Document:

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                                                                    EXHIBIT 10.5

                                                                  EXECUTION COPY

                           LICENSE EXCHANGE AGREEMENT

                                  by and among

                                TRITON PCS, INC.,

                       TRITON PCS LICENSE COMPANY L.L.C.,

                          AT&T WIRELESS SERVICES, INC.,

                              AT&T WIRELESS PCS LLC

                                       and

                              CINGULAR WIRELESS LLC

                               Dated July 7, 2004

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                           LICENSE EXCHANGE AGREEMENT

      THIS LICENSE EXCHANGE AGREEMENT (this "Agreement"), dated the 7th day of
July, 2004, is by and among TRITON PCS, INC., a Delaware corporation ("Triton"),
TRITON PCS LICENSE COMPANY L.L.C., a Delaware limited liability company ("Triton
PCS"), AT&T WIRELESS SERVICES, INC., a Delaware corporation ("AWS"), AT&T
WIRELESS PCS LLC, a Delaware limited liability company ("AWS PCS"), and CINGULAR
WIRELESS LLC, a Delaware limited liability company ("Cingular").

                                    RECITALS

      WHEREAS, Cingular's sole manager, Cingular Wireless Corporation ("CWC"),
has entered into the Merger Agreement, whereby it will acquire AWS and AWS PCS;
and

      WHEREAS, AWS, AWS PCS, Cingular and Triton have entered into an Agreement
simultaneously with the execution and delivery of this Agreement to address
their existing and future relationships (the "Commercial Agreement"); and

      WHEREAS, this Agreement is being executed in connection with the
Commercial Agreement.

      NOW, THEREFORE, in consideration of the recitals and of the mutual
covenants, conditions and agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereby agree as follows:

                                   ARTICLE 1

                                   DEFINITIONS

      Unless otherwise stated in this Agreement, the following terms when used
herein shall have the meanings assigned to them below (such meanings to be
equally applicable to both the singular and plural forms of the terms defined):

      1.1   "Affiliate" shall mean, with respect to any Person, any other Person
that, directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such first-named Person. The
term "control" (including, with correlative meanings, the terms "controlled by"
and "under common control with"), as applied to any Person, means the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of
voting securities or other ownership interest, by contract or otherwise. For
purposes of this Agreement, none of Cingular, AWS or AWS PCS shall be deemed to
be an Affiliate of any of Triton or Triton PCS.

      1.2   "Agreement" shall have the meaning set forth in the preamble.

      1.3   "AWS Licenses" shall mean the licenses issued by the FCC and
currently held by AWS PCS that are set forth on Schedule A.

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      1.4   "AWS Triton Licenses" shall mean the partitioned and disaggregated
portions of the AWS Licenses identified as "AWS Triton Licenses" on Schedule A.

      1.5   "Business Day" shall mean any day other than a Saturday, Sunday,
federal holiday or day on which banking institutions in New York are authorized
or obligated by law or executive order to be closed.

      1.6   "Closing" shall have the meaning set forth in Section 9.1(a).

      1.7   "Closing Date" shall mean the date on which the Closing occurs.

      1.8   "Communications Act" shall mean the Communications Act of 1934, as
amended.

      1.9   "Confidentiality Agreement" shall mean that certain Information
Exchange Agreement dated as of April 14, 2004 by and among AWS, Cingular and
Triton PCS Holdings, Inc.

      1.10  "Consents" shall mean the consents, permits, approvals and
authorizations of Governmental Authorities and other Persons necessary to
consummate the transactions contemplated by the Transaction Documents.

      1.11  "Credit Agreement" shall mean the Credit Agreement dated as of June
13, 2003 by and among Triton PCS Holdings, Inc., Triton, the Lenders Party
thereto, Lehman Commercial Paper Inc., as Administrative Agent, Cobank ACB, as
Co-Syndication Agent, Chase Lincoln First Commercial Corporation, as
Co-Documentation Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as
Co-Documentation Agent, and Lehman Brothers Inc., Cobank ACB and Citigroup
Global Markets Inc., as Joint Lead Arrangers, as amended by the First Amendment
dated as of September 29, 2003.

      1.12  "Enforceability Exceptions" shall mean the exceptions or limitations
to the enforceability of contracts under bankruptcy, insolvency, fraudulent
conveyance or transfer, moratorium or similar laws affecting creditors rights
generally or by judicial discretion in the enforcement of equitable remedies and
by public policies generally.

      1.13  "FCC" shall mean the Federal Communications Commission.

      1.14  "FCC Consent" shall mean the Consent of the FCC to the partition and
disaggregation (as applicable), transfer and assignment of the AWS Triton
Licenses by AWS PCS to Triton PCS, of the Triton Licenses by Triton PCS to AWS
PCS, of the Lafayette License by Lafayette to Triton PCS, and of the Lafayette
License by Triton PCS to AWS PCS, all in accordance with the terms of this
Agreement.

      1.15  "Final Order" shall mean action by a Governmental Authority as to
which (i) no request for stay by such authority of the action is pending, no
such stay is in effect, and, if any deadline for filing any such request is
designated by statute or regulation, it has passed; (ii) no petition for
rehearing or reconsideration of the action is pending before such Governmental
Authority, and the time for filing any such petition has passed; (iii) such
Governmental Authority does not have the action under reconsideration on its own
motion and the time for such

                                      -2-

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reconsideration has passed; and (iv) no appeal to a court, or request for stay
by a court, of such Governmental Authority's action is pending or in effect,
and, if any deadline for filing any such appeal or request is designated by
statute or rule, it has passed.

      1.16  "Governmental Authority" shall mean any federal, state or local
governmental authority or instrumentality, including any court, tribunal or
administrative or regulatory agency, department, bureau, commission or board.

      1.17  "Indentures" shall mean each of (i) the Indenture dated as of
January 19, 2001 between Triton, the Guarantors Party thereto and The Bank of
New York, as Trustee, relating to Triton's 9-3/8% Senior Subordinated Notes due
2011, (ii) the Indenture dated as of November 14, 2001 between Triton, the
Guarantors Party thereto and The Bank of New York, as Trustee, relating to
Triton's 8-3/4% Senior Subordinated Notes due 2011, and (iii) the Indenture
dated as of June 13, 2003 among Triton, the Guarantors party thereto and The
Bank of New York, as Trustee, relating to Triton's 8-1/2% Senior Notes due 2013.

      1.18  "Lafayette" shall mean Lafayette Communications Company L.L.C., a
Delaware limited liability company.

      1.19  "Lafayette License" shall mean the license issued by the FCC and
currently held by Lafayette that is set forth on Schedule C.

      1.20  "Legal Requirement" shall mean applicable common law and any
applicable statute, permit, ordinance, code or other law, rule, regulation or
order enacted, adopted, promulgated or applied by any Governmental Authority,
including any applicable order, decree or judgment handed down, adopted or
imposed by any Governmental Authority, all as in effect from time to time.

      1.21  "Liens" shall mean all claims, liabilities, security interests,
mortgages, liens, pledges, conditions, charges or encumbrances of any nature
whatsoever.

      1.22  "Merger" shall mean the acquisition of AWS by CWC pursuant to the
Agreement and Plan of Merger, dated as of February 17, 2004, by and among AWS,
CWC, Cingular and Links I Corporation and, for certain limited purposes, SBC
Communications, Inc. and BellSouth Corporation, as it may be amended from time
to time (the "Merger Agreement").

      1.23  "Organizational Documents" shall mean, with respect to any Person
(other than an individual), the articles or certificate of incorporation,
bylaws, certificate of limited partnership, partnership agreement, certificate
of formation, limited liability company operating agreement, and all other
organizational documents of such Person.

      1.24  "Person" shall mean any individual, corporation, association,
partnership, joint venture, trust, estate, limited liability company, limited
liability partnership, Governmental Authority, or other entity or organization.

      1.25  "Representatives" shall mean, with respect to any Person, such
Person's employees, officers, directors, financial advisors or legal counsel or
Affiliates or any of such Affiliate's employees, officers, directors, financial
advisors or legal counsel.

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      1.26  "Required Consent" shall mean, with respect to each of Triton,
Triton PCS, AWS, AWS PCS and Cingular, the Consents set forth opposite its name
on Schedule 3.3 and marked with an asterisks.

      1.27  "Triton Licenses" shall mean the licenses issued by the FCC and
currently held by Triton PCS that are set forth on Schedule B.

      1.28  "Rules of Construction. Words used in this Agreement, regardless of
the gender and number specifically used, shall be deemed and construed to
include any other gender and any other number as the context requires. As used
in this Agreement, the word "including" is not limiting, and the word "or" is
not exclusive. Except as specifically otherwise provided in this Agreement in a
particular instance, a reference to a Section is a reference to a Section of
this Agreement, a reference to an Exhibit is a reference to an Exhibit to this
Agreement, and a reference to a Schedule is a reference to a Schedule to this
Agreement. The terms "hereof," "herein" and other like terms refer to this
Agreement as a whole, including the Schedules and Exhibits to this Agreement,
and not solely to any particular part of this Agreement. The descriptive
headings in this Agreement are inserted for convenience of reference only and
are not intended to be part of or to affect the meaning or interpretation of
this Agreement.

                                   ARTICLE 2

                                   AGREEMENTS

      2.1   Exchange of FCC Licenses. Subject to the terms and conditions of
this Agreement, at the Closing, AWS PCS hereby agrees to transfer, convey,
assign and deliver to Triton PCS, and Triton PCS hereby agrees to acquire and
accept from AWS PCS, the AWS Triton Licenses, free and clear of all Liens, and
Triton PCS hereby agrees to transfer, convey, assign and deliver to AWS PCS, and
AWS PCS hereby agrees to acquire and accept from Triton PCS, the Triton Licenses
and the Lafayette License, free and clear of all Liens. In connection with the
transactions contemplated by this Section 2.1, and subject to the terms and
conditions of this Agreement, Cingular shall pay to Triton $4,697,640 in cash,
by wire transfer of immediately available funds, at the Closing (the "Closing
Cash Payment").

                                   ARTICLE 3

                  REPRESENTATIONS AND WARRANTIES OF THE PARTIES

      Each of AWS, AWS PCS, Cingular, Triton and Triton PCS severally represents
with respect to itself only to the other parties to this Agreement as follows:

      3.1   Organization. It has been duly organized and is validly existing and
in good standing under the laws of the jurisdiction of its organization, with
full corporate or limited liability company (as the case may be) power and
authority to enter into this Agreement and the other instruments, agreements,
certificates and documents to be executed and delivered by it in connection with
this Agreement (collectively with this Agreement, the "Transaction Documents"),
and to execute and deliver the Transaction Documents and to perform its
obligations hereunder and thereunder.

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      3.2   Authorization; Enforceability. The execution, delivery and
performance by it of the Transaction Documents are within its corporate or
limited liability company (as the case may be) power and authority and have been
duly authorized and approved by all necessary corporate or limited liability
company (as the case may be) actions. The Transaction Documents have been duly
executed and delivered by it, and the Transaction Documents are or will be, as
the case may be, when executed and delivered by the parties hereto and thereto
other than it, the valid and binding obligations of it, enforceable against it
in accordance with their respective terms, subject to the Enforceability
Exceptions.

      3.3   No Violation or Conflict. The execution, delivery and performance by
it of the Transaction Documents to which it is a party (with or without the
giving of notice, the lapse of time, or both): (a) except as set forth opposite
its name on Schedule 3.3, do not require any Consent, declaration to, or filing
with any Governmental Authority or any other Person that has not been obtained;
(b) will not conflict with any provision of its Organizational Documents as
currently in effect; (c) will not conflict with, result in a breach of, or
constitute a default under any Legal Requirement to which it is bound; and (d)
will not conflict with, constitute grounds for termination of, result in a
breach of, constitute a default under, or accelerate or permit the acceleration
of any performance required by the terms of any agreement or instrument to which
it is a party or bound.

      3.4   Claims and Litigation. As of the date of this Agreement, except as
set forth opposite its name on Schedule 3.4, there is no pending or written
threat of a claim, legal action, arbitration, governmental investigation or
other legal, administrative or tax proceeding, nor any order, decree or judgment
pending, or, to its knowledge, threatened other than in writing, against or
relating to it or its subsidiaries' assets or business that would have an
adverse effect on its ability to perform its obligations under the Transaction
Documents.

      3.5   Certain Fees. No finder, broker, agent, financial advisor or other
intermediary has acted on its behalf in connection with the Transaction
Documents or the transactions contemplated thereby, or is entitled to any
payment in connection herewith or therewith which, in either case, would result
in any obligation or liability to any other party to this Agreement or any
Affiliate of any such other party.

                                   ARTICLE 4

         REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE FCC LICENSES

      4.1   Representations and Warranties With Respect to the AWS Licenses. AWS
and AWS PCS jointly and severally represent and warrant to Triton and Triton PCS
as follows:

            (a)   Title to the AWS Licenses. AWS PCS has good and marketable
title to the AWS Licenses, free and clear of all Liens. Upon delivery to Triton
PCS on the Closing Date, AWS PCS will transfer to Triton PCS good and marketable
title to the AWS Triton Licenses, subject to no indebtedness or Liens.

            (b)   Validity of AWS Licenses. AWS PCS has performed all of its
material obligations required to have been performed under the AWS Licenses, and
no event has occurred

                                      -5-

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or condition or state of facts exists which constitutes or, after notice or
lapse of time or both, would constitute a breach of, or default under, any of
the AWS Licenses or the AWS Triton Licenses or which permits or, after notice or
lapse of time or both, would permit revocation or termination of any of the AWS
Licenses or the AWS Triton Licenses, or which might adversely affect in any
material respect the rights of AWS PCS under any of the AWS Licenses. No notice
of cancellation or default or of any dispute concerning any of the AWS Licenses,
or of any event, condition or state of facts described in the preceding clause,
has been received by, or is known to, AWS or AWS PCS, and the AWS Licenses are
valid, existing and in full force and effect. Neither AWS nor AWS PCS has any
reason to believe that the AWS Licenses or the AWS Triton Licenses are not
likely to be renewed in the ordinary course. Subject to the FCC Consent, the AWS
Triton Licenses may be assigned and transferred to Triton PCS in accordance with
this Agreement and will continue in full force and effect thereafter without the
consent, approval, or act of or making of any filing with any Governmental
Authority. The AWS Licenses (i) were granted on the grant dates specified on
Schedule A and (ii) expire on the expiration dates specified on Schedule A. The
file number and grant date for each applicable construction benchmark
notification are also specified on Schedule A. AWS PCS has submitted to the FCC,
on Form 601, a timely notification of its satisfaction of the five-year
construction benchmark applicable to each of the AWS Licenses held by it as
mandated by 47 C.F.R. Section 24.203. The factual assertions of AWS PCS in each
Form 601 were, when filed, true and correct in all material respects.

