Document:

exv10w4

 

Exhibit 10.4

	NOTE: This form contract is a suggested guicie only and use of this form or any variation
thereof shall be at the sole discretion and risk of the user parties. Users of the form contract
or any portion or variation thereof are encouraged to seek the advice of counsel to ensure that
their contract reflects the complete agreement of the parties and applicable law. The
International Association of Drilling Contractors disclaims any liability whatsoever for loss or
damages which may result from use of the form contract or portions or variations thereof. Computer
generated form, reproduced under license from I ADC,

	INTERNATIONAL ASSOCIATION OF DRILLING CONTRACTORS
DRILLING BID PROPOSAL DAYWORK DRILLING CONTRACT — U.S.

	Please submit bid on this drilling contract form for performing the work outlined below, upon
the terms and for the consideration set forth, with the understanding that

	if the bid is accepted by
this instrument will constitute a Contract between us. Your bid should be mailed or delivered not laterthan .. P.M. on .. . 20 .. ,
to the following address:

	THIS CONTRACT CONTAINS PROVISIONS RELATING TO INDEMNITY,
RELEASE OF LIABILITY, AND ALLOCATION OF RISK -
SEE PARAGRAPHS 4.9, 6.3(c), 10, 12, AND 14

	This Contract is made and entered into on the date hereinafter set forth by and between the
parlies herein designated as “Operator” and “Contractor.”

	OPERATOR: COG OPERATING LLC
—
Address: FASKEN CENTER II, 550 W. TEXAS AVE., SUITE 1300
—

	MIDLAND. TX 79701

	CONTRACTOR: SILVER OAK DRILLING LLC
—
Address: PO BOX 1370
—

	ARTESIA, MM 88211-1370

	IN CONSIDERATION of the mutual promises, conditions and agreements herein contained and the
specifications and special provisions set forth in Exhibit “A” and Exhibit “B” attached hereto and
(trade a part hereof (the “Contract”), Operator engages Contractor ss an independent contractor lo
drill the hereinafter designated well or wells in sesrch of on or gas on a Daywork Basis.

	For purposes hereof, the term “Daywork” or “Daywork Basis” means Contractor shall furnish
equipment, labor, and perform services as herein provided, for a specified sum per day under the
direction, supervision and control of Operator (inclusive of any employee, ageni, consultant or
subcontractor engaged by Operator to direct drilling operations). When operating on a Daywork
Basis, Contractor shall perform in a good and workmanlike manner, with due diligence am*

	dispatch, In accordance with good oilfield practices and shall be fully paid at the applicable
rates of payment and assumes only the obligations and liabilities staled herein. Except for such
obligations and liabilities specifically assumed by Contractor, Operator shall be solely
responsible and assumes liability for ait consequences of operations by both parties while on a
Daywork Basis, Including results and all other risks or liabilities Incurred in or incident to
such operations,

	1. LOCATION OF
WELL:

	Weli Name

	and Number: jo be specified by Operator. This is a term contract for utilization of Silver
Oak Drilling Rig #1 for the drilling of multiple wells, as designated by Operator, within
New

	Mexico; provided, that Contractor, with Operator’s written approval, may from !ime to
time substitute another of Contractor’s rigs acceptable to Operator for Rtg #1

	hereunder
—
Parish/ Field
County: State: Name:

	Well location and

	land description: To be specified by Operator.

	1.1 Additional Well Locations or Areas: To be named

	2. COMMENCEMENT DATE:

	Contractor agrees to use reasonable efforts (o commence