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EXHIBIT 10.27    
    

 
 

SECOND AMENDMENT TO
  MASTER LICENSE AGREEMENT    
    

        THIS SECOND AMENDMENT to Master License Agreement (this "Second Amendment") is made and entered into as of this 22nd day of December 2004, by and between
Crown Atlantic Company LLC, a Delaware limited liability company, Crown Castle PT Inc., a Delaware corporation, Crown Castle South LLC, a Delaware limited liability company (as the successor by
conversion under Delaware law of Crown Castle South Inc. on December 31, 2001), Crown Castle GT Company LLC, a Delaware limited liability company, Crown Communication Inc., a
Delaware corporation, with their principal place of business at 2000 Corporate Drive, Canonsburg, Pennsylvania 15317 (collectively "Licensor"), and UbiquiTel Leasing Company, a Delaware corporation,
with its principal place of business at One West Elm Street, Suite 400, Conshohocken, Pennsylvania 19428 ("Licensee"). 

        WHEREAS,
Licensor and Licensee entered into a certain "Master License Agreement" dated December 15, 2000 (the "MLA"), and 

        WHEREAS,
Licensor and Licensee entered into a certain "First Amendment to Master License Agreement" dated June 30, 2004 (the "First Amendment"), and 

        WHEREAS,
Licensor and Licensee desire to make certain additional amendments to the said Master License Agreement as previously amended by the First Amendment (the Master License
Agreement as previously amended, the "MLA"). 

        NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and intending to be legally bound
hereby, Licensor and Licensee agree as follows: 

	1)
	Recitals, Defined Terms. The foregoing recitals are incorporated herein by reference. Capitalized terms herein shall have the meanings
set forth in the MLA, except as clearly provided herein to the contrary.

	2)
	Additional Defined Terms and Amendments to Defined Terms. The following amendments are made to Article 1 "DEFINITIONS" of the
MLA:   

	a)
	The
following definitions are added:
 

        "Commencement of Installation" For each Site, the date on which a building permit is issued, or if no building permit is required, the
date on which a purchase order is issued for installation of the Equipment at the Site. 

        "Intermodulation Study" A study to determine whether an RF interference problem may arise, as described in Section 2.1.1. 

        "Intermodulation Study Fee" The fee to defray the cost of an Intermodulation Study, as described in Section 2.1.1. The
Intermodulation Study Fee shall not exceed the cost incurred by Licensor to perform, or cause to be performed, the Intermodulation Study. 

        "Landlord" The landlord or lessor under a Prime Lease. 

        "Major Modification" With respect to the applicable Site, any (i) modification to Licensee's Equipment as specified in the SLA or
the approved Site Engineering Application that causes Equipment to occupy space outside of the boundaries of the Facilities; (ii) modification that causes Equipment that is larger in size or
weight than the Equipment originally described in the approved Site Engineering Application; (iii) additions to the frequency channels or ranges specified in the Site Engineering Application,
or increases in the power levels from those specified in the Site Engineering Application or authorized in the 

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SLA;
or (iv) repair or modification to the Equipment that affects tower loading capacity, including, without limitation, the installation of Equipment with a greater "sail area" than the
Equipment originally described in the approved Site Engineering Application. 

        "Major Modification Application Fee" The fee assessed, if any, by Licensor to defray Licensor's overhead and other costs in evaluating a
Site Engineering Application for a Major Modification, not to exceed Seven Hundred Fifty Dollars ($750). 

        "Modification" As used in Section 6.2.1 of the MLA, any (i) modification to Licensee's Equipment as specified in an SLA or
an approved Site Engineering Application (other than modifications that are entirely within Licensee's Equipment cabinets within the Facilities on the ground, alterations in the frequency ranges or
power levels authorized in the SLA, or changes in Licensee's technology protocol (e.g. GSM, CDMA, TDMA, iDEN, etc.)); (ii) addition of Equipment within additional space, or occupation of
additional space, or relocation, on the tower, ground space or equipment shelter space (other than within the Facilities located on the ground); or (iii) repair to the Equipment that affects
tower loading capacity. 

        "Revenue Share Reimbursement" An amount to be paid by Licensee to Licensor, together with the monthly installments of the Basic Annual
Payment, for every Revenue Share Site. The Revenue Share Reimbursement shall be an amount that is sufficient to cause Licensor to retain, after remitting the Revenue Share Reimbursement to the
Landlord, the monthly payment that Licensor would receive under this MLA if the subject Site was not a Revenue Share Site. 

        "Revenue Share Site" Any Site where Licensor is required, by the terms of the Prime Lease, to remit to the Landlord, a portion of the fees
received by Licensor from third party users of the Site. 

        "Revenue Split Payment" The payment or payments required to be made directly to the Landlord of a Revenue Split Site by a third party user
of the Site, pursuant to the terms of the Prime Lease. 

        "Revenue Split Site" Any Site where the Prime Lease requires that payments be made directly to the Landlord by any third party users of
the Site. 

        "Second Amendment" The Second Amendment to the MLA made and entered into as of the 22nd day of December 2004, by and between
Licensor and Licensee. 

        "Structural Analysis" The engineering analysis performed to determine the physical, structural capacity of a tower to accommodate
specified Equipment, considering factors such as weight, wind loading and physical space requirements. 

        "Structural Analysis Fee" The fee charged to defray the cost of obtaining a Structural Analysis. The Structural Analysis Fee shall be
$1,500.00 in the case of monopole towers and self-supporting towers and $1,800.00 in the case of guyed towers. 

