Document:

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                                                                     Exhibit 4.6

                          REGISTRATION RIGHTS AGREEMENT

          REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of August
5, 2005, by and among Clearwire Corporation, a corporation incorporated under
the laws of the state of Delaware, with headquarters located at 5808 Lake
Washington Blvd NE, Suite #300, Kirkland, Washington 98033 (the "COMPANY") and
the undersigned buyers (each, a "BUYER", and collectively, the "BUYERS").

          WHEREAS:

          A. In connection with the Securities Purchase Agreement by and among
the parties hereto of even date herewith (the "SECURITIES PURCHASE AGREEMENT"),
the Company has agreed, upon the terms and subject to the conditions set forth
in the Securities Purchase Agreement, to issue and sell to the Buyers on the
Closing Date (i) $255,000,000 aggregate principal amount of senior secured notes
(the "INITIAL NOTES"), which will be governed by an indenture (the "INDENTURE")
of even date herewith, by and among the Company, the guarantors named therein
and the trustee and (ii) 20,400,000 warrants (the "INITIAL WARRANTS"), which
will be exercisable to purchase Class A Common Stock (as exercised collectively,
the "WARRANT SHARES"). For a period of one hundred and eighty (180) days
following the Issue Date (as defined in the Indenture), holders of the Initial
Notes shall have the option to purchase (the "HOLDERS' OPTION") additional notes
in the amount of up to $280,000,000 less the amount of interest on the Initial
Notes paid prior to the issuance of such additional notes (the "ADDITIONAL
NOTES") plus a pro rata portion of up to an additional 20,400,000 warrants (the
"ADDITIONAL WARRANTS"). The Initial Notes and the Additional Notes are referred
to herein as the "NOTES." The Initial Warrants and the Additional Warrants are
referred to herein as the "WARRANTS."

          B. To induce the Buyers to execute and deliver the Securities Purchase
Agreement, the Company has agreed to provide certain registration rights under
the United States Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the
"SECURITIES ACT"), and applicable state securities laws.

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and each
of the Buyers hereby agree as follows:

          1. Definitions.

          Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Securities Purchase Agreement. As
used in this Agreement, the following terms shall have the following meanings:

          "2003 REGISTRATION RIGHTS AGREEMENT" means Registration Rights
Agreement, dated as of November 13, 2003, among the Company, Eagle River
Holdings, LLC, Hispanic Information Television Network and Clearwire Holdings,
Inc.

          "2004 REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, dated as of March 16, 2004, by and between the Company and each of
the investors named therein.

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          "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" (including, with correlative meanings, the terms "controlling,"
"controlled by" and "under common control with"), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person
whether through the ownership of voting securities or by agreement or otherwise.

          "BUSINESS DAY" means any day other than Saturday, Sunday or any other
day on which commercial banks in The City of New York are authorized or required
by law to remain closed.

          "BUYERS" has the meaning set forth in the preamble of this Agreement.

          "CLOSING DATE" means the date of the closing of the sale of the Notes
and Warrants as contemplated by the Securities Purchase Agreement.

          "CLASS A COMMON STOCK" means the Class A Common Stock, par value
$0.0001 per share, of the Company, as it exists on the date of this Agreement
and any other shares of capital stock or other securities of the Company into
which such Class A Common Stock may be reclassified or changed, together with
any and all other securities which may from time to time be issuable upon
exercise of the Warrants.

          "COMPANY" has the meaning set forth in the preamble of this Agreement.

          "EFFECTIVE DATE" means the date the Registration Statement is declared
effective by the SEC.

          "EXCHANGE ACT" means the United States Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder or any similar
successor statute.

          "EXISTING REGISTRATION RIGHTS AGREEMENTS" means the 2003 Registration
Rights Agreement and the 2004 Registration Rights Agreement.

          "EXISTING DEMAND REGISTRATION RIGHTS" means the registration rights
set forth in Section 3 of the 2003 Registration Rights Agreement and Section 3
of the 2004 Registration Rights Agreement.

          "EXISTING INCIDENTAL REGISTRATION RIGHTS" means the registration
rights set forth in Section 2 of the 2003 Registration Rights Agreement and
Section 2 of the 2004 Registration Rights Agreement.

          "HOLDER" means a Person who is a holder or beneficial owner of
Transfer Restricted Securities; provided that, unless otherwise expressly stated
herein, a holder of Warrants shall be deemed to be a holder of such Transfer
Restricted Securities into which such Warrants are exercisable.

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          "HOLDER INFORMATION" with respect to any Holder means information with
respect to such Holder required to be included in any Registration Statement or
the related Prospectus pursuant to the Securities Act and which information is
included therein in reliance upon and in conformity with information furnished
to the Company in writing by such Holder specifically for inclusion therein.

          "INCIDENTAL REGISTRATION" means a registration required to be effected
by the Company pursuant to Section 2.2.

          "INCIDENTAL REGISTRATION STATEMENT" means a registration statement of
the Company which covers the offer and sale of Transfer Restricted Securities in
respect of an Incidental Registration pursuant to the provisions of Section 2.2
and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference (or
deemed to be incorporated by reference) therein.

          "INDENTURE" has the meaning set forth in Recital A hereto.

          "LEGAL COUNSEL" means one firm or counsel designated by the Company
(and reasonably acceptable to the Majority Holders acting on behalf of the
Holders) to act as counsel for the Holders in connection therewith, which firm
shall be Schulte Roth & Zabel LLP or such other counsel as may reasonably be
acceptable to the Majority Holders.

          "LOSSES" has the meaning set forth in Section 6(d) hereof.

          "MAJORITY HOLDERS" means the Holders of a majority of the Transfer
Restricted Securities.

          "NASD" means the National Association of Securities Dealers, Inc.

          "NON-PUBLIC INCIDENTAL REGISTRATION NOTICE" has the meaning set forth
in Section 2.2(a) of this Agreement.

          "NON-PUBLIC INCIDENTAL REGISTRATION NOTICE PERIOD" has the meaning set
forth in Section 2.2(a) of this Agreement.

          "NOTES" has the meaning set forth in Recital A hereto.

          "NOTICE AND QUESTIONNAIRE" means a Selling Security Holder Notice and
Questionnaire substantially in the form of Exhibit A attached hereto.

          "NOTICE HOLDER" means any Holder of Transfer Restricted Securities
that has delivered a properly completed and signed Notice and Questionnaire to
the Company in accordance with Section 2.1(b) hereof.

          "PERSON" has the meaning set forth in the Securities Purchase
Agreement.

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          "POST-EFFECTIVE AMENDMENT" has the meaning set forth in Section
2.1(b)(ii) of this Agreement.

          "PROSPECTUS" means the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of Transfer Restricted Securities covered by such
Registration Statement, and all amendments and supplements to such prospectus,
including all documents incorporated or deemed to be incorporated by reference
in such prospectus.

          "QUALIFIED IPO" has the meaning set forth in the Indenture governing
the Notes.

          "QUESTIONNAIRE DEADLINE" has the meaning set forth in Section 2.1(b)
hereof.

          "REGISTRATION DEFAULT PAYMENTS" has the meaning set forth in Section
2.1(e) hereof.

          "REGISTRATION DEFAULT TRIGGER" has the meaning set forth in Section
2.1(e) hereof.

          "REGISTRATION STATEMENT" means the Incidental Registration Statement
or the Shelf Registration Statement, as the case may be.

          "RULE 144" means Rule 144 under the Securities Act (or any successor
provision promulgated by the SEC).

          "RULE 144A" means Rule 144A under the Securities Act (or any successor
provision promulgated by the SEC).

          "RULE 144(K)" means Rule 144(k) under the Securities Act (or any
successor provision promulgated by the SEC).

          "RULE 415" means Rule 415 under the Securities Act (or any successor
provision promulgated by the SEC).

          "SEC" means the Securities and Exchange Commission.

          "SECURITIES ACT" has the meaning set forth in Recital B hereto.

          "SECURITIES PURCHASE AGREEMENT" has the meaning set forth in Recital A
hereto.

          "SHELF REGISTRATION" means a registration effected pursuant to Section
2.1 hereof.

          "SHELF REGISTRATION PERIOD" has the meaning set forth in Section
2.1(c) hereof.

          "SHELF REGISTRATION STATEMENT" means any "shelf" registration
statement of the Company filed pursuant to the provisions of Section 2.1 hereof
which covers resales of the Transfer Restricted Securities on Form S-3 or on
another appropriate form (as determined by the

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Company) for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 and all amendments and supplements to any such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference (or deemed to be incorporated by reference) therein.

          "SUSPENSION PERIOD" has the meaning set forth in Section 2.1(d)
hereof.

          "TRANSFER RESTRICTED SECURITIES" means the Warrant Shares issued or
issuable upon exercise of the Warrants (and any security issued with respect
thereto upon any stock dividend, stock split or similar event) that are
represented by certificates that bear, or, upon issuance thereof, are required
to bear, a restricted legend in accordance with the terms of the Securities
Purchase Agreement, until the earliest of the date on which the Warrant Shares
or any security issued with respect thereto upon any stock dividend, stock split
or similar event, as the case may be: (i) has been transferred pursuant to a
Registration Statement or another registration statement covering such Warrant
Shares which has been filed with the SEC pursuant to the Securities Act, in
either case after such registration statement has become effective and while
such registration statement is effective under the Securities Act; (ii) has been
transferred pursuant to Rule 144; (iii) has been transferred pursuant to Rule
904 of Regulation S under the Securities Act; (iv) after the Company has
received an opinion of counsel to the Company that the holding period applicable
to sales of all applicable Transfer Restricted Securities under Rule 144(k) has
expired, may be sold or transferred pursuant to Rule 144(k); or (v) ceases to be
outstanding.

          "UNDERWRITERS" means the underwriters, if any, of the offering being
registered under the Securities Act.

          "UNDERWRITTEN OFFERING" means a sale of securities of the Company to
an Underwriter or Underwriters for reoffering to the public.

          "WARRANTS" has the meaning set forth in Recital A hereto.

          "WARRANT SHARES" has the meaning set forth in Recital A hereto.

          All references in this Agreement to financial statements and schedules
and other information which is "contained," "included," or "stated" in the
Registration Statement, any preliminary Prospectus or Prospectus (and all other
references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information incorporated or deemed
to be incorporated by reference in such Registration Statement, preliminary
Prospectus or Prospectus, as the case may be; and all references in this
Agreement to amendments or supplements to the Registration Statement, any
preliminary Prospectus or Prospectus shall be deemed to mean and include any
document filed with the SEC under the Exchange Act, after the date of such
Registration Statement, preliminary Prospectus or Prospectus, as the case may
be, which is incorporated or deemed to be incorporated by reference therein.

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          2. Registration Statements.

          2.1 Shelf Registration Statement.

               a. The Company shall, at its expense, prepare and file with the
SEC, as soon as practicable, but in no event later than one hundred twenty (120)
days, following the registration of the Class A Common Stock or Class B Common
Stock of the Company under the Securities Act or the Exchange Act (an "EFFECTIVE
REGISTRATION") or any Change of Control pursuant to which the Warrant becomes
exercisable for securities registered under the Securities Act or the Exchange
Act of the surviving company (the "FILING DEADLINE"), a Shelf Registration
Statement with respect to resales of the Transfer Restricted Securities by the
Holders from time to time on a delayed or continuous basis pursuant to Rule 415
and in accordance with the methods of distribution set forth in such Shelf
Registration Statement and thereafter shall use its reasonable best efforts to
cause such Shelf Registration Statement to be declared effective under the
Securities Act as soon as practicable after the Filing Deadline, but in no event
later than one hundred and eighty (180) days after the completion of the
Effective Registration or any Change of Control pursuant to which the Warrant
becomes exercisable for securities registered under the Securities Act or the
Exchange Act of the surviving company (the "EFFECTIVENESS DEADLINE"). The first
filing of the Shelf Registration Statement shall contain the "Plan of
Distribution" section in substantially the form attached hereto as Exhibit B.
The Company shall supplement or amend the Shelf Registration Statement if
required by the rules, regulations or instructions applicable to the
registration form used by the Company for the Shelf Registration Statement, or
by the Securities Act, the Exchange Act or the SEC. The Company shall not
register any Class A Common Stock or any other securities for the benefit of any
Person other than the Company or a holder of Existing Incidental Registration
Rights, in advance of registering the Transfer Restricted Securities pursuant to
this Section 2.1 or pursuant to Section 2.2 (other than a registration on Form
S-4).

               b. (i) The Company shall name each Holder that delivers a
properly completed and signed Notice and Questionnaire to the Company as a
selling holder of Transfer Restricted Securities in the Shelf Registration
Statement. A Holder of Transfer Restricted Securities may include such
securities in the Shelf Registration Statement only if the Holder sends by first
class registered mail or by courier with delivery confirmation a properly
completed Notice and Questionnaire to the Company. The Company shall deliver the
Notice and Questionnaire to the Holders within five (5) Business Days of
completion of the registration of the Company's securities under the Securities
Act or Exchange Act. In order to be included in the Shelf Registration Statement
at the time of its effectiveness, the completed Notice and Questionnaire must be
received by the Company on or prior to the tenth (10th) Business Day after the
date the Notice and Questionnaire is delivered by the Company in accordance with
this Section 2.1(b)(i) (or, in the case of a Holder that is a transferee of
Transfer Restricted Securities, on or prior to the earlier of (x) the twentieth
(20th) Business Day after the completion of the transfer of Transfer Restricted
Securities to the transferee and (y) 9:00 a.m., New York time, on the fifth
(5th) Business Day prior to initial effectiveness of the Shelf Registration
Statement, in each case provided that the Company has delivered the Notice and
Questionnaire in accordance with this Section 2.1(b)(i)) (in any case, the
"QUESTIONNAIRE DEADLINE").

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                    (ii) Following the effectiveness of the Shelf Registration
Statement, upon receipt of a completed Notice and Questionnaire from a Holder,
the Company will, as promptly as practicable, but in any event within ten (10)
Business Days after the Company's receipt thereof, file any supplements to the
related Prospectus or file any post-effective amendment to the Shelf
Registration Statement that is required by applicable law to cause a Holder to
be named as a selling securityholder in the Shelf Registration Statement and
permit such Holder to deliver the Prospectus to purchasers of Transfer
Restricted Securities (a "POST-EFFECTIVE AMENDMENT") (subject to the right of
the Company to suspend the use of the Prospectus as described in Section 2.1(d)
hereof); provided, however, that (i) if a supplement to the related Prospectus
is required to permit the Holder (or other Holders not included in the Shelf
Registration Statement upon effectiveness) to deliver the Prospectus to
purchasers of Transfer Restricted Securities, the Company shall not be required
to file more than one (1) such supplement during any twenty (20) day period and
(ii) if a post effective amendment to the Shelf Registration Statement is
required to permit the Holder (or other Holders not included in the Shelf
Registration Statement upon effectiveness) to deliver the Prospectus to
purchasers of Transfer Restricted Securities, the Company shall not be required
to file more than one (1) post-effective amendment to the Shelf Registration
Statement in any sixty (60) day period. The Company shall use its reasonable
best efforts to cause any such post-effective amendment to become effective
under the Securities Act as promptly as is practicable; provided, that if a
Notice and Questionnaire is delivered to the Company during a Suspension Period,
the Company shall not be obligated to amend the Shelf Registration Statement or
supplement the Prospectus until the termination of such Suspension Period.

                    (iii) Each Holder as to which the Shelf Registration
Statement is being effected shall furnish promptly to the Company (x) such other
information as the Company may reasonably request for use in connection with the
Shelf Registration Statement or Prospectus or in any application to be filed
with or under state securities laws and (y) all information required to be
disclosed in order to make the information previously furnished to the Company
by such Holder not misleading.

               c. The Company shall use its reasonable best efforts to keep the
Shelf Registration Statement continuously effective, supplemented and amended
under the Securities Act in order to permit the Prospectus forming a part
thereof to be usable, subject to Section 2(d) hereof, by all Notice Holders
until there ceases to be any Transfer Restricted Securities outstanding (such
period being called the "SHELF REGISTRATION PERIOD"). The Company will, in order
to fulfill its obligations and this Section 2.1(c): (x) subject to Section
2.1(b)(ii) and 2.1(d), use its reasonable best efforts to prepare and file with
the SEC such amendments and post-effective amendments to the Shelf Registration
Statement as may be necessary to keep the Shelf Registration Statement
continuously effective for the Shelf Registration Period; (y) subject to Section
2.1(b)(ii) and 2.1(d), cause the related Prospectus to be supplemented by any
required supplement, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) under the Securities Act; and (z) comply
in all material respects with the provisions of the Securities Act with respect
to the disposition of all Transfer Restricted Securities covered by the Shelf
Registration Statement during the Shelf Registration Period.

               d. The Company may suspend the availability of any Shelf
Registration Statement and the use of any Prospectus (the period during which
the availability of

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any Shelf Registration Statement and any Prospectus may be suspended herein
referred to as the "SUSPENSION PERIOD"), without incurring any obligation to pay
Registration Default Payments pursuant to Section 2.1(e), for a period not to
exceed: (i) thirty (30) consecutive days at any one time, (ii) forty-five (45)
days in any three (3) month period or (iii) ninety (90) days in the aggregate
during any twelve (12)-month period, in each case only for valid business
reasons, to be determined in good faith by the Company in its reasonable
judgment (which shall not include the avoidance of the Company's obligations
hereunder), including, without limitation, the acquisition or divestiture of
assets, pending corporate developments, events listed in Section 3(c), public
filings with the SEC and similar events; provided, that the Company promptly
thereafter complies with the requirements of Section 3(g) hereof, if applicable,
and provided further that, if a Post-Effective Amendment is required by
applicable law to cause a Holder to be named as a selling securityholder in the
Shelf Registration Statement, the period of time between the filing and the
effectiveness of any Post-Effective Amendment shall be not deemed to be a
Suspension Period hereunder. The first day of any Suspension Period must be at
least two (2) trading days after the last day of any prior Suspension Period.

               e. The Company and the Buyers agree that the Holders of Transfer
Restricted Securities will suffer damages, and it would not be feasible to
ascertain the extent of such damages with precision, if the Company fails to
fulfill its obligations under Section 2.1 hereof. If: (i) the Shelf Registration
Statement has not been filed with the SEC on or prior to the Filing Deadline,
(ii) if the Shelf Registration Statement has not been declared effective by the
SEC on or prior to the Effectiveness Deadline or (iii) on any day after the
Effective Date sales of all of the Transfer Restricted Securities required to be
included on such Shelf Registration Statement cannot be made (other than during
a Suspension Period pursuant to such Shelf Registration Statement (including,
without limitation, because of a failure to keep such Shelf Registration
Statement effective, to disclose such information as is necessary for sales to
be made pursuant to such Shelf Registration Statement or to register a
sufficient number of Warrant Shares)) (a "MAINTENANCE FAILURE", and each such
event referred to in clauses (i), (ii) and (iii), a "REGISTRATION DEFAULT
TRIGGER"), the Company shall pay to each Notice Holder during any period in
which a Registration Default Trigger has occurred or is continuing (which remedy
shall be exclusive of any other remedies available at law or in equity) an
amount in cash equal to 2 percent (2%) of the aggregate Purchase Price (as such
term is defined in the Securities Purchase Agreement) of such Holder's Transfer
Restricted Securities included in such Shelf Registration Statement on each of
the following dates: (i) every thirtieth day (pro rated for periods totaling
less than thirty days) after a Filing Failure until such Filing Failure is
cured; (ii) every thirtieth day (pro rated for periods totaling less than thirty
days) after an Effectiveness Failure until such Effectiveness Failure is cured;
(iii) every thirtieth day (pro rated for periods totaling less than thirty days)
after a Maintenance Failure until such Maintenance Failure is cured. The
payments to which a holder shall be entitled pursuant to this Section 2.1(e) are
referred to herein as "REGISTRATION DEFAULT PAYMENTS." Registration Default
Payments shall be paid on the earlier of (I) the thirtieth day after the event
or failure giving rise to the Registration Default Payments has occurred and
(II) the third Business Day after the event or failure giving rise to the
Registration Default Payments is cured. In the event the Company fails to make
Registration Default Payments in a timely manner, such Registration Default
Payments shall bear interest at the rate of one percent (1.0%) per month
(prorated for partial months) until paid in full. No Registration Default
Payment shall be required if prior to the Effectiveness Deadline the Transfer
Restricted Securities are included in an Incidental Registration under Section
2.2.

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               f. All of the Company's obligations (including, without
limitation, the obligation to pay Registration Default Payments) set forth in
the preceding paragraph which are outstanding or exist with respect to any
Transfer Restricted Security at the time such security ceases to be a Transfer
Restricted Security shall survive until such time as all such obligations with
respect to such security shall have been satisfied in full.

               g. Immediately upon the occurrence or the termination of a
Registration Default Trigger, the Company shall give the Notice Holders, so long
as any Warrants remain outstanding, notice of such commencement or termination
of the obligation to pay Registration Default Payments with regard to the
Warrants, and the amount thereof and of the nature of the default giving rise to
such commencement or the event giving rise to such termination, as the case may
be (such notice to be contained in a certificate signed by the chief financial
officer of the Company and detailing such event (the "OFFICER'S CERTIFICATE"),
and prior to receipt of such Officer's Certificate, the Notice Holders shall be
entitled to assume that no such commencement or termination has occurred.

               h. If the Shelf Registration Statement is on a form other than
Form S-3 or a successor form thereto then the Company shall use reasonable best
efforts to convert the Shelf Registration Statement into a registration
statement on Form S-3 or a successor form thereto, provided that the Company
shall maintain the effectiveness of the Shelf Registration Statement then in
effect until such time as a Shelf Registration Statement on Form S-3 covering
the Transfer Restricted Securities has been declared effective by the SEC

          2.2 Incidental Registration Statement.

               a. (i) Following an Effective Registration, if the Company at any
time or from time to time proposes or is required to register any of its
securities under the Securities Act (other than (x) in a registration on Form
S-4, S-3 (to the extent such form relates solely to a stock purchase or dividend
reinvestment plan) or S-8 or any successor form to such forms, or (y) at such
times as a Shelf Registration Statement is effective) whether or not pursuant to
registration rights granted to other holders of its securities and whether or
not for sale for its own account, the Company shall deliver prompt written
notice (which notice shall be given (i) in the event that the Company has
publicly disclosed such proposed registration, at least thirty (30) calendar
days prior to such proposed registration and (ii) in the event that the Company
has not publicly disclosed such proposed registration (a "NON-PUBLIC INCIDENTAL
REGISTRATION NOTICE"), no more than ten (10) Business Days prior to the filing
of such proposed registration with the SEC (such period not in excess of ten
(10) Business Days, the "NON-PUBLIC INCIDENTAL REGISTRATION NOTICE PERIOD")) to
all Holders of its intention to undertake such registration, describing in
reasonable detail the proposed registration and distribution (including the
anticipated range of the proposed offering price, the class and number of
securities proposed to be registered and the distribution arrangements) and of
such Holders' right to participate in such registration under this Section 2.2
as hereinafter provided. If the Holder elects to participate in such proposed
registration, the Holder agrees to keep the contents of any Non-Public
Incidental Registration Notice confidential prior to the filing of such proposed
registration with the SEC and if the Holder has elected not to participate in
such proposed registration, the Holder agrees to keep the contents of any
Non-Public Incidental Registration Notice confidential during the Non-Public
Incidental Registration Notice Period. Subject to the other provisions of this
Section

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2.2(a) and Section 2.2(b), upon the written request of any Holder made within
twenty (20) calendar days, or in the case of a Non-Public Incidental
Registration Notice, within five (5) Business Days, after the receipt of such
written notice (which request shall specify the amount of Transfer Restricted
Securities to be registered and the intended method of disposition thereof), the
Company shall effect the registration under the Securities Act of all Transfer
Restricted Securities requested by Holders to be so registered (an "INCIDENTAL
REGISTRATION"), to the extent requisite to permit the disposition (in accordance
with the intended methods thereof as aforesaid) of the Transfer Restricted
Securities so to be registered, by inclusion of such Transfer Restricted
Securities in the Incidental Registration Statement and shall cause such
Registration Statement to become and remain effective with respect to such
Transfer Restricted Securities in accordance with the registration procedures
set forth in Section 3. If an Incidental Registration involves an Underwritten
Offering, immediately upon notification to the Company from the Underwriter of
the price at which such securities are to be sold, the Company shall so advise
each participating Holder. The Holders requesting inclusion in an Incidental
Registration may, at any time prior to the Effective Date of the Incidental
Registration Statement (and for any reason), revoke such request by delivering
written notice to the Company revoking such requested inclusion. Notwithstanding
anything in this Section 2.2 to the contrary, the Holders shall not have any
rights under this Section 2.2 to participate in any Incidental Registration if
at the time of filing the Shelf Registration Statement filed under Section 2.1
remains effective.

                    (ii) If at any time after giving written notice of its
intention to register any securities and prior to the Effective Date of the
Incidental Registration Statement filed in connection with such registration,
the Company shall determine for any reason not to register or to delay
registration of such securities, the Company may, at its election, give written
notice of such determination to each Holder and, thereupon, (A) in the case of a
determination not to register, the Company shall be relieved of its obligation
to register any Transfer Restricted Securities in connection with such
registration (but not from its obligation to pay the fees and expenses incurred
in connection therewith as set forth in Section 4), without prejudice, however,
to the Company's obligation to effect a registration under Section 2.1, and (B)
in the case of a determination to delay such registration, the Company shall be
permitted to delay the registration of such Transfer Restricted Securities for
the same period as the delay in registering such other securities; provided,
however, that if such delay shall extend beyond one hundred and twenty (120)
days from the date the Company received a request to include Transfer Restricted
Securities in such Incidental Registration, upon making the determination to
proceed with such registration, the Company shall again give all Holders the
opportunity to participate therein and shall follow the notification procedures
set forth in the preceding paragraph. There is no limitation on the number of
such Incidental Registrations pursuant to this Section 2.2 which the Company is
obligated to effect.

                    (iii) The registration rights granted pursuant to the
provisions of this Section 2.2 shall be in addition to the registration rights
granted pursuant to the other provisions of Section 2 hereof.

               b. If an Incidental Registration involves an Underwritten
Offering (on a firm commitment basis), and the sole or the lead managing
Underwriter, as the case may be, of such Underwritten Offering shall advise the
Company in writing (with a copy to each Holder requesting registration) on or
before the date five (5) days prior to the date then scheduled for

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such offering that, in its opinion, the amount of securities (including Transfer
Restricted Securities) requested to be included in such registration exceeds the
amount which can be sold in such offering without materially interfering with
the successful marketing of the securities being offered (such writing to state
the basis of such opinion and the approximate number of such securities which
may be included in such offering without such effect), the Company shall include
in such registration, to the extent of the number which the Company is so
advised may be included in such offering without such effect, (i) in the case of
a registration initiated by the Company, (A) first, the securities that the
Company proposes to register for its own account, (B) second, pari passu among
the securities of holders who exercised a contractual right to demand that such
registration statement be filed and the Transfer Restricted Securities requested
to be included in such registration by the Holders, allocated among the Holders
of Transfer Restricted Securities pro rata in proportion to the number of
Transfer Restricted Securities requested to be included in such registration by
each of them, (C) third, other securities of the Company to be registered on
behalf of holders of Existing Incidental Registration Rights in accordance with
the terms of the Existing Registration Rights Agreement or any other holders of
incidental registration rights and (D) fourth, other securities of the Company
to be registered on behalf of any other Person, and (ii) in the case of a
registration initiated by any Person other than the Company, (A) first, pari
passu among the securities of the Company to be registered on behalf of holders
of Existing Demand Registration Rights or any other holder of a contractual
right to demand that such registration statement be filed and the Transfer
Restricted Securities requested to be included in such registration by the
Holders or any other holders of incidental registration rights, allocated among
the Holders of Transfer Restricted Securities pro rata in proportion to the
number of Transfer Restricted Securities requested to be included in such
registration by each of them, (B) second, any securities that the Company
proposes to register for its own account and (C) third, other securities of the
Company to be registered on behalf of any other Person.

