Document:

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                                                                   EXHIBIT 10.41

                   AGREEMENT FOR PURCHASE AND SALE OF LICENSES

               This Agreement for Purchase and Sale of Licenses (the
"Agreement") is entered into as of July 30, 2001 (the "Effective Date") by and
among Leap Wireless International, Inc., a Delaware corporation ("Leap"),
Cricket Licensee IX, Inc., a Delaware corporation and wholly-owned subsidiary of
Leap ("Cricket," and together with Leap, "Sellers"), and Cingular Wireless LLC,
a Delaware limited liability company ("Buyer").

               WHEREAS, Leap and Cricket have acquired the authorizations of the
Federal Communications Commission (the "FCC") to construct and operate personal
communication services ("PCS") wireless telecommunications systems ("Systems")
in the Basic Trading Areas ("BTAs") as described on the attached Exhibit A
(referred to herein as the "Provo License", the "Salt Lake City License", or
collectively, the "Licenses");

               WHEREAS, Sellers desire to sell, assign and transfer to Buyer,
and Buyer desires to purchase from Sellers, the Licenses on the terms and
subject to the conditions set forth herein; and

               WHEREAS, the prior consent of the FCC to the transfer of the
Licenses from Sellers to Buyer is required, and the parties intend that the
transfer of the Licenses contemplated by this Agreement will be consummated only
if such FCC consent to transfer is obtained.

               NOW, THEREFORE, in consideration of the mutual covenants herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto, each intending to be legally bound,
do hereby agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

                1.1 Definitions. In this Agreement, the following terms have the
meanings specified or referred to in this Section 1.1 and shall be equally
applicable to both the singular and plural forms. Any agreement referred to
below shall mean such agreement as amended, supplemented and modified from time
to time to the extent permitted by the applicable provisions thereof and by this
Agreement.

               "Affiliate" of a Person shall mean: (i) any other Person
directly, or indirectly through one or more intermediaries, controlling,
controlled by or under common control with such Person (including, with respect
to Buyer, each of its members) or (ii) any other Person in which such Person
beneficially owns a majority of the outstanding capital stock or equity
interests.

               "Communications Act" means the Communications Act of 1934, as
amended.

               "Court Order" means any judgment, order, award or decree of any
foreign, federal, state, local or other court or tribunal and any award in any
arbitration proceeding.

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               "Encumbrance" means any lien (including, without limitation, any
tax lien), claim, charge, security interest, mortgage, pledge, easement, right
of first offer or first refusal, conditional sale or other title retention
agreement, defect in title, covenant or other restriction of any kind.

               "Expenses" means any fees or expenses incurred in connection with
investigating, defending or asserting any claim, action, suit or proceeding
incident to any matter indemnified against under Article X hereunder (including,
without limitation, court filing fees, court costs, arbitration fees or costs,
witness fees, and reasonable fees and disbursements of legal counsel,
investigators, expert witnesses, consultants, accountants and other
professionals).

               "FCC Consent" means the consent of the FCC to the assignment of
the Licenses described herein from Sellers to Buyer.

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

               "Governmental Body" means any foreign, federal, state, local or
other governmental authority or regulatory body.

               "HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended.

               "HSR Approval" means the expiration or termination of the
applicable waiting period under the HSR Act.

               "Losses" means any loss, cost, obligation, liability, settlement
payment, award, judgment, fine, penalty, damage, expense, deficiency or other
charge.

               "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or Governmental Body.

               "Requirements of Laws" means any foreign, federal, state and
local laws, statutes, regulations, rules, codes or ordinances enacted, adopted,
issued or promulgated by any Governmental Body or common law that is applicable
to the Licenses, the transactions contemplated in this Agreement or any material
aspect of such transactions.

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                                  ARTICLE II.
                                PURCHASE AND SALE

                2.1 Purchase of Licenses. On the Closing Date, upon the terms
and subject to the representations, warranties and conditions of this Agreement,
Sellers shall sell, transfer, convey, assign, and deliver to Buyer, and Buyer
shall purchase and accept from Sellers, all of Sellers' right, title and
interest in and to the Licenses, free and clear of all Encumbrances.

                2.2 Purchase Price Payable at Closing. The aggregate purchase
price (the "Purchase Price") for the Licenses shall be One Hundred Forty Million
Dollars ($140,000,000.00). At the Closing, in exchange for the Licenses, Buyer
shall pay and deliver to Sellers by wire transfer of immediately available funds
to an account designated by Leap, an amount equal to the difference of (i) the
Purchase Price less (ii) the amount of any payment to be made by Buyer directly
to Century Personal Access Network, Inc., a Delaware corporation and
wholly-owned subsidiary of Centurytel, Inc. ("CPAN"), pursuant to Section 2.3
below. The Purchase Price shall be allocated between the Licenses as provided in
Schedule 2.2.

                2.3 Release of Security Interest. Leap has granted to CPAN a
security interest in all of the issued and outstanding shares of Cricket
pursuant to the terms of a Promissory Note (the "CPAN Note") and Stock Pledge
Agreement dated April 6, 2001 (the "CPAN Security Agreement") to secure a debt
unrelated to the Licenses (the "CPAN Security Interest"). In the event Leap has
not obtained a full release of the CPAN Security Interest prior to the Closing,
then at least five (5) business days prior to the Closing Date, Leap shall
provide Buyer with instructions to pay directly to CPAN that portion of the
Purchase Price (but in no event shall such amount exceed the Purchase Price)
necessary to cause CPAN's full release of the CPAN Security Interest at the
Closing. Such instructions shall include wire transfer instructions to an
account designated by CPAN. At the Closing, Buyer shall deliver to CPAN by wire
transfer of immediately available funds the payment contemplated by this Section
2.3.

                2.4 Excluded Liabilities. Buyer hereby agrees to pay, perform
and discharge, when due and payable, all of the obligations and liabilities
incurred on or after the Closing Date by Buyer arising out of or resulting from
Buyer's ownership and operation of the Licenses. Buyer shall not assume, or
otherwise be responsible for any liabilities, obligations, taxes or indebtedness
of Sellers or any of their Affiliates, whether direct or indirect, liquidated or
unliquidated, known or unknown, whether accrued, absolute, contingent, matured,
unmatured or otherwise, and whether arising out of occurrences prior to, at or
after the date hereof (collectively, the "Excluded Liabilities").

                                  ARTICLE III.
                                     CLOSING

                3.1 Closing. The closing of the transfer of the Licenses (the
"Closing") shall occur at the offices of Buyer at 10:00 A.M., local time, on a
date to be specified by Buyer to Leap, which closing date will not be more than
ten (10) business days after the date on which the FCC, and all other state and
federal regulatory authorities with jurisdiction over the Licenses or any
material aspect of the transactions contemplated in this Agreement, if any,
shall have

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consented to the transfer of the Licenses from Cricket and Leap to Buyer by
Final Order, and subject in all respects to the fulfillment or waiver of the
parties' respective conditions to closing set forth in Article VIII and Article
IX, or such other time and place as the parties may agree (such date, the
"Closing Date").

                3.2 Closing Deliveries of Buyer. Subject to fulfillment or
waiver of the conditions set forth in Article VIII, at the Closing, Buyer shall
deliver to Leap all of the following:

                (a) Immediately available funds in the amount described in
Section 2.2 in accordance with the payment instructions to be provided by
Sellers to Buyer prior to the Closing;

                (b) A certificate of good standing of Buyer issued within thirty
(30) days prior to the Closing Date by the Secretary of State of the State of
Delaware;

                (c) A certificate of the manager or managing members of Buyer
dated as of the Closing Date, as to the action by the members of Buyer
authorizing the execution, delivery and performance of this Agreement and the
transactions contemplated hereby; and

                (d) A certificate of a manager or the managing member of Buyer,
dated the Closing Date, certifying that as of such Closing Date, (i) each
representation and warranty of Buyer contained in this Agreement is true and
correct in all material respects, and if any such representation or warranty of
Buyer is not true or correct in all material respects as of such Closing Date,
such certificate shall include an attached schedule describing in reasonable
detail any and all such inaccuracies, and (ii) Buyer has complied in all
material respects with all of its obligations under this Agreement.

                3.3 Closing Deliveries of Cricket and Leap. Subject to
fulfillment or waiver of the conditions set forth in Article IX, at the Closing,
Sellers shall deliver to Buyer all of the following:

                (a) A certificate of an officer of each of Cricket and Leap,
dated the Closing Date, certifying that as of such Closing Date, (i) each
representation and warranty of Cricket or Leap, as the case may be, contained in
this Agreement is true and correct in all material respects, and if any such
representation or warranty of Cricket or Leap, as the case may be, is not true
or correct in all material respects as of such Closing Date, such certificate
shall include an attached schedule describing in reasonable detail any and all
such inaccuracies, and (ii) Cricket or Leap, as the case may be, has complied in
all material respects with all of its obligations under this Agreement;

                (b) A certificate of the Secretary of each of Cricket and Leap
dated as of the Closing Date, as to the resolutions of the Board of Directors of
Cricket or Leap authorizing the execution, delivery and performance of this
Agreement and the transactions contemplated hereby;

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                (c) An executed assignment and assumption agreement transferring
the Licenses to Buyer, in the form set forth on Exhibit B attached hereto; and

                (d) An opinion of Sellers' legal counsel, dated as of the
Closing Date, covering the matters set forth on Exhibit C attached hereto.

                                  ARTICLE IV.
                    REPRESENTATIONS AND WARRANTIES OF SELLERS

                Except as set forth in Sellers' Disclosure Schedule to the
Agreement, Sellers hereby jointly and severally represent and warrant to Buyer
that the statements contained in this Article IV are true and correct as of the
date of this Agreement (unless otherwise indicated in such representation):

                4.1 Organization of Sellers. Each of the Sellers is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. Each of the Sellers is duly qualified and in good
standing as a foreign corporation in each of the jurisdictions where such
qualification is required by law, except for the failure of which would not
impair or otherwise affect Buyer's right to own and operate the Licenses or
would not be reasonably likely to materially delay or materially impair Sellers'
ability to consummate the transactions contemplated by this Agreement.

                4.2 Authority of Cricket and Leap; Enforceability.

                (a) Cricket has the full corporate power and authority to own
the Salt Lake City License. Leap has the full corporate power and authority to
own the Provo License. Each of Cricket and Leap has the full corporate power and
authority to execute, deliver and perform this Agreement and any agreement,
document or instrument executed and delivered pursuant to this Agreement or in
connection with this Agreement. The execution, delivery and performance of this
Agreement and any agreement, document or instrument executed and delivered
pursuant to this Agreement or in connection with this Agreement by Cricket or
Leap, as the case may be, has been duly authorized and approved by all necessary
corporate action of Cricket or Leap, as the case may be.

                (b) This Agreement is the legal, valid and binding obligation of
each of Cricket and Leap, enforceable against each of them in accordance with
its terms except for the effect thereon of any applicable bankruptcy,
insolvency, reorganization, moratorium, and similar laws affecting the rights of
creditors generally, and general principles of equity.

                4.3 No Conflicts. Except for the FCC Consent and HSR Approval,
neither the execution and delivery of this Agreement nor the consummation of any
of the transactions contemplated hereby nor compliance with or fulfillment of
the terms, conditions and provisions hereof will:

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                (a) Violate or conflict with, result in a breach of the terms,
conditions or provisions of, or constitute a default, an event of default or an
event creating rights of acceleration, termination, modification or cancellation
or a loss of rights under, or require any notice to, authorization or approval
of, filing with or consent under: (1) the certificate of incorporation or bylaws
of Cricket or Leap; (2) any note, indenture, instrument, agreement, mortgage,
lease, license, franchise, permit or other authorization, right restriction or
obligation to which Cricket or Leap is a party or any of its properties is
subject or by which Cricket or Leap is bound, except for the occurrence of which
would not impair or otherwise affect Buyer's right to own and operate the
Licenses or would not be reasonably likely to materially delay or materially
impair Sellers' ability to consummate the transactions contemplated by this
Agreement; (3) any Court Order to which Cricket or Leap is a party or by which
it is bound; or (4) any Requirements of Laws affecting Cricket or Leap.

                (b) Require the approval, consent, authorization or act of, or
the making by Cricket or Leap of any declaration, filing or registration with
any Person.

                4.4 The Licenses; Build-Out of Licenses.

                (a) Each of the Sellers has all state, local and Federal
Aviation Administration permits, licenses, franchises, variances, exemptions,
orders, operating rights and other state, local and Federal Aviation
Administration governmental authorizations, consents and approvals, if any,
necessary to conduct their business as presently conducted, except for those the
absence of which would not impair or otherwise affect Buyer's right to own and
operate the Licenses or would not be reasonably likely to materially delay or
materially impair Sellers' ability to consummate the transactions contemplated
by this Agreement.