        "Temporary Term" The term of any special SLA which contemplates the temporary installation of Equipment, which term shall be agreed upon
by the parties hereto and set forth on the face of the special SLA." 

	b)
	The
definition of "Extraordinary Site Development Costs" is hereby amended and restated in its entirety to read as follows: 

        "Extraordinary Site Development Costs" Costs incurred for development, construction or operation of a Site in excess of costs normally
expended, including, but not limited to, extraordinary work for design and construction of foundations, roads, or walls at Sites that present difficult construction conditions or challenging
engineering requirements, "stealth" 

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tower
structures, unusual site litigation expenses for protracted disputes or multiple appeals, lighting systems for towers at or higher than five hundred (500) feet, contract expenses with
third parties required by the Prime Lease and existing as of the SLA Commencement Date, and payments to the Landlord to obtain consent to locate users at a Site; provided, however, that
notwithstanding the foregoing, costs related to any structural modification to a tower necessary to accommodate Equipment and costs related to the expansion of a Site necessary to accommodate
Equipment shall not be deemed to constitute Extraordinary Site Development Costs and shall be negotiated on a Site-by-Site basis." 

	c)
	The
definition of "Prime Lease" is hereby amended and restated in its entirety to read as follows: 

        "Prime Lease" The lease or other agreement between a Landlord and Licensor (or Licensor's predecessor in interest) from which Licensor
derives its rights in a Site." 

	d)
	The
definition of "Pro Rata Share" is modified by deleting the words and numbers "fifty percent (50%)" and replacing them with the words and numbers "twenty-five percent
(25%)".

	e)
	The
definition of "Site Engineering Application" is hereby amended and restated in its entirety to read as follows: 

        "Site Engineering Application" The application form set forth in Exhibit "A" of this Agreement which shall be submitted to Licensor by
Licensee when Licensee desires to license Facilities at a Site or make a Major Modification to its Equipment at a Site (except as otherwise set forth in Section 2.2 of this Agreement), and
which shall be incorporated into the subject SLA, or amendment to SLA, as the case may be." 

	f)
	The
definition of "SLA" is modified by deleting the word "Schedule" and replacing it with the word "Exhibit".

	g)
	The
definition of "SLA Term" is hereby amended and restated in its entirety to read as follows: 

        "SLA Term" The period beginning on the SLA Commencement Date for which the Facilities are licensed to Licensee, and running as set forth
on the face of the SLA, including, without limitation, special SLAs." 

	h)
	The
definition of "SLA Commencement Date" is hereby amended and restated in its entirety to read as follows: 

        "SLA Commencement Date" The SLA Commencement Date shall be the earlier of: (I) first day of the month following the earlier of:
(a) the month in which Commencement of Installation occurs; or (b) the ninetieth (90th) day after the date of execution of the SLA by both parties; or (II) a
specific date to which both parties agree and which is specified on the face of the SLA, and which must be the first day of a month." 

	i)
	Exhibit
"B" to the MLA is deleted in its entirety and replaced with amended Exhibit "B" attached to this Second Amendment.   

	3)
	Licensee Application. Section 2.1 "Licensee Application" of the MLA is deleted in its entirety. A new Section 2.1 "Site
Engineering Application" is hereby added to the MLA to read as follows: 

        "2.1    Site Engineering Application. Licensee shall apply to license the Facilities at any Site by submitting a Site
Engineering Application to Licensor, together with the Site Application Fee of $1,500.00. The Site Application Fee shall be reimbursed to Licensee upon rejection of the subject Site Engineering
Application by Licensor. The Site Application Fee shall be retained by Licensor in the event the subject Site Engineering Application is withdrawn by Licensee. The Site Application Fee shall be
credited to the Basic Annual Payment upon full execution of the subject SLA. 

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        2.1.1    A
Structural Analysis may be required to be performed (by independent or Licensor's in-house engineers) to determine whether the subject tower can
accommodate Licensee's proposed Equipment. Licensee shall remit to Licensor the Structural Analysis Fee to defray the cost of said Structural Analysis, if required. 

        2.1.2    If
any Site Engineering Application fails to include an Intermodulation Study or if the Intermodulation Study included with a Site Engineering Application fails to
demonstrate that Licensee's occupation of the tower will not cause harmful interference to Prior Users, Licensor may conduct an Intermodulation Study to determine that the proposed occupation of the
Site will not cause harmful interference to Prior Users. Licensee shall pay to Licensor an Intermodulation Study Fee of no greater than the actual cost of the intermodulation study actually performed.
Licensor shall specify the fee for any such Intermodulation Study prior to the study being performed. 

        2.1.3    Within
ten (10) days after receipt of a Site Engineering Application, Licensor shall notify Licensee if a Structural Analysis or an Intermodulation Study, or
both, is or are necessary to the approval of the Site Engineering Application. Within five (5) days after receipt of notification of the need for a Structural Analysis or an Intermodulation
Study or both, Licensee may withdraw the Site Engineering Application." 

	4)
	Licensor's Obligation. Section 2.2 "Licensor's Obligation" of the MLA is re-designated as Section 2.3.

	5)
	Site Engineering Application for Major Modifications. A new Section 2.2 "Licensee Application for Major Modifications" is hereby
added to the MLA to read as follows: 

        "2.2    Licensee Application for Major Modifications . Licensee shall apply to make Major Modifications by submitting a Site
Engineering Application to Licensor. Upon receipt of a Site Engineering Application specifying a Major Modification, Licensor shall advise Licensee of the Major Modification Application Fee to be
charged to process the Site Engineering Application. Notwithstanding the foregoing, no Site Engineering Application will be required and no Major Modification Application Fee will be charged for
modifications relating solely to modifications which are not Major Modifications, and provided further that no Major Modification Application Fee will be charged for modifications relating solely to
changes in frequency channels or ranges specified in the previous Site Engineering Application or authorized in the SLA, increases in the power levels specified in the previous Site Engineering
Application or authorized in the SLA, or changes in Licensee's technology protocol (e.g. GSM, CDMA, TDMA, iDEN, etc.). 

        2.2.1    As
a condition to approval of a Site Engineering Application for a Major Modification, Licensor may require a Structural Analysis or an Intermodulation Study. If
Licensor requires either or both a Structural Analysis or an Intermodulation Study, it shall follow the procedures set forth in Sections 2.1.1 and 2.1.2, as applicable. 

        2.2.2    Any
approved Major Modification shall be evidenced by an amendment to the SLA for the Site at which the Major Modification was approved, and the approved Site
Engineering Application describing the Major Modification shall be an exhibit to the amended SLA." 

