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                                                                 EXHIBIT 10.10

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT ("Agreement") is made and entered into as of
the 2d day of October, 2000, by and between Blue Sky Communications, Inc., a
Georgia corporation ("Borrower"), and interWAVE Communications International,
Ltd., a Bermuda limited liability company (the "Lender").

                                 R E C I T A L S

         A.         On even date herewith, for valuable consideration, Borrower
made, executed, and delivered to Lender a secured convertible promissory note in
the principal face amount of Four Million Dollars (US$4,000,000) (the "Note"),
which evidences an obligation (the "Loan") of Borrower to Lender.

         B.         As security for the payment and performance of all debts,
liabilities, obligations, covenants, and duties owing to Lender by Borrower,
however evidenced, under the Note or otherwise, as the same may be amended,
supplemented, modified, renewed, or extended from time to time, Borrower desires
to grant to Lender a security interest in all of Borrower's assets.

         NOW, THEREFORE, in consideration of the foregoing Recitals, and for
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Lender and Borrower agree as follows:

         1.         DEFINITIONS. In addition to any terms defined elsewhere in
this Agreement, the following terms have the following meanings ascribed to them
for purposes of this Agreement:

                  "AFFILIATE" means, with respect to any Person, any Person
directly or indirectly controlling, controlled by or under common control with
such Person.

                  "AGREEMENT" means this Security Agreement, as amended from
time to time.

                  "BORROWER" means Blue Sky Communications, Inc., a Georgia
corporation.

                  "COLLATERAL" means all of the following: (a) all of Borrower's
Equipment now owned or hereafter acquired; (b) all of Borrower's Documents of
Title now owned or hereafter acquired in respect of such Equipment; and (c) all
Products and Proceeds of all of the foregoing, including all Proceeds of other
Proceeds.

                  "EQUIPMENT" means all "equipment" (as defined in the UCC) now
owned or hereafter acquired by Borrower, which Borrower acquired from Lender
under the Supply Agreement or otherwise, including, without limitation, all
machinery, computers, computer equipment, motor vehicles, trucks, trailers,
vessels, aircraft, and rolling stock, and all parts thereof and all additions
and accessions thereto and replacements therefor.

                  "EVENT OF DEFAULT" has the meaning set forth in section 5 of
this Agreement.

                  "FINANCING STATEMENT" means the form of financing statement
that will be necessary to perfect, upon filing, a security interest in the
Collateral in each jurisdiction in which such Collateral is located or in which
a filing is required under the UCC to perfect such security interest.

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                  "GAAP" means generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board and
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the
date of determination.

                  "GOVERNMENTAL AUTHORITY" means any nation or government, any
state, province or other political subdivision thereof, or any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

                  "GOVERNMENTAL REQUIREMENTS" means all legal requirements in
effect from time to time including all laws, statutes, codes, acts, ordinances,
orders, judgments, decrees, injunctions, rules, regulations, permits, licenses,
authorizations, certificates, orders, franchises, determinations, approvals,
consents, notices, demand letters, directions, and requirements of all
governments, departments, commissions, boards, courts, authorities, agencies,
officials, and officers, foreseen or unforeseen, ordinary or extraordinary,
including but not limited to any change in any law or regulation, or the
interpretation thereof, by any foreign or domestic governmental or other
authority (whether or not having the force of law), relating now or at any time
heretofore or hereafter to the business or operations of Borrower or to any of
the property owned, leased, or used by Borrower, including, without limitation,
the development, design, construction, acquisition, start-up, ownership, and
operation and maintenance of property.

                  "INCIPIENT DEFAULT" means an event which, upon the lapse of
time or the giving of notice, or both, would constitute an Event of Default.

                  "INDEBTEDNESS" of any Person means all liabilities,
obligations and reserves, contingent or otherwise, of such Person.

                  "LENDER" means interWAVE Communications International, Ltd., a
Bermuda limited liability company.

                  "LIEN" means any lien, mortgage, pledge, security interest,
charge or encumbrance of any kind (including any conditional sale or other title
retention agreement, any lease in the nature thereof, and any agreement to give
any security interest).

                  "MATERIAL ADVERSE EFFECT" means a material adverse effect on
(a) the business, assets, operations or financial condition of Borrower, (b) the
ability of Borrower to pay the Obligations in accordance with their terms, or
(c) the perfection or priority of Lender's first lien on and security interest
in the Collateral (as defined in this Agreement) or the value of such
Collateral.

                  "OBLIGATIONS" means all debts, liabilities, obligations,
covenants, and duties owing to Lender by Borrower, however evidenced, under the
Note, this Agreement, or otherwise, as the same may be amended, supplemented,
modified, renewed, or extended from time to time.

                  "PERSON" means any individual, corporation, partnership,
trust, association or other entity or organization, including any government,
political subdivision, agency or instrumentality thereof.

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                  "PROCEEDS" means all proceeds of, and all other profits,
rentals, or receipts, in whatever form, arising from the collection, sale,
lease, exchange, assignment, licensing, or other disposition of, or realization
upon, any Collateral including, without limitation, all claims of Borrower
against third parties for loss of, damage to, or destruction of, or for proceeds
payable for loss of, damage to, or destruction of, or for proceeds payable
under, or unearned premiums with respect to, policies of insurance with respect
to any Collateral, and any condemnation or requisition payments with respect to
any Collateral, in each case whether now existing or hereafter arising.

                  "SUPPLY AGREEMENT" means that certain Master GSM Products
Supply Agreement dated September 27, 2000, between Borrower and Lender, as the
same may be amended, supplemented, modified, renewed, or extended from time to
time.

                  "UCC" means the California Uniform Commercial Code, as amended
from time to time, and any successor statute; provided, however, that if by
reason of mandatory provisions of law, the perfection or the effect of
perfection or non-perfection of the security interest in any Collateral is
governed by the Uniform Commercial Code, or other applicable statute, law, or
provision relating to the perfection or the effect of perfection or
non-perfection of any such security interest, as in effect on or after the date
hereof in any other jurisdiction, then "UCC" will mean the Uniform Commercial
Code or such other statute, law, or provision as in effect in such other
jurisdiction for purposes of the provision hereof relating to such perfection or
the effect of perfection or non-perfection.

                  Any accounting term not defined in this Agreement will have
the meaning given to it under GAAP.

         2.       SECURITY INTEREST.

                  2.1        GRANT OF SECURITY INTEREST. Borrower hereby grants
to Lender a continuing security interest in and to all right, title, and
interest of Borrower in the Collateral, whether now owned or existing or
hereafter acquired or arising, regardless of where located, to secure payment
and performance of the Obligations. The security interest granted hereby secures
the payment and performance of the obligations, liabilities, and indebtedness of
every nature of Borrower to Lender now or hereafter existing and however
evidenced, under the Note, this Agreement, or otherwise, and all renewals,
extensions, restructurings, and refinancings of the same.

                  2.2        AFFIRMATIVE COVENANTS OF BORROWER. Borrower will:
(a) do all acts that may be necessary to maintain, preserve, and protect the
Collateral; (b) pay promptly when due all taxes, assessments, charges,
encumbrances, and liens now or hereafter imposed upon or affecting the
Collateral; (c) procure, execute, and deliver from time to time any
endorsements, assignments, financing statements, and other writings necessary or
appropriate to perfect, maintain, and protect Lender's security interest
hereunder and the priority thereof, and to deliver promptly to Lender all
records of (1) Collateral or (2) insurance proceeds; (d) appear in and defend
any action or proceeding which may affect its title to or Lender's interest in
the Collateral; (e) keep separate, accurate, and complete records of the
Collateral and provide Lender with such books, records, and such other reports
and information relating to the Collateral as Lender may reasonably request from
time to time; (f) when an Event of Default under this Agreement has occurred and
after demand, account fully for and immediately deliver to Lender in the form
received, all Collateral and all proceeds, endorsed to Lender as appropriate,
and unless so delivered all Collateral and all such proceeds will be held by
Borrower in trust for Lender, separate from all other property of Borrower and
identified as the property of Lender; (g) keep the Collateral in good condition
and repair; (h) at any reasonable

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time, upon demand by Lender, exhibit to and allow inspection by Lender (or
persons designated by Lender) of all Collateral; (i) keep the books and
records concerning the Collateral at Borrower's principal place of business;
(j) keep the Collateral at the location(s) identified in a writing from
Borrower to Lender that Borrower provides simultaneously with its purchase
order for the relevant Equipment; (k) not remove the Collateral from such
location(s) without (1) the prior written consent of Lender (which consent
will not be unreasonably withheld) or (2) creating a similar security
interest at the new location(s) of the Collateral; (l) give thirty (30) days'
prior written notice of any change in Borrower's chief place of business or
trade name(s) or style(s) set forth therein; (m) comply with all laws,
regulations, and ordinances relating to the possession, operation,
maintenance, and control of the Collateral; (n) execute and file such
financing or continuation statements, or amendments thereto, and such other
instruments or notices as may be necessary or desirable, or as Lender may
request, in order to perfect and preserve the security interest granted or
intended to be granted hereby under the laws of any applicable jurisdiction;
and (o) upon Lender's reasonable request, appear in and defend any action or
proceeding that may affect Borrower's title to or Lender's security interest
in the Collateral.

                  2.3        NEGATIVE COVENANTS OF BORROWER. Borrower will not,
without the prior written consent of Lender: (a) use or permit the Collateral to
be used unlawfully or in violation of any provision of this Agreement, or any
applicable statute, regulation, or ordinance or any policy of insurance covering
the Collateral; or (b) cause any waste or unusual or unreasonable depreciation
of the Collateral.

                  2.4        INSURANCE. Upon execution of this Agreement,
Borrower will insure the Collateral, with Lender named as a loss payee, in
reasonable form and amounts, with companies reasonably acceptable to Lender, and
against normal risks and liabilities. Borrower will deliver copies of such
policies to Lender at Lender's request. In the event of loss of insured
Collateral, Lender may make any claim thereunder, and until the Collateral is
promptly replaced by Borrower from the segregated proceeds of the insurance,
Lender may collect and receive payment of and endorse any instrument in payment
of loss, and apply such amounts received, at Lender's election, to replacement
of Collateral or to the Obligations. Lender will not by the fact of approving,
disapproving, accepting, preventing, obtaining or failing to obtain any
insurance, incur any liability for or with respect to the amount of insurance
carried, the form or legal sufficiency of insurance contracts, solvency of
insurance companies, or payment or defense of lawsuits. Borrower hereby
expressly assumes full responsibility therefor and all liability, if any, with
respect thereto.

                  2.5        PERFECTION. Borrower represents and warrants to
Lender that subject to the timely filing of such UCC-1 Financing Statements as
are necessary to perfect the security interest in the Collateral granted by
Borrower to Lender pursuant to the terms of this Agreement, this Agreement
creates a valid, perfected, and first priority lien against and security
interest in the Collateral, securing the payment of the Obligations, and all
filings and other actions necessary or desirable to perfect and protect such
interest have been duly taken. Borrower further represents and warrants to
Lender that neither the Collateral nor any portion thereof is subject to (or
will be subject to) any lien, encumbrance, or security interest in favor of any
third party that is senior in priority to the lien against and security interest
in the Collateral granted by Borrower to Lender pursuant to the terms of this
Agreement. Borrower represents and warrants to Lender that with respect to any
and all Collateral that Lender sells to Borrower, Lender will have a valid and
perfected first priority lien against and purchase money security interest in
such Collateral.

