	 
	

March 31, 2006	
 	

1.50:1.0	
 
	June 30, 2006	 	1.50:1.0	 
	September 30, 2006	 	1.50:1.0	 
	December 31, 2006	 	1.25:1.0	 
	

March 31, 2007	
 	

1.25:1.0	
".

5

   
        18.   The definition of "Borrowing" appearing in Section 9 of the Credit Agreement is hereby amended by (i) deleting the word "and" appearing at the end of
clause (x) of said definition and inserting a comma in lieu thereof and (ii) inserting the text "and (z) any Incremental A Term Loans incurred pursuant to Section 1.01(e)
shall be considered part of the related Borrowing of the then outstanding Initial A Term Loans to which such Incremental A Term Loans are added pursuant to Section 1.15; it being understood and
agreed, however, that for purposes of Section 1.08, the incurrence of Incremental A Term Loans on the Incremental A Term Borrowing Date shall be deemed to be a "Borrowing" of such Loans"
immediately before the period at the end of said definition. 

        19.   The
definition of "Credit Documents" appearing in Section 9 of the Credit Agreement is hereby amended by inserting the text ", each Incremental A Term Commitment
Agreement," immediately after the text "Incremental Revolving Commitment Agreement" appearing in said definition. 

        20.   Section 9
of the Credit Agreement is hereby further amended by (i) deleting the definitions of "A Term Commitment", "A Term Facility", "A Term Loan",
"Carrier Services Back-Stop Letters of Credit", "Commitment", "Excluded FairPoint Carrier Services Refinancing Proceeds", "Excluded Permitted Subordinated Debt Proceeds", "Facility",
"Incremental Commitment Requirements", "Lender", "Total A Term Commitment" and "Total Commitment" appearing in said Section and (ii) inserting in the appropriate alphabetical order the
following new definitions: 

        "A Term Loan" shall mean, collectively, each Initial A Term Loan and each Incremental A Term Loan. 

        "Commitment" shall mean, with respect to each Lender, such Lender's Initial A Term Commitment, Incremental A Term Commitment and/or
Revolving Commitment. 

        "Excluded Permitted Subordinated Debt Proceeds" shall mean the Excluded Preferred Stock Refinancing Proceeds. 

        "Facility" shall mean any of the credit facilities established under this Agreement, i.e.,
the Initial A Term Facility, the Incremental A Term Facility, the C Term Facility-Fixed Rate, the C Term Facility-Floating Rate or the Revolving Facility;  provided that for purposes of Section 1.06
and the definition of "Borrowing", the Initial A Term Facility and the Incremental A Term Facility
shall be deemed to be a single "Facility". 

        "First Amendment" shall mean the First Amendment to this Agreement, dated as of December    , 2003. 

        "First Amendment Effective Date" shall have the meaning provided in the First Amendment. 

        "Incremental A Term Borrowing Date" shall mean the date on which the Borrower incurs Incremental A Term Loans pursuant to
Section 1.01(e), which date shall (x) be the date of the effectiveness of the Incremental A Term Commitment Agreement pursuant to which such Incremental A Term Loans are to be made and
(y) in any event, occur on or prior to June 30, 2004. 

        "Incremental A Term Commitment" shall mean, with respect to each Incremental A Term Lender, the commitment of such Incremental A Term
Lender to make Incremental A Term Loans pursuant to Section 1.01(e) on the Incremental A Term Borrowing Date, as such commitment is set forth in the Incremental A Term Commitment Agreement
delivered pursuant to Section 1.15(b) and as same may be terminated pursuant to Sections 2.02, 2.03 and/or 8 or (y) adjusted from time to time as a result of assignments to or from such
Lender pursuant to Sections 1.13 and/or 11.04(b). 

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        "Incremental A Term Commitment Agreement" shall mean an Incremental A Term Commitment Agreement substantially in the form of
Exhibit L (appropriately completed). 

        "Incremental A Term Facility" shall mean the Facility evidenced by the Total Incremental A Term Commitment. 

        "Incremental A Term Lender" shall have the meaning provided in Section 1.15(b). 

        "Incremental A Term Loan" shall have the meaning provided in Section 1.01(e). 

        "Incremental Commitment" shall mean any Incremental A Term Commitment and/or any Incremental Revolving Commitment, as the context may
require. 

        "Incremental Commitment Agreement" shall mean any Incremental A Term Commitment Agreement and/or any Incremental Revolving Commitment
Agreement, as the context may require. 