          3. Registration Procedures.

          In connection with any Registration Statement, the following
provisions shall apply:

               a. The Company shall: (i) furnish to the Holders, within a
reasonable period of time, but in any event within four (4) Business Days prior
to the filing thereof with the SEC to afford the Holders and their counsel a
reasonable opportunity for review and to participate in the preparation thereof,
a copy of each Registration Statement, and each amendment thereof, and a copy of
each Prospectus, and each amendment or supplement thereto (excluding amendments
caused by the filing of a report under the Exchange Act) and shall reflect in
each such document, when so filed with the SEC, such comments as the Buyers may
reasonable propose therein and (ii) include information regarding the Notice
Holders and the methods of distribution they have elected for their Transfer
Restricted Securities provided to the Company in Notice and Questionnaires as
necessary to permit such distribution by the methods specified therein.

               b. Subject to Section 2.1(d), the Company shall ensure that: (i)
any Registration Statement and any amendment thereto and any Prospectus forming
a part thereof and any amendment or supplement thereto comply as to form in all
material respects with the Securities Act; (ii) any Registration Statement and
any amendment thereto does not, when it

                                       11

<PAGE>

becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; and (iii) any Prospectus forming a part of
any Registration Statement, and any amendment or supplement to such Prospectus,
does not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided, that the
Company makes no representation with respect to any Holder Information.

               c. The Company, as promptly as reasonably practicable (but in any
event within two (2) Business Days), shall notify each Notice Holder:

                    (i) When a Registration Statement or any post-effective
amendment thereto or any Prospectus or any supplement thereto has been filed
with the SEC and when the Registration Statement or any post-effective amendment
thereto has become effective which notice and confirmation can be made at the
election of the Company by making a public announcement thereof by release made
to Reuters Economic Services, Bloomberg Business News or a similar service;

                    (ii) of any request, following effectiveness of the
Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to the
Registration Statement or the Prospectus or for additional information (other
than any such request relating to a review of the Company's Exchange Act
filings);

                    (iii) of the issuance by the SEC or any other federal or
state governmental authority of any stop order suspending the effectiveness of
the Registration Statement or of any order preventing or suspending the use of
any Prospectus or the initiation or threat of any proceedings for that purpose;

                    (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification
of the Transfer Restricted Securities included in any Registration Statement for
sale in any jurisdiction or the initiation or threat of any proceeding for that
purpose;

                    (v) of the occurrence of, but not the nature of or details
concerning, any event or the existence of any condition that requires the making
of any changes in the Registration Statement or the Prospectus or any document
incorporated by reference therein so that, as of such date, the statements
therein are not misleading and the Registration Statement or the Prospectus or
any document incorporated by reference therein, as the case may be, does not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein (in
the case of the Prospectus, in the light of the circumstances under which they
were made) not misleading;

                    (vi) of the Company's determination that a post-effective
amendment to the Registration Statement is necessary (other than a
post-effective amendment pursuant to Section 2.1(b)(ii)); and

                                       12

<PAGE>

                    (vii) of the commencement (including as a result of any of
the events or circumstances described in paragraph (ii) above) and termination
of any Suspension Period.

               d. The Company shall use its reasonable best efforts to obtain:
(i) the withdrawal of any order suspending the effectiveness of any Registration
Statement and the use of any related Prospectus; and (ii) the lifting of any
suspension of the qualification (or exemption from qualification) of any of the
Transfer Restricted Securities for offer or sale in any jurisdiction in which
they have been qualified for sale, in each case at the earliest possible time,
and shall provide notice to each Notice Holder of the withdrawal of any such
orders or suspensions.

               e. The Company shall promptly furnish to the Buyers (and, upon
written request from any Notice Holder to such Notice Holder), without charge,
(i) at least one copy of the Shelf Registration Statement and any post-effective
amendment thereto, excluding all documents incorporated or deemed to be
incorporated therein by reference and all exhibits thereto, (ii) promptly after
the same is prepared and filed with the SEC, one copy of the Shelf Registration
Statement and any amendment(s) thereto, including financial statements and
schedules, all documents incorporated therein by reference, if requested by an
Buyer, and all exhibits and (iii) upon the effectiveness of the Shelf
Registration Statement, one copy of the prospectus included in such Registration
Statement and all amendments and supplements thereto.

               f. The Company shall, at the Effective Date, promptly provide
each Notice Holder a copy of the Prospectus included in the Registration
Statement and during the Shelf Registration Period or the period of time during
which any Incidental Registration Statement is effective, as applicable,
promptly deliver to each Notice Holder, without charge, as many copies of the
Prospectus (including each preliminary Prospectus) included in any Registration
Statement, and any amendment or supplement thereto, as such person may
reasonably request and except as provided in Sections 2.1(d) and 3(o) hereof;
and the Company hereby consents to the use of the Prospectus and any amendment
or supplement thereto by each of the selling Notice Holders in connection with
the offering and sale of the Transfer Restricted Securities covered by the
Prospectus or any amendment or supplement thereto.

               g. The Company shall submit to the SEC, within two (2) Business
Days after the Company learns that no review of the Shelf Registration Statement
will be made by the staff of the SEC or that the staff has no further comments
on the Shelf Registration Statement, as the case may be, a request for
acceleration of effectiveness of the Shelf Registration Statement to a time and
date not later than 48 hours after the submission of such request.

               h. The Company shall promptly furnish to the Legal Counsel copies
of any correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to any Shelf Registration Statement; provided, that
such correspondence shall not be furnished to any Buyer unless such Buyer agrees
to keep confidential any information regarding such correspondence.

                                       13

<PAGE>

               i. Prior to any offering of Transfer Restricted Securities
pursuant to any Registration Statement, the Company shall register or qualify or
cooperate with the Notice Holders and their respective counsel in connection
with the registration or qualification (or exemption from such registration or
qualification) of such Transfer Restricted Securities for offer and sale, under
the securities or blue sky laws of such jurisdictions within the United States
as any such Notice Holders reasonably request and shall maintain such
qualification in effect during the Shelf Registration Period or the period of
time during which any Incidental Registration Statement is effective, as
applicable, and do any and all other acts or things necessary or advisable to
enable the offer and sale in such jurisdictions of the Transfer Restricted
Securities covered by such Registration Statement; provided, however, that the
Company will not be required to: (i) qualify generally to do business as a
foreign corporation or as a dealer in securities in any jurisdiction where it is
not then so qualified or (ii) take any action which would subject it to service
of process or taxation in excess of a nominal dollar amount in any such
jurisdiction where it is not then so subject.

               j. The Company shall cooperate with the Notice Holders to
facilitate the timely preparation and delivery of certificates representing
Transfer Restricted Securities sold pursuant to any Registration Statement free
of any restrictive legends at least two (2) Business Days prior to the
settlement of sales of Transfer Restricted Securities and otherwise in
accordance with the Securities Purchase Agreement, and the Notes and the
Warrants, as applicable.

               k. Subject to the exceptions contained in (i) and (ii) of Section
3(f) above, the Company shall use its reasonable best efforts to cause the
Transfer Restricted Securities covered by the applicable Registration Statement
to be registered with or approved by such other federal, state and local
governmental agencies or authorities, and self-regulatory organizations in the
United States as may be necessary to enable the Notice Holders to consummate the
disposition of such Transfer Restricted Securities as contemplated by the
Registration Statement; without limitation to the foregoing, the Company and the
Holders shall provide all such information as may be required by the NASD in
connection with the offering under the Registration Statement of the Transfer
Restricted Securities (including, without limitation, such as may be required by
NASD Rule 2710 or 2720), and each shall cooperate with the other in connection
with any filings required to be made with the NASD by such Notice Holder in that
regard.

               l. Upon the occurrence of any event described in Section 3(c)(iv)
or 3(c)(v) hereof, the Company shall promptly prepare and file with the SEC a
post-effective amendment to any Registration Statement, or an amendment or
supplement to the related Prospectus, or any document incorporated therein by
reference, or file a document which is incorporated or deemed to be incorporated
by reference in such Registration Statement or Prospectus, as the case may be,
so that, as thereafter delivered to purchasers of the Transfer Restricted
Securities included therein, the Registration Statement and the Prospectus, in
each case as then amended or supplemented, will not include an untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein (in the case of the
Prospectus, in the light of the circumstances under which they were made) not
misleading and, in the case of a post-effective amendment, use its reasonable
best efforts to cause it to become effective as promptly as practicable;
provided, that

                                       14

<PAGE>

the Company's obligations under this paragraph 3(l) shall be suspended if the
Company has suspended the use of the Prospectus in accordance with Section
2.1(d) hereof and given notice of such suspension to Notice Holders, it being
understood that the Company's obligations under this Section 3(l) shall be
automatically reinstated at the end of such Suspension Period.

               m. The Company shall provide, prior to the effective date of any
Registration Statement hereunder, a CUSIP number for the Transfer Restricted
Securities registered under such Registration Statement.

               n. The Company shall use its reasonable best efforts to comply
with all applicable rules and regulations of the SEC and shall make generally
available to its security holders an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 promulgated by
the SEC thereunder (or any similar rule promulgated under the Securities Act)
for a twelve (12)-month period commencing on the first (1st) day of the first
(1st) fiscal quarter of the Company commencing after the effective date of any
Registration Statement or each post-effective amendment to any Registration
Statement, which such statements shall be made available no later than 45 days
after the end of the 12-month period or 90 days after the end of the 12-month
period, if the 12-month period coincides with the fiscal year of the Company.

               o. The Company shall cause all Class A Common Stock issuable upon
exercise of the Warrants to be reserved for listing on each securities exchange
or quotation system on which the Class A Common Stock is then listed no later
than the date the applicable Registration Statement is declared effective and,
shall cause all Class A Common Stock to be so listed when issued, and, in
connection therewith, to make such filings as may be required under the Exchange
Act and to have such filings declared effective as and when required thereunder.

               p. The Company may require each Notice Holder of Transfer
Restricted Securities to be sold pursuant to any Registration Statement to
furnish to the Company such information regarding the Notice Holder and the
distribution of such Transfer Restricted Securities sought by the Notice and
Questionnaire and such additional information as may, from time to time, be
required by the Securities Act and/or the SEC or any other federal or state
governmental authority, and the obligations of the Company to any Notice Holder
under this Agreement shall be expressly conditioned on the compliance of such
Notice Holder with such request.

               q. If reasonably requested in writing in connection with any
disposition of Transfer Restricted Securities pursuant to a Registration
Statement, the Company shall make reasonably available for inspection during
normal business hours by a representative for the Notice Holders of such
Transfer Restricted Securities and any broker-dealers, attorneys and accountants
retained by such Notice Holders, all relevant financial and other records,
pertinent corporate documents and properties of the Company and its
subsidiaries, and cause the appropriate executive officers, directors and
designated employees of the Company and its subsidiaries to make reasonably
available for inspection during normal business hours all relevant information
reasonably requested by such representative for the Notice Holders or any such
broker-dealers, attorneys or accountants in connection with such disposition, in
each case as is customary for similar "due diligence" examinations; provided,
however, that any information

                                       15

<PAGE>

that is designated by the Company, in good faith, as confidential at the time of
delivery of such information shall be kept confidential by such Persons, unless
disclosure thereof is made in connection with a court, administrative or
regulatory proceeding or required by law, or such information has become
available to the public generally through the Company or through a third party
without an accompanying obligation of confidentiality.

               r. Each Notice Holder agrees that, upon receipt of notice of the
happening of an event described in Sections 3(c)(ii) through and including
3(c)(vi), it shall forthwith discontinue (and shall cause its agents and
representatives to discontinue) disposition of Transfer Restricted Securities
and will not resume disposition of Transfer Restricted Securities until such
Holder has received copies of an amended or supplemented Prospectus contemplated
by Section 3(i) hereof, or until such Notice Holder is advised in writing by the
Company that the use of the Prospectus may be resumed or that the relevant
Suspension Period has been terminated, as the case may be; provided, that the
foregoing shall not prevent the sale, transfer or other disposition of Transfer
Restricted Securities by a Holder in a transaction which is exempt from, or not
subject to, the registration requirements of the Securities Act, so long as such
Holder does not and is not required to deliver the applicable Prospectus or
Registration Statement in connection with such sale, transfer or other
disposition, as the case may be; and provided, further, that the provisions of
this Section 3(o) shall not prevent the occurrence of a Registration Default
Trigger or otherwise limit the obligation of the Company to pay Registration
Default Payments.

               s. Each Notice Holder shall promptly notify the Company of any
inaccuracies or changes in the information requiring an amendment to the
applicable Registration Statement or Prospectus provided in such Notice Holder's
Notice and Questionnaire that may occur subsequent to the date thereof at any
time while the Registration Statement remains effective.

               t. The Company shall use its reasonable best efforts to take all
other steps necessary to effect the registration of the Warrant Shares covered
by the Registration Statement contemplated hereby.

          4. Registration Expenses.

          The Company shall bear all fees and expenses incurred in connection
with the performance of its obligations under Sections 2 and 3 hereof and shall
reimburse the Holders for the reasonable fees and disbursements of the Legal
Counsel in an amount not to exceed $25,000 per registration. Such fees and
expenses shall include, without limitation: (i) all registration and filing fees
and expenses (including filings made with the NASD); (ii) all fees and expenses
of compliance with federal securities and state Blue Sky or securities laws;
(iii) all expenses of printing (including printing of Prospectuses and
certificates for the Class A Common Stock to be issued upon exercise of the
Warrants) and the Company's expenses for messenger and delivery services and
telephone; (iv) all fees and disbursements of counsel to the Company; (v) all
application and filing fees in connection with listing (or authorizing for
quotation) the Class A Common Stock on a national securities exchange or
automated quotation system pursuant to the requirements hereof; and (vi) all
fees and disbursements of independent certified public accountants of the
Company. The Company shall bear its internal expenses (including, without

                                       16

<PAGE>

limitation, all salaries and expenses of their officers and employees performing
legal, accounting or other duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company. Notwithstanding the provisions of this Section 4, each Holder shall
bear the expense of any broker's commission, agency fee and underwriter's
discount or commission, if any, relating to the sale or disposition of such
Holder's Transfer Restricted Securities pursuant to a Registration Statement.

          5. Holdback Arrangements.

          The Company and each Holder of Transfer Restricted Securities agrees,
if requested in writing by the sole or lead managing underwriter in connection
with a Qualified IPO, not to (i) sell, offer to sell, contract or agree to sell,
hypothecate, hedge, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, any Transfer Restricted
Securities or warrants or other rights to purchase Transfer Restricted
Securities or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of
Transfer Restricted Securities, or warrants or other rights to purchase Transfer
Restricted Securities, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise (the agreements contained in clauses
(i) and (ii) of this Section 5, collectively, the "LOCK-UP AGREEMENT"), during
the time period reasonably requested by the sole or lead managing underwriter
not to exceed one hundred and eighty (180) days, beginning on the effective date
of the Registration Statement for such Qualified IPO (except as part of such
underwritten offering or pursuant to registrations on Forms S-4, S-8 or S-3 (to
the extent such form relates solely to a stock purchase or dividend reinvestment
plan)) without the prior written consent of the sole or lead managing
underwriter (the "PUBLIC OFFERING LOCK-UP PERIOD"); provided, however, that if
(i) during the period that begins on the date that is fifteen (15) calendar days
plus three (3) Business Days before the last day of the Public Offering Lock-Up
Period and ends on the last day of the Public Offering Lock-Up Period, the
Company issues an earnings release or material news or a material event relating
to the Company occurs or (ii) prior to the expiration of the Public Offering
Lock-Up Period, the Company announces that it will release (and does release)
earnings results during the sixteen (16) day period beginning on the last day of
the Public Offering Lock-Up Period, the restrictions imposed shall continue to
apply until the expiration of the date that is fifteen (15) calendar days plus
three (3) Business Days after the date on which the issuance of the earnings
release or the material news or material event occurs. Notwithstanding the
foregoing, the Holders of Transfer Restricted Securities shall not be obligated
to enter into the Lock-Up Agreement unless (A) all officers and directors of the
Company and all Persons holding at least 2% of the Company's voting securities
and/or securities of the Company convertible into, or exercisable or
exchangeable for, voting securities of the Company enter into identical
agreements, with the agreement of the Holders (including the proviso set forth
in the immediately preceding sentence) being on no more onerous terms than any
other agreements entered into by any other Person (the "OTHER LOCK-UP
AGREEMENTS"), and (B) the Lock-Up Agreement is explicitly conditioned on the
Holder receiving the benefits of any release or modification of any Other
Lock-Up Agreement for any other Person and (ii) the Lock-Up Agreement shall
automatically terminate upon any release or termination of any Other Lock-Up
Agreement of any other Person.

                                       17

<PAGE>

          6. Indemnification and Contribution.

               a. The Company shall indemnify and hold harmless each Holder of
Transfer Restricted Securities covered by any Registration Statement, its
directors, officers, partners, members and employees and each Person, if any,
who controls any such Holder within the meaning of either the Securities Act or
the Exchange Act (collectively referred to for purposes of this Section 6 as a
"HOLDER") against any losses, claims, damages or liabilities, joint or several,
or actions in respect thereof, to which any of them may become subject, under
the Securities Act or otherwise, insofar as such losses, claims, damages,
liabilities or actions arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement, or in any Prospectus, or any amendment thereof or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact necessary to make the statements therein (in the case of
any Prospectus, in the light of the circumstances under which they were made)
not misleading, and will reimburse each such party, as incurred, for any legal
or other expenses reasonably incurred by such party in connection with
investigating or defending any such action or claim; provided, however, that:
(i) the Company shall not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon Holder
Information; (ii) with respect to any untrue statement or omission of material
fact made in any Registration Statement, or in any Prospectus, the indemnity
agreement contained in this Section 6(a) shall not inure to the benefit of a
Holder from whom the Person asserting any such loss, claim, damage or liability
purchased the securities concerned, to the extent that any such loss, claim,
damage or liability of such Holder occurs under the circumstance where it shall
have been established that: (w) the Company had previously furnished copies of
the Prospectus, and any amendments and supplements thereto, to such Holder; (x)
delivery of the Prospectus, and any amendment or supplements thereto, was
required by the Securities Act to be made to such Person; (y) the untrue
statement or omission of a material fact contained in the Prospectus was
corrected in amendments or supplements thereto delivered to such Holder; and (z)
there was not received by such Person, at or prior to the written confirmation
of the sale of such securities to such Person, a copy of such amendments or
supplements to the Prospectus; and (iii) the indemnification provisions of this
Section shall not apply to amounts paid in settlement of any loss, claim, damage
or liability if such settlement is effected without the prior written consent of
the Company, which consent shall not be unreasonably withheld or delayed. This
indemnity agreement will be in addition to any liability that the Company may
otherwise have. This indemnity agreement will not apply to any loss, damage,
expense, liability or claim arising from an offer or sale, occurring during a
Suspension Period, of Transfer Restricted Securities by a Notice Holder who has
previously received notice from the Company of the commencement of the
Suspension Period pursuant to Section 3(c)(vii).

               b. Each Holder, severally and not jointly, agrees to indemnify
and hold harmless the Company, each of its directors and officers and each
Person, if any, who controls the Company within the meaning of either the
Securities Act or the Exchange Act, to the same extent as the foregoing
indemnity from the Company to the Holders and shall reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any loss, claim,
damage, liability or action, but only with reference to Holder Information
supplied by such Holder. In no event shall any Holder, it directors, officers,
partners, members or employees or any Person, if any, who controls such Holder
be liable or responsible for any amount in excess of the amount by which the
total

                                       18

<PAGE>

amount received by such Holder with respect to its sale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement exceeds the amount of
any damages that such Holder, its directors, officers or any Person who controls
such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. This indemnity
agreement will be in addition to any liability that such Holder may otherwise
have.

               c. Promptly after receipt by an indemnified party under this
Section 6 of notice of any claim or the commencement of any action or proceeding
(including any governmental investigation), such indemnified party will, if a
claim for indemnification in respect thereof is to be made against the
indemnifying party under Section 6(a) or 6(b) hereof, notify the indemnifying
party in writing of the commencement thereof; but the omission to so notify the
indemnifying party will not relieve it from any liability which it may have to
any indemnified party to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may
have otherwise than on account of this indemnity agreement. In case any such
action or proceeding is brought against any indemnified party, and it notifies
the indemnifying party of the commencement thereof, the indemnifying party will
be entitled to participate therein (jointly with any other indemnifying party
similarly notified), and to the extent that it may elect, by written notice,
delivered to such indemnified party promptly after receiving the aforesaid
notice from such indemnified party, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party; provided, however, that if
the defendants (including any impleaded parties) in any such action include both
the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded, upon advice of counsel, that there may be legal
defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, the indemnified
party or parties shall have the right to each select one separate counsel to
defend such action on behalf of such indemnified party or parties. Upon receipt
of notice from the indemnifying party to such indemnified party of its election
to so appoint counsel to defend such action and approval by the indemnified
party of such counsel, the indemnifying party will not be liable to such
indemnified party under this Section 6 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof unless: (i) the indemnified party shall have employed separate counsel
in accordance with the proviso to the preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expense of more
than one separate counsel (in addition to any local counsel), approved by the
Holders in the case of paragraph (a) of this Section 6, representing the
indemnified parties under such paragraph (a) who are parties to such action);
(ii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within
a reasonable time after notice or commencement of the action; (iii) the
indemnifying party has authorized the employment of counsel for the indemnified
party at the expense of the indemnifying party; or (iv) the use of counsel
chosen by the indemnifying party to represent the indemnified party would, upon
the advice of counsel, present such counsel with a conflict of interest. An
indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each

                                       19

<PAGE>

indemnified party from all liability arising out of such claim, action, suit or
proceeding. Subject to the provisions of the immediately following sentence, no
indemnifying party shall be liable for any settlement, compromise or the consent
to the entry of judgment in connection with any such action effected without its
written consent, but if settled with its written consent or if there be a final
judgment for the plaintiff in any such action other than a judgment entered with
the consent of such indemnified party, the indemnifying party shall indemnify
and hold harmless any indemnified party from and against any loss or liability
by reason of such settlement or judgment. If at any time an indemnified party
shall have requested that an indemnifying party reimburse the indemnified party
for reasonable fees and expenses of counsel as contemplated by this Section 6(c)
and to which it would be entitled under Section 6(a) or 6(b) hereof, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if: (x) such settlement is
entered into more than sixty (60) days after receipt by such indemnifying party
of such request for reimbursement, (y) such indemnifying party shall have
received notice of the terms of such settlement at least forty-five (45) days
prior to such settlement being entered into and such settlement is entered into
on such terms and (z) such indemnifying party shall not have reimbursed such
indemnified party in accordance with such request prior to the date of such
settlement (unless such reimbursement is disputed in good faith). Each
indemnified party shall furnish such information regarding itself or the claim
in question as an indemnifying party may reasonably request in writing and as
shall be reasonably required in connection with the defense of such claim and
litigation arising therefrom.

               d. In the event that the indemnity provided in paragraph (a) or
(b) of this Section 6 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, each indemnifying party shall contribute to
the aggregate losses, claims, damages and liabilities (including legal or other
expenses reasonably incurred in connection with investigating or defending same)
(collectively, "LOSSES") to which the indemnified party may be subject to the
fullest extent permitted by law from the sale of the Warrants; provided,
however, that in no case shall an indemnifying party that is a Holder be
responsible for any amount in excess of the total price at which the Transfer
Restricted Securities are sold by such Holder to a purchaser. If the allocation
provided by the immediately preceding sentence is unavailable for any reason,
the Company and such Holder shall contribute in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and of
such Holder on the other in connection with the statements or omissions which
resulted in such Losses, as well as any other relevant equitable considerations.
Relative fault shall be determined by reference to, among other things, whether
any untrue or any alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information provided by the
Company on the one hand or relates to Holder Information supplied by such
Holder, on the other, the intent of the parties and their relative knowledge,
information and opportunity to correct or prevent such untrue statement or
omission. The parties agree that it would not be just and equitable if
contribution pursuant to this paragraph (d) were determined by pro rata
allocation or any other method of allocation that does not take account of the
equitable considerations referred to above. Notwithstanding the provisions of
this paragraph (d), no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person with respect to claims arising directly out of or
relating to such fraudulent misrepresentation who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 6(d), each Person who
controls such Holder within the meaning of either the Securities Act or the
Exchange Act shall have the same rights to contribution as such Holder, and each
Person who controls the

                                       20

<PAGE>

Company within the meaning of either the Securities Act or the Exchange Act
shall have the same rights to contribution as the Company, subject in each case
to the applicable terms and conditions of this paragraph (d).

               e. The remedies provided for in this Section 6 are not exclusive
and shall not limit any rights or remedies which may otherwise be available to
any indemnified party at law or in equity.

               f. The provisions of this Section 6 will remain in full force and
effect regardless of (i) the termination of this Agreement, (ii) any
investigation made by or on behalf of any Holder, any underwriter or the Company
or any of the officers, directors or controlling Persons referred to in Section
6 hereof and (iii) the sale by a Holder of Transfer Restricted Securities
covered by a Registration Statement.

               g. Rules 144 and 144A. The Company covenants that it shall use
its reasonable best efforts to file the reports required to be filed by it under
the Exchange Act in a timely manner so long as the Transfer Restricted
Securities remain outstanding. If at any time the Company is not required to
file such reports, it will, upon request of any Holder or beneficial owner of
Transfer Restricted Securities, make available such information necessary to
permit sales pursuant to Rule 144 and Rule 144A. The Company further covenants
that, for as long as any Transfer Restricted Securities remain outstanding, it
will take such further action as any Holder of Transfer Restricted Securities
may reasonably request, all to the extent required from time to time to enable
such Holder to sell Transfer Restricted Securities without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144
and Rule 144A. Upon the written request of any Holder of Transfer Restricted
Securities, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements.

          7. Miscellaneous.

               a. No Inconsistent Agreements. The Company has not, as of the
date hereof, entered into nor shall it, on or after the date hereof, enter into,
any agreement with respect to its securities that is inconsistent with the
rights granted to the Holders herein or otherwise conflicts with the provisions
hereof. In addition, the Company shall not grant to any holder of any securities
of the Company (other than the Holders of Transfer Restricted Securities in such
capacity) the right to include any of its securities in the Shelf Registration
Statement provided for in this Agreement other than the Transfer Restricted
Securities.

               b. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company consents in writing and
the Company has obtained the written consent of the Majority Holders.

               c. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telecopier, or air courier guaranteeing overnight delivery:

                                       21

<PAGE>

                    (i) if to the Buyers, initially at their address set forth
in the Securities Purchase Agreement;

                    (ii) if to any other Holder, at the most current address of
such Holder maintained by the Company or the registrar of the Transfer
Restricted Securities, or, in the case of the Notice Holder, the address set
forth in its Notice and Questionnaire; and

                    (iii) if to the Company, to:

                         Clearwire Corporation
                         5808 Lake Washington Blvd NE, Suite #300
                         Kirkland, Washington 98033
                         Telephone: (425) 216-7600
                         Facsimile: (425) 216-7900
                         Attention: Broady Hodder, Corporate Counsel

                    with a copy to:

                         Kirkland & Ellis LLP
                         153 E. 53rd Street
                         New York, New York 10022
                         Telephone: (212) 446-4800
                         Facsimile: (212) 446-4900
                         Attention: Joshua N. Korff, Esq.