            (c)   No Violation, Litigation or Regulatory Action.

                  (i)   AWS PCS has complied in all material respects with all
Legal Requirements which are applicable to the AWS Licenses or to AWS PCS's
ownership, operation and holding thereof, including, without limitation, Section
310(b) of the Communications Act, and all rules, regulations or policies of the
FCC promulgated thereunder with respect to alien ownership, and with all FCC
rules concerning A Block eligibility. AWS PCS is qualified under the FCC's rules
and the Communications Act to hold and convey the AWS Licenses and AWS Triton
Licenses. There are no facts or circumstances relating to the FCC qualifications
of AWS PCS or any of their Affiliates that would prevent or materially delay the
FCC's grant of any FCC Form 603 (or other appropriate form) application under
FCC rules and the Communications Act.

                  (ii)  Other than regulatory proceedings of general
applicability, there is no investigation, claim, action, suit or other
proceeding pending or threatened against AWS, AWS PCS or relating to AWS, AWS
PCS or their respective assets, including any of the AWS Licenses, which,
individually or collectively, either would reasonably be expected to result in
the revocation, cancellation, suspension or material adverse modification of any
of the AWS Licenses or AWS Triton Licenses, would reasonably be expected to
result in fines or forfeitures for noncompliance with FCC rules and regulations
(such as environmental or tower marking and lighting rules) or would reasonably
be expected to have a material adverse effect on (i) any of the AWS Licenses,
(ii) the AWS Triton Licenses, (iii) the ability of AWS or AWS PCS to perform
their obligations hereunder, (iv) the FCC Consent or (v) the financial
condition, assets, liabilities, business, or results of operations of AWS or AWS
PCS with respect to the AWS Licenses, nor is AWS or AWS PCS aware of any
reasonable basis for any such investigation, claim, action, suit or proceeding.

                                      -6-

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            (d)   Orders; Contracts; Agreements. The execution, delivery and
performance by AWS and AWS PCS of the Transaction Documents to which they are
parties (with or without the giving of notice, the lapse of time, or both) will
not result in the creation or imposition of any Lien upon any of the AWS
Licenses or the AWS Triton Licenses. The AWS Licenses are not subject to, and
the AWS Triton Licenses will not be subject to, (a) any note, indenture,
instrument, agreement, contract, mortgage, lease, license, franchise, permit or
other authorization, rights, restriction or obligation to which AWS or AWS PCS
is a party or by which AWS or AWS PCS or any of AWS's or AWS PCS's assets are
bound, or (b) any judgment, order, award or decree of any foreign, federal,
state, local or other court or tribunal or any award in any arbitration
proceeding (collectively, a "Court Order") to which AWS or AWS PCS is a party or
with respect to which any of AWS's or AWS PCS's assets are bound. AWS and AWS
PCS are not subject to, or in default under, any outstanding Court Order, and
there are no contracts or agreements to which AWS or AWS PCS or any of their
controlled Affiliates is a party, which, (in the case of each of the foregoing
clauses) individually or collectively, either would reasonably be expected to
result in the revocation, cancellation, suspension or material adverse
modification of any of the AWS Licenses or would reasonably be expected to have
an adverse effect on (i) any of the AWS Licenses, (ii) any of the AWS Triton
Licenses, (iii) the ability of AWS or AWS PCS to perform their obligations
hereunder, or (iv) obtaining the FCC Consent.

            (e)   FCC Matters. The AWS Licenses are validly held in AWS PCS's
name. AWS PCS is the exclusive authorized, legal holder of the AWS Licenses. The
AWS Licenses have been granted by Final Order and authorize, without further
consent or authorization from the FCC, the construction and operation of a PCS
system in the license areas indicated on Schedule A. The AWS Licenses are valid
and in full force and effect without condition, except those conditions stated
on the AWS Licenses and except conditions applicable to holders of A Block
broadband personal communications licenses generally and are unimpaired by any
acts or omissions of AWS or AWS PCS or their controlled Affiliates. All material
reports and other documents required to be filed by AWS PCS and its controlled
Affiliates with the FCC and with state regulatory authorities have been filed.
All such reports and documents are correct in all material respects. Subject to
obtaining the FCC Consent and the Consents set forth opposite AWS's, AWS PCS's
and Cingular's names on Schedule 3.3, AWS PCS has the absolute and unrestricted
right, power and authority under applicable Legal Requirements to assign the AWS
Triton Licenses to Triton PCS.

            (f)   Microwave Relocation Matters.

                  (i)   AWS PCS is not a party to any contract, agreement or
understanding, oral or written, providing for the relocation of microwave
service providers or the sharing of any costs associated with any such
relocation with respect to any of the AWS Triton Licenses.

                  (ii)  To the knowledge of AWS PCS, no microwave relocation
activities, actions or efforts are planned or in progress with respect to any of
the AWS Triton Licenses.

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      4.2   Representations and Warranties with respect to the Triton Licenses
and the Lafayette License. Triton and Triton PCS jointly and severally represent
and warrant to Cingular as follows:

            (a)   Title to the Triton Licenses and the Lafayette License. Triton
PCS has good and marketable title to the Triton Licenses, free and clear of all
Liens. Lafayette has, and Triton will have on the Closing Date, good and
marketable title to the Lafayette License, free and clear of all Liens. Upon
delivery to AWS PCS on the Closing Date Triton PCS will transfer to AWS PCS good
and marketable title to the Triton Licenses and Lafayette License, subject to no
indebtedness or Liens.

            (b)   Validity of Triton Licenses and Lafayette License.

                  (i)   Triton PCS has performed all of its material obligations
required to have been performed under the Triton Licenses, and 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 of, or default under,
any of the Triton Licenses which permits or, after notice or lapse of time or
both, would permit revocation or termination of any of the Triton Licenses or
which might adversely affect in any material respect the rights of Triton under
any of the Triton Licenses. No notice of cancellation, of default or of any
dispute concerning any of the Triton Licenses, or of any event, condition or
state of facts described in the preceding clause, has been received by, or is
known to, Triton or Triton PCS, and the Triton Licenses are valid, existing and
in full force and effect. Neither Triton nor Triton PCS has any reason to
believe that the Triton Licenses are not likely to be renewed in the ordinary
course. Subject to the FCC Consent, the Triton Licenses may be assigned and
transferred to AWS PCS in accordance with this Agreement and will continue in
full force and effect thereafter without the consent, approval, or act of or
making of any filing with any Governmental Authority. The Triton Licenses (A)
were granted on the grant dates specified on Schedule B and (B) expire on the
expiration dates specified on Schedule B. The file number and grant date for
each applicable construction benchmark notification are also specified on
Schedule B. Triton PCS has submitted to the FCC, on Form 601, a timely
notification of its satisfaction of the five-year construction benchmark
applicable to each of the Triton Licenses held by it as mandated by 47 C.F.R.
Section 24.203. The factual assertions of Triton PCS in each Form 601 were, when
filed, true and correct in all material respects.

                  (ii)  Lafayette has performed all of its material obligations
required to have been performed under the Lafayette License, and 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 of, or default under,
the Lafayette License which permits or, after notice or lapse of time or both,
would permit revocation or termination of the Lafayette License, or which might
adversely affect in any material respect the rights of Lafayette under the
Lafayette License. No notice of cancellation, of default or of any dispute
concerning the Lafayette License, or of any event, condition or state of facts
described in the preceding clause, has been received by or is known to, Triton
or Triton PCS, and the Lafayette License is valid, existing and in full force
and effect. Neither Triton nor Triton PCS has any reason to believe that the
Lafayette License is not likely to be renewed in the ordinary course. Subject to
the FCC Consent, the Lafayette License may be assigned and transferred to AWS
PCS in accordance with this Agreement and will

                                      -8-

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continue in full force and effect thereafter without the consent, approval, or
act of or making of any filing with Governmental Authority. The Lafayette
License (A) was granted on the grant date specified on Schedule C and (B)
expires on the expiration date specified on Schedule C. The file number and
grant date for each applicable construction benchmark notification are also
specified on Schedule C. Lafayette has submitted to the FCC, on Form 601, a
timely notification of its satisfaction of the five-year construction benchmark
applicable to the Lafayette License held by it as mandated by 47 C.F.R. Section
24.203. The factual assertions of Lafayette in each Form 601 were, when filed,
true and correct in all material respects.

            (c)   No Violation, Litigation or Regulatory Action.

                  (i)   (A) Triton PCS has complied in all material respects
with all Legal Requirements which are applicable to the Triton Licenses or to
Triton PCS's ownership, operation and holding thereof, including, without
limitation, Section 310(b) of the Communications Act, and all rules, regulations
or policies of the FCC promulgated thereunder with respect to alien ownership,
and with all FCC rules concerning C Block eligibility. Triton PCS is qualified
under the FCC's rules and the Communications Act to hold and convey the Triton
Licenses. There are no facts or circumstances relating to the FCC qualifications
of Triton PCS or any of its Affiliates that would prevent or materially delay
the FCC's grant of any FCC Form 603 (or other appropriate form) application
under FCC rules and the Communications Act.

                        (B) Lafayette has complied in all material respects
with all Legal Requirements which are applicable to the Lafayette License or to
Lafayette's ownership, operation and holding thereof, including, without
limitation, Section 310(b) of the Communications Act, and all rules, regulations
or policies of the FCC promulgated thereunder with respect to alien ownership,
and with all FCC rules concerning C Block eligibility. Lafayette is qualified
under the FCC's rules and the Communications Act to hold and convey the
Lafayette License. There are no facts or circumstances relating to the FCC
qualifications of Lafayette or any of its Affiliates that would prevent or
materially delay the FCC's grant of any FCC Form 603 (or other appropriate form)
application under FCC rules and the Communications Act.

                  (ii)  (A) Other than regulatory proceedings of general
applicability, there is no investigation, claim, action, suit or other
proceeding pending or threatened against Triton or Triton PCS or relating to
Triton or Triton PCS or their respective assets, including any of the Triton
Licenses, which, individually or collectively, either would reasonably be
expected to result in the revocation, cancellation, suspension or material
adverse modification of any of the Triton Licenses, would reasonably be expected
to result in fines or forfeitures for noncompliance with FCC rules and
regulations (such as environmental or tower marking and lighting rules) or would
reasonably be expected to have a material adverse effect on (i) any of the
Triton Licenses, (ii) the ability of Triton or Triton PCS to perform their
obligations hereunder, (iii) the FCC Consent or (iv) the financial condition,
assets, liabilities, business, or results of operations of Triton or Triton PCS
with respect to the Triton Licenses, nor is Triton or Triton PCS aware of any
reasonable basis for any such investigation, claim, action, suit or proceeding.

                        (B) Other than regulatory proceedings of general
applicability, there is no investigation, claim, action, suit or other
proceeding pending or threatened against Lafayette relating to Lafayette or its
assets, including the Lafayette License, which, individually

                                      -9-

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or collectively, either would reasonably be expected to result in the
revocation, cancellation, suspension or material adverse modification of the
Lafayette License, would reasonably be expected to result in fines or
forfeitures for noncompliance with FCC rules and regulations (such as
environmental or tower marking and lighting rules) or would reasonably be
expected to have a material adverse effect on (i) the Lafayette License, (ii)
the FCC Consent or (iii) the financial condition, assets, liabilities, business,
or results of operations of Lafayette with respect to the Lafayette License, nor
is Triton or Triton PCS aware of any reasonable basis for any such
investigation, claim, action, suit or proceeding.

            (d)   Orders; Contracts; Agreements.

                  (i)   The execution, delivery and performance by Triton and
Triton PCS of the Transaction Documents to which they are parties (with or
without the giving of notice, the lapse of time, or both) will not result in the
creation or imposition of any Lien upon any of the Triton Licenses. The Triton
Licenses are not subject to, and will not be subject to, (A) any note,
indenture, instrument, agreement, contract, mortgage, lease, license, franchise,
permit or other authorization, rights, restriction or obligation to which Triton
or Triton PCS is a party or by which Triton or Triton PCS or any of Triton's or
Triton PCS's assets are bound, or (B) any Court Order to which Triton or Triton
PCS is a party or with respect to which any of Triton or Triton PCS's assets are
bound. Triton and Triton PCS are not subject to, or in default under, any
outstanding Court Order, and there are no contracts or agreements to which
Triton or Triton PCS or any of their controlled Affiliates is a party, which,
(in the case of each of the foregoing clauses) individually or collectively,
either would reasonably be expected to result in the revocation, cancellation,
suspension or adverse modification of any of the Triton Licenses or would
reasonably be expected to have an adverse effect on (i) any of the Triton
Licenses, (ii) the ability of Triton or Triton PCS to perform their obligations
hereunder, or (iii) obtaining the FCC Consent.

                  (ii)   The Lafayette License is not subject to, (a) any note,
indenture, instrument, agreement, contract, mortgage, lease, license, franchise,
permit or other authorization, rights restriction or obligation to which
Lafayette is a party or by which Lafayette or any of Lafayette's assets are
bound, or (b) any Court Order to which Lafayette is a party or with respect to
which any of Lafayette's assets are bound. Lafayette is not subject to, or in
default under, any outstanding Court Order, and there are no contracts or
agreements to which Lafayette or any of its controlled Affiliates is a party,
which, (in the case of each of the foregoing clauses) individually or
collectively, either would reasonably be expected to result in the revocation,
cancellation, suspension or adverse modification of the Lafayette License or
would reasonably be expected to have an adverse effect on (i) the Lafayette
License, or (ii) obtaining the FCC Consent.

            (e)   FCC Matters.