                  2.6        EXPENSES. Lender may incur expenses in connection
with the retaking, holding or preparing for sale of the Collateral including,
with limitation, reasonable attorneys'

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fees, appraisal fees, auction fees and advertising costs, and in connection
with protecting or enforcing its rights under this Agreement, including but
not limited to reasonable attorneys' fees and actual out-of-pocket costs,
which expenses Borrower will pay and are Obligations secured hereby.

                  2.7        WAIVERS. Borrower waives every right it may have to
require Lender to proceed against any person or to exhaust any Collateral or to
pursue any remedy available to Lender. Borrower waives every defense it may have
arising from Lender's failure to perfect or maintain a perfected security
interest in the Collateral.

                  2.8        TERMINATION OF SECURITY INTERESTS; RELEASE OF
COLLATERAL. Upon payment in full of all Obligations, the security interest
created hereby will terminate. Upon such termination of the security interest or
release of any Collateral, Lender will execute and deliver to Borrower such
documents as Borrower reasonably requests to evidence the termination of the
security interest or the release of such Collateral.

                  2.9        CUMULATIVE RIGHTS. All rights and remedies of
Lender under this Agreement are in addition to all rights and remedies given to
Lender contained in any other agreement, instrument or document or available to
Lender at law or in equity. All such rights and remedies are cumulative and not
exclusive and may be exercised successively or concurrently. No exercise of any
right or remedy will be deemed an election of remedies and preclude exercise of
any other right or remedy.

         3.       COVENANTS. Borrower covenants and agrees that it will comply
with the following provisions so long as the Obligations are outstanding:

                  3.1        ACCOUNTING RECORDS. Borrower will maintain adequate
books and accounts in accordance with GAAP consistently applied. Borrower will
deliver to Lender any financial information regarding the Business or the
finances of Borrower as Lender may reasonably request.

                  3.2        CORPORATE EXISTENCE. Borrower will preserve and
maintain its existence as a corporation in good standing in the jurisdiction of
its formation and all of its licenses, privileges, and franchises and other
rights necessary or desirable in the ordinary course of its business, except to
the extent that the failure to do so would not have a Material Adverse Effect.

                  3.3        QUALIFICATION TO DO BUSINESS. Borrower is qualified
to do business and is and will remain in good standing in each jurisdiction in
which the nature of its business requires it to be so qualified, except to the
extent that the failure to be so qualified and in good standing would not have a
Material Adverse Effect.

                  3.4        COMPLIANCE WITH LAWS. Borrower will observe and
comply in all material respects with all laws, ordinances, orders, judgments,
rules, regulations, certifications, franchises, permits, licenses, directions
and requirements of all Governmental Authorities, which now or at any time may
be applicable to Borrower, a violation of which could be reasonably expected to
have a Material Adverse Effect.

                  3.5        TAXES AND OTHER LIABILITIES. Borrower will pay and
discharge prior to the date on which penalties attach thereto all taxes,
assessments and governmental charges, license fees and levies upon or with
respect to Borrower, and upon the income, profits and property of Borrower,
unless and to the extent that such taxes, assessments, charges, license fees and
levies are being contested in good faith and by appropriate proceedings
diligently

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conducted by Borrower, and provided that such reserve or other appropriate
provisions as are required in accordance with GAAP will have been made
therefor.

                  3.6        INSURANCE. Borrower will maintain insurance with
insurance carriers which Borrower reasonably believes are financially sound on
such property, against such risks, and in such amounts as is customarily
maintained by similar businesses, and file with Lender within five (5) days
after Lender's written request therefor a detailed list of such insurance then
in effect, stating the names of the carriers, the policy numbers, the insureds
thereunder, the amounts of insurance, the dates of expiration thereof, and the
property and risks covered thereby.

                  3.7        MAINTENANCE OF COLLATERAL. Borrower will (a)
maintain, keep and preserve all of the Collateral in good repair, working order
and condition and from time to time make all necessary and proper repairs,
renewals, replacements, and improvements thereto, and (b) maintain, preserve and
protect all franchises, licenses, copyrights, patents and trademarks material to
its Business, so that the Business carried on in connection therewith may be
properly and advantageously conducted at all times.

                  3.8        CONDUCT OF BUSINESS. Borrower will comply with all
Governmental Requirements.

                  3.9        AUTHORIZATIONS. Borrower will obtain, make and keep
in full force and effect all authorizations from and registrations with
Governmental Authorities that may be required for the validity and
enforceability of this Agreement, the Note, and all other documents and
instruments executed in connection therewith against Borrower.

                  3.10       NOTIFICATION OF EVENTS OF DEFAULT AND ADVERSE
DEVELOPMENTS. Borrower will promptly notify Lender of the occurrence of (a) any
Incipient Default or Event of Default hereunder; (b) any event, development, or
circumstance whereby any financial statements most recently furnished to Lender
fail in any material respect to present fairly, in accordance with GAAP, the
financial condition and operating results of Borrower as of the date of such
financial statements; (c) any material litigation or proceedings that are
instituted or threatened (to the knowledge of Borrower) against Borrower and all
or any part of the Collateral; and (d) each and every event which would be an
Event of Default under any material Indebtedness of Borrower, such notice to
include the names and addresses of the holders of such Indebtedness and the
respective amounts thereof.

                  3.11       FURTHER ASSURANCES. Borrower will execute,
acknowledge and deliver any and all such further assurances and other agreements
or instruments, and take or cause to be taken all such other action, as may be
reasonably requested by Lender from time to time in order to give full effect to
this Agreement and the Note and to maintain, preserve, safeguard, and continue
at all times all of the rights, remedies, powers, and privileges of Lender under
this Agreement and the Note.

                  3.12       FURTHER IDENTIFICATION OF COLLATERAL. If so
requested by Lender, Borrower will furnish to Lender, as often as Lender
reasonably requests, statements and schedules further identifying and describing
the Collateral, all in reasonable detail.

         4.       NEGATIVE COVENANTS. Borrower covenants and agrees that
unless it obtains Lender's prior written consent (which consent Lender
covenants and agrees will not be unreasonably withheld), so long as any of
the Obligations remain outstanding, Borrower will not:

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                  4.1        MERGER OR ACQUISITION. Consolidate or merge into or
with any Person or acquire all or substantially all of the stock, property or
assets of any Person.

                  4.2        SALE AND EXCHANGE OF ASSETS. Sell, lease, assign,
or transfer to any Person, exchange with any Person, or otherwise dispose of any
material asset (except in the ordinary course of business or to the extent such
asset is obsolete or is no longer used or useful in the business of Borrower),
or sell, exchange, lease, assign, transfer, or otherwise dispose of all or
substantially all of its assets.

                  4.3        RESTRICTED PAYMENTS. Make any distributions to its
shareholders, declare or pay any dividends, or apply any of its property to the
voluntary purchase, redemption or other retirement of, or set apart any sum for
the voluntary payment of any dividends on, or make any other distribution by
reduction of capital or otherwise in respect of, any shares of its present or
future issues of stock (each, a "Restricted Payment").

                  4.4        TRANSACTIONS WITH AFFILIATES. Directly or
indirectly enter into or permit to exist any material transaction (including,
without limitation, the purchase, sale, lease or exchange of any property or the
rendering of any service) with any Affiliate of Borrower, except for
transactions in the ordinary course of and pursuant to the reasonable
requirements of the business of Borrower and upon fair and reasonable terms
which are fairly disclosed to Lender.

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         5.       DEFAULT.

                  5.1      EVENTS OF DEFAULT. Each of the following will
constitute an Event of Default under this Agreement:

                           (a)      Borrower fails to pay when due any
payment of principal or interest or any other sum payable under the Note, and
such failure continues without cure for five (5) calendar days after the date
that such payment was due.

                           (b)        Borrower fails to comply with any
agreement contained in section 4 of this Agreement, and with respect to any
failure which by its nature can be cured, such failure continues without cure
for fifteen (15) calendar days after Lender notifies Borrower in writing of
the occurrence thereof.

                           (c)      Borrower defaults in the performance of
any of its material obligations under any provision of this Agreement, and
with respect to any failure which by its nature can be cured, such failure
continues without cure for fifteen (15) calendar days after Lender notifies
Borrower in writing of the occurrence thereof.

                           (d)      Any warranty or representation made by
Borrower in this Agreement or in the Note is untrue in any material respect,
in any case on any date as of which the facts set forth are stated or
certified.

                           (e)      Borrower institutes a voluntary case
seeking liquidation or reorganization under chapter 7 or chapter 11,
respectively, of the United States Bankruptcy Code (the "Code"), or under any
other applicable insolvency, bankruptcy, reorganization, composition,
arrangement, moratorium or liquidation laws of any state or country
(collectively with the Code, the "Insolvency Laws"), or consents to the
institution of an involuntary case against it under any of the Insolvency
Laws; or Borrower files a petition initiating or otherwise institutes any
similar proceeding under any of the Insolvency Laws, or consents thereto; or
Borrower applies for, or by consent or acquiescence there is an appointment
of or order entered by a court of competent jurisdiction appointing a
receiver, liquidator, sequestrator, trustee or other officer with similar
powers; or Borrower makes an assignment for the benefit of creditors; or
Borrower admits in writing its inability to pay its debts generally as they
become due; or, if an involuntary case is commenced seeking the liquidation
or reorganization of Borrower under chapter 7 or chapter 11, respectively, of
the Code, or any similar proceeding is commenced against Borrower under any
of the Insolvency Laws, and (1) the petition commencing such case is not
timely controverted; or (2) the petition commencing such case is not
dismissed within thirty (30) days of its filing; or (3) a trustee (interim or
otherwise) is appointed to take possession of all or a portion of the
Borrower's assets, or to operate all or any part of the business of Borrower;
or (4) an order for relief is issued or entered therein.

                           (f)        One or more judgments against Borrower
or attachments against its property, which in the aggregate exceed $10,000,
or the operation or result of which could be to interfere materially and
adversely with the conduct of the Business, remain unpaid, unstayed on
appeal, undischarged, unbonded, and undismissed for a period of thirty (30)
days.

                           (g)      Any obligation (other than the
Obligations) of Borrower for the payment of commercial or investment
financial accommodation or any other indebtedness in excess of US$10,000
becomes or is declared to be due and payable prior to the expressed maturity
thereof.

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                           (h)      Any of Borrower's representations and
warranties set forth above in section 2.5 ceases to be true.

                           (i)      An event of default (other than one
specified above in section 5.1(a)) occurs under the Note, and with respect to
any failure which by its nature can be cured, such failure continues without
cure for fifteen (15) calendar days after Lender notifies Borrower in writing
of the occurrence thereof.

                  5.2      TERMINATION OF OBLIGATIONS AND ACCELERATION. If any
Event of Default described above in section 5.1 occurs, all Obligations will
become due and payable immediately, without any further notice to Borrower.