                         and

                         Davis Wright Tremaine LLP
                         Suite 2300
                         1300 SW Fifth Avenue
                         Portland, Oregon 97201
                         Telephone: (503) 241-2300
                         Facsimile: (503) 778-5299
                         Attention: David C. Baca, Esq.

          All such notices and communications shall be deemed to have been duly
given when received, if delivered by hand or air courier, and when sent, if sent
by first-class mail or telecopier.

          The Buyers or the Company by notice to the other may designate
additional or different addresses for subsequent notices or communications.

               d. Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including, without the need for an express assignment or any consent by
the Company thereto, subsequent Holders. The Company hereby shall extend the
benefits of this Agreement to any Holder and any such Holder may specifically
enforce the provisions of this Agreement as if an original party hereto. Any
heir, successor or assign of a Holder wishing to avail itself of the benefits of
this Agreement

                                       22

<PAGE>

agrees to acquire and hold the Transfer Restricted Securities subject to all of
the terms hereof. In the event that any other Person shall succeed to the
Company under the Warrants, then such successor shall enter into an agreement,
in form and substance reasonably satisfactory to the Majority Holders, whereby
such successor shall assume all of the Company's obligations under this
Agreement.

               e. Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement; provided that a facsimile
signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an
original, not a facsimile signature.

               f. Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

               g. Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in
The City of New York, Borough of Manhattan, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is
brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY.

               h. Severability. In the event that any of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law.

               i. Warrants Held by the Company, Etc. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Warrants or
the Class A

                                       23

<PAGE>

Common Stock issuable upon exercise thereof is required hereunder, Warrants or
the Class A Common Stock issued upon exercise thereof held by the Company or its
Affiliates (other than subsequent Holders of Warrants or the Class A Common
Stock issued upon exercise thereof if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Warrants) shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage.

               j. Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the later of (i) the end of the Shelf
Registration Period, and (ii) the end of the period of time during which the
Incidental Registration Statement is effective, except for any liabilities or
obligations under Section 2.1(e), 4 or 6.

               k. Independent Nature of Buyers' Obligations. The obligations of
each Buyer under any Transaction Document (as defined in the Securities Purchase
Agreement) are several and not joint with the obligations of any other Buyer,
and no Buyer shall be responsible in any way for the performance of the
obligations of any other Buyer under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Buyer
pursuant hereto or thereto, shall be deemed to constitute the Buyers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Buyers are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by the
Transaction Documents and the Company acknowledges that the Buyers are not
acting in concert or as a group with respect to such obligations or the
transactions contemplated by the Transaction Documents. Each Buyer confirms that
it is not acting in concert or as a group with respect to such obligations or
the transactions contemplated by the Transaction Documents and it has
independently participated in the negotiation of the transaction contemplated
hereby with the advice of its own counsel and advisors. Each Buyer shall be
entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of any other
Transaction Documents, and it shall not be necessary for any other Buyer to be
joined as an additional party in any proceeding for such purpose.

               l. Currency. Unless otherwise indicated, all dollar amounts
referred to in this Agreement are in United States Dollars.

                                       24

<PAGE>

          IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                         COMPANY:

                                         CLEARWIRE CORPORATION

                                         By: /s/ John Butler
                                             -----------------------------------
                                         Name: John Butler
                                               ---------------------------------
                                         Title:
                                                --------------------------------

<PAGE>
            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     COMPANY:

                                     CLEARWIRE CORPORATION

                                     By:   /s/ John A. Butler
                                           ------------------
                                           Name:  John A. Butler
                                           Title: Co-President

<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     DEUTSCHE BANK AG LONDON

                                     By:  Jill Rathven, AIF

                                     By:   /s/ Andrea Leary
                                           ----------------
                                           Name:  Andrea Leary
                                           Title:

                                       2
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SATELLITE ASSET MANAGEMENT L.P.

                                     By:   /s/ Simon Raykher
                                            ------------------
                                           Name:  Simon Raykher
                                           Title: General Counsel

                                       3
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SATELLITE STRATEGIC FINANCE PARTNERS LTD

                                     By:   /s/ Simon Raykher
                                            ------------------
                                           Name:  Simon Raykher
                                           Title: General Counsel

                                       4
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

                                     By:   /s/ F. Esham
                                           ------------
                                           Name:  F. Esham
                                           Title: Managing Director

                                       5
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     EAGLE RIVER HOLDING, LLC

                                     By:   /s/ Brian Marcinek
                                           ------------------
                                           Name:  Brian Marcinek
                                           Title: CFO, VP and Secretary

                                       6
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     TEMPO MASTER FUND LP

                                     By:   /s/ Andrew Barnard
                                           ------------------
                                           Name:  Andrew Barnard
                                           Title: Portfolio Manager

                                       7
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     THIRD POINT PARTNERS QUALIFIED L.P.

                                     By:   /s/ Lloyd Blumberg
                                           -------------------
                                           Name:  Lloyd Blumberg
                                           Title: CFO

                                       8
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     THIRD POINT PARTNERS L.P.

                                     By:   /s/ Lloyd Blumberg
                                           -------------------
                                           Name:  Lloyd Blumberg
                                           Title: CFO

                                       9
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     THIRD POINT OFFSHORE FUND L.P.

                                     By:   /s/ Lloyd Blumberg
                                           -------------------
                                           Name:  Lloyd Blumberg
                                           Title: CFO

                                       10
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     THIRD POINT ULTRA LTD.

                                     By:   /s/ Lloyd Blumberg
                                           -------------------
                                           Name:  Lloyd Blumberg
                                           Title: CFO

                                       11
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P.

                                     BY:  HIGHLAND CAPITAL MANAGEMENT, L.P. ,
                                     ITS SUB-ADVISOR

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       12
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     PIONEER FLOATING RATE TRUST

                                     BY: HIGHLAND CAPITAL MANAGEMENT, L.P.,
                                     ITS SUB-ADVISOR

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       13
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     LOAN FUNDING VII LLC

                                     BY:  HIGHLAND CAPITAL MANAGEMENT, L.P.,
                                     ITS COLLATERAL MANAGER

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       14
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     LOAN FUNDING IV LLC

                                     BY:  HIGHLAND CAPITAL MANAGEMENT, L.P.,
                                     ITS COLLATERAL MANAGER

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       15
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     JASPER CLO LTD.

                                     BY:  HIGHLAND CAPITAL MANAGEMENT, L.P.,
                                     ITS COLLATERAL MANAGER

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       16
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SOUTHFORK CLO LTD

                                     BY:  HIGHLAND CAPITAL MANAGEMENT, L.P.,
                                     ITS COLLATERAL MANAGER

                                     By:   /s/ Mark K. Okada
                                           -----------------
                                           Name:  Mark K. Okada
                                           Title: General Partner

                                       17
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SANKATY CREDIT OPPORTUNITIES I, LP

                                     By:   /s/ Diane J. Exter
                                           ------------------
                                           Name:  Diane J. Exter
                                           Title: Managing Director

                                       18
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SANKATY CREDIT OPPORTUNITIES II, LP

                                     By:   /s/ Diane J. Exter
                                           ------------------
                                           Name:  Diane J. Exter
                                           Title: Managing Director

                                       19
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     PROSPECT HARBOR CREDIT PARTNERS, LP

                                     By:   /s/ Jeffrey Hawkins
                                           -------------------
                                           Name:  Jeffrey Hawkins
                                           Title: Senior Vice President

                                       20
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     CYRUS OPPORTUNITIES MASTER FUND, LTD

                                     BY:  CYRUS CAPITAL PARTNERS GP, LLC

                                     By:   /s/ Robert A. Nisi
                                           ----------------------
                                           Name:  Robert A. Nisi
                                           Title: Partner, General Counsel

                                       21
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     CYRUS OPPORTUNITIES MASTER FUND II, LTD

                                     BY:  CYRUS CAPITAL PARTNERS GP, LLC

                                     By:   /s/ Robert A. Nisi
                                           ----------------------
                                           Name:  Robert A. Nisi
                                           Title: Partner, General Counsel

                                       22
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     YORK CREDIT OPPORTUNITIES FUND, LP

                                     By:   /s/ Adam J. Semler
                                           ----------------------
                                           Name:  Adam J. Semler
                                           Title: CFO

                                       23
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     YORK SELECT LP

                                     By:   /s/ Adam J. Semler
                                           ------------------
                                           Name:  Adam J. Semler
                                           Title: CFO

                                       24
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     YORK SELECT UNIT TRUST

                                     By:   /s/ Adam J. Semler
                                           ------------------
                                           Name:  Adam J. Semler
                                           Title: CFO

                                       25
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     HARBERT DISTRESSED INVESTMENT
                                     MASTER FUND, LTD

                                     BY: HMC DISTRESSED INVESTMENT OFFSHORE
                                     MANAGER, LLC, AS ITS MANAGER

                                     By:   /s/ Philip A. Falcone
                                           -------------------------
                                           Name:  Philip A. Falcone
                                           Title: Vice President

                                       26
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     ALPHA US FUND SUB IV, LLC

                                     By:   /s/ Philip A. Falcone
                                           -------------------------
                                           Name:  Philip A. Falcone
                                           Title: Vice President

                                     BUYER:

                                     SILVERBACK MASTER LTD

                                     By:   /s/ Elliot Bossen
                                           ---------------------
                                           Name:  Elliot Bossen
                                           Title: Chief Investment Officer

                                       27
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     ORCA BAY CAPITAL CORP

                                     By:   /s/ Stanley B. McCallum
                                           ---------------------------
                                           Name:  Stanley B. McCallum
                                           Title: President

                                       28
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     SCOTTWOOD PARTNERS, LP

                                     By:   /s/ Edward Perlman
                                           ------------------
                                           Name:  Edward Perlman
                                           Title: Managing Partner

                                       29
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     LITESPEED MASTER FUND LP

                                     By:   /s/ Robert Caroll
                                           -----------------
                                           Name:  Robert Caroll
                                           Title: Trader

                                       30
<PAGE>

            IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly
executed as of the date first written above.

                                     BUYER:

                                     HIGHBRIDGE INTERNATIONAL LLC

                                     BY: HIGHBRIDGE CAPITAL MANAGEMENT LLC

                                     By:   /s/ Adam J. Chill
                                           -----------------
                                           Name:  Adam J. Chill
                                           Title: Managing Director

                                       31
<PAGE>

                                                                       EXHIBIT A

                SELLING SECURITY HOLDER NOTICE AND QUESTIONNAIRE

1.   (a)  Full Legal Name of Selling Securityholder:

          ______________________________________________________________________

     (b)  Full Legal Name of Registered Holder (if not the same as (a) above)
          through which Transfer Restricted Securities Listed in Item 3 below
          are held:

          ______________________________________________________________________

     (c)  Full Legal Name of DTC participant (if applicable and if not the same
          as (b) above) through which Transfer Restricted Securities listed in
          Item 3 below are held:

          ______________________________________________________________________

2.   Address for Notices to Selling Securityholder:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Telephone: _____________________________________________________________________

Fax: ___________________________________________________________________________

Contact Person: ________________________________________________________________

3.   Beneficial Ownership of Transfer Restricted Securities:

     (a)  Type and Principal Amount of Transfer Restricted Securities
          beneficially owned:

          ______________________________________________________________________

          ______________________________________________________________________

     (b)  CUSIP No(s). of such Transfer Restricted Securities beneficially
          owned:

          ______________________________________________________________________

          ______________________________________________________________________

                                       A-2

<PAGE>

4.   Beneficial Ownership of Other Securities of the Company Owned by the
     Selling Securityholder.

     Except as set forth below in this Item 4, the undersigned is not the
     beneficial or registered owner of any securities of the Company other than
     the Transfer Restricted Securities listed above in Item 3.

     (a)  Type and Amount of Other Securities beneficially owned by the Selling
          Securityholder:

          ______________________________________________________________________

          ______________________________________________________________________

     (b)  CUSIP No(s). of such Other Securities beneficially owned:

          ______________________________________________________________________

          ______________________________________________________________________

5.   Relationships with the Company:

     Except as set forth below, neither the undersigned nor any of its
     affiliates, officers, directors or principal equity holders (owners of 5%
     of more of the equity securities of the undersigned) has held any position
     or office or has had any other material relationship with the Company (or
     its predecessors or affiliates) during the past three years.

     State any exceptions here:

          ______________________________________________________________________

          ______________________________________________________________________

                                       A-3

<PAGE>

6.   Broker-Dealers and their Affiliates

     (a)  Is the Selling Securityholder a broker-dealer or an affiliate of a
          broker-dealer:

     Yes ____   No ____

     If so, please answer the remaining question in this section.

     (i)  Please advise whether the notes were received by the Selling
          Securityholder as compensation for investment banking services or as
          investment shares, and if so please describe the circumstances.

     Note that in general we may be required to identify any registered
     broker-dealer as an underwriter in the prospectus.

     (ii) Except as set forth below, if the Selling Securityholder is a
          registered broker-dealer, the Selling Securityholder does not plan to
          make a market in the Transfer Restricted Securities. If the Selling
          Securityholder plans to make a market in the Transfer Restricted
          Securities, please indicate whether the Selling Securityholder plans
          to use the prospectus relating to the Transfer Restricted Securities
          as a market-making prospectus.

     (b)  Affiliation with Broker-Dealers

          Is the Selling Securityholder an affiliate(1) of a registered
          broker-dealer?

----------
(1)  An "affiliate" of a specified person or entity means a person or entity
     that directly, or indirectly through one or more intermediaries, controls
     or is controlled by, or is under common control with, the person or entity
     specified.

                                       A-4

<PAGE>

     Yes ____   No ____

     If so, please answer the remaining question in this section.

     (i)  Please describe the affiliation between the Selling Securityholder and
          any registered broker-dealer.

     (ii) If the notes were purchased by the Selling Securityholder other than
          in the ordinary course of business, please describe the circumstances.

     (iii) Please advise whether the notes were received by the Selling
          Securityholder as compensation for investment banking services or as
          investment shares, and if so please describe the circumstances.

     (iv) If the Selling Securityholder, at the time of its purchase of Transfer
          Restricted Securities, had any agreements or understandings, directly
          or indirectly, with any person to distribute the Transfer Restricted
          Securities, please describe such agreements or undertakings.

     Note that if the Selling Securityholder is an affiliate of a broker-dealer
     and did not purchase its notes in the ordinary course of business or at the
     time of the purchase had any agreements or understandings, directly or
     indirectly, to distribute the securities, we may be required to identify
     the Selling Securityholder as an underwriter in the prospectus.

     (c)  Beneficial Ownership by Natural Persons:

     If the Selling Securityholder is an entity, does any natural person having
     voting or investing power over the Transfer Restricted Securities held by
     the Selling Securityholder?(2)

     If so, please state the person's or persons' name(s):

7.   Beneficial Ownership by Natural Persons or by a Board or Committee

     Is the Selling Securityholder a reporting entity with the Securities and
     Exchange Commission?

----------
(2)  Please answer "Yes" if any natural person, directly or indirectly, through
     any contract, arrangement, understanding, relationship, or otherwise has or
     shares: (a) voting power which includes the power to vote, or to direct the
     voting of, such security; and/or, (b) investment power which includes the
     power to dispose, or to direct the disposition of, the Transfer Restricted
     Securities held by the Selling Securityholder.

                                       A-5

<PAGE>

     If the Selling Securityholder is a majority owned subsidiary of a reporting
     entity, identify the majority stockholder that is a reporting entity.

     Yes ____   No ____

     If No, please answer the remaining questions in this section.

     (i)  Please name the natural person or person(s) having voting and/or
          investment control over the Selling Securityholder.(3)

     (ii) If the voting and/or investment control over the Selling
          Securityholder is held by board or committee, please state the name of
          the natural person or person(s) on such board or committee.

8.   Plan of Distribution:

     Except as set forth below, the undersigned (including its donees or
     pledgees) intends to distribute the Transfer Restricted Securities listed
     above in Item 3 pursuant to the Registration Statement only as follows (if
     at all): Such Transfer Restricted Securities may be sold from time to time
     directly by the undersigned or, alternatively, through underwriters,
     broker-dealers or agents. If the Transfer Restricted Securities are sold
     through underwriters, broker-dealers or agents, the Selling Securityholder
     will be responsible for underwriting discounts or commissions or agents'
     commissions. Such Transfer Restricted Securities may be sold in one or more
     transactions at fixed prices, at prevailing market prices at the time of
     sale, at varying prices determined at the time of sale or at negotiated
     prices. These sales may be effected in transactions, which may involve
     crosses or block transactions:

     -    on any national securities exchange or quotation service on which the
          securities may be listed or quoted at the time of sale;

     -    in the over-the-counter market;

     -    in transactions otherwise than on these exchanges or systems or in the
          over-the-counter market;

     -    through the writing of options, whether such options are listed on an
          options exchange or otherwise;

     -    in ordinary brokerage transactions and transactions in which the
          broker-dealer solicits purchasers;

----------
(3)  Please include any natural person that, directly or indirectly, through any
     contract, arrangement, understanding, relationship, or otherwise has or
     shares: (a) voting power which includes the power to vote, or to direct the
     voting of, such security; and/or, (b) investment power which includes the
     power to dispose, or to direct the disposition of, the Transfer Restricted
     Securities held by the Selling Securityholder.

                                       A-6

<PAGE>

     -    in block trades in which the broker-dealer will attempt to sell the
          shares as agent but may position and resell a portion of the block as
          principal to facilitate the transaction;

     -    in purchases by a broker-dealer as principal and resale by the
          broker-dealer for its account;

     -    in an exchange distribution in accordance with the rules of the
          applicable exchange;

     -    in privately negotiated transactions;

     -    in short sales;

     -    in sales pursuant to Rule 144;

     -    in which broker-dealers may agree with the selling securityholders to
          sell a specified number of such shares at a stipulated price per
          share;

     -    in a combination of any such methods of sale; and

     -    in any other method permitted pursuant to applicable law.

     State any exceptions here:

     ___________________________________________________________________________

     ___________________________________________________________________________

Note: In no event will such method(s) of distribution take the form of an
underwritten offering of the Transfer Restricted Securities without the prior
written agreement of the Company.

The undersigned acknowledges its obligation to comply with the provisions of the
Exchange Act and the rules thereunder relating to stock manipulation,
particularly Regulation M thereunder (or any successor rules or regulations), in
connection with any offering of Transfer Restricted Securities pursuant to the
Registration Rights Agreement. The undersigned agrees that neither it nor any
person acting on its behalf will engage in any transaction in violation of such
provisions.

The Selling Securityholder hereby acknowledges its obligations under the
Registration Rights Agreement to indemnify and hold harmless certain persons as
set forth therein.

Pursuant to the Registration Rights Agreement, the Company has agreed under
certain circumstances to indemnify the Selling Securityholder against certain
liabilities.

In accordance with the undersigned's obligation under the Registration Rights
Agreement to provide such information as may be required by law for inclusion in
the Registration Statement, the undersigned shall promptly notify the Company of
any inaccuracies or changes in the

                                       A-7

<PAGE>

information provided herein that may occur subsequent to the date hereof at any
time while the Registration Statement remains effective.

All notices hereunder and pursuant to the Registration Rights Agreement shall be
made in writing by hand delivery, first class mail or air courier guaranteeing
overnight delivery to the address set forth below.

By signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 6 and the inclusion of such
information in the Registration Statement and the related prospectus. The
undersigned understands that such information will be relied upon by the Company
in connection with the preparation or amendment of the Registration Statement
and the related prospectus.

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company, the terms of this Notice and Questionnaire, and the
representations and warranties contained herein, shall be binding on, shall
inure to the benefit of and shall be enforceable by the respective successors,
heirs, personal representatives and assigns of the Company and the Selling
Securityholder with respect to the Transfer Restricted Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This
Agreement shall be governed in all respects by the laws of the State of New
York.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated:                                   Beneficial Owner:
       ---------------                                     ---------------------

                                         By:
                                             -----------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:
                                                --------------------------------

               PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND
                     QUESTIONNAIRE TO CLEARWIRE CORPORATION

                                     Clearwire Corporation
                                     5808 Lake Washington Blvd NE, Suite #300
                                     Kirkland, Washington 98033
                                     Telephone: (425) 216-7600
                                     Facsimile: (425) 216-7900
                                     Attention: Broady Hodder, Corporate Counsel

                                       A-8

<PAGE>

                                                                       EXHIBIT B

                              PLAN OF DISTRIBUTION

     We are registering the shares of Common Stock issuable upon exercise of the
warrants to permit the resale of these shares of Common Stock by the holders of
the warrants from time to time after the date of this prospectus. We will not
receive any of the proceeds from the sale by the selling shareholders of the
shares of Common Stock. We will bear all fees and expenses incident to our
obligation to register the shares of Common Stock as described in the
Registration Rights Agreement dated August 5, 2005.

     The selling stockholders may sell all or a portion of the shares of Common
Stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of
Common Stock are sold through underwriters or broker-dealers, the selling
shareholders will be responsible for underwriting discounts or commissions or
agent's commissions. The shares of Common Stock may be sold in one or more
transactions at fixed prices, at prevailing market prices at the time of the
sale, at varying prices determined at the time of sale, or at negotiated prices.
These sales may be effected in transactions, which may involve crosses or block
transactions,

     -    on any national securities exchange or quotation service on which the
          securities may be listed or quoted at the time of sale;

     -    in the over-the-counter market;

     -    in transactions otherwise than on these exchanges or systems or in the
          over-the-counter market;

     -    through the writing of options, whether such options are listed on an
          options exchange or otherwise;

     -    ordinary brokerage transactions and transactions in which the
          broker-dealer solicits purchasers;

     -    block trades in which the broker-dealer will attempt to sell the
          shares as agent but may position and resell a portion of the block as
          principal to facilitate the transaction;

     -    purchases by a broker-dealer as principal and resale by the
          broker-dealer for its account;

     -    an exchange distribution in accordance with the rules of the
          applicable exchange;

     -    privately negotiated transactions;

     -    short sales;

     -    sales pursuant to Rule 144;

                                       B-1

<PAGE>

     -    broker-dealers may agree with the selling securityholders to sell a
          specified number of such shares at a stipulated price per share;

     -    a combination of any such methods of sale; and

     -    any other method permitted pursuant to applicable law.

     If the selling stockholders effect such transactions by selling shares of
Common Stock to or through underwriters, broker-dealers or agents, such
underwriters, broker-dealers or agents may receive commissions in the form of
discounts, concessions or commissions from the selling stockholders or
commissions from purchasers of the shares of Common Stock for whom they may act
as agent or to whom they may sell as principal (which discounts, concessions or
commissions as to particular underwriters, broker-dealers or agents may be in
excess of those customary in the types of transactions involved). In connection
with sales of the shares of Common Stock or otherwise, the selling shareholders
may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the shares of Common Stock in the course of hedging in
positions they assume. The selling stockholders may also sell shares of Common
Stock covered by this prospectus short pursuant to this prospectus and deliver
shares of Common Stock covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling
stockholders may also loan or pledge shares of Common Stock to broker-dealers
who in turn may sell such shares.

     The selling shareholders may pledge or grant a security interest in some or
all of the warrants or shares of Common Stock owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties
may offer and sell the shares of Common Stock from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933, as amended (the "Securities
Act"), amending, if necessary, the list of selling stockholders to include the
pledgee, transferee or other successors in interest as selling stockholders
under this prospectus. The selling stockholders also may transfer and donate the
shares of Common Stock in other circumstances in which case the transferees,
donees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this prospectus.

     The selling stockholders and any broker-dealer participating in the
distribution of the shares of Common Stock may be deemed to be "underwriters"
within the meaning of the Securities Act, and any commission paid, or any
discounts or concessions allowed to, any such broker-dealer may be deemed to be
underwriting commissions or discounts under the Securities Act. At the time a
particular offering of the shares of Common Stock is made, a prospectus
supplement, if required, will be distributed which will set forth the aggregate
amount of shares of Common Stock being offered and the terms of the offering,
including the name or names of any broker-dealers or agents, any discounts,
commissions and other terms constituting compensation from the selling
stockholders and any discounts, commissions or concessions allowed or reallowed
or paid to broker-dealers.

     Under the securities laws of some states, the shares of Common Stock may be
sold in such states only through registered or licensed brokers or dealers. In
addition, in some states the shares of Common Stock may not be sold unless such
shares have been registered or qualified

                                       B-2

<PAGE>

for sale in such state or an exemption from registration or qualification is
available and is complied with.

     There can be no assurance that any selling stockholder will sell any or all
of the shares of Common Stock registered pursuant to the shelf registration
statement, of which this prospectus forms a part.

     The selling stockholders and any other person participating in such
distribution will be subject to applicable provisions of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and the rules and regulations
thereunder, including, without limitation, Regulation M of the Exchange Act,
which may limit the timing of purchases and sales of any of the shares of Common
Stock by the selling stockholders and any other participating person. Regulation
M may also restrict the ability of any person engaged in the distribution of the
shares of Common Stock to engage in market-making activities with respect to the
shares of Common Stock. All of the foregoing may affect the marketability of the
shares of Common Stock and the ability of any person or entity to engage in
market-making activities with respect to the shares of Common Stock.

     We will pay all expenses of the registration of the shares of Common Stock
pursuant to the Registration Rights Agreement, estimated to be $[ ] in total,
including, without limitation, Securities and Exchange Commission filing fees
and expenses of compliance with state securities or "blue sky" laws; provided,
however, that a selling shareholder will pay all underwriting discounts and
selling commissions, if any. We will indemnify the selling stockholders against
liabilities, including some liabilities under the Securities Act, in accordance
with the Registration Rights Agreement, or the selling shareholders will be
entitled to contribution. We may be indemnified by the selling stockholders
against civil liabilities, including liabilities under the Securities Act, that
may arise from any written information furnished to us by the selling
stockholder specifically for use in this prospectus, in accordance with the
related Registration Rights Agreement, or we may be entitled to contribution.

Once sold under the shelf registration statement, of which this prospectus forms
a part, the shares of Common Stock will be freely tradable in the hands of
persons other than our Affiliates, as that term is defined in the Securities
Act.

                                       B-3<PAGE>

                                                                     Exhibit 4.7

                                                                  EXECUTION COPY

                          SECURITIES PURCHASE AGREEMENT

     SECURITIES PURCHASE AGREEMENT (the "AGREEMENT"), dated as of August 5,
2005, by and among Clearwire Corporation, a corporation incorporated under the
laws of the state of Delaware, with headquarters located at 5808 Lake Washington
Blvd NE, Suite #300, Kirkland, Washington 98033 (the "COMPANY"), the Guarantors
(as defined below) and the Buyers listed on the Schedule of Buyers attached
hereto (individually, a "BUYER" and collectively, the "BUYERS").

     WHEREAS:

     A. The Company and each Buyer is executing and delivering this Agreement in
reliance upon the exemption from securities registration afforded by Section
4(2) of the United States Securities Act of 1933, as amended (the "SECURITIES
ACT"), and Rule 506 of Regulation D ("REGULATION D") as promulgated by the
United States Securities and Exchange Commission (the "SEC") under the
Securities Act.

     B. The Company has authorized the issuance of its Series A Senior Notes due
2010 (the "SERIES A NOTES" and any such notes that may be issued to Accredited
Investors pursuant to Section 1(c), the "SERIES A-1 NOTES") and its Series B
Senior Notes due 2010 (the "SERIES B NOTES"), each in substantially the form
attached hereto as Exhibit A. The payment of principal of, premium and interest
on the Notes will be fully and unconditionally guaranteed (the "GUARANTEES"),
jointly and severally, by each of the Guarantors (as defined below).

