Document:

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                                                                  Execution Copy
EXHIBIT 10.1

              SECOND STANDSTILL AGREEMENT AND CONDITIONAL AMENDMENT
                             TO THE CREDIT AGREEMENT

         SECOND STANDSTILL AGREEMENT and Conditional Amendment TO THE CREDIT
AGREEMENT, dated as of July 30, 2004 (this "AGREEMENT"), to the Third Amended
and Restated Credit Agreement, dated as of September 13, 2002, as amended by a
Letter Amendment and Waiver dated as of November 12, 2002, a Second Amendment
dated as of May 5, 2004, a Third Amendment dated as of May 12, 2004, a Fourth
Amendment dated as of May 25, 2004 and a Standstill Agreement and Conditional
Amendment to the Credit Agreement (the "FIRST STANDSTILL AMENDMENT") dated as of
June 30, 2004 (as so amended, the "CREDIT AGREEMENT"), among CHOICE ONE
COMMUNICATIONS INC., a Delaware corporation (the "GUARANTOR"), the subsidiaries
of the Guarantor listed on the signature pages hereto (each a "BORROWER" and
collectively the "BORROWERS"), the banks, financial institutions and other
institutional lenders parties to the Credit Agreement defined above
(collectively, the "LENDERS"), General Electric Capital Corporation, as
administrative agent (in such capacity, the "ADMINISTRATIVE AGENT"), collateral
agent and syndication agent for the Lenders, and the other agents signatories
hereto.

                             PRELIMINARY STATEMENTS

         1. Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit
Agreement, as amended by this Agreement.

         2. Pursuant to the Credit Agreement, the Lenders have agreed to make,
and have made, certain Loans and other extensions of credit to the Borrowers.

         3. Pursuant to Section 2.6 of the Credit Agreement (including after
giving effect to the First Standstill Amendment), on July 30, 2004, the
Borrowers are obligated to pay to the Revolving Credit Lenders outstanding
Revolving Credit Loans in the principal amount listed on Schedule I hereto (the
"REQUIRED REVOLVING LOAN PAYMENT").

         4. Pursuant to Section 4.3 of the Credit Agreement (including after
giving effect to the First Standstill Amendment), on July 30, 2004, the
Borrowers are obligated to pay to the Term A Lenders, the Term B Lenders, and
the Term D Lenders outstanding Term A Loans, Term B Loans and Term D Loans
respectively, in the principal amounts listed on Schedule I hereto
(collectively, the "REQUIRED TERM LOAN PAYMENTS", and together with the Required
Revolving Loan Payments, the "REQUIRED PRINCIPAL PAYMENTS").

         5. Pursuant to Section 5.1(e) of the Credit Agreement (including after
giving effect to the First Standstill Amendment), on July 30, 2004, the
Borrowers are obligated to pay to the Lenders interest on the outstanding LIBOR
Rate Loans in such amounts listed on Schedule II

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hereto (collectively, the "REQUIRED INTEREST PAYMENTS", and together with the
Required Principal Payments, the "REQUIRED PAYMENTS").

         6. In order to permit the Borrowers, the Guarantor and the Lenders time
to implement a possible restructuring of the indebtedness of the Borrowers and
the Guarantor, the Borrowers and the Guarantor have requested that either (a)
all Lenders consent to an amendment to the Credit Agreement that would postpone
the date on which the Required Payments are required to be made from July 30,
2004 (the "REQUIRED PAYMENT DATE") to August 30, 2004 or (b) the Required
Lenders agree to forebear from exercising any rights or remedies that they may
have under the Credit Agreement and the Loan Documents as a result of the
Borrowers not making the Required Payments on the Required Payment Date until
August 30, 2004, in each case, on and subject to the terms and conditions set
forth below.

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

         SECTION 1. Amendment to Credit Agreement. Upon and subject to the
occurrence (and only the occurrence) of the Amendment Effective Date (as defined
in Section 4 below), the Credit Agreement (including after giving effect to the
First Standstill Amendment) is hereby amended as follows:

         (a) Section 1.1 of the Credit Agreement is amended as set forth in
Section 2(d)(i) below.

         (b) Section 2.6(a) of the Credit Agreement is amended by amending and
restating in its entirety the last sentence of such Section to read as follows:
"Notwithstanding the foregoing, the permanent reduction of the Revolving Credit
Commitment that, but for the terms of this sentence, would otherwise be required
to occur on July 30, 2004, shall be required to occur instead on August 30,
2004.".

         (c) Section 4.3(a) of the Credit Agreement is amended by amending and
restating in its entirety the last sentence of such Section to read as follows:
"Notwithstanding the foregoing, the repayment of outstanding Term A Loans that,
but for the terms of this sentence, would otherwise be required to be made on
July 30, 2004, shall be required to be made instead on August 30, 2004.".

         (d) Section 4.3(b) of the Credit Agreement is amended by amending and
restating in its entirety the last sentence of such Section to read as follows:
"Notwithstanding the foregoing, the repayment of outstanding Term B Loans that,
but for the terms of this sentence, would otherwise be required to be made on
July 30, 2004, shall be required to be made instead on August 30, 2004.".

         (e) Section 4.3(d) of the Credit Agreement is amended by amending and
restating in its entirety the last sentence of such Section to read as follows:
"Notwithstanding the foregoing, the repayment of outstanding Term D Loans that,
but for the terms of this sentence, would otherwise be required to be made on
July 30, 2004, shall be required to be made instead on August 30, 2004.".

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         (f) Section 5.1(b) of the Credit Agreement is amended as set forth in
Section 2(d)(ii) below.

         (g) Section 5.1(e) of the Credit Agreement is amended (i) as set forth
in Section 2(d)(iii) below and (ii) by adding a new sentence to the end of such
Section to read as follows: "Notwithstanding the foregoing, the payment of
interest that, but for the terms of this sentence, would otherwise be required
to be made on July 30, 2004, shall be required to be made instead on August 30,
2004."

         (h) Section 13.7 of the Credit Agreement is amended as set forth in
Section 2(d)(iv) below.

         (i) Section 15.2(a)(ii) of the Credit Agreement is amended as set forth
in Section 2(d)(v) below.

         SECTION 2. Agreement to Standstill and Amendment.

         (a) Upon and subject to the occurrence of the Standstill Effective Date
(as defined in Section 5 below) and subject to the other terms and conditions
set forth below, each of the undersigned Lenders (each a "STANDSTILL LENDER" and
collectively, the "STANDSTILL LENDERS") and the Administrative Agent agree that,
notwithstanding a failure by the Borrowers to make the Required Payments on the
Required Payment Date, from and after July 30, 2004 until the first to occur of
(i) August 30, 2004 (the "STANDSTILL PERIOD") or (ii) the date on which a
Standstill Termination Event (as defined below) shall have occurred (the first
such date to occur, the "STANDSTILL TERMINATION DATE"), such Standstill Lender
and the Administrative Agent shall forbear from suing, asking for, demanding,
setting off or taking any action to recover from the Guarantor or the Borrowers
any of the Required Payments and from otherwise enforcing any of its individual
or their collective rights and remedies (including rights of acceleration and
foreclosure) against the Guarantor or the Borrowers under the Loan Documents
that arise as a result of (and only as a result of) the Required Payments not
being made on or before the Required Payment Date (it being acknowledged and
agreed by the Borrowers and the Guarantor that the failure to make the Required
Payments by the Required Payment Date constitutes an Event of Default
notwithstanding such agreement by the Standstill Lenders to forebear), except
for any action to perfect, maintain, or defend any liens granted pursuant to the
Loan Documents against claims of third parties, the Borrowers or the Guarantor
or any action with respect to enforcement of this Agreement.

