##### 



Exhibit 4.1
 EXECUTION
VERSION
 
     
 INDENTURE
   
 3.125% Convertible Notes due 2012




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##### 



TABLE OF CONTENTS
 PageARTICLE IDEFINITIONSSection 1.01.
    
    Definitions
    
    
    1ARTICLE IIISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTESSection 2.01.
    
    Designation, Amount and Issue of Notes
    
    
    10Section 2.02.
    
    Form of Notes
    
    
    11Section 2.03.
    
    Date and Denomination of Notes; Payments of Interest
    
    
    12Section 2.04.
    
    Execution and Authentication of Notes
    
    
    13Section 2.05.
    
    Exchange and Registration of Transfer of Notes; Restrictions on Transfer
    
    
    13Section 2.06.
    
    Mutilated, Destroyed, Lost or Stolen Notes
    
    
    19Section 2.07.
    
    Temporary Notes
    
    
    20Section 2.08.
    
    Cancellation of Notes
    
    
    20Section 2.09.
    
    CUSIP Numbers
    
    
    21ARTICLE IIIREPURCHASE OF NOTES UPON A FUNDAMENTAL CHANGESection 3.01.
    
    Repurchase at Option of Holders upon a Fundamental Change
    
    
    21Section 3.02.
    
    Repayment to the Company
    
    
    25ARTICLE IVPARTICULAR COVENANTS OF THE COMPANYSection 4.01.
    
    Payment of Principal, Premium and Interest
    
    
    25Section 4.02.
    
    Maintenance of Office or Agency
    
    
    25Section 4.03.
    
    Appointments to Fill Vacancies in Trustees Office
    
    
    26Section 4.04.
    
    Provisions as to Paying Agent
    
    
    26
 i




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PageSection 4.05.
    
    Existence
    
    
    27Section 4.06.
    
    Maintenance of Properties
    
    
    27Section 4.07.
    
    Payment of Taxes and Other Claims
    
    
    27Section 4.08.
    
    Rule 144A Information Requirement
    
    
    28Section 4.09.
    
    Stay, Extension and Usury Laws
    
    
    28Section 4.10.
    
    Compliance Certificate; Notice of Default
    
    
    29Section 4.11.
    
    Maintenance of Insurance
    
    
    29Section 4.12.
    
    Liquidated Damages Notice
    
    
    29ARTICLE VNOTEHOLDERS LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEESection 5.01.
    
    Company to Furnish Trustee Names and Addresses of Noteholders
    
    
    29Section 5.02.
    
    Preservation and Disclosure of Lists
    
    
    30Section 5.03.
    
    Reports by Trustee
    
    
    30Section 5.04.
    
    Reports by Company
    
    
    30ARTICLE VIREMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULTSection 6.01.
    
    Events of Default; Acceleration
    
    
    30Section 6.02.
    
    Payments of Notes on Default; Suit Therefor
    
    
    33Section 6.03.
    
    Application of Monies Collected by Trustee
    
    
    34Section 6.04.
    
    Proceedings by Noteholder
    
    
    35Section 6.05.
    
    Proceedings by Trustee
    
    
    36Section 6.06.
    
    Remedies Cumulative and Continuing
    
    
    36Section 6.07.
    
    Direction of Proceedings and Waiver of Defaults by Majority of Noteholders
    
    
    36Section 6.08.
    
    Undertaking to Pay Costs
    
    
    37
 ii




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PageARTICLE VIITHE TRUSTEESection 7.01.
    
    Certain Duties and Responsibilities
    
    
    37Section 7.02.
    
    Notice of Defaults
    
    
    37Section 7.03.
    
    Certain Rights of the Trustee
    
    
    38Section 7.04.
    
    Not Responsible for Statements or Issuance of Notes
    
    
    39Section 7.05.
    
    May Hold Notes
    
    
    39Section 7.06.
    
    Monies to Be Held in Trust
    
    
    39Section 7.07.
    
    Compensation and Reimbursement
    
    
    39Section 7.08.
    
    Disqualification; Conflicting Interests
    
    
    40Section 7.09.
    
    Corporate Trustee Required; Eligibility
    
    
    40Section 7.10.
    
    Resignation and Removal of Trustee; Appointment of Successor
    
    
    40Section 7.11.
    
