Document:

Exhibit 10.1

 

 

ASSET PURCHASE AGREEMENT

 

Between

 

VIA WIRELESS LLC

 

and

 

GOLDENSTATE TOWERS, LLC

 

 

June 12, 2003

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1 CERTAIN DEFINITIONS; PURCHASE AND
  SALE OF ASSETS; ASSUMPTION OF LIABILITIES

  
	
   

  	
   

  
	
  Section 1.1.

  	
  Certain Definitions.

  
	
  Section 1.2.

  	
  Purchased Assets.

  
	
  Section 1.3.

  	
  Excluded Assets

  
	
  Section 1.4.

  	
  Assumption of Liabilities.

  
	
  Section 1.5.

  	
  Excluded Liabilities.

  
	
  Section 1.6.

  	
  Assets Not Assignable.

  
	
   

  	
   

  
	
  ARTICLE 2 PURCHASE PRICE

  
	
   

  	
   

  
	
  Section 2.1.

  	
  Purchase Price.

  
	
  Section 2.2.

  	
  Manner of Payment.

  
	
  Section 2.3.

  	
  Prorations.

  
	
  Section 2.4.

  	
  Allocation of Purchase Price.

  
	
   

  	
   

  
	
  ARTICLE 3 THE CLOSING

  
	
   

  	
   

  
	
  Section 3.1.

  	
  The Closing.

  
	
   

  	
   

  
	
  ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF
  SELLER

  
	
   

  	
   

  
	
  Section 4.1.

  	
  Organization and Qualification.

  
	
  Section 4.2.

  	
  Authority.

  
	
  Section 4.3.

  	
  No Conflicts.

  
	
  Section 4.4.

  	
  Consents.

  
	
  Section 4.5.

  	
  Tax Matters.

  
	
  Section 4.6.

  	
  Leased Sites.

  
	
  Section 4.7.

  	
  Tower Leases

  
	
  Section 4.8.

  	
  FAA Compliance.

  
	
  Section 4.9.

  	
  Compliance with Laws.

  
	
  Section 4.10.

  	
  Permits.

  
	
  Section 4.11.

  	
  Litigation.

  
	
  Section 4.12.

  	
  Brokers’ and Finders’ Fees.

  
	
  Section 4.13.

  	
  Environmental Matters.

  
	
  Section 4.14.

  	
  Assumed Contracts.

  
	
  Section 4.15.

  	
  Absence of Changes or Events.

  
	
  Section 4.16.

  	
  Insurance.

  
	
  Section 4.17.

  	
  Disclosure.

  
	
   

  	
   

  
	
  ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF
  THE PURCHASER

  
	
   

  	
   

  
	
  Section 5.1.

  	
  Organization and Qualification.

  
	
  Section 5.2.

  	
  Authority.

  
	
  Section 5.3.

  	
  No Conflicts.

  
	
  Section 5.4.

  	
  Consents.

  
	
  Section 5.5.

  	
  Brokers’ and Finders’ Fees.

  

 

i

 

	
  Section 5.6.

  	
  Litigation.

  
	
   

  	
   

  
	
  ARTICLE 6 COVENANTS OF SELLER AND PURCHASER

  
	
   

  	
   

  
	
  Section 6.1.

  	
  Conduct of Business.

  
	
  Section 6.2.

  	
  Access to Information; Confidential
  Information.

  
	
  Section 6.3.

  	
  Agreement to Cooperate; Certain Other
  Covenants.

  
	
  Section 6.4.

  	
  Insurance.

  
	
  Section 6.5.

  	
  Notification of Certain Matters.

  
	
  Section 6.6.

  	
  Execution of Tower Leases.

  
	
  Section 6.7.

  	
  Alternative Transactions.

  
	
  Section 6.8.

  	
  Natural Hazard Disclosure Requirement
  Compliance.

  
	
   

  	
   

  
	
  ARTICLE 7 CONDITIONS PRECEDENT TO CLOSE

  
	
   

  	
   

  
	
  Section 7.1.

  	
  Conditions to Obligations of Purchaser.

  
	
  Section 7.2.

  	
  Conditions to Obligations of Seller.

  
	
  Section 7.3.

  	
  Treatment of Certain Sites.

  
	
   

  	
   

  
	
  ARTICLE 8 DUE DILIGENCE

  
	
   

  	
   

  
	
  Section 8.1.

  	
  Title Review.

  
	
  Section 8.2.

  	
  Due Diligence Review and Review Standards.

  
	
   

  	
   

  
	
  ARTICLE 9 DELIVERIES AT THE CLOSING; CLOSING
  COSTS

  
	
   

  	
   

  
	
  Section 9.1.

  	
  Seller’s Deliveries.

  
	
  Section 9.2.

  	
  Purchaser’s Deliveries.

  
	
  Section 9.3.

  	
  FCC Filing.

  
	
  Section 9.4.

  	
  Closing Costs.

  
	
   

  	
   

  
	
  ARTICLE 10 SURVIVAL OF REPRESENTATIONS AND
  WARRANTIES

  
	
   

  	
   

  
	
  Section 10.1.

  	
  Survival of the Representations and
  Warranties.

  
	
  Section 10.2.

  	
  Due Diligence by Purchaser.

  
	
   

  	
   

  
	
  ARTICLE 11 INDEMNIFICATION

  
	
   

  	
   

  
	
  Section 11.1.

  	
  Indemnification by Seller.

  
	
  Section 11.2.

  	
  Indemnification by Purchaser.

  
	
  Section 11.3.

  	
  Claims.

  
	
  Section 11.4.

  	
  Limitations on Indemnification.

  
	
   

  	
   

  
	
  ARTICLE 12 BREACHES AND DEFAULTS;
  TERMINATION; REMEDIES

  
	
   

  	
   

  
	
  Section 12.1.

  	
  Termination.

  
	
  Section 12.2.

  	
  Effect of Termination.

  
	
   

  	
   

  
	
  ARTICLE 13 MISCELLANEOUS

  
	
   

  	
   

  
	
  Section 13.1.

  	
  Expenses.

  
	
  Section 13.2.

  	
  Further Assurances.

  
	
  Section 13.3.

  	
  Access to Records.

  
	
  Section 13.4.

  	
  Severability.

  
	
  Section 13.5.

  	
  Notices.

  
	
  Section 13.6.

  	
  Entire Agreement.

  

 

ii

 

	
  Section 13.7.

  	
  Amendments and Waivers.

  
	
  Section 13.8.

  	
  Governing Applicable Law.

  
	
  Section 13.9.

  	
  Assignment; Binding Effect.

  
	
  Section 13.10.

  	
  Beneficiaries of Agreement.

  
	
  Section 13.11.

  	
  Counterparts; Facsimile Signatures.

  
	
  Section 13.12.

  	
  Exhibits and Schedules.

  
	
  Section 13.13.

  	
  Computation of Days; Holidays.

  
	
  Section 13.14.

  	
  Headings.

  

 

	
  Schedules

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 2.3(a)

  	
  —

  	
  Security Deposits

  
	
  Schedule 2.4

  	
  —

  	
  Purchase Price Allocations

  
	
   

  	
   

  	
   

  
	
  Exhibits

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  —

  	
  Form of UbiquiTel Master Site Lease

  
	
  Exhibit 6.6 (1 - 100)

  	
  —

  	
  Forms of 100 UbiquiTel Site Agreements

  
	
  Exhibit 7.1(a)

  	
  —

  	
  Form of Seller’s Officer’s Certificate

  
	
  Exhibit 7.1(g)

  	
  —

  	
  Form of Tower Lease Consent

  
	
  Exhibit 7.1(i)

  	
  —

  	
  Form of Lessor Estoppel Certificate

  
	
  Exhibit 7.2(a)

  	
  —

  	
  Form of Purchaser’s Officer’s Certificate

  
	
  Exhibit 9.1(a)

  	
  —

  	
  Form of Leased Site Lease Assignment

  
	
  Exhibit 9.1(b)

  	
  —

  	
  Form of Assignment and Assumption Agreement

  
	
  Exhibit 9.1(c)

  	
  —

  	
  Form of Bill of Sale

  
	
  Exhibit 9.1(k)

  	
  —

  	
  Matters to be set forth in Legal Opinion of
  Greenberg Traurig LLP

  

 

iii

 

ASSET PURCHASE
AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is entered into
this 12th day of June, 2003 (the “Effective Date”) among VIA Wireless
LLC, a California limited liability company (“Seller”), and GoldenState
Towers, LLC, a Delaware limited liability company (“Purchaser”).

 

W I T N E S S E T H:

 

WHEREAS, Seller has a
leasehold interest in the Sites (as hereinafter defined) on which are
constructed improvements, including wireless communications towers and related
facilities;

 

WHEREAS, Seller is party
to certain collocation agreements, contracts, leases, subleases, licenses,
sublicenses and other occupancy agreements with third parties pursuant to which
such third parties locate and operate wireless communications equipment on
certain of the Sites; and

 

WHEREAS, Seller desires
to sell, transfer, convey and assign to Purchaser, and Purchaser desires to
acquire, all of Seller’s interests in the Sites at the Closing, subject to the
terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the promises and the mutual covenants and agreements contained
herein, the parties hereto, intending to be legally bound hereby, agree as
follows:

 

ARTICLE 1

CERTAIN DEFINITIONS; PURCHASE AND SALE OF ASSETS;

ASSUMPTION OF LIABILITIES

 

Section 1.1.                                   Certain
Definitions.

 

As used in this Agreement,
the following terms have the following meanings unless the context otherwise
requires:

 

“Accounting Firm”
shall have the meaning set forth in Section 2.3(b).

 

“Additional Title
Disapproval Notice” shall have the meaning set forth in Section 8.1(b).

 

“Additional Title
Matters” shall have the meaning set forth in Section 8.1(b).

 

“Adjusted Purchase
Price” shall have the meaning set forth in Section 2.1(b).

 

“Affiliate” shall mean, with respect to any Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with that Person.  For the purposes of this definition,
“control” (including the terms “controlling” and “controlled”) means the power
to direct or cause the direction of the management and policies of a Person,
whether through the ownership of securities or partnership or other ownership
interest, by contract or otherwise.

 

 

“Agreement” shall
have the meaning set forth in the preamble.

 

“Assignment and
Assumption Agreement” shall have meaning set forth in Section 9.1(b).

 

“Assumed Contracts”
shall mean the service, supply, maintenance and management contracts of Seller
related to the Sites listed in Section 4.14 of the Seller Disclosure Schedule.

 

“Assumed Liabilities”
shall have the meaning set forth in Section 1.4.

 

“Bills of Sale”
shall have the meaning set forth in Section 9.1(c).

 

“Business Day”
shall mean any day other than a Saturday, Sunday, legal holiday in the State of
New York or other day of the year on which banks in the State of New York are
authorized or required by applicable law to close.

 

“Claim of
Environmental Liability” shall mean any actual or threatened claims,
liabilities, obligations, charges, losses, fines, judgments, costs, penalties,
expenses (including reasonable attorneys’ fees), settlements or damages,
relating to, resulting from or arising from, directly or indirectly, in whole
or in part, (i) any suit, action, administrative proceeding, notice,
investigation or demand asserted or threatened by any Person, including any
Governmental Authority, arising under or relating, directly or indirectly, to
any Environmental Law, (ii) requirements imposed by any Governmental
Authority under any Environmental Law, including costs of remediation or
restoration or costs incurred in complying with Environmental Laws, (iii) the
presence, Release or threat of Release into the environment of any Hazardous
Substances, or (iv) personal injury, bodily injury or property damage arising
out of or allegedly arising out of the presence, Release or threat of Release
of Hazardous Substances, whether or not such actual or threatened claims,
liabilities, obligations, charges, losses, fines, judgments, costs, penalties,
expenses or damages occur at a Site.

 

“Class 1 Leased Sites”
shall mean the Leased Sites identified as Class 1 Leased Sites on Section
4.6(a) of the Seller Disclosure Schedule.

 

“Class 2 Leased Sites”
shall mean the Leased Sites identified as Class 2 Leased Sites on Section
4.6(a) of the Seller Disclosure Schedule.

 

“Closing” shall
have the meaning set forth in Section 3.1.

 

“Closing Date”
shall have the meaning set forth in Section 3.1.

 

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

 

“Communications Act”
shall have the meaning set forth in Section 4.8(c).

 

“Communications
Equipment” means equipment used in a communications system (including,
without limitation, the antennas, antenna arrays and associated equipment for a
wireless communications system, which may include, without limitation,
electronics equipment, transmission equipment, microwave dishes, GPS antennas,
carrier shelters, coaxial cables, mounting brackets used to mount equipment on
the platform for location of equipment on a

 

2

 

Tower, cable trays, mounts, generators, hangers, brackets, and other
accessories and equipment) installed, owned, maintained and operated by any
Person other than Purchaser.

 

“Confidential
Information” shall have the meaning set forth in Section 6.2(b).

 

“Consent” shall
mean any consent, approval, authorization, or waiver from, or notice to, any
Person, including but not limited to any Governmental Authority.

 

“Contracts” shall
mean with respect to any Person, any agreement, undertaking, franchise, permit,
lease, loan, license, guarantee, understanding, commitment, contract, note,
bond, indenture, mortgage, deed of trust or other obligation, instrument,
documents, agreement or other arrangement of any kind (written or oral, express
or implied) to which such Person is a party or by which such Person, or any
material amount of such Person’s property, is bound.

 

“Cure Period”
shall have the meaning set forth in Section 7.3(a).

 

“Effective Date”
shall have the meaning set forth in the preamble.

 

“Environmental Law”
shall mean any and all statutes, regulations, ordinances, rules, orders,
directives, requirements, common law claims or adjudications of any
Governmental Authority, without limitation in time or scope, which regulate or
govern or are related in any way to the protection of the environment, or
worker, public, consumer or human health or safety, or are related in any way
to Hazardous Substances, including, without limitation, the following:  the Comprehensive Environmental Response
Compensation and Liability Act, as amended, 42 U.S.C. §9601 et seq. (CERCLA),
the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.
(RCRA), the Clean Air Act, as amended, 42 U.S.C. §7401 et seq. (CAA), the
Emergency Planning and Community Right to Know Act, as amended, 42 U.S.C.
§11001 et seq. (EPCRKA), the Safe Drinking Water Act, as amended, 42 U.S.C.
§300 et seq. (SDWA), the Pollution Prevention Act of 1990, as amended, 42
U.S.C. §13101 et seq. (PPA), the Clean Water Act, as amended, 33 U.S.C. §1251
et seq. (CWA), the Federal Insecticide, Fungicide and Rodenticide Act, as
amended, 7 U.S.C. §136 et seq. (FIFRA), the Toxic Substances Control Act, as
amended, 15 U.S.C. §2601 et seq. (TSCA), and OSHA and any and all state and
local statutes, laws, or ordinances corresponding to the foregoing federal
statutes.

 

“Environmental Permits”
shall mean any Permit required to be obtained by Seller pursuant to any
Environmental Law in connection with Seller’s operation of the Leased Sites as
a telecommunications facility.

 

“Environmental Reports”
shall have the meaning set forth in Section 4.13(b).

 

“Escrow Agent”
shall have the meaning set forth in Section 2.2(a).

 

“Escrow Agreement”
shall mean the Escrow Agreement of even date herewith among Seller, Purchaser
and the Escrow Agent.

 

“Escrow Deposit”
shall have the meaning set forth in Section 2.2(a).

 

“Excluded Assets”
shall have the meaning set forth in Section 1.3.

 

3

 

“Excluded Liabilities”
shall have the meaning set forth in Section 1.5.

 

“FAA” shall have
the meaning set forth in Section 4.8(a).

 

“FAA Tower Clearance”
shall have the meaning set forth in Section 4.8(a).

 

“FCC” shall have
the meaning set forth in Section 4.8(a).

 

“FCC Tower Clearance”
shall have the meaning set forth in Section 4.8(a).

 

“GAAP” shall mean
generally accepted accounting principles as in effect in the United States.

 

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

 

“Hazardous Substances”
shall mean and include, without limitation, any element, material, compound,
mixture, chemical, substance, toxic substance, hazardous substance, toxic
waste, hazardous waste, pollutant or contaminant, including, without
limitation, asbestos, defined as a hazardous substance, pollutant or
contaminant (or words of similar connotation, import or meaning) or otherwise
regulated under or pursuant to any Environmental Law.  Any material or substance containing a Hazardous Substance shall
also be considered a Hazardous Substance.

 

“Holdback” shall
have the meaning set forth in Section 2.2(b).

 

“Improvements”
shall mean the Tower, all Tower lighting systems, all Tower grounding systems,
all buildings or structures at a Site owned by Seller other than carrier
shelters (buildings to include all building systems and equipment, and all
components thereof, including the roof, foundation, load-bearing walls and
other structural elements thereof), the platform for location of the equipment
on a Tower (other than the mounting brackets used to mount equipment on such
platform), Seller’s personal property located at a Site other than the Excluded
Assets, and the fixtures, irrigation and other water distribution systems, the
underground conduit not belonging to any public utility, wiring and cable
installations included in or located at a Site.

 

“Indemnified Party”
shall have the meaning set forth in Section 11.3(a).

 

“Indemnifying Party”
shall have the meaning set forth in Section 11.3(a).

 

“Leased Sites”
shall be the Class 1 Leased Sites and the Class 2 Leased Sites listed in
Section 4.6(a) of the Seller Disclosure Schedule, including, without
limitation, the Licensed Sites, together with all easements, rights, rights of
way and similar rights that provide access to such sites, privileges,
remainders, revisions and appurtenances thereunto belonging or in any way
appertaining, and all of Seller’s estate, right, title, interest, claim and
demand therein, in the

 

4

 

streets and ways adjacent thereto and in the beds thereof, either at
law or in equity, in possession or expectancy.

 

“Leased Site Lease
Assignments” shall have the meaning set forth in Section 9.1(a).

 

“Leased Site Lease
Consents” shall have the meaning set forth in Section 4.6(a).

 

“Leased Site Leases”
shall have the meaning set forth in Section 4.6(a).

 

“Lessor Estoppel
Certificate” shall have the meaning set forth in Section 7.1(i).

 

“Licensed Sites”
shall mean the Leased Sites listed on Part II of Section 4.6(a) of the Seller
Disclosure Schedule.