	6)
	Conditions Precedent to Installation or Modification of Equipment and Commencement of an SLA or SLA Amendment. A new Section 2.5
"Conditions Precedent to Installation or Modification of Equipment and Commencement of an SLA or SLA Amendment" is hereby added to the MLA to read as follows: 

        "2.5  Conditions Precedent to Installation or Modification of Equipment and Commencement of an SLA or SLA Amendment. Notwithstanding
anything to the contrary herein, the parties agree that Licensee's rights to use the subject Site under an SLA shall not become effective, and initial installation or installation of a Major
Modification of the Equipment at a Site shall not commence 

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until
the following conditions are satisfied: (i) Licensor has received any written consent required under the Prime Lease to allow Licensor to license the Facilities to Licensee;
(ii) if otherwise required under this MLA, a Site Engineering Application has been approved by Licensor; (iii) if otherwise required under this MLA, Licensor has received and approved
Licensee's drawings showing the proposed installation; (iv) Licensor has reviewed and accepted all permits obtained by Licensee for its installation or Modification of the Equipment and all
required regulatory or governmental approvals of Licensee's proposed use of the Site; and (v) Licensor has received a waiver of any applicable rights of first refusal in and to the Facilities
that Licensee identifies in the Site Engineering Application. If any applicable condition precedent is not satisfied within sixty (60) days after the SLA Commencement Date, or the date of the
SLA amendment or within such other period as may be specified in the subject SLA or SLA amendment, Licensee shall thereafter (unless and until the subject condition precedent is satisfied) have the
right to terminate the subject SLA or SLA amendment without continuing liability. If any applicable condition precedent is not satisfied within two hundred seventy (270) days after the SLA
Commencement Date, or the date of the SLA amendment or within such other period as may be specified in the subject SLA or SLA amendment, Licensor shall thereafter (unless and until the subject
condition precedent is satisfied) have the right to terminate the subject SLA or SLA amendment without continuing liability. The terminating party shall provide ten (10) days written notice to
the other party in the event that the SLA or amendment to SLA is terminated due to failure to satisfy conditions precedent and Licensee shall ensure that any of its personal property, including the
Equipment, is removed from the Site (or in the case of a Modification, the Modification is eliminated) within thirty (30) days after the date of the notice of termination. Any personal property
and Equipment not removed from the Site before the thirty-first (31st) day after the date of the notice of termination shall be deemed to have been abandoned by Licensee. Licensor shall
endeavor to obtain, and Licensee shall cooperate to assist in obtaining, prompt satisfaction of any conditions precedent." 

	7)
	Special SLAs. The following is hereby added to the MLA as Section 2.6: 

        "2.6
Special SLAs. If desired by Licensee, special SLAs shall be available for the temporary installation of microwave Equipment for
Temporary Terms in accordance with the provisions of Section 4.2.3 and Exhibit "C", and such other terms as may be mutually acceptable to Licensor and Licensee." 

	8)
	Site Use. Article 3 "SITE USE" of the MLA is modified by deleting the first sentence and replacing it with the following:
"Licensor hereby grants to Licensee and its affiliate, UbiquiTel Operating Company, the exclusive right, license and privilege to use the Facilities at each Site." 

        Article 3
"SITE USE" of the MLA is further modified by adding the following to the end of Article 3: "; "Licensor shall be named as co-applicant on any zoning
application or amendment that Licensee submits to the applicable zoning authority in relation to its installation or modification of Equipment at the Site. Licensee must provide Licensor with copies
of any such zoning application or amendment at least seventy-two (72) hours prior to submission to the applicable zoning authority, and Licensor reserves the right to require
revisions to any such zoning application or amendment. Licensor also reserves the right, prior to any decision by the applicable zoning authority, to approve or reject any conditions of approval,
limitations or other obligations that would apply to the owner of the Site or property, or any existing or future Site licensee, as a condition of such zoning authority's approval. Licensee shall be
solely responsible for all costs and expenses associated with (i) any zoning application or amendment submitted by Licensee, (ii) making any improvements or performing any other
obligations required as a condition of approval with respect to same and (iii) any other expenses necessary to obtain a required governmental authorization to occupy the Facility as specified
in the Site Engineering Application. Licensee agrees that any Modification requires an amendment to the SLA." 

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	9)
	Term
of Agreement. Section 4.1 "Term of Agreement" of the MLA is hereby amended and restated in its entirety to read as follows: 

        "4.1    Term of Agreement.    Licensor and Licensee agree that no additional Sites shall be licensed to Licensee under
this MLA after December 31, 2006. All terms and conditions of this MLA, as amended, shall survive for so long as any SLA remains in effect." 

	10)
	SLA Term.    Section 4.2 "SLA Term" of the MLA is hereby amended and restated in its entirety to read as follows:  

        "4.2    SLA Term.    Each Site licensed by Licensor to Licensee pursuant to an SLA shall be
licensed at Licensee's election: 

        4.2.1    for
an initial SLA Term of five (5) years, beginning on the SLA Commencement Date ("5-year SLA"). The term of each 5-year SLA shall
automatically be extended, without necessity of notice, for four (4) immediately successive renewal terms of five (5) years each, unless either party has given the other party no less
than ninety (90) days' prior written notice, in accordance with Section 24 of this Agreement, of its intention not to renew the SLA; 

        4.2.2    for
an initial SLA Term of ten (10) years, beginning on the SLA Commencement Date ("10-year SLA"). The term of each 10-year SLA shall
automatically be extended, without necessity of notice, for three (3) immediately successive renewal terms of five (5) years each, unless either party has given the other party no less
than ninety (90) days' prior written notice, in accordance with Section 24 of this Agreement, of its intention not to renew the SLA; or 

        4.2.3    in
the case of special SLAs for the temporary installation of microwave Equipment, for the Temporary Term. 

        Notwithstanding
the foregoing, if Licensor's rights in the Site are derived from a Prime Lease or other agreement with a third party and such Prime Lease has a shorter term than those
provided for under this Section 4.2, then the SLA Term and Licensee's right to extend any particular SLA shall only be for as long as Licensor retains its interest in said Prime Lease.
Licensor, at its sole discretion, shall use reasonable commercial efforts to renew or extend any Prime Lease for which Licensee's SLA is in effect and has a remaining term of twelve (12) months
or more. In no event, however, is Licensor obligated to Licensee for any inconvenience, damage, claim or loss arising out of Licensor's failure to extend or renew said Prime Lease." 

