Document:

EXHIBIT
      10.6

     

    NextWave
      Wireless LLC 

    2005
      Units Plan

    Option
      Award Agreement

    Reference
      Number: 2005-1

     

    SECTION
      1. GRANT
      OF OPTION.

     

    (a) Option.
      On the
      terms and conditions set forth in this Agreement and each Notice of Option
      Award
      referencing this Agreement (the “Notice”),
      NextWave Wireless LLC (the “Company”)
      grants
      to the optionee on the Date of Grant an option to purchase at the exercise
      price
      a number of Units, consisting of limited liability company interests of the
      Company. Each Notice, together with this Agreement, shall be a separate
      non-statutory option (i.e., an option that isn’t described in Sections 422(b) or
      423(b) of the Internal Revenue Code). 

     

    (b) Units
      Plan and Defined Terms.
      This
      option is granted under and subject to the terms of the NextWave Wireless LLC
      2005 Units Plan (“Plan”),
      which
      is incorporated herein. In case of any conflict between the terms of the Plan
      and this Agreement or the Notice, the terms of the Plan shall control.
      Capitalized terms not defined in this Agreement or the Notice shall have the
      same meaning ascribed to such term in the Plan.

     

    (c) Duration.
      This
      Agreement shall apply to this option until its expiration and to the Units
      acquired hereunder until all Units subject to this option have vested and the
      Company’s Right of Repurchase with respect to such Units has
      expired.

     

    SECTION
      2. RIGHT
      TO EXERCISE.

     

    Exercisability.
      This
      option will become exercisable to purchase Units, also referred to as vesting,
      in the manner and pursuant to the schedule described in the Notice. The option
      will become exercisable with respect to all Units covered hereby, i.e., fully
      vested, upon a Change of Control consummated while optionee is employed,
      effective immediately prior to the Change of Control. This option shall also
      be
      exercisable with respect to unvested Units; provided that if this option is
      exercised as to unvested Units, such Units shall be held in escrow by the
      Company subject to the Right of Repurchase described in Section 7. 

     

    SECTION
      3. NO
      TRANSFER OR ASSIGNMENT OF OPTION.

     

    Transferability.
      Subject
      to the terms of the Amended and Restated Limited Liability Company Agreement
      of
      NextWave Wireless LLC, dated as of April 13, 2005 (the “LLC
      Agreement”),
      or
      the then applicable organizational document of the Company: 

     

    (a) Except
      as
      provided in (c) below, this option and the rights and privileges conferred
      hereby shall be exercisable only by the optionee during the
      optionee’s

     

    
      
         

      

      
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    lifetime,
      or by the person to whom the optionee’s rights shall pass by will or the laws of
      descent and distribution. Notwithstanding anything in the Plan to the contrary,
      this option and the rights and privileges conferred hereby shall be transferable
      pursuant to a domestic relations order.

     

    (b) Except
      as
      provided in (c) below, neither this option, the rights and privileges conferred
      hereby nor the Units acquired under this Agreement, may be assigned, alienated,
      pledged, attached, sold or otherwise transferred or encumbered by an optionee
      and any such purported assignment, alienation, pledge, attachment, sale,
      transfer or encumbrance shall be void and unenforceable against the Company
      or
      any Affiliate.

     

    (c) This
      option and the rights and privileges conferred hereby and the Units acquired
      under this Agreement may be transferred for no consideration to immediate family
      members or related family trusts, or similar entities on such terms and
      conditions as the Committee may establish. 

     

    SECTION
      4. EXERCISE
      PROCEDURES.

     

    (a) Escrow. If
      Units
      to be issued upon exercise of this option are subject to a Right of Repurchase,
      the Company shall deposit such Units in escrow with the Company and the optionee
      shall deliver to the Company, together with a Notice of Exercise and the
      aggregate exercise price, a duly executed blank power (in the form provided
      by
      the Company). Any cash dividends paid on vested Units held in escrow shall
      be
      paid directly to the optionee and shall not be held in escrow. Units, together
      with any other assets or securities held in escrow hereunder, shall be
      (i) surrendered to the Company for repurchase and cancellation upon the
      Company’s exercise of its Right of Repurchase, or (ii) released to the optionee
      upon the optionee’s request, to the extent the Units are not Restricted Units
      (but not more frequently than once every six (6) months). In any event, all
      Units which have vested (and any other vested assets and securities attributable
      thereto) shall be released within sixty (60) days of the date the
      optionee’s Service terminates. Any new, substituted or additional securities or
      other property described in Section 7(e) below shall be immediately delivered
      to
      the Company to be held in escrow, but only to the extent the Units are at the
      time Restricted Units.

     

    (b) Section
      83(b) Election.
      To the
      extent the optionee is permitted by the Notice to exercise this option as to
      unvested Units, Section 83 of the Code provides that the optionee is not subject
      to federal income tax upon such exercise until the Right of Repurchase with
      respect to the Units lapses. If the optionee chooses, the optionee may make
      an
      election under Section 83(b) of the Code, which would cause the optionee to
      recognize income for federal income tax purposes in the amount of the excess
      (if
      any) of the fair market value of the Units acquired (determined as of the date
      the option is exercised) over the exercise price paid in connection with such
      acquisition. A Section 83(b) election must be filed with the Internal Revenue
      Service within thirty (30) days

     

    
      
         

      

      
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    after
      the
      date of exercise - even if no tax is payable payable
      because
      the fair market value of the Restricted Units on the date of the option is
      exercised equals the exercise price paid. The optionee acknowledges that it
      is
      the optionee’s sole responsibility to timely file the Section 83(b) election and
      that failure to file a Section 83(b) election within the applicable thirty
      (30)
      day period may result in the recognition of ordinary income when the Right
      of
      Repurchase lapses.

     

    (c) Withholding
      Requirements.
      The
      Company may withhold any tax (or other governmental obligation) as a result
      of
      the exercise of this option and/or the filing of a Section 83(b) election,
      as a
      condition to the exercise of this option, and the optionee shall make
      arrangements satisfactory to the Company to enable it to satisfy all such
      withholding requirements. The optionee shall also make arrangements satisfactory
      to the Company to enable it to satisfy any withholding requirements that may
      arise in connection with the vesting or disposition of Units purchased by
      exercising this option.

     

    (d) No
      Assurances of Tax Consequences.
      This
      option is intended to be treated as incentive compensation and not as an equity
      interest in the Company prior to the date it is exercised. However, each
      optionee shall consult with his or her own tax counsel regarding tax treatment
      of this option, and the Company provides no assurances regarding such treatment,
      including the treatment of this award as an option and not as an equity interest
      in the Company. 

     

    SECTION
      5. PAYMENT
      FOR UNITS.

     

    (a) Wire
      Transfer or Check.
      All or
      part of the Exercise Price may be paid in U.S. Dollars by wire transfer or
      check.

     

    (b) Other
      Methods of Payment for Units.
      At the
      sole discretion of the Board of Directors, all or any part of the exercise
      price
      and any applicable withholding requirements may be paid by any other method
      permissible under the terms of the Plan. The Company shall notify the optionee
      if and when it shall make such other payment method available to the
      optionee.

     

    SECTION
      6. TERM
      AND EXPIRATION.

     

    (a) Basic
      Term.
      Subject
      to earlier termination in accordance with subsection (b) below, this option
      shall expire on the expiration date set forth in the Notice.

     

    (b) Termination
      of Service.
      If the
      optionee’s Service terminates for any reason, then this option shall expire on
      the earliest of the following occasions:

     

    (i) The
      expiration date determined pursuant to Subsection (a) above;

     

    (ii) The
      date
      three (3) months after the termination of the optionee’s Service for any reason
      other than Cause, death or Disability (or such later date as the Board of
      Directors may determine);

     

    
      
         

      

      
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    (iii) The
      date
      six (6) months after the termination of the optionee’s Service by reason of
      Disability (or such later date as the Board of Directors may determine) or
      retirement pursuant to any then current formal retirement policy of the Company;
      

     

    (iv) The
      date
      twelve (12) months after the optionee’s death; or

     

    (v) The
      date
      of termination of the optionee’s Service if such termination is for Cause or if
      Cause exists on such date.

     

    The
      optionee (or in the case of the optionee’s death or disability, the optionee’s
      representative) may exercise all or part of this option at any time before
      its
      expiration under the preceding sentence, but only to the extent that this option
      had become exercisable for vested Units on or before the date the optionee’s
      Service terminates. When the optionee’s Service terminates, this option shall
      expire immediately with respect to the number of Units for which this option
      is
      not yet vested. The Company shall also have the right not to deliver Units
      upon
      the exercise of this option if, after the exercise of this option, the
      optionee’s Service is terminated for Cause or it is determined that Cause
      existed on such date.

     

    (c) Leaves
      of Absence.
      For any
      purpose under this Agreement, Service shall be deemed to continue while the
      optionee is on a bona fide leave of absence, if such leave was approved by
      the
      Company in writing or if continued crediting of Service for such purpose is
      expressly required by the terms of such leave or by applicable law (as
      determined by the Company).

     

    SECTION
      7. RIGHT
      OF REPURCHASE.

     

    (a) Right
      of Repurchase.
      To the
      extent this Option is exercised for unvested Units, the Units so acquired
      initially shall be Restricted Units and shall be subject to a right (but not
      an
      obligation) of repurchase by the Company. If the optionee transfers any
      Restricted Units to the extent permitted under Section 3, then this Section
      7
      shall apply to the Transferee to the same extent as to the
      optionee.

     

    (b) Exercise
      Notice.
      If
      the
      Company wishes to exercise its Right of Repurchase, the Company shall provide
      the optionee with written notice of its intent to exercise its right. Exercise
      will be effective upon the Company’s delivery of the repurchase price to
      optionee. The Right of Repurchase may be exercised no later than ninety (90)
      days following the date the optionee’s Service terminates. Such
      notice shall contain the price per Share which shall be the repurchase price,
      described in Subsection (d) below, and all other terms and conditions of the
      offer (including, without limitation, the proposed consummation date of the
      repurchase). The repurchase price shall be paid in cash or by canceling of
      indebtedness as the Company, in its sole discretion, shall
      determine.

     

    (c) Lapse
      of Repurchase Right.
      The
      Right of Repurchase shall lapse with respect to the Units in accordance with
      the
      vesting schedule described in the

     

    
      
         

      

      
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    Notice.
      In addition, the Right of Repurchase shall lapse and all of the remaining
      Restricted Units shall become vested if the Company is subject to a Change
      in
      Control before the optionee’s Service terminates.

     

    (d) Repurchase
      Price.
      If the
      Company exercises the Right of Repurchase, it shall pay the optionee an amount
      for each of the Restricted Units being repurchased equal to the
      exercise price.

     

    (e) Additional
      Units or Substituted Securities.
      In the
      event of the declaration of a stock dividend, the declaration of an
      extraordinary dividend payable in a form other than stock, a spin-off, a stock
      split, an adjustment in conversion ratio, a recapitalization or a similar
      transaction affecting the Company’s outstanding securities without receipt of
      consideration, any new, substituted or additional securities or other property
      (including money paid other than as an ordinary cash dividend) which are by
      reason of such transaction distributed with respect to any Units subject to
      this
      Section 7, or into which such Units thereby become convertible, shall
      immediately be subject to this Section 7.

     

    (f) Termination
      of Rights as Shareholder.
      If the
      Company makes available, at the time and place and in the amount and form
      provided in this Agreement, the consideration for the Units to be purchased
      in
      accordance with this Section 7, then after such time the person from whom such
      Units are to be purchased shall no longer have any rights as a holder of such
      Units (other than the right to receive payment of such consideration in
      accordance with this Agreement). Such Units shall be deemed to have been
      purchased in accordance with the applicable provisions hereof, whether or not
      the certificate(s) therefor have been delivered as required by this
      Agreement.

     

    SECTION
      8. LEGALITY
      OF INITIAL ISSUANCE.

     

    No
      Units
      shall be issued upon the exercise of this option unless and until the Company
      has determined that:

     

    (a) The
      Company and the optionee have taken any actions required to register the Units
      under the Securities Act or to perfect an exemption from the registration
      requirements thereof;

     

    (b) Any
      applicable listing requirement of any stock exchange or other securities market
      on which Stock is listed has been satisfied; and

     

    (c) Any
      other
      applicable provision of state or federal law has been satisfied. 

     

    SECTION
      9. 
      REGISTRATION RIGHTS.

     

    The
      Company may, but shall not be obligated to, register or qualify the sale of
      Units under the Securities Act or any other applicable law. The Company shall
      not be obligated to take any affirmative action in order to cause the sale
      of
      Units under this Agreement to comply with any law.

     

    
      
         

      

      
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    SECTION
      10.  RESTRICTIONS ON TRANSFER.

     

    (a) Permitted
      Transfers.
      Sections 7(a) shall not apply to any of the following “Permitted Transfers”:
      (i) a transfer by beneficiary designation, will or intestate succession or
      (ii) a transfer to the optionee’s spouse, children or grandchildren (or
      their issue) or to a trust established by the optionee for the benefit of the
      optionee or the optionee’s spouse, children or grandchildren (or their issue),
      provided in either case that the Transferee agrees in writing on a form
      prescribed by the Company to be bound by all provisions of this Agreement.
      If
      the optionee transfers any Units acquired under this Agreement, either under
      this Subsection or after the Company has failed to exercise the Right of
      Repurchase, then such rights shall be applicable to the Transferee to the same
      extent as to the optionee.

     

    (b) Securities
      Law Restrictions.
      Regardless of whether the offering and sale of Units under the Plan have been
      registered under the Securities Act or have been registered or qualified under
      the securities laws of any state, the Company at its discretion may impose
      restrictions upon the sale, pledge or other transfer of such Units (including
      the placement of appropriate legends on stock certificates or the imposition
      of
      stop-transfer instructions) if, in the judgment of the Company, such
      restrictions are necessary or desirable in order to achieve compliance with
      the
      Securities Act or the securities laws of any state or any other
      law.

     

    (c) LLC
      Agreement Restrictions.
      Upon
      exercise of the option, the optionee agrees that he or she shall hold the Units
      subject to the terms and conditions of the LLC Agreement (or the then applicable
      organizational document of the Company), including without limitation the
      restrictions on transferability set forth therein.

     

    (d) Market
      Stand-Off.
      In
      connection with any underwritten public offering by the Company of its equity
      securities pursuant to an effective registration statement filed under the
      Securities Act, including the Company’s Initial Public Offering, the optionee
      shall not directly or indirectly sell, make any short sale of, loan,
      hypothecate, pledge, offer, grant or sell any option or other contract for
      the
      purchase of, purchase any option or other contract for the sale of, or otherwise
      dispose of or transfer, or agree to engage in any of the foregoing transactions
      with respect to, any Units acquired under this Agreement without the prior
      written consent of the Company or its underwriters. Such restriction (the
“Market Stand-Off”) shall be in effect for such period of time following the
      date of the final prospectus for the offering as may be requested by the Company
      or such underwriters. In no event, however, shall such period exceed one hundred
      eighty (180) days. The Market Stand-Off shall in any event terminate two (2)
      years after the date of the Company’s Initial Public Offering. In the event of
      the declaration of a stock dividend, a spin-off, a stock split, an adjustment
      in
      conversion ratio, a recapitalization or a similar transaction affecting the
      Company’s outstanding securities without receipt of consideration,

     

    
      
         

      

      
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    any
      new,
      substituted or additional securities which are by reason of such transaction
      distributed with respect to any Units subject to the Market Stand-Off, or into
      which such Units thereby become convertible, shall immediately be subject to
      the
      Market Stand-Off. In order to enforce the Market Stand-Off, the Company may
      impose stop-transfer instructions with respect to the Units acquired under
      this
      Agreement until the end of the applicable stand-off period. The Company’s
      underwriters shall be beneficiaries of the agreement set forth in this
      Subsection (d). This Subsection (d) shall not apply to Units registered in
      the public offering under the Securities Act, and the optionee shall be subject
      to this Subsection (d) only if the directors and officers of the Company are
      subject to similar arrangements.

     

    (e) Undertaking.
      The
      optionee agrees to take whatever additional action and execute whatever
      additional documents the Company may deem necessary or advisable to carry out
      or
      effect one or more of the obligations or restrictions imposed on either the
      optionee or upon the Restricted Units pursuant to the provisions of this
      Agreement.

     

    (f) Investment
      Intent. The
      optionee represents and agrees that as of the Date of Grant, the Units to be
      acquired upon exercising this option will be acquired for investment, and not
      with a view to the sale or distribution thereof. If the sale of Units under
      the
      Plan is not registered under the Securities Act but an exemption is available
      which requires an investment representation or other representation, the
      optionee shall represent and agree at the time of exercise that the Units being
      acquired upon exercising this option are being acquired for investment, and
      not
      with a view to the sale or distribution thereof, and shall make such other
      representations as are deemed necessary or appropriate by the Company and its
      counsel.

     

    (g) Legends.
      All
      certificates evidencing Units purchased under this Agreement shall bear the
      following legends:

     

    “The
      Units represented hereby may not be sold, assigned, transferred, encumbered
      or
      in any manner disposed of, except in compliance with the terms of a written
      agreement between the company and the registered holder of the shares (or the
      predecessor in interest to the Units). Such agreement grants to the Company
      certain repurchase rights. The Secretary of the Company will upon written
      request furnish a copy of such agreement to the holder hereof without
      charge.”

     

    “The
      Units represented hereby have not been registered under the Securities Act
      of
      1933, as amended, and may not be sold, pledged, or otherwise transferred without
      an effective registration thereof under such act or an opinion of counsel,
      satisfactory to the Company and its counsel, that such registration is not
      required.”

     

    
      
         

      

      
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    “The
      Units represented by this certificate are subject to certain restrictions on
      transfer and conditions set forth in the Amended And Restated Limited Liability
      Company Agreement, dated as of April 13, 2005, by and among the members of
      NextWave Wireless LLC. A copy of such agreement may be obtained from NextWave
      Wireless at its principal executive offices. Any transferee of the interests
      represented by this certificate shall be deemed to agree to be bound by the
      terms of the agreement.”

     

    (h) Removal
      of Legends.
      If, in
      the opinion of the Company, any legend placed on a certificate representing
      Units sold under this Agreement is no longer required, the holder of such
      certificate shall be entitled to exchange such certificate for a certificate
      representing the same number of Units but without such legend.

     

    (i) Administration.
      Any
      determination by the Company in connection with any of the matters set forth
      in
      this Section 11 shall be conclusive and binding on the optionee and all other
      persons.

     

    SECTION
      11. 
      ADJUSTMENT OF UNITS.

     

    In
      the
      event of a subdivision of the outstanding Units, a declaration of a dividend
      payable in Units, a declaration of an extraordinary dividend payable in a form
      other than Units in an amount that has a material effect on the Fair Market
      Value of the Units, a combination or consolidation of the outstanding Units
      into
      a lesser number of Units, a recapitalization, a spin-off, a reclassification,
      or
      a change in corporate structure or a similar occurrence that results in a change
      in the Units subject to the Plan, the terms of this option (including, without
      limitation, the number and kind of Units subject to this option and the Exercise
      Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the
      event that the Company is a party to a merger or consolidation, this option
      shall be subject to the agreement of merger or consolidation, as provided in
      Section 8(b) of the Plan.

     

    SECTION
      12. 
      MISCELLANEOUS PROVISIONS.

     

    (a) Rights
      as a Shareholder.
      Neither
      the optionee nor the optionee’s representative shall have any rights as an
      equity owner with respect to any Units subject to this option until the optionee
      or the optionee’s representative becomes entitled to receive such Units by (i)
      filing a notice of exercise, and (ii) paying the exercise price as provided
      in
      this Agreement.

     

    (b) No
      Retention Rights.
      Nothing
      in this option or in the Plan shall confer upon the optionee any right to
      continue in Service for any period of specific duration or interfere with or
      otherwise restrict in any way the rights of the Company (or any Parent or
      Subsidiary employing or retaining the optionee) or of the optionee, which rights
      are hereby expressly reserved by each, to terminate his or her Service at any
      time and for any reason, with or without cause.

     

    (c) Notification.
      Any
      notice required by this Agreement shall be given in writing and shall be deemed
      effective upon personal delivery or upon deposit

     

    
      
         

      

      
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    with
      the
      United States Postal Service, by registered or certified mail, with postage
      and
      fees prepaid. A notice shall be addressed to the Company at its principal
      executive office and to the optionee at the address that he or she most recently
      provided to the Company.

     

    (d) Entire
      Agreement.
      The
      Notice, this Agreement and the Plan constitute the entire contract between
      the
      parties hereto with regard to the subject matter hereof. They supersede any
      other agreements, representations or understandings (whether oral or written
      and
      whether express or implied) which relate to the subject matter
      hereof.

     

    (e) Waiver.
      The
      failure of the Company in any instance to exercise the Right of Repurchase
      shall
      not constitute a waiver of any other repurchase rights that may subsequently
      arise under the provisions of this Agreement or any other agreement between
      the
      Company and the optionee. No waiver of any breach or condition of this Agreement
      shall be deemed to be a waiver of any other or subsequent breach or condition
      whether of like or different nature.

     

    (f) Assignment.
      The
      Company may assign the Right of Repurchase to any person or entity selected
      by
      the Board of Directors, including, without limitation, one or more shareholders
      of the Company.

     

    (g) Successors
      and Assigns.
      The
      provisions of this Agreement shall inure to the benefit of, and be binding
      upon,
      the Company and its successors and assigns and upon the optionee, the optionee’s
      assigns and the legal representatives, heirs and legatees of the optionee’s
      estate, whether or not any such person shall have become a party to this
      Agreement and have agreed in writing to be join herein and be bound by the
      terms
      hereof.

     

    (h) Choice
      of Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of Delaware, as such laws are applied to contracts entered into and
      performed in such State.

     

    SECTION
      13.  DEFINITIONS.

     

    “Cause”
shall
      mean with respect to the optionee, “Cause” as defined in any employment
      agreement between the Company and the optionee or, if there is no such
      agreement, the following with respect to the optionee:

     

    (i) any
      conviction or plea of guilty or nolo contendere to a felony, 

     

    (ii) any
      fraud, embezzlement, theft, willful misconduct, breach of fiduciary duty or
      gross negligence with respect to the Company or any of its
      affiliates,

     

    (iii) any
      willful breach of any written policy, which breach has a material and adverse
      impact on the Company’s reputation or business or any confidential or
      proprietary information, non-compete or non-solicitation covenant for the
      benefit of the Company or any of its affiliates, or 

     

    
      
         

      

      
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    (iv) any
      willful failure to substantially perform the optionee’s material
      responsibilities (it being understood that any failure to perform for reasons
      beyond the control of the optionee, such as disability, inadequate resources,
      impossibility, or the like shall not be treated as a “willful
      failure”).

     

    “Change
      in Control”
shall
      have the meaning provided in the Plan. 

     

    “Date
      of Grant”
shall
      mean the date specified in the Notice.

     

    “Disability”
shall
      mean that the optionee is unable to engage in any substantial gainful activity
      by reason of any medically determinable physical or mental impairment as
      determined by the Board of Directors in its sole discretion.

     

    “Exercise
      Price”
shall
      mean the amount for which one Share may be purchased upon exercise of this
      option, as specified in the Notice.

     

    “Fair
      Market Value”
shall
      mean, with respect to Units, the closing sales price of a Unit on the applicable
      date (or if there is no trading in the Units on such date, on the next preceding
      date on which there was trading) as reported in The Wall Street Journal (or
      other reporting service approved by the Committee). In the event the Units
      are
      not publicly traded at the time a determination of its fair market value is
      required to be made hereunder,
      the
      determination of fair
      market
      value shall be made in good faith by the Committee.

    

    “Initial
      Public Offering”
      shall
      mean a firm commitment underwritten public offering of Units or other event
      the
      result of which is that Units are tradable on the New York Stock Exchange,
      American Stock Exchange, NASDAQ National Market or similar market
      system.

     

    “Restricted
      Unit”
      shall
      mean a Unit that is subject to a Right of Repurchase.

     

    “Securities
      Act”
shall
      mean the Securities Act of 1933, as amended.

     

    “Service”
shall
      mean service as a common-law employee, member of the board of directors or
      as a
      consultant of the Company, a Parent or a Subsidiary.

     

    “Unit”
shall
      mean one common unit of the Company, as adjusted in accordance with
      Section 8 of the Plan (if applicable).

     

    “Subsidiary”
shall
      mean any entity that the Company owns fifty percent (50%) or more of the total
      outstanding equity interests.

     

    “Transferee”
shall
      mean any person to whom the optionee has directly or indirectly transferred
      any
      Unit acquired under this Agreement.

     

    
      
         

      

        -10-EXHIBIT
      10.7

    
 

    ACQUISITION
      AGREEMENT

     

    BY
      AND
      AMONG

     

    NEXTWAVE
      WIRELESS LLC,

     

    NW
      SPECTRUM CO.

     

    WCS
      WIRELESS, INC.

     

    COLUMBIA
      WCS III, INC.

     

    TKH
      CORP.,

     

    THE
      STOCKHOLDERS OF COLUMBIA WCS III, INC. AND TKH CORP.

     

    AND

     

    COLUMBIA
      CAPITAL, LLC

     

    as
      the
      Stockholder Representative

     

    

     

    

     

    

     

    

     

    Dated
      as
      of May 9, 2006

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                ARTICLE
                  I

              	
                DEFINITIONS

              	
                2

              
	
                1.1

              	
                CERTAIN
                  DEFINITIONS

              	
                2

              
	
                ARTICLE
                  II

              	
                THE
                  ACQUSITIONS

              	
                13

              
	
                2.1

              	
                THE
                  MERGER AND STOCK PURCHASES

              	
                13

              
	
                2.2

              	
                CLOSING

              	
                14

              
	
                2.3

              	
                EFFECTIVE
                  TIME

              	
                14

              
	
                2.4

              	
                EFFECTS
                  OF THE MERGER

              	
                15

              
	
                2.5

              	
                CERTIFICATE
                  OF INCORPORATION AND BY-LAWS

              	
                15

              
	
                2.6

              	
                DIRECTORS

              	
                15

              
	
                2.7

              	
                OFFICERS

              	
                15

              
	
                ARTICLE
                  III

              	
                CONSIDERATION
                  FOR MERGER AND ACQUISITIONS

              	
                15

              
	
                3.1

              	
                MERGER
                  CONSIDERATIONS

              	
                15

              
	
                3.2

              	
                COLUMBIA
                  BLOCKER CONSIDERATION

              	
                16

              
	
                3.3

              	
                TKH
                  BLOCKER CONSIDERATION

              	
                17

              
	
                3.4

              	
                ESCROW
                  FUND

              	
                17

              
	
                3.5

              	
                PAYMENT
                  OF ACQUISITION CONSIDERATION

              	
                17

              
	
                3.6

              	
                AGGREGATE
                  CONSIDERATION SPREADSHEET

              	
                19

              
	
                3.7

              	
                STOCKHOLDER
                  REPRESENTATIVE RESERVE

              	
                19

              
	
                ARTICLE
                  IV

              	
                TERMINATION,
                  AMENDMENT AND WAIVER

              	
                20

              
	
                4.1

              	
                TERMINATION
                  OF AGREEMENT

              	
                20

              
	
                4.2

              	
                EFFECT
                  OF TERMINATION

              	
                21

              
	
                4.3

              	
                TERMINATION
                  FEE

              	
                21

              
	
                4.4

              	
                PRIMACY
                  OF THE XM AGREEMENT

              	
                22

              
	
                ARTICLE
                  V

              	
                WARRANTIES

              	
                22

              
	
                A.

              	
                WARRANTIES
                  OF THE COMPANY

              	
                22

              
	
                5.A.1

              	
                ORGANIZATION
                  AND GOOD STANDING

              	
                22

              
	
                5.A.2

              	
                AUTHORIZATION
                  OF AGREEMENT

              	
                23

              
	
                5.A.3

              	
                CONFLICTS,
                  CONSENTS OF THIRD PARTIES

              	
                24

              
	
                5.A.4

              	
                CAPITALIZATION

              	
                24

              
	
                5.A.5

              	
                SUBSIDIARIES

              	
                25

              
	
                5.A.6

              	
                CORPORATE
                  RECORDS

              	
                25

              
	
                5.A.7

              	
                FINANCIAL
                  STATEMENTS

              	
                26

              
	
                5.A.8

              	
                NO
                  UNDISCLOSED LIABILITIES

              	
                26

              

      

       

       

      
        
           

        

        
          -i-

          
            

          

        

        
           

        

      

       

      
        	
                5.A.9

              	
                ABSENCE
                  OF CERTAIN DEVELOPMENTS

              	
                26

              
	
                5.A.10

              	
                TAXES

              	
                28

              
	
                5.A.11

              	
                PROPERTY
                  AND ASSETS

              	
                28

              
	
                5.A.12

              	
                TITLE
                  TO LICENSES

              	
                28

              
	
                5.A.13

              	
                LICENSES
                  UNIMPAIRED

              	
                29

              
	
                5.A.14

              	
                OPERATION

              	
                30

              
	
                5.A.15

              	
                INTELLECTUAL
                  PROPERTY

              	
                30

              
	
                5.A.16

              	
                INSURANCE

              	
                30

              
	
                5.A.17

              	
                CONTRACTS
                  AND OBLIGATIONS

              	
                30

              
	
                5.A.18

              	
                COMPLIANCE

              	
                30

              
	
                5.A.19

              	
                EMPLOYEE
                  BENEFITS

              	
                31

              
	
                5.A.20

              	
                LITIGATION

              	
                31

              
	
                5.A.21

              	
                RELATED
                  PARTY TRANSACTIONS

              	
                31

              
	
                5.A.22

              	
                BANKS

              	
                31

              
	
                5.A.23

              	
                STATE
                  TAKEOVER STATUTES

              	
                31

              
	
                5.A.24

              	
                FINANCIAL
                  ADVISORS

              	
                31

              
	
                5.A.25

              	
                XM
                  AGREEMENT

              	
                31

              
	
                B.