 

“Lien” shall mean
any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge or other security interest,
preemptive right, existing or claimed right of first refusal, right of first
offer, right of consent, put right, default or similar right, or right of a
third party or other adverse claim of any kind or nature whatsoever (including,
without limitation, any conditional sale or other title retention agreement).

 

“Losses” shall
have the meaning set forth in Section 11.1.

 

“Material Adverse
Effect” shall mean (i) any change, event, occurrence, fact, condition,
effect or development that would have a materially adverse effect on the operation
by Purchaser of more than six (6) Class 1 Leased Sites or of more than fifteen
(15) Leased Sites as wireless telecommunication tower facilities, (ii) any
change, occurrence, or development that would have a materially adverse effect
on the ability to co-locate additional wireless communication carriers on the
Towers located on more than six (6) Class 1 Leased Sites or on more than
fifteen (15) Leased Sites, or (iii) any change, event, occurrence, fact,
condition, effect or development that would have a materially adverse effect on
Seller’s ability to perform its obligations under this Agreement; provided,
however, that no change or effect arising out of or in connection with
or resulting from any of the following will be deemed to constitute or contribute
to a “Material Adverse Effect”: (i) general financial market conditions or
fluctuations; or (ii) conditions affecting the telecommunications industry
generally.

 

“Natural Hazard
Disclosure Report” shall have the meaning set forth in Section 6.8.

 

“Natural Hazard Expert”
shall have the meaning set forth in Section 6.8.

 

“Outside Date”
shall have the meaning set forth in Section 12.1(b).

 

“Permits” shall
have the meaning set forth in Section 4.10.

 

“Permitted Liens”
shall mean, in the case of a Leased Site, any: (i) lien for current real and
personal property Taxes and assessments not yet due and payable, which shall be
prorated in accordance with Section 2.3, (ii) any Tower Leases or Leased Site
Leases with respect to the Sites (except to the extent a Lien arises out of a
breach by Seller of such Tower Leases or Leased

 

5

 

Site Leases); (iii) the printed exceptions that appear in the standard
form owner’s policy of title insurance issued by the Title Company for the
Sites; (iv) any other covenant, condition, restriction, right of way, easement,
title policy exception, or other matter disclosed in the applicable Preliminary
Title Report which is approved or deemed approved by Purchaser pursuant to
Section 8.1; (v) any other title matters objected to by Purchaser which
objections are subsequently waived by Purchaser; and (vi) any mortgage or deed
of trust encumbering the fee simple interest on a Site prior to Seller’s
recorded interest in such Site for which a valid non-disturbance agreement
reasonably acceptable to Purchaser has been obtained and is in full force and
effect.  Any mortgage or deed of trust
lien created by Seller or its Affiliates that encumbers a Site will not be a
Permitted Lien.

 

“Person” shall
mean any individual, corporation, limited liability company, partnership,
limited liability partnership, firm, joint venture, association, joint-stock
company, trust, unincorporated organization, Governmental Authority or other
entity.

 

“Preliminary Title
Report” shall have the meaning set forth in Section 8.1(a).

 

“Purchase Price”
shall have the meaning set forth in Section 2.1(a).

 

“Purchased Assets”
shall have the meaning set forth in Section 1.2.

 

“Purchaser” shall
have the meaning set forth in the preamble.

 

“Purchaser Indemnified
Parties” shall have the meaning set forth in Section 11.1.

 

“Real Property Laws”
shall have the meaning set forth in Section 4.6(c).

 

“Release” shall
mean any release, spill, emission, leaking, pumping, injection, deposit, disposal,
discharge, dispersal, leaching, placement, distribution, production, sale,
generation, transpiration or migration into the environment.

 

“Restricted Interest”
shall have the meaning set forth in Section 1.6.

 

“Seller” shall
have the meaning set forth in the preamble.

 

“Seller Disclosure
Schedule” shall mean the disclosure schedule delivered concurrently
herewith by Seller to Purchaser.

 

“Seller Indemnified
Parties” shall have the meaning set forth in Section 11.2.

 

“Seller’s Knowledge”
or similar phrase shall mean the actual
knowledge after reasonable inquiry, without taking into account any
constructive or imputed knowledge, of David Zylka, Jim Ames, Fred Ritter,
Andrew Buffmire, and William Warburton, who are the employees of Seller or its
Affiliates whose primary responsibility is the operation of the Purchased
Assets, but such individuals shall not have any personal liability in
connection herewith.

 

“Site Permits”
shall have the meaning set forth in Section 4.6(d).

 

6

 

“Sites” shall mean
Leased Sites.

 

“Tax” shall mean
any federal, state, local or foreign income, gross receipts, license, payroll,
employment, excise, severance, stamp, occupation, premium, windfall profits,
environmental (including taxes under Section 59A of the Code), customs duties,
capital stock, franchise, profits, withholding, social security (or similar),
unemployment, disability, real property, personal property, sales, use,
transfer, registration, value added, alternative or add-on minimum, estimated,
or other tax of any kind whatsoever, including any interest, penalty or
addition thereto, whether disputed or not.

 

“Tax Return” shall
mean any return, declaration, report, claim for refund, or information return
or statement relating to Taxes, including any schedule or attachment thereto,
and including any amendment thereof.

 

“Third-Party Claim”
shall have the meaning set forth in Section 11.3(a).

 

“Title Company”
shall mean Commonwealth Land Title Insurance Company.

 

“Title Objection
Notice” shall have the meaning set forth in Section 8.1(a).

 

“Title Policies”
shall have the meaning set forth in Section 7.1(e).

 

“Title Review Period”
shall have the meaning set forth in Section 8.1(a).

 

“Tower Leases”
shall mean the leases, subleases, collocation agreements, licenses,
sublicenses, occupancy agreements or other Contracts by which Seller has
granted third parties the right to use space on the Towers located on the
Sites.

 

“Towers” shall
mean all towers set forth in Section 4.7(b) of the Seller Disclosure Schedule,
ground radials, guy anchors and related equipment owned by Seller and located
on the Sites other than Excluded Assets.

 

“UbiquiTel Master Site
Lease” shall mean the form of master site lease attached hereto as Exhibit
A, to be entered into at Closing between Purchaser, as lessor, and
UbiquiTel Leasing Company, as lessee.

 

“UbiquiTel Site
Agreement” shall have the meaning set forth in Section 6.6.

 

When a reference is made
in this Agreement to an Article or a Section, such reference shall be to an
Article or a Section of this Agreement unless otherwise indicated.  Unless the context otherwise requires, the
terms defined hereunder shall have the meanings therein specified for all
purposes of this Agreement, applicable to both the singular and plural forms of
any of the terms defined herein. 
Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.”  The use of a gender herein shall be deemed
to include the neuter, masculine and feminine genders whenever necessary or
appropriate.  Whenever the word “herein”
or “hereof” is used in this Agreement, it shall be deemed to refer to this
Agreement and not to a particular Section of this Agreement unless expressly
stated otherwise.

 

7

 

Section 1.2.                                   Purchased Assets.

 

Subject to the provisions
of this Agreement, Seller agrees to sell, assign, transfer and deliver to
Purchaser, free and clear of all Liens except Permitted Liens, and Purchaser
agrees to purchase and acquire from Seller, as of the Closing Date, all assets
located at the Sites (other than Excluded Assets), which are currently used or
held for use by Seller in connection with or relating to the Sites, including,
without limitation, the following (collectively, the “Purchased Assets”):

 

(i)                                     all rights of Seller under the Leased
Site Leases, including, without limitation, Seller’s right to occupy the Leased
Sites, and to assert claims and take other rightful actions in respect of
breaches, defaults and other violations thereunder;

 

(ii)                                  all rights, title and interest of Seller
in the Improvements;

 

(iii)                               all rights of Seller under the Tower Leases,
including, without limitation, Seller’s right to receive payment thereunder,
and to assert claims and take other rightful actions in respect of breaches,
defaults and other violations thereunder;

 

(iv)                              all rights of Seller under the Assumed
Contracts, including, without limitation, Seller’s right to receive payment or
goods and services thereunder, and to assert claims and take other rightful
actions in respect of breaches, defaults and other violations thereunder;

 

(v)                                 all Permits (but specifically excluding
permits or licenses granted by the FCC relating to communications frequencies,
spectrum or channel usage for wireless communications services and permits or
licenses held by Seller with respect to the operation of  Seller’s communications equipment at a Site)
used in or relating to the Sites, to the extent transferable;

 

(vi)                              all warranties, indemnities and
guarantees and similar rights related to the Sites and the Improvements, to the
extent assignable;

 

(vii)                           all files, books, records, manuals, technical
information, surveys, drawings and specifications, and studies relating to or
used in connection with the Sites (in any form or medium), including, without
limitation, the original documents relating to the Tower Leases, the Leased
Site Leases and the Assumed Contracts, to the extent available and if not
available, copies thereof (provided, however, to the extent the
foregoing are indivisible from assets to be maintained by Seller or are
necessary for the continued ownership, operation or maintenance of assets
retained by Seller, Seller’s delivery obligation shall be limited to copies);

 

(viii)                        all rights to proceeds from applicable insurance
policies that Purchaser is entitled to receive pursuant to Section 6.4, with
respect to the Sites that are sold, transferred and assigned to Purchaser
hereunder; and

 

8

 

(ix)                                subject to Section 1.3(iv), all rights to
causes of action, lawsuits, judgments, claims and demands of any nature with
respect to the ownership, use, function or value of any Purchased Asset,
whether arising by way of counterclaim or otherwise.

 

Section 1.3.                                   Excluded
Assets

 

The following items shall
be deemed “Excluded Assets”: (i) the Communications Equipment, (ii) the
electrical utility meter, circuit breakers and branch circuits that serve the
Communications Equipment and the associated telephone inside company wiring for
the Communications Equipment at each Site, in each case belonging to any public
utility, (iii) any Purchased Assets that are or become Excluded Assets pursuant
to Articles 7 and 8 of this Agreement, (iv) Seller’s rights, claims or causes
of action against third parties arising under or in connection with the
Excluded Liabilities, and (v) other assets of Seller which are not included in
Purchased Assets.

 

Section 1.4.                                   Assumption
of Liabilities.

 

Subject to the provisions
of this Agreement, Purchaser shall assume as of the Closing Date and agrees to
pay, perform and discharge when due, all obligations and liabilities arising
under or in connection with the Leased Site Leases, the Tower Leases, the
Improvements, the Sites, the Permits and the Assumed Contracts (the “Assumed
Liabilities”); provided,  however, that in no event shall
Purchaser assume any liability relating or arising from the breach or violation
by Seller of any Leased Site Lease, Tower Lease, Assumed Contract or Permit.

 

Section 1.5.                                   Excluded
Liabilities.

 

Except as expressly
provided in Section 1.4, Purchaser shall not assume any liability or obligation
of Seller of any nature whatsoever, whether known or unknown, direct or
indirect, contingent or accrued, matured or unmatured (the “Excluded
Liabilities”).  Without limiting the
generality of the foregoing, Purchaser shall not assume any of the following
Excluded Liabilities:

 

(i)                                     liabilities arising out of any actual or
alleged breach or nonperformance by Seller prior to the Closing Date under any
Leased Site Lease, Tower Lease, Assumed Contract or Permit;

 

(ii)                                  any liability under any Contract not
specifically included as an Assumed Liability;

 

(iii)                               any liability, obligation, commitment or debt of
Seller relating to any of Seller’s current or former employee’s terms or
conditions of employment, compensation or benefits, including, without
limitation, termination of any such employee or the failure of Purchaser to hire
any such employee;

 

(iv)                              any liability or obligation relating to,
resulting from or arising from, directly or indirectly, any matter disclosed in
the Environmental Reports or any Claim of Environmental Liability pertaining to
Releases on any Site that occurred prior to the Closing Date;

 

9

 

(v)                                 any liability or obligation, actual or
alleged, that relates to, results or arises from, directly or indirectly, any
action or failure to act by Seller with respect to, or the operation or
ownership of any Site (or the Purchased Assets relating thereto), prior to the
Closing Date;

 

(vi)                              any liability, obligation or agreement
with respect to Taxes relating to any Site (or the related Purchased Assets),
owing in respect of any period prior to the Closing Date, including, without
limitation, Taxes payable in respect of the matters set forth on Section 4.5(b)
of the Seller Disclosure Schedule; and

 

(vii)                           any other liability or obligation, known or unknown,
which is not specifically and expressly included within the definition of
Assumed Liabilities.

 

Section 1.6.                                   Assets
Not Assignable.

 

To the extent that any
interest in the Purchased Assets is not capable of being assigned, transferred
or conveyed without the consent, waiver or authorization of a third Person, or
if such assignment, transfer or conveyance or attempted assignment, transfer or
conveyance would constitute a breach of any of the Leased Site Leases or other
Purchased Assets, or a violation of any applicable law, or is not immediately
practicable, this Agreement shall not constitute an assignment, transfer or
conveyance of such interest, or an attempted assignment, transfer or conveyance
of such interest (any such interest being referred to herein as a “Restricted
Interest”).  Anything in this
Agreement to the contrary notwithstanding, Seller shall not be obligated to
transfer to Purchaser any Restricted Interest without the required consent,
waiver or authorization necessary for such transfer first having been obtained;
provided, however, that any Restricted Interest shall be
transferred within five (5) Business Days after receipt of such required
consent, waiver or authorization.

 

ARTICLE 2

PURCHASE PRICE

 

Section 2.1.                                   Purchase Price.

 

(a)                                  In connection with the sale, transfer and
assignment of the Purchased Assets to Purchaser, Purchaser shall pay to Seller
the amount of $11,500,000 (the “Purchase Price”).

 

(b)                                 If one or more Sites are excluded by
Purchaser pursuant to Section 7.3 or 8.1, the Purchase Price shall be reduced
by $150,700 per excluded Class 1 Leased Site and $80,700 per excluded Class 2
Leased Site.  “Adjusted Purchase
Price” shall mean the Purchase Price, as adjusted pursuant to this
paragraph.

 

Section 2.2.                                   Manner of
Payment.

 

The Purchase Price shall
be paid to Seller by Purchaser as follows:

 

(a)                                  Escrow Deposit. 
Concurrently herewith, Purchaser shall deliver Five Hundred Seventy Five
Thousand Dollars ($575,000) (which deposit, together with all interest earned
thereon, is herein called the “Escrow Deposit”) to Commonwealth Land
Title Company at its

 

10

 

offices at 525 Market, Suite 2320, San Francisco, California, 94105,
Attention: Ms. Linda Rae Paul (“Escrow Agent”).  The Escrow Deposit shall be delivered to
Escrow Agent by wire transfer of immediately available federal funds or by bank
or cashier’s check drawn on a national bank reasonably satisfactory to
Seller.  The Escrow Deposit shall be
held by Escrow Agent as a deposit against the Purchase Price in accordance with
the terms and provisions of the Escrow Agreement.  At all times that the Escrow Deposit is being held by the Escrow
Agent, the Escrow Deposit shall be invested by Escrow Agent in the following
investments:  (i) United States Treasury
obligations, (ii) United States Treasury-backed repurchase agreements
issued by a major money center banking institution reasonably acceptable to
Seller and Purchaser, or (iii) such other manner as may be reasonably agreed to
by Seller and Purchaser.  The Escrow
Deposit shall be disposed of by Escrow Agent only as provided in the Escrow
Agreement.

 

(b)                                 Closing Payment. 
At Closing, Purchaser shall (i) deposit with the Escrow Agent, as
security for the payment obligations of Seller (if any) under Section 9.4 and
Article 11, an amount that when added to the Escrow Deposit shall be equal to
ten percent (10%) of the Adjusted Purchase Price(which funds, together with all
interest earned thereon, is herein called the “Holdback”), to be held
and disbursed by the Escrow Agent in accordance with the terms of the Escrow
Agreement, and (ii) pay to Seller (or to any other Person as Seller may direct
in writing) by wire transfer of immediately available funds to such banks and
accounts thereat as shall be specified in writing by Seller, an amount equal to
the Adjusted Purchase Price less the Holdback.

 

Section 2.3.                                   Prorations.

 

(a)                                  At the Closing, a proration adjustment
shall be made with respect to the Sites (and the Purchased Assets relating
thereto) to be transferred to Purchaser as of 11:59 PM (Pacific Standard Time)
on the day immediately preceding the Closing Date with respect to rental and
lease payments, utilities, real property taxes, personal property taxes,
operating expenses, security deposits set forth on Schedule 2.3(a) and
all other items of income and expense due or payable under any Leased Site
Leases, Tower Leases or Assumed Contracts, in each case, including all items of
income and expense that are prepaid or payable in arrears and of a nature
ordinarily prorated as of closing in real estate transactions.  Seller will be entitled to all income
(whether received by the time of the Closing Date or not) and responsible for
all expenses relating to all periods prior to the Closing Date, and Purchaser
will be entitled to all such income and responsible for all such expenses
relating to all periods on or subsequent to the Closing Date.  If Purchaser receives any rents or other
receipts subsequent to the Closing Date which relate to any period of time
prior to the Closing Date, Purchaser will immediately pay to Seller in current
funds that portion of the rents or other receipts attributable to the period of
time prior to the Closing Date.  All
utility deposits and reservation fees paid by or on behalf of Seller in
connection with the Sites shall be reimbursed by Purchaser to Seller on the
Closing Date.  In no event shall Seller
be charged with or be responsible for any increase in the taxes arising from an
increase in the assessed value of the Purchased Assets resulting from the sale
of the Purchased Assets or from any improvements made or leases entered into on
or after the Closing Date.  If any
assessments on the Purchased Assets are payable in installments, then the installment
for the period that includes the Closing Date shall be prorated (with Purchaser
assuming the obligation to pay that portion of any installments due in respect
of the period from and after the Closing Date).  The prorations and payments shall be made on the basis of a
written statement approved

 

11

 

by Purchaser and Seller.  Any
item which cannot be finally prorated because of the unavailability of
information shall be tentatively prorated on the basis of the best data then
available and reprorated after the Closing Date in accordance with the
following procedures.  Within thirty
(30) days after the Closing Date, Purchaser shall provide Seller with its
calculation of the post-Closing prorations. 
Seller shall give written notice of any objection within ten (10)
Business Days of the delivery by Purchaser of its calculation.  If Seller does not object to such
post-Closing prorations within ten (10) Business Days following the delivery to
Seller of such calculation, Purchaser’s calculation of the post-Closing
prorations shall be deemed accepted, and the party owing the other party a sum
of money based on the agreed upon post-Closing prorations shall pay said sum to
the other within three (3) Business Days after such ten (10) Business Day
period.  If Seller disputes Purchaser’s
calculation of the prorations, cash payment shall be made of only the
undisputed amount of the prorations; and payment with respect to the disputed
amount shall be made upon the final determination of such dispute in accordance
with Section 2.3(b).