                (b) Sellers have performed as of the Effective Date, and will
have performed as of the Closing Date, all of their respective obligations
required to have been performed under the Licenses as of such dates. No event
has occurred or condition or state of facts exists which constitutes or, after
notice or lapse of time or both, would constitute a breach or default under the
Licenses which permits or, after notice or lapse of time or both, would permit
revocation or termination of the Licenses, or which might adversely affect the
rights of Sellers under the Licenses. The Licenses are valid and in full force
and effect. The Licenses may be assigned and transferred to Buyer in accordance
with this Agreement and will continue in full force and effect thereafter, in
each case (1) upon the release of the CPAN Security Interest, without the
occurrence of any breach, default or forfeiture of rights thereunder, or (2)
except for the FCC Consent and HSR Approval, without the consent, approval, or
act of, or the making of any filing with, any Governmental Body. The Licenses
(i) were granted on the grant date specified on Exhibit A and (ii) expire on the
expiration dates specified on Exhibit A.

                (c) Leap and Cricket have each submitted to the FCC a Form 601
dated July 12, 2001, FCC File Nos. 0000522884 and 0000522880, respectively,
(each, a "Form 601") to timely notify the FCC of their satisfaction of the five-
and ten-year construction benchmarks applicable to the Licenses as mandated by
Section 24.203 of the FCC rules. To the best of

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Sellers' knowledge, the factual assertions of the Sellers' in each Form 601 are
true and correct in all material respects.

                (d) The FCC has consented to Cricket holding the Salt Lake City
License. Leap is qualified under the FCC's rules and the Communications Act to
hold and convey the Licenses.

                4.5 Title to Licenses. Leap has good and marketable title to the
Provo License, free and clear of all Encumbrances. Cricket has good and
marketable title to the Salt Lake City License, free and clear of all
Encumbrances (except for the CPAN Security Interest). Upon delivery to Buyer on
the Closing Date, Cricket and Leap will transfer to Buyer good and marketable
title to the Licenses, subject to no indebtedness or Encumbrances.

                4.6 No Violation, Litigation or Regulatory Action. Except for
the FCC Consent and HSR Approval, Sellers have complied in all material respects
with all Requirements of Law which are applicable to the Licenses. As of the
date hereof, Sellers have made all regulatory filings required, and paid all
fees and assessments imposed, by any Governmental Body, and all such filings and
the calculation of such fees, are accurate in all material respects, except
where the failure to make such filing or pay such fees or assessments would not
have a material adverse effect on the Licenses. There is no investigation,
claim, action, suit or other proceeding pending or, to the best knowledge of
Cricket or Leap, threatened against Cricket or Leap, relating to Cricket, Leap
or the Licenses which, if adversely determined, would result in the revocation,
cancellation, suspension or adverse modification of the Licenses, or which is
reasonably likely to prevent the consummation of the transactions contemplated
hereby, nor is Cricket or Leap aware of any reasonable basis for any such
investigation, claim, action, suit or proceeding.

                4.7 No Finder. Except for Falkenberg Capital Corporation, to
which any and all obligations relating to the sale of the Licenses hereunder
will be satisfied solely by the Sellers, no broker or finder has acted on behalf
of Cricket or Leap in connection with the transactions contemplated hereby.

                4.8 CPAN Note. To the best of Sellers' knowledge, CPAN has not
assigned the CPAN Note. Leap is not in default under the CPAN Note or CPAN
Security Agreement.

                                   ARTICLE V.
                     REPRESENTATIONS AND WARRANTIES OF BUYER

                Buyer hereby represent and warrant to Sellers that the
statements contained in this Article V are true and correct as of the date of
this Agreement (unless otherwise indicated in such representation):

                5.1 Organization of Buyer. Buyer is a limited liability company,
duly organized, validly existing and in good standing under the laws of the
State of Delaware.

                5.2 Authority of Buyer; Enforceability.

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                (a) Buyer has the full limited liability company power and
authority to execute, deliver and perform this Agreement and any agreement,
document or instrument executed and delivered pursuant to this Agreement or in
connection with this Agreement. The execution, delivery and performance of this
Agreement and any agreement, document or instrument executed and delivered
pursuant to this Agreement or in connection with this Agreement by Buyer have
been duly authorized and approved by all necessary limited liability company
actions on the part of Buyer. (b) This Agreement is the legal, valid and binding
agreement of Buyer, enforceable against Buyer in accordance with its terms
except for the effect thereon of any applicable bankruptcy, insolvency,
reorganization, moratorium, and similar laws affecting the rights of creditors
generally, and general principles of equity.

                5.3 No Conflicts. Except for the FCC Consent and HSR Approval,
neither the execution and delivery of this Agreement nor the consummation of any
of the transactions contemplated hereby nor compliance with or fulfillment of
the terms, conditions and provisions hereof will:

                (a) Violate or conflict with, result in a breach of the terms,
conditions or provisions of, or constitute a default, an event of default or an
event creating rights of acceleration, termination, modification or cancellation
or a loss of rights under, or require any notice to, authorization or approval
of, filing with or consent under: (1) the certificate of formation or operating
agreement of Buyer; (2) any note, indenture, instrument, agreement, mortgage,
lease, license, franchise, permit or other authorization, right restriction or
obligation to which Buyer is a party or any of its properties is subject or by
which Buyer is bound, except for the occurrence of which would not be reasonably
likely to materially delay or materially impair Buyer's ability to consummate
the transactions contemplated by this Agreement; (3) any Court Order to which
Buyer is a party or by which it is bound; or (4) any Requirements of Laws
affecting Buyer.

                (b) Require the approval, consent, authorization or act of, or
the making by Buyer of any declaration, filing or registration with any Person.

                5.4 No Finder Fees. No broker or finder has acted on behalf of
Buyer in connection with the transactions contemplated hereby.

                5.5 Litigation. There is no investigation, claim, action, suit
or other proceeding pending or, to the knowledge of Buyer, threatened against
Buyer, which is reasonably likely to prevent the consummation of the
transactions contemplated hereby, nor is Buyer aware of any reasonable basis for
any such investigation, claim, suit or proceeding.

                5.6 Qualification. Buyer (or its assignee in the event of an
assignment pursuant to Section 12.4) is (i) legally qualified to hold and
receive FCC licenses generally and (ii) assuming the satisfaction of the
construction benchmarks applicable to the Licenses as mandated by Section 24.203
of the FCC rules, legally qualified to hold and receive the Licenses. Buyer (or
its assignee in the event of an assignment pursuant to Section 12.4) is legally
qualified to receive any authorization or approval from any state or local
regulatory authority necessary for it to acquire the Licenses. Buyer (or its
assignee in the event of an assignment pursuant to

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Section 12.4) is in compliance with Section 310(b) of the Communications Act,
and all rules, regulations or policies of the FCC promulgated thereunder with
respect to alien ownership.

                                  ARTICLE VI.
                        ACTION PRIOR TO THE CLOSING DATE

               The parties hereto covenant and agree to take the following
actions between the date hereof and the Closing Date:

                6.1 Investigation by Buyer. Sellers shall furnish to Buyer or
its authorized representatives such information concerning the Licenses and
Sellers as shall be reasonably requested, including all such information as
shall be necessary to enable Buyer or its authorized representatives to verify
the accuracy of the representations and warranties contained in this Agreement,
to verify that the covenants of Sellers contained in this Agreement have been
complied with and to determine whether the conditions set forth in Article VIII
have been satisfied. No investigation made by Buyer or its authorized
representatives hereunder shall affect the representations and warranties of
Sellers hereunder.

                6.2 Investigation by Sellers. Buyer shall furnish to Sellers or
their authorized representatives such information concerning Buyer as shall be
reasonably requested, including all such information as shall be necessary to
enable Sellers or their authorized representatives to verify the accuracy of the
representations and warranties contained in this Agreement, to verify that the
covenants of Buyer contained in this Agreement have been complied with and to
determine whether the conditions set forth in Article IX have been satisfied. No
investigation made by Sellers or their authorized representatives hereunder
shall affect the representations and warranties of Buyer hereunder.

                6.3 Preserve Accuracy of Representations and Warranties. Each of
the parties hereto shall refrain from taking any action that would render any
representation or warranty contained in this Agreement inaccurate in any
material respect as of the Closing Date. Each party shall promptly notify the
other in writing (a) of any action, suit or proceeding that shall be instituted
or threatened against such party to restrain, prohibit or otherwise challenge
the legality of any transaction contemplated by this Agreement, (b) of any
development causing a breach of any of the representations and warranties of
such party in Articles IV or V above, as applicable, or (c) of any lawsuit,
claim, proceeding or investigation that may be threatened, brought, asserted or
commenced against such party which would have been disclosed if such lawsuit,
claim, proceeding or investigation had arisen prior to the date hereof. No
disclosure by any party pursuant to this Section 6.3, however, shall be deemed
to amend or supplement this Agreement or to prevent or cure any
misrepresentation, breach of warranty or breach of covenant therein.

                6.4 Consents of Third Parties; Governmental Approvals.

                (a) Consents. Sellers will act diligently and reasonably to
secure, before the Closing Date, any consent, approval or waiver, in form and
substance reasonably satisfactory to Buyer, from any party as required to be
obtained to assign the Licenses to Buyer or to otherwise satisfy the conditions
set forth herein; provided that neither Cricket nor Leap shall make any

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agreement or understanding affecting the Licenses as a condition for obtaining
any such consent, approval or waiver except with the prior written consent of
Buyer. During the period prior to the Closing Date, Buyer shall act diligently
and reasonably to cooperate with Sellers to obtain the consents, approvals and
waivers contemplated by this Section 6.4(a); provided that Buyer shall have no
obligation to offer or pay any consideration in order to obtain any such consent
or approval (other than as provided in Section 2.3).

                (b) FCC Consents. Buyer and Sellers shall, as promptly as
practicable following the date of this Agreement, but in no event later than ten
(10) business days, file with the FCC an FCC Form 603 (or other appropriate
form) application seeking consent to assign the Licenses from Sellers to Buyer.
The parties shall cooperate and use their respective reasonable efforts to
prosecute such application to a favorable conclusion and shall each bear their
own costs for such filings.

               (c) HSR Filing. As soon as reasonably practicable following the
execution and delivery of this Agreement, but in no event later than fifteen
(15) business days, the parties will take such action, if any, as may be
required to be taken by them under the HSR Act in connection with the
transactions contemplated hereby. Each party will cooperate in the preparation
of, and will file complete and accurate notification and report forms with
respect to the transactions contemplated hereby, pursuant to the HSR Act and the
rules and regulations promulgated thereunder, and will file on a timely basis
such additional information and documentary materials as may be requested by any
Governmental Body pursuant to the HSR Act. Each party will request early
termination of the waiting period under the HSR Act. Each party shall promptly
inform the other of any inquiries or communications from any such Governmental
Body. Each party shall respond with reasonable diligence and dispatch to any
request for additional information made in response to such filings. Each party
shall pay its respective costs of compliance with the HSR Act, except that Buyer
shall pay the Federal Trade Commission filing fee for any required filing under
the HSR Act.

                                  ARTICLE VII.
                              ADDITIONAL AGREEMENTS

                7.1 Reasonable Efforts; Obligations of Buyer and Cricket.
Subject to the terms and conditions herein, each of the parties hereto agrees to
use all commercially reasonably efforts to take, or cause to be taken, all
actions, and to do, or cause to be done, all things reasonably necessary, proper
or advisable under applicable laws and regulations to consummate and make
effective the transactions contemplated by this Agreement as promptly as
practicable. In case at any time after the Closing any further action is
reasonably necessary to carry out the purposes of this Agreement, the proper
agents, officers and directors of each party hereto shall take such action.

                                 ARTICLE VIII.
                CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER

               The obligations of Buyer under this Agreement shall be, at the
option of Buyer, subject to the satisfaction of the conditions set forth below,
on or prior to the Closing Date.

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These conditions are solely for the benefit of Buyer and may be waived by Buyer
at any time in its sole discretion; provided, however, Buyer's election to waive
the closing condition set forth in Section 8.5 shall not result in any failure
or breach of any representation, warranty or covenant made by Leap or Cricket in
this Agreement.

                8.1 No Misrepresentation or Breach of Covenants and Warranties.
There shall have been no material breach by Sellers in the performance of any of
their covenants and agreements herein; each of the representations and
warranties of Sellers contained or referred to herein shall be true and correct
in all material respects without regard to any inaccuracies described in the
schedule, if any, to the certificate delivered by Sellers pursuant to Section
3.3(a) on the Closing Date as though made on and as of the Closing Date, except
for changes therein specifically permitted by this Agreement or resulting from
any transaction expressly consented to in writing by Buyer.

                8.2 No Restraint or Litigation. No action, suit, investigation
or proceeding (except for any action, suit, investigation or proceeding relating
to FCC matters, which shall be governed solely by the condition set forth in
Section 8.3) shall have been instituted to restrain or prohibit or otherwise
challenge the legality or validity of the transactions contemplated hereby, or
which would materially adversely affect the right of Buyer to own and control
the Licenses following the Closing.

