Document:

Exhibit
      10.4

    
 

    NextWave
      Wireless LLC 

    Stock
      Option Agreement

    Manchester
      Financial Group, LP

    

    Grant
      Of Option.

     

    	1.  	
            Option.
              On the terms and conditions set forth in this Agreement and the Notice
              of
              Stock Option Grant 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. The 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). 

          

     

    	2.  	
            Duration.
              This
              Agreement shall apply to this option and to the Units acquired hereunder
              until all Units subject to this option have been
              exercised.

          

     

    Right
      To Exercise.

     

    	3.  	
            Exercisability.
              This
              option is fully exercisable to purchase Units as of the Date of Grant.
              

          

     

    No
      Transfer Or Assignment Of Option.

     

    	4.  	
            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: 

          

     

    This
      option and the rights and privileges conferred hereby shall be exercisable
      only
      by the optionee.

     

    Except
      as permitted pursuant to the LLC Agreement, 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.

     

    Exercise
      Procedures.

     

    	5.  	
            Withholding
              Requirements. The Company may withhold any applicable tax (or other
              governmental obligation) as a result of the exercise of this option,
              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.

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    	6.  	
            No
              Assurances of Tax Consequences. Optionee
              shall consult with its own tax counsel regarding tax treatment of this
              option, and the Company provides no assurances regarding such treatment.
              

          

     

    Payment
      For Units.

     

    	7.  	
            Wire
              Transfer or Check.
              All
              or part of the Exercise Price may be paid in U.S. Dollars by wire transfer
              or check.

          

     

    Term
      And Expiration.

     

    	8.  	
            Basic
              Term.
              This
              option shall expire on the expiration date set forth in the
              Notice.

          

     

    Legality
      Of Initial Issuance.

     

    	9.  	
            No
              Units shall be issued upon the exercise of this option unless and until
              the Company has determined that 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; any
              applicable listing requirement of any stock exchange or other securities
              market on which Stock is listed has been satisfied; and any other
              applicable provision of state or federal law has been satisfied.
              

          

     

     Registration
      Rights.

     

    	10.  	
            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.

          

     

     Restrictions
      On Transfer.

     

    	11.  	
            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.

          

     

    	12.  	
            LLC
              Agreement Restrictions. Upon exercise of the option, the optionee agrees
              that it 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.

          

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    	13.  	
            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.

          

     

    	14.  	
            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 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.

          

     

    	15.  	
            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.”

     

    “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.”

     

    	16.  	
            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.

          

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    	17.  	
            Administration.
              Any determination by the Company in connection with any of the matters
              set
              forth in this Section shall be conclusive and binding on the optionee
              and
              all other persons.

          

     

     Adjustment
      Of Units.

     

    	18.  	
            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, 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
              correspondingly. 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. 

          

     

    Miscellaneous
      Provisions.

     

    	19.  	
            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.

          

     

    	20.  	
            Notification.
              Any notice required by this Agreement shall be given in writing and
              shall
              be deemed effective upon personal delivery or upon deposit 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.

          

     

    	21.  	
            Entire
              Agreement. The Notice and this Agreement 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.

          

     

    	22.  	
            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 permitted assigns and the legal
              representatives, 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.

          

     

    	23.  	
            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.

          

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     Definitions.

     

     

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

     

     

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

     

     

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

     

     

    “Unit”
      shall mean one common unit of the Company. 

     

     

    “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.

     

    

    
      
         

      

      
        5Exhibit
      10.5

     

    EXECUTION
      COPY

     

    SUBJECT
      TO CONFIDENTIALITY AGREEMENT

     

    ACQUISITION
      AGREEMENT

     

    By
      and
      Among

     

    NEXTWAVE
      TELECOM INC.,

     

    CELLCO
      PARTNERSHIP D/B/A

     

    VERIZON
      WIRELESS

     

    and

     

    VZW
      CORP.

     

    Dated
      as
      of November 4, 2004

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      TABLE
        OF CONTENTS

      

      Page

    

    
      	
            	 	 
	
              ARTICLE
                I

            	
              PURCHASE
                AND SALE OF SHARES

            	
              1

            
	
              Section
                1.1

            	
              Purchase
                and Sale

            	
              1

            
	
              Section
                1.2

            	
              The
                Purchase Price

            	
              1

            
	 	 	 
	
              ARTICLE
                II

            	
              THE
                CLOSING

            	
              2

            
	
              Section
                2.1

            	
              The
                Closing

            	
              2

            
	
              Section
                2.2

            	
              Deliveries

            	
              2

            
	 	 	 
	
              ARTICLE
                III

            	
              REPRESENTATIONS
                AND WARRANTIES OF THE COMPANY

            	
              2

            
	
              Section
                3.1

            	
              Organization;
                License Subsidiaries

            	
              2

            
	
              Section
                3.2

            	
              Due
                Authorization

            	
              3

            
	
              Section
                3.3

            	
              Capitalization

            	
              4

            
	
              Section
                3.4

            	
              Financial
                Statements

            	
              4

            
	
              Section
                3.5

            	
              Litigation

            	
              4

            
	
              Section
                3.6

            	
              Consents
                and Approvals

            	
              5

            
	
              Section
                3.7

            	
              No
                Violations

            	
              5

            
	
              Section
                3.8

            	
              Licenses

            	
              5

            
	
              Section
                3.9

            	
              Compliance
                with Laws

            	
              7

            
	
              Section
                3.10

            	
              Financial
                Advisory, Legal and Other Fees

            	
              7

            
	
              Section
                3.11

            	
              ERISA
                Compliance

            	
              7

            
	
              Section
                3.12

            	
              Taxes

            	
              7

            
	
              Section
                3.13

            	
              Offering
                of Shares

            	
              9

            
	
              Section
                3.14

            	
              Limitation
                of Representations and Warranties

            	
              9

            
	 	 	 
	
              ARTICLE
                IV

            	
              REPRESENTATIONS
                AND WARRANTIES OF THE PARENT AND THE ACQUIROR

            	
              9

            
	
              Section
                4.1

            	
              Investment

            	
              9

            
	
              Section
                4.2

            	
              Rule
                144

            	
              10

            
	
              Section
                4.3

            	
              Organization
                of the Parent and Acquiror

            	
              10

            
	
              Section
                4.4

            	
              Authority
                of the Parent and the Acquiror

            	
              10

            
	
              Section
                4.5

            	
              Non-Contravention

            	
              10

            
	
              Section
                4.6

            	
              FCC
                Status

            	
              10

            
	
              Section
                4.7

            	
              Brokers
                and Finders

            	
              11

            
	
              Section
                4.8

            	
              Litigation

            	
              11

            
	
              Section
                4.9

            	
              Consents
                and Approvals

            	
              11

            
	
              Section
                4.10

            	
              Sufficient
                Available Funds

            	
              11

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
       

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	
               

            	 	 
	
              ARTICLE
                V

            	
              COVENANTS
                OF THE COMPANY

            	
              11

            
	
              Section
                5.1

            	
              Conduct
                of Business Pending the Closing

            	
              11

            
	
              Section
                5.2

            	
              Access
                to Information

            	
              14

            
	
              Section
                5.3

            	
              No
                Solicitation of Alternative Proposals

            	
              14

            
	
              Section
                5.4

            	
              Use
                of Proceeds

            	
              15

            
	
              Section
                5.5

            	
              Bankruptcy
                Plan

            	
              15

            
	
              Section
                5.6

            	
              Releases

            	
              16

            
	
              Section
                5.7

            	
              Tax
                Matters

            	
              16

            
	
              Section
                5.8

            	
              Global
                Resolution Agreement

            	
              19

            
	 	 	 
	
              ARTICLE
                VI

            	
              ADDITIONAL
                COVENANTS

            	
              19

            
	
              Section
                6.1

            	
              Consents

            	
              19

            
	
              Section
                6.2

            	
              Confidentiality

            	
              20

            
	
              Section
                6.3

            	
              Notification
                of Certain Matters

            	
              20

            
	
              Section
                6.4

            	
              Name
                Following the Closing

            	
              21

            
	
              Section
                6.5

            	
              Books
                and Records

            	
              21

            
	
              Section
                6.6

            	
              Opco

            	
              21

            
	 	 	 
	
              ARTICLE
                VII

            	
              CONDITIONS

            	
              21

            
	
              Section
                7.1

            	
              Conditions
                to Each Party’s Obligations

            	
              21

            
	
              Section
                7.2

            	
              Conditions
                to the Acquirer’s Obligations

            	
              21

            
	
              Section
                7.3

            	
              Conditions
                to the Obligations of the Company

            	
              24

            
	
               

            	 	 
	
              ARTICLE
                VIII

            	
              TERMINATION

            	
              25

            
	
              Section
                8.1

            	
              Termination

            	
              25

            
	
              Section
                8.2

            	
              Break-Up
                Payment

            	
              26

            
	
               

            	 	 
	
              ARTICLE
                IX

            	
              NO
                SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND CERTAIN COVENANTS;
                REMEDIES

            	
              27

            
	 	 	 
	
              ARTICLE
                X

            	
              MISCELLANEOUS

            	
              27

            
	
              Section
                10.1

            	
              Governing
                Law

            	
              27

            
	
              Section
                10.2

            	
              Jurisdiction;
                Forum; Service of Process; Waiver of Jury Trial

            	
              27

            
	
              Section
                10.3

            	
              Successors
                and Assigns

            	
              27

            
	
              Section
                10.4

            	
              Entire
                Agreement, Amendment

            	
              28

            
	
              Section
                10.5

            	
              Notices

            	
              28

            
	
              Section
                10.6

            	
              Certain
                Definitions

            	
              29

            
	
              Section
                10.7

            	
              Delays
                or Omissions

            	
              32

            
	
              Section
                10.8

            	
              Counterparts

            	
              33

            
	
              Section
                10.9

            	
              Severability

            	
              33

            
	
              Section
                10.10

            	
              Titles
                and Subtitles

            	
              33

            
	
              Section
                10.11

            	
              No
                Public Announcement

            	
              33

            
	
              Section
                10.12

            	
              Further
                Actions, Commercially Reasonable Efforts

            	
              33

            
	
              Section
                10.13

            	
              Usage

            	
              33

            
	
              Section
                10.14

            	
              Guarantee
                of Parent

            	
              34

            

    

    

    Exhibit
      A
      - FCC Licenses

    Exhibit
      B
      - Escrow Agreement

    Exhibit
      C
      - Plan Term Sheet

    Exhibit
      D
      - Acquisition Approval Order

    Exhibit
      E
      - FCC Matters Opinion

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    ACQUISITION
      AGREEMENT

     

    THIS
      ACQUISITION AGREEMENT (this “Agreement”) is made as of November 4, 2004 by and
      among NextWave Telecom Inc., a Delaware corporation (the “Company”), Cellco
      Partnership D/B/A Verizon Wireless, a Delaware general partnership (the
“Parent”) and VZW Corp., a Delaware corporation and wholly-owned subsidiary of
      Parent (the “Acquiror”). References to this Agreement herein shall include each
      of the Exhibits and Schedules attached hereto. Capitalized terms used, but
      not
      otherwise defined herein shall have the respective meanings ascribed to such
      terms in Section 10.6.

     

    WHEREAS,
      the Company and the Debtor Subsidiaries have commenced the Bankruptcy Case
      currently pending in the Bankruptcy Court jointly administered under Case No.
      98-B21529(ASH);

     

    WHEREAS,
      the Company and the Debtor Subsidiaries intend to propose a Third Joint Plan
      of
      Reorganization (the “Bankruptcy Plan”) substantially in conformity with the Plan
      Term Sheet annexed to this Agreement as Exhibit C (the “Plan Term Sheet”)
      pursuant to which (i) holders of Claims will be paid in full, (ii) the United
      States Federal Communications Commission (“FCC”) licenses set forth on Exhibit A
      attached hereto (the “FCC Licenses”) will continue to be held by NextWave
      Personal Communications Inc. (“NPCI”) and NextWave Power Partners Inc. (“NPPI”)
      (NPCI and NPPI, together with NextWave Partners Inc. (“NPI”), the sole
      shareholder of NPPI, are collectively referred to as the “License Subsidiaries”
and, individually, a “License Subsidiary”), (iii) all other assets of the
      Company will be transferred to a newly formed wholly owned subsidiary of the
      Company (“Opco”) and all direct and indirect Liabilities of the Company will be
      assigned to and assumed by Opco, (iv) the equity interests of the Company (the
      “Company Equity Interests”) will be cancelled and the holders thereof will
      receive the treatment specified in the Plan Term Sheet, and (v) the Company
      will
      be reorganized (the “Reorganized Company”) and continue its business as a
      wholly-owned subsidiary of the Acquiror;

     

    WHEREAS,
      the Acquiror desires to acquire the FCC Licenses by acquiring all of the capital
      stock of the Reorganized Company (the “Shares”); and

     

    WHEREAS,
      to implement such acquisition, the Acquiror desires to purchase from the
      Company, and, in connection with the consummation of the Bankruptcy Plan, the
      Company desires to sell to the Acquiror, upon the terms and subject to the
      conditions set forth herein, the Shares.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants, agreements, representations
      and warranties contained herein, and for other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties hereto
      hereby agree as follows:

     

    ARTICLE
      I

     

    PURCHASE
      AND SALE OF SHARES

     

    Section
      1.1 Purchase
      and Sale.
      Upon
      the terms and subject to the conditions set forth herein and in accordance
      with
      the Bankruptcy Plan, at the Closing (as defined herein) the Company shall sell
      to the Acquiror, and the Acquiror shall purchase from the Company, the
      Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      1.2 The
      Purchase Price.
      The
      aggregate purchase price for the Shares shall be $3,000,000,000 (the “Purchase
      Price”). At the Closing, the Acquiror shall (i) deliver or cause to be delivered
      to the Company an amount of cash (the “Closing Cash”) equal to the Purchase
      Price minus
      an
      amount equal to the sum of (A) the Section 3 Payment (as defined herein) and
      (B)
      $165,000,000 (as such amount may be adjusted pursuant to Section 7.2(j), (ii)
      deliver or cause to be delivered to the FCC the Section 3 Payment and (iii)
      deliver or cause to be delivered to the Escrow Agent an amount in cash equal
      to
      the amount determined pursuant to clause (i)(B) above (as increased by any
      net
      return earned thereon and as reduced by any payments therefrom made pursuant
      to
      the Escrow Agreement, the “Escrow Amount”) to be held by the Escrow Agent in
      accordance with the terms and conditions of an escrow agreement substantially
      in
      the form attached as Exhibit B hereto (the “Escrow Agreement”). The cash
      payments referred to in clauses (i), (ii) and (iii) of the preceding sentence
      shall be made by wire transfer of immediately available funds to accounts
      designated by the Company, the FCC and the Escrow Agent, respectively. The
      Company shall designate its account, and shall use commercially reasonable
      efforts to cause the FCC and the Escrow Agent to designate their respective
      accounts, at least three (3) Business Days prior to the Closing
      Date.

     

    ARTICLE
      II

     

    THE
      CLOSING

     

    Section
      2.1 The
      Closing.
      The
      closing of the purchase and sale of the Shares hereunder and the consummation
      of
      the Bankruptcy Plan (collectively, the “Closing”) shall take place at the
      offices of Well, Gotshal & Manges LLP, at a date (the “Closing Date”) and
      time to be mutually agreed upon by the Company and the Acquiror, which shall
      be
      at least three (3) but no more than five (5) Business Days following the
      satisfaction or waiver by the Parent, the Acquiror or the Company, as
      appropriate, of all of the conditions set forth in Article VII (other than
      those
      conditions that by their nature are to be satisfied at the Closing, but subject
      to the satisfaction or waiver of those conditions).

     

    Section
      2.2 Deliveries.
      At the
      Closing, the Company shall deliver to the Acquiror, (1) certificates
      representing the Shares being purchased by the Acquiror and registered in the
      name of the Acquiror or its permitted corporate nominee or designee (the
“Corporate Nominee”) in such amounts as the Acquiror shall specify to the
      Company at least three (3) Business Days prior to the Closing Date, and (ii)
      the
      documents and certificates required to be delivered pursuant to Section 7.2
      hereof. Delivery of such certificates to the Acquiror shall be made against
      receipt by the Company, the FCC and the Escrow Agent, respectively, of the
      Closing Cash, the Section 3 Payment and the Escrow Amount. At the Closing,
      in
      addition to the delivery by the Acquiror of the Closing Cash, the Section 3
      Payment and the Escrow Amount as specified in the immediately preceding
      sentence, the Acquiror and Parent shall deliver to the Company the documents
      and
      certificates required to be delivered pursuant to Section 7.3.

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

     

    Except
      as
      specifically set forth in the disclosure schedule prepared and signed by the
      Company and delivered to the Parent concurrently with the execution of this
      Agreement (the “Disclosure Schedule”), the Company represents and warrants to
      each of the Parent and the Acquiror that all of the statements contained in
      this
      Article III are true and complete as of the date of this Agreement (or, if
      made
      as of a specified date, as of such date). Each exception set forth in the
      Disclosure Schedule is identified by reference to, or has been grouped under
      a
      heading referring to, a specific individual Section and, except as otherwise
      specifically stated with respect to such exception, relates to such
      Section.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
      3.1 Organization;
      License Subsidiaries.

     

    (a) The
      Company and each License Subsidiary are each corporations duly organized,
      validly existing and in good standing under the Laws of the State of Delaware
      and have the requisite corporate power and corporate authority to carry on
      their
      respective businesses as they are now being conducted. Each of the Company
      and
      each License Subsidiary is duly qualified and licensed as a foreign corporation
      to do business and is in good standing (and has paid all relevant franchise
      or
      analogous taxes) in each jurisdiction where the character of its assets owned
      or
      held under lease or the nature of its business makes such qualification
      necessary except where the failure to be so licensed or in good standing (or
      to
      pay such relevant franchise or analogous taxes) would not individually or in
      the
      aggregate (a) materially impair or otherwise materially and adversely affect
      any
      License Subsidiary’s interest in and right to control and operate its respective
      FCC Licenses free and clear of Liens or (b) materially delay or materially
      impair the Company’s ability to consummate the transactions contemplated by this
      Agreement.

     

    (b) (i)
      The
      Company owns, either directly or indirectly through one or more License
      Subsidiaries, all of the capital stock and other equity interests of the License
      Subsidiaries free and clear of all Liens, and (ii) there are no outstanding
      subscription rights, options, warrants, convertible or exchangeable securities
      or other rights of any character whatsoever relating to issued or unissued
      capital stock or other equity interests of any License Subsidiary, or any
      Commitments of any character whatsoever relating to issued or unissued capital
      stock or other equity interests of any License Subsidiary or pursuant to which
      any License Subsidiary is or may become bound to issue or grant additional
      shares of its capital stock or other equity interests or related subscription
      rights, options, warrants, convertible or exchangeable securities or other
      rights, or, to grant preemptive rights.

     

    (c) Since
      the
      date of their formation, none of the License Subsidiaries has conducted any
      business activities, other than (i) directly or, in the case of NPI, indirectly,
      holding the FCC Licenses and making regulatory filings in connection therewith,
      or (ii) in connection with the transactions contemplated by this Agreement.
      No
      License Subsidiary is a party to, or a guarantor of, any Commitment, owns or
      leases any assets, employs any Person, possesses any permits, licenses or
      franchises or is subject to any Lien. As of the Closing, after giving effect
      to
      the Bankruptcy Plan, none of the License Subsidiaries will (i) have any asset
      of
      any type or kind whatsoever, other than (A) in the case of each of NPPI and
      NPCI, the FCC Licenses, (B) in the case of NPI, the outstanding capital stock
      of
      NPPI, and (C) the right to indemnification pursuant to Section 5.7, (ii) conduct
      any business other than (A) holding the FCC Licenses and making regulatory
      filings in connection therewith or (B) in connection with the transactions
      contemplated by this Agreement, or (iii) be subject to any
      Liability.

     

    (d) Since
      the
      date of its formation, the Company has operated as a holding company, has not
      conducted any business activities except through its subsidiaries other than
      in
      connection with the transactions contemplated by this Agreement. The Company
      is
      not a party to, or guarantor of, any Commitment, and does not own or lease
      any
      assets, employ any Person, possess any permits, licenses or franchises and
      is
      subject to no Lien. As of the Closing, after giving effect to the Bankruptcy
      Plan, the Company will (i) own no assets, other than the stock of NPCI and
      NPI
      and the right to indemnification pursuant to Section 5.7, (ii) conduct no
      business other than (A) holding the stock of NPCI and NPI or (B) in connection
      with the transactions contemplated by this Agreement and (iii) be subject to
      no
      Liabilities.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Section
      3.2 Due
      Authorization.
      Subject
      to the entry of the Acquisition Approval Order, the Company has all corporate
      right, corporate power and corporate authority to enter into this Agreement
      and
      each of the Transaction Documents to which it is a party, and to consummate
      the
      transactions contemplated hereby and thereby, subject in the case of the
      purchase and sale of the Shares, to the entry of the Confirmation Order. Upon
      the entry of the Acquisition Approval Order, the execution and delivery by
      the
      Company of this Agreement and each of the Transaction Documents to which it
      is a
      party, and, upon the entry of the Acquisition Approval Order and the
      Confirmation Order, the issuance, sale and delivery of the Shares by the Company
      and the compliance by the Company with each of the provisions of this Agreement
      and each of the Transaction Documents to which it is a party will (a) be within
      the corporate power and authority of the Company, and (b) have been duly
      authorized by all requisite corporate action of the Company. This Agreement
      has
      been, and each of the Transaction Documents to which the Company is a party
      when
      executed and delivered by the Company will be, duly and validly executed and
      delivered by the Company, and this Agreement constitutes, and each of such
      Transaction Documents when executed and delivered by the Company (and assuming
      this Agreement constitutes and each such Transaction Document will constitute,
      a
      valid and binding obligation of the Parent and Acquiror, as applicable) will
      constitute, a valid and binding agreement of the Company, enforceable against
      the Company in accordance with its terms, from and after entry of the
      Acquisition Approval Order, except as such enforcement is limited by bankruptcy,
      reorganization, insolvency and other similar laws affecting the enforcement
      of
      creditors’ rights generally and limitations imposed by general principles of
      equity.

     

    Section
      3.3 Capitalization.

     

    (a) Section
      3.3(a) of the Disclosure Schedule contains a complete and accurate description
      of the equity capitalization of the Company as of the date hereof including
      all
      Company Equity Interests.

     

    (b) Except
      for Claims and Interests to be fully discharged pursuant to the Bankruptcy
      Plan
      and the rights created pursuant to this Agreement and the Transaction Documents,
      there are no outstanding subscription rights, options, warrants, convertible
      or
      exchangeable securities, Commitments or other rights of any character whatsoever
      to which the Company is a party relating to issued or unissued capital stock
      of
      the Company, or pursuant to which the Company is or may become bound to issue
      or
      grant additional shares of its capital stock or related subscription rights,
      options, warrants, convertible or exchangeable securities or other rights,
      or to
      grant preemptive rights. Except for Claims and Interests to be fully discharged
      pursuant to the Bankruptcy Plan (i) the Company has not agreed to, register
      any
      securities under the Securities Act or under any state securities Law and has
      not granted or agreed to grant registration rights to any Person and (ii) there
      are no claims relating to the registration of any capital stock of the Company
      under the Securities Act or under any state securities Law. There are no voting
      trusts, stockholders agreements, proxies or other Commitments or understandings
      in effect to which the Company is a party with respect to the voting or transfer
      of any of the outstanding shares of Company Equity Interests.

     

    (c) As
      of the
      Closing, after giving effect to the Bankruptcy Plan and the transactions
      contemplated by this Agreement (and assuming they are effected as contemplated
      hereby and thereby), the authorized capital stock of the Reorganized Company
      shall consist solely of the Shares.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
      3.4 Financial
      Statements.
      The
      audited consolidated and unaudited consolidating financial statements of the
      Company for the years ended December 31, 2001 and 2002, and the unaudited
      consolidated and consolidating financial statements for the year ended December
      31, 2003 and the interim period ended June 30, 2004 (including any related
      schedules and/or notes) included in Section 3.4 of the Disclosure Schedule,
      comply in all material respects with applicable accounting requirements then
      applicable to such financial statements, and have been prepared in accordance
      with United States generally accepted accounting principles in effect as of
      such
      respective dates (“GAAP”) consistently followed throughout the periods involved
      (except as may be indicated in the notes thereto) and fairly present in
      accordance with GAAP the consolidated or consolidating, as the case may be,
      financial condition, results of operations, cash flows and changes in
      stockholders’ equity of the Company and its subsidiaries as of the respective
      dates thereof and for the respective periods then ended (in each case subject,
      as to interim statements, to the absence of footnotes and subject to changes
      resulting from year-end adjustments).

     

    Section
      3.5 Litigation.