         (b) Notwithstanding anything to the contrary contained in Section 2(a)
hereof, on the Standstill Termination Date (i) the forbearance and all
agreements set forth in Section 2(a) hereof shall automatically terminate and be
of no further force or effect, (ii) any breach, Default or Event of Default that
was the subject of or was affected by the forbearance under Section 2(a) hereof
(including the failure of the Borrowers to make any of the Required Payments)
is, without further action, reinstated and shall have the same force and effect
as if the forbearance had not been agreed to by the parties hereto and (iii)
subject to the terms of the Loan Documents and applicable law, any Lender may
thereafter, without limitation, sue, ask for or demand from any Borrower or the
Guarantor, payment of the Obligations due and payable to such Lender, in whole
or in part, and otherwise enforce any of its rights and remedies (including
rights of

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acceleration and foreclosure) provided for under the Loan Documents against any
party. In furtherance of the foregoing and notwithstanding the occurrence of the
Standstill Effective Date, each of the Guarantor and the Borrowers agree that,
subject to the agreement of the Standstill Lenders to forbear from exercising
certain of their rights and remedies as and to the extent expressly set forth in
this Agreement, all rights and remedies of the Lenders under the Loan Documents
with respect to the Guarantor and the Borrowers shall continue to be available
to the Lenders from and after the Standstill Effective Date.

         (c) It is understood and agreed that interest shall continue to accrue
on and after the Standstill Effective Date on the outstanding Obligations
(including the Obligations represented by the Required Principal Payments) at
the applicable non-default rates provided for pursuant to the Credit Agreement
including those based on the LIBOR Rate; provided that it is also understood and
agreed that from and after the date hereof all subsequent Interest Periods will
not exceed one month in duration.

         (d) Upon and subject to the occurrence of the Standstill Effective
Date, the Credit Agreement is hereby amended as follows:

                  (i) Section 1.1 is amended to add the following new definition
         in the appropriate alphabetical order:

         "Senior Lender Steering Committee" means the unofficial committee of
         senior secured creditors, consisting of GECC, Strategic Value Partners,
         LLC and Varde Partners, Inc., and/or such other Lenders that may be
         appointed thereto from time to time."

                  (ii) Section 5.1(b) of the Credit Agreement is amended by
         deleting the following language ", two (2) or three (3) months" therein
         and substituting therefor the word "month".

                  (iii) Section 5.1(e) of the Credit Agreement is amended by
         amending and restating in its entirety the language in the first
         sentence thereof up to the proviso to read as follows: "Interest on
         each Base Rate Loan shall be payable in arrears on the last Business
         Day of each calendar month; and interest on each LIBOR Rate Loan shall
         be payable on the last day of each Interest Period applicable thereto,
         which Interest Period shall not exceed one month;".

                  (iv) Section 13.7 of the Credit Agreement is amended by (A)
         inserting the words ", the Senior Lender Steering Committee and Lenders
         that are or were member(s) thereof," immediately after the phrase
         "indemnify the Administrative Agent and the Collateral Agent" therein,
         (B) deleting the word "and" immediately after the phrase "in their
         respective capacities as such" therein, (C) inserting the words "or the
         Senior Lender Steering Committee or Lenders that are or were member(s)
         thereof" (1) immediately after the phrase "incurred by or asserted
         against the Administrative Agent or the Collateral Agent" therein and
         (2) immediately after the phrase "any action taken or omitted by the
         Administrative Agent or the Collateral Agent" therein, (D) adding a new
         clause (c) to the end of the proviso to the first sentence therein to
         read "or (c) in the case of the Senior Lender Steering Committee or a
         Lender that is or was a member thereof, the

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         Senior Lender Steering Committee's or such Lender's bad faith, gross
         negligence or willful misconduct" and (E) adding the following new
         proviso to the end thereof: "; and provided, further, however, that,
         notwithstanding the foregoing, no Lender which is or was also a member
         of the Senior Lender Steering Committee shall be obligated under this
         Section 13.7 or otherwise, in its capacity as a Lender, to indemnify
         the Senior Lender Steering Committee or any member thereof acting in
         its capacity as such a member.".

                  (v) Section 15.2(a)(ii) of the Credit Agreement is amended and
         restated to read as follows:

         "(ii) of the Administrative Agent and the Senior Lender Steering
         Committee in connection with the preparation, execution and delivery of
         any waiver, amendment or consent by the Administrative Agent or the
         Lenders relating to this Agreement or any other Loan Document, as well
         as any advice regarding, and any and all drafts and final documentation
         in connection with any possible restructuring of indebtedness of any
         Borrower and/or the Guarantor, whether or not consummated, including
         without limitation reasonable fees and disbursements of counsel for the
         Administrative Agent and counsel for the Senior Lender Steering
         Committee,"

         SECTION 3. Standstill Events. If any of the following events (each a
"STANDSTILL EVENT") shall occur and be continuing:

         (a) Any Borrower or the Guarantor shall (i) fail to pay any amount
payable hereunder or under any Loan Document (other than the Required Payments)
when due in accordance with the terms of this Agreement or the Credit Agreement,
as the case may be, or (ii) fail to comply with or breach any provision of this
Agreement or of any Loan Document or the occurrence of any event of default
under any Loan Document or Related Transactions Documents, other than the
failure to make the Required Payments during the Standstill Period, subject in
the case of clause (ii) above only (other than the failure to make the Required
Payments, for which notwithstanding anything to the contrary in Section 12.1 of
the Credit Agreement no grace period or notice requirement shall be applicable)
to applicable notice and grace periods, if any, set forth in Section 12.1 of the
Credit Agreement;

         (b) Any representation or warranty made or deemed made by the Borrowers
or the Guarantor herein or any representation or warranty made or deemed made
hereafter by any Borrower or the Guarantor in any Loan Document or which is
contained in any certificate, document or financial or other statement furnished
by it at any time under or in connection with any such Loan Document shall prove
to have been incorrect or misleading in any material respect on or as of the
date made or deemed made;

         (c) Any of the Security Documents to which a Borrower or the Guarantor
is a party shall cease, for any reason (other than any termination in accordance
with its terms), to be in full force and effect, or any Borrower or the
Guarantor shall so assert, or any Lien created by any of such Security Documents
shall (except to the extent released in accordance with the terms of such
Security Documents and the Credit Agreement) cease to be enforceable in
accordance with its terms;

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         (d) The Guaranty contained in Article XIV of the Credit Agreement shall
cease, for any reason (other than in accordance with the terms of the Credit
Agreement), to be in full force and effect with respect to the Guarantor or any
Borrower;