                8.3 FCC Consent and HSR Approval. The FCC shall have consented
by Final Order to the assignment of the Licenses to Buyer, without any material
adverse conditions imposed on Buyer as a condition to transfer. The applicable
waiting period under the HSR Act, if applicable, shall have expired or been
terminated.

                8.4 Necessary Consents. Sellers shall have delivered all third
party consents required for Sellers to consummate the transaction contemplated
by this Agreement.

                8.5 CPAN Security Interest. Leap shall have obtained the release
of the CPAN Security Interest or otherwise received the written consent of CPAN
to the sale of the Salt Lake City License free and clear to Buyer.

                8.6 Closing Deliveries. Each of the Sellers shall have made all
of its Closing Deliveries described in Section 3.3.

               8.7 Unjust Enrichment. If the FCC makes a determination that
Buyer is not a "small business" or is not otherwise eligible to receive the
benefit of the 25% bidding credit that Sellers received in the FCC auction with
respect to the Licenses or the FCC otherwise takes action to cause Sellers to
refund to the FCC all or a portion of the 25% bidding credit which Sellers
received in the FCC auction, then Sellers shall have (i) delivered to Buyer a
copy of the FCC's written request with respect to such amounts required to be
refunded as a result thereof, (ii) refunded such amounts to the FCC, and (iii)
delivered to Buyer a copy of Sellers' wire transfer confirmation or other
evidence of payment of such refund to the FCC.

                                       11
<PAGE>   12

                                  ARTICLE IX.
               CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLERS

               The obligations of Sellers under this Agreement shall be, at the
option of Sellers, subject to the satisfaction of the conditions set forth
below, on or prior to the Closing Date. These conditions are solely for the
benefit of Sellers and may be waived by Sellers at any time in their sole
discretion.

                9.1 No Misrepresentation or Breach of Covenants and Warranties.
There shall have been no material breach by Buyer in the performance of any of
its covenants and agreements herein; each of the representations and warranties
of Buyer contained or referred to herein shall be true and correct in all
material respects without regard to any inaccuracies described in the schedule,
if any, to the certificate delivered by Buyer pursuant to Section 3.2(d) on the
Closing Date as though made on and as of the Closing Date, except for changes
therein specifically permitted by this Agreement or resulting from any
transaction expressly consented to in writing by Cricket.

                9.2 No Restraint or Litigation. No action, suit, investigation
or proceeding (except for any action, suit, investigation or proceeding relating
to FCC matters, which shall be governed solely by the condition set forth in
Section 9.3) shall have been instituted to restrain or prohibit or otherwise
challenge the legality or validity of the transactions contemplated hereby, or
which would materially adversely affect the right of Buyer to own and control
the Licenses following the Closing.

                9.3 FCC Consent and HSR Approval. The FCC shall have granted its
consent by Final Order to transfer the Licenses from Sellers to Buyer, without
any material adverse conditions imposed on Sellers as a condition to transfer.
The applicable waiting period under the HSR Act, if applicable, shall have
expired or been terminated.

                9.4 Closing Deliveries. Buyer shall have made all of its Closing
Deliveries described in Section 3.2.

                                   ARTICLE X.
                                 INDEMNIFICATION

                10.1 Survival. All of the representations and warranties of the
parties contained in Article IV or Article V shall survive the Closing hereunder
(even if the other party knew or had reason to know of any misrepresentation or
breach of warranty at the time of such Closing, unless the other party expressly
waives in writing any such breach at or before the time of such Closing) and
shall continue in full force and effect until the eighteen (18) month
anniversary of the Closing Date, except that the representations and warranties
set forth in Sections 4.2, 4.5, 5.2 and 5.6 shall survive the Closing and
continue in full force and effect forever thereafter.

                10.2 Indemnification by Cricket and Leap. In the event (i)
Cricket or Leap breaches (or in the event any third party alleges facts that, if
true, would mean Cricket or Leap has breached) any of its representations,
warranties, or covenants contained herein and, if there is

                                       12
<PAGE>   13

an applicable survival period pursuant to Section 10.1 above and Buyer makes a
written claim against Cricket or Leap, as the case may be, within such period,
or (ii) in the event of any actual or threatened claim, action, suit or
proceeding (including, without limitation, an FCC enforcement action) (a)
against Buyer or any of its Affiliates arising from Sellers' ownership of the
Licenses prior to the Closing or (b) arising out of, or based upon, any Excluded
Liability, if such actual or threatened claim, action, suit or proceeding
(including, without limitation, an FCC enforcement action) arises out of or
results from Buyer's entering into this Agreement and consummating the
transactions contemplated hereby, then Cricket and Leap shall jointly and
severally indemnify Buyer and its Affiliates and their respective directors,
officers, agents, successors and assigns from and against the entirety of any
Losses or reasonable Expenses any such person may incur prior to, through and
after the date of the claim for indemnification resulting from, arising out of,
relating to, in the nature of, or caused by the breach (or the alleged breach),
or such claim, action, suit or proceeding. For purposes of clause (ii)(b) of
this Section 10.2, if any Excluded Liability also is a breach by Sellers of any
of their representations, warranties or covenants contained in this Agreement,
Buyer's right to indemnification, if any, in respect of such Excluded Liability
shall be governed solely by the right to indemnification set forth in Section
10.2(i) and shall be subject to the limitations thereon included in this Article
X.

                10.3 Indemnification by Buyer. In the event Buyer breaches (or
in the event any third party alleges facts that, if true, would mean Buyer has
breached) any of its representations, warranties, or covenants contained herein
and, if there is an applicable survival period pursuant to Section 10.1 above
and Cricket or Leap makes a written claim against Buyer within such period, or
in the event of any actual or threatened claim, action, suit or proceeding
(including, without limitation, an FCC enforcement action) against Cricket or
Leap or any or their Affiliates arising from Buyer's ownership or operation of
the Licenses following the Closing, then Buyer shall indemnify Cricket and Leap
and their Affiliates and their respective directors, officers, agents,
successors and assigns from and against the entirety of any Losses or reasonable
Expenses any such person may incur prior to, through and after the date of the
claim for indemnification resulting from, arising out of, relating to, in the
nature of, or caused by the breach (or the alleged breach), or such claim,
action, suit or proceeding.

                10.4 Certain Limitations. Notwithstanding any provision of any
other Section of this Agreement to the contrary, the maximum aggregate liability
of Sellers pursuant to their indemnification obligations under Section 10.2
shall not exceed One Hundred Forty Million Dollars ($140,000,000.00), and the
maximum aggregate liability of Buyer pursuant to its indemnification obligations
under Section 10.3 shall not exceed One Hundred Forty Million Dollars
($140,000,000.00). Notwithstanding the above, the limitation in the first
sentence of this Section 10.4 shall not apply to (a) indemnification for any
Excluded Liability under Section 10.2(ii)(b) or (b) indemnification for any
breach by Sellers of any of the representations and warranties contained in
Section 4.2(a) or Section 4.5, but only if any such Excluded Liability or breach
of representation or warranty that is referred to in clause (a) or clause (b) of
this Section 10.4 does not arise out of or result from any challenge, action,
suit, proceeding or other act that is either disclosed in this Agreement, or
brought on or after the date of this Agreement, which challenges the right of
either Seller to hold the Licenses under applicable FCC rules, laws or
regulations. Further, notwithstanding the above, the limitation in the first
sentence of this

                                       13
<PAGE>   14

Section 10.4 shall not apply to the indemnification rights of Sellers for Losses
and reasonable Expenses resulting from any breach by Buyer of any of the
representations and warranties contained in Section 5.2(a) or Section 5.6.
Except (i) in the case of a willful breach of this Agreement or (ii) for
consequential damages of a third party arising from any Excluded Liability
(which consequential damages are paid by Buyer in respect of a judgment against
Buyer, or a settlement by Buyer approved by Leap, and for which Sellers are
obligated to indemnify Buyer pursuant to Section 10.2), no Indemnified Party (as
defined below) shall be entitled to receive any special, punitive, incidental or
consequential damages.

                10.5 Notice of Claims.

                (a) Any party (the "Indemnified Party") seeking indemnification
under this Article X shall give to the party obligated to provide
indemnification to such Indemnified Party (the "Indemnitor") a notice (a "Claim
Notice") describing in reasonable detail the facts giving rise to any claim for
indemnification hereunder and shall include in such Claim Notice (if then known)
the amount or the method of computation of the amount of such claim, and a
reference to the provision of this Agreement or any agreement, document or
instrument executed pursuant hereto or in connection herewith upon which such
claim is based; provided, that a Claim Notice in respect of any action at law or
suit in equity by or against a third Person as to which indemnification will be
sought shall be given promptly after the action or suit is commenced; provided
further that failure to give such notice shall not relieve the Indemnitor of its
obligations hereunder except to the extent it shall have been prejudiced by such
failure.

                (b) Subject to Section 10.4, after the giving of any Claim
Notice pursuant hereto, the amount of indemnification to which an Indemnified
Party shall be entitled under this Article X shall be determined: (i) by the
written agreement between the Indemnified Party and the Indemnitor; or (ii) by
an award from an arbitrator pursuant to Section 12.10 hereof or by a final
judgment or decree of any court of competent jurisdiction upholding such an
award from an arbitrator. Except as provided in the first sentence of Section
12.10, the parties shall proceed in the manner and subject to the limitations in
this Article X with respect to all matters covered by Section 10.2 and Section
10.3. The Indemnified Party shall have the burden of proof in establishing the
amount of Losses and Expenses suffered by it.

                10.6 Third Person Claims.

                (a) Subject to Section 10.6(b), the Indemnified Party shall have
the right to conduct and control, through counsel of its choosing, the defense,
compromise or settlement of any third Person claim, action or suit against such
Indemnified Party as to which indemnification will be sought by any Indemnified
Party from any Indemnitor hereunder, and in any such case the Indemnitor shall
cooperate in connection therewith and shall furnish such records, information
and testimony and attend such conferences, discovery proceedings, hearings,
trials and appeals as may be reasonably requested by the Indemnified Party in
connection therewith; provided, that the Indemnitor may participate, through
counsel chosen by it and at its own expense, in the defense of any such claim,
action or suit as to which the Indemnified Party has so elected to conduct and
control the defense thereof; and provided, further, that the Indemnified

                                       14
<PAGE>   15

Party shall not, without the written consent of the Indemnitor (which written
consent shall not be unreasonably withheld), pay, compromise or settle any such
claim, action or suit, except that no such consent shall be required if,
following a written request from the Indemnified Party, the Indemnitor shall
fail, within fourteen (14) days after the making of such request, to acknowledge
and agree in writing that, if such claim, action or suit shall be adversely
determined, such Indemnitor has an obligation to provide indemnification
hereunder to such Indemnified Party. Notwithstanding the foregoing, the
Indemnified Party shall have the right to pay, settle or compromise any such
claim, action or suit without such consent, provided that in such event the
Indemnified Party shall waive any right to indemnity hereunder unless such
consent is unreasonably withheld.

                (b) If any third Person claim, action or suit against any
Indemnified Party is solely for money damages, then the Indemnitor shall have
the right to conduct and control, through counsel of its choosing, the defense,
compromise or settlement of any such third Person claim, action or suit against
such Indemnified Party as to which indemnification will be sought by any
Indemnified Party from any Indemnitor hereunder if the Indemnitor has
acknowledged and agreed in writing that, if the same is adversely determined,
the Indemnitor has an obligation to provide indemnification to the Indemnified
Party in respect thereof, and in any such case the Indemnified Party shall
cooperate in connection therewith and shall furnish such records, information
and testimony and attend such conferences, discovery proceedings, hearings,
trials and appeals as may be reasonably requested by the Indemnitor in
connection therewith; provided, that the Indemnified Party may participate,
through counsel chosen by it and at its own expense, in the defense of any such
claim, action or suit as to which the Indemnitor has so elected to conduct and
control the defense thereof. Notwithstanding the foregoing, the Indemnified
Party shall have the right to pay, settle or compromise any such claim, action
or suit, provided that in such event the Indemnified Party shall waive any right
to indemnity therefor hereunder unless the Indemnified Party shall have sought
the consent of the Indemnitor to such payment, settlement or compromise and such
consent was unreasonably withheld, in which event no claim for indemnity
therefor hereunder shall be waived.

                10.7 Amount of Indemnification Payments. In calculating any Loss
or Expense there shall be deducted any insurance recovery in respect thereof
(and no right of subrogation shall accrue hereunder to any insurer).