 

(b)                                 In the event that Seller disputes
Purchaser’s calculation of the proration within ten (10) Business Days
following the delivery to Seller of such calculation, the parties will attempt
to resolve such dispute within a thirty (30) day period following notice of
such dispute.  If such dispute cannot be
resolved within such period, then Ernst & Young LLP (“Accounting Firm”),
shall be retained to review the matter under dispute and to resolve the dispute
relating to the post-Closing proration. 
The determination by the Accounting Firm shall be final and binding on
the parties hereto, and shall be based upon a review of any relevant books and
records or other documents or information relating to the dispute which are
reasonably requested by Accounting Firm. 
Seller and Purchaser shall be afforded the opportunity to present to the
Accounting Firm any material or information relating to the matters in
dispute.  Seller and Purchaser shall
each bear and pay one-half of the fees and disbursements of the Accounting Firm
in connection with its determination. 
The aforesaid post-Closing adjustment shall be the only post-Closing
adjustment of the items to be prorated under this Section 2.3.  The provisions of this Section 2.3 shall not
affect the obligations of Seller and Purchaser under this Agreement with
respect to the Excluded Liabilities and the Assumed Liabilities, respectively.

 

Section 2.4.                                   Allocation
of Purchase Price.

 

Purchaser and Seller agree that the Purchase Price shall be allocated among
the Purchased Assets in accordance with Schedule 2.4.  Such allocation shall be binding upon
Purchaser and Seller for all tax purposes. 
Purchaser and Seller also each agree to report the transactions
contemplated by this Agreement in a manner consistent with this Agreement,
including the allocation under Schedule 2.4, and each agrees not to take
an inconsistent position in any Tax Return or any judicial or administrative
proceeding.

 

ARTICLE 3

THE CLOSING

 

Section 3.1.                                   The Closing.

 

Unless this Agreement
shall have been earlier terminated in accordance with the terms hereof, the
transactions contemplated by this Agreement shall be consummated (the “Closing”)

 

12

 

at the offices of Friedman Kaplan Seiler & Adelman LLP, 1633
Broadway, New York, New York 10019, on the later of (x) July 10, 2003 and (y)
the Business Day that is the fifth (5th) Business Day after the date on which
all the conditions set forth in Article 7 shall have been satisfied or waived
(except for those conditions which by their terms cannot be satisfied prior to
the Closing Date so long as it is reasonably apparent that such conditions will
be able to be satisfied on the Closing Date), unless another date, time or
place is agreed to in writing by the parties. 
The date on which the Closing shall occur is referred to in this
Agreement as the “Closing Date”. 
The Closing shall be deemed to have occurred as of 12:01 a.m. on the
Closing Date.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and
warrants to Purchaser as follows (it being understood and agreed that except
for the representations and warranties specifically set forth in this Article
4, Seller has not made any representations or warranties with respect to the Purchased
Assets):

 

Section 4.1.                                   Organization and
Qualification.

 

Seller is a limited
liability company duly organized, validly existing and in good standing under
the laws of the State of California and has the requisite limited liability
company power and authority to own and use the Purchased Assets (in the places
where the Purchased Assets are owned, leased or operated).

 

Section 4.2.                                   Authority.

 

Seller has all limited
liability power and authority to execute, deliver and enter into this Agreement
and to perform fully its obligations hereunder and consummate the transactions
contemplated hereby.  The execution and
delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all necessary
limited liability company action on the part of Seller.  This Agreement has been duly executed and
delivered by Seller.  Assuming due
authorization, execution and delivery by Purchaser, this Agreement constitutes
the valid and binding obligation of Seller, enforceable against Seller in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general principles of equity.

 

Section 4.3.                                   No
Conflicts.

 

The execution and
delivery of this Agreement by Seller does not, and the performance of this
Agreement by Seller will not, (i) conflict with the Articles of Formation or
the Operating Agreement of Seller, (ii) violate any law, rule, regulation,
order, judgment or decree applicable to Seller by which Seller or its
properties are bound, or (iii) subject to obtaining the third party Consents
referred to in this Section 4.3, result in any breach of or constitute a
default (or an event that with notice or lapse of time or both would become a
default) under, or impair the rights of Seller under, or give to others any
rights of termination, amendment, acceleration or cancellation of, or result in
the creation of a Lien on any of the Purchased Assets pursuant to, any Contract
to which Seller is a party, or to Seller’s Knowledge, by which any of the
Purchased Assets are

 

13

 

bound, except, with respect to clauses (ii) and (iii), for any such
violations, defaults or other occurrences that would not reasonably be expected
to have a Material Adverse Effect. 
Section 4.3 of the Seller Disclosure Schedule lists all Consents,
waivers and approvals under any of Seller’s Contracts required to be obtained
in connection with the consummation of the transactions contemplated
hereby.  Except as set forth in Section
4.3 of the Seller Disclosure Schedule, Seller is not a party to any Contract
that limits, impairs or otherwise adversely affects Seller’s ability to enter
into this Agreement and consummate the transactions contemplated hereby.

 

Section 4.4.                                   Consents.

 

Except as set forth in
Section 4.4 of the Seller Disclosure Schedule, no Consent from, approval of,
order or authorization of, or registration, declaration or filing with any
Governmental Authority that has not been made or obtained is required to be
made or obtained by Seller in connection with the execution and delivery of
this Agreement or the consummation of the transactions contemplated hereby.

 

Section 4.5.                                   Tax
Matters.

 

(a)                                  Except as set forth in Section 4.5(a) of
the Seller Disclosure Schedule, there are no Taxes relating to the Purchased
Assets prior to the Closing Date for which Purchaser could be held liable that
have not been or will not be paid by Seller.

 

(b)                                 Seller has filed or caused to be filed in
a timely manner (within any applicable extension periods) all Tax Returns,
reports and forms required to be filed by Seller, and has timely paid all Taxes
due and payable by Seller, pursuant to the Code or by applicable state, local
or foreign Tax laws, in each case to the extent applicable to the Purchased
Assets.  To Seller’s Knowledge, no Tax
Liens have been filed with respect to any of the Purchased Assets, and no
claims are being asserted or threatened against Seller with respect to any
Taxes due in connection with the Purchased Assets.  Except as set forth in Section 4.5(b) of the Seller Disclosure
Schedule, to Seller’s Knowledge, there are no pending investigations or audits
of any Seller Tax Returns applicable to Purchased Assets.

 

(c)                                  Seller is not a “foreign person” within
the meaning of Section 1445 of the Code.

 

Section 4.6.                                   Leased Sites.

 

(a)                                  Section 4.6(a) of the Seller Disclosure
Schedule contains a complete list of the Leased Sites Leases together with the
address of each Leased Site, the landlord and the amount of rent payable under
the applicable Leased Site Lease (each Leased Site is categorized as a Class 1
Leased Site or a Class 2 Leased Site for the purposes of this Agreement).  Seller has delivered to Purchaser correct
and complete copies of the leases between Seller, as lessee, and a third party
lessor relating to the Leased Sites (together with all amendments and supplements
thereto, the “Leased Site Leases”). 
Each Leased Site Lease is the legal, valid, binding and enforceable
obligation of Seller and, to Seller’s Knowledge, of the lessor, and each Leased
Site Lease is in full force and effect. 
Neither Seller nor, to Seller’s Knowledge, the lessor is in default,
violation or breach in any respect under any Leased Site Lease, and no event
has occurred and is continuing that constitutes or, with notice or the passage
of time or both, would

 

14

 

constitute a default, violation or breach in any respect under any
Leased Site Lease.  Seller has made all
payments required to be paid under each of the Leased Site Leases.  Except as disclosed in Section 4.3 of the
Seller Disclosure Schedule, no written Consent for the assignment of the Leased
Site Leases from the landlord (the landlord Consents with respect to the
assignment of the Leased Site Leases being herein referred to as the “Leased
Site Lease Consents”) is required under any of the Leased Site Leases in
order for the Leased Site Leases to be assigned by Seller to Purchaser or for
Purchaser to enjoy the full benefits of the Leased Site Leases upon
consummation of the transactions contemplated hereby.  Each Leased Site Lease (other than the Licensed Sites) grants
Seller the exclusive right to use and occupy the applicable Leased Site.  Seller has the right to use each of the
Licensed Sites.  Seller enjoys peaceful
and undisturbed possession under the Leased Site Leases.  Seller has access to the Leased Sites,
either via easement or public road, and access to utilities sufficient for the
use and occupancy of the Leased Sites as currently used and occupied.  Seller does not presently, and in the future
will not, owe any brokerage commissions or finder’s fees with respect to any
Leased Site Lease.

 

(b)                                 Except for the Tower Leases set forth in
Section 4.7(a)(i) of the Seller Disclosure Schedule, Seller has not subleased,
licensed or otherwise granted any Person the right to use or occupy any Site or
any portion thereof.  There are no
eminent domain or other similar proceedings pending or, to Seller’s Knowledge,
threatened affecting any portion of the Sites. 
There is no writ, injunction, decree, order or judgment, nor any action,
claim, suit or proceeding, pending or, to Seller’s Knowledge, threatened,
relating to Seller’s lease, use, occupancy or operation of any Sites.

 

(c)                                  To Seller’s Knowledge, Seller’s use of
the Sites is in compliance with all applicable building, zoning, subdivision,
health, safety, environmental and other land use and similar laws affecting the
Sites, including, without limitation, all Environmental Laws and The Americans
with Disabilities Act of 1990, as amended, and all insurance requirements
affecting the Sites (collectively, the “Real Property Laws”), and Seller
has not received any written notice of violation or claimed violation of any
Real Property Law.  To Seller’s
Knowledge, there is no basis for the issuance of any such notice or the taking
of any action for such violation.

 

(d)                                 All certificates of occupancy, permits,
licenses, franchises, zoning approvals, zoning waivers, building permits,
approvals and authorizations (collectively, the “Site Permits”) of all
Governmental Authorities or any other entity having jurisdiction over the
Sites, which are required for Seller’s use or occupancy of the Sites as
currently used have been issued and are in full force and effect.  Seller has delivered to Purchaser true and
complete copies of all Site Permits. 
Seller has not received any notice from any governmental authority or
other entity having jurisdiction over the Sites threatening a suspension,
revocation, modification or cancellation of any Site Permit and, to Seller’s
Knowledge, there is no basis for the issuance of any such notice or the taking
of any such action.

 

(e)                                  To Seller’s Knowledge, none of the
Improvements (including, with respect to the Towers, supporting guys and
associated structures) encroach on any land which is not included in the Sites
or on any easement affecting such Sites, or violate any building lines or
set-back lines, and there are no encroachments onto any of the Sites, or any
portion thereof, which encroachment would interfere with the use or occupancy
of such Sites or the continued operation of Seller’s business as currently conducted
thereon.

 

15

 

(f)                                    Except as disclosed in Section 4.6(f) of
the Seller Disclosure Schedule, Seller has good and valid title to the
Improvements on each Site, free and clear of any Lien other than Permitted
Liens.

 

Section 4.7.                                   Tower Leases

 

(a)                                  Section 4.7(a)(i)
of the Seller Disclosure Schedule contains a complete and correct list of the
Tower Leases together with the name of the tenant and the amount of rent
payable under each Tower Lease.  Seller
has delivered to Purchaser correct and complete copies of the Tower Leases
(with all the amendments and supplements thereto) and there are no Contracts
relating to any Tower or Site to which Seller or any Affiliate of Seller is a
party that have not been set forth or described in Section 4.7(a)(i) of the
Seller Disclosure Schedule.  Each Tower Lease is the legal, valid,
binding and enforceable obligation of Seller and, to Seller’s Knowledge, of the
tenant thereunder and each Tower Lease is in full force and effect.  Except as set forth in Section 4.7(a)(i) of the Seller Disclosure
Schedule, no tenant under a Tower Lease is in default under any Tower Lease,
and no event has occurred and is continuing that constitutes or, with notice or
the passage of time or both, would constitute a default, violation or breach in
any respect under any Tower Lease.  Seller
is not in default, violation or breach in any material respect under any Tower
Lease, and, to Seller’s Knowledge, no event has occurred and is continuing that
constitutes or, with notice or the passage of time or both, would constitute a
default, violation or breach in any respect under any Tower Lease.  Except as disclosed in Section 4.3 of the
Seller Disclosure Schedule, no Consent is required under any of the Tower
Leases in order for the Tower Leases to be assigned by Seller to Purchaser or
for Purchaser to enjoy the full benefits of the Tower Leases upon consummation
of the transactions contemplated hereby. 
Except as disclosed in Section 4.7(a)(ii) of the Seller Disclosure
Schedule, Seller has not received notice of
any termination of any Tower Lease or of any intention to terminate, modify, or
amend any of the Tower Leases and Seller does not have any knowledge of any
facts or circumstances that would or are reasonably likely to result in the
receipt of such a notice.  Seller has
not received notice of any claim for free or reduced rent or for reduction,
deduction or set-off against Seller of the rent due or to become due under any
of the Tower Leases, and Seller does not have any knowledge of any facts or
circumstances that would or are reasonably likely to result in the receipt of
such a notice.  Except as set forth in
the Tower Leases, Seller has granted no rental concessions or abatements.  Seller has the sole right to collect the
rent under the Tower Leases.  Except as
is otherwise indicated in Section 4.7(a)(i) of the Seller Disclosure Schedule,
Seller has received no payment of rent more than 30 days in advance of the due
date therefor.  Except as disclosed in
Section 4.7(a)(i) of the Seller Disclosure Schedule, no amount due and owing to
Seller under any Tower Lease is more than thirty (30) days past due.

 

(b)                                 Section 4.7(b) of the Seller Disclosure
Schedule sets forth a list containing the address of each Tower, its height and
type of construction.  The Improvements are in all material respects adequate for the
purposes for which such assets are currently used or are held for use
and are in good condition and repair. 
To Seller’s Knowledge, (i) there are no structural deficiencies or
latent defects affecting any of the Improvements and (ii) there are no facts or
conditions affecting any of the Improvements which would, individually or in
the aggregate, interfere in any respect with the use or occupancy of the
Improvements or any portion thereof in the use of the Purchased Assets as
currently used.

 

16

 

Section 4.8.                                   FAA
Compliance.

 

(a)                                  Prior to Seller’s commencement of
operation from each Site, to the extent required by law, (i) the Federal
Aviation Administration (“FAA”) issued a determination of “No Hazard” to
air navigation under Part 77 of the Federal Aviation Rules, 47 C.F.R. Part 77
(“FAA Tower Clearance”), and (ii) the Antenna Survey Branch of the Federal
Communications Commission (“FCC”) issued a clearance (the “FCC Tower
Clearance”).

 

(b)                                 To Seller’s Knowledge, the FAA Tower
Clearance and the FCC Tower Clearance described in Section 4.8(a) are valid, in
good standing, and in full force and effect.

 

(c)                                  To Seller’s Knowledge, the Towers were
constructed and have at all times been operated in full compliance with all
applicable municipal, state and federal laws, rules and regulations, including,
without limitation, the Communications Act of 1934, as amended, 47 U.S.C. §151,
et. seq., and all rules and regulations promulgated thereunder (the “Communications
Act”),  and all FAA’s rules and
regulations.  Seller has no knowledge of
any condition imposed by the FCC or the FAA on the Towers which is not (i) set
forth on the face of the FAA Tower Clearance or the FCC Tower Clearance as
issued by the FAA or FCC or (ii) applicable to communications towers
generally.  Each Tower currently is
painted and lighted in accordance with all FAA and FCC rules, regulations and
policies, and all relevant permits and clearances issued by the FAA or the
FCC.  Each Tower is not now operating
under a Notice of Extinguishment or Improper Functioning of Lights, as
specified in the FCC’s ruling.

 

Section 4.9.                                   Compliance
with Laws.

 

Except with respect to
environmental matters, which are the subject of Section 4.13, Seller is not in
conflict with, or in default or violation of, any law, rule, regulation, order,
judgment, ordinance, permit or decree applicable to the Purchased Assets, except
for any conflicts, defaults or violations that would not reasonably be expected
to have a Material Adverse Effect. 
Seller has received no notice from any Governmental Authority having
jurisdiction over the Sites to the effect that the Sites are not in compliance
with applicable laws, rules, regulations, orders, judgments, ordinances,
permits or decrees.

 

Section 4.10.                             Permits.

 

All required licenses,
zoning approvals, zoning waivers, building permits and authorizations
(collectively, “Permits”) to be issued to Seller by a Governmental
Authority in connection with the use or operation of the Improvements (but
specifically excluding permits or licenses granted by the FCC relating to
communications frequencies, spectrum or channel usage for wireless communications
services and permits or licenses held by Seller with respect to the operation
of  Seller’s communications equipment at
a Site) have been obtained by Seller and are in full force and effect.  Seller has complied in all material respects
with all requirements imposed pursuant to the Permits.

 

Section 4.11.                             Litigation.

 

Except as set forth in Section 4.11 of the Seller Disclosure Schedule,
there is no action, suit or proceeding of any nature pending or to Seller’s
Knowledge, threatened against or

 

17

 

affecting the Purchased Assets or that in any manner challenges or
seeks to prevent, enjoin, alter or delay any of the transactions contemplated
by this Agreement.

 

Section 4.12.                             Brokers’ and Finders’
Fees.

 

Seller has not incurred,
nor will it incur, directly or indirectly, any liability for brokerage or
finders’ fees or agents’ commissions or any similar charges in connection with
this Agreement or any transaction contemplated hereby.

 

Section 4.13.                             Environmental Matters.

 

(a)                                  Except as described in Section 4.13(a) of
the Seller Disclosure Schedule, Seller has obtained all Environmental
Permits.  Each Environmental Permit is
valid and enforceable and in full force and effect, and to its Knowledge,
Seller is in compliance with the terms and conditions of all Environmental
Permits.