    Acceptance of Appointment of Successor
    
    
    42Section 7.12.
    
    Merger, Conversion, Consolidation or Succession to Business
    
    
    42Section 7.13.
    
    Preferential Collection of Claims Against Company
    
    
    42ARTICLE VIIITHE NOTEHOLDERSSection 8.01.
    
    Action by Noteholders
    
    
    43Section 8.02.
    
    Proof of Execution by Noteholders
    
    
    43Section 8.03.
    
    Who Are Deemed Absolute Owners
    
    
    43Section 8.04.
    
    Company-Owned Notes Disregarded
    
    
    43Section 8.05.
    
    Revocation of Consents, Future Holders Bound
    
    
    44ARTICLE IXMEETINGS OF NOTEHOLDERSSection 9.01.
    
    Purpose of Meetings
    
    
    44Section 9.02.
    
    Call of Meetings by Trustee
    
    
    45
 iii




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PageSection 9.03.
    
    Call of Meetings by Company or Noteholders
    
    
    45Section 9.04.
    
    Qualifications for Voting
    
    
    45Section 9.05.
    
    Regulations
    
    
    45Section 9.06.
    
    Voting
    
    
    46Section 9.07.
    
    No Delay of Rights by Meeting
    
    
    46ARTICLE XSUPPLEMENTAL INDENTURESSection 10.01.
    
    Supplemental Indentures Without Consent of Noteholders
    
    
    47Section 10.02.
    
    Supplemental Indenture with Consent of Noteholders
    
    
    48Section 10.03.
    
    Effect of Supplemental Indenture
    
    
    49Section 10.04.
    
    Notation on Notes
    
    
    49Section 10.05.
    
    Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee
    
    
    49ARTICLE XIMERGER, CONSOLIDATION, ETC.Section 11.01.
    
    Mergers, Consolidations and Certain Transfers, Leases and Acquisitions of Assets
    
    
    49Section 11.02.
    
    Successor to Be Substituted
    
    
    50Section 11.03.
    
    Opinion of Counsel to Be Given Trustee
    
    
    50ARTICLE XIISATISFACTION AND DISCHARGE OF INDENTURESection 12.01.
    
    Discharge of Indenture
    
    
    50Section 12.02.
    
    Deposited Monies to Be Held in Trust by Trustee
    
    
    51Section 12.03.
    
    Paying Agent to Repay Monies Held
    
    
    51Section 12.04.
    
    Return of Unclaimed Monies
    
    
    51Section 12.05.
    
    Reinstatement
    
    
    51
 iv




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PageARTICLE XIIIIMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORSSection 13.01.
    
    Indenture and Notes Solely Corporate Obligations
    
    
    52ARTICLE XIVCONVERSION OF NOTESSection 14.01.
    
    Right to Convert
    
    
    52Section 14.02.
    
    Conversion Procedures
    
    
    55Section 14.03.
    
    Payment upon Conversion
    
    
    56Section 14.04.
    
    Cash Payments in Lieu of Fractional Shares
    
    
    58Section 14.05.
    
    Conversion Rate
    
    
    58Section 14.06.
    
    Adjustment of Conversion Rate
    
    
    59Section 14.07.
    
    Effect of Reclassification, Consolidation, Merger or Sale
    
    
    67Section 14.08.
    
    Taxes on Shares Issued
    
    
    68Section 14.09.
    
    Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock
    
    
    68Section 14.10.
    
    Responsibility of Trustee
    
    
    69Section 14.11.
    
    Notice to holders Prior to Certain Actions
    
    
    69Section 14.12.
    
    Rights Issued in Respect of Common Stock Issued upon Conversion
    
    
    70ARTICLE XVMISCELLANEOUS PROVISIONSSection 15.01.
    
    Provisions Binding on Companys Successors
    
    
    70Section 15.02.
    
    Official Acts by Successor Corporation
    
    
    71Section 15.03.
    
    Addresses for Notices, Etc.
    
    
    71Section 15.04.
    
    Governing Law
    
    
    71Section 15.05.
    
    Evidence of Compliance with Conditions Precedent, Certificates to Trustee
    
    
    71Section 15.06.
    
    Legal Holidays
    
    
    72
 v




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PageSection 15.07.
    