                  (i)   The Triton Licenses are validly held in Triton PCS's
name. Triton PCS is the exclusive authorized, legal holder of the Triton
Licenses. The Triton Licenses have been granted by Final Order and authorize,
without further consent or authorization from the FCC, the construction and
operation of a PCS system in the license areas indicated on Schedule B. The
Triton Licenses are valid and in full force and effect without condition, except
those

                                      -10-

<PAGE>

conditions stated on the Triton Licenses and except conditions applicable to
holders of C Block, or partitioned, disaggregated or partitioned and
disaggregated C Block broadband personal communications licenses generally and
are unimpaired by any acts or omissions of Triton, Triton PCS or their
controlled Affiliates. All material reports and other documents required to be
filed by Triton PCS and its controlled Affiliates with the FCC and with state
regulatory authorities have been filed. All such reports and documents are
correct in all material respects. Subject to obtaining the FCC Consent and the
Consents set forth opposite Triton's and Triton PCS's name on Schedule 3.3,
Triton PCS has the absolute and unrestricted right, power and authority under
applicable Legal Requirements to assign the Triton Licenses to AWS PCS.

                  (ii)  The Lafayette License is validly held in Lafayette's
name. Lafayette is the exclusive authorized, legal holder of the Lafayette
License. The Lafayette License has been granted by Final Order and authorize,
without further consent or authorization from the FCC, the construction and
operation of a PCS system in the license areas indicated on Schedule C. The
Lafayette License is valid and in full force and effect without condition,
except those conditions stated on the Lafayette License and except conditions
applicable to holders of C Block, or partitioned, disaggregated or partitioned
and disaggregated C Block broadband personal communications licenses generally
and is unimpaired by any acts or omissions of Lafayette or its controlled
Affiliates. All material reports and other documents required to be filed by
Lafayette and its controlled Affiliates with the FCC and with state regulatory
authorities have been filed. All such reports and documents are correct in all
material respects.

            (f)   Microwave Relocation Matters.

                  (i)   (A) Triton PCS is not a party to any contract, agreement
or understanding, oral or written, providing for the relocation of microwave
service providers or the sharing of any costs associated with any such
relocation with respect to any of the Triton Licenses.

                        (B)   Lafayette is not a party to any contract,
agreement or understanding, oral or written, providing for the relocation of
microwave service providers or the sharing of any costs associated with any such
relocation with respect to the Lafayette License.

                  (ii)  (A) To the knowledge of Triton PCS, no microwave
relocation activities, actions or efforts are planned or in progress with
respect to any of the Triton Licenses.

                        (B)   To the knowledge of each of Triton PCS and
Lafayette, no microwave relocation activities, actions or efforts are planned or
in progress with respect to the Lafayette License.

            (g)   Unjust Enrichment Provisions. The Triton Licenses and the
Lafayette License are freely transferable to AWS PCS under the FCC's rules and
are not subject to any installment payment obligations to the U.S. Government or
to any of the unjust enrichment provisions applicable to PCS licenses, other
than the unjust enrichment provisions of 47 C.F.R. Sections 1.2111(b) and (d)(2)
as they may be applicable to the Lafayette License on the Closing Date.

                                      -11-

<PAGE>

                                    ARTICLE 5

                                    COVENANTS

      5.1   Access to Information. Between the date of this Agreement and the
Closing, each party to this Agreement shall give each other party to this
Agreement and such other party's officers, employees, agents, counsel,
accountants and other representatives, commercially reasonable access during
normal business hours upon reasonable prior notice and approval, which shall not
be unreasonably withheld, to all of such party's records, information and
knowledgeable personnel that such other party reasonably requests as may be
reasonably necessary to confirm such party's representations and warranties and
compliance with such party's covenants and agreements contained in the
Transaction Documents; provided, that any inspection of another party's
properties or discussion with another party's personnel shall occur only if a
representative designated by such party is present. All such information
provided pursuant to this Section 5.1 shall be subject to the Confidentiality
Agreement. The rights of the parties under this Section 5.1 shall not be
exercised in such a manner as to interfere unreasonably with the business or
operations of any party or for any purpose other than in connection with the
consummation of the transactions contemplated by this Agreement.

      5.2   FCC Consent

            (a)   Each of AWS, AWS PCS, Cingular, Triton and Triton PCS
covenants and agrees to act diligently and use commercially reasonable efforts
to obtain, as promptly as possible, the FCC Consent as provided herein for the
partition (as applicable), disaggregation (as applicable), transfer and
assignment of the AWS Triton Licenses to Triton PCS, the Triton Licenses to AWS
PCS, the Lafayette License to Triton PCS, and the Lafayette License to AWS PCS,
and each of AWS, AWS PCS, Cingular, Triton and Triton PCS shall, in any event,
no later than ten (10) Business Days after the date hereof, file appropriate
applications with the FCC for the partition and disaggregation (as applicable),
transfer and assignment of the AWS Triton Licenses to Triton PCS, the Triton
Licenses to AWS PCS, the Lafayette License to Triton PCS, and the Lafayette
License to AWS PCS, as applicable. Such FCC applications shall indicate, where
applicable, that the partitionee or disaggregatee agrees to satisfy future
build-out obligations with respect to any partitioned or disaggregated spectrum.
Notwithstanding anything to the contrary herein, none of AWS, AWS PCS, Cingular
or any of their respective controlled Affiliates shall make any filing with the
FCC that could adversely affect any of the AWS Licenses, the AWS Triton
Licenses, the Triton Licenses, the Lafayette License, the transactions
contemplated hereby or obtaining the FCC Consent, and none of Triton, Triton PCS
or any of their respective controlled Affiliates shall make any filing with the
FCC that could adversely affect any of the AWS Licenses, the AWS Triton
Licenses, the Triton Licenses, the Lafayette License, the transactions
contemplated hereby or obtaining the FCC Consent.

            (b)   Each of AWS, AWS PCS, Cingular, Triton and Triton PCS shall
(A) promptly deliver to the other parties hereto any notice or inquiry received
by it from the FCC with respect to any of the filings made pursuant to Section
5.2(a), or the AWS Licenses, the AWS Triton Licenses, the Triton Licenses, or
the Lafayette License, (B) promptly deliver to the other parties hereto any
notice or inquiry received by it from the FCC with respect to any of the AWS
Licenses, the AWS Triton Licenses, the Triton Licenses, the Lafayette License or
any

                                      -12-

<PAGE>

other aspect of the transactions contemplated by this Agreement or any other
Transaction Document or to cause any breach of any representation or warranty or
non-fulfillment of any covenant hereunder or thereunder, (C) cooperate with each
other party hereto in formulating a response to any such notice or inquiry
indicated in clause (A) or (B) of this Section 5.2(b), and (D) promptly file
with the FCC a response to any such notice or inquiry indicated in clause (A) or
(B) of this Section 5.2(b), which response shall be reasonably acceptable to
each other party to this Agreement.

            (c)   Each of AWS, AWS PCS, Cingular, Triton and Triton PCS shall
furnish to the other parties all information concerning such party and its
Affiliates reasonably required for inclusion in any application or filing to be
made by it or any other party in connection with the transactions contemplated
by this Agreement or otherwise to determine compliance with applicable Legal
Requirements.

            (d)   Triton and Triton PCS covenants and agrees to, and Triton
covenants and agrees to cause Lafayette to, act diligently and use commercially
reasonable efforts to cause the Lafayette License to be assigned and transferred
to Triton PCS prior to the Closing Date.

            (e)   In the event the FCC or Department of Treasury assesses or
otherwise requires payment of unjust enrichment or similar penalties as a
condition to its consent of the assignment and transfer of the Lafayette License
from Lafayette to Triton PCS or from Triton PCS to AWS PCS, Triton and Triton
PCS covenant and agree that all such obligations will be satisfied by either
Triton, Triton PCS or Lafayette on or prior to the Closing Date.

      5.3   Operations Prior to the Closing.

            (a)   At all times prior to the Closing, AWS PCS shall keep and
maintain the AWS Licenses current and in good standing. AWS PCS shall comply in
all material respects with all applicable Legal Requirements, including all
Legal Requirements relating to the AWS Licenses or their use. AWS PCS shall
retain control of the AWS Licenses at all times prior to the Closing, provided
that ultimate control of the AWS Licenses will be transferred to Cingular upon
the consummation of the Merger. AWS PCS shall not: (i) directly or indirectly
sell, lease, transfer or otherwise dispose of, or mortgage or pledge, or impose
or suffer to be imposed any Lien on, any of the AWS Licenses or any interest
therein or negotiate therefor; (ii) take or permit to be taken any action to
adversely affect, impair or subject to forfeiture or cancellation any of the AWS
Licenses; or (iii) take or agree to take any other action inconsistent with the
consummation of the transactions contemplated by this Agreement. AWS PCS shall
not incur any material obligation or liability, absolute or contingent, relating
to or affecting any of the AWS Licenses or their use. No later than five (5)
Business Days prior to the Closing Date, AWS PCS shall (a) remove all Liens on
the AWS Triton Licenses and (b) clear all of its operations from the spectrum
associated with the AWS Triton Licenses. AWS PCS shall perform all of its
material obligations required to be performed under all of the AWS Licenses. On
the Closing Date, AWS PCS shall be the exclusive, authorized, legal holder of
the AWS Licenses.

            (b)   (i) At all times prior to the Closing, Triton PCS shall keep
and maintain the Triton Licenses current and in good standing. Triton PCS shall
comply in all material respects with all applicable Legal Requirements,
including all Legal Requirements

                                      -13-

<PAGE>

relating to the Triton Licenses or their use. Triton PCS shall retain control of
the Triton Licenses at all times prior to the Closing. Triton PCS shall not: (i)
directly or indirectly sell, lease, transfer or otherwise dispose of, or
mortgage or pledge, or impose or suffer to be imposed any Lien on, any of the
Triton Licenses or any interest therein or negotiate therefor; (ii) take or
permit to be taken any action to adversely affect, impair or subject to
forfeiture or cancellation any of the Triton Licenses; or (iii) take or agree to
take any other action inconsistent with the consummation of the transactions
contemplated by this Agreement. Triton PCS shall not incur any material
obligation or liability, absolute or contingent, relating to or affecting any of
the Triton Licenses or their use. No later than five (5) Business Days prior to
the Closing Date, Triton PCS shall (a) remove all Liens on the Triton Licenses
and (b) clear all of its operations from the spectrum associated with the Triton
Licenses. Triton PCS shall perform all of its material obligations required to
be performed under all of the Triton Licenses. On the Closing Date, Triton PCS
shall be the exclusive, authorized, legal holder of the Triton Licenses.

                  (i)   At all times prior to the Closing, Triton PCS shall and
shall cause Lafayette to keep and maintain the Lafayette License current and in
good standing. Triton PCS shall and shall cause Lafayette to comply in all
material respects with all applicable Legal Requirements, including all Legal
Requirements relating to the Lafayette License or its use. Except as set forth
herein, Triton PCS shall cause Lafayette to retain control of the Lafayette
License at all times prior to the Closing. Triton PCS shall not and shall cause
Lafayette not to: (i) directly or indirectly sell, lease, transfer or otherwise
dispose of, or mortgage or pledge, or impose or suffer to be imposed any Lien
on, the Lafayette License or any interest therein or negotiate therefor; (ii)
take or permit to be taken any action to adversely affect, impair or subject to
forfeiture or cancellation the Lafayette License; or (iii) take or agree to take
any other action inconsistent with the consummation of the transactions
contemplated by this Agreement. Triton PCS shall not and shall cause Lafayette
not to incur any material obligation or liability, absolute or contingent,
relating to or affecting the Lafayette License or its use. Triton PCS shall, no
later than five (5) Business Days prior to the Closing Date, (a) remove all
Liens on the Lafayette License and (b) clear all of its operations from the
spectrum associated with the Lafayette License. Triton PCS shall and shall cause
Lafayette to perform all of its material obligations required to be performed
under the Lafayette License. On the Closing Date, Triton PCS shall be the
exclusive, authorized, legal holder of the Lafayette License.

      5.4   Build-Out Obligations.

            (a)   From and after the Closing, AWS PCS shall bear full
responsibility for, and exercise full authority and control over, satisfaction
and compliance in all material respects with all construction milestones and
build-out obligations imposed by the FCC with respect to the Triton Licenses and
the Lafayette License.

            (b)   From and after the Closing, Triton shall bear full
responsibility for, and exercise full authority and control over, satisfaction
and compliance in all material respects with all construction milestones and
build-out obligations imposed by the FCC with respect to the AWS Triton
Licenses.

                                      -14-

<PAGE>

      5.5   Microwave Relocation Costs,

            (a)   AWS PCS shall be responsible for, and pay, all costs,
expenses, liabilities and obligations for microwave relocation related to the
AWS Triton Licenses and (i) undertaken by AWS, AWS PCS or their controlled
Affiliates prior to Closing or (ii) undertaken by any Person (other than AWS,
AWS PCS and their controlled Affiliates) for which an invoice for payment is
received prior to the Closing. After the Closing, except as set forth in the
preceding sentence, each of Triton, Triton PCS, AWS, AWS PCS and Cingular shall
be responsible for, and pay, all costs, expenses, liabilities and obligations
for microwave relocation related to their respective portions of the AWS
Licenses in accordance with the rules and regulations of the FCC.

            (b)   (i) Triton shall be responsible for, and pay, all costs,
expenses, liabilities and obligations for microwave relocation related to the
Triton Licenses and (i) undertaken by Triton, Triton PCS or their controlled
Affiliates prior to Closing or (ii) undertaken by any Person (other than Triton,
Triton PCS and their controlled Affiliates) for which an invoice for payment is
received prior to the Closing. After the Closing, except as set forth in the
preceding sentence, each of Triton, Triton PCS, AWS, AWS PCS and Cingular shall
be responsible for, and pay, all costs, expenses, liabilities and obligations
for microwave relocation related to their respective portions of the Triton
Licenses in accordance with the rules and regulations of the FCC.

                  (ii)  Triton PCS and Triton shall cause Lafayette to be
responsible for, and pay, all costs, expenses, liabilities and obligations for
microwave relocation related to the Lafayette License and (i) undertaken by
Lafayette and its controlled Affiliates prior to Closing or (ii) undertaken by
any Person (other than Lafayette and its controlled Affiliates) for which an
invoice for payment is received prior to the Closing. After the Closing, except
as set forth in the preceding sentence, each of Lafayette and Cingular shall be
responsible for, and pay, all costs, expenses, liabilities and obligations for
microwave relocation related to the Lafayette License in accordance with the
rules and regulations of the FCC.