     

    (a) There
      is
      no claim, action, suit, proceeding or, to the Knowledge of the Company,
      investigation of any kind or nature whatsoever (“Litigation”) pending or, to the
      Knowledge of the Company, threatened against the Company or any of the License
      Subsidiaries or involving any of their respective properties or assets by or
      before any court, arbitrator or other Governmental Entity which (x) as of the
      date hereof, in any manner challenges or seeks to prevent, enjoin, materially
      impair the Company’s ability to consummate or materially delay the transactions
      contemplated by this Agreement or any of the Transaction Documents or (y) if
      resolved adversely to the Company or a License Subsidiary would have a Material
      Adverse Effect. There is no judgment, decree, injunction, rule, or order of
      any
      court, governmental department, commission, agency, instrumentality or
      arbitrator outstanding against the Company or any of the License
      Subsidiaries.

     

    (b) Neither
      the Company nor any of the License Subsidiaries is in default under or in breach
      of any order, judgment or decree of any court, arbitrator or other Governmental
      Entity, and neither the Company nor any of its subsidiaries is a party or
      subject to any order, judgment or decree of any court, arbitrator or other
      Governmental Entity, except where such default, breach, order, judgment or
      decree would not (a) materially impair or otherwise materially and adversely
      affect any License Subsidiary’s interest in and right to control and operate its
      respective FCC Licenses free and clear of Liens or (b) materially delay or
      materially impair the Company’s ability to consummate the transactions
      contemplated by this Agreement.

     

    Section
      3.6 Consents
      and Approvals.
      No
      consent, approval, authorization of, declaration, filing, or registration with,
      any Governmental Entity, and no consent of any other third party under any
      agreement or other instrument to which the Company or any of its subsidiaries
      is
      a party or pursuant to which the Company or any of the License Subsidiaries
      or
      any of their respective assets or properties is subject (the “Third Party
      Consents”), is required to be made or obtained by the Company or any of its
      subsidiaries in connection with the execution, delivery, and performance of
      this
      Agreement or any of the Transaction Documents, except for (i) the Regulatory
      Approvals, (ii) approval of the Disclosure Statement by the Bankruptcy Court,
      (iii) the Required Consents, (iv) the Confirmation Order, and (v) the
      Acquisition Approval Order (the consents and approvals described in the
      foregoing clauses (i) through (v) are hereinafter referred to collectively
      as
      the “Governmental Requirements”).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Section
      3.7 No
      Violations.
      Neither
      the execution or delivery or, subject to obtaining the Third Party Consents
      and
      the Governmental Requirements, performance by the Company of this Agreement
      or
      any of the Transaction Documents to which the Company is a party nor the
      consummation of the Bankruptcy Plan will: (a) conflict with, or result in a
      breach or a violation of, any provision of the certificate of incorporation
      or
      bylaws or other organizational documents of the Company or any of the License
      Subsidiaries, or (b) constitute, with or without notice or the passage of time
      or both, a breach, violation or default, create a Lien, other than Permitted
      Encumbrances, or give rise to any right of termination, modification,
      cancellation, prepayment, suspension, limitation, revocation or acceleration,
      under (i) any Law or (ii) any provision of any agreement or other instrument
      to
      which the Company or any of the License Subsidiaries is a party or pursuant
      to
      which the Company or any of the License Subsidiaries or any of their respective
      assets or properties is subject, except in the cases of clause (i) and (ii)
      above, for such breaches, violations, defaults, Liens, terminations,
      modifications, cancellations, prepayments, suspensions, limitations, revocations
      or accelerations which, individually or in the aggregate, would not (A)
      materially impair or otherwise materially and adversely affect any License
      Subsidiary’s interest in and right to control and operate its respective FCC
      Licenses free and clear of Liens or (B) materially delay or materially impair
      the Company’s ability to consummate the transactions contemplated by this
      Agreement.

     

    Section
      3.8 Licenses.

     

    (a) Exhibit
      A
      sets forth, as of the date hereof, the following information regarding each
      FCC
      License: (i) the call sign of, and the radio frequencies covered by, such FCC
      License, (ii) the market number and market name assigned to such FCC License
      by
      the FCC, (iii) the grant and expiration date of such FCC License and (iv) the
      name of the licensee of the FCC License. All of the FCC Licenses are valid
      and
      in full force and effect and have been granted by the FCC. Neither the Company
      nor any License Subsidiary has pending applications for any license,
      authorization, permit or approval to construct and operate a PCS system. True
      and correct copies of the FCC Licenses, in effect as of the date hereof, are
      attached to Section 3.8(a) of the Disclosure Schedule. The applicable License
      Subsidiary is the sole owner of each FCC License as set forth on Exhibit A
      and
      no other party has any ownership interest, option or similar right to acquire
      an
      ownership interest in any FCC License. As of the date hereof, no party, other
      than the Company, the License Subsidiaries and the Excluded Entities (but only
      to the extent of their network operations utilizing spectrum encompassed within
      FCC Licenses owned by the License Subsidiaries), has any right to use any of
      the
      spectrum covered by each such FCC License and, after giving effect to the
      Bankruptcy Plan, no party, other than the Company and the License Subsidiaries,
      will have any right to use any of the spectrum covered by each such FCC
      License.

     

    (b) Other
      than the FCC Licenses, neither the Company nor any License Subsidiary requires
      any state, local or federal permits, licenses, franchises, variances,
      exemptions, orders, operating rights or other state, local or federal
      governmental authorizations, consents or approvals to conduct their business
      as
      presently conducted.

     

    (c) The
      Company and each License Subsidiary have performed as of the date of this
      Agreement, and will have performed as of the Closing Date, all of their
      respective obligations required to have been performed under the FCC Licenses
      as
      of such dates, except for obligations the non-performance of which will not,
      and
      would not reasonably be expected to, (i) materially impair or otherwise
      adversely affect any License Subsidiary’s interest in and right to control and
      operate its respective FCC Licenses free and clear of all Liens or (ii)
      materially delay or materially impair the Company’s ability to consummate the
      transactions contemplated by this Agreement. 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 the FCC Licenses 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 the FCC Licenses, or which might adversely
      affect the rights of the Company or any License Subsidiary under the FCC
      Licenses, except for such events, conditions, breaches or defaults the
      occurrence of which will not, and would not reasonably be expected to, (x)
      materially impair or otherwise materially and adversely affect the License
      Subsidiary’s interest in and right to control and operate its respective FCC
      Licenses free and clear of all Liens or (y) materially delay or materially
      impair the Company’s ability to consummate the transactions contemplated by this
      Agreement. Subject to obtaining the Governmental Requirements, the FCC Licenses
      will, after giving effect to the transactions contemplated by this Agreement,
      continue in full force and effect without the consent, approval, or act of,
      or
      the making of any filing with, any Governmental Entity.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (d) Except
      for the Bankruptcy Case and for rule making or similar proceedings of general
      applicability to Persons engaged in substantially the same business as that
      conducted by the Company and the License Subsidiaries, (i) there are no judicial
      or administrative claims, actions, suits, demands, proceedings or to the
      Knowledge of the Company investigations pending or, to the Knowledge of the
      Company, threatened against the Company or any Affiliate thereof relating to
      the
      FCC Licenses in, before or by any Governmental Entity, (ii) there is no
      judgment, decree or injunction outstanding against the Company or any Affiliate
      thereof relating to or involving the Licenses, (iii) there is no rule or order
      outstanding against the Company or any Affiliate thereof relating to or
      involving the FCC Licenses that will, or would reasonably be expected to, (x)
      materially impair or otherwise materially and adversely affect any License
      Subsidiary’s interest in and right to control and operate its respective FCC
      Licenses free and clear of all Liens, or (y) create any Liens that will not
      be
      released pursuant to the Bankruptcy Plan and (iv) there are no unsatisfied
      judgments against the Company or any Affiliate thereof with respect to the
      FCC
      Licenses.

     

    (e) The
      Company and each License Subsidiary is qualified under the FCC’s rules and the
      Communications Act to hold and convey the FCC Licenses. To the Knowledge of
      the
      Company, there are no facts or circumstances relating to the FCC qualifications
      of the Company or any of its Affiliates that would prevent or materially delay
      the FCC’s grant of any FCC Form 603 (or other appropriate form) application
      under FCC rules and the Communications Act.

     

    (f) The
      Company or a License Subsidiary has submitted to the FCC, on Form 601, a timely
      notification of the satisfaction of the five-year construction benchmark
      applicable to each of the FCC Licenses as mandated by 47 C.F.R. § 24.203
      and the FCC has granted such notification. The factual assertions of the Company
      or such License Subsidiary in such Form 601 are true and correct in all material
      respects. The file number and grant date for each such applicable benchmark
      notification is specified in Exhibit A.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (g) Neither
      the Company nor any License Subsidiary has any pending E-911 Phase I or Phase
      II
“deployment requests” pursuant to 47 C.F.R. § 20.18 of the FCC’s
      rules.

     

    (h) The
      Company and/or the relevant License Subsidiary validly holds and has the sole
      right to control and operate the FCC Licenses, free and clear of all Liens.
      Under the FCC’s rules, and as memorialized in the Global Resolution Agreement,
      there are no unjust enrichment obligations associated with the FCC
      Licenses.

     

    (i) The
      Company and each of its Affiliates that is party to the Global Resolution
      Agreement has fully complied with all of its obligations pursuant to the Global
      Resolution Agreement that are required to be complied with prior to the date
      of
      this Agreement.

     

    Section
      3.9 Compliance
      with Laws.
      Except
      for Laws relating to the FCC Licenses, which are covered by Section 3.8, the
      Company and the License Subsidiaries are in compliance with all Laws in all
      material respects, except where the failure to comply would not individually
      or
      in the aggregate (a) impair or otherwise adversely affect any License
      Subsidiary’s interest in and right to control and operate its respective FCC
      Licenses free and clear of Liens or (b) materially delay or impair the Company’s
      ability to consummate the transactions contemplated by this Agreement, and
      neither the Company nor any License Subsidiary has received any written notice
      of any alleged violation of Laws.

     

    Section
      3.10 Financial
      Advisory, Legal and Other Fees.
      No
      agent, broker, accounting firm, investment bank, other financial advisor,
      commercial bank, other financial institution, law firm, public relations firm
      or
      any other Person is or will be entitled to any fee, commission, expense or
      other
      amount from the Company or any of the License Subsidiaries in connection with
      any of the transactions contemplated by this Agreement or the Transaction
      Documents based upon arrangements made by or on behalf of the Company or any
      of
      the License Subsidiaries, other than any such fee, commission, expense or other
      amount that (a) will be, or has been, paid by the Estates or (b) will be assumed
      by Opco prior to the Closing.

     

    Section
      3.11 ERISA
      Compliance.
      Neither
      the Company nor any License Subsidiary maintains, contributes to or is required
      to maintain or contribute to any Employee Plans.

     

    Section
      3.12 Taxes.

     

    (a) The
      Company and each License Subsidiary have timely filed (or there have been filed
      on their behalf) all Tax Returns required to be filed by them under applicable
      Law, and all such Tax Returns were and are true, complete and correct in all
      respects. All Taxes due and payable by the Company have been timely
      paid.

     

    (b) There
      are
      no Tax Liens upon the assets of the Company except for Permitted
      Encumbrances.

     

    (c) The
      Company has complied in all material respects with the provisions of the Code
      relating to the withholding of Taxes, as well as similar provisions under any
      other Laws, and have, within the time and in the manner prescribed by Law,
      withheld, collected and paid over to the proper governmental authorities all
      amounts required.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d) No
      audits
      or other administrative proceedings or court proceedings are currently pending
      or, to the Knowledge of the Company, asserted with regard to any Taxes or Tax
      Returns of the Company.

     

    (e) The
      Company has not received a written ruling of a taxing authority relating to
      Taxes or entered into a written and legally binding agreement relating to Taxes
      with any taxing authority.

     

    (f) The
      Company has not requested any extension of time within which to file any Tax
      Return, which Tax Return has not since been filed.

     

    (g) The
      Company has not agreed to and is not required to make any adjustment pursuant
      to
      Section 481(a) of the Code (or any predecessor provision) by reason of any
      change in any accounting method of the Company, and there is no application
      pending with any taxing authority requesting permission for any changes in
      any
      accounting method of the Company. To the Knowledge of the Company, the IRS
      has
      not proposed any such adjustment or change in accounting method.

     

    (h) The
      Company does not have any liability for Taxes of any Person other than the
      License Subsidiaries (i) under Treasury Reg. Section 1.1502-6 (or any similar
      provision of state, local or foreign Law), (ii) by contract, or (iii)
      otherwise.

     

    (i) The
      Company does not have, nor has it ever had, any income which is includable
      in
      computing the taxable income of a United States person (as determined under
      Section 7701 of the Code) under Section 951 of the Code. None of the
      Subsidiaries are or have ever been a “passive foreign investment company” within
      the meaning of Section 1297 of the Code. The Company is not and never has been
      a
“personal holding company” within the meaning of Section 542 of the Code. There
      are no gain recognition agreements, within the meaning of Treasury Reg.
      1.367(a)-8 or any predecessor provision, between the Company, on one hand,
      and a
      stockholder of the Company, on the other. There is no pending or threatened
      action, proceeding or investigation by any taxing authority for assessment
      or
      collection of Taxes with respect to the Company in any jurisdiction where the
      Company has not filed a Tax Return.

     

    (j) Each
      License Subsidiary which is a partnership, joint venture or limited liability
      company has been treated since its formation, and continues to be treated for
      federal income tax purposes, as a partnership or as a disregarded entity, and
      not as a corporation or as an association taxable as a corporation.

     

    (k) For
      purposes of this Section 3.12, all representations and warranties with respect
      to the Company are deemed to include and to apply to each of the License
      Subsidiaries and predecessors (and the subsidiaries of such
      predecessors).

     

    (l) No
      deficiencies for any Taxes have been proposed, asserted or assessed against
      the
      Company which have not been paid and there is no outstanding waiver of the
      statute of limitations with respect to any Taxes or Tax Returns of the
      Company.

     

    (m) The
      Company does not have any intercompany items (as defined in Treas. Reg.
      1.1502-13(b)(2)), any corresponding items (as defined in Treas. Reg.
      1.1502-13(b)(3)) or any recomputed corresponding items (as defined in Treas.
      Reg. 1.1502-13(b)(4)).

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (n) As
      used
      in this Agreement, (i) the term “Taxes” means (x) any federal, state, county,
      local or foreign taxes, charges, fees, levies or other assessments, including
      all net income, gross income, sales and use, ad valorem, transfer, gains,
      profits, excise, franchise, real and personal property, gross receipt, capital
      stock, production, business and occupation, disability, employment, payroll,
      license, estimated, stamp, custom duties, severance or withholding taxes or
      charges imposed by any Governmental Entity, and includes any interest and
      penalties (civil or criminal) on or additions to any such taxes, (y) any
      liability for the payment of any amounts described in (x) as a result of being
      a
      member of an affiliated, consolidated, combined, unitary or other similar group
      or as a result of transferor or successor liability, and (z) any liability
      for
      the payment of any amounts as a result of being a party to any tax-allocation
      or
      tax-sharing agreement or as a result of any express or implied obligation to
      indemnify any other Person with respect to the payment of any amounts of the
      type described in clauses (x) and (y) and (ii) the term “Tax Return” means a
      report, return or other information required to be supplied to a governmental
      entity with respect to Taxes including, where permitted or required, combined
      or
      consolidated returns.

     

    (o) All
      corporate records (including copies of returns, worksheets and any electronic
      documentation) pertaining to the preparation of Taxes for all periods that
      end
      prior to the Closing Date or include the Closing Date have been maintained
      in
      all material respects.

     

    (p) The
      Company is a calendar year taxpayer for all relevant Tax purposes.

     

    Section
      3.13 Offering
      of Shares.
      Neither
      the Company nor any Person acting on its behalf has taken any action (including,
      without limitation, any offering of any securities of the Company under
      circumstances which would require, under the Securities Act, the integration
      of
      such offering with the offering, issuance and sale of the Shares) which might
      reasonably be expected to subject the offering, issuance or sale of the Shares
      to the registration requirements of Section 5 of the Securities
      Act.

     

    Section
      3.14 Limitation
      of Representations and Warranties.
      EXCEPT
      FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT, THE
      TRANSACTION DOCUMENTS AND THE CERTIFICATES DELIVERED AT THE CLOSING PURSUANT
      TO
      SECTION 7.2, THE COMPANY IS NOT MAKING ANY OTHER REPRESENTATIONS OR WARRANTIES
      CONCERNING THE FCC LICENSES, THE COMPANY, THE LICENSE SUBSIDIARIES OR ANY OF
      THEIR RESPECTIVE AFFILIATES.

     

    ARTICLE
      IV

     

    REPRESENTATIONS
      AND WARRANTIES OF THE PARENT AND THE ACQUIROR

     

    Except
      as
      specifically set forth in the disclosure schedule prepared and signed by the
      Acquiror and delivered to the Company concurrently with the execution of this
      Agreement (the “Acquiror Disclosure Schedule”), each of the Parent and the
      Acquiror hereby jointly and severally represents and warrants to the Company
      that all of the statements contained in this Article IV are true and complete
      as
      of the date of this Agreement (or, if made as of a specified date, as of such
      date). Each exception set forth in the Acquiror Disclosure Schedule is
      identified by reference to, or has been grouped under a heading referring to,
      a
      specific Section and, except as otherwise specifically stated with respect
      to
      such exception, relates to such Section.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Section
      4.1 Investment.

     

    (a) The
      Acquiror is, and the Parent indirectly is, acquiring the Shares for investment
      for its own account, and not with a view to any resale or distribution thereof
      in violation of the Securities Act. Each of the Parent and the Acquiror
      understand that the Shares have not been and will not be registered under the
      Securities Act or any state securities Laws by reason of specific exemptions
      therefrom which depend upon, among other things, the bona fide nature of the
      investment intent and the accuracy of each of the Parent’s and the Acquiror’s
      representations as expressed herein.

     

    (b) The
      Acquiror’s financial condition is such that it is in a position to hold the
      Shares for an indefinite period, bear the economic risks of the investment
      and
      withstand the complete loss of the investment. The Acquiror has extensive
      knowledge and experience in financial and business matters and has the
      capability to evaluate the merits and risks of such Shares. Each of the Parent
      and the Acquiror qualifies as (i) an “accredited investor” as such term is
      defined in Section 2(15) of the Securities Act and Regulation D promulgated
      thereunder or (ii) a “qualified institutional buyer” as defined in Rule 144A
      under the Securities Act.

     

    (c) The
      Acquiror (i) has had a complete opportunity to conduct a due diligence
      investigation concerning the Company’s business operations, financial affairs
      and prospects; (ii) has received all the information it considers necessary
      or
      appropriate for deciding whether to enter into the transactions contemplated
      by
      this Agreement and the Transaction Documents; and (iii) has, in conjunction
      with
      its legal counsel and other advisors, evaluated the risk factors inherent in
      an
      investment in the Shares.

     

    Section
      4.2 Rule
      144.
      The
      Acquiror acknowledges that the Shares must be held indefinitely unless
      subsequently registered under the Securities Act and any applicable state
      securities Laws or unless exemptions from such registrations are available
      Each
      of the Parent and the Acquiror is aware of and familiar with the provisions
      of
      Rule 144 promulgated under the Securities Act which permit limited resale of
      securities purchased in a private placement subject to the satisfaction of
      certain conditions.

     

    Section
      4.3 Organization
      of the Parent and Acquiror.
      Each of
      the Parent and the Acquiror is duly organized and validly existing and (in
      the
      case of the Acquiror only) in good standing under the laws of the jurisdiction
      of its organization.

     

    Section
      4.4 Authority
      of the Parent and the Acquiror.

     

    (a) Each
      of
      the Parent and the Acquiror has all right, power and authority to execute and
      deliver this Agreement and the Transaction Documents to which it is a party,
      to
      consummate the transactions contemplated hereby and thereby and to comply with
      the terms, conditions and provisions hereof and thereof applicable to the Parent
      or the Acquiror, as the case may be.

     

    (b) The
      execution, delivery and performance by each of the Parent and the Acquiror
      of
      this Agreement and each of the Transaction Documents to which it is a party,
      the
      compliance by each of the Parent and the Acquiror with each of the provisions
      of
      this Agreement and each of the Transaction Documents and the consummation of
      the
      transactions contemplated hereby and thereby, are within the power and authority
      of each of the Parent and the Acquiror, have been duly authorized and approved
      by the requisite actions of each of the Parent and the Acquiror and do not
      require any further authorization or consent of either the Parent or the
      Acquiror or their respective beneficial owners. This Agreement is the legal,
      valid and binding agreement of each of the Parent and the Acquiror, enforceable
      against the Parent and the Acquiror in accordance with its terms, except as
      such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar Laws from time to time affecting
      the
      enforcement of creditors’ rights generally.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
      4.5 Non-Contravention.
      The
      execution, delivery and performance by each of the Parent and the Acquiror
      of
      this Agreement and the Transaction Documents to which it is a party and the
      consummation of the transactions contemplated hereby and thereby, will not
      (a)
      conflict with or result in a breach of any of the terms and provisions of,
      or
      constitute a default (or an event which with notice or lapse of time, or both,
      would constitute a default) under any agreement, instrument, franchise, license
      or permit to which the Parent or the Acquiror is a party or by which any of
      their respective properties or assets may be bound or (b) violate or conflict
      with any judgment, decree, order, statute, rule or regulation of any court
      or
      any public, governmental or regulatory agency or body applicable to the Parent
      or the Acquiror or any of their respective properties or assets, other than
      such
      breaches, defaults or violations that have not, and are not reasonably expected
      to, materially delay or materially impair the ability of either the Parent
      or
      the Acquiror to consummate the transactions contemplated by this Agreement
      and
      the Transaction Documents to which it is a party. The execution, delivery and
      performance by each of the Parent and the Acquiror of this Agreement and the
      Transaction Documents to which it is a party and the consummation of the
      transactions contemplated hereby and thereby, do not and will not violate or
      conflict with any provision of the organizational documents of either the Parent
      or the Acquiror.

     

    Section
      4.6 FCC
      Status.

     

    (a) Each
      of
      the Acquiror and Parent holds or controls all FCC licenses necessary to the
      lawful operation of its business and has the requisite FCC qualifications to
      hold or control such FCC licenses except as would not be reasonably likely
      to
      materially delay or materially impair the Parent’s or the Acquiror’s ability to
      consummate the transactions contemplated by this Agreement.

     

    (b) There
      is
      no pending or threatened application, petition, objection or other pleading
      with
      the FCC or other Governmental Entity challenging the FCC qualifications of
      either the Parent or the Acquiror to hold any of its FCC licenses, except for
      rulemaking or similar proceedings of general applicability to persons engaged
      in
      substantially the same business as that conducted by the Parent or the Acquiror
      and except as would not be reasonably likely to materially delay or materially
      impair the Parent’s or the Acquiror’s ability to consummate the transactions
      contemplated by this Agreement.

     

    (c) The
      Parent is, and on the Closing Date the Acquiror will be, qualified under FCC
      rules and the Communications Act to control the Reorganized
      Company.

     

    (d) To
      the
      Knowledge of each of the Parent and the Acquiror, there are no facts or
      circumstances relating to the FCC qualifications of either the Parent or the
      Acquiror that would prevent or materially delay the FCC’s grant of any FCC Form
      603 (or other appropriate form) application contemplated by this Agreement
      under
      FCC rules and the Communications Act.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Section
      4.7 Brokers
      and Finders.
      No
      agent, broker, investment banker, other financial advisor or other Person
      engaged by or on behalf of the Parent or the Acquiror is or will be entitled
      to
      any broker’s or finder’s fee or any other commission or similar fee in
      connection with any of the transactions contemplated by this Agreement or the
      Transaction Documents.

     

    Section
      4.8 Litigation.
      There
      is no Litigation pending or, to the Knowledge of the Parent and the Acquiror,
      threatened against either the Parent or the Acquiror or involving any of their
      respective properties or assets by or before any court, arbitrator or other
      Governmental Entity which (i) as of the date hereof, in any manner challenges
      or
      seeks to prevent, enjoin, materially impair the Acquiror’s or Parent’s ability
      to consummate, or materially delay the transactions contemplated by this
      Agreement or any of the Transaction Documents or (ii) if resolved adversely
      to
      either the Parent or the Acquiror would reasonably be expected to have a
      material adverse effect on the ability of the Parent or the Acquiror to fulfill
      its obligations under this Agreement and the Transaction Documents. There is
      no
      judgment, decree, injunction, rule, or order of any court, governmental
      department, commission, agency, instrumentality or arbitrator outstanding
      against either the Parent or the Acquiror that could reasonably be expected
      to
      have a material adverse effect on the ability of either the Parent or the
      Acquiror to fulfill its obligations under this Agreement and the Transaction
      Documents. Neither the Parent nor the Acquiror is in default under or in breach
      of any order, judgment or decree of any court, arbitrator or other Governmental
      Entity which would have a material adverse effect on the ability of either
      the
      Parent or the Acquiror to fulfill its obligations under this Agreement and
      the
      Transaction Documents.