	11)
	Monthly Installments of Basic Annual Payments.    Exhibit "C" to the MLA (as referred to in Section 5.1 of the MLA) is
deleted in its entirety and replaced with amended Exhibit "C" attached to this Second Amendment.

	12)
	Fee Adjustment.    Section 5.2 "Fee Adjustment" of the MLA, as amended by the First Amendment, is hereby amended and
restated in its entirety to read as follows: 

        "5.2    Fee Adjustment.    The Basic Annual Payment for each SLA shall be increased (but never decreased) on
January 1, 2005 and every January 1 thereafter (the "Adjustment Date") by an amount equal to the greater of three percent (3%) or the increase in the Consumer Price Index for the
applicable period. Licensor's failure to timely demand any such increase shall not be construed as a waiver of any right thereto and Licensee shall be obligated to remit all increases notwithstanding
any lack of notice or demand thereof. The adjustment to the Basic Annual Payment shall be calculated by the following formula: 

The
adjusted Basic Annual Payment = the greater of: Base Fee × 103% or (IR/IL) × Base Fee. 

"Base
Fee" shall mean the then current Basic Annual Payment. 

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"IR"
is the Consumer Price Index for the month which is five (5) months preceding the Adjustment Date (i.e. August of the prior year). 

"IL"
is the Consumer Price Index for the month which is seventeen (17) months preceding the Adjustment Date (i.e. July of the year preceding the prior year)." 

	13)
	Licensee's Share of Site Maintenance Expenses.    The following is hereby added to the MLA as Section 5.4.4: 

        "5.4.4
Notwithstanding anything in the MLA or the First Amendment to the contrary, Licensee shall not be obligated to pay any portion of Site Maintenance Expenses for any Site for which
the applicable SLA is entered into on or after the date of execution by both parties of the Second Amendment or for any Site for which the applicable SLA expressly provides that Licensee shall have no
obligation to pay any Site Maintenance Expense." 

	14)
	Extraordinary Site Development Costs.    Section 5.5 "Extraordinary Site Development Costs" of the MLA is hereby
amended and restated in its entirety to read as follows: 

        "5.5    Extraordinary Site Development Costs.    In the event that Licensee elects to execute a SLA for any Site where
Licensor has previously incurred any Extraordinary Site Development Costs, Licensor shall identify such costs to Licensee in writing in advance of processing the Site Engineering Application for the
applicable Site. Licensee shall pay to Licensor on the SLA Commencement Date, the Pro Rata Share of the Extraordinary Site Development Costs related to the development and operation of the applicable
Site. Licensee shall not be responsible for the payment of a Pro Rata Share of Extraordinary Site Development Costs prior to execution of a SLA unless agreed to in writing by Licensee." 

	15)
	Revenue Share Reimbursement.    The following is hereby added to the MLA as Section 5.11: 

        "5.11    Revenue Share Reimbursement.    Licensee shall pay a Revenue Share Reimbursement, in addition to, and
together with the monthly installment of Basic Annual Payment, for every Revenue Share Site that is licensed pursuant to an SLA. Licensor shall provide Licensee with documentation of the terms in the
Prime Lease or any other document that requires Licensor to share a portion of the fees, prior to processing any Site Engineering Application submitted by Licensee. If Licensee does not accept the
Revenue Share Site requirements, it shall withdraw its Site Engineering Application for the Revenue Share Site by providing notice to Licensor within ten (10) days after receipt of the
documentation of the Revenue Share Site requirements. Licensor shall return the Site Engineering Application and any Site Application Fee paid by Licensee to Licensee within five (5) days of
receipt of Licensee's notice of withdrawal of the Site Engineering Application." 

	16)
	Revenue Split Payments.    The following is hereby added to the MLA as Section 5.12; 

        "5.12    Revenue Split Payments.    Licensee shall make Revenue Split Payments directly to the Landlord, as required
by the terms of the Prime Lease for every Revenue Split Site that is licensed pursuant to an SLA. Licensor shall provide Licensee with documentation of the terms in the Prime Lease or any other
document that requires Licensee to tender payment to the Landlord, prior to processing the subject Site Engineering Application submitted by Licensee. If Licensee does not accept the Revenue Split
Site requirements, it shall withdraw its Site Engineering Application for the Revenue Share Site by providing notice to Licensor within ten (10) days after receipt of the documentation of the
Revenue Split Site requirements. Licensor shall return the Site Engineering Application and any Site Application Fee paid by Licensee to Licensee within five (5) days of receipt of Licensee's
notice of withdrawal of the Site Engineering Application. 

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	17)
	Construction Management.    Section 6.2.1 "Initial Installation Services" and Section 6.2.2 "Subsequent
Installation or Modification" of the MLA are hereby amended and restated in their entirety to read as follows: 

        "6.2.1    Construction Management.    Licensor shall have the right to submit a bid to Licensee to act as project
manager for the installation and Modification of Licensee's Equipment. In the event that Licensor is chosen to act as project manager for the initial installation or any Modification of Equipment,
then Licensor shall reimburse the Site Application Fee, or the Major Modification Application Fee if any, to Licensee. In the event that Licensor is not chosen to act as project manager for the
initial installation or any Modification of Equipment, then Licensee must use a contractor approved by Licensor to perform such work. Further, in the event that Licensor is not chosen to act as
project manager for the initial installation or any Modification of Equipment, then Licensee shall pay to Licensor a Site Audit Fee in the sum of $2,500.00 upon completion of the subject installation
or any Modification work to defray Licensor's costs related to inspection of the subject tower and Site upon completion of such work, provided however, said fee shall not be payable where the subject
work consisted solely of the removal of existing Equipment. 

        6.2.2    Approval of Drawings.    Licensee shall review and either accept or reject any construction drawings prepared
by Licensor within ten (10) days of the date they are submitted for review by Licensor. In the event that Licensee fails to accept or reject said drawings within said ten (10) day
period, they shall be deemed to have been accepted, and Licensor may commence construction." 