        "Incremental Commitment Date" shall mean any Incremental A Term Borrowing Date or any Incremental Revolving Commitment Date, as the
context may require. 

        "Incremental Commitment Requirements" shall mean, with respect to any request for an Incremental Commitment made pursuant to
Section 1.14 or Section 1.15 or any provision of an Incremental Commitment on a given Incremental Commitment Date, the satisfaction of each of the following conditions: no Default or
Event of Default then exists or would result from the incurrence of Loans pursuant to an Incremental Commitment (for purposes of such determination, assuming the relevant Loans in an aggregate
principal amount equal to the full amount of Incremental Commitments then requested or provided had been incurred, and the proposed Permitted Acquisition (if any) to be financed with the proceeds of
such Loans had been consummated, on such date of request or Incremental Commitment Date, as the case may be). 

        "Incremental Lender" shall mean any Incremental A Term Lender and/or any Incremental RF Lender, as the context may require. 

        "Initial A Term Commitment" shall mean, with respect to each Lender, the amount set forth opposite such Lender's name on Annex I hereto
directly below the column entitled "Initial A Term Commitment", as the same may be (x) reduced or terminated pursuant to Sections 2.02, 2.03 and/or 8 or (y) adjusted from time to time as
a result of assignments to or from such Lender pursuant to Sections 1.13 and/or 11.04(b). 

        "Initial A Term Facility" shall mean the Facility evidenced by the Total Initial A Term Commitment. 

        "Initial A Term Loan" shall have the meaning provided in Section 1.01(a). 

        "Lender" shall mean each financial institution listed on Annex I, as well as any Person that becomes a "Lender" hereunder pursuant to
Section 1.01(e), 1.13, 1.14, 11.04(b) or 11.17. 

        "Total Commitment" shall mean the sum of the Total Initial A Term Commitment, the Total Incremental A Term Commitment and the Total
Revolving Commitment. 

        "Total Incremental A Term Commitment" shall mean the sum of the Incremental A Term Commitments of each of the Lenders. 

        "Total Initial A Term Commitment" shall mean the sum of the Initial A Term Commitments of each of the Lenders. 

        21.   Section 11.10
of the Credit Agreement is hereby amended by deleting the text "A Term Loan Commitment" appearing in said Section and inserting the text "Initial A
Term Commitment" in lieu thereof. 

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        22.   Section 11.12
of the Credit Agreement is hereby amended by deleting clause (b) of said Section in its entirety and inserting the following new
clause (b) in lieu thereof: 

        "(b) Notwithstanding
anything to the contrary contained in clause (a) above of this Section 11.12, the Borrower, the Administrative Agent and each Incremental
Lender may, in accordance with the provisions of Sections 1.14 and 1.15, enter into an Incremental Commitment Agreement, provided that after the
execution and delivery by the Borrower, the Administrative Agent and each such Incremental Lender of such Incremental Commitment Agreement, such Incremental Commitment Agreement may thereafter only be
modified in accordance with the requirements of clause (a) above of this Section 11.12.". 

        23.   Section 11.16
of the Credit Agreement is hereby amended by deleting the penultimate sentence of said Section in its entirety and inserting the following new
sentence in lieu thereof: 

"The
registration of any provision of Incremental Commitments pursuant to Sections 1.14 and 1.15 shall be recorded by the Administrative Agent on the Register only upon the acceptance of the
Administrative Agent of a properly executed and delivered Incremental Commitment Agreement.". 

        24.   Section 11.17
of the Credit Agreement is hereby deleted in its entirety and the following new Section 11.17 is inserted in lieu thereof: 

        "11.17    Additions of New Lenders.    (a) On and as of the occurrence of the Restatement Effective Date in
accordance with Section 11.10 hereof, each Person that is a New Lender at such time shall become a "Lender" under, and for all purposes of, this Agreement and the other Credit Documents. 

        (b)   On
and as of the occurrence of the First Amendment Effective Date in accordance with the First Amendment, each Person whose name appears on Annex I to the Credit
Agreement that was not a Lender immediately prior to giving effect to the First Amendment Effective Date shall become a "Lender" under, and for all purposes of, this Agreement and the other Credit
Documents.". 

        25.   The
Credit Agreement is hereby further amended by inserting new Exhibit L thereto in the form of Exhibit L attached hereto. 