    Trust Indenture Act
    
    
    72Section 15.08.
    
    No Security Interest Created
    
    
    72Section 15.09.
    
    Benefits of Indenture
    
    
    72Section 15.10.
    
    Table of Contents, Headings, Etc.
    
    
    72Section 15.11.
    
    Authenticating Agent
    
    
    72Section 15.12.
    
    Execution in Counterparts
    
    
    73Section 15.13.
    
    Severability
    
    
    73
  vi




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INDENTURE
 Company Trustee
 WITNESSETH:
 Notes
      ARTICLE I
 Definitions
 Section 1.01. Definitions.




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Additional Notes
 Additional Shares
 Affiliate control controlling controlled
 Agent Members
 Beneficial Owner Beneficial Ownership Beneficially Owns
 Board of Directors
 Business Day
 Capital Stock
     2




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Cash Amount
 Cash Settlement Averaging Period
 Cash Settlement Notice Period
 Closing Sale Price
 Commission
 Common Stock provided
 Company
 Continuing Directors
 3




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Conversion Agent
 Conversion Date
 Conversion Notice
 Conversion Price
 Conversion Rate
 Conversion Retraction Period
 Corporate Trust Office
 Current Market Price
     Custodian
 Daily Adjustment
 4




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default
 Defaulted Interest
 Depositary Depositary
 Distributed Asset
 Effective Date
 Equity Interests
 Event of Default
 Exchange Act
 Ex-Dividend Time
 Fair Market Value
 Fundamental Change
  5




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Fundamental Change Conversion Right Notice
 Fundamental Change Payment
 Fundamental Change Repurchase Date
 Fundamental Change Repurchase Right Notice
 GAAP
 Global Note
 Indenture
 6




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Initial Purchasers
 interest
 Interest Payment Date
 Liquidated Damages
 Liquidated Damages Notice
 Maturity
 Note Notes
 Note register
 Note registrar
 Noteholder holder beneficial holder
 Officers Certificate
 Opinion of Counsel
 7




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outstanding
     Person
 Portal Market
 Predecessor Note
 premium
 record date
 Registration Rights Agreement
 Repurchase Premium
 Responsible Officer 8
        Restricted Securities
 Rights
 Rights Agreement
 Rule 144A
 Securities Act
 Spin-Off
 Stock Price provided
 Subsidiary
 Third Party Offeror
 Trading Day provided
 9




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Trading Price provided provided further
 Trust Indenture Act provided
 Trustee
 ARTICLE II
 Issue, Description, Execution, Registration and Exchange of Notes
 Section 2.01. Designation, Amount and Issue of Notes. Additional Notes provided
 10




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Section 2.02. Form of Notes.
  Global Note
   11




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Section 2.03. Date and Denomination of Notes; Payments of Interest.
 provided provided record
date
 Defaulted Interest
  12




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Section 2.04. Execution and Authentication of Notes.
  Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on Transfer.
 13




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Note register Note registrar
         14




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provided
   Agent Members
 15




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Restricted
Securities transfer
   16




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17




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18




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restricted
securities
 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes.
 19




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Section 2.07. Temporary Notes.


Section 2.08. Cancellation of Notes.


20



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Section 2.09. CUSIP Numbers
 ARTICLE III
 Repurchase of Notes upon a Fundamental Change
 Section 3.01. Repurchase at Option of Holders upon a Fundamental Change Fundamental Change Repurchase Date Fundamental Change
Payment Fundamental
Change Conversion Right Notice
    th Fundamental Change Repurchase Right
Notice
     21




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provided however
 22




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23




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provided
    provided
 24




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Section 3.02. Repayment to the Company provided
 ARTICLE IV
 Particular Covenants of the Company
 Section 4.01. Payment of Principal, Premium and Interest
 Section 4.02. Maintenance of Office or Agency
 25




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Section 4.03. Appointments to Fill Vacancies in Trustees Office
 Section 4.04. Provisions as to Paying Agent
     26




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provided
     Section 4.05. Existence
 Section 4.06. Maintenance of Properties.
 Section 4.07. Payment of Taxes and Other Claims
 27




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provided
 Section 4.08. Rule 144A Information Requirement
 Section 4.09. Stay, Extension and Usury Laws
 28