 

(b)                                 Except as set forth in the environmental
reports listed in Section 4.13(b) of the Seller Disclosure Schedule (the “Environmental
Reports”), which reports have been provided to Purchaser, (i) no Hazardous
Substances generated by, used by, or originating from Seller’s activities on
the Purchased Assets have been Released or threatened to be Released into the
environment, whether by Seller, or to Seller’s Knowledge, by third parties, at
any Site, (ii) no oral or written notification of a Release or threatened
Release of a Hazardous Substance has been made or filed by or on behalf of
Seller with respect to the Purchased Assets with any Governmental Authority and
Seller has received no notice that a Site is subject to investigation or
clean-up under any Environmental Law. 
Seller has provided Purchaser with copies of all environmental
investigations, studies, audits, tests, reviews and other analyses conducted by
or on behalf of, or that are in the possession of, Seller in relation to any
Purchased Asset now owned, operated, occupied, utilized or leased by
Seller.  Seller has not received any
notice of intention to commence suit under any Environmental Law with respect
to the Purchased Assets, nor has Seller received any request for information
from any Governmental Authority under any Environmental Law with respect to the
Purchased Assets.

 

(c)                                  Seller is in compliance in all material
respects with all applicable Environmental Laws pertaining to the Purchased
Assets (and the use, ownership or transferability thereof).  Except as set forth in the Environmental
Reports, Seller has no liability, contingent or otherwise, under any
Environmental Law arising out of actions or omissions of Seller and to its
Knowledge, arising out of actions of any third party.  No Person has alleged any violation by Seller of any applicable
Environmental Law relating to the use, ownership or transferability of the
Purchased Assets.  Seller has not caused
or permitted the use, generation, manufacture, refining, transportation,
treatment, storage, handling, disposal, production or processing of any
Hazardous Substances in connection with the Purchased Assets except in
compliance with applicable Environmental Law and all applicable federal, state
and local laws and regulations.

 

(d)                                 To Seller’s Knowledge, the Purchased
Assets are not subject to any Lien arising pursuant to any Environmental
Law.  Except as set forth in the
Environmental Reports, to Seller’s Knowledge, the Purchased Assets are not
subject to any prohibition or limitation

 

18

 

regarding the protection of wetlands, woodlands or the like under any
Environmental Law or other law or statutory land use regulation.

 

Section 4.14.                             Assumed
Contracts.

 

Section 4.14 of the
Seller Disclosure Schedule contains a complete and correct list of the Assumed
Contracts.  Seller has delivered to
Purchaser correct and complete copies of each Assumed Contract.  Each Assumed Contract is the legal, valid,
binding and enforceable obligation of Seller and, to Seller’s Knowledge, of the
other party to the Assumed Contract and each Assumed Contact is in full force
and effect.  Neither Seller nor, to
Seller’s Knowledge, the other party to the Assumed Contract, is in default,
violation or breach in any material respect under any Assumed Contract, and, to
Seller’s Knowledge, no event has occurred and is continuing that constitutes
or, with notice or the passage of time or both, would constitute a default,
violation or breach in any respect under any Assumed Contract.  Except as disclosed in Section 4.3 of the
Seller Disclosure Schedule, no Consent is required under any of the Assumed
Contracts in order for the Assumed Contracts to be assigned by Seller to
Purchaser or for Purchaser to enjoy the full benefits of the Assumed Contracts
upon consummation of the transactions contemplated hereby.

 

Section 4.15.                             Absence of Changes or
Events.

 

Except as disclosed in
Section 4.15 of the Seller Disclosure Schedule, since January 1, 2003, with
respect to the Purchased Assets, there has been no (a) Material Adverse Effect;
(b) damage, destruction or loss (whether or not covered by insurance) which,
individually or in the aggregate, has had or could reasonably be expected to
have a Material Adverse Effect; (c) statute, order, judgment, writ, injunction,
decree, permit, rule or regulation of any Governmental Authority adopted,
enacted, imposed or proposed which, individually or in the aggregate, has had or
could reasonably be expected to have a Material Adverse Effect; (d) significant
change in the operations of the Purchased Assets; (e) waiver by Seller of any
material claims or rights under Assumed Contracts; (f)  modification,
amendment, termination or lapse of any lease of, or reciprocal easement
agreement, operating agreement or other material agreement relating to, the
Sites, to Seller’s Knowledge; or (g) agreement, whether in writing or
otherwise, by Seller to do any of the foregoing.  Except as disclosed in Section 4.15 of the Seller Disclosure
Schedule, since January 1, 2003, Seller has used the Purchased Assets in the
ordinary course and in substantially the same manner as used prior to such
date.

 

Section 4.16.                             Insurance.

 

Set forth on Section 4.16
of the Seller Disclosure Schedule is a list of all policies of insurance by
which the Purchased Assets are covered as of the date of this Agreement.  Except as set forth on Section 4.16 of the
Seller Disclosure Schedule, all such policies are in full force and effect and,
there are no claims pending as of the date hereof relating to the Purchased
Assets, under any of such policies where underwriters have reserved their
rights or disclaimed coverage under such policy.

 

19

 

Section 4.17.                             Disclosure.

 

No representation or
warranty contained in this Article 4, and no statement contained in any
document, certificate or Seller Disclosure Schedule attached hereto, contains
or will contain any untrue statement of a material fact, or omits or will omit
to state any material fact necessary, in light of the circumstances under which
it was or will be made, in order to make the statements herein or therein not
misleading.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

Purchaser represents,
warrants and acknowledges to Seller as follows:

 

Section 5.1.                                   Organization
and Qualification.

 

Purchaser is a limited
liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware and has the requisite limited liability
company power and authority to own and operate its business as currently
conducted.

 

Section 5.2.                                   Authority.

 

Purchaser has all
requisite limited liability company power and authority to execute, deliver and
enter into this Agreement and to perform fully its obligations hereunder and
consummate the transactions contemplated hereby.  The execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby have been duly and validly authorized
by all necessary limited liability company action on the part of
Purchaser.  This Agreement has been duly
executed and delivered by Purchaser. 
Assuming due authorization, execution and delivery by Seller, this
Agreement constitutes the valid and binding obligation of Purchaser,
enforceable against Purchaser in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity.

 

Section 5.3.                                   No Conflicts.

 

The execution and
delivery of this Agreement by Purchaser does not, and the performance of this
Agreement by Purchaser will not, (i) conflict with the Certificate of Formation
or Limited Liability Company Agreement of Purchaser, (ii) subject to compliance
with the requirements set forth in Section 5.4, violate any law, rule,
regulation, order, judgment or decree applicable to Purchaser or by which its
properties are bound or affected, or (iii) result in any breach of or
constitute a default (or an event that with notice or lapse of time or both
would become a default) under, or impair the rights of Purchaser or any of its
subsidiaries under, or give to others any rights of termination, amendment,
acceleration or cancellation of, or result in the creation of a Lien on any of the properties or assets of
Purchaser pursuant to, any Contract to which Purchaser is a party or by which
Purchaser or its properties are bound, except, with respect to clauses (ii) and
(iii), for any such violations, defaults or other occurrences that would not
impair Purchaser’s ability to perform its obligations under this Agreement.

 

20

 

Section 5.4.                                   Consents.

 

No Consent, approval,
order or authorization of, or registration, declaration or filing with any
Governmental Authority that has not been made or obtained is required to be
made or obtained by Purchaser in connection with the execution and delivery of
this Agreement or the consummation of the transactions contemplated hereby,
except such Consents, approvals, orders, authorizations, registrations,
declarations and filings as may be required under applicable state and federal
securities laws.

 

Section 5.5.                                   Brokers’ and
Finders’ Fees.

 

Except for the fees of
Veronis Suhler Stevenson LLC, which will be paid by Purchaser, Purchaser has
not incurred, nor will it incur, directly or indirectly, any liability for
brokerage or finders’ fees or agents’ commissions or any similar charges in
connection with this Agreement or the transactions contemplated hereby.

 

Section 5.6.                                   Litigation.

 

There is no action, suit,
proceeding or investigation pending or, to Purchaser’s knowledge, threatened
against Purchaser that in any manner challenges or seeks to prevent, enjoin,
alter or delay any of the transactions contemplated by this Agreement.

 

ARTICLE 6

COVENANTS OF SELLER AND PURCHASER

 

Seller and Purchaser
covenant and agree with each other as follows:

 

Section 6.1.                                   Conduct of Business.

 

Except as otherwise
expressly permitted or required by this Agreement, during the period from the
date hereof until the Closing Date, Seller shall:

 

(a)                                  use the Purchased Assets in the ordinary
course of business, in substantially the same manner as heretofore used, and in
compliance with all applicable laws and regulations and, to the extent
consistent therewith, use all reasonable efforts to keep the Purchased Assets
in good working condition;

 

(b)                                 not sell, lease, mortgage, pledge or
dispose of any of the Purchased Assets or create a lien upon any of the
Purchased Assets;

 

(c)                                  not enter into or assume without written
consent of Purchaser any Contract relating to the Purchased Assets, including,
without limitation, a Tower Lease, or enter into or permit any amendment,
supplement, waiver or other modification in respect thereof; and

 

(d)                                 not agree in writing to or otherwise take
any of the foregoing actions.

 

21

 

Section 6.2.                                   Access
to Information; Confidential Information.

 

(a)                                  From the date hereof until the Closing
Date, Purchaser shall have access, through its employees and representatives,
to inspect the Purchased Assets upon reasonable notice to Seller and shall have
the right to make copies of or extracts from the books and records of Seller
relating to the Purchased Assets.

 

(b)                                 All Confidential Information furnished
pursuant to the provisions of this Agreement, including, without limitation,
this Section, will be kept confidential and shall not, without the prior
written consent of the party disclosing such Confidential Information, be
disclosed by the other party in any manner whatsoever, in whole or in part,
except as required by applicable law or stock exchange or stock system
regulations, and shall not be used for any purposes, other than in connection
with the transactions contemplated hereby. 
Except as otherwise herein provided, each party agrees to reveal such
Confidential Information only to those of its representatives or other Persons
whom it believes need to know such Confidential Information for the purpose of
evaluating and consummating the Purchase. 
For purposes of this Agreement, “Confidential Information” shall
mean any and all information related to the business or businesses of Purchaser
and its Affiliates or Seller and its Affiliates, including any of their
respective successors and assigns, other than information that (i) has been or
is obtained from a source independent of the disclosing party that, to the
receiving party’s knowledge, is not subject to any confidentiality restriction,
(ii) is or becomes generally available to the public other than as a result of
unauthorized disclosure by the receiving party, or (iii) is independently
developed by the receiving party without reliance in any way on information
provided by the disclosing party or a third party independent of the disclosing
party that, to the receiving party’s knowledge, is not subject to any
confidentiality restrictions.

 

(c)                                  Purchaser and Seller will consult with
each other before issuing any press release or otherwise making any public
statement with respect to this Agreement and the transactions and will not
issue any such press release or make any such public statement prior to such
consultation and the approval of the other party, which shall not be
unreasonably withheld, except as may be required by applicable law or stock
exchange or stock system regulations.

 

Section 6.3.                                   Agreement
to Cooperate; Certain Other Covenants.

 

From the date hereof
until the Closing Date each of the parties hereto shall use commercially
reasonable efforts to: (i) consummate and make effective the transactions
contemplated by this Agreement including, without limitation, the satisfaction
of the closing conditions set forth in Article 7 and the making of any required
governmental filing; (ii) refrain from taking any action or doing any thing
which could impede or impair the consummation of the transactions contemplated
by this Agreement; and (iii) cooperate with the other party in connection with
the other party’s obligations under this Agreement and keep the other party
informed in connection with this Agreement.

 

Section 6.4.                                   Insurance.

 

Seller shall keep all
insurance policies currently in effect for the Purchased Assets in full force
and effect through the close of business on the Closing Date.  In the event that any Site has

 

22

 

been damaged prior to the Closing Date by a casualty covered by
insurance, Seller shall collect the amounts due (if any) in respect of such
damaged Site under applicable insurance policies, and shall apply such amounts
to repair or replace the damaged Site. 
If any such amounts are received by Seller or any of its Affiliates
prior to the Closing Date and are not applied to repair or replace a damaged
Site, Seller shall remit such amounts to Purchaser at Closing; and if any such
amounts are received by Seller or any of its Affiliates on or after the Closing
Date, Seller shall promptly remit such amounts to Purchaser.

 

Section 6.5.                                   Notification
of Certain Matters.

 

From the date hereof
until the Closing Date each party shall give prompt notice to the other of the
occurrence or non-occurrence of any event that would cause (a) any
representation or warranty made by it contained in this Agreement to be untrue
or inaccurate in any material respect or (b) any failure by it to comply with
or satisfy, or be able to comply with or satisfy, in any material respect, any
covenant, condition or agreement to be complied with or satisfied by it under
this Agreement in any material respect, such that, in any such case, one or
more of the conditions of Closing would not be satisfied; provided, however,
that the delivery of any notice pursuant to this Section shall not limit or
otherwise affect the rights and remedies available hereunder to the party
receiving such notice or the obligations of the party delivering such notice
and shall not, in any event, affect the representations, warranties, covenants
and agreements of the parties or the conditions to their respective obligations
under this Agreement.

 

Section 6.6.                                   Execution
of Tower Leases.

 

At the Closing, Purchaser shall, and Seller shall cause UbiquiTel
Leasing Company to, execute the UbiquiTel Master Site Lease and, for each Site
being transferred at Closing, tower leases in the applicable forms attached
hereto as Exhibit 6.6(1 - 100) (each a “UbiquiTel Site Agreement”).

 

Section 6.7.                                   Alternative
Transactions.

 

Seller agrees that prior
to the earlier of the Closing (or with respect to certain Sites (and the
related Purchased Assets) with respect to which Purchaser has made an election
pursuant to Section 7.3(a)(ii), the subsequent closing) or the termination of
this Agreement in accordance with its terms, none of its directors, officers,
members, managers, employees, attorneys, investment bankers, accountants or
other agents or representatives shall solicit or respond to any inquiries,
proposals, offers or bids from, or negotiate or enter into any agreement or
other Contract with any Person or entity other than Purchaser relating to, the
sale, transfer or other disposition of the Purchased Assets or otherwise take
any affirmative action (including providing any information or entering into
any discussions, agreement or other Contract or letter-of-intent with respect
thereto) to cause, promote or assist the purchase of the Purchased Assets by a
third party.

 

Section 6.8.                                   Natural Hazard
Disclosure Requirement Compliance.

 

Seller has employed the
services of Natural Hazards Disclosure, LLC, 16654 Soledad Canyon Road, #501,
Santa Clarita, California  91387, Tel:
(800) 317-7919 (the “Natural Hazard Expert”), an expert in natural
hazard discovery, to examine the maps and other information

 

23

 

specifically made available to the public by government agencies and to
report the result of its examination in writing (the “Natural Hazard
Disclosure Report”) to Seller and Purchaser, using substantially the form
of the “Natural Hazard Disclosure Statement” set forth in California Civil Code
Section 1103.2, for the purpose of enabling Seller to fulfill its disclosure
obligations.  Seller shall cause the
Natural Hazard Expert to deliver the Natural Hazard Disclosure Report to
Purchaser, prior to Closing, in order to fulfill its disclosure obligations
referred to in the previous sentence, including, without limitation, the
satisfaction of provisions of California Civil Code Section 1103.4.

 

ARTICLE 7

CONDITIONS PRECEDENT TO CLOSE

 

Section 7.1.                                   Conditions to
Obligations of Purchaser.

 

The obligations of
Purchaser to consummate the transactions provided for herein on the Closing
Date are subject to the fulfillment, at or prior to the Closing Date, of the
following conditions (all or any of which may be waived in writing in whole or
in part by Purchaser in its sole discretion); it being understood and agreed
that if with respect to any Site, any of such conditions are not fulfilled (or
waived) pursuant to the terms of this Agreement, Purchaser shall have the right
pursuant to Section 7.3, but subject to Section 7.1(k), to exclude the Site and
its related Purchased Assets with respect to which the condition precedent has
not been satisfied:

 

(a)                                  Representations and Warranties, Covenants. 
(i) The representations and warranties contained in Article 4 of this
Agreement shall be true and correct in all material respects as of the date
hereof and as of the Closing Date as though made on and as of such date (except
for such representations and warranties (x) which are qualified as to
materiality or (y) which are set forth in the third sentence of Section 4.6(a),
Section 4.6(f) and the third sentence and tenth sentence of Section 4.7(a)
which in each case shall be true and correct), (ii) Seller shall have performed
and complied with all obligations and covenants required by this Agreement to
be performed or complied with by it at or prior to the Closing Date, and (iii)
Seller shall have executed and delivered to Purchaser a certificate of an
authorized officer of Seller, dated the Closing Date, in the form attached
hereto as Exhibit 7.1(a).

 

(b)                                 Consents and Approvals. 
All Consents to or from any Governmental Authority or any other Person
necessary to permit Seller to perform its obligations under this Agreement, and
all documents and agreements to be executed and delivered by Seller in
connection herewith and to consummate the transactions contemplated hereby and
thereby shall have been duly obtained, made or given and shall be in full force
and effect for the benefit of Purchaser.

 

(c)                                  No Adverse Proceedings. 
No action, suit or proceeding before any Governmental Authority shall
have been commenced, no investigation by any Governmental Authority or
administrative agency or instrumentality shall have been commenced, and no
action, suit or proceeding by any Governmental Authority or administrative
agency or instrumentality shall have been threatened in writing, in any such
case seeking to restrain, prevent, enjoin or materially change the transactions
contemplated hereby or questioning the validity or legality of any of such
transactions or seeking damages in connection with any of such transactions.

 

24

 

(d)                                 Closing Date Deliveries. 
Seller shall have executed and delivered to Purchaser the agreements and
other instruments required to be executed and delivered by it concurrently with
the Closing under Article 9.