     C. Each Buyer wishes to purchase, and the Company wishes to sell, upon the
terms and conditions stated in this Agreement, (i) that aggregate principal
amount of Series A Notes set forth opposite such Buyer's name in column (3) on
the Schedule of Buyers (which aggregate principal amount for all Buyers shall
initially be $255,000,000 (the "INITIAL NOTES"); (ii) warrants, in substantially
the form attached hereto as Exhibit B (the "INITIAL WARRANTS"), to acquire up to
that number of shares of the Company's Class A Common Stock, par value $0.0001
(the "CLASS A COMMON STOCK") set forth opposite such Buyer's name in column (4)
of the Schedule of Buyers (as exercised, collectively, the "INITIAL WARRANT
SHARES"); (iii) upon the exercise of the Buyers' Option (as defined below), up
to that aggregate principal amount of Series A or Series B Notes of the Company,
in substantially the form attached hereto as Exhibit A (the "ADDITIONAL NOTES")
set forth opposite such Buyer's name in column (6) on the Schedule of Buyers
(which aggregate principal amount of Additional Notes shall not exceed
$280,000,000 less the amount of interest paid on the Initial Notes prior to the
issuance of the Additional Notes) and warrants, in substantially the form
attached hereto as Exhibit B (the "ADDITIONAL WARRANTS"), to acquire up to that
number of shares of Class A Common Stock set forth opposite such Buyer's name in
column (7) on the Schedule of Buyers. The Initial Notes, the Remaining Notes (as
defined below) and the Additional Notes are collectively referred to herein as
the "NOTES." The Warrants, the Remaining Warrants (as defined below) and the
Additional Warrants are collectively referred to herein as the "WARRANTS."

     D. The Notes, the Guarantees, the Warrants and the Warrant Shares
collectively are referred to herein as the "SECURITIES."

                                        1

<PAGE>

     E. Contemporaneously with the execution and delivery of this Agreement, a
portion of the purchase price for the sale of the Notes (the "INITIAL COLLATERAL
FUNDS") will be paid directly to the Collateral Agent to purchase U.S.
government securities in an amount sufficient, upon receipt of scheduled
principal and interest payments thereon, to provide for the payment in full of
the first four (4) scheduled interest payments on the Notes, which (together
with any U.S. government securities purchased with any Additional Funds (as
defined below), the "GOVERNMENT SECURITIES") will be deposited with the
Collateral Agent in an account (the "COLLATERAL ACCOUNT") with The Bank of New
York on the Closing Date. In connection therewith, pursuant to the terms of the
Indenture, the Company is granting a security interest in the Collateral Account
and all cash, cash equivalents, instruments, securities (including any
Government Securities) and other financial or other assets which are maintained
in the Collateral Account, and is executing and delivering an Account Control
Agreement, substantially in the form attached hereto as Exhibit C with The Bank
of New York, as securities intermediary and the Collateral Agent (as defined in
the Security Agreement) (as amended or modified from time to time, the "ACCOUNT
CONTROL AGREEMENT"). In the case of the issuance of any Additional Notes (as
defined below), a portion of the purchase price for the sale of the Additional
Notes (the "ADDITIONAL COLLATERAL FUNDS") will be paid directly to the
Collateral Agent to purchase U.S. government securities in an amount sufficient,
upon receipt of scheduled principal and interest payments thereon, to provide
for the payment in full of the first four (4) scheduled interest payments on the
Additional Notes in the case of Additional Notes issued prior to February 15,
2006, or the payment in full of the first three (3) scheduled interest payments
on the Additional Notes in the case of Additional Notes issued on or after
February 15, 2006 (such scheduled interest payment dates in respect of which
Additional Collateral Funds are to be paid, the "DESIGNATED REMAINING INTEREST
PAYMENT DATES") which Additional Collateral Funds and/or Government Securities
will be deposited in the Collateral Account on the applicable Buyers' Option
Purchase Date (as defined below). Twenty-five percent (25%) of the Initial
Collateral Funds shall mature no later than each of the first four Interest
Payment Dates (as defined in the Indenture) following the issuance of the
Initial Notes. Additional Collateral Funds shall mature on a pro rata basis no
later than each of the Designated Remaining Interest Payment Dates following the
issuance of the Additional Notes to which such Additional Collateral Funds
relate.

     F. Contemporaneously with the execution and delivery of this Agreement, the
Company, Clearwire LLC ("CLEARWIRE1"), Fixed Wireless Holdings, LLC ("FWH") and
NextNet Wireless, Inc. ("NEXTNET" and, together with Clearwire1, FWH and each of
their respective Domestic Restricted Subsidiaries (as defined in the Indenture),
the "GUARANTORS") and The Bank of New York (acting in such capacity, the
"TRUSTEE") are executing and delivering an indenture, substantially in the form
attached hereto as Exhibit D (as amended or modified from time to time, the
"INDENTURE").

     G. Contemporaneously with the execution and delivery of this Agreement, the
Company and the Buyers are executing and delivering a Registration Rights
Agreement, substantially in the form attached hereto as Exhibit E (as amended or
modified from time to time, the "REGISTRATION RIGHTS AGREEMENT"), pursuant to
which the Company has agreed to provide certain registration rights with respect
to the Warrant Shares under the Securities Act and the rules and regulations
promulgated thereunder.

                                       -2-

<PAGE>

     H. The Notes constitute indebtedness of the Company and will be secured by
a first priority, perfected security interest in certain assets of the Company
and certain stock and assets of its Subsidiaries (as hereinafter defined),
including certain stock and assets of the Guarantors, subject to certain
exceptions, as evidenced by the pledge agreement attached hereto as Exhibit F
(the "PLEDGE AGREEMENT") and the security agreement attached hereto as Exhibit G
(the "SECURITY AGREEMENT" and, together with the Pledge Agreement and the other
security documents listed in Exhibit H, the "SECURITY DOCUMENTS").

     I. This Agreement, the Notes, the Indenture, the Guarantees, the
Registration Rights Agreement, the Security Documents, the Warrants, the Account
Control Agreement and each of the other agreements entered into by the parties
hereto in connection with the transactions contemplated by this Agreement are
collectively referred to herein as the "TRANSACTION DOCUMENTS."

     NOW, THEREFORE, the Company and each Buyer hereby agree as follows:

     1.   PURCHASE AND SALE OF NOTES AND WARRANTS.

          (a) Purchase of Notes and Warrants.

                    (i) Subject to the satisfaction (or waiver) of the
     conditions set forth in Sections 6 and 7 below, the Company shall issue and
     sell to each Buyer, and each Buyer severally, but not jointly, agrees to
     purchase from the Company on the Closing Date (as defined below), (x) a
     principal amount of Initial Notes as is set forth opposite such Buyer's
     name in column (3) on the Schedule of Buyers and (y) Initial Warrants to
     acquire up to that number of Warrant Shares as is set forth opposite such
     Buyer's name in column (4) on the Schedule of Buyers (the "CLOSING").

                    (ii) Closing. The date and time of the Closing (the "CLOSING
     DATE") shall be 10:00 a.m., New York City Time, on August 5, 2005 (or such
     later date as is mutually agreed to by the Company and each Buyer) after
     notification of satisfaction (or waiver) of the conditions to the Closing
     set forth in Sections 6 and 7 below at the offices of Kirkland & Ellis LLP,
     153 East 53rd Street, New York, New York 10022.

                    (iii) Purchase Price. The aggregate purchase price for the
     Initial Notes and the Initial Warrants to be purchased by each Buyer at the
     Closing (the "PURCHASE PRICE") shall be the amount set forth opposite such
     Buyer's name in column (5) of the Schedule of Buyers. Each Buyer shall pay
     $1,000 for each $1,000 of principal amount of Initial Notes and related
     Initial Warrants to be purchased by such Buyer at the Closing.

                    (iv) Purchase Price Allocation. The Company and the Buyers
     agree that solely for United States federal income tax purposes $850.40 per
     $1,000 of the Purchase Price is allocated to the Initial Notes and $149.60
     per $1,000 of the Purchase Price is allocated to the Initial Warrants and
     such allocation of the purchase price shall be binding on all holders of
     the Series A Notes and the Warrants.

                                       -3-

<PAGE>

          (b) Form of Payment. On the Closing Date, (i) each Buyer shall pay its
portion of the Purchase Price to the Company for the Initial Notes and the
Initial Warrants to be issued and sold to such Buyer at the Closing, by wire
transfer of immediately available funds in accordance with the Company's written
wire instructions and in accordance with Section 4(j), and (ii) the Company
shall deliver or caused to be delivered to each Buyer (A) the Initial Notes (for
the account of such Buyer as such Buyer shall instruct) which such Buyer is then
purchasing and (B) the Initial Warrants (in the amounts as such Buyer shall
request) such Buyer is purchasing, in each case duly executed on behalf of the
Company and registered in the name of such Buyer or its designee.

          (c) Purchase of Remaining Notes and Remaining Warrants by Accredited
Investors.

                    (i) The Buyers hereby agree that, in the event that the
     Buyers purchase less than $280.0 million of Initial Notes at the Closing
     then, at any time until the date that is thirty (30) days after the Issue
     Date, the Company may issue and sell to any of the "accredited investors"
     (within the meaning of Rule 501(a) under the Securities Act) set forth on
     Schedule 1(c), (the "SUBSEQUENT PURCHASERS"), (x) a principal amount of
     Notes that is $280.0 million minus the aggregate amount of Series A Notes
     purchased by the Buyers at the Closing (the "REMAINING NOTES") and (y) a
     pro rata amount of Warrants (the "REMAINING WARRANTS") (the "SUBSEQUENT
     CLOSING"). The Subsequent Purchasers shall be considered Buyers for the
     purposes of this Agreement.

                    (ii) Subsequent Purchase Price. The aggregate purchase price
     for the Remaining Notes and the Remaining Warrants to be purchased by each
     Subsequent Purchaser at the Subsequent Closing (the "SUBSEQUENT PURCHASE
     PRICE") shall be $1,000 for each $1,000 of principal amount of Remaining
     Notes and related Remaining Warrants plus accrued and unpaid interest from
     the Issue Date through the date of the Subsequent Closing.

                    (iii) Subsequent Purchase Price Allocation. The Company
     agrees and the Subsequent Purchasers are deemed to agree that solely for
     United States federal income tax purposes $850.40 per $1,000 of the
     Subsequent Purchase Price, plus accrued and unpaid interest, shall be
     allocated to the Remaining Notes and $149.60 per $1,000 of the Subsequent
     Purchase Price shall be allocated to the Remaining Warrants and such
     allocation of the purchase price shall be binding on all holders of the
     Remaining Notes and the Remaining Warrants purchased at the Subsequent
     Closing. Notwithstanding the foregoing, if the Subsequent Closing occurs
     more than thirteen days from and including the Closing, then the Subsequent
     Purchase Price shall be allocated (A) to the Remaining Notes in an amount
     equal to (x) the amount allocated to the Initial Notes for United States
     federal income tax purposes under Section 1(a)(iv) plus (y) the amount of
     original issue discount accrued on the Initial Notes for United States
     federal income tax purposes from their issue date through the issue date of
     the Remaining Notes and (B) to the Remaining Warrants in an amount equal to
     the Subsequent Purchase Price less the amount determined in clause (A);
     provided that if the Company determines in its reasonable judgment that,
     during the period between the issue date of the Initial Notes and the issue
     date of the Remaining Notes more than 13 days after the Closing, there has

                                       -4-

<PAGE>

     been a material change in the relative fair market values described above,
     the Company may allocate the Subsequent Purchase Price between the
     Remaining Notes and the Remaining Warrants in a manner that reflects their
     respective fair market values at the time of their issuance, such
     allocation to be subject to the consent of the Holders, which consent shall
     not be unreasonably withheld. If the Initial Notes and the Remaining Notes
     are not part of the same "issue" for United States federal income tax
     purposes, then the Remaining Notes issued pursuant to this section shall be
     Series A-1 Notes. Otherwise, the Remaining Notes issued pursuant to this
     section shall be Series A Notes.

                    (iv) Subsequent Closing. The date and time of the closing
     for any purchases of Remaining Notes and Remaining Warrants at the
     Subsequent Closing shall be 10:00 a.m., New York City Time, on a date that
     is not more than thirty (30) days after the Issue Date after notification
     of satisfaction (or waiver) of the conditions set forth in Sections 6 and 7
     (other than the conditions set forth in Sections 7(f) and 7(k)) below at
     the offices of Kirkland & Ellis LLP, 153 East 53rd Street, New York, New
     York 10022.

          (d) Buyers' Option. The Company hereby grants to each Buyer a one-time
option (the "BUYERS' OPTION") to purchase, (x) up to that principal amount of
Additional Notes as is set forth opposite such Buyer's name in column (6) on the
Schedule of Buyers and (y) up to that number of Additional Warrants to acquire
up to that number of Additional Warrant Shares as is set forth opposite such
Buyer's name in column (7) on the Schedule of Buyers by mailing a written notice
of such Buyer's exercise of its Buyers' Option (a "BUYERS' OPTION PURCHASE
NOTICE") to the Company and the Trustee at any time until the date that is one
hundred and eighty (180) days after the Issue Date (as defined in the Indenture)
(the date of the closing of any such purchase shall be referred to as a "BUYERS'
OPTION PURCHASE DATE"); provided, that, at any time, the Company, with the
approval of the Company's board of directors, may elect to terminate the Buyers'
Option by delivering a notice to the Buyers stating that (i) the Company has
entered into a letter of intent to consummate a transaction or publicly
announced such a transaction which is likely to result in a Change of Control
with an unaffiliated third-party on an arms' length basis and (ii) the Company
has elected to terminate the Buyers' Option (the "OPTION TERMINATION NOTICE").
The Buyers shall not be permitted to exercise the Buyers' Option following the
delivery of the Option Termination Notice unless the Company fails to enter into
a definitive agreement pursuant to such letter of intent or public announcement
within sixty (60) days of the date of the Option Termination Notice (the "STAY
PERIOD"). If the Company does enter into such a definitive agreement then the
Buyers' Option shall immediately terminate; however, if the Stay Period expires
less than thirty (30) days before the date that is one hundred and eighty (180)
days after the Issue Date, the Buyers shall be entitled to exercise the Buyers'
Option during the period beginning on the expiration of the Stay Period and
ending on the date that is thirty (30) days following the expiration of the Stay
Period. Upon termination of the Buyers' Option, the Company shall then be deemed
to have issued, and shall promptly issue, to each Buyer for no additional
consideration 50% of that number of Additional Warrants to acquire up to that
number of Additional Warrant Shares as is set forth opposite such Buyer's name
in column (7) on the Schedule of Buyers.

                    (i) If any Buyer elects to exercise the Buyers' Option
     pursuant to this Section 1(c)(i), it shall notify the Company and the
     Trustee at least thirty (30) days prior to the Buyers' Option Purchase
     Date.

                                       -5-

<PAGE>

                    (ii) Interest on the Additional Notes shall accrue from the
     Interest Payment Date immediately prior to the Buyers' Option Purchase
     Date, or if no such Interest Payment Date has occurred, the Issue Date
     (such date on which such interest begins to accrue, the "INTEREST ACCRUAL
     DATE").

                    (iii) Buyers' Option Purchase Price. The aggregate purchase
     price for the Additional Notes and the Additional Warrants to be purchased
     by a Buyer on such Buyers' Option Purchase Date (the "BUYERS' OPTION
     PURCHASE PRICE") shall be the sum of (A) $1,000 for each $1,000 principal
     amount of Additional Notes and related Additional Warrants that such Buyer
     has elected to purchase, in any event not to exceed the aggregate principal
     amount of Additional Notes and Additional Warrants and aggregate purchase
     price therefor set forth opposite such Buyer's name in columns (6), (7) and
     (8), respectively, on the Schedule of Buyers, and (B) accrued and unpaid
     interest from the Interest Accrual Date on such Additional Notes up to but
     not including the Buyers' Option Purchase Date.

                    (iv) Buyers' Option Purchase Price Allocation. The Company
     and the Buyers agree, solely for United States federal income tax purposes,
     to allocate the Buyers' Option Purchase Price (A) to the Additional Notes
     in an amount equal to (x) the amount allocated to the Initial Notes for
     United States federal income tax purposes under Section 1(a)(iv) plus (y)
     the amount of original issue discount accrued on the Initial Notes for
     United States federal income tax purposes from their issue date through the
     issue date of the Additional Notes, less (z) the amount of interest, if
     any, paid on the Initial Notes prior to the issue date of the Additional
     Notes and (B) to the Additional Warrants in an amount equal to the Buyer's
     Option Purchase Price less the amount determined in clause (A); provided
     that if the Company determines in its reasonable judgment that during the
     period between the issue date of the Initial Notes and the issue date of
     the Additional Notes more than 13 days after the Closing, there has been a
     material change in the relative fair market values of the Additional Notes
     and the Additional Warrants from the values described above, the Company
     may allocate the Buyer's Option Purchase Price between the Additional Notes
     and the Additional Warrants in a manner that the Company and the Holders
     reasonably agree reflects their respective fair market values at the time
     of their issuance, such allocation to be subject to the consent of the
     Holders, such consent not to be unreasonably withheld. If the Initial Notes
     and the Additional Notes are not part of the same issue for United States
     federal income tax purposes, then the Additional Notes issued pursuant to
     this section shall be Series B Notes. Otherwise, the Additional Notes
     issued pursuant to this section shall be Series A Notes.

                    (v) Closing. The date and time of the closing for any
     purchases of Additional Notes and Additional Warrants upon the exercise of
     the Buyers' Option shall be 10:00 a.m., New York City Time, on the first
     Business Day on or after the date that is thirty (30) days after the Buyer
     provides a Buyers' Option Purchase Notice (or such other date as is
     mutually agreed to by the Company and such Buyer) after notification of
     satisfaction (or waiver) of the conditions set forth in Sections 6 and 7
     (other than the conditions set forth in Section 7(k)) below at the offices
     of Kirkland & Ellis LLP, 153 East 53rd Street, New York, New York 10022.

                                       -6-

<PAGE>

     2.   BUYER'S REPRESENTATIONS AND WARRANTIES.

          Each Buyer severally represents and warrants, with respect to only
itself, that:

          (a) No Public Sale or Distribution. Such Buyer is (i) acquiring the
Initial Notes and the Initial Warrants (and if Buyer elects to exercise the
Buyers' Option, Buyer will acquire the Additional Notes and Additional Warrants
covered by such election) and (ii) upon exercise of the Initial Warrants or, as
the case may be, the Additional Warrants, will acquire the Initial Warrant
Shares and the Additional Warrant Shares, respectively, issuable upon exercise
of the Initial Warrants and the Additional Warrants, respectively, for its own
account and not with a view towards, or for resale in connection with, the
public sale or distribution thereof, except pursuant to sales registered or
exempted under the Securities Act; provided, however, that by making the
representations herein, such Buyer does not agree to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the
Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the Securities Act. Such Buyer is acquiring the
Securities hereunder in the ordinary course of its business. Such Buyer does not
presently have any agreement or understanding, directly or indirectly, with any
Person to distribute any of the Securities. As used in this Agreement, "PERSON"
means an individual, a limited liability company, a partnership, a joint
venture, a corporation, a trust, an unincorporated organization and a government
or any department or agency thereof.

          (b) Institutional Accredited Investor Status. Such Buyer is an
institutional "accredited investor" within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act (an "INSTITUTIONAL ACCREDITED INVESTOR").
Such Buyer is not an entity formed for the sole purpose of acquiring the
Securities.

          (c) Reliance on Exemptions. Such Buyer understands that the Securities
are being offered and sold to it in reliance on specific exemptions from the
registration requirements of United States federal and state securities laws and
that the Company is relying in part upon the truth and accuracy of, and such
Buyer's compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to
determine the availability of such exemptions and the eligibility of such Buyer
to acquire the Securities.

          (d) No General Solicitation or Advertising. Such Buyer acknowledges
that it is not purchasing the Notes and the Warrants as a result of any
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television.

          (e) Independent Evaluation. Such Buyer has independently evaluated the
merits of its decision to purchase the Notes and the Warrants pursuant to the
Transaction Documents, and such Buyer confirms that it has not relied on the
advice of JP Morgan Securities, Inc., Morgan Stanley & Co. Incorporated, Merrill
Lynch, Pierce, Fenner & Smith Inc. or any other placement agent financial
advisor in making such decision.

          (f) Information. Such Buyer and its advisors, if any, have been
furnished with all materials relating to the business, finances and operations
of the Company and materials

                                       -7-

<PAGE>

relating to the offer and sale of the Securities which have been requested by
such Buyer. Such Buyer and its advisors, if any, have been afforded the
opportunity to ask questions of the Company. Neither such inquiries nor any
other due diligence investigations conducted by such Buyer or its advisors, if
any, or its representatives shall modify, amend or affect such Buyer's right to
rely on the Company's representations and warranties contained herein. Such
Buyer understands that its investment in the Securities involves a high degree
of risk and is able to bear the economic risk of such investment. Such Buyer has
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of its investment in the Securities and has
sought such accounting, legal and tax advice as it has considered necessary to
make an informed investment decision with respect to its acquisition of the
Securities.

          (g) No Governmental Review. Such Buyer understands that no United
States agency or any other government or governmental agency has passed on or
made any recommendation or endorsement of the Securities or the fairness or
suitability of the investment in the Securities nor have such authorities passed
upon or endorsed the merits of the offering of the Securities.

          (h) Transfer or Resale. Such Buyer understands that: (i) except as
provided in the Registration Rights Agreement, the Securities have not been and
will not be registered under the Securities Act or any state securities laws;
(ii) such Buyer agrees that if it decides to offer, sell or otherwise transfer
any of the Securities, such Securities may be offered, sold or otherwise
transferred only: (A) pursuant to an effective registration statement under the
Securities Act; (B) to the Company; (C) outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act and in compliance with
local laws; or (D) within the United States (1) in accordance with the exemption
from registration under the Securities Act provided by Rule 144A thereunder, if
available, and in compliance with any applicable state securities laws, (2) in
accordance with the exemption from registration under the Securities Act
provided by Rule 144 thereunder, if available, and in compliance with any
applicable state securities laws, and the seller shall be required to furnish to
the Company an opinion to such effect from counsel of recognized standing
reasonably satisfactory to the Company prior to such offer, sale or transfer or
(3) in a transaction that does not require registration under the Securities Act
or applicable state securities laws, and the seller shall be required to furnish
to the Company an opinion to such effect from counsel of recognized standing
reasonably satisfactory to the Company prior to such offer, sale or transfer.

          (i) Legends. Such Buyer understands that upon the original issuance
thereof, and until such time as the same is no longer required under applicable
requirements of the Securities Act or applicable state securities laws, the
certificates or other instruments representing the Notes and all certificates or
other instruments issued in exchange therefor or in substitution thereof, shall
bear the following legend:

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY TO CLEARWIRE CORPORATION (THE
          "COMPANY") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
          PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME

                                       -8-

<PAGE>

          OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
          REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON
          IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
          TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
          HAS AN INTEREST HEREIN. THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
          OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
          OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR
          NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR
          ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
          INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
          FOR SECURITIES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED
          EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR
          BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
          THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
          DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.(1)

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
          1933, AS AMENDED (THE "SECURITIES ACT") AND, ACCORDINGLY, MAY NOT BE
          OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO,
          OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN
          THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
          INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
          INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
          ACT) (A "QIB"), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS
          NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS
          NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER
          THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR"
          (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
          THE SECURITIES ACT) (AN "IAI"), (2) AGREES THAT IT WILL NOT, WITHIN
          THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO ACCOUNT THE
          PROVISIONS OF RULE 144(d) UNDER THE

----------
(1)  This paragraph should be included only if the Note is a Global Note.

                                       -9-

<PAGE>

          SECURITIES ACT, IF APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT
          ON THE DATE OF THE TRANSFER OF THIS NOTE, RESELL OR OTHERWISE TRANSFER
          THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO
          A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR
          ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE
          144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
          OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
          ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE
          144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN IAI THAT, PRIOR
          TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING
          CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF
          TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM
          THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
          PRINCIPAL AMOUNT OF NOTES AT THE TIME OF TRANSFER OF LESS THAN
          $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH
          TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO
          AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN
          EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND
          (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN
          INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
          THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY
          INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER
          MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
          RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO
          THE TRUSTEE. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
          STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY RULE 902
          OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A
          PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF
          THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.

          THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND
          THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED
          NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER
          THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS

                                      -10-

<PAGE>

          REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
          PAYMENT OF INTEREST HEREON.(2)

          FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE UNITED STATES
          INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THIS NOTE IS
          ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE ISSUE DATE OF THIS NOTE IS
          ________. THIS NOTE WAS ISSUED AS PART OF AN INVESTMENT UNIT FOR
          UNITED STATES FEDERAL INCOME TAX PURPOSES. IN ADDITION, THIS NOTE IS
          SUBJECT TO UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING
          CONTINGENT PAYMENT DEBT INSTRUMENTS. FOR PURPOSES OF SECTIONS 1272,
          1273 AND 1275 OF THE CODE, THE ISSUE PRICE OF THIS NOTE IS $_____ PER
          $1,000 OF PRINCIPAL AMOUNT AND THE COMPARABLE YIELD FOR THIS NOTE IS
          ____ PERCENT PER ANNUM, COMPOUNDED SEMI-ANNUALLY, WHICH WILL BE
          TREATED AS THE YIELD TO MATURITY OF THIS NOTE FOR UNITED STATES
          FEDERAL INCOME TAX PURPOSES.

          THE COMPANY AGREES, AND EACH HOLDER AND ANY BENEFICIAL OWNER OF THIS
          NOTE BY ITS PURCHASE THEREOF WILL BE DEEMED TO HAVE AGREED, FOR UNITED
          STATES FEDERAL INCOME TAX PURPOSES, (1) TO TREAT THIS NOTE AS A
          CONTINGENT PAYMENT DEBT INSTRUMENT THAT IS SUBJECT TO TREASURY
          REGULATIONS SECTION 1.1275-4 (THE "CONTINGENT PAYMENT REGULATIONS"),
          (2) TO ACCRUE INTEREST WITH RESPECT TO THIS NOTE AS ORIGINAL ISSUE
          DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES ACCORDING TO
          THE "NONCONTINGENT BOND METHOD" DESCRIBED IN THE CONTINGENT PAYMENT
          REGULATIONS AND (3) TO BE BOUND BY THE COMPANY'S DETERMINATION OF THE
          ISSUE PRICE OF THIS NOTE AND THE "COMPARABLE YIELD" AND "PROJECTED
          PAYMENT SCHEDULE" OF THIS NOTE, IN EACH CASE WITHIN THE MEANING OF THE
          CONTINGENT PAYMENT REGULATIONS. THE COMPANY AGREES TO PROVIDE PROMPTLY
          TO THE HOLDER OF THIS NOTE, UPON WRITTEN REQUEST, THE AMOUNT OF THE
          ORIGINAL ISSUE DISCOUNT, THE ISSUE PRICE, THE ISSUE DATE, THE YIELD TO
          MATURITY, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE WITH
          RESPECT TO THIS NOTE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE
          COMPANY AT THE FOLLOWING ADDRESS: CLEARWIRE CORPORATION, 5808

----------
(2)  This paragraph should be included only if the Note is a Temporary Global
     Note under Regulation S.