              	
                WARRANTIES
                  OF COLUMBIA BLOCKER

              	
                32

              
	
                5.B.1

              	
                ORGANIZATION
                  AND GOOD STANDING

              	
                32

              
	
                5.B.2

              	
                AUTHORIZATION
                  OF AGREEMENT

              	
                32

              
	
                5.B.3

              	
                CONFLICTS,
                  CONSENTS OF THIRD PARTIES

              	
                33

              
	
                5.B.4

              	
                CAPITALIZATION

              	
                33

              
	
                5.B.5

              	
                SUBSIDIARIES

              	
                34

              
	
                5.B.6

              	
                CORPORATE
                  RECORDS

              	
                34

              
	
                5.B.7

              	
                NO
                  UNDISCLOSED LIABILITIES

              	
                34

              
	
                5.B.8

              	
                ABSENCE
                  OF CERTAIN DEVELOPMENTS

              	
                34

              
	
                5.B.9

              	
                TAXES

              	
                34

              
	
                5.B.10

              	
                PROPERTY
                  AND ASSETS

              	
                35

              
	
                5.B.11

              	
                INTELLECTUAL
                  PROPERTY

              	
                35

              
	
                5.B.12

              	
                INSURANCE

              	
                35

              
	
                5.B.13

              	
                CONTRACTS
                  AND OBLIGATIONS

              	
                35

              
	
                5.B.14

              	
                COMPLIANCE

              	
                35

              
	
                5.B.15

              	
                EMPLOYEE
                  BENEFIT

              	
                36

              

      

       

       

      
        
           

        

        
          -ii-

          
            

          

        

        
           

        

      

       

      
        	
                5.B.16

              	
                LITIGATION

              	
                36

              
	
                5.B.17

              	
                RELATED
                  PARTY TRANSACTIONS

              	
                36

              
	
                5.B.18

              	
                BANKS

              	
                36

              
	
                5.B.19

              	
                STATE
                  TAKEOVER STATUTES

              	
                36

              
	
                5.B.20

              	
                FINANCIAL
                  ADVISORS

              	
                36

              
	
                5.B.21

              	
                XM
                  AGREEMENT

              	
                36

              
	
                C.

              	
                WARRANTIES
                  OF TKH BLOCKER AND TKH SELLERS

              	
                37

              
	
                5.C.1

              	
                ORGANIZATION
                  AND GOOD STANDING

              	
                37

              
	
                5.C.2

              	
                AUTHORIZATION
                  OF AGREEMENT

              	
                37

              
	
                5.C.3

              	
                CONFLICTS;
                  CONSENTS OF THIRD PARTIES

              	
                38

              
	
                5.C.4

              	
                CAPITALIZATION

              	
                38

              
	
                5.C.5

              	
                SUBSIDIARIES

              	
                39

              
	
                5.C.6

              	
                CORPORATE
                  RECORDS

              	
                39

              
	
                5.C.7

              	
                NO
                  UNDISCLOSED LIABILITIES

              	
                39

              
	
                5.C.8

              	
                ABSENCE
                  OF CERTAIN DEVELOPMENTS

              	
                39

              
	
                5.C.9

              	
                TAXES

              	
                39

              
	
                5.C.10

              	
                PROPERTY
                  AND ASSETS

              	
                39

              
	
                5.C.11

              	
                INTELLECTUAL
                  PROPERTY

              	
                40

              
	
                5.C.12

              	
                INSURANCE

              	
                40

              
	
                5.C.13

              	
                CONTRACTS
                  AND OBLIGATIONS

              	
                40

              
	
                5.C.14

              	
                COMPLIANCE

              	
                40

              
	
                5.C.15

              	
                EMPLOYEE
                  BENEFITS

              	
                40

              
	
                5.C.16

              	
                LITIGATION

              	
                40

              
	
                5.C.17

              	
                RELATED
                  PARTY TRANSACTIONS

              	
                41

              
	
                5.C.18

              	
                BANKS

              	
                41

              
	
                5.C.19

              	
                STATE
                  TAKEOVER STATUTES

              	
                41

              
	
                5.C.20

              	
                FINANCIAL
                  ADVISORS

              	
                41

              
	
                5.C.21

              	
                XM
                  AGREEMENT

              	
                41

              
	
                ARTICLE
                  VI

              	
                WARRANTIES
                  OF PARENT, HOLDCO AND MERGER SUB

              	
                41

              
	
                6.1

              	
                ORGANIZATION
                  AND GOOD STANDING

              	
                41

              
	
                6.2

              	
                AUTHORIZATION
                  OF AGREEMENT

              	
                42

              
	
                6.3

              	
                CONFLICTS;
                  CONSENTS OF THIRD PARTIES

              	
                42

              
	
                6.4

              	
                COMPLIANCE
                  WITH LAWS

              	
                43

              

      

       

       

      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

       

      
        	
                6.5

              	
                LITIGATION

              	
                43

              
	
                6.6

              	
                FINANCIAL
                  ADVISORS

              	
                43

              
	
                6.7

              	
                FINANCING

              	
                43

              
	
                6.8

              	
                FCC
                  QUALIFICATION

              	
                43

              
	
                ARTICLE
                  VII

              	
                COVENANTS

              	
                44

              
	
                7.1

              	
                ACCESS
                  TO INFORMATION

              	
                44

              
	
                7.2

              	
                CONDUCT
                  OF THE BUSINESS PENDING THE CLOSING

              	
                44

              
	
                7.3

              	
                NOTICE

              	
                48

              
	
                7.4

              	
                BEST
                  EFFORTS; REGULATORY APPROVALS

              	
                48

              
	
                7.5

              	
                FILING
                  AND PROSECUTION OF FCC APPLICATION

              	
                48

              
	
                7.6

              	
                HSR
                  CLEARANCE

              	
                49

              
	
                7.7

              	
                INDEMNIFICATION

              	
                50

              
	
                7.8

              	
                NO
                  SOLICITATION BY THE COMPANY; ETC.

              	
                50

              
	
                7.9

              	
                CONFIDENTIALITY

              	
                51

              
	
                7.10

              	
                PUBLICITY

              	
                51

              
	
                7.11

              	
                TRANSACTION
                  EXPENSES

              	
                52

              
	
                7.12

              	
                CONVERSION
                  OF PREFERRED STOCK

              	
                52

              
	
                7.13

              	
                UNJUST
                  ENRICHMENT

              	
                52

              
	
                7.14

              	
                LICENSE
                  BUILD OUT

              	
                52

              
	
                ARTICLE
                  VIII

              	
                CONDITIONS
                  TO CLOSING

              	
                54

              
	
                8.1

              	
                CONDITIONS
                  PRECEDENT TO EACH PARTY’S OBLIGATIONS

              	
                54

              
	
                8.2

              	
                CONDITIONS
                  PRECEDENT TO OBLIGATIONS OF PARENT, HOLDCO AND MERGER SUB

              	
                54

              
	
                8.3

              	
                CONDITIONS
                  PRECEDENT TO OBLIGATIONS OF THE COMPANY, COLUMBIA SELLER AND TKH
                  SELLERS

              	
                55

              
	
                ARTICLE
                  IX

              	
                INDEMNIFICATION

              	
                56

              
	
                9.1

              	
                SURVIVAL
                  OF WARRANTIES

              	
                56

              
	
                9.2

              	
                INDEMNIFICATION

              	
                56

              
	
                9.3

              	
                ESCROW
                  ARRANGEMENTS

              	
                57

              
	
                9.4

              	
                TAX
                  LOSSES

              	
                62

              
	
                9.5

              	
                TAX
                  TREATMENT OF INDEMNITY PAYMENTS

              	
                62

              
	
                ARTICLE
                  X

              	
                MISCELLANEOUS

              	
                62

              
	
                10.1

              	
                STOCKHOLDER
                  REPRESENTATIVE

              	
                62

              

      

       

       

      
        
           

        

        
          -iv-

          
            

          

        

        
           

        

      

       

      
        	
                10.2

              	
                SPECIFIC
                  PERFORMANCE

              	
                65

              
	
                10.3

              	
                SUBMISSION
                  TO JURISDICTION; CONSENT TO SERVICE OF PROCESS

              	
                65

              
	
                10.4

              	
                GOVERNING
                  LAW

              	
                65

              
	
                10.5

              	
                ENTIRE
                  AGREEMENT; NO THIRD-PARTY BENEFICIARIES

              	
                66

              
	
                10.6

              	
                AMENDMENT
                  AND WAIVERS

              	
                66

              
	
                10.7

              	
                FEES,
                  EXPENSES AND OTHER PAYMENTS

              	
                66

              
	
                10.8

              	
                NOTICES

              	
                66

              
	
                10.9

              	
                CONSTRUCTION;
                  NO IMPLIED WARRANTIES

              	
                67

              
	
                10.10

              	
                RETENTION
                  OF COUNSEL

              	
                68

              
	
                10.11

              	
                NO
                  RECOURSE

              	
                68

              
	
                10.12

              	
                SEVERABILITY

              	
                69

              
	
                10.13

              	
                ASSIGNMENT

              	
                69

              
	
                10.14

              	
                COUNTERPARTS

              	
                69

              

      

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    

    Exhibits

    

    Exhibit
      A
      - Form of Escrow Agreement

     

    Exhibit
      B
      - Form of FCC Opinion

     

    Exhibit
      C
      - Form of Letter of Transmittal

     

    Exhibit
      D
      - Form of Release Agreement

     

    
      
         

      

      
        -vi-

        
          

        

      

      
         

      

    

     

    ACQUISITION
      AGREEMENT

     

    THIS
      ACQUISITION AGREEMENT, dated as of May 9, 2006 (this “Agreement”),
      by and
      among (i) NextWave Wireless LLC, a Delaware limited liability company
      (“Parent”),
      (ii)
      NW Spectrum Co. a Delaware corporation and an indirect wholly-owned subsidiary
      of Parent (“Holdco”),
      (iii)
      WCS Wireless, Inc., a Delaware corporation (the “Company”),
      (iv)
      Columbia WCS III, Inc., a Delaware corporation that is a stockholder of the
      Company (“Columbia
      Blocker”),
      (v)
      TKH Corp., a Delaware corporation that is a stockholder of the Company
      (“TKH
      Blocker”),
      (vi)
      Columbia Capital Equity Partners III (Cayman), L.P., the sole stockholder of
      Columbia Blocker (the “Columbia
      Seller”),
      (vii)
      each of the stockholders of TKH Blocker Corp., namely, Aspen Partners Series
      A,
      Series of Aspen Capital Partners, L.P., Oak Foundation USA, Inc., Enteraspen
      Limited, and The Reed Institute dba Reed College (the “TKH
      Sellers”)
      and
      (viii) Columbia Capital, LLC, solely in the capacity as the Stockholder
      Representative (as defined herein) and for no other purpose.

     

    RECITALS

     

    A. WHEREAS,
      the Company, through its indirect wholly-owned Subsidiary, WCS Wireless License
      Subsidiary, LLC (“License
      Sub”),
      holds
      certain licenses issued by the Federal Communications Commission (the
“FCC”)
      for
      Wireless Communications Service (“WCS”)
      spectrum. 

     

    B. WHEREAS,
      the parties hereto other than Parent and Holdco (collectively, the “Selling
      Parties”)
      are
      parties to one or more Contracts with XM Satellite Radio Holdings, Inc. and
      certain of its affiliates (collectively “XM”)
      contemplating XM’s acquisition of the Company (such Contracts as in effect on
      the date of this Agreement being referred to collectively as the “XM
      Agreement”).
      The
      parties are entering into this Agreement so as to provide for the sale of all
      of
      the issued and outstanding capital stock of the Company, directly and
      indirectly, to Parent in the event the XM Agreement is validly
      terminated.

     

    C. WHEREAS,
      the respective Boards of Directors of Parent and the Company have approved
      and
      declared advisable this Agreement and the transactions contemplated hereby,
      including the merger of a newly formed wholly-owned subsidiary of Holdco, to
      be
      incorporated in Delaware (“Merger
      Sub”),
      with
      and into the Company (the “Merger”),
      with
      the Company being the surviving entity in the Merger, upon the terms and subject
      to the conditions set forth in this Agreement.

     

    D. WHEREAS,
      the Columbia Seller and the TKH Sellers wish to sell all of the issued and
      outstanding capital stock of Columbia Blocker and TKH Blocker, respectively,
      to
      Holdco.

     

    E. WHEREAS,
      concurrently with the execution of this Agreement, and as a condition to and
      as
      an inducement to Parent’s willingness to enter into this Agreement, stockholders
      of the Company holding all of the issued and outstanding capital stock of the
      Company are delivering irrevocable written consents to the Company authorizing
      and approving this Agreement and the transactions contemplated
      hereby.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    F. WHEREAS,
      Parent, the Company, Columbia Blocker, TKH Blocker, the Columbia Seller and
      the
      TKH Sellers desire to make certain representations, warranties, covenants and
      agreements in connection with the Acquisitions (as defined herein) and also
      to
      prescribe various conditions thereto.

     

    NOW,
      THEREFORE, in consideration of the representations, warranties, covenants and
      agreements contained in this Agreement, the parties hereto agree as follows:
      

     

    ARTICLE
      I

     

    DEFINITIONS.

     

    1.1 Certain
      Definitions.
      

     

    (a) For
      purposes of this Agreement, the following terms shall have the meanings
      specified in this Section
      1.1:

     

    “Affiliate”
      means,
      with respect to any Person, any other Person that, directly or indirectly
      through one or more intermediaries, controls, or is controlled by, or is under
      common control with, such Person, and the term “control” (including the terms
“controlled by” and “under common control with”) means the possession, directly
      or indirectly, of the power to direct or cause the direction of the management
      and policies of such Person, whether through ownership of voting securities,
      by
      contract or otherwise.

     

    “Affiliated
      Group”
      means
      any affiliated group within the meaning of Section 1504 of the Code or any
      comparable or analogous group under state, local or foreign Law.

     

    “Aggregate
      Consideration”
      means
      $160,500,000; provided,
      that if
      the Company shall not have filed the Transfer Application on or before July
      3,
      2006, the Aggregate Consideration shall be reduced by an amount equal to
      $100,000 for each day past July 3, 2006 that the Company shall not have tendered
      to the FCC for filing its portion of the Transfer Application in accordance
      with
Section
      7.5
      hereof.
      If the Company tenders to the FCC for filing its portion of the Transfer
      Application in accordance with Section 7.5 hereof on or before July 3, 2006,
      then the “Aggregate Consideration” for all purposes hereof shall be
      $160,500,000.

     

    “Aggregate
      Consideration Spreadsheet”
      means a
      spreadsheet, to be prepared by the Company, Columbia Blocker, TKH Blocker and
      the Stockholder Representative, calculating and allocating the Aggregate
      Consideration in such detail and in a form sufficient to enable Parent and
      Holdco to determine the distribution of the Aggregate Consideration in
      accordance with the terms of this Agreement. 

     

    “Aggregate
      Equity Consideration”
      means an
      amount equal to (a) the Aggregate Consideration minus
      (b) the
      TKH Notes Pay-off Amount minus
      (c) the
      Columbia Notes Pay-off Amount, minus
      (d)
      the
      Subordinated Notes Pay-off Amount, minus
      (e) the
      aggregate amount of Unjust Enrichment Payments, if any, that have not been
      paid
      by the Company or any Company Subsidiary as of immediately prior to the
      Effective Time, minus
      (f) the
      Escrow Deposit Amount, minus,
      (g) the
      Stockholder Representative Reserve, minus
      (h)
      the
      Transaction Expense Amount,

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    minus
      (i) the
      Olexa Bonus Amount, minus
      (j) the
Section
      7.2(b)(vi)
      Indebtedness Pay-Off Amount.

     

    “Best
      Efforts”
      means
      the efforts that a prudent Person desirous of achieving a result would use
      in
      similar circumstances to ensure that such a result is achieved as expeditiously
      as possible; provided,
      that
      such efforts do not require the payment of money to third parties for consents
      or other concessions, the incurrence of obligations outside of the ordinary
      course for a transaction of this type or any agreement to restrict the use
      of
      the WCS Spectrum Licenses, aside from ordinary course restrictions of the type
      described in Section
      8.1(b).

     

    “Business
      Day”
      means
      any day of the year on which national banking institutions in New York are
      open
      to the public for conducting business and are not required or authorized to
      close.

     

    “Code”
      means
      the Internal Revenue Code of 1986, as amended.

     

    “Columbia
      Blocker Purchase Price”
      means an
      amount equal to (a) the product of (i) the Columbia Pro Rata Portion
multiplied
      by
      (ii) the
      Aggregate Equity Merger Consideration, plus
      (b) the
      Columbia Note Pay-off Amount.

     

    “Columbia
      Notes”
      means
      (i)
      WCS Wireless’ Amended and Restated 4.5% Subordinated Note due April 15, 2008,
      dated as of April 15, 2005, in the principal amount of $1,685,191.45 held by
      Columbia Blocker, and (ii) WCS Wireless’ Amended and Restated 4.5% Subordinated
      Note Due April 15, 2008 dated as of May 31, 2005 in the principal amount of
      $17,936.06 held by Columbia Blocker.

     

    “Columbia
      Notes Pay-off Amount”
      means
      the
      aggregate outstanding obligations of WCS Wireless as of the Closing Date under
      the Columbia Notes. 

     

    “Columbia
      Pro Rata Portion”
      means
      Columbia Blocker’s Pro Rata Portion.

     

    “Communications
      Act”
      means
      the
      Communications Act of 1934, as amended.

     

    “Company
      Intellectual Property”
      means
      all Intellectual Property Rights used in or necessary for the conduct of the
      business of the Company or the Company Subsidiaries, or owned or held for use
      by
      the Company or the Company Subsidiaries.

     

    “Company
      Stockholders”
      means
      each holder of Company Stock immediately prior to the Effective Time other
      than
      Columbia Blocker and TKH Blocker.

     

    “Contract”
      means
      any contract, agreement, indenture, note, bond, loan, instrument, lease,
      commitment or other legally binding arrangement or agreement, whether written
      or
      oral.

     

    “Escrow
      Agent”
      means
      Mellon Trust of New England, N.A.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    “Escrow
      Agreement”
      means
      that certain Escrow Agreement to be entered into on the Closing Date by and
      among Parent, the Stockholder Representative and the Escrow Agent (as therein
      defined), substantially in the form of Exhibit
      A
      hereto
      (with such changes acceptable to Parent and the Stockholder Representative
      as
      may be required by the Escrow Agent).

     

    “Escrow
      Amount”
      means
      the Escrow Deposit, plus any interest that accrues on such amount while it
      is
      held in the Escrow Fund.

     

    “Escrow
      Deposit”
      means
      $8,000,000.

     

    “FCC
      Consent”
      means
      the consent of the FCC to the transfer of control of the WCS Spectrum Licenses
      pursuant to this Agreement.

     

    “FCC
      Opinion”
      means
      the opinion of counsel substantially in the form attached as Exhibit
      B
      hereto.

     

    “FCC
      Rules”
      means
      Title 47 of the Code of Federal Regulations, as amended at any time and from
      time to time, and FCC decisions, policies, reports and orders issued pursuant
      to
      the adoption of such regulations.

     

    “Final
      Order”
      means an
      action or decision of the FCC as to which (i) no request for a stay or similar
      request is pending, no stay is in effect, the action or decision has not been
      vacated, reversed, set aside, annulled or suspended and any deadline for filing
      such request that may be designated by statute or regulation has passed, (ii)
      no
      petition for rehearing or reconsideration or application for review is pending
      and the time for the filing of any such petition or application has passed,
      (iii) the FCC does not have the action or decision under reconsideration on
      its
      own motion and the time within which it may effect such reconsideration has
      passed and (iv) no appeal is pending including other administrative or judicial
      review, or in effect and any deadline for filing any such appeal that may be
      designated by statute or rule has passed. 

     

    “GAAP”
      means
      generally accepted accounting principles in the United States.

     

    “Governmental
      Authorizations” means
      all
      approvals, concessions, consents, franchises, licenses, permits, plans,
      registrations
      and
      other authorizations of all Governmental Bodies held by the Company or one
      of
      its Subsidiaries and shall include the WCS Spectrum Licenses.

     

    “Governmental
      Body”
      means
      any governmental or quasi-Governmental Body, whether administrative, executive,
      judicial, legislative or other, or any combination thereof, including without
      limitation any federal, state, territorial, county, municipal or other
      government or governmental or quasi-governmental agency, arbitrator, authority,
      board, body, branch, bureau, or comparable agency, commission, corporation,
      court, department, instrumentality, mediator, panel, system or other political
      unit or subdivision or other Entity of any of the foregoing, whether domestic
      or
      foreign. 

     

    “HSR
      Act”
      shall
      mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
      and
      the rules and regulations promulgated thereunder.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    “Indebtedness”
      of any
      Person means, without duplication, (i) the principal of and premium (if
      any) and prepayment penalties (if any) in respect of (A) indebtedness of
      such Person for money borrowed and (B) indebtedness evidenced by notes,
      debentures, bonds or other similar instruments for the payment of which such
      Person is responsible or liable; (ii) all obligations of such Person issued
      or assumed as the deferred purchase price of property, all conditional sale
      obligations of such Person and all obligations of such Person under any title
      retention agreement (but excluding trade accounts payable and other accrued
      current liabilities arising in the Ordinary Course of Business); (iii) all
      obligations of such Person under leases required to be capitalized in accordance
      with GAAP; (iv) all obligations of such Person for the reimbursement of any
      obligor on any letter of credit, banker’s acceptance or similar credit
      transaction; and (v) all obligations of the type referred to in
      clauses (i) through (iv) of any Persons for the payment of which such
      Person is responsible or liable or for which any property or asset of such
      Person is secured by a Lien, under any legally binding obligation, including
      as
      obligor, guarantor, surety or otherwise.

     

    “Intellectual
      Property”
      means
      any rights available with respect to the Technology under patent, copyright,
      trade secret or trademark law or any other statutory provision or common law
      doctrine, and also domain names.

     

    “Intellectual
      Property Rights“
      means
      all of the rights arising from or in respect of the following, whether
      protected, created or arising under the Laws of the United States or any foreign
      jurisdiction: (A) patents, patent applications, any reissues,
      reexaminations, divisionals, continuations, continuations-in-part and extensions
      thereof (collectively, “Patents”);
      (B) trademarks, service marks, trade names (whether registered or
      unregistered), service names, industrial designs, brand names, brand marks,
      trade dress rights, Internet domain names, identifying symbols, logos, emblems,
      signs or insignia, and including all goodwill associated with the foregoing
      (collectively, “Marks”);
      (C) copyrights, whether registered or unregistered (including copyrights in
      computer software programs), mask work rights and registrations and applications
      therefor (collectively, “Copyrights”);
      (D) confidential and proprietary information, or non-public processes,
      designs, specifications, technology, know-how, techniques, formulas, inventions,
      concepts, trade secrets, discoveries, ideas and technical data and information,
      in each case excluding any rights in respect of any of the foregoing that
      comprise or are protected by Copyrights or Patents (collectively, “Trade
      Secrets”);
      and
      (E) all applications, registrations and permits related to any of the
      foregoing clauses (A) through (D).

     

    “IRS”
      means
      the Internal Revenue Service.

     

    “Knowledge”
      means,
      with respect to any Person, the actual knowledge of the senior management or
      comparable representatives of such Person and such knowledge as would reasonably
      be expected to be known by such Persons in the ordinary and usual course of
      the
      performance of their professional responsibilities (who, with respect to the
      Company, Columbia Blocker and TKH Blocker are listed on Schedule
      1.1(a)).

     

    “Law”
      means
      any foreign, federal, state or local law (including common law), statute, code,
      ordinance, rule, order, decree, regulation, technical or other standard, or
      other requirement or procedure issued, enacted, adopted, promulgated,
      implemented or otherwise put into effect by or under the authority of any
      Governmental Body, including the FCC Rules.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    “Legal
      Proceeding”
      means
      any judicial, administrative or arbitral actions, suits, proceedings (public
      or
      private) or claims or proceedings by or before a Governmental Body.

     

    “Liability”
      means
      any debt, loss, damage, adverse claim, liability or obligation (whether direct
      or indirect, known or unknown, asserted or unasserted, absolute or contingent,
      accrued or unaccrued, liquidated or unliquidated, or due or to become due,
      and
      whether in contract, tort, strict liability or otherwise).

     

    “Lien”
      means
      any lien, mortgage, encumbrance, security interest, claim, lease, charge, or
      pledge that is not a Permitted Exception.

     

    “Losses”
      means
      any and all damages, losses, liabilities, Taxes and Tax Losses obligations,
      costs and expenses, and any and all claims, demands or suits (by any Person,
      including without limitation any Governmental Body), including the costs and
      expenses of any and all actions, suits, proceedings, demands, assessments,
      judgments, settlements and compromises relating thereto and including reasonable
      attorneys’ and other advisors’ fees, costs and expenses in connection therewith,
      but excluding any special or consequential damages; provided,
      however,
      that
      Losses shall include special and consequential damages to the extent any such
      special or consequential damages are actually paid to a third
      party.

     

    “Material
      Adverse Effect”
      means as
      to any party hereto any condition, change, situation or set of circumstances
      that has had or would reasonably be expected to have a material adverse effect
      on (i) such party and its Subsidiaries, taken as a whole, or the business,
      assets, properties, liabilities, financial condition, operations, or results
      of
      operations of such party and its Subsidiaries, taken as a whole, or (ii) the
      ability of such party to consummate, as applicable, the Acquisitions and the
      other transactions contemplated by this Agreement or perform its material
      obligations under this Agreement or the Company Documents, Columbia Documents
      or
      TKH Documents, as applicable, provided,
      however,
      that a
      Material Adverse Effect shall not include any condition, change, situation
      or
      set of circumstances or effect relating to (i) general business or economic
      conditions, including such conditions related to the business of such party,
      (ii) national or international political or social conditions, including the
      engagement by the United States in hostilities, whether or not pursuant to
      the
      declaration of a national emergency or war, or the occurrence of any military
      or
      terrorist attack anywhere in the world, (iii) financial, banking, or securities
      markets (including any disruption thereof and any decline in the price of any
      security or any market index), (iv) changes in GAAP or (v) changes in Law or
      Orders, (vi) any adverse change in or effect on the business of the Company
      and
      the Company Subsidiaries that is cured before the earlier of (A) the Closing
      Date and (B) the date on which the Agreement is terminated pursuant to Article
      IV.

     

    “MEA”
means
      a
      Major Economic Area as defined in 47 C.F.R. § 27.6.

     

    “Notes”
      means,
      collectively, (i) the TKH Note and (ii) the 4.5% Subordinated Notes of WCS
      Wireless, due April 15, 2008 dated as of April 15, 2005 (or May 13, 2005),
      in
      the aggregate principal amount of $17,000,000.17.

     

    “Olexa”
      means
      George R. Olexa.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    “Olexa
      Bonus Amount”
      means
      that portion of the bonus payable by the Company to Olexa upon the Closing
      in
      accordance with a written agreement entered into by the Company with Olexa
      on or
      after the date hereof, which agreement shall provide for an unconditional
      release of Columbia Blocker, TKH Blocker, the Company and its Subsidiaries
      by
      Olexa.

     

    “Order”
      means
      any order, injunction, judgment, decision, decree, ruling, writ, assessment
      or
      arbitration award of a Governmental Body.

     

    “Ordinary
      Course of Business”
      means as
      to any Person, the ordinary and usual course of day-to-day operations of the
      business of such Person through the date hereof consistent with past practice
      and, in the case of the Selling Parties, actions taken in satisfaction of their
      obligations hereunder and under the XM Agreement.

     

    “Organizational
      Documents” means
      as
      to any Person, the certificate of or articles of incorporation, certificate
      of
      limited partnership, certificate of formation, articles of organization,
      operating agreements, limited partnership agreements and limited liability
      company agreements or bylaws of such Person, as applicable.

     

    “Permits”
      means
      any approvals, authorizations, consents, licenses, permits or certificates
      of a
      Governmental Body, other than the WCS Spectrum Licenses.

     

    “Permitted
      Exceptions”
      means
      (i) all defects, exceptions, restrictions, easements, rights of way and
      encumbrances disclosed in policies of title insurance which have been made
      available to Parent; (ii) statutory liens for current Taxes, assessments or
      other governmental charges not yet delinquent or the amount or validity of
      which
      is being contested in good faith by appropriate proceedings and for which
      adequate reserves have been established in accordance with GAAP; (iii)
      mechanics’, carriers’, workers’, repairers’ and similar Liens arising or
      incurred in the Ordinary Course of Business that are not material to the
      business, operations and financial condition of the assets of the Company so
      encumbered; (iv) zoning, entitlement and other land use and environmental
      regulations by any Governmental Body, provided that such regulations have not
      been violated by the Company; (v) statutory or common law liens to secure
      obligations to landlords, lessors or renters under leases or rental agreements;
      (vi) deposits or pledges made in connection with, or to secure payment of,
      workers’ compensation, unemployment insurance or similar programs mandated by
      applicable Law; (vii) any right, title or interest of a licensor under a license
      disclosed in the Schedules to this Agreement or entered into in the Ordinary
      Course of Business that are immaterial in the absence of any default by the
      licensee; (viii) leases or subleases disclosed in the Schedules to this
      Agreement or entered into in the Ordinary Course of Business following the
      date
      of this Agreement that are immaterial; (ix) licenses or sublicenses granted
      to
      others pursuant to any Contract; (x) immaterial, non-exclusive licenses or
      sublicenses that are not required to be included on the Company’s disclosure
      schedules; (xi) liens arising solely by virtue of any statutory or common law
      provision relating to banker’s liens, rights of setoff or similar rights and
      remedies as to deposit accounts or other funds maintained with a creditor
      depository institution; and (xii) liens in favor of other financial institutions
      arising in connection with the Company’s deposit accounts or securities accounts
      held at such institutions to secure customary fees, charges, and the
      like.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    “Person”
      means
      any individual, corporation, partnership, firm, joint venture, association,
      joint-stock company, trust, unincorporated organization, Governmental Body
      or
      other entity.

     

    “Pre-Closing
      Tax Period”
      means
      any taxable year or period (or portion thereof) that ends on or before the
      Closing Date.

     

    “Pro
      Rata Portion”
      means,
      for any holder of Company Stock, the ratio of (i) the number of shares of Common
      Stock held by such holder immediately prior to the Effective Time (after giving
      effect to or assuming the conversion of all shares of Preferred Stock held
      by
      such holder into Common Stock immediately prior to the Effective Time), over
      (ii) the aggregate number of shares of Common Stock issued and outstanding
      immediately prior to the Effective Time (after giving effect to or assuming
      the
      conversion of all shares of Preferred Stock into Common Stock immediately prior
      to the Effective Time and the cancellation of any shares of Company Stock that
      are owned by the Company (as treasury stock or otherwise) in accordance with
      Section
      3.1(b)).

     

    “REAG”
      means
      Regional Economic Area Grouping as defined in 47 C.F.R.
§ 27.6.

     

    “Section
      7.2(b)(vi) Indebtedness Pay-Off Amount”
      means
      the aggregate outstanding obligations of the Company and the Company
      Subsidiaries as of the Closing Date under any Indebtedness incurred after the
      date hereof as permitted by Section
      7.2(b)(vi).

     

    “Sellers”
      means,
      collectively, the Company Stockholders, the Columbia Seller and the TKH
      Sellers.

     

    “Service
      Areas”
means
      the MEAs and REAGs for which the Company is authorized for wireless operations
      pursuant to the WCS Spectrum Licenses. 

     

    “Software”
      means
      computer programs, including any and all software implementations of algorithms,
      models and methodologies whether in source code, object code or other form,
      databases and compilations, including any and all data and collections of data,
      descriptions, flow-charts and other work product used to design, plan, organize
      and develop any of the foregoing and all documentation, including user manuals
      and training materials related to any of the foregoing.