	18)
	Site Access.    Section 6.2.7 "Site Access" of the MLA is hereby amended and restated in its entirety to read as
follows: 

        "6.2.7    Site Access.    Licensee shall have access to any Site and to any tower structure at any Site
twenty-four (24) hours per day, seven (7) days per week, upon prior notice to Licensor, except in the case that Licensee requires emergency access to any Site or any tower
structure at any Site to correct any condition causing or threatening to cause immediate harm to the Equipment or Licensee's network, in which case prior notice shall not be required. Licensee's
access to any Site or the tower structure at any Site on an emergency basis shall not relieve Licensee of any obligation or liability hereunder. Licensee acknowledges that the foregoing access rights
are subject to any restrictions set forth in the Prime Lease. Licensor shall furnish Licensee with necessary codes or devices such as keys or combinations for the purpose of ingress and egress to the
Site. The foregoing rights of access are limited to employees or contractors of Licensee which have been previously approved by Licensor in writing or persons under their direct supervision. No other
persons without Licensor's prior approval shall be permitted by Licensee on any Site." 

	19)
	Utilities.    Article 13 "UTILITIES" of the MLA is hereby deleted in its entirety and replaced by the following: 

        "13.    UTILITIES.    

        Licensee
shall be responsible for the installation of all utilities at a Site used by Licensee and for the payment of all costs associated with the installation and the consumption of
utilities directly attributable to Licensee's use of a Site. Licensor may provide electric metering and billing services to Licensee for its use at a Site at rates not exceeding those that would be
charged Licensee for such utilities by the local utility provider to direct customers, in which case Licensor shall incur no liability whatsoever in the event that any utility becomes unavailable,
provided that such unavailability has not resulted from Licensor's negligence." 

8

 

	20)
	Assignment and Sublease.    The first paragraph of Article 20 "ASSIGNMENT AND SUBLEASE" of the MLA is hereby deleted
in its entirety and replaced by the following: 

        "Neither
this Agreement nor any SLA may be sold, assigned, transferred, subleased or shared, in whole or in part, by Licensee without prior written approval or consent of Licensor, which
consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, Licensee may, upon thirty (30) days' prior written notice to Licensor, assign, transfer or
sublease its entire interest in this Agreement or any SLA to its parent company, any wholly owned subsidiary or wholly owned affiliate of its parent company, or to any
successor-in-interest or entity acquiring a controlling interest in its stock or assets, without the necessity of obtaining the consent of Licensor. Licensee represents and
warrants that Licensee is authorized to operate its system under its agreements and FCC rules, regulations and policies applicable to the Equipment installed at a Facility pursuant to this Agreement.
Licensee specifically covenants to not, at any Facility, install any combiner or other multiple frequency antenna device or more than one (1) transmission line to any antenna without Licensor's
prior written consent to each and every one." 

	21)
	Termination.    Article 29 "TERMINATION" of the MLA is hereby amended and restated in its entirety to read as follows: 

        "29.    TERMINATION    

        29.1    Termination of Agreement by Mutual Consent or Upon Licensee's Default.    Except as provided below, this
Agreement shall not be terminated prior to expiration, except by mutual written consent of the parties, or, in the case of an Event of Default by Licensee, upon termination by Licensor. 

        29.2    Termination of Agreement Upon Licensor's Default.    Licensee may terminate this Agreement or any SLA pursuant
to the provisions of Section 16.3. 

        29.3    Termination Upon Termination of Permit.    In the event any previously approved zoning or other permit of a
Government Entity affecting the use of the Site as a communications facility is withdrawn or terminated, the SLA relating to the Site covered by said permit or approval shall be deemed to have been
terminated, without continuing liability for either party, effective as of the date of the termination of the permit or approval. 

        29.4    Additional Termination Rights.    In the event that the Prime Lease terminates for any reason, the applicable
SLA shall be deemed to have terminated effective as of the date of the termination of the Prime Lease. Licensee may terminate a SLA at any time by no less than ten (10) days' prior written
notice to Licensor, in advance of the termination date, without further liability, if Licensee does not obtain all permits or other approvals (collectively, "approval") required from any Government
Entity or any easements required from any third party to operate its Facility, or if any such approval or easement is canceled, expires or is withdrawn or terminated, so long as any such cancellation,
withdrawal or termination is not a result of any act or omission by Licensee. 

        29.5    Termination During Renewal Terms of SLAs.    At any time during any renewal term, either party may terminate
an SLA by providing written notice, in accordance with Section 24 of this Agreement, to the other party of its intent to terminate. The affected SLA will be terminated, without continuing
liability for either party, as of the date which is one (1) year from the date on which the non-terminating party received the notice of termination provided that the terminating
party is then current in its obligations to the other party hereunder." 

	22)
	Effect of Amendment.    Except as amended hereby, and by the First Amendment, the MLA shall remain in effect in accordance
with its terms. 

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[SIGNATURE PAGE FOLLOWS]  

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        IN
WITNESS WHEREOF, the parties hereto have set their hands and affixed their respective seals the day and year first above written. 

	
Licensor

CROWN ATLANTIC COMPANY LLC,

a Delaware limited liability company	
 	

Licensee

UBIQUITEL LEASING COMPANY,

a Delaware corporation
 
	

By:	
 	

	
 	

By:	
 	

	Print Name:	 	Edward W. Wallander	 	Print Name:	 	David L. Zylka
	Title:	 	President	 	Title:	 	Chief Technology Officer
	
CROWN CASTLE PT INC.,

a Delaware corporation	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Print Name:	 	Edward W. Wallander	 	 	 	 
	Title:	 	President	 	 	 	 
	
CROWN CASTLE SOUTH LLC,

a Delaware limited liability company	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Print Name:	 	Edward W. Wallander	 	 	 	 
	Title:	 	President	 	 	 	 
	
CROWN CASTLE GT COMPANY LLC,

a Delaware limited liability company	
 	

 	
 	

 
	
By:	
 	

	
 	

 	
 	

 
	Print Name:	 	Edward W. Wallander	 	 	 	 
	Title:	 	President	 	 	 	 
	
CROWN COMMUNICATION INC.,

a Delaware corporation	
 	

 	
 	

 
	
By:	
 	

	
 	

 	
 	

 
	Print Name:	 	Edward W. Wallander	 	 	 	 
	Title:	 	President	 	 	 	 

11

QuickLinks

EXHIBIT 10.27

SECOND AMENDMENT TO MASTER LICENSE AGREEMENTExhibit
10.5

 

THIS
AGREEMENT is dated                  and
made

 

BETWEEN:

 

(1)                               ,
a company duly incorporated in the Republic of                        and
having established an office in Greece (                              )
pursuant to Law 89/1967 as replaced and in force, legally represented by                                  (hereinafter
called the “Managers”); and

 

(2)                                         ,
a company duly incorporated in the Republic of                         and
having its registered office at                         (hereinafter
called the “Company”).