     

    Section
      4.9 Consents
      and Approvals.
      No
      consent, approval, authorization of, declaration, filing, or registration with,
      any Governmental Entity is required to be made or obtained by either the Parent
      or the Acquiror in connection with the execution, delivery, and performance
      of
      this Agreement or any of the Transaction Documents, except for the Governmental
      Requirements.

     

    Section
      4.10 Sufficient
      Available Funds.
      The
      Acquiror (or its assignees) will have available on the Closing Date funds
      sufficient to pay the Purchase Price for the Shares.

     

    ARTICLE
      V

     

    COVENANTS
      OF THE COMPANY

     

    The
      Company hereby covenants with the Parent and the Acquiror as
      follows:

     

    Section
      5.1 Conduct
      of Business Pending the Closing.

     

    (a) Except
      as
      otherwise provided herein or as described in the Plan Term Sheet, from and
      after
      the date hereof, the Company shall, and shall cause each of the License
      Subsidiaries and each of the Company’s other Affiliates to, conduct its
      operations relating to the FCC Licenses in the ordinary course, consistent
      with
      past practice. Subject to the foregoing, and except as otherwise provided
      herein, the Company shall, and shall cause each of the License Subsidiaries
      and
      each of the Company’s other Affiliates to, use its reasonable commercial efforts
      to preserve the FCC Licenses intact. The Company shall cause each of the License
      Subsidiaries to maintain its right and interest in the FCC Licenses that it
      holds. The Company shall and shall cause each of the License Subsidiaries and
      each of the Company’s other Affiliates to, maintain the validity of the FCC
      Licenses. The Company shall not, and shall cause each of the License
      Subsidiaries not to, engage in any action or omit to take any action which
      would
      be reasonably likely to result in a material adverse effect on the FCC Licenses.
      The Company shall, and shall cause each of the License Subsidiaries and each
      of
      the Company’s other Affiliates to, use their respective commercially reasonable
      efforts to comply in all material respects with all Laws. The Company shall
      promptly provide the Acquiror and Parent with copies of all applications and
      other correspondence of the Company, any of the License Subsidiaries or any
      of
      the Company’s other Affiliates to the FCC and any notices, orders or
      correspondence received by the Company, any of the License Subsidiaries or
      any
      of the Company’s other Affiliates from the FCC with respect to the FCC
      Licenses.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (b) Except
      (v) for any actions taken by the Company or any of the License Subsidiaries
      to
      create Opco and to conduct the business of the Excluded Entities provided
      that
      such
      actions have no effect on the FCC Licenses or the transactions contemplated
      by
      this Agreement or Taxes or Tax attributes and provided
      further
      that
      Opco assumes any Liability incurred in connection with such actions, (w) as
      set
      forth in Section 5.1(b) of the Disclosure Schedule, (x) as otherwise expressly
      contemplated by this Agreement, the Plan Term Sheet or any of the Transaction
      Documents, (y) as consented to by the Acquiror in writing (such consent not
      to
      be unreasonably withheld or delayed) or (z) as required by the Bankruptcy Code
      or other applicable Laws, during the period from the date of this Agreement
      through and including the Closing Date, the Company shall not, and shall not
      permit any of the License Subsidiaries to:

     

    (i) (a)
      declare, set aside or pay any dividends (payable in cash, stock, property or
      otherwise) on, make any other distributions in respect of, or enter into any
      agreement with respect to the voting of, any of its capital stock (other than
      intercompany transfers of cash in the ordinary course of business), (b) split,
      combine or reclassify any of its capital stock or issue or authorize the
      issuance of any other securities in respect of, in lieu of or in substitution
      for shares of its capital stock, or (c) purchase, redeem or otherwise acquire
      any capital stock in the Company or any of the License Subsidiaries or any
      other
      securities thereof or any rights, warrants or options to acquire any such shares
      or other securities;

     

    (ii) issue,
      deliver, sell, pledge or otherwise encumber or subject to any Lien any of its
      shares of capital stock or other equity interest or any other voting securities
      or any securities convertible into, exercisable for or exchangeable with, or
      any
      rights, warrants or options to acquire, any such shares, voting securities
      or
      convertible securities (other than the issuance of shares of Series B Common
      Stock upon the exercise or conversion, as the case may be, of Options, Warrants
      or the outstanding debt of the Company or any of the Debtor Subsidiaries
      convertible into shares of Series B Common Stock, in each case outstanding
      on
      the date hereof and in accordance with their terms on the date hereof all of
      which will be cancelled at the Closing);

     

    (iii) amend
      its
      charter, bylaws or other comparable organizational documents or amend or waive
      any provisions of the Transaction Documents;

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (iv) acquire
      any “business”, as defined in Rule 3-05(a)(2) of Regulation S-X (whether by
      merger, consolidation, purchase of assets or otherwise) or acquire any material
      equity interest in any Person not an Affiliate (whether through a purchase
      of
      stock, establishment of a joint venture or otherwise);

     

    (v) (a)
      sell,
      exchange or license or otherwise dispose of any of the FCC Licenses (including
      any spectrum associated with a particular frequency block), (b) enter into
      any
      new joint ventures or similar projects, (c) enter into any new development
      projects, or (d) enter into any (i) new leases or other agreements or
      understandings or (ii) amendments to any existing leases, agreements or
      understandings;

     

    (vi) change
      its methods of accounting, except as required by changes in GAAP; or change
      any
      of its methods of reporting income and deductions for federal income tax
      purposes from those employed in the preparation of the federal income tax
      returns for the taxable years ended December 31, 2003, except for future
      amendments of those Tax Returns to correct immaterial mistakes or as required
      by
      changes in Law or regulation or as may be required in connection with the
      Bankruptcy Case;

     

    (vii) effect
      any settlement or compromise of any pending or threatened proceeding in respect
      of which the Company or any of the License Subsidiaries is or could have been
      a
      party, unless such individual settlement (a) includes an unconditional written
      release of the Company and the License Subsidiaries, in form and substance
      reasonably satisfactory to the Acquiror, from all liability on claims that
      are
      the subject matter of such proceeding, and (b) does not include any statement
      as
      to any admission of fault, culpability or failure to act by or on behalf of
      the
      Company and the License Subsidiaries;

     

    (viii) (a)
      incur
      any additional indebtedness, or (b) make any loans, advances or capital
      contributions to, or investments in, any Person (other than intercompany
      transfers of cash in the ordinary course of business);

     

    (ix) (a)
      terminate the employment of any executive officer of the Company other than
      for
      cause, (b) enter into any new employment agreement with any existing director
      or
      executive officer, (c) grant to any current or former director or executive
      officer of the Company or the License Subsidiaries any increase in compensation,
      bonus or other benefits (other than increases in base salary in the ordinary
      course of business consistent with past practice or arising due to a promotion
      or other change in status and consistent with generally applicable compensation
      practices), (d) grant to any such current or former director, executive officer
      or other employee any increase in severance or termination pay, or (e) amend,
      adopt or terminate any employment, deferred compensation, severance, termination
      or indemnification agreement with any such current or former director, executive
      officer or employee;

     

    (x) enter
      into any new agreement which has a non-competition, geographical restriction
      or
      similar covenant or amend any existing agreement to add in a manner adverse
      to
      the Parent or Acquiror a non-competition, geographical restriction or similar
      covenant;

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (xi) incur
      any
      Liabilities, other than in the ordinary course, consistent with past practice
      (it being understood that to the extent incurred, Opco will assume such
      Liabilities prior to the Closing); or

     

    (xii) agree
      to
      take, any of the foregoing actions.

     

    (c) From
      and
      after the date hereof, the Company will use its commercially reasonable efforts
      and will cause each of the License Subsidiaries to use their commercially
      reasonable efforts not to enter into any new Commitments that relate to the
      business of any of the Excluded Entities, subject to Section 5.1(b)(x) above.
      From and after the date on which the Confirmation Order becomes a Final Order,
      neither the Company nor any License Subsidiary will own or lease any assets,
      employ any Person, possess any permits, licenses or franchises, incur any
      Liability or conduct any business other than (i) directly, or, in the case
      of
      the Company and NPI, indirectly, holding the FCC Licenses and making regulatory
      filings in connection therewith, (ii) in connection with the transactions
      contemplated by this Agreement, (iii) in the case of NPI, holding the
      outstanding capital stock of NPPI, or (iv) in the case of the Company, holding
      the stock of NPCI and NPI.

     

    Section
      5.2 Access
      to Information.
      The
      Company shall, and shall cause each of the License Subsidiaries and the Excluded
      Entities (in the case of the Excluded Entities, solely with respect to
      information related to Taxes and network operations on spectrum encompassed
      within the FCC Licenses) to, afford to the Parent and the Acquiror and to their
      respective officers, employees, accountants, counsel, financial advisors and
      other representatives, reasonable access during normal business hours from
      the
      date hereof until the Closing to all the properties, books, contracts,
      commitments, personnel, reports and records of or relating to the Company,
      any
      of the License Subsidiaries or any of the Excluded Entities (in the case of
      the
      Excluded Entities, solely with respect to information related to Taxes and
      network operations on spectrum encompassed within the FCC Licenses) and during
      such period the Company shall, and shall cause each of the License Subsidiaries
      and the Excluded Entities (in the case of the Excluded Entities, solely with
      respect to information related to Taxes and network operations on spectrum
      encompassed within the FCC Licenses) to, furnish promptly to the Parent and
      the
      Acquiror, and to any other person that the Parent and the Acquiror may
      reasonably request (a) a copy of each report, schedule, disclosure statement
      and
      other document that relates in whole or in part to this Agreement, the FCC
      Licenses or the Acquiror or the Parent filed by it during such period in the
      Bankruptcy Case, (b) such operating reports, financial reporting packages and
      other operational and/or financial information sent to management or the Board
      of Directors or to the banks with whom the Company and the License Subsidiaries
      maintain credit facilities or lines of credit or to the Creditors’ Committee and
      (c) all other information concerning its business, properties and personnel
      as
      the Acquiror may reasonably request; provided,
      however,
      that
      nothing in this Section 5.2 or otherwise shall require the Company to furnish
      to
      the Acquiror or Parent (i) any materials prepared by the Company’s financial
      advisors or legal advisors with respect to an Alternative Proposal (as defined
      herein), (ii) access or information in violation of applicable Law or (iii)
      access or information relating to (A) any of the Excluded Entities to the extent
      that such information is not related to Taxes and does not relate to the FCC
      Licenses (including for these purposes network operations on spectrum
      encompassed within the FCC Licenses), this Agreement or the Transaction
      Documents or (B) to the extent that such information is not related to Taxes,
      the assets and liabilities of the Company or any of the License Subsidiaries
      to
      be assigned to or assumed by any of the Excluded Entities pursuant to the
      Bankruptcy Plan.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    Section
      5.3 No
      Solicitation of Alternative Proposals.

     

    (a) Except
      as
      expressly permitted in writing by the Acquiror, from and after the date of
      this
      Agreement, the Company shall not authorize or permit any of the License
      Subsidiaries or any of the Company’s or the License Subsidiaries’ respective
      directors, officers, employees, representatives, agents and advisors (including
      any investment banker, other financial advisor, attorney, accountant or other
      representative retained by any of them) (all such parties, “Representatives”),
      directly or indirectly, including by cooperating with the Creditors’ Committee,
      to (i) solicit, initiate, or take any other action designed to solicit any
      proposal that constitutes, or would be reasonably expected to lead to, a
      proposal or offer for a transaction pursuant to a plan of reorganization,
      merger, consolidation, business combination, dissolution, recapitalization,
      transfer, exchange or issuance of shares, debt refinancing, sale of assets
      or
      similar transaction involving the Company, any of the License Subsidiaries
      or
      any of the FCC Licenses (collectively, an “Alternative Proposal”), (ii)
      participate in any substantive discussions or negotiations regarding any
      Alternative Proposal, except that discussions or negotiations may be held with,
      and non-public information provided to, the Creditors Committee concerning
      an
      Alternative Proposal, or (iii) enter into any letter of intent, agreement in
      principle, acquisition agreement or other similar agreement related to any
      Alternative Proposal. Upon execution of this Agreement, each of the Company
      and
      the License Subsidiaries shall immediately cease any existing activities,
      discussions or negotiations with any parties heretofore conducted with respect
      to any Alternative Proposal. Notwithstanding anything to the contrary that
      may
      be set forth in the foregoing, none of the Company or any of the License
      Subsidiaries or any of their respective Representatives will be precluded from
      providing information to, or discussing and negotiating with, any Person that
      has made, after the date hereof, an unsolicited bona fide Alternative Proposal
      in writing. In addition, none of the Company or any of the License Subsidiaries
      or any of their respective Representatives will be precluded from executing
      an
      agreement providing for an Alternative Proposal or recommending any such
      Alternative Proposal to the creditors and stockholders of the Company, if in
      the
      good faith determination of the Board of Directors (in consultation with its
      financial advisors) such Alternative Proposal, together with the value of any
      other net assets available for stakeholders, provides a higher value to the
      stakeholders of the Company than the sum of (a) Purchase Price and (b) the
      value
      of Opco and that the Board of Directors determines in good faith (after
      consultation with outside legal counsel) that it is advisable to authorize
      such
      actions in order to comply with its fiduciary duties or under the Bankruptcy
      Code. No Person considering making an Alternative Proposal shall be provided
      non-public information by the Company unless such Person has executed a
      confidentiality agreement with terms that are materially no less favorable
      to
      the Company than those contained in the Non-Disclosure Agreement between the
      Parent and the Company dated May 19, 1999 (the “Confidentiality
      Agreement”).

     

    (b) The
      Company shall notify the Acquiror immediately (in no event later than 24 hours)
      after (i) receipt by the Company or a License Subsidiary of any written
      Alternative Proposal by any Person, or (ii) the delivery by the Company or
      the
      License Subsidiaries of any non-public information in connection with an
      Alternative Proposal or the granting of access by the Company or the License
      Subsidiaries to the properties, books or records of the Company or the License
      Subsidiaries by any Person that has made an Alternative Proposal. Such notice
      shall be in writing and shall indicate, to the extent not prohibited by the
      terms of any confidentiality agreement, the identity of the offeror and shall
      also indicate all the material terms and conditions of such proposal, inquiry
      or
      contract.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (c) Notwithstanding
      any other provision of this Agreement, the Company agrees that it will not
      nor
      will any License Subsidiary (i) enter into a definitive agreement relating
      to an
      Alternative Proposal unless such definitive agreement shall provide for an
      obligation by the Company to pay the Break-Up Payment at the time provided
      in
      Section 8.2(b) or (ii) consummate any Alternative Proposal unless concurrent
      with such consummation of the Break-Up Payment is paid to the Parent in
      accordance with Section 8.2(b).

     

    Section
      5.4 Use
      of
      Proceeds.
      The
      Closing Cash received by the Company shall be used by the Company in accordance
      with the Plan Term Sheet.

     

    Section
      5.5 Bankruptcy
      Plan.

     

    (a) The
      Company shall, and shall cause each of the Debtor Subsidiaries to, use
      commercially reasonable efforts to restructure the capitalization of the Company
      and the License Subsidiaries pursuant to the Bankruptcy Plan in accordance
      with
      the Plan Term Sheet. In furtherance of and without limiting the generality
      of
      the foregoing, the Company shall, and shall cause each of the Debtor
      Subsidiaries to, (i) seek to obtain the Acquisition Approval Order as promptly
      as practicable but no later than twenty (20) Business Days following execution
      of this Agreement, (ii) file with the Bankruptcy Court the Bankruptcy Plan
      and a
      related Disclosure Statement as promptly as practicable but no later than
      fifteen (15) Business Days following the entry of the Acquisition Approval
      Order, and (iii) seek Bankruptcy Court approval of the Disclosure Statement,
      the
      Required Consents and the Confirmation Order as expeditiously as possible in
      light of all circumstances. The Acquiror shall have a reasonable opportunity
      to
      review and comment on the Bankruptcy Plan, the Disclosure Statement and the
      Confirmation Order prior to their being filed with the Bankruptcy Court and
      each
      of the Bankruptcy Plan, the Disclosure Statement and the Confirmation Order
      shall be in form and substance reasonably satisfactory to the Acquiror (it
      being
      understood that any provision of the Bankruptcy Plan or the Disclosure Statement
      that is set forth in the Plan Term Sheet or could not reasonably be expected
      to
      adversely affect or delay the transactions contemplated by this Agreement,
      including (A) the ability of the Company or any of the License Subsidiaries
      to
      obtain a discharge of Claims and Liabilities as contemplated by Section 7.2(g)
      or (B) any License Subsidiary’s interest in and right to control and operate its
      respective FCC Licenses free and clear of Liens, shall be deemed reasonably
      satisfactory to the Acquiror).

     

    (b) As
      soon
      as reasonably practicable after the date hereof, the Company shall and shall
      cause each Debtor Subsidiary to, file a motion for approval of the Acquisition
      Approval Order. From and after the date hereof until the earlier of the
      termination of this Agreement and the Closing, the Company shall submit to
      Parent and the Acquiror for their reasonable review and comment all
      non-ministerial motions, orders, applications and supporting papers and notices
      prepared by the Company (including forms of orders and notices to interested
      parties) relating in whole or in part to (i) this Agreement, Parent or the
      Acquiror, (ii) the ability of the Company or any of the License Subsidiaries
      to
      obtain a discharge of Claims and Liabilities under the Bankruptcy Plan as
      contemplated by Section 7.2(g), viii) any License Subsidiary’s interest in and
      right to control and operate its respective FCC Licenses free and clear of
      Liens, or (iv) Taxes, in each case sufficiently prior to their being filed
      with
      the Bankruptcy Court or Governmental Entity to enable the Parent and the
      Acquiror and their advisors to adequately review and comment
      thereon.

     

    (c) From
      and
      after the date hereof through the Closing Date, Parent and the Acquiror shall
      not take any action in the Bankruptcy Case, including the filing of a plan
      of
      reorganization or offer to purchase any assets of the Company or any of its
      Affiliates, without the prior written consent of the Company (although nothing
      herein shall prevent Parent and the Acquiror from asserting their rights or
      fulfilling their obligations under this Agreement).

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Section
      5.6 Releases.
      The
      Company shall use commercially reasonable efforts to ensure that the
      Confirmation Order shall provide, among other things, that the directors,
      officers, advisors, attorneys, investment bankers and agents of the Company,
      the
      Acquiror and their respective Affiliates, members, managers, shareholders,
      partners, representatives, employees, attorneys and agents are released from
      any
      and all Litigation related to the Company and the License Subsidiaries, their
      business, their governance, their securities disclosure practices, the purchase
      or sale of any of the Company’s equity or debt securities and all actions taken
      in connection with the Bankruptcy Plan and that directors and officers of the
      Company release the Company from their indemnity rights.

     

    Section
      5.7 Tax
      Matters.

     

    (a) Tax
      Covenants.
      The
      Company hereby covenants and agrees that (i) the consolidated net operating
      loss
      (as defined in Treas. Reg. 1.1502-21(e), a “CNOL”) of the consolidated group of
      which the Company is the parent (the “Company Group”) for its taxable year
      commencing on January 1, 2005 and ending on the Closing Date (excluding any
      portion thereof that will not be available to the Company or the License
      Subsidiaries after the Closing pursuant to Treas. Reg. 1.1502-21 or otherwise)
      (the “2005 CNOL” ), will be not less than $1,362,000,000 (the “Base CNOL” ),
      (ii) the 2005 CNOL will not be subject to reduction subsequent to the Closing
      Date pursuant to Treas. Reg. 1.1502-28T, a final IRS determination or otherwise,
      except as a direct result of actions taken by the Company or any License
      Subsidiary subsequent to the Closing (other than the carrying back of any such
      consolidated net operating loss to reduce taxable income of the Company Group
      for prior taxable periods), and (iii) the Tax liability of the Company and
      its
      subsidiaries for all taxable periods ending prior to or that include the Closing
      Date, calculated as of the Closing Date as if the Closing Date were the last
      day
      of any relevant taxable period that includes but does not end on the Closing
      Date, will be $0 taking into account any income and gain generated by the
      transactions contemplated in this Agreement (including any income taken into
      account pursuant to Treas. Reg. 1.1502-19 or Temp. Reg. 1.1502-19T (or any
      corresponding provisions of state, local or foreign Law) as a result of any
      excess loss account (as defined in Treas. Reg. 1.1502-19(a)(2)).

     

    (b) Tax
      Indemnity.
      The
      Parent, the Acquiror, the Company, the License Subsidiaries and any of their
      Affiliates (the “Indemnified Parties”) shall be indemnified for any and all
      Taxes, costs (including reasonable attorneys’ or accountants’ fees), interest,
      penalties or other losses arising out of, based upon or relating or attributable
      to (without duplication): (i) any breach of or inaccuracy in any representation
      or warranty contained in Section 3.12 (without regard to any materiality or
      knowledge qualifier contained therein), (ii) any Tax liability of the Company
      and its subsidiaries as calculated in accordance with Section 5.7(a)(iii),
      and
      (iii) the value, determined pursuant to Section 5.7(c), of the excess, if any,
      of the Base CNOL over the 2005 CNOL (taking into account any reductions thereto
      that occur subsequent to the Closing Date that are inconsistent with the
      covenant contained in Section 5.7(a)(ii)) (the “CNOL Shortfall” and, the value
      of the CNOL Shortfall together with taxes and losses described in clauses
      5.7(b)(i) and 5.7(b)(ii), “Indemnifiable Losses”).

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (c) Computation
      of Value of the CNOL Shortfall.
      The
      value of a CNOL Shortfall shall be equal to the sum of (i) to the extent any
      portion of the Base CNOL represented by the CNOL Shortfall has already been
      utilized in a Tax Return of the Company or any affiliated group of which Company
      or any of the License Subsidiaries is a member (assuming the portion of the
      Base
      CNOL represented by the CNOL Shortfall is utilized after utilizing the remainder
      of the Base CNOL but before using any other CNOLs or other attributes available
      to the Parent, the Acquiror, any member of the Company Group or any of their
      Affiliates), an amount equal to the product of (x) such utilized portion of
      the
      Base CNOL represented by such CNOL Shortfall and (y) 0.38 and (ii) to the extent
      any portion of the Base CNOL represented by the CNOL Shortfall has not yet
      been
      utilized in a Tax Return of the Company or any affiliated group of which Company
      or any of the License Subsidiaries is a member (assuming the portion of the
      Base
      CNOL represented by the CNOL Shortfall is utilized after utilizing the remainder
      of the Base CNOL but before using any other CNOLs or other attributes available
      to the Parent, the Acquiror, any member of the Company Group or any of their
      Affiliates), the value of such yet to be utilized Base CNOL represented by
      such
      CNOL Shortfall determined based on the following assumptions: (I) an effective
      Tax rate of 38.0%, (II) a discount rate of 8.75% and (III) full utilization
      in
      equal installments as of December 31 of each year from the year in which such
      CNOL Shortfall arises through December 31, 2008. The value of any such CNOL
      Shortfall, as calculated pursuant to the prior sentence, shall also include
      any
      other costs (including reasonable attorneys’ or accountants’ fees), interest,
      expenses or other losses of the Parent, the Acquiror, the Company, the License
      Subsidiaries and any of their Affiliates arising out of, based upon or relating
      or attributable thereto. The value of a CNOL Shortfall, as calculated pursuant
      to the prior two sentences, shall be reduced by the value of any additional
      deductions to which the Parent and the Acquiror reasonably expect the Company
      Group to become entitled that results from expenditures incurred by the Company
      Group on or prior to the Closing Date that are not included in the 2005 CNOL
      (after giving effect to any disallowance). The value of any such additional
      deductions shall be determined based on (X) an effective Tax rate of 38.0%,
      (Y)
      a discount rate of 8.75% and (Z) full deductibility of such additional
      deductions in equal installments over 15 years (or such shorter period over
      which such deductions are allowable).