     

    “Stockholder
      Representative Reserve”
      means
      $500,000, intended to defray the costs and expenses incurred by the Stockholder
      Representative in connection with its obligations under this
      Agreement.

     

    “Straddle
      Period”
      means
      any taxable year or period that includes, but does not end on, the Closing
      Date.

     

    “Subordinated
      Notes Pay-off Amount”
      means
      the
      aggregate outstanding obligations of WCS Wireless as of the Closing Date under
      the 4.5% Subordinated Notes of WCS Wireless, due April 15, 2008 dated as of
      April 15, 2005 (or May 13, 2005), other than the Columbia Notes.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    “Subsidiary”
      means,
      with respect to any Person, any other Person of which such Person directly
      or
      indirectly owns voting securities, other voting rights or voting partnership
      or
      limited liability company interests that are sufficient to elect at least a
      majority of such Person’s board of directors or other governing body (or, if
      there are no such voting interests, the Company directly or indirectly owns
      50%
      of the equity interests of such Person).

     

    “Takeover
      Proposal”
      means
      any inquiry, proposal or offer from any Person or “group” (as defined in Section
      13(d) of the Exchange Act), other than Parent and its Affiliates, relating
      to
      any (A) direct or indirect acquisition (whether in a single transaction or
      a
      series of related transactions) of assets of the Company and its Subsidiaries
      (including securities of Subsidiaries) equal to 20% or more of the Company’s
      consolidated assets or to which 20% or more of the Company’s revenues or
      earnings on a consolidated basis are attributable, (B) direct or indirect
      acquisition (whether in a single transaction or a series of related
      transactions) of 20% or more of any class of equity securities of the Company,
      (C) tender offer or exchange offer that if consummated would result in any
      Person or “group” (as defined in Section 13(d) of the Exchange Act) beneficially
      owning 20% or more of any class of equity securities of the Company or (D)
      merger, consolidation, share exchange, business combination, recapitalization,
      liquidation, dissolution or similar transaction involving the Company or any
      of
      its Subsidiaries; in each case, other than the transactions contemplated by
      this
      Agreement.

     

    “Tax
      Return”
      means
      any return, report or statement required to be filed with respect to any Tax
      (including any schedules or attachments thereto, and any amendment thereof),
      including any information return, claim for refund, amended return or
      declaration of estimated Tax, and including, where permitted or required,
      combined, consolidated or unitary returns for any group of entities that
      includes the Company, any of its Subsidiaries, or any of their
      Affiliates.

     

    “Taxes”
      means
      (i) all federal, state, local or foreign taxes, charges, fees, imposts, levies
      or other assessments, including all net income, gross receipts, capital, sales,
      use, ad valorem, value added, transfer, franchise, profits, inventory, capital
      stock, license, withholding, payroll, employment, social security, unemployment,
      excise, severance, stamp, occupation, property and estimated taxes, customs
      duties, fees, assessments and other taxes of any kind whatsoever, (ii) all
      interest, penalties, fines, additions to tax or additional amounts imposed
      by
      any Taxing Authority in connection with any item described in clause (i), and
      (iii) any transferee liability in respect of any items described in clauses
      (i)
      and/or (ii) payable by reason of contract, assumption, transferee liability,
      operation of Law, Treasury Regulation Section 1.1502-6(a) (or any predecessor
      or
      successor thereof of any analogous or similar provision under Law) or
      otherwise.

     

    “Taxing
      Authority”
      means
      the IRS and any other Governmental Body responsible for the administration
      of
      any Tax.

     

    “Technology”
      means,
      collectively, all designs, formulae, algorithms, procedures, methods,
      techniques, ideas, know-how, Software, programs, subroutines, tools, inventions,
      creations, improvements, works of authorship and other similar materials, and
      all recordings, graphs, drawings, reports, analyses, and other writings, and
      any
      other embodiments of the above,

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    in
      any
      form whether or not specifically listed herein, and all related technology,
      that
      are used in, incorporated or embodied in or displayed by any of the foregoing
      or
      used or useful in the design, development, reproduction, maintenance or
      modification of any of the foregoing.

     

    “TKH
      Blocker Purchase Price”
      means an
      amount equal to (a) the product of (i) the TKH Pro Rata Portion multiplied
      by
      (ii) the
      Aggregate Equity Consideration, plus
      (b) the
      TKH Note Pay-off Amount.

     

    “TKH
      Note”
      means
      WCS Wireless’ 3% Promissory Note, dated March 18, 2004, in the principal amount
      of $5,000,000 held by TKH Blocker.

     

    “TKH
      Note Pay-off Amount”
      means
      the
      aggregate outstanding obligations of WCS Wireless as of the Closing Date under
      the TKH Note. 

     

    “TKH
      Pro Rata Portion”
      means
      TKH Blocker’s Pro Rata Portion.

     

    “Transaction
      Expenses”
      means
      all the transaction costs of Columbia Blocker, TKH Blocker, the Company and
      its
      Subsidiaries and the Sellers (excluding the Stockholder Representative Reserve),
      including fees and expenses of counsel, advisors, consultants, investment
      bankers, accountants, auditors and experts, incurred by Columbia Blocker, TKH
      Blocker, the Company or its Subsidiaries or the Sellers in connection with
      the
      negotiation and execution of this Agreement and the consummation of the
      transactions contemplated by this Agreement.

     

    “Transaction
      Expense Amount”
      means
      the
      amount of Transaction Expenses as of the Closing Date.

     

    “Transfer
      Taxes”
      means
      all sales, use, stamp, documentary, filing, recording, transfer or similar
      fees
      or taxes or governmental charges as levied by any Governmental Body including
      any interest and penalties) in connection with the transactions contemplated
      by
      this Agreement.

     

    “Treasury
      Regulations”
      means
      the regulations promulgated under the Code.

     

    “Unimpaired”
      means
      that the Company: (1) is as of the date hereof and has been in material
      compliance with all Laws and FCC Rules relating to the WCS Spectrum Licenses;
      (2) except as contemplated by the XM Agreement, has not leased or hypothecated
      in any way any interest or future interest of any kind in the WCS Spectrum
      Licenses to any third party; (3) has not granted any interference consents
      or
      entered into any interference agreements with respect to any of the WCS Spectrum
      Licenses, or allowed any such interference; and (4) has not partitioned or
      disaggregated any part of the Service Areas or the frequencies associated with
      any of the WCS Spectrum Licenses and has not agreed to any channel/frequency
      swapping arrangements. The term “Unimpaired”
also
      means that the Company, the Company Subsidiaries, Columbia Blocker and TKH
      Blocker and/or the WCS Spectrum Licenses are not subject to any pending claims,
      investigations, proceedings or litigation before the FCC except as may be
      initiated by Parent or any of its Affiliates and except as may apply to or
      affect WCS spectrum licenses or the holders thereof generally.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

     

    “Unjust
      Enrichment Payment”
      means
      any
      unjust enrichment payment determined in accordance with 47 C.F.R. Section 1.2111
      that as of the Closing Date is due from the Company or any Company Subsidiary
      to
      the FCC with respect to the WCS Spectrum Licenses, as set forth in a UE Payment
      Letter.

     

    “WCS
      Spectrum Licenses”
      means
      the licenses granted the Company and its Subsidiaries by the FCC for the use
      of
      WCS spectrum, as listed on Schedule
      1.1(b).

     

    (b) Terms
      Defined Elsewhere in this Agreement.
      For
      purposes of this Agreement, the following terms have meanings set forth in
      the
      sections indicated:

     

    
      	
              Term

            	 	
              Section

            
	 	 	 
	
              Acquisitions

            	 	
              2.1(d)

            
	
              Agreement

            	 	
              Preamble

            
	
              Application
                Commencement Date

            	 	
              7.4

            
	
              Balance
                Sheet

            	 	
              5.A.7

            
	
              Balance
                Sheet Date

            	 	
              5.A.7

            
	
              Certificate
                of Merger

            	 	
              2.3

            
	
              Claim
                Objection

            	 	
              9.3

            
	
              Closing

            	 	
              2.2

            
	
              Closing
                Date

            	 	
              2.2

            
	
              Columbia
                Blocker

            	 	
              Preamble

            
	
              Columbia
                Blocker Stock

            	 	
              2.1(b)

            
	
              Columbia
                Documents

            	 	
              5.B.2

            
	
              Columbia
                Losses

            	 	
              9.3(h)

            
	
              Columbia
                Seller

            	 	
              Preamble

            
	
              Columbia
                Stock Purchase

            	 	
              2.1(b)

            
	
              Common
                Stock

            	 	
              3.1

            
	
              Company

            	 	
              Preamble

            
	
              Company
                Documents 

            	 	
              5.A.2(a)

            
	
              Company
                Interim Balance Sheet

            	 	
              5.A.7

            
	
              Company
                Plans

            	 	
              5.A.19

            
	
              Company
                Stock

            	 	
              3.1

            
	
              Company
                Stockholder Approval

            	 	
              5.2(c)

            
	
              Company
                Subsidiary(ies)

            	 	
              5.A.5

            
	
              Confidentiality
                Agreement

            	 	
              7.9

            
	
              Deductible

            	 	
              9.2(d)

            
	
              DGCL

            	 	
              2.1(a)

            
	
              DOJ

            	 	
              7.5

            
	
              Effective
                Time

            	 	
              2.3

            
	
              Escrow
                Agent

            	 	
              3.1(g)

            
	
              Escrow
                Fund

            	 	
              3.1(g)

            
	
              Escrow
                Payment

            	 	
              3.1(c)(ii)

            
	
              Escrow
                Period

            	 	
              9.3(b)

            
	
              Expiration
                Date

            	 	
              9.1(a)

            
	
              FCC

            	 	
              Recitals

            

    

     

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

     

    
      	
              Term

            	 	
              Section

            
	
              Financial
                Statements 

            	 	
              5.A.7

            
	
              FTC

            	 	
              7.5

            
	
              Holdco

            	 	
              Preamble

            
	
              Indemnity
                Claim Certificate

            	 	
              9.3

            
	
              License
                Sub

            	 	
              Recitals

            
	
              Material
                Improvement

            	 	
              4.3(a)

            
	
              Merger

            	 	
              Recitals

            
	
              Merger
                Consideration

            	 	
              3.1(c)

            
	
              Merger
                Sub

            	 	
              Recitals

            
	
              Merger
                Sub Common Stock

            	 	
              3.1

            
	
              Merger
                Sub Documents

            	 	
              6.9

            
	
              Parent

            	 	
              Preamble

            
	
              Parent
                Documents

            	 	
              6.2

            
	
              Parent
                Indemnified Parties

            	 	
              9.2

            
	
              Parent
                Indemnifiable Losses

            	 	
              9.2(d)

            
	
              Payment
                Fund

            	 	
              3.2(a)

            
	
              Preferred
                Stock

            	 	
              3.1

            
	
              Representatives
                

            	 	
              7.8(a)

            
	
              Residual
                Payments

            	 	
              9.3(h)

            
	
              Selling
                Parties

            	 	
              Recitals

            
	
              Stock
                Certificate

            	 	
              3.1(d)(ii)

            
	
              Stockholder
                Consents

            	 	
              5.A.2(d)

            
	
              Stockholder
                Representative

            	 	
              10.1(a)

            
	
              Stockholder
                Representative Documents

            	 	
              10.1(h)

            
	
              Surviving
                Corporation

            	 	
              2.1(a)

            
	
              Tax
                Losses

            	 	
              9.4(a)

            
	
              Termination
                Fee

            	 	
              4.3(a)

            
	
              Third-Party
                Interests

            	 	
              5.A.5

            
	
              TKH
                Blocker

            	 	
              Preamble

            
	
              TKH
                Blocker Stock

            	 	
              2.1(c)

            
	
              TKH
                Documents

            	 	
              5.C.2

            
	
              TKH
                Losses

            	 	
              9.3(h)

            
	
              TKH
                Sellers

            	 	
              Preamble

            
	
              TKH
                Stock Purchase

            	 	
              2.1(c)

            
	
              Transfer
                Application

            	 	
              7.5

            
	
              UE
                Payment Letter

            	 	
              7.13

            
	
              Unresolved
                Claim

            	 	
              9.3(b)

            
	
              WCS

            	 	
              Recitals

            
	
              WCS
                Wireless

            	 	
              5.A.5

            
	
              XM

            	 	
              Recitals

            
	
              XM
                Agreement

            	 	
              Recitals

            
	 	 	 

    

    (c) Other
      Definitional and Interpretive Matters.
      Unless
      otherwise expressly provided, for purposes of this Agreement, the following
      rules of interpretation shall apply:

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    (i) Calculation
      of Time Period.
      When
      calculating the period of time before which, within which or following which
      any
      act is to be done or step taken pursuant to this Agreement, the date that is
      the
      reference date in calculating such period shall be excluded. If the last day
      of
      such period is a non-Business Day, the period in question shall end on the
      next
      succeeding Business Day.

     

    (ii) Dollars.
      Any
      reference in this Agreement to $ or dollars shall mean U.S.
      dollars.

     

    (iii) Exhibits/Schedules.
      The
      Exhibits and Schedules to this Agreement are hereby incorporated and made a
      part
      hereof and are an integral part of this Agreement. All Exhibits and Schedules
      annexed hereto or referred to herein are hereby incorporated in and made a
      part
      of this Agreement as if set forth in full herein. Any capitalized terms used
      in
      any Schedule or Exhibit but not otherwise defined therein are used therein
      with
      the definition set forth in this Agreement.

     

    (iv) Gender
      and Number.
      Any
      reference in this Agreement to gender shall include all genders, and words
      imparting the singular number only shall include the plural and vice
      versa.

     

    (v) Headings.
      The
      provision of a Table of Contents, the division of this Agreement into Articles,
      Sections and other subdivisions and the insertion of headings are for
      convenience of reference only and shall not affect or be utilized in construing
      or interpreting this Agreement. All references in this Agreement to any
“Section” are to the corresponding Section of this Agreement unless otherwise
      specified.

     

    (vi) Herein.
      The
      words such as “herein,” “hereinafter,” “hereof,”
      and
“hereunder”
      refer to
      this Agreement as a whole and not merely to a subdivision in which such words
      appear unless the context otherwise requires.

     

    (vii) Including.
      The
      word “including”
      or any
      variation thereof means “including,
      without limitation”
      and
      shall not be construed to limit any general statement that it follows to the
      specific or similar items or matters immediately following it.

     

    (d) The
      parties hereto have participated jointly in the negotiation and drafting of
      this
      Agreement and, in the event an ambiguity or question of intent or interpretation
      arises, this Agreement shall be construed as jointly drafted by the parties
      hereto and no presumption or burden of proof shall arise favoring or disfavoring
      any party by virtue of the authorship of any provision of this
      Agreement.

     

    ARTICLE
      II

     

    THE
      ACQUISITIONS

     

    2.1 The
      Merger and Stock Purchases.
      

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

     

    (a) Upon
      the
      terms and subject to the conditions set forth in this Agreement and in
      accordance with the General Corporation Law of the State of Delaware (the
“DGCL”),
      Merger
      Sub shall be merged with and into the Company at the Effective Time. Following
      the Effective Time, the separate corporate existence of Merger Sub shall cease,
      and the Company shall continue as the surviving corporation in the Merger (the
      “Surviving
      Corporation”)
      and
      shall succeed to and assume all the rights and obligations of Merger Sub in
      accordance with the DGCL.

     

    (b) At
      the
      Effective Time and in accordance with the provisions of this Agreement, the
      Columbia Seller shall sell to Holdco, and Holdco shall purchase from the
      Columbia Seller, all of the issued and outstanding capital stock of Columbia
      Blocker (“Columbia
      Blocker Stock”)
      free
      and clear of all Liens such that, after giving effect thereto, Holdco will
      hold
      all of the issued and outstanding capital stock of Columbia Blocker (the
“Columbia
      Stock Purchase”).

     

    (c) At
      the
      Effective Time and in accordance with the provisions of this Agreement, the
      TKH
      Sellers shall sell to Holdco, and Holdco shall purchase from the TKH Sellers,
      all of the issued and outstanding capital stock of TKH Blocker (“TKH
      Blocker Stock”)
      free
      and clear of all Liens such that, after giving effect thereto, Holdco will
      hold
      all of the issued and outstanding capital stock of TKH Blocker (the “TKH
      Stock Purchase”).

     

    (d) Immediately
      after giving effect to the Merger, the Columbia Stock Purchase and the TKH
      Stock
      Purchase (collectively, the “Acquisitions”),
      Parent
      shall hold, free and clear of all Liens (other than those as may be imposed
      thereon by Parent or its Affiliates), directly and indirectly through Columbia
      Blocker and TKH Blocker, all of the issued and outstanding capital stock of
      the
      Company.

     

    2.2 Closing.
      Subject
      to the satisfaction of the conditions set forth in Article
      VIII
      (or the
      waiver thereof by the party entitled to waive that condition), the closing
      of
      the Acquisitions (the “Closing”)
      shall
      take place at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue,
      New York, New York 10153 (or at such other place as the parties may designate
      in
      writing) at 10:00 a.m. (New York City time) on a date to be specified by
      the parties, which date shall be no later than the second (2nd) Business Day
      after the satisfaction or waiver of each conditions to the Closing set forth
      in
Article
      VIII
      (other
      than conditions that by their nature are to be satisfied at the Closing, but
      subject to the satisfaction or waiver of such conditions), unless another time
      or date, or both, are agreed to in writing by the parties hereto; provided,
      that in
      any event the Closing shall not occur prior to the earlier of (i) ninety (90)
      days after the Company tenders to the FCC for filing its portion of the Transfer
      Application, unless the Company tenders to the FCC for filing its portion of
      the
      Transfer Application prior to June 1, 2006, in which case this clause (i) shall
      not apply, and (ii) ten (10) Business Days after the date on which the
      conditions set forth in Section
      8.1(a)
      and
Section
      8.1(b)
      hereto
      shall have been satisfied. The date on which the Closing shall be held is
      referred to in this Agreement as the “Closing
      Date.”

     

    2.3 Effective
      Time.
      Subject
      to the provisions of this Agreement, as soon as practicable on the Closing
      Date,
      the parties shall file a certificate of merger (the “Certificate
      of Merger”)
      executed in accordance with the relevant

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

     

    provisions
      of the DGCL and, as soon as practicable on or after the Closing Date, shall
      make
      all other filings or recordings required under the DGCL. The Merger shall become
      effective at such time as the Certificate of Merger is duly filed with the
      Secretary of State of the State of Delaware, or at such other time as Parent
      and
      the Company shall agree and shall specify in the Certificate of Merger (the
      time
      the Merger becomes effective being the “Effective
      Time”).

     

    2.4 Effects
      of the Merger.
      The
      Merger shall have the effects set forth in the DGCL.

     

    2.5 Certificate
      of Incorporation and By-laws. 

     

    (a) The
      certificate of incorporation of Merger Sub, as in effect immediately prior
      to
      the Effective Time, shall be the certificate of incorporation of the Surviving
      Corporation until thereafter changed or amended as provided therein or by
      applicable Law. 

     

    (b) The
      bylaws of Merger Sub, as in effect immediately prior to the Effective Time,
      shall be the bylaws of the Surviving Corporation until thereafter changed or
      amended as provided therein or by applicable Law.

     

    2.6 Directors.
      The
      directors of Merger Sub immediately prior to the Effective Time shall be the
      directors of the Surviving Corporation, until the earlier of their resignation
      or removal or until their respective successors are duly elected and qualified,
      as the case may be.

     

    2.7 Officers.
      The
      officers of Merger Sub immediately prior to the Effective Time shall be the
      officers of the Surviving Corporation, until the earlier of their resignation
      or
      removal or until their respective successors are duly elected and qualified,
      as
      the case may be.

     

    ARTICLE
      III

     

    CONSIDERATION
      FOR MERGER AND ACQUISITIONS

     

    3.1 Merger
      Consideration.
      As of
      the Effective Time, by virtue of the Merger and without any action on the part
      of Merger Sub, the Company or the holders of (i) (A) any shares of the
      Company’s common stock, par value $0.001 per share (the “Common
      Stock”),
      (B) any shares of the Company’s Class A Preferred Stock, par value $0.001
      per share (the “Preferred
      Stock,”
      and
      together with the Common Stock, “Company
      Stock”),
      or (ii)
      any shares of Merger Sub’s common stock, par value $0.01 per share (“Merger
      Sub Common Stock”),
      the
      following shall occur:

     

    (a) Common
      Stock of Merger Sub.
      Each
      share of Merger Sub Common Stock issued and outstanding immediately prior to
      the
      Effective Time shall be converted into and become one validly issued, fully
      paid
      and nonassessable share of common stock, par value $0.01 per share, of the
      Surviving Corporation. 

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

     

    (b) Cancellation
      of Treasury Stock.
      Each
      share of Company Stock issued and outstanding immediately prior to the Effective
      Time that is owned by the Company (as treasury stock or otherwise) shall
      automatically be cancelled and retired and shall cease to exist, and no cash
      or
      other consideration shall be delivered or deliverable in exchange
      therefor.

     

    (c) Conversion
      of Company Stock.
      Each
      holder of shares of Common Stock and Preferred Stock issued and outstanding
      immediately prior to the Effective Time (other than such shares of Common Stock
      or Preferred Stock held by the Company, any Subsidiary of the Company, Columbia
      Blocker or TKH Blocker) shall be entitled to receive, and Parent shall (or
      shall
      cause Holdco to) pay to each such holder, the sum of the following:

     

    (i)    an
      amount in
      cash, without interest, for each such share equal to the quotient obtained
      by
      dividing:

     

    (x)    the
      Aggregate Equity Consideration, by

     

    
      	 	
              (y)

            	
              the
                number of shares of Common Stock issued and outstanding immediately
                prior
                to the Effective Time (after giving effect to or assuming the conversion
                of all shares of Preferred Stock into Common Stock immediately prior
                to
                the Effective Time and the cancellation of any shares of Company
                Stock
                that are owned by the Company (as treasury stock or otherwise) in
                accordance with Section
                3.1(b));
                plus

            

    

     

    (ii)
      at
      the time set forth in, and subject to, Section
      9.3
      (and
      with respect to the disbursement of any amounts remaining in the Stockholder
      Representative Reserve, Section
      3.7),
      such
      holder’s Pro Rata Portion of the Escrow Payment, if any. The aggregate
“Escrow
      Payment”
      is an
      amount equal to (I) the Escrow Amount, less (II) the aggregate amounts paid
      or
      payable in respect of Parent Indemnifiable Losses or any other expenses or
      amounts deducted from the Escrow Fund, in each case in accordance with
Article
      IX
      or the
      Escrow Agreement, plus (III) any amounts remaining in the Stockholder
      Representative Reserve.

     

    Collectively,
      the amounts payable pursuant to this Section
      3.1(c)
      in
      respect of such shares of Company Stock are referred to as the “Merger
      Consideration”.
      

     

    At
      the
      Effective Time, all shares of Company Stock issued and outstanding immediately
      prior to the Effective Time (other than the Company Stock held by Columbia
      Blocker and TKH Blocker) shall no longer be outstanding and such shares of
      Company Stock shall be cancelled and retired and shall cease to exist, and
      each
      certificate (a “Stock
      Certificate”)
      formerly representing any such shares of Company Stock (other than such shares
      held by the Company, any Subsidiary of the Company, Columbia Blocker and TKH
      Blocker) shall thereafter represent only the right to receive the applicable
      portion of the Aggregate Equity Consideration. No portion of the Aggregate
      Consideration shall be payable to either Columbia Blocker or TKH Blocker on
      account of the Merger, and each share of Company Stock held by Columbia Blocker
      and TKH Blocker as of the Effective Time shall be converted into and become
      one
      share of common stock, $0.01 par value per share, of the Surviving
      Corporation.

     

    3.2 Columbia
      Blocker Consideration.
      Parent
      shall cause Holdco to pay to the Columbia Seller, in

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

     

    consideration
      of the Columbia Blocker Stock in accordance with Section
      2.1(b),
      the sum
      of the following: 

     

    (i) an
      amount
      in cash, without interest, equal to the Columbia Blocker Purchase Price;
plus

     

    (ii) at
      the
      time set forth in, and subject to, Section
      9.3
      (and
      with respect to the disbursements of any amounts remaining in the Stockholder
      Reserve, Section
      3.7),
      an
      amount equal to the product of the Escrow Payment multiplied by the Columbia
      Pro
      Rata Portion.

     

    3.3 TKH
      Blocker Consideration.
      Parent
      shall cause Holdco to pay to the TKH Sellers, in consideration of each share
      of
      TKH Blocker Stock in accordance with Section
      2.1(c),
      the sum
      of the following:

     

    (i) an
      amount
      in cash, without interest, for each such share equal to the quotient obtained
      by
      dividing:

     

    (x) the
      TKH
      Blocker Purchase Price, by

     

    (y) the
      number of shares of TKH Blocker Stock issued and outstanding immediately prior
      to the Effective Time (excluding any shares of TKH Blocker Stock that are owned
      by TKH Blocker (as treasury stock or otherwise)); plus

     

    (ii) at
      the
      time set forth in, and subject to, Section
      9.3
      (and
      with respect to the disbursement of any amounts remaining in the Stockholder
      Reserve, Section
      3.7),
      an
      amount equal to the product of the Escrow Payment multiplied by the TKH Pro
      Rata
      Portion.

     

    3.4 Escrow
      Fund.
      At the
      Closing, Parent shall (or shall cause Holdco to) cause to be deposited with
      the
      Escrow Agent, the Escrow Deposit, which is to be held in an interest-bearing
      account in accordance with the terms of the Escrow Agreement and Article
      IX
      (the
“Escrow
      Fund”).

     

    3.5 Payment
      of Acquisition Consideration.
      At the
      Effective Time, Parent shall (or shall cause Holdco to) make the following
      disbursements, in each case in accordance with the Aggregate Consideration
      Spreadsheet:

     

    (a) Parent
      shall (or shall cause Holdco to) pay the Subordinated Notes Pay-off Amount
      and,
      if applicable, the Section 7.2(b)(vi) Indebtedness Pay-Off Amount, by wire
      transfer of immediately available funds to the account(s) designated by the
      recipients thereof upon receipt of an executed release or pay-off letter, as
      applicable, by each such recipient; 

     

    (b) Parent
      shall (or shall cause Holdco to) disburse to the Escrow Agent, the Escrow
      Deposit; 

     

    (c) Parent
      shall (or shall cause Holdco to) disburse the Stockholder Representative Reserve
      in accordance with Section
      3.7;

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

     

    (d) Parent
      shall (or shall cause Holdco to) disburse to the Persons indicated on the
      Aggregate Consideration Spreadsheet amounts equal to the Transaction Expenses;
      

     

    (e) Parent
      shall (or shall cause Holdco to) disburse to the Columbia Seller the Columbia
      Blocker Purchase Price;

     

    (f) Parent
      shall (or shall cause Holdco to) disburse to the TKH Sellers the TKH Blocker
      Purchase Price; 

     

    (g) Parent
      shall (or shall cause Holdco to) disburse to Olexa the Olexa Bonus Amount;
      

     

    (h) Parent
      shall (or shall cause Holdco or the Surviving Corporation to) pay to the FCC
      the
      amount of any Unjust Enrichment Payment that has not been paid by the Company
      or
      either Company Subsidiary as of immediately prior to the Effective Time;
      and

     

    (i) Parent
      shall (or shall cause Holdco to) disburse to each Company Stockholder such
      Company Stockholder’s Pro Rata Portion of the Aggregate Equity Consideration
      upon a Company Stockholder delivering to Parent a letter of transmittal
      substantially in the form of Exhibit
      C
      hereto.
      Upon surrender of a Stock Certificate for cancellation to Parent, together
      with
      such letter of transmittal, duly completed and validly executed, as of the
      Effective Time, the holder of such Stock Certificate shall be entitled to
      receive in exchange therefor, and Holdco shall pay to such holder in immediately
      available funds, the amount of Aggregate Equity Consideration into which the
      shares formerly represented by such Stock Certificate shall have been converted
      pursuant to the terms of this Article
      III,
      and the
      Stock Certificate so surrendered shall forthwith be cancelled. 

     

    In
      the
      event of a transfer of ownership of a share of Company Stock that is not
      registered in the stock transfer books of the Company, the proper amount of
      the
      Aggregate Equity Consideration (as determined in accordance with, and subject
      to, the terms this Section
      3.5(h))
      may be
      paid in exchange therefor to a Person other than the Person in whose name the
      Stock Certificate so surrendered is registered if such Stock Certificate shall
      be properly endorsed or otherwise be in proper form for transfer and accompanied
      by all the documents required by this Section
      3.5(h),
      and the
      Person requesting such payment shall pay any transfer or other Taxes required
      by
      reason of the payment to a Person other than the registered holder of such
      Stock
      Certificate or establish to the satisfaction of Parent that such Tax has been
      paid or is not applicable. No interest shall be paid or shall accrue on the
      cash
      payable upon surrender of any Stock Certificate. 

     

    All
      cash
      paid upon the surrender for exchange of Stock Certificates in accordance with,
      and subject to, the terms of this Section
      3.5(h)
      shall be
      deemed to have been paid in full satisfaction of all rights pertaining to the
      shares of Company Stock previously represented by such Stock Certificates,
      and
      at the Effective Time the stock transfer books of the Company shall be closed
      and there shall be no further registration of transfers on the stock transfer
      books of the Surviving Corporation of the shares of Company Stock that were
      outstanding immediately prior to the Effective Time. If, at any time after
      the
      Effective Time,

     

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

     

    Stock
      Certificates are presented to the Surviving Entity, Parent or Holdco for any
      reason, they shall be cancelled and exchanged as provided in this Section
      3.5(h).

     

    (j) No
      Liability.
      None of
      the Surviving Corporation, Holdco, Parent or the Company shall be liable to
      any
      Person in respect of any cash delivered to a public official pursuant to any
      applicable abandoned property, escheat or similar Law. 

     

    (k) Lost
      Certificates.
      If any
      Stock Certificate shall have been lost, stolen or destroyed, upon the making
      of
      an affidavit (without requirement to post a bond or other security therefor)
      of
      that fact by the Person claiming such Stock Certificate to be lost, stolen
      or
      destroyed, Parent shall pay in respect of such lost, stolen or destroyed Stock
      Certificate the applicable amount of the Aggregate Equity Consideration (as
      determined in accordance with, and subject to, the terms this Article
      III).

     

    (l) Withholding
      Rights.
      The
      Surviving Corporation or Parent shall be entitled to deduct and withhold from
      the consideration otherwise payable pursuant to this Agreement such amounts
      as
      the Surviving Corporation or Parent is required to deduct and withhold with
      respect to the making of such payment under the Code, or any provision of U.S.
      state or local Tax Law. To the extent that amounts are so withheld and paid
      over
      to the appropriate Taxing Authority by the Surviving Corporation or Parent,
      such
      withheld amounts shall be treated for all purposes of this Agreement as having
      been paid to the party otherwise entitled to receive such payment in respect
      of
      which such deduction and withholding was made by the Surviving Corporation
      or
      Parent.