                                      -11-

<PAGE>

          LAKE WASHINGTON BLVD NE, SUITE #300, KIRKLAND, WASHINGTON 98033,
          ATTENTION: TREASURY DEPARTMENT, TELEPHONE NUMBER: (425) 216-7600.

          THE HOLDER OF THIS NOTE IS ENTITLED TO THE BENEFITS OF A SECURITIES
          PURCHASE AGREEMENT, DATED AS OF AUGUST 5, 2005 BY AND AMONG THE
          COMPANY, THE GUARANTORS AND THE BUYERS REFERRED TO THEREIN (THE
          "SECURITIES PURCHASE AGREEMENT") AND, BY ITS ACCEPTANCE HEREOF, AGREES
          TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH SECURITIES
          PURCHASE AGREEMENT. THE HOLDER OF THIS NOTE IS ENTITLED TO THE
          BENEFITS OF AN INDENTURE, DATED AS OF AUGUST 5, 2005 BY AND AMONG THE
          COMPANY, THE GUARANTORS AND THE TRUSTEE (THE "INDENTURE") AND, BY ITS
          ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE
          PROVISIONS OF SUCH INDENTURE. NO TRANSFER OF THIS NOTE SHALL BE MADE
          WITHOUT COMPLYING WITH THE PROVISIONS OF THE INDENTURE.

provided, that if any such Notes are being sold pursuant to Rule 144 under the
Securities Act, such legend may be removed by delivering to the Company's
registrar and transfer agent and the Company an opinion of counsel, of
recognized standing reasonably satisfactory to the Company, that such legend is
no longer required under applicable requirements of the Securities Act or state
securities laws; and

               (ii) the certificates or other instruments representing the
Warrants and, unless no longer applicable at the time of issuance, the Warrant
Shares, and all certificates or other instruments issued in exchange therefor or
in substitution thereof, shall bear the following legend:

          THIS SECURITY AND THE SHARES OF CLASS A COMMON STOCK ISSUABLE UPON
          EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE
          SECURITIES LAWS. NEITHER THIS SECURITY, THE SHARES OF CLASS A COMMON
          STOCK ISSUABLE UPON EXERCISE OF THIS SECURITY NOR ANY INTEREST OR
          PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
          TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
          SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
          SUBJECT TO, REGISTRATION. EACH PURCHASER OF THIS SECURITY IS HEREBY
          NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE
          EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
          PROVIDED BY RULE 144A THEREUNDER.

                                      -12-

<PAGE>

          THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) AGREES TO
          OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE
          (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER
          THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
          CLEARWIRE CORPORATION OR ANY AFFILIATE OF CLEARWIRE CORPORATION WAS
          THE OWNER OR ISSUER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
          SECURITY) ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
          UNDER THE SECURITIES ACT, (B) TO THE COMPANY, (C) TO AN INSTITUTIONAL
          "ACCREDITED INVESTOR" (WITHIN THE MEANING OF RULE 501(A)(1), (2), (3)
          OR (7) OF REGULATION D UNDER THE SECURITIES ACT), (D) TO A PERSON WHOM
          THE HOLDER REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER"
          (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS
          OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN
          COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (E) OUTSIDE THE
          UNITED STATES IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT,
          (F) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
          UNDER THE SECURITIES ACT (IF AVAILABLE), OR (G) PURSUANT TO ANOTHER
          AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
          SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT PRIOR TO ANY SUCH
          OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (G) TO REQUIRE THE DELIVERY
          OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
          REASONABLY SATISFACTORY TO IT, AND (2) AGREES THAT IT WILL DELIVER TO
          EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED
          A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN,
          THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
          HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE
          SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
          HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

          THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A
          SECURITIES PURCHASE AGREEMENT, DATED AS OF AUGUST 5, 2005 BY AND AMONG
          THE COMPANY, THE GUARANTORS AND THE BUYERS REFERRED TO THEREIN (THE
          "SECURITIES PURCHASE AGREEMENT") AND, BY ITS ACCEPTANCE HEREOF, AGREES
          TO BE BOUND BY AND TO

                                      -13-

<PAGE>

          COMPLY WITH THE PROVISIONS OF SUCH SECURITIES PURCHASE AGREEMENT. THE
          HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
          RIGHTS AGREEMENT, DATED AS OF AUGUST 5, 2005 BY AND AMONG THE COMPANY
          AND THE BUYERS REFERRED TO THEREIN (THE "REGISTRATION RIGHTS
          AGREEMENT") AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND
          TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.
          NO TRANSFER OF THIS WARRANT SHALL BE MADE WITHOUT COMPLYING WITH THE
          PROVISIONS OF SECTION 7(a) OF THIS WARRANT.

provided, that the first paragraph of such legend may be removed from
certificates representing the Warrants in connection with a sale pursuant to an
effective registration statement under the Securities Act; and, provided,
further, that, if any such Warrants are being sold pursuant to Rule 144 under
the Securities Act, such legend may be removed by delivering to the Company's
registrar and transfer agent and the Company an opinion of counsel, of
recognized standing reasonably satisfactory to the Company, that such legend is
no longer required under applicable requirements of the Securities Act or state
securities laws.

          (j) Consent. Such Buyer consents to the Company making a notation on
its records or giving instructions to the Trustee and any transfer agent of the
Class A Common Stock in order to implement the restrictions on transfer set
forth and described herein.

          (k) Filings. If required by applicable securities legislation,
regulatory policy or order, or if required or requested by any securities
commission, stock exchange or other regulatory authority, at the request of and
at the sole expense of the Company, such Buyer will execute, deliver and file
and otherwise reasonably assist the Company in filing reports, questionnaires,
undertakings and other documents with respect to the issue of the Securities.

          (l) Validity; Enforcement. This Agreement, the Registration Rights
Agreement and the Security Documents to which such Buyer is a party have been
duly and validly authorized, executed and delivered on behalf of such Buyer and,
assuming the due execution and delivery thereof by the other parties thereto,
constitute the legal, valid and binding obligations of such Buyer enforceable
against such Buyer in accordance with their respective terms, except as such
enforceability may be limited by general principles of equity or to applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies and except that the enforcement of any rights to
indemnity and contribution in the Registration Rights Agreement may be limited
by federal and state securities laws and the principles of public policy
underlying those laws.

          (m) Residency. For purposes of U.S. securities laws, such Buyer is a
resident of that jurisdiction specified below its address on the Schedule of
Buyers.

                                      -14-

<PAGE>

     3.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

          The Company and each of the Guarantors (as applicable), jointly and
severally, represent and warrant to each of the Buyers that, except as set forth
on the schedules attached to this Agreement:

          (a) Organization and Qualification. The Company and its Subsidiaries
are entities duly organized and validly existing in good standing under the laws
of the jurisdiction in which they are formed, and have the requisite power and
authorization to own their properties and to carry on their business as now
being conducted. Each of the Company and its Subsidiaries is duly qualified as a
foreign entity to do business and is in good standing in every jurisdiction in
which its ownership of property or the nature of the business conducted by it
makes such qualification necessary, except to the extent that the failure to be
so qualified or be in good standing would not have a Material Adverse Effect. As
used in this Agreement, "MATERIAL ADVERSE EFFECT" means any material adverse
effect on the business, properties, assets, operations, results of operations or
condition (financial or otherwise) or prospects of the Company and its
Subsidiaries, taken as a whole, or on the transactions contemplated hereby and
by the other Transaction Documents, or on the authority or ability of the
Company and each of the Guarantors (as applicable) to perform their respective
obligations under the Transaction Documents. Set forth on Schedule 3(a)(i) is a
true, correct and complete list of all Subsidiaries of the Company and set forth
on Schedule 3(a)(ii) is a true, correct and complete list of all Material
Subsidiaries of the Company. Neither the Company nor any of its Subsidiaries is
a participant in any joint venture, partnership or similar arrangement other
than as set forth on Schedule 3(a)(iii). Other than the Subsidiaries set forth
on Schedules 3(a)(i) and 3(a)(ii) and except as set forth on Schedule 3(a)(iii)
and Schedule 3(a)(iv), neither the Company nor any of its Subsidiaries (i) has
or holds, either directly or indirectly, any capital or any other equity
securities or interest in, or control (whether by the ownership or control or
direction of any securities or any other voting or participating interest or by
contract) of, any other Person or (ii) is obligated to make or be bound by any
written, oral or other agreement, contract or understanding of any nature as of
the date hereof or as may hereinafter be in effect under which it may become
obligated to make any future investment in, or capital contribution to, any
other Person. For purposes of this Agreement, (i) "SUBSIDIARIES" means: (a) any
company or limited liability company, fifty percent (50%) or more of whose
outstanding voting shares or interests are owned, directly or indirectly, by the
Company or by one or more of its Subsidiaries, or by the Company and by one or
more of its Subsidiaries, and includes each of the companies and limited
liability companies identified in Schedule 3(a)(i) as a Subsidiary; (b) any
general partnership, fifty percent (50%) or more of whose outstanding
partnership interests shall at the time be owned by the Company, or by one or
more of its Subsidiaries, or by the Company and one or more of its Subsidiaries;
and (c) any limited partnership, of which the Company or any of its Subsidiaries
is a general partner, and "SUBSIDIARY" means any one of them and (ii) "MATERIAL
SUBSIDIARIES" means each Subsidiary with more than $10,000,000 in total assets
and each Spectrum Entity (as defined in the Indenture) and "MATERIAL SUBSIDIARY"
means any one of them.

          (b) Authorization; Enforcement; Validity. Each of the Company and the
Guarantors (to the extent that they are parties) has the requisite power and
authority to enter into and perform their respective obligations under the
Transaction Documents and, with respect to the Company, to issue the Securities
in accordance with the terms hereof and thereof. The

                                      -15-

<PAGE>

execution and delivery of the Transaction Documents by each of the Company and
the Guarantors (as applicable) and the consummation by each of the Company and
the Guarantors (as applicable) of the transactions contemplated hereby and
thereby, including, without limitation, the issuance of the Notes, the
Guarantees and the Warrants, the reservation for issuance and issuance of the
Warrant Shares issuable upon exercise of the Warrants, and the granting of a
security interest in the Collateral (as defined in the Security Documents) have
been duly authorized by the Company's or the Guarantors' (as applicable) Board
of Directors, respectively, or Manager (as applicable) and (other than (i) the
filing of appropriate UCC financing statements and analogous registrations with
the appropriate states, provinces and other authorities pursuant to the Security
Documents, (ii) the filing with the SEC of one or more Registration Statements
in accordance with the requirements of the Registration Rights Agreement, (iii)
the filing of a Form D with respect to the Notes and Warrants as required under
Regulation D, (iv) such filings required under applicable securities or "Blue
Sky" laws of the states of the United States and (v) such filings as may be
required under any rule or regulation promulgated by the Federal Communications
Commission (all of the foregoing, the "REQUIRED APPROVALS")) no further filing,
consent, or authorization is required by the Company or the Guarantors (as
applicable), their respective Boards of Directors or Manager (as applicable) or
their respective stockholders or members (as applicable) in connection
therewith. This Agreement and the other Transaction Documents of even date
herewith have been duly executed and delivered by the Company and each of the
Guarantors (as applicable) and constitute the legal, valid and binding
obligations of the Company or the Guarantors (as applicable), enforceable
against the Company or the Guarantors (as applicable) in accordance with their
respective terms, except as such enforceability may be limited by general
principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the
enforcement of applicable creditors' rights and remedies, and except that the
enforcement of any rights to indemnity and contribution in the Registration
Rights Agreement may be limited by federal and state securities laws and the
principles of public policy underlying those laws.

          (c) Issuance of Securities. The Notes and Warrants have been duly
authorized by the Company, and when duly executed, authenticated, issued and
delivered as provided in the Indenture (assuming due authentication of the Notes
by the Trustee) or the Warrants, as the case may be, and paid for as provided
herein, will be free from all taxes, liens and charges with respect to the
issuance (but not the acquisition, holding or disposition caused by any Buyer)
thereof and will constitute legal, valid and binding obligations of the Company,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization,
moratorium and similar laws affecting creditors' rights and remedies generally,
and to general principles of equity, including principles of materiality,
commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity). The Guarantees have
been duly authorized by the Company and each of the Guarantors, and when duly
executed by each of the Guarantors (assuming due authentication of the Notes by
the Trustee) and paid for as provided herein, will constitute legal, valid and
binding agreements of the Guarantors, enforceable against them in accordance
with their terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance or transfer, reorganization, moratorium and similar laws affecting
creditors' rights and remedies generally, and to general principles of equity,
including principles of materiality, commercial reasonableness, good faith and
fair dealing (regardless of whether enforcement is sought in a

                                      -16-

<PAGE>
proceeding at law or in equity) and will be entitled to the benefits of the
Indenture. Upon issuance and delivery of the Warrants in accordance with the
terms of this Agreement and the Warrants, the Warrants will be exercisable into
Class A Common Stock at the option of the holder thereof in accordance with the
terms of the Warrants. As of the Closing, a number of shares of Class A Common
Stock shall have been duly authorized and reserved for issuance, free of
pre-emptive or similar rights (except those that have been previously waived),
sufficient for the purpose of enabling the Company to satisfy its obligations to
issue the Warrant Shares upon exercise of the Warrants. Upon exercise in
accordance with the Warrants, the Warrant Shares will be validly issued, fully
paid and nonassessable and free from all preemptive rights (except those that
have been previously waived), and such Warrant Shares will not be subject to any
stamp, issue or similar taxes (excluding, for the avoidance of doubt, income and
withholding taxes), liens and charges on the issue (but not the acquisition,
holding or disposition caused by any Buyer) thereof, with the holders being
entitled to all rights accorded to a holder of Class A Common Stock. Assuming
the accuracy of the representations of the Buyers in Section 2 hereof (and in
the Recertification Letter (as defined in the Warrants) in connection with the
offer and issuance of Warrant Shares) and their compliance with the agreements
set forth in the Transaction Documents, the offer and issuance by the Company of
the Securities to the Buyers is (or will be in the case of the Warrant Shares)
exempt from registration under the Securities Act.

          (d) No Conflicts. The execution, delivery and performance of the
Transaction Documents by the Company and each of the Guarantors (as applicable)
and the consummation by the Company and each of Guarantors (as applicable) of
the transactions contemplated hereby and thereby (including, without limitation,
the issuance of the Notes and the Warrants, the granting of a security interest
in the Collateral and reservation for issuance and issuance of the Warrant
Shares) will not (i) result in a violation of the Certificate of Incorporation
(as defined in Section 3(o)) or the Bylaws (as defined in Section 3(o)) or any
of the organizational documents of any of the Guarantors or any other Material
Subsidiary or (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of,
any agreement, indenture or instrument to which the Company, any Guarantor or
any other Subsidiary is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including federal and state
securities laws) applicable to the Company, any Guarantor or any other
Subsidiary or by which any property or asset of the Company, any Guarantor or
any other Subsidiary is bound or affected, except, in the case of clauses (ii)
and (iii), for such violations as would not be reasonably expected to have a
Material Adverse Effect.

          (e) Consents. Other than the Required Approvals, none of the Company
and the Guarantors (as applicable) or any other Subsidiary is required to obtain
any consent, authorization or order of, or make any filing or registration with,
any court, governmental agency or any regulatory or self-regulatory agency or
any other Person in order for it to execute, deliver or perform any of its
obligations under or contemplated by the Transaction Documents, in each case in
accordance with the terms hereof or thereof. All consents, authorizations,
orders, filings and registrations which the Company, the Guarantors or any other
Subsidiary are required to obtain prior to the Closing have been obtained or
effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from
obtaining or effecting any of the registration, application or filings pursuant
to the preceding sentence.

                                      -17-

<PAGE>

          (f) No General Solicitation; Placement Agent's Fees. None of the
Company, the Guarantors, any of their respective affiliates and any Person
acting on their behalf, has engaged in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with the
offer or sale of the Securities. The Company shall be responsible for the
payment of any placement agent's fees, financial advisory fees, or brokers'
commissions (other than for Persons engaged by any Buyer) relating to or arising
out of the transactions contemplated hereby. The Company shall pay, and hold
each Buyer harmless against, any liability, loss or expense (including, without
limitation, reasonable and documented attorney's fees and out-of-pocket
expenses) arising in connection with any such claim. The Company acknowledges
that it has engaged JP Morgan Securities, Inc., Morgan Stanley & Co.
Incorporated and Merrill Lynch, Pierce, Fenner & Smith Inc. as placement agents
(each an "AGENT" and, collectively, the "AGENTS") in connection with the sale of
the Notes and the Warrants. Other than the Agents, the Company has not engaged
any placement agent or other agent in connection with the sale of the
Securities.

          (g) No Integrated Offering. None of the Company, its Subsidiaries, the
Guarantors, any of their respective affiliates and any Person acting on their
behalf has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under circumstances that would require
registration of any of the Securities under the Securities Act or cause this
offering of the Securities to be integrated with prior offerings by the Company
for purposes of the Securities Act. None of the Company, its Subsidiaries, the
Guarantors, their respective affiliates and any Person acting on their behalf
will take any action or steps referred to in the preceding sentence that would
require registration of any of the Securities under the Securities Act or cause
the offering of the Securities to be integrated with other offerings.

          (h) Application of Takeover Protections; Rights Agreement. The Company
and its board of directors have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or other similar
anti-takeover provision under the Certificate of Incorporation or the laws of
the jurisdiction of its formation or otherwise which is or could become
applicable to any Buyer as a result of the transactions contemplated by this
Agreement, including, without limitation, the Company's issuance of the
Securities and any Buyer's ownership of the Securities. The Company has not
adopted a stockholder rights plan or similar arrangement relating to
accumulations of beneficial ownership capital stock (including, without
limitation, of Class A Common Stock) or a change of control of the Company.

          (i) Financial Statements. As of their respective dates, the unaudited
condensed consolidated financial statements of the Company and its Subsidiaries
for the quarter ended March 31, 2005 and the condensed consolidated audited
financial statements of the Company and its Subsidiaries for the year ended
December 31, 2004 complied as to form in all material respects with applicable
accounting requirements. Such financial statements, including the notes thereto,
have been prepared in all material respects in accordance with generally
accepted accounting principles in the United States ("GAAP"), consistently
applied, during the periods involved, except that the unaudited financial
statements may not contain all footnotes required by GAAP, and fairly present in
all material respects the financial position of the Company as of the dates
thereof and the results of its operations and cash flows for the periods then
ended, subject in the case of the unaudited financial statements to normal
year-end audit

                                      -18-

<PAGE>

adjustments. The financial statements of the Company for the year ended December
31, 2004 and for the quarterly period ended March 31, 2005 are attached hereto
as Exhibit L.

          (j) Absence of Certain Changes. Since December 31, 2004, no event or
circumstance has occurred which could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. Neither the Company
nor any Guarantor or any other Material Subsidiary has taken any steps to seek
protection pursuant to any bankruptcy law nor does the Company or any Guarantor
or other Material Subsidiary have any knowledge or reason to believe that its
creditors intend to initiate involuntary bankruptcy proceedings or any actual
knowledge of any fact which would reasonably lead a creditor to do so. Neither
the Company nor any Guarantor or other Material Subsidiary is as of the date
hereof, and after giving effect to the transactions contemplated hereby to occur
at the Closing, will be Insolvent (as defined below). For purposes of this
Section 3(j), "INSOLVENT" means with respect to the Company or any Guarantor:
(i) the present fair saleable value of the assets of the Company or such
Guarantor or other Material Subsidiary is less than the amount required to pay
the total Indebtedness (as defined in the Indenture) of the Company or such
Guarantor or other Material Subsidiary, (ii) the Company or such Guarantor is
unable to pay its debts and liabilities as such debts and liabilities, whether
subordinated, contingent or otherwise, become absolute and matured, (iii) the
Company or such Guarantor or other Material Subsidiary intends to incur or
believes that it will incur debts that would be beyond its ability to pay as
such debts mature or (iv) the Company or such Guarantor has unreasonably small
capital with which to conduct the business in which it is engaged as such
business is now conducted and is proposed to be conducted.

               (i) Except as set forth on Schedule 3(j)(i) and except as
contemplated by the Transaction Documents, since December 31, 2004, the business
of the Company and its Subsidiaries has been conducted in the ordinary course
consistent with past practice and there has not been:

                    (A) any obligation or liability (whether absolute, accrued,
          contingent or otherwise, and whether due or to become due) incurred by
          the Company or any of its Subsidiaries, in excess of $1,000,000
          individually or $2,500,000 in the aggregate, other than obligations
          under customer contracts, current obligations and liabilities, in each
          case incurred in the ordinary course of business and consistent with
          past practice;

                    (B) any payment, discharge, satisfaction or settlement of
          any suit, action, claim, arbitration, proceeding or obligation of the
          Company or any of its Material Subsidiaries, except in the ordinary
          course of business and consistent with past practice;

                    (C) any declaration, setting aside or payment of any
          dividend or other distribution with respect to any shares of capital
          stock of the Company or any of its Subsidiaries or any direct or
          indirect redemption, purchase or other acquisition of any such shares;

                    (D) any issuance or sale, or any contract entered into for
          the issuance or sale, of any shares of capital stock or securities
          convertible into or

                                      -19-

<PAGE>

          exercisable or exchangeable for shares of capital stock of the Company
          or any of its Subsidiaries;

                    (E) any sale, assignment, pledge, encumbrance, transfer or
          other disposition of any tangible asset of the Company or any of its
          Subsidiaries (other than sales or the licensing of its products to
          customers in the ordinary course of business consistent with past
          practice), or any sale, assignment, transfer or other disposition of
          any Intellectual Property (as defined below) (other than licensing of
          products of the Company or its Subsidiaries in the ordinary course of
          business and on a non-exclusive basis);

                    (F) any creation of any Lien (as defined in the Indenture)
          on any property of the Company or any of its Material Subsidiaries;

                    (G) any write-downs of the value of any asset of the Company
          or its Subsidiaries or any write-off as uncollectible of any accounts
          or notes receivable or any portion thereof except in the ordinary
          course of business and in a magnitude consistent with historical
          practice;

                    (H) any cancellation of any debts or claims or any material
          amendment, termination or waiver of any rights of the Company or its
          Subsidiaries;

                    (I) any material increase in any such compensation or bonus
          payable to any officer, stockholder, director, consultant or agent of
          the Company or any of its Subsidiaries having an annual salary or
          remuneration in excess of $350,000;

                    (J) any damage, destruction or loss (whether or not covered
          by insurance) affecting any asset or property of the Company or any of
          its Subsidiaries resulting in any liability, loss, claim, damages,
          costs or expenses in excess of $1,000,000 individually or $2,500,000
          in the aggregate;

                    (K) any resignation or termination of any executive officer
          or group of employees of the Company or any of its Material
          Subsidiaries; or

                    (L) any agreement, whether in writing or otherwise, to take
          any of the actions specified in the foregoing items (A) through (L).

          (k) Absence of Undisclosed Liabilities. Except as disclosed on
Schedule 3(k), or as incurred by the Company or any of its Material Subsidiaries
in the ordinary course of business and consistent with past practice, neither
the Company nor any Material Subsidiary has any material liabilities or
obligations of any nature, whether accrued, absolute, contingent, or otherwise
(including liabilities as guarantor or otherwise with respect to obligations of
others) and whether due or to become due. The reserves, if any, established by
the Company or the lack of reserves, if applicable, are reasonable based upon
facts and circumstances known by the Company on the date hereof and there are no
loss contingencies that are required to be accrued

                                      -20-
<PAGE>

by Statement of Financial Accounting Standard No. 5 of the Financial Accounting
Standards Board which are not provided for on the balance sheet of the Company
and its Material Subsidiaries as of March 31, 2005, which is included in the
Financial Statements.

          (l) Conduct of Business; Regulatory Permits. Except as set forth on
Schedule 3(l), neither the Company nor any of its Material Subsidiaries is in
violation of any term of or in default under its Certificate of Incorporation or
Bylaws or their organizational charter or certificate of incorporation or
bylaws, respectively. Neither the Company nor any of its Subsidiaries is in
violation of any judgment, decree or order or any statute, ordinance, rule or
regulation applicable to the Company or its Subsidiaries, and neither the
Company nor any of its Subsidiaries will conduct its business in violation of
any of the foregoing, except for possible violations which would not,
individually or in the aggregate, have a Material Adverse Effect. Except as set
forth on Schedule 3(l), the Company and its Subsidiaries possess all
certificates, authorizations and permits issued by the appropriate regulatory
authorities necessary to conduct their respective businesses, except where the
failure to possess such certificates, authorizations or permits would not have,
individually or in the aggregate, a Material Adverse Effect, and neither the
Company nor any of its Subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization or permit. Nothing set forth on Schedule 3(l) is reasonably
expected to result in a Material Adverse Effect; however, the foregoing does not
apply to anything set forth on Schedule 3(l) with respect to the Company's
ability to acquire additional spectrum rights in the future in accordance with
its business plan.

          (m) Foreign Corrupt Practices. Neither the Company, nor any of its
Subsidiaries, nor to the knowledge of the Company, any director, officer, agent,
employee or other Person acting on behalf of the Company or any of its
Subsidiaries, has, in the course of its actions for, or on behalf of, the
Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii)
made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; (iii) violated or is in
violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as
amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment to any foreign or domestic government
official or employee.

          (n) Transactions With Affiliates. Except as disclosed on Schedule
3(n)(i), there have not been any material transactions or loans (including
guarantees of any kind) between the Company or any of its Subsidiaries and (i)
other Persons that directly or indirectly through one or more intermediaries,
control or are controlled by, or are under common control with, the Company or
any of its Subsidiaries, (ii) individuals owning, directly or indirectly, an
interest in the voting power of the Company or any of its Subsidiaries that
gives them significant influence over the Company or any of its Subsidiaries,
(iii) key management personnel, that is, those persons having authority and
responsibility for planning, directing and controlling the activities of the
Company or any of its Subsidiaries, including directors and senior management of
companies and close members of such individuals' families, and (iv) enterprises
in which a substantial interest in the voting power is owned, directly or
indirectly, by any Person described in (ii) or (iii) or over which such a Person
is able to exercise significant influence (including enterprises owned by
directors or major stockholders of the Company or any of its Subsidiaries and
enterprises that have a member of key management in common with the Company or
any of

                                      -21-

<PAGE>

its Subsidiaries). For purposes of this Section 3(n): (i) significant influence
over an enterprise is the power to control the financial and operating policy
decisions of the enterprise; and (iii) stockholders beneficially owning a 5%
interest in the voting power of the Company or any of its Subsidiaries are
presumed to have a significant influence on the Company or any of its
Subsidiaries. Except as disclosed on Schedule 3(n)(ii), no employee, officer,
stockholder or director of the Company or any of its Subsidiaries or member of
his or her immediate family is indebted to the Company or its Subsidiaries, as
the case may be, nor is the Company or any of its Subsidiaries indebted (or
committed to make loans or extend or guarantee credit) to any of them, other
than (i) for payment of salary for services rendered, (ii) reimbursement for
reasonable expenses incurred on behalf of the Company, and (iii) for other
standard employee benefits made generally available to all employees or
executives (including stock option agreements outstanding under any stock option
plan approved by the Company's board of directors. Except as disclosed on
Schedule 3(n)(iii), Craig McCaw does not own, directly or indirectly, any
interest in (excepting less than 5% stock holdings for investment purposes in
securities of publicly held and traded companies), and is not an officer of any
Person that is, or is engaged in business as, a competitor, lessor, lessee,
supplier, distributor or sales agent or material customer of, or lender to or
borrow from, the Company or any of its Subsidiaries. No immediate family member
of Craig McCaw owns any material interest in any Person that is a party to any
material agreement with the Company of any its Subsidiaries. Except as disclosed
on Schedule 3(n)(iv), no officer, director, stockholder or other security holder
of the Company or any of its Subsidiaries owns, directly or indirectly, in whole
or in part, any material tangible or intangible property that the Company or any
of its Subsidiaries uses in the conduct of business.