 

(e)                                  Title Insurance on Closing. 
On the Closing Date, Title Company shall be unconditionally and
irrevocably prepared to issue a CLTA leasehold insurance policy for each Leased
Site, other than the Licensed Sites, subject only to the Permitted Liens,
insuring Purchaser’s legal, valid, binding and enforceable leasehold interest
in such Leased Site, as of the Closing Date (including all recorded appurtenant
easements, insured as separate legal parcels), in the amount set forth for such
Leased Site on Schedule 2.4 (the “Title Policies”).

 

(f)                                    Leased Site Lease Consents. 
To the extent required under a Leased Site Lease, Seller shall have
obtained and delivered to Purchaser a Leased Site Lease Consent which will be
made a part of the estoppel required pursuant to Section 7.1(i).

 

(g)                                 Tower Lease Consents. 
Seller, to the extent required under a Tower Lease, shall have obtained
and delivered to Purchaser a written Consent for the assignment of such Tower
Leases in the form attached hereto as Exhibit 7.1(g).

 

(h)                                 Assumed Contract Consents. 
To the extent required under any of the Assumed Contracts, Seller shall
have obtained and delivered to Purchaser a written Consent for the assignment
of each of the Assumed Contracts in form and substance satisfactory to
Purchaser.

 

(i)                                     Estoppels.  Prior to the
Closing Date, Seller shall have obtained and delivered to Purchaser an estoppel
from the lessor under each Leased Site Lease in the form of Exhibit 7.1(i)
attached hereto (a “Lessor Estoppel Certificate”).

 

(j)                                     Memoranda of Leases. 
Prior to the Closing Date, Seller shall have delivered to Purchaser
evidence that a memorandum of lease with respect to each Leased Site, other
than the Licensed Sites, has been recorded.

 

(k)                                  Minimum Number of Sites. 
The conditions precedent set forth in paragraphs (a) through (j) above
shall have been satisfied with respect to at least eighty (80) Sites, which
must include at least forty-five (45) Class 1 Leased Sites.  Purchaser acknowledges that, if the
condition set forth in the preceding sentence is satisfied at or prior to the
Closing Date, then Purchaser shall be obligated to purchase such Sites on the
Closing Date in accordance with and subject to the other terms and conditions
of this Agreement.

 

Section 7.2.                                   Conditions to
Obligations of Seller.

 

The obligations of Seller
hereunder to consummate the transactions provided for herein on the Closing Date
are subject to the fulfillment, at or prior to the Closing Date, of the
following conditions (all or any of which may be waived in writing in whole or
in part by Seller in its sole discretion):

 

(a)                                  Representations and Warranties, Covenants. 
(i) The representations and warranties contained in Article 5 of this
Agreement shall be true and correct in all material respects as of the date
hereof and as of the Closing Date as though made on and as of such date (except
for such

 

25

 

representations and warranties which are qualified as to materiality,
which shall be true and correct), (ii) Purchaser shall have performed and
complied with all obligations and covenants required by this Agreement to be
performed or complied with by it at or prior to the Closing Date, and (iii)
Purchaser shall have executed and delivered to Seller a certificate of an
authorized officer of Purchaser, dated the Closing Date, in the form attached
hereto as Exhibit 7.2(a).

 

(b)                                 Consents and Approvals. 
All Consents to or from any Governmental Authority or any other Person
necessary to permit Purchaser to perform its obligations under this Agreement,
and all documents and agreements to be executed and delivered by Purchaser in
connection herewith and to consummate the transactions contemplated hereby and
thereby shall have been duly obtained, made or given and shall be in full force
and effect for the benefit of Seller.

 

(c)                                  No Adverse Proceedings. 
No action, suit or proceeding before any Governmental Authority shall
have been commenced, no investigation by any Governmental Authority or
administrative agency or instrumentality shall have been commenced, and no
action, suit or proceeding by any Governmental Authority or administrative
agency or instrumentality shall have been threatened, in any such case seeking
to restrain, prevent, enjoin or change the transactions contemplated hereby or
questioning the validity or legality of any of such transactions or seeking
damages in connection with any of such transactions.

 

(d)                                 Closing Date Deliveries. 
Purchaser shall have executed and delivered to Seller the Purchase
Price, the agreements and other instruments required to be executed and
delivered by it concurrently with the Closing under Article 9 below.

 

Section 7.3.                                   Treatment of
Certain Sites.

 

(a)                                  Election by Purchaser. 
Notwithstanding anything herein to the contrary, and in addition to any
rights that Purchaser may exercise pursuant to Section 8.1, if any of the
conditions precedent set forth in Section 7.1(a) through (j) will not be
satisfied on the Closing Date with respect to one or more Sites (which, for
purposes of this Section 7.3, shall include the related Purchased Assets),
Purchaser shall notify Seller no later than two (2) Business Days prior to the
Closing Date of Purchaser’s election to (i) waive such conditions with respect
to one or more of such Sites for purposes of Section 7.1 or (ii) defer the
purchase and sale of one or more of such Sites (and the related Purchased
Assets) for 90 days or such longer period as Seller and Purchaser shall
mutually agree, following the Closing Date in order to enable Seller to use
commercially reasonable efforts to cure the applicable conditions with respect
to any of such Sites (the “Cure Period”).

 

(b)                                 Deferred/Excluded Sites. 
Subject to Section 7.3(c), in the event that Purchaser makes an election
pursuant to Section 7.3(a)(ii) with respect to one or more Sites, or if one or
more Sites are designated to be Excluded Assets pursuant to Section 8.1, at the
Closing (i) the Purchase Price shall be reduced in accordance with Section
2.1(b) and Purchaser shall pay to Seller the Adjusted Purchase Price, (ii) none
of the Purchased Assets relating exclusively to any such Sites shall be sold,
transferred and assigned to Purchaser, (iii) Purchaser shall not assume any of
the Assumed Liabilities relating to any such Sites including, without
limitation, the liabilities and obligations under the Leased Site Leases, the
Tower Leases, the Assumed Contracts and the Permits relating to such Sites,
(iv) the parties shall amend the UbiquiTel

 

26

 

Master Site Lease to exclude such Sites, and shall not enter into
UbiquiTel Site Agreements with respect to such Sites, (v) prorations will not
be made pursuant to Section 2.3, and closing costs will not be paid pursuant to
Section 9.4, with respect to such Sites, and (vi) the parties shall have no
further liabilities or obligations with respect to such Sites pursuant to this
Agreement, except the obligations under Sections 6.2(b), 8.2 and 13.1.

 

(c)                                  Subsequent Closings. 
In the event that Purchaser makes an election pursuant to Section
7.3(a)(ii) with respect to one or more Sites, Seller shall use commercially
reasonable efforts to satisfy the applicable conditions precedent during the
Cure Period.  If such conditions
precedent are not satisfied within the Cure Period, such Sites shall be
designated as Excluded Assets for all purposes of this Agreement.  If such conditions precedent are satisfied
within the Cure Period, the purchase and sale of the applicable Sites shall
take place at a closing held on the fifth Business Day after the satisfaction
of the last such condition to be satisfied and otherwise in accordance with
Section 3.1.  At such closing, (x)
Seller shall execute and deliver to Purchaser, with respect to each such Site,
a Leased Site Lease Assignment, an Assignment and Assumption Agreement, a Bill
of Sale, originals (if available) or certified copies of the applicable Leased
Site Leases, Assumed Contracts, Permits and Tower Leases, and a certificate as
provided for in Section 7.1(a), and Seller shall cause UbiquiTel Leasing
Company to execute and deliver a UbiquiTel Site Agreement with respect to each
such Site, each of which shall be dated and effective as of the date of such
closing; (y) Purchaser shall, with respect to each such Site, pay to Seller
that portion of the Purchase Price allocable to such Site as set forth on Schedule
2.4, and shall execute and deliver to Seller a Leased Site Lease
Assignment, an Assignment and Assumption Agreement, a Bill of Sale, a UbiquiTel
Site Agreement, and a certificate as provided for in Section 7.2(a), each of
which shall be dated and effective as of the date of such closing; and (z) the
UbiquiTel Master Site Lease shall be amended to include such Sites and the
parties shall make the appropriate payments and filings referenced in Sections
2.3, 9.3 and 9.4.

 

ARTICLE 8

DUE DILIGENCE

 

Section 8.1.                                   Title Review.

 

(a)                                  Preliminary Title Report. 
Seller shall cause Title Company to deliver to Purchaser within fifteen
(15) Business Days from the Effective Date a preliminary title report for each
Site dated no more than thirty (30) days prior to the Effective Date (each such
report being referred to herein as a “Preliminary Title Report”).  Within ten (10) Business Days of receipt of
a Preliminary Title Report for a Site (the “Title Review Period”),
Purchaser shall have the right to object in writing to Seller as to any
exception to title shown on the Preliminary Title Report that would, in the
reasonable business judgment of Purchaser, have a material adverse effect on
the applicable Site (a “Title Objection Notice”).  If Purchaser fails to deliver a Title
Objection Notice during the Title Review Period, Purchaser shall be deemed to
have approved the exceptions to title shown on the Preliminary Title
Report.  Upon receipt by Seller of a
timely given Title Objection Notice, Seller shall have five (5) Business Days
from receipt of such Title Objection Notice within which to notify Purchaser as
to each Site that is the subject of a Timely Objection Notice either that (i)
Seller elects, in its sole and absolute discretion, to use good faith efforts
to cause such disapproved title exception to be removed at least five (5)
Business Days prior to the Closing Date (or otherwise take any action with
respect thereto), or (ii) Seller will not cause such

 

27

 

disapproved exception to be removed as of the Closing Date; provided,
however, Seller shall have no liability if, after electing under (i) above,
such additional disapproved title matters are not removed as of the
Closing.  If Seller shall notify
Purchaser within the foregoing five (5) Business Day period that it does not
elect to remove such exception or at any time later informs Purchaser in
writing that Seller is unable or unwilling to remove an exception with respect
to a Site that is the subject of a Timely Objection Notice, Purchaser shall
have the option, in its sole discretion, either to accept such disapproved
exception as a Permitted Lien and thus continue to proceed to Closing (subject
to other conditions stated herein) without credit or reduction in the Purchase
Price, or to designate the Purchased Assets to which such title objection
relates as an Excluded Asset and the Purchase Price shall be reduced in
accordance with Section 2.1(b) and such Site shall be excluded in accordance
with Section 7.3(b).  If Seller fails to
respond to Purchaser’s Title Objection Notice, Seller shall be conclusively
deemed to have elected not to remove the disapproved title exception with
respect to a Site that is the subject of a Timely Objection Notice.  If Purchaser fails to disapprove any
exception title noted in a Preliminary Title Report pursuant to and in
accordance with the procedure set forth in this Section 8.1(a), Purchaser shall
be deemed to have approved such exception(s) and shall have no further right of
objection in connection therewith.

 

(b)                                 Additional Title Matters. 
Approval by Purchaser of any additional exceptions to title with respect
to any Site disclosed by Seller to Purchaser in writing after the end of the
Title Review Period (“Additional Title Matters”) shall be a condition
precedent to Purchaser’s obligations to purchase the Purchased Assets with
respect to the applicable Site (Purchaser hereby agreeing that its approval of
Additional Title Matters shall not be unreasonably withheld).  Unless Purchaser gives written notice (“Additional
Title Disapproval Notice”) that it disapproves any Additional Title
Matters, stating the Additional Title Matters so disapproved, on or before the
sooner to occur of the Closing Date or five (5) days after receipt of written
notice of such Additional Title Matters, Purchaser shall be deemed to have
approved such Additional Title Matters. 
Seller shall have up to thirty (30) days after its receipt of any
Additional Title Disapproval Notice within which to remove the disapproved
Additional Title Matters set forth therein from title or obtain from Title
Company a commitment to issue an endorsement affirmatively insuring against
such items in a form reasonably acceptable to Purchaser at no cost or expense
to Purchaser (Seller having the right but not the obligation to do so), and the
Closing Date shall be extended, at Seller’s option, with respect to the
applicable Site to allow for such thirty (30) day period.  In the event Seller determines at any time
that it is unable or unwilling to remove any one or more of such disapproved
Additional Title Matters, Seller may give written notice to Purchaser to such
effect; in such event, Purchaser may, at its option, exclude the applicable
Site upon written notice to Seller and the Purchase Price shall be reduced in
accordance with Section 2.1(b) and such Site shall be excluded in accordance
with Section 7.3(b).  If Purchaser fails
to give such termination notice, Purchaser shall be deemed to have waived its
objection to, and approved, the matters set forth in Seller’s notice.

 

Section 8.2.                                   Due Diligence
Review and Review Standards.

 

Purchaser acknowledges
that it has been provided, and Seller shall continue to provide Purchaser with,
reasonable access to the Sites during normal business hours for the purpose of
Purchaser performing its due diligence examinations, reviews and
inspections.  Seller will also make
available to Purchaser all reports, documents, records, and information as
Purchaser may

 

28

 

reasonably request (but excluding appraisals, financing documents,
investment, feasibility, leasing and marketing analyses) to permit Purchaser to
perform its due diligence investigation with respect to the Purchased
Assets.  In no event, however, shall
Seller be obligated to make available any confidential documents unrelated to
the Sites.  Purchaser shall at all times
conduct its due diligence review, inspections and examinations in a manner so
as to not interfere with or disturb any tenant at a Site.  Purchaser will indemnify, defend and hold
Seller harmless from and against the Losses specified in Section 11.2(c) (such
obligation surviving any termination of this Agreement).  Without limitation on the foregoing, in no
event shall Purchaser:  (a) make any
intrusive physical testing (environmental, structural or otherwise) at a Site
(such as soil borings, water samplings or the like) without Seller’s express
written consent; (b) contact any tenant of a Site without Seller’s express
written consent, which consent shall not be unreasonably withheld; or (c)
contact any Governmental Authority having jurisdiction over a Site without
Seller’s express written consent, which consent shall not be unreasonably
withheld.  Seller shall have the right,
at its option, to cause a representative of Seller to be present at all
inspections, reviews and examinations conducted hereunder.  In the event of any termination of this
Agreement, Purchaser shall return or destroy all documents and other due
diligence materials furnished by Seller hereunder.  Purchaser shall keep all information or data received or
discovered in connection with any of the inspections, reviews or examinations
confidential in accordance with Section 6.2.

 

ARTICLE 9

DELIVERIES AT THE CLOSING; CLOSING COSTS

 

Section 9.1.                                   Seller’s
Deliveries.

 

Pursuant to Section
7.1(d), the obligation of Purchaser to consummate the transactions provided for
herein on the Closing Date is subject to receipt by Purchaser of the following:

 

(a)                                  an assignment and assumption agreement
for each of the Leased Site Leases being assigned (the “Leased Site Lease
Assignments”), each in the form of Exhibit 9.1(a), duly executed by
Seller;

 

(b)                                 an assignment and assumption agreement
for the Tower Leases and the Assumed Contracts being assigned (the “Assignment
and Assumption Agreement”), in the form of Exhibit 9.1(b), duly
executed by Seller;

 

(c)                                  one or more bills of sale or instruments
of conveyance (the “Bills of Sale”) for the Purchased Assets being
transferred, each in the form of Exhibit 9.1(c), duly executed by the
Seller;

 

(d)                                 the UbiquiTel Master Site Lease, duly
executed by UbiquiTel Leasing Company;

 

(e)                                  UbiquiTel Site Agreements for each of the
Sites being transferred, duly executed by UbiquiTel Leasing Company;

 

(f)                                    originals, if available, or certified
copies of the Leased Site Leases, the Assumed Contracts, the Permits, and the
Tower Leases set forth in Section 4.7(a)(i) of the Seller Disclosure Schedule;

 

29

 

(g)                                 a certificate duly executed by Seller
certifying that Seller is not a foreign person for purposes of the Foreign
Investment in Real Property Tax Act;

 

(h)                                 a certificate as provided for in Section
7.1(a) executed by an authorized officer of Seller;

 

(i)                                     a certificate of the secretary of Seller
attesting to (i) the organizational documents of Seller, (ii) the resolutions
adopted by the managing member of Seller duly authorizing the execution,
delivery and performance of this Agreement by Seller and the execution and
delivery by Seller of all instruments and documents contemplated hereby, and
(iii) the signatures of the officers or authorized representatives of Seller
who have been authorized on behalf of Seller to execute and deliver this
Agreement and any other agreement executed or to be executed in connection
herewith;

 

(j)                                     a good standing certificate of Seller
from the Secretary of State of California; and

 

(k)                                  a legal opinion, dated as of the Closing
Date, from Greenberg Traurig LLP, counsel to Seller, with respect to the
matters set forth in Exhibit 9.1(k).

 

(l)                                     Documentation, in form and substance
reasonably satisfactory to Purchaser, sufficient to release the liens on the
Purchased Assets set forth on Section 4.6(f) of the Seller Disclosure Schedule.

 

Section 9.2.                                   Purchaser’s
Deliveries.

 

Pursuant to Section
7.2(d), the obligation of Seller to consummate the transactions provided for
herein on the Closing Date is subject to receipt by Seller of the following:

 

(a)                                  the amount specified in Section 2.2(b);

 

(b)                                 the Leased Site Lease Assignments, for
each of the Sites being assigned, duly executed by Purchaser;

 

(c)                                  the Assignment and Assumption Agreement
for the Tower Leases and the Assumed Contracts being assigned, duly executed by
Purchaser;

 

(d)                                 the Bill of Sale, for the Purchased
Assets being transferred, duly executed by Purchaser;

 

(e)                                  the UbiquiTel Master Site Lease duly
executed by Purchaser;

 

(f)                                    UbiquiTel Site Agreements for each of the
Sites being transferred duly executed by Purchaser;

 

(g)                                 a certificate as provided for in Section
7.2(a) executed by an authorized officer of Purchaser;

 

30

 

(h)                                 a certificate of the secretary of
Purchaser attesting to (i) the organizational documents of Purchaser, (ii) the
resolutions adopted by the managing member of Purchaser duly authorizing the
execution, delivery and performance of this Agreement by Purchaser and the
execution and delivery by Purchaser of all instruments and documents
contemplated hereby, and (iii) the signatures of the officers or authorized
representatives of Purchaser who have been authorized on behalf of Purchaser to
execute and deliver this Agreement and any other agreement executed or to be
executed in connection herewith;

 

(i)                                     a good standing certificate of Purchaser
from the Secretary of State of Delaware; and

 

(j)                                     any contractual Consents obtained by
Purchaser.