                                   ARTICLE 6

                                 CONFIDENTIALITY

      6.1   Confidentiality. AWS, Cingular and Triton PCS Holdings, Inc. are
parties to the Confidentiality Agreement, and the disclosure of this Agreement,
or the terms hereof or the existence of the transactions contemplated hereby,
shall be governed by the terms of the Confidentiality Agreement. Notwithstanding
the execution, delivery and performance of this Agreement or the termination of
this Agreement prior to Closing in accordance with Article 11, the
Confidentiality Agreement shall remain in full force and effect in accordance
with its terms, but shall expire concurrently with the Closing hereunder.

                                      -15-

<PAGE>

                                   ARTICLE 7

                                 JOINT COVENANTS

      Each of the parties to this Agreement covenant and agree as follows:

      7.1   Cooperation. Without limiting any of the obligations of the parties
hereunder, each of the parties to this Agreement shall cooperate with each other
and their respective counsel, accountants, agents and other representatives in
all commercially reasonable respects in connection with any actions required to
be taken as part of their respective obligations under the Transaction
Documents, and the parties hereto shall use their commercially reasonable
efforts to consummate the transactions contemplated hereby and to fulfill their
respective obligations under the Transaction Documents as expeditiously as
practicable, provided, however, neither Cingular, AWS nor AWS PCS shall have any
obligation to Triton or its Affiliates to cause the closing of the Merger.
Subject to the terms and conditions of this Agreement, from time to time prior
to, at and after the Closing, each party hereto will use commercially reasonable
efforts to take, or cause to be taken, all such actions and to do or cause to be
done, all things, necessary, proper or advisable under applicable Legal
Requirements and regulations to consummate and make effective the transactions
contemplated by the Transaction Documents and the consummation of the other
transactions contemplated by the Transaction Documents, including, without
limitation, executing and delivering such documents as any of the other parties
shall reasonably request in connection with the consummation of this Agreement
and the other Transaction Documents and the consummation of the other
transactions contemplated hereby. After the Closing, each of the parties to this
Agreement will execute any further documents consistent with the Transaction
Documents, provide any further reasonably available information, and take any
other actions not imposing significant financial or operational obligations in
excess of the other obligations imposed by the Transaction Documents, upon the
request of any other party to this Agreement based upon any such other party's
reasonable determination that those actions are required to enable such other
party to effectuate the Transaction Documents. No party to this Agreement shall
take any action which is materially inconsistent with its obligations under the
Transaction Documents, or which would hinder or delay the consummation of the
transactions contemplated by the Transaction Documents. Each party to this
Agreement shall notify each other party to this Agreement of any litigation,
arbitration or administrative proceeding pending or, to its knowledge,
threatened, which challenges any of the transactions contemplated by the
Transaction Documents or which threatens to delay them, and shall use
commercially reasonable efforts to take such steps as may be necessary to remove
any such impediment to the consummation of the transactions contemplated by the
Transaction Documents. Triton PCS shall cause Lafayette to comply with this
Section 7.1 to the same extent that each of the parties to this Agreement is
required to comply with this Section 7.1.

      7.2   Consents. Each party to this Agreement shall diligently make and
cooperate with the other parties to this Agreement in using all commercially
reasonable efforts to obtain or cause to be obtained prior to the Closing all
Consents.

      7.3   Public Announcements. No party to this Agreement will issue any
press release or make any other public announcements concerning this Agreement
or any of the other

                                      -16-

<PAGE>

Transaction Documents or the transactions contemplated hereby or thereby except
with the prior approval (not to be unreasonably withheld or delayed) of the
other parties; provided, however, that if any such disclosure is required by any
applicable Legal Requirements or the rules or regulations of any securities
exchange, such consent shall not be required, but, in such circumstances no
party hereto will make such disclosure without first providing to the other
parties an advance copy of any such disclosure and a reasonable opportunity to
review and comment, to the extent practicable.

      7.4   Tax Matters. Triton, Triton PCS, AWS, AWS PCS and Cingular agree to
cooperate fully with each other in effecting the transfers of the AWS Triton
Licenses, Triton Licenses and Lafayette License as an exchange pursuant to
Section 1031 of the Internal Revenue Code, provided that such cooperation is
without additional cost or obligation on the part of Triton, Triton PCS, AWS,
AWS PCS or Cingular. Triton PCS shall cause Lafayette to comply with this
Section 7.4 to the same extent that each of the parties to this Agreement is
required to comply with this Section 7.4.

                                   ARTICLE 8

                   CONDITIONS PRECEDENT TO OBLIGATION TO CLOSE

      8.1   Conditions Applicable to all of the Parties. The obligations of each
of the parties to this Agreement to consummate the transactions contemplated by
this Agreement are subject to satisfaction, at or prior to the Closing, of each
of the following conditions:

            (a)   Representations, Warranties and Covenants.

                  (i)   Subject to the last sentence of Section 8.4, all
representations and warranties of the other parties to this Agreement made in
this Agreement shall be true and correct in all material respects at and as of
the time of the Closing as though made at and as of that time, except to the
extent such representations and warranties expressly relate to an earlier date
in which case such representations and warranties shall be true and correct in
all material respects on and as of such earlier date and except in each case for
changes contemplated by this Agreement.

                  (ii)  Subject to the last sentence of Section 8.4, all of the
covenants and agreements of the other parties to this Agreement contained in
this Agreement to be complied with and performed by such parties on or prior to
Closing shall have been complied with or performed in all material respects.

            (b)   Adverse Proceedings. No judgment, injunction, restraining
order or decree of any nature of any court of competent jurisdiction shall be in
effect that restrains or prohibits any party to this Agreement from consummating
any transaction contemplated by the Transaction Documents.

            (c)   Merger Closing. The Merger shall have been consummated.

                                      -17-

<PAGE>

            (d)   Commercial Agreement. The Closing (as defined in the
Commercial Agreement) shall have occurred simultaneously with, or before, the
Closing under this Agreement.

      8.2   Further Conditions Applicable to Triton and Triton PCS. The
obligation of Triton and Triton PCS to consummate the transactions contemplated
by this Agreement is subject to satisfaction, at or prior to the Closing, of
each of the following conditions, in addition to each of the conditions set
forth in Section 8.1:

            (a)   FCC Consent. The FCC Consent shall have been obtained and
become a Final Order, without the imposition of any terms, conditions or
provisions outside the ordinary course.

            (b)   Required Consents. All Required Consents shall have been
obtained

            (c)   Deliveries. AWS, AWS PCS and Cingular shall have delivered to
Triton each of the deliveries set forth in Section 9.2(a) hereof.

      8.3   Further Conditions Applicable to AWS, AWS PCS and Cingular. The
obligation of AWS, AWS PCS and Cingular to consummate the transactions
contemplated by this Agreement is subject to satisfaction, at or prior to the
Closing, of each of the following conditions:

            (a)   FCC Consent. The FCC Consent shall have been obtained and
become a Final Order, without the imposition of any terms, conditions or
provisions outside the ordinary course.

            (b)   Required Consents. All Required Consents shall have been
obtained.

            (c)   Deliveries. Triton and Triton PCS shall have delivered to AWS
PCS and Cingular each of the deliveries set forth in Section 9.2(b) hereof.

      8.4   Waiver of Conditions, Etc. Notwithstanding anything to the contrary
contained in this Article 8, any party to this Agreement may, in its sole
discretion, waive any condition to its obligation to consummate the transactions
contemplated by this Agreement. No party to this Agreement may rely on the
failure of any condition set forth in this Article 8 to be satisfied if the
failure of such condition to be satisfied is the result of the breach of this
Agreement by such party or, in the case of a breach of the condition set forth
in Section 8.1(b), if such party shall not have used commercially reasonable
efforts to prevent the entry of such judgment, injunction, restraining order or
decree and to appeal as expeditiously as possible any such judgment, injunction,
restraining order or decree that may be entered. For purposes of Section 8.1(a),
AWS, AWS PCS and Cingular, on the one hand, and Triton and Triton PCS, on the
other hand, shall each be deemed a single party to this Agreement.

                                      -18-

<PAGE>

                                   ARTICLE 9

                         CLOSING AND CLOSING DELIVERIES

      9.1   Closing.

            (a)   Closing Date. Subject to (i) the satisfaction or, to the
extent permissible by law, waiver (by the party for whose benefit the closing
condition is imposed) on the date scheduled for Closing of the closing
conditions described in Article 8 hereof and (ii) the provisions of Article 10
hereof, the parties hereto shall be obligated to consummate the transactions
contemplated by this Agreement (the "Closing") on the date notified by Triton to
Cingular and AWS PCS, which date shall be no more than ten (10) Business Days,
and no less than five (5) Business Days, after the date on which the latest of
the following conditions is satisfied: Sections 8.1(c), 8.1(d), 8.2(a), 8.2(b),
8.3(a) and 8.3(b). AWS PCS and Cingular shall notify Triton of the satisfaction
of the following conditions: Sections 8.1(c) and 8.3(b);and Triton shall notify
AWS PCS and Cingular of the satisfaction of the condition set forth in Section
8.2(b).

            (b)   Closing Place. The Closing shall be held at the offices of
Alston & Bird LLP, 90 Park Avenue, New York, New York 10016 or at other location
as agreed upon by the parties.

      9.2   Deliveries at the Closing

            (a)   At the Closing, AWS, AWS PCS and Cingular, respectively, shall
deliver or cause to be delivered to Triton the following:

                  (i)   A certificate of AWS, AWS PCS and Cingular, dated the
date of the Closing, certifying to the fulfillment of the conditions set forth
in Section 8.1(a)(i) and Section 8.1(a)(ii) by AWS, AWS PCS and Cingular,
respectively;

                  (ii)  An instrument of assignment of the AWS Triton Licenses,
substantially in the form of Exhibit 9.2(a)(ii) hereto (the "Assignment"), duly
executed on behalf of AWS PCS;

                  (iii) All Required Consents, including the FCC Consent; and

                  (iv)  The Closing Cash Payment.

            (b)   At the Closing, Triton and Triton PCS shall deliver or cause
to be delivered to Cingular the following:

                  (i)   A certificate of Triton and Triton PCS, dated the date
of the Closing, certifying to the fulfillment of the conditions set forth in
Section 8.1(a)(i) and Section 8.1(a)(ii) by Triton;

                  (ii)  The Assignment, duly executed on behalf of Triton PCS;
and

                                      -19-

<PAGE>

                  (iii) All Required Consents.

                                   ARTICLE 10

                        INDEMNIFICATION AND OTHER MATTERS

      10.1  Survival. All of the representations, warranties and covenants of
AWS PCS, AWS, Triton and Triton PCS contained herein, respectively, shall
survive the Closing and shall continue in full force and effect until the one
(1) year anniversary of the Closing Date, except that the representations and
warranties set forth in Sections 4.1(a), 4.1(b), 4.2(a) and 4.2(b) shall survive
the Closing until the expiration of the applicable statute of limitations, and
the covenants to be performed in whole or in part after the Closing shall
survive until performed in full. Notwithstanding the foregoing, if any claim for
indemnification pursuant to this Article 10 with respect to a breach of the
representations, warranties or covenants contained herein is made on or before
the end of any such applicable period, such representations, warranties or
covenants shall be deemed to survive with respect to the matter claimed as of
the end of such period until resolved as provided herein.

      10.2  Indemnification by Cingular

            (a)   After the Closing, AWS, AWS PCS and Cingular hereby agree,
jointly and severally, to indemnify and hold Triton and Triton PCS harmless
against and with respect to, and shall reimburse Triton and Triton PCS for:

                  (i)   Any and all losses, liabilities or damages suffered by
Triton or Triton PCS or any of their controlled Affiliates, shareholders,
members, partners, officers, directors, employees or agents resulting from any
breach of any representation or warranty of AWS, AWS PCS or Cingular in this
Agreement, or any failure by AWS, AWS PCS or Cingular to perform any covenant of
AWS, AWS PCS Cingular set forth in this Agreement; and

                  (ii)  Any and all reasonable out-of-pocket costs and expenses,
including reasonable legal fees and expenses, incident to any action, suit,
proceeding, claim, demand, assessment or judgment incident to the foregoing or
reasonably incurred in investigating or attempting to avoid the same or to
oppose the imposition thereof, or in enforcing this indemnity.

            (b)   AWS's, AWS PCS's and Cingular's obligation to indemnify Triton
pursuant to Section 10.2(a) shall be subject to all of the following
limitations:

                  (i)   No indemnification shall be required to be made by AWS,
AWS PCS and Cingular as the Indemnifying Party (as defined below) under Section
10.2(a) until the aggregate amount of all Settled Claims (as defined below) of
Triton and Triton PCS as Claimant (as defined below) exceeds, and then only to
the extent of the excess above, Fifty Thousand Dollars ($50,000) in the
aggregate. AWS, AWS PCS and Cingular will not be required to indemnify, and will
not otherwise be liable to Triton and Triton PCS pursuant to this Section 10.2,
for any amount in excess of Two Million Five Hundred Thousand Dollars
($2,500,000) in the aggregate.

                                      -20-

<PAGE>

                  (ii)  Triton and Triton PCS shall be entitled to
indemnification only for those damages arising with respect to any claim as to
which Triton or Triton PCS, as the case may be, has given AWS, AWS PCS or
Cingular written notice within the appropriate time period set forth in Section
10.1 hereof for such claim; provided, however, that the obligation to provide
indemnification pursuant to Section 10.2 shall survive with respect to any such
claim until resolution thereof.

      10.3  Indemnification by Triton.

            (a)   After the Closing, Triton and Triton PCS hereby agree, jointly
and severally, to indemnify and hold AWS, AWS PCS and Cingular harmless against
and with respect to, and shall reimburse, AWS, AWS PCS and Cingular for:

                  (i)   Any and all losses, liabilities or damages suffered by
AWS, AWS PCS or Cingular or any of their controlled Affiliates, shareholders,
members, partners, officers, directors, employees and agents resulting from any
breach of any representation or warranty of Triton in this Agreement or any
failure by Triton or Triton PCS to perform any covenant of Triton and Triton PCS
set forth in this Agreement; and

                  (ii)  Any and all reasonable out-of-pocket costs and expenses,
including reasonable legal fees and expenses, incident to any action, suit,
proceeding, claim, demand, assessment or judgment incident to the foregoing or
reasonably incurred in investigating or attempting to avoid the same or to
oppose the imposition thereof, or in enforcing this indemnity.