                  5.3      OTHER REMEDIES.  If any Event of Default occurs:

                           (a)      Lender may exercise in respect of the
Collateral, in addition to all other rights and remedies provided for in this
Agreement or otherwise available to it, all the rights and remedies of a
secured party upon default under the UCC (whether or not the UCC applies to
the affected Collateral) and may also: (1) require Borrower to, and Borrower
hereby agrees that it will, at its expense and upon Lender's request,
immediately assemble all or part of the Collateral as directed by Lender and
make it available to Lender at a place to be designated by Lender which is
reasonably convenient to the parties; (2) with five (5) days written notice,
enter upon any premises of Borrower and take possession of the Collateral;
and (3) without notice except as specified below, sell the Collateral or any
part thereof in one or more parcels at public or private sale, at any of
Lender's offices or elsewhere, at such time or times, for cash, on credit, or
for future delivery, and at such price or prices and upon such other terms as
Lender may deem commercially reasonable. Borrower agrees that, to the extent
notice of sale will be required by law, at least ten days' notice to Borrower
of the time and place of any public sale or the time after which any private
sale is to be made will constitute reasonable notification. At any sale of
the Collateral, if permitted by law, Lender may bid (which bid may be, in
whole or in part, in the form of cancellation of indebtedness) for the
purchase of the Collateral or any portion thereof for the account of Lender.
Lender will not be obligated to make any sale of Collateral regardless of
notice of sale having been given. Lender may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to
which it was so adjourned. To the extent permitted by law, Borrower hereby
specifically waives all rights of redemption, stay, or appraisal which it has
or may have under any law now existing or hereafter enacted.

                           (b)        For the purposes of this Agreement,
Borrower acknowledges and agrees that after an Event of Default, it will be
liable to Lender for all attorneys' fees, consultant's fees, accountants'
fees, expert witness fees, and all actual out-of-pocket expenses incurred by
Lender in connection with any and all of the following: (1) any action taken
by Lender to (A) enforce any of its rights under this Agreement, (B) protect,
preserve, collect, assemble, lease, sell, take possession of, or liquidate
any of the Collateral, or (C) enforce or foreclose upon its security interest
in any of the Collateral; (2) any negotiation and/or documentation of a work
out, refinancing, restructuring, or settlement agreement with Borrower; and
(3) the commencement or defense of, or appearance or intervention in, any
litigation, arbitration proceeding, administrative proceeding, or bankruptcy
case (including but not limited to any adversary proceeding in such case) in
or to which Borrower is a party or party in interest.

Beyond the safe custody thereof, Lender will have no duty with respect to any
Collateral in its possession or control (or in the possession or control of any
agent or bailee) or with respect to

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any income thereon or the preservation of rights against prior parties or any
other rights pertaining thereto. Lender will be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to
that which it accords its own property. Lender will not be liable or
responsible for any loss or damage to any of the Collateral, or for any
diminution in the value thereof, by reason of the act or omission of any
warehouseman, carrier, forwarding agency, consignee or other agent or bailee
selected in good faith by Lender.

                  5.4        APPLICATION OF PROCEEDS. Upon the occurrence and
during the continuance of an Event of Default, the proceeds of any sale of, or
other realization upon, all or any part of the Collateral by Lender will be
applied: first, to all fees, costs and expenses incurred by Lender with respect
to the enforcement of this Agreement; second, to accrued and unpaid interest on
the Obligations; and third, to the principal amount of the Obligations
outstanding. Lender acknowledges and agrees that it will not retain any proceeds
in excess of the amounts necessary to pay in full all of the items described in
the preceding sentence, and will remit promptly to Borrower all of such excess
proceeds, if any.

         6.       MISCELLANEOUS.

                  6.1        SUCCESSORS AND ASSIGNS. This Agreement inures to
the benefit of and binds the parties to this Agreement and their respective
heirs, executors, administrators, legal representatives, successors, assigns,
agents, representatives, spouses, and all persons claiming by or through them,
including without limitation any chapter 7 or chapter 11 trustee in bankruptcy,
and the words "Lender" and "Borrower," whenever occurring in this Agreement,
will be deemed to include such respective heirs, executors, administrators,
legal representatives, successors, assigns, agents, representatives, spouses,
and all persons claiming by or through them.

                  6.2        TIME. The parties to this Agreement agree that time
is of the essence with respect to all of the provisions of this Agreement.

                  6.3        COUNTERPART ORIGINALS. This Agreement may be
executed in two counterparts, each of which will be deemed to be an original as
against the party whose "ink original" or facsimile signature appears thereon,
and both of such counterparts will together constitute one and the same
instrument. Each party to this Agreement who delivers a facsimile signature will
promptly thereafter deliver to each of the other parties to this Agreement a
counterpart original of this Agreement bearing an "ink original" signature.

                  6.4        CAPTIONS. The captions or headings of the sections
of this Agreement are for convenience only and will not control or affect the
meaning or construction of any of the terms or provisions of this Agreement.

                  6.5        GENDER; NUMBER. Words used in this Agreement,
regardless of the number or gender specifically used, will be deemed and
construed to include any other number, singular or plural, and any other gender,
masculine, feminine or neuter, as the context requires.

                  6.6        ADDITIONAL ACTIONS. Each of the parties to this
Agreement covenants and agrees that it will take promptly such additional
actions and will execute such additional documents and instruments as are
reasonably necessary to effectuate the transactions contemplated by this
Agreement.

<Page>

                  6.7        NO THIRD PARTY BENEFICIARIES. The rights and
benefits of this Agreement will not inure to the benefit of any party that is
not a party to this Agreement. Nothing contained in this Agreement will be
construed to create any rights, claims, or causes of action in favor of any
third party against any party to this Agreement.

                  6.8        NOTICES. All notices and communications under this
Agreement will be in writing and will be: (a) delivered in person; or (b) sent
by fax; or (c) mailed, postage prepaid, either by certified mail, return receipt
requested, or by overnight express carrier, addressed in each case as follows:

       To Borrower:  Blue Sky Communications, Inc.
                     Attn: Dave Lasier, CEO
                     100 Northpoint Center East, Suite 300
                     Alpharetta, GA 30022
                     Fax: (678) 366-9662

                     A courtesy copy of any notice under this
                     Agreement that is sent to Borrower must be
                     sent to:

                     Richard A. Cohen, General Counsel
                     Blue Sky Communications, Inc.
                     100 Northpoint Center East, Suite 300
                     Alpharetta, GA 30022
                     Fax: (678) 366-9662

                     and to:

                     Mr. Thomas Wardell
                     Long Aldridge Norman LLP
                     303 Peachtree St. NW
                     Atlanta, GA 30308
                     Fax: (404) 527-4198

       To Lender:    interWAVE Communications International, Ltd.
                     Attn: Thomas W. Hubbs, Executive Vice President and CFO
                     Clarendon House
                     2 Church Street
                     Hamilton, HMDX, Bermuda

                     A courtesy copy of any notice under this
                     Agreement that is sent to Lender must be
                     sent to:

                     Mr. Robin Foor
                     Vice President and General Counsel
                     interWAVE Communications, Inc.
                     312 Constitution Drive
                     Menlo Park, CA  94025
                     Fax: (650) 321-6381

                     and to:

                     Mr. George H. Kalikman
                     Baker & McKenzie

<Page>

                     Two Embarcadero Center, 24th Floor
                     San Francisco, CA 94111
                     Fax: (415) 576-3099

All notices sent pursuant to the terms of this section 6.8 will be deemed
received upon actual receipt. A copy of any notice sent by fax must be sent by
regular mail as well on the same day that such fax is sent. Lender and Borrower
may change the name of its representative to whom (and/or the address to which)
notices (and/or courtesy copies of such notices) should be directed, provided
that such party complies with the provisions of this section 6.8 regarding the
methods for providing such notice.

                  6.9        INTERPRETATION. Each of the parties to this
Agreement has been represented by independent counsel in the preparation and
negotiation of this Agreement, and this Agreement will be construed according to
the fair meaning of its language. The rule of construction to the effect that
ambiguities are to be resolved against the drafting party will not be employed
in interpreting this Agreement.

                  6.10       REPRESENTATIONS AND WARRANTIES. Each of the parties
to this Agreement represents and warrants to the other party to this Agreement
that it has full power, authority and legal right to execute, deliver and comply
with this Agreement and any other document or instrument relating to this
Agreement to be executed by it. All individual, corporate, or other appropriate
actions of each of the parties to this Agreement that are necessary or
appropriate for the execution and delivery of and compliance with this Agreement
and such other documents and instruments have been taken. Upon its execution and
delivery, this Agreement will constitute the valid and legally binding
obligation of each of the parties to this Agreement, enforceable against each of
them in accordance with its terms, subject only to bankruptcy, insolvency,
reorganization, moratorium and other laws applicable to creditors' rights or the
collection of debtors' obligations generally. Borrower acknowledges that Lender
has entered into this Agreement in reliance upon each of the representations and
warranties made by Borrower which are contained in this Agreement.

                  6.11       INTEGRATION CLAUSE. This Agreement constitutes the
entire agreement between the parties to this Agreement with respect to the
subject matter of this Agreement, and there are no other terms, obligations,
covenants, representations, statements or conditions except as set forth in this
Agreement. No change or amendment to this Agreement will be effective unless it
is contained in a document entitled "Amendment to Security Agreement," and is
executed by each of the parties to this Agreement. Failure to insist upon strict
compliance with any term or provision of this Agreement will not be deemed to be
a waiver of any rights under a subsequent act or failure to act. Each of the
parties to this Agreement acknowledges and agrees that in the event of any
subsequent litigation, arbitration proceeding, controversy or dispute concerning
this Agreement, neither of them will be permitted to offer or introduce into
evidence any oral testimony concerning any oral promises or oral agreements
between them that relate to the subject matter of this Agreement that are not
included or referred to in this Agreement and that are not evidenced by a
writing entitled "Amendment to Security Agreement" which is signed by each of
the parties to this Agreement.

                  6.12     GOVERNING LAW; ARBITRATION; VENUE; EQUITABLE RELIEF.

                           (a)      GOVERNING LAW.  This Agreement will be
governed by and construed and enforced in accordance with the laws of the
State of California, without regard to principles of conflicts of laws. Each
party to this Agreement agrees that all disputes, claims and controversies
among the parties to this Agreement concerning the interpretation or

<Page>

enforcement of this Agreement, or any other matter arising out of or relating
to this Agreement, will be arbitrated pursuant to the provisions of this
section 6.12.

                           (b)      INITIATION OF ARBITRATION PROCEEDING.
Either party to this Agreement may initiate an arbitration proceeding by
making a written demand for arbitration and serving a notice of said demand
upon the adverse party in the manner provided in this Agreement, and upon the
San Francisco regional office of JAMS. A written response to the demand must
be served upon the initiating party and JAMS within ten (10) days of the
adverse party's receipt of the demand.

                           (c)      SELECTION OF ARBITRATOR.  The arbitration
will be conducted by a single arbitrator who is a retired judge associated
with the San Francisco regional office of JAMS. The arbitrator will be
selected in accordance with the JAMS Financial Services Arbitration Rules &
Procedure then in effect (the "JAMS Rules") within fourteen (14) days of the
service of the written demand for arbitration. If the parties to this
Agreement cannot so agree upon the selection of the arbitrator within the
fourteen (14) day period, then the arbitration will be conducted by a single
arbitrator who will be a retired judge associated with the San Francisco
regional office of JAMS, and who will be selected by JAMS within five (5)
days of the service of a written request that JAMS select the arbitrator.