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Section 4.10. Compliance Certificate; Notice of Default
   Section 4.11. Maintenance of Insurance
 Section 4.12. Liquidated Damages Notice Liquidated Damages Notice
 ARTICLE V
 Noteholders Lists and Reports by the Company and the Trustee
 Section 5.01. Company to Furnish Trustee Names and Addresses of Noteholders
 29




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Section 5.02. Preservation and Disclosure of Lists
   Section 5.03. Reports by Trustee
  Section 5.04. Reports by Company
 ARTICLE VI
 Remedies of the Trustee and Noteholders on an Event of Default
 Section 6.01. Events of Default; Acceleration
 30




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31




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32




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Section 6.02. Payments of Notes on Default; Suit Therefor
  33




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Section 6.03. Application of Monies Collected by Trustee
  34




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Section 6.04. Proceedings by Noteholder
 35




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Section 6.05. Proceedings by Trustee
 Section 6.06. Remedies Cumulative and Continuing
 Section 6.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders provided
 36




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provided however
 Section 6.08. Undertaking to Pay Costs provided
 ARTICLE VII
 The Trustee
 Section 7.01. Certain Duties and Responsibilities
 Section 7.02. Notice of Defaults
 37




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provided however
 Section 7.03. Certain Rights of the Trustee
       38




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Section 7.04. Not Responsible for Statements or Issuance of Notes
 Section 7.05. May Hold Notes
 Section 7.06. Monies to Be Held in Trust
 Section 7.07. Compensation and Reimbursement
 39




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Section 7.08. Disqualification; Conflicting Interests
 Section 7.09. Corporate Trustee Required; Eligibility
 Section 7.10. Resignation and Removal of Trustee; Appointment of Successor
 40




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41




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Section 7.11. Acceptance of Appointment of Successor
   Section 7.12. Merger, Conversion, Consolidation or Succession to Business
 Section 7.13. Preferential Collection of Claims Against Company
 42




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ARTICLE VIII
 The Noteholders
 Section 8.01. Action by Noteholders
 Section 8.02. Proof of Execution by Noteholders
  Section 8.03. Who Are Deemed Absolute Owners
 Section 8.04. Company-Owned Notes Disregarded
 43




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Section 8.05. Revocation of Consents, Future Holders Bound
 ARTICLE IX
 Meetings of Noteholders
 Section 9.01. Purpose of Meetings
   44




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Section 9.02. Call of Meetings by Trustee
  Section 9.03. Call of Meetings by Company or Noteholders
 Section 9.04. Qualifications for Voting
 Section 9.05. Regulations
 45




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Section 9.06. Voting
  Section 9.07. No Delay of Rights by Meeting
 46




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ARTICLE X
 Supplemental Indentures
 Section 10.01. Supplemental Indentures Without Consent of Noteholders
     provided
     47
         Section 10.02. Supplemental Indenture with Consent of Noteholders provided
  48




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Section 10.03. Effect of Supplemental Indenture
 Section 10.04. Notation on Notes
 Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee
 ARTICLE XI
 Merger, Consolidation, Etc.
 Section 11.01. Mergers, Consolidations and Certain Transfers, Leases and Acquisitions of
Assets
  49




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Section 11.02. Successor to Be Substituted
 Section 11.03. Opinion of Counsel to Be Given Trustee
 ARTICLE XII
 Satisfaction and Discharge of Indenture
 Section 12.01. Discharge of Indenture
    50




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Section 12.02. Deposited Monies to Be Held in Trust by Trustee
 Section 12.03. Paying Agent to Repay Monies Held
 Section 12.04. Return of Unclaimed Monies
 Section 12.05. Reinstatement
 51




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provided
 ARTICLE XIII
 Immunity of Incorporators, Stockholders, Officers and Directors
 Section 13.01. Indenture and Notes Solely Corporate Obligations
 ARTICLE XIV
 Conversion of Notes
 Section 14.01. Right to Convert
   52




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53




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provided
   54




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Ex-Dividend Time
  Section 14.02. Conversion Procedures Conversion Notice Conversion Date
  55
           Section 14.03. Payment upon Conversion Final Notice Date
 Conversion Obligation Cash Settlement Notice Period Conversion Retraction Period
 56