            (b)   Triton's and Triton PCS's obligation to indemnify AWS, AWS PCS
and Cingular pursuant to Section 10.3(a) shall be subject to all of the
following limitations:

                  (i)   No indemnification shall be required to be made by
Triton and Triton PCS as the Indemnifying Party under Section 10.3(a) until the
aggregate amount of all Settled Claims of AWS, AWS PCS and Cingular as Claimant
exceeds, and then only to the extent of the excess above, Fifty Thousand Dollars
($50,000) in the aggregate. Triton and Triton PCS will not be required to
indemnify, and will not otherwise be liable to AWS, AWS PCS and Cingular
pursuant to this Section 10.3, for any amount in excess of Two Million Five
Hundred Thousand Dollars ($2,500,000) in the aggregate.

                  (ii)  AWS, AWS PCS and Cingular shall be entitled to
indemnification only for those damages arising with respect to any claim as to
which AWS, AWS PCS or Cingular, as the case may be, has given Triton or Triton
PCS written notice within the appropriate time period set forth in Section 10.1
hereof for such claim; provided, however, that the obligation to provide
indemnification under this Section 10.3 shall survive with respect to any such
claim until resolution thereof.

      10.4  Procedure for Indemnification. The procedure for indemnification
pursuant to this Article 10 shall be as follows:

            (a)   The party claiming indemnification (the "Claimant") shall
promptly give notice to the party from which indemnification is claimed (the
"Indemnifying Party") of any claim, whether between the parties or brought by a
third party, specifying in reasonable detail the

                                      -21-

<PAGE>

factual basis for the claim, the amount thereof, estimated in good faith, and
the method of computation of such claim, all with reasonable particularity and
containing a reference to the provisions of this Agreement in respect of which
such indemnification claim shall have occurred. If the claim relates to an
action, suit, or proceeding filed by a third party against Claimant, such notice
shall be given by Claimant within five Business Days after written notice of
such action, suit, or proceeding was given to Claimant.

            (b)   With respect to claims solely between the parties, following
receipt of notice from the Claimant of a claim, the Indemnifying Party shall
have thirty days to make such investigation of the claim as the Indemnifying
Party deems necessary or desirable. For the purposes of such investigation, the
Claimant agrees to make available to the Indemnifying Party and its authorized
representatives the information relied upon by the Claimant to substantiate the
claim. If the Claimant and the Indemnifying Party agree at or prior to the
expiration of such thirty-day period (or any mutually agreed upon extension
thereof) to the validity and amount of such claim, the Indemnifying Party shall
immediately pay to the Claimant the full amount of the claim, subject to the
terms hereof (including Sections 10.2(b) and 10.3(b)). If the Claimant and the
Indemnifying Party do not agree within such thirty-day period (or any mutually
agreed upon extension thereof), the Claimant may seek appropriate remedies at
law or equity, as applicable, subject to the limitations of Sections 10.2(b) and
10.3(b). Any claim for indemnity pursuant to this Article 10 with respect to
which (i) the Claimant and the Indemnifying Party agree as to its validity and
amount, (2) a final judgment, order or award of a court of competent
jurisdiction deciding such claim has been rendered, as evidenced by a certified
copy of such judgment, provided that such judgment is not appealable or the time
for taking an appeal has expired or (3) the Indemnifying Party has not given
written notice to the Claimant disputing such claim in whole or in part within
thirty days of receiving notice thereof, is referred to as a "Settled Claim."

            (c)   With respect to any claim by a third party as to which the
Claimant is entitled to indemnification under this Agreement, the Indemnifying
Party shall have the right at its own expense, to participate in or assume
control of the defense of such claim, and the Claimant shall cooperate fully
with the Indemnifying Party, subject to reimbursement for actual out-of-pocket
expenses incurred by the Claimant as the result of a request by the Indemnifying
Party. If the Indemnifying Party elects to assume control of the defense of any
third-party claim, the Claimant shall have the right to participate in the
defense of such claim at its own expense. If the Indemnifying Party does not
elect to assume control or otherwise participate in the defense of any
third-party claim, then the Claimant may defend through counsel of its own
choosing and (so long as it gives the Indemnifying Party at least fifteen (15)
days' prior written notice of the terms of any proposed settlement thereof and
permits the Indemnifying Party to then undertake the defense thereof) settle
such claim, action or suit, and to recover from the Indemnifying Party the
amount of such settlement or of any judgment and the costs and expenses of such
defense. The Indemnifying Party may compromise or settle any third party claim,
action or suit subject to indemnification hereunder in its sole discretion if
(i) the terms of such compromise or settlement do not impose any non-monetary
obligations on the Claimant and (ii) any monetary obligations in respect of such
compromise or settlement are paid by the Indemnifying Party. Without limiting
the foregoing, the Indemnifying Party may compromise or settle any such third
party claim, action or suit with the prior written consent of the Claimant,
which consent shall not be unreasonably withheld or delayed.

                                      -22-

<PAGE>

            (d)   If a claim, whether between the parties or by a third party,
requires immediate action, the parties will make every effort to reach a
decision with respect thereto as expeditiously as practicable.

            (e)   Subject to the limitations set forth herein and without
expanding the total liability of AWS, AWS PCS and Cingular, on the one hand, and
Triton and Triton PCS, on the other hand, hereunder, the indemnification rights
provided in Section 10.2 and Section 10.3 shall extend to the members, partners,
shareholders, officers, directors, employees, agents and controlled Affiliates
of any Claimant, although for the purpose of the procedures set forth in this
Section 10.4, any indemnification claims by such parties shall be made by and
through the Claimant.

      10.5  Exclusive Remedy. Indemnification pursuant to this Article 10 shall
be the exclusive remedy of the parties for any loss, liability, damages,
expenses or Settled Claims arising out of or related to the transactions
contemplated by this Agreement.

                                   ARTICLE 11

                                   TERMINATION

      11.1  Termination

            (a)   This Agreement may be terminated:

                  (i)   at any time by mutual written consent of all parties to
this Agreement;

                  (ii)  by any party to this Agreement, if the Merger Agreement
is terminated;

                  (iii) by any party to this Agreement upon written notice to
other party, in the event the other party (the "Breaching Party") has breached
its representations, warranties, covenants and other agreements contained in
this Agreement and failed to cure such breach within 30 days from the date of
the Breaching Party's receipt of the notice specified above, and such
terminating party is not in breach or default in any material respect of its
obligations, representations or warranties under this Agreement; and

                  (iv)  by any party to this Agreement, if the Commercial
Agreement is terminated; provided that the party seeking such termination shall
not then be in breach or default in any material respect of its obligations,
representations or warranties under this Agreement or the Commercial Agreement.

            (b)   In the event of termination of this Agreement by any or all of
the parties pursuant to Section 11.1(a), prompt written notice thereof shall
forthwith be given to the other parties and this Agreement shall terminate and
the transactions contemplated hereby and by the other Transaction Documents
shall be abandoned without further action by any of the parties hereto, but
subject to and without limiting any of the rights of the parties specified
herein in the

                                      -23-

<PAGE>

event a party is in default or breach in any material respect of
its obligations, representations or warranties under this Agreement or any of
the other Transaction Documents.

            (c)   Notwithstanding any other provision of this Agreement, in the
event that this Agreement is terminated by any party pursuant to Section 11.1(a)
and the Merger Agreement is terminated no party shall be liable to any other
party hereto for any damages, costs or expenses related to its default or breach
in any respect of its obligations, representations or warranties or for any
other reason under this Agreement.

                                   ARTICLE 12

                                  MISCELLANEOUS

      12.1  Fees and Expenses. Except as otherwise provided in this Agreement,
each party shall pay its own expenses incurred in connection with the
authorization, preparation, execution, and performance of this Agreement and the
other Transaction Documents, including all fees and expenses of counsel,
accountants, agents, and representatives, and each party shall be responsible
for all fees or commissions payable to any finder, broker, advisor, or similar
Person retained by or on behalf of such party; provided, however, that all
transfer Taxes, recordation Taxes, sales Taxes and document stamps in connection
with the transactions contemplated by this Agreement and all other filing fees,
and other charges levied by any Governmental Authority in connection with the
transactions contemplated by this Agreement shall be paid by the party incurring
the same.

      12.2  Notices. All notices, demands and requests required or permitted to
be given under the provisions of this Agreement shall be (i) in writing, (ii)
sent by facsimile (with receipt personally confirmed by telephone), delivered by
personal delivery, or sent by commercial delivery service or certified mail,
return receipt requested, (iii) deemed to have been given on the date telecopied
with receipt confirmed, the date of personal delivery, or the date set forth in
the records of the delivery service or on the return receipt, and (iv) addressed
as follows:

To AWS:

                              AT&T Wireless Services, Inc.
                              8288 164th Avenue, NE
                              Redmond, WA 98052
                              Attention: General Counsel
                              Telecopy: (425) 580-8900
                              Telephone:(425) 580-7000

                                      -24-

<PAGE>

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

                              Friedman Kaplan Seiler & Adelman LLP
                              1633 Broadway, 46th Floor
                              New York, NY 10019
                              Attention: Matthew S. Haiken
                              Telecopy: (212) 833-1250
                              Telephone: (212) 833-1118

To AWS PCS:

                              AT&T Wireless PCS LLC
                              c/o AT&T Wireless Services, Inc.
                              8288 164th Avenue, NE
                              Redmond, WA 98052
                              Attention: General Counsel
                              Telecopy: (425) 580-8900
                              Telephone: (425) 580-7000

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

                              Friedman Kaplan Seiler & Adelman LLP
                              1633 Broadway, 46th Floor
                              New York, NY 10019
                              Attention: Matthew S. Haiken
                              Telecopy: (212) 833-1250
                              Telephone: (212) 833-1118

To Cingular:

                              Cingular Wireless, LLC
                              5565 Glenridge Connector
                              Atlanta, GA 30342
                              Attention: General Counsel
                              Telecopy: (404) 236-6145
                              Telephone: (404) 236-6000

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

                                      -25-

<PAGE>

                              Alston & Bird LLP
                              One Atlantic Center
                              1201 West Peachtree Street
                              Atlanta, GA 30309-3424
                              Attention: Bryan E. Davis
                              Telecopy: (404) 881-7777
                              Telephone: (404) 881-7591

To Triton or Triton PCS:

                              Triton PCS, Inc.
                              1100 Cassatt Road
                              Berwyn, PA 19312
                              Attention: Chief Executive Officer
                              Telecopy: (610) 722-4420
                              Telephone: (610) 993-2683

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

                              Dow, Lohnes & Albertson, PLLC
                              1200 New Hampshire Avenue, NW
                              Washington, DC 20036
                              Attention: Leonard J. Baxt, Esq.
                              Telecopy: (202) 776-2222
                              Telephone: (202) 776-2528

or to any other or additional persons and addresses as the parties may from time
to time designate in a writing delivered in accordance with this Section 12.2.

      12.3  Assignment; Benefit and Binding Effect. No party hereto may assign
this Agreement without the prior written consent of each of the other parties
hereto, except for any assignment in connection with a Section 1031 Exchange
pursuant to Section 7.4, which may be made without the consent of any other
party to this Agreement as long as the assigning party remains liable, jointly
and severally, with the assignee for all obligations assigned to the assignee
pursuant thereto, provided, however, Cingular may, without the consent of the
other parties, assign any and all of its rights hereunder to any Affiliate of
Cingular as long as such assignment by Cingular does not delay the consummation
of the transactions contemplated hereby; and provided further that Triton PCS
may make a collateral assignment of its rights hereunder to any of its secured
lenders. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns. The
provisions of this Agreement shall be for the exclusive benefit of the parties
hereto (and their successors and permitted assigns) and shall not be for the
benefit of any other Person.

      12.4  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED, CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO
THE CHOICE OF LAW PROVISIONS THEREOF). THE PARTIES HERETO HEREBY IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED
WITHIN THE STATE OF DELAWARE OVER ANY DISPUTE ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY

                                      -26-
<PAGE>

AND EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
DISPUTE OR ANY SUIT, ACTION PROCEEDING RELATED THERETO MAY BE HEARD AND
DETERMINED IN SUCH COURTS. THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH DISPUTE BROUGHT IN SUCH COURT
OR ANY DEFENSE OF INCONVENIENT FORUM FOR THE MAINTENANCE OF SUCH DISPUTE. EACH
OF THE PARTIES HERETO AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED
BY LAW.

      12.5  Entire Agreement. This Agreement, the other Transaction Documents
and the Schedules and Exhibits hereto and thereto collectively represent the
entire understanding and agreement of the parties with respect to the subject
matter of this Agreement. This Agreement supersedes all prior representations,
warranties, covenants, understandings, agreements, written or oral, discussions,
or negotiations among the parties with respect to the subject matter hereof and
cannot be amended, supplemented or changed, except by an agreement in writing
that makes specific reference to this Agreement and that is signed by each of
the parties hereto. Each party hereby acknowledges and agrees that it has not
relied on any representation, warranty, covenant, understanding, agreement,
written or oral, discussion, or negotiation not expressly contained herein in
entering into this Agreement or the Transaction Documents.

      12.6  Counterparts. This Agreement may be signed in counterparts with the
same effect as if the signature on each counterpart were upon the same
instrument.

      12.7  Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provision to
other Persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law. Upon such determination that
any term or other provision is invalid or unenforceable, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner to
the end that the transactions contemplated hereby are fulfilled to the greatest
extent possible.

                                      -27-

<PAGE>

      IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have duly executed this Agreement as of the 7th day of July, 2004.

                                     AT&T WIRELESS SERVICES, INC.

                                     By: /s/ Mark O. Bradner
                                         --------------------------------------
                                     Name:  Mark O. Bradner
                                     Title: Vice President, Business
                                            Development, AT&T Wireless
                                            Services, Inc.

                                     AT&T WIRELESS PCS LLC

                                     By: /s/ Mark O. Bradner
                                         --------------------------------------
                                     Name:  Mark O. Bradner
                                     Title: Vice President, Business
                                            Development, AT&T Wireless
                                            Services, Inc.