 

Section 9.3.                                   FCC
Filing.

 

Purchaser shall file with
the FCC an FCC Form 854 with respect to the Towers that are acquired as part of
the Closing.

 

Section 9.4.                                   Closing
Costs.

 

Seller
shall pay when due (1) all state and county real estate transfer taxes payable
in connection with the sale contemplated herein, (2) fifty percent (50%) of any
city real estate transfer taxes payable in connection with the sale
contemplated herein, (3) the title insurance premium for a CLTA standard
coverage policy with coverage with respect to each Site in the amount of the
portion of the Purchase Price allocable to such Site and (4) all the costs of
obtaining the Natural Hazard Disclosure Reports pursuant to Section 6.8.  Purchaser shall pay when due (1) fifty
percent (50%) of all city real estate transfer taxes payable in connection with
the sale contemplated herein, (2) all sales tax on the Purchased Assets,
(3) to the extent an ALTA leasehold title policy is requested by Purchaser, the
amount by which the title insurance premium for the ALTA leasehold title policy
and the cost of any endorsements exceeds the cost of CLTA standard coverage,
(4) the costs for any survey, and (5) all fees, costs or expenses in connection
with Purchaser’s due diligence reviews hereunder.  Any other closing costs shall be allocated in accordance with
local custom.  The parties shall
coordinate with each other to arrange for the timely payment of the foregoing
costs.

 

ARTICLE 10

SURVIVAL OF REPRESENTATIONS AND WARRANTIES

 

Section 10.1.                             Survival of the
Representations and Warranties.

 

The representations and
warranties contained in Article 4 and Article 5 herein shall survive the
Closing Date until the first anniversary of the Closing Date (or, with respect
to any Purchased Assets that are purchased at a subsequent closing pursuant to
Section 7.3(c), until the first anniversary of the date of such closing),
except with respect to claims which written notice specifying in reasonable detail,
the nature and amount of the claim, has been given by Purchaser to Seller, or
by Seller to Purchaser, as the case may be, prior to the expiration of the
applicable survival period.  Any claim
for which proper notice has been delivered pursuant to the preceding sentence
shall terminate, in the event settlement is not reached, if litigation is not
commenced with respect to the matter included in said notice within six (6)
months after such notice is given.

 

31

 

Notwithstanding the foregoing, each of the representations and
warranties set forth under Sections 4.2, 4.5, 4.6(f), and 4.13 shall survive
until the expiration of the statute of limitations applicable thereto.  Notwithstanding the foregoing, Seller shall
have no liability (and Purchaser shall make no claim against Seller) for a
breach of any representation or warranty which has been confirmed by a Lessor
Estoppel Certificate, provided, however, that Seller shall remain liable for
any Losses arising out of any Excluded Liability or any intentional
misrepresentation by Seller. 
Consummation of the transactions contemplated hereby shall not be deemed
or construed to be a waiver of any right or remedy available to any party
hereto, notwithstanding that any party knew or should have known at the Closing
that such right or remedy existed.

 

Section 10.2.                             Due Diligence by
Purchaser.

 

Notwithstanding anything
to the contrary contained in this Agreement, no investigation by Purchaser, and
no knowledge that Purchaser may have regarding the Purchased Assets as of the
date of this Agreement or the Closing Date (regardless of whether such
knowledge was obtained by Purchaser in its due diligence investigation of the
Purchased Assets or from any other source), shall affect or limit the rights of
Purchaser under this Agreement (including without limitation under Section
11.1) in respect of any representation and warranty of Seller contained herein.

 

ARTICLE 11

INDEMNIFICATION

 

Section 11.1.                             Indemnification by
Seller.

 

Subject to Section 10.1
and Sections 11.3 and 11.4, Seller shall defend, indemnify and hold Purchaser
and its Affiliates and the directors, officers, members, managers, shareholders
and employees of Purchaser and its Affiliates (together, the “Purchaser Indemnified
Parties”) harmless from and against all claims, charges, losses, damages,
fines, penalties, expenses (including reasonable attorney’s fees and expenses
and fees and expenses of experts in connection therewith), other costs, amounts
paid in settlement, judgments and other liabilities (collectively, “Losses”)
that they may suffer, sustain or incur or become subject to arising out of,
based upon or in connection with any of the following:

 

(a)                                  any misrepresentation, violation or
breach of a representation, warranty, covenant or agreement made by Seller in
this Agreement or any other agreement or instrument delivered by Seller in
connection herewith; or

 

(b)                                 any Excluded Liabilities.

 

Section 11.2.                             Indemnification
by Purchaser.

 

Subject 10.1 and Sections
11.3 and 11.4, Purchaser shall defend, indemnify and hold Seller and its
Affiliates and the directors, officers, members, managers, shareholders and
employees of Seller and its Affiliates (together, the “Seller Indemnified
Parties”) harmless from and against all Losses that they may suffer,
sustain or incur or become subject to arising out of, based upon or in
connection with any of the following:

 

32

 

(a)                                  any misrepresentation, violation or
breach of a representation, warranty, covenant or agreement made by Purchaser
in this Agreement or any other agreement or instrument delivered by Purchaser
in connection herewith;

 

(b)                                 any Assumed Liability; or

 

(c)                                  any Losses incurred by Seller, solely
with respect to (i) any claim relating to the properties subject to the Leased
Site Leases, (ii) any claim by a tenant located on any of the Sites, or (iii)
any damage to the Tower, Improvements or Communication Equipment located on any
of the Sites, in each case, to the extent that any such claim or damage arises
out of the conduct of Purchaser of its due diligence inspection at such Site.

 

Section 11.3.                             Claims.

 

(a)                                  Except as otherwise provided herein, when
a party seeking indemnification under Sections 11.1 or 11.2 (the “Indemnified
Party”) receives notice of any claim made by a third party (a “Third
Party Claim”) which is to be the basis for a claim for indemnification
hereunder, the Indemnified Party shall give prompt written notice thereof to
the party from which indemnification is sought (the “Indemnifying Party”)
reasonably indicating (to the extent known) the nature of such claim and the
basis thereof, but the Indemnifying Party’s obligations shall not be affected
by the failure to give such notice unless it can demonstrate that it was
materially prejudiced thereby.  Upon
notice from the Indemnified Party, the Indemnifying Party may (in lieu of
promptly paying the Third Party Claim either in full or upon compromise agreed
to by the Indemnifying Party), but shall not be required to, assume the defense
of any such Third Party Claim, including its compromise or settlement, and the
Indemnifying Party shall pay all reasonable costs and expenses thereof and
adverse judgments relating thereto and, in such case, the Indemnifying Party
shall have no obligation to pay any further costs and expenses of legal counsel
of the Indemnified Party in connection with such defense (it being understood
that the Indemnified Party shall have the right to participate in such defense
with its own counsel).  No compromise or
settlement in respect of any Third Party Claim may be effected by the
Indemnifying Party without the Indemnified Party’s prior written consent (which
consent which shall not be unreasonably withheld), unless (i) such settlement
does not impose any obligations or admit liability on behalf of the Indemnified
Party, and (ii) such settlement includes an unconditional release of the
Indemnified Party.  The Indemnifying
Party shall give notice to the Indemnified Party as to its intention to assume
the defense of any such Third Party Claim within twenty (20) Business Days
after the date of receipt of the Indemnified Party’s notice in respect of such
Third Party Claim.  If the Indemnifying
Party does not, within twenty (20) Business Days after the Indemnified Party’s
notice is given, give notice to the Indemnified Party of its assumption of the
defense of the Third Party Claim, the Indemnifying Party shall be deemed to
have waived its rights to control the defense thereof.

 

(b)                                 If the Indemnifying Party fails to take
action within twenty (20) Business Days as set forth above, then the
Indemnified Party shall have the right to pay, compromise or defend any Third
Party Claim and to assert the amount of any payment on the Third Party Claim
plus the expense of defense or settlement as an indemnity claim.  The Indemnified Party shall also have the
right, exercisable in good faith and upon reasonable prior notice to the
Indemnifying Party, to take such action as may be necessary to avoid a default
prior to the assumption of the defense of

 

33

 

the Third Party Claim by the Indemnifying Party and any expenses
incurred by so acting shall be paid by the Indemnifying Party.

 

(c)                                  Payment of Third Party Claims shall be
made in accordance with Sections 11.3(a) and 11.3(b) above.  With respect to all claims other than Third
Party Claims, the Indemnifying Party shall promptly pay or reimburse the
Indemnified Party in respect of any claim or liability to which the foregoing
indemnities relate after receipt of written notice from the Indemnified Party
outlining with reasonable particularity the nature and amount of the
claim(s).  In the event the Indemnifying
Party fails or refuses to make payment for such claims within a period of
twenty (20) days from the date of notice to the Indemnifying Party, the
Indemnified Party shall be entitled to exercise all legal means of relief
available and also shall be entitled to receive from the Indemnifying Party
interest on the full amount of such claims, such interest to accrue at the
maximum rate allowable by applicable law from and after such twentieth day
until such claims are paid in full.

 

(d)                                 With respect to any claim for
indemnification hereunder, the Indemnified Party will give to the Indemnifying
Party and its counsel, accountants and other representatives reasonable access,
during normal business hours and upon the giving of reasonable prior notice, to
its books and records relating to such claims, and to its employees,
accountants, counsel and other representatives, all without charge to the
Indemnifying Party, except for reimbursement of reasonable out-of-pocket
expenses.  In this regard, after the
assertion of a claim for indemnity, the Indemnified Party agrees to maintain
all of its books and records which may relate to the claim for indemnification
hereunder for such period of time as may be necessary to enable the
Indemnifying Party to resolve such claim.

 

Section 11.4.                             Limitations on
Indemnification.

 

(a)                                  Purchaser shall not be obligated pursuant
to this Article 11 or for any other reason or cause to indemnify the Seller
Indemnified Parties in an aggregate amount in excess of the Purchase Price,
except that such limitation shall not apply to indemnification claims arising
under Section 11.2(b) hereof.  Except as
set forth in the following sentence, Seller shall not be obligated pursuant to
this Article 11 or for any other reason or cause to indemnify the Purchaser
Indemnified Parties in an aggregate amount in excess of the Purchase Price,
except that such limitation shall not apply to indemnification claims arising
under Section 11.1(b) hereof.  Except
for claims seeking injunctive relief, the indemnification provisions of this
Article 11 shall be the sole and exclusive remedy following the Closing for any
claim of one party against the other under this Agreement for any matter
arising out of the transactions contemplated hereby.

 

(b)                                 Purchaser Indemnified Parties shall not
be entitled to recovery of Losses under this Article 11 until the aggregate
amount that Purchaser Indemnified Parties would recover under this Article 11
exceeds $85,000, in which event Purchaser Indemnified Parties shall be entitled
to recover all such Losses including such $85,000.

 

(c)                                  A party to this Agreement shall not be
obligated pursuant to this Article 11 to indemnify the other party, for any
consequential, incidental, or indirect loss or damage or any other special or
punitive damages.

 

34

 

(d)                                 Prior to making a claim for
indemnification against Seller for breach of Seller’s representation set forth
in Section 4.6(f), with respect to title to a leasehold estate under a Leased
Site Lease, Purchaser shall first seek recovery from Title Company pursuant to
the applicable Title Policy (it being understood and agreed that any such claim
made by Purchaser against Title Company will satisfy the requirement set forth
in Section 10.1 that litigation be commenced within six (6) months after a notice
of claim for indemnification is given by Purchaser to Seller).

 

ARTICLE 12

BREACHES AND DEFAULTS; TERMINATION; REMEDIES

 

Section 12.1.                             Termination.

 

This Agreement may be
terminated as follows:

 

(a)                                  by
mutual written agreement of the parties hereto;

 

(b)                                 by
either Purchaser or Seller if the Closing shall not have taken place by
December 31, 2003 (the “Outside Date”) by written notice to the other
party at any time after the Outside Date, provided, however, that the right to
terminate this Agreement pursuant to this paragraph (b) shall not be available
to any party whose failure to fulfill any obligation under this Agreement has
been a principal cause of or resulted in the failure of the Closing to occur on
or before the Outside Date;

 

(c)                                  by
Purchaser (i) if it is not satisfied with its due diligence review of the
Purchased Assets for any reason, by written notice given to Seller within
twenty (20) Business Days of the Effective Date, or (ii) by written notice to
Seller upon the occurrence of a Material Adverse Effect;

 

(d)                                 by
either Purchaser or Seller, by written notice to the other party, if the
consummation of the transactions shall be prohibited by a final, non-appealable
order, decree or injunction of a Governmental Authority, provided, however,
that the right to terminate this Agreement pursuant to this paragraph (d) shall
not be available to any party whose failure to fulfill any obligation under
this Agreement or whose breach of a representation, warranty, covenant or
agreement made in this Agreement or any other agreement or instrument delivered
in connection with this Agreement, has been a principal cause of or resulted in
such final, non-appealable order, decree or injunction of a Governmental
Authority; or

 

(e)                                  by
either Purchaser or Seller, if the other party breaches this Agreement in any
material respect, and the breach remains uncured for thirty (30) days after
receipt of written notice thereof.

 

Section 12.2.                             Effect
of Termination.

 

(a)                                  If
the Agreement is terminated pursuant to Section 12.1(a), or by Purchaser
pursuant to Section 12.1(c), 12.1(d) or 12.1(e), or if the Closing does not
occur by the Outside Date, then the Escrow Deposit shall be returned to
Purchaser in accordance with and subject to the terms and conditions of the
Escrow Agreement, and neither party shall have any further obligation or
liability to the other except those that expressly survive termination
including the

 

35

 

obligations and indemnities contained in Sections 6.2(b) and 8.2 and
Article 13; provided, however, if the transactions hereunder shall fail to
close solely by reason of Seller’s default, and Purchaser shall have fully
performed its obligations hereunder and shall be ready, willing and able to
close, then Purchaser shall be entitled to (1) specifically enforce this
Agreement (it being acknowledged and agreed that such default will cause
irreparable harm to Purchaser and that money damages would not be an adequate
remedy to Purchaser) and Seller agrees that it will not seek, and hereby waives
any requirement for, the securing or posting of a bond or proving actual
damages in such action or (2) terminate this Agreement and obtain a return of
the Escrow Deposit and reimbursement by Seller of Purchaser’s actual out-of-pocket
costs paid in connection with the transactions hereunder (such reimbursement
not to exceed the amount of the Escrow Deposit in the aggregate) but no other
action, for damages or otherwise, shall be permitted (except that, if specific
performance is not available due to Seller’s willful default, there will be no
limit on Purchaser’s right to damages hereunder).

 

(b)                                  IN
THE EVENT THIS AGREEMENT IS TERMINATED BY SELLER PURSUANT TO SECTIONS 12.1(d)
OR 12.1(e), THEN THE ESCROW DEPOSIT SHALL BE DELIVERED TO SELLER IN ACCORDANCE
WITH AND SUBJECT TO THE TERMS AND CONDITIONS OF THE ESCROW AGREEMENT, AS FULL
COMPENSATION AND LIQUIDATED DAMAGES UNDER AND IN CONNECTION WITH THIS
AGREEMENT. IN CONNECTION WITH THE FOREGOING, THE PARTIES RECOGNIZE THAT SELLER
WILL INCUR EXPENSE IN CONNECTION WITH THE TRANSACTION CONTEMPLATED BY THIS
AGREEMENT AND THAT THE PROPERTY WILL BE REMOVED FROM THE MARKET; FURTHER, THAT
IT IS EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN THE EXTENT OF
DETRIMENT TO SELLER CAUSED BY THE BREACH BY PURCHASER UNDER THIS AGREEMENT AND
THE FAILURE OF THE CONSUMMATION OF THE TRANSACTION CONTEMPLATED BY THIS
AGREEMENT OR THE AMOUNT OF COMPENSATION SELLER SHOULD RECEIVE AS A RESULT OF
PURCHASER’S BREACH OR DEFAULT.  TAKING
INTO ACCOUNT THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE
ESCROW DEPOSIT IS A REASONABLE ESTIMATE OF SELLER’S ACTUAL DAMAGES IN THE EVENT
OF PURCHASER’S BREACH OR DEFAULT.  IN
THE EVENT THE SALE OF THE PROPERTY SHALL NOT BE CONSUMMATED ON ACCOUNT OF
PURCHASER’S DEFAULT, THEN THE RETENTION OF THE ESCROW DEPOSIT SHALL BE SELLER’S
SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT BY REASON OF SUCH DEFAULT,
SUBJECT TO THE PROVISIONS OF THIS AGREEMENT THAT EXPRESSLY SURVIVE A
TERMINATION OF THIS AGREEMENT.

 

	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Seller’s Initials

  	
   

  	
   

  	
  Purchaser’s Initials

  	
   

  

 

36

 

ARTICLE 13

MISCELLANEOUS

 

Section 13.1.                             Expenses.

 

The parties to this
Agreement shall, except as otherwise specifically provided herein, bear their
respective expenses incurred in connection with the preparation, negotiation,
execution and performance of this Agreement and the transactions contemplated
hereby, including all fees and expenses of agents, representatives,
consultants, counsel and accountants. 
If either Purchaser or Seller brings any suit or other proceeding,
including an arbitration proceeding, with respect to the subject matter or the
enforcement of this Agreement, the prevailing party (as determined by the
court, agency, arbitrator or other authority before which such suit or
proceeding is commenced), in addition to such other relief as may be awarded,
shall be entitled to recover reasonable attorneys’ fees, expenses and costs of
investigation actually incurred.  The
foregoing includes reasonable attorneys’ fees, expenses and costs of
investigation (including those incurred in appellate proceedings), and costs
incurred in establishing the right to indemnification.  The provisions of this Section 13.1 shall
survive any termination of this Agreement.

 

Section 13.2.                             Further
Assurances.

 

Each of the parties shall
execute such agreements and documents and take such further actions as may be
reasonably required or desirable to carry out the provisions hereof and the
transactions contemplated hereby, including, without limitation, the prompt
removal by Seller of any Tax Lien imposed on any of the Purchased Assets in
connection with the matters set forth in Section 4.5(b) of the Seller
Disclosure Schedule.  Each such party
shall use commercially reasonable efforts to fulfill or obtain the fulfillment
of the conditions to the Closing, including the execution and delivery of any
other agreement or document, the execution and delivery of which are conditions
precedent to the Closing.