                           (d)        VENUE. Each party to this Agreement
covenants and agrees that any arbitration proceeding instituted under the
provisions of this Agreement will be conducted in San Francisco through the
San Francisco regional office of JAMS. LENDER AND BORROWER ACKNOWLEDGE TO
EACH OTHER THAT THE AGREEMENT TO ABIDE BY THE SPECIFIC PROVISIONS OF THIS
SECTION 6.12 IS A MATERIAL INDUCEMENT TO IT TO ENTER INTO THIS AGREEMENT, AND
EACH PARTY IS REASONABLY RELYING UPON THE OTHER PARTY'S REPRESENTATION TO DO
SO.

                           (e)        ARBITRATION HEARING AND AWARD. The
arbitration hearing will be conducted within thirty (30) days of the
appointment of the arbitrator. The arbitration will be conducted in
accordance with the JAMS Rules. The arbitrator's award will be conclusive and
binding on each of the parties to this Agreement. The arbitrator's award will
provide, among other things, that the prevailing party in the arbitration is
entitled to recover from the adverse party its costs and expenses incurred in
connection therewith including, without limitation, attorneys' fees as
determined by the arbitrator, the costs of the arbitration, and actual
out-of-pocket expenses including, without limitation, expert witness and
consultants' fees. Judgment upon the arbitrator's award may be entered in any
court of competent jurisdiction.

                           (f)      EQUITABLE RELIEF.  The Arbitrator has the
authority to grant either party to this Agreement equitable relief on such
terms and conditions as it deems reasonably necessary or appropriate.

         6.13       BENEFIT OF COUNSEL; INFORMED REVIEW. EACH PARTY TO THIS
AGREEMENT ACKNOWLEDGES AND REPRESENTS TO THE OTHER PARTY TO THIS AGREEMENT THAT:
(a) THE PROVISIONS OF THIS AGREEMENT AND THEIR LEGAL EFFECT HAVE BEEN FULLY
EXPLAINED TO IT BY ITS OWN COUNSEL; (b) IT HAS RECEIVED INDEPENDENT LEGAL ADVICE
FROM COUNSEL OF ITS OWN SELECTION; (c) IT FULLY UNDERSTANDS THE FACTS AND HAS
BEEN FULLY INFORMED AS TO ITS LEGAL RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT;
(d) THIS AGREEMENT IS BEING ENTERED INTO AND SIGNED BY IT KNOWINGLY, FREELY, AND
VOLUNTARILY, AFTER HAVING RECEIVED SUCH LEGAL ADVICE AND WITH SUCH KNOWLEDGE;
AND (e) ITS EXECUTION AND DELIVERY OF THIS AGREEMENT IS NOT THE RESULT OF ANY
DURESS OR UNDUE INFLUENCE. BY EXECUTING THIS AGREEMENT, EACH PARTY TO THIS
AGREEMENT ACKNOWLEDGES AND REPRESENTS TO THE OTHER PARTY TO THIS AGREEMENT THAT
IT HAS READ THE ENTIRE AGREEMENT.

<Page>

         IN WITNESS WHEREOF, the parties to this Agreement have executed and
delivered this Agreement as of the date and year first above written.

BLUE SKY COMMUNICATIONS, INC.           INTERWAVE COMMUNICATIONS INTERNATIONAL,
                                        LTD.

By:                                     By:
   ------------------------------          -----------------------------------
           Dave Lasier                     Name: Priscilla Lu
   Chief Executive Officer                       -----------------------------
                                           Title:Chief Executive Officer
                                                 -----------------------------<Page>
                                                                 EXHIBIT 10.14

               AMENDED AND RESTATED LCC INTERESTS PLEDGE AGREEMENT
              ------------------------------------------------------

         AMENDED AND RESTATED LCC INTERESTS PLEDGE AGREEMENT, dated as of
January 31, 2001 (as amended from time to time, the "AGREEMENT"), by and between
Blue Sky Communications, Inc., a Georgia corporation (the "GRANTOR"), and Nortel
Networks, Inc. (formerly known as Northern Telecom Inc.) as administrative agent
(the "ADMINISTRATIVE AGENT") for the Lenders (as defined in the Credit Agreement
described below). The Lenders and the Administrative Agent are collectively
referred to herein as the "Secured Parties".

                                 R E C I T A L S
                                 ---------------

         A. Pursuant to a Credit Agreement dated as of January 22, 1999 (as
amended by the First Amendment to Credit Agreement dated effective as of
December 31, 1999 and by the Second Amendment to Credit Agreement dated
effective as of January 31, 2001 and as the same may be further amended,
restated or otherwise modified from time to time, the "CREDIT AGREEMENT") by and
among American Samoa Telecom, LLC, a Georgia limited liability company (the
"BORROWER"), the Lenders and the Administrative Agent, the Lenders have agreed
to make certain credit facilities available to the Borrower, subject to the
terms and conditions set forth therein.

         B. Pursuant to separate LLC Interests Pledge Agreements dated as
January 22, 1999, each of Stanford Financial Group Company ("STANFORD"), Telecom
Wireless Solutions, Inc. ("TWS") and Gelber Securities, Inc. ("GELBER"; with
Stanford and TWS, collectively, the "TRANSFERRING GRANTORS") (such agreements,
collectively, the "ORIGINAL PLEDGE AGREEMENTS") have pledged for the
Administrative Agent, on behalf of the Secured Parties, all right, title, claim,
estate and interest in and to the Capital Stock of the Borrower owned by the
Transferring Grantors.

         C. Pursuant to the Contribution Agreement among each of the
Transferring Grantors and the Grantor dated of even date herewith (the
"CONTRIBUTION AGREEMENT"), the Transferring Grantors have sold, assigned or
otherwise transferred to the Grantor, subject to the Security Interest (as such
term is defined in the Original Pledge Agreements), all of their ownership in
the Capital Stock of the Borrower and, as a result, the Grantor is the owner of
the Collateral described on SCHEDULE A attached hereto.

         D. It is a condition to the continued extension of the credit
facilities described in RECITAL A hereto that a continuing security interests in
the Collateral be granted by the Grantor to the Administrative Agent for the
benefit of the Secured Parties.

                                A G R E E M E N T
                               -------------------

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

<Page>

                                    ARTICLE 1

                         DEFINITIONS AND RELATED MATTERS
                        ----------------------------------

         SECTION 1.1. DEFINITIONS. Terms with initial capital letters not
otherwise defined herein have the respective meanings set forth in the Credit
Agreement. In addition, the following terms with initial capital letters have
the following meanings:

         "APPLICABLE LAW" means all applicable provisions of all (i)
constitutions, treaties, statutes, laws, rules, regulations and ordinances of
any Governmental Authority, (ii) Governmental Approvals and (iii) orders,
decisions, judgments, awards and decrees of any Governmental Authority
(including common law and principals of public policy).

         "CAPITAL STOCK" means, with respect to any Person, all (i) membership
interests, shares, interests, participations or other equivalents (howsoever
designated) of capital stock and other equity interests of such Person and (ii)
rights (other than debt securities convertible into capital stock or other
equity interests), warrants or options to acquire any such capital stock or
other equity interests.

         "CHARGES" means all federal, state, county, city, municipal or other
Taxes, levies, assessments or charges that, if not paid when due, may result in
a Lien of any Governmental Authority against Collateral.

         "COLLATERAL" shall mean all Capital Stock of the Borrower now or
hereafter owned by the Grantor, including, without limitation, the property
specifically described on SCHEDULE A attached hereto and made a part hereof. The
term Collateral, as used herein, shall also include (i) all certificates,
instruments and/or other documents evidencing the foregoing including the
Pledged Collateral, (ii) all renewals, replacements and substitutions of all the
foregoing, (iii) all Additional Property (as hereinafter defined), and (iv) all
Proceeds of all the foregoing. The designation of proceeds does not authorize
Grantor to sell, transfer or otherwise convey any of the foregoing property. The
delivery at any time by Grantor to the Administrative Agent of any property as a
pledge to secure payment or performance of any indebtedness or obligation
whatsoever shall also constitute a pledge of such property as Collateral
hereunder (for purposes of this Agreement, any such property is referred to as
"ADDITIONAL PROPERTY").

         "GOVERNMENTAL APPROVAL" means (i) any license, authorization, consent,
approval, permit, or license granted by the FCC or any Governmental Authority
permitting the Grantor or any Subsidiary to own or operate the Network and (ii)
any other authorization, consent, approval, permit or license issued by, or a
resignation or filing with, any Governmental Authority.

         "GOVERNMENTAL AUTHORITY" means any nation or any state or political
subdivision thereof and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any
tribunal or arbitrator of competent jurisdiction.

         "NETWORK" is defined in the Credit Agreement.

         "OBLIGATION" means all present and future obligations and liabilities
of the Borrower and each Borrower Party of every type and description arising
under or in connection with the Loan

                                       -2-
<Page>

Documents due or to become due to the Lender Parties or any Person entitled to
indemnification under the Loan Documents, or any of their respective successors,
transferees or assigns, whether for principal, interest, Fees, expenses,
indemnities or other amounts (including attorneys' fees and expenses) and
whether due or not due, direct or indirect, joint and/or several, absolute or
contingent, voluntary or involuntary, liquidated or unliquidated, determined or
undetermined, and whether now or hereafter existing, renewed or restructured.

         "PLEDGE COLLATERAL" means any certificate, instrument or other document
evidencing ownership by the Grantor of interests in the Borrower or any
successor of the Borrower.

         "PROCEEDS" means all proceeds and products of any of the Collateral,
whether now held and existing or hereafter acquired or arising, including any
and all cash, securities, instruments and other property from time to time paid,
payable or otherwise distributed in respect of or in exchange for any or all of
the Collateral. "PROCEEDS" shall include (i) whatever is now or hereafter
received by the Grantor upon the sale, exchange, collection, other disposition
or operation of any item of Collateral, whether such proceeds constitute
accounts, general intangibles, instruments, securities, investment property,
documents, letters of credit, chattel paper, deposit accounts, money, goods or
other personal property, (ii) any items that are now or hereafter acquired by
the Grantor with any Proceeds of Collateral, (iii) any amounts now or hereafter
payable under any insurance policy by reason of any loss of or damage to any
Collateral or the business of the Grantor, (iv) any options, warrants,
securities or other property issued or delivered by the issuer of or obligor on
any Collateral as a stock dividend or distribution in connection with any
reclassification, increase or reduction of capital or issued or delivered in
connection with any merger or other reorganization, (v) any property received
upon the liquidation or dissolution of any issuer of or obligor on any
Collateral or upon or in respect of any distribution of capital, and (vi) the
right to further transfer, including by pledge, mortgage, license, assignment or
sale, of any of the foregoing.

         "PROCESS AGENT" is defined in SECTION 6.8.2.

         "SECURED OBLIGATIONS" is defined in SECTION 2.2.

         "SECURITY INTEREST" is defined in SECTION 2.1.