                                     CINGULAR WIRELESS LLC

                                     By: /s/ Stanley T. Sigman
                                         --------------------------------------
                                     Name:  Stanley T. Sigman
                                     Title: President & CEO

                                     TRITON PCS HOLDINGS, INC.

                                     By: /s/ Michael E. Kalogris
                                         --------------------------------------
                                     Name:  Michael E. Kalogris
                                     Title: Chairman & CEO

                                     TRITON PCS LICENSE COMPANY L.L.C.

                                     By: Triton Management Company, Inc., Its
                                     Manager

                                     By: /s/ Michael E. Kalogris
                                         --------------------------------------
                                     Name:  Michael E. Kalogris
                                     Title: Chairman & CEO

<PAGE>
Pursuant to Item 601(b)(2) of Regulation S-K the Schedules and Exhibit hereto
have been omitted but will be provided to the Securities and Exchange Commission
supplementally upon its request.

                                    SCHEDULES

Schedule A                          AWS Licenses/AWS Triton Licenses
Schedule B                          Triton Licenses
Schedule C                          Lafayette License
Schedule 3.3                        Required Consents
Schedule 3.4                        Claims and Litigation

                                     EXHIBIT

Exhibit 9.2(a)(ii)                  Assignment

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      PAGE
<S>                                                                                                   <C>
ARTICLE 1  DEFINITIONS.............................................................................     1

ARTICLE 2  AGREEMENTS..............................................................................     4

     2.1   Exchange of FCC Licenses................................................................     4

ARTICLE 3  REPRESENTATIONS AND WARRANTIES OF THE PARTIES...........................................     4

     3.1   Organization............................................................................     4

     3.2   Authorization; Enforceability...........................................................     5

     3.3   No Violation or Conflict................................................................     5

     3.4   Claims and Litigation...................................................................     5

     3.5   Certain Fees............................................................................     5

ARTICLE 4  REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE FCC LICENSES.........................     5

     4.1   Representations and Warranties With Respect to the AWS Licenses.........................     5

     4.2   Representations and Warranties with respect to the Triton Licenses and the Lafayette
           License.................................................................................     8

ARTICLE 5  COVENANTS...............................................................................    12

     5.1   Access to Information...................................................................    12

     5.2   FCC Consent.............................................................................    12

     5.3   Operations Prior to the Closing.........................................................    13

     5.4   Build-Out Obligations...................................................................    14

     5.5   Microwave Relocation Costs,.............................................................    15

ARTICLE 6  CONFIDENTIALITY.........................................................................    15

     6.1   Confidentiality.........................................................................    15

ARTICLE 7  JOINT COVENANTS.........................................................................    16

     7.1   Cooperation.............................................................................    16

     7.2   Consents................................................................................    16

     7.3   Public Announcements....................................................................    16

     7.4   Tax Matters.............................................................................    17

ARTICLE 8  CONDITIONS PRECEDENT TO OBLIGATION TO CLOSE.............................................    17

     8.1   Conditions Applicable to all of the Parties.............................................    17
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                      PAGE
<S>                                                                                                   <C>
     8.2   Further Conditions Applicable to Triton and Triton PCS.................................     18

     8.3   Further Conditions Applicable to AWS, AWS PCS and Cingular.............................     18

     8.4   Waiver of Conditions, Etc..............................................................     18

ARTICLE 9  CLOSING AND CLOSING DELIVERIES.........................................................     19

     9.1   Closing................................................................................     19

     9.2   Deliveries at the Closing..............................................................     19

ARTICLE 10 INDEMNIFICATION AND OTHER MATTERS......................................................     20

    10.1   Survival...............................................................................     20

    10.2   Indemnification by Cingular............................................................     20

    10.3   Indemnification by Triton..............................................................     21

    10.4   Procedure for Indemnification..........................................................     21

ARTICLE 11 TERMINATION............................................................................     23

    11.1   Termination............................................................................     23

ARTICLE 12 MISCELLANEOUS..........................................................................     24

    12.1   Fees and Expenses......................................................................     24

    12.2   Notices................................................................................     24

    12.3   Assignment; Benefit and Binding Effect.................................................     26

    12.4   GOVERNING LAW..........................................................................     26

    12.5   Entire Agreement.......................................................................     27

    12.6   Counterparts...........................................................................     27

    12.7   Severability...........................................................................     27
</TABLE>

                                      -ii-<PAGE>

                                                                    Exhibit 10.1

                              AGREEMENT RELATING TO
                        FLEET CREDIT CARD SERVICES, L.P.

      THIS AGREEMENT (the "AGREEMENT") is made and entered into as of the 28th
day of May, 2004 (the "EFFECTIVE DATE"), by and between ADVANTA CORP. ("AC"),
ADVANTA NATIONAL BANK ("ANB"), ADVANTA SERVICE CORP. ("ASC"), FLEET CREDIT CARD
HOLDINGS, INC. ("FCCH"), FLEET CREDIT CARD SERVICES, L.P. ("SERVICES") and BANK
OF AMERICA CORP. ("BAC"). AC, ANB and ASC are sometimes referred to herein
individually as an "ADVANTA PARTNER" and collectively as "ADVANTA." Each Advanta
Partner, FCCH, Services and BAC are sometimes referred to herein individually as
a "PARTY" and collectively as the "PARTIES." Any capitalized term used in this
Agreement and not otherwise defined herein shall have the same meaning given
such term in the Limited Partnership Agreement of Fleet Credit Card Services,
L.P., dated as of May 26, 1998 (the "LIMITED PARTNERSHIP AGREEMENT").

                              STATEMENT OF PURPOSE

      Since February 20, 1998, Services (or its predecessor, Fleet Credit Card
LLC) has owned and operated the consumer credit card business of FleetBoston
Financial Corporation and its Affiliates (collectively "FLEET"), which business
resulted from the contribution by Advanta and Fleet Financial Group, Inc. (the
predecessor to Fleet) of the assets and liabilities of their respective consumer
credit card businesses to Fleet Credit Card LLC pursuant to that certain
Contribution Agreement, dated as of October 28, 1997, as amended (the
"CONTRIBUTION AGREEMENT"). Services is a Rhode Island limited partnership that
is governed by the terms and conditions of the Limited Partnership Agreement.
FCCH is the sole general partner of Services and owns a 98.7% Interest in
Services, and AC, ANB and ASC are the sole limited partners in Services and
collectively own a 1.3% Interest in Services. Effective as of April 1, 2004,
Fleet merged with and into BAC, with BAC being the survivor corporation. BAC now
desires to combine the credit card business owned and operated by Services with
BAC's consumer credit card business primarily owned and operated by BAC's
subsidiary, Bank of America, N.A. (USA) ("BANA(USA)"), and BAC and Advanta also
desire to settle certain issues that have arisen relating to the ownership and
operation of, and contributions to, Services, all as set forth in this
Agreement.

      ACCORDINGLY, in consideration of the premises and the mutual covenants and
agreements set forth below, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto hereby agree as follows:

1.    STRUCTURE OF COMBINED CREDIT CARD BUSINESS.

      (a)   Drop Down. As soon as reasonably practicable following the Effective
Date, BAC and Services shall cause their respective credit card businesses to be
combined into a single new entity (referred to herein as "NEWCO"), which shall
be a limited liability company or limited partnership, as selected by BAC in its
sole discretion. This combination into Newco shall be referred to as the "DROP
DOWN" structure and shall be accomplished by the contribution by Services of all
of its assets and liabilities to Newco and by the contribution of all of the
assets

<PAGE>

and liabilities of BAC's consumer credit card business to Newco; provided,
however, certain of the credit card assets and liabilities of BAC's credit card
business may be transferred to Newco through a rights or participation
agreement. Anything in this Agreement to the contrary notwithstanding, BAC,
BANA(USA), Newco and Services covenant that no Advanta Partner shall recognize
any taxable income or gain, directly or indirectly, as a result of the transfer
of the assets and liabilities of Services to Newco pursuant to the Drop Down;
provided, however, each Advanta Partner's sole remedy for any breach of this
covenant shall be a claim for indemnification to the extent applicable under
Subparagraph 1(d)(ii)(A)(2) below.

      (b)   Ownership. The initial owners of Newco shall be Services and
BANA(USA) (or, as determined by BAC in its sole discretion, a subsidiary of
BANA(USA)) (the "BANA(USA) OWNER"), and the percentage ownership interest of
each such owner in Newco shall be equal to the quotient of (i) the fair market
value of such owner's business contributed to Newco divided by (ii) the sum of
the fair market values of both owner's businesses contributed to Newco;
provided, however, that the product of (A) the fair market value of Services'
business times (B) 1.3% shall not be less than $38.0 million. Subject to the
preceding sentence, the determination of the fair market value of each of these
businesses shall be made as soon as possible after the Effective Date by Goldman
Sachs & Co. and Goldman Sachs & Co.'s appraisal shall be final and binding on
the Parties hereto. The fees paid to Goldman Sachs & Co. for its valuation
services shall be paid equally by Services and BAC. Effective upon the
consummation of the Drop Down, Advanta's Percentage in Services shall be 1.3%,
and, from and after the Drop Down, Advanta's interest in Newco shall only be
indirect through its Interest in Services, and Advanta shall not be a partner,
member or other owner of Newco.

      (c)   Future Acquisitions. Neither Services nor Advanta shall be entitled
in any way, directly or indirectly, to participate in or benefit from any single
credit card portfolio acquisition having an aggregate acquisition cost in excess
of $250 million or other business acquired by or contributed to Newco (or any
other BAC subsidiary or affiliate) (an "ACQUISITION") after the Effective Date,
and in the event of any such Acquisition(s) by Newco, Newco's governing
documents shall be modified as necessary, in BAC's discretion, to cause all
participation in or benefit from such Acquisition(s) to inure solely to the
benefit of the BANA(USA) Owner. Notwithstanding the foregoing, neither the
acquisition by Newco of BAC's consumer credit card business pursuant to the Drop
Down structure set forth in Paragraph 1(a) above nor the acquisition of credit
card accounts or receivables in the ordinary course of business of Newco shall
be deemed to be an Acquisition for the purposes of this Agreement. In connection
with any Acquisition, BAC shall cause Newco to be compensated for Newco's costs
plus a reasonable profit (which may provide for less profit than an arms length
agreement with a third-party provider due to economies of scale generated by
Newco's business and such Acquisition) for the use of any Newco property or
personnel by any such acquired business in which Advanta and Services do not
participate.

      (d)   Governance. Newco shall be governed by an operating agreement (or,
if applicable, limited partnership agreement) that will provide that the
BANA(USA) Owner will be the manager (or general partner) of Newco and of the
combined business with the sole authority, subject to Subparagraph 1(d)(i)
below, to operate Newco in the best interest of Newco in its sole discretion
without any requirement to obtain Services' approval, except as may be required
by applicable law. Newco's governing documents shall also have no requirement to
obtain

                                        2

<PAGE>

Advanta's consent for any purpose. Newco's initial governing documents shall be
agreed upon and executed by Services and the BANA(USA) Owner and Newco's owners
shall have the right to amend such governing documents in their discretion from
time to time; provided, however, as long as any Advanta Partner is a Partner in
Services, Newco's governing documents shall be required to include provisions in
substantially the following form:

            (i)   Newco and each of its owners shall not

                  (A)   approve any act that would reduce the Percentage owned
            by Advanta in Services below 1% in the aggregate;

                  (B)   reduce the total amount of (x) the indebtedness of
            Services and (y) the indebtedness of Newco that is allocable to
            Services (the sum of (x) and (y) being hereafter referred to as the
            "ALLOCABLE INDEBTEDNESS") if the reduction causes the amount of any
            Advanta Partner's share of the Allocable Indebtedness to be less
            than such Advanta Partner's Deficit Balance Amount (as defined
            below). For purposes of this Agreement, the term "DEFICIT BALANCE
            AMOUNT" means an amount, to the extent such amount is negative,
            equal to the adjusted income tax basis of an Advanta Partner's
            Interest computed without taking into account the increase in such
            Advanta Partner's adjusted income tax basis attributable to such
            Advanta Partner's share of liabilities of Services;

                  (C)   approve any sale, transfer or other disposition of
            Newco's property or assets that were Restricted Sale Assets at
            Services, if any such sale, transfer or other disposition would
            result in the recognition of gain or income to any Advanta Partner
            under Section 704(c) of the Code;

                  (D)   make any election that would result in Services being
            taxed as other than a "partnership" for federal income tax purposes,
            including (but not limited to) electing to be taxed as other than a
            "partnership" by filing Form 8832, "Entity Classification Election"
            or making any election inconsistent with Section 4.5.3 of the
            Limited Partnership Agreement;

                  (E)   on or before February 20, 2009, make any distribution of
            Services property (other than money) to any Advanta Partner; or

                  (F)   approve any activities of Services or Newco that are not
            part of or incidental to the business of banking or are not
            permissible for any operating subsidiary of a national bank.

      To the extent that Newco or any of its owners breaches any of the above
      provisions (other than Subparagraph 1(d)(i)(F)), Advanta's sole remedy
      shall be a claim for indemnification to the extent applicable under
      Subparagraph 1(d)(ii) below.

            (ii)  (A) Newco, its owners, BAC and BANA(USA) shall indemnify,
            defend and hold harmless Advanta from and against any and all
            Damages for Indemnified Taxes (as defined below) owed or incurred by
            Advanta or any Advanta Affiliate as the result of (1) Newco or any
            of its owners taking any action

                                        3

<PAGE>

            in violation of the provisions of Subparagraph 1(d)(i) above or (2)
            the transfer of the assets and liabilities of Services to Newco
            pursuant to the Drop Down; provided, however, such indemnification
            shall not include any indemnity for Damages for Indemnified Taxes
            relating to the Book/Tax Differential. The amount of the Indemnified
            Taxes for purposes of this indemnification shall be computed in the
            manner set forth in Section 7.2.6 of the Limited Partnership
            Agreement, to the extent that such section specifies the procedure
            for identifying the person that makes this computation. Payments to
            Advanta under this indemnification provision shall be "grossed-up"
            in the same manner as described in Section 6.4.3 of the Limited
            Partnership Agreement.