          (o) Equity Capitalization. As of August 2, 2005, after giving effect
to the transactions contemplated by the Transaction Documents, the authorized
capital stock of the Company consists of: (i) 500,000,000 shares of Class A
Common Stock, par value $0.0001 per share, of which 165,748,763 shares are
issued and outstanding; (ii) 100,000,000 shares of Class B Common Stock, par
value $0.0001 per share (the "CLASS B COMMON STOCK", and together with the Class
A Common Stock, collectively referred to herein as the "COMMON STOCK"), of which
56,072,860 shares are issued and outstanding; and (iii) 5,000,000 shares of
Preferred Stock, par value $0.0001 per share, of which no shares are issued and
outstanding. The Class B Common Stock is convertible into Class A Common Stock
on a one-for one basis at the option of the holders. Other than with respect to
voting and conversion rights as set forth in the Certificate of Incorporation,
all other rights, such as voting powers, designations, preferences, rights and
qualifications, limitations or restrictions of the shares of Class B Common
Stock are identical to that of the shares of Class A Common Stock. All of such
outstanding shares have been, or upon issuance will be, validly issued and are
fully paid and nonassessable. Except as disclosed on Schedule 3(o)(i), none of
the Company's capital stock is subject to preemptive rights or any other similar
rights or any liens or encumbrances suffered or permitted by the Company. Except
as disclosed on Schedule 3(o)(ii), there are no outstanding options, warrants,
rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, or exercisable or
exchangeable for, any capital stock of the Company or any of its Material
Subsidiaries, or contracts, commitments, understandings or arrangements by which
the Company or any of its Material Subsidiaries is or may become bound to issue
additional capital stock of the Company or any of its Material Subsidiaries or
options, warrants, rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities or rights convertible into, or exercisable
or exchangeable for, any capital stock of the Company

                                      -22-

<PAGE>

or any of its Material Subsidiaries. Except as disclosed on Schedule 3(o)(iii),
there are no agreements or arrangements under which the Company or any of its
Material Subsidiaries is obligated to register the sale of any of their
securities under the Securities Act (except the Registration Rights Agreement).
Except as disclosed on Schedule 3(o)(iv), there are no outstanding securities or
instruments of the Company or any of its Material Subsidiaries which contain any
redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its Material
Subsidiaries is or may become bound to redeem, repurchase or otherwise acquire
or retire a security of the Company or any of its Material Subsidiaries. Except
as disclosed on Schedule 3(o)(v), there are no securities or instruments
containing anti-dilution or similar provisions that will be triggered by the
issuance of the Securities. The Company does not have any stock appreciation
rights or "phantom stock" plans or agreements or any similar plan or agreement.
The Company has furnished to each Buyer true, correct and complete copies of the
Company's Certificate of Incorporation, as amended and as in effect on the date
hereof (the "CERTIFICATE OF INCORPORATION"), and the Company's Bylaws, as
amended and as in effect on the date hereof (the "BYLAWS"), and the terms of all
securities convertible into, or exercisable or exchangeable for, Common Stock
and the material rights of the holders thereof in respect thereto. Set forth on
Schedule 3(o)(vi) is a true, correct and complete list of the record holders of
shares of capital stock of the Company and each of its Material Subsidiaries as
of the date hereof. As of the date specified therein, such holders own of record
all the outstanding capital stock of the Company and each such Material
Subsidiary, each of them so owning the number of shares set forth opposite such
holder's name on Schedule 3(o)(vi). Set forth on Schedule 3(o)(vi) is a true,
correct and complete list (except as otherwise noted on such schedule) of the
record holders of options and warrants exercisable for shares of capital stock
of the Company and its Material Subsidiaries. Except as disclosed on Schedule
3(o)(vii), the shares held by the Company or any of its Subsidiaries are held
free and clear of all liens or any other restriction on the right to vote, sell
or otherwise dispose of such capital stock, except for restrictions under
securities laws. There are no bonds, debentures, notes or other indebtedness or
securities of the Company or its Subsidiaries having the right to vote (or
convertible into, or exchangeable or exercisable for, securities having the
right to vote) on any matters on which stockholders of the Subsidiaries of the
Company or their respective Subsidiaries may vote.

          (p) Indebtedness and Other Contracts. Except as disclosed in Schedule
3(p), neither the Company nor any of its Subsidiaries (i) has any outstanding
Indebtedness (as defined below) in excess of $1,500,000 individually or
$3,000,000 in the aggregate, (ii) is a party to any contract, agreement or
instrument, the violation of which, or default under which, by the other
party(ies) to such contract, agreement or instrument would result in a Material
Adverse Effect, or (iii) is in violation of any term of or in default under any
contract, agreement or instrument relating to any Indebtedness, except where
such violations and defaults would not result, individually or in the aggregate,
in a Material Adverse Effect. Excluding obligations under spectrum leases and
inter-company loans, Schedule 3(p) provides a description of the material
financial terms of any outstanding Indebtedness of the Company and its
Subsidiaries in excess of $1,500,000 individually or $3,000,000 in the
aggregate. Other than Permitted Liens (as defined in the Indenture), there are
no financing statements securing obligations in any material amounts, either
singly or in the aggregate, filed in connection with the Company or any of its
Subsidiaries. For purposes of this Agreement, "INDEBTEDNESS" of any Person shall
have the meaning set forth in Section 1.1 of the Indenture.

                                      -23-

<PAGE>

          (q) Absence of Litigation. Except as set forth on Schedule 3(q), there
is no action, suit, claim, arbitration, proceeding, inquiry or investigation,
whether at law or in equity, before or by any court, public board, Governmental
Authority (as defined below), self-regulatory organization or body pending or,
to the best knowledge of the Company, threatened against or affecting the
Company or any of the Company's Subsidiaries, any of their respective properties
or assets or any of the Company's or the Company's Subsidiaries' officers or
directors in their capacities as such except as would not result, individually
or in the aggregate, in a Material Adverse Effect. The foregoing includes,
without limitation, suits, actions, claims, arbitrations, proceedings or
investigations pending or threatened involving the prior employment of any of
the Company's or its Subsidiaries' employees, their use in connection with the
business of the Company or its Subsidiaries of any information or techniques
allegedly proprietary to such former employers or their obligations under any
agreements with prior employers. There is no outstanding judgment, order,
injunction or decree of any governmental or regulatory authority or arbitrator
against the Company, its Subsidiaries, or to the knowledge of the Company,
against any of their respective properties, assets or business except as would
not result, individually or in the aggregate, in a Material Adverse Effect.
Nothing set forth on Schedule 3(q) is reasonably expected to result in a
Material Adverse Effect.

          (r) Insurance. The Company and each of its Material Subsidiaries are
insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as management of the Company believes to be
prudent and customary in the businesses in which the Company and its Material
Subsidiaries are engaged. Neither the Company nor any Subsidiary has been
refused any insurance coverage that is material to the business of the Company
and that has been sought or applied for and neither the Company nor any such
Subsidiary has any reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not have a Material Adverse Effect.

          (s) Employee Relations. (i) The Company and its Subsidiaries believe
that their relations with their employees are good. No executive officer of the
Company (as defined in Rule 501(f) under the Securities Act), key employee or
group of employees has notified the Company that such officer, employee or group
intends to leave the Company or otherwise terminate such officer's, employee's
or group's employment with the Company. No executive officer or key employee of
the Company, to the knowledge of the Company, is, or is now expected to be, in
violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement, non-competition agreement, or
any other contract or agreement or any restrictive covenant, and the continued
employment of each such executive officer and key employee does not subject the
Company or any of its Subsidiaries to any liability with respect to any of the
foregoing matters.

               (ii) The Company and its Subsidiaries are in compliance with all
federal, state, provincial, local and foreign laws and regulations respecting
labor, employment and employment practices and benefits, terms and conditions of
employment and wages and hours, except where failure to be in compliance would
not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. There are no pending or, to the knowledge of the
Company, threatened employment discrimination charges or

                                      -24-

<PAGE>

complaints against or involving the Company or its Subsidiaries before any
federal, state, or local board, department, commission or agency, or unfair
labor practice charges or complaints, disputes or grievances affecting the
Company or its Material Subsidiaries.

               (iii) Since the Company's inception, neither the Company nor its
Material Subsidiaries has experienced any labor disputes, union organization
attempts or work stoppage due to labor disagreements. There are no unfair labor
practice charges or complaints against the Company or its Material Subsidiaries
pending, or to the knowledge of the Company, threatened before the National
Labor Relations Board or any comparable state agency or authority. Except as set
forth on Schedule 3(s), there are no written or oral contracts, commitments,
agreements, understandings or other arrangements with any labor organization,
nor work rules or practices agreed to with any labor organization or employee
association, applicable to employees of the Company or any of its Subsidiaries,
nor is the Company or its Material Subsidiaries a party to, or bound by, any
collective bargaining or similar agreement; there is not, and since the
Company's inception there has not been, any representation of the employees of
the Company or its Material Subsidiaries by any labor organization and, to the
knowledge of the Company, there are no union organizing activities among the
employees of the Company or its Material Subsidiaries, and to the knowledge of
the Company, no question concerning representation has been raised or is
threatened respecting the employees of the Company or its Material Subsidiaries.

          (t) Real Property and Other Assets. Except as set forth on Schedule
3(t), the Company and its Material Subsidiaries have good and marketable title
in fee simple to all real property and good and marketable title to all personal
property owned by them which is material to the business of the Company and its
Material Subsidiaries, in each case free and clear of all liens, encumbrances
and defects, except for Permitted Liens (as defined in the Indenture) and such
as do not materially affect the value of such property and do not interfere with
the use made and proposed to be made of such property by the Company and any of
its Material Subsidiaries. Any real property and facilities held under lease by
the Company and any of its Material Subsidiaries are held by them under valid,
subsisting and enforceable leases with such exceptions as are not material and
do not interfere with the use made and proposed to be made of such property and
buildings by the Company and its Subsidiaries. There exists no default, or any
event which upon notice or the passage of time, or both, would give rise to any
default, in the performance of the Company or by any lessor under any such
lease, nor, to the knowledge of the Company, is the landlord of any such lease
in default except where any such default would not have a Material Adverse
Effect. All tangible personal property owned by the Company and its Subsidiaries
has been maintained in good operating condition and repair, except (x) for
ordinary wear and tear, and (y) where such failure would not have a Material
Adverse Effect. All tangible assets leased by the Company or any of its
Subsidiaries are in the condition required by the terms of the lease applicable
thereto during the term of such lease and upon the expiration thereof.

          (u) Intellectual Property Rights. (i) Schedule 3(u)(i) sets forth a
true and complete list of all (i) Registered or otherwise material Owned
Intellectual Property and (ii) material Licensed Intellectual Property other
than intellectual property rights licensed in conjunction with acquisition of
computer hardware, software, and other products used in the ordinary course of
business.

                                      -25-

<PAGE>

               (ii) Except to the extent as would not have a Material Adverse
Effect, all Owned Intellectual Property is valid, subsisting and enforceable,
and is not subject to any outstanding order, judgment or decree restricting its
use or adversely affecting the Company's or its Subsidiaries' rights thereto. To
the knowledge of the Company and except to the extent as would not have a
Material Adverse Effect, all Licensed Intellectual Property is valid, subsisting
and enforceable, and is not subject to any outstanding order, judgment or decree
restricting its use or adversely affecting the Company's or its Subsidiaries'
rights thereto; provided, however, that the Company represents, without any
knowledge qualification, that no Material Adverse Effect could reasonably be
expected to be caused by the failure of any Licensed Intellectual Property to be
valid, subsisting or enforceable, nor could a Material Adverse Effect reasonably
be expected to be caused by any outstanding order, judgment or decree
restricting its use or adversely affecting the Company or its Subsidiaries'
rights thereto.

               (iii) To the knowledge of the Company, neither the Company nor
any of its Subsidiaries is violating or has violated any Intellectual Property
rights. Except as set forth in Schedule 3(u)(iii), there are no suits, actions,
reissues, interferences, arbitrations, mediations, oppositions, cancellations,
Internet domain name dispute proceedings or other proceedings (collectively,
"SUITS") pending, or to the knowledge of the Company, threatened, concerning any
claim that the Company or any of its indemnitees have violated any Intellectual
Property rights.

               (iv) Except as set forth on Schedule 3(u)(iv), there are no Suits
or claims pending, or to the knowledge of the Company, threatened, concerning
the Owned Intellectual Property, and, to the knowledge of the Company, no valid
basis for any such Suits or claims exists. Except as set forth on Schedule
3(u)(iv), to the knowledge of the Company, there are no Suits or claims pending
or threatened concerning the Licensed Intellectual Property or the right of the
Company or any Subsidiary to use the Licensed Intellectual Property, and no
valid basis for any such Suits or claims exists.

               (v) The Company and its Subsidiaries own or otherwise hold valid
rights to use all Business Intellectual Property used or contemplated to be used
in the operation of the Business as currently conducted and as currently
contemplated to be conducted in the future, except as such failure would not
have a Material Adverse Effect. All such rights are free of all Liens (as
defined in the Indenture) and, except as set forth in Schedule 3(u)(v), are
fully assignable by the Company and its Subsidiaries to any Person, without
payment, consent of any Person or other condition or restriction. The completion
of the transactions contemplated by this Agreement will not alter or impair the
ownership or right of the Company or any Subsidiary to use any of the Business
Intellectual Property. The Business Intellectual Property constitutes all
material Intellectual Property, Computer Software, Computer Hardware and Data
that is used in, contemplated to be used in, or necessary for the conduct of the
Business as currently conducted and as currently contemplated to be conducted in
the future. To the knowledge of the Company, no Person is violating any Business
Intellectual Property.

               (vi) The Company and its Subsidiaries have timely made all
filings and payments with the appropriate foreign and domestic agencies required
to maintain in subsistence all Registered Owned Intellectual Property, except
(other than with respect to any Collateral) where any failure to make such
payments or filings would not have a Material Adverse Effect. All documentation
necessary to confirm and effect the Company's and its Subsidiaries'

                                      -26-

<PAGE>

ownership of the Owned Intellectual Property, if acquired from other Persons,
has been recorded in the United States Patent and Trademark Office, the United
States Copyright Office and other official offices.

               (vii) Except as set forth in Schedule 3(u)(vii), no Person other
than the Company and its Subsidiaries has any ownership interest in, or a right
to receive a royalty or similar payment with respect to, any of the Owned
Intellectual Property. Except as set forth in Schedule 3(u)(vii), neither the
Company nor any of its Subsidiaries has granted any options, licenses,
assignments or agreements of any kind relating to (i) ownership of rights in
Owned Intellectual Property; or (ii) the marketing or distribution of Owned
Intellectual Property.

               (viii) Neither the Company nor any of its Subsidiaries has
entered into any agreement to indemnify any other Person against any charge of
infringement of any third party Intellectual Property, except for customary
infringement indemnities agreed to in the ordinary course of business and
included as part of the Company's or its Subsidiaries' contracts for the license
or sale of products or services. Neither the Company nor any of its Subsidiaries
has entered into any agreement granting any third party the right to bring
infringement actions or otherwise to enforce rights with respect to the
Intellectual Property of the Company or its Subsidiaries.

               (ix) All inventors, including current or former employees of the
Company and its Subsidiaries, are appropriately named as inventors on any issued
patent or pending patent application listed in Schedule 3(u)(i) as being owned
by the Company or its Subsidiaries, as applicable. Notwithstanding the
foregoing, all such inventors have assigned their right, title and interest in
such issued patents or patent applications to the Company or its Subsidiaries,
as the case may be, or their predecessors in interest to such patents or patent
applications, except where the failure to so assign would not have a Material
Adverse Effect. The Company is not aware of any prior art material to the
patentability of the inventions claimed in any patents and pending patent
applications listed in Schedule 3(u)(i) as being owned by the Company or its
Subsidiaries that has not been disclosed to the U.S. Patent and Trademark
Office. For each patent, pending patent application, and disclosure listed in
Schedule 3(u)(i) as being owned by the Company or its Subsidiaries, each of the
Company and its Subsidiaries has complied with any applicable contractual
obligations, laws, rules, or regulations, regarding inventions conceived or
reduced to practice under a grant or other support from an agency or entity of
the U.S. government, in whole or in part, including without limitation any
requirements to elect to retain title to any federally funded invention except
where the failure to so comply would not have a Material Adverse Effect.

               (x) Except as set forth on Schedule 3(u)(x), each former and
current employee, officer, contractor, agent and consultant of the Company and
its Subsidiaries has executed and delivered to the Company or a Subsidiary of
the Company an agreement providing for the assignment to and ownership by the
Company or a Subsidiary of the Company, as applicable, of all inventions and
work product produced by such Person in the course of his or her employment or
other engagement with the Company or any of its Subsidiaries. Except as set
forth in Schedule 3(u)(x), to the knowledge of the Company, no Person (other
than the Company or a Subsidiary of the Company) has any reasonable basis for
claiming any right, title or interest in and to any such Business Intellectual
Property. The Company is not aware that any

                                      -27-

<PAGE>

employees of the Company or any of its Subsidiaries is obligated under any
Contract, or subject to any judgment, decree or order of any court or
administrative agency, that would conflict with the Business in any material
respect.

               (xi) The Company has no knowledge of any violation, or any claim
of any violation, by any of the Company's or its Subsidiaries' employees,
officers or consultants of any non-disclosure, non-competition,
non-solicitation, assignment of inventions or similar agreements or obligations
that such employee or consultant has with either the Company, any of its
Subsidiaries or any third party. The Company has not received any notice
alleging that any such violation has occurred.

               (xii) The Company has taken all reasonable measures to protect
the secrecy and confidentiality of all Trade Secrets used in the Business
(collectively, "BUSINESS TRADE SECRETS"), including, but not limited to,
entering into appropriate confidentiality agreements with all officers,
directors, employees, and other Persons with access to the Business Trade
Secrets. None of the Business Trade Secrets has, to the knowledge of the
Company, been disclosed or has been authorized to be disclosed to any Person
other than to employees or agents of the Company or its Subsidiaries for use in
connection with the Business or pursuant to a confidentiality or non-disclosure
agreement that reasonably protects the interests of the Company and its
Subsidiaries in and to such matters. To the knowledge of the Company, no
unauthorized disclosure of any Business Trade Secrets has been made.

               (xiii) All material Computer Software that is used in or held for
use in the Business is in machine readable form and is in good working condition
(normal wear and tear excepted). To the knowledge of the Company, such Computer
Software (i) contains no Disabling Devices; and (ii) other than those errors and
defects inherent in Computer Software that are generally known within the
information technology industry, has not suffered from any material and
recurring malfunctions since January 1, 2002 that has not been remedied in all
material respects.

               (xiv) Except as set forth on Schedule 3(u)(xvii), there are no
Suits or claims that are pending, or, to the knowledge of the Company, that have
been threatened by or against the Company or any of its Subsidiaries, concerning
any Computer Software, Computer Hardware or Data that is used in or held for use
in the Business, and, to the knowledge of the Company, there is no valid basis
for any such Suits or claims.

               (xv) For purposes of this Section 3(u), the following terms shall
have the following meanings:

"BUSINESS" means the respective businesses of the Company and the Company's
Subsidiaries.

"BUSINESS INTELLECTUAL PROPERTY" means the Owned Intellectual Property and the
Licensed Intellectual Property, and all Computer Software, Computer Hardware and
Data.

"COMPUTER HARDWARE" means any computer hardware, equipment and peripherals of
any kind and of any platform, including desktop and laptop personal computers,
handheld computerized devices, servers, mid-range and mainframe computers,
process control and distributed control systems, and all network and other
communications and telecommunications equipment.

                                      -28-

<PAGE>

"COMPUTER SOFTWARE" means any and all computer programs, including operating
system and applications software, implementations of algorithms, and program
interfaces, whether in source code or object code form (including, but not
limited to, all of the foregoing that is installed on the Computer Hardware) and
all documentation, including user manuals relating to the foregoing.

"DATA" means all information and data, whether in printed or electronic form and
whether contained in a database or otherwise.

"DISABLING DEVICES" means computer software viruses, time bombs, logic bombs,
Trojan horses, trap doors, back doors, or other computer instructions,
intentional devices or techniques that are designed to threaten, infect,
assault, vandalize, defraud, disrupt, damage, disable, maliciously encumber,
hack into, incapacitate, infiltrate or slow or shut down a computer system or
any component of such computer system, including any such device affecting
system security or compromising or disclosing user data.

"INTELLECTUAL PROPERTY" means all (a) foreign and domestic trademarks, service
marks, brand names, certification marks, collective marks, d/b/a's, Internet
domain names, logos, symbols, trade dress, assumed names, fictitious names,
trade names, and other indicia of origin, all applications and registrations for
all of the foregoing, and all goodwill associated therewith and symbolized
thereby, including, but not limited to, all extensions, modifications and
renewals of same; (b) foreign and domestic inventions, discoveries and ideas,
whether patentable or not, and all patents, registrations, and applications
therefor, including, but not limited to, divisions, continuations and
continuations-in-part and including, but not limited to, extensions and
reissues; (c) Trade Secrets; (d) foreign and domestic published and unpublished
works of authorship, whether copyrightable or not, copyrights therein and
thereto, and registrations and applications therefor, and all renewals,
extensions, restorations and reversions thereof; and (e) all other intellectual
property or proprietary rights and claims or causes of action arising out of or
related to any infringement, misappropriation or other violation of any of the
foregoing, including, but not limited to, rights to recover for past, present
and future violations thereof.

"LICENSED INTELLECTUAL PROPERTY" means Intellectual Property that the Company
and its Subsidiaries are licensed or otherwise permitted by other Persons to
use.

"OWNED INTELLECTUAL PROPERTY" means Intellectual Property owned by the Company
or its Subsidiaries.

"REGISTERED" means issued, registered, renewed or the subject of a pending
application.

"TRADE SECRETS" means confidential and proprietary information, trade secrets
and know-how, including, but not limited to, processes, schematics, databases,
formulae, drawings, prototypes, models, designs and customer lists.

          (v) Compliance with Applicable Laws. (i) Each of the Company and its
Subsidiaries are in compliance with all applicable Legal Requirements,
including, without limitation, laws, statutes, codes, regulations, standards
(including consent decrees and administrative orders) at any time in effect
relating to the environment, hazardous materials and occupational safety and
health and to the status of the Company or its Subsidiaries as a contractor with
any Governmental Authority, except for such instances of noncompliance as

                                      -29-

<PAGE>

would not, individually or in the aggregate, have a Material Adverse Effect.
Except as set forth on Schedule 3(v), no investigation or review by any
Governmental Authority with respect to the Company or its Subsidiaries is
pending or, to the knowledge of the Company, threatened. For purposes of this
Agreement, "LEGAL REQUIREMENT" means any constitution, act, statute, law,
ordinance, treaty, rule, regulation or official interpretation of, or judgment,
injunction, order, decision, decree, license, permit or authorization issued by,
any Governmental Authority, and "GOVERNMENTAL AUTHORITY" means any government,
court, regulatory, self-regulatory, administrative agency or commission or other
governmental agency, authority or instrumentality, domestic or foreign, of
competent jurisdiction.

               (ii) There are no past or present events, conditions,
circumstances, activities, practices, incidents, actions or plans which may
interfere with or prevent compliance or continued compliance by the Company or
its Subsidiaries with any laws or statutes, regulation, code, plan, order
(including consent decrees and administrative orders), judgment, injunction,
notice or demand letter issued, entered, promulgated or approved thereunder,
except for such instances of noncompliance as would not, individually or in the
aggregate, have a Material Adverse Effect, relating to pollution or protection
of the environment or, to the knowledge of the Company, which may give rise to
any common law or legal liability of the Company or its Subsidiaries including
liability under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, 42 U.S.C. Sections 9601 et seq., as amended, or similar
federal, state, county, municipal, or local laws, or otherwise form the basis of
any claim, action, demand, suit, proceeding, hearing, notice of violation, study
or investigation against or affecting the Company or its Subsidiaries, based on
or related to the generation, manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling, or the emission, discharge,
release or threatened release into the environment of any pollutant,
contaminant, chemical, or industrial, toxic or hazardous substance or waste
("HAZARDOUS SUBSTANCE").

               (iii) There has been no release, discharge, deposit, disposal or
contamination (collectively "Release") of or by a Hazardous Substance caused by
the Company or any of its Subsidiaries or any person or entity lawfully acting
by or through the Company or any of its Subsidiaries on, under or contiguous to
any property owned or leased by the Company or any of its Subsidiaries, except
for such instances of Release as would not, individually or in the aggregate,
have a Material Adverse Effect, and to the knowledge of the Company, none of
such properties has been used at any time as a landfill, storage, or waste
disposal site.

               (iv) To the knowledge of the Company, no Hazardous Substance
generated, manufactured, processed, used, treated, or stored by the Company, its
Subsidiaries or any Person lawfully acting by or through the Company or its
Subsidiaries has been disposed of or treated at any site or location, other than
property leased or owned by the Company or its Subsidiaries, that was not
authorized or licensed to receive such materials for disposal or treatment, or
at any site or location for which the Company or any of its Subsidiaries has
received a notice of potential liability or request for information, or at any
site or location that has been placed or proposed to be placed on any cleanup
list or is the subject of a claim, order or directive or consent (including
consent decrees and administrative orders), request, settlement or other demand
from any person or entity for removal, remedial, response, corrective action,
abatement or cleanup.

                                      -30-

<PAGE>

          (w) Subsidiary Rights. Except as set forth on Schedule 3(w), the
Company or one of its Subsidiaries has the unrestricted right to vote, and
(subject to limitations imposed by applicable law) to receive dividends and
distributions on, all capital securities of its Subsidiaries as owned by the
Company or such Subsidiary.

          (x) Tax Status. Except as would not be reasonably expected to have a
Material Adverse Effect, the Company and each of its Subsidiaries (i) has made
or filed all foreign, federal, state, local and provincial income and all other
tax returns, reports and declarations required to be made or filed by it by any
jurisdiction to which it is subject and all such tax returns, reports and
declarations are complete and accurate in all material respects, (ii) has paid
all taxes and other governmental assessments and charges that are due (whether
or not shown as due) and payable by it on such returns, reports and
declarations, except those being contested in good faith for which adequate
reserves have been accrued on the Company's latest balance sheet and (iii) has
set aside on its books provisions reasonably adequate for the payment of all
taxes for periods subsequent to the periods to which such returns, reports or
declarations apply and which such taxes are not yet due and payable. There are
no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction. There are no liens with respect to any taxes upon any of
the assets or properties of the Company or any of its Subsidiaries other than
for taxes that are not yet due and payable. The Company is not a United States
real property holding corporation within the meaning of Section 897(c)(2) of the
Internal Revenue Code of 1986, as amended.

          (y) Ranking of Notes. No Indebtedness of the Company or any of its
Subsidiaries is senior to the Notes in right of payment, whether with respect of
payment of redemptions, interest, damages or upon liquidation or dissolution or
otherwise. Except as set forth on Schedule 3(y), no Indebtedness of the Company
or any of its Subsidiaries is pari passu with the Notes in right of payment,
whether with respect of payment of redemptions, interest, damages or upon
liquidation or dissolution or otherwise.