 

Section 13.3.                             Access to Records.

 

From and after the
Closing Date and until the seventh (7th) anniversary thereof, at
reasonable times and upon reasonable advance written notice to one of Seller’s
executive officers, Seller shall allow Purchaser, and its counsel, accountants
and other representatives, such access to Seller’s records that after the
Closing are in the custody or control of Seller as Purchaser reasonably
requires in order to comply with its obligations under applicable law or under
contracts constituting Assumed Liabilities. 
From and after the Closing Date, at reasonable times and upon reasonable
advance written notice to one of the Purchaser Executive Officers, Purchaser
shall allow Seller, and its counsel, accountants and other representatives,
such access to records that after the Closing are in the custody or control of
Purchaser as Seller reasonably requires in order to comply with its obligations
under applicable law.  Each party’s
access to the other party’s records pursuant to this Section 13.3 shall be done
in such a manner so as not to unreasonably disrupt the other party’s conduct of
its business.

 

Section 13.4.                             Severability.

 

Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability

 

37

 

without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.  If any court determines that any covenant,
or any part of any covenant is invalid or unenforceable, such covenant shall be
enforced to the extent permitted by such court, and all other covenants shall not
thereby be affected and shall be given full effect, without regard to the
invalid portions.

 

Section 13.5.                             Notices.

 

Any notice or other
communication required or permitted hereunder shall be in writing and shall be
(a) personally delivered, (b) mailed by registered or certified U.S. mail,
postage prepaid with return receipt requested, (c) delivered by Federal Express
or similar generally recognized overnight carrier regularly providing proof of
delivery, or (d) delivered by facsimile transmission with a confirmatory copy
by first class mail, addressed as follows:

 

	
   

  	
  If to Seller, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIA Wireless LLC

  
	
   

  	
   

  	
  c/o UbiquiTel Inc.

  
	
   

  	
   

  	
  One West Elm Street, Suite 400

  
	
   

  	
   

  	
  Conshohocken, PA 19428

  
	
   

  	
   

  	
  Facsimile:

  	
  (610) 832-0373

  
	
   

  	
   

  	
  Attention:

  	
  Mr. Donald A. Harris

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  with a required copy (that shall not constitute
  notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Patricia E. Knese, Esq. at the same address

  
	
   

  	
   

  	
  Fax: (610) 832-1076

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Greenberg Traurig, LLP

  
	
   

  	
   

  	
  2450 Colorado Avenue, Suite 400E

  
	
   

  	
   

  	
  Santa Monica, California  90404

  
	
   

  	
   

  	
  Fax:  (310)
  586-7800

  
	
   

  	
   

  	
  Attention: 
  Gregg Bernhard, Esq.

  

 

38

 

	
   

  	
  If to Purchaser, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GoldenState Towers, LLC

  
	
   

  	
   

  	
  125 Ryan Industrial Court, Suite 109

  
	
   

  	
   

  	
  San Ramon, CA 94583

  
	
   

  	
   

  	
  Facsimile:

  	
  925-837-9999

  
	
   

  	
   

  	
  Attention:

  	
  John F. Ricci, Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  with a required copy (that shall not constitute
  notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Veronis Suhler Stevenson LLC

  
	
   

  	
   

  	
  350 Park Avenue - 7th Floor

  
	
   

  	
   

  	
  New York, New York 10022

  
	
   

  	
   

  	
  Facsimile:

  	
  212-832-6371

  
	
   

  	
   

  	
  Attention:

  	
  Jonathan D. Drucker

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Friedman Kaplan Seiler & Adelman LLP

  
	
   

  	
   

  	
  1633 Broadway

  
	
   

  	
   

  	
  New York, New York 10019

  
	
   

  	
   

  	
  Facsimile:

  	
  212-833-1250

  
	
   

  	
   

  	
  Attention:

  	
  Gregg S. Lerner

  

 

Any notice given by U.S.
mail or overnight courier shall be deemed to have been given as of the date of
delivery (whether accepted or refused) established by U.S. Post Office return
receipt or the overnight carrier’s proof of delivery, as the case may be.  Notices delivered by facsimile transmission
shall be deemed given upon receipt by the sender of the transmission
confirmation provided such facsimile is received on a Business Day on or before
4:00 PM (Eastern Standard Time); otherwise, a facsimile shall be deemed given
the following Business Day.  Any party
may, by notice given in accordance with this Section to the other parties,
designate another address or person for receipt of notices hereunder.

 

Section 13.6.                             Entire
Agreement.

 

This Agreement (including
the Schedules and Exhibits) and the agreements, certificates and other
documents delivered or to be delivered hereunder contain the entire agreement
between the parties with respect to the transactions described herein, and
supersede all prior agreements, written or oral, with respect thereto.  In the event of any inconsistency between
this Agreement and the Escrow Agreement, the Escrow Agreement shall govern.

 

Section 13.7.                             Amendments and Waivers.

 

This Agreement may be
modified or amended, and the terms hereof may be waived, only by a written
instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance.  No delay on the
part of any party in exercising any right, power or privilege

 

39

 

hereunder shall operate as a waiver thereof, nor shall any waiver on
the part of any party of any such right, power or privilege, nor any single or
partial exercise of any such right, power or privilege, preclude any further
exercise thereof or the exercise of any other such right, power or privilege.

 

Section 13.8.                             Governing Applicable
Law.

 

This Agreement shall be
governed and construed in accordance with the applicable laws of the State of
California without regard to principles of conflicts of applicable law or any
rule of interpretation or construction as to which party drafted this
Agreement.

 

Section 13.9.                             Assignment; Binding
Effect.

 

Neither this Agreement
nor any of the rights or obligations hereunder may be assigned (including by
operation of applicable law) by any party without the prior written consent of
the other party, except that (i) Seller may merge with UbiquiTel Operating
Company or UbiquiTel Leasing Company, so long as the surviving entity after
such transaction shall, by operation of law or by written agreement satisfactory
to Purchaser, assume all of Seller’s obligations under this Agreement and under
any agreement or other instrument executed by Seller in connection herewith,
and (ii) Purchaser may assign its rights and remedies hereunder to any bank or
other financial institution that has loaned funds or otherwise extended credit
to Purchaser (any such assignment shall not relieve Purchaser of its
obligations hereunder).  Subject to the
foregoing, this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

 

Section 13.10.                       Beneficiaries of Agreement.

 

The representations,
warranties, covenants and agreements expressed in this Agreement are for the
sole benefit of the other parties hereto (except for the provisions of Article
11, which are also for the benefit of the persons entitled to indemnification
thereunder) and are not intended to benefit, and may not be relied upon or
enforced by, any other party as a third-party beneficiary or otherwise.

 

Section 13.11.                       Counterparts; Facsimile
Signatures.

 

This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute one and the same instrument.  Each counterpart may consist of a number of copies hereof each
signed by less than all, but together signed by all of the parties hereto.  Facsimile signatures on this Agreement and
any of the agreements and documents executed in connection herewith shall be
deemed original signatures.

 

Section 13.12.                       Exhibits
and Schedules.

 

The Exhibits and
Schedules are a part of this Agreement as if fully set forth herein.  All references herein to Sections,
subsections, clauses, Exhibits and Schedules shall be deemed references to this
Agreement, unless the context shall otherwise require.

 

40

 

Section 13.13.                       Computation of Days;
Holidays.

 

Whenever this Agreement
provides for a period of time that is expressed in terms of a numbers of days
prior to or within which actions or events are to occur or not occur, such time
period shall be measured in calendar days unless otherwise expressly
provided.  Whenever this Agreement
provides for a date, day or period of time on or prior to which actions or
events are to occur or not occur, and if such date, day or last day of such
period of time falls on a day that is not a Business Day, then the same shall
be deemed to fall on the immediately following Business Day.

 

Section 13.14.                       Headings.

 

The headings in this
Agreement are for reference only, and shall not affect the meaning or
interpretation of this Agreement.

 

(Signature Page Follows)

 

41

 

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

 

	
   

  	
  VIA WIRELESS LLC,

  
	
   

  	
  a California limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLDENSTATE TOWERS, LLC

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: John F. Ricci

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

42Exhibit 10.2

 

ESCROW AGREEMENT

 

ESCROW
AGREEMENT, dated as of June 12, 2003, by and among VIA Wireless LLC, a
California limited liability company (“Seller”), GoldenState Towers,
LLC, a Delaware limited liability company (“Purchaser”), and
Commonwealth Land Title Company (the “Escrow Agent”, and together with
Seller and Purchaser, the “Parties”).

 

WHEREAS, Seller and Purchaser have entered into the
Asset Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”; capitalized terms not defined herein shall have the meaning
ascribed to them in the Purchase Agreement);

 

WHEREAS,
pursuant to Section 2.2(a) of the Purchase Agreement, simultaneously with the
execution of this Agreement, an amount equal to $575,000 is required to be
deposited by Purchaser with the Escrow Agent as a deposit against the Purchase
Price (such amount, plus any earnings from investment in accordance with
Section 2.2(a) of the Purchase Agreement, the “Escrow Deposit”);

 

WHEREAS,
pursuant to Section 2.2(b) of the Purchase Agreement, at Closing, Purchaser
shall deposit with the Escrow Agent as security for the payment obligations of
Seller (if any) under Section 9.4 and Article 11 of the Purchase Agreement, an
amount, that when added to the Escrow Deposit shall be equal to ten percent
(10%) of the Adjusted Purchase Price; and

 

WHEREAS,
the Escrow Agent is willing to hold the Escrow Deposit and the Holdback, in
accordance with the provisions of this Agreement and to act as escrow agent
hereunder.

 

NOW,
THEREFORE, in consideration of the mutual benefits to be derived herefrom and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereto agree as follows:

 

1.                                       Deposits
into Escrow.

 

(a)                                  Deposit of the
Escrow Deposit

 

Simultaneously
with the execution of this Agreement, Purchaser has deposited $575,000 with the
Escrow Agent as a deposit against the Purchase Price by transferring funds to
Bank of America, Account No.12352-20225, for credit to the account of the
Escrow Agent, Escrow No. SFO-03-003932 (the “Escrow Account”),
Attention:  Linda Rae Paul, receipt of
which is hereby acknowledged by the Escrow Agent.

 

 

(b)                                 Deposit of
Additional Amount at Closing 

 

The
Escrow Agent shall notify Purchaser and Seller in writing of its receipt from
Purchaser of the additional funds described in Section 2.2(b) of the Purchase
Agreement to fund the Holdback, within one day Business Day of the receipt of
such funds.

 

2.                                       Release
of Escrow Deposit Prior to Closing.

 

(a)                                  Return of Escrow
Deposit to Purchaser

 

If the
Purchase Agreement is terminated pursuant to Section 12.1(a) thereof, or by
Purchaser pursuant to Sections 12.1(c), 12.1(d) or 12.1(e) thereof, or if the
Closing does not occur by the Outside Date, Purchaser may deliver a notice in
the form of Exhibit A (the “Purchaser Disbursement Notice”) to Escrow
Agent with a copy to Seller.  Seller may
object to the Purchaser Disbursement Notice by delivering a notice of objection
to Purchaser with a copy to Escrow Agent within two Business Days following
delivery of the Purchaser Disbursement Notice; provided, that Seller may not
object to a Purchaser Disbursement Notice in the event that the Purchase
Agreement is terminated by Purchaser pursuant to Section 12.1(c)(i) thereof.  If Seller does not object to the Purchaser
Disbursement Notice, or fails to deliver a timely notice of objection, Escrow
Agent shall, within four Business Days following delivery of the Purchaser
Disbursement Notice, disburse the Escrow Deposit to Purchaser in accordance
with the instructions set forth in the Purchaser Disbursement Notice.  If Seller delivers a timely notice of
objection to the Purchaser Disbursement Notice, the dispute shall be submitted
for resolution in accordance with Section 5, and Escrow Agent shall disburse
the Escrow Deposit pursuant to the award of the arbitrator or a final,
non-appealable court order enforcing such award

 

(b)                                 Payment of Escrow
Deposit to Seller

 

If the
Purchase Agreement is terminated by Seller pursuant to Sections 12.1(d) or
12.1(e) thereof, Seller may deliver a notice in the form of Exhibit B (the “Seller
Disbursement Notice”) to Escrow Agent with a copy to Purchaser.  Purchaser may object to the Seller
Disbursement Notice by delivering a notice of objection to Seller with a copy
to Escrow Agent within two Business Days following delivery of the Seller
Disbursement Notice.  If Purchaser does
not object to the Seller Disbursement Notice, or fails to deliver a timely
notice of objection, Escrow Agent shall, within four Business Days following
delivery of the Seller Disbursement Notice, disburse the Escrow Deposit to
Seller in accordance with the instructions set forth in the Seller Disbursement
Notice.  If Purchaser delivers a timely
notice of objection to the Seller Disbursement Notice, the dispute shall be
submitted for resolution in accordance with Section 5, and Escrow Agent shall
disburse the Escrow Deposit pursuant to the award of the arbitrator or a final,
non-appealable court order enforcing such award.

 

2

 

3.                                       Release
of Holdback After Closing

 

(a)                                  Escrow Release
Date

 

(i)                                     Subject to Section
3(a)(ii), on the first anniversary of the Closing Date (the “Escrow Release
Date”), the Escrow Agent shall disburse to Seller all funds then remaining
in the Escrow Account.

 

(ii)                                  If, on the Escrow
Release Date there is outstanding any Indemnity Claim (as hereinafter defined)
and a Counter Notice (as hereinafter defined) responding to such Indemnity
Claim, the Escrow Agent shall retain that portion of the Holdback equal to the
disputed amount of such Indemnity Claim, and shall distribute to Seller the
remaining portion, if any, of the Holdback on the next Business Day.  Any amount retained in accordance with the
preceding sentence shall be distributed when such Indemnity Claim has been
resolved as provided in Section 3(c), unless Purchaser and Seller acting
jointly shall otherwise direct the Escrow Agent to distribute such amount.

 

(b)                                 Release Upon
Undisputed Claim

 

From
time to time from the Closing Date to the Escrow Release Date, Purchaser may
give notice (each, a “Notice”) to Seller and the Escrow Agent specifying
in reasonable detail the nature and dollar amount of any claim (the “Claim
Amount”) for indemnification (each, an “Indemnity Claim”) that
Purchaser may have under Section 11.1 of the Purchase Agreement. Purchaser may
make more than one Indemnity Claim with respect to any underlying state of
facts.  If Seller shall not, within
twenty (20) Business Days after its receipt of an Indemnity Claim (the
expiration of such twenty (20) Business Day period being herein called the “Return
Date”), have notified the Escrow Agent and Purchaser in writing that Seller
contests the merits or the amount of such Indemnity Claim, such notice to specify
in reasonable detail the basis and amount of such objection (a “Counter
Notice”), the Escrow Agent shall on the Business Day following the Return
Date, deliver to Purchaser, the lesser of (i) the Holdback and (ii) the Claim
Amount set forth in such Indemnity Claim.

 

(c)                                  Release Upon
Resolution of a Claim

 

If a
Counter Notice shall have been filed in respect of an Indemnity Claim prior to
the Return Date applicable to such claim, the Parties shall have twenty (20)
Business Days from the date of receipt by Purchaser of such Counter Notice, or
such longer period as the Parties may agree upon, within which to resolve
privately such Indemnity Claim.  If the
Parties are unable to reach a resolution with respect to any Indemnity Claim,
such Indemnity Claim shall be immediately submitted to confidential binding
arbitration pursuant to Section 5, and Escrow Agent shall disburse the lesser
of the Holdback and the amount so awarded pursuant to the award of the
arbitrator or a final, non-appealable court order enforcing such award.

 

3

 

4.                                       Notices
to Escrow Agent.

 

Any
notice or other communication delivered by Purchaser,
on the one hand, and Seller, on the other, to the Escrow Agent shall be concurrently delivered to Seller, on the one
hand, and Purchaser, on the
other.  Any notice to the Escrow Agent shall indicate by what means
such notice has been sent to Purchaser
or Seller, as the case may be.