II.    Miscellaneous Provisions.    

        1.     In
order to induce the Lenders to enter into this First Amendment, the Borrower hereby represents and warrants that: 

        (a)   no
Default or Event of Default exists as of the First Amendment Effective Date (as defined below), both before and after giving effect to this First Amendment; and 

        (b)   all
of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the First
Amendment Effective Date, both before and after giving effect to this First Amendment, with the same effect as though such representations and warranties had been made on and as of the First Amendment
Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects only as of such specific date). 

        2.     This
First Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other
Credit Document. 

        3.     This
First Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed
and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrower and the Administrative
Agent. 

8

 

        4.     THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

        5.     This
First Amendment shall become effective on the date (the "First Amendment Effective Date") on which each of the
following conditions shall have been satisfied: 

          (i)  each
of the Borrower, each other Credit Party, the Administrative Agent, the Required RF/A TF Lenders and the Required C TF Lenders shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent at its Notice Office; and 

         (ii)  the
Borrower shall have paid to the Administrative Agent and the Lenders all fees, costs and expenses (including, without limitation, legal fees and expenses) payable
to the Administrative Agent and the Lenders, to the extent then due and set forth in a reasonably detailed invoice made available to the Borrower. 

        6.     The
Borrower hereby covenants and agrees, so long as the First Amendment Effective Date occurs, to pay to each Lender which has executed and delivered to the
Administrative Agent (or its designee) a counterpart hereof by the later to occur of (x) 12:00 noon (New York time) on December 17, 2003 and (y) 5:00 p.m. (New York time)
on the First Amendment Effective Date (such later date, the "Outside Date"), a non-refundable cash amendment fee equal to 0.15% of the sum
of (i) each such Lender's Revolving Commitment (as in effect immediately prior to the First Amendment Effective Date) and (ii) the aggregate outstanding principal amount of such Lender's
Term Loans (determined immediately prior to the First Amendment Effective Date), which fee shall not be subject to counterclaim or set-off for, or be otherwise affected by, any claim or
dispute relating to any other matter and shall be paid by the Borrower to the Administrative Agent for distribution to the Lenders on the second Business Day following the Outside Date. 

        7.     By
executing and delivering a copy hereof, each Credit Party hereby agrees that all Loans (including, without limitation, all Revolving Loans incurred pursuant to the
increase in the Total Revolving Commitment pursuant to this First Amendment) (x) shall be fully guaranteed pursuant to the Subsidiary Guaranty in accordance with the terms and provisions
thereof and (y) shall be (and are) secured pursuant to the Pledge Agreement. 

        8.     From
and after the First Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed
to be references to the Credit Agreement as modified hereby. 

*    *    * 

9

        IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to be duly executed and delivered as of the date first above written. 

	 	 	FAIRPOINT COMMUNICATIONS, INC.

    (f/k/a MJD Communications, Inc.)
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
ST ENTERPRISES, LTD.,

    as a Subsidiary Guarantor and a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
FAIRPOINT BROADBAND, INC.,

    as a Subsidiary Guarantor and a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
MJD SERVICES CORP.,

    as a Subsidiary Guarantor and a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
MJD VENTURES, INC.,

    as a Subsidiary Guarantor and a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	 	 	 	 	 	 

	

 	
 	
C-R COMMUNICATIONS, INC.,

    as a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
COMERCO, INC.,

    as a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
GTC COMMUNICATIONS, INC.,

    as a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
RAVENSWOOD COMMUNICATIONS, INC.,

    as a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	

 	
 	
UTILITIES, INC.,

    as a Pledgor
	

 	
 	

By:	
 	

/s/  TIMOTHY W. HENRY      

	 	 	 	 	Name:	Timothy W. Henry
	 	 	 	 	Title:	Vice President of Finance & Treasurer
	 	 	 	 	 	 

	

 	
 	
DEUTSCHE BANK TRUST COMPANY AMERICAS

    (f/k/a Bankers Trust Company), Individually, as Administrative Agent

    and as Collateral Agent
	

 	
 	

By:	
 	

/s/  ANCA TRIFAN      

	 	 	 	 	Name:	Anca Trifan
	 	 	 	 	Title:	Director
	

 	
 	
BANK OF AMERICA, N.A.,

    Individually and as Syndication Agent
	

 	
 	

By:	
 	

/s/  ROBERT KLAWINSKI      

	 	 	 	 	Name:	Robert Klawinski
	 	 	 	 	Title:	Managing Director
	

 	
 	
WACHOVIA BANK, NATIONAL ASSOCIATION

    (f/k/a First Union National Bank), Individually and as Documentation

    Agent
	

 	
 	

By:	
 	

/s/  MARK L. COOK      

	 	 	 	 	Name:	Mark L. Cook
	 	 	 	 	Title:	Director
	

 	
 	
COBANK, ACB
	

 	
 	

By:	
 	

/s/  JOHN COLE      

	 	 	 	 	Name:	John Cole
	 	 	 	 	Title:	Vice President
	

 	
 	
CREDIT SUISSE FIRST BOSTON
	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 	 

	

 	
 	
CITICORP NORTH AMERICA, INC.
	