                                   ARTICLE XI.
                                   TERMINATION

                11.1 Termination. Anything contained in this Agreement to the
contrary notwithstanding, this Agreement may be terminated:

                (a) By the mutual written consent of Leap and Buyer;

                (b) By either Leap or Buyer upon written notice to the other, in
the event the other party (the "Breaching Party") has materially breached its
representations, warranties or covenants contained in this Agreement and failed
to cure such breach within 30-days from the date of the Breaching Party's
receipt of the Termination Notice specified in this subsection;

                                       15
<PAGE>   16

provided, however, that the party claiming such breach (i) is not itself in
material breach of its representations, warranties or covenants contained
herein, (ii) promptly notifies the Breaching Party in writing (the "Termination
Notice") of its intention to exercise its rights under this Agreement as a
result of the breach, and (iii) specifies in such Termination Notice the
representation, warranty or covenant of which the Breaching Party is allegedly
in material breach;

                (c) By either Leap or Buyer upon written notice to the other,
upon the other party's filing, or the other party having filed against it and
remaining pending for more than thirty (30) days, a petition under Title 11 of
the United States Code or similar state law provision seeking protection from
creditors or the appointment of a trustee, receiver or debtor in possession;

                (d) By either Leap or Buyer upon written notice to the other, if
a court of competent jurisdiction or Governmental Body shall have issued an
order, decree or ruling permanently restraining, enjoining or otherwise
prohibiting the transactions contemplated by this Agreement, and such order,
decree, ruling or other action shall have become final and non-appealable;

                (e) By either Leap or Buyer upon twenty (20) days' prior written
notice of such termination, if the Closing shall not have occurred on or before
the one (1) year anniversary of the Effective Date of this Agreement; or

               (f) By either Leap or Buyer upon written notice to the other, in
the event of a determination described in the first paragraph of Seller's
Disclosure Schedule, and Leap or Cricket have not remedied such determination
within 120 days after the date of such determination.

               11.2 Effect of Termination. In the event of termination of this
Agreement by either party, except as otherwise provided herein, all rights and
obligations of the parties under this Agreement shall terminate without any
liability of any party to any other party (except for any liability of any party
then in breach of its covenants, representations or warranties hereunder). The
provisions of Sections 11.2, 12.1, 12.3, 12.5, 12.6, 12.7, 12.8, 12.10, 12.11,
and 12.12 shall expressly survive the expiration or termination of this
Agreement.

                                  ARTICLE XII.
                               GENERAL PROVISIONS

                12.1 Confidential Nature of Information. Each party will treat
as confidential all documents, materials and other information which it shall
have obtained regarding the other party during the course of the negotiations
leading to the consummation of the transactions contemplated hereby (whether
obtained before or after the date of this Agreement), the investigation provided
for herein, and the preparation of this Agreement and other related documents,
all in accordance with the terms of the Non-Disclosure Agreement ("NDA") dated
March 6, 2001 by and between Leap and Buyer.

                                       16
<PAGE>   17

                12.2 No Public Announcement; Press Releases. No party shall,
without the approval of the other, make any press release or other public
announcement concerning the transactions contemplated by this Agreement, except
as and to the extent that any such party shall be so obligated by law, in which
case the other party shall be advised and the parties shall use their reasonable
efforts to cause a mutually agreeable release or announcement to be issued;
provided that the foregoing shall not preclude communications or disclosures
necessary to implement the provisions of this Agreement, to comply with
accounting and Securities and Exchange Commission disclosure obligations or
applicable FCC disclosure obligations; and provided further Leap and Buyer each
hereby consent to the other party issuing a press release in a mutually
agreeable form with respect to this Agreement promptly after the execution of
this Agreement.

                12.3 Notices. All notices, certifications, requests, demands,
payments and other communications hereunder shall be in writing and shall be
deemed to have been duly given and delivered if by overnight delivery, by a
nationally-recognized carrier; if by mail, by first class certified mail,
postage prepaid, or delivered personally; or if sent by facsimile, with
transmission confirmed by a printout from the facsimile machine and
simultaneously followed by the original communications by first class certified
mail, postage prepaid:

               If to Cricket or Leap:

               Leap Wireless International, Inc.
               Cricket Licensee IX, Inc.
               10307 Pacific Center Court
               San Diego, California 92121
               Attention:  Legal Department
               Telephone: (858) 882-6000
               Facsimile: (858) 882-6040

               If to Buyer:

               Cingular Wireless LLC
               5565 Glenridge Connector
               Atlanta, Georgia, 30342
               Attention:  Charles M. Nalbone
               Telephone: (404) 236-5540
               Facsimile:  (404) 236-5574

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

               Alston & Bird LLP
               One Atlantic Center
               1201 West Peachtree Street
               Atlanta, Georgia 30309-3424
               Attention: Bryan E. Davis

                                       17
<PAGE>   18

               Telephone: (404) 881-7000
               Facsimile: (404) 881-4777

or to such other address or addresses as may hereafter be specified by notice
given by any of the above to the others. Notices given by United States
certified mail as aforesaid shall be effective on the third business day
following the day on which they were deposited in the mail. Notices delivered in
person or by overnight courier shall be effective upon delivery. Notices given
by facsimile shall be effective when transmitted, provided facsimile notice is
confirmed by telephone and is transmitted on a business day during regular
business hours.

                12.4 Successors and Assigns. The rights of any party under this
Agreement shall not be assignable by such party hereto prior to the Closing
without the written consent of the other party; provided, however, Buyer may,
without the prior consent of Sellers, assign its rights hereunder to receive the
Licenses to (a) any Affiliate of Buyer, (b) any successor of all or
substantially all of Buyer's business by way of merger, consolidation,
liquidation, purchase of assets of Buyer or other form of acquisition or other
form of reorganization or (c) any lender of Buyer as collateral, but no such
assignment shall relieve Buyer of any of its obligations to Sellers hereunder;
and provided further, each Seller may, without the prior consent of Buyer,
assign to any successor of all or substantially all of such Seller's business by
way of merger, consolidation, liquidation, purchase of assets of such Seller or
other form of acquisition or other form of reorganization, its rights hereunder
to sell the Licenses, but no such assignment shall relieve Sellers of any of
their obligations to Buyer hereunder. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their successors and permitted
assigns.

                12.5 Entire Agreement; Amendments. Except for the NDA referenced
in Section 12.1, which shall continue in full force and effect and shall be
binding upon the parties for the full length of its terms, this Agreement and
the Exhibits and Schedules referred to herein (which are incorporated herein and
made a part of this Agreement by reference) and the documents delivered pursuant
hereto contain the entire understanding of the parties hereto with regard to the
subject matter contained herein or therein, and supersede all prior agreements
or understandings among Buyer and Sellers, with respect to the transactions
contemplated herein. This Agreement shall not be amended, modified or
supplemented except by a written instrument signed by authorized representatives
of Buyer and Sellers.

                12.6 Waivers. Any failure of Buyer or Sellers to comply with any
obligation, covenant, agreement or condition herein may be waived by the other
party only by a written instrument signed by Buyer or Sellers, as applicable,
granting such waiver, but such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not
operate as a waiver of, or estoppel with respect to, any subsequent or other
failure.

                12.7 Expenses. Except as otherwise set forth in this Agreement,
each party hereto will pay all of its own costs and expenses incident to its
negotiation and preparation of this Agreement and the consummation of the
transactions contemplated hereby, including the fees, expenses and disbursements
of its counsel and advisors. In the event any party shall bring an

                                       18
<PAGE>   19

action or arbitration in connection with the performance, breach or
interpretation of this Agreement, the prevailing party in any such action or
arbitration shall be entitled to recover from the losing party all reasonable
costs and expenses of such action or arbitration, including attorneys' fees.

                12.8 Partial Invalidity; Construction. Wherever possible, each
provision hereof shall be interpreted in such manner as to be effective and
valid under applicable law, but in case any one or more of the provisions
contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such provision shall be ineffective to the extent,
but only to the extent, of such invalidity, illegality or unenforceability
without invalidating the remainder of such provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable; provided,
however, that if the removal of such offending term or provision materially
alters the burdens or benefits of any of the parties under this Agreement, the
parties agree to negotiate in good faith such modifications to this Agreement as
are appropriate to ensure the burdens and benefits of each party under such
modified Agreement are reasonably comparable to the burdens and benefits
originally contemplated and expected. The parties agree that this Agreement
shall be construed neutrally, without regard to the party responsible for its
preparation.

                12.9 Execution in Counterparts. This Agreement may be executed
in one or more counterparts which may be delivered by facsimile, each of which
shall be considered an original instrument, but all of which shall be considered
one and the same agreement, and shall become binding when one or more
counterparts have been signed by each of the parties hereto and delivered to
each of the other parties hereto.

                12.10 Resolution of Disputes. Except with respect to a breach of
the obligations of confidentiality and actions detrimental to the assignment and
acquisition of the Licenses contemplated hereunder, as to which the
non-breaching party shall have the right to seek from any court of proper
jurisdiction specific performance, injunctive remedy or other equitable
remedies, any dispute, claim or controversy arising under this Agreement or in
any way related to this Agreement, or its interpretation, enforceability or
inapplicability (including the issue of whether or not the arbitrator has
jurisdiction to decide any particular dispute, controversy or claim) will be
submitted to binding arbitration at the election of either Buyer or Leap. The
arbitration shall be conducted by a single arbitrator experienced in the nature
of the commercial matters at issue and selected by Leap and Buyer in accordance
with the Commercial Arbitration Rules of the American Arbitration Association.
The arbitration shall be conducted in New York City in accordance with the
Commercial Arbitration Rules of the American Arbitration Association. The
arbitration award shall be in writing and shall be final and binding, and
judgment on the award may be entered in any court having jurisdiction thereof.

                12.11 Governing Law. This Agreement shall be governed by,
enforced and construed in accordance with the laws of the State of New York,
without regard to choice of law principles.

                                       19
<PAGE>   20

                12.12 Specific Performance. Notwithstanding anything herein to
the contrary, if Buyer or Sellers fail to perform any of its obligations under
this Agreement, the aggrieved party shall have the right, in addition to all
other rights or remedies, to specific performance of the terms hereof.

                12.13 Headings. Subject headings are included for convenience
only and shall not effect the interpretation of any provisions of this
Agreement.

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

LEAP:                                             BUYER:

Leap Wireless International, Inc.                 Cingular Wireless LLC

By:  /s/ HARVEY P. WHITE                          By: /s/ MARK L. FEIDLER
        -------------------                          -------------------
Name: Harvey P. White                             Name: Mark L. Feidler
Its:  Chief Executive Officer                     Its:  Chief Operating Officer

CRICKET:

Cricket Licensee IX, Inc.

By:  /s/ HARVEY P. WHITE
     -------------------
Name: Harvey P. White
Its:  Chief Executive Officer

                                       20
<PAGE>   21
                                    EXHIBIT A
                                    LICENSES

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                     FCC                            CHANNEL BLOCK/
SELLER      BTA    LICENSE #      MARKET NAME             MHZ          GRANT DATE    EXP. DATE
------------------------------------------------------------------------------------------------
<S>        <C>    <C>         <C>                     <C>              <C>           <C>
Cricket    399    WPOK600     Salt Lake City, UT      C1/15 MHz          7/22/99       7/22/09
Leap       365    WPOK595     Provo, UT               C1/15 MHz          7/22/99       7/22/09
</TABLE>

<PAGE>   22

                                    EXHIBIT B

                      ASSIGNMENT AND ASSUMPTION OF LICENSES

        This ASSIGNMENT AND ASSUMPTION OF LICENSES dated as of _________, 2001
is by and between Leap Wireless International, Inc., a Delaware corporation
("Leap"), Cricket Licensee IX, Inc., a Delaware corporation and a wholly-owned
subsidiary of Leap ("Cricket", Leap and Cricket are each, an "Assignor"), and
Cingular Wireless LLC, a Delaware limited liability company ("Assignee").

        WHEREAS, the Agreement for Purchase and Sale of Licenses dated as of
July 30, 2001 (the "Purchase Agreement") by and among the Leap, Cricket and
Assignee provides for, among other things, the assignment and sale to Assignee
from each Assignor certain licenses for good and valuable consideration in the
amount and on the terms and conditions provided therein;

        WHEREAS, the Wireless Telecommunications Bureau of the Federal
Communications Commission approved by public notice released ________, 2001 the
application to assign the Licenses (as defined below) from each Assignor to the
Assignee; and

        WHEREAS, the parties hereto now desire to carry out the intent and
purpose of the Purchase Agreement by, among other things, each Assignor's
execution and delivery of this instrument evidencing the sale, conveyance,
assignment, transfer and delivery to the Assignee of all of the Assignor's
right, title and interest in and to the Licenses (as defined below).

       NOW THEREFORE, the parties hereby agree as follows:

        1. Each Assignor hereby assigns and transfers to the Assignee, its
successors and assigns, effective as of the date hereof, the respective license
and authorization issued by the Federal Communications Commission listed on
Exhibit A attached hereto (the "Licenses"), and all of the Assignor's right,
title and interest therein and thereto.

        2. The Assignee hereby accepts from each Assignor the assignment and
transfer of the Licenses and all of the Assignor's right, title and interest
therein and thereto, free and clear of all Encumbrances.

        3. This Assignment and Assumption shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to
principles of conflicts of laws.

        4. This Assignment and Assumption may be signed in counterpart originals
and delivered by facsimile, which collectively shall have the same legal effect
as if all signatures had appeared on the same document.