         (e) The commencement by or against any Borrower or the Guarantor of (i)
any foreclosure, bankruptcy or similar proceeding, (ii) any proceeding that
threatens or contests the liens in favor of the Administrative Agent or the
Obligations of the Guarantor under the Guaranty, (iii) any proceeding by any
Bridge Lender seeking to enforce any remedy with respect to any Bridge Loans or
related obligations or (iv) any other proceeding that could have a Material
Adverse Effect, or the commencement of a proceeding by or on behalf of any
Borrower or the Guarantor against any Lender or Agent or the Senior Lender
Steering Committee;

         (f) A Waiver Termination Event (as defined in the Bridge Lender Consent
(as defined in Section 5 below)) shall occur under the terms of the Bridge
Lender Consent;

         (g) The exercise of any remedies against any Borrower or the Guarantor
pursuant to a Hedging Agreement permitted or required under the Credit
Agreement; or

         (h) The failure by the Borrowers and the Guarantor to obtain an
agreement by August 12, 2004, in form and substance satisfactory to the
Administrative Agent, from each Lender party to a Hedging Agreement permitted or
required under the Credit Agreement to (i) defer any payments due under such
Hedging Agreement to September 30, 2004 and (ii) waive or forbear against taking
any remedial action in respect of any default or cross default under such
Hedging Agreement (including, without limitation, a default resulting from a
bankruptcy or similar proceeding of the Borrowers or a cross default by virtue
of a Default or Event of Default under the Credit Agreement resulting from the
failure by the Borrowers to make the Required Payments) on such terms and
conditions satisfactory to the Administrative Agent.

then, upon the affirmative vote of the Required Lenders or, with respect to
clauses (e)(i) and (f) above, automatically upon the occurrence of any such
event described in such clauses without any further action, such Standstill
Event shall constitute a "STANDSTILL TERMINATION EVENT". The occurrence of a
Standstill Termination Event shall cause the forbearance under Section 2(a) of
this Agreement to immediately and automatically terminate and shall constitute
an Event of Default under the Credit Agreement and entitle the Lenders to
exercise all of the rights and remedies exercisable upon an Event of Default
pursuant to the Credit Agreement.

         SECTION 4. Conditions to Effectiveness of Amendment. This Agreement
(other than Sections 2, 3 and 10 hereof) shall be effective as of the date first
above written when, and only when, on or before July 30, 2004 all of the
following conditions precedent have been fulfilled in a manner satisfactory to
the Administrative Agent (the "AMENDMENT EFFECTIVE DATE"):

         (a) the Administrative Agent shall have signed this Agreement and the
Administrative Agent shall have notified the parties hereto that it has received
counterparts of this Agreement executed by the Guarantor, the Borrowers and all
Lenders (or advice satisfactory to the Administrative Agent shall have been
received by the Administrative Agent that all of the Lenders have executed this
Agreement); and

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         (b) the conditions set forth in Sections 5(b), (d) and (e) have been
satisfied.

         SECTION 5. Conditions to Effectiveness of Standstill Agreement. This
Agreement (other than Section 1 hereof, which shall only become effective in
accordance with Section 4 above) shall be effective as of the date first above
written when, and only when, on or before July 30, 2004, all of the following
conditions precedent have been fulfilled in a manner satisfactory to the
Administrative Agent (the "STANDSTILL EFFECTIVE DATE"):

         (a) the Administrative Agent shall have signed this Agreement and the
Administrative Agent shall have notified the parties hereto that it has received
counterparts of this Agreement executed by the Guarantor, the Borrowers and the
Required Lenders but not all Lenders (or advice satisfactory to the
Administrative Agent shall have been received by the Administrative Agent that
the Required Lenders but not all Lenders have executed this Agreement);

         (b) the Administrative Agent shall have received counterparts of the
Consent appended hereto (the "CONSENT") executed by each of the Guarantor and
each of the Grantors and/or Pledgors designated therein;

         (c) the Administrative Agent and the Senior Lender Steering Committee
shall have received evidence of agreements, in form and substance satisfactory
to them, that the requisite lenders under the Bridge Loan Agreement have agreed
to waive any and all of their rights to take any action with respect to the
rights and remedies under the Bridge Loan Agreement that may arise as a result
of a cross-default to a Default under the Credit Agreement or otherwise until at
least the earlier of (i) August 30, 2004 and (ii) the occurrence of a Standstill
Termination Event (the "BRIDGE LENDER CONSENT");

         (d) the Administrative Agent shall have received duly certified
resolutions or other satisfactory evidence of the authority of the Borrowers and
the Guarantor to enter into and perform this Agreement;

         (e) payment by the Borrowers or the Guarantor to the Administrative
Agent of all billed and unpaid fees and expenses of the Administrative Agent and
the Senior Lender Steering Committee in connection with all matters relating to
this Agreement, the Loan Documents and the restructuring of the Borrowers and
the Guarantor, including, without limitation, the reasonable fees and expenses
of the financial advisor to the Administrative Agent, counsel to the
Administrative Agent and counsel to the Senior Lender Steering Committee; and

         (f) the Administrative Agent shall have received evidence, in form and
substance satisfactory to it, that the conditions precedent set forth in Section
3 of the Bridge Lender Consent have been satisfied.

         SECTION 6. Representations and Warranties. To induce the Lenders to
enter into this Agreement, each of the Borrowers and the Guarantor hereby
represents and warrants to the Administrative Agent and the Lenders party hereto
the following:

         (a) The execution, delivery and performance by such Borrower and the
Guarantor of this Agreement and the Loan Documents to which it is a party, as
amended hereby,

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are within such Borrower's and Guarantor's corporate or limited liability
company powers, have been duly authorized by all necessary corporate or limited
liability company action, and do not (i) contravene such Borrower's or
Guarantor's constituent documents, (ii) violate any law (including, without
limitation, the Securities Exchange Act of 1934), rule, regulation (including,
without limitation, Regulation X of the Board of Governors of the Federal
Reserve System), order, writ, judgment, injunction, decree, determination or
award applicable to such Borrower and Guarantor, or (iii) subject to the receipt
of the Bridge Lender Consent described in Section 5(c) hereof, conflict with or
result in the breach of, or constitute a default under, any contractual
obligation. As of the Standstill Effective Date or the Amendment Effective Date,
as the case may be, neither the Guarantor nor such Borrower is in violation of
any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or, subject to the receipt of the Bridge Lender Consent
described in Section 5(c) hereof, in breach of any such contract, loan
agreement, indenture, mortgage, deed of trust, lease or other instrument, the
violation or breach of which could reasonably be expected to have a Material
Adverse Effect.

         (b) No authorization or approval or other action by, and no notice to
or filing with, any governmental authority or regulatory body or, subject to the
receipt of the Bridge Lender Consent described in Section 5(c) hereof, any other
third party is required to be obtained by such Borrower or the Guarantor in
connection with the execution and delivery, or performance by any such Borrower
or the Guarantor of any of its obligations under, this Agreement and the Credit
Agreement, as amended hereby.

         (c) This Agreement has been duly executed and delivered by such
Borrower and the Guarantor, and is the legal, valid and binding obligation of
such Borrower and the Guarantor, enforceable against such Borrower and the
Guarantor in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or limiting creditors' rights or by equitable principles generally.