 

5.                                       ARBITRATION
OF DISPUTES.

 

IN THE EVENT OF ANY DISAGREEMENT BETWEEN THE
PARTIES UNDER THIS AGREEMENT (INCLUDING WITHOUT LIMITATION, A DISAGREEMENT
UNDER SECTION 2 OR 3(C)), BUT SUBJECT TO THE TWENTY (20) BUSINESS DAY PERIOD TO
PRIVATELY RESOLVE A DISAGREEMENT AS PROVIDED FOR IN SECTION 3(C), SUCH
DISAGREEMENT SHALL BE SUBMITTED TO BINDING ARBITRATION IN LOS ANGELES,
CALIFORNIA, ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION (THE “AAA”)
IN ACCORDANCE WITH AAA’S COMMERCIAL ARBITRATION RULES (“AAA RULES”).  ANY DETERMINATION REACHED AS A RESULT OF
SUCH ARBITRATION SHALL BE FINAL AND BINDING AMONG THE PARTIES HERETO, AND SHALL
BE ENFORCEABLE BY ANY COURT HAVING JURISDICTION OVER THE PARTY AGAINST WHOM
ENFORCEMENT IS SOUGHT.  ALL COSTS AND
EXPENSES OF SUCH ARBITRATION SHALL BE BORNE EQUALLY BY PURCHASER AND SELLER, PROVIDED,
HOWEVER, THAT AS PART OF ANY DETERMINATION THE ARBITRATOR SHALL HAVE THE
AUTHORITY, BUT SHALL NOT BE REQUIRED, TO ASSESS THE REASONABLE ATTORNEYS’ FEES
AND OTHER REASONABLE COSTS INCURRED IN CONNECTION WITH THE ARBITRATION AGAINST
THE NON-PREVAILING PARTY IN SUCH ARBITRATION. 
THE PARTIES SHALL USE GOOD FAITH EFFORTS TO SELECT A SINGLE ARBITRATOR
WITHIN TEN (10) DAYS OF THE SUBMISSION OF THE DISPUTE TO ARBITRATION
HEREUNDER.  IF THE PARTIES FAIL TO AGREE
ON A SINGLE ARBITRATOR DURING SUCH 10-DAY PERIOD, THEN EACH PARTY SHALL SELECT
AN ARBITRATOR FROM THE APPROVED LIST PROVIDED BY AAA, SUCH SELECTION TO BE MADE
BY NOTIFICATION TO THE OTHER PARTY GIVEN IN WRITING WITHIN TEN (10) DAYS OF THE
SUBMISSION OF THE DISPUTE TO ARBITRATION HEREUNDER (AND THE COSTS OF SUCH
ARBITRATOR SHALL BE BORNE BY THE PARTY SELECTING THE SAME EXCEPT AS OTHERWISE
PROVIDED).  FAILURE OF A PARTY TO GIVE
NOTICE OF ITS SELECTION SHALL CAUSE THE SINGLE ARBITRATOR SELECTED BY THE OTHER
PARTY TO BE THE SOLE ARBITRATOR IN CONNECTION WITH THE APPLICABLE DISPUTE
HEREUNDER.  IF EACH PARTY DESIGNATES AN
ARBITRATOR, THEN WITHIN TEN (10) DAYS AFTER BOTH 

 

4

 

ARBITRATORS HAVE BEEN SO DESIGNATED, SUCH
ARBITRATORS SHALL DESIGNATE A THIRD ARBITRATOR FROM AN AAA APPROVED LIST.  IF THE FIRST TWO ARBITRATORS DO NOT SELECT A
THIRD ARBITRATOR DURING SUCH TIME PERIOD, THEN THE THIRD ARBITRATOR WILL BE
APPOINTED PURSUANT TO THE AAA RULES. 
SUCH THIRD ARBITRATOR SHALL BE THE SOLE ARBITRATOR OF THE DISPUTE AND THE
DECISION OF SUCH ARBITRATOR HEREUNDER SHALL BE CONCLUSIVE.  ANY ARBITRATOR SELECTED BY THE TWO (2)
ARBITRATORS OR AAA TO ARBITRATE A MATTER, AS APPLICABLE, SHALL BE A RETIRED
JUDGE OR AN ATTORNEY WITH AT LEAST TEN (10) YEARS OF EXPERIENCE IN THE WIRELESS
COMMUNICATION INDUSTRY.  THE ARBITRATOR
SHALL BE LIMITED TO THE DETERMINATION OF THE PARTIES RESPECTIVE RIGHTS AND
OBLIGATIONS UNDER THIS AGREEMENT AND, TO THE EXTENT NOT INCONSISTENT HEREWITH,
APPLICABLE LAW, AND TO AWARD RELIEF IN ACCORDANCE THEREWITH.  THE ARBITRATOR SHALL HAVE THE RIGHT TO
DETERMINE THE EXTENT OF DISCOVERY.  EACH
PARTY AGREES THAT AT THE TIME OF ANY ARBITRATION UNDER THIS SECTION IT WILL
DISCLOSE TO THE OTHER PARTY THE EXISTENCE AND SUBSTANCE OF ANY AGREEMENT IT
MAY HAVE WITH AAA.  IN THE EVENT
THAT THE ESCROW AGENT IN GOOD FAITH
IS IN DOUBT AS TO WHAT ACTION IT SHOULD TAKE HEREUNDER, THE ESCROW AGENT SHALL BE ENTITLED TO RETAIN
THE ESCROW DEPOSIT OR HOLDBACK (OR SUCH PART THEREOF AS IS THE SUBJECT OF SUCH
DISAGREEMENT), AS THE CASE MAY BE, UNTIL THE ESCROW AGENT SHALL HAVE RECEIVED (I) A WRITTEN FINAL DECISION OF
THE ARBITRATOR APPOINTED PURSUANT TO THIS SECTION 5 DIRECTING THE DELIVERY OF
ALL OR SUCH PART OF THE ESCROW DEPOSIT OR HOLDBACK OR (II) A WRITTEN AGREEMENT
EXECUTED BY PURCHASER AND SELLER ACTING JOINTLY DIRECTING DELIVERY OF THE
ESCROW DEPOSIT AND HOLDBACK OR SUCH PART THEREOF.  ANY WRITTEN DECISION REFERRED TO IN CLAUSE (I) ABOVE SHALL BE
ACCOMPANIED BY A CERTIFICATE OF A DULY AUTHORIZED REPRESENTATIVE OF THE
PRESENTING PARTY REASONABLY SATISFACTORY TO THE ESCROW AGENT TO THE EFFECT THAT
SAID WRITTEN DECISION IS THE DECISION OF THE ARBITRATOR AND IS FINAL.  THE ESCROW AGENT SHALL ACT ON SUCH WRITTEN
DECISION OF THE ARBITRATOR WITHOUT FURTHER QUESTION.

 

ASSENT
TO ARBITRATION PROVISION

 

NOTICE:  BY
INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT
OF THE MATTERS INCLUDED IN THE “ARBITRATION OF DISPUTES”

 

5

 

PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED
BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE
THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL.  BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL
RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED
IN THE “ARBITRATION OF DISPUTES” PROVISION. 
IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION,
YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE
OF CIVIL PROCEDURE.  YOUR AGREEMENT TO
THIS ARBITRATION PROVISION IS VOLUNTARY.

 

WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO
SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE “ARBITRATION OF
DISPUTES” PROVISION TO NEUTRAL ARBITRATION.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Seller’s Initials

  	
   

  	
  Purchaser’s Initials

  

 

6.                                       Investment
of the Escrow Deposit and Holdback.

 

During
the term of this Agreement, the Escrow Deposit (until Closing) and the Holdback
(from Closing until termination of this Agreement) shall be invested and
reinvested by the Escrow Agent, in the
following investments “Approved Investments”: (i) United States Treasury
obligations, (ii) United States Treasury-backed repurchase agreements issued by
a major money center banking institution reasonably acceptable to Seller and
Purchaser, or (iii) such other manner as may be reasonably agreed to by Seller
and Purchaser.

 

7.                                       General
Instructions.

 

To
induce the Escrow Agent to act
hereunder, it is further agreed by the undersigned that:

 

(a)                                  The Escrow Agent shall not be under any duty
to give the funds held by it hereunder any greater degree of care than it gives
its own similar property and shall not be required to invest any funds held
hereunder except as directed in this Agreement.  Funds held hereunder shall be invested in accordance with Section
6.

 

(b)                                 This Agreement
expressly sets forth all the duties of the Escrow
Agent with respect to any and all matters pertinent hereto.  No implied duties or obligations shall be
read into this Agreement against the Escrow
Agent.  The Escrow Agent shall not be bound by the
provisions of any agreement among the other Parties hereto except this
Agreement.

 

6

 

(c)                                  The Escrow Agent shall not be liable, except
for its own bad faith, gross negligence or willful misconduct, and, except with
respect to claims based upon such bad faith, gross negligence or willful
misconduct that are successfully asserted against the Escrow Agent, the other Parties hereto shall jointly and severally
indemnify and hold harmless the Escrow Agent
(and any successor to the Escrow Agent)
from and against any and all losses, liabilities, claims, actions, damages and
expenses, including reasonable attorneys’ fees and disbursements, arising out
of and in connection with this Agreement. 
Without limiting the foregoing, the Escrow
Agent shall in no event be liable in connection with its investment or
reinvestment of any cash held by it hereunder in good faith, in accordance with
the terms hereof, including without limitation any liability for any delays
(not resulting from its own bad faith, gross negligence or willful misconduct)
in the investment or reinvestment of the Escrow Deposit or Holdback, or any
loss of interest incident to any such delays. 
In the event that Purchaser
or Seller is required to indemnify and hold harmless the Escrow Agent pursuant to this Section
7(c), Purchaser or Seller, as the
case may be, shall have the right to seek contribution from the other Parties
hereto (other than the Escrow Agent)
for amounts paid or payable in respect of such indemnity to the extent
permitted by law.  Anything in this
Agreement to the contrary notwithstanding, in no event shall the Escrow Agent be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Escrow
Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action.  The
Parties hereto acknowledge that the foregoing indemnities shall survive the
resignation or removal of the Escrow Agent
or the termination of this Agreement.

 

(d)                                 The Escrow Agent shall be entitled to rely
upon any order, judgment, award, certification, demand, notice, instrument or
other writing delivered to it hereunder without being required to determine the
authenticity or the correctness of any fact stated therein or the propriety or
validity of the service thereof.  The Escrow Agent may act in reliance upon any
instrument or signature believed by it to be genuine and may assume that any
person purporting to give notice or receipt or advice or make any statement or
execute any document in connection with the provisions hereof has been duly
authorized to do so.

 

(e)                                  The Escrow Agent may act pursuant to the
advice of counsel with respect to any matter relating to this Agreement and
shall not be liable for any action taken or omitted in good faith in accordance
with such advice.

 

(f)                                    The Escrow Agent does not have any interest in
the Escrow Deposit or Holdback but is serving as escrow holder only and having
only possession thereof.  Purchaser and
Seller shall, jointly and severally, pay or reimburse the Escrow Agent upon request for any transfer
taxes or other taxes (other 

 

7

 

than income taxes) relating to the Escrow Deposit and Holdback incurred
in connection herewith and shall, jointly and severally, indemnify and hold
harmless the Escrow Agent from any
amounts that it is obligated to pay in the way of such taxes.

 

(g)                                 Certain Tax Matters

 

(i)                                     Purchaser shall include
in its taxable income the earnings on the Escrow Deposit.  The Escrow
Agent shall file annually or otherwise as required by applicable law all
required tax information reports or forms (or other tax returns that may be
required by applicable law) reporting such earnings as being for Purchaser’s
tax account.  Should a change or
clarification of applicable law require that all or part of such earnings (the
“Taxable Earnings”) be for the Escrow Deposit tax account, (x) Escrow Agent shall file all tax returns
and pay out of such Taxable Earnings all taxes required by applicable law with
respect to such Taxable Earnings and (y) to the extent that such change or
clarification is retroactive, Purchaser shall repay to the Escrow Deposit, all
amounts previously distributed to Purchaser to pay taxes with respect to such
Taxable Earnings (except to the extent that Purchaser cannot amend its tax
returns and obtain corresponding adjustments, including refunds of taxes paid
from such amounts, to reflect such change or clarification; provided that
Purchaser shall diligently attempt and use all reasonable efforts to obtain
such refund and promptly repay such amount). 
Any payments of income from the Escrow Deposit shall be subject to
withholding regulations then in force with respect to United States taxes.

 

(ii)                                  Seller shall include
in its taxable income the earnings on the Holdback.  The Escrow Agent shall
file annually or otherwise as required by applicable law all required tax
information reports or forms (or other tax returns that may be required by
applicable law) reporting such earnings as being for Seller’s tax account.  Should a change or clarification of
applicable law require that all or part of the Taxable Earnings be for the
Holdback tax account, (x) Escrow Agent
shall file all tax returns and pay out of such Taxable Earnings all taxes
required by applicable law with respect to such Taxable Earnings and (y) to the
extent that such change or clarification is retroactive, Seller shall repay to
the Holdback amount, all amounts previously distributed to Seller to pay taxes
with respect to such Taxable Earnings (except to the extent that Seller cannot
amend its tax returns and obtain corresponding adjustments, including refunds
of taxes paid from such amounts, to reflect such change or clarification;
provided that Seller shall diligently attempt and use all reasonable efforts to
obtain such refund and promptly repay such amount).  Any payments of income from the Holdback shall be subject to
withholding regulations then in force with respect to United States taxes.

 

(iii)                               The Parties hereto will
provide the Escrow Agent with
appropriate W-9 forms for tax identification number certification.  It is understood that the Escrow Agent shall be responsible for
income reporting only with respect to income earned on investment of funds
which are a part of the Escrow Deposit and 

 

8

 

Holdback, and is not responsible for any other reporting.  This paragraph (g) and paragraphs (c) and
(f) of this Section 7 shall survive notwithstanding termination of this
Agreement or the resignation of the Escrow
Agent.

 

(h)                                 The Escrow Agent makes no representation as to
the validity, value, genuineness or the collectibility of any security or other
documents or instrument held by or delivered to it.

 

(i)                                     The Escrow Agent shall not be called upon to
advise any Party as to the wisdom of selling or retaining or taking or
refraining from any action with respect to any securities or other property
deposited hereunder.

 

(j)                                     The Escrow Agent (and any successor to the Escrow Agent) may at any time resign as
such by delivering the Escrow Deposit and Holdback and all earnings thereon to
any successor to the Escrow Agent
jointly designated by the other Parties hereto in writing, or to any court of
competent jurisdiction, whereupon the Escrow
Agent shall be discharged of and from any and all further obligations
arising in connection with this Agreement. 
The Escrow Agent shall
promptly deliver written notice of its resignation to the other Parties
hereto.  The resignation of the Escrow Agent will take effect on the
earlier of (i) the appointment of a successor (including a court of competent
jurisdiction) or (ii) the day which is 30 days after the date of delivery of
its written notice of resignation to the other Parties hereto.  If at that time the Escrow Agent has not received a designation of a successor to the Escrow Agent, the Escrow Agent’s sole responsibility after that time shall be to
safe-keep the Escrow Deposit and Holdback until receipt of a designation of
successor to the Escrow Agent or a
joint written disposition instruction by the other Parties hereto or a final
order of a court of competent jurisdiction.

 

(k)                                  The duties and
obligations of the Escrow Agent are
as set forth in this Agreement and are purely ministerial in nature.  The Escrow
Agent shall have no responsibility for the contents of any writing of
any arbitrator or third party contemplated herein as a means to resolve
disputes and may rely without any liability upon the contents thereof.

 

(l)                                     The Escrow Agent shall be reimbursed for all
reasonable expenses, disbursements and advances incurred or made by the Escrow Agent in performance of its duties
hereunder (including reasonable fees, expenses and disbursements of its
counsel).  The fees as indicated on Schedule
1 attached hereto, costs and expenses of the Escrow Agent and its counsel shall be borne equally by Purchaser
and Seller.  Any fees or expenses of the
Escrow Agent or its counsel which
are not paid as provided for herein may be taken from any property held by the Escrow Agent hereunder.

 

9

 

 

8.                                       Choice
of Law; Consent to Jurisdiction; Compliance with Law.

 

This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of California without regard to the conflicts of law rules of such
state.

 

9.                                       Successors
and Assigns.

 

This
Agreement shall be binding upon and inure solely to the benefit of the Parties
hereto and their respective successors and permitted assigns, heirs,
administrators and representatives and shall not be enforceable by or inure to
the benefit of any third party except as provided in paragraph (j) of Section 7
with respect to a resignation by the Escrow
Agent.  No Party may assign any
of its rights or obligations under this Agreement without the written consent
of the other Parties, except that (i) Seller may merge with UbiquiTel Operating
Company or UbiquiTel Leasing Company, so long as the surviving entity after
such transaction shall, by operation of law or by written agreement
satisfactory to Purchaser, assume all of Seller’s obligations under this
Agreement and under any agreement or other instrument executed by Seller in
connection herewith, and (ii) Purchaser may assign its rights and remedies
hereunder to any bank or other financial institution that has loaned funds or
otherwise extended credit to Purchaser (any such assignment shall not relieve
Purchaser of its obligations hereunder).

 

10.                                 Amendments;
Entire Agreement.

 

This
Agreement may only be modified by a writing signed by all of the Parties
hereto, and no waiver hereunder shall be effective unless in writing signed by
the Party to be charged.  This Agreement
constitutes the entire agreement among the Parties and supersedes any prior
understandings, agreements or representations by or among the Parties related
to the subject matter hereof.  In the
event of any inconsistency between this Agreement and the Purchase Agreement,
the Escrow Agreement shall govern.

 

11.                                 Notices.

 

All
notices and other communications hereunder shall be validly given or made if in
writing, when delivered personally or by a nationally recognized courier
service, and all legal process with regard hereto shall be validly served when
served in accordance with applicable law, to or on the party to receive such
notice or other communication at the addresses set forth below, or at such
other address as any party hereto may from time to time advise the other
parties pursuant to this Subsection; Any notice shall be deemed to have been
given as of the date of delivery (whether accepted or refused) established by
the courier service’s or other service’s proof of delivery.

 

If to Purchaser:

 

GoldenState Towers, LLC 

125 Ryan Industrial Court, Suite 109

San Ramon, CA 94583

 

10

 

Facsimile: 
925-837-9999

Attention:  John F. Ricci, Chief
Executive Officer

 

with a copy (which shall not constitute notice) to:

 

Veronis Suhler Stevenson LLC

350 Park Avenue - 7th Floor

New York, New York 10022

Attention:  Mr. Jonathan D. Drucker

 

Friedman Kaplan Seiler & Adelman LLP

1633 Broadway

New York, New York 10019

Facsimile: 212-833-1250

Attention: Gregg S. Lerner, Esq.

 

to Seller:

 

VIA Wireless LLC

c/o UbiquiTel Inc.

One West Elm Street, Suite 400

Conshohocken, PA 19428

Attention:
Mr. James J. Volk 

Chief Financial Officer

 

 with a copy
(which shall not constitute notice) to:

 

Patricia E. Knese, Esq. at the same address

 

to Escrow Agent:

 

Commonwealth Land Title Company.

525 Market, Suite 2320

San Francisco, California 94105

Attention: Ms. Linda Rae

 

12.                                 Execution.

 

Execution
of this Agreement by the Escrow Agent
will constitute its acceptance of the terms hereof and will acknowledge its
receipt of the Escrow Deposit.

 

13.                                 Counterparts.

 

This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which, when taken together, shall constitute one
and the same instrument.  All signatures
of the parties to this Agreement may be transmitted by 

 

11

 

facsimile, and such facsimile will, for all purposes,
be deemed to be the original signature of such party whose signature it
reproduces and will be binding upon such party.

 

14.                                 Security
Procedure

 

In the
event funds transfer instructions are given (other than in writing at the time
of 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 Schedule 2 hereto, 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.  The parties
to this Agreement acknowledge that such security procedure is commercially
reasonable.

 

(Signature Page Follows)

 

12

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

 

 

	
   

  	
  VIA
  WIRELESS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:  Donald A. Harris

  
	
   

  	
   

  	
  Title:  President and Chief Executive

  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GOLDENSTATE
  TOWERS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Agreed
  to and accepted:

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMONWEALTH
  LAND TITLE

  COMPANY, AS ESCROW AGENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

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