     

    (d) Preparation
      and Filing of Tax Returns For Tax Periods Ending On or Prior to the
      Closing.
      Not
      later than sixty (60) days prior to the date for filing thereof, Opco shall
      cause the Company and each License Subsidiary to prepare and provide to the
      Parent and the Acquiror for their review and comment all Tax Returns required
      to
      be filed by the Company or any License Subsidiary for any taxable period ending
      on or prior to the Closing Date. The Parent and the Acquiror shall have thirty
      (30) days from the receipt of any such Tax Return to contest such Tax Return
      by
      providing the Company, in writing, a reasonably detailed explanation as to
      those
      matters set forth in such Tax Return with which the Parent or the Acquiror
      disagrees (the “Objection”). To the extent the Parent or the Acquiror does not
      provide a timely Objection, the Parent and the Acquiror shall be deemed to
      have
      agreed to such Tax Return, and Opco shall cause the Company or the relevant
      License Subsidiary to promptly file such Tax Return, and Opco shall pay all
      Taxes as shown on such Tax Return. To the extent the Parent or the Acquiror
      does
      provide a timely Objection, the Parent, the Acquiror and the Company shall
      use
      good faith efforts to resolve any disputes set forth in the Objection within
      fifteen (15) days from the receipt of the Objection. To the extent the Parent,
      the Acquiror and the Company are not able to resolve all disputes within such
      time period, Opco shall cause the Company or the relevant License Subsidiary
      to
      prepare and promptly file such Tax Return in the manner requested by Opco,
      and
      Opco shall pay all Taxes as shown on such Tax Return; provided,
      however,
      that,
      in the case of any disputed item, Opco shall cause the Company or the relevant
      License Subsidiary to prepare such Tax Return in accordance with the Parent’s or
      Acquiror’s desired treatment and Opco shall pay all Taxes as shown on such Tax
      Return provided that the Company or the relevant License Subsidiary receives
      a
“more likely than not” tax opinion from Skadden, Arps, Slate, Meagher, &
Flom LLP reasonably satisfactory to Opco confirming the Parent’s or Acquiror’s
      desired treatment of such disputed item. The Parent’s and the Acquirer’s actions
      pursuant to this Section 5.7(d) do not waive or modify their right to payment
      and indemnification as set forth in this Section 5.7.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (e) Accelerated
      Proceedings.
      The
      Company, the Parent, the Acquiror and Opeo, on behalf of themselves and their
      Affiliates, shall use best efforts to determine with finality the extent of
      the
      Indemnified Parties’ Indemnifiable Losses pursuant to Section 5.7(b)(iii). The
      Company, the Parent and the Acquiror agree that such efforts shall include,
      without limitation, (A) either of (i) seeking to obtain one or more closing
      agreements pursuant to Code section 7121 (each, a “Closing Agreement”), whether
      pursuant to one or more pre-filing agreements with the IRS in accordance with
      Revenue Procedure 2001-22 or otherwise, with respect to the Company Group’s
      taxable periods (for United States federal income Tax purposes) commencing
      on
      January 1, 2004 and January 1, 2005 or (ii) seeking (x) expedited review by
      the
      IRS, under Section 505(b) of the Bankruptcy Code, of the federal income Tax
      Return of the Company Group filed for the taxable period (for United States
      federal income Tax purposes) commencing on January 1, 2004 and (y) to obtain
      a
      Closing Agreement with respect to the Company Group’s taxable period (for United
      States federal income Tax purposes) commencing on January 1, 2005, which Closing
      Agreement together with an election under Section 172(b)(3) of the Code or
      otherwise produces finality with respect to the Company Group’s taxable period
      (for United States federal income Tax purposes) commencing on January 1, 2004
      and (B) seeking to obtain one or more Closing Agreements, pursuant to a
      pre-filing agreement or otherwise, for taxable periods (for United States
      federal income Tax purposes) ending after the Closing Date. For all periods
      prior to the Closing, Opco shall cause the Company and each License Subsidiary
      to, (I) keep the Parent and the Acquiror informed as to the status of any such
      proceeding and any discussions, negotiations or arrangements related thereto
      and
      (II) afford the Parent and the Acquiror the opportunity to participate fully
      in
      any and all meetings, telephone calls or other conferences with respect thereto.
      For all periods subsequent to the Closing, the Company shall, or shall cause
      each License Subsidiary to, (A) use reasonable commercial efforts to pursue
      any
      such proceedings in a manner to minimize the amount of the Indemnified Parties’
Indemnifiable Losses; provided,
      however,
      that
      none of the Company, any License Subsidiary, the Parent, the Acquiror or any
      of
      their Affiliates shall be required to pursue any such proceeding if the Company,
      any License Subsidiary, the Parent, the Acquiror or any of their Affiliates
      could be materially and adversely prejudiced thereby and (B) keep Opco informed
      as to the status of any such proceedings and any discussions, negotiations
      or
      arrangements related thereto. The Company or Opco, as the case may be, shall
      not, and shall cause each License Subsidiary not to, file or submit any document
      to any taxing authority in connection with any such proceeding without first
      providing the Parent and the Acquiror or Opco, as the case may be, with (X)
      copies of any such document and (Y) an opportunity to review and comment on
      any
      such document prior to such filing or submission.

     

    (f) Tax
      Audits.
      For all
      periods after the Closing Date, so long as any Escrow Amount remains, the
      Company shall promptly notify Opco in writing upon receipt of any written notice
      of any pending or threatened audit, assessment or administrative proceeding
      (a
“Tax Claim”) received by the Company or any License Subsidiary from any Tax
      authority with respect to an Indemnifiable Loss; provided,
      however,
      that a
      failure to give such notice will not affect the Indemnified Parties’ right to
      indemnification unless and solely to the extent Opco is materially and adversely
      prejudiced as a consequence of such failure. The Company or the relevant License
      Subsidiary shall control the conduct of any such Tax Claim and shall have the
      rights to settle, compromise and/or concede such Tax Claim; provided,
      however,
      that
      the Company or the relevant License Subsidiary shall not settle, compromise
      and/or concede such asserted liability if such settlement, compromise or
      concession could increase any Indemnifiable Loss without the consent of Opco,
      not to be unreasonably withheld, conditioned or delayed; provided,
      further,
      however,
      that
      the Company shall not be required to seek a judicial determination with respect
      to any Tax Claim.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (g) Payments.
      Any
      amounts owed to any Indemnified Party under this Section 5.7 shall be paid
      by
      the Escrow Agent out of the Escrow Amount in cash by wire transfer of
      immediately available funds to an account designated by the relevant Indemnified
      Party within three (3) days of the Escrow Agent’s receipt of a joint written
      notice from the Acquiror and Opco; provided,
      however,
      that
      the Indemnified Parties shall not be entitled to any indemnity for Indemnifiable
      Losses to the extent such Indemnifiable Losses exceed the Escrow
      Amount.

     

    (h) Survival.
      Notwithstanding any other provision of this Agreement to the contrary, the
      obligations of the parties set forth in this Section 5.7 and in Section 7.2(j)
      and the representation and warranties set forth in Section 3.12 shall survive
      until the expiration of the applicable statute of limitations of any such matter
      (including extensions thereof).

     

    (i) Release
      of Escrow Amount.
      After
      the payment of an Indemnifiable Losses (and, to the extent provided in the
      Escrow Agreement, Losses (as defined in Section 7.2(g)(iii))), the Escrow Amount
      shall be released to Opco upon the expiration of all relevant survival periods
      set forth in Section 5.7(h). Notwithstanding anything to the contrary contained
      in the immediately preceding sentence, at any time, an amount equal to the
      excess of (x) the Escrow Amount over (y) the aggregate amount, in the reasonable
      judgment of the Parent and the Acquiror, of potential remaining Indemnifiable
      Losses at such time (i.e., adjusted for all items and periods for which the
      Company, in the reasonable judgment of the Parent and the Acquiror or pursuant
      to a legally binding agreement with the IRS, has received finality), shall
      be
      released to Opco. Any portion of the Escrow Amount to be released in accordance
      with this Section 5.7(i) shall be paid by the Escrow Agent out of the Escrow
      Amount in cash by wire transfer of immediately available funds to an account
      designated by Opco within three (3) days of the Escrow Agent’s receipt of a
      joint written notice from the Acquiror and Opco.

     

    (j) Cooperation.
      Each of
      Opco, the Acquiror, the Company and the License Subsidiaries shall provide
      the
      other parties with such information and records and shall make such of its
      officers, employees and agents available as may be reasonably requested by
      any
      of the parties in connection with the preparation of any Tax Return or any
      audit
      or other proceeding that relates to the Company or any of the License
      Subsidiaries. The Parent, the Acquiror and the Company shall promptly inform
      Opco of each Tax Return in which any portion of the 2005 CNOL is claimed and
      the
      amount so claimed.

     

    Section
      5.8 Global
      Resolution Agreement.
      The
      Company and each of its Affiliates that is a party to the Global Resolution
      Agreement shall fully comply, with its obligations pursuant to the Global
      Resolution Agreement that relate to this Agreement (including the timely
      provision of the Notice of Sale (as defined in the Global Resolution Agreement)
      within 15 days from the date of this Agreement, pursuant to Section 10 of the
      Global Resolution Agreement).

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

     

    ADDITIONAL
      COVENANTS

     

    Section
      6.1 Consents.

     

    (a) FCC
      Approvals.
      The
      Company and the Acquiror shall, as promptly as practicable, but in no event
      later than ten (10) business days following the execution of this Agreement,
      file with the FCC one or more FCC Form 603 (or other appropriate form)
      applications (“FCC Applications”) seeking consent for the transfer of control of
      the FCC Licenses to the Acquiror. The FCC Applications shall include a request
      that the FCC as part of its approval of the FCC Applications explicitly state
      that under the FCC’s rules, and as memorialized in the Global Resolution
      Agreement, there are no unjust enrichment obligations associated with the FCC
      Licenses. The Company and the Acquiror shall cooperate and use their respective
      commercially reasonable efforts to prosecute such applications to a favorable
      conclusion, including the preparation and filing of any request for waiver
      that
      the FCC indicates is necessary to grant the applications, and shall each bear
      its own costs for such filings. The Company and the Acquiror shall respond
      with
      reasonable diligence and dispatch to any request for additional information
      made
      in response to such filings. No party hereto shall independently participate
      in
      any formal meeting with the FCC in respect of any such applications without
      giving the other parties hereto prior notice of the meeting, and, to the extent
      permitted by the FCC, the opportunity to attend and/or participate.

     

    (b) HSR
      Filing.
      Except
      as otherwise agreed in writing by the parties, as soon as reasonably practicable
      following the execution of this Agreement but in no event later than twenty
      (20)
      Business Days after the date hereof, the parties will make, or cause to be
      made,
      such filings as are required to be made by them under the HSR Act in connection
      with the transactions contemplated hereby provided the Parent may delay the
      submission of such filings for up to ten (10) Business Days. Each party will
      cooperate in the preparation of, and will file complete and accurate
      notification and report forms with respect to the transactions contemplated
      hereby, pursuant to the HSR Act and the rules and regulations promulgated
      thereunder, and will file on a timely basis such additional information and
      documentary materials as may be requested by any Governmental Entity pursuant
      to
      the HSR Act. Each party will request early termination of the waiting period
      under the HSR Act. Each party shall promptly inform the other of any inquiries
      or communications from any such Governmental Entity with regard to such filings,
      information or materials. Each party shall respond with reasonable diligence
      and
      dispatch to any request for additional information made in response to such
      filings. Each party shall pay its respective costs of compliance with the HSR
      Act, except that the Acquiror shall be responsible for the Federal Trade
      Commission filing fee for any required filing under the HSR Act. No party hereto
      shall independently participate in any formal meeting with any Governmental
      Entity in respect of any such filings, information or materials without giving
      the other parties hereto prior notice of the meeting and, to the extent
      permitted by such Governmental Entity, the opportunity to attend and/or
      participate.

     

    (c) Each
      party hereto shall use commercially reasonable efforts to take, or cause to
      be
      taken, all such reasonable further actions and to do, or cause to be done,
      all
      things reasonably necessary, proper or advisable to obtain the consents and
      approvals it is required to obtain under any Law in order to consummate and
      make
      effective as promptly as practicable the transactions contemplated by this
      Agreement and the Transaction Documents including obtaining the Governmental
      Requirements; provided,
      however,
      that
      neither the Parent, the Acquiror nor any of their Affiliates shall be required
      to divest any assets or pay any consideration (other than customary filing
      fees
      and related legal expenses) to obtain such consents and approvals. The Parent
      will have the primary role in conducting any discussions or negotiations with
      respect to obtaining the HSR Approval. The Company will cooperate with the
      Parent and the Acquiror in their efforts to obtain and satisfy the terms and
      conditions of any such consents and approvals, including, without limitation,
      taking such actions that the Parent deems necessary or appropriate to implement
      any agreement or order entered into with, or issued by, any Governmental Entity,
      but only to the extent that such actions would be consistent with the use of
      the
      Company’s commercially reasonable efforts hereunder.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (d) The
      Acquiror and Parent will furnish such information as the Company may reasonably
      request in connection with the Bankruptcy Case and will otherwise reasonably
      support the Company’s preparation and presentation of any motion, filing,
      disclosure statement or other pleading in the Bankruptcy Case consistent with
      the terms of this Agreement.

     

    Section
      6.2 Confidentiality.
      The
      Confidentiality Agreement shall continue in full force and effect,
      notwithstanding the execution of this Agreement or the subsequent termination
      of
      this Agreement.

     

    Section
      6.3 Notification
      of Certain Matters.
      From
      the date hereof through the Closing, the Company shall give prompt notice to
      the
      Acquiror and Parent of the occurrence, or failure to occur, of any event the
      occurrence or failure of which caused any of the Company’s representations or
      warranties contained in this Agreement to be untrue or inaccurate in any
      material respect; provided,
      however,
      that no
      such notification shall be deemed for any purpose under this Agreement to permit
      the Company to alter or amend the representations and warranties contained
      herein. From the date hereof through the Closing, the Acquiror or Parent shall
      give prompt notice to the Company of the occurrence, or failure to occur, of
      any
      event the occurrence or failure of which caused any of the Acquiror’s or
      Parent’s representations or warranties contained in this Agreement to be untrue
      or inaccurate in any material respect; provided,
      however,
      that no
      such notification shall be deemed for any purpose under this Agreement to permit
      the Acquiror or Parent to alter or amend the representations and warranties
      contained herein.

     

    Section
      6.4 Name
      Following the Closing.
      Following the Closing Date, none of the Acquiror, the Company, the License
      Subsidiaries and their respective Affiliates shall have any right, title or
      interest in the name “NextWave” (or any variation thereof) or any trademarks,
      trade names, logo or symbols related thereto. As soon as reasonably practicable
      following the Closing (and in any event, within sixty (60) days thereafter),
      the
      Acquiror shall cause the Company and each of the License Subsidiaries to amend
      the organizational documents of each such entity to the extent necessary to
      remove the “NextWave” name (and any variation thereof) from its
      name.

     

    Section
      6.5 Books
      and Records.
      From
      and after the Closing, Opco, the Company and the License Subsidiaries shall
      each
      preserve and keep, in accordance with their document retention policies, their
      respective financial and Tax books and records that exist as of the Closing
      Date, and shall make such books and records and personnel available to each
      other as may reasonably be required by any of them in connection with any
      matter, including any insurance claim, audit or legal proceeding or
      investigation; provided,
      however,
      that in
      no event shall Opco, the Company or the License Subsidiaries be obligated to
      provide any information the disclosure of which would jeopardize any privilege
      available to Opco, the Company, the License Subsidiaries or their respective
      Affiliates relating to such information or which would cause Opco, the Company,
      the License Subsidiaries or their respective Affiliates to breach a
      confidentiality obligation by which any of them is bound. If Opco, the Company
      or any of the License Subsidiaries (the “Disposing Parties”) decides to dispose
      of any such financial or Tax books and records, including ledgers, balance
      sheets, income statements, operating reports, journals, check registers,
      accounts payable, company capital accounts, receipts, bank statements, tax
      returns and associated support, before doing so, at least ninety (90) days
      prior
      notice to such effect shall be given by the applicable Disposing Party of such
      books and records to the other parties and such other parties shall have the
      opportunity (but not the obligation), at their sole cost and expense, to remove
      and retain all or any part of such books and records as they may in their
      respective sole discretion select.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Section
      6.6 Opco.
      On or
      before the date the Confirmation Order becomes a Final Order, the Company shall
      cause Opco to become a party to this Agreement, and the Acquiror and Parent
      shall consent to amend this Agreement to include Opco as a party
      hereto.

     

    ARTICLE
      VII

     

    CONDITIONS

     

    Section
      7.1 Conditions
      to Each Party’s Obligations.
      The
      respective obligation of each party to consummate the transactions contemplated
      hereby shall be subject to the satisfaction at or prior to the Closing of each
      of the following conditions:

     

    (a) Governmental
      Approvals.
      The HSR
      Approval relating to the transactions contemplated by this Agreement and the
      Transaction Documents shall have occurred.

     

    (b) No
      Injunctions or Restraints.
      No
      temporary restraining order, preliminary or permanent injunction or other order
      issued by any court of competent jurisdiction preventing consummation of any
      of
      the transactions contemplated hereby shall be in effect.

     

    Section
      7.2 Conditions
      to the Acquiror’s Obligations.
      The
      obligation of the Acquiror to consummate the transactions contemplated hereby
      shall be subject to the satisfaction at or prior to the Closing of each of
      the
      following conditions:

     

    (a) Representations
      and Warranties.
      The
      representations and warranties of the Company contained in this Agreement (i)
      that are qualified as to materiality or by reference to Material Adverse Effect
      shall be true and correct and (ii) that are not so qualified shall be true
      and
      correct in all material respects, in each case as of the Closing Date, except
      to
      the extent such representations and warranties expressly relate to a particular
      date (in which case, on and as of such particular date). The Company shall
      have
      delivered to the Acquiror and Parent at the Closing a certificate signed on
      behalf of the Company by the Company’s Chief Executive Officer, dated the
      Closing Date, in form and substance reasonably satisfactory to the Acquiror
      and
      Parent, to the foregoing effect.

     

    (b) Performance
      of Obligations.
      The
      Company shall have performed in all material respects all obligations required
      to be performed by it under this Agreement at or prior to the Closing (for
      this
      purpose any materiality qualifiers contained in any covenant shall be
      disregarded) and the Company shall have delivered to the Acquiror and Parent
      at
      the Closing a certificate signed on behalf of the Company by the Company’s Chief
      Executive Officer, dated the Closing Date, in form and substance reasonably
      satisfactory to the Acquiror, to the foregoing effect.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (c) The
      FCC Approval.
      Notwithstanding any other provision in this Agreement, and without limiting
      the
      foregoing, (i) the FCC shall have issued the FCC Approval (a) without any
      modification to the amount of the Purchase Price, (b) without any requirement
      that the Acquiror pay any amount to the FCC or any other party (other than
      the
      Section 3 Payment) and (c) without any other material adverse conditions imposed
      on the Reorganized Company, Acquiror or any of its Affiliates, other than such
      conditions that are generally applicable to holders of FCC licenses, and (ii)
      FCC Approval, issued on the basis described in clause (i) above, shall have
      become a Final Order. The parties specifically agree that if the FCC Approval
      does not state that under the FCC’s rules, and as memorialized in the Global
      Resolution Agreement, there are no unjust enrichment obligations associated
      with
      the FCC Licenses, then the FCC Approval shall be deemed to contain a material
      adverse condition imposed on the Acquiror.

     

    (d) Other
      FCC Matters.
      The
      Company shall have delivered (i) to the Acquiror and the Parent a certificate
      signed on behalf of the Company by an officer of the Company and each of the
      License Subsidiaries setting forth that portion of the Purchase Price to be
      delivered to the FCC (the “Section 3 Payment”) in accordance with the Global
      Resolution Agreement by and among the Company, the License Subsidiaries and
      NWI,
      on the one hand, and the FCC on the other hand, dated as of April 20, 2004
      (the
“Global Resolution Agreement”), and (ii) evidence reasonably satisfactory to the
      Acquiror of the FCC’s agreement as to the amount of the Section 3
      Payment.

     

    (e) Transaction
      Documents.
      All of
      the Transaction Documents shall be in full force and effect and there shall
      exist no material breach of, or default under, any of the Transaction Documents
      by the Company.

     

    (f) Bankruptcy
      Case.
      (i) The
      Bankruptcy Plan, in form and substance reasonably satisfactory to the Acquiror
      (it being understood that the standard for Acquiror’s reasonable satisfaction is
      subject to Section 5.5(a)) shall have been approved by the Bankruptcy Court
      pursuant to the Confirmation Order, (ii) the Acquisition Approval Order shall
      be
      in form and substance reasonably satisfactory to the Acquiror and shall be
      a
      Final Order, and (iii) the Confirmation Order and each other substantive order
      of the Bankruptcy Court in respect of the Bankruptcy Plan which affects the
      economic or other interests of the Acquiror or the Parent shall be a Final
      Order.

     

    (g) The
      Confirmation Order.
      The
      Confirmation Order shall be in form and substance reasonably satisfactory to
      the
      Acquiror and shall provide that:

     

    (i) On
      the
      Closing Date, unless otherwise provided in the Plan Term Sheet, the Confirmation
      Order will discharge the Company and the License Subsidiaries, from any and
      all
      Claims and Liabilities whether or not (a) a Proof of Claim based on such Claim
      was filed or deemed filed under Bankruptcy Code section 501, or such Claim
      was
      listed on the schedules of the Company or any of the Debtor Subsidiaries filed
      in the Bankruptcy Case; (b) such Claim is or was allowed under Bankruptcy Code
      section 502; or (c) the holder of such Claim has voted on or accepted the
      Bankruptcy Plan. The rights that are provided in the Bankruptcy Plan shall
      be in
      complete (x) discharge of all Claims against, Liens on, and Interests against
      the Company and the License Subsidiaries and (y) discharge and release of all
      Claims and Liabilities, including all causes of action, whether known or
      unknown, against the Company and the License Subsidiaries. After the Closing
      Date, all such Claims and Liabilities may only be asserted as provided for
      in
      the Bankruptcy Plan or against Opco.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (ii) Unless
      otherwise provided in the Plan Term Sheet, all Persons that have held or
      asserted, which hold or assert, or which may in the future hold or assert any
      Claim, Liability, demand or cause of action against the Company and the License
      Subsidiaries (or any of them) or relating to the operation of the businesses
      of
      the Company or the License Subsidiaries before the Closing Date whenever and
      wherever arising or asserted (including all such Claims sounding in tort,
      contract, warranty or any other theory of law, equity or admiralty, whether
      legal or equitable, matured or unmatured, contingent or non-contingent, senior
      or subordinated), or Interest, shall be permanently stayed, estopped, restrained
      and enjoined from taking any action for the purpose of directly or indirectly
      collecting, recovering, or receiving payments, satisfaction, or recovery with
      respect to any such Claim, Liability, demand, cause of action or Interest,
      including:

     

    (A) commencing
      or continuing in any manner any action or other proceeding of any kind with
      respect to any such Claim, Liability, demand or cause of action, or Interest
      against any of the Company and the License Subsidiaries, or against the property
      of any of the Company and the License Subsidiaries with respect to any such
      claim, demand or cause of action, or Interest;

     

    (B) enforcing,
      attaching, collecting, or recovering, by any manner or means, any judgment,
      award, decree or order against any of the Company and the License Subsidiaries
      or against the property of any of the Company and the License Subsidiaries
      with
      respect to any such Claim, Liability, demand or cause of action or
      Interest;

     

    (C) creating,
      perfecting or enforcing any Lien of any kind against any of the Company and
      the
      License Subsidiaries or any of the property of any Company and the License
      Subsidiaries with respect to any such Claim, Liability, demand or cause of
      action or Interest;

     

    (D) asserting
      or accomplishing any setoff, right of subrogation, indemnity contribution or
      recoupment of any kind against any obligation due any of the Company and the
      License Subsidiaries or against the property of any of the Company and the
      License Subsidiaries with respect to any such Claim, Liability, demand, cause
      of
      action or Interest; and

     

    (E) taking
      any act, in any manner, in any place whatsoever, against any of the Company
      and
      the License Subsidiaries or their property, that does not conform to, or comply
      with, the provisions of the Bankruptcy Plan relating to such Claim, Liability,
      demand, cause of action or Interest.

     

    (iii) From
      and
      after the Closing Date, Opco shall defend, indemnify and hold harmless the
      Company and the License Subsidiaries and each of their respective
      representatives and heirs, successors and assigns (collectively, the “Purchaser
      Indemnified Parties”) from and against any loss, Claim, Liability, expense or
      damage (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”) arising under or out of, in connection with, or in any way relating
      to, the Company, the Debtor Subsidiaries, the operations of the Company and
      the
      Debtor Subsidiaries prior to the Closing Date, the issuance of the Shares to
      the
      Acquiror, and any violation of the injunction provided for in Section
      7.2(g)(ii).

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (h) Bankruptcy
      Order regarding the Shares.
      The
      Bankruptcy Court shall have entered an order to the effect that all of the
      Shares to be outstanding or subject to issuance upon completion of the
      Bankruptcy Plan shall at the time of their issuance be duly authorized and
      validly issued and outstanding, fully paid and nonassessable, free and clear
      of
      any Liens, issued in compliance with all federal and state securities Laws,
      not
      issued in violation of, or subject to any, preemptive rights or other rights
      to
      subscribe for or purchase securities.

     

    (i) Material
      Adverse Effect.
      There
      shall be no Material Adverse Effect and the Company shall deliver to the
      Acquiror at the Closing a certificate of the Company signed by its Chief
      Executive Officer, dated as of the Closing Date, to the foregoing
      effect.