         (d) Other than as expressly contemplated herein, (i) the
representations and warranties made by each of the Borrowers and the Guarantor
in the Security Documents and in Sections 7.1(a), (b), (c), (d), (e), (f), (g),
(h), (i), (j), (k), (l), (m), (n), (o), (r), (s), (t), (u), (v), (w), (x), (z),
(aa), (bb) and, except as may have been disclosed in the Guarantor's public
filings to date, (p) of the Credit Agreement are true and correct in all
material respects on and as of the date hereof, after giving effect to the
effectiveness of this Agreement, as if made on and as of the date hereof (unless
stated to relate solely to an earlier date, in which case such representations
and warranties were true and correct in all material respects as of such earlier
date) and (ii) no Default or Event of Default has occurred and is continuing,
subject to the receipt of the Bridge Lender Consent described in Section 5(c)
hereof and other than, if the Amendment Effective Date shall not have occurred,
any resulting from the failure to pay the Required Payments.

         (e) After giving effect to the amendments set forth in Section 1 hereof
(if this Agreement is executed by all Lenders), or after giving effect to the
Bridge Lender Consent referred to in Section 5(c) above (if this Agreement is
executed by the Required Lenders but not all Lenders), no default has occurred
and is continuing under or in connection with the Bridge Loan Agreement.

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         SECTION 7. Reference to and Effect on the Loan Documents.

         (a) On and after the Standstill Effective Date or the Amendment
Effective Date, as the case may be, each reference in the Credit Agreement to
"this Agreement", "hereunder", "hereof" or words of like import referring to the
Credit Agreement, and each reference in the Notes and the other Loan Documents
to "the Credit Agreement", "thereunder", "thereof" or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit
Agreement, as amended or otherwise modified hereby.

         (b) The Credit Agreement, the Notes and each of the other Loan
Documents, as specifically amended or otherwise modified by this Agreement, are
and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed.

         (c) The execution, delivery and effectiveness of this Agreement shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Lender or any Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

         SECTION 8. Amendments. This Agreement may not be amended, supplemented
or modified except in accordance with the provisions of this Section 8. The
Required Lenders, the Guarantor and each Borrower may, or (with the written
consent of the Required Lenders) the Administrative Agent, the Guarantor and
each Borrower may, subject to the requirements of Section 15.11 of the Credit
Agreement, from time to time, (a) enter into written amendments, supplements or
modifications hereto for the purpose of adding any provisions to this Agreement
or changing in any manner the rights or obligations of the Standstill Lenders or
of the Borrowers and the Guarantor hereunder or (b) waive, on such terms and
conditions as the Required Lenders, or the Administrative Agent, as the case may
be, may specify in such instrument, any of the requirements of this Agreement or
any Standstill Event and its consequences; provided, that, no such waiver and no
such amendment, supplement or modification shall amend, modify or waive any
provision of this Section 8 without the consent of each Lender party hereto; and
provided, further, that, in the event Section 1 hereof becomes effective in
accordance with Section 4 hereof, no such waiver and no such amendment,
supplement or modification shall extend the timeframes specified therein without
the consent of each Lender party hereto. Any such waiver and any such amendment,
supplement or modification shall apply equally to each of the relevant
Standstill Lenders and shall be binding upon the Borrowers, the Guarantor, the
Standstill Lenders, the Administrative Agent and all future Standstill Lenders.

         SECTION 9. Costs and Expenses. The Borrowers agree to pay, and the
Guarantor guarantees payment of, all reasonable costs and expenses associated
with the preparation, execution, delivery, administration, and enforcement of
this Agreement and all related matters during the Standstill Period including,
without limitation, the reasonable fees and expenses of the financial advisor to
the Administrative Agent, counsel to the Administrative Agent and counsel to the
Senior Lender Steering Committee (in each case, whether incurred prior to or
after the Standstill Effective Date or the Amendment Effective Date, as the case
may be, with respect to this Agreement).

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                                       10

         SECTION 10. Tolling of Statute of Limitations. Each and every statute
of limitations or other applicable law, rule or regulation governing the time by
which any Standstill Lender must commence legal proceedings or otherwise take
any action with respect to exercising any of its respective rights, powers or
remedies directly or indirectly against any of the Borrowers and the Guarantor
with respect to any breach or default existing on or prior to the Standstill
Termination Date, including, without limitation, actions under or in respect of
any of the Credit Agreement or any Loan Document, shall be tolled during the
Standstill Period. Each of the Borrowers and the Guarantor agree, to the fullest
extent permitted by law, not to include such period of time in any assertion by
it at any time that a statute of limitations or other applicable law, rule or
regulation bars or otherwise acts as a defense (whether equitable or legal) to
any legal proceeding or other action by any Lender in exercise of its respective
rights, powers or remedies, directly or indirectly, with respect to any or all
of the breaches or defaults referred to in the immediately preceding sentence.

         SECTION 11. Agreement Not a Defense. Each of the Borrowers and the
Guarantor agree that, subject to the agreement of the Standstill Lenders to
forbear as and to the extent expressly set forth herein, the agreements of the
Standstill Lenders under this Agreement shall not constitute a waiver by any of
the Standstill Lenders of, or a defense by any of the Borrowers and the
Guarantor to, the exercise by any of the Standstill Lenders of any right, power
or remedy which any of the Standstill Lenders may have under or in respect of
the Credit Agreement or any Loan Document or any other agreement or document
relating thereto (and including rights, powers and remedies at law, in equity or
by statute).

         SECTION 12. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 13. Acknowledgments and Agreements.

         (a) The Collateral. Each of the Borrowers and the Guarantor ratifies
and reaffirms the validity and enforceability (without defense, counterclaim or
offset of any kind) of the liens and security interests granted to secure any of
the Obligations to and for the benefit of the Lenders, pursuant to the Security
Documents. Each of the Borrowers and the Guarantor acknowledges and agrees that
all such liens and security interests granted by it shall continue to secure the
Obligations and the Guaranty from and after the effective date hereof. Each of
the Borrowers and the Guarantor further agrees to take promptly any and all
actions reasonably requested by the Administrative Agent with respect to the
granting, perfection and priority of the liens purported to be granted by the
Security Documents.

         (b) Validity of Obligations. Each of the Borrower and the Guarantor
acknowledges and agrees that such party is truly and justly indebted to the
Lenders for the Obligations, without defense, counterclaim or offset of any
kind, and such party ratifies and reaffirms the validity, enforceability and
binding nature of such Obligations.

         SECTION 14. WAIVER OF JURY TRIAL. EACH OF THE BORROWERS, THE GUARANTOR,
THE ADMINISTRATIVE AGENT AND THE LENDERS PARTY

<PAGE>
                                       11

HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY
LENDER PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT THEREOF.

         SECTION 15. Execution in Counterparts. This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                   BORROWERS:

                              CHOICE ONE COMMUNICATIONS OF NEW YORK INC.
                              CHOICE ONE COMMUNICATIONS OF PENNSYLVANIA INC.
                              CHOICE ONE COMMUNICATIONS OF  MASSACHUSETTS INC.
                              CHOICE ONE COMMUNICATIONS INTERNATIONAL INC.
                              CHOICE ONE COMMUNICATIONS OF RHODE ISLAND INC.
                              CHOICE ONE COMMUNICATIONS OF CONNECTICUT INC.
                              CHOICE ONE COMMUNICATIONS OF MAINE INC.
                              CHOICE ONE OF NEW HAMPSHIRE INC.
                              CHOICE ONE COMMUNICATIONS OF OHIO INC.
                              CHOICE ONE COMMUNICATIONS OF VERMONT INC.
                              CHOICE ONE ONLINE INC.
                              CHOICE ONE COMMUNICATIONS OF VIRGINIA INC.
                              CHOICE ONE COMMUNICATIONS SERVICES INC.
                              US XCHANGE INC.
                              US XCHANGE OF INDIANA, LLC.
                              US XCHANGE OF ILLINOIS, LLC.
                              US XCHANGE OF WISCONSIN, LLC.
                              US XCHANGE OF MICHIGAN, LLC.