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Cash Settlement Averaging Period
     Cash Amount
   57




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Section 14.04. Cash Payments in Lieu of Fractional Shares
 Section 14.05. Conversion Rate Conversion Rate
 58




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Section 14.06. Adjustment of Conversion Rate
 Stock Dividends in Common Stock
 Issuance of Rights or Warrants
   59




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##### 



Stock Splits and Combinations
 Distribution of Indebtedness, Securities or Assets Distributed Assets
 60




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##### 



Spin-Offs Spin-off
 Cash Distributions
 61




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Tender or Exchange Offers Expiration
Date
   Repurchases
 62




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##### 



Repurchase Premium
   provided provided further
     Third Party Tender or Exchange Offers Third Party Offeror
 63




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No Adjustment
       64




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Increase in Conversion Rate due to Taxes
 Temporary Increase in Conversion Rate
 Fundamental Change Make-Whole Adjustment provided however
  65




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Fundamental Change Effective Date
    
    Stock Price$81.60
    
    
    $82.00
    
    
    $83.00
    
    
    $84.00
    
    
    $85.00
    
    
    $90.00
    
    
    $95.00
    
    
    $100.00
    
    
    $110.00
    
    
    $125.00
    
    
    $150.00
    
    
    $175.00
    
    
    $200.00
    
    
    $250.00
    
    
    $300.00June 15, 2007
    
    
    3.80
    
    
    
    3.77
    
    
    
    3.68
    
    
    
    3.59
    
    
    
    3.51
    
    
    
    3.14
    
    
    
    2.82
    
    
    
    2.55
    
    
    
    2.11
    
    
    
    1.63
    
    
    
    1.14
    
    
    
    0.86
    
    
    
    0.68
    
    
    
    0.47
    
    
    
    0.35June 15, 2008
    
    
    3.73
    
    
    
    3.69
    
    
    
    3.60
    
    
    
    3.51
    
    
    
    3.42
    
    
    
    3.03
    
    
    
    2.69
    
    
    
    2.41
    
    
    
    1.95
    
    
    
    1.47
    
    
    
    0.99
    
    
    
    0.72
    
    
    
    0.56
    
    
    
    0.38
    
    
    
    0.29June 15, 2009
    
    
    3.65
    
    
    
    3.61
    
    
    
    3.51
    
    
    
    3.42
    
    
    
    3.32
    
    
    
    2.90
    
    
    
    2.54
    
    
    
    2.24
    
    
    
    1.76
    
    
    
    1.27
    
    
    
    0.81
    
    
    
    0.57
    
    
    
    0.43
    
    
    
    0.29
    
    
    
    0.22June 15, 2010
    
    
    3.58
    
    
    
    3.53
    
    
    
    3.42
    
    
    
    3.32
    
    
    
    3.21
    
    
    
    2.75
    
    
    
    2.36
    
    
    
    2.03
    
    
    
    1.53
    
    
    
    1.03
    
    
    
    0.59
    
    
    
    0.39
    
    
    
    0.29
    
    
    
    0.20
    
    
    
    0.15June 15, 2011
    
    
    3.55
    
    
    
    3.50
    
    
    
    3.37
    
    
    
    3.25
    
    
    
    3.13
    
    
    
    2.60
    
    
    
    2.15
    
    
    
    1.77
    
    
    
    1.21
    
    
    
    0.69
    
    
    
    0.31
    
    
    
    0.18
    
    
    
    0.14
    
    
    
    0.10
    
    
    
    0.08June 15, 2012
    
    
    3.80
    
    
    
    3.74
    
    
    
    3.59
    
    
    
    3.45
    
    
    
    3.31
    
    
    
    2.66
    
    
    
    2.07
    
    
    
    1.55
    
    
    
    0.64
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
       Notice of Adjustments of Conversion Rate
  66




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Section 14.07. Effect of Reclassification, Consolidation, Merger or Sale
 67




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##### 



Section 14.08. Taxes on Shares Issued
 Section 14.09. Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental
Requirements; Listing of Common Stock
    68




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Section 14.10. Responsibility of Trustee
 Section 14.11. Notice to holders Prior to Certain Actions
    69