         "SUPPLEMENTAL DOCUMENTATION" means financing statements, continuation
statements, schedules of Collateral and other instruments or documents necessary
or requested by the Administrative Agent (i) to perfect and maintain perfected
the Security Interest in any Collateral or (ii) so that the Administrative Agent
receives all interest, dividends and distributions from time to time paid with
respect to, and all other Proceeds of, all Collateral the Administrative Agent
is entitled to receive hereunder.

         "UCC" means the Uniform Commercial Code (as amended from time to time)
of the State of New York.

                                      -3-
<Page>

         SECTION 1.2. RELATED MATTERS.

                  1.2.1. TERMS USED IN THE UCC. Unless the context clearly
         otherwise requires, all lower-case terms used and not otherwise defined
         herein that are used or defined in Article 9 (or any equivalent
         subpart) of the UCC have the same meanings herein.

                  1.2.2. CONSTRUCTION. Unless the context of this Agreement
         clearly requires otherwise, references to the plural include the
         singular, the singular includes the plural, the part includes the
         whole, and "including" is not limiting. The words "hereof," "herein,"
         "hereby," "hereunder" and similar terms of this Agreement refer to this
         Agreement as a whole (including the Preamble, the Recitals and all
         Schedules and Exhibits) and not to any particular provision of this
         Agreement. Article, section, subsection, exhibit, recital, preamble and
         schedule references in this Agreement are to this Agreement unless
         otherwise specified. References in this Agreement to any agreement,
         other document or law "as amended" or "as amended from time to time,"
         or to amendments of any document or law, shall include any amendments,
         supplements, replacements, renewals, waivers or other modifications not
         prohibited by the Loan Documents.

                  1.2.3. GOVERNING LAW. Except to the extent otherwise required
         by Applicable Law, the UCC shall govern the attachment, perfection,
         priority and enforcement of the Security Interest and all other matters
         to which the UCC applies pursuant to the terms thereof. This Agreement
         shall be governed by, and construed in accordance with, the laws of the
         State of New York (other than choice of law rules that would require
         the application of the laws of any other jurisdiction).

                  1.2.4.   HEADINGS.  The Article and Section  headings used in
         this Agreement are for  convenience of reference only and shall not
         affect the construction hereof.

                  1.2.5. SEVERABILITY. If any provision of this Agreement or any
         Lien or other right hereunder shall be held to be invalid, illegal or
         unenforceable under Applicable Law in any jurisdiction, such provision,
         Lien or other right shall be ineffective only to the extent of such
         invalidity, illegality or unenforceability, which shall not affect any
         other provisions herein or any other Lien or right granted hereby or
         the validity, legality or enforceability of such provision, Lien or
         right in any other jurisdiction.

                                    ARTICLE 2

                   THE SECURITY INTEREST; SECURED OBLIGATIONS
                   -------------------------------------------

         SECTION 2.1. SECURITY INTEREST. To secure the payment and performance
of its Secured Obligations as and when due, the Grantor hereby conveys, pledges,
assigns and transfers to the Administrative Agent, for the equal and ratable
benefit of the Secured Parties, a continuing lien on and security interest (the
"SECURITY INTEREST") in all right, title, claim, estate and interest of the
Grantor in and to the Collateral.

         SECTION 2.2. SECURED OBLIGATIONS. The Security Interest shall secure,
for the equal and ratable benefit of the Secured Parties, the due and punctual
payment and performance of the

                                      -4-
<Page>

Obligations, including without limitation any and all present and future
obligations and liabilities of the Borrower and the Grantor of every type or
description to each Secured Party, or any of its successors or assigns, or any
Person entitled to indemnification under the Credit Agreement or the other Loan
Documents.

                  2.2.1. arising under or in connection with the Credit
         Agreement and the other Loan Documents, in each case whether for
         principal, interest, reimbursement obligations, fees, expenses,
         indemnities or other amounts (including attorneys' fees and expenses);
         or

                  2.2.2. arising under or in connection with this Agreement,
         including for reimbursement of amounts permitted to be advanced or
         expended by any Secured Party (i) to satisfy amounts required to be
         paid by the Grantor under this Agreement for claims and Charges,
         together with interest thereon to the extent provided or (ii) to
         maintain or preserve any Collateral or to create, perfect, continue or
         protect any Collateral or the Security Interest therein, or its
         priority;

in each case whether due or not due, direct or indirect, joint and/or several,
absolute or contingent, voluntary or involuntary, liquidated or unliquidated,
determined or undetermined, now or hereafter existing, renewed or restructured,
whether or not from time to time decreased or extinguished and later increased,
created or incurred, whether or not arising after the commencement of a
proceeding under the Bankruptcy Code (including post-petition interest) and
whether or not allowed or allowable as a claim in any such proceeding, and
whether or not recovery of any such obligation or liability may be barred by a
statute of limitations or such obligation or liability may otherwise be
unenforceable (all obligations and liabilities described in this SECTION 2.2 are
collectively referred to as the "SECURED OBLIGATIONS").

                                    ARTICLE 3

                         WARRANTIES AND REPRESENTATIONS
                        ---------------------------------

         The Grantor represents and warrants the following to the Administrative
Agent, all of which shall survive until termination of this Agreement pursuant
to SECTION 6.7.

         SECTION 3.1. FILINGS, ETC.

                  3.1.1. Duly executed financing statements containing a correct
         description of the Collateral have been delivered to the Administrative
         Agent for filing in every governmental office in every state, county
         and other jurisdiction in which the principal or any other place of
         business or the chief executive office of the Grantor, to the extent
         necessary to establish a valid and perfected Lien in favor of the
         Administrative Agent in all Collateral in which a Lien may be perfected
         by filing, and no further or subsequent filing, recording or
         registration is necessary in any such jurisdiction, except as provided
         under Applicable Law with respect to the filing of continuation
         statements.

                  3.1.2. All Pledged Collateral has been delivered to the
         Administrative Agent to the extent required hereby.

                                      -5-
<Page>

         SECTION 3.2. LOCATIONS AND NAMES. SCHEDULE 3.2 indicates (a) the
Grantor's chief executive office and principal place of business on the date
hereof and at any time during the last four months, (b) all other places of
business of the Grantor on the date hereof or at any time during the last four
months, (c) the Grantor's federal tax identification number, and (d) all prior
or current trade or legal names used to identify the Grantor in its business or
in the ownership of its properties.

         SECTION 3.3. TITLE TO COLLATERAL; VALIDITY AND PERFECTION OF SECURITY
INTEREST; ABSENCE OF OTHER LIENS.

                  3.3.1. The Grantor has good and marketable title to all of the
         Collateral.

                  3.3.2. The Security Interest constitutes a valid and, upon
         delivery of the Pledged Collateral to the Administrative Agent pursuant
         to SECTION 4.9 and the filing of the financing statements referred to
         in SECTION 3.1 with the Governmental Authorities and other Persons
         referred to in such Section, perfected security interest in and Lien on
         all of the Collateral and secures payment and performance of the
         Secured Obligations. The Collateral is free and clear of all Liens
         other than Permitted Liens.

                  3.3.3. Except for financing statements in favor of the
         Administrative Agent, the Grantor has filed no financing statement
         covering any Collateral.

                                    ARTICLE 4

                            COVENANTS AND AGREEMENTS
                            ------------------------

         SECTION 4.1. FURTHER ASSURANCES.

                  4.1.1. Subject to SECTION 4.9, the Grantor shall, at its own
         expense, perform on request of the Administrative Agent such acts as
         may be necessary or advisable in the opinion of the Administrative
         Agent, or that the Administrative Agent may request at any time, to
         assure the attachment, perfection and first priority of the Security
         Interest, to exercise the rights and remedies of the Secured Parties
         hereunder or to carry out the intent of this Agreement. Without
         limitation, the Grantor shall execute and deliver (or cause any third
         party to execute and deliver) to the Administrative Agent, at any time
         and from time to time, all Supplemental Documentation that the
         Administrative Agent may request, in form and substance acceptable to
         the Administrative Agent.

         SECTION 4.2. INSPECTION, VERIFICATION, ETC. The Grantor shall keep or
cause to be kept accurate and complete records of the Collateral at the
Grantor's chief executive office. The Administrative Agent and its employees and
agents shall have the right, at all times during the Grantor's usual business
hours, to (i) inspect Grantor's books and records of or relating to the
Collateral and (ii) make (or require the Grantor to provide) copies of such
records.

         SECTION 4.3. POWER OF ATTORNEY. The Grantor hereby irrevocably appoints
the Administrative Agent and its employees and agents as the Grantor's true and
lawful attorneys-in-fact, with full power of substitution, to do: (i) all things
required to be done by the Grantor under this Agreement and (ii) all things that
the Administrative Agent may deem necessary or

                                      -6-
<Page>

advisable to assure the attachment, perfection and first priority of the
Security Interest or otherwise to exercise the rights and remedies of the
Secured Parties hereunder or carry out the intent of this Agreement, in each
case irrespective of whether a Default or Event of Default then exists (except
as indicated below) and at the Grantor's expense. Without limitation, the
Administrative Agent and its officers and agents shall be entitled to do all of
the following, as fully as the Grantor might:

                  4.3.1. to sign the name of the Grantor on any Supplemental
         Documentation and to deliver and file such Supplemental Documentation
         to or with such Persons as the Administrative Agent, in its sole
         discretion, may elect;

                  4.3.2. to sign any certificate of ownership, registration
         card, application therefor, affidavits or documents necessary to
         transfer title to any of the Collateral, to receive any receipt for all
         licenses, registration cards and certificates of ownership;

                  4.3.3. to affix, by facsimile signature or otherwise, the
         general or special endorsement of the Grantor, in such manner as the
         Administrative Agent shall deem advisable, to any Pledged Collateral
         that has been delivered to or obtained by the Administrative Agent
         without appropriate endorsement or assignment; and

                  4.3.4. during the existence of an Event of Default, without
         notice to the Grantor and at such time or times as the Administrative
         Agent in its discretion may determine, in the Grantor's or in the
         Administrative Agent's name, to attend and vote at any and all meetings
         of the holders of Investment Property and to execute any and all
         written consents of such holders with the same effect as if the Grantor
         had personally attended and voted at such meetings or had personally
         signed such consents.

         The Administrative Agent shall be under no obligation whatsoever to
take any of the foregoing actions and, absent bad faith or willful misconduct,
the Administrative Agent, the other Secured Parties and their respective
affiliates, shareholders, directors, officers, employees and agents shall have
no liability or responsibility for any act taken or omitted with respect
thereto. A copy of this Agreement and, if applicable, a statement by the
Administrative Agent that an Event of Default exists shall be conclusive
evidence of the Administrative Agent's right to act under this SECTION 4.3 as
against all third parties.

         SECTION 4.4. CHANGES OF LOCATIONS OF COLLATERAL, OFFICES, NAME OR
STRUCTURE. The Grantor shall not remove any Collateral, books or records with
respect to the Collateral to, or keep any Collateral, books or records with
respect to the Collateral at, a location not set forth on SCHEDULE 3.2, adopt a
trade name or change its name, chief executive office, principal place of
business, identity or structure without, in each case, providing ten (10)
Business Days' prior written notice to the Administrative Agent, provided that
the Grantor shall be permitted to take such action if the Grantor prior to
taking such action executes and delivers to the Administrative Agent all
Supplemental Documents and such further instruments and documents for the
purpose of obtaining or preserving the right and powers of the Secured Parties
herein granted and the full benefits granted under this Agreement, including the
filing of any financing or continuation statements under the Applicable Law in
effect in the appropriate jurisdictions.