                              By:  Ajay Sabherwal
                                 --------------------------------
                                 Name: Ajay Sabherwal
                                 Title:  CFO
                                        for each of the entities set forth above

                              GUARANTOR:

                              CHOICE ONE COMMUNICATIONS INC.

                              By:  Ajay Sabherwal
                                 --------------------------------
                                 Name: Ajay Sabherwal
                                 Title:  CFO

<PAGE>
                                           GENERAL ELECTRIC CAPITAL CORPORATION,
                                           as Administrative Agent, Collateral
                                           Agent, Syndication Agent and Lender

                                           By: /s/ Terrell W. Harris
                                              ----------------------------------
                                              Name:  Terrell W. Harris
                                              Title: Duely Authorized Signator

                                           MORGAN STANLEY SENIOR FUNDING, INC.,
                                           as Documentation Agent and Lender

                                           By: /s/ Ian Sandler
                                              ----------------------------------
                                              Name:  Ian Sandler
                                              Title: Vice President

                                           BANK OF AMERICA, N.A., as Lender

                                           By: /s/ Sid Bridges
                                              ---------------------------------
                                              Name:  Sid Bridges
                                              Title:  AVP

<PAGE>
                                           DEUTSCHE BANK AND TRUST COMPANY
                                           AMERICAS, as Lender

                                           By: DB Services New Jersey

                                           By: /s/ Edward Schaffer
                                              ----------------------------------
                                              Name:  Edward Schaffer
                                              Title: Vice President

                                           CARGILL FINANCIAL SERVICES
                                           INTERNATIONAL, Inc., as Lender

                                           By: /s/ Rory J. O'Neill
                                              ----------------------------------
                                              Name:  Rory J. O'Neill
                                              Title: Executive Vice President

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                           FERNWOOD ASSOCIATES, L.P., as Lender

                                           By: /s/ Robert Gaviglio
                                              ---------------------------------
                                              Name:  Robert Gaviglio
                                              Title:

<PAGE>
                              Wayland Distressed Opportunities Fund I-B, LLC, as
                              Lender

                              By: /s/ John D. McEvoy
                                  Name:  John D. McEvoy
                                  Title: Authorized Signatory

                              VARDE PARTNERS, INC., as Lender

                              By: /s/ George Hicks
                                  --------------------------------------------
                                  Name:  George Hicks
                                  Title:

                              STRATEGIC VALUE MASTER FUND, LTD, as
                              Lender

                              By: /s/ Geoffrey A. Gold
                                  --------------------------------------------
                                  Name:  Geoffrey A. Gold
                                  Title: Managing Director

<PAGE>
                                SCOGGIN CAPITAL MANAGEMENT, LP II, as
                                Lender
                                       By: S&E Partners, LP; its general partner
                                       By: Scoggin, Inc.; its general partner

                                By: /s/ Craig Effron
                                    ---------------------------
                                    Name:  Craig Effron
                                    Title: President

                                QUANTUM PARTNERS LDC, as Lender

                                By: /s/ Joyce M. Anzalotta
                                    ---------------------------
                                    Name:  Joyce M. Anzalotta
                                    Title: Attorney in fact

                                ORE HILL HUB FUND, LTD, as Lender

                                By: /s/ Frederick Wahl
                                    ---------------------------
                                    Name: Frederick Wahl
                                    Title:

<PAGE>
                                          MERRILL LYNCH CREDIT PRODUCTS, LLC, as
                                          Lender

                                          By: /s/ Michael Lee
                                              ---------------------------------
                                              Name:  Michael Lee
                                              Title: Vice President

                                          By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                          GOLDMAN SACHS CREDIT PARTNERS, L.P.,
                                          as Lender

                                          By: /s/ Pedro Ramirez
                                              ---------------------------------
                                              Name:  Pedro Ramirez
                                              Title: Authorized Signatory

                                          GOLDMAN SACHS CREDIT PARTNERS, L.P.,
                                          as Lender

                                          By: /s/ Juan Carlos Isaza
                                              ---------------------------------
                                              Name:  Juan Carlos Isaza
                                              Title: Authorized Signatory

<PAGE>

                              Wayland Distressed Opportunities Fund I-C, LLC, as
                              Lender

                              By: /s/ John D. McEvoy
                                  Name:  John D. McEvoy
                                  Title: Authorized Signatory

<PAGE>
                                       12

                                     CONSENT

                                                       Dated as of July 30, 2004

         Each of the undersigned, as a Grantor and/or Pledgor under the Third
Amended and Restated Security Agreement, dated as of September 13, 2002 (as
amended, supplemented or otherwise modified through the date hereof, the
"SECURITY AGREEMENT") and/or the Third Amended and Restated Pledge Agreement,
dated as of September 13, 2002 (as amended, supplemented or otherwise modified
through the date hereof, the "PLEDGE AGREEMENT"), in each case, in favor of the
Administrative Agent, for its benefit and the benefit of the Lenders parties to
the Credit Agreement referred to in the foregoing Second Standstill Agreement
and Conditional Amendment to the Credit Agreement (the "AGREEMENT"), hereby
consents to such Agreement and hereby confirms and agrees that (a)
notwithstanding the effectiveness of such Agreement, each of the Security
Agreement and the Pledge Agreement is, and shall continue to be, in full force
and effect and is hereby ratified and confirmed in all respects, except that, on
and after the effectiveness of such Agreement, each reference in the Security
Agreement and the Pledge Agreement to the "Credit Agreement", "thereunder",
"thereof" or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Agreement, and (b) the Security Documents to which
such Grantor or such Pledgor, as the case may be, is a party and all of the
Collateral described therein do, and shall continue to, secure the payment of
all of the Secured Obligations (in each case, as defined therein).

                                 CHOICE ONE COMMUNICATIONS INC.
                                 CHOICE ONE COMMUNICATIONS OF NEW YORK INC.
                                 CHOICE ONE COMMUNICATIONS OF PENNSYLVANIA INC.
                                 CHOICE ONE COMMUNICATIONS OF MASSACHUSETTS INC.
                                 CHOICE ONE COMMUNICATIONS INTERNATIONAL INC.
                                 CHOICE ONE COMMUNICATIONS OF RHODE ISLAND INC.
                                 CHOICE ONE COMMUNICATIONS OF CONNECTICUT INC.
                                 CHOICE ONE COMMUNICATIONS OF MAINE INC.
                                 CHOICE ONE OF NEW HAMPSHIRE INC.
                                 CHOICE ONE COMMUNICATIONS OF OHIO INC.
                                 CHOICE ONE COMMUNICATIONS OF VERMONT INC.
                                 CHOICE ONE ONLINE INC.
                                 CHOICE ONE COMMUNICATIONS OF VIRGINIA INC.
                                 CHOICE ONE COMMUNICATIONS SERVICES INC.
                                 US XCHANGE INC.
                                 US XCHANGE OF INDIANA, L.L.C.
                                 US XCHANGE OF ILLINOIS, L.L.C.
                                 US XCHANGE OF WISCONSIN, L.L.C.
                                 US XCHANGE OF MICHIGAN, L.L.C.