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Section 14.12. Rights Issued in Respect of Common Stock Issued upon Conversion Rights Rights Agreement
 ARTICLE XV  Miscellaneous Provisions
 Section 15.01. Provisions Binding on Companys Successors
 70




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Section 15.02. Official Acts by Successor Corporation
 Section 15.03. Addresses for Notices, Etc.
    Section 15.04. Governing Law
 Section 15.05. Evidence of Compliance with Conditions Precedent, Certificates to Trustee
  71




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Section 15.06. Legal Holidays
 Section 15.07. Trust Indenture Act provided provided further
 Section 15.08. No Security Interest Created
 Section 15.09. Benefits of Indenture
 Section 15.10. Table of Contents, Headings, Etc.
 Section 15.11. Authenticating Agent
 72




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Section 15.12. Execution in Counterparts
 Section 15.13. Severability
  73




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NII HOLDINGS, INC., as IssuerBy:

/s/Name:Title:WILMINGTON TRUST COMPANY, as TrusteeBy:

/s/Name:Title: 74




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EXHIBIT A




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NII HOLDINGS, INC.
 3.125% CONVERTIBLE SENIOR NOTE DUE 2012
 CUSIP:
    
    _________ISIN:
    
    _________No. ______
    
    
    
    
    
    $
    
    _________
 Company provided provided provided provided




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---



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NII HOLDINGS, INC.By: Attest:By:   WILMINGTON TRUST COMPANY, as TrusteeBy:Authorized OfficerDated:




---



##### 



FORM OF REVERSE OF NOTE
 NII HOLDINGS, INC.
 3.125% CONVERTIBLE SENIOR NOTE DUE 2012
 Notes Indenture Trustee
  provided
            provided




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##### 








---



##### 



ABBREVIATIONS
  TEN COM 
    
    as tenants in common
    
    UNIF GIFT MIN ACT  ___Custodian ___TEN ENT 
    
    as tenant by the entireties
    
    (Cust)    
     (Minor)JT TEN 
    
    as joint tenants with right of survivorship under Uniform Gifts to Minors Actand not as tenants in common(State)




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CONVERSION NOTICE
 TO:
    
    NII HOLDINGS, INC.WILMINGTON TRUST COMPANY
   Name of holder or underlying
participant of DepositorySignature(s)Signature(s) must be guaranteed by an eligible
guarantor institution meeting the requirements of
the Note registrar, which requirements include
membership or participation in the Security Transfer
Agent Medallion Program (STAMP) or such other
signature guarantee program as may be determined by
the Note registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.Signature Guarantee
  (Name)




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##### 



(Street Address)(City, State and Zip Code)Please print name and addressPrincipal amount to be converted
(if less than all):$Social Security or Other Taxpayer 
Identification Number:




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##### 



OPTION TO ELECT REPURCHASE
UPON A FUNDAMENTAL CHANGE
 TO:
    
    NII HOLDINGS, INC.WILMINGTON TRUST COMPANY
 Company
  Signature(s)NOTICE: The above signatures of the holder(s) hereof
must correspond with the name as written upon the
face of the Note in every particular without
alteration or enlargement or any change whatever.Principal amount to be repaid (if less than all):Social Security or Other Taxpayer
Identification Number




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##### 



ASSIGNMENT
   o
    
    To NII Holdings, Inc. or a subsidiary thereof; oro
    
    To a qualified institutional buyer in compliance with Rule 144A under
the Securities Act of 1933, as amended; oro
    
    Pursuant to and in compliance with Rule 144(k) under the Securities Act
of 1933, as amended; oro
    
    Pursuant to a Registration Statement which has been declared effective
under the Securities Act of 1933, as amended, and which continues to be
effective at the time of transfer;
  Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any person other than the registered holder thereof.
  Signature(s)Signature(s) must be guaranteed by an eligible
guarantor institution meeting the requirements of
the Note registrar, which requirements include
membership or participation in the Security Transfer
Agent Medallion Program (STAMP) or such other
signature guarantee program as may be determined by
the Note registrar in addition to, or in




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substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.Signature Guarantee




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Schedule I
  NII HOLDINGS, INC.
3.125% Convertible Note Due 2012
  Notation Explaining
    
    Authorized Signature ofDate
    
    Principal Amount
    
Principal
Amount Recorded
    

Trustee
or Custodian