     

    (j) Tax
      Matters.
      The
      covenants and agreements set forth in Section 5.7(a) of this Agreement shall
      have been complied with in all respects; provided,
      however,
      that
      the covenant in Section 5.7(a)(iii) shall be deemed to have been complied with
      (solely for purposes of determining whether the condition set forth in this
      Section 7.2(j) shall have been satisfied) so long as (i) in the case of any
      Tax
      liability referred to in Section 5.7(a)(iii) that is shown as due on a filed
      Tax
      Return, such Tax liability has been paid and (ii) in the case of any Tax
      liability referred to in Section 5.7(a)(iii) for which no Tax Return is required
      or for which the relevant Tax Return has not yet been required to be filed,
      (x)
      the amount of the Tax liability is less than $200,000 or has been paid, or
      (y)
      the amount of the Tax liability is $200,000 or greater and the initial Escrow
      Amount shall be increased above $165,000,000 by an amount equal to the
      reasonably estimated amount of such unpaid Tax liability (including, for
      purposes of clarification, the portion of such amount not in excess of $200,000)
      jointly agreed upon by the Parent, the Acquiror, the Company and Opco on or
      prior to the Closing Date (an “Increased Amount”); provided,
      further,
      however,
      that
      immediately prior to the payment of any Tax liability referred to in clause
      (y)
      above, there shall be paid out of the Escrow Amount to the Company (so as to
      enable the Company to pay, or cause to be paid, such amount to the relevant
      taxing authority) the amount of such Tax liability (to the extent of the
      Increased Amount relevant to such Tax liability) notwithstanding anything in
      Section 5.7(d) to the contrary and the excess, if any, of the relevant Increased
      Amount over the actual amount of such Tax liability paid out of the escrow
      shall
      be released to Opco; provided,
      further,
      that
      the covenants in Section 5.7(a)(i) and (ii) shall be deemed to have been
      complied with so long as there is no CNOL Shortfall.

     

    (k) Legal
      Opinion.
      The
      Acquiror and Parent shall have received a legal opinion of the Company’s outside
      counsel dated as of the Closing Date related to the matters set forth on Exhibit
      E hereto.

     

    (l) Escrowed
      FCC Licenses.
      The FCC
      Licenses, if any, that are held in escrow by Mellon Bank as of the date of
      this
      Agreement shall have been returned to the Company or the License
      Subsidiaries.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    Section
      7.3 Conditions
      to the Obligations of the Company.
      The
      respective obligation of the Company to consummate the transactions contemplated
      hereby shall be subject to the satisfaction at or prior to the Closing of each
      of the following conditions:

     

    (a) Representations
      and Warranties.
      The
      representations and warranties of the Acquiror and Parent contained in this
      Agreement (i) that are qualified as to materiality shall be true and correct
      and
      (ii) that are not so qualified shall be true and correct in all material
      respects, in each case as of the Closing Date, except to the extent such
      representations and warranties expressly relate to a particular date (in which
      case, on and as of such particular date). The Acquiror and Parent shall have
      delivered to the Company at the Closing a certificate signed on behalf of the
      Acquiror and Parent by the Acquiror’s Chief Executive Officer and Parent’s Chief
      Executive Officer, respectively, dated the Closing Date, in form and substance
      reasonably satisfactory to the Company, to the foregoing effect.

     

    (b) Performance
      of Obligations.
      The
      Acquiror and the Parent shall have performed in all material respects all
      obligations required to be performed by each of them under this Agreement at
      or
      prior to the Closing (for this purpose any materiality qualifiers contained
      in
      any covenant shall be disregarded) and shall have delivered to the Company
      at
      the Closing a certificate signed on behalf of the Acquiror and the Parent by
      the
      Acquiror’s Chief Executive Officer and the Parent’s Chief Executive Officer,
      respectively, dated the Closing Date, in form and substance reasonably
      satisfactory to the Company, to the foregoing effect.

     

    (c) Transaction
      Documents.
      All of
      the Transaction Documents shall be in full force and effect and there shall
      exist no material breach of, or default under, any of the Transaction Documents
      by the Parent or the Acquiror.

     

    (d) Bankruptcy
      Case.
      The
      Bankruptcy Plan shall have been approved by the Bankruptcy Court pursuant to
      the
      Confirmation Order, and the Acquisition Approval Order and the Confirmation
      Order shall be Final Orders.

     

    ARTICLE
      VIII

     

    TERMINATION

     

    Section
      8.1 Termination.
      This
      Agreement may be terminated and the transactions contemplated hereby may be
      abandoned at any time prior to the Closing Date notwithstanding the fact that
      any requisite authorization and approval of the transactions contemplated hereby
      shall have been received and no party hereto shall have any liability to any
      other party hereto (provided that any such termination shall not relieve any
      party from liability for a breach of any provision hereof prior to such
      termination, except as provided in Section 8.2(c), nor shall it terminate the
      Company’s obligations under Section 5.3(c) and the parties’ obligations under
      Section 8.2 and Article X):

     

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

     

    (b) by
      the
      Parent or the Company if: (i) the Closing has not occurred by September 30,
      2005
      (the “End Date”); (ii) there shall be any law that makes consummation of the
      purchase of the Shares hereunder illegal or otherwise prohibited or if any
      court
      of competent jurisdiction or Governmental Entity shall have issued an order,
      decree, ruling or taken any other action restraining, enjoining or otherwise
      prohibiting the purchase of the Shares hereunder and such order, decree, ruling
      or other action shall have become final and non-appealable or (iii) the
      Bankruptcy Plan fails to receive the Required Consents and the Bankruptcy Court
      shall not have entered the Confirmation Order within 60 days of the deadline
      for
      receipt of the Required Consents;

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    (c) by
      the
      Parent, (i) if the Board of Directors of the Company withdraws or changes its
      recommendation of this Agreement in a manner materially adverse to the Acquiror,
      (ii) if the Board of Directors of the Company recommends an Alternative
      Proposal, or (iii) if the Company enters into a written agreement providing
      for
      any Alternative Proposal;

     

    (d) (i)
      by
      the Parent, if the Company or any License Subsidiary shall have breached or
      failed to perform any of its representations, warranties, covenants or
      agreements set forth in this Agreement, which breach or failure to perform
      (A)
      would give rise to the failure of a condition set forth in Section 7.2(a) or
      7.2(b) and (B) is incapable of being cured or has not been cured within 30
      days
      after the giving of written notice to the Company of such breach or failure
      to
      perform; provided,
      however,
      that if
      such breach or failure to perform is capable of being cured and the Company
      is
      using its reasonable efforts to cure, then the Parent’s right to terminate under
      this Section 8.1(d)(i) shall not be available; or (ii) by the Company, if the
      Acquiror or Parent shall have breached or failed to perform any of its
      representations, warranties, covenants or agreements set forth in this
      Agreement, which breach or failure to perform (A) would give rise to the failure
      of a condition set forth in Section 7.3(a) or 7.3(b) and (B) is incapable of
      being cured or has not been cured within 30 days after the giving of written
      notice to the Acquiror or Parent of such breach or failure to perform;
provided,
      however,
      that if
      such breach or failure to perform is capable of being cured and the Acquiror
      or
      the Parent is using its reasonable efforts to cure, then the Company’s right to
      terminate under this Section 8.1(d)(ii) shall not be available;

     

    (e) by
      the
      Parent, if the Bankruptcy Court has not entered the Acquisition Approval Order
      within twenty (20) Business Days following the execution of this Agreement;
      or

     

    (f) by
      the
      Company, if (i) the Board of Directors has taken the actions specified in the
      penultimate sentence of Section 5.3(a), or (ii) the Bankruptcy Court has ordered
      the Company to terminate this Agreement in order to accept any Alternative
      Proposal; provided,
      that,
      the Company shall have the right to terminate this Agreement pursuant to clause
      (i) above only if it has complied with all of the provisions of Section
      5.3.

     

    Section
      8.2 Break-Up
      Payment.

     

    (a) The
      Parent shall be entitled to receive from the Company as a priority
      administrative claim a payment (the “Break-Up Payment”) in an aggregate amount
      equal to 3% of the Purchase Price if at the time of termination of this
      Agreement neither the Parent nor the Acquiror is in breach of any of its
      obligations hereunder and the following occurs:

     

    (i) the
      Parent terminates this Agreement pursuant to Section 8.1(b)(iii), (c) or
      (d)(i);

     

    (ii) the
      Company terminates this Agreement pursuant to Section 8.1(b)(iii) or (f);
      or

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (iii) a
      bona
      fide Alternative Proposal shall have been made to the Company prior to the
      End
      Date and this Agreement is terminated pursuant to Section 8.1(b)(i) while the
      Company is in material breach of this Agreement and within twelve months
      following such termination the Bankruptcy Court approves an agreement
      contemplating such Alternative Proposal, or if Bankruptcy Court Approval is
      no
      longer required the Company has entered into an agreement contemplating such
      Alternative Proposal.

     

    (b) The
      Break-Up Payment payable pursuant to Section 8.2(a) shall be paid by the Company
      concurrently with the consummation of the transactions provided for in the
      applicable Alternative Proposal by wire transfer of immediately available funds
      to an account designated by the Parent. The Break-Up Payment required to be
      made
      pursuant to this Section 8.2 shall constitute an allowed administrative expense
      under Section 503(b)(1) of the Bankruptcy Code, but shall be payable solely
      as
      set forth in this Section 8.2.

     

    (c) The
      Company acknowledges and agrees that (i) the payment of the Break-Up Payment
      is
      an integral part of the transactions contemplated by this Agreement, (ii) in
      the
      absence of the Company’s obligations to make this payment, neither the Parent
      nor the Acquiror would have entered into this Agreement and (iii) time is of
      the
      essence with respect to the payment of the Break-Up Payment. Under circumstance
      where the Acquiror is not awarded the remedy of specific performance and
      receives the Break-Up Payment, the Break-Up Payment shall be in the nature
      of
      liquidated damages and, upon payment thereof, the Company and its Affiliates
      shall be deemed to be fully released and discharged from any liability or
      obligation, including for the reimbursement of expenses, arising out of,
      resulting from or related to the Company’s failure to consummate the
      transactions contemplated by this Agreement.

     

    (d) Notwithstanding
      any other provision of this Section 8.2, the Parent shall not be entitled to
      any
      Break-Up Payment or any other claim against or recovery from the Company upon
      any termination of this Agreement if either the Acquiror or Parent caused such
      termination by breaching any of its representations, warranties or covenants
      and
      either the Parent or the Acquiror fails to cure its breach within the applicable
      time period provided in Section 8.1(d).

     

    ARTICLE
      IX

     

    NO
      SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND CERTAIN

    COVENANTS;
      REMEDIES

     

    Except
      as
      provided in Section 5.7(h) and pursuant to the Confirmation Order, none of
      the
      representations and warranties of the Company, the Parent and the Acquiror
      contained in Articles III and IV, including the Disclosure Schedule and the
      Acquiror Disclosure Schedule, or any certificate or instrument delivered in
      connection herewith at or prior to the Closing, and none of the covenants
      contained in Articles V and VI (other than Sections 5.4, 6.2, 6.4 and 6.5)
      shall
      survive the Closing. The Escrow Agreement shall provide that the Parent and
      the
      Acquiror shall have access to the funds deposited pursuant to the Escrow
      Agreement to satisfy any Losses, subject to reasonable notice to Opco and the
      opportunity for Opco to assume the defense thereof.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    Section
      10.1 Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
      AND SUBSTANTIVE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO CONFLICTS
      OF LAW PRINCIPLES THEREOF.

     

    Section
      10.2 Jurisdiction;
      Forum; Service of Process; Waiver of Jury Trial.
      Except
      as provided in the Escrow Agreement, with respect to any suit, action or
      proceeding (“Proceeding”) arising out of or relating to this agreement each of
      the Company, the Parent and the Acquiror hereby irrevocably:

     

    (a) submit
      to
      the exclusive jurisdiction of the Bankruptcy Court for any Proceeding arising
      out of or relating to this Agreement or the Transaction Documents and the
      transactions contemplated hereby and thereby (and agrees not to commence any
      Proceeding relating hereto or thereto except in such court) and waives any
      objection to venue being laid in the Bankruptcy Court whether based on the
      grounds of forum
      non conveniens
      or
      otherwise;

     

    (b) consents
      to service of process in any Proceeding by recognized international express
      carrier or delivery service, to the Company, the Parent or the Acquiror at
      their
      respective addresses referred to in Section 10.5; provided,
      however,
      that
      nothing herein shall affect the right of any party hereto to serve process
      in
      any other manner permitted by law; and

     

    (c) WAIVES,
      TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
      JURY
      IN ANY ACTION, PROCEEDING OR LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
      OF,
      UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTION
      DOCUMENTS.

     

    Section
      10.3 Successors
      and Assigns.
      Except
      as otherwise provided herein, the provisions hereof shall inure to the benefit
      of, and be binding upon, the successors by operation of law, permitted assigns
      and the Corporate Nominee of the parties hereto. No assignment of this Agreement
      may be made by any party at any time, whether or not by operation of Law,
      without the other parties’ prior written consent; provided,
      that,
      the Parent and the Acquiror shall be permitted to assign their respective rights
      and obligations under this Agreement to any of their existing or newly created
      corporate Affiliates without the consent of any other party hereto so long
      as
      such assignment would not be reasonably likely to materially delay or materially
      impair the ability of any of the parties hereto to consummate the transactions
      contemplated by this Agreement. Only the parties to this Agreement or their
      permitted assigns shall have rights under this Agreement.

     

    Section
      10.4 Entire
      Agreement; Amendment.
      This
      Agreement and the Transaction Documents and the Confidentiality Agreement
      constitute the full and entire understanding and agreement between the parties
      with regard to the subject matter hereof and supersedes all prior agreements
      relating to the subject matter hereof. Except as expressly provided herein,
      neither this Agreement nor any term hereof may be amended, waived, discharged
      or
      terminated other than by a written instrument signed by the parties hereto.
      No
      waiver of any of the provisions of this Agreement shall be deemed to or shall
      constitute a waiver of any other provision hereof (whether or not similar).
      No
      delay on the part of any party in exercising any right, power or privilege
      hereunder shall operate as a waiver thereof.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    Section
      10.5 Notices.
      All
      notices, requests, consents and other communications hereunder to any party
      shall be deemed to be sufficient if contained in a written instrument delivered
      in person or sent by facsimile, nationally recognized overnight courier or
      first
      class registered or certified mail, return receipt requested, postage prepaid,
      addressed to such party at the address set forth below or such other address
      as
      may hereafter be designated in writing by such party to the other
      parties:

     

    (i)    if
      to the
      Company to:

     

    NEXTWAVE
      TELECOM INC.

    411
      West
      Putnam, 2nd
      Floor

    Greenwich,
      CT 06830

    Fax:
      (203) 422-2645

    Attn:
      Frank Cassou, Esq.

     

    with
      a
      copy to:

     

    Weil,
      Gotshal & Manges LLP

    767
      Fifth
      Avenue

    New
      York,
      New York 10153

    Fax:
      (212) 310-8007

    Attn:
      Howard Chatzinoff, Esq.

    Marita
      A.
      Makinen, Esq.

     

    and

     

    Schrier-Rape
      P.C.

    5929
      Westgrove Drive

    Dallas,
      TX 75248

    Fax:
      (972) 248-3229

    Attn:
      Deborah Schrier-Rape, Esq.

     

    which
      shall not constitute notice;

     

    (ii)    if
      to the
      Parent and the Acquiror, to:

     

    Verizon
      Wireless

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

    Fax:
      (908) 306-4953

    Attn:
      Margaret P. Feldman

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy to:

     

    Verizon
      Wireless

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

    Fax:
      (908) 306-7766

    Attn:
      Jonathan D. Ratner, Esq.

    Attn:
      Philip Marx, Esq.

     

    Skadden,
      Arps, Slate, Meagher & Flom LLP

    4
      Times
      Square

    New
      York,
      NY 10036-6522

    Fax:
      (212) 735-2000

    Attn:
      Peter Allan Atkins, Esq.

     

    J.
      Gregory Milmoe, Esq.

     

    which
      shall not constitute notice.

     

    All
      such
      notices, requests, consents and other communications shall be deemed to have
      been given or made if and when delivered personally or by overnight courier
      to
      the parties at the above addresses or sent by electronic transmission, with
      confirmation received, to the facsimile numbers specified above (or at such
      other address or facsimile number for a party as shall be specified by like
      notice). Any notice delivered by any party hereto to any other party hereto
      shall also be delivered to each other party hereto simultaneously with delivery
      to the first party receiving such notice.

     

    Section
      10.6 Certain
      Definitions.
      As used
      herein, the following terms shall have the meanings set forth
      below:

     

    “Acquisition
      Approval Order” shall mean an order of the Bankruptcy Court approving the
      Break-Up Payment as an administrative expense and the execution and delivery
      by
      the Company of this Agreement, substantially in the form of Exhibit
      D.

     

    “Affiliate”
      and “associate” shall have the meanings ascribed to them in Rule 12b-2
      promulgated under the Exchange Act. “Affiliates” of the Acquiror or Parent shall
      be deemed to include entities that control the Parent, together with entities
      wholly-owned, or solely controlled by any or all of such Persons.

     

    “Bankruptcy
      Case” shall mean all legal proceedings of the Company and Debtor Subsidiaries
      instituted in the Bankruptcy Court.

     

    “Bankruptcy
      Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et
      seq., as now in effect or hereafter amended.

     

    “Bankruptcy
      Court” shall mean the United States Bankruptcy Court for the Southern District
      of New York in which the Bankruptcy Case is pending.

     

    “Board
      of
      Directors” shall mean the Board of Directors of the Company.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    “Bridge
      Notes” shall mean the Convertible Senior Subordinated Notes due 2002 issued by
      the Company as amended by orders of the Bankruptcy Court in effect on the date
      hereof.

     

    “Business
      Day” shall have the meaning provided in the Bankruptcy Code.

     

    “Claim”
      shall mean any claim or liability against the Company, that is proposed to
      receive consideration and/or be discharged under the Bankruptcy
      Plan.

     

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

     

    “Commitments”
      shall mean any binding contract, agreement, instrument or commitment of any
      nature whatsoever, whether written or oral, including all amendments thereof
      and
      supplements thereto.

     

    “Communications
      Act” shall mean the Communications Act of 1934, as amended, and the rules and
      regulations (including those issued by the FCC) promulgated
      thereunder.

     

    “Confirmation
      Order” shall mean the order entered by the Bankruptcy Court in the Bankruptcy
      Case confirming the Bankruptcy Plan pursuant to Section 1129 of the Bankruptcy
      Code.

     

    “Creditors
      Committee” shall mean the Statutory Committee of creditors of the Company and
      the Debtor Subsidiaries.

     

    “Debtor
      Subsidiaries” shall mean the License Subsidiaries, plus NWI and any other
      subsidiary of the Company that hereafter files a petition for relief under
      Chapter 11 of the Bankruptcy Code.

     

    “Disclosure
      Statement” shall mean the disclosure statement filed in connection with the
      Bankruptcy Plan in the Bankruptcy Case.

     

    “Employee
      Plan” shall mean each deferred compensation and each bonus or other incentive
      compensation, stock purchase, stock option and other equity compensation plan,
      program, agreement or arrangement; each severance, retention or termination
      pay,
      medical, surgical, hospitalization, life insurance and other “welfare” plan,
      fund or program (within the meaning of Section 3(1) of ERISA); each
      profit-sharing, stock bonus or other “pension” plan, fund or program (within the
      meaning of Section 3(2) of ERISA); each employment, termination, retention
      or
      severance agreement; and each other employee benefit plan, fund, program,
      agreement or arrangement, in each case, that is sponsored, maintained or
      contributed to or required to be contributed to by the Company or any ERISA
      Affiliate, or to which the Company or any ERISA Affiliate is party, whether
      written or oral, for the benefit of any current employees, officers, independent
      contractors, or directors of the Company or any of the License
      Subsidiaries.

     

    “ERISA”
      shall mean the Employee Retirement Income Security Act of 1974, as
      amended.

     

    “Escrow
      Agent” shall mean a commercial bank of national standing mutually acceptable to
      the Acquiror and the Company.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    “Estates”
      shall mean the respective estates, as defined in Section 541 of the Bankruptcy
      Code, of the Company and the Debtor Subsidiaries.

     

    “Excluded
      Entities” means, collectively, NWI, Tele* Code Inc., a Delaware corporation, and
      Opco.

     

    “FCC”
      shall mean the Federal Communications Commission and any successor Governmental
      Entity.

     

    “FCC”
      Approval shall mean the consent of the FCC to the transfer of control over
      the
      FCC Licenses to Acquiror.

     

    “Final
      Order” shall mean an action taken or order issued by the applicable Governmental
      Entity as to which: (i) no request for stay of the action or order is pending,
      no such stay is in effect, and, if any deadline for filing any such request
      is
      designated by statute or regulation, it is passed, including any extensions
      thereof; (ii) no petition for rehearing or reconsideration of the action or
      order, or protest of any kind, is pending before the Governmental Entity and
      the
      time for filing any such petition or protest is passed; (iii) the Governmental
      Entity does not have the action or order under reconsideration or review on
      its
      own motion and the time for such reconsideration or review has passed; and
      (iv)
      the action or order is not then under judicial review, there is no notice of
      appeal or other application for judicial review pending, and the deadline for
      filing such notice of appeal or other application for judicial review has
      passed, including any extensions thereof.

     

    “Governmental
      Entity” shall mean any supernational, national, foreign, federal, state or local
      judicial, legislative, executive, administrative or regulatory body or
      authority.

     

    “HSR
      Act”
shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
      amended.

     

    “HSR
      Approval” means the expiration or termination of the applicable waiting period
      (any extension thereof) under the HSR Act.

     

    “Interest”
      shall mean the legal, equitable, contractual and other rights of the holders
      of
      Company Equity Interests, including the rights of any Person to purchase or
      demand the issuance of any class or series of Company Equity Interests or any
      other equity security of the Company of any of the Debtor Subsidiaries,
      including (a) conversion, exchange, voting, participation and dividend rights;
      (b) liquidation preferences; (c) stock options, warrants, and put rights; and
      (d) share-appreciation rights.

     

    “Knowledge”
      of a party hereto shall mean the actual knowledge of any director or executive
      officer after due inquiry.

     

    “Laws”
      shall mean all foreign, federal, state, and local laws, statutes, ordinances,
      rules, regulations, orders, judgments, decrees and bodies of law.

     

    “Liability”
      shall mean all “Claims” as defined in the Bankruptcy Code and any other
      liability, debt or obligation of any of the Company or the License Subsidiaries,
      of any kind or nature (including any administrative expenses and other
      obligations incurred before the Closing Date) and shall include all claims
      sounding in tort, contract, warranty or any other theory of law, equity or
      admiralty, whether known or unknown, legal or equitable, matured or unmatured,
      contingent or non-contingent, senior or subordinated, liquidated or
      unliquidated.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    “Lien”
      shall mean with respect to any asset or right; any mortgage, deed of trust,
      lien
      (statutory or other), pledge, hypothecation, assignment, claim, charge, security
      interest, conditional sale agreement, title, exception, or encumbrance, option,
      right of first offer or refusal, easement, servitude, voting or transfer
      restriction, or any other right of another to or adverse claim of any kind
      in
      respect of such asset or right.

     

    “Material
      Adverse Effect” shall mean, any change, effect, event, occurrence or development
      that is, or is reasonably likely to, (a) be materially adverse to the business,
      results of operations or financial condition of the Company and the License
      Subsidiaries, taken as a whole, or (b) have any material adverse effect on
      any
      of the FCC Licenses or on the ability of the Company and the License
      Subsidiaries to consummate the transactions contemplated by this Agreement,
      other than any change, effect, event or occurrence relating to or arising out
      of
      (i) the economy or securities markets in general, (ii) this Agreement or the
      transactions contemplated hereby or the announcement thereof, (iii) the
      Company’s financial condition as of date of this Agreement, (iv) the Company’s
      industry generally, (v) the communications industry generally or (vi) any
      outbreak of major hostilities or terrorist activities, any declaration by the
      United States of a national emergency or war or other national or international
      calamity or crisis.

     

    “NWI”
      shall mean Nextwave Wireless Inc., a Delaware corporation.

     

    “Options”
      shall mean options to purchase shares of Series B Common Stock.

     

    “Permitted
      Encumbrances” shall mean any Lien (i) permitted under the Bridge Notes; (ii)
      permitted under the Global Resolution Agreement; (iii) approved by the
      Bankruptcy Court, including, without limitation, Liens granted pursuant to
      a
      cash collateral and/or Debtor-in Possession financing order and Liens granted
      as
      adequate protection; (iv) Liens for taxes not yet due and payable; (v) Liens
      securing rental payments under capital lease arrangements; and (vi) other Liens
      either (I) arising in the ordinary course of business that are not incurred
      in
      connection with the borrowing of money or (II) that would not materially
      interfere with the conduct of the Company’s business.

     

    “Person”
      shall mean any individual, firm, corporation, limited liability company,
      partnership, company, trust or other entity, and shall include any successor
      (by
      merger or otherwise) of such entity.