                                 By: /s/ Ajay Sabherwal
                                    --------------------------------------------
                                     Name: Ajay Sabherwal
                                     Title: EVP & CFO

<PAGE>
                                       13

The Registrant has omitted from this filing the Schedules listed below. The
Registrant will furnish supplementally to the Commission, upon request, a copy
of any omitted Schedule.

                  Schedule I - Required Principal Payments
                  Schedule II - Required Interest Payments<PAGE>

                                                                  EXECUTION COPY
EXHIBIT 10.2

                     SUBORDINATED NOTES WAIVER AND AGREEMENT

         SUBORDINATED NOTES WAIVER AND AGREEMENT, dated as of July 30, 2004
(this "AGREEMENT"), among CHOICE ONE COMMUNICATIONS INC., a Delaware corporation
(the "COMPANY"), and each of the banks, financial institutions and other
institutional lenders listed on the signature pages hereto (each a "WAIVER
LENDER and collectively, the "WAIVER LENDERS").

                             PRELIMINARY STATEMENTS

         1. The Company is a party to that certain Bridge Financing Agreement,
dated as of August 1, 2000, as amended by an Amendment Relating to Loans to
Employees Basket, dated as of June 30, 2001, a Second Amendment to Bridge
Financing Agreement, dated as of August 24, 2001, and a Third Amendment to
Bridge Financing Agreement, dated as of September 13, 2002 (as so amended, the
"BRIDGE FINANCING AGREEMENT"), among the Company, the banks, financial
institutions and other institutional lenders parties to the Bridge Financing
Agreement, including the Waiver Lenders (collectively, the "BRIDGE FINANCING
LENDERS"), and Morgan Stanley Senior Funding, Inc., as administrative agent (in
such capacity, the "BRIDGE FINANCING ADMINISTRATIVE AGENT") for the Bridge
Financing Lenders (as defined herein). Unless otherwise defined herein, terms
defined in the Bridge Financing Agreement and used herein shall have the
meanings given to them in the Bridge Financing Agreement.

         2. The Company is also a party to that certain Third Amended and
Restated Credit Agreement, dated as of September 13, 2002, as amended by a
Letter Amendment and Waiver dated as of November 12, 2002, a Second Amendment
dated as of May 5, 2004, a Third Amendment dated as of May 12, 2004, a Fourth
Amendment dated as of May 25, 2004, and a Standstill Agreement and Conditional
Amendment to the Credit Agreement (the "FIRST STANDSTILL AGREEMENT"), dated as
of June 30, 2004 (as so amended, the "CREDIT AGREEMENT"), among the Company, the
subsidiaries of the Company listed on the signature pages thereto (each a
"BORROWER" and collectively the "BORROWERS"), the banks, financial institutions
and other institutional lenders parties to the Credit Agreement (collectively,
the "SENIOR FACILITY LENDERS"), General Electric Capital Corporation, as
administrative agent (in such capacity, the "SENIOR FACILITY ADMINISTRATIVE
AGENT"), collateral agent and syndication agent for the Senior Facility Lenders,
and the other agents signatories hereto.

         3. Pursuant to the Bridge Financing Agreement, the Bridge Financing
Lenders have agreed to make, and have made, certain Loans and other extensions
of credit to the Company.

         4. Pursuant to the Credit Agreement, the Senior Facility Lenders have
agreed to make, and have made, certain loans and other extensions of credit
(collectively, the "SENIOR FACILITY LOANS") to the Borrowers.

<PAGE>

         5. Pursuant to Section 2.6 of the Credit Agreement (including after
giving effect to the First Standstill Agreement), on July 30, 2004, the
Borrowers are obligated to pay to the Revolving Credit Lenders (as defined
therein) outstanding Revolving Credit Loans (as defined therein) in the
principal amount listed on Schedule I to the Senior Facility Agreements (as
defined below) (the "REQUIRED REVOLVING LOAN PAYMENT").

         6. Pursuant to Section 4.3 of the Credit Agreement (including after
giving effect to the First Standstill Agreement), on July 30, 2004, the
Borrowers are obligated to pay to the Term A Lenders, the Term B Lenders, and
the Term D Lenders (each as defined therein) outstanding Term A Loans, Term B
Loans and Term D Loans (each as defined therein) respectively, in the principal
amounts listed on Schedule I to the Senior Facility Agreements (collectively,
the "REQUIRED TERM LOAN PAYMENTS", and together with the Required Revolving Loan
Payments, the "REQUIRED PRINCIPAL PAYMENTS."

         7. Pursuant to Section 5.1(e) of the Credit Agreement (including after
giving effect to the First Standstill Amendment), on July 30, 2004, the
Borrowers are obligated to pay to the Senior Facility Lenders interest on the
outstanding LIBOR Rate Loans (as defined therein) in such amounts listed on
Schedule II to the Senior Facility Agreements (collectively, the "REQUIRED
INTEREST PAYMENTS", and together with the Required Principal Payments, the
"REQUIRED PAYMENTS").

         8. In order to permit the Borrowers, the Company, the Senior Facility
Lenders and the Bridge Financing Lenders time to attempt to implement a possible
restructuring of the Senior Facility Loans and the Loans, the Borrowers and the
Company have requested that (i) the requisite Senior Facility Lenders under the
Credit Agreement agree to forebear from exercising any rights or remedies they
may have under the Credit Agreement or the other Loan Documents (as defined in
the Credit Agreement) that may arise as a result of the Borrowers not making the
Required Payments on July 30, 2004 (the "REQUIRED PAYMENT DATE"), until August
30, 2004, on and subject to the terms and conditions set forth in the Senior
Facility Agreements (as defined below); and (ii) the Required Lenders waive any
and all of their rights to take any action with respect to the rights and
remedies under the Bridge Financing Agreement that may arise as a result of the
Borrowers not making the Required Payments on the Required Payment Date.

         9. The Waiver Lenders are members of an informal committee (the
"INFORMAL COMMITTEE") composed of Bridge Financing Lenders.

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

         SECTION 1. Waiver.

         (a) Upon and subject to the occurrence of the Waiver Effective Date (as
defined in Section 3 below) and subject to the other terms and conditions set
forth below, each of the Waiver Lenders agrees that, notwithstanding a failure
by the Borrowers to make the Required Payments on the Required Payment Date,
from and after July 30, 2004 until the first to occur of (i) August 30, 2004
(the "WAIVER PERIOD") or (ii) the date on which a Waiver Termination Event

                                       2
<PAGE>

(as defined below) shall have occurred (the first such date to occur, the
"WAIVER TERMINATION DATE"), such Waiver Lender waives any Default or Event of
Default under the Loan Documents that may arise as a result of (and only as a
result of) the Required Payments not being made on or before the Required
Payment Date.