     

    3.6 Aggregate
      Consideration Spreadsheet.
      Three
      (3) Business Days prior to the Closing Date, the Company, Columbia Blocker,
      TKH
      Blocker and the Stockholder Representative shall deliver to Parent an updated
      draft of the Aggregate Consideration Spreadsheet setting forth the estimated
      amount and allocation of Aggregate Consideration that would be paid or issued
      to
      the recipients of the Subordinated Notes Pay-off Amount, the Unjust Enrichment
      Payment, if any, the Transaction Expenses, the Escrow Deposit Amount, the
      Stockholders Representative Reserve and the Olexa Bonus Amount, each Company
      Stockholder, the Columbia Seller and each TKH Seller pursuant to this
Article
      III.
      At the
      Closing, the Company and the Stockholder Representative shall deliver to Parent
      the Aggregate Consideration Spreadsheet setting forth the final calculation
      of
      such amounts.

     

    3.7 Stockholder
      Representative Reserve.
      At the
      Closing, Parent shall cause to be deposited, in an account designated by the
      Stockholder Representative at least three (3) Business Days prior to Closing,
      the Stockholder Representative Reserve. The Stockholder Representative Reserve
      (and earnings thereon) may be applied as the Stockholder Representative, in
      its
      sole discretion, determines appropriate to defray, offset, or pay any charges,
      fees, costs, liabilities or expenses of the Stockholder Representative incurred
      in connection with the transactions contemplated by this Agreement or the Escrow
      Agreement. The balance of the Stockholder Representative Reserve held pursuant
      to this Section
      3.7,
      if any,
      and any income earned thereon, shall be distributed to the Sellers, subject to
Section
      9.3,
      in
      accordance with their interests in the Residual Payments pursuant to
Section
      9.3(h).
      Notwithstanding the foregoing, the Stockholder Representative

     

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

     

    Reserve
      shall only be so distributed when the Stockholder Representative determines,
      in
      its sole discretion, that such distribution is appropriate. None of Parent,
      Holdco, the Surviving Corporation, Columbia Blocker or TKH Blocker shall have
      any liability or responsibility to the Sellers with respect to the Stockholder
      Representative Reserve or the actions and responsibilities of the Stockholder
      Representative contemplated by this Section
      3.7.

     

    ARTICLE
      IV

     

    TERMINATION,
      AMENDMENT AND WAIVER

     

    4.1 Termination
      of Agreement.
      This
      Agreement may be terminated at any time prior to the Effective Time as
      follows:

     

    (a) At
      the
      election of either Parent or the Company, after April 15, 2007, if the Closing
      shall not have occurred by the close of business on such date; provided,
      however,
      that
      the right to terminate this Agreement under this Section
      4.1(a)
      shall
      not be available to any party who is in material default of any of its
      obligations hereunder;

     

    (b) by
      mutual
      written consent of Parent and the Company; 

     

    (c) by
      either
      Parent or the Company, if (i) there shall be in effect a final nonappealable
      Order of a Governmental Body of competent jurisdiction restraining, enjoining
      or
      otherwise prohibiting the consummation of the transactions contemplated hereby
      or (ii) there shall be any Law enacted, promulgated or issued or deemed
      applicable to the Merger by any Governmental Body that would make consummation
      of the Acquisitions illegal;

     

    (d) by
      Parent, so long as Parent is not in material breach of its representations,
      warranties, covenants or agreements under this Agreement, if there shall have
      been a material breach of any representation, warranty, covenant or agreement
      of
      the Company, the Columbia Seller and Columbia Blocker or the TKH Sellers and
      TKH
      Blocker, as applicable, as set forth in this Agreement, which breach would
      give
      rise to a failure of a condition set forth in Sections
      8.2(a)
      or
8.2(b)
      which is
      incapable of being cured or, if capable of being cured, shall not have been
      cured within twenty (20) Business Days following receipt by the Company and
      the
      Stockholder Representative of notice of such breach from Parent;

     

    (e) by
      the
      Company, so long as the Company, the Columbia Seller and Columbia Blocker and
      the TKH Sellers and TKH Blocker, as applicable, are not in material breach
      of
      its representations, warranties, covenants or agreements under this Agreement,
      if there shall have been a material breach of any representation, warranty,
      covenant or agreement of Parent set forth in this Agreement, which breach would
      give rise to a failure of a condition set forth in Sections
      8.3(a)
      or
8.3(b)
      which is
      incapable of being cured or, if capable of being cured, shall not have been
      cured within twenty (20) Business Days following receipt by Parent of notice
      of
      such breach from the Company;

     

    (f) by
      Parent
      after July 1, 2006 if on or before July 1, 2006 the Company fails to notify
      Parent that the Company intends to terminate its obligations to consummate
      the
      transactions contemplated by the XM Agreement;

     

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

     

    (g) by
      Parent, so long as neither Parent nor Holdco is in material breach of its
      representations, warranties, covenants or agreements under this Agreement,
      after
      July 7, 2006 if on or before July 7, 2006 the Company has not tendered to the
      FCC for filing its portion of the Transfer Application (notwithstanding the
      time
      periods set forth in Section
      7.5
      hereof);
      provided that Parent’s right to terminate this Agreement in accordance with this
Section
      4.1(g)
      shall
      terminate, so long as Parent has not previously sent a notice of termination
      in
      accordance with this Section
      4.1(g),
      immediately upon the Company’s tendering to the FCC for filing its portion of
      the Transfer Application.

     

    (h) by
      the
      Company, immediately prior to the consummation of the transactions contemplated
      by the XM Agreement (if the same shall occur). 

     

    4.2 Effect
      of Termination.
      In the
      event of the termination of this Agreement as provided in Section
      4.1,
      written
      notice thereof (in the case where the Agreement is terminated at the election
      of
      the Company or Parent in accordance with Section
      4.1)
      shall
      be given to the other party or parties, specifying the provision hereof pursuant
      to which such termination is made, and this Agreement shall forthwith become
      null and void (other than Sections
      4.2,
      4.3,
      7.9,
      7.10,
      and
Article
      X,
      all of
      which shall survive termination of this Agreement), and there shall be no
      liability on the part of any of the parties hereto or their respective
      directors, officers, partners and Affiliates, except (i) the Company may have
      liability as provided in Section
      4.3,
      and
      (ii) nothing shall relieve any party from liability for fraud or any breach
      of
      this Agreement.

     

    4.3 Termination
      Fee. 

     

    (a) In
      the
      event this Agreement is terminated (i) by Parent pursuant to Section
      4.1(d)
      or (ii),
      subject to the following sentence of this Section
      4.3(a),
      by the
      Company pursuant Section
      4.1(h),
      then
      the Company shall pay to Parent, as liquidated damages and Parent’s and Holdco’s
      sole remedy in respect thereof (subject, however, to the provisions of
Section
      7.14(b)),
      a
      termination fee of $10 million in cash (the “Termination
      Fee”).
      Notwithstanding anything to the contrary set forth herein, the Company shall
      have no obligation to pay a Termination Fee or any other amount to Parent upon
      the Company’s termination of this Agreement in accordance with Section
      4.1(h)
      if on or
      before July 1, 2006 the Company shall notify Parent that it intends to
      consummate the transactions contemplated by the XM Agreement and the Company
      and
      XM have not following the date hereof agreed to any Material Improvement to
      the
      Company’s or XM’s rights under the XM Agreement. For purposes hereof, the
      following shall constitute a “Material
      Improvement”
(A)
      any
      increase in the consideration payable by XM in excess of 5,500,000 shares of
      XM’s Class A Common Stock, $0.01 par value per share; (B) any extension of time
      periods during which the Company may not unilaterally terminate the XM Agreement
      or (C) any other amendment benefiting the Company that XM discloses under Item
      1.01 of any Form 8-K (or any amendment thereto) filed by XM in connection with
      the XM Agreement.

     

    (b) Any
      payment required to be made pursuant to Section 4.3(a)
      shall be
      made to Parent promptly following the termination of this Agreement and in
      any
      event not later than two (2) Business Days after delivery to the Company of
      notice of demand for

     

    
      
         

      

      
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    payment.
      Any such payment shall be made by wire transfer of immediately available funds
      to an account to be designated by Parent. 

     

    (c) In
      the
      event that the Company shall fail to pay the Termination Fee when due, such
      amount shall accrue interest for the period commencing on the date such amount
      became past due, at a rate equal to the rate of interest publicly announced
      by
      Citibank, in the City of New York from time to time during such period, as
      such
      bank’s Prime Lending Rate plus 1%. In addition, if the Company shall fail to pay
      such amount when due, the Company shall also pay to Parent all of Parent’s
      reasonable costs and expenses (including attorneys’ fees) in connection with
      efforts to collect such amount. The Company acknowledges that the Termination
      Fee and the other provisions of this Section
      4.3
      are an
      integral part of the transactions contemplated hereby and that, without these
      agreements, Parent would not enter into this Agreement.

     

    4.4 Primacy
      of the XM Agreement.
      The
      parties acknowledge and agree that none of the Selling Parties shall have any
      obligation hereunder, and, subject to the provisions of Section
      4.2,
      this
      Agreement shall terminate and be of no further force or effect upon the Selling
      Parties becoming obligated to consummate the transactions contemplated by the
      XM
      Agreement. Without limitation of the foregoing it is further acknowledged and
      agreed that (i) none of Parent or Holdco intends to cause or induce any Seller
      to breach the XM Agreement, (ii) no Selling Party shall be obligated or required
      to abandon, terminate or breach the XM Agreement or fail to consummate any
      of
      the transactions contemplated by the XM Agreement and (iii) the obligation
      of
      the parties to consummate the Acquisitions as contemplated hereby are subject
      to
      the prior valid termination of the XM Agreement. 

     

    ARTICLE
      V

     

    WARRANTIES

     

    A. WARRANTIES
      OF THE COMPANY

     

    The
      Company hereby warrants to each of Parent and Holdco on the date hereof
      that:

     

    5.A.1 Organization
      and Good Standing.
      The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to own, lease and operate its properties and to carry on its
      business as now conducted. The Company is duly qualified or authorized to do
      business as a foreign corporation and is in good standing under the laws of
      each
      jurisdiction in which it owns or leases real property and each other
      jurisdiction in which the conduct of its business or the ownership of its
      properties requires such qualification or authorization, except where the
      failure to be so qualified, authorized or in good standing would not have a
      Material Adverse Effect.

     

    
      
         

      

      
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    5.A.2 Authorization
      of Agreement. 

     

    (a) The
      Company has all requisite power, authority and legal capacity to execute and
      deliver this Agreement and each other agreement, document, or instrument or
      certificate contemplated by this Agreement or to be executed by the Company
      in
      connection with the consummation of the transactions contemplated by this
      Agreement (together with this Agreement, the “Company
      Documents”),
      and,
      in the event of the termination of the XM Agreement, to consummate the
      transactions contemplated hereby and pursuant to the Company Documents. The
      execution and delivery of this Agreement and each of the Company Documents
      by
      the Company, the performance of its obligations hereunder and thereunder and
      the
      consummation of the transactions contemplated hereby and thereby have been
      duly
      authorized by its Board of Directors and, except for such corporate action
      as
      may be necessary to terminate the XM Agreement, no other corporate action on
      the
      part of the Company is necessary to authorize the execution, delivery and
      performance by the Company of this Agreement and the consummation of the
      transactions contemplated hereby. 

     

    (b) This
      Agreement has been, and each of the Company Documents will be at or prior to
      the
      Closing, duly and validly executed and delivered by the Company and (assuming
      the due authorization, execution and delivery by the other parties hereto and
      thereto) this Agreement constitutes, and each of the Company Documents when
      so
      executed and delivered will constitute, legal, valid and binding obligations
      of
      the Company, as applicable, enforceable against the Company in accordance with
      their respective terms, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and similar laws affecting creditors’ rights and
      remedies generally, and subject, as to enforceability, to general principles
      of
      equity, including principles of commercial reasonableness, good faith and fair
      dealing (regardless of whether enforcement is sought in a proceeding at law
      or
      in equity). 

     

    (c) The
      Board
      of Directors of the Company, at a meeting duly called and held at which all
      the
      directors of the Company were present in person or by telephone, duly and
      unanimously adopted resolutions (i) approving and declaring advisable this
      Agreement, the Merger and the other transactions contemplated by this Agreement,
      (ii) directing that the adoption of this Agreement be submitted to the
      stockholders of the Company and (iii) recommending that the stockholders of
      the
      Company adopt this Agreement, which resolutions have not been subsequently
      rescinded, modified or withdrawn in any way as of the date of this Agreement.
      The affirmative vote of the holders of a majority of the outstanding shares
      of
      Common Stock and Preferred Stock, voting together as a single class (the
“Company
      Stockholder Approval”)
      is the
      only approval of holders of any class or series of Company capital stock
      necessary or required (under applicable Law, the Company’s certificate of
      incorporation and bylaws, or otherwise) to approve this Agreement and the
      transactions contemplated hereby, including the Merger.

     

    (d) Schedule
      5.A.2(d)
      sets
      forth a true, correct and complete list of the holders of Company Stock as
      of
      the date hereof. The Company shall on the date hereof, immediately following
      the
      execution and delivery of this Agreement, seek the irrevocable written consents,
      which shall be valid and effective under Section 228 of the DGCL, of holders
      of
      100% of the issued and outstanding Company Stock (the “Stockholder
      Consents”)
      to the
      Merger and shall

     

    
      
         

      

      
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    deliver
      true, correct and complete copies of such Stockholder Consents to Parent on
      the
      date hereof. From and after the time of such delivery to Parent, the Stockholder
      Consents are in full force and effect and are valid and effective under Section
      228 of the DGCL.

     

    5.A.3 Conflicts;
      Consents of Third Parties. 

     

    (a) Assuming
      the receipt of the FCC Consent, the expiration of the waiting period under
      the
      HSR Act and the consents set forth in Section
      5.A.3(b),
      none of
      the execution and delivery by the Company of this Agreement or the Company
      Documents, or, in the event of the termination of the XM Agreement, the
      consummation of the Acquisitions and the transactions contemplated hereby or
      pursuant to the Company Documents, or compliance by the Company with any of
      the
      provisions hereof or thereof will conflict with, give rise to loss of a material
      benefit under, or result in any violation of or default (with or without notice
      or lapse of time, or both) under, or give to others a right of termination,
      cancellation or acceleration of any obligation or result in the creation of
      any
      Liens upon, the WCS Spectrum Licenses or any other properties or assets of
      Company or either Company Subsidiary under any provision of (i) the
      Organizational Documents of the Company or either Company Subsidiary;
      (ii) the XM Agreement; (iii) any Company Intellectual Property, Contract,
      WCS Spectrum License or any Permit to which the Company or either Company
      Subsidiary is a party or by which any of the properties or assets of the Company
      or either Company Subsidiary are bound; (iv) any Governmental Authorization
      or
      Order of any Governmental Body applicable to the Company or either Company
      Subsidiary or any of the properties or assets of the Company or either Company
      Subsidiary; or (v) any applicable Law.

     

    (b) No
      consent, waiver, approval, Order, Permit or authorization of, or declaration
      or
      filing with, or notification to, any Person or Governmental Body is
      required on the part of the Company or any Subsidiary in connection with
      (i) the execution and delivery of this Agreement or the Company Documents,
      the compliance by the Company with any of the provisions hereof, or, in the
      event of the termination of the XM Agreement, the consummation by the Company
      of
      the Merger or the other transactions contemplated hereby, or (ii) the
      continuing validity and effectiveness immediately following the Closing of
      any
      WCS Spectrum License, Permit or Contract of the Company or any Subsidiary,
      except for the FCC Consent, compliance with the filing requirements under the
      HSR Act and the expiration of the waiting periods thereunder, and those consents
      and filings set forth on Schedule
      5.A.3(b).

     

    5.A.4 Capitalization. 

     

    (a) The
      authorized capital stock of the Company consists of:

     

    (i) 175,000
      shares of Common Stock, of which 55,360.38 shares are issued and outstanding,
      and 

     

    (ii) 110,000
      shares of Preferred Stock, all of which are issued and outstanding.

     

    (b) There
      is
      no existing option, warrant, call, right or Contract of any character to which
      the Company is a party requiring, and, except for the Preferred Stock that
      may
      be converted into Common Stock, there are no securities of the Company
      outstanding that upon

     

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

     

    conversion
      or exchange would require, the issuance, sale or transfer of any additional
      shares of capital stock or other equity securities of the Company or other
      securities convertible into, exchangeable for or evidencing the right to
      subscribe for or purchase shares of capital stock or other equity securities
      of
      the Company. Except as set forth on Schedule
      5.A.4(b),
      the
      Company is not a party to any voting trust or other Contract with respect to
      the
      voting, redemption, sale, transfer or other disposition of the capital stock
      of
      the Company.

     

    5.A.5 Subsidiaries.
      The
      Company has only two Subsidiaries as follows: (i) WCS Wireless, LLC, a Delaware
      limited liability company (“WCS
      Wireless”),
      and
      (ii) License Sub, a Delaware limited liability company (together with WCS
      Wireless, the “Company
      Subsidiaries”,
      and
      each a “Company
      Subsidiary”).
      Each
      Company Subsidiary is a duly organized and validly existing limited liability
      company in good standing under the laws of the State of Delaware and is duly
      qualified or authorized to do business as a foreign entity and is in good
      standing under the laws of each jurisdiction in which the conduct of its
      business or the ownership of its properties requires such qualification or
      authorization, except for such jurisdictions in which the failure to be
      qualified and in good standing would not have a Material Adverse Effect. Each
      Company Subsidiary has all requisite limited liability company power and
      authority to own its properties and carry on its business as presently
      conducted. All issued and outstanding limited liability company and other equity
      interests in the Company Subsidiaries are validly issued, fully paid and
      non-assessable. Except as set forth on Schedule
      5.A.5,
      the
      Company is the sole member of, and owns all of the issued and outstanding
      limited liability company and other equity interests in, WCS Wireless free
      and
      clear of any Liens; and WCS Wireless is the sole member of, and owns all of
      the
      issued and outstanding limited liability company and other equity interests
      in,
      License Sub free and clear of any Liens. Except as set forth on Schedule
      5.A.5,
      the
      Company’s ownership interest in WCS Wireless and WCS Wireless’ ownership
      interests in License Sub, respectively, are not subject to any option, right
      of
      first refusal, proxy, voting trust or agreement, or transfer restriction under
      any member, limited liability company or similar agreement. There is no existing
      option, warrant, call, right or Contract to which the Company or either Company
      Subsidiary is a party requiring, and there are no convertible securities of
      either Company Subsidiary outstanding that upon conversion would require, the
      issuance of any membership or other equity interests of either Company
      Subsidiary or other securities convertible into membership or other equity
      interests of either Company Subsidiary. Other than the Company Subsidiaries,
      neither the Company nor either Company Subsidiary owns, directly or indirectly,
      any shares of capital stock or equity or ownership interests in, any other
      Person (collectively, “Third-Party
      Interests”).
      Neither the Company nor either Company Subsidiary has any rights to, or are
      bound by any commitment or obligation to, acquire by any means, directly or
      indirectly, any Third-Party Interests or to make any investment in any
      Person.

     

    5.A.6. Corporate
      Records. 

     

    (a) The
      Company has delivered to Parent true, correct and complete copies of the
      Organizational Documents of the Company and each of the Company
      Subsidiaries.

     

    (b) The
      minute books of the Company and each Company Subsidiary previously made
      available to Parent contain true, correct and complete records of all meetings
      and accurately reflect in all material respects all other corporate and limited
      liability company, as

     

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

     

    the
      case
      may be, action of the stockholders and board of directors (including committees
      thereof) of the Company and each Company Subsidiary, as applicable (provided
      that the Company has not made available to Parent a copy of the XM Agreement
      or
      other information regarding the XM Agreement that is not otherwise publicly
      available). The stock certificate books and stock transfer ledgers of the
      Company and its Subsidiaries previously made available to Parent are true,
      correct and complete. All stock transfer taxes levied or payable with respect
      to
      all transfers of shares of the Company and its Subsidiaries prior to the date
      hereof have been paid and appropriate transfer tax stamps affixed.

     

    5.A.7 Financial
      Statements.
      The
      Company has furnished to Parent a true, correct and complete copy of (i) the
      unaudited consolidated financial statements of the Company and its Subsidiaries
      as of and for the year ending December 31, 2005, which includes a statement
      of
      cash flows for such fiscal year and a balance sheet and (ii) the unaudited
      consolidated financial statement of WCS Wireless and its Subsidiary as of and
      for the fiscal quarter ending March 31, 2006 (the “Company
      Interim Balance Sheet”),
      which
      includes a statement of cash flows and statement of operations for such fiscal
      quarter and a balance sheet as of the last day thereof (collectively, the
      financial statements referred to in clauses (i) and (ii) above are the
“Financial
      Statements”).
      The
      Financial Statements are in accordance with the books and records of the Company
      and present fairly in all material respects the financial condition and cash
      flows of the Company and the Company Subsidiaries, as at the dates and for
      the
      periods indicated and have been prepared in all material respects accordance
      with GAAP consistently applied except as may be indicated in the notes thereto
      and except that the unaudited Financial Statements are subject to normal
      customary year end and audit adjustments and are subject to those items that
      may
      be disclosed in notes to audited financial statements. The unaudited
      consolidated balance sheet of the Company and its Subsidiaries as at December
      31, 2005 is referred to herein as the “Balance
      Sheet”
      and
      December 31, 2005 is referred to herein as the “Balance
      Sheet Date.”

     

    5.A.8 No
      Undisclosed Liabilities.
      Except
      as set forth on Schedule
      5.A.8,
      other
      than the Notes, neither the Company nor either Company Subsidiary has any
      Indebtedness. There are no known Liabilities that are not reflected on the
      Balance Sheet that are, or would reasonably be expected to be, material to
      the
      Company and the Company Subsidiaries, taken as a whole. Since the Balance Sheet
      Date, neither the Company nor either of the Company Subsidiaries has failed
      to
      pay promptly and discharge current liabilities expect where disputed in good
      faith by appropriate proceedings, and has not accelerated the collection of
      any
      accounts receivable.

     

    5.A.9 Absence
      of Certain Developments.
      Except
      as expressly contemplated by this Agreement, since the Balance Sheet Date
      through the date hereof, the Company and the Company Subsidiaries have conducted
      their respective businesses only in the Ordinary Course of Business. Since
      the
      Balance Sheet Date:

     

    (a) there
      has
      not been any loss, with respect to the tangible property and assets of the
      Company or any Subsidiary having a replacement cost of more than $10,000 for
      any
      single loss or $100,000 for all such losses;

     

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

     

    (b) none
      of
      the WCS Spectrum Licenses has been revoked, suspended, modified or has expired
      and no event has occurred or condition or state of facts exists which
      constitutes or, after notice or lapse of time or both, will, or would reasonably
      be expected to, constitute a breach or default under any WCS Spectrum License
      which permits or, after notice or lapse of time or both, will, or would
      reasonably be expected to, permit revocation, cancellation, suspension or
      adverse modification of any WCS Spectrum License;

     

    (c) there
      has
      not been any declaration, setting aside or payment of any dividend or other
      distribution in respect of any shares of capital stock of the Company or any
      repurchase, redemption or other acquisition by the Company or either Company
      Subsidiary of any outstanding shares of capital stock or other securities of,
      or
      other ownership interest in, the Company or either Company
      Subsidiary;

     

    (d) neither
      the Company nor any Company Subsidiary has hired any employees or entered into
      any employment, consulting, severance or similar agreement or agreed to increase
      the compensation payable or to become payable by it to any of the Company’s or
      any Company Subsidiary’s consultants, directors, officers, employees, agents or
      representatives;

     

    (e) there
      has
      not been any material change by the Company or either Company Subsidiary in
      accounting or Tax reporting principles, methods or policies; 

     

    (f) neither
      the Company nor either Company Subsidiary has failed to pay promptly and
      discharge current liabilities except where disputed in good faith by appropriate
      proceedings;

     

    (g) neither
      the Company nor either Company Subsidiary has made any loans, cash advances,
      or
      capital contributions to, or investments in, any Person or paid any fees or
      expenses to any stockholder of the Company or any director, officer, partner,
      stockholder or Affiliate of the Company or either Company
      Subsidiary;

     

    (h) neither
      the Company nor either Company Subsidiary has mortgaged, pledged or been
      subjected to any Lien on any of its assets, or acquired any assets or sold,
      assigned, transferred, conveyed, leased or otherwise disposed of any material
      assets of the Company or either Company Subsidiary, except for assets acquired
      or sold, assigned, transferred, conveyed, leased or otherwise disposed of in
      the
      Ordinary Course of Business, or taken any action specified in Section
      7.2(b)(ix);

     

    (i) neither
      the Company nor either Company Subsidiary has discharged or satisfied any Lien,
      or paid any obligation or liability (fixed or contingent) in excess of $10,000
      individually or $100,000 in the aggregate, except in the Ordinary Course of
      Business;

     

    (j) neither
      the Company nor either Company Subsidiary has cancelled or compromised any
      debt
      or pending claim or amended, cancelled, terminated, relinquished, waived or
      released any Contract or material right except in the Ordinary Course of
      Business;

     

    (k) except
      for those in connection with the acquisition of the WCS Spectrum Licenses,
      neither the Company nor either Company Subsidiary has made or committed to
      make

     

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

     

    any
      capital expenditures or capital additions or betterments in excess of $10,000
      individually or $100,000 in the aggregate; 

     

    (l) neither
      the Company nor either Company Subsidiary has issued, created, incurred, assumed
      or guaranteed any Indebtedness; 

     

    (m) neither
      the Company nor either Company Subsidiary has received notice of, instituted
      or
      settled any material Legal Proceeding; and

     

    (n) neither
      the Company nor either Company Subsidiary has agreed, committed, arranged or
      entered into any understanding to do anything set forth in this Section
      5.A.9.

     

    5.A.10 Taxes.
      Neither
      the Company nor either Company Subsidiary (i) has any obligation to file any
      Tax
      Return that has not been filed, (ii) has any Liability relating to the payment
      of Taxes that are due, but that have not been paid, (iii) is nor has ever been
      a
      member of any affiliated group that filed or was required to file an affiliated,
      consolidated, combined or unitary Tax Return, (iv) has ever been, nor currently
      is, subject to an audit by a Taxing Authority, and (v) is, nor has ever been,
      a
      United States Real Property Holding Corporation. The Company Subsidiaries have
      always been limited liability companies and are wholly-owned by the Company
      (in
      the case of License Sub, wholly-owned by WCS Wireless) and disregarded for
      federal income tax purposes. All
      Tax
      Returns heretofore filed by the Company and the Company Subsidiaries were true
      and correct in all material respects as filed. None of the “section 197
      intangibles” that were acquired by the Company or the Company Subsidiaries were
      in existence before August 10, 1993. Neither the Company nor either of the
      Company Subsidiaries has ever had any income other than interest income earned
      on idle funds.

     

    5.A.11 Property
      and Assets.
      Except
      for the WCS Spectrum Licenses and as reflected on the Company Interim Balance
      Sheet, the Company and the Company Subsidiaries have no assets and, except
      for
      the WCS Spectrum Licenses, cash and immaterial assets, neither the Company
      nor
      the Company Subsidiaries has ever had any assets. Each of the Company and the
      Company Subsidiaries has good and marketable title to all of the tangible
      properties and assets used by it in the conduct of its business, including
      all
      tangible properties and assets reflected in the Company Interim Balance Sheet,
      except those disposed of since March 31, 2006 in the Ordinary Course of
      Business, and none of such tangible properties or assets is subject to any
      Lien
      other than Permitted Exceptions, the Notes and those specifically identified
      on
      the Financial Statements or on Schedule
      5.A.11.
      

     

    5.A.12 Title
      to Licenses.
      License
      Sub holds each of the WCS Spectrum Licenses as set forth on Schedule 1.1(b),
      free and clear of any Liens (other than those encumbrances and other
      restrictions and limitations that are imposed generally by the FCC to licenses
      in the same class and block of service as the WCS Spectrum Licenses), except
      on
      the date of this Agreement for the XM Agreement. License Sub is qualified under
      the FCC Rules and the Communications Act to hold and convey the WCS Spectrum
      Licenses. To the Knowledge of the Company, there are no facts or circumstances
      relating to the FCC qualifications of License Sub that would prevent or
      materially delay the FCC’s grant of the Transfer Application. None of the WCS
      Spectrum Licenses have been pledged as collateral for

     

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

     

    any
      bank
      loans or other instruments of indebtedness. No Person or entity other than
      License Sub has any right, claim or interest in or to any of the WCS Spectrum
      Licenses. The WCS Spectrum Licenses have been validly issued and are validly
      held in the name of License Sub, are in full force and effect, and have been
      granted by Final Order. Except for proceedings affecting licenses in the same
      class, service and block as the WCS Spectrum Licenses generally, there is not
      pending, nor to the Knowledge of the Company, threatened against the Company
      or
      against any of the WCS Spectrum Licenses, nor is the Company aware of any basis
      for, any application, action, petition, objection or other pleading, or any
      proceeding with the FCC or any other Governmental Body, having jurisdiction
      over
      License Sub which questions or contests the validity of, or seeks the
      revocation, forfeiture, non-renewal or suspension of, any of the WCS Spectrum
      Licenses, or which seeks the imposition of any modification or amendment with
      respect thereto, or which would adversely affect the ability of Parent to use
      any of the WCS Spectrum Licenses, or which seeks or would seek the payment
      of a
      fine, sanction, penalty, damages, monies or contribution in connection with
      any
      of the WCS Spectrum Licenses. There is no Order outstanding against the Company
      or any Affiliate or Subsidiary thereof relating to or involving the WCS Spectrum
      Licenses that will, or would reasonably be expected to, materially impair or
      otherwise materially and adversely affect the Company’s interest in and right to
      control and operate the WCS Spectrum Licenses free and clear of Liens and
      Unimpaired (other than encumbrances and other restrictions and limitations
      that
      are imposed generally by the FCC to all licenses in the same class of service
      as
      the WCS Spectrum Licenses).