 	
 	

By:	
 	

/s/  MICHAEL P. PSYLLOS      

	 	 	 	 	Name:	Michael P. Psyllos
	 	 	 	 	Title:	Vice President
	

 	
 	
SEQUILS-CUMBERLAND I, LTD.
	 	 	 	 	By:	Deerfield Capital Management LLC, as Collateral Manager
	

 	
 	

By:	
 	

/s/  MARK E. WITTNEBEL      

	 	 	 	 	Name:	Mark E. Wittnebel
	 	 	 	 	Title:	Sr. Vice President
	

 	
 	
ROSEMONT CLO, LTD.
	 	 	 	 	By:	Deerfield Capital Management LLC, as Collateral Manager
	

 	
 	

By:	
 	

/s/  MARK E. WITTNEBEL      

	 	 	 	 	Name:	Mark E. Wittnebel
	 	 	 	 	Title:	Sr. Vice President
	

 	
 	
BRYN MAWR CLO, LTD.
	 	 	 	 	By:	Deerfield Capital Management LLC, as Collateral Manager
	

 	
 	

By:	
 	

/s/  MARK E. WITTNEBEL      

	 	 	 	 	Name:	Mark E. Wittnebel
	 	 	 	 	Title:	Sr. Vice President
	

 	
 	
BLUE SQUARE FUNDING LIMITED SERIES 3
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 	 

	

 	
 	
CITIGROUP INVESTMENTS CORPORATE LOAN FUND INC.
	 	 	 	 	By:	Travelers Asset Management International Company LLC
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	

 	
 	
MORGAN STANLEY PRIME INCOME TRUST
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	

 	
 	
GSC PARTNERS GEMINI FUND LIMITED
	 	 	 	 	By:	GSCP (NJ), L.P. as Collateral Monitor
	 	 	 	 	By:	GSCP (NJ), Inc., as its General Partner
	 	 	By:	 	    

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	

 	
 	
ARES LEVERAGED INVESTMENT FUND II, L.P.
	 	 	 	 	By:	Ares Management II, L.P.

    Its: General Partner
	

 	
 	

By:	
 	

/s/  JEFF MOORE      

	 	 	 	 	Name:	Jeff Moore
	 	 	 	 	Title:	Vice President
	

 	
 	
ARES IV CLO, LTD.
	 	 	 	 	By:	Ares CLO Management IV, L.P. Investment Manager By: Ares CLO GP IV, LLC Its Managing Member
	

 	
 	

By:	
 	

/s/  JEFF MOORE      

	 	 	 	 	Name:	Jeff Moore
	 	 	 	 	Title:	Vice President
	 	 	 	 	 	 

	

 	
 	
ARES VI CLO LTD.
	 	 	 	 	By:	Ares CLO Management VI, L.P. Investment Manager By: Ares CLO GPVI, LLC Its Managing Member
	

 	
 	

By:	
 	

/s/  JEFF MOORE      

	 	 	 	 	Name:	Jeff Moore
	 	 	 	 	Title:	Vice President
	

 	
 	
THE CIT GROUP/EQUIPMENT FINANCING, INC.
	

 	
 	

By:	
 	

/s/  STEVEN K. REEDY      

	 	 	 	 	Name:	Steven K Reedy
	 	 	 	 	Title:	Vice President
	

 	
 	
SENIOR DEBT PORTFOLIO
	 	 	 	 	By:	BOSTON MANAGEMENT AND RESEARCH, as Investment Manger
	

 	
 	

By:	
 	

/s/  PAYSON F. SWAFFIELD      

	 	 	 	 	Name:	Payson F. Swaffield
	 	 	 	 	Title:	Vice President
	

 	
 	
THE TRAVELERS INSURANCE COMPANY
	

 	
 	

By:	
 	

/s/  ALLEN CANTRELL      

	 	 	 	 	Name:	Allen Cantrell
	 	 	 	 	Title:	Investment Officer
	

 	
 	
OXFORD STRATEGIC INCOME FUND
	 	 	 	 	By:	Eaton Vance Management as Investment Advisor
	

 	
 	