        5. Notwithstanding any other provisions of this Assignment and
Assumption to the contrary, nothing contained herein shall in any way supersede,
modify, replace, amend, change,

<PAGE>   23

rescind, waive, exceed, expand, enlarge or in any way affect the provisions,
including the warranties, covenants, agreements, conditions, representations or,
in general any of the rights and remedies, and any of the obligations and
indemnifications of the parties set forth in the Purchase Agreement nor shall
this Assignment and assumption expand or enlarge any remedies under the Purchase
Agreement. This Assignment and Assumption is intended only to effect the
assignment of the Licenses pursuant to the Purchase Agreement and shall be
governed entirely in accordance with the terms and conditions of the Purchase
Agreement. All capitalized terms not otherwise defined herein shall have the
meaning given to them in the Purchase Agreement.

        IN WITNESS WHEREOF, this assignment has been signed by the Assignee and
the Assignor as of the date set forth above.

                                    ASSIGNOR:

                                    Leap Wireless International, Inc.

                                    By: ________________________
                                        Name:
                                        Title:

                                    Cricket Licensee IX, Inc.

                                    By: ________________________
                                         Name:
                                         Title:

                                    ASSIGNEE:

                                    Cingular Wireless LLC

                                    By: ________________________
                                        Name:
                                        Title:<PAGE>   1
                                                                   EXHIBIT 10.50

                   MASTER ENERGY PURCHASE AND SALE AGREEMENT

      This Master Energy Purchase and Sale Agreement (this "Master Agreement"
and together with all Transactions, collectively, the "Agreement") is entered
into effective as of the 12th day of April, 2001 (the "Effective Date") by and
between Enron Energy Services, Inc., a Delaware corporation ("EESI"), and
Callaway Golf Company, a Delaware corporation ("Customer"). Each of EESI and
Customer may also be referred to individually as "Party" or collectively as
"Parties." The Party selling Energy pursuant to a Transaction shall be referred
to as the "Seller," and the Party purchasing Energy pursuant to a Transaction
shall be referred to as the "Buyer." The definitions set forth in Appendix "1"
shall apply to this Agreement.

                                   SECTION 1.
                               SCOPE OF AGREEMENT

1.1.  SCOPE OF AGREEMENT. From time to time, the Parties may, but shall not be
obligated to, enter into Transactions for the purchase or sale of Energy
hereunder. Each Transaction shall be effectuated and evidenced in accordance
with this Master Agreement and shall constitute a part of this Master Agreement.
The Parties are relying upon the fact that all Transactions, together with this
Master Agreement, shall constitute a single integrated agreement, and that the
Parties would not otherwise enter into any Transaction. Any conflict between
this Master Agreement and a Transaction shall be resolved in favor the
Transaction. This Master Agreement shall govern all Transactions between the
Parties from and after the Effective Date unless expressly stated otherwise and
shall govern all transactions between the Parties entered into prior to the
date hereof that relate to the purchase and sale of Energy.

1.2.  TRANSACTION PROCEDURES. Each Transaction shall be effectuated and
evidenced by a written Confirmation Letter executed by the Parties. The
specific terms to be established by the Parties for each Transaction shall
include the identity of the Buyer and Seller, the Period of Delivery, the
Contract Price, the Delivery Point, the Contract Quantity, whether the
Transaction is Firm or Non-Firm and such other terms as the Parties shall agree
upon.

1.3.  TERM OF AGREEMENT. The term of this Master Agreement shall commence on
the Effective Date and shall remain in effect for a period of five (5) years
from the Effective Date, and shall thereafter remain in effect until terminated
by either Party on 30 days prior written notice ("Master Term"); provided,
however, that this Master Agreement shall remain in effect with respect to any
Transaction(s) entered into prior to the end of the Master Term until both
Parties have fulfilled all their obligations with respect to such
Transaction(s).

                                   SECTION 2.
                         REPRESENTATIONS AND WARRANTIES

On the Effective Date and on the date of entering into each Transaction, each
Party represents and warrants to the other Party that: (i) it is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its formation and is qualified to conduct its business in each
jurisdiction in which a Transaction will be performed by it, (ii) it has all
regulatory authorizations necessary for it to legally perform its obligations
under this Master Agreement and each Transaction, (iii) the execution, delivery
and performance of this Master Agreement and each Transaction are within its
powers, have been duly authorized by all necessary action and do not violate
any of the terms and conditions in its governing documents, any contracts to
which it is a party or any Law applicable to it, (iv) this Master Agreement and
each Transaction when entered into in accordance with this Master Agreement
constitutes its legally valid and binding obligation enforceable against it in
accordance with its terms, subject to any Equitable Defenses, (v) there are no
Bankruptcy Proceedings pending or being contemplated by it or, to its
knowledge, threatened against it, (vi) there are no Legal Proceedings that
materially adversely affect its ability to perform its obligations under this
Master Agreement and each Transaction, and (vii) it has knowledge and
experience in financial matters and the electric industry that enable it to
evaluate the merits and risks of entering into this Master Agreement and each
Transaction.
<PAGE>   2
                                   SECTION 3.
                           OBLIGATIONS AND DELIVERIES

3.1.  SELLER'S AND BUYER'S OBLIGATIONS. With respect to each Transaction and
subject to the terms of this Master Agreement, Seller shall sell and deliver,
or cause to be delivered, and Buyer shall purchase and receive, or cause to be
received, at the Delivery Point the Contract Quantity, and Buyer shall pay
Seller the Contract Price. Seller shall be responsible for any costs or charges
imposed on or associated with the delivery of the Contract Quantity, including
control area services, inadvertent energy flows, transmission losses and loss
charges relating to the transmission of the Contract Quantity, up to the
Delivery Point. Buyer shall be responsible for any costs or charges imposed on
or associated with the Contract Quantity, including control area services,
inadvertent energy flows, transmission losses and loss charges relating to the
transmission of the Contract Quantity, at and from the Delivery Point.

3.2.  TRANSMISSION AND SCHEDULING. Seller shall arrange and be responsible for
transmission service to the Delivery Point and shall Schedule or arrange for
Scheduling services with its Transmission Providers to deliver the Energy to
the Delivery Point. Buyer shall arrange and be responsible for transmission
service at and from the Delivery Point and shall Schedule or arrange for
Scheduling services with its Transmission Providers to receive the Energy at
the Delivery Point. Each Party shall designate authorized representatives or
agents to effect the Scheduling of the Contract Quantity of Energy.

3.3.  TITLE, RISK OF LOSS AND INDEMNITY. As between the Parties, Seller shall
be deemed to be in exclusive control (and responsible for any damages or injury
caused thereby) of the Energy prior to the Delivery Point, and Buyer shall be
deemed to be in exclusive control (and responsible for any damages or injury
caused thereby) of the Energy at and from the Delivery Point. Seller warrants
that it will deliver to Buyer the Contract Quantity free and clear of all
liens, claims and encumbrances arising prior to the Delivery Point. Title to
and risk of loss related to the Contract Quantity shall transfer from Seller to
Buyer at the Delivery Point. Seller and Buyer shall each indemnify, defend and
hold harmless the other Party from any Claims arising from any act or incident
occurring when title to the Energy is vested in the indemnifying Party.

3.4.  FORCE MAJEURE. If either Party is rendered unable by Force Majeure to
carry out, in whole or in part, its obligations under a Transaction and such
Party gives notice and full details of the event to the other Party as soon as
practicable after the occurrence of the event, then during the pendency of such
Force Majeure but for no longer period, the obligations of the Party affected
by the event (other than the obligation to make payments then due or becoming
due with respect to performance prior to the event) shall be suspended to the
extent required. The party affected by the Force Majeure shall remedy the Force
Majeure with all reasonable dispatch; provided, however, that this provision
shall not require Seller to deliver, or Buyer to receive, Energy at points
other than the Delivery Point.

      3.4.1.   FORCE MAJEURE SERVICE. In the case of a Force Majeure event,
where EESI is the Seller, EESI will use commercially reasonable efforts to
procure and provide to Customer the Contract Quantity under each affected
Transaction from alternate sources and/or transportation routes or other
available means ("Force Majeure Service"); provided that EESI will perform such
Force Majeure Service only with Customer's consent, and Customer will bear all
incremental costs associated with such Force Majeure Service, which incremental
costs will be separate from and in addition to any amounts due from Customer
under the applicable Transaction.

3.5.  BUYER'S COVER REMEDY FOR SELLER'S FAILURE TO DELIVER IN FIRM TRANSACTIONS.
Unless excused by Force Majeure or Buyer's failure to perform, if Seller fails
to Schedule and/or deliver all or part of the Contract Quantity pursuant to a
Firm Transaction, Seller shall pay Buyer an amount for each unit of Energy in
such deficiency equal to the positive difference, if any, obtained by
subtracting the Contract Price from the Replacement Price. "Replacement Price"
means the price at which Buyer, acting in a commercially reasonable manner,
purchases substitute units of Energy not delivered by Seller (plus costs
reasonably incurred by Buyer in purchasing substitute units of Energy, including
additional Transmission Charges and Penalties (to the extent not duplicative of
other charges incurred for Energy), if any, incurred by Buyer) or, absent a
purchase, the market price for such quantity at such Delivery Point as
determined by Buyer in a commercially reasonable manner. Amounts calculated
pursuant to this Section 3.5 shall be subject to Section 5.2. and amounts
payable pursuant to this Section 3.5 shall be

                                       2.
<PAGE>   3
payable on or before three (3) Business Days after receipt of an invoice from
Buyer.

3.6  SELLER'S COVER REMEDY FOR BUYER'S FAILURE TO RECEIVE IN FIRM TRANSACTIONS.
Unless excused by Force Majeure or Seller's failure to perform, if Buyer fails
to Schedule and/or receive all or part of the Contract Quantity pursuant to a
Firm Transaction, Buyer shall pay Seller an amount for each unit of Energy in
such deficiency equal to the sum of (1) the positive difference, if any,
obtained by subtracting the Sales Price from the Contract Price, and (2)
additional costs reasonably incurred by Seller in reselling such Energy not
received by Buyer, including additional Transmission Charges, if any. "Sales
Price" means the price per unit of Energy at which Seller, acting in a
commercially reasonable manner, resells or would be able to resell (if at all),
the Energy not received by Buyer, including additional Transmission Charges and
Penalties (to the extent not duplicative of other charges incurred for Energy),
if any, incurred by Seller. Amounts calculated pursuant to this Section 3.6
shall be subject to Section 5.2 and amounts payable pursuant to this Section 3.6
shall be payable on or before three (3) Business Days after receipt of an
invoice from Seller.

3.7  FAILURE TO DELIVER/RECEIVE IN NON-FIRM TRANSACTIONS. A Party may be excused
from delivering or receiving the Contract Quantity, in whole or in part, in a
Non-Firm Transaction for any reason without liability unless otherwise provided
in a Confirmation Letter.

                                   SECTION 4.
                             DEFAULTS AND REMEDIES

4.1. EVENTS OF DEFAULT. An "Event of Default" shall mean with respect to a Party
     ("Defaulting Party"):

(a)  the failure by the Defaulting Party to make, when due, any payment required
     pursuant to this Agreement if such failure is not remedied within three (3)
     Business Days after written notice of such failure is given to the
     Defaulting Party by the other Party ("Non-Defaulting Party") and provided
     the payment is not the subject of a good faith dispute as described in
     Section 6; or

(b)  any representation or warranty made by the Defaulting Party herein shall at
     any time prove to be false or misleading in any material respect; or

(c)  the failure by the Defaulting Party to perform any covenant set forth in
     this Agreement (other than the events that are otherwise specifically
     covered in this Section 4.1 as a separate Event of Default or its
     obligations to deliver or receive Energy a remedy for which is provided in
     Section 3), and such failure is not excused by Force Majeure or cured
     within five (5) Business Days after written notice thereof to the
     Defaulting Party; or

(d)  the Defaulting Party shall be subject to a Bankruptcy Proceeding; or

(e)  breach or default of the Defaulting Party or any of its subsidiaries with
     respect to any other term of any indebtedness, lease or other obligation in
     an amount in excess of $1,000,000, if the effect of such failure, default
     or breach is to permit the holder of the indebtedness, lease or other
     obligation, with the passage of time, to declare such to be due prior to
     its stated maturity.

4.2. EARLY TERMINATION DATE. If an Event of Default occurs with respect to a
Defaulting Party at any time during the Master Term, the Non-Defaulting Party
may, in its sole discretion, for so long as the Event of Default is continuing.

(a)  by no more than twenty (20) days notice to the Defaulting Party, designate
     a day no earlier than the day such notice is effective as an early
     termination date ("Early Termination Date") on which all Transactions shall
     terminate (individually a "Terminated Transaction" and collectively the
     "Terminated Transactions"); and

(b)  withhold any payments due in respect of the Terminated Transactions;
     provided, however, upon the occurrence of any Event of Default listed in
     item (d) of Section 4.1 as it may apply to any Party, all Transactions and
     this Agreement in respect thereof shall automatically terminate, without
     notice, and without any other action by either Party as if an Early
     Termination Date had been declared immediately prior to such event.

                                       3.