     

    “Regulatory
      Approvals” shall mean all approvals, consents (including consents to assignments
      of permits and rights of way), waivers, certificates, and other authorizations
      reasonably required to be obtained from the FCC, any state public utility or
      service commissions or any other federal, state, foreign or municipal
      communications regulatory agency having jurisdiction over the Company or the
      Acquiror’s business including the HSR Approval in order to consummate the
      transactions contemplated by this Agreement and the Transaction
      Documents.

     

    “Required
      Consents” shall mean the acceptance of the Bankruptcy Plan by at least one class
      of Claims or Interests that is impaired under the Bankruptcy Plan, if a class
      of
      claims is impaired under the Bankruptcy Plan, determined without including
      any
      acceptance of the Bankruptcy Plan by any insider, as required by 11 U.S.C.
      §1129(a)(10).

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    “SEC”
      shall mean the United States Securities and Exchange Commission and any
      successor Governmental Entity.

     

    “Securities
      Act” shall mean the Securities Act of 1933, as amended, or any successor federal
      statute, and the rules and regulations of the SEC thereunder, all as the same
      shall be in effect at the time. Reference to a particular section of the
      Securities Act shall include reference to the comparable section, if any, of
      such successor federal statute.

     

    “Series
      B
      Common Stock” shall mean Series B Common Stock, par value $0.0001 per share, of
      the Company.

     

    “Transaction
      Documents” shall mean the Escrow Agreement, the Reorganized Company Certificate
      of Incorporation, the Reorganized Company Bylaws, and all other contracts,
      agreements, schedules, certificates, orders and other documents being delivered
      pursuant to or in connection with this Agreement.

     

    “Warrants”
      shall mean warrants to purchase shares of Series B Common Stock.

     

    Section
      10.7 Delays
      or Omissions.
      Except
      as expressly provided herein, no delay or omission to exercise any right, power
      or remedy accruing to the Company, the Acquiror or Parent upon any breach or
      default of any party under this Agreement, shall impair any such right, power
      or
      remedy of the Company, the Acquiror or Parent nor shall it be construed to
      be a
      waiver of any such breach or default, or an acquiescence therein, or of or
      in
      any similar breach or default thereafter occurring; nor shall any waiver of
      any
      single breach or default be deemed a waiver of any other breach or default
      theretofore or thereafter occurring. Any waiver, permit, consent or approval
      of
      any kind or character on the part of the Company, the Acquiror or Parent of
      any
      breach or default under this Agreement, or any waiver on the part of any such
      party of any provisions or conditions of this Agreement, must be in writing
      and
      shall be effective only to the extent specifically set forth in such writing.
      All remedies, either under this Agreement or by Law or otherwise afforded to
      the
      Company, the Acquiror or Parent shall be cumulative and not
      alternative.

     

    Section
      10.8 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which may
      be
      executed by only one of the parties hereto, each of which shall be enforceable
      against the party actually executing such counterpart, and all of which together
      shall constitute one instrument.

     

    Section
      10.9 Severability.
      In the
      event that any provision of this Agreement becomes or is declared by a court
      of
      competent jurisdiction to be illegal, unenforceable or void, this Agreement
      shall continue in full force and effect without said provisions; provided,
      that,
      no such severability shall be effective if it materially changes the economic
      benefit of this Agreement to any party.

     

    Section
      10.10 Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    Section
      10.11 No
      Public Announcement.
      None of
      the Company, the License Subsidiaries, the Parent or the Acquiror shall make
      any
      press release or other public announcement concerning the transactions
      contemplated by this Agreement and the Transaction Documents, except as and
      to
      the extent that any such party shall be obligated to make any such disclosure
      by
      this Agreement, the Global Resolution Agreement or by Law, in which case the
      other party will be advised and the parties shall use their respective
      commercially reasonable efforts to cause a mutually agreeable release or
      announcement; provided,
      however,
      that
      the foregoing shall not preclude the Company from making communications or
      disclosures that are necessary in connection with the administration of the
      Bankruptcy Case and then only after consultation with the other regarding the
      basis of such obligation and the content of such press release, public
      announcement or filing or as the parties shall mutually agree. The parties
      agree
      that the initial press release to be issued with respect to the transactions
      contemplated by this Agreement and the Transaction Documents shall be in the
      form heretofore agreed to by the parties.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    Section
      10.12 Further
      Actions, Commercially Reasonable Efforts.
      Without
      waiving any right to terminate this Agreement under Section 8.1, upon the terms
      and subject to the conditions hereof, each of the parties agrees to use its
      commercially reasonable 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 necessary, proper or advisable to consummate and make
      effective, in the most expeditious manner practicable, the transactions
      contemplated by this Agreement and the Transaction Documents, including (i)
      the
      obtaining of all necessary actions or notations, waivers, consents and approvals
      from governmental or regulatory entities and the making of all necessary
      registrations and filings and the taking of all steps as may be necessary to
      obtain an approval or waiver from, or to avoid an action or proceeding by,
      any
      Governmental Entity, (ii) the obtaining of all necessary consents, approvals
      or
      waivers from third parties, (iii) the defending of any lawsuits or other legal
      proceedings, whether judicial or administrative, challenging this Agreement
      or
      any of the Transaction Documents or the consummation of the transactions
      contemplated thereby, including seeking to have any stay or temporary
      restraining order entered by any court or other Governmental Entity vacated
      or
      reversed, and (iv) the execution and delivery of any additional instruments
      necessary to consummate the transactions contemplated by, and to fully carry
      out
      the purposes of, this Agreement and the Transaction Documents; provided,
      however,
      that
      neither the Parent, the Acquiror nor any of their respective Affiliates shall
      be
      required to divest any assets or pay any consideration (other than customary
      filing fees and related legal expenses) to obtain such consents and approvals.
      To the extent that regulatory or other considerations make it necessary or
      desirable for the parties to restructure the form of the transactions
      contemplated by this Agreement and such restructuring can be accomplished
      without (A) diminution in the aggregate consideration to be received or any
      other meaningful adverse economic or other consequence to the other party or
      any
      holder of Claims or Company Equity Interests or (B) causing, or being reasonably
      likely to cause, a material delay or material impairment of any of the parties’
ability to consummate the transactions contemplated by this Agreement, each
      party will cooperate with the other to effect such restructured
      transaction.

     

    Section
      10.13 Usage.
      The
      defined terms herein shall apply equally to both the singular and plural forms
      of the terms defined. Whenever the context may require, any pronoun shall
      include the corresponding masculine, feminine and neuter forms. All references
      herein to “Articles”, “Sections” and “Exhibits” shall be deemed to be references
      to Articles and Sections of and Exhibits to, this Agreement unless the context
      shall otherwise require. The words “include,” “includes” and “including” shall
      be deemed to be followed by the phrase “without limitation.” Whenever any
      payment hereunder is to be paid in “cash,” payment shall be made in the legal
      tender of the United States and the method for payment shall be by wire transfer
      of immediately available funds. The words “hereof,” “herein” and “hereunder” and
      words of similar import when used in this Agreement shall refer to this
      Agreement as a whole and not to any particular provision of this Agreement.
      Unless otherwise expressly provided herein, any agreement, instrument or statute
      defined or referred to herein or in any agreement or instrument that is referred
      to herein means such agreement, instrument or statute as from time to time
      amended, modified or supplemented, including (in the case of agreements or
      instruments) by waiver or consent and (in the case of statutes) by succession
      of
      comparable successor statutes. Unless otherwise expressly provided, wherever
      the
      consent of any Person is required or permitted herein, such consent may be
      withheld in such Person’s sole discretion. Time is of the essence in this
      Agreement and any certificate or document delivered pursuant hereto or in
      connection herewith.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    Section
      10.14 Guarantee
      of Parent.
      Parent
      guarantees the full and timely payment and performance of the covenants,
      agreements, obligations, representations and warranties under this Agreement
      and
      the Transaction Documents of the Acquiror and any Affiliate of Parent or the
      Acquiror, including any such Affiliate that is an assignee of the Acquiror
      pursuant to Section 10.3.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the undersigned has caused this Agreement to be
      executed as of the date first above written.

     

    COMPANY:

     

    NEXTWAVE
      TELECOM INC.

     

    By: 
      /s/
      Frank
      A. Cassou 
      
        

      

    

    Name:
      Frank A. Cassou

    Title:
      Executive Vice President, General
      Counsel

     

     

    PARENT:

     

    CELLCO
      PARTNERSHIP D/B/A/

    VERIZON
      WIRELESS

     

    By:
      
      
        

      

    

    Name:

    Title:

     

     

    ACQUIROR:

     

    VZW
      CORP.

     

    By:
      
      
        

      

    

    Name:

    Title:

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, each of the undersigned has caused this Agreement to be
      executed as of the date first above written.

     

    COMPANY:

     

    NEXTWAVE
      TELECOM INC.

     

    By:
      
      
        

      

    

    Name:

    Title:

     

     

    PARENT:

     

    CELLCO
      PARTNERSHIP D/B/A/

    VERIZON
      WIRELESS

     

    By: 
      /s/
      Dennis F. Strigl 
      
        

      

    

    Name:
      Dennis F. Strigl

    Title:
      President & CEO

     

     

    ACQUIROR:

     

    VZW
      CORP.

     

    By: 
      /s/
      Dennis F. Strigl 
      
        

      

    

    Name:
      Dennis F. Strigl

    Title:
      President & CEO

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FCC
      LICENSES

     

    
      	
              Call
                Sign

            	
              BTA
                Name

            	
              BTA
                #

            	
              Block

            	
              MHz

            	
              Frequencies

            	
              License
                Grant Date

            	
              License
                Expiration Date

            	
              ULS
                File # for

              5
                YR Construction Notification

            	
              Date
                5 YR Construction Notification Granted

            	
              Licensee

            
	
              KNLH221

            	
              Atlantic
                City, NJ

            	
              25

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000955023

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF652

            	
              Baltimore,
                MD

            	
              29

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753736

            	
              4/21/2003

            	
              NPCI

            
	
              KNLF646

            	
              Boston,
                MA

            	
              51

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753594

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH215

            	
              Columbia,
                SC

            	
              91

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000963163

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH216

            	
              Corpus
                Christi, TX

            	
              99

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912797

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH219

            	
              Daytona
                Beach, FL

            	
              107

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000968515

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF802

            	
              Denver,
                CO

            	
              110

            	
              C

            	
              10

            	
              1895-1900;
                1975-1980

            	
              1/3/1997

            	
              1/3/2007

            	
              0000790507

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH202

            	
              Detroit,
                MI

            	
              112

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              4/28/1997

            	
              4/28/2007

            	
              0000774222

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH224

            	
              Dover,
                DE

            	
              116

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000936586

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH230

            	
              El
                Centro-Calexico, CA

            	
              124

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              4/28/1997

            	
              4/28/2007

            	
              0000756300

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH211

            	
              Greenville
                - Spartanburg, SC

            	
              177

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000955028

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH225

            	
              Janesville-Beloit,
                WI

            	
              216

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912261

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF645

            	
              Los
                Angeles, CA

            	
              262

            	
              C

            	
              10

            	
              1900-1905;
                1980-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753783

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH214

            	
              Madison,
                WI

            	
              272

            	
              E

            	
              10

            	
              1885-1890;
                1965-1970

            	
              4/28/1997

            	
              4/28/2007

            	
              0000791568

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF644

            	
              New
                York, NY

            	
              321

            	
              C

            	
              20

            	
              1900-1910;
                1980-1990

            	
              1/3/1997

            	
              1/3/2007

            	
              0000773257

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH226

            	
              Ocala,
                FL

            	
              326

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000955025

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH201

            	
              Philadelphia,
                PA-Wilmington, DE-Trenton, NJ

            	
              346

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000902501

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH228

            	
              Pittsfield,
                MA

            	
              351

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              6/27/1997

            	
              6/27/2007

            	
              0000852881

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF812

            	
              Portland,
                OR

            	
              358

            	
              C

            	
              10

            	
              1900-1905;
                1980-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753708

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH223

            	
              Provo-Orem,
                UT

            	
              365

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912267

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH212

            	
              Springfield-Holyoke,
                MA

            	
              427

            	
              E

            	
              10

            	
              1885-1890;
                1965-1970

            	
              6/27/1997

            	
              6/27/2007

            	
              0000772113

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH210

            	
              Tulsa,
                OK

            	
              448

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000963112

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF647

            	
              Washington,
                DC

            	
              461

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753709

            	
              4/21/2003

            	
              NPCI

            

    

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

     

    ESCROW
      AGREEMENT

     

    

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    ESCROW
      AGREEMENT

     

     

    BY
      AND
      AMONG

     

    CELLCO
      PARTNERSHIP

     

    D/B/A
      VERIZON WIRELESS,

     

    VZW
      CORP.,

     

    [NEXTWAVE
      OPCO],

     

    NEXTWAVE
      TELECOM INC.

     

    AND

     

    [      ],
      AS
      ESCROW AGENT

     

    DATED
      AS
      OF ________ [ ], 2005

     

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    ESCROW
      AGREEMENT, dated as of ________ [  ], 2005 (this “Agreement”),
      by
      and among Cellco Partnership D/B/A Verizon Wireless, a Delaware general
      partnership (“Parent”),
      VZW
      Corp., a Delaware corporation and wholly owned subsidiary of Parent
      (“Acquiror”),
      [NextWave Opco], a Delaware [corporation] [limited liability company]
      (“NextWave
      Opco”),
      Nextwave Telecom Inc., a Delaware corporation (the “Company”),
      and
      (_________, a _________ banking corporation], as escrow agent (the “Escrow
      Agent”).
      Except as otherwise defined herein, capitalized terms used herein and not
      defined shall have the meanings ascribed to such terms in the Acquisition
      Agreement (as defined below).

     

    WHEREAS,
      Acquiror, the Company and Parent have entered into an Acquisition Agreement,
      dated as of November [  ], 2004 (the “Acquisition Agreement”),
      pursuant to which Acquiror will acquire the FCC Licenses by acquiring all of
      the
      capital stock of the Reorganized Company; and

     

    WHEREAS,
      pursuant to Section 1.2 of the Acquisition Agreement, on the date hereof,
      Acquiror will deposit the Escrow Amount (as defined below) in the Escrow Account
      (as defined below) with the Escrow Agent to be held, administered and disposed
      of by the Escrow Agent in accordance with this Agreement and the Acquisition
      Agreement.

     

    NOW,
      THEREFORE, in consideration of the representations, warranties, covenants and
      agreements contained in this Agreement, and intending to be legally bound
      hereby, the parties agree as follows:

     

    1. Appointment;
      Deposit, Security Interest.

     

    (a) Acquiror
      and the Company hereby appoint the Escrow Agent as escrow agent hereunder,
      and
      the Escrow Agent hereby accepts such appointment, subject to the terms and
      conditions contained in this Agreement.

     

    (b) On
      the
      date hereof, Acquiror shall deposit the amount determined pursuant to Section
      1.2(i)(B) of the Acquisition Agreement (as increased by any net return thereon
      and as reduced by any payments therefrom made pursuant to this Agreement, the
      “Escrow
      Amount”)
      in the
      Escrow Account with the Escrow Agent.

     

    (c) The
      Escrow Agent shall accept and maintain the Escrow Amount in a separate escrow
      account (the “Escrow
      Account”).
      All
      funds in the Escrow Account shall be held and disposed of by the Escrow Agent
      in
      accordance with the terms of this Agreement and the Acquisition
      Agreement.

     

    (d) Parent
      and Acquiror shall have first-priority perfected security interests in the
      Escrow Account and the Bankruptcy Plan and the Confirmation Order shall so
      provide.

     

    2. Investment
      of Funds.
      The
      Escrow Amount will be invested in such investments as Acquiror and NextWave
      Opco
      may specifically direct in writing to the Escrow Agent. In the absence of such
      specific investment instruction, the Escrow Amount shall be invested in the
      Escrow Agent’s [Insured Money Account]. All earnings from such investment shall
      be credited to, and any losses debited from the Escrow Account.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    3. Administration
      of Escrow Account.
      The
      Escrow Agent shall administer the Escrow Account as follows:

     

    (a) In
      the
      event Parent, Acquiror, the Company, the License Subsidiaries or any of their
      Affiliates (the “Indemnified Parties”) shall be entitled to indemnification for
      any Taxes, costs (including reasonable attorneys’ or accountants’ fees),
      interest, penalties or other losses arising out of, based upon or relating
      or
      attributable to any Indemnifiable Losses, Acquiror and NextWave Opco shall
      send
      joint written notice to the Escrow Agent identifying the amount of funds from
      the Escrow Account to be paid to the relevant Indemnified Party and the Escrow
      Agent shall pay such amount in cash by wire transfer of immediately available
      funds to an account designated by the relevant Indemnified Parry within three
      (3) days of receipt by the Escrow Agent of such written notice; provided,
      however,
      that
      the Indemnified Parties shall not be entitled to any indemnity for Indemnifiable
      Losses to the extent such Indemnifiable Losses exceed the Escrow Amount (as
      reduced for any prior payments pursuant to this Section 3); provided,
      further,
      that
      any Increased Amount shall be available solely to pay the Tax liability relating
      to such Increased Amount, as set forth on Exhibit C hereto.

     

    (b) If
      any
      Increased Amount is agreed upon by Parent, Acquiror, the Company and NextWave
      Opco pursuant to Section 7.2( j) of the Acquisition Agreement, such Increased
      Amount shall be set forth on Exhibit C hereto, showing the allocation of such
      Increased Amount among specific Tax liabilities. In the event of the payment
      of
      any Tax liability referred to in Section 7.2(j) clause (y) of the Acquisition
      Agreement, there shall be paid out of the Escrow Amount to the Company (so
      as to
      enable the Company to pay, or cause to be paid, such amount to the relevant
      taxing authority) the amount of such Tax liability (to the extent of the
      Increased Amount relevant to such Tax liability as set forth on Exhibit C
      hereto) notwithstanding anything in Section 5.7(d) of the Acquisition Agreement
      to the contrary and the excess, if any, of the relevant Increased Amount over
      the actual amount of such Tax liability paid out of the escrow shall be released
      to NextWave Opco. The payments made pursuant to this Section 3(b) shall be
      made
      by the Escrow Agent within three (3) days of receipt by the Escrow Agent of
      a
      joint written notice from Acquiror and NextWave Opco, identifying the amount
      of
      funds from the Escrow Account to be paid pursuant hereto, in cash by wire
      transfer of immediately available funds to an account(s) designated by the
      Acquiror and NextWave Opco in such joint written notice.

     

    (c) In
      the
      event that the Company and/or the License Subsidiaries or any of their
      respective representatives and heirs, successors and assigns, suffer any Losses
      pursuant to Section 7.2(g)(iii) of the Acquisition Agreement, Parent and/or
      Acquiror, as applicable, shall have access to the Escrow Amount (but not any
      Increased Amount) held in the Escrow Account to satisfy such Losses;
provided,
      however,
      that
      the provisions of Section 4(a) hereof have been fulfilled by Parent or Acquiror,
      as applicable, and NextWave Opco has been given the opportunity to assume the
      defense of such Losses. Any payments made to Parent or Acquiror pursuant to
      this
      Section 3(c) shall be made in accordance with Section 4 hereof.

     

    (d) After
      the
      payment of any Losses or Indemnifiable Losses, the Escrow Amount shall be
      released to NextWave Opco upon the expiration of all relevant survival periods
      set forth in Section 5.7(h) of the Acquisition Agreement; provided, that the
      release of any Increased Amount shall be governed by paragraph (b) above.
      Notwithstanding anything to the contrary contained in the immediately preceding
      sentence, at any time, NextWave Opco may request that Parent and Acquiror
      instruct the Escrow Agent to release to NextWave Opco an amount equal to the
      excess of (x) the Escrow Amount (excluding any Increased Amount) over (y) the
      aggregate amount, in the reasonable judgment of Parent and Acquiror, of
      potential remaining Indemnifiable Losses at such time (i.e., adjusted for all
      items and periods for which the Company, in the reasonable judgment of Parent
      and Acquiror or pursuant to a legally binding agreement with the IRS, has
      received finality). Each such release of any portion of the Escrow Amount to
      NextWave Opco shall be deemed to include an amount of interest thereon (net
      of
      the previously made tax disbursements under Section 20(b) hereof that are
      attributable thereto) at the rate actually earned on the Escrow Amount in
      accordance with Section 2 hereof. Any portion of the Escrow Amount to be
      released in accordance with this Section 3(d) shall be paid by the Escrow Agent
      out of the Escrow Amount in cash by wire transfer of immediately available
      funds
      to an account designated by NextWave Opco within three (3) days of the Escrow
      Agent’s receipt of a joint written notice from Acquiror and NextWave Opco
      specifying the portion of the Escrow Amount to be released to NextWave
      Opco.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    (e) In
      the
      event that any dispute shall arise between the parties with respect to the
      obligation of Acquiror and/or NextWave Opco to instruct the Escrow Agent to
      disburse the funds out of the Escrow Account, the Escrow Agent shall refrain
      from taking any action contemplated by this Agreement until such dispute is
      resolved in accordance with Section 15 hereof.

     

    (f) The
      Escrow Agent shall not disburse any funds from the Escrow Account except as
      provided in this Section 3 and Section 20(b).

     

    (g) In
      the
      event fund transfer instructions are given (other than in writing at the time
      of
      the execution of the Agreement), whether in writing, by telecopier or otherwise
      the Escrow Agent is authorized to seek confirmation of such instructions by
      telephone call-back to the person or persons designated on the call-back
      schedule attached hereto as Exhibit
      A,
      and the
      Escrow Agent may rely upon the confirmations of anyone purporting to be the
      person or persons so designated. The persons and telephone numbers for
      call-backs may be changed only in writing actually received and acknowledged
      by
      the Escrow Agent. If the Escrow Agent is unable to contact any of the authorized
      representatives identified in the Call-Back Schedule, the Escrow Agent is hereby
      authorized to seek confirmation of such instructions by telephone call-back
      to
      any one or more of Acquiror’s or NextWave Opco’s executive officers
      (“Executive
      Officers”),
      which
      shall include the titles of President, Vice President, Treasurer or Secretary,
      as the Escrow Agent may select. Such “Executive Officer” shall deliver to the
      Escrow Agent a fully executed incumbency certificate, and the Escrow Agent
      may
      rely upon the confirmation of anyone purporting to be any such officer. The
      Escrow Agent and the beneficiary’s bank in any funds transfer may rely solely
      upon any account numbers or similar identifying numbers provided by Acquiror
      or
      NextWave Opco to identify (i) the beneficiary, (ii) the beneficiary’s bank or
      (iii) an intermediary bank. The Escrow Agent may apply any of the escrowed
      funds
      for any payment order it executes using any such identifying number, even when
      its use may result in a person other than the beneficiary being paid, or the
      transfer of funds to a bank other than the beneficiary’s bank or an intermediary
      bank designated. The parties to this Agreement acknowledge that such security
      procedure is commercially reasonable.

     

    4. Claims.

     

    (a) If
      a
      claim for indemnification of Losses is asserted by Parent or Acquiror pursuant
      to Section 7.2(g)(iii) of the Acquisition Agreement, Parent or Acquiror, as
      applicable, or an attorney in fact on either of their behalf (the “Claimant”)
      shall
      give written notice of their claim (the “Claim
      Notice”)
      to the
      Escrow Agent and to NextWave Opco. Each Claim Notice shall set forth (i) the
      dollar amount of all Losses, (ii) the corresponding amount of the Escrow Amount
      involved in the claimed Losses, and (iii) the basis for the claim.

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

     

    (b) Within
      15
      days from the date of delivery of a Claim Notice, NextWave Opco or an
      attorney-in-fact on its behalf shall provide the Claimant, with a copy to the
      Escrow Agent, a written response (the “Response
      Notice”)
      in
      which NextWave Opco shall either: (x) agree that an amount of the Escrow Amount
      in the Escrow Account equal to the entire Losses claimed by the Claimant may
      be
      released from the Escrow Account (to the extent available, and if the Escrow
      Amount is less than the Losses, the entire Escrow Amount), and all of NextWave
      Opco’s right, title and interest in and to such released Escrow Amount
      transferred to the relevant Claimant, (y) agree that an amount of the Escrow
      Amount in the Escrow Account that is less than the entire Losses claimed by
      the
      Claimant may be released from the Escrow Account (to the extent available)
      and
      all of NextWave Opco’s right, title and interest in and to such released portion
      of the Escrow Amount transferred to the relevant Claimant, or (z) contest that
      any amount of the Escrow Amount in the Escrow Account be released from the
      Escrow Account and so transferred to the Claimant; provided,
      however,
      that
      NextWave Opco may not contest, in whole or in part, a determination of Losses
      which has been finally settled pursuant to the provisions of Section 4(e) hereof
      (a “Settled
      Adjustment”).
      In
      the case of a (i) Settled Adjustment and (ii) in cases where no Response Notice
      is delivered by NextWave Opco within such 15-day period, NextWave Opco shall
      be
      deemed to have agreed that an amount of the Escrow Amount equal to the Settled
      Adjustment, in the case of the foregoing clause (i), or the entire adjustment
      claimed by the Claimant, in the case of the foregoing clause (ii), shall be
      released from the Escrow Account and all of NextWave Opco’s right, title and
      interest in and to such Escrow Amount may be transferred to the
      Claimant.