         (b) Notwithstanding anything to the contrary contained in Section 1(a)
hereof, on the Waiver Termination Date (i) the waiver set forth in Section 1(a)
hereof shall automatically terminate and be of no further force or effect, (ii)
any Default or Event of Default that was the subject of or was waived under
Section 1(a) hereof (including the failure of the Borrowers to make any of the
Required Payments on the Required Payment Date) is, without further action,
reinstated and shall have the same force and effect as if the waiver had not
been granted pursuant hereto and (iii) subject to the terms of the Loan
Documents and applicable law, any Bridge Financing Lender may thereafter,
without limitation, sue, ask for or demand from the Company, payment of all
principal, interest and other amounts due and payable under the Loan Documents
to such Bridge Financing Lender, in whole or in part, and otherwise enforce any
of its rights and remedies (including rights of acceleration and foreclosure)
provided for under the Loan Documents against any party. In furtherance of the
foregoing and notwithstanding the occurrence of the Waiver Effective Date, the
Company agrees that, subject to the agreement of the Waiver Lenders to waive the
Default and Event of Default under the Loan Documents, as and to the extent
expressly set forth in this Agreement, all rights and remedies of the Bridge
Financing Lenders under the Loan Documents with respect to the Company shall
continue to be available to the Bridge Financing Lenders from and after the
Waiver Effective Date.

         (c) It is understood and agreed that interest shall continue to accrue
on and after the Waiver Effective Date on the outstanding Loans at the
applicable non-default rates provided for pursuant to the Loan Documents;
provided that it is also understood and agreed that from and after the date
hereof all subsequent Interest Periods will not exceed one month in duration.

         SECTION 2. Waiver Events. If any of the following events (each a
"WAIVER EVENT") shall occur and be continuing:

         (a) The Company shall (i) fail to pay all principal or interest on any
Loans, or any other amount payable hereunder or under any Loan Document, when
due in accordance with the terms of this Agreement or the Loan Documents, as the
case may be, or (ii) fail to comply with or breach any provisions of this
Agreement or of any Loan Document, other than the breach resulting from the
failure to make the Required Payments during the Waiver Period, subject (in the
case of clauses (i) and (ii) above) to applicable notice and grace periods, if
any; or

         (b) Any representation or warranty made or deemed made by the Company
herein or any representation or warranty made or deemed made hereafter by the
Company in any Loan Document or which is contained in any certificate, document
or financial or other statement furnished by it at any time under or in
connection with any such Loan Document shall prove to have been incorrect or
misleading in any material respect on or as of the date made or deemed made; or

         (c) Any of the Loan Documents to which the Company is a party shall
cease, for any reason (other than any termination in accordance with its terms),
to be in full force and

                                       3
<PAGE>

effect, or the Company shall so assert, or any Lien created by any of such Loan
Documents shall (except to the extent released in accordance with the terms of
such Loan Documents) cease to be enforceable in accordance with its terms; or

         (d) The commencement by or against any Borrower or the Company of (i)
any foreclosure, bankruptcy or similar proceeding, (ii) any proceeding that
threatens or contests the Liens in favor of the Bridge Financing Administrative
Agent or the obligations of the Company under the Loan Documents, (iii) any
proceeding by any Senior Facility Lender seeking to enforce any remedy with
respect to any Senior Facility Loans or related obligations other than for the
payment of the Required Payments by any Senior Facility Lender which is not a
party to the Senior Facility Agreements, or (iv) any other proceeding that could
have a Material Adverse Effect, or the commencement of a proceeding by or on
behalf of the Company against any Bridge Financing Lender, the Bridge Financing
Administrative Agent, any Senior Facility Lender or the Senior Facility
Administrative Agent; or

         (e) a Standstill Termination Event shall occur under the terms of the
Senior Facility Agreements (as defined herein),

then, upon the affirmative vote of the Required Lenders, such Waiver Event shall
constitute a "WAIVER TERMINATION EVENT". The occurrence of a Waiver Termination
Event shall cause the waiver granted under Section 1(a) of this Agreement to
immediately and automatically terminate and shall constitute an Event of Default
under the Bridge Financing Agreement and entitle the Bridge Financing Lenders to
exercise all of the rights and remedies exercisable upon an Event of Default
pursuant to the Bridge Financing Agreement, unless the Event of Default waived
hereunder shall have been cured or shall otherwise no longer be continuing.

         SECTION 3. Conditions to Effectiveness of Waiver and Agreement. This
Agreement shall be effective as of the date first above written when, and only
when, on or before July 30, 2004, all of the following conditions precedent have
been fulfilled in a manner satisfactory to the Waiver Lenders (the "WAIVER
EFFECTIVE DATE"):

         (a) the Required Lenders shall have signed this Agreement and the
Waiver Lenders shall have received counterparts of this Agreement executed by
the Company; and

         (b) the Waiver Lenders shall have received evidence of agreements (the
"SENIOR FACILITY AGREEMENTS"), in form and substance satisfactory to the Waiver
Lenders, that the requisite lenders under the Credit Agreement have agreed,
subject to the effectiveness of this Agreement to forebear from exercising any
rights or remedies that they may have under the Credit Agreement and the other
loan documents relating thereto as a result of the Borrowers not making the
Required Payments on the Required Payment Date, until to the earlier of August
30, 2004 or the occurrence of a Standstill Termination Event (as defined
therein); and

         (c) the Waiver Lenders shall have received evidence, in form and
substance satisfactory to the Waiver Lenders, that, subject to the effectiveness
of this Agreement, the conditions precedent set forth in Section 5 of the Senior
Facility Agreements have been satisfied; and

                                       4
<PAGE>

         (d) the Waiver Lenders shall have received duly certified resolutions
or other satisfactory evidence of the authority of the Company to enter into and
perform this Agreement; and

         (e) payment by the Company of all billed and unpaid fees and expenses
of the legal counsel and financial advisors to the Informal Committee in
connection with all matters relating to this Agreement and the Loan Documents
and the restructuring of the Borrowers and the Company.

         SECTION 4. Representations and Warranties of the Company. To induce the
Waiver Lenders to enter into this Agreement, the Company hereby represents and
warrants to the Waiver Lenders party hereto the following:

         (a) The execution, delivery and performance by the Company of this
Agreement are within the Company's corporate powers, have been duly authorized
by all necessary corporate action, and do not (i) contravene the Company's
constituent documents, (ii) violate any law (including, without limitation, the
Securities Exchange Act of 1934), rule, regulation (including, without
limitation, Regulation X of the Board of Governors of the Federal Reserve
System), order, writ, judgment, injunction, decree, determination or award
applicable to the Company, or (iii) conflict with or result in the breach of, or
constitute a default under, any contractual obligation, subject to Section 3(c)
hereof. As of the Waiver Effective Date, neither the Company nor any Borrower is
in violation of any such law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award or, subject to the execution and
delivery of this Agreement by the Waiver Lenders, in breach of any such
contract, loan agreement, indenture, mortgage, deed of trust, lease or other
instrument, the violation or breach of which could reasonably be expected to
have a Material Adverse Effect.

         (b) No authorization or approval or other action by, and no notice to
or filing with, any governmental authority or regulatory body or, subject to the
execution and delivery of this Agreement by the Waiver Lenders, any other third
party is required to be obtained by the Company in connection with the execution
and delivery, or performance by the Company of any of its obligations under,
this Agreement.