                                      -7-
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         SECTION 4.5. PAYMENT OF CHARGES AND CLAIMS. The Grantor shall pay (a)
all Charges imposed upon any Collateral and (b) all claims that have become due
and payable and, under Applicable Law, have or may become Liens upon any
Collateral, in each case before any penalty shall be incurred with respect
thereto; PROVIDED THAT, unless foreclosure, levy or similar proceedings shall
have commenced, the Grantor need not pay or discharge any such Charges or claims
so long as the validity or amount thereof is being contested in good faith and
by appropriate proceedings and so long as adequate reserves therefor have been
established in accordance with GAAP. If the Grantor fails to pay or obtain the
discharge of any Charge, claim or Lien required to be paid or discharged under
this SECTION 4.5 and asserted against any portion of the Collateral, the
Administrative Agent may, at any time and from time to time, in its sole
discretion and without waiving or releasing any obligation of the Grantor under
this Agreement or waiving any Default or Event of Default, make such payment,
obtain such discharge or take such other action with respect thereto as the
Administrative Agent deems advisable.

         SECTION 4.6. INSURANCE; PAYMENT OF PREMIUMS. If loss of or damage to
Collateral results in recovery during the existence of an Event of Default of
insurance proceeds under any policies of insurance under which the
Administrative Agent is named as a contingent loss payee, the Administrative
Agent shall, in its sole and absolute discretion, maintain possession of such
proceeds as Collateral, apply such proceeds to the Secured Obligations in such
order and at such times, or release such proceeds or portions thereof to the
Grantor, in each case as specified in the Credit Agreement. No such application
shall cure or waive any Event of Default (unless the Secured Obligations are
paid in full) and no amount released to the Grantor shall be deemed to be a
payment of Obligations.

         SECTION 4.7. DUTY OF CARE; INDEMNITY.

                  4.7.1. No Secured Party shall have any duty of care with
         respect to the Collateral, except that each Secured Party shall have an
         obligation to exercise reasonable care with respect to Collateral in
         its possession; PROVIDED THAT (i) each Secured Party shall be deemed to
         have exercised reasonable care if Collateral in its possession is
         accorded treatment substantially comparable to that which such Secured
         Party accords its own property, and (ii) the Secured Parties shall have
         no obligation to take any actions to preserve rights against other
         parties or property with respect to any Collateral. Without limitation,
         no Secured Party shall (a) bear any risk or expense with respect to any
         Collateral or (b) have any duty with respect to calls, conversions,
         presentments, maturities, notices or other matters relating to
         Investment Property, or to maximize interest or other returns with
         respect thereto.

                  4.7.2. The Administrative Agent may at any time deliver or
         redeliver the Collateral or any part thereof to the Grantor and the
         receipt of any of the same by the Grantor shall be complete and full
         acquittance for the Collateral so delivered, and the Secured Parties
         thereafter shall be discharged from any liability or responsibility
         therefor.

         SECTION 4.8. SALE OF COLLATERAL; FURTHER LIENS. The Grantor shall not
(i) sell, lease or otherwise dispose of any Collateral, or any interest therein
or, (ii) grant or suffer to exist any Lien in or on any Collateral or sign or
authorize the filing of any financing statement with respect to any of the
Collateral. If any Collateral, or any interest therein, is disposed of in

                                      -8-
<Page>

violation of these provisions, the Security Interest shall continue in such
Collateral or interest notwithstanding such disposition, the Person to which the
Collateral or interest is being transferred shall be bound by this Agreement,
and the Grantor shall deliver all Proceeds thereof to t he Administrative Agent
to be held as Collateral hereunder.

         SECTION 4.9. DELIVERY OF INSTRUMENTS AND CERTIFICATES; ETC.

                  4.9.1. Contemporaneously herewith, the Grantor shall deliver
         to the Administrative Agent, together with appropriate endorsements or
         documentation of assignment thereof acceptable to the Administrative
         Agent, any certificates, documents or investments representing or
         evidencing the Collateral, including Pledged Collateral.

                  4.9.2. Without limitation of SUBSECTION 4.9.1 above, if the
         Grantor receives or becomes entitled to receive any securities issued
         by any issuer of Pledged Collateral, or any successor thereto, in any
         manner in substitution for or in addition to the Pledged Collateral, or
         if the Grantor shall become entitled to receive or shall receive any
         securities or other property in addition to, in substitution of, as a
         conversion of, or in exchange for, any of the Pledged Collateral or any
         other Collateral, the Grantor shall receive the same as the agent for
         the Administrative Agent, and shall hold the same in trust for and
         deliver the same promptly to the Administrative Agent in the exact form
         in which received, together with appropriate instruments of transfer or
         assignments in blank, to be held by the Administrative Agent as
         Collateral hereunder.

         SECTION 4.10. PROTECTION OF SECURITY; NOTICE OF LEVY. The Grantor
shall, at its own cost and expense, take any and all actions necessary to defend
title to the Collateral against all Persons and against all claims and demands
and to preserve, protect and defend the Security Interest, and the priority
thereof, against any adverse Liens. The Grantor will promptly notify the
Administrative Agent of any attachment or other legal process levied against any
Collateral.

         SECTION 4.11. ASSIGNMENT OF INCOME AND PROFITS.

                  4.11.1. The Grantor hereby absolutely and presently assigns to
         the Administrative Agent all rents, issues, income, profits and other
         Proceeds of or from the Collateral, all of which shall, during the
         existence of an Event of Default, be paid directly to the
         Administrative Agent. If the Grantor receives any such Proceeds during
         the existence of an Event of Default, such Proceeds shall be received
         by the Grantor in trust for the Administrative Agent and shall
         immediately be delivered to the Administrative Agent for application to
         the Secured Obligations.

                  4.11.2. Except as otherwise provided herein or in the Credit
         Agreement, the Grantor shall have the right to make collections on,
         receive and use all Proceeds in the ordinary course of business so long
         as no Event of Default shall exist. Upon the occurrence of an Event of
         Default, at the sole option of the Administrative Agent, the Grantor's
         right to make collections on the Collateral and receive and use such
         Proceeds shall terminate, and any and all Proceeds then held or
         thereafter received shall be held or received by the Grantor in trust
         for the Administrative Agent and immediately delivered in kind to the
         Administrative Agent, together with any necessary endorsements or

                                      -9-
<Page>

         instruments of assignment. Any remittance received by the Grantor from
         any Person shall be presumed to relate to the Collateral and to the
         Proceeds.

         SECTION 4.12. RESTRICTIONS ON SECURITIES. Grantor will not enter into
any agreement creating, or otherwise permit to exist, any restriction or
condition upon the transfer, voting or control of any securities pledged as
Collateral, except as consented to in writing by the Administrative Agent.

         SECTION 4.13. VOTING AND OTHER CONSENSUAL RIGHTS; DISTRIBUTIONS.

                  4.13.1.  So long as no Event of Default shall exist:

                           4.13.1.1. The Grantor shall be entitled to exercise
                  any and all voting and other consensual rights pertaining to
                  any Pledged Collateral or any securities of a subsidiary of
                  the Grantor, for any purpose not inconsistent with the terms
                  of this Agreement; PROVIDED, HOWEVER, that the Grantor shall
                  not exercise any such right if it would result in a Default or
                  an Event of Default or have a Material Adverse Effect. Within
                  10 days of exercising any such right in a manner material to
                  the Secured Parties, the Grantor shall give notice to the
                  Administrative Agent of such exercise and the action taken or
                  approved in connection therewith.

                           4.13.1.2. Except as otherwise provided herein, the
                  Grantor shall be entitled to receive and retain and use free
                  of the Security Interest any and all cash and other property
                  paid or otherwise distributed in respect of the Collateral;
                  PROVIDED, HOWEVER, that any and all (A) dividends and other
                  distributions paid or payable other than in cash (including in
                  the form of Pledged Collateral) and (B) cash paid upon or in
                  respect of any of the Collateral upon or in respect of the
                  liquidation or dissolution of any issuer thereof or upon or in
                  respect of any distribution of capital or redemption or
                  exchange of any Collateral shall be delivered to the
                  Administrative Agent, in the exact form received, to be held
                  as Collateral hereunder. The Grantor shall be entitled to
                  receive and retain and use free of the Security Interest any
                  and all cash and other property paid or otherwise distributed
                  in respect of the Collateral; provided that (i) any and all
                  dividends and other distributions in the form of Pledged
                  Collateral shall be held as Collateral hereunder, and (ii) the
                  Administrative Agent shall pay over or deliver to the Grantor
                  all cash and other property paid or distributed to the
                  Administrative Agent in respect of the Collateral and that the
                  Grantor is entitled to receive hereunder.

                  4.13.2. So long as an Event of Default shall exist, at the
         sole option of the Administrative Agent, any or all rights of the
         Grantor to exercise voting and other consensual rights and to receive
         cash and other property distributed in respect of Collateral as
         permitted above shall cease, at the option of the Administrative Agent,
         and the Administrative Agent, if and when it notifies the Grantor of
         the exercise of such option, shall have the sole right to exercise any
         or all such voting and other consensual rights and to receive and to
         hold as Collateral any or all such cash and other property.

                                      -10-
<Page>

                  4.13.3. All cash and other property required to be delivered
         to the Administrative Agent hereunder shall, if received by the
         Grantor, be received in trust for the benefit of the Secured Parties,
         be segregated from the other property of the Grantor, and promptly be
         delivered to the Administrative Agent in the same form as so received
         (with any appropriate endorsements or assignments).

                  4.13.4. The Administrative Agent shall execute and deliver (or
         cause to be executed and delivered) to the Grantor all proxies and
         other instruments as the Grantor may reasonably request for the purpose
         of enabling the Grantor to exercise the voting and other rights which
         it is entitled to exercise pursuant to SUBSECTION 4.13.1.1 above.

                                    ARTICLE 5

                         RIGHTS AND REMEDIES ON DEFAULT
                        ---------------------------------

         SECTION 5.1. REMEDIES. Upon or after the occurrence of any Event of
Default, whether or not all the Secured Obligations shall have become
immediately due and payable:

                  5.1.1. In addition to all its other rights, powers and
         remedies under this Agreement and Applicable Law, the Administrative
         Agent shall have, and may exercise, any and all of the rights, powers
         and remedies of a secured party under the UCC, all of which rights,
         powers and remedies shall be cumulative and not exclusive, to the
         extent permitted by Applicable Law.