          (z) Independent Accountants. Deloitte & Touche LLP, who have certified
the consolidated financial statements of the Company as of July 21, 2005, are
independent public accountants within the meaning of the Securities Act.

          (aa) Investment Company. Neither the Company nor any entity which it
"controls" (as defined by the Investment Company Act of 1940, as amended (the
"INVESTMENT COMPANY ACT")) is, and, after giving effect to the offering and sale
of the Notes and Warrants and the application of the proceeds thereof, will be,
required to seek an order permitting registration, under the Investment Company
Act. No entity, which is organized under any "State" (as defined in the
Investment Company Act) and which is "controlled" (as defined by the Investment
Company Act) by the Company, is required to register under the Investment
Company Act. To the Company's knowledge, no entity which "controls" (as defined
by the Investment Company Act) the Company is registered, or is required to
register or seek an order permitting registration, under the Investment Company
Act.

          (bb) Trust Indenture Act. Assuming the accuracy of the representations
and warranties of the Buyers contained in Section 2 hereof and the Buyers'
compliance with the agreements set forth therein, it is not necessary in
connection with the offer, issuance, sale and

                                      -31-

<PAGE>

delivery of the Securities in the manner contemplated by this Agreement and the
other Transaction Documents to register the offer or sale of any of the
Securities under the Securities Act or to qualify the Indenture under the Trust
Indenture Act of 1939, as amended.

          (cc) Dilutive Effect. The Company understands and acknowledges that
the number of Warrant Shares issuable upon exercise of the Warrants will
increase in certain circumstances. The Company further acknowledges that its
obligation to issue Warrant Shares upon exercise of the Warrants in accordance
with this Agreement and the Warrants is absolute and unconditional regardless of
the dilutive effect that such issuance may have on the ownership interests of
other stockholders of the Company.

          (dd) Sarbanes-Oxley Act. The Company, each of its Subsidiaries and, to
the knowledge of the Company, each of their respective directors and executive
officers, in their capacities as such, are in compliance in all material
respects with any and all applicable requirements of the Sarbanes-Oxley Act of
2002 that are effective as of the date hereof, and any and all applicable rules
and regulations promulgated by the SEC thereunder that are effective as of the
date hereof.

          (ee) Internal Accounting Controls. The Company and each of its
Material Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management's general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to
maintain asset and liability accountability, (iii) access to assets or
incurrence of liabilities is permitted only in accordance with management's
general or specific authorization and (iv) the recorded accountability for
assets and liabilities is compared with the existing assets and liabilities at
reasonable intervals and appropriate action is taken with respect to any
difference.

          (ff) Transfer Taxes. On the Closing Date, all applicable stock
transfer or other similar taxes (excluding, for the avoidance of doubt, any
income or similar taxes of the Buyers) that are required to be paid in
connection with the sale and transfer of the Securities to be sold to each Buyer
hereunder will be, or will have been, fully paid or provided for by the Company
and all laws imposing such taxes will be or will have been complied with.

          (gg) Material Subsidiaries. No Subsidiary other than the Spectrum
Entities (as defined in the Indenture) holds material Communication
Authorizations (as defined below) issued by the FCC or any Collateral.

          (hh) Communication Authorizations. The Company and the Subsidiaries
have filed with the FCC all reports, documents, instruments, information and
applications required to be filed pursuant to the rules and regulations of the
FCC, except where the failure to so file would not have a Material Adverse
Effect. Except as would not have a Material Adverse Effect, all Communications
Authorizations are in full force and effect and, to the knowledge of the
Company, there are no pending modification, amendment or revocation proceedings
initiated by the FCC or any equivalent authority in any jurisdiction in which
the Company operates which, if determined against the Company, would have a
Material Adverse Effect. Fees due and payable to domestic and foreign
Governmental Authorities pursuant to the rules governing

                                      -32-

<PAGE>

Communications Authorizations held by the Company and its Subsidiaries have been
timely paid, except as would not have a Material Adverse Effect. Each of the
Company and the Subsidiaries is in compliance with the terms of the
Communications Authorizations, as applicable, and there is no condition of which
the Company or any of the Subsidiaries has received notice, nor, to the
knowledge of the Company, is there any proceeding threatened, by any domestic or
foreign governmental authority, which would cause the termination, suspension,
cancellation or non-renewal of any of the Communications Authorizations, or the
imposition of a penalty or fine by any domestic or foreign Governmental
Authority, except, in each case, as would not have a Material Adverse Effect.
The Company and the Subsidiaries have all necessary consents, authorizations and
approvals to utilize the Communication Authorizations in the manner and for the
purposes described in the due diligence materials previously provided by or on
behalf of the Company to each Buyer. For purposes of this Agreement,
"COMMUNICATION AUTHORIZATIONS" means all licenses, permits, orders, spectrum
leasing arrangements and FCC approvals thereof or other authorizations issued to
the Company and its Subsidiaries by the FCC, and any equivalent authority in
each other jurisdiction in which the Company or any of its Subsidiaries operates
or as presently proposed to be operated.

               (i) Schedule 3(hh)(i) accurately identifies each of the FCC
Licenses (as defined in the Indenture) held by the Company or its Subsidiaries.
Each of the FCC Licenses described in Schedule 3(hh)(i) is held by a Spectrum
Entity, except as may be set forth on Schedule 3(hh)(i), is on the date hereof
in effect, has not been revoked, cancelled or forfeited, has not expired, is not
subject to any conditions other than conditions that appear on the face of such
FCC License or conditions that are otherwise generally applicable to licenses
issued by the FCC for the same service.

               (ii) Schedule 3(hh)(ii) separately and accurately identifies each
of the Spectrum Leases (as defined in the Indenture) held by the Company and its
Subsidiaries. Each of the Spectrum Leases identified in Schedule 3(hh)(ii)
authorizes the Spectrum Entity designated as the lessee under such Spectrum
Lease to use spectrum in the service and the channel block set forth on Schedule
3(hh)(ii). To the knowledge of the Company, each lessor of the Spectrum Leases
set forth on Schedule 3(hh)(ii) is the holder of a license from the FCC (the
"Underlying License") authorizing such lessor to operate in the service and on
the channel block designated for each Spectrum Lease and within a geographic
area that includes the geographic are authorized by the Spectrum Lease; and,
except as may be set forth on Schedule 3(hh)(ii), to the knowledge of the
Company, the Underlying License for each such Spectrum Lease is on the date
hereof in effect, has not been revoked, cancelled or forfeited, and has not
expired. Except as may be set forth on Schedule 3(hh)(ii), all Spectrum Leases
requiring the approval of the FCC under the FCC's spectrum leasing rules have
received such approval except where the failure to do so would not have a
Material Adverse Affect on the Company and its Subsidiaries taken as a whole.

          (ii) Contracts. Schedule 3(ii) contains a true, correct and complete
list or description of all current written contracts, agreements, arrangements
and other instruments ("CONTRACTS") to which the Company or any of its
Subsidiaries is a party which: (a) are with any Governmental Authority (other
than for Communications Authorizations), (b) are material to the Business
Intellectual Property, including but not limited to Contracts granting the
Company or its Subsidiaries rights to use the Business Intellectual Property and
trademark coexistence

                                      -33-

<PAGE>

agreements, trademark consent agreements and nonassertion agreements, or (c) are
otherwise material to the business, results of operations, financial condition
or prospects of the Company and its Subsidiaries taken as a whole. All Contracts
are valid, binding and in full force and effect as to the Company and its
Subsidiaries, and there is no default, or any event which upon notice or the
passage of time, or both, would give rise to any material default, in the
performance of the Company or its Subsidiaries nor, to the knowledge of the
Company, in the performance of any other party to any such Contracts except
where such default would not have a Material Adverse Effect. The Company has not
entered into and is not planning to enter into any side letters, contracts or
other agreements with any of the Buyers other than the Transaction Documents.
Neither the Company nor any of its Subsidiaries is currently a party to any oral
contract of the nature that would require disclosure under this Section 3(ii) if
such oral contract were in writing.

          (jj) Benefit Plans. (i) Each Benefit Plan intended to be tax qualified
under Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as
amended (the "CODE") (i) has been determined by the Internal Revenue Service
(the "IRS") to be tax qualified under Sections 401(a) and 501(a) of the Code
and, since such determination, no amendment to or failure to amend any such
Benefit Plan and no other event or circumstance has occurred that could
reasonably be expected to adversely affect its tax qualified status, and (ii)
has or will be submitted to the IRS for a determination that it continues to be
tax qualified in accordance with GUST (as defined in Revenue Procedure 2001-55,
2001-49 I.R.B. 552 (Nov. 15, 2001)) before the end of the GUST remedial
amendment period (as set forth in that same Revenue Procedure or subsequent
guidance from the IRS). There have been no prohibited transactions within the
meaning of Section 4975 of the Code or Section 406 of Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), with respect to
any Benefit Plan, except to the extent there is an exemption available under
Section 4975(d) of the Code or Section 408 of ERISA, or a class or individual
exemption issued by the Department of Labor. For purposes of this Agreement,
"BENEFIT PLAN" shall mean any pension, retirement, savings, deferred
compensation or profit-sharing plan, any stock option, stock appreciation, stock
purchase, performance share, bonus or other incentive plan, severance plan,
health, group insurance or other welfare plan, or other similar plan (whether
written or otherwise) and any "employee benefit plan" within the meaning of
Section 3(3) of ERISA, under which the Company has any current or future
obligation or liability (including any potential, contingent or secondary
liability under Title IV of ERISA) or under which any employee or former
employee (or beneficiary of any employee or former employee) of the Company has
or may have any current or future right to benefits (the term "plan" shall
include any contract, agreement (including an employment or independent
contractor agreement), policy or understanding.

               (ii) There are no actions, claims, audits, lawsuits or
arbitrations pending, or, to the knowledge of the Company, threatened, with
respect to any Benefit Plan or the assets of any Benefit Plan. Except as set
forth in Schedule 3(jj), each Benefit Plan has been administered in all material
respects in accordance with its terms and with all applicable Legal Requirements
(including, without limitation, the Code and ERISA). There are no applications
pending with the IRS or the United States Department of Labor under any
voluntary compliance program regarding any Benefit Plan. Each of the Company and
its Subsidiaries has satisfied all funding, compliance and reporting
requirements for all Benefit Plans. With respect to each Benefit Plan, if
applicable, each of the Company and its Subsidiaries has paid all contributions
in accordance with the terms of the applicable Benefit Plan (including employee
salary reduction

                                      -34-

<PAGE>

contributions) and all insurance premiums that have become due and any such
expense accrued but not yet due has been properly reflected in the Financial
Statements.

               (iii) The consummation of the transactions contemplated by this
Agreement will not (A) entitle any employee or independent contractor of the
Company or its Subsidiaries to severance pay or termination benefits, (B)
accelerate the time of payment or vesting, or increase the amount of
compensation due to any current or former employee or independent contractor of
the Company or its Subsidiaries, (C) obligate the Company or any of its
affiliates to pay or otherwise be liable for any compensation, vacation days,
pension contribution or other benefits to any current or former employee,
consultant, agent or independent contractor of the Company or its Subsidiaries
for periods before the Closing Date or the Buyers' Option Purchase Date, (D)
require assets to be set aside or other forms of security to be provided with
respect to any liability under a Benefit Plan, or (5) result in any "parachute
payment" (within the meaning of Section 280G of the Code) under any Benefit
Plan.

               (iv) No Benefit Plan is subject to the provisions of Section 412
of the Code or Part 3 of Subtitle B of Title I of ERISA. No Benefit Plan is
subject to Title IV of ERISA and no Benefit Plan is a "multiemployer plan"
(within the meaning of Section 3(37) of ERISA). Since inception, neither the
Company, its Subsidiaries, nor any business or entity treated as a single
employer with the Company or its Subsidiaries for purposes of Title IV of ERISA
contributed to or was obliged to contribute to a pension plan that was at any
time subject to Title IV of ERISA.

          (kk) Books and Records. The books of account, ledgers, order books,
records and documents of the Company and its Subsidiaries (in the case of any
acquired Subsidiary, since the date of its acquisition) accurately and
completely reflect all information relating to the respective businesses of the
Company and its Subsidiaries, the nature, acquisition, maintenance, location and
collection of each of their respective assets, and the nature of all
transactions giving rise to material obligations or accounts receivable of the
Company or its Subsidiaries, as the case may be, except where the failure to so
reflect such information would not have a Material Adverse Effect. The minute
books of the Company and its Subsidiaries (in the case of any acquired
Subsidiary, since the date of its acquisition) contain accurate records in all
material respects of all meetings and accurately reflect in all material
respects all other actions taken by the stockholders, boards of directors and
all committees of the boards of directors, and other governing Persons of the
Company and its Subsidiaries, respectively.

          (ll) Money Laundering. The Company and its Subsidiaries are in
compliance with, and have not previously violated, the USA PATRIOT ACT of 2001
(the "PATRIOT ACT") and all other applicable U.S. and non-U.S. anti-money
laundering laws and regulations, including, but not limited to, the laws,
regulations and Executive Orders and sanctions programs administered by the U.S.
Office of Foreign Assets Control ("OFAC"), including, but not limited, to (i)
Executive Order 13224 of September 23, 2001 entitled, "Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism" (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31
CFR, Subtitle B, Chapter V (collectively, the "ANTI-MONEY LAUNDERING/OFAC
LAWS").

                                      -35-

<PAGE>

          (mm) Business Practices. Neither the Company, its Subsidiaries, nor
any Person acting on behalf of the Company or its Subsidiaries has paid or
delivered, or promised to pay or deliver, directly or indirectly through any
other Person, any monies or anything else of value to any government official or
employee of any political party, for the purpose of inducing or rewarding any
action by the official favorable to the Company or its Subsidiaries in violation
of applicable laws.

          (nn) Pledged Entities. The Company is the beneficial owner of all of
the capital stock or other ownership interests of each of the Pledged Entities.
All domestic spectrum assets are owned by the Pledged Entities and their
respective Domestic Restricted Subsidiaries that are Guarantors. Neither NextNet
Wireless, Inc., Clearwire LLC nor any of their respective Subsidiaries owns any
Communications Authorizations.

          (oo) Eagle River Holdings, LLC. Eagle River Holdings, LLC is a McCaw
Person (as defined in the Indenture).

     4. COVENANTS.

          (a) Reasonable Best Efforts. Each party shall use its reasonable best
efforts to timely satisfy each of the conditions to be satisfied by it as
provided in Sections 6 and 7 of this Agreement.

          (b) Form D and Blue Sky. The Company agrees to file a Form D with
respect to the Notes, the Guarantees and Warrants as required under Regulation D
and to provide a copy thereof to counsel for the Buyers promptly after such
filing. The Company shall, on or before the Closing Date, take such action as
the Company shall reasonably determine is necessary in order to obtain an
exemption for or to qualify the Securities for sale to the Buyers at the Closing
pursuant to this Agreement under applicable securities or "Blue Sky" laws of the
states of the United States (or to obtain an exemption from such qualification),
and shall provide evidence of any such action so taken to the Buyers on or prior
to the Closing Date. The Company shall make all filings and reports relating to
the offer and sale of the Securities required under applicable securities or
"Blue Sky" laws of the states of the United States.

          (c) Use of Proceeds. Other than the Initial Collateral Funds and
Additional Collateral Funds to be paid to the Collateral Agent pursuant to
Section 4(j), the proceeds from the sale of the Notes, Guarantees and Warrants
will be used by the Company for any business conducted or proposed to be
conducted by the Company and its Subsidiaries (as defined in the Indenture) on
the date hereof and other businesses reasonably related, complementary or
ancillary thereto or a reasonable extension or expansion thereof.
Notwithstanding the preceding sentence, the Company will not use the proceeds
from the sale of the Notes, Guarantees or Warrants for the repayment of any
outstanding Indebtedness of the Company or any of its Subsidiaries if such
repayment is prohibited by the Indenture or for the redemption or repurchase of
any of the Company's or its Subsidiaries' equity securities, except as permitted
under the Indenture, or transfer such proceeds to an Unrestricted Subsidiary (as
defined in the Indenture).

          (d) Financial Information. For so long as any Securities remain
outstanding and are "restricted securities" within the meaning of Rule 144(a)(3)
under the Securities Act, the

                                      -36-

<PAGE>

Company will, during any period in which it is not subject to Section 13 or
15(d) under the United States Securities Exchange Act of 1934, as amended (the
"EXCHANGE ACT"), make available to the Buyer and any holder of Securities in
connection with any sale thereof and any prospective purchaser of Securities and
securities analysts, in each case upon request, the information specified in,
and meeting the requirements of, Rule 144A(d)(4) under the Securities Act (or
any successor thereto).

          (e) Fees and Expenses.

               (i) The Company shall pay or reimburse, on the Closing Date, the
reasonable and documented expenses of all legal counsel to the Buyers (including
Schulte Roth & Zabel LLP and Shearman and Sterling LLP), incurred in connection
with the negotiation, due diligence and documentation of the Transaction
Documents in an aggregate amount not to exceed $850,000. Except as otherwise set
forth in the Transaction Documents, each party to this Agreement shall bear its
own expenses in connection with the sale of the Notes and Warrants to the
Buyers.

               (ii) The Company shall pay or cause to be paid all costs and
expenses incident to the performance of its obligations hereunder, including
without limitation, all fees (including fees of its counsel), costs and expenses
(A) incident to the preparation, issuance, execution, authentication and
delivery of the Securities and (B) incurred in connection with the registration
or qualification and determination of eligibility for investment of the
Securities under United States federal and state laws.

          (f) Pledge of Securities. The Company acknowledges and agrees that the
Securities may be pledged by a Holder (as defined in the Registration Rights
Agreement) to an Institutional Accredited Investor in connection with a bona
fide margin agreement or other loan or financing arrangement that is secured by
the Securities; provided, that any such pledgee shall not foreclose on such
pledge other than in compliance with the transfer restrictions set forth in
Section 2(h) hereof. The pledge of Securities shall not be deemed to be a
transfer, sale or assignment of the Securities hereunder, and no Buyer effecting
a pledge of Securities shall be required to provide the Company with any notice
thereof or otherwise make any delivery to the Company pursuant to this Agreement
or any other Transaction Document. The Company hereby agrees to execute and
deliver such documentation as a pledgee of the Securities may reasonably request
in connection with a pledge of the Securities to such pledgee by a Buyer.

          (g) Reservation of Shares. The Company shall take all action necessary
to at all times have authorized, and reserved for the purpose of issuance, free
of pre-emptive rights (except those that have been previously waived), after the
Closing Date, a number of shares of Class A Common Stock sufficient for the
purpose of enabling the Company to satisfy all obligations to issue the Warrant
Shares upon exercise of the Warrants.

          (h) Conduct of Business. The business of the Company and its
Subsidiaries shall not be conducted in violation of any Legal Requirement,
except where such violations would not result, either individually or in the
aggregate, in a Material Adverse Effect.

                                      -37-

<PAGE>

          (i) Additional Notes; Variable Securities; Dilutive Issuances. For so
long as any Buyer has the right to purchase any Additional Notes, the Company
will not issue any Notes or Guarantees other than to the Buyers (including any
Subsequent Purchasers) as contemplated hereby and in the Indenture, and the
Company shall not issue any other securities that would cause a breach or
default under the Notes or the Guarantees. For so long as any Warrants remain
outstanding or any Buyer has the right to purchase any Additional Warrants, the
Company shall not, in any manner, issue or sell any rights, warrants or options
to subscribe for or purchase Common Stock or directly or indirectly convertible
into or exchangeable or exercisable for Class A Common Stock at a price that may
vary with the market price of the Class A Common Stock, including by way of one
or more reset(s) to any fixed price unless (i) the conversion, exchange or
exercise price of any such security cannot be less than the then applicable
Exercise Price (as defined in the Warrants) with respect to the Class A Common
Stock into which any Warrant is exercisable or (ii) the anti-dilution provisions
of the Warrants operate to adjust the Exercise Price of the Warrants as if such
security was issued at such price as of the date such price is reset or
adjusted. For so long as any Warrants remain outstanding or any Buyer has the
right to purchase any Additional Warrants, the Company shall not, in any manner,
enter into or affect any Dilutive Issuance (as defined in the Warrants) if the
effect of such Dilutive Issuance is to cause the Company to be required to issue
upon exercise of any Warrant any shares of Class A Common Stock in excess of
that number of shares of Class A Common Stock which the Company may issue upon
exercise of the Warrants, including the Additional Warrants, without breaching
the Company's obligations under the rules or regulations of the principal market
on which the shares of Class A Common Stock are listed for trading, if any.

          (j) Deposit of Collateral Funds; Security Interest. On the Closing
Date, the portion of the Purchase Price constituting the Initial Collateral
Funds shall be paid by the Buyers directly to the Collateral Agent, and on any
Buyers' Option Purchase Date, the portion of the Buyers' Option Purchase Price
constituting the Additional Collateral Funds shall be paid by the applicable
Buyer directly to the Collateral Agent. The Collateral Agent, on behalf of the
Buyers, shall have a valid perfected first priority Lien in the Collateral
Account and all cash, cash equivalents, instruments, securities (including any
Governmental Securities) and other financial or other assets which are
maintained from time to time in the Collateral Account.

          (k) General Solicitation. None of the Company, any of its affiliates
(for purposes of this Section 4(k), as defined in Rule 501(b) under the
Securities Act) or any person acting on behalf of the Company or such affiliate
will solicit any offer to buy or offer or sell the Securities by means of any
form of general solicitation or general advertising within the meaning of
Regulation D, including: (i) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar medium or
broadcast over television or radio; and (ii) any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising.

          (l) Integration. None of the Company, any of its affiliates (for the
purpose of this Section 4(l), as defined in Rule 501(b) under the Securities
Act) or any person acting on behalf of the Company or such affiliate will sell,
offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) which will be integrated with the
sale of the Securities in a manner which would require the registration under
the Securities Act of the Securities and the Company will take all action that
is appropriate or

                                      -38-

<PAGE>

necessary to assure that its offerings of other securities will not be
integrated for purposes of the Securities Act.

          (m) Publicity. Prior to the effective date of the registration
statement relating to the Qualified IPO (as defined in the Indenture)(and except
as may be required to be set forth in any registration statement filed or any
prospectus delivered in connection with such offering), the Buyers shall not
issue any press release or otherwise make any public statement, filing or other
communication related to this Agreement, any other Transaction Document, or any
of the transactions contemplated hereby or thereby, without the prior consent of
the Company (such consent not to be unreasonably withheld), except if such
disclosure is required by law or the rules of any national stock exchange or
automated quotation system, in which case the disclosing party shall promptly
provide the other parties with prior notice of such public statement, filing or
other communication. Notwithstanding the foregoing, the Company shall not (a)
prior to the effective date of the registration statement relating to the
Qualified IPO (and except as may be required to be set forth in any registration
statement filed or any prospectus delivered in connection with such offering),
publicly disclose the name of any Buyer or include the name of any Buyer,
without the prior written consent of such Buyer in any other press release or
public statement or filing, except to the extent the Company has received a
legal opinion that such disclosure is required by law, in which case the Company
shall provide such Buyer with prior notice of such disclosure or (b) except if
such disclosure is required by law, disclose the name of any Buyer or include
the name of any Buyer without the prior written consent of such Buyer (which
consent shall not be unreasonably withheld or delayed), to any third party or in
any materials prepared for any third party. This Section 4(m) shall not apply to
the provision of documentation to potential investors in connection with any
potential financings, mergers or acquisitions involving the Company.

          (n) Withholding Tax. Each Buyer shall deliver to the Company either
(i) two (2) copies of a properly completed and duly executed applicable Internal
Revenue Service Form W-8 (claiming an exemption under an applicable United
States income tax treaty) or W-9 that establishes a complete exemption from
United States withholding tax or (ii) a certificate to the effect that such
Buyer is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, is
not a "10-percent shareholder" within the meaning of Section 881(c)(3)(B) of the
Code and is not a controlled foreign corporation as described in Section
881(c)(3)(C) of the Code, and two (2) copies of a properly completed and duly
executed Internal Revenue Service Form W-8BEN or Form W-8IMY transmitting one or
more Form W-8BENs. Each Buyer will provide replacement forms on the obsolescence
of such forms or inaccuracy of any information thereon to the extent that it may
lawfully do so.

          (o) Capital Stock. Prior to a Qualified IPO or a Change of Control,
the Company shall not amend any voting powers, designations, preferences, rights
and qualifications, limitations or restrictions of any class of the capital
stock of the Company in a manner that would be materially adverse to any Buyer
and that treats such Buyer in a different manner than (i) the other Buyers
holding Class A common stock, or securities convertible into or exercisable or
exchangeable for Class A common stock or (ii) other holders of Class A common
stock of the Company, in each case without the prior written consent of such
Buyer.

                                      -39-
<PAGE>

          (p) Disclosure of Material Information. From and after the occurrence
of an effective registration statement of the Company under the Securities Act
or the Exchange Act, no Buyer shall be in possession of any material, nonpublic
information received from the Company, any of its Subsidiaries or any of its
respective officers, directors, employees or agents, that is not disclosed in
the filings made by the Company with the SEC in compliance with Regulation FD
unless such Buyer (i) has been provided with an opportunity to decline receipt
of such information and (ii) has affirmatively agreed to receive such
information as evidence by its execution of a confidentiality agreement with
respect to such material, nonpublic information prior to its receipt of any such
material, nonpublic information. For the purposes of this paragraph, material,
nonpublic information shall not include any information (i) which the Company is
contractually obligated to provide such Buyer pursuant to such Buyer's rights
under any Transaction Document or (ii) which such Buyer obtains or is privy to
because such Buyer has representation (direct or indirect) on the Company's
Board of Directors.

          (q) Compliance With Laws. The Company and its Subsidiaries shall at
all times be in compliance with the Foreign Corrupt Practices Act; the PATRIOT
Act, and all other applicable U.S. and non-U.S. anti-money laundering laws and
regulations; and the laws, regulations and Executive Orders and sanctions
programs administered by the OFAC, including, without limitation, the
"Anti-Money Laundering/OFAC Laws".

          (r) FCC Legal Opinion. The Company shall use commercially reasonable
efforts to obtain within thirty (30) days from the Closing, an opinion of
counsel as to FCC regulatory matters in a form which shall be reasonably
satisfactory to Schulte Roth & Zabel LLP.

          (s) MHz POPS Calculation. The Company shall calculate MHz POPS (as
defined in the Indenture) in a manner consistent with past practice and
consistent with the manner used to calculate MHz POPS on the attached Schedule
4(s). Schedule 4(s) was prepared in good faith as an estimate of the Company's
current MHz POPS, it being understood that estimates are inherently imprecise
and that actual MHz POPS may vary; provided, however that the MHz POPS
thresholds used in the Indenture were negotiated based upon the estimate of MHz
POPS in Schedule 4(s).

     5.   REGISTER.

          The Company shall maintain at its principal executive offices (or such
other office or agency of the Company as it may designate by notice to each
holder of Securities), a register for the Warrants, in which the Company shall
record the name and address (including facsimile number) of the Person in whose
name the Warrants have been issued (including the name and address (including
facsimile number) of each transferee) and Warrant Shares issuable upon exercise
of the Warrants held by such Person. The Company shall keep the register open
and available at all times during business hours for inspection of any Buyer or
its legal representatives.

     6.   CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

          The obligation of the Company hereunder to issue and sell the Initial
Notes and the related Initial Warrants to each Buyer at the Closing or to issue
and sell the Additional Notes

                                      -40-

<PAGE>

and the related Additional Warrants to each Buyer on the Buyers' Option Purchase
Date, as applicable, is subject to the satisfaction, at or before the Closing
Date or the Buyers' Option Purchase Date, as applicable, of each of the
following conditions, provided that these conditions are for the Company's sole
benefit and may be waived by the Company at any time in its sole discretion by
providing each Buyer with prior written notice thereof:

          (a) Such Buyer shall have executed each of the Transaction Documents
to which it is a party and delivered the same to the Company.