                  (B)   For purposes of this indemnification, the term
            "INDEMNIFIED TAXES" shall mean Taxes owed or incurred due to (1) the
            recognition of gain or income pursuant to Section 704(c) of the Code
            for up to the $540,909,000 amount of built-in gain of the Restricted
            Sale Assets (the "BUILT-IN GAIN AMOUNT") upon any sale, transfer or
            other disposition of any such Restricted Sale Assets or (2) the
            recognition of gain or income as the result of a breach of
            Subparagraph 1(d)(i)(B) above. The Built-in Gain Amount and the
            Deficit Balance Amount shall be adjusted by the amount of the gain
            recognition for which indemnity payments, if any, are payable to
            Advanta from time to time pursuant to this Subparagraph 1(d)(ii).

                  (C)   Indemnification procedures shall be substantially
            similar to Section 6.5 of the Limited Partnership Agreement (as
            amended by this Agreement).

            (iii) BAC shall cause Newco to provide copies of Newco's quarterly
      and annual financial statements to Services on a timely basis, and
      Services agrees to transmit such information to each Advanta Partner
      promptly upon receipt.

      (e)   BAC Covenant. Notwithstanding any other provision herein to the
contrary, BAC shall assume the obligations of Fleet and Fleet's Affiliates
(other than Services) under the terms of the Limited Partnership Agreement and
the Contribution Agreement, and Advanta shall have the right to enforce such
obligations against BAC directly without the necessity to make demand on any
other Person.

2.    LIMITED PARTNERSHIP AGREEMENT MATTERS.

      (a)   Consent to Drop Down. To the extent required by the Limited
Partnership Agreement and subject to the provisions of this Agreement (other
than Paragraph 3 below), each Advanta Partner hereby consents to the Drop Down.
In this regard, Advanta acknowledges that BAC intends after the Effective Date,
and before and after the consummation of the Drop Down, to consolidate and
outsource operations, close facilities, hire and terminate employees, acquire
and dispose of assets and perform such other activities to operate the business
and attain best practices in the discretion of BAC with respect to the business
of Services and the combined business of Newco. Advanta's consent to the Drop
Down is without prejudice to their rights to indemnification as provided in
Subparagraph 1(d)(ii)(A)(2) above as a result of the transfer of the assets and
liabilities of Services to Newco pursuant to the Drop Down.

                                        4

<PAGE>

      (b)   Amendments to Limited Partnership Agreement. The Limited Partnership
Agreement is hereby amended as follows:

            (i)   Section 4.6 is hereby deleted in its entirety and the
      following new Section 4.6 is substituted in lieu thereof:

                  "4.6 Net Gains from Sales. Net Gains from Sales shall be
                  allocated as follows: A percentage of the Net Gains from Sales
                  shall be allocated to the Advanta Partners and the balance
                  shall be allocated to the Fleet Partners. The percentage
                  referred to in the immediately preceding sentence shall (A) be
                  zero with respect to any Advanta Partner that does not have a
                  Deficit Balance Amount (as defined in Section 5.7.2) and (B)
                  with respect to each Advanta Partner that has a Deficit
                  Balance Amount, be determined by dividing the Deficit Balance
                  Amount (which for this purpose shall be a positive number) of
                  such Advanta Partner by the outstanding Company "excess
                  nonrecourse liabilities" (within the meaning of Section
                  1.752-3(a)(3) of the Regulations) at the end of the fiscal
                  year or at other applicable times (including immediately
                  before a disposition giving rise to the Net Gains from Sales),
                  and expressing the resulting decimal as a percentage."

            (ii)  The second sentence of Section 4.7.2 is hereby deleted in its
      entirety and the following new sentence is substituted in lieu thereof:

                  "Notwithstanding the immediately preceding sentence, the
                  Company shall compute the amount of nonrecourse liabilities
                  allocable to the Advanta Partners in such manner, and
                  utilizing such conventions and methodologies, so as to
                  maximize the amount of nonrecourse liabilities allocable to
                  the Advanta Partners under Section 1.752-3(a) of the
                  Regulations."

            (iii) Section 5.7.1 is hereby deleted in its entirety and the
      following new Section 5.7.1 is substituted in lieu thereof:

                  "5.7.1 approving any act that would reduce the Percentage
                  owned by the Advanta Partners below one percent in the
                  aggregate;"

            (iv)  Section 5.7.2 is hereby deleted in its entirety and the
      following new Section 5.7.2 is substituted in lieu thereof:

                  "5.7.2 reducing the amount of indebtedness of the Company
                  which can be allocated to any Advanta Partner below the amount
                  of such Advanta Partner's Deficit Balance Amount (as defined
                  below). For purposes of this Agreement, the term "Deficit
                  Balance Amount" means an amount, to the extent such amount is
                  negative, equal to the adjusted income tax basis of an Advanta
                  Partner's Interest computed without taking into account the
                  increase in such

                                        5

<PAGE>

                  Advanta Partner's adjusted income tax basis attributable to
                  such Advanta Partner's share of Company liabilities;"

            (v)   Section 5.7.3 is hereby amended by deleting the phrase "are in
      the ordinary course of the Company's business and" where it appears in
      said Section 5.7.3.

            (vi)  Section 5.7.4 is hereby deleted in its entirety.

            (vii) Section 5.7.6 is hereby deleted in its entirety and the
      following new Section 5.7.6 is substituted in lieu thereof:

                  "5.7.6 for eleven years after the Closing Date, making any
                  distribution of Company property (other than money) to any
                  Advanta Partner; or"

            (viii) The following sentence is added to the end of Section 5.7:

                  "Notwithstanding any other provision of this Agreement, to the
                  extent that the Company or any Partner (other than an Advanta
                  Partner) breaches the provisions of this Section 5.7 (other
                  than Section 5.7.7), the sole remedy of any Advanta Partner
                  shall be a claim for indemnification to the extent applicable
                  pursuant to Section 6.4.2 below."

            (ix)  Section 6.4.2 is hereby deleted in its entirety and the
      following new Section 6.4.2 is substituted in lieu thereof:

                  "Fleet and the Fleet Partners, BAC and BANA(USA) shall
                  indemnify, defend and hold harmless each of the Company,
                  Advanta and Advanta's Affiliates from and against any and all
                  Damages for Indemnified Taxes (as defined below) owed or
                  incurred by any such Advanta Partner as the result of Fleet,
                  Fleet's Affiliates, the LLC, the Company, BAC, BANA(USA) or
                  any Partner (other than an Advanta Partner) taking any action
                  in violation of Section 5.7 or the last sentence of Section
                  9.5.3 of this Agreement; provided, however, that the
                  indemnification provided for in this Section 6.4.2 shall not
                  include an indemnification for Damages for Indemnified Taxes
                  relating to the Book/Tax Differential. The amount of the
                  Indemnified Taxes for purposes of this Section 6.4.2 shall be
                  computed in the manner set forth in Section 7.2.6, to the
                  extent that such section specifies the procedure for
                  identifying the person that computes the amount of Indemnified
                  Taxes. For purposes of this Section 6.4.2, the term
                  "INDEMNIFIED TAXES" shall mean Taxes owed or incurred due to
                  (A) the recognition of gain or income pursuant to Section
                  704(c) of the Code for up to the $540,909,000 amount of the
                  built-in gain of the Restricted Sale Assets (the "BUILT-IN
                  GAIN AMOUNT") upon any sale, transfer or other disposition of
                  any such Restricted Sale

                                        6

<PAGE>

                  Assets or (B) the recognition of gain or income as the result
                  of a breach of Section 5.7.2. The Built-in Gain Amount and the
                  Deficit Balance Amount shall be reduced by the amount of gain
                  recognition for which indemnification payments, if any, are
                  payable to Advanta from time to time pursuant to this Section
                  6.4.2."

            (x)   Section 6.5 is hereby amended by adding new Section 6.5.6,
      6.5.7 and 6.5.8, as follows:

                  "6.5.6 In the event that both the Indemnifying Party and the
                  Indemnified Partner participate in the defense of a Claim, (i)
                  the Indemnifying Party shall have the right to assume the
                  defense of the Claim with authority to negotiate and settle
                  such Claim with respect to all components of the Claim that
                  involve an indemnity payment for which the Indemnifying
                  Partner is responsible or which otherwise would have an
                  adverse impact on the Indemnifying Party and not the
                  Indemnified Partner, and (ii) the Indemnified Partner shall
                  have the right to assume the defense of, with authority to
                  negotiate and settle, all other components of the Claim. In
                  the event that the Claim is such that the applicable
                  components cannot be resolved independently, both the
                  Indemnifying Party and the Indemnified Partner must consent to
                  any settlement of the Claim, which consent shall not be
                  unreasonably conditioned, withheld or delayed.

                  6.5.7 Upon completion of the indemnification procedure set
                  forth in Sections 6.5.1 through 6.5.6 with respect to a Claim
                  arising under Section 6.4.2, Advanta shall calculate the
                  amount of Damages for Indemnified Taxes as soon as possible
                  after: (i) having received notice of any circumstance giving
                  rise to a Claim for Damages for Indemnified Taxes, (ii) the
                  conclusion of a tax audit or other similar examination in
                  which a taxing authority proposes an adjustment that would
                  give use to a Claim for Damages for Indemnified Taxes, or
                  (iii) the occurrence or the receipt of knowledge of the
                  occurrence of any other circumstances giving rise to a Claim
                  for Damages for Indemnified Taxes, and shall deliver a copy of
                  such calculation to BAC in accordance with Section 10.7
                  hereof. The calculation shall contain the following:

                        (a)   a detailed calculation of the amount of Damages
                  for Indemnified Taxes prepared by Advanta and certified by the
                  officer of Advanta responsible for signing Advanta's corporate
                  federal income tax return and by Advanta's federal income tax
                  return preparer;

                                        7

<PAGE>

                        (b)   the amount of Damages for Indemnified Taxes shall
                  be calculated by determining, with respect to the taxable
                  period to which such Claim relates, the additional Taxes
                  required to be paid as a result of the events or adjustments
                  giving rise to the Claim by (x) calculating the amount of
                  Taxes required to be paid for such period and subtracting
                  therefrom (y) the amount of Taxes that would have been
                  required to be paid had there been no adjustment to taxable
                  income that gave rise to the Claim for Damages for Indemnified
                  Taxes (regardless of the taxable period in which any taxable
                  income or gain is required to be recognized).

                        (c)   A calculation of the amount of Damages for
                  Indemnified Taxes "grossed-up" in accordance with Section
                  6.4.3.

                        (d)   The latest date by which Advanta is required to
                  make a payment of Taxes in order to avoid any additional
                  penalty, which date shall be no less than thirty (30) calendar
                  days from the date such calculation is delivered to BAC and
                  the account to which the payment should be wired.

                  6.5.8. The payment of any Claim for Damages for Indemnified
                  Taxes shall be made to Advanta not later than three (3)
                  business days prior to the date specified in Section 6.5.7(d)
                  by immediately available federal funds wired to an account
                  designated by Advanta; provided, however, that the amount of
                  Damages for Indemnified Taxes shall be adjusted to account for
                  any delay in the receipt of the payment beyond the date
                  specified in Section 6.5.7(d) hereof. In the event that
                  Advanta receives a refund or credit with respect to the
                  Indemnified Taxes for which an indemnification payment has
                  been made, Advanta shall remit to the party that made the
                  indemnification payment an amount equal to the applicable
                  portion of such indemnification payment (including the amount
                  of the "gross-up") calculated with respect to such refund or
                  credit."

            (xi)  Section 6 is hereby amended by adding the following new
      Section 6.6:

                  "6.6. Provided that draft copies of the Partnership's tax
                  returns and other accompanying statements to be filed by the
                  Company with the Internal Revenue Service are provided to the
                  Advanta Partners as required by Section 9.5.3 of the Agreement
                  and that the tax returns, as filed, are identical in all
                  material respects with the draft copies distributed to the
                  Advanta Partners, no Advanta Partner shall take a return
                  filing position inconsistent with the K-1 such Advanta Partner
                  receives from Services, unless such Advanta Partner receives
                  an opinion of tax counsel regularly employed by such Advanta
                  Partner stating that the filing of such Advanta Partner's
                  return consistent with such K-1 would, more likely than

                                        8

<PAGE>

                  not, subject the Advanta Partner to an accuracy-related
                  penalty under Internal Revenue Code Sections 6662 or 6663, or
                  other state tax penalties."

            (xii) The last sentence of Section 7.2.1 is hereby amended by
      deleting the word "sixth" where it appears in said sentence and by
      substituting in lieu thereof the word "tenth."

            (xiii) Clause (iii) of the first sentence of Section 7.2.2 is hereby
      amended by deleting the word "seven" where it appears in the proviso to
      said clause (iii) and by substituting in lieu thereof the word "eleven."

            (xiv) Clause (ii) of the second sentence of Section 7.2.2 is hereby
      amended by deleting the phrase "clauses (a) and (b)" where it appears in
      said clause (ii) and by substituting in lieu thereof the phrase "clause
      (b)."

            (xv)  The first sentence of Section 7.2.7 is hereby amended by
      deleting the phrase "clauses (a) and (b)" where it appears in said
      sentence and by substituting in lieu thereof the phrase "clause (b)."

      Except to the extent the Limited Partnership Agreement is expressly or by
      necessary implication amended hereby, the Limited Partnership Agreement
      shall remain in full force and effect.

      (c)   The Parties agree to review and amend the Contribution Agreement
with changes consistent with the amendments to the Limited Partnership Agreement
in this Agreement.

3.    LITIGATION SETTLEMENT AND RELEASES.

      (a)   General.