By:	
 	

/s/  PAYSON F. SWAFFIELD      

	 	 	 	 	Name:	Payson F. Swaffield
	 	 	 	 	Title:	Vice President
	 	 	 	 	 	 

	

 	
 	
EATON VANCE SENIOR INCOME TRUST
	 	 	 	 	By:	Eaton Vance Management as Investment Advisor
	

 	
 	

By:	
 	

/s/  PAYSON F. SWAFFIELD      

	 	 	 	 	Name:	Payson F. Swaffield
	 	 	 	 	Title:	Vice President
	

 	
 	
GRAYSON & CO
	 	 	 	 	By:	Boston Management and Research as Investment Advisor
	

 	
 	

By:	
 	

/s/  PAYSON F. SWAFFIELD      

	 	 	 	 	Name:	Payson F. Swaffield
	 	 	 	 	Title:	Vice President
	

 	
 	
ELF FUNDING TRUST I
	 	 	 	 	By:	Highland Capital Management, L.P. as Collateral Manager
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	

 	
 	
MUIRFIELD TRADING LLC
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	

 	
 	
OLYMPIC FUNDING TRUST, SERIES 1999-1
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 	 

	

 	
 	
JISSEKIKUN FUNDING, LTD.
	 	 	 	 	By:	Pacific Investment Management Company LLC, as its Investment Advisor
	

 	
 	

By:	
 	

/s/  MOHAN V. PHANSALKAR      

	 	 	 	 	Name:	Mohan V. Phansalkar
	 	 	 	 	Title:	Executive Vice President
	

 	
 	
COLUMBUS LOAN FUNDING LTD.
	 	 	 	 	By:	Travelers Asset Management International Company LLC
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 
 

EXHIBIT L    
    

 
 

FORM OF INCREMENTAL
  A TERM COMMITMENT AGREEMENT    
    

 
 

[Name(s) of Lender(s)]    

[Date] 

Fairpoint
Communications, Inc.

521 E. Morehead Street, Suite 250

Charlotte, North Carolina 28202 

Attention:
Tim Henry 

Re:
Incremental A Term Commitment

Ladies
and Gentlemen: 

        Reference
is hereby made to the Credit Agreement, dated as of March 30, 1998 and amended and restated as of March 6, 2003 (as so amended and restated and as the same may be
further amended, amended and restated, modified or supplemented from time to time, the "Credit Agreement"), among Fairpoint Communications, Inc.
(the "Borrower" or "you"), the lenders from time to time party thereto (the
"Lenders"), Bank of America, N.A., as Syndication Agent, Wachovia Bank, N.A., as Documentation Agent, and Deutsche Bank Trust Company Americas, as
Administrative Agent (in such capacity, the "Administrative Agent"). Unless otherwise defined herein, capitalized terms used herein shall have the
respective meanings set forth in the Credit Agreement. 

        Each
Lender (each, an "Incremental A Term Lender") party to this letter agreement (this
"Agreement") hereby severally agrees to provide the Incremental A Term Commitment set forth opposite its name on Annex I attached hereto (for each such
Incremental A Term Lender, its "Incremental A Term Commitment"). Each Incremental A Term Commitment provided pursuant to this Agreement shall be subject
to the terms and conditions set forth in the Credit Agreement, including Section 1.15 thereof. 

        [Each
Incremental A Term Lender and the Borrower acknowledge and agree that, with respect to the Incremental A Term Commitment provided by such Incremental A Term Lender
pursuant to this Agreement, such Incremental A Term Lender shall receive an upfront fee equal to that amount set forth opposite its name on Annex I attached hereto, which upfront fee shall be due and
payable to such Incremental A Term Lender on the effective date of this Agreement.] 

        Each
Incremental A Term Lender, to the extent that it is not already a Lender under the Credit Agreement, (i) confirms that it is an Eligible Transferee, (ii) confirms that
it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to become a Lender under the Credit Agreement, (iii) agrees that it will, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement, (iv) appoints and authorizes the Syndication Agent, the Documentation Agent, the Administrative Agent and the Collateral Agent to take
such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Syndication Agent, the Documentation Agent, the
Administrative Agent and the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto, (v) agrees that it will perform in
accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender, and (vi) in the case of 

 

each
such Incremental A Term Lender organized under the laws of a jurisdiction outside the United States, attaches the applicable forms described in Section 3.04(b) of the Credit Agreement
certifying as to its entitlement to a complete exemption from United States withholding taxes with respect to all payments to be made under the Credit Agreement and the other Credit Documents. 