 

AND
IT IS HEREBY AGREED as follows:

 

1. (Representations).

 

1.1. Each of the contracting parties
represents and warrants that it has been incorporated and duly organised and
validly existing and in good standing under the laws of its respective country
of incorporation and that the legal representative signing for the respective
party has been duly authorised by the proper corporate body for the execution
of this Agreement.

 

1.2. The Company represents and warrants to
the Managers that it is (and/or that on closing will be) the parent company,
holding 100% of the share capital of the companies (the “Owners”) listed below
owing the vessel indicated below next to the name of the respective Owner:

 

(a) “                              ”
registered owner of m/v “                 ”
under               
flag, grt              
tons, net                   
tons;

(b) “                              ”
registered owner of m/v “                 ”
under               
flag, grt              
tons, net                   
tons; and

(c) “                               ”
registered owner of m/v “                 ”
under               
flag, grt              
tons, net                   
tons.

 

The above vessels are hereinafter called
collectively the “Vessels”.

 

1.3. The Company is in the process of
preparing the file to be submitted together with the application for the
listing of its shares on the New York Stock Exchange and this Agreement is
signed within the context of the said file.

 

2. (Appointment of Managers).

 

2.1. The Company hereby appoints and
undertakes to ensure that the Owners will appoint and/or renew the appointment
of the Managers as managers of the Vessels and the Managers hereby agree to act
as the manager of the Vessels pursuant to the terms of this Agreement and shall
carry out the management services with sound shipmanagement practice and the
specific terms and conditions set out in the management agreement attached
hereto as Appendix A (the terms of which will constitute substantially the
terms of the specific management agreements to be made between each Owner and
the Managers (the “Management Agreements”)). In case that the Company becomes
the parent company of other Owners whether such Owners have Vessels in
operation or under construction, the Company shall appoint the Managers (and it
shall procure and ensure that these Owners will appoint the Managers as)
managers of such new Vessels and Owners under the same terms.

 

1

 

3. (Management services).

 

3.1. Pursuant to the terms of the Management
Agreements, the Managers shall provide the Owners with suitable qualified crew,
technical management and commercial management for the Vessels and shall
arrange for insurances to be obtained for the Vessels, shall arrange so that an
accounting system be established so as to meet the requirements of the Owners
and provide regular accounting services and shall present on an annual basis
for approval by the Owners a budget for the following twelve (12) months and
shall arrange for the supply of provisions, bunker fuel and lubricants and
generally will provide all such management services which are referred to in
Appendix A and which will be included in the Management Agreements.

 

3.2. It is specifically agreed that the
Managers will arrange, in accordance with the Owners’ instructions supervise
the sale or purchase of the Vessels, and shall provide the commercial operation
of the Vessels, as required by the Owners, including but not limited to the
chartering services and the employment of the Vessels in general, arranging for
the proper payment to Owners of the hire and/or other moneys to which Owners
may be entitled out of the employment of the Vessels.

 

3.3. The Managers in the context of the
management services in relation to the Vessels will act vis-à-vis third parties
as agent acting in the name and on behalf of the Owners. The Managers shall
have the power to carry out such services incidental to the management services
as the Managers, at their sole discretion, shall consider necessary. The
responsibility of the Managers vis-à-vis the respective Owner is set out in the
specific terms and conditions of the respective Management Agreement.

 

4. (Obligations of the Managers).

 

4.1. The Managers undertake to comply with
all the terms of the Management Agreement and to manage the Vessels in
compliance with the rules and regulations applied to the Owners and so as to
enable the Owners and the Company to comply with any act, regulation including
but not limited to any act regulating the listing of shares of the Company on
the New York Stock Exchange and any other related legislation to the extent
that the provisions thereof apply to the Management Services.

 

4.2. In compliance with the above, the
Managers undertake to keep books and information, to draw the financial
statements required, make reports and provide the internal and independent
auditors of the Owners and/or of the Company with such information and
documents as may reasonably required by them in relation to the Management
Agreements and in particular with the accounting services referred to in Clause
3.5 of the Management Agreements, services relating to the establishment of the
budgets and the management of funds in accordance with Clause 9 of the
Management Agreements, the income of the Vessels to be collected and the
expenses to be paid on behalf of the Owners.

 

4.3. The Company will remain liable vis-à-vis
the New York Stock Exchange, the Security Commission and other bodies as well
as vis-à-vis the investors in respect of the compliance of its obligations in
accordance with any act, regulation, including but not limited to any act
regulating the listing of shares of companies on the New York Stock Exchange
and will notify the Managers of any announcement, publication or any other
action required to be made or prepared by the Managers under law.

 

4.4. The Managers shall also perform any
other managerial functions and/or duties which are necessary for the
performance by the Company of any of its obligations under the rules or
regulations applicable to it especially those connected with its listing on the
New York Stcok Exchange.

 

2

 

4.5. The Managers shall provide free of
charge office space and secretarial facilities to the Officers and Executives
of the Company allowing them to perform their duties to the Company.

 

5. (Remuneration).

 

5.1. The Remuneration of the Managers for the
management of the Ships shall be fixed in the Management Agreements.

 

6. (Notices).