          (b) Such Buyer and each other Buyer shall have delivered to the
Company the Purchase Price for the Initial Notes and the related Initial
Warrants being purchased by such Buyer at the Closing (less the amounts withheld
pursuant to Section 4(e)(i)), or such Buyer shall have delivered to the Company
the Buyers' Option Purchase Price for the Additional Notes and the related
Additional Warrants being purchased by such Buyer at the closing of the purchase
on the Buyers' Option Purchase Date, as applicable, by wire transfer of
immediately available funds pursuant to the wire instructions provided by the
Company.

          (c) The representations and warranties of such Buyer shall be true and
correct in all material respects as of the date when made and as of the Closing
Date or the Buyers' Option Purchase Date, as applicable, as though made at that
time (except for representations and warranties that speak as of a specific
date), and such Buyer shall have performed, satisfied and complied in all
material respects with the covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by such Buyer at or prior
to the Closing Date or the Buyers' Option Purchase Date, as applicable.

     7.   CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

          The obligation of each Buyer hereunder to purchase the Initial Notes
and the related Initial Warrants at the Closing or to purchase the Additional
Notes and the related Additional Warrants on the Buyers' Option Purchase Date,
as applicable, is subject to the satisfaction, at or before the Closing Date or
the Buyers' Option Purchase Date, as applicable, of each of the following
conditions, provided that these conditions are for each Buyer's sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the
Company with prior written notice thereof:

          (a) The Company and the Guarantors (as applicable) shall have executed
and delivered to such Buyer (i) each of the Transaction Documents, and (ii) the
Initial Notes and the related Initial Warrants being purchased by such Buyer at
the Closing and the Additional Notes and the related Additional Warrants being
purchased by such Buyer on the Buyers' Option Purchase Date, as applicable.

          (b) Such Buyer shall have received the opinions of (i) Kirkland &
Ellis LLP, special counsel for the Company and the Guarantors, in substantially
the form of Exhibit I-1 attached hereto and (ii) Davis Wright Tremaine LLP, the
general corporate counsel for the Company and the Guarantors, in substantially
the form of Exhibit I-2 attached hereto.

          (c) The Company shall have delivered to such Buyer a certificate
evidencing the formation and good standing of the Company and each of its
Domestic Restricted

                                      -41-

<PAGE>

Subsidiaries in such entity's jurisdiction of formation issued by the Secretary
of State (or comparable office) of such jurisdiction, as of a date within ten
(10) days of the Closing Date or the Buyers' Option Purchase Date, as
applicable.

          (d) The Company shall have delivered to such Buyer a certificate
evidencing the Company's qualification as a foreign or extra-provincial
corporation and good standing issued by the Secretaries of State (or comparable
office) of each of the jurisdictions listed on Schedule 7(d) as of a date within
twenty (20) days of the Closing Date or the Buyers' Option Purchase Date, as
applicable.

          (e) The Company shall have delivered to such Buyer a certificate,
executed by the Secretary of the Company and dated as of the Closing Date or the
Buyers' Option Purchase Date, as applicable, as to (i) the resolutions
consistent with Section 3(b) as adopted by the Company's Board of Directors in a
form reasonably acceptable to such Buyer, (ii) the Certificate of Incorporation
and (iii) the Bylaws, each as in effect at the Closing or the Buyers' Option
Purchase Date, as applicable, in the form attached hereto as Exhibit J.

          (f) The representations and warranties of the Company and the
Guarantors (as applicable) shall be true and correct as of the date when made
and as of the Closing Date or Buyers' Option Purchase Date, as applicable, as
though made at that time (except for representations and warranties that speak
as of a specific date) and the Company and the Guarantors (as applicable) shall
have performed, satisfied and complied in all respects with the covenants,
agreements and conditions required by the Transaction Documents to be performed,
satisfied or complied with by the Company and the Guarantors (as applicable) at
or prior to the Closing Date or Buyers' Option Purchase Date, as applicable.
Such Buyer shall have received a certificate, executed by an authorized officer
of the Company and each Guarantor, dated as of the Closing Date or Buyers'
Option Purchase Date, as applicable, to the foregoing effect and as to such
other matters as may be reasonably requested by such Buyer in the form attached
hereto as Exhibit K. Notwithstanding the foregoing, at any Subsequent Closing or
at any closing of a sale of Additional Notes, the Company may deliver updated
disclosure schedules to reflect any updates or developments that occurred after
the initial Closing ("UPDATED SCHEDULES") and such Updated Schedules shall be
deemed to update the disclosure schedules solely with respect to any Subsequent
Closing or closing of a sale of any Additional Notes. The Updated Schedules
shall be deemed to qualify the representations and warranties made as of the
Buyers' Option Purchase Date and any certification as to their accuracy and
completeness shall be subject to such qualification. Notwithstanding the
foregoing, nothing contained in the Updated Schedules shall be deemed to cure
any breach of the representations and warranties made herein with respect to the
initial or any prior closing.

          (g) The Collateral Agent shall have accepted for deposit the Initial
Collateral Funds or the Additional Collateral Funds, as applicable.

          (h) The Company shall have obtained all governmental, regulatory or
third party consents and approvals, if any, necessary for the sale of the
Securities and consummation of all other transactions contemplated hereby.

                                      -42-

<PAGE>

          (i) In accordance with the terms of the Security Documents, the
Company shall have:

                    (1) filed such financing statements and other documents in
such offices as the Collateral Agent (as defined in the Security Agreement) may
request to perfect the security interests granted by the Security Agreement (it
being understood that in no event shall financing statements be filed against
fixtures in the local jurisdictions of their location);

                    (2) delivered to the Collateral Agent all certificates
evidencing any of the Pledged Stock (as defined in the Pledge Agreement),
accompanied by undated stock or other powers duly executed in blank;

                    (3) caused each Share Issuer (as defined in the Pledge
Agreement) (other than a Share Issuer the ownership interests in which are
evidenced by certificates) to agree that it will comply with instructions
regarding perfection and recordation originated by the Collateral Agent;

                    (4) execute, deliver and record such short form security
agreements relating to Collateral (as defined in the Security Agreement)
consisting of the Trademark Collateral (as defined in the Security Agreement) as
the Collateral Agent may reasonably request; and

                    (5) The Company shall have delivered to the Collateral Agent
such other documents and certificates as the Collateral Agent may reasonably
require.

          (j) The Company shall have delivered to such Buyer such other
documents relating to the transactions contemplated by this Agreement as such
Buyer or its counsel may reasonably request.

          (k) In the case of the Closing, the Company shall have simultaneously
sold to each Buyer the Initial Notes, the related Guarantees and the Initial
Warrants to be purchased by such Buyer hereunder at the Closing and shall have
received payment in full for such Initial Notes, Guarantees and Initial
Warrants.

          (l) The Company shall have obtained all consents, authorizations,
approvals, orders, licenses, permits and qualifications from, or secured
exemptions therefrom, and made all necessary filings, declarations and
registrations with, any Governmental Authority (including any required consents
from the FCC) or any other Person (if any) required to be obtained or made by or
with respect to the Company in connection with the offer and sale of the
Securities, the execution and delivery of each of the Transaction Documents or
the consummation of the transactions contemplated hereby and thereby.

          (m) No action or proceeding by or before any Governmental Authority
shall be pending or threatened challenging or seeking to restrain or prohibit
the transactions contemplated by the Transaction Documents. No Legal Requirement
preventing the transactions contemplated by the Transaction Documents shall be
in effect.

                                      -43-

<PAGE>

          (n) The Company shall have delivered an incumbency certificate dated
the Closing Date or the Buyers' Option Purchase Date, as applicable, for the
officers of the Company or any Guarantor executing any of the Transaction
Documents and any documents delivered in connection with the Transaction
Documents and the Closing or the closing of the purchase on the Buyers' Option
Purchase Date, as applicable.

          (o) A minimum of $255,000,000 of Initial Notes shall have been sold at
Closing.

          (p) The rights enumerated in Section 8(a) of the Warrants shall
survive as if included in this Agreement until the first anniversary of a
Qualified IPO regardless of whether any Warrant is exercised in whole or in part
prior to such date.

     8.   TERMINATION.

          In the event that the Closing shall not have occurred with respect to
a Buyer on or before five (5) Business Days from the date hereof due to the
Company's or such Buyer's failure to satisfy the conditions set forth in
Sections 6 and 7 above (and the nonbreaching party's failure to waive such
unsatisfied condition(s)), the nonbreaching party shall have the option to
terminate this Agreement with respect to such breaching party at the close of
business on such date without liability of any party to any other party by
providing written notice of such termination to the breaching party; provided,
however, if this Agreement is terminated pursuant to this Section 8 by reason of
a breach by the Company, the Company shall remain obligated to reimburse the
non-breaching Buyers for the expenses described in Section 4(e) above.

     9.   MISCELLANEOUS.

          (a) Governing Law; Jurisdiction; Jury Trial. All questions concerning
the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in The City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR

                                      -44-

<PAGE>

ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

          (b) Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided; that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

          (c) Headings. The headings of this Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Agreement.

          (d) Severability. If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in
that jurisdiction or the validity or enforceability of any provision of this
Agreement in any other jurisdiction.

          (e) Entire Agreement; Amendments. This Agreement supersedes all other
prior oral or written agreements between the Buyers, the Company, their
affiliates and Persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor any Buyer makes any representation, warranty,
covenant or undertaking with respect to such matters. No provision of this
Agreement may be amended other than by an instrument in writing signed by the
Company and the holders of at least a majority of the aggregate principal amount
of the Notes issued and issuable hereunder, and any amendment to this Agreement
made in conformity with the provisions of this Section 9(e) shall be binding on
all Buyers and holders of Notes, as applicable. No provision hereof may be
waived other than by an instrument in writing signed by the party against whom
enforcement is sought. No such amendment shall be effective to the extent that
it applies to less than all of the holders of the applicable Securities then
outstanding. No consideration shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision of any of the Transaction
Documents unless the same consideration also is offered to all of the parties to
the Transaction Documents, holders of Notes or holders of the Warrants, as the
case may be. The Company has not, directly or indirectly, made any agreements
with any Buyers relating to the terms or conditions of the transactions
contemplated by the Transaction Documents except as set forth in the Transaction
Documents.

          (f) Notices. Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one Business Day after deposit with
an overnight courier service, in each case properly addressed to the party to
receive the same. The addresses and facsimile numbers for such communications
shall be:

                                      -45-

<PAGE>

          If to the Company or the Guarantors:

               Clearwire Corporation
               5808 Lake Washington Blvd NE, Suite #300
               Kirkland, Washington 98033
               Telephone: (425) 216-7600
               Facsimile: (425) 216-7776
               Attention: Michael Targett, Vice President, Legal Affairs

          Copies to:

               Kirkland & Ellis LLP
               153 East 53rd Street
               New York, NY 10022
               Telephone: (212) 446-4800
               Facsimile: (212) 446-4900
               Attention: Joshua N. Korff, Esq.

               and

               Davis Wright Tremaine LLP
               Suite 2300
               1300 SW Fifth Avenue
               Portland, Oregon 97201
               Telephone: (503) 241-2300
               Facsimile: (503) 778-5299
               Attention: David C. Baca, Esq.

If to a Buyer, to its address and facsimile number set forth on the Schedule of
Buyers, with copies to such Buyer's representatives as set forth on the Schedule
of Buyers,

           with a copy (for informational purposes only) to:

               Schulte Roth & Zabel LLP
               919 Third Avenue
               New York, New York 10022
               Telephone: (212) 756-2000
               Facsimile: (212) 593-5955
               Attention: Eleazer N. Klein, Esq.

or to such other address and/or facsimile number and/or to the attention of such
other Person as the recipient party has specified by written notice given to
each other party five (5) days prior to the effectiveness of such change.
Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number

                                      -46-

<PAGE>

and an image of the first page of such transmission or (C) provided by an
overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from an overnight courier service in accordance
with clause (i), (ii) or (iii) above, respectively.

          (g) Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns,
including any purchasers of the Notes or the Warrants. The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior
written consent of the holders of at least a majority of the aggregate principal
amount of the Notes issued and issuable hereunder. A Buyer may assign some or
all of its rights hereunder without the consent of the Company, in which event
such assignee shall be deemed to be a Buyer hereunder with respect to such
assigned rights and shall agree to be bound by the provisions hereof.

          (h) No Third Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, provided, however, that the Agents may rely upon Section 2
and Section 3 hereof.

          (i) Survival. Unless this Agreement is terminated under Section 8, the
representations and warranties of the Company and the Buyers contained in
Sections 2 and 3 and the agreements and covenants set forth in Sections 4, 5 and
9 shall survive the Closing. Each Buyer shall be severally responsible only for
its own representations, warranties, agreements and covenants hereunder.

          (j) Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
any other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

          (k) Indemnification. In consideration of each Buyer's execution and
delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company's and Guarantors' other obligations under
the Transaction Documents, the Company and the Guarantors', jointly and
severally, shall defend, protect, indemnify and hold harmless each Buyer and
such Buyer's stockholders, partners, members, officers, directors, employees and
direct or indirect investors and any of the foregoing Persons' agents or other
representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) (each, an "INDEMNITEE" and
collectively, the "INDEMNITEES"), as incurred, from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties, fees,
liabilities and damages, and expenses in connection therewith (irrespective of
whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys' fees and disbursements
(the "INDEMNIFIED LIABILITIES"), incurred by any Indemnitee as a result of, or
arising out of, or relating to (a) any misrepresentation or breach of any
representation or warranty made by the Company or the Guarantors (as applicable)
in the Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby, (b) any breach of any covenant, agreement or
obligation of the Company or the Guarantors (as applicable) contained in the
Transaction

                                      -47-

<PAGE>

Documents or any other certificate, instrument or document contemplated hereby
or thereby or (c) any cause of action, suit or claim brought or made against
such Indemnitee by a third party (including for these purposes a derivative
action brought on behalf of the Company) and arising out of or resulting from
(i) the execution, delivery, performance or enforcement of the Transaction
Documents or any other certificate, instrument or document contemplated hereby
or thereby, (ii) any transaction financed or to be financed in whole or in part,
directly or indirectly, with the proceeds of the issuance of the Securities or
(iii) the status of such Buyer or holder of the Securities as an investor in the
Company pursuant to the transactions contemplated by the Transaction Documents;
provided that indemnification pursuant to this clause (iii) shall not be
available to the extent arising primarily from such Buyer's bad faith, breach of
the Transaction Documents, fraud, gross negligence or willful misconduct. To the
extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. Except as otherwise set forth herein, the mechanics and
procedures with respect to the rights and obligations under this Section 9(k)
shall be the same as those set forth in Section 6 of the Registration Rights
Agreement. If a third party claim in respect of Indemnified Liabilities involves
more than one Indemnitee, the Indemnitees shall conduct the defence through the
same legal counsel, at Indemnitor's expense, acceptable to all Indemnitees,
provided that an Indemnitee may employ separate counsel, at indemnitor's
expense, if representation by the same legal counsel would be inappropriate due
to differing interests between the Indemnitees.

          (l) No Strict Construction. The language used in this Agreement will
be deemed to be the language chosen by the parties to express their mutual
intent, and no rules of strict construction will be applied against any party.

          (m) Remedies. Each Buyer and each holder of the Securities shall have
all rights and remedies set forth in the Transaction Documents and all rights
and remedies which such holders have been granted at any time under any other
agreement or contract and all of the rights which such holders have under any
law. Any Person having any rights under any provision of this Agreement shall be
entitled to enforce such rights specifically (without posting a bond or other
security), to recover damages by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law. Furthermore, the
Company recognizes that in the event that it fails to perform, observe, or
discharge any or all of its obligations under the Transaction Documents, any
remedy at law may prove to be inadequate relief to the Buyers. The Company
therefore agrees that the Buyers shall be entitled to seek temporary and
permanent injunctive relief in any such case without the necessity of proving
actual damages and without posting a bond or other security.

          (n) Payment Set Aside. To the extent that the Company makes a payment
or payments to the Buyers hereunder or pursuant to any of the other Transaction
Documents or the Buyers enforce or exercise their rights hereunder or
thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside, recovered from, disgorged by or are
required to be refunded, repaid or otherwise restored to the Company, a trustee,
receiver or any other Person under any law (including, without limitation, any
bankruptcy law, foreign, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the

                                      -48-

<PAGE>

obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or
such enforcement or setoff had not occurred.

          (o) Independent Nature of Buyers' Obligations. The obligations of each
Buyer under any Transaction Document are several and not joint with the
obligations of any other Buyer, and no Buyer shall be responsible in any way for
the performance of the obligations of any other Buyer under any Transaction
Document. Nothing contained herein or in any other Transaction Document, and no
action taken by any Buyer pursuant hereto or thereto, shall be deemed to
constitute the Buyers as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Buyers are in any way
acting in concert or as a group with respect to such obligations or the
transactions contemplated by the Transaction Documents. Each Buyer confirms that
it has independently participated in the negotiation of the transaction
contemplated hereby with the advice of its own counsel and advisors. Subject to
the provisions of the Indenture, each Buyer shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights
arising out of this Agreement or out of any other Transaction Documents, and it
shall not be necessary for any other Buyer to be joined as an additional party
in any proceeding for such purpose.

          (p) Currency. Unless otherwise indicated, all dollar amounts referred
to in this Agreement are in United States Dollars.

          (q) Termination of Security Documents. Upon the redemption of all of
the Notes pursuant to the terms of the Indenture, all of the Security Documents
shall terminate and the Collateral Agent and the Holders irrevocably authorize
and direct the Company, and any agent under their respective direction, at the
sole expense of the Company, to (a) discharge any and all registrations and
filings made in favor of the Holder or the Collateral Agent on behalf of the
Holders, against the Company or its Subsidiaries (and any predecessor entities
of or to the Company or its Subsidiaries) and any financing change statements
filed in connection with such registrations; and (b) file any UCC financing
statement terminations.

                            [SIGNATURE PAGES FOLLOW]

                                      -49-

<PAGE>

          IN WITNESS WHEREOF, each Buyer, the Company and each of the Guarantors
have caused their respective signature page to this Securities Purchase
Agreement to be duly executed as of the date first written above.

                                        COMPANY:

                                        CLEARWIRE CORPORATION

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>
            IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        COMPANY:

                                        CLEARWIRE CORPORATION

                                        By: /s/ John Butler
                                           ---------------------------------
                                           Name: John Butler
                                           Title:

<PAGE>

                                        GUARANTORS:

                                        CLEARWIRE LLC

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        FIXED WIRELESS HOLDINGS, LLC

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        NEXTNET WIRELESS, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

<PAGE>

                                        CLEARWIRE SPECTRUM CORP.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        CLEARWIRE TECHNOLOGIES, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        CLEARWIRE COMMUNICATIONS, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        JONSSON COMMUNICATIONS, CORPORATION

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        NEXTNET WIRELESS ASIA, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                [Signature Page to Securities Purchase Agreement]

<PAGE>

                                        NEXTNET INTERNATIONAL, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        UNISON WIRELESS, INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                                        CRAIG WIRELESS HONOLULU INC.

                                        By: /s/ John Butler
                                            ------------------------------------
                                        Name: John Butler
                                        Title:
                                               ---------------------------------

                [Signature Page to Securities Purchase Agreement]

<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        DEUTSCHE BANK AG LONDON

                                        By:  Jill Rathven, AIF

                                        By:   /s/ Andrea Leary
                                              ----------------------------------
                                              Name:  Andrea Leary
                                              Title:
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SATELLITE ASSET MANAGEMENT L.P.

                                        By:    /s/ Simon Raykher
                                              ----------------------------------
                                              Name:  Simon Raykher
                                              Title: General Counsel

                                       2
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SATELLITE STRATEGIC FINANCE
                                        PARTNERS LTD

                                        By:    /s/ Simon Raykher
                                              ----------------------------------
                                              Name:  Simon Raykher
                                              Title: General Counsel

                                       3
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        MERRILL LYNCH, PIERCE, FENNER &
                                        SMITH INC.

                                        By:   /s/ F. Esham
                                              ----------------------------------
                                              Name:  F. Esham
                                              Title: Managing Director

                                       4
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        EAGLE RIVER HOLDING, LLC

                                        By:   /s/ Brian Marcinek
                                              ----------------------------------
                                              Name:  Brian Marcinek
                                              Title: CFO, VP and Secretary

                                       5
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        TEMPO MASTER FUND LP

                                        By:   /s/ Andrew Barnard
                                              ----------------------------------
                                              Name:  Andrew Barnard
                                              Title: Portfolio Manager

                                       6
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        THIRD POINT PARTNERS QUALIFIED L.P.

                                        By:   /s/ Lloyd Blumberg
                                              ----------------------------------
                                              Name:  Lloyd Blumberg
                                              Title: CFO

                                       7
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        THIRD POINT PARTNERS L.P.

                                        By:   /s/ Lloyd Blumberg
                                              ----------------------------------
                                              Name:  Lloyd Blumberg
                                              Title: CFO

                                       8
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        THIRD POINT OFFSHORE FUND L.P.

                                        By:   /s/ Lloyd Blumberg
                                              ----------------------------------
                                              Name:  Lloyd Blumberg
                                              Title: CFO

                                       9
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        THIRD POINT ULTRA LTD.

                                        By:   /s/ Lloyd Blumberg
                                              ----------------------------------
                                              Name:  Lloyd Blumberg
                                              Title: CFO

                                       10
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        HIGHLAND CRUSADER OFFSHORE
                                        PARTNERS, L.P.

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P. , ITS SUB-ADVISOR

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       11
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        PIONEER FLOATING RATE TRUST

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P., ITS SUB-ADVISOR

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       12
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        LOAN FUNDING VII LLC

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P., ITS COLLATERAL
                                        MANAGER

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       13
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        LOAN FUNDING IV LLC

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P., ITS COLLATERAL
                                        MANAGER

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       14
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        JASPER CLO LTD.

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P., ITS COLLATERAL
                                        MANAGER

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       15
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SOUTHFORK CLO LTD

                                        BY:  HIGHLAND CAPITAL
                                        MANAGEMENT, L.P., ITS COLLATERAL
                                        MANAGER

                                        By:   /s/ Mark K. Okada
                                              ----------------------------------
                                              Name:  Mark K. Okada
                                              Title: General Partner

                                       16
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SANKATY CREDIT OPPORTUNITIES I, LP

                                        By:   /s/ Diane J. Exter
                                              ----------------------------------
                                              Name:  Diane J. Exter
                                              Title: Managing Director

                                       17
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SANKATY CREDIT OPPORTUNITIES II, LP

                                        By:   /s/ Diane J. Exter
                                              ----------------------------------
                                              Name:  Diane J. Exter
                                              Title: Managing Director

                                       18
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        PROSPECT HARBOR CREDIT
                                        PARTNERS, LP

                                        By:   /s/ Jeffrey Hawkins
                                              ----------------------------------
                                              Name:  Jeffrey Hawkins
                                              Title: Senior Vice President

                                       19
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        CYRUS OPPORTUNITIES MASTER FUND, LTD

                                        BY:  CYRUS CAPITAL PARTNERS GP, LLC

                                        By:   /s/ Robert A. Nisi
                                              -----------------------------
                                              Name:  Robert A. Nisi
                                              Title: Partner, General Counsel

                                       20
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        CYRUS OPPORTUNITIES MASTER FUND II, LTD

                                        BY:  CYRUS CAPITAL PARTNERS GP, LLC

                                        By:   /s/ Robert A. Nisi
                                              -----------------------------
                                              Name:  Robert A. Nisi
                                              Title: Partner, General Counsel

                                       21
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        YORK CREDIT OPPORTUNITIES FUND, LP

                                        By:   /s/ Adam J. Semler
                                              ------------------------------
                                              Name:  Adam J. Semler
                                              Title: CFO

                                       22
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        YORK SELECT LP

                                        By:   /s/ Adam J. Semler
                                              ----------------------------------
                                              Name:  Adam J. Semler
                                              Title: CFO

                                       23
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        YORK SELECT UNIT TRUST

                                        By:   /s/ Adam J. Semler
                                              ----------------------------------
                                              Name:  Adam J. Semler
                                              Title: CFO

                                       24
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        HARBERT DISTRESSED INVESTMENT
                                        MASTER FUND, LTD

                                        BY: HMC DISTRESSED INVESTMENT
                                        OFFSHORE MANAGER, LLC, AS ITS
                                        MANAGER

                                        By:   /s/ Philip A. Falcone
                                              --------------------------------
                                              Name:  Philip A. Falcone
                                              Title: Vice President

                                       25
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        ALPHA US FUND SUB IV, LLC

                                        By:   /s/ Philip A. Falcone
                                              ---------------------------------
                                              Name:  Philip A. Falcone
                                              Title: Vice President

                                       26
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SILVERBACK MASTER LTD

                                        By:   /s/ Elliot Bossen
                                              -------------------------------
                                              Name:  Elliot Bossen
                                              Title: Chief Investment Officer

                                       27
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        ORCA BAY CAPITAL CORP

                                        By:   /s/ Stanley B. McCallum
                                              ----------------------------------
                                              Name:  Stanley B. McCallum
                                              Title: President

                                       28
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        SCOTTWOOD PARTNERS, LP

                                        By:   /s/ Edward Perlman
                                              ----------------------------------
                                              Name:  Edward Perlman
                                              Title: Managing Partner

                                       29
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        LITESPEED MASTER FUND LP

                                        By:   /s/ Robert Caroll
                                              ----------------------------------
                                              Name:  Robert Caroll
                                              Title: Trader

                                       30
<PAGE>
                  IN WITNESS WHEREOF, each Buyer, the Company and each of the
Guarantors have caused their respective signature page to this Securities
Purchase Agreement to be duly executed as of the date first written above.

                                        BUYER:

                                        HIGHBRIDGE INTERNATIONAL LLC

                                        BY: HIGHBRIDGE CAPITAL MANAGEMENT LLC

                                        By:   /s/ Adam J. Chill
                                              -------------------------------
                                              Name:  Adam J. Chill
                                              Title: Managing Director

                                       31

<PAGE>

                                    EXHIBITS

Exhibit A   Form of Notes
Exhibit B   Form of Warrant
Exhibit C   Account Control Agreement
Exhibit D   Indenture
Exhibit E   Registration Rights Agreement
Exhibit F   Pledge Agreement
Exhibit G   Security Agreement
Exhibit H   List of Other Security Documents
Exhibit I-1 Form of Special Counsel Opinion
Exhibit I-2 Form of General Corporate Counsel Opinion
Exhibit J   Form of Secretary's Certificate
Exhibit K   Form of Officer's Certificate
Exhibit L   2004 Financial Statements

                                    SCHEDULES

Schedule 3(a)    Subsidiaries
Schedule 3(k)    Absence of Undisclosed Liabilities
Schedule 3(n)    Transactions with Affiliates
Schedule 3(o)(A) Equity Capitalization
Schedule 3(o)(B) Equity Capitalization
Schedule 3(o)(C) Equity Capitalization
Schedule 3(o)(D) Equity Capitalization
Schedule 3(o)(E) Equity Capitalization
Schedule 3(o)(F) Equity Capitalization
Schedule 3(p)    Indebtedness
Schedule 3(w)    Subsidiary Rights
Schedule 4(i)    Existing Agreements and Warrants
Schedule 7(d)    Foreign Qualifications

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