         (c) This Agreement has been duly executed and delivered by the Company
and is the legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or other
laws relating to or limiting creditors' rights or by equitable principles
generally.

         (d) Other than as expressly contemplated herein, (i) the
representations and warranties made by the Company in the Loan Documents, except
as may have been disclosed in the Company's public filings to date and other
than as provided in Section 3.16 of the Bridge Financing Agreement, are true and
correct in all material respects on and as of the date hereof, after giving
effect to the effectiveness of this Agreement, as if made on and as of the date
hereof (unless stated to relate solely to an earlier date, in which case such
representations and warranties were true and correct in all material respects as
of such earlier date) and (ii) no Default or Event

                                       5
<PAGE>

of Default has occurred and is continuing, other than the Default and Event of
Default arising as a result of the Borrowers not making the Required Payments on
the Required Payment Date.

         (e) If the Senior Facility Agreements are executed by such number of
Secured Facility Lenders that are required to consent to the granting of any
forbearance with respect to the rights and remedies of the Senior Facility
Lenders under the Credit Agreement, but not by all Senior Facility Lenders, no
default has occurred and is continuing under or in connection with the Credit
Agreement, other than any default arising as a result of the Borrowers not
making the Required Payments on the Required Payment Date.

         SECTION 5. Representations and Warranties of the Waiver Lenders. To
induce the Company to enter into this Agreement, each Waiver Lender, severally,
but not jointly, represents and warrants to the Company that such Waiver Lender
is the beneficial owner of the Notes in the principal amount set forth opposite
its signature to this Agreement.

         SECTION 6. Reference to and Effect on the Loan Documents.

         (a) The Bridge Financing Agreement and each of the other Loan Documents
are and shall continue to be in full force and effect and are hereby in all
respects ratified and confirmed.

         (b) The execution, delivery and effectiveness of this Agreement shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Bridge Financing Lender or the Bridge Financing
Administrative Agent under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Loan Documents.

         SECTION 7. Amendments. This Agreement may not be amended, supplemented
or modified except in accordance with the provisions of this Section 7. The
Required Lenders and the Company may, or (with the written consent of the
Required Lenders) the Bridge Financing Administrative Agent and the Company may,
subject to the requirements of Section 9.02 of the Bridge Financing Agreement,
from time to time, (a) enter into written amendments, supplements or
modifications hereto for the purpose of adding any provisions to this Agreement
or changing in any manner the rights or obligations of the Waiver Lenders or of
the Company hereunder or (b) waive, on such terms and conditions as the Required
Lenders, or the Bridge Financing Administrative Agent, as the case may be, may
specify in such instrument, any of the requirements of this Agreement or any
Waiver Event and its consequences; provided, that, no such waiver and no such
amendment, supplement or modification shall amend, modify or waive any provision
of this Section 7 without the consent of each Bridge Financing Lender party
hereto. Any such waiver and any such amendment, supplement or modification shall
apply equally to each of the relevant Waiver Lenders and shall be binding upon
the Company, the Waiver Lenders, the Bridge Financing Administrative Agent and
all future Waiver Lenders.

         SECTION 8. Costs and Expenses. The Company agrees to pay all reasonable
costs and expenses associated with the preparation, execution, delivery,
administration, and enforcement of this Agreement and all related matters during
the Waiver Period including, without limitation, the reasonable fees and
expenses of the Informal Committee's counsel and

                                       6
<PAGE>

financial advisor (in each case, whether incurred prior to or after the Waiver
Effective Date with respect to this Agreement).

         SECTION 9. Tolling of Statute of Limitations. Each and every statute of
limitations or other applicable law, rule or regulation governing the time by
which any Waiver Lender must commence legal proceedings or otherwise take any
action with respect to exercising any of its respective rights, powers or
remedies directly or indirectly against the Company with respect to any breach
or default existing on or prior to the Waiver Termination Date, including,
without limitation, actions under or in respect of any of the Bridge Financing
Agreement or any other Loan Document, shall be tolled during the Waiver Period.
The Company agrees, to the fullest extent permitted by law, not to include such
period of time in any assertion by it at any time that a statute of limitations
or other applicable law, rule or regulation bars or otherwise acts as a defense
(whether equitable or legal) to any legal proceeding or other action by any
Bridge Financing Lender in exercise of its respective rights, powers or
remedies, directly or indirectly, with respect to any or all of the breaches or
defaults referred to in the immediately preceding sentence.

         SECTION 10. Agreement Not a Defense. The Company agrees that, subject
to the agreement of the Waiver Lenders to waive the Default and Event of Default
under the Loan Documents, as and to the extent expressly set forth herein, the
agreements of the Waiver Lenders under this Agreement shall not constitute a
waiver by any of the Waiver Lenders of, or a defense by the Company to, the
exercise by any of the Waiver Lenders of any right, power or remedy which any of
the Waiver Lenders may have under or in respect of the Bridge Financing
Agreement or any other Loan Document or any other agreement or document relating
thereto (and including rights, powers and remedies at law, in equity or by
statute).

         SECTION 11. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 12. Acknowledgments and Agreements.

         (a) Liens and Security Interests. The Company ratifies and reaffirms
the validity and enforceability (without defense, counterclaim or offset of any
kind) of the Liens and other security interests granted to secure any of the
Loans to and for the benefit of the Bridge Financing Lenders, pursuant to the
Loan Documents, subject in all respects to the Intercreditor Agreement. The
Company acknowledges and agrees that all such Liens and security interests
granted by it shall continue to secure the Loans from and after the effective
date hereof, subject in all respects to the Intercreditor Agreement. The Company
further agrees, subject in all respects to the Intercreditor Agreement, to take
promptly any and all actions reasonably requested by the Bridge Financing
Administrative Agent with respect to the granting, perfection and second
priority of the Liens, purported to be granted by the Loan Documents.

         (b) Validity of Obligations. The Company acknowledges and agrees that
it is truly and justly indebted to the Bridge Financing Lenders for the payment
of the principal, interest and other amounts payable by the Company under the
Loan Documents, without

                                       7
<PAGE>

defense, counterclaim or offset of any kind, and the Company ratifies and
reaffirms the validity, enforceability and binding nature of such indebtedness.

         SECTION 13. WAIVER OF JURY TRIAL. EACH OF THE COMPANY AND THE WAIVER
LENDERS IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE COMPANY OR ANY WAIVER LENDER IN
THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

         SECTION 14. Execution in Counterparts. This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

         [THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY]

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                                  CHOICE ONE COMMUNICATIONS INC.

                                                  By: /s/ Ajay Sabherwal
                                                    ----------------------------
                                                    Title: CFO
                                                          ----------------------

Principal Amount                                   QUANTUM PARTNERS LDC
of Notes:  $133,164,308.07

                                                   By: /s/ Joyce M. Anzalotta
                                                      --------------------------
                                                      Authorized Signatory

Principal Amount                                   CREDIT SUISSE FIRST BOSTON
of Notes:  $54,853,607.00                          INTERNATIONAL

                                                   By: /s/ Louis Impellizeri
                                                     ---------------------------
                                                     Authorized Signatory

                                                       /s/ Carole Villoresi
                                                     ---------------------------
                                                     Authorized Signatory

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