 

6.1.
Every notice, request, demand or other communication under this Agreement shall
be in writing, delivered personally or by fax or shall be served through a
process server to the address specified at the beginning of this Agreement.

 

7. (Governing Law and Arbitration).

 

(a) This Agreement shall be governed by and
construed in accordance with English law and any dispute arising out of or in
connection with this Agreement shall be referred to arbitration in London in
accordance with the Arbitration Act 1996 or any statutory modification or
re-enactment thereof save to the extent necessary to give effect to the
provisions of this Clause.

 

(b) The arbitration shall be construed in
accordance with the London Maritime Arbitrators Association (LMAA) Terms
current at the time when the arbitration proceedings are commenced.

 

(c) The reference shall be to three
arbitrators. A party wishing to refer a dispute to arbitration shall appoint
its arbitrator and send notice of such appointment in writing to the other
party requiring the other party to appoint its own arbitrator within 14
calendar days of that notice and stating that it will appoint its arbitrator as
sole arbitrator unless the other party appoints its own arbitrator and gives
notice that it has cone so within the 14 days specified. If the other party
does not appoint its own arbitrator and give notice that it has done so within
the 14 days specified, the party referring a dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint
its arbitrator as sole arbitrator and shall advise the other party accordingly.
The award of a sole arbitrator shall be binding on both parties as if he had
been appointed by agreement. Nothing herein shall prevent the parties agreeing
in writing to vary these provisions to provide for the appointment of a sole
arbitrator.

 

(d) In cases where neither the claim nor any
counterclaim exceeds the sum of USD 50,000 (or such other sum as the parties
may agree) the arbitration shall be conducted in accordance with the LMAA Small
Claims Procedure current at the time when the arbitration proceedings are
commenced.

 

IN
WITNESS whereof the parties hereto have caused this Agreement to be duly
executed the day and year first above written.

 

	
  SIGNED
  by

  
	
   

  	
   

  	
   

  
	
  for
  and on behalf of

  
	
  the
  Managers

  
	
   

  
	
   

  
	
  SIGNED
  by

  
	
   

  	
   

  	
   

  
	
  for
  and on behalf of

  
	
  the
  Company

  
	
   

  

 

3

 

Appendix 1

 

THIS AGREEMENT is
made the [   ] of [   ] 2004 between [  ], whose Registered Office is at [   ] (hereinafter called the “Owners”), of the
one part and DIANA SHIPPING SERVICES S.A., whose
Registered Office is at Edificio “CENTRO MAGNA CORP.’, Ave. Manuel Ma. de Ycaza
y Calle 51, Panama, Republic of Panama (hereinafter called the “Manager”), of
the other part,

 

WHEREBY IT IS MUTUALLY AGREED BY AND BETWEEN THE
PARTIES AS FOLLOWS: -

 

1.                                      THE OWNERS hereby appoint the Manager, and the Manager hereby agrees
to act, as sole and exclusive manager of the vessel more particularly described
in the Schedule hereto (hereinafter called the “Ship”) for the period and
on and subject to the terms and conditions hereinafter contained.

 

2.                                      THE MANAGER undertakes to use its best endeavours to manage the Ship
on behalf of the Owners in accordance with sound ship management practice and
to promote the interests of the Owners in all matters relating to the efficient
operation and management of the Ship PROVIDED, HOWEVER, that the Manager shall
not be required so to exercise its powers hereunder as to give preference in
any respect to the Owners, it being understood and agreed that the Manager
shall so far as practicable ensure a fair distribution of available manpower,
supplies, and services to all vessels managed by it.

 

3.                                      THE MANAGER shall provide the
management services specified hereunder and shall have power in the name of the
Owners or otherwise on their behalf to do all things which the Manager consider
to be expedient or necessary for the provision of the said services or
otherwise in relation to the proper and efficient management of the Ship:-

 

(a)                               Arrangement for and supervision
of the maintenance, survey, and repair of the Ship;

 

(b)                               Engagement and provision of crew (Masters, Officers, and ratings)
and attendance to all matters pertaining to discipline, labour relations,
welfare, and amenities;

 

(c)                                Arrangement for victualling and
storing of the Ship and placing of contracts relative thereto;

 

(d)                               Arrangement of bunker fuel and towage contracts for the Ship;

 

(e)                                Arrangement of loading and discharging and otherwise for services
required in connection with the trading of the Ship;

 

(f)                                   Appointment of agents for the
Ship;

 

(g)                               Arrangement (in consultation with the Owners) of all insurance
relating to the Ship and her apparel, fittings, freights, earnings, and
disbursements against the customary marine and war risks;

 

(h)                               Arrangement (in accordance with instructions from the Owners) for
entry of the Ship in Protection and Indemnity, Defence, and other such
Associations;

 

4

 

(i)                                       Handling and settlement of all insurance, average, salvage, and
other claims in connection with the Ship;

 

(j)                                   To deposit any and all earnings of the Ship of any nature
whatsoever, including but not limited to charter money, hire, freight,
demurrage, damages, salvage money, etc., with bank accounts as specified by the
Owners; and

 

(k)                               Payment on behalf of the Owners of all expenses incurred in and
about provision of the foregoing services or otherwise in relation to the
proper and efficient management of the Ship.

 

PROVIDED HOWEVER that the Manager shall not
be concerned in any manner whatsoever with the conduct or conclusion of
negotiations for the making of charter-parties or other contracts relating to
the employment of the Ship, the power to conduct and conclude all such
negotiations being hereby expressly and exclusively reserved to the Owners,

 

PROVIDED that if the Owners intend to employ
the Ship in any trade or service which in the reasonable opinion of the Manager
maybe detrimental to its reputation as Manager or prejudicial to the commercial
interests of the Manager, the Owners shall consult with the Manager before the
Ship is fixed, and the Manager shall have the right to terminate this agreement
at any time in the event that the fixture is concluded against its wishes and
advice.