<PAGE>   4

4.3. TERMINATION PAYMENT CALCULATION.

(a)  If an Early Termination Date has been designated, the Non-Defaulting Party
     shall in good faith calculate its Gains, Losses and Costs resulting from
     the termination of the Terminated Transactions.

     As used herein with respect to each Party:

     (1)   "GAINS" means, with respect to a Party, an amount equal to the
           present value of the economic benefit (exclusive of Costs), if any,
           to it resulting from the termination of its obligations with respect
           to a Terminated Transaction, determined in a commercially reasonable
           manner;

     (ii)  "LOSSES" means, with respect to a Party, an amount equal to the
           present value of the economic loss (exclusive of Costs), if any, to
           it resulting from the termination of its obligations with respect to
           a Terminated Transaction, determined in a commercially reasonable
           manner; and

     (iii) "COSTS" means, with respect to a Party, brokerage fees, commissions
           and other similar transaction costs and expenses reasonably incurred
           by such Party either in terminating any arrangement pursuant to which
           it has hedged its obligations or entering into new arrangements which
           replace a Terminated Transaction, and attorneys' fees, if any,
           incurred in connection with enforcing its rights under this
           Agreement.

(b)  The Gains, Losses and Costs shall be determined by comparing the value of
     the remaining term, Contract Quantities and Contract Prices under each
     Terminated Transaction had it not been terminated to the equivalent
     quantities and relevant market prices for the remaining term either quoted
     by a bona fide third-party offer or which are reasonably expected to be
     available in the market under a replacement contract for each Terminated
     Transaction.

(c)  To ascertain the market prices of a replacement contract, the
     Non-Defaulting Party may consider, among other valuations, any or all of
     the settlement prices of NYMEX Power futures contracts, quotations from
     leading dealers in energy swap contracts and other bona fide third party
     offers, all adjusted for the length of the remaining term and differences
     in transmission.

(d)  It is expressly agreed that a Party shall not be required to enter into
     replacement transactions in order to determine the Termination Payment
     (defined below).

(e)  The Non-Defaulting Party shall aggregate such Gains, Losses and Costs with
     respect to all Transactions into a single net amount ("Termination
     Payment") and notify the Defaulting Party of such amount.

4.4. OBLIGATION TO PAY TERMINATION PAYMENT.

(a)  If the Non-Defaulting Party's aggregate Losses and Costs exceed its
     aggregate Gains, the Defaulting Party shall, within five (5) Business Days
     of receipt of such notice, pay such net amount to the Non-Defaulting Party,
     which amount shall bear interest at the Interest Rate from the Early
     Termination Date until paid. If the Non-Defaulting Party's aggregate Gains
     exceed its aggregate Losses and Costs, there shall be no Early Termination
     Payment.

(b)  If the Defaulting Party disagrees with the calculation of the Termination
     Payment, the issue shall be submitted to arbitration in accordance with the
     arbitration procedures set forth in Section 8.8 and the resulting
     Termination Payment shall be due and payable within three (3) Business Days
     after the award.

(c)  Notwithstanding any other provision of this Agreement, if Buyer or Seller
     fails to pay to the other Party any amounts when due, the aggrieved Party
     shall have the right to (i) suspend performance under any or all
     Transactions until such amounts plus interest at the Interest Rate have
     been paid and/or (ii) exercise any remedy available at law or in equity to
     enforce payment of such amount plus interest at the Interest Rate;
     provided, however, if the non-paying Party, in good faith, shall dispute
     the amount of any such billing or part thereof and shall pay such amounts
     as it concedes to be correct, no suspension shall be permitted.

4.5  OTHER EVENTS. If Buyer is regulated by a federal, state or local regulatory
body, and such body disallows all or any portion of any costs incurred or yet to
be incurred by Buyer under any provision of this Agreement, such

                                       4.
<PAGE>   5

action shall not operate to excuse Buyer from performance of any obligation nor
shall such action give rise to any right of Buyer to any refund or retroactive
adjustment of the Contract Price provided in any Transaction. Notwithstanding
the foregoing, if a Party's (the "Regulated Party") activities hereunder become
subject to regulation of any kind whatsoever under any law to a greater or
different extent than that existing on the Effective Date and such regulation
renders this Agreement illegal or unenforceable, or, as to EESI, such regulation
has the effect of limiting the price that EESI can charge for Energy under a
Transaction or otherwise materially adversely affects EESI's ability to receive
the economic benefits of a Transaction, the Regulated Party shall at such time
have the right to declare an Early Termination Date in accordance with the
provisions hereof, provided, notwithstanding the rights of the Parties to
declare an Early Termination Date as above stated, the Regulated Party shall be
liable for payment of the Termination Payment as provided in Section 4.3 as
calculated by the non-Regulated Party.

                                   SECTION 5.
                         LIMITATIONS; DUTY TO MITIGATE

5.1.  LIMITATIONS OF REMEDIES, LIABILITY AND DAMAGES.  THE PARTIES CONFIRM THAT
THE EXPRESS REMEDIES AND MEASURES OF DAMAGES PROVIDED IN THIS AGREEMENT SATISFY
THE ESSENTIAL PURPOSES HEREOF. FOR BREACH OF ANY PROVISION FOR WHICH AN EXPRESS
REMEDY OR MEASURE OF DAMAGES IS PROVIDED, SUCH EXPRESS REMEDY OR MEASURE OF
DAMAGES SHALL BE THE SOLE AND EXCLUSIVE REMEDY, THE OBLIGOR'S LIABILITY SHALL BE
LIMITED AS SET FORTH IN SUCH PROVISION AND ALL OTHER REMEDIES OR DAMAGES AT LAW
OR IN EQUITY ARE WAIVED. IF NO REMEDY OR MEASURE OF DAMAGES IS EXPRESSLY HEREIN
PROVIDED, THE OBLIGOR'S LIABILITY SHALL BE LIMITED TO DIRECT ACTUAL DAMAGES
ONLY, SUCH DIRECT ACTUAL DAMAGES SHALL BE THE SOLE AND EXCLUSIVE REMEDY AND ALL
OTHER REMEDIES OR DAMAGES AT LAW OR IN EQUITY ARE WAIVED. UNLESS EXPRESSLY
HEREIN PROVIDED, NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL,
PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, LOST PROFITS OR OTHER BUSINESS
INTERRUPTION DAMAGES, BY STATUTE, IN TORT OR CONTRACT, UNDER ANY INDEMNITY
PROVISION OR OTHERWISE. IT IS THE INTENT OF THE PARTIES THAT THE LIMITATIONS
HEREIN IMPOSED ON REMEDIES AND THE MEASURE OF DAMAGES BE WITHOUT REGARD TO THE
CAUSE OR CAUSES RELATED THERETO, INCLUDING THE NEGLIGENCE OF ANY PARTY, WHETHER
SUCH NEGLIGENCE BE SOLE, JOINT OR CONCURRENT, OR ACTIVE OR PASSIVE. TO THE
EXTENT ANY DAMAGES REQUIRED TO BE PAID HEREUNDER ARE LIQUIDATED, THE PARTIES
ACKNOWLEDGE THAT THE DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE, OTHERWISE
OBTAINING AN ADEQUATE REMEDY IS INCONVENIENT AND THE LIQUIDATED DAMAGES
CONSTITUTE A REASONABLE APPROXIMATION OF THE HARM OR LOSS.

5.2   DUTY TO MITIGATE.  Each Party agrees that it has a duty to mitigate
damages and covenants that it will use commercially reasonable efforts to
minimize any damages it may incur as a result of the other Party's performance
or non-performance of this Agreement.

5.3   UCC.  Except as otherwise provided for herein the provisions of the
Uniform Commercial Code ("UCC") of the state whose laws shall govern this
Agreement shall be deemed to apply to all Transactions and Energy shall be
deemed to be a "good" for purposes of the UCC. EXCEPT AS EXPRESSLY SET FORTH
HEREIN, SELLER EXPRESSLY NEGATES ANY OTHER REPRESENTATION OR WARRANTY, WRITTEN
OR ORAL, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION
OR WARRANTY WITH RESPECT TO CONFORMITY TO MODELS OR SAMPLES, MERCHANTABILITY, OR
FITNESS FOR ANY PARTICULAR PURPOSE.

                                   SECTION 6.
                                BILLING; PAYMENT

6.1.   BILLING AND PAYMENT.  Seller shall render to Buyer (by regular mail,
facsimile or other acceptable means pursuant to Section 8.3) for each calendar
month during which purchases/sales are made, a statement setting forth the total
quantity of Energy that was Scheduled or that Buyer was obligated to purchase
and any other charges due

                                       5.

<PAGE>   6
Seller, including payments or credits between the Parties pursuant to Section
3.5 and Section 3.6, under this Agreement during the preceding month and the
amounts due to Seller from Buyer therefor. Billing and Payment will be based on
Scheduled hourly quantities. On or before five (5) days after receipt of
Seller's statement or if such day is not a Business Day, the immediately
following Business Day, Buyer shall render, by wire transfer, the amount set
forth on such statement to the payment address provided in Exhibit "A". Overdue
payments shall accrue interest from, and including, the due date to, but
excluding, the date of payment at the Interest Rate. If Buyer, in good faith,
disputes a statement, Buyer shall provide a written explanation of the basis for
the dispute and pay the portion of such statement conceded to be correct no
later than the due date. If any amount disputed by Buyer is determined to be due
to Seller, it shall be paid within ten (10) days of such determination, along
with interest accrued at the Interest Rate until the date paid.

6.2  NETTING/SETOFF. If Buyer and Seller are each required to pay an amount in
the same month, then such amounts with respect to each Party may be aggregated,
and the Parties may discharge their obligations to pay through netting, in which
case the Party, if any, owing the greater aggregate amount may pay to the other
Party the difference between the amounts owed. Each Party reserves to itself all
rights, setoffs, counterclaims and other remedies and defenses consistent with
Section 5 (to the extent not expressly herein waived or denied) which such Party
has or may be entitled to arising from or out of this Agreement. All outstanding
Transactions and the obligations to make payment in connection therewith or
under this Agreement or any other agreement between the Parties may be offset
against each other, set off or recouped therefrom.

6.3. AUDIT. Each Party (and its representative(s)) has the right, at its sole
expense and during normal working hours, to examine the records of the other
Party to the extent reasonably necessary to verify the accuracy of any
statement, charge or computation made pursuant to this Agreement. If requested,
a Party shall provide to the other Party statements evidencing the quantities of
Energy delivered at the Delivery Point. If any such examination reveals any
inaccuracy in any statement, the necessary adjustments in such statement and the
payments thereof will be promptly made and shall bear interest calculated at the
Interest Rate from the date the overpayment or underpayment was made until paid;
provided, however, that no adjustment for any statement or payment will be made
unless objection to the accuracy thereof was made prior to the lapse of two
years from the rendition thereof; and provided further that this agreement will
survive any termination of the Agreement for a period of two years from the date
of such termination for the purpose of such statement and payment objections. If
any adjustment owed by a Party determined pursuant to this provision is in
excess of $10,000, the audited Party will be responsible for the auditing
Party's expenses, up to a maximum of $5,000. Further, the Parties agree that
each may audit the other a maximum of one time per year during the Master Term,
or any extension thereof.

                                   SECTION 7.
                                     TAXES

7.1  TAXES. The Contract Price shall include full reimbursement for, and Seller
is liable for and shall pay, or cause to be paid, or reimburse Buyer if Buyer
has paid, all Taxes applicable to a Transaction arising prior to the Delivery
Point. If Buyer is required to remit such Tax, the amount shall be deducted from
any sums due to Seller. Seller shall indemnify, defend and hold harmless Buyer
from any Claims for such Taxes. The Contract Price does not include
reimbursement for, and buyer is liable for and shall pay, cause to be paid, or
reimburse Seller if Seller has paid, all Taxes applicable to a Transaction
arising at and from the Delivery Point, including any Taxes imposed or collected
by a taxing authority with jurisdiction over Buyer. Buyer shall indemnify,
defend and hold harmless Seller from any Claims for such Taxes. Either Party,
upon written request of the other, shall provide a certificate of exemption or
other reasonably satisfactory evidence of exemption if either Party is exempt
from taxes, and shall use reasonable efforts to obtain and cooperate with
obtaining any exemption from or reduction of any Tax. Each Party shall use
reasonable efforts to administer this Agreement and implement the provisions in
accordance with the intent to minimize Taxes.