     

    5.A.13 Licenses
      Unimpaired.
      The WCS
      Spectrum Licenses are Unimpaired by any acts or omissions of the Company, the
      Company Subsidiaries or any of their respective Affiliates. There is no
      outstanding indebtedness to the FCC, or any Governmental Body, or any Person
      with respect to any of the WCS Spectrum Licenses. All payment obligations and
      debt owed to the FCC in connection with the ownership of the WCS Spectrum
      License have been timely paid, or paid within permitted grace periods, including
      any associated late payment fees. All material documents related to the WCS
      Spectrum Licenses required to be filed at any time by the Company or the Company
      Subsidiaries with the FCC or any other Governmental Body pursuant to FCC Rules
      have been filed or the time period for such filing has not lapsed. All such
      documents filed since the date the WCS Spectrum Licenses were issued or
      transferred to License Sub are correct in all material respects. None of the
      WCS
      Spectrum Licenses are subject to any conditions other than those appearing
      on
      the face of such WCS Spectrum Licenses and those imposed by FCC Rules for
      licenses of the same type, class, service and block as the WCS Spectrum
      Licenses. Neither the Company nor any Company Subsidiary has agreed to accept
      or
      allow interference from any other FCC licensees or spectrum users with respect
      to any of the WCS Spectrum Licenses. Each of the Company and each Company
      Subsidiary complies and, at all times since issuance of the WCS Spectrum
      Licenses by the FCC has complied, in all material respects with all pertinent
      aspects of the FCC Rules, including: (i) those pertaining to eligibility to
      hold
      the WCS Spectrum Licenses and (ii) those restricting foreign ownership of radio
      licenses. The deadline for demonstrating substantial service for the WCS
      Spectrum Licenses is July 21, 2007. Neither the Company nor any Company
      Subsidiary has satisfied any construction or build out requirements associated
      with the WCS Spectrum Licenses. The Company and each Company Subsidiary is
      otherwise in compliance with all terms and conditions of, and all of its
      obligations under, each of the WCS Spectrum Licenses, either as set forth on
      the
      WCS Spectrum Licenses or as set forth in

     

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

     

    applicable
      FCC Rules and no Person or entity other than the Company is authorized or has
      any lease interest in or has any option or right of first refusal or right
      of
      first offer to use, lease or own the spectrum at issue in this Agreement, or
      any
      portion thereof, either now or in the future. 

     

    5.A.14 Operation.
      Facilities are not constructed pursuant to the WCS Spectrum Licenses. Neither
      the Company nor any Company Subsidiary is operating any unlicensed or
      unauthorized facility in the Service Areas, nor is it operating pursuant to
      special temporary or developmental authority.

     

    5.A.15 Intellectual
      Property.
      None of
      the Company or the Company Subsidiaries has any Intellectual Property Rights
      (other than immaterial items as to which the Company makes no
      warranty).

     

    5.A.16 Insurance.
      Set
      forth in Schedule
      5.A.16
      is a
      list of all insurance policies and all fidelity bonds held by or applicable
      to
      the Company or any of the Subsidiaries setting forth, in respect of each such
      policy, the policy name, policy number, carrier, term, type and amount of
      coverage and annual premium. The insurance policies listed on Schedule
      5.A.16
      are in
      full force and effect and the Company has timely paid all applicable premiums
      thereunder. Excluding insurance policies that have expired without renewal
      and
      been replaced in the Ordinary Course of Business, no insurance policy has been
      cancelled within the last two (2) years and, to the Knowledge of the Company,
      no
      threat has been made to cancel any insurance policy of the Company or any of
      its
      Subsidiaries during such period. To the Knowledge of the Company, no event
      has
      occurred, including, without limitation, the failure by the Company or any
      of
      its Subsidiaries to give any notice or information or the Company or any of
      its
      Subsidiaries giving any inaccurate or erroneous notice or information, which
      limits or impairs the rights of the Company or any of its Subsidiaries under
      any
      such insurance policies.

     

    5.A.17 Contracts
      and Obligations.
      Schedule
      5.A.17
      sets
      forth a list of all Contracts to which the Company or either Company Subsidiary
      is a party or by which the Company or either Company Subsidiary is bound, other
      than immaterial contracts that can be cancelled by the Company or either Company
      Subsidiary on thirty (30) days notice or less, without any penalty or continued
      liability. Except for the XM Agreement, the Company has made available to Parent
      copies of all of the foregoing Contracts (or written summaries in the case
      of
      oral Contracts). All of such Contracts are valid, binding and in full force
      and
      effect on the Company or the Company Subsidiary that is party thereto, as
      applicable. Neither the Company nor either Company Subsidiary is in default
      under any material provision of any of such Contracts and, to the Knowledge
      of
      the Company, no other party to any such Contracts is in default under any
      provision thereof. As of the date hereof, neither the Company nor either Company
      Subsidiary has received any written communication from any other party to the
      Contracts listed on Schedule
      5.17
      stating
      that such other party has decided or plans to terminate or otherwise discontinue
      such Contract.

     

    5.A.18 Compliance.
      The
      Company and each of the Company Subsidiaries has, in all material respects,
      complied with all Laws and Orders applicable to its business and has all
      material Permits required thereby. 

     

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

     

    5.A.19 Employee
      Benefits.
      Neither
      the Company nor either Company Subsidiary (i) has, or has ever had, any
      employees, (ii) maintains any employee benefit plans, programs, agreements,
      policies, arrangements or payroll practices or is obligated to contribute
      thereunder for the benefit of any current employees, officers and directors
      of
      the Company or any of its Subsidiaries or for the benefit of any former
      employees, officers or directors of the Company or any of its Subsidiaries
      that
      terminated service with the Company (collectively, the “Company
      Plans”),
      or
      (iii) has any Liabilities relating to any Company Plans. 

     

    5.A.20 Litigation.
      Except
      for opposition to the transfer of control of the WCS Spectrum Licenses to XM
      that are a matter of public record, there is no Legal Proceeding pending or,
      to
      the Knowledge of the Company, threatened against the Company or either Company
      Subsidiary (or to the Knowledge of the Company, pending or threatened, against
      any of the officers, directors or consultants of the Company or either Company
      Subsidiary with respect to their business activities on behalf of the Company),
      or to which the Company or either Company Subsidiary is otherwise a party before
      any Governmental Body. Neither the Company nor either Company Subsidiary is
      subject to any Order (other than Orders of general applicability to the
      Company’s industry or business). Neither the Company nor either Company
      Subsidiary is engaged in any legal action to recover monies due it or for
      damages sustained by it.

     

    5.A.21 Related
      Party Transactions.
      Except
      as set forth in Schedule
      5.A.21,
      to the
      Knowledge of the Company, no officer, director or consultant of the Company
      or
      any Company Subsidiary (i) owns any direct or indirect interest of any kind
      in,
      or controls or is a director, officer, employee or partner of, or consultant
      to,
      or lender to or borrower from or has the right to participate in the profits
      of,
      any Person which (A) is a competitor, supplier, customer, landlord, tenant,
      creditor or debtor of the Company or any of its Subsidiaries, (B) holds any
      WCS
      spectrum licenses, or (C) is a participant in any transaction to which the
      Company or either Company Subsidiary is a party or (ii) is a party to any
      Contract with the Company or any of its Subsidiaries.

     

    5.A.22 Banks.
      Schedule
      5.A.22
      contains
      a complete and correct list of the names and locations of all banks in which
      Company or any Subsidiary has accounts or safe deposit boxes and the names
      of
      all persons authorized to draw thereon or to have access thereto. 

     

    5.A.23 State
      Takeover Statutes.
      Section
      203 of the DGCL is not applicable to this Agreement, the Merger or the other
      transactions contemplated by this Agreement.

     

    5.A.24 Financial
      Advisors.
      Except
      for Media Venture Partners, LLC, no Person has acted, directly or indirectly,
      as
      a broker, finder or financial advisor for the Company in connection with the
      transactions contemplated by this Agreement and no Person is entitled to any
      fee
      or commission or like payment in respect thereof.

     

    5.A.25 XM
      Agreement.
      The
      Company has not breached and is not in breach of the XM Agreement and there
      is
      no Legal Proceeding

     

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

     

    pending
      or, to the Knowledge of the Company, threatened against the Company or either
      Company Subsidiary (or to the Knowledge of the Company, pending or threatened,
      against any of the consultants or directors of the Company or either Company
      Subsidiary), in each case relating to or arising from the XM Agreement. To
      the
      Knowledge of the Company, there is no basis for any such Legal
      Proceeding.

     

    5.A.26
      Service
      Areas.
      For
      each WCS Spectrum License, the FCC granted and the License Sub retained the
      full
      geographic Service Area for the MEA or the REAG, whichever is applicable to
      each
      WCS Spectrum License.

     

    
      	 	
              B.

            	
              WARRANTIES
                OF COLUMBIA BLOCKER AND COLUMBIA SELLER

            

    

     

    Columbia
      Blocker and Columbia Seller, jointly and severally, hereby warrant to each
      of
      Parent and Holdco on the date hereof that:

     

    5.B.1 Organization
      and Good Standing.
      Columbia Blocker is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and has all requisite corporate
      power and authority to own, lease and operate its properties and to carry on
      its
      business as now conducted (except where the failure to have such power and
      authority would not individually or in the aggregate have a Material Adverse
      Effect). Columbia Blocker was formed solely for the purpose of holding capital
      stock and debt obligations of the Company, has engaged in no other business
      activities and has conducted its operations only as contemplated hereby.

     

    5.B.2 Authorization
      of Agreement.
      

     

    (a) Columbia
      Blocker and the Columbia Seller have all requisite power, authority and legal
      capacity to execute and deliver this Agreement and each other agreement,
      document, or instrument or certificate contemplated by this Agreement or to
      be
      executed by Columbia Blocker or the Columbia Seller in connection with
      the consummation of the transactions contemplated by this Agreement
      (together with this Agreement, the “Columbia
      Documents”),
      and,
      in the event of the termination of the XM Agreement, to consummate the
      transactions contemplated hereby and pursuant to the Columbia Documents. The
      execution and delivery of this Agreement and each of the Columbia Documents
      by
      Columbia Blocker and the Columbia Seller, the performance of its obligations
      hereunder and thereunder and the consummation of the transactions contemplated
      hereby and thereby have been duly authorized by all requisite corporate or
      limited partnership action, as applicable, of Columbia Blocker and the Columbia
      Seller, and except for such corporate action as may be necessary to terminate
      the XM Agreement, no other corporate or limited partnership action on the part
      of Columbia Blocker or the Columbia Seller is necessary to authorize the
      execution, delivery and performance by Columbia Blocker or the Columbia Seller
      of this Agreement and the consummation of the transactions contemplated hereby.
      

     

    
      
         

      

      
        -32-

        
          

        

      

      
         

      

    

     

    (b) This
      Agreement has been, and each of the Columbia Documents will be at or prior
      to
      the Closing, duly and validly executed and delivered by Columbia Blocker and
      the
      Columbia Seller, and (assuming the due authorization, execution and delivery
      by
      the other parties hereto and thereto) this Agreement constitutes, and each
      of
      the Columbia Documents when so executed and delivered will constitute, legal,
      valid and binding obligations of Columbia Blocker and the Columbia Seller,
      as
      applicable, enforceable against Columbia Blocker and the Columbia Seller in
      accordance with their respective terms, subject to applicable bankruptcy,
      insolvency, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general
      principles of equity, including principles of commercial reasonableness, good
      faith and fair dealing (regardless of whether enforcement is sought in a
      proceeding at law or in equity). 

     

    5.B.3 Conflicts;
      Consents of Third Parties.
      

     

    (a) Assuming
      the receipt of the FCC Consent, the expiration of the waiting period under
      the
      HSR Act, and the receipt of the consents set forth in Section
      5.B.3(b),
      none of
      the execution and delivery by Columbia Blocker or the Columbia Seller of this
      Agreement or the Columbia Documents, or, in the event of the termination of
      the
      XM Agreement, the consummation of the Merger, the Columbia Stock Purchase and
      the transactions contemplated hereby or pursuant to the Columbia Documents,
      or
      compliance by Columbia Blocker or the Columbia Seller with any of the provisions
      hereof or thereof will conflict with, or result in any violation of or default
      (with or without notice or lapse of time, or both) under, or give to others
      a
      right of termination, cancellation or acceleration of any obligation or any
      obligation under, or result in the creation of any Liens, upon the WCS Spectrum
      Licenses or any properties or assets of Columbia Blocker, under (i) the
      certificate of incorporation and by-laws of Columbia Blocker or the Organization
      Documents of the Columbia Seller; (ii) the XM Agreement; (iii) any Contract
      to which Columbia Blocker or the Columbia Seller (insofar as it relates to
      Columbia Blocker, the Company or the Company Subsidiaries) is a party or by
      which any of their respective properties or assets are bound; (iv) any
      Governmental Authorization or Order of any Governmental Body applicable to
      Columbia Blocker or the Columbia Seller (insofar as it relates to Columbia
      Blocker, the Company or the Company Subsidiaries) or any of the properties
      or
      assets of Columbia Blocker or the Columbia Seller; or (v) any applicable
      Law.

     

    (b) No
      consent, waiver, approval, Order, Permit or authorization of, or declaration
      or
      filing with, or notification to, any Person or Governmental Body is
      required on the part of Columbia Blocker or Columbia Seller in connection with
      (i) the execution and delivery of this Agreement or the Columbia Documents,
      the compliance by Columbia Blocker or the Columbia Seller with any of the
      provisions hereof, or, in the event of the termination of the XM Agreement,
      the
      consummation by Columbia Seller of the Columbia Stock Purchase, or (ii) the
      continuing validity and effectiveness immediately following the Closing of
      any
      WCS Spectrum License. 

     

    5.B.4 Capitalization.
      

     

    
      
         

      

      
        -33-

        
          

        

      

      
         

      

    

     

    (a) The
      authorized capital stock of Columbia Blocker consists of 1,000 shares of common
      stock, $0.001 par value per share. 100 shares of such common stock are issued
      and outstanding, all of which are owned by the Columbia Seller free and clear
      of
      any Lien.

     

    (b) There
      is
      no existing option, warrant, call, right or Contract of any character to which
      Columbia Blocker or Columbia Seller is a party requiring, and there are no
      securities of Columbia Blocker outstanding which upon conversion or exchange
      would require, the issuance, sale or transfer of any additional shares of
      capital stock or other equity securities of Columbia Blocker or other securities
      convertible into, exchangeable for or evidencing the right to subscribe for
      or
      purchase shares of capital stock or other equity securities of Columbia Blocker.
      Neither Columbia Blocker nor the Columbia Seller is a party to any voting trust
      or other Contract with respect to the voting, redemption, sale, transfer or
      other disposition of the capital stock of Columbia Blocker.

     

    5.B.5 Subsidiaries.
      Columbia Blocker does not own, directly or indirectly, any Third Party
      Interests, nor does it have any rights to, or is it bound by any commitment
      or
      obligation to, acquire by any means, directly or indirectly, any Third-Party
      Interests or to make any investment in any Person.

     

    5.B.6 Corporate
      Records.
      

     

    (a) Columbia
      Blocker has delivered to Parent true, correct and complete copies of its
      certificate of incorporation and by-laws.

     

    (b) The
      minute books of Columbia Blocker previously made available to Parent contain,
      in
      all material respects, true, correct and complete records of all meetings and
      accurately reflect in all material respects all other corporate action of the
      stockholders and board of directors (including committees thereof) of Columbia
      Blocker (provided that Columbia Blocker has not made available to Parent a
      copy
      of the XM Agreement or other information regarding the XM Agreement that is
      not
      otherwise publicly available). The stock certificate books and stock transfer
      ledgers of Columbia Blocker previously made available to Parent are in all
      material respects true, correct and complete. 

     

    5.B.7 No
      Undisclosed Liabilities.
      Except
      as set forth on Schedule
      5.B.7,
      Columbia Blocker does not have any Indebtedness or Liabilities.

     

    5.B.8 Absence
      of Certain Developments.
      Except
      as expressly contemplated by this Agreement or as set forth on Schedule
      5.B.8,
      since
      the formation of Columbia Blocker, Columbia Blocker has not engaged in or
      conducted any business other than making investments in the
      Company.

     

    5.B.9 Taxes.
      Except
      as set forth on Schedule
      5.B.9,
      Columbia Blocker (i) has no obligation to file any Tax Return that has not
      been
      filed, (ii) does not have any Liability relating to the payment of Taxes that
      are due but have not been paid, (iii) is not, and has never been, a member
      of
      any affiliated group that filed or was required to file an affiliated,
      consolidated, combined or unitary Tax Return, (iv) has never been, nor currently
      is,

     

    
      
         

      

      
        -34-

        
          

        

      

      
         

      

    

     

    subject
      to an audit by a Taxing Authority, and (v) is not, and has never been, a United
      States Real Property Holding Corporation. All Tax Returns heretofore filed
      by
      Columbia Blocker were true and correct in all material respects as filed.
      Columbia Blocker has never had any income other than interest income earned
      on
      the Columbia Notes and on idle funds.

     

    5.B.10 Property
      and Assets.
      Except
      for the shares of Preferred Stock (and upon the conversion thereof, Common
      Stock) owned of record by Columbia Blocker and the Columbia Notes, which
      Columbia Blocker holds free and clear of any Liens, Columbia Blocker has no
      assets, and except for shares of Preferred Stock, the Columbia Notes, cash,
      prior to the capitalization of the Company, ownership interests in WCS Wireless,
      and immaterial assets, the Columbia Blocker has never had any assets..

     

    5.B.11 Intellectual
      Property.
      Columbia Blocker has no Intellectual Property Rights. 

     

    5.B.12 Insurance.
      Set
      forth in Schedule
      5.B.12
      is a
      list of all insurance policies and all fidelity bonds held by or applicable
      to
      Columbia Blocker setting forth, in respect of each such policy, the policy
      name,
      policy number, carrier, term, type and amount of coverage and annual premium.
      The insurance policies listed on Schedule
      5.B.12
      are in
      full force and effect and Columbia Blocker has timely paid all applicable
      premiums thereunder. Excluding insurance policies that have expired without
      renewal and been replaced in the Ordinary Course of Business, no insurance
      policy has been cancelled within the last two (2) years and, to the Knowledge
      of
      Columbia Blocker, no threat has been made to cancel any insurance policy of
      Columbia Blocker during such period. To the Knowledge of Columbia Blocker,
      no
      event has occurred, including, without limitation, the failure by Columbia
      Blocker to give any notice or information or Columbia Blocker giving any
      inaccurate or erroneous notice or information, which limits or impairs the
      rights of Columbia Blocker under any such insurance policies.

     

    5.B.13 Contracts
      and Obligations.
      Schedule
      5.B.13
      sets
      forth a list of all Contracts to which Columbia Blocker is a party or by which
      it is bound, other than immaterial Contracts that can be cancelled by Columbia
      Blocker on thirty (30) days notice or less, without any penalty or continuing
      liability. Except for the XM Agreement, Columbia Blocker has made available
      to
      Parent copies of all of the foregoing Contracts (or written summaries in the
      case of oral Contracts). All of such Contracts are valid, binding and in full
      force and effect on Columbia Blocker. Columbia Blocker is not in default under
      any material provision of any of such Contracts and, to the Knowledge of
      Columbia Blocker, no other party to any such Contracts is in default under
      any
      provision thereof. As of the date hereof, Columbia Blocker has not received
      any
      written communication from any other party to the Contracts listed on
Schedule
      5.B.13
      stating
      that such other party has decided or plans to terminate or otherwise discontinue
      such Contract.

     

    5.B.14 Compliance.
      Columbia Blocker has, in all material respects, complied with all Laws and
      Orders applicable to its business and has all Permits required thereby.

     

    
      
         

      

      
        -35-

        
          

        

      

      
         

      

    

     

    5.B.15 Employee
      Benefits.
      Columbia Blocker does not (i) have, nor has it ever had, any employees, (ii)
      maintain any employee benefit plans, programs, agreements, policies,
      arrangements or payroll practices or have any obligation to contribute
      thereunder for the benefit of any current employees, officers and directors
      of
      Columbia Blocker or for the benefit of any former employees, officers or
      directors of Columbia Blocker or any of its Subsidiaries that terminated service
      with Columbia Blocker, or (iii) have any Liabilities relating to any of the
      foregoing. 

     

    5.B.16 Litigation.
      There
      is no Legal Proceeding pending or, to the Knowledge of Columbia Blocker or
      the
      Columbia Seller, threatened against Columbia Blocker or Columbia Seller (insofar
      as it relates to Columbia Blocker, the Company or the Company Subsidiaries)
      (or
      to the Knowledge of Columbia Blocker or Columbia Seller, pending or threatened,
      against any of the officers, directors or consultants of Columbia Blocker or
      Columbia Seller (insofar as it relates to Columbia Blocker, the Company or
      the
      Company Subsidiaries) with respect to business activities on behalf of Columbia
      Blocker), or to which Columbia Blocker or Columbia Seller is otherwise a party
      before any Governmental Body. Neither Columbia Blocker nor Columbia Seller
      (insofar as it relates to Columbia Blocker, the Company or the Company
      Subsidiaries) is subject to any Order (other than Orders of general
      applicability to Columbia Blocker’s industry or business). Columbia Blocker is
      not engaged in any legal action to recover monies due it or for damages
      sustained by it.

     

    5.B.17 Related
      Party Transactions.
      To the
      Knowledge of Columbia Blocker and Columbia Seller, except for interests of
      Columbia Seller in Columbia Blocker and other Persons who are Company
      Stockholders, no officer, director or consultant of Columbia Blocker or Columbia
      Seller is a party to any Contract with Columbia Blocker.

     

    5.B.18 Banks.
      Schedule
      5.B.18
      contains
      a complete and correct list of the names and locations of all banks in which
      Columbia Blocker has accounts or safe deposit boxes and the names of all persons
      authorized to draw thereon or to have access thereto. 

     

    5.B.19 State
      Takeover Statutes.
      Section
      203 of the DGCL is not applicable to the Columbia Stock Purchase. 

     

    5.B.20 Financial
      Advisors.
      No
      Person has acted, directly or indirectly, as a broker, finder or financial
      advisor for Columbia Seller or Columbia Blocker in connection with the
      transactions contemplated by this Agreement and no Person is entitled to any
      fee
      or commission or like payment in respect thereof.

     

    5.B.21 XM
      Agreement.
      Neither
      Columbia Blocker nor Columbia Seller has breached and is not in breach of the
      XM
      Agreement and there is no Legal Proceeding pending or, to the Knowledge of
      Columbia Blocker and Columbia Seller, threatened against Columbia Blocker or
      Columbia Seller (or to the Knowledge of Columbia Blocker and Columbia Seller,
      pending or threatened, against any of the consultant or directors of Columbia
      Blocker or Columbia Seller), in each case relating to or arising from the
      XM

     

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

     

    Agreement.
      To the Knowledge of Columbia Blocker and Columbia Seller, there is no basis
      for
      any such Legal Proceeding.

     

    C. WARRANITES
      OF TKH BLOCKER AND TKH SELLERS 

     

    TKH
      Blocker warrants and each TKH Seller warrants, severally and not jointly, where
      applicable, to each of Parent and Holdco on the date hereof that:

     

    5.C.1 Organization
      and Good Standing.
      TKH
      Blocker is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to own, lease and operate its properties and to carry on its
      business as now conducted (except where the failure to have such power and
      authority would not individually or in the aggregate have a Material Adverse
      Effect). TKH Blocker was formed solely for the purpose of holding capital stock
      and debt obligations of the Company, has engaged in no other business activities
      and has conducted its operations only as contemplated hereby. 

     

    5.C.2 Authorization
      of Agreement.
      

     

    (a) TKH
      Blocker and the TKH Sellers have all requisite power, authority and legal
      capacity to execute and deliver this Agreement and each other agreement,
      document, or instrument or certificate contemplated by this Agreement or to
      be
      executed by TKH Blocker or the TKH Sellers in connection with
      the consummation of the transactions contemplated by this Agreement
      (together with this Agreement, the “TKH
      Documents”),
      and,
      in the event of the termination of the XM Agreement, to consummate the
      transactions contemplated hereby and pursuant to the TKH Documents. The
      execution and delivery of this Agreement and each of the TKH Documents by TKH
      Blocker and the TKH Sellers, the performance of its obligations hereunder and
      thereunder and the consummation of the transactions contemplated hereby and
      thereby have been duly authorized by all requisite corporate or limited
      partnership action, as applicable, of TKH Blocker and the TKH Sellers, and,
      except for such corporate action as may be necessary to terminate the XM
      Agreement, no other corporate or limited partnership action on the part of
      TKH
      Blocker or the TKH Sellers is necessary to authorize the execution, delivery
      and
      performance by TKH Blocker or the TKH Sellers of this Agreement and the
      consummation of the transactions contemplated hereby. 

     

    (b) This
      Agreement has been, and each of the TKH Documents will be at or prior to the
      Closing, duly and validly executed and delivered by TKH Blocker and the TKH
      Sellers, and (assuming the due authorization, execution and delivery by the
      other parties hereto and thereto) this Agreement constitutes, and each of the
      TKH Documents when so executed and delivered will constitute, legal, valid
      and
      binding obligations of TKH Blocker and the TKH Sellers, as applicable,
      enforceable against TKH Blocker and the TKH Sellers in accordance with their
      respective terms, subject to applicable bankruptcy, insolvency, reorganization,
      moratorium and similar laws affecting creditors’ rights and remedies generally,
      and subject, as to enforceability, to general principles of equity, including
      principles of commercial

     

    
      
         

      

      
        -37-

        
          

        

      

      
         

      

    

     

    reasonableness,
      good faith and fair dealing (regardless of whether enforcement is sought in
      a
      proceeding at law or in equity). 

     

    5.C.3 Conflicts;
      Consents of Third Parties.
      

     

    (a) Assuming
      the receipt of the FCC Consent and the expiration of the waiting period under
      the HSR Act, none of the execution and delivery by TKH Blocker or the TKH
      Sellers of this Agreement or the TKH Documents, or, in the event of the
      termination of the XM Agreement, the consummation of the Merger, the TKH Stock
      Purchase and the transactions contemplated hereby or pursuant to the TKH
      Documents, or compliance by TKH Blocker or the TKH Sellers with any of the
      provisions hereof or thereof will conflict with, or result in any violation
      of
      or default (with or without notice or lapse of time, or both) under, or give
      to
      others a right of termination, cancellation or acceleration of any obligation
      or
      any obligation under, or result in the creation of any Liens upon, the WCS
      Spectrum Licenses or any properties or assets of TKH Blocker, under (i) the
      certificate of incorporation and by-laws of TKH Blocker or the Organization
      Documents of the TKH Sellers; (ii) the XM Agreement; (iii) any Contract to
      which TKH Blocker or the TKH Sellers (insofar as it relates to TKH Blocker,
      the
      Company or the Company Subsidiaries) is a party or by which any of their
      respective properties or assets are bound; (iv) any Governmental Authorization
      or Order of any Governmental Body applicable to TKH Blocker or TKH Sellers
      (insofar as it relates to TKH Blocker, the Company or the Company Subsidiaries)
      or any of the properties or assets of TKH Blocker or the TKH Sellers; or (v)
      any
      applicable Law.

     

    (b) No
      consent, waiver, approval, Order, Permit or authorization of, or declaration
      or
      filing with, or notification to, any Person or Governmental Body is
      required on the part of TKH Blocker or any of the TKH Sellers in connection
      with
      (i) the execution and delivery of this Agreement or the TKH Documents, the
      compliance by TKH Blocker or the TKH Sellers with any of the provisions hereof,
      or, in the event of the termination of the XM Agreement, the consummation by
      TKH
      Sellers of the TKH Stock Purchase, or (ii) the continuing validity and
      effectiveness immediately following the Closing of any WCS Spectrum License.
      

     

    5.C.4 Capitalization.
      

     

    (a) The
      authorized capital stock of TKH Blocker consists of 1,000 shares of common
      stock, 200 shares of Class A Non-Voting Stock and 800 shares of Preferred Stock,
      each of which is $0.0001 par value per share. 959.37 shares of such common
      stock
      and 96.28 shares of Class A Non-Voting Stock are issued and outstanding, all
      of
      such shares are owned by the TKH Sellers as set forth on Schedule
      5.C.4
      free and
      clear of any Lien. No shares of Preferred Stock are issued and
      outstanding.

     

    (b) There
      is
      no existing option, warrant, call, right or Contract of any character to which
      any of TKH Blocker or the TKH Sellers is a party requiring, and there are no
      securities of TKH Blocker outstanding which upon conversion or exchange would
      require, the issuance, sale or transfer of any additional shares of capital
      stock or other equity securities of TKH Blocker or other securities convertible
      into, exchangeable for or evidencing the right to subscribe for or purchase
      shares of capital stock or other equity securities of TKH Blocker. 

     

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

     

    Neither
      TKH Blocker nor any of the TKH Sellers is a party to any voting trust or other
      Contract with respect to the voting, redemption, sale, transfer or other
      disposition of the capital stock of TKH Blocker.

     

    5.C.5 Subsidiaries.
      TKH
      Blocker does not own, directly or indirectly, any Third Party Interests, nor
      does it have any rights to, or is it bound by any commitment or obligation
      to,
      acquire by any means, directly or indirectly, any Third-Party Interests or
      to
      make any investment in any Person.

     

    5.C.6 Corporate
      Records.
      

     

    (a) TKH
      Blocker has delivered to Parent true, correct and complete copies of its
      certificate of incorporation and by-laws.

     

    (b) The
      minute books of TKH Blocker previously made available to Parent contain, in
      all
      material respects, true, correct and complete records of all meetings and
      accurately reflect in all material respects all other corporate action of the
      stockholders and board of directors (including committees thereof) of TKH
      Blocker (provided that TKH Blocker has not made available to Parent a copy
      of
      the XM Agreement or other information regarding the XM Agreement that is not
      otherwise publicly available). The stock certificate books and stock transfer
      ledgers of TKH Blocker previously made available to Parent are in all material
      respects true, correct and complete. 

     

    5.C.7 No
      Undisclosed Liabilities.
      TKH
      Blocker does not have any Indebtedness or Liabilities.

     

    5.C.8 Absence
      of Certain Developments.
      Except
      as expressly contemplated by this Agreement, since the formation of TKH Blocker,
      TKH Blocker has not engaged in or conducted any business other than making
      investments in the Company and the Company Subsidiaries. 

     

    5.C.9 Taxes.
      TKH
      Blocker (i) has no obligation to file any Tax Return that has not been filed,
      (ii) does not have any Liability relating to the payment of Taxes that are
      due
      but have not been paid, (iii) is not, and has never been, a member of any
      affiliated group that filed or was required to file an affiliated, consolidated,
      combined or unitary Tax Return, (iv) has never been, nor currently is, subject
      to an audit by a Taxing Authority, and (v) is not, and has never been, a United
      States Real Property Holding Corporation. All Tax Returns heretofore filed
      by
      TKH Blocker were true and correct in all material respects as filed. TKH Blocker
      has never had any income other than interest income earned on the TKH Note
      and
      on idle funds.

     

    5.C.10 Property
      and Assets.
      Except
      for the shares of Preferred Stock (and upon the conversion thereof, Common
      Stock) owned of record by TKH Blocker and the TKH Note, which TKH Blocker holds
      free and clear of any Liens, TKH Blocker has no assets, and except for shares
      of
      Preferred Stock, the TKH Note, cash, prior to the capitalization of the Company,
      ownership interests in WCS Wireless, and immaterial assets, TKH Blocker has
      never had any assets. 