                  5.1.2. The Administrative Agent shall have the right, all at
         the Administrative Agent's sole option and as the Administrative Agent
         in its discretion may deem necessary or advisable, to do any or all of
         the following:

                           5.1.2.1. to foreclose the Security Interest by any
                  available judicial procedure or without judicial process;

                           5.1.2.2. to prepare, assemble or process the
                  Collateral for sale or other disposition;

                           5.1.2.3. to apply any Collateral or any other assets
                  of the Grantor in the possession of the Administrative Agent
                  to the Secured Obligations;

                           5.1.2.4. to collect by legal proceedings or otherwise
                  all dividends, distributions, interest, principal or other
                  sums now or hereafter payable upon or on account of the
                  Collateral;

                           5.1.2.5. to enter into any extension or
                  reorganization agreement or any other agreement relating to or
                  affecting the Collateral and, in connection therewith, deposit
                  or surrender control of any Collateral or accept other
                  property in exchange therefor;

                           5.1.2.6. to settle, compromise or release, on terms
                  acceptable to the Administrative Agent, in whole or in part,
                  any amounts owing on the Collateral or

                                      -11-
<Page>

                  any insurance thereof or relating thereto or any disputes with
                  respect thereto or such insurance;

                           5.1.2.7. to receive, open and dispose of all mail
                  addressed to the Grantor and notify postal authorities to
                  change the address for delivery thereof to such address as the
                  Administrative Agent may designate, PROVIDED that the
                  Administrative Agent agrees that it will promptly deliver over
                  to the Grantor any such opened mail as does not relate to the
                  Collateral;

                           5.1.2.8. to exercise any and all other rights,
                  powers, privileges and remedies of an owner of the Collateral.

                  5.1.3. The Grantor shall, at the Administrative Agent's
         request, assemble the Collateral and make it available to the
         Administrative Agent at a place to be designated by the Administrative
         Agent. The Grantor shall make available to the Administrative Agent all
         computer and other equipment of the Grantor containing books and
         records pertaining to the Collateral (and the assistance of the
         employees of the Grantor having responsibility for such equipment) and
         shall allow the Administrative Agent to use such computer and other
         equipment at no charge for the purpose of obtaining information
         pertaining to the Collateral, including by making copies of computer
         and other files and records.

                  5.1.4. The Administrative Agent may, if it so elects, seek the
         appointment of a receiver or keeper to take possession of Collateral
         and to enforce any of the Administrative Agent's remedies with respect
         to such appointment without prior notice or hearing. The rights,
         remedies and powers of any receiver appointed by a court shall be as
         ordered by the court.

                  5.1.5. The Administrative Agent shall have the right to sell
         or otherwise dispose of all or any Collateral at public or private sale
         or sales, with such notice as may be required by SECTION 5.3, in lots
         or in bulk, for cash or on credit, with or without representations or
         warranties, all as the Administrative Agent, in its discretion, may
         deem advisable. The Administrative Agent shall not be obligated to make
         any sale of the Collateral regardless of notice of sale having been
         given. If sale of all or any part of the Collateral is made on credit
         or for future delivery, the Collateral so sold may be retained by the
         Administrative Agent until the sale price is paid by the purchaser or
         purchasers thereof, but the Administrative Agent shall not incur any
         liability in case any such purchaser or purchasers shall fail to take
         up and pay for the Collateral so sold and, in case of any such failure,
         such Collateral may be sold again upon like notice. The Administrative
         Agent shall have the right to conduct such sales on the Grantor's
         premises or elsewhere and shall have the right to use the Grantor's
         premises without charge for such sales for such duration as the
         Administrative Agent deem necessary or advisable. The Administrative
         Agent need not be present at any such sales. The Administrative Agent
         may purchase all or any part of the Collateral at public or, if
         permitted by Applicable Law, private sale, and in lieu of actual
         payment of the purchase price, the Administrative Agent may apply
         against such purchase price any amount of the Secured Obligations. The
         Grantor agrees that any sale of Collateral conducted by the

                                      -12-
<Page>

         Administrative Agent in accordance with the foregoing provisions of
         this Section and SECTION 5.2 shall be deemed to be a commercially
         reasonable sale under Section 9-504 of the UCC.

                  5.1.6. The Administrative Agent shall not be required to
         register or qualify any of the Collateral that constitutes securities
         under applicable state or federal securities laws in connection with
         any sale or other disposition thereof if such disposition is effected
         in a manner that complies with all applicable federal and state
         securities laws. The Administrative Agent shall be authorized at any
         such disposition (if it deems it advisable to do so) to restrict the
         prospective bidders or purchasers to persons who will represent and
         agree that they are "accredited investors" or "qualified institutional
         buyers" under Applicable Law and purchasing the Collateral for their
         own account for investment and not with a view to the distribution or
         sale thereof. If any such Collateral is sold at private sale, the
         Grantor agrees that if such Collateral is sold in a manner that the
         Administrative Agent in good faith believes to be reasonable under the
         circumstances then existing, then (A) the sale shall be deemed to be
         commercially reasonable in all respects, (B) the Grantor shall not be
         entitled to a credit against the Secured Obligations in an amount in
         excess of the purchase price, and (C) the Secured Parties shall not
         incur any liability or responsibility to the Grantor in connection
         therewith, notwithstanding the possibility that a substantially higher
         price might have been realized at a public sale. The Grantor recognizes
         that a ready market may not exist for such Collateral if it is not
         regularly traded on a recognized securities exchange, and that a sale
         by the Administrative Agent of any such Collateral for an amount
         substantially less than the price that might have been achieved had the
         Collateral been so traded may be commercially reasonable in view of the
         difficulties that may be encountered in attempting to sell Collateral
         that is privately traded.

         SECTION 5.2. APPLICATION OF PROCEEDS.

                  5.2.1. Any cash proceeds received by the Administrative Agent
         in respect of any sale of, collection from, or other realization upon,
         all or any part of the Collateral (including insurance proceeds) may be
         held by the Administrative Agent as Collateral and/or then or at any
         time thereafter applied as follows:

                           5.2.1.1. first, to the Administrative Agent to pay
                  all advances, charges, costs and expenses payable to the
                  Administrative Agent pursuant to SECTION 6.1; and

                           5.2.1.2. second, to pay the Secured Obligations in
                  the order set forth in the Credit Agreement.

                  5.2.2. The Grantor and any other Person then obligated
         therefor shall pay to the Secured Parties on demand any deficiency with
         regard to the Secured Obligations that may remain after such sale,
         collection or realization of, from or upon the Collateral.

                                      -13-
<Page>

                  5.2.3. Any surplus of cash held by the Administrative Agent
         and remaining after payment in full of all the Secured Obligations
         shall be reassigned and redelivered as provided in SECTION 6.7.

                  5.2.4. Payments received from any third party on account of
         any Collateral shall not reduce the Secured Obligations until paid in
         cash to the Administrative Agent. The application of proceeds by any
         Secured Party shall be without prejudice to such Secured Party's rights
         as against the Grantor or other Persons with respect to any Secured
         Obligations that may then be or remain unpaid.

                  5.2.5. If at any time after an Event of Default the Grantor
         receives any collections upon or other Proceeds of any Collateral,
         whether in the form of cash, Notes Receivable or otherwise, such
         Proceeds shall be received in trust for the Secured Parties and the
         Grantor shall keep all such Proceeds separate and apart from all other
         funds and property so as to be capable of identification as the
         property of the Secured Parties and promptly deliver such Proceeds to
         the Administrative Agent in the identical form received.

         SECTION 5.3. NOTICE. Unless the Collateral threatens to decline
speedily in value or is of a type customarily sold on a recognized market, the
Administrative Agent will send or otherwise make available to the Grantor
reasonable notice of the time and place of any public sale or of the time on or
after which any private sale of any Collateral is to be made. The Grantor agrees
that any notice required to be given by the Administrative Agent of a sale or
other disposition of Collateral, or any other intended action by the
Administrative Agent, that is received in accordance with the provisions set
forth in SECTION 6.4 five days prior to such proposed action, shall constitute
commercially reasonable and fair notice thereof to the Grantor. The
Administrative Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor and such sale may, without
further notice, be made at the time and place to which it was so adjourned. The
Grantor hereby waives any right to receive notice of any public or private sale
of any Collateral or other security for the Secured Obligations except as
expressly provided for in this SECTION 5.3.

                                    ARTICLE 6

                                     GENERAL
                                    ----------

         SECTION 6.1. ADMINISTRATIVE AGENT'S EXPENSES, INCLUDING ATTORNEYS'
FEES. Regardless of the occurrence of a Default or Event of Default, the Grantor
agrees to pay to the Administrative Agent any and all advances, charges, costs
and expenses, including the fees and expenses of counsel and any experts or
agents, that the Administrative Agent may incur in connection with (a) the
administration of this Agreement, (b) the creation, perfection or continuation
of the Security Interest or protection of its priority or the Collateral,
including the discharging of any prior or junior Lien or adverse claim against
the Collateral or any part thereof that is not permitted hereby or by the Credit
Agreement, (c) the custody, preservation or sale of, collection from, or other
realization upon, any of the Collateral, (d) the exercise or enforcement of any
of the rights, powers or remedies of the Administrative Agent under this
Agreement or under Applicable Law (including attorneys' fees and expenses
incurred by the Administrative

                                      -14-
<Page>

Agent in the collection of Collateral deposited with the Administrative Agent
and amounts incurred in connection with the operation, maintenance or
foreclosure of the Security Interest) or any workout or restructuring or
insolvency or bankruptcy proceeding or (e) the failure by the Grantor to perform
or observe any of the provisions hereof. All such amounts and all other amounts
payable hereunder shall be payable on demand, together with interest to the
extent provided in the Credit Agreement.

         SECTION 6.2. AMENDMENTS AND OTHER MODIFICATIONS. No amendment of any
provision of this Agreement (including a waiver thereof or consent relating
thereto) shall be effective unless the same shall be in writing and signed by
the Administrative Agent. Any waiver or consent relating to any provision of
this Agreement shall be effective only in the specific instance and for the
specific purpose for which given. No notice to or demand on the Grantor in any
case shall entitle the Grantor to any other or further notice or demand in
similar or other circumstances.

         SECTION 6.3. CUMULATIVE REMEDIES; FAILURE OR DELAY. The rights and
remedies provided for under this Agreement are cumulative and are not exclusive
of any rights and remedies that may be available to any Secured Party under
Applicable Law, the Credit Agreement, the other Loan Documents or otherwise. No
failure or delay on the part of the Administrative Agent in the exercise of any
power, right or remedy under this Agreement shall impair such power, right or
remedy or shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude other or further exercise
of such or any other power, right or remedy.

         SECTION 6.4. NOTICES, ETC. All notices and other communications under
this Agreement shall be in writing and shall be personally delivered or sent by
prepaid courier, by overnight, registered or certified mail (postage prepaid) or
by prepaid telex, telecopy or telegram, and shall be deemed given when received
by the intended recipient thereof. Unless otherwise specified in a notice given
in accordance with the foregoing provisions of this SECTION 6.4, notices and
other communications shall be given to the parties hereto at their respective
addresses (or to their respective telex or telecopier numbers) indicated on
SCHEDULE 6.4.

         SECTION 6.5. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and, subject to the next sentence, inure to the benefit of the Grantor and
each Secured Party and their respective successors and assigns. The Grantor
shall not assign or transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent. The benefits of this
Agreement shall pass automatically with any assignment of the Secured
Obligations (or any portion thereof), to the extent of such assignment.