 

4.                                      THE MANAGER shall (without prejudice to the generality of the powers
vested in them as aforesaid) be entitled:

 

(a)                               To employ on behalf of the Owners any such agent for the Ship or
insurance brokers as the Manager may deem fit, including any associated,
subsidiary, or holding company of the Manager;

 

(b)                               To employ on behalf of the Owners consultants and other experts, including
any associated, subsidiary, or holding company of the Manager, to supervise or
advise in relation to the operation and maintenance of the Ship;

 

(c)                                To open, continue, and operate such banking account or accounts as
the Manager may deem necessary or expedient;

 

(d)                               To use any funds of the Owners remaining after payment of all
expenses of the Owners and the Ship for providing loans from the Owners to any
of [  ], such loans to be always on terms acceptable to the Owners,
their immediate and ultimate shareholders and the Owners’ lenders, if any;

 

(e)                                To bring or defend on behalf of the Owners actions, suits, or
proceedings in connection with all matters hereby entrusted to the Manager; and

 

(f)                                   To obtain legal advice in relation to disputes or other matters
affecting the interests of the Owners in respect of the Ship.

 

5.                                      THE MANAGER shall keep proper books, records, and accounts relating
to the management of the Ship and shall make the same available for inspection
and audit by Certified Public Accounts,

 

5

 

Chartered Accountants, or other suitably
qualified accountants on behalf of the Owners at such reasonable times as may
be mutually agreed.

 

6.                                      THIS CONTRACT is agreed for a non-specific period of time, provided
that it may be terminated by either party giving 3 (three) months’ notice at
any time and without any justification but always in writing, PROVIDED HOWEVER that the Owners shall have the right to terminate
the contract without notice against the payment to the Manager of damages equal
to the average management fees paid to it during the last 3 (three) months
before termination. Either party shall have the right (but not be bound) to
terminate the contract without liability for damages in either of the following
events:-

 

(a)                               The Ship shall become an actual, comprised, constructive, or
arranged total loss or be sold or otherwise disposed of or cease to be in the
despondent ownership of the Owners; or

 

(b)                               If an order be made or resolution be passed for the winding up of
the other party (otherwise than a winding up for the purpose of reconstruction
or amalgamation), or if a receiver be appointed of the undertaking or property
of the other party, or if the other party shall suspend payment or cease to carry
on business or make any special arrangement or composition with its creditors.

 

7.                                      THE MANAGEMENT FEES under this contract are fixed to 2% (two per
centum) on hire and on freight of the gross income of the Ship plus US$
15,000.00 (fifteen thousand United States dollars only) per month.

 

8.                                      (a)                               THE MANAGER shall at its own expense provide all office
accommodation, equipment, stationery, and staff ordinarily required for the
provision of the services hereby contracted for.

 

(b)                               The Owners shall reimburse the Manager in respect of:-

 

i.                 Expenditure incurred in and about the maintenance, survey, and
repair of the Ship;

 

ii.             Wages and all other payments made to or in respect of the crews of
the Ship (including pension and insurance contributions, travelling and
accommodation expenses or allowances, and all costs of repatriation, whether
incurred before or after the determination of this agreement);

 

iii.         Travelling, accommodation, and other expenses incurred in respect of
or paid to any superintendents or officers or servants of the Manager in
connection with the performance of the services hereby contracted for; and

 

iv.           Any expenses in connection with any legal and/or special technical and/or
other assistance that may be obtained by the Manager in connection with the
performance of the management services. The Manager are hereby authorised to
use funds of the Owners in their hand for settlement of any claim of the
Manager out of the management

 

6

 

of the Ship in priority of any other claim against the Ship and the
Owners.

 

9.                                      EXPENSES AND DISBURSEMENTS incurred by
the Manager for the Ship will be paid to it by the Owners upon request.

 

10.                               THE MANAGER is hereby authorized to act for and on behalf of the
Owners, as well as to represent the Owners before any and all Greek courts
and/or authorities, including port authorities in particular, with full powers
in respect of all the rights of the Owners, including but not limited to the
rights to accepting service of any document destined for the Owners, signing
contracts of any nature whatsoever, starting legal proceedings of any nature
and terminating them by compromise or any other method, repudiating contracts,
and settling claims of the Owners by compromise provided this is to the
interest of the Owners.

 

11.                               ARBITRATION CLAUSE

 

In case any dispute or difference shall arise
between the Owners and the Manager as to the construction, meaning, and effect
of anything herein contained, such dispute or difference shall be referred to 2
(two) arbitrators in London, England, to be appointed by the Owners and the
Manager respectively and in case of their disagreement to an umpire to be
appointed by the 2 (two) arbitrators as chosen, and this agreement shall be
deemed to be a submission to arbitration within the meaning of the Arbitration
Act 1950 or any statutory modification or re-enactment thereof for the time
being in force. The decisions of the 2 (two) arbitrators or
the umpire, as the case may be, shall be final and binding upon both parties.

 

12                                  THIS AGREEMENT shall be
governed by English law in the English courts.

 

13.                               (a)                               ANY NOTICE which the Manager may require to give to the Owners shall
be validly given if sent to the Owners at [ 
].

 

(b)                               ANY NOTICE which the Owners may wish to give to the Manager shall be
validly given if sent to the Manager at Pendelis 16, 175 64 Palaio Faliro,
Athens, Greece

 

(c)                                NOTICES required to be given in writing may be given by letter,
telex, fax, or e-mail.

 

14.                               IF THIS AGREEMENT shall be translated
into different languages and any difference shall arise in the texts, the
English text shall prevail and shall constitute the terms of the agreement.

 

15.                               THIS MANAGEMENT AGREEMENT is to be
executed in duplicate, 1 (one) for the Owners and 1 (one) for the Manager.

 

THE SCHEDULE above referred to:

 

[Ship Information]

 

7

 

IN WITNESS whereof this agreement has been
signed on behalf of the parties hereto by persons duly authorised the day and
year first above written.

 

 

	
  SIGNED by

  	
  SIGNED by

  
	
   

  	
   

  
	
   

  	
   

  
	
  for and on behalf of

  	
  for and on behalf of

  
	
  [   ]

  	
  DIANA SHIPPING SERVICES S.A.

  
	
  (the “Owners”)

  	
  (the “Manager”)

  
	
   

  	
   

  
	
   

  	
   

  
	
  in the presence of:

  	
  in the presence of:

  

 

8

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