     

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

     

    5.C.11 Intellectual
      Property.
      TKH
      Blocker has no Intellectual Property Rights. 

     

    5.C.12 Insurance.
      Set
      forth in Schedule
      5.C.12
      is a
      list of all insurance policies and all fidelity bonds held by or applicable
      to
      TKH Blocker setting forth, in respect of each such policy, the policy name,
      policy number, carrier, term, type and amount of coverage and annual premium.
      The insurance policies listed on Schedule
      5.C.12
      are in
      full force and effect and TKH Blocker has timely paid all applicable premiums
      thereunder. Excluding insurance policies that have expired without renewal
      and
      been replaced in the Ordinary Course of Business, no insurance policy has been
      cancelled within the last two (2) years and, to the Knowledge of TKH Blocker,
      no
      threat has been made to cancel any insurance policy of TKH Blocker during such
      period. To the Knowledge of TKH Blocker, no event has occurred, including,
      without limitation, the failure by TKH Blocker to give any notice or information
      or TKH Blocker giving any inaccurate or erroneous notice or information, which
      limits or impairs the rights of TKH Blocker under any such insurance
      policies.

     

    5.C.13 Contracts
      and Obligations.
      Schedule
      5.C.13
      sets
      forth a list of all Contracts to which TKH Blocker is a party or by which it
      is
      bound, other than immaterial Contracts that can be cancelled by TKH Blocker
      on
      thirty (30) days notice or less, without any penalty or continuing liability.
      Except for the XM Agreement, TKH Blocker has made available to Parent copies
      of
      all of the foregoing Contracts (or written summaries in the case of oral
      Contracts). All of such Contracts are valid, binding and in full force and
      effect on TKH Blocker. TKH Blocker is not in default under any material
      provision of any of such Contracts and, to the Knowledge of TKH Blocker, no
      other party to any such Contracts is in default under any provision thereof.
      As
      of the date hereof, TKH Blocker has not received any written communication
      from
      any other party to the Contracts listed on Schedule
      5.C.13
      stating
      that such other party has decided or plans to terminate or otherwise discontinue
      such Contract.

     

    5.C.14 Compliance.
      TKH
      Blocker has, in all material respects, complied with all Laws and Orders
      applicable to its business and has all material Permits required thereby.

     

    5.C.15 Employee
      Benefits.
      TKH
      Blocker does not (i) have, nor has it ever had, any employees, (ii) maintain
      any
      employee benefit plans, programs, agreements, policies, arrangements or payroll
      practices or have any obligation to contribute thereunder for the benefit of
      any
      current employees, officers and directors of TKH Blocker or for the benefit
      of
      any former employees, officers or directors of TKH Blocker that terminated
      service with TKH Blocker, or (iii) have any Liabilities relating to any of
      the
      foregoing. 

     

    5.C.16 Litigation.
      There
      is no Legal Proceeding pending or, to the Knowledge of TKH Blocker or the TKH
      Sellers, threatened against TKH Blocker or the TKH Sellers (insofar as it
      relates to TKH Blocker (or to the Knowledge of TKH Blocker or the TKH Sellers,
      pending or threatened, against any of the officers, directors or consultants
      of
      TKH Blocker or TKH Sellers (insofar as it relates to TKH Blocker, the Company
      or
      the Company Subsidiaries) with respect to their business activities on behalf
      of
      TKH

     

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

     

    Blocker),
      or to which TKH Blocker or the TKH Sellers (insofar as it relates to TKH
      Blocker, the Company or the Company Subsidiaries) are otherwise a party before
      any Governmental Body. None of TKH Blocker or the TKH Sellers is subject to
      any
      Order (other than Orders of general applicability to TKH Blocker’s industry or
      business). TKH Blocker is not engaged in any legal action to recover monies
      due
      it or for damages sustained by it.

     

    5.C.17 Related
      Party Transactions.
      To the
      Knowledge of TKH Blocker and the TKH Sellers, except for interests of the TKH
      Sellers in TKH Blocker, no officer, director or consultant of TKH Blocker or
      any
      of the TKH Sellers is a party to any Contract with TKH Blocker.

     

    5.C.18 Banks.
      Schedule
      5.C.18
      contains
      a complete and correct list of the names and locations of all banks in which
      TKH
      Blocker has accounts or safe deposit boxes and the names of all persons
      authorized to draw thereon or to have access thereto. 

     

    5.C.19 State
      Takeover Statutes.
      Section
      203 of the DGCL is not applicable to the TKH Stock Purchase. 

     

    5.C.20 Financial
      Advisors.
      No
      Person has acted, directly or indirectly, as a broker, finder or financial
      advisor for the THK Sellers or TKH Blocker in connection with the transactions
      contemplated by this Agreement and no Person is entitled to any fee or
      commission or like payment in respect thereof.

     

    5.C.21 XM
      Agreement.
      Neither
      TKH Blocker nor any of the TKH Sellers has breached and is not in breach of
      the
      XM Agreement and there is no Legal Proceeding pending or, to the Knowledge
      of
      TKH Blocker and TKH Sellers, threatened against TKH Blocker or any of the TKH
      Sellers (or to the Knowledge of TKH Blocker and TKH Sellers, pending or
      threatened, against any of the consultants, directors or employees of TKH
      Blocker or any of the TKH Sellers), in each case relating to or arising from
      the
      XM Agreement. To the Knowledge of TKH Blocker and TKH Sellers, there is no
      basis
      for any such Legal Proceeding.

     

    ARTICLE
      VI

     

    WARRANTIES
      OF PARENT, HOLDCO AND MERGER SUB

     

    Parent
      and Holdco warrant to the Company on the date hereof that: 

     

    6.1 Organization
      and Good Standing.
      Parent
      is a limited liability company and Holdco is, and Merger Sub will be as of
      the
      Effective Date, a corporation, each of which is, or in the case of Merger Sub
      will be as of the Effective Date, duly organized, validly existing and in good
      standing under the laws of its jurisdiction of organization and has all
      requisite power and legal capacity and authority to own, lease and operate
      properties and carry on its business. Each
      of
      Parent, Holdco and, as of the Effective Date, Merger Sub is duly qualified
      or
      authorized to do business as a foreign corporation and is in good standing
      under
      the laws of each jurisdiction in which it owns or leases

     

    
      
         

      

      
        -41-

        
          

        

      

      
         

      

    

     

    real
      property and each other jurisdiction in which the conduct of its business or
      the
      ownership of its properties requires such qualification or authorization, except
      where the failure to be so qualified, authorized or in good standing would
      not
      have a Material Adverse Effect.

     

    6.2 Authorization
      of Agreement.
      Each of
      Parent and Holdco has all requisite power, authority and legal capacity to
      execute and deliver this Agreement and each other agreement, document,
      instrument or certificate contemplated by this Agreement or to be executed
      by
      Parent and/or Holdco in connection with the consummation of the transactions
      contemplated hereby and thereby (the “Parent
      Documents”),
      and to
      consummate the transactions contemplated hereby and thereby. The execution,
      delivery and performance by each of Parent and Holdco of this Agreement and
      each
      Parent Document have been duly authorized by all necessary limited liability
      and
      corporate action, as the case may be, on behalf of Parent and Holdco. This
      Agreement has been, and each Parent Document will be at or prior to the
      Closing, duly executed and delivered by each of Parent and Holdco and (assuming
      the due authorization, execution and delivery by the other parties hereto and
      thereto other than Parent, Holdco and Merger Sub) this Agreement constitutes,
      and each Parent Document when so executed and delivered will constitute, the
      legal, valid and binding obligation of each of Parent and Holdco, enforceable
      against it in accordance with its respective terms, subject to applicable
      bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
      creditors’ rights and remedies generally, and subject, as to enforceability, to
      general principles of equity, including principles of commercial reasonableness,
      good faith and fair dealing (regardless of whether enforcement is sought in
      a
      proceeding at law or in equity).

     

    6.3 Conflicts;
      Consents of Third Parties; . 

     

    (a) Assuming
      the receipt of the FCC Consent and expiration of the waiting period under the
      HSR Act, none of the execution and delivery by Parent, Holdco or Merger Sub
      of
      this Agreement and of the Parent Documents or Merger Sub Documents, as
      applicable, nor the compliance by Parent, Holdco or Merger Sub with any of
      the
      provisions hereof or thereof will (i) conflict with, or result in the breach
      of,
      any provision of the certificate of Organizational Document of Parent, Holdco
      or
      Merger Sub, (ii) conflict with, violate, result in the breach of, or constitute
      a default under any note, bond, mortgage, indenture, license, agreement or
      other
      obligation to which Parent, Holdco or Merger Sub is a party or by which Parent,
      Holdco or Merger Sub or its properties or assets are bound or (iii) violate
      any
      Law or Order of any Governmental Body by which Parent, Holder or Merger Sub
      is
      bound, except, in the case of clauses (ii) and (iii), for such violations,
      breaches or defaults as would not, individually or in the aggregate, have a
      material adverse effect on Parent, Holdco or Merger Sub or the ability of Parent
      to consummate the transactions contemplated by this Agreement.

     

    (b) No
      consent, waiver, approval, Order, Permit or authorization of, or declaration
      or
      filing with, or notification to, any Person or Governmental Body is required
      on
      the part of Parent and Holdco in connection with the execution and delivery
      of
      this Agreement or the Parent Documents or the compliance by Parent, Holdco
      and
      Merger Sub with any of the provisions hereof or thereof.

     

    
      
         

      

      
        -42-

        
          

        

      

      
         

      

    

     

    6.4 Compliance
      with Laws.
      Parent
      and Holdco are, and have been at all times since April 13, 2005, in compliance
      with all applicable Laws, except to the extent that the failure to be in
      compliance with any such Laws has not had, and would not, individually or in
      the
      aggregate, reasonably be expected to have, a material adverse effect on the
      business, assets, operations, financial condition, or results of operations
      of
      Parent. No failure on the part of Parent or any of its Affiliates or
      predecessors in interest to be in compliance with any Law prior to April 13,
      2005 shall adversely affect or delay Parent’s, Holdco’s or Merger Sub’s ability
      to perform any of their respective obligations hereunder or, without limitation
      of the foregoing, hinder or delay the receipt of the FCC Consent or any other
      regulatory approvals.

     

    6.5 Litigation.
      There
      are no Legal Proceedings pending or, to the Knowledge of Parent, threatened
      that
      are reasonably likely to prohibit or restrain the ability of Parent, or Holdco
      to enter into this Agreement or consummate the transactions contemplated hereby
      or that would otherwise result in a material adverse effect on the business,
      assets, operations, financial condition, or results of operations of Parent,
      Holdco or Merger Sub.

     

    6.6 Financial
      Advisors.
      Except
      for UBS Securities LLC, no Person has acted, directly or indirectly, as a
      broker, finder or financial advisor for either Parent or Holdco in connection
      with the transactions contemplated by this Agreement and no Person is entitled
      to any fee or commission or like payment in respect thereof.

     

    6.7 Financing.
      Parent
      has, and will have on the Closing Date, unrestricted cash available to
      consummate the Acquisitions and perform its obligations hereunder.

     

    6.8 FCC
      Qualification.
      Parent
      and Holdco are qualified under the FCC Rules to hold the WCS Spectrum Licenses
      without the need for waiver of any FCC Rule.

     

    6.9 Ownership
      and Operations of Merger Sub.
      As of
      the Closing Date, Holdco will own beneficially and of record all of the
      outstanding capital stock of Merger Sub. Merger Sub will be formed solely for
      the purpose of engaging in the Merger, will engage in no other business
      activities and will conduct its operations only as contemplated hereby and,
      as
      of the Closing Date (i) will have all requisite
      power,
      authority and legal capacity to execute and deliver the Certificate of Merger
      and each other agreement, document, instrument and certificate contemplated
      hereby to be executed by Merger Sub (collectively, the “Merger
      Sub Documents”),
      (ii)
      the execution, delivery and performance by Merger Sub of each of the Merger
      Sub
      Documents will have been duly authorized by all necessary corporate action
      on
      the party of Merger Sub and (assuming the due authorization, execution and
      delivery by the other parties hereto and thereto other than Parent and Holdco)
      shall constitute the legal, valid and binding obligation of Merger Sub
      enforceable against Merger Sub in accordance with its terms subject to
      applicable bankruptcy, insolvency, reorganization, moratorium and similar laws
      affecting creditors’ rights and remedies generally, and subject, as to
      enforceability, to general principles of equity, including principles of
      commercial reasonableness, good faith and fair dealing (regardless of whether
      enforcement is sought in a proceeding at law or in equity).

     

    
      
         

      

      
        -43-

        
          

        

      

      
         

      

    

     

    ARTICLE
      VII

     

    COVENANTS

     

    7.1 Access
      to Information.
      The
      Company, Columbia Blocker and TKH Blocker agree that, prior to the Effective
      Time, Parent shall be entitled, through its officers, employees and
      representatives (including its legal advisors and accountants), to make such
      investigation of the properties, businesses and operations of, respectively,
      the
      Company and the Company Subsidiaries, Columbia Blocker and TKH Blocker and
      such
      examination of the books, records and financial condition of the Company, the
      Company Subsidiaries, Columbia Blocker and TKH Blocker as it reasonably requests
      and to make extracts and copies of such books and records, including all books,
      records, documents and other information relating to the WCS Spectrum Licenses;
      provided,
      however,
      in no
      event will any of the Company, Columbia Blocker or TKH Blocker be obligated
      to
      provide Parent or any of its officers, employees or representatives (including
      Parent’s legal advisors or accountants) with a copy of the XM Agreement or
      otherwise disclose any information concerning the transaction contemplated
      thereby or the terms thereof. Any such investigation and examination shall
      be
      conducted during regular business hours and under reasonable circumstances,
      and
      the Company shall reasonably cooperate, and shall cause the Company and its
      Subsidiaries to reasonably cooperate, with all such reasonable requests. No
      investigation by Parent prior to or after the date of this Agreement shall
      diminish or obviate any of the representations, warranties, covenants or
      agreements of the Company contained in this Agreement or the Company Documents.
      In
      the
      event the transactions contemplated hereby are not consummated, the parties
      shall and shall cause their respective representatives to return all non-public
      documents, contracts, and papers regarding each other and any copies thereof
      and
      will not disclose to any third person or to the public any of such
      information.

     

    7.2 Conduct
      of the Business Pending the Closing. 

     

    (a) Except
      as
      otherwise expressly provided in this Agreement or with the prior written consent
      of Parent, during the period from the date of this Agreement to the Effective
      Time, as applicable, the Company, Columbia Blocker and TKH Blocker shall, and
      the Company shall cause the Company Subsidiaries to do the
      following:

     

    (i) conduct
      their respective businesses only in the Ordinary Course of
      Business;

     

    (ii) use
      their
      respective commercially reasonable efforts to (A) preserve their respective
      present businesses, operations, organizations and goodwill and (B) preserve
      present relationships with Persons with whom they have material business
      dealings;

     

    (iii) use
      their
      respective commercially reasonable efforts to maintain (A) all of their
      respective material assets and properties in their current condition, ordinary
      wear and tear excepted and (B) insurance upon all of their respective properties
      and assets in such amounts and of such kinds comparable to that in effect on
      the
      date of this Agreement;

     

    
      
         

      

      
        -44-

        
          

        

      

      
         

      

    

     

    (iv) comply
      in
      all material respects with all applicable Laws, including all laws and FCC
      Rules
      relating to the WCS Spectrum Licenses or their use;

     

    (v) maintain
      in full force and effect the WCS Spectrum Licenses; 

     

    (vi) in
      the
      case of the Company and the Company Subsidiaries, maintain the WCS Spectrum
      Licenses, in substantially the same condition as of the date hereof, and shall
      not take any action out of the Ordinary Course of Business with respect to
      the
      WCS Spectrum Licenses;

     

    (vii) give
      all
      required notices of the transactions contemplated by this Agreement and,
      following the termination of the XM Agreement, use its Best Efforts to obtain
      all third party consents material to the Company’s business that are necessary
      or advisable in order to consummate the transactions contemplated by this
      Agreement; 

     

    (viii) promptly
      provide Parent with true and correct copies of all material information and
      documents in the Company’s or its attorneys’ or its agents’ possession, or that
      is obtained during the relevant time period, that relates to the WCS Spectrum
      Licenses, including communications sent to or received by the FCC, XM Satellite
      Radio Holdings Inc. or Sirius Satellite Radio Inc.; provided,
      that
      none of the Company, Columbia Blocker or TKH Blocker shall have any obligation
      hereunder to provide any information or documents that are publicly available
      or, if to do so, would effectively waive any attorney-client privilege of any
      of
      the Selling Parties with respect thereto or violate any of the Selling Parties’
obligations under the XM Agreement;

     

    (ix) promptly
      provide Parent with true and correct copies of all written communications sent
      to or received by the FCC with regard to the transactions contemplated hereby
      (it being understood that none of the Company, Columbia Blocker or TKH Blocker
      shall have any obligation to provide any such communications that relate to
      the
      XM Agreement or the transactions contemplated thereby); 

     

    (x) promptly
      provide Parent with notice of any Legal Proceeding threatened or initiated
      against any Selling Party by a third party relating to the consummation of
      the
      transactions contemplated by this Agreement, which notice shall set forth in
      reasonable detail the nature and basis of the claims asserted in such Legal
      Proceeding; and

     

    (xi) not
      take
      any action which would reasonably be expected to adversely affect the ability
      of
      the parties to consummate the transactions contemplated by this Agreement;
      provided,
      however,
      that
      none of the Company, Columbia Blocker or TKH Blocker shall be prohibited from
      fulfilling any of their obligations under the XM Agreement, including, any
      obligation to consummate the transactions contemplated thereby in lieu of
      consummating the Acquisitions as contemplated by this Agreement.

     

    (b) Except
      as
      otherwise expressly provided in this Agreement or with the prior written consent
      of Parent, during the period from the date of this Agreement to the Effective
      Time, none of the Company, Columbia Blocker or TKH Blocker shall, and the
      Company shall not permit either Company Subsidiary to do any of the following:
      

     

    
      
         

      

      
        -45-

        
          

        

      

      
         

      

    

     

    (i) declare,
      set aside, make or pay any dividend or other distribution (whether in cash,
      stock or property) in respect of the capital stock of the Company or repurchase,
      redeem or otherwise acquire any outstanding shares of the capital stock or
      other
      securities of, or other ownership interests in, the Company or any of its
      Subsidiaries, except the Company, Columbia Blocker and TKH Blocker may
      distribute any cash held by them to their respective stockholders at any time
      prior to the Closing Date; 

     

    (ii) transfer,
      issue, sell or dispose of any shares of capital stock or other securities of
      the
      Company, the Company Subsidiaries, Columbia Blocker or TKH Blocker, or grant
      options, warrants, calls or other rights to purchase or otherwise acquire shares
      of the capital stock or other securities of any such Persons, provided
      that
      (x)
      the
      Company may prior to the Effective Time accept capital contributions from or
      issue additional shares of Common Stock or Preferred Stock to Columbia Blocker,
      TKH Blocker and Persons who are Company Stockholders as of the date hereof,
      the
      proceeds of which are used for the working capital needs of the Company and
      the
      Company Subsidiaries and (y)
      each of
      Columbia Blocker and TKH Blocker may prior to the Effective Time accept capital
      contributions from or issue additional shares of capital stock to, respectively,
      the Columbia Seller and the TKH Sellers, the proceeds of which are used for
      the
      working capital needs of, respectively, Columbia Blocker and TKH Blocker,
      including their further investment in the Company;

     

    (iii) effect
      any recapitalization, reclassification, stock split or like change in the
      capitalization of the Company, the Company Subsidiaries, Columbia Blocker or
      TKH
      Blocker;

     

    (iv) amend
      the
      Organizational Documents of the Company, the Company Subsidiaries, Columbia
      Blocker or TKH Blocker;

     

    (v) hire
      any
      employee or consultant not terminable at will without penalty on or before
      the
      Closing Date, or increase the level of compensation payable or to become payable
      to any of their respective consultants; 

     

    (vi) incur
      or
      assume any Indebtedness, provided
      that,
      upon prior written notice to Parent, the Company and the Company Subsidiaries
      may prior to the Effective Time, incur Indebtedness to Columbia Blocker, TKH
      Blocker and Persons who are Sellers as of the date hereof, the proceeds of
      which
      are used for the working capital needs of the Company and the Company
      Subsidiaries; 

     

    (vii) other
      than with respect to the WCS Spectrum Licenses (for which clause (ix) below
      is
      applicable), subject to any Lien or otherwise encumber or, except for Permitted
      Exceptions, permit, allow or suffer to be encumbered, any of the properties
      or
      assets (whether tangible or intangible), or any shares of capital stock of
      the
      Company, the Company Subsidiaries, Columbia Blocker or TKH Blocker;

     

    (viii) acquire
      any material properties or assets or, other than with respect to the WCS
      Spectrum Licenses (for which clause (ix) below is applicable), sell, assign,
      license, transfer, convey, lease or otherwise dispose of any other of their
      respective material properties or assets or those of either Company
      Subsidiary;

     

    
      
         

      

      
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    (ix) other
      than in connection herewith or pursuant to the transactions contemplated by
      the
      XM Agreement, (A) sell, transfer, assign, lease, dispose of, grant an option
      in,
      grant a right of first refusal with respect to, grant a right of first offer
      with respect to, or dispose of, or offer to, or discuss or enter into any
      agreement, arrangement or understanding to, sell, transfer, assign, lease,
      dispose of, grant an option in, grant a right of first refusal with respect
      to,
      grant a right of first offer with respect to, or dispose of any of the WCS
      Spectrum Licenses, or any interest therein, or negotiate therefor, or (B)
      create, incur or suffer to exist any Lien of any nature whatsoever relating
      to
      any of the WCS Spectrum Licenses or any interest therein or incur any obligation
      or liability, absolute or contingent, relating to or affecting any of the WCS
      Spectrum Licenses or their use;

     

    (x) except
      as
      set forth on Schedule
      7.2(b)(x),
      enter
      into or agree to enter into any merger or consolidation with, any corporation
      or
      other entity, and not invest in, make a loan, material advance or capital
      contribution to, or otherwise acquire the securities of any other
      Person;

     

    (xi) cancel
      or
      compromise any material debt or claim or waive or release any material right
      except in the Ordinary Course of Business;

     

    (xii) enter
      into any commitment for capital expenditures, in the case of the Company and
      the
      Company Subsidiaries, in excess of $20,000 for any individual commitment and
      $100,000 for all commitments in the aggregate;

     

    (xiii) enter
      into any transaction or to enter into, modify or renew any Contract , other
      than
      immaterial contracts that can be cancelled by the Company, Columbia Blocker,
      TKH
      Blocker or either Company Subsidiary, as applicable, on thirty (30) days notice
      or less, without any penalty or continued liability, and other than an agreement
      providing for the payment to Olexa of the Olexa Bonus Amount;

     

    (xiv) except
      for transfers of cash pursuant to normal cash management practices in the
      Ordinary Course of Business, make any investments in or loans to, or pay any
      fees or expenses to (other than pursuant to existing Contracts), or enter into
      or materially modify any Contract with any Affiliate of the Company, the Company
      Subsidiaries, Columbia Blocker or TKH Blocker or any director, officer or
      employee of any such Persons; 

     

    (xv) make
      or
      change any election concerning Taxes or Tax Returns, change an annual accounting
      period, adopt or change any accounting method, file any amended Tax Return,
      enter into any closing agreement with respect to Taxes, settle any Tax claim
      or
      assessment or surrender any right to claim a refund of Taxes or obtain or enter
      into any Tax ruling;

     

    (xvi) enter
      into any Contract, understanding or commitment that restrains, restricts, limits
      or impedes the ability of the Company or any Subsidiary to compete with or
      conduct any business or line of business in any geographic area or enter into,
      modify, amend or terminate any Contract which if so entered into, modified,
      amended or terminated would be reasonably be expected to have a Material Adverse
      Effect;

     

    (xvii) terminate,
      amend, restate, supplement or waive any rights under any Contract, or Permit
      that would reasonably be expected to have a Material Adverse Effect;

     

    
      
         

      

      
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    (xviii) fail
      to
      promptly pay and discharge current liabilities expect where disputed in good
      faith by appropriate proceedings, or accelerate the collection of any accounts
      receivable; 

     

    (xix) enter
      into any settlement agreement or stipulation in connection with any Legal
      Proceeding described in Section 7.2(a)(x) without the prior written consent
      of
      Parent, which consent will not be unreasonably withheld, conditioned or delayed;
      and

     

    (xx) agree
      to
      do anything prohibited by this Section
      7.2.

     

    (c) Subject
      to the provisions of Section
      4.4,
      the
      Company shall no later than July 3, 2006 withdraw from the FCC its application
      for the FCC’s consent to the transfer of control of the WCS Spectrum Licenses to
      XM (FCC File No. 0002240823).

     

    7.3 Notice.
      The
      Company, Columbia Blocker, TKH Blocker and Parent shall promptly advise each
      other in writing (i) of any representation or warranty made by it (and, in
      the
      case of Parent, made by Holdco) contained in this Agreement becoming untrue
      or
      inaccurate in any material respect, (ii) of the failure of it (and, in the
      case
      of Parent, of Holdco or Merger Sub) to comply with or satisfy in any material
      respect any covenant, condition or agreement to be complied with or satisfied
      by
      it under this Agreement, or (iii) upon the commencement of, or upon obtaining
      knowledge of any facts that would give rise to a threat of, any claim, action
      or
      proceeding commenced against the Company, Columbia Blocker or TKH Blocker or
      relating to any of the WCS Spectrum Licenses or their use or functionality,
      or
      which could reasonably be expected to cause a Material Adverse Effect;
provided,
      however,
      that no
      such notification shall affect the representations, warranties, covenants or
      agreements of the parties (or remedies with respect thereto) or the conditions
      to the obligations of the parties under this Agreement.

     

    7.4 Best
      Efforts; Regulatory Approvals.
      Upon
      the
      terms and subject to the conditions set forth in this Agreement, each of the
      parties agrees from and after the Application Commencement Date to use its
      Best
      Efforts to take, or cause to be taken, all actions, and to do, or cause to
      be
      done, and to assist and cooperate with the other parties in doing, all things
      reasonably necessary, proper or advisable to consummate and make effective,
      in
      the most expeditious manner practicable, the Acquisitions and the other
      transactions contemplated by this Agreement.

     

    7.5 Filing
      and Prosecution of FCC Application.
      Promptly, but in no event later than ten days after the date the Company
      notifies Parent that it has withdrawn from the FCC its application for the
      FCC’s
      consent to the transfer of control of the WCS Spectrum Licenses to XM (FCC
      File
      No. 0002240823) (such date being the “Application
      Commencement Date”),
      the
      Company and Parent shall complete their respective portions of the FCC
      application (the “Transfer
      Application”)
      to
      transfer control of the WCS Spectrum Licenses from the Company to Parent and
      file such Transfer Application with the FCC, and, concurrently therewith, the
      Company shall also withdraw its waiver request for its WCS Spectrum Licenses
      (FCC File Nos. 0002166553 (KNLB208); 0002166556 (KNLB302); 0002166559 (KNLB303);
      0002166576 (KNLB304); 0002166614 (KNLB305); 0002166630 (KNLB306); 0002166676
      (KNLB307); 0002166700 (KNLB308); 0002109564 (KNLB298); 0002109567 (KNLB297);
      0002109573 (KNLB296);

     

    
      
         

      

      
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    0002109577
      (KNLB295); 0002109580 (KNLB207); 0002109551 (KNLB301); 0002109553 (KNLB300);
      and
      0002109561 (KNLB299)). Parent shall pay the FCC filing fee for the Transfer
      Application. Each of the Company and Parent shall, at its own expense, cooperate
      in providing all information and taking all steps reasonably necessary,
      desirable or appropriate to expedite the preparation, filing, prosecution and
      granting of the Transfer Application. In the event any Person petitions the
      FCC
      to deny or otherwise challenges the Transfer Application or any other
      application filed or amended to effectuate the purposes of this Agreement,
      or in
      the event the FCC grants the Transfer Application or any other application
      filed
      or amended to effectuate the purposes of this Agreement and any Person petitions
      for review or reconsideration of such grant before the FCC, or seeks judicial
      review of such grant, then Parent and the Company shall oppose such petition
      or
      challenge before the FCC and vigorously defend the grant of the Transfer
      Application by the FCC diligently and in good faith. Should the FCC deny the
      Transfer Application, Parent and the Company shall utilize its Best Efforts
      to
      secure timely reconsideration or review of such denial. In the event of a
      petition or review or inquiry or reconsideration or denial involving the WCS
      Spectrum Licenses or the Transfer Application, the costs of defending against
      the same shall be apportioned as follows: (1) If the reason for any inquiries,
      challenges or denials relates solely to the WCS Spectrum Licenses before
      Closing, or the License Sub or the Company, or to alleged acts or omissions
      by
      the License Sub or the Company or their respective employees or agents, then
      the
      Company and the License Sub shall be responsible for preparing and filing all
      necessary petitions and appeals, and will be responsible for all associated
      costs, fees and expenses; Parent shall be responsible only for payment of its
      own attorneys fees and costs to cooperate with the Company in such filings
      up to
      a total dollar amount of $100,000; (2) If the reason for any inquiries,
      challenges or denials relates solely to Parent’s qualifications to become the
      licensee of the WCS Spectrum Licenses, or to alleged acts or omissions by Parent
      or its Affiliates, employees or agents, then Parent shall be responsible for
      preparing and filing all necessary petitions and appeals, and will be
      responsible for all associated costs, fees and expenses; the Company shall
      be
      responsible only for payment of its own attorneys fees and costs to cooperate
      with Parent in such filings up to a total dollar amount of $100,000; and (3)
      If
      the reason for any challenges or denials to the Transfer Application relates
      jointly to Parent and the Company, then each shall cooperate in preparing and
      jointly filing all necessary petitions and appeals, and the Parties shall each
      pay its own costs, fees and expenses associated with such filings. Each Party
      shall be given a reasonable opportunity to review any and all pleadings,
      documents, applications and other materials filed by the other Party with
      respect to any of the foregoing prior to its filing. The Company and Parent
      shall provide to each other copies of all communications related to any of
      the
      WCS Spectrum Licenses with the FCC from the date hereof through the Closing
      and
      provide to each other a reasonable opportunity to contribute to and review
      any
      and all pleadings, documents, applications and other materials filed with the
      FCC by each other from the date hereof through the Closing (in the case of
      Parent, only as such pleadings, documents, applications and other materials
      relate to the transactions contemplated hereby). From and after the date hereof,
      the Company shall not make any filings with the FCC, except for routine filings
      that are necessary to preserve the WCS Spectrum Licenses, or agree to any
      proposal, settlement, amendment or alteration with the FCC regarding the WCS
      Spectrum Licenses, without Parent’s consent, which consent shall not be
      unreasonably withheld. 