            (i)   Except as expressly set forth in the last sentence of this
      Paragraph 3(a)(i) and Paragraph 3(b) below, each of the Advanta Partners,
      on behalf of itself, and its successors and assigns, does hereby remise,
      release and forever discharge BAC, Services and FCCH, and their respective
      Affiliates, officers, directors, employees, agents, stockholders,
      successors and assigns (collectively, the "BAC RELEASED PARTIES"), of and
      from any and all acts, actions, causes of action, suits, debts, sums of
      money, claims, demands, liabilities, obligations, charges and expenses,
      whether the same be liquidated, unliquidated, contingent or otherwise, of
      whatever nature in law, equity or otherwise which each such Advanta
      Partner ever had, now has, or hereafter can, shall or may have against the
      BAC Released Parties or any of them for, upon or by reason of or related
      to or in any manner connected with or arising out of Services, including
      without limitation its formation, operation and contributions of assets
      and liabilities thereto from the beginning of time through and including
      the Effective Date. This is a full and final release of all claims, known
      or unknown, fixed or contingent, relating to the above matters. Subject to
      the proviso at the end of this sentence, this release does not apply to,
      and each of the Advanta Partners reserves its rights to assert, any claim
      relating to the liabilities and obligations assumed by Services under the
      provisions of the Contribution Agreement and

                                        9

<PAGE>

      any claim for Damages for Indemnified Taxes pursuant to Section 6.4.2 of
      the Limited Partnership Agreement; provided, however, each Advanta Partner
      jointly and severally represents and warrants that, subject to BAC's
      representation and warranty set forth in Paragraph 3(a)(ii) below and
      except for a possible claim relating to Services' compliance with the
      provisions of Section 9.5.3 of the Limited Partnership Agreement, as of
      the Effective Date it has no knowledge of any such claim that it has or
      may have relating to the liabilities or obligations assumed by Services
      under the provisions of the Contribution Agreement or for Damages for
      Indemnified Taxes.

            (ii)  Except as expressly set forth in Paragraph 3(b) below, each of
      BAC, Services and FCCH (the "BAC RELEASING PARTIES"), on behalf of itself,
      and its successors and assigns, does hereby remise, release and forever
      discharge Advanta and their respective Affiliates, officers, directors,
      employees, agents, stockholders, partners, members, successors and assigns
      (collectively, the "ADVANTA RELEASED PARTIES"), of and from any and all
      acts, actions, causes of action, suits, debts, sums of money, claims,
      demands, liabilities, obligations, charges and expenses, whether the same
      be liquidated, unliquidated, contingent or otherwise, of whatever nature
      in law, equity or otherwise which each of the BAC Releasing Parties ever
      had, now has, or hereafter can, shall or may have against the Advanta
      Released Parties or any of them for, upon or by reason of or related to or
      in any manner connected with or arising out of Services, including without
      limitation its formation, operation and contributions of assets and
      liabilities thereto from the beginning of time through and including the
      Effective Date. This is a full and final release of all claims, known or
      unknown, fixed or contingent, relating to the above matters. BAC
      represents and warrants that, since April 1, 2004, neither it nor any of
      its Affiliates has taken any action in violation of Section 5.7 of the
      Limited Partnership Agreement.

      (b)   Settlement of All Existing Litigation. Upon the receipt of the IRS
Approval (as defined below) with respect to the Tax Settlement (as defined
below), BAC, Services and Advanta agree, without delay, (i) to settle and enter
into full and complete releases with respect to all existing litigation between
them (and Fleet and any Affiliates of Fleet) (including the Delaware and Rhode
Island lawsuits, captioned Advanta Corp., et al. v. FleetBoston Financial
Corporation, et al., No. 80,2004 (Del) and FleetBoston Financial Corporation,
et. al., v. Advanta Corp., et al., No. PC03-0220 (R.I.), and the tax protest
with the Internal Revenue Service) (collectively, the "LITIGATION DISPUTES") and
(ii) to file dismissals with prejudice in all cases with respect thereto in
consideration of the following:

            (i)   BAC shall pay AC the sum of $63,802,657.27, which sum
      represents a return of the payments that Advanta made to Fleet in February
      and March, 2004, representing the judgment Fleet obtained in the Delaware
      state court action between Advanta and Fleet. BAC shall make this payment
      to AC upon the receipt of the IRS Approval and Advanta's compliance
      (without regard to the compliance of BAC, Fleet or their Affiliates) with
      the foregoing provision of Paragraph 3(b) with respect to releases and
      dismissals with prejudice of all Litigation Disputes.

            (ii)  With regard to the tax dispute relating to the proper
      allocation of loss deduction for the chargeoff of approximately $508
      million in receivables, $120 million of

                                       10

<PAGE>

      Services' 1998 chargeoffs shall be treated as a built-in loss under
      Section 704(c) of the Code, allocable 100% to Advanta for Services' 1998
      taxable year, and the remaining approximately $388 million of chargeoffs
      shall not be treated as a built-in loss under Section 704(c) of the Code
      and shall be allocated 98.7% to FCCH and 1.3% to Advanta (and among
      Advanta in accordance with their relative Percentages).

            (iii) With regard to the tax dispute relating to the proper
      allocation of gain in the amount of $47,430,210 from the disposition of
      the interest in RBS Advanta, none of such gain shall be classified as Code
      Section 704(c) built-in gain allocable to Advanta and 100% of such taxable
      gain shall be treated as an item of taxable income of Services for its
      1998 taxable year and allocated 98.7% to FCCH and 1.3% to Advanta (and
      among Advanta in accordance with their relative Percentages).

            (iv)  The Parties shall cooperate with each other as reasonably
      necessary in coordinating the resolution of the above tax disputes with
      the Internal Revenue Service ("IRS") pursuant to the terms set forth in
      Subparagraphs 3(b)(ii)-(iii) above (the "TAX SETTLEMENT"). The Parties
      shall not take any position inconsistent with the terms of the Tax
      Settlement or the terms of this Agreement before the IRS. Furthermore,
      immediately following the Effective Date, Services and Advanta shall
      notify the IRS Appellate Conferee of the Tax Settlement and shall request
      the expedited preparation of IRS Form 870-P(AD), Settlement Agreement for
      Partnership Adjustments, consistent with the Tax Settlement. Services,
      Advanta and BAC shall be given draft copies of any of such Party's
      submissions to the IRS in respect of the Tax Settlement and no such
      submission shall be delivered until each of such Parties has had the
      opportunity to comment on such submission. If the IRS agrees and approves
      the Tax Settlement on the terms set forth in this Paragraph 3(b), then
      such agreement and approval shall be referred to as the "IRS APPROVAL."
      For purposes of this Agreement, an IRS Form 870-P(AD) (or other similar
      form) which incorporates the terms of the Tax Settlement, signed by or on
      behalf of the Commissioner, shall constitute an IRS Approval. If the IRS
      refuses to agree to the Tax Settlement and to issue the IRS Approval,
      then, subject to a Party's compliance with the above provisions of this
      Subparagraph 3(b)(iv), such Party shall have the right to take any
      position in court or before any taxing authority with respect to the tax
      disputes and shall no longer be obligated to the terms of the Tax
      Settlement.

Resolution of the Litigation Disputes on the terms set forth in this Paragraph
3(b) shall not constitute a condition or be subject to any other provisions of
this Agreement, which other provisions shall be valid and binding whether or not
the Litigation Disputes are resolved on the terms set forth in this Paragraph
3(b), except that if the IRS refuses to agree to the Tax Settlement on the terms
set forth in this Paragraph 3(b) and to issue the IRS Approval, then BAC shall
have no obligation to make the payment described in Subparagraph 3(b)(i) above,
the mutual releases set forth in Paragraph 3(a) above shall not be valid or
binding and the Parties shall not be obligated to settle, dismiss or otherwise
release the Litigation Disputes.

4.    REGULATORY DISCLOSURE. Advanta and BAC each acknowledges and agrees to
full, complete and open disclosure of the matters set forth in this Agreement to
all appropriate regulatory agencies, whether or not such disclosures are made by
BAC, Services or AC or their respective affiliates.

                                       11

<PAGE>

5.    CONDITION TO EFFECTIVENESS OF AGREEMENT. Advanta shall have the right to
terminate this Agreement and declare it void ab initio by delivering written
notice of termination to BAC no later than ten (10) calendar days after the
Effective Date if Advanta has not received written confirmation from KPMG of
AC's conclusion that the Agreement and the transactions contemplated herein will
not require Advanta to make any provision for income tax expense and an
associated increase in current or deferred tax reserves or a reduction in a
deferred tax asset. If Advanta does not terminate this Agreement pursuant to the
immediate preceding sentence, then this Agreement shall be valid and binding on
the Parties as of the Effective Date.

6.    MISCELLANEOUS TERMS AND CONDITIONS.

      (a)   Dispute. If a dispute arises between the Parties in connection with
this Agreement or any document or instrument delivered in connection herewith
(except any document or instrument that contains separate dispute resolution
provisions), including without limitation alleged breach of any representation,
warranty or covenant herein or therein, or a disagreement regarding the
interpretation of any provision hereof or thereof (a "DISPUTE"), the Parties
shall use the procedures set forth herein in good faith prior to any Party
pursuing other available judicial or nonjudicial remedies. A meeting shall be
held among the Parties within ten (10) business days after any Party gives
written notice of a Dispute to another Party. The meeting shall be attended by a
representative of each Party having decision making authority regarding the
Dispute (subject to Board of Directors, or equivalent approval, if required), to
attempt in good faith to negotiate a resolution of the Dispute.

      (b)   Confidentiality. Except as set forth in this Agreement or as the
Parties otherwise agree or as otherwise required by law or any national
securities exchange, each of the Parties agrees to maintain this Agreement and
any document or instrument delivered in connection herewith and the terms and
conditions hereof and thereof as confidential for the term of the Limited
Partnership Agreement and for a period of one (1) year thereafter.
Notwithstanding anything herein to the contrary, any Party (and any of its
employees, representatives and other agents) may disclose to any and all
persons, without limitation of any kind, the tax treatment or tax structure of
this transaction. Furthermore, the Parties of this transaction may disclose, as
required by federal or state laws or the requirements or requests of any
regulatory agency having jurisdiction over one or more of the Parties, any
information as required to comply with such federal or state laws.

      (c)   Governing Law. This Agreement shall be governed by the laws of the
State of Rhode Island without regard to principles of conflicts of laws
applicable therein.

      (d)   Entire Agreement. This Agreement, the Limited Partnership Agreement
and the Contribution Agreement and any other document or instrument executed in
connection herewith, constitutes the entire agreement between the Parties with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings between the Parties with respect to such matters.

      (e)   Notices. Any notice, demand, election or communication required,
permitted or desired to be given hereunder shall be sent by prepaid registered
or certified mail, return receipt requested, or by a nationally recognized
commercial courier service (such as FedEx or UPS), or

                                       12

<PAGE>

by electronic facsimile (but in the latter instance, also by U.S. Postal Service
or by a nationally recognized commercial courier service). Notices, demands,
elections or communications shall be deemed received on the first to occur of
the following:

            (i)   when personally delivered;

            (ii)  when actually delivered by a nationally recognized commercial
      courier; or

            (iii) two (2) business days following the deposit thereof with the
      U.S. Postal Service.

Notices, demands, elections or communications sent to (A) BAC, Services or FCCH
shall be sent to Timothy Mayopolis, General Counsel, Bank of America Corp., Bank
of America Corporate Center, Charlotte, NC 28255, and (B) any other Party shall
be sent to the address given for such Party on Schedule A of the Limited
Partnership Agreement. Any Party may change its address to which such notices
shall be given by written notices to the other Parties pursuant to the
provisions of this Paragraph 6(e).

      (f)   Successors and Assigns. All of the terms, conditions and covenants
of this Agreement shall be binding upon and inure to the benefit of the Parties
and their respective successors and permitted assigns.

      (g)   Expenses. Except as set forth in this Agreement or as otherwise
agreed to in writing by the Parties, each of the Parties will bear its own costs
and expenses, if any, incurred in connection with the preparation and execution
of this Agreement and any documents relating thereto.

      (h)   Further Assurances. Each Party shall execute and deliver such
further agreements, documents and instruments and do such further acts and
things as may be reasonably required to carry out the intent and purpose of this
Agreement

      (i)   No Third-Party Beneficiaries. This Agreement shall not confer any
rights or remedies upon any Person other than the Parties and their respective
successors and permitted assigns.

      (j)   Amendments. This Agreement shall not be amended or modified except
by an instrument in writing signed by Services, AC and BAC.

      (k)   Headings. All headings and captions herein are inserted for
convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope or intent of this Agreement or any
provision hereof.

      (1)   Waiver. No waiver of a breach or default hereunder shall be
considered valid unless in writing and signed by the Party giving such waiver,
and no such waiver shall be deemed a waiver of any subsequent breach of default
of the same or similar nature. No failure or delay by any Party in exercising
any right, power or privilege hereunder (other than the failure or delay beyond
the period of time as specified herein) shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further
exercise thereof or the

                                       13

<PAGE>

exercise of any other right, power or privilege. Except as otherwise provided in
this Agreement, the rights and remedies herein provided shall be cumulative and
not exclusive of any rights or remedies provided by law.

      (m)   Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in any number of counterparts, and by the
different Parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, and such counterparts taken
together shall constitute one and the same Agreement.

      (n)   Severability. Should any part or provision of this Agreement be held
unenforceable or in conflict with the applicable laws or regulations of any
jurisdiction, the invalid or unenforceable part or provision shall be replaced
with the revision that accomplishes, to the extent possible, the original
business purpose of such part or provision in a valid and enforceable manner,
and the balance of this Agreement shall remain in full force and effect and be
binding upon the Parties hereto.

      (o)   WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       14

<PAGE>

      IN WITNESS WHEREOF, the Parties have caused this AGREEMENT RELATING TO
FLEET CREDIT CARD SERVICES, L.P. to be executed by their duly authorized
representatives as of the Effective Date.

                                              ADVANTA CORP.

                                              By:  /s/ William A. Rosoff
                                                  -----------------------------
                                                  Name: William A. Rosoff
                                                  Title: President

                                              ADVANTA NATIONAL BANK

                                              By:  /s/ William A. Rosoff
                                                  -----------------------------
                                                  Name: William A. Rosoff
                                                  Title: Vice Chairman

                                              ADVANTA SERVICE CORP.

                                              By:  /s/ William A. Rosoff
                                                  -----------------------------
                                                  Name: William A. Rosoff
                                                  Title: Vice Chairman

                                       15

<PAGE>

                                            FLEET CREDIT CARD HOLDINGS, INC.

                                            By: /s/ G. Patrick Phillips
                                                --------------------------------
                                                Name: G. Patrick Phillips
                                                Title: Executive Vice President

                                            FLEET CREDIT CARD SERVICES, L.P.

                                            By: /s/ G. Patrick Phillips
                                                --------------------------------
                                                Name: G. Patrick Phillips
                                                Title: Executive Vice President

                                            BANK OF AMERICA CORP.

                                            By: /s/ G. Patrick Phillips
                                                --------------------------------
                                                Name: G. Patrick Phillips
                                                Title: Executive Vice President

                                       16

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