     

    (c) If
      NextWave Opco agreed in the Response Notice (or is deemed to have agreed) that
      an amount of the Escrow Amount equal to the entire Losses claimed by the
      Claimant may be released from the Escrow Account and all of NextWave Opco’s
      right, title and interest in and to such Escrow Amount may be transferred to
      the
      Claimant, the Escrow Agent shall promptly, following the earlier of the required
      date for the delivery of the Response Notice or its actual date of delivery,
      deliver to the Claimant the appropriate amount of the Escrow Amount (to the
      extent available) by wire transfer of immediate available funds to an account
      designated by the Claimant.

     

    (d) If
      NextWave Opco agrees in the Response Notice that an amount of the Escrow Amount
      in the Escrow Account that is less than the entire Losses claimed by the
      Claimant may be released from the Escrow Account and all of NextWave Opco’s
      right, title and interest in and to such Escrow Amount may be transferred to
      the
      Claimant, the Escrow Agent shall promptly, following the earlier of the required
      date for delivery of the Response Notice or its actual date of delivery, deliver
      to the Claimant the appropriate amount of the Escrow Amount. The remainder
      of
      the Losses claimed by the Claimant shall be resolved in accordance with Section
      4(e) hereof.

     

    (e) If
      NextWave Opco by Response Notice contests all or a portion of Losses claimed
      by
      the Claimant and NextWave Opco and the Claimant do not come to an agreement
      within 30-days from receipt of such Response Notice with respect to the
      indemnification amount of such Losses, the matter shall be resolved in
      accordance with the terms of Section 15 hereof.

     

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

     

    5. Fees
      and Expenses.
      The
      fees of the Escrow Agent are set forth in Exhibit
      B
      attached
      hereto. Acquiror and NextWave Opco shall each pay 50% of all the fees and
      expenses due to the Escrow Agent in connection with this Agreement. The Escrow
      Agent shall send all invoices for fees payable under this Agreement to both
      Acquiror and NextWave Opco in accordance with the notice provisions of Section
      10 of this Agreement.

     

    6. Limitation
      of Escrow Agent’s Liability.

     

    (a) The
      Escrow Agent undertakes to perform such duties as are specifically set forth
      in
      this Agreement only and shall have no duty under any other agreement or document
      notwithstanding it being referred to herein or attached hereto as an exhibit.
      The Escrow Agent shall not be liable except for the performance of such duties
      as are specifically set forth in this Agreement, and no implied covenants or
      obligations shall be read into this Agreement against the Escrow Agent. The
      Escrow Agent shall incur no liability with respect to any action taken by it
      or
      for any inaction on its part in reliance upon any notice, direction,
      instruction, consent, statement or other document believed by it to be genuine
      and duly authorized and executed by the proper parry or parties, nor for any
      other good faith action or inaction except for its own willful misconduct or
      gross negligence. In all questions arising under this Agreement, the Escrow
      Agent may rely on the advice of counsel, and for anything done, omitted or
      suffered in good faith by the Escrow Agent based upon such advice the Escrow
      Agent shall not be liable to anyone. The Escrow Agent shall not be required
      to
      take any action hereunder involving any expense unless the payment of such
      expense is made or provided for in a manner reasonably satisfactory to it.
      The
      Escrow Agent shall not be liable for incidental, consequential or punitive
      damages. The parties hereto acknowledge that the foregoing indemnities shall
      survive the resignation or the removal of the Escrow Agent or the termination
      of
      this Agreement.

     

    (b) Acquiror
      and NextWave Opco shall each indemnify the Escrow Agent for, and hold it
      harmless against, 50% of any loss, liability or expense incurred without gross
      negligence or willful misconduct on the part of Escrow Agent, arising out of
      or
      in connection with its carrying out of its duties hereunder. This right of
      indemnification shall survive the termination of this Agreement and the
      resignation or removal of the Escrow Agent. Acquiror and NextWave Opco shall
      each pay 50% of such indemnification costs and expenses.

     

    (c) In
      the
      event that (i) any dispute shall arise between the parties with respect to
      the
      disposition or disbursement of any of the assets held hereunder or (ii) the
      Escrow Agent shall be uncertain as to how to proceed in a situation not
      explicitly addressed by the terms of this Agreement (whether because of
      conflicting demands by the other parties hereto or otherwise) the Escrow Agent
      shall be permitted to: (A) refrain from taking any action contemplated by this
      Agreement and/or (B) interplead all of the assets held hereunder into a Federal
      court sitting in the State of New York or a New York State Court, and thereafter
      be fully relieved from any and all liability or obligation with respect to
      such
      interpleaded assets. The parties hereto (other than the Escrow Agent) further
      agree to pursue any redress or recourse in connection with such a dispute
      without making the Escrow Agent a party to it.

     

    7. Termination.
      This
      Agreement with respect to the Escrow Account shall terminate upon the
      disbursement by the Escrow Agent of all funds in the Escrow Account in
      accordance with Section 3 hereof.

     

    
      
        
        

      

      
        B-7

        
          

        

      

      
        
        

      

    

     

    8. Successor
      Escrow Agent.

     

    (a) In
      the
      event the Escrow Agent becomes unavailable or unwilling to continue as Escrow
      Agent under this Agreement, the Escrow Agent may resign and be discharged from
      its duties and obligations hereunder by giving its written resignation to the
      other parties to this Agreement. Similarly, the Escrow Agent may be removed
      and
      replaced following the giving of 30 days prior joint written notice to the
      Escrow Agent by Acquiror and NextWave Opco. The resignation or removal of the
      Escrow Agent hereunder shall take effect not more than 30 days after the written
      resignation of the Escrow Agent is given to the other parties to this Agreement
      or the joint written notice of removal is given to Escrow Agent, as the case
      may
      be; provided
      that
      such resignation or removal shall in no event take effect before the successor
      to the Escrow Agent shall have been appointed pursuant to this Section
      8.

     

    (b) Acquiror
      may appoint a successor Escrow Agent only with the consent of the Company (which
      consent shall not be unreasonably withheld or delayed). The Escrow Agent shall
      act in accordance with joint written instructions from Acquiror and the Company
      as to the transfer of the Escrow Account to a successor Escrow Agent. If a
      successor Escrow Agent is not appointed, then the Escrow Agent may apply to
      a
      Federal court sitting in the State of New York or a New York State Court to
      do
      so. In the event of a merger, consolidation or sale of substantially all of
      the
      corporate trust business of the Escrow Agent (including the administration
      of
      the Escrow Account), the successor organization, without further act, shall
      become the Escrow Agent under this Agreement.

     

    9. Amendment.
      This
      Agreement may be amended with respect to any provision contained herein at
      any
      time by written action of the parties hereto.

     

    10. Notices.
      All
      notices, requests, claims, demands, statements, consents, approvals and other
      communications under this Agreement shall be in writing and shall be deemed
      given if delivered personally, telecopied (which is confirmed) or sent by
      overnight courier (providing proof of delivery) to the parties at the following
      addresses (or at such other address for a party as shall be specified by like
      notice):

     

    (i)    if
      to
      NextWave Opco to:

     

    [NEXTWAVE
      OPCO]

    411
      West
      Putnam, 2nd
      Floor

    Greenwich,
      CT 06830

    Fax:
      (203) 422-2645

    Attn:
      Frank Cassou, Esq.

     

    with
      a
      copy to:

     

    Weil
      Gotshal & Manges LLP

    767
      Fifth
      Avenue

    New
      York,
      New York 10153

    Fax:
      (212) 310-8007

    Attn:  
      Howard Chatzinoff, Esq.

    Marita
      A.
      Makinen, Esq.

     

    
      
        
        

      

      
        B-8

        
          

        

      

      
        
        

      

    

     

    and

     

    Schrier-Rape
      P.C.

    5929
      Westgrove Drive

    Dallas,
      TX 75248

    Fax:
      (972) 248-3229

    Attn:
      Deborah Schrier-Rape, Esq.

     

    which
      shall not constitute notice;

     

    (ii)    if
      to
      Parent or Acquiror, to:

     

    Verizon
      Wireless

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

    Fax:
      (908) 306-4953

    Attn:
      Margaret P. Feldman

     

    with
      a
      copy to:

     

    Verizon
      Wireless

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

    Fax:
      (908) 306-7766

    Attn:
      Jonathan D. Ratner, Esq.

    Attn:
      Philip Marx, Esq.

     

    Skadden,
      Arps, Slate, Meagher & Flom LLP

    4
      Times
      Square

    New
      York,
      NY 10036-6522

    Fax:
      (212) 735-2000

    Attn:
      Peter Allan Atkins, Esq.

    J.
      Gregory Milmoe, Esq.

     

    which
      shall not constitute notice.

     

    (iii)    if
      to the
      Company, to

     

    NextWave
      Telecom INC.

    [     ]

    [     ]

    Telecopy
      No.: (   )

    Attention:

     

    with
      a
      copy to:

     

    Verizon
      Wireless

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

    Fax:
      (908) 306-7766

    Attn:
      Jonathan D. Ratner, Esq.

    Attn:
      Philip Marx, Esq.

     

    
      
        
        

      

      
        B-9

        
          

        

      

      
        
        

      

    

     

    Skadden,
      Arps, Slate, Meagher & Flom LLP

    4
      Times
      Square

    New
      York,
      NY 10036-6522

    Fax:
      (212) 735-2000

    Attn:
      Peter Allan Atkins, Esq.

    J.
      Gregory Milmoe, Esq.

     

    which
      shall not constitute notice.

     

    (iv)    if
      to the
      Escrow Agent, to

     

    [                    ]

    [     ]

    [     ]

    Telecopy
      No.: (   )

    Attention:

     

    11. Counterparts.
      This
      Agreement may be executed in one or more counterparts, all of which shall be
      considered one and the same agreement and shall become effective when one or
      more counterparts have been signed by each of the parties and delivered to
      the
      other parties. A facsimile copy of a signature page shall be deemed to be an
      original signature page.

     

    12. Entire
      Agreement; No Third-Party Beneficiaries.
      This
      Agreement (including the documents and instruments referred to herein) (a)
      constitutes the entire agreement, and supersede all prior agreements and
      understandings, both written and oral, between the parties with respect to
      the
      subject matter of this Agreement and (b) except to the extent specifically
      provided in this Agreement, are not intended to confer upon any Person other
      than the parties any rights or remedies.

     

    13. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the Laws
      of
      the State of New York, regardless of the Laws that might otherwise govern under
      applicable principles of conflict of Laws thereof.

     

    14. Assignment.
      The
      provisions hereof shall inure to the benefit of, and be binding upon, the
      successors by operation of law, permitted assigns and the permitted corporate
      nominee or designee of the parties hereto. No assignment of this Agreement
      may
      be made by any party at any time, whether or not by operation of Law, without
      the other parties’ prior written consent; provided,
      that,
      Parent and Acquiror shall be permitted to assign their respective rights and
      obligations under this Agreement to any of their existing or newly created
      corporate Affiliates without the consent of any other party hereto so long
      as
      such assignment would not be reasonably likely to materially delay or materially
      impair the ability of any of the parties hereto to fulfill their obligations
      under this Agreement.

     

    15. Dispute
      Resolution.
      All
      disputes relating to the breach, termination or validity of this Agreement
      or
      the parties’ performance hereunder (“Dispute”)
      shall
      be resolved as provided by this Section 15.

     

    (a) Each
      party shall send the other parties written notice identifying the Dispute and
      invoking the procedures of this Section 15. Within 15 days of the giving of
      such
      notice, the parties involved in the Dispute (the “Dispute Parties”) shall meet
      at a mutually agreed location in New York, New York, for the purpose of
      determining whether they can resolve the Dispute themselves by written
      agreement, and, if not, whether they can agree upon a third-party arbitrator
      to
      whom to submit the matter in dispute for final and binding arbitration in
      accordance with the procedures set forth in Sections 15(c) and (d)
      hereof.

     

    
      
        
        

      

      
        B-10

        
          

        

      

      
        
        

      

    

     

    (b) If
      the
      Dispute Parties fail to resolve the Dispute by written agreement or fail to
      agree on the arbitrator within said 15-day period, either of the Dispute Parties
      may make written application to the American Arbitration Association
      (“AAA”)
      to
      resolve the dispute by arbitration before a panel of three arbitrators
      (collectively, the “Arbitrator”
and
      each member of such panel a “Panel
      Member”)
      to be
      selected as follows: (i) one Panel Member shall be appointed by the petitioner
      at the time of application, (ii) one Panel Member shall be appointed by the
      respondent within 20 days of receipt by respondent of a copy of the application
      for arbitration and (iii) the Dispute Parties shall by mutual agreement select
      a
      third, independent, Panel Member, except that in the event that the Dispute
      Parties are unable to reach agreement as to the third Panel Member within 20
      days of the written application to AAA, then the third Panel Member (or any
      other Panel Member not timely appointed) shall be selected by AAA in accordance
      with the listing, striking and ranking procedures in the Commercial Arbitration
      Rules of the AAA, then in effect. The Dispute Parties shall hold a preliminary
      conference with AAA within ten calendar days after the end of such 20 day period
      to discuss the Dispute and the qualifications and experience which the Dispute
      Parties respectively believe such third Panel Member should have and AAA shall
      then appoint such third Panel Member within 20 days after the end of such 20
      day
      period.

     

    (c) Within
      60
      days of the selection of the Arbitrator, the Dispute Parties shall meet in
      New
      York, New York with such Arbitrator at a place and time designated by such
      Arbitrator after consultation with such parties and present their respective
      positions on the Dispute. The arbitration proceeding shall be held in accordance
      with the rules for commercial arbitration of the AAA in effect on the date
      of
      the initial application for arbitration (as such rules are modified by the
      terms
      of this Agreement or may be further modified by mutual agreement of the
      parties). Each of the Dispute Parties shall have no longer than five days to
      present its position, the entire proceedings before the Arbitrator shall be
      no
      more than ten days, and the decision of the Arbitrator shall be made in writing
      no more than 30 days following the end of the proceeding. Such an award shall
      be
      a final and binding determination of the Dispute and shall be fully enforceable
      as an arbitration decision in any court having jurisdiction over the Dispute
      Parties. The prevailing party (as determined by the Arbitrator) shall in
      addition be awarded by the Arbitrator such party’s reasonable attorneys’ fees
      and expenses in connection with such proceeding. The non-prevailing party (as
      determined by the Arbitrator) shall pay the Arbitrator’s fees and
      expenses.

     

    (d) By
      agreeing to arbitration, the parties do not intend to deprive any court of
      its
      jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or
      other order in aid of arbitration proceedings and the enforcement of any award.
      Without prejudice to such provisional remedies as may be available under the
      jurisdiction of a court, the Arbitrator shall have full authority to grant
      provisional remedies or to order the parties to request that a court modify
      or
      vacate any temporary or preliminary relief issued by a such court, and to award
      damages for the failure of any party to respect the Arbitrator’s orders to that
      effect. Each of the parties (a) consents to submit itself to the personal
      jurisdiction of any Federal court located in the State of New York or any New
      York State Court for the purpose of any preliminary relief in aid of
      arbitration, or for enforcement of any award of the Arbitrator, (b) agrees
      that
      it will not attempt to deny or defeat such personal jurisdiction by motion
      or
      other request for leave from any such court, and (c) agrees that it will not
      bring any Action relating to this Agreement or any of the transactions
      contemplated by this Agreement in any court other than a Federal court sitting
      in the State of New York or a New York State Court for the purpose of any
      preliminary relief in aid of arbitration, or for enforcement of any award of
      the
      Arbitrator.

     

    
      
        
        

      

      
        B-11

        
          

        

      

      
        
        

      

    

     

    16. Waiver
      of Jury Trial.
      The
      parties hereby waive a trial by Jury of any and all issues arising in any action
      or proceeding between them or their successors or assigns, under or in
      connection with this Agreement or any of its provisions or any negotiations
      in
      connection herewith.

     

    17. Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation of this
      Agreement.

     

    18. Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of Law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect.
      Upon such determination that any term or other provision is invalid, illegal
      or
      incapable of being enforced, the parties shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely
      as
      possible to the fullest extent permitted by applicable Law in an acceptable
      manner to the end that the transactions contemplated hereby are fulfilled to
      the
      extent possible.

     

    19. Successor.
      Any
      corporation into which the Escrow Agent in its individual capacity may be merged
      or converted or with which it may be consolidated, or any corporation resulting
      from any merger, conversion or consolidation to which the Escrow Agent in its
      individual capacity shall be a party, or any corporation to which substantially
      all the corporate trust business of the Escrow Agent in its individual capacity
      may be transferred, shall be the Escrow Agent under this Escrow Agreement
      without further act.

     

    20. Taxes.

     

    (a) Upon
      execution of this Agreement, each of Parent, Acquiror, the Company and NextWave
      Opco shall provide the Escrow Agent with a fully executed Internal Revenue
      Service Form W-9 (or a substitute thereof reasonably acceptable to the Escrow
      Agent), which shall include its Tax Identification Number as assigned by the
      Internal Revenue Service.

     

    (b) Parent,
      Acquiror, the Company and NextWave Opco agree that NextWave Opco shall be deemed
      to be the owner of the Escrow Amount for all relevant Tax purposes, and none
      of
      Parent, Acquiror, the Company or NextWave Opco shall take any position
      inconsistent therewith on any Tax Return or otherwise except as required by
      Law.
      On each of (i) the last Business Day (as defined below) of each calendar quarter
      and (ii) any day on which any other funds are to be disbursed from the Escrow
      Account, the Escrow Agent shall disburse to NextWave Opco an amount equal to
      the
      product of (x) all net interest or other net income earned on the Escrow Amount
      (as reasonably determined by the Escrow Agent) since the last disbursement
      date
      pursuant to this Section 20(b) and (y) the then applicable effective combined
      rate for NextWave Opco (depending upon its then tax status); provided,
      however,
      that in
      the event that the aggregate amount to be disbursed from the Escrow Account
      on
      any given day (including pursuant to this Section 20(b)) exceeds the Escrow
      Amount on such day, notwithstanding anything to the contrary contained in this
      Agreement or in the Acquisition Agreement, the disbursement required pursuant
      to
      this Section 20(b) shall be paid in full prior to making any other
      disbursements.

     

    “Business
      Day” shall mean any day on which the Escrow Agent is open for business at its
      offices in New York, New York.

     

    21. Force
      Majeure.
      In the
      event that the Escrow Agent is unable to perform its obligations under the
      terms
      of this Agreement because of acts of God, strikes, equipment or transmission
      failure or damage reasonably beyond its control, or other cause reasonably
      beyond its control, the Escrow Agent shall not be liable for damages to the
      other parties for any damages resulting from such failure to perform otherwise
      from such causes. Performance under this Agreement shall resume when the Escrow
      Agent is able to perform substantially.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        B-12

        
          

        

      

      
        
        

      

       

    

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

     

    CELLCO
      PARTNERSHIP

    D/B/A
      VERIZON WIRELESS

     

    By_________________________________

    Name:

    Title:

     

     

    VZW
      CORP.

     

    By_________________________________

    Name:

    Title:

     

     

    NEXTWAVE
      TELECOM INC.

     

    By_________________________________

    Name:

    Title:

     

     

    NEXTWAVE
      OPCO

     

    By_________________________________

    Name:

    Title:

     

     

    [ESCROW
      AGENT]

     

    By_________________________________

    Name:

     

    

    
      
        
        

      

      
        B-13

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    Call-Back
      Schedule

     

    Telephone
      Number(s) for Call-backs and

     

    Person(s)
      Designated to Confirm Funds Transfer Instructions

     

    If
      to
      NextWave Opco:

    TIN#:

    Address:
      411 West Putnam Ave, Suite 270

     

    Greenwich,
      CT 06830

     

    Wire
      Instructions:

     

    

      
        	
                Name

              	 	
                Telephone
                  Number

              
	
                1.
                  Frank Cassou

              	 	
                (203)
                  422-6778

              
	
                2.
                  George Alex

              	 	
                (203)
                  422-6780

              
	
                3.
                  Allen Salmasi

              	 	
                (203)
                  422-6782

              
	 	 	 

      

    

    If
      to
      Acquiror:

    TIN#:

    Address:

     

    Attention:

     

    Wire
      Instructions:

     

    
      
        	
                Name

              	 	
                Telephone
                  Number

              
	
                1.

              	 	 
	
                2.
                  

              	 	 
	
                3.

              	 	 
	 

      

    

    If
      to
      Parent:

    TIN#:

    Address:

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    Attention:

     

    Wire
      Instructions:

     

    
      
        	
                Name

              	 	
                Telephone
                  Number

              
	
                1.

              	 	 
	
                2.
                  

              	 	 
	
                3.

              	 	 
	 

      

    

    Telephone
      call-backs shall be made to each party if joint instructions are required
      pursuant to the Agreement.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    Fees
      For Escrow Agent Services

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    Increased
      Amount

     

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    PLAN
      TERM SHEET

     

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    TERM
      SHEET FOR THIRD JOINT PLAN OF REORGANIZATION

     

    OF
      NEXTWAVE TELECOM INC ET
      AL.

     

    Below
      is
      a summary of the principal terms of the Third Joint Plan of Reorganization
      (the
“Plan”) to be proposed by NextWave Telecom Inc. (“NTI”), NextWave Personal
      Communications Inc. (“NPCI”), NextWave Wireless Inc. (“NWI”), NextWave Power
      Partners Inc. (“NPPI”), and NextWave Partners Inc. (“NPI”, collectively with
      NTI, NPCI, NWI, and NPPI, the “Debtors”) with the United States Bankruptcy Court
      for the Southern District of New York (the “Bankruptcy Court”). The Debtors’
Chapter I1 cases are being jointly administered under Case No. 98 B 21529 (ASH).
      The provisions set forth herein are subject to such reasonable modifications
      as
      the parties may agree to. The Plan may contain other or additional provisions
      consistent with the Bankruptcy Code and applicable law as the Debtors may
      determine, provided
      that
      provisions that could reasonably be expected to adversely affect or delay the
      transactions contemplated by the Acquisition Agreement, including, but not
      limited to, (A) the ability of the Company or any of the License Subsidiaries
      to
      obtain a discharge of Claims and Liabilities as contemplated by Section 7.2(g)
      of the Acquisition Agreement or (B) any License Subsidiary’s interest in and
      right to control and operate its respective FCC Licenses free and clear of
      Liens, shall be subject to the reasonable consent of the Acquiror.

     

    
      	
              PLAN
                PROPONENTS:

            	 	
              NTI,
                NPCI, NPI, NPPI and NWI.

            
	
              TREATMENT
                OF

              ALLOWED
                CLAIMS

              AGAINST
                AND EQUITY

              INTERESTS
                IN THE

              DEBTORS:

               

            	 	
              Administrative
                Claims.
                Cash in full after confirmation but prior to the closing under the
                Acquisition Agreement (the “Creditor Distribution Date”) or in the
                ordinary course of business, plus interest to the extent required
                under
                non-bankruptcy law.

               

              Priority
                Tax Claims.
                Cash in full on the Creditor Distribution Date, plus
                interest.

               

              Priority
                Non-Tax Claims.
                Cash in full on the Creditor Distribution Date, plus
                interest.

               

              Secured
                Claims.
                Cash in full on the Creditor Distribution Date or such other treatment
                as
                shall render such Claim unimpaired.

               

              FCC
                Claim.
                Cash concurrent with the closing under the Acquisition Agreement
                in the
                amount of the Section 3 Payment, pursuant to the terms of the Global
                Resolution Agreement.

               

              Bridge
                Noteholders Claims.
                Cash in full on the Creditor Distribution Date or the right to convert
                into Series B Common Stock and receipt of treatment accorded to holders
                of
                such Common Stock.

               

              General
                Unsecured Claims (includes all unsecured Claims not in any other
                class).
                Cash in full on the Creditor Distribution Date, plus
                interest.

               

              Securities
                Litigation Claims.
                No recovery.

               

              Intercompany
                Claims.
                No recovery. Deemed to accept the Plan.

               

              Equity
                Interests in NPCI, NPPI and NPI.
                Unimpaired.

               

              Equity
                Interests in NWI.
                NWI will directly or indirectly be spun-out as an
                LLC.

            

    

     

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              Series
                A Common Stock.
                All Series A Common Stock will convert to shares of Series B Common
                Stock
                on a 1:1 basis. Such holders shall then receive the treatment of
                Series B
                Common Stock. Such holders shall be entitled to vote as a separate
                class
                to approve the Plan.