7.2. NEW TAXES. If (i) a New Tax is imposed and (ii) Customer or EESI would be
responsible for paying such New Tax with respect to the Transactions, the Party
responsible for the New Tax ("Affected Party") shall be entitled to declare an
Early Termination Date with respect to those Transactions affected by the New
Tax ("Affected Transactions") in accordance with the provisions of this
Agreement subject to the following conditions:

                                       6.
<PAGE>   7
(a) the Affected Party must give the other Party ("Non-Affected Party") at least
thirty (30) days prior written notice of its intent to declare an Early
Termination Date (which notice shall also include the additional information
described in the last sentence of this Section 7.2), and prior to the proposed
Early Termination Date, Customer and EESI shall attempt to reach a mutual
agreement as to which Party will pay the New Tax, (b) if a mutual agreement is
not reached within thirty (30) days after the Affected Party provides the notice
provided in subsection (a) above, the Early Termination Date shall take effect
and all Affected Transactions shall be terminated and be subject to the same
Early Termination Date, (c) the Early Termination Date shall be effected as if
an Event of Default had occurred and EESI shall calculate in a commercially
reasonable manner its net Loss (amount of Losses and Costs after netting Gains),
if any, resulting from the termination of all Affected Transactions as if it
were the "Non-Defaulting Party" under Section 4 hereof and provided further that
EESI's Gains and Losses shall be determined without taking into effect the
impact of the New Taxes, and (d) Customer shall pay to EESI the amount of the
net Loss calculated in subsection (c) above in accordance with the provisions of
Section 4.4(a). In the notice described in subsection (a) above the Affected
Party will include a calculation, in reasonable detail, estimating the notional
value of the amount payable under subsection (c) above, the Parties acknowledge
that such calculation shall be merely a good faith estimate of the amount
payable and a final and definitive calculation of the amount due will be made on
or before the Early Termination Date.

                                   SECTION 8.
                                 MISCELLANEOUS

8.1. ASSIGNMENT.  Neither Party shall assign this Agreement or its rights
hereunder without the prior written consent of the other Party, which consent
may be withheld in its sole discretion; provided, however, either Party may,
without the consent of (but with notice to) the other Party (and without
relieving itself from liability hereunder), (i) transfer, sell, pledge, encumber
or assign this Agreement or the accounts, revenues or proceeds hereof in
connection with any financing or other financial arrangements, (ii) transfer or
assign this Agreement to an Affiliate of such Party, or (iii) transfer or assign
this Agreement to any person or entity succeeding to all or substantially all of
the assets of such Party; provided, however, that in each such case, any such
assignee shall agree to in writing to be bound by the terms and conditions
hereof.

8.2. FINANCIAL INFORMATION.  If requested by Customer, EESI shall deliver (i)
within 120 days following the end of each fiscal year, a copy of the annual
report of Enron Corp. containing audited consolidated financial statements for
such fiscal year certified by independent certified public accountants and (ii)
within 60 days after the end of each of its first three fiscal quarters of each
fiscal year, a copy of the quarterly report of Enron Corp. containing unaudited
consolidated financial statements for such fiscal quarter. If requested by EESI,
Customer shall deliver (i) within 120 days following the end of each fiscal
year, a copy of the annual report of Customer containing audited consolidated
financial statements for such fiscal year certified by independent certified
public accountants and (ii) within 60 days after the end of each of its first
three fiscal quarters of each fiscal year, a copy of the quarterly report of
Customer containing unaudited consolidated financial statements for such fiscal
quarter. In all cases the statements shall be for the most recent accounting
period and prepared in accordance with GAAP or such other principles then in
effect; provided, should any such statements not be available timely due to a
delay in preparation or certification, such delay shall not be considered a
default so long as such Party diligently pursues the preparation, certification
and delivery of the statements.

8.3  NOTICES.  All notices, requests, statements or payments shall be made as
specified in Exhibit "A". Notices required to be in writing shall be delivered
by letter, facsimile or other documentary form. Notice by facsimile or hand
delivery shall be deemed to have been received by the close of the Business Day
on which it was transmitted or hand delivered (unless transmitted or hand
delivered after close in which case it shall be deemed received at the close of
the next Business Day). Notice by overnight mail or courier shall be deemed to
have been received two Business Days after it was sent. A Party may change its
addresses by providing notice of same in accordance herewith.

                                       7.

<PAGE>   8
8.4. CONFIDENTIALITY. Neither Party shall disclose the terms or conditions of
this Agreement to a third party (other than the Party's and its Affiliates'
employees, lenders, counsel, accountants or advisors who have a need to know
such information and have agreed to keep such terms confidential) except in
order to comply with any applicable Law or exchange rule; provided, each Party
shall notify the other Party of any proceeding of which it is aware which may
result in disclosure and use reasonable efforts to prevent or limit the
disclosure. The Parties shall be entitled to all remedies available at law or
in equity to enforce, or seek relief in connection with, this confidentiality
obligation. Notwithstanding the foregoing, Customer agrees that EESI or its
affiliates may use Customer's name and a general description of the services
provided by EESI to Customer hereunder in customer lists and other promotional
or advertising materials that EESI may develop from time to time. Any press
release regarding this Agreement will be on the Parties' mutual consent and
will be developed jointly by the Parties.

8.5. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED, ENFORCED AND PERFORMED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

8.6. WINDING UP ARRANGEMENTS. All indemnity and audit rights shall survive the
termination of this Agreement. All obligations provided in this Agreement shall
remain in effect for the purpose of complying herewith.

8.7. GENERAL. This Master Agreement, the Exhibits and Appendices hereto, if any,
and each Transaction, constitute the entire agreement between the Parties
relating to the subject matter contemplated by this Agreement. No amendment or
modification to this Master Agreement shall be enforceable unless reduced to
writing and executed by both Parties. Any Party in default under this Agreement
shall reimburse the other Party, on demand, for actual, reasonable out-of-pocket
expenses (and any interest thereon at the Interest Rate), including, without
limitation, reasonable legal fees and expenses incurred by the other Party
during the occurrence and continuation of such default in connection with the
enforcement of, or the preservation of its rights in respect of this Agreement.
This Master Agreement shall not impart any rights enforceable by any third-party
other than a permitted successor or assignee bound to this Agreement. No waiver
by a Party of any default by the other Party shall be construed as a waiver of
any other default. Nothing in this Master Agreement shall be construed to create
a partnership or joint venture between the Parties. Any provision of this
Agreement that is not essential to the purpose of this Agreement that is
declared or rendered unlawful by any applicable court of law or regulatory
agency or deemed unlawful because of a statutory or regulatory change
(individually or collectively, such events referred to as a "Regulatory Event")
will not otherwise affect the remaining lawful obligations that arise under this
Agreement; further, if a Regulatory Event occurs, the Parties shall use their
best efforts to reform the Agreement in order to give effect to the original
intention of the Parties. Notwithstanding the foregoing, or anything else in the
Agreement to the contrary, in the event that, as a result of a Regulatory Event,
a Party (the "Excused Party") is excused from any payment or performance
obligation, the other Party shall be correspondingly excused from any payment or
performance obligation that would have arisen but for the failure or inability
of the Excused Party to perform. The term "including" when used in this
Agreement shall be by way of example only and shall not be considered in any way
to be in limitation. The headings used herein are for convenience and reference
purposes only.

8.8. ARBITRATION. Any claim, counterclaim, demand, cause of action, dispute, and
controversy arising out of or relating to this Agreement or the relationship
established by this Agreement, any provision hereof, the alleged breach thereof,
or in any way relating to the subject matter of this Agreement, involving the
Parties and/or their respective representatives (collectively the "Claims"),
even though some or all of such Claims allegedly are extra-contractual in
nature, whether such Claims sound in contract, tort, or otherwise, at law or
in equity, under state or federal law, whether provided by statute or the common
law, for damages or any other relief, shall be resolved by binding arbitration.
Arbitration shall be conducted in accordance with the rules of arbitration of
the Federal Arbitration Act and, to the extent an issue is not addressed by the
federal law on arbitration, by the Commercial Arbitration Rules of the American
Arbitration Association. The validity, construction, and interpretation of this
agreement to arbitrate, and all procedural aspects of the arbitration conducted
pursuant hereto shall be decided by the arbitrators. In deciding the substance
of the Parties' Claims, the arbitrators shall refer to the governing law. It

                                       8.
<PAGE>   9
is agreed that the arbitrators shall have no authority to award treble,
exemplary or punitive damages of any type under any circumstances whether or not
such damages may be available under state or federal law, or under the Federal
Arbitration Act, or under the Commercial Arbitration Rules of the American
Arbitration Association, the Parties hereby waiving their right, if any, to
recover any such damages. The arbitration proceeding shall be conducted in
Phoenix, AZ. Within thirty days of the notice of initiation of the arbitration
procedure, each party shall select one arbitrator. The two arbitrators shall
select a third arbitrator. The third arbitrator shall be a person who has over
eight years professional experience in electrical energy-related transactions
and who has not previously been employed by either Party and does not have a
direct or indirect interest in either Party or the subject matter of the
arbitration. While the third arbitrator shall be neutral, the two
party-appointed arbitrators are not required to be neutral, and it shall not be
grounds for removal of either of the two party-appointed arbitrators or for
vacating the arbitrators' award that either of such arbitrators has past or
present relationships with the Party that appointed such arbitrator. To the
fullest extent permitted by law, any arbitration proceeding and the arbitrators
award shall be maintained in confidence by the Parties.

     The Parties have executed this Master Agreement in multiple counterparts to
be construed as one effective as of the Effective Date.

                         ENRON ENERGY SERVICES, INC.

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

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

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

                         CALLAWAY GOLF COMPANY

                         By:    /s/ Ronald A. Drapeau
                               -------------------------------------------------
                         Name: Ronald A. Drapeau
                         Title: Senior Executive Vice President of Manufacturing

                                       9.
<PAGE>   10
                          APPENDIX "1" -- DEFINITIONS
                                     TO THE
                   MASTER ENERGY PURCHASE AND SALE AGREEMENT

     All references to Articles and Sections are to those set forth in this
Agreement. Reference to any document means such document as amended from time to
time and reference to any Party includes any permitted successor or assignee
thereof. The following definitions and any terms defined internally in this
Agreement shall apply to this Agreement and all notices and communications made
pursuant to this Agreement.

"AAA" shall have the meaning defined in Section 8.8.

"AFFECTED PARTY" shall have the meaning defined in Section 7.2.

"AFFECTED TRANSACTIONS" shall have the meaning defined in Section 7.2.

"AFFILIATE" means, with respect to any person, any other person (other than an
individual) that, directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such person. For
this purpose, "control" means the direct or indirect ownership of fifty percent
(50%) or more of the outstanding capital stock or other equity interests having
ordinary voting power.

"AGREEMENT PERIOD" shall have the meaning defined in Section 7.2.

"BANKRUPTCY PROCEEDING" means with respect to a Party or entity, such Party or
entity (i) makes an assignment or any general arrangement for the benefit of
creditors, (ii) files a petition or otherwise commences, authorizes or
acquiesces in the commencement of a proceeding or cause of action under any
bankruptcy or similar law for the protection of creditors, or has such petition
filed against it and such petition is not withdrawn or dismissed for thirty (30)
days after such filing, (iii) otherwise becomes bankrupt or insolvent (however
evidenced) or (iv) is unable to pay its debts as they fall due.

"BUSINESS DAY" means a day on which Federal Reserve member banks in New York
City are open for business; and a Business Day shall open at 8:00 a.m. and close
at 5:00 p.m. local time for each Party's principal place of business.

"BUYER" means the Party to a Transaction who is obligated to purchase and
receive, or cause to be received, Energy during a Delivery Term.

"CLAIMS" means all claims or actions, threatened or filed and whether
groundless, false or fraudulent, that directly or indirectly relate to the
subject matter of an indemnity, and the resulting losses, damages, expenses,
attorneys' fees and court costs, whether incurred by settlement or otherwise,
and whether such claims or actions are threatened or filed prior to or after the
termination of this Agreement.

"CONFIRMATION LETTER" means a written notice confirming the specific terms of a
Transaction which shall be in the form attached hereto as "Exhibit B".

"CONTRACT PRICE" means the price in $U.S. (unless otherwise provided for) to be
paid by Buyer to Seller for the purchase of Energy pursuant to a Transaction.

"CONTRACT QUANTITY" means that quantity of Energy that Seller agrees to sell and
deliver, or cause to be delivered, to Buyer, and that Buyer agrees to purchase
and receive, or cause to be received, from Seller, pursuant to the terms of a
Transaction.

"COSTS" shall have the meaning defined in Section 4.3(a)(iii).

"DEFAULTING PARTY" shall have the meaning defined in Section 4.1.

"DELIVERY POINT" means the agreed point of delivery and receipt of Energy
pursuant to a Transaction.

"DELIVERY TERM" means the period of time from the date physical delivery of the
Energy is to commence to the date physical delivery is to terminate under a
Transaction.
<PAGE>   11
"EARLY TERMINATION DATE" shall have the meaning defined in Section 4.2(a).

"ENERGY" means Merchandisable Energy expressed in megawatt hours (MWh) or to the
extent specifically agreed to by the Parties, capacity or other related products
and services and specifically includes the Commodity.

"EQUITABLE DEFENSES" means any bankruptcy, insolvency, reorganization and other
laws affecting creditor's rights generally, and with regard to equitable
remedies, the discretion of the court before which proceedings to obtain same
may be pending.

"EVENT OF DEFAULT" shall have the meaning defined in Section 4.1.

"EXCUSED PARTY" shall have the meaning defined in Section 8.7.