     

    7.6 HSR
      Clearance.
      Within
      ten (10) Business Days of the Application Commencement Date, the Company and
      Parent shall complete

     

    
      
         

      

      
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    their
      respective portions of the applications together with all related information,
      data and exhibits necessary to satisfy the requirements of the HSR Act with
      respect to the transactions contemplated hereby and file the same with the
      Federal Trade Commission (“FTC”)
      and
      United States Department of Justice (“DOJ”)
      and
      thereafter diligently pursue the processing of any such applications and filings
      before the FTC and DOJ so as to obtain the termination of any applicable HSR
      Act
      waiting periods. 

     

    7.7 Indemnification.
      All
      rights to indemnification and exculpation from liabilities for acts or omissions
      occurring at or prior to the Effective Time now existing in favor of the current
      or former directors or officers of the Company as provided in the Company’s
      certificate of incorporation, the Company’s bylaws or any written
      indemnification agreement between such directors or officers and the Company
      (in
      each case, as in effect on the date hereof) shall be assumed by the Surviving
      Corporation (and its successors and assigns) in the Merger, without further
      action, as of the Effective Time and shall survive the Merger and shall,
      following the Closing, continue in full force and effect in accordance with
      their terms and shall not be amended, repealed or otherwise modified for a
      period of six (6) years from the Effective Time in any manner that would
      adversely affect the rights thereunder of indemnified parties, unless such
      modification is required by Law. 

     

    (a) Parent
      covenants to maintain in the certificate of incorporation and bylaws of Columbia
      Blocker and TKH Blocker the same provisions with respect to indemnification
      set
      forth in their respective certificate of incorporation and bylaws of each such
      Person on the date of this Agreement, which provisions shall not be amended,
      repealed or otherwise modified for a period of six (6) years after the Closing
      Date in any manner that would adversely affect the rights thereunder of Persons
      who at any time prior to the Closing Date may have been as prospective
      indemnities under the certificate of incorporation or bylaws of such Person
      in
      respect of actions or omissions occurring at or prior to the Closing Date
      (including, without limitation, the transactions contemplated by this
      Agreement), unless such modification is required by applicable Law. In the
      event
      that Holdco shall effect the dissolution of Columbia Blocker and TKH Blocker
      prior to the sixth anniversary of the Closing Date, then Holdco shall assume
      and
      thereafter be responsible for such indemnification obligations.

    

    (b) This
      Section
      7.7
      is
      intended to be for the benefit of, and shall be enforceable by, the present
      and
      former officers and directors of the Company, the Company Subsidiaries, Columbia
      Blocker and TKH Blocker, respectively, their heirs and personal representatives
      and shall be binding on Parent, Holdco, Merger Sub and the Surviving Corporation
      and their respective successors and assigns. 

     

    7.8 No
      Solicitation by the Company; Etc. 

     

    (a) The
      Company, Columbia Blocker, the Columbia Seller, TKH Blocker and the TKH Sellers
      shall, and the Company shall cause Company Subsidiaries to, and each shall
      use
      its reasonable best efforts to cause its respective directors, officers,
      employees, investment bankers, financial advisors, attorneys, accountants,
      agents and other representatives (collectively, “Representatives“)
      to,
      immediately cease and cause to be terminated any discussions or negotiations
      with any Person conducted

     

    
      
         

      

      
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    heretofore
      with respect to a Takeover Proposal, and use reasonable best efforts to obtain
      the return from all such Persons or cause the destruction of all copies of
      confidential information previously provided to such parties by the Company,
      its
      Subsidiaries or Representatives. The Company, Columbia Blocker and TKH Blocker
      shall not, and shall not permit their respective Representatives or, in the
      case
      of the Company, the Company Subsidiaries to, directly or indirectly (i) solicit,
      initiate, knowingly facilitate or encourage (including by way of furnishing
      information) any inquiries or proposals that constitute, or may reasonably
      be
      expected to lead to, any Takeover Proposal, (ii) other than informing Persons
      of
      the existence of the provisions contained in this Section
      7.8,
      participate in any discussions or negotiations with any third party regarding
      any Takeover Proposal or (iii) enter into any agreement related to any Takeover
      Proposal. Without limiting the foregoing, it is understood that any violation
      of
      the foregoing restrictions by the Company’s Subsidiaries or Representatives
      shall be deemed to be a breach of this Section
      7.8
      by the
      Company. 

     

    (b) In
      addition to the other obligations of the Company set forth in this Section
      7.8,
      the
      Company shall promptly advise Parent, in writing, and in no event later than
      24
      hours after receipt, if any proposal, offer, inquiry or other contact is
      received by, any information is requested from, or any discussions or
      negotiations are sought to be initiated or continued with, the Company in
      respect of any Takeover Proposal, and shall, in any such notice to Parent,
      indicate the identity of the Person making such proposal, offer, inquiry or
      other contact and the terms and conditions of any proposals or offers or the
      nature of any inquiries or contacts (and shall include with such notice copies
      of any written materials received from or on behalf of such Person relating
      to
      such proposal, offer, inquiry or request), and thereafter shall promptly keep
      Parent informed of all material developments affecting the status and terms
      of
      any such proposals, offers, inquiries or requests (and the Company shall provide
      Parent with copies of any additional written materials received that relate
      to
      such proposals, offers, inquiries or requests) and of the status of any such
      discussions or negotiations.

     

    (c) Notwithstanding
      the foregoing provisions of this Section
      7.8
      to the
      contrary, subject to the provisions of Section
      7.9,
      prior
      to the termination of the XM Agreement, none of the Company, Columbia Blocker
      or
      TKH Blocker or any of their respective stockholders, directors, employees or
      representatives shall be prohibited from communicating with XM or amending
      or
      closing the XM Agreement.

     

    7.9 Confidentiality.
      Except
      for disclosures expressly permitted by the terms of the Mutual Non-Disclosure
      Agreement, dated effective as of April 14, 2006, among NextWave
      Broadband, Inc., a wholly-owned subsidiary of Parent, Media Venture Partners,
      LLC and the Company (as it may be amended from time to time, the “Confidentiality
      Agreement”),
      Parent
      and the Company shall hold, and shall cause their respective officers,
      employees, accountants, counsel, financial advisors and other Representatives
      to
      hold, all information received from the other party, directly or indirectly,
      in
      confidence in accordance with the Confidentiality Agreement.

     

    7.10 Publicity.
      None of
      the parties hereto shall issue, or permit any of their respective Affiliates
      to
      issue, any press release or public announcement concerning this Agreement or
      the
      transactions contemplated hereby without

     

    
      
         

      

      
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    obtaining
      the prior written approval of the other parties hereto or in the event such
      press release or public announcement identifies any Company Stockholder the
      prior written approval of such Company Stockholder, which, in each case,
      approval will not be unreasonably withheld or delayed, unless disclosure is
      otherwise required by applicable Law or stock exchange regulation, provided
      that,
      to
      the extent required by applicable Law or stock exchange regulation, the party
      intending to make such release shall use its reasonable best efforts consistent
      with such applicable Law or stock exchange regulation to consult with the other
      party with respect to the text thereof.

     

    7.11 Transaction
      Expenses.
      The
      Company, Columbia Blocker and TKH Blocker shall use their respective
      commercially reasonable efforts to deliver to Parent, no later than three (3)
      Business Days prior to the Closing Date, pay-off letters in respect of the
      Transaction Expenses from any and all third-party service providers to whom
      payments are required to be made by the Company, the Company Subsidiaries,
      Columbia Blocker and TKH Blocker, as the case may be, in connection with the
      transactions contemplated by this Agreement. The pay-off letters shall provide
      that the amounts set forth therein represent payment in full for all fees and
      expenses payable by the Company, the Company Subsidiaries, Columbia Blocker
      and
      TKH Blocker in connection with the transactions contemplated by this Agreement.
      The Sellers shall pay all such Transaction Expenses on the Closing Date from
      the
      proceeds of the Aggregate Equity Consideration in accordance with Section
      3.5(d).

     

    7.12 Conversion
      of Preferred Stock.
      Prior
      to the Closing, each of the Company Stockholders, Columbia Blocker and TKH
      Blocker, to the extent that such Person owns shares of Preferred Stock on or
      after the date hereof, shall elect, and notify the Company in writing of its
      election to convert, subject to the consummation of the Acquisitions as
      contemplated hereby, each such share of Preferred Stock into shares of Common
      Stock pursuant to and in accordance with Section A.6 of Article Fourth of the
      Amended and Restated Certificate of Incorporation of the Company.

     

    7.13 Unjust
      Enrichment.
      Not
      later than five Business Days following the grant of the FCC Consent, the
      Company shall request from the FCC a letter (a “UE
      Payment Letter”)
      specifying the amount, if any, of the Unjust Enrichment Payments due in
      connection with the consummation of the Acquisitions and will provide a copy
      of
      such UE Payment Letter to Parent promptly upon its receipt thereof.

     

    7.14 License
      Build Out.
      

     

    (a) Subject
      to Section 7.14(c),
      the
      Company and Parent shall following the Application Commencement Date work
      together in good faith to develop a plan and budget for constructing a
      telecommunications system utilizing the WCS Spectrum Licenses that satisfies
      the
      minimum “substantial service” standards set forth in Section 27.14 of the FCC
      Rules and, from and after September 1, 2006, the Company shall use its Best
      Efforts to implement such plan, subject to such budget so as to complete such
      telecommunications system in accordance with such plan and budget. Parent and
      the Company shall each pay one-half of all costs incurred in implementing such
      plan in accordance with such budget as such costs are incurred.

     

    
      
         

      

      
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    (b) Parent’s
      obligation to pay one-half of the costs referenced in Section
      7.14(a)
      above
      shall terminate upon any termination of this Agreement; and the Company’s
      obligation to pay any of the cost associated with the construction of a
      telecommunications system shall terminate at the Effective Time. If this
      Agreement is terminated for any reason prior to a Closing, the Company shall
      have no obligation to reimburse to Parent any of the costs theretofore
      contributed by Parent towards the construction of a telecommunications system
      in
      accordance with this Section
      7.14;
      provided,
      however,
      if the
      Agreement is terminated in a circumstance where the Termination Fee is payable
      then the Company shall promptly reimburse Parent for any such costs theretofore
      contributed by Parent in accordance with this Section
      7.14.

     

    (c) The
      Company shall file with the FCC a request to extend the “substantial service”
deadline with respect to the WCS Spectrum Licenses on or prior to the date
      on
      which the Company files its portion of the Transfer Application. The Company
      shall effect such extension request either by joining in the extension request
      filed by NextWave Broadband Inc. on March 22, 2006 (file no. 0002539540) or
      by
      filing a separate extension request substantially similar thereto. Neither
      Parent nor the Company shall have any obligation under this Section 7.14 if
      the
      FCC on or prior to September 1, 2006 extends for one year or more the deadline
      for demonstrating “substantial service” for the WCS Spectrum Licenses from July
      21, 2007.

     

    (d) Notwithstanding
      anything to the contrary set forth herein, the Company and the Company
      Subsidiaries may at any time and without restriction or consent from Parent
      take
      such actions as they deem necessary or appropriate to construct a
      telecommunications system utilizing the WCS Spectrum Licenses so as to satisfy
      the “substantial services” rules of the FCC; provided
      that, if
      the Company proposes to deploy any network equipment utilizing any of the WCS
      Spectrum Licenses prior to September 1, 2006, it shall first provide Parent
      with
      a detailed network deployment plan no later than sixty (60) days prior to the
      deployment, and shall thereafter provide such additional information related
      thereto as Parent may reasonably request. Parent shall have no obligation to
      contribute to the costs of any actions taken by the Company in accordance with
      this Section
      7.14(d).
      The
      Company shall not be obligated to provide Parent with a detailed network
      deployment plan or advanced written notice of its deployment of any network
      equipment utilizing any of the WCS Spectrum Licenses on or after September
      1,
      2006. In any event, the Company shall promptly notify Parent of the commencement
      of any deployment of network equipment utilizing any of the WCS Spectrum
      Licenses and shall keep Parent reasonably informed of the action taken by the
      Company hereunder.

     

    (e) Notwithstanding
      anything to the contrary set forth herein, none of the actions taken by the
      Company in connection with the construction or operation of a telecommunications
      system utilizing any of the WCS Spectrum Licenses in accordance with this
Section
      7.14
      shall
      constitute a breach of any covenant, warranty or other obligation of the Company
      hereunder.

     

    
      
         

      

      
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    ARTICLE
      VIII

     

    CONDITIONS
      TO CLOSING

     

    8.1 Conditions
      Precedent to Each Party’s Obligations.
      The
      respective obligations of each party hereto to consummate the transactions
      contemplated by this Agreement are subject to the satisfaction (or waiver,
      if
      permissible under applicable Law), on or prior to the Closing Date, of each
      of
      the following conditions:

     

    (a) the
      waiting period (and any extension thereof) applicable to the Acquisitions under
      the HSR Act shall have been terminated or shall have expired; 

     

    (b) the
      FCC
      Consent shall have been obtained by Final Order, free of any materially adverse
      conditions (other than those applicable to FCC assignments or to licenses in
      the
      same class of service and block as the WCS Spectrum Licenses generally and
      those
      that the FCC has included due only to issues that derive from the qualifications
      of Parent to become the licensee of the WCS Spectrum Licenses), and the Company
      shall have obtained the consent of any other Person or Governmental Body that
      is
      required in order to consummate the transactions contemplated
      hereby;

     

    (c) there
      shall not be in effect any Order by a Governmental Body of competent
      jurisdiction restraining, enjoining or otherwise prohibiting the consummation
      of
      the transactions contemplated hereby; and 

     

    (d) The
      XM
      Agreement shall have been duly and validly terminated and none of the Company,
      the Company Subsidiaries, Columbia Blocker or TKH Blocker shall have any
      liability or obligations thereunder.

     

    8.2 Conditions
      Precedent to Obligations of Parent and Holdco.
      The
      obligations of Parent and Holdco to consummate the transactions contemplated
      by
      this Agreement are subject to the satisfaction, on or prior to the Closing
      Date,
      of each of the following conditions (any or all of which may be waived by Parent
      in whole or in part to the extent permitted by applicable Law):

     

    (a) (i)
      the
      Company shall not be in breach (without giving effect to any limitations as
      to
      materiality) of any of its warranties as of the Closing, except where such
      breach, individually or in the aggregate, has not been, and would not reasonably
      be expected to be material to the Company and the Company Subsidiaries taken
      as
      a whole; (ii) Columbia Blocker and the Columbia Seller shall not be in breach
      (without giving effect to any limitations as to materiality) of any of their
      warranties as of the Closing, except where such breach, individually or in
      the
      aggregate, has not been, and would not reasonably be expected to be, material
      to
      Columbia Blocker; and (iii) TKH Blocker and the TKH Sellers shall not be in
      breach (without giving effect to any limitations as to materiality) of any
      of
      their warranties

     

    
      
         

      

      
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    as
      of the
      Closing, except where such breach, individually or in the aggregate, has not
      been, and would not reasonably be expected to be, material to TKH
      Blocker;

     

    (b) each
      of
      the Company, Columbia Blocker and TKH Blocker shall have performed and complied
      in all material respects with all obligations and agreements required in this
      Agreement to be performed or complied with by it prior to the Closing Date,
      and
      Parent shall have received copies of such corporate resolutions and other
      documents evidencing the performance thereof as Parent may reasonably
      request;

     

    (c) Parent
      shall have received the certificate of each of the Company, Columbia Blocker
      and
      TKH Blocker signed on their behalf by their respective chief executive officers,
      each in form and substance reasonably satisfactory to Parent, dated the Closing
      Date, to the effect that each of the conditions specified above in Sections
      8.2(a)
      and
(b)
      have
      been satisfied in all material respects;

     

    (d) The
      Company shall have obtained a UE Payment Letter and delivered a copy thereof
      to
      Parent;

     

    (e) the
      Stockholder Consents shall be in full force and effect and shall be valid and
      effective under Section 228 of the DGCL;

     

    (f) Parent
      shall have received written resignations of each of the directors of the
      Company, Columbia Blocker and TKH Blocker, as applicable;

     

    (g) each
      officer and director of the Company, Columbia Blocker and TKH Blocker, as
      applicable, and each Company Stockholder, the Columbia Seller and the TKH
      Sellers, as applicable, shall have duly entered into, executed and delivered
      to
      Parent the release agreement, substantially in the form attached hereto as
      Exhibit
      D;

     

    (h) the
      Company shall have delivered, or caused to be delivered, the FCC Opinion to
      Parent;

     

    (i) the
      Escrow Agent and the Stockholder Representative shall have duly entered into,
      executed and delivered to Parent the Escrow Agreement; and

     

    (j) each
      of
      the Company, Columbia Blocker and TKH Blocker, as applicable, shall have
      delivered, or caused to be delivered, to Parent certificates of good standing
      as
      of a recent date with respect to, respectively, the Company, Columbia Blocker
      and TKH Blocker, as applicable, issued by the Secretary of State of the State
      of
      Delaware and for each state in which the Company is qualified to do business
      as
      a foreign corporation.

     

    8.3 Conditions
      Precedent to Obligations of the Company, Columbia Seller and TKH
      Sellers.
      The
      obligations of the Company, the Columbia Seller and the TKH Sellers to
      consummate the transactions contemplated by this Agreement are subject to the
      fulfillment, prior to or on the Closing Date, of each of the following
      conditions (any or all of which may be waived by the Company, the Columbia
      Seller and the TKH Sellers, as applicable, in whole or in part to the extent
      permitted by applicable Law):

     

    
      
         

      

      
        -55-

        
          

        

      

      
         

      

    

     

    (a) the
      representations and warranties of Parent (without giving effect to any
      limitations as to materiality) shall be true and correct as of the Closing
      as
      though made at and as of the Closing, except to the extent such representations
      and warranties expressly relate to an earlier date (in which case such
      representations and warranties shall be true and correct on and as of such
      earlier date), except where the failure of the representations and warranties
      to
      be true and correct, individually or in the aggregate, has not been, and would
      not reasonably be expected to have a Material Adverse Effect;

     

    (b) Parent
      shall have performed and complied in all respects with all obligations and
      agreements required by this Agreement to be performed or complied with by Parent
      on or prior to the Closing Date; and

     

    (c) Parent
      shall have duly entered into, executed and delivered to the Stockholder
      Representative the Escrow Agreement.

     

    ARTICLE
      IX

     

    INDEMNIFICATION

     

    9.1 Survival
      of Warranties.
      i)
      The
      warranties of the Company, Columbia Blocker and TKH Blocker contained in this
      Agreement shall survive the Closing until 5:00 p.m. EST on the six month
      anniversary of the Closing Date (the “Expiration
      Date”).
      Any
      claim for a Loss asserted in good faith on or prior to the Expiration Date
      which
      sets forth in a written notice in reasonable detail (based on the facts then
      available) the nature and estimated scope of such claim will be timely made
      for
      purposes hereof. Any claim for indemnification with respect to any of such
      matters that is not asserted by notice to the other party on or prior to the
      Expiration Date may not be pursued and is hereby irrevocably waived after such
      time.

     

    (b) All
      covenants and agreements made by the parties to this Agreement which contemplate
      performance following the Closing Date shall survive the Closing Date in
      accordance with their terms. All covenants and agreements that contemplate
      performance prior to the Closing Date shall not survive the Closing Date;
provided,
      however,
      that if
      any such covenant or agreement is breached on or prior to the Closing Date,
      the
      non-breaching party shall, subject to Section
      9.3,
      retain
      all rights and remedies hereunder with respect to such breach following the
      Closing Date.

     

    9.2 Indemnification.
      Until
      the Expiration Date (except as provided in Section
      9.3(b))
      and
      subject to the provisions of this Article
      IX,
      the
      Escrow Fund shall be available to indemnify, defend and hold harmless Parent,
      the Surviving Corporation, and their respective subsidiaries, directors,
      officers, employees, consultants, independent contractors, agents and
      representatives (the “Parent
      Indemnified Parties”)
      from
      and against any and all Losses (irrespective of whether or not such Losses
      arise
      out of or in connection with a third party claim) to the extent, but only to
      the
      extent, relating to, resulting from or arising out of:

     

    
      
         

      

      
        -56-

        
          

        

      

      
         

      

    

     

    (a) any
      breach as of the Closing Date of the warranties made by the Company, the
      Columbia Seller and Columbia Blocker or the TKH Sellers and TKH Blocker set
      forth in this Agreement or, respectively, in any Company Document, Columbia
      Document or TKH Document (including any Losses arising in connection with the
      matters set forth in any certificate delivered to Parent in accordance with
      Section 8.2(c));

     

    (b) any
      breach of any covenant or other agreement on the part of the Company, Columbia
      Blocker or TKH Blocker under this Agreement or, respectively, any Company
      Document, Columbia Document or TKH Document; or 

     

    (c) any
      Tax
      Losses, 

     

    such
      foregoing Losses being referred to herein as “Parent
      Indemnifiable Losses;” provided,
      however,
      that,
      the Parent Indemnified Parties may not recover any amount for Parent
      Indemnifiable Losses arising from the inaccuracies of, or breaches of, the
      warranties contained herein unless and until the aggregate amount of all Parent
      Indemnifiable Losses exceeds $100,000 (the “Deductible”),
      and
      only with respect to such amounts in excess of the Deductible, provided
      that the
      Deductible shall not apply to breaches of any representations or warranties
      contained in Sections
      5.A.1,
      5.A.2,
      5.A.4,
      the
      last sentence of 5.A.8,
      5.A.10,
      5.A.12,
      5.A.13,
      5.A.14,
      5.A.20
      or
5.A.25;
      Sections
      5.B.1,
      5.B.2,
      5.B.4,
      5.B.8,
      or
5.B.10;
      or
Sections
      5.C.1,
      5.C.2,
      5.C.4,
      5.C.8,
      or
5.C.10.
      The
      Parent Indemnified Parties’ sole and exclusive remedy with respect to Parent
      Indemnifiable Losses is indemnification in accordance with this Article IX
      and
      the sole recourse for Parent Indemnifiable Losses for which the Parent
      Indemnified Parties shall be entitled to indemnification shall be to the Escrow
      Fund. For purposes of calculating Losses hereunder, after a breach or failure
      by
      the Company referred to in Section 9.2(a)
      or
(b)
      has been
      established, any materiality or Material Adverse Effect qualifications in the
      representations, warranties, covenants and agreements shall be ignored for
      purposes of determining the amount of the Loss.

     

    9.3 Escrow
      Arrangements. 

     

    (a) Escrow
      Fund.
      The
      Escrow Amount shall be available to compensate the Parent Indemnified Parties
      for any claims by such parties for any Losses incurred or sustained by them
      and
      for which they are entitled to recovery under this Article
      IX.
      

     

    (b) Escrow
      Period; Distribution upon Termination of Escrow Period.
      Subject
      to the following requirements, the Escrow Fund shall be in existence as of
      the
      Closing and shall terminate at 5:00 p.m., local time, on the Expiration Date
      (the “Escrow
      Period”);
      provided,
      however,
      that
      the Escrow Period shall not terminate with respect to 120% of the amount of
      any
      unsatisfied claims specified in any Indemnity Claim Certificate delivered in
      good faith to the Escrow Agent prior to the Expiration Date with respect to
      facts and circumstances existing prior to the Expiration Date (each, an
“Unresolved
      Claim”).
      On the
      third Business Day following the Expiration Date, the Escrow Agent shall deliver
      to the Stockholder Representative the full amount of the Escrow Fund, less
      the
      amount of any Unresolved Claims. As soon as any Unresolved Claims have been
      resolved the Escrow Agent shall deliver to the Stockholders Representative,
      on
      behalf of the applicable Company Stockholders, the Columbia Seller and the
      TKH
      Sellers, in accordance with their interests in

     

    
      
         

      

      
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    the
      Residual Payments pursuant to Section
      9.3(h),
      the
      remaining portion of the Escrow Amount, if any, not required to satisfy such
      Unresolved Claims. For the purposes hereof, “Indemnity
      Claim Certificate”
      shall
      mean a certificate entitled as such and signed by any officer of Parent and
      delivered to the Escrow Agent and the Stockholder Representative: (1) specifying
      in reasonable detail the breach of warranty, covenant or other Agreement that
      is
      basis for such claim and (2) if known, the amount of Parent Indemnified Losses
      relating to, resulting from or arising out of such breach.

     

    (c) Claims
      for Indemnification.

     

    (i) Upon
      receipt by the Escrow Agent at any time on or before the Expiration Date of
      an
      Indemnity Claim Certificate, the Escrow Agent shall, subject to the provisions
      of Section
      9.3(d),
      deliver
      to Parent, as promptly as practicable, an amount of cash from the Escrow Fund
      equal to the amount of Parent Indemnifiable Losses set forth in such Indemnity
      Claim Certificate; provided,
      however,
      that if
      an Indemnity Claim Certificate does not specify the amount of Losses relating
      to
      such breach(es) specified in the Indemnity Claim Certificate, then no amount
      shall be distributed until the amount of such Losses are thereafter established
      (either by agreement with the Stockholder Representative, arbitration as
      contemplated hereby or other legal process) and the Escrow Agent is advised
      thereof in accordance with the Escrow Agreement. If the Stockholder
      Representative does not object in writing within the 30-day period set forth
      in
Section
      9.3(d)
      after
      delivery by Escrow Agent of the Indemnity Claim Certificate to the Stockholder
      Representative, such failure to so object shall constitute an irrevocable
      acknowledgment by the Stockholder Representative on behalf of the Company
      Stockholders, the Columbia Seller and the TKH Sellers, as applicable, that
      the
      Indemnified Party is entitled to the full amount of the claim for Losses set
      forth in such Indemnity Claim Certificate or as are thereafter established
      (either by agreement with the Stockholder Representative, arbitration as
      contemplated hereby or other legal process). 

     

    (d) Objections
      to Claims against the Escrow Fund.
      At the
      time of delivery of any Indemnity Claim Certificate to the Escrow Agent, the
      Escrow Agent shall deliver a duplicate copy of such certificate to the
      Stockholder Representative, and for a period of thirty (30) days after such
      delivery by the Escrow Agent to the Stockholder Representative, the Escrow
      Agent
      shall make no delivery to Parent of any portion of the Escrow Amount pursuant
      to
Section
      9.3(c)
      unless
      the Escrow Agent shall have received written authorization from the Stockholder
      Representative to make such delivery. The Escrow Agent shall not make any
      payment to Parent pursuant to Section
      9.3(c)(i),
      if the
      Stockholder Representative shall object in a written statement delivered to
      the
      Escrow Agent prior to the expiration of such thirty (30)-day period to the
      claim
      made in the Indemnity Claim Certificate (such an objection being referred to
      as
      a “Claim
      Objection”).

     

    (e) Resolution
      of Conflicts; Arbitration.

     

    (i) If
      the
      Stockholder Representative shall deliver to the Escrow Agent a Claim Objection
      with respect to any Indemnity Claim Certificate within thirty (30) days after
      the Escrow Agent’s delivery of such Indemnity Claim Certificate to the
      Stockholder Representative, then the Stockholder Representative and Parent
      shall
      attempt in good faith to agree upon the rights of the respective parties with
      respect to each of such claims. If the Stockholder

     

    
      
         

      

      
        -58-

        
          

        

      

      
         

      

    

     

    Representative
      and Parent should so agree, a memorandum setting forth such agreement shall
      be
      prepared and signed by both parties and, in the case of a claim against the
      Escrow Fund, shall be furnished to the Escrow Agent. The Escrow Agent shall
      be
      entitled to rely on any such memorandum and make distributions from the Escrow
      Fund in accordance with the terms thereof.

     

    (ii) If
      no
      such agreement can be reached after good faith negotiation and prior to sixty
      (60) days after delivery of an Indemnity Claim Certificate, either Parent or
      the
      Stockholder Representative may demand arbitration of the matter unless the
      amount of the Loss is at issue in pending litigation with a third party, in
      which event arbitration shall not be commenced until such amount is ascertained
      or both parties agree to arbitration, and in either such event the matter shall
      be settled by arbitration conducted by one arbitrator mutually agreeable to
      Parent and the Stockholder Representative. In the event that, within thirty
      (30)
      days after submission of any dispute to arbitration, Parent and the Stockholder
      Representative cannot mutually agree on one arbitrator, then, within fifteen
      (15) days after the end of such thirty (30)-day period, Parent and the
      Stockholder Representative shall each select one arbitrator. The two arbitrators
      so selected shall select a third arbitrator. If one party but not the other
      fails to select an arbitrator during this fifteen (15)-day period, then the
      parties agree that the arbitration will be conducted by the one arbitrator
      selected by the party which has made such a selection.

     

    (iii) Any
      such
      arbitration shall be held in New York City, under the rules and procedures
      then
      in effect of the American Arbitration Association. The arbitrator(s) shall
      determine how all expenses relating to the arbitration shall be paid, including
      the respective expenses of each party, the fees of each arbitrator and the
      administrative fee of the American Arbitration Association. The arbitrator
      or
      arbitrators, as the case may be, shall set a limited time period and establish
      procedures designed to reduce the cost and time for discovery while allowing
      the
      parties an opportunity, adequate in the sole judgment of the arbitrator or
      majority of the three arbitrators, as the case may be, to discover relevant
      information from the opposing parties about the subject matter of the dispute.
      The arbitrator, or a majority of the three arbitrators, as the case may be,
      shall rule upon motions to compel or limit discovery and shall have the
      authority to impose sanctions, including attorneys’ fees and costs, to the same
      extent as a competent court of law or equity, should the arbitrators or a
      majority of the three arbitrators, as the case may be, determine that discovery
      was sought without substantial justification or that discovery was refused
      or
      objected to without substantial justification. The decision of the arbitrator
      or
      a majority of the three arbitrators, as the case may be, as to the validity
      and
      amount of any claim in such Indemnity Claim Certificate shall be final, binding,
      and conclusive upon the parties to this Agreement. Such decision shall be
      written and shall be supported by written findings of fact and conclusions
      which
      shall set forth the award, judgment, decree or order awarded by the
      arbitrator(s), and the Escrow Agent shall be entitled to rely on, and make
      distributions from the Escrow Fund in accordance with, the terms of such award,
      judgment, decree or order as applicable. 

     

    (iv) Judgment
      upon any award rendered by the arbitrator(s) may be entered in any court having
      jurisdiction. The foregoing arbitration provision shall apply to any dispute
      between the Stockholder Representative and the Parent Indemnified Party under
      this Article
      IX,
      whether
      relating to claims upon the Escrow Fund or to the other indemnification
      obligations set forth in this Article
      IX.

     

    
      
         

      

      
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    (f) Third-Party
      Claims. 