        The
Borrower acknowledges and agrees that all Obligations with respect to Incremental A Term Loans made pursuant to an Incremental A Term Commitment shall be secured pursuant to the
Pledge Agreement in accordance with the terms and provisions thereof. Each Parent Company acknowledges and agrees that all Obligations with respect to A Term Loans made pursuant to an Incremental A
Term Commitment shall be fully guaranteed pursuant to the Subsidiary Guaranty in accordance with the terms and provisions thereof and shall be secured pursuant to the Pledge Agreement in accordance
with the terms and provision thereof. 

        The
effective date of this Agreement shall be the date on which (i) the parties hereto have executed a counterpart of this Agreement and delivered same to the Administrative Agent
at the Notice Office, (ii) all fees required to be paid in connection herewith have been paid and (iii) the Incremental Commitment Requirements and all other conditions set forth in the
Credit Agreement (including Section 1.15 thereof), which date shall be no later than June 30, 2004. 

        You
may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of same to us before the close of business
on                        
    ,            . If you do not so accept this Agreement by such time, our Incremental A Term Commitments set forth in this Agreement shall be deemed cancelled.

        After
the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and by fax) by the parties hereto, this
Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Credit Documents pursuant to Section 11.12 of the Credit
Agreement. 

*    *    *

2

 

        THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

	 	 	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

 	
 	

[NAME OF LENDER]
	

 	
 	

 	
 	

 	
 	

By	
 	

	 	 	 	 	 	 	 	 	Name:

Title:	 	 
	Agreed and Accepted

this            day of            ,            :	 	 	 	 	 	 
	

FAIRPOINT COMMUNICATIONS, INC.	
 	

 	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 	
 	

 
	 	 	Name:

Title:	 	 	 	 	 	 	 	 
	

[NAMES OF OTHER CREDIT PARTIES](1)	
 	

 	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 	
 	

 
	 	 	Name:

Title:	 	 	 	 	 	 	 	 
	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

    as Administrative Agent	
 	

 	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 	
 	

 
	 	 	Name:

Title:	 	 	 	 	 	 	 	 

	(1)
	Insert
signature blocks for each other Credit Party. 

3

 
 

ANNEX I    
    

	Name of Incremental A Term Lender
 
	 	Amount of Incremental

A Term Commitment
	 	Upfront Fee

	

 	
 	

 	
 	

 
	 	 	
	 	

	Total:	 	 	 	 

QuickLinks

Exhibit 10.2

EXHIBIT L

FORM OF INCREMENTAL A TERM COMMITMENT AGREEMENT

[Name(s)  of Lender(s)]

ANNEX IQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.21    
    

December 15,
2003 

Mr. Walter
E. Leach, Jr.

Senior Vice President and Chief Financial Officer

FairPoint Communications, Inc.

521 East Morehead Street

Suite 250

Charlotte, North Carolina 28202 

Dear
Walt: 

        This
letter agreement shall supplement and modify your Employment Agreement with FairPoint Communications, Inc. dated as of January 20, 2000 (the "Employment Agreement"),
which Employment Agreement shall expire by its own terms, without renewal, on December 31, 2003. 

        Following
expiration of your Employment Agreement at December 31, 2003, you shall continue as an employee at will, as provided in Section 1 of the Employment Agreement;
provided, however, that the $6,000 annual allowance for long term disability and term life insurance premiums set forth in Section 2(b)(iv) of the Employment Agreement shall continue to
be available to you, as will your use of a Company automobile (with reasonable expense reimbursement therefore). Should your employment be terminated thereafter by the Company without Cause (including
upon a Change of Control), you shall be entitled to receive, in a lump sum payment from the Company, an amount equal to your Base Salary as of the date of termination for a period of twelve
(12) months, plus all accrued and unpaid base salary and benefits as of the date of termination. In addition, the Company shall maintain your long-term disability, term life
insurance and medical benefits described in Section 2(b)(iv) of the Employment Agreement for a period of twelve (12) months following the date of your termination. 

        If
the foregoing is acceptable to you, please indicate your concurrence with the terms of this letter agreement by signing below. 

	 	 	Sincerely,
	

 	
 	

/s/  GENE JOHNSON      
 Gene Johnson

EBJ/bcs

ACCEPTED
AND AGREED to as of the

15th day of December 2003 

	/s/  WALTER E. LEACH, JR.      
 Walter E. Leach, Jr.	 	 	 	 

QuickLinks

Exhibit 10.21

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