"FIRM" means, with respect to a Transaction, that the only excuse for the
failure to deliver Energy by Seller or the failure to receive Energy by the
Buyer pursuant to a Transaction is Force Majeure or the other Party's
non-performance.

"FORCE MAJEURE" means (with respect to Firm Transactions) an event not
anticipated as of the Effective Date, which is not within the reasonable control
of the Party (or in the case of third party obligations or facilities, the third
party) claiming suspension (the "Claiming Party"), and which by the exercise of
due diligence the Claiming Party, or third party, is unable to overcome or
obtain or cause to be obtained a commercially reasonable substitute therefor.
Force Majeure may include, but is not restricted to, acts of God; fire; civil
disturbance; labor dispute; labor or material shortage; sabotage; action or
restraint by court order or public or governmental authority that renders this
Agreement illegal or unenforceable (so long as the Claiming Party has not
applied for or assisted in the application for, and has opposed where and to the
extent reasonable, such government action); provided, that neither (i) the loss
of Buyer's markets nor Buyer's inability economically to use or resell Energy
purchased hereunder nor (ii) Seller's ability to sell Energy to a market at a
more advantageous price, shall constitute an event of Force Majeure.

"GAAP" means generally accepted accounting principles, consistently applied.

"GAINS" shall have the meaning defined in Section 4.3(a)(i).

"INTEREST RATE" means, for any date, two percent over the per annum rate of
interest equal to the prime lending rate as may from time to time be published
in The Wall Street Journal under "Money Rates"; provided, the Interest Rate
shall never exceed the maximum lawful rate permitted by applicable law.

"LAW" means any law, rule, statute, regulation, order, writ, judgment, decree or
other legal or regulatory determination by a court, regulatory agency or
governmental authority of competent jurisdiction.

"LEGAL PROCEEDINGS" means any suits, proceedings, judgments, rulings or orders
by or before any court or any governmental authority.

"LOSSES" shall have the meaning defined in Section 4.3(a)(ii).

"MERCHANDISABLE ENERGY" means electric energy of the character commonly known as
three-phase, sixty-hertz electric energy that is delivered at the nominal
voltage of the Delivery Point.

"NYMEX" means the New York Mercantile Exchange.

"NEW TAXES" means (i) any Taxes enacted and effective after the Effective Date
and a material increase in the rate of any Taxes or New Taxes, or (ii) any law,
order, rule or regulation, or interpretation thereof, enacted and effective
after the Effective Date resulting in the application of any Taxes to a new or
different class of persons.

"NON-AFFECTED PARTY" shall have the meaning defined in Section 7.2.

"NON-DEFAULTING PARTY" shall have the meaning defined in Section 4.1(a).

"NON-FIRM" means, with respect to a Transaction, that delivery or receipt of
Energy may be interrupted for any reason, without liability by either Party,
including, without limitation, price fluctuations.
<PAGE>   12
"PENALTIES" shall mean any costs, charges and/or penalties that are imposed by a
Utility, Transmission Provider, and/or other persons in the event Seller fails
to schedule or Buyer fails to receive amounts of Energy that the Parties agreed
to schedule and receive under a Firm Transaction, expressly including any actual
excess costs of Energy incurred by Buyer or Seller as a result thereof, whether
such costs are incurred from the applicable Utility, Transmission Provider or
another Energy provider, including losses due to Utility or Transmission
Provider cash outs or excess Energy purchases.

"REGULATED PARTY" shall have the meaning defined in Section 4.5.

"REGULATORY APPROVALS" means all permissions required under current and future
valid and applicable Laws.

"REGULATORY EVENT" shall have the meaning defined in Section 8.7.

"REPLACEMENT PRICE" shall have the meaning defined in Section 3.5.

"SALES PRICE" shall have the meaning defined in Section 3.6.

"SCHEDULING" or "SCHEDULE" means the acts of Seller, Buyer and/or their
designated representatives, including each Party's Transmission Providers, if
applicable, of notifying, requesting and confirming to each other the quantity
and type of Energy to be delivered hourly on any given day or days during the
Delivery Term at a specified Delivery Point.

"SELLER" means the Party to a Transaction who is obligated to sell and deliver
or cause to be delivered Energy during a Delivery Term.

"TAXES" means any or all ad valorem, property, occupation, severance,
generation, first use, conservation, Btu or energy, transmission, utility, gross
receipts, privilege, sales, use, consumption, excise, lease, transaction, and
other taxes or New Taxes, governmental charges, licenses, fees, permits and
assessments, or increases therein, other than taxes based on net income or net
worth.

"TERMINATED TRANSACTION" shall have the meaning defined in Section 5.3.

"TERMINATED PAYMENT" shall have the meaning defined in Section 4.3(e).

"TRANSACTION" means a particular transaction agreed to by the Parties relating
to the purchase and sale of Energy pursuant to this Master Agreement.

"TRANSMISSION CHARGES" means the amount, if any, to be paid by a Party to a
Transmission Provider or Utility for transmission and distribution of Energy and
related services as agreed to by the Parties in a Transaction.

"TRANSMISSION PROVIDERS" means the entity or entities transmitting Energy on
behalf of Seller or Customer to or from the Delivery Point in a particular
Transaction, including, without limitation, any applicable Independent System
Operator or Regional Transmission Operator.

"UCC" shall have the meaning defined in Section 5.3.

"UTILITY" means the electric utility distribution company or Transmission
Provider providing tariffed services to each of the Facilities as of the
Effective Date, and any successor thereto providing similar services.
<PAGE>   13
                                  EXHIBIT "A"
                                     TO THE
                   MASTER ENERGY PURCHASE AND SALE AGREEMENT

                              NOTICES AND PAYMENT

EESI:

NOTICES & CORRESPONDENCE                  PAYMENTS:
Enron Energy Services, Inc.               Bank of America
P.O. Box 1188                             for: Enron Energy Services, Inc.
Houston, Texas 77251-1188                 ABA No.: 111000012
Attn.: Contract Administration            Account No.: 3751257727
Facsimile No.: (713) 853-0528

INVOICES:
Enron Energy Services, Inc.
P.O. Box 1188
Houston, Texas 77251-1188
Attn.: Ms. Derenda Plunkett
Telephone No.: (713) 853-9340
Facsimile No.: (713) 646-2505

CUSTOMER:

NOTICES & CORRESPONDENCE:
Callaway Golf Company
2285 Rutherford Road
Carlsbad, CA
Attn.: Thomas J. Macias
Telephone No.: (760) 930-5216
Facsimile No.: (760) 930-5350

INVOICES:
Callaway Golf Company
2285 Rutherford Road
Carlsbad, CA
Attn.: Accounts Payable
Telephone No.: (760) 930-5451
Facsimile No.: (760) 930-5007

or to such other address as Customer or EESI shall from time to time designate
by letter properly addressed.
<PAGE>   14
                               EXHIBIT "B" TO THE
                   MASTER ENERGY PURCHASE AND SALE AGREEMENT

                          FORM OF CONFIRMATION LETTER
                   FOR TRANSACTIONS FORMED UNDER SECTION 1.2

                                     [Date]
[Customer]
Address]

                              CONFIRMATION LETTER

     This Confirmation Letter shall confirm the agreement reached on _________,
2001 between _______________ ("Customer") and Enron Energy Services, Inc.
("EESI") regarding the sale/purchase of Energy under the terms and conditions as
follows:

     SELLER:
                              --------------------------
     CUSTOMER:
                              --------------------------
     COMMODITY:               CAISO Energy
                              --------------------------
     DELIVERY TERM:
                              --------------------------
     CONTRACT PRICE:
                              --------------------------
     CONTRACT QUANTITY:
                              --------------------------
     DELIVERY POINT:
                              --------------------------
     SCHEDULING:
                              --------------------------
     SPECIAL CONDITION(S):
                              --------------------------
     OTHER:
                              --------------------------

     This Confirmation Letter is being provided pursuant to and in accordance
with the Master Energy Purchase and Sale Agreement dated ________, 2001 (the
"Master Agreement") between Customer and EESI, and constitutes part of and is
subject to all of the terms and provisions of such Master Agreement. Terms used
but not defined herein shall have the meanings ascribed to them in this Master
Agreement.

     "CAISO Energy" means, with respect to a Transaction, a quantity of energy
equal to the hourly quantity without Ancillary Services (as defined in the
Tariff, as defined below) that is or will be scheduled as a schedule coordinator
to schedule coordinator transaction pursuant to the applicable tariff and
protocol provisions set forth in the California Independent System Operator
("CAISO") (as may be amended from time to time, the "Tariff") for which the only
excuse for failure to deliver or receive is an "Uncontrollable Force," as such
term is defined in the Tariff.

<PAGE>   15
     Please confirm that the terms stated herein accurately reflect the
agreement between you and EESI by returning an executed copy of this letter by
facsimile to EESI. If you do not return this Confirmation or object to this
Confirmation within two (2) Business Days of your receipt of it, you will have
accepted and agreed to all of the terms included herein, including the terms and
provisions of the Agreement.

CALLOWAY GOLF COMPANY                  ENRON ENERGY SERVICES, INC.

By:                                    By:
       ------------------------               ------------------------
Title:                                 Title:
       ------------------------               ------------------------
Date:                                  Date:
       ------------------------               ------------------------

<PAGE>   16
                                 April 12, 2001
                              CONFIRMATION LETTER

      This Confirmation Letter shall confirm the agreement reached on April 12,
2001 between Callaway Golf Company ("Customer") and Enron Energy Services, Inc.
("EESI") regarding the sale/purchase of Energy under the terms and conditions
as follows:

      Parties:                EESI is the "Seller" and Customer is the "Buyer"

      Delivery Term:          June 1, 2001 through May 31, 2006

      Contract Price:         $110.25 per MWh at the Delivery Point. Customer
                              shall be solely responsible for all charges
                              incurred with respect to the transmission and
                              delivery at and from the Delivery Point,
                              including, without limitation, Utility charges,
                              competitive transition charges, Utility
                              surcharges, direct access charges, and load
                              shaping, balancing and scheduling charges.

      Contract Quantity:      9MW of CAISO Energy (defined below) per hour or
                              394,416 MWh for the Delivery Term.

      Delivery Point:         SP 15

      Special Conditions:     The Parties recognize that under this Transaction
                              EESI is delivering to Customer the Contract
                              Quantity at the Delivery Point and is not
                              providing Customer with any Energy load shaping,
                              balancing or scheduling services, which Customer
                              shall procure for its own account at its sole
                              expense. Customer shall be solely responsible for
                              arranging for the receipt of the Contract Quantity
                              at the Delivery Point and for the subsequent
                              transmission and delivery of the Contract Quantity
                              from the Delivery Point to Customer's meter(s) and
                              for any and all cost incurred with respect
                              thereto. If necessary, Customer shall be solely
                              responsible for obtaining status with the
                              respective Utility as a "direct access" customer,
                              obtaining and designating a direct access service
                              provider, and paying any and all costs incurred
                              with respect thereto. EESI shall not be customer's
                              direct access provider, and Customer shall not be
                              a direct access customer of EESI, under this
                              Transaction. Failure of Customer to obtain direct
                              access status; to arrange for receipt of the
                              Contract Quantity at the Delivery Point; or to
                              arrange for the subsequent transmission and
                              delivery of the Contract Quantity shall not excuse
                              Customer's performance under this Transaction or
                              the Master Agreement.

<PAGE>   17
      OTHER:                  "CAISO Energy" means, with respect to the
                              Transaction, the quantity of energy equal to the
                              hourly quantity without Ancillary Services (as
                              defined in the Tariff, as defined below) that is
                              or will be scheduled as a schedule coordinator-to-
                              schedule coordinator transaction pursuant to the
                              applicable tariff and protocol provisions set
                              forth in the California Independent System
                              Operator ("CAISO") (as may be amended from time to
                              time, the "Tariff") for which the only excuse for
                              failure to deliver or receive is an
                              "Uncontrollable Force," as such term is defined in
                              the Tariff.

     This Confirmation Letter is being provided pursuant to and in accordance
with the Master Energy Purchase and Sale Agreement dated April 12, 2001 (the
"Master Agreement") between Customer and EESI, and constitutes part of and is
subject to all of the terms and provisions of such Master Agreement. Terms used
but not defined herein shall have the meanings ascribed to them in this Master
Agreement.

     Please confirm that the terms stated herein accurately reflect the
agreement between you and EESI by returning an executed copy of this letter by
facsimile to EESI. If you do not return this Confirmation or object to this
Confirmation within two (2) Business Days of your receipt of it, you will have
accepted it and agreed to all of the terms included herein, including the terms
and provisions of the Agreement.

CALLAWAY GOLF COMPANY                        ENRON ENERGY SERVICES, INC.

By: /s/ RONALD A. DRAPEAU                    By:
    -------------------------                    -------------------------------
Title: Senior Executive Vice President,      Title:
       Manufacturing                                ----------------------------

Date:  April 13, 2001                        Date: April 13, 2001

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