         SECTION 6.6. PAYMENTS SET ASIDE. Notwithstanding anything to the
contrary herein contained, this Agreement, the Secured Obligations and the
Security Interest shall continue to be effective or be reinstated, as the case
may be, if at any time any payment, or any part thereof, of any or all of the
Secured Obligations is rescinded, invalidated, declared to be fraudulent or
preferential or otherwise required to be restored or returned by any Secured
Party in connection with any bankruptcy, reorganization or similar proceeding
involving the Grantor, any other party liable with respect to the Secured
Obligations or otherwise, if the proceeds of any Collateral are required to be
returned by such Secured Party under any such circumstances, or if any Secured

                                      -15-
<Page>

Party elects to return any such payment or proceeds or any part thereof in its
sole discretion, all as though such payment had not been made or such proceeds
not been received. Without limiting the generality of the foregoing, if prior to
any such rescission, invalidation, declaration, restoration or return, this
Agreement shall have been canceled or surrendered or the Security Interest or
any Collateral shall have been released or terminated in connection with such
cancellation or surrender, this Agreement and the Security Interest and such
Collateral shall be reinstated in full force and effect, and such prior
cancellation or surrender shall not diminish, discharge or otherwise affect the
obligations of the Grantor in respect of the amount of the affected payment or
application of proceeds, the Security Interest or such Collateral.

         SECTION 6.7. CONTINUING SECURITY INTERESTS; TERMINATION. This Agreement
shall create a continuing security interest in the Collateral and, except as
provided below, the Security Interest and all agreements, representations and
warranties made herein shall survive until, and this Agreement shall terminate
only upon, the indefeasible payment and performance in full of the Secured
Obligations. Any investigation at any time made by or on behalf of the Secured
Parties shall not diminish the right of any Secured Party to rely on any such
agreements, representations or warranties herein. Notwithstanding anything in
this Agreement or Applicable Law to the contrary, the agreements of the Grantor
set forth in SECTION 6.1 shall survive the payment of all other Secured
Obligations and the termination of this Agreement.

         SECTION 6.8. CHOICE OF FORUM.

                  6.8.1. Pursuant to Section 5-1402 of the New York General
         Obligations Law, all actions or proceedings arising in connection with
         this Agreement shall be tried and litigated in state or Federal courts
         located in the Borough of Manhattan, New York City, State of New York,
         unless such actions or proceedings are required to be brought in
         another court to obtain subject matter jurisdiction over the matter in
         controversy. EACH OF THE GRANTOR, AND THE ADMINISTRATIVE AGENT ON
         BEHALF OF ALL SECURED PARTIES, WAIVE ANY RIGHT IT MAY HAVE TO ASSERT
         THE DOCTRINE OF FORUM NON CONVENIENS, TO ASSERT THAT IT IS NOT SUBJECT
         TO THE JURISDICTION OF SUCH COURTS OR TO OBJECT TO VENUE TO THE EXTENT
         ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION.

                  6.8.2. The Grantor hereby irrevocably appoints CT Corporation
         System (the "PROCESS AGENT," which has consented thereto) with offices
         on the date hereof at 1633 Broadway, New York, New York 10019, as
         Process Agent to receive for and on behalf of the Grantor service of
         process in the County of New York relating to this Agreement. SERVICE
         OF PROCESS IN ANY ACTION OR PROCEEDING AGAINST THE GRANTOR MAY BE MADE
         ON THE PROCESS AGENT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
         REQUESTED, OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER
         APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK, AND THE PROCESS
         AGENT IS HEREBY AUTHORIZED AND DIRECTED TO ACCEPT SUCH SERVICE FOR AND
         ON BEHALF OF THE GRANTOR AND TO ADMIT SERVICE WITH RESPECT THERETO.
         SUCH SERVICE UPON THE PROCESS AGENT SHALL BE DEEMED EFFECTIVE PERSONAL
         SERVICE ON THE GRANTOR, SUFFICIENT FOR

                                      -16-
<Page>

         PERSONAL JURISDICTION, 10 DAYS AFTER MAILING, AND SHALL BE LEGAL AND
         BINDING UPON THE GRANTOR FOR ALL PURPOSES, NOTWITHSTANDING ANY FAILURE
         OF THE PROCESS AGENT TO MAIL COPIES OF SUCH LEGAL PROCESS TO THE
         GRANTOR, OR ANY FAILURE ON THE PART OF THE GRANTOR TO RECEIVE THE SAME.
         The Grantor confirms that it has instructed the Process Agent to mail
         to the Grantor, upon service of process being made on the Process Agent
         pursuant to this Section, a copy of the summons and complaint or other
         legal process served upon it, by registered mail, return receipt
         requested, at the Grantor's address set forth in SCHEDULE 6.4, or to
         such other address as the Grantor may notify the Process Agent in
         writing. The Grantor agrees that it will at all times maintain a
         process agent to receive service of process in the County of New York
         on its behalf with respect to this Agreement. If for any reason the
         Process Agent or any successor thereto shall no longer serve as such
         process agent or shall have changed its address without notification
         thereof to the Administrative Agent, the Grantor, immediately after
         gaining knowledge thereof, irrevocably shall appoint a substitute
         process agent acceptable to the Administrative Agent in the County of
         New York and advise the Administrative Agent thereof.

                  6.8.3. Nothing contained in this Section shall preclude any
         Secured Party from bringing any action or proceeding arising out of or
         relating to this Agreement in the courts of any place where the Grantor
         or any of its assets may be found or located. TO THE EXTENT PERMITTED
         BY THE APPLICABLE LAWS OF ANY SUCH JURISDICTION, THE GRANTOR HEREBY
         IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT.

         SECTION 6.9. WAIVER AND ESTOPPEL. Except as otherwise provided in this
Agreement, the Grantor hereby waives: (a) presentment, protest, notice of
dishonor, release, compromise, settlement, extension or renewal and any other
notice of or with respect to the Secured Obligations and hereby ratifies and
confirms whatever the Administrative Agent may do in this regard, (b) notice
prior to taking possession or control of any Collateral, (c) any bond or
security that might be required by any court prior to allowing the
Administrative Agent to exercise any of its rights, powers or remedies, (d) the
benefit of all valuation, appraisement, redemption and exemption laws, (e) any
rights to require marshaling of the Collateral upon any sale or otherwise to
direct the order in which the Collateral shall be sold, (f) any set-off and (g)
any rights to require the Administrative Agent to proceed against any Person,
proceed against or exhaust any Collateral or any other security interests or
guaranties or pursue any other remedy in the Administrative Agent's power, or to
pursue any of such rights in any particular order or manner, and any defenses
arising by reason of any disability or defense of any Person.

         SECTION 6.10. EXECUTION IN COUNTERPARTS. This Agreement may be executed
in any number of counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

         SECTION 6.11. COMPLETE AGREEMENT. This Agreement and the Credit
Agreement, together with the exhibits and schedules hereto and thereto, are
intended by the parties as a final

                                      -17-
<Page>

expression of their agreement regarding the subject matter hereof and as a
complete and exclusive statement of the terms and conditions of such agreement.

         SECTION 6.12. LIMITATION OF LIABILITY. No claim shall be made by the
Grantor against the Secured Parties or the affiliates, directors, officers,
employers or agents of the Secured Parties for any special, indirect,
consequential or punitive damages in respect of any claim for breach of contract
or under any other theory of liability arising out of or related to the
transactions contemplated by this Agreement and the other Loan Documents, or any
act, omission or event occurring in connection therewith; and the Grantor hereby
waives, releases and agrees not to sue upon any claim for any such damages,
whether or not accrued and whether or not known or suspected to exist in its
favor.

         SECTION 6.13. WAIVER OF TRIAL BY JURY. THE GRANTOR AND THE
ADMINISTRATIVE AGENT WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION UNDER THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY ACTION ARISING OUT OF THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES
SUCH ACTION OR ACTIONS.

         SECTION 6.14. AMENDMENT AND RESTATEMENT; CONTINUATION OF LIENS. This
Agreement shall constitute an amendment and restatement of the Original Pledge
Agreements and an assignment and transfer of all, but not an extinguishment,
discharge, satisfaction or novation of any, indebtedness, liabilities and
obligations of the Transferring Grantors under the Original Pledge Agreements.
All security interests, liens and other encumbrances created under and/or
evidenced by the Original Pledge Agreements shall continue to be created under
and/or evidenced by this Agreement, with the same perfection and priority under
this Agreement as existed under the Original Pledge Agreements.

                                      -18-
<Page>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered as of the date first set forth above.

                                           BLUE SKY COMMUNICATIONS, INC.

                                           By:
                                                   ----------------------------

                                           Name:
                                                   ----------------------------

                                           Title:
                                                   ----------------------------

                                           NORTEL NETWORKS, INC.

                                           By:
                                                   ----------------------------

                                           Name:
                                                   ----------------------------

                                           Title:
                                                   ----------------------------

                                      -19-
<Page>

                                                                      SCHEDULE A

                                   COLLATERAL

         The following property is part of the "Collateral" as defined in
Section 1.1:

<Table>
<Caption>
----------------------------------------------------------------------------------------------
           ISSUER           TYPE OF PROPERTY               OWNER               PERCENTAGE
                                                                                INTEREST
----------------------------------------------------------------------------------------------
<S>                        <C>                    <C>                          <C>
       American Samoa      Limited Liability      Blue Sky Communications,         95%
        Telecom, LLC       Company Membership               Inc.
                               Interests
----------------------------------------------------------------------------------------------
</Table>

                                      -20-
<Page>

                                                                    SCHEDULE 3.2

                               LOCATIONS AND NAMES
                              ---------------------

(a)      Chief Executive Office and Principal Place of Business:

         100 Northpoint Center East, Suite 300
         Alpharetta, Georgia  30022

(b)      Other Locations:    None

(c)      Federal Tax Identification No.:    58-2519848

(d)      Trade and Prior Names:    "Blue Sky" and "Blue Sky Communications"

                                      -21-
<Page>

                        CERTIFICATION AND ACKNOWLEDGEMENT

         Each of the undersigned Transferring Grantors hereby (a) certifies to
the Secured Parties that, pursuant to the Contribution Agreement, such
Transferring Grantor has sold, assigned or otherwise transferred to the Grantor
all of its right, title, claim, estate and interest in and to the "Collateral"
(as such term is defined in the Original Pledge Agreement executed by such
Transferring Grantor), subject to the "Security Interests" (as such term is
defined in the Original Pledge Agreement executed by such Transferring Grantor);
and (b) agrees that the obligations of such Transferring Grantor under SECTION
6.1 of its Original Pledge Agreement shall be continuing as set forth in SECTION
6.7 of its Original Pledge Agreement.

                                       STANFORD FINANCIAL GROUP COMPANY

                                       By:
                                                --------------------------------

                                       Name:
                                                --------------------------------

                                       Title:
                                                --------------------------------

                                       TELECOM WIRELESS SOLUTIONS, INC.

                                       By:
                                                --------------------------------

                                       Name:
                                                --------------------------------

                                       Title:
                                                --------------------------------

                                       GELBER SECURITIES, INC.

                                       By:
                                                --------------------------------

                                       Name:
                                                --------------------------------

                                       Title:
                                                --------------------------------

Transfer of Collateral Acknowledged
as of January 31, 2001:

NORTEL NETWORKS, INC.

By:
         --------------------------

Name:
         --------------------------

Title:
         --------------------------

                                      -22-

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