               

              Series
                B Common Stock.
                Each holder of Existing NTI Series B Common Stock will receive (a)
                their
                pro rata share of an amount equal to the sum of (1) $3.0 billion
                and (2)
                the residual cash remaining after payments and distributions made
                prior
                and pursuant to the Plan to nonshareholders (such as operational
                expenses
                in the interim, administrative expenses and the payment in full of
                all
                creditors), less (i) the Section 3 Payment, (ii) $165 million (subject
                to
                adjustment pursuant to Section 7.2(j) of the Acquisition Agreement)
                to be
                placed into a tax escrow (the “Escrow Amount”), all rights to which shall
                be considered assigned to NextWave Opco by NTI’s existing shareholders,
                (iii) appropriate reserves for contingent liabilities and expenses
                related
                to the conclusion of the bankruptcy proceedings, and (iv) funding
                for the
                obligations assumed by and future operations of NextWave Opco; and
                (b)
                their pro rata distribution of interests in NWI.

               

              Existing
                Options/Warrants.
                Holders may convert into Series B Common Stock.

               

              Expired
                Options/Warrants.
                No Recovery.

            
	
              CONVERSION
                RIGHTS:

            	 	
              Holders
                of claims with a valid contractual right to convert into Series B
                Common
                Stock will be able to convert pursuant to the procedures to be established
                by the Plan and the Disclosure Statement.

            
	
              DIP
                LOAN PAYMENT,

              RIGHT
                AND CLARITY

              CLAIM:

            	
            	
              DIP
                loan payment rights under the DIP loan facility agreements of the
                Debtors
                will be paid in full in Cash on the Creditor Distribution
                Date.

               

              On
                the Creditor Distribution Date, the holder of the Clarity Claim shall
                receive $1 million in Cash.

            
	
              BONUS
                POOLS FOR

              CURRENT
                ACTIVE

              EMPLOYEES
                AND

              CONSULTANTS:

            	 	
              Shares
                of Series B Common Stock will be reserved for grant at confirmation
                to
                active employees and consultants.

            

    

     

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

     

    
      	
              TRANSFERS
                OF

              PROPERTY

               

            	 	
              On
                or before the closing under the Acquisition Agreement, the following
                will
                occur in this order:

               

              (i)
                OPCO (if other than NWI) shall be formed;

               

              (ii)
                All assets and liabilities of the License Subsidiaries and NTI (except
                for
                the PCS Licenses and other agreed upon assets) shall be transferred
                to,
                and assumed by, OPCO;

               

              (iii)
                NWI will be spun-out in the form of an LLC along with Tele*Code/Opco
                to
                the holders of Series B Common Stock;

               

              (iv)
                All assets and liabilities of TELE*Code, a non-debtor, including
                the
                Equity Interests in TELE*Code, shall be transferred to, and assumed
                by,
                OPCO;

               

              (v)
                The Acquiror shall pay the Aggregate Acquisition Consideration to
                NTI, net
                of (A) the Section 3 Payment, which shall be paid directly to the
                FCC, and
                (B) $165,000,000 (such amount may be adjusted pursuant to Section
                7.2(j)
                of the Acquisition Agreement), which shall be transferred to the
                Tax
                Escrow Agent;

               

              (vi)
                NTI shall issue the New NTI Common Stock to the Acquiror and shall
                become
                a wholly-owed subsidiary thereof.

            
	
              CONDITIONS
                TO

              EFFECTIVE
                DATE:

               

            	 	
              (i)
                The Confirmation Order shall be a Final Order;

               

              (ii)
                Execution of and satisfaction or waiver of conditions to the Plan
                Documents; and

               

              (iii)
                Satisfaction or waiver of conditions to the Acquisition Agreement.
                Any of
                the foregoing conditions may be waived by NTI, the Acquiror or the
                Parent
                to the extent provided for in the Acquisition
                Agreement.

            
	
              RETENTION
                OF

              JURISDICTION:

               

            	 	
              The
                Plan shall provide for the Bankruptcy Court to retain jurisdiction
                over
                the Debtors and the Plan after the Confirmation Date in a manner
                usual and
                customary for Chapter 11 plans.

            
	
              DISCHARGE,

              EXCULPATIONS,

              RELEASES
                AND

              INJUNCTIONS:

            	 	
              The
                Plan shall provide for a discharge of the Debtors as set forth in
                Section
                7.2(g) of the Acquisition Agreement. The Plan shall also provide
                for
                exculpations for the Debtors, their officers and directors, the Committee
                and its members, Verizon and their respective professionals, etc.
                in a
                manner usual and customary for Chapter 11 plans. The Plan shall also
                contain releases (i) to and from the Debtors and the FCC, in accordance
                with the Global Resolution Agreement, (ii) for the Debtors’ officers and
                directors; and (iii) for Verizon and its officers and directors.
                The Plan
                will provide an injunction preventing holders of Claims and Liabilities
                from asserting such Claims and Liabilities against the Acquiror,
                the
                Parent or the Reorganized
                Debtors/OPCO.

            

    

     

    
 

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

     

    ACQUISITION
      APPROVAL ORDER

     

     

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    
      
        	UNITED STATES BANKRUPTCY COURT	 	 
	SOUTHERN
                DISTRICT OF NEW YORK	 	 
	----------------------------------------------------------------------	x	 
	In re 	 	Chapter
                11
	 	:	 
	 	 	Case No. 98 B 21529 (ASH)
	 	:	 
	NEXTWAVE PERSONAL  COMMUNICATIONS
                INC., et al.,	 	
                (Jointly
                  Administered)

              
	 	 	 
	
                Debtors. 

              	:	 
	----------------------------------------------------------------------	x	 

      

    

     

    ORDER
      GRANTING MOTION PURSUANT TO SECTIONS 105 AND 363

    OF
      THE BANKRUPTCY CODE AND FEDERAL RULE OF BANKRUPTCY

    PROCEDURE
      2002 APPROVING ACQUISITION

    AGREEMENT
      AND TERMINATION PAYMENT

     

    Upon
      the
      Motion Pursuant to Sections 105 and 363 of the Bankruptcy Code and Federal
      Rule
      of Bankruptcy Procedure 2002 Approving Acquisition Agreement (the “Motion”)
      filed
      by NextWave Personal Communications Inc., et
      al.,
      the
      above-captioned debtors and debtors in possession (collectively, “NextWave”
or
      the
“Debtors”);
      and
      upon the hearing on the Motion held on November __ 2004 (the “Hearing”)
      and
      the representations of counsel and evidence submitted thereat; and good and
      sufficient notice of the Motion and the Hearing having been given, and no other
      or further notice being required; and upon the complete record of these Chapter
      11 cases and after due deliberation and good cause appearing therefor, the
      Court
      hereby

     

    FINDS,
      DETERMINES AND CONCLUDES THAT:

     

    1. This
      Court has jurisdiction to hear and determine the Motion under 28 U.S.C.
§§ 157 and 1334, and this matter is a core proceeding under 28 U.S.C.
§ 157(b)(2)(A). Venue of these cases and the Motion in this District is
      proper under 28 U.S.C. §§ 1408 and 1409.

     

    2. The
      statutory predicates for relief requested in the Motion are Sections 105 and
      363
      of title 11 of the United States Code (the “Bankruptcy
      Code”),
      and
      Rule 2002 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy
      Rules”).

     

    3. As
      evidenced by the affidavits of service filed with this Court, and based on
      the
      representations of counsel at the Hearing: (i) due, proper, timely, adequate
      and
      sufficient notice of the Motion, the Hearing, the Acquisition Agreement and
      the
      transactions contemplated thereby, has been provided in accordance with Sections
      102(1), 105, 363 and 503(b) of the Bankruptcy Code, Bankruptcy Rule 2002, and
      all other provisions of the Bankruptcy Rule and/or the Local Rules of the United
      States Bankruptcy Court for the Southern District of New York (the “Local
      Rules”)
      governing the transactions that are the subject of the Motion; (ii) such notice
      was good, sufficient and appropriate under the circumstances; and (iii) no
      other
      or further notice of the Motion, the Hearing or the Acquisition Agreement or
      the
      transactions contemplated thereby is or shall be required.

     

    4. A
      reasonable opportunity to object and to be heard with respect to the Motion
      and
      the relief requested therein has been afforded to all parties in interest,
      including the following: (i) the Office of the United States Trustee; (ii)
      the
      Committee; (iii) all entities (as used throughout this Order, such term shall
      have the meaning set forth in Section 101(15) of the Bankruptcy Code) known
      by
      the Debtors to have asserted a lien on any of the Debtors’ other assets; (iv)
      all of the Debtors’ creditors, equity and other interest holders of record; (v)
      the taxing authorities for those jurisdictions in which the Debtors have
      conducted business; (vi) all non-debtor parties to any executory contracts
      or
      unexpired leases of the Debtors; (vii) all other parties that had filed a notice
      of appearance and demand for service of papers in the Bankruptcy Cases under
      Bankruptcy Rule 2002 as of the date of the Motion; and (viii) parties in
      interest by publication of notice as set forth in the certificates of service
      filed in connection with the Motion.

     

    
      
        

      

    

    
      
        	1	
                Capitalized
                  terms used but not defined herein have the meanings ascribed to
                  such terms
                  in the Acquisition Agreement attached hereto as Exhibit
                  1
                  or as defined in the Motion.

              

      

       

    

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    5. Each
      of
      the Debtors has full corporate power and authority to execute the Acquisition
      Agreement and all other documents contemplated thereby. Subject to the
      conditions in the Acquisition Agreement, each of the Debtors has all of the
      corporate power and authority necessary to consummate the transactions
      contemplated by the Acquisition Agreement and no consents or approvals, other
      than approval of this Court through this Order, FCC Approval, HSR Approval
      and
      those approvals expressly provided for in the Acquisition Agreement, are
      required by the Debtors to consummate the transactions contemplated
      therein.

     

    6. Approval
      at this time of the Acquisition Agreement and the consummation of the
      transactions contemplated thereby (subject to confirmation of a chapter 11
      plan)
      is in the best interests of Debtors, their creditors, and their
      estates.

     

    7. The
      terms
      and the conditions of the Acquisition Agreement are fair and
      reasonable.

     

    8. The
      Debtors have articulated good and sufficient reasons for authorizing entry
      into
      the Acquisition Agreement and approving the Break-Up Payment under the terms
      and
      conditions of the Acquisition Agreement. The Break-Up Payment is (i) an actual
      and necessary cost and expense of preserving the Debtors’ estates, within the
      meaning of Bankruptcy Code section 503(b), (ii) of substantial benefit to the
      Debtors, their estates, their creditors, and other parties-in-interest, (iii)
      reasonable and appropriate considering, among other things, the size and nature
      of the proposed acquisition and the efforts that have been and will be expended
      by Cellco Partnership d/b/a Verizon Wireless (“Verizon Wireless”) and VZW Corp.
      in seeking to consummate the transactions contemplated by the Acquisition
      Agreement, and (iv) necessary to ensure that Verizon Wireless and VZW Corp.
      will
      continue to pursue the transactions contemplated by the Acquisition
      Agreement.

     

    9. The
      Break-Up Payment is an integral part of the transactions contemplated by the
      Acquisition Agreement, and, in the absence of the Debtors’ obligations to make,
      and agreement to request administrative claim status for, such payment as
      specified in the Acquisition Agreement, Verizon Wireless and VZW Corp. would
      not
      have entered into the Acquisition Agreement. Accordingly, Verizon Wireless
      and
      VZW Corp. are unwilling to hold open their offer to pursue the proposed
      acquisition involving the Debtors and consummate the other transactions
      contemplated by the Acquisition Agreement unless they are assured of the
      Debtors’ ability, right, and obligation to pay the Break-Up
      Payment.

     

    10. The
      Acquisition Agreement has been pursued by the Debtors in contemplation of their
      expected reorganization, and will facilitate the Debtors’ attempts to reorganize
      under Chapter 11 of the Bankruptcy Code.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED THAT:

     

    1. The
      Motion is GRANTED.

     

    2. Any
      objections to the entry of this order or the relief granted herein and requested
      in the Motion that have not been withdrawn, waived or settled, and all
      reservations of rights included therein, hereby are denied and overruled on
      the
      merits with prejudice.

     

    3. The
      Debtors are authorized to enter into the Acquisition Agreement and perform
      their
      obligations thereunder.

     

    4. The
      Debtors are authorized to pay the Break-Up Payment in accordance with the terms
      of the Acquisition Agreement.

     

    5. The
      Break-Up Payment (a) constitutes an administrative expense of the Debtors’
estates under Bankruptcy Code section 503(b) and 507(a)(1), with priority in
      any
      subsequent or superseding bankruptcy case (including any chapter 7 case), shall
      (b) be paid by the Debtors in the time and manner provided in the Acquisition
      Agreement without any further order of this Court, and (c) not be discharged,
      modified or otherwise affected by any plan of reorganization of any of the
      Debtors, any conversion of the case to Chapter 7, or any dismissal of the
      case.

     

    6. Upon
      the
      closing under the Acquisition Agreement, the License Sale Cash Payment shall
      be
      paid to the FCC in accordance with the terms of the Global Resolution Agreement
      approved by this Court by order dated May 25, 2004 (the “GRA”), and any
      applicable Sharing Payment shall be paid to the FCC in accordance with the
      terms
      of the GRA, with such payments to be free and clear of any liens, claims,
      encumbrances, rights or interests of the Debtors and other parties in
      interest.

     

    7. The
      failure specifically to include any particular provisions of the Acquisition
      Agreement in this order shall not diminish or impair the effectiveness of such
      provisions. Likewise, all of the provisions of this order are nonseverable
      and
      mutually dependent.

     

    8. The
      terms
      and provisions of this order shall be binding in all respects upon the Debtors,
      their estates, their respective affiliates, successors, and assigns, and any
      trustee, responsible person, estate administrator, representative, or similar
      person subsequently appointed for or in connection with any of Debtors’ estates
      or affairs in these chapter 11 cases or in any subsequent case(s) under the
      Bankruptcy Code involving any of the Debtors.

     

    9. Nothing
      contained in the reorganization plan confirmed for the Debtors in these cases
      or
      in any other order in these cases (including any order entered after any
      conversion of these cases to cases under Chapter 7 of the Bankruptcy Code)
      shall
      alter, conflict with or derogate from the provisions of the Acquisition
      Agreement, and the terms of this order, and, in the event of any inconsistency
      between such plan and this order, the terms of this order shall
      govern.

     

    10. Nothing
      herein shall prescribe or constrain the FCC’s exercise of its regulatory
      authority.

     

    11. This
      order shall be effective immediately, and not stayed pursuant to Bankruptcy
      Rule
      5004(g) or any other applicable Bankruptcy Rule.

     

    Dated:  
      White Plains, New York

    ______________,
      2004

     

    
      
        

      

    

    HONORABLE
      ADLAI S. HARDIN, Jr.

    UNITED
      STATES BANKRUPTCY JUDGE

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    FCC
      MATTERS OPINION

     

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    __________,
      2005

     

    Celico
      Partnership d/b/a Verizon Wireless

    _____________,
      Vice President

    &
      Jonathan Ratner, Esq., Associate General Counsel

    180
      Washington Valley Road

    Bedminster,
      NJ 07921

     

    Re: Acquisition
      Agreement (the “Agreement”) dated as of ____________, 2004, by

     

    and
      between Nextwave Telecom Inc. (“the Company”), Cellco Partnership
      d/b/a

     

    Verizon
      Wireless (the “Parent”), and VZW Corp. (the “Acquiror”).

     

    Ladies
      and Gentlemen:

     

    We
      have
      acted as special federal communications regulatory counsel to the Company in
      connection with the negotiation, preparation and execution of the Agreement.
      This opinion is rendered to you pursuant to Section __ of the Agreement.
      Capitalized terms defined in the Agreement and used herein without definition
      shall have the meanings given such terms in the Agreement.

     

    As
      special federal communications regulatory counsel to the Company, we address
      only matters within the jurisdiction of the Federal Communications Commission
      (“FCC”) under the Communications Act of 1434, as amended, and the rules,
      regulations, and published and publicly available orders and policies of the
      FCC
      (collectively, the “Communications Laws”) with respect to the FCC Licenses
      issued by the FCC to the Company’s License Subsidiaries as listed on Annex A
      hereto (the “FCC Licenses”). We express no opinion as to any other federal,
      state, or local laws, statutes, rules, or regulations including, but not limited
      to, bankruptcy laws, state or local public utility and other laws, regulations,
      rules or policies that may be applicable to the operations of the Company or
      to
      its PCS system. The opinions expressed herein do not address the effect, if
      any,
      of pending legislation or of proceedings before the FCC or any court to which
      the Company is not a party.

     

    In
      connection with our rendering of this opinion, we have examined the
      Communications Laws, the Agreement, and the public records of the FCC that
      were
      made available to us as of [no earlier than 48 hours prior to close], 2005,
      as
      we have deemed appropriate. We have assumed the accuracy, completeness and
      authenticity of the public records of the FCC that we examined on [no earlier
      than 48 hours prior to close], 2004. We also have relied upon responses received
      from the FCC to our inquiries dated [no more than 10 business days prior to
      close], 2005 to Due Diligence Requests, Investigations and Hearing Division,
      Enforcement Bureau, FCC with respect to the existence of formal complaints,
      notices of apparent liability, hearings, investigations, petitions (other than
      with respect to specific applications), and other proceedings against the
      Company, and, as to factual matters, upon a certificate of an officer of
      Company. We have not made any independent review or investigation of factual
      or
      other matters for purposes of rendering this opinion. We have not conducted
      a
      field inspection or other technical or engineering evaluation of the PCS system
      or any other plant and facilities that have been constructed or may be operating
      pursuant to the FCC Licenses.

     

    In
      rendering the opinions herein expressed, we have assumed, without further
      investigation: (i) the genuineness of all signatures on documents examined
      by us, (ii) the legal capacity of natural persons purporting to execute
      documents examined by us, (iii) the authenticity of all documents examined
      by us
      and represented to us as being originals, (iv) the conformity to original
      documents of all documents examined by us and represented to us as being
      certified, conformed or photostatic copies or facsimiles, (v) the authority
      of the Company to enter into and to perform its obligations under the Agreement,
      and (vi) that such Agreement constitutes a legal, valid and binding
      obligation of the Company.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    All
      statements as to factual matters underlying the opinions set forth herein are
      based upon our knowledge as of the date hereof. All references herein to “our
      knowledge” mean the actual present knowledge of the attorneys in this firm who
      are actively engaged in substantive representation of the Company without any
      investigation or inquiry except as expressly described herein. No inference
      as
      to our knowledge of the existence or absence of any fact should be drawn from
      the fact of our representation of the Company.

     

    Our
      opinions are limited strictly to the matters stated herein and no opinions
      may
      be inferred or are implied beyond the matters expressly stated herein. We have
      assumed no obligation to advise you with respect to any matters apart from
      the
      opinions specifically expressed herein.

     

    Based
      upon our examination of the foregoing disclosures, documents, records and
      matters of law and subject to the qualifications, assumptions, limitations
      and
      exceptions set forth herein, we are of the opinion that:

     

    1. The
      execution and delivery by the Company, and its performance in accordance with
      the terms of the Agreement does not violate any of the terms or provisions
      of,
      or constitute a default under, the Communications Laws or of the FCC Licenses,
      and, other than filing the requisite consummation notice with the FCC, no
      consent, approval, authorization, order or waiver of, or filing with, the FCC
      is
      required under the Communications Laws to be obtained or made by the Company,
      other than those that have been obtained and made under the Communications
      Laws,
      for the execution and delivery by the Company, and its performance in accordance
      with its terms of its obligations under the Agreement.

     

    2. The
      Company’s License Subsidiaries hold the FCC Licenses it identified as holding in
      Annex A. The FCC Licenses are not subject to any conditions outside the ordinary
      course.

     

    3. The
      FCC
      has granted its consents to the transfer of control of the License Subsidiaries
      to the Parent (the “FCC Consent”), (a) without any modification to the amount of
      the Purchase Price, (b) without any requirement that the Acquiror pay any
      amount to the FCC or any other party (other than the Section 3 Payment) and
      (c)
      without any other material adverse conditions that are generally applicable
      to
      holders of FCC licenses. The FCC Consent has been duly issued and is in effect.
      The time has expired during which a party in interest may timely seek
      administrative or judicial reconsideration or review of the FCC Consent, and
      within which the FCC may review or set aside the FCC Consent on its own motion.
      The FCC Consent includes and constitutes all necessary consents, approvals
      and
      authorizations required under the Communications Laws for the transfer of
      control of the License Subsidiaries to Parent pursuant to the
      Agreement.

     

    4. To
      our
      knowledge, there is no complaint, notice of violation, notice of apparent
      liability or other administrative proceeding pending or threatened by or before
      the FCC against the Company, the License Subsidiaries, or the FCC
      Consent.

     

    This
      opinion is being furnished to you subject to the qualifications, assumptions,
      limitations and exceptions expressed herein and may be relied upon by you only
      with respect to the specific matters that are the subject hereof. This opinion
      is rendered only to you and is solely for your benefit in connection with the
      transactions expressly addressed herein, and may not be copied, delivered to,
      or
      relied upon by anyone other than you, or by you with respect to any other
      transactions or for any other purpose, without the express written consent
      of
      this firm.

     

    This
      opinion is rendered as of the date hereof and we undertake no responsibility
      to
      advise you of any changes which might occur after the date hereof.

     

    Very
      truly yours,

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Call
                Sign

            	
              BTA
                Name

            	
              BTA
                #

            	
              Block

            	
              MHz

            	
              Frequencies

            	
              License
                Grant Date

            	
              License
                Expiration Date

            	
              ULS
                File # for

              5
                YR

              Construction
                Notification

            	
              Date
                5 YR Construction Notification Granted

            	
              Licensee

            
	
              KNLH221

            	
              Atlantic
                City, NJ

            	
              25

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000955023

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF652

            	
              Baltimore,
                MD

            	
              29

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753736

            	
              4/21/2003

            	
              NPCI

            
	
              KNLF646

            	
              Boston,
                MA

            	
              51

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753594

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH215

            	
              Columbia,
                SC

            	
              91

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000963163

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH216

            	
              Corpus
                Christi, TX

            	
              99

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912797

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH219

            	
              Daytona
                Beach, FL

            	
              107

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000968515

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF802

            	
              Denver,
                CO

            	
              110

            	
              C

            	
              10

            	
              1895-1900;
                1975-1980

            	
              1/3/1997

            	
              1/3/2007

            	
              0000790507

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH202

            	
              Detroit,
                MI

            	
              112

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              4/28/1997

            	
              4/28/2007

            	
              0000774222

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH224

            	
              Dover,
                DE

            	
              116

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000936586

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH230

            	
              El
                Centro-Calexico, CA

            	
              124

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              4/28/1997

            	
              4/28/2007

            	
              0000756300

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH211

            	
              Greenville
                - Spartanburg, SC

            	
              177

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000955028

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH225

            	
              Janesville-Beloit,
                WI

            	
              216

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912261

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF645

            	
              Los
                Angeles, CA

            	
              262

            	
              C

            	
              10

            	
              1900-1905;
                1980-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753783

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH214

            	
              Madison,
                WI

            	
              272

            	
              E

            	
              10

            	
              1885-1890;
                1965-1970

            	
              4/28/1997

            	
              4/28/2007

            	
              0000791568

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF644

            	
              New
                York, NY

            	
              321

            	
              C

            	
              20

            	
              1900-1910;
                1980-1990

            	
              1/3/1997

            	
              1/3/2007

            	
              0000773257

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH226

            	
              Ocala,
                FL

            	
              326

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000955025

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH201

            	
              Philadelphia,
                PA-Wilmington, DE-Trenton, NJ

            	
              346

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              6/27/1997

            	
              6/27/2007

            	
              0000902501

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH228

            	
              Pittsfield,
                MA

            	
              351

            	
              D

            	
              10

            	
              1865-1870;
                1945-1950

            	
              6/27/1997

            	
              6/27/2007

            	
              0000852881

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF812

            	
              Portland,
                OR

            	
              358

            	
              C

            	
              10

            	
              1900-1905;
                1980-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753708

            	
              4/21/2003

            	
              NPCI

            
	
              KNLH223

            	
              Provo-Orem,
                UT

            	
              365

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000912267

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH212

            	
              Springfield-Holyoke,
                MA

            	
              427

            	
              E

            	
              10

            	
              1885-1890;
                1965-1970

            	
              6/27/1997

            	
              6/27/2007

            	
              0000772113

            	
              4/21/2003

            	
              NPPI

            
	
              KNLH210

            	
              Tulsa,
                OK

            	
              448

            	
              F

            	
              10

            	
              1890-1895;
                1970-1975

            	
              4/28/1997

            	
              4/28/2007

            	
              0000963112

            	
              4/21/2003

            	
              NPPI

            
	
              KNLF647

            	
              Washington,
                DC

            	
              461

            	
              C

            	
              20

            	
              1895-1905;
                1975-1985

            	
              1/3/1997

            	
              1/3/2007

            	
              0000753709

            	
              4/21/2003

            	
              NPCI

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]