     

    (i) In
      the
      event Parent becomes aware of a third-party claim which Parent reasonably
      believes may result in a demand against the Escrow Fund pursuant to this
Article
      IX,
      Parent
      shall notify the Stockholder Representative in writing of such claim. The
      Stockholder Representative shall have the right to elect to assume the defense
      of such claim unless (x) the Losses arising from such claim may reasonably
      be
      expected to exceed the Escrow Amount, (based solely on the damages alleged
      by
      the third party, if any damages are alleged), (y) the claim seeks relief which
      would limit or otherwise adversely affect the conduct of business by the
      Company, or (z) the Losses arising from such claim may result in a Tax Loss
      occurring in a Straddle Period or relate to a taxable period beginning after
      the
      Closing Date. Failure by the Stockholder Representative to notify Parent of
      its
      election to assume the defense of any such claim or litigation by a third party
      within ten (10) Business Days after notice thereof has been given to the
      Stockholder Representative shall be deemed a waiver by the Stockholder
      Representative of its right to assume the defense of such claim or litigation,
      and the Parent shall have the right to retain its own counsel, without prejudice
      to its right of indemnification under this Agreement. All claims for legal
      fees
      and expenses or other Losses against the Escrow Fund for which Parent is
      entitled to indemnification pursuant to this Section
      9.3(f)
      shall be
      subject to the claims processing and dispute procedures set forth in this
Section
      9.3.
      

     

    (ii) The
      Stockholder Representative, if it is entitled to and does assume the defense,
      shall retain counsel reasonably satisfactory to Parent to defend such claim
      and
      shall pay the fees and disbursements of such counsel with regard thereto. If
      the
      Stockholder Representative elects to assume the defense, the obligations under
      Article
      IX
      of this
      Agreement shall include taking all steps necessary in the investigation, defense
      or settlement of such claim or litigation (including the retention of legal
      counsel) and holding Parent harmless from and against any and all Losses caused
      by or arising out of any settlement approved by the Stockholder Representative
      or any judgment in connection with such claim or litigation; provided,
      however,
      that
      (x) the Stockholder Representative shall first consult with Parent regarding
      such settlement, (y) no settlement may be made by the Stockholder Representative
      without the consent in writing of Parent, unless such settlement (i) releases
      Parent from any liability in respect thereof, (ii) does not include any
      admission of culpability on the part of Parent and (iii) does not impose an
      injunction or other equitable relief upon Parent, the Company or its
      Subsidiaries or otherwise impose affirmative or negative covenants on Parent,
      the Company or its Subsidiaries and (z) the Stockholder Representative shall
      not
      enter into any settlement with respect to Taxes without Parent’s consent, which
      shall not be unreasonably withheld. If the Stockholder Representative elects
      to
      assume the defense, the Stockholder Representative shall permit Parent to
      participate in such defense or settlement through separate counsel chosen by
      Parent, with the fees and expenses of such separate counsel borne by Parent;
      provided,
      however,
      that in
      the event Parent shall conclude (upon the advice of counsel) that there may
      be
      legal defenses or rights available to it which are different from, in actual
      conflict with, or additional to those available to the Stockholder
      Representative, Parent shall be entitled to select separate counsel to act
      on
      its behalf and the Stockholder Representative shall pay the reasonable separate
      counsel fees and other reasonable expenses related thereto and, such fees and
      expenses will be paid from the Escrow Fund. In the event that the Stockholder
      Representative has consented in writing to any settlement, the Company
      Stockholders shall have no power or authority to object

     

    
      
         

      

      
        -60-

        
          

        

      

      
         

      

    

     

    under
      any
      provision of this Article
      IX
      to any
      claim for an amount less than or equal to the amount of such settlement by
      Parent against the Escrow Fund with respect to such settlement. 

     

    (iii) Parent,
      if Parent is entitled to and does assume the defense, shall retain counsel
      reasonably satisfactory to the Stockholder Representative to defend such claim
      and shall pay the fees and disbursements of such counsel with regard thereto.
      If
      Parent elects to assume the defense, the obligations under Article
      IX
      of this
      Agreement shall include taking all steps necessary in the investigation, defense
      or settlement of such claim or litigation (including the retention of legal
      counsel) and holding the Stockholder Representative harmless from and against
      any and all Losses caused by or arising out of any settlement approved by the
      Parent or any judgment in connection with such claim or litigation; provided,
      however, that
      Parent shall first consult with the Stockholder Representative regarding such
      settlement. If Parent elects to assume such third-party claim or litigation,
      Parent shall permit the Stockholder Representative to participate in such
      defense or settlement through separate counsel chosen by the Stockholder
      Representative, with the fees and expenses of such separate counsel borne by
      such the Stockholder Representative; provided,
      however,
      that in
      the event the Stockholder Representative shall conclude (upon the advice of
      counsel) that there may be legal defenses or rights available to it which are
      different from, in actual conflict with, or additional to those available to
      Parent, the Stockholder Representative shall be entitled to select separate
      counsel to act on its behalf and the Stockholder Representative shall pay the
      reasonable separate counsel fees and other reasonable expenses related thereto
      and, such fees and expenses will be paid from the Escrow Fund. In the event
      the
      Company becomes aware of a third-party claim for which the Company reasonably
      believes it may be indemnified by Parent pursuant to Section
      9.2
      hereof,
      the Company shall notify Parent in writing of such claim and Parent shall assume
      the defense, including all costs and expenses associated therewith, of such
      claim.

     

    (iv) The
      failure of the indemnified party to give reasonably prompt notice of any
      indemnification claim shall not release, waive or otherwise affect the
      indemnifying party’s obligations with respect thereto except to the extent that
      the indemnifying party can demonstrate actual loss and prejudice as a result
      of
      such failure.

     

    (h) The
      interests of the Company Stockholders, the Columbia Seller and the TKH Sellers
      in any Escrow Payment or any amounts distributed from the Stockholder
      Representative Reserve (collectively, the “Residual
      Payments”)
      shall
      (i) in the case of the Company Stockholders, equal an amount equal to their
      Pro
      Rata Portion thereof, (ii) in the case of the Columbia Seller, an amount equal
      to the Columbia Pro Rata Portion and (iii) in the case of the TKH Sellers,
      an
      amount in the aggregate equal to the TKH Pro Rata Portion. Notwithstanding
      the
      foregoing, however: (x)
      the
      Columbia Seller’s rights to any Residual Payment shall be reduced by the amount
      of any Parent Indemnifiable Losses arising from any breach by Columbia Blocker
      or the Columbia Seller of any warranty, covenant or other obligation hereunder
      (collectively, “Columbia
      Losses”),
      and
      the Columbia Seller shall reimburse, indemnify and hold each of the Company
      Stockholders and the TKH Sellers harmless from and against any diminution in
      the
      amount of any Residual Payments made to the Company Stockholders and the TKH
      Sellers as the result of any Columbia Losses; and (y)
      the TKH
      Sellers’ rights to any Residual Payment shall be reduced by the amount of any
      Parent Indemnifiable Losses arising from any breach by TKH Blocker or the TKH
      Sellers of any

     

    
      
         

      

      
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    warranty,
      covenant, agreement or other obligation hereunder (collectively, “TKH
      Losses”),
      and
      the TKH Sellers shall reimburse, indemnify and hold each of the Company
      Stockholders and the Columbia Seller harmless from and against any diminution
      in
      the amount of any Residual Payments made to the Company Stockholders and the
      Columbia Seller as the result of any TKH Losses.

     

    9.4 Tax
      Losses.
      

     

    (a) For
      purposes of Section
      9.2(c),
      “Tax
      Losses”
      means
      any and all Losses attributable to Taxes (or the non-payment thereof) of the
      Company, the Company Subsidiaries, Columbia Blocker and TKH Blocker due and
      payable for all Pre-Closing Tax Periods (including the portion of any Straddle
      Period attributable to the Pre-Closing Tax Period); provided,
      however,
      Tax
      Losses shall not include any amounts clearly reflected as an accrual for current
      Taxes (excluding any reserve for deferred Taxes established to reflect timing
      differences between book and Tax income) on the Balance Sheet. 

     

    (b) For
      purposes of allocating income, gain, deductions and losses attributable to
      the
      period up to and including the Effective Time for a Straddle Period, (i) real,
      personal and intangible property Taxes shall be allocated on a per diem basis,
      (ii) exemptions, allowances or deductions that are calculated on an annual
      basis, such as the deduction for depreciation, will be apportioned ratably
      between such periods on a per diem basis and (iii) other Taxes (including income
      taxes and taxes in lieu of income taxes to the extent not governed by clause
      (ii)), shall be allocated based on a closing of the books as of the close of
      business on the Closing Date (including, without limitation, a closing of the
      books on the Closing Date for purposes of allocating income, gain, deductions
      and losses attributable to the Company).

     

    9.5 Tax
      Treatment of Indemnity Payments.
      Parent
      and, as applicable, the Company, the Columbia Seller and the TKH Sellers, agree
      to treat any indemnity payment made pursuant to this Article
      IX
      as an
      adjustment to the Aggregate Consideration for federal, state, local and foreign
      income tax purposes unless a contrary treatment is required under applicable
      Law.

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    10.1 Stockholder
      Representative.
      

     

    (a) Upon
      the
      adoption of this Agreement and the approval of the Acquisitions and the
      transactions contemplated hereby by the Company Stockholders, the Columbia
      Seller and the TKH Sellers, and without further act of any Company Stockholder,
      Columbia Capital, LLC (the “Stockholder
      Representative”)
      shall
      be appointed as the Stockholder Representative hereunder with the exclusive
      right to give and receive notices and communications, to authorize payment
      to
      any Parent Indemnified Party from the Escrow Fund in satisfaction of claims
      and
      Losses by a Parent Indemnified Party, to object to such payments,

     

    
      
         

      

      
        -62-

        
          

        

      

      
         

      

    

     

    to
      agree
      to, negotiate, enter into settlements and compromises of, and demand arbitration
      and comply with orders of courts and awards of arbitrators with respect to
      such
      claims or Losses, to receive payments on behalf of the Company Stockholders
      due
      and owing pursuant to this Agreement and acknowledge receipt thereof, to waive
      any breach or default of Parent under this Agreement following the Effective
      Time, to calculate the Aggregate Consideration Spreadsheet, to receive service
      of process on behalf of the Company Stockholders in connection with any claims
      under this Agreement or any related document or instrument, and to take all
      other actions that are either (i) necessary or appropriate in the judgment
      of
      the Stockholder Representative for the accomplishment of the foregoing or (ii)
      specifically mandated by the terms of this Agreement. Such agency may be changed
      by the Company Stockholders, the Columbia Seller and the TKH Sellers from time
      to time upon not less than thirty (30) days prior written notice to Parent;
      provided,
      however,
      that
      the Stockholder Representative may not be removed unless holders of a two-thirds
      interest of the Escrow Fund agree to such removal and to the identity of the
      substituted agent. A vacancy in the position of Stockholder Representative
      may
      be filled by the holders of a majority in interest of the Escrow Fund. No bond
      shall be required of the Stockholder Representative, and the Stockholder
      Representative shall not receive any compensation for its services. Notices
      or
      communications to or from the Stockholder Representative shall constitute notice
      to or from the Company Stockholders.

     

    (b) The
      Stockholder Representative shall not be liable for any act done or omitted
      without gross negligence or bad faith hereunder as Stockholder Representative.
      Pursuant to the following sentence, and to the fullest extent permitted by
      applicable Law, the Sellers shall be, severally based on their respective Pro
      Rata Portion of the Aggregate Equity Consideration and not jointly, obligated
      to
      indemnify the Stockholder Representative and hold the Stockholder Representative
      harmless against any loss, liability or expense incurred without gross
      negligence or bad faith on the part of the Stockholder Representative and
      arising out of or in connection with the acceptance or administration of the
      Stockholder Representative’s duties hereunder, including the reasonable fees and
      expenses of any legal counsel retained by the Stockholder Representative. At
      the
      time of distribution pursuant to Section
      9.3(c)
      to the
      Sellers of any proceeds remaining in the Escrow Fund, the Stockholder
      Representative shall be entitled to deduct and withhold from such income and
      gains included in such distribution to pay and reimburse fees and expenses
      of
      third parties incurred or expected to be incurred in connection with its role
      as
      Stockholder Representative pursuant to this Agreement to the extent that the
      Stockholder Representative Reserve would be insufficient to pay
      and
      reimburse fees and expenses of third parties.

     

    (c) The
      grant
      of authority provided for in this Section
      10.1:
      (i) is coupled with an interest and is being granted, in part, as an
      inducement to Parent and Holdco to enter into this Agreement and the Escrow
      Agreement, and shall be irrevocable and survive the death, incompetency,
      bankruptcy or liquidation of the Company or any Seller shall be binding on
      any
      successor thereto and (ii) shall survive the delivery of an assignment by
      any Seller of the whole or any fraction of such Seller’s interest in the Escrow
      Fund.

     

    (d) In
      connection with the performance of its obligations hereunder and under the
      Escrow Agreement, the Stockholder Representative shall have the right at any
      time and from time to time to select and engage, at the cost and expense of
      the
      Seller (as

     

    
      
         

      

      
        -63-

        
          

        

      

      
         

      

    

     

    contemplated
      by Section
      10.1(b),
      attorneys, accountants, investment bankers, advisors, consultants and clerical
      personnel and obtain such other professional and expert assistance, and maintain
      such records, as the Stockholder Representative may deem necessary or desirable
      and incur other out-of-pocket expenses related to performing its services
      hereunder.

     

    (e) In
      dealing with this Agreement, the Escrow Agreement and any instruments,
      agreements or documents relating thereto, and in exercising or failing to
      exercise all or any of the powers conferred upon the Stockholder Representative
      hereunder or thereunder, (i) the Stockholder Representative and its agents,
      counsel, accountants and other representatives shall not assume any, and shall
      incur no, responsibility whatsoever (in each case, to the extent permitted
      by
      applicable Law) to the Sellers, Parent, Holdco, the Surviving Corporation,
      Columbia Blocker or TKH Blocker or any of their respective Affiliates by reason
      of any error in judgment or other act or omission performed or omitted hereunder
      or in connection with this Agreement, the Escrow Agreement or any such other
      agreement, instrument or document other than with respect to bad faith or gross
      negligence on the part of the Stockholder Representative, and (ii) the
      Stockholder Representative shall be entitled to rely in good faith on the advice
      of counsel, public accountants or other independent experts experienced in
      the
      matter at issue, and any error in judgment or other act or omission of the
      Stockholder Representative pursuant to such advice shall in no event subject
      the
      Stockholder Representative to liability to the Company Stockholders, Parent,
      Holdco, the Surviving Corporation, Columbia Blocker, TKH Blocker or any of
      their
      respective Affiliates.

     

    (f) All
      of
      the immunities and powers granted to the Stockholder Representative under this
      Agreement shall survive the Closing and/or any termination of this Agreement
      and
      the Escrow Agreement.

     

    (g) A
      decision, act, consent or instruction of the Stockholder Representative,
      including an extension or waiver of this Agreement pursuant to Article
      IV
      or
Section
      10.7,
      as
      applicable, shall constitute a decision of the Sellers and shall be final,
      binding and conclusive upon the Sellers; and the Escrow Agent, Parent, Holdco
      and the Surviving Corporation may rely upon any such decision, act, consent
      or
      instruction of the Stockholder Representative as being the decision, act,
      consent or instruction of the Sellers. The Escrow Agent, Parent, Holdco and
      the
      Surviving Corporation are hereby relieved from any Liability to any Person
      for
      any acts done by them in accordance with such decision, act, consent or
      instruction of the Stockholder Representative. 

     

    (h) The
      Stockholder Representative has all requisite power, authority and legal capacity
      to execute and deliver this Agreement and each other agreement, document, or
      instrument or certificate contemplated by this Agreement or to be executed
      by
      the Stockholder Representative in connection with the consummation of the
      transactions contemplated by this Agreement (together with this Agreement,
      the
“Stockholder
      Representative Documents”),
      and to
      consummate the transactions contemplated hereby and thereby. The execution
      and
      delivery of this Agreement and each of the Stockholder Representative Documents,
      the performance of its respective obligations hereunder and thereunder and
      the
      consummation of the transactions contemplated hereby and thereby have been
      duly
      authorized by all required action on the part of the Stockholder Representative.
      This Agreement has been, and each of

     

    
      
         

      

      
        -64-

        
          

        

      

      
         

      

    

     

    the
      Stockholder Representative Documents will be at or prior to the Closing, duly
      and validly executed and delivered by the Stockholder Representative and
      (assuming the due authorization, execution and delivery by the other parties
      hereto and thereto) this Agreement constitutes, and each of the Stockholder
      Representative Documents when so executed and delivered will constitute, legal,
      valid and binding obligations of the Stockholder Representative enforceable
      against it in accordance with their respective terms, subject to applicable
      bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
      creditors’ rights and remedies generally, and subject, as to enforceability, to
      general principles of equity, including principles of commercial reasonableness,
      good faith and fair dealing (regardless of whether enforcement is sought in
      a
      proceeding at law or in equity). 

     

    10.2 Specific
      Performance.
      Each of
      the parties hereto acknowledges and agrees that the breach of this Agreement
      by
      any other party would cause irreparable damage to one or more of the other
      parties hereto, and that such other parties will not have an adequate remedy
      at
      law. Therefore, the obligations of the parties under this Agreement shall be
      enforceable by a decree of specific performance issued by any court of competent
      jurisdiction, and appropriate injunctive relief may be applied for and granted
      in connection therewith. Subject to Article
      IX,
      such
      remedies shall, however, be cumulative and not exclusive and shall be in
      addition to any other remedies which any party may have under this Agreement
      or
      otherwise.

     

    10.3 Submission
      to Jurisdiction; Consent to Service of Process. 

     

    (a) Except
      for matters governed by Section
      9.3(e),
      the
      parties hereto hereby irrevocably submit to the exclusive jurisdiction of any
      federal or state court located within the State of Delaware over any dispute
      arising out of or relating to this Agreement or any of the transactions
      contemplated hereby and each party hereby irrevocably agrees that all claims
      in
      respect of such dispute or any suit, action proceeding related thereto may
      be
      heard and determined in such courts. Each party hereby irrevocably waives,
      to
      the fullest extent permitted by applicable law, any objection which such party
      may now or hereafter have to the laying of venue of any such dispute brought
      in
      such court or any defense of inconvenient forum for the maintenance of such
      dispute. EACH PARTY FURTHER HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
      LEGAL ACTION (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) AND ANY OBJECTION
      WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
      OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN
      THE
      AFOREMENTIONED COURTS. Each of the parties hereto agrees that a judgment in
      any
      such dispute may be enforced in other jurisdictions by suit on the judgment
      or
      in any other manner provided by law. 

     

    (b) Each
      of
      the parties hereto hereby consents to process being served by any party to
      this
      Agreement in any suit, action or proceeding by delivery of a copy thereof in
      accordance with the provisions of Section
      10.8.

     

    10.4 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York

     

    
      
         

      

      
        -65-

        
          

        

      

      
         

      

    

     

    applicable
      to contracts made and performed in such state and without regard to the
      conflicts or choice of law provisions thereof that would give rise to the
      application of the domestic substantive law of any other jurisdiction;
provided,
      however,
      that
      the Merger shall be governed by the DGCL. 

     

    10.5 Entire
      Agreement; No Third-Party Beneficiaries.
      This
      Agreement (together with the schedules and exhibits hereto and the other
      documents delivered or to be delivered in connection herewith) and the
      Confidentiality Agreement (a) constitute the entire agreement among the parties
      hereto, and supersedes all prior agreements and contemporaneous, arrangements,
      covenants, promises, conditions, undertakings, inducements, representations,
      warranties and negotiations, expressed or implied, oral or written, between
      the
      parties, with respect to the subject matter hereof, including without limitation
      the letter of intent dated as of April 26, 2006 between the Company and Parent
      and, (b) except for the provisions of Sections
      7.7
      and
Article
      IX,
      are not
      intended to confer upon any Person other than the parties hereto any rights
      or
      remedies. 

     

    10.6 Amendment
      and Waivers.
      This
      Agreement may be amended, supplemented or changed by the parties hereto;
provided,
      however,
      that
      there shall be made no amendment that by Law requires further approval by the
      Sellers without such approval having been obtained. This Agreement may not
      be
      amended except by an instrument in writing signed on behalf of each of the
      parties hereto. No action taken pursuant to this Agreement, including any
      investigation by or on behalf of any party, shall be deemed to constitute a
      waiver by the party taking such action of compliance with any representation,
      warranty, covenant or agreement contained herein. The waiver by any party hereto
      of a breach of any provision of this Agreement shall not operate or be construed
      as a further or continuing waiver of such breach or as a waiver of any other
      or
      subsequent breach. No failure on the part of any party to exercise, and no
      delay
      in exercising, any right, power or remedy hereunder shall operate as a waiver
      thereof, nor shall any single or partial exercise of such right, power or remedy
      by such party preclude any other or further exercise thereof or the exercise
      of
      any other right, power or remedy. Any agreement on the part of a party to any
      extension or waiver shall be valid only if set forth in an instrument in writing
      signed on behalf of such party. A termination of this Agreement pursuant to
      Section
      4.1
      or an
      amendment or waiver of this Agreement shall, in order to be effective, require,
      in the case of Parent, the Company, Columbia Blocker or TKH Blocker, action
      by
      its Board of Directors. All remedies hereunder are cumulative and are not
      exclusive of any other remedies provided by law.

     

    10.7 Fees,
      Expenses and Other Payments.
      Except
      as otherwise provided in Article
      IX,
      Parent
      and the
      Selling Parties shall each bear their own fees and expenses incurred in
      connection with this Agreement, in each case including regulatory filing fees,
      costs and expenses and the fees and expenses of financial, legal and accounting
      advisors. 

     

    10.8 Notices.
      All
      notices and other communications under this Agreement shall be in writing and
      shall be deemed given (i) when delivered personally by hand (with written
      confirmation of receipt), (ii) when sent by facsimile (with written confirmation
      of transmission) or (iii) one business day following the day sent by overnight
      courier (with written confirmation of receipt), in each case at the following
      addresses

     

    
      
         

      

      
        -66-

        
          

        

      

      
         

      

    

     

    and
      facsimile numbers (or to such other address or facsimile number as a party
      may
      have specified by notice given to the other party pursuant to this
      provision):

     

    If
      to the
      Company or the Stockholder Representative, to:

     

    WCS
      Wireless, Inc.

    c/o
      Columbia Capital, LLC

    201
      North
      Union Street, Suite 300

    Alexandria,
      VA 22314

    Facsimile:
      (703) 519-5570

    Attention:
      Don Doering

     

    With
      a
      copy to:

    

    Edwards
      Angell Palmer & Dodge LLC

    111
      Huntington Avenue

    Boston,
      MA 02199

    Facsimile:
      (617) 227-4420

    Attention:
      Leonard Q. Slap, Esq.

    

    If
      to
      Parent or Holdco, to:

     

    NextWave
      Wireless LLC

    75
      Holly
      Hill Road, Suite 200

    Greenwich,
      CT 06830

    Facsimile:
      (203) 742-2560

    Attention:
      Frank Cassou, Esq.

    

    With
      a
      copy to:

     

    Weil,
      Gotshal & Manges LLP

    767
      Fifth
      Avenue

    New
      York,
      NY 10153

    Facsimile: (212)
      310-8007

    Attention: Marita
      A.
      Makinen, Esq.

     

    10.9 Construction;
      No Implied Warranties. Each
      of
      the parties is a sophisticated Person that was advised by experienced counsel
      and, to the extent it deemed necessary, other advisors in connection with this
      Agreement. Each of the parties hereby represents and acknowledges that
(a)
      such
      party has not relied and will not rely in respect of this Agreement or the
      transactions contemplated hereby upon any document or written or oral
      information previously furnished to or discovered by it or its representatives,
      other than this Agreement (or such of the foregoing as are delivered at the
      Closing), (b)
      there
      are no representations, warranties or covenants or agreements by or on behalf
      of
      any party or any of its respective Affiliates or representatives other than
      those expressly set forth in this Agreement, and

     

    
      
         

      

      
        -67-

        
          

        

      

      
         

      

    

     

    (c)
      the
      parties’ respective rights and obligations with respect to this Agreement, the
      Acquisitions and the events giving rise thereto are solely as set forth in
      this
      Agreement. 

     

    10.10 Retention
      of Counsel. 

     

    In
      any
      dispute or proceeding arising under or in connection with this Agreement, each
      of the Stockholder Representative and Sellers shall have the right, at their
      election, to retain any of Edwards Angell Palmer & Dodge LLP or Lukas, Nace,
      Gutierrez & Sachs, Chartered to represent them in such matter, and Parent,
      for itself and the Company, Columbia Blocker and TKH Blocker and for its and
      such Persons’ respective successors and assigns, hereby irrevocably waives and
      consents to any such representation in any such matter and the communication
      by
      such counsel to the Stockholder Representative and Sellers in connection with
      any such representation of any fact known to such counsel arising by reason
      of
      such counsel’s prior representation of any of the Selling Parties. Parent, for
      itself and the Company, Columbia Blocker and TKH Blocker, and for its and such
      respective Persons’ Affiliates, successors and assigns, irrevocably acknowledges
      and agrees that all communications between any of the Selling Parties and
      counsel, including Edwards Angell Palmer & Dodge LLP or Lukas, Nace,
      Gutierrez & Sachs, Chartered made in connection with the negotiation,
      preparation, execution, delivery and closing under, or any dispute or proceeding
      arising under or in connection with, this Agreement, the XM Agreement or
      otherwise that, immediately prior to the Closing, would be deemed to be
      privileged communications of any of the Selling Parties and their counsel and
      would not be subject to disclosure to the Parent in connection with any process
      relating to a dispute arising under or in connection with, this Agreement or
      otherwise, shall continue after the Closing and for all purposes be deemed
      to be
      privileged communications between the Stockholders’ Representative or Sellers
      and such counsel and neither Parent nor any Person purporting to act on behalf
      of or through Parent shall seek to obtain the same by any process on the grounds
      that the privilege attaching to such communications belongs to the Company,
      Columbia Blocker and TKH Blocker, and not the Stockholders’ Representative or
      Sellers. 

     

    10.11 No
      Recourse.
      Notwithstanding anything that may be expressed or implied in this Agreement,
      Parent agrees and acknowledges, both for itself and its Affiliates, that no
      recourse under this Agreement or any documents or instruments delivered in
      connection with this Agreement shall be had against any current or future
      director, officer, employee, stockholder, general or limited partner or member
      of any Selling Party or of any Affiliate or assignee thereof, as such, whether
      by the enforcement of any assessment or by any legal or equitable proceeding,
      or
      by virtue of any statute, regulation or other applicable Law, it being expressly
      agreed and acknowledged that no personal liability whatsoever shall attach
      to,
      be imposed on or otherwise be incurred by any current or future director,
      officer, employee, stockholder, general or limited partner or member of any
      Selling Party or any current or future member of any Selling Party or of any
      Affiliate or assignee thereof, as such, for any obligation of the Selling
      Parties under this Agreement or any documents or instruments delivered in
      connection with this Agreement for any claim based on, in respect of or by
      reason of such obligations or their creation. Notwithstanding the foregoing,
      however, the Selling Parties shall be responsible for any breach of their
      respective obligations hereunder arising from any action taken by any of their
      respective current or future directors, officers, employees, stockholders,
      general or limited partners, members or any Affiliates or assignees
      thereof.

     

    
      
         

      

      
        -68-

        
          

        

      

      
         

      

    

     

    10.12 Severability.
      If any
      term or other provision of this Agreement is invalid, illegal, or incapable
      of
      being enforced by any law or public policy, all other terms or provisions of
      this Agreement shall nevertheless remain in full force and effect so long as
      the
      economic or legal substance of the transactions contemplated hereby is not
      affected in any manner materially adverse to any party. Upon such determination
      that any term or other provision is invalid, illegal, or incapable of being
      enforced, the parties hereto shall negotiate in good faith to modify this
      Agreement so as to effect the original intent of the parties as closely as
      possible in an acceptable manner in order that the transactions contemplated
      hereby are consummated as originally contemplated to the greatest extent
      possible.

     

    10.13 Assignment.
      Neither
      this Agreement nor any of the rights, interests or obligations hereunder shall
      be assigned, in whole or in part, by operation of Law or otherwise by any of
      the
      parties without the prior written consent of the other parties, except that
      Holdco may assign, in its sole discretion, any of or all its rights, interests
      and obligations under this Agreement to any wholly-owned Subsidiary of Parent,
      but no such assignment may be effected following the Application Commencement
      Date, nor shall any such assignment relieve Holdco of any of its obligations
      hereunder. Subject to the preceding sentence, this Agreement will be binding
      upon, inure to the benefit of, and be enforceable by, the parties and their
      respective successors and assigns.

     

    10.14 Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which will be
      deemed to be an original copy of this Agreement and all of which, when taken
      together, will be deemed to constitute one and the same agreement.

     

    **REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK**

     

    
      
         

      

      
        -69-

        
          

        

      

      
         

      

    

     

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

     

    NEXTWAVE
      WIRELESS LLC

     

    By:__________________________________________

    Name:

    Title:

     

    NW
      SPECTRUM CO.

     

    By:__________________________________________
      

    Name:

    Title:

     

    WCS
      WIRELESS, INC.

     

    By:__________________________________________

    Name:

    Title:

     

    COLUMBIA
      WCS III, INC. 

     

    By:__________________________________________

    Donald
      A.
      Doering, Chief Financial Officer & Secretary

    

     

    TKH
      CORP.

     

    By:__________________________________________

    Nikos
      Hecht, President

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    COLUMBIA
      CAPITAL EQUITY PARTNERS III (CAYMAN), L.P.

     

    By:__________________________________________

    Donald
      A.
      Doering, Chief Financial Officer

     

    ASPEN
      PARTNERS - SERIES A, A Series OF 
ASPEN CAPITAL PARTNERS, L.P.

     

    By:
      Aspen Capital LLC, its General Partner

     

    By:__________________________________________

    Nikos
      Hecht, Managing Member

     

    OAK
      FOUNDATION USA 

     

    By:
      Aspen Advisors LLC, its Attorney-in-Fact with respect to the
      account

     

    By:__________________________________________

    Nikos
      Hecht, Managing Member

     

    ENTERASPEN
      LIMITED

     

    By:
      Aspen Advisors LLC, its Attorney-in-Fact with respect to the
      account

     

    By:__________________________________________

    Nikos
      Hecht, Managing Member

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    REED
      COLLEGE 

     

    By:
      Aspen Advisors LLC, its Attorney-in-Fact with respect to the
      account

     

    By:__________________________________________

    Nikos
      Hecht, Managing Member

     

    

     

    ROYAL
      BANK OF CANADA

     

    By:__________________________________________

    [Title:]

     

    

     

    STOCKHOLDER
      REPRESENTATIVE

     

    __________________________________________

    [_______],
      solely in [his/her] capacity as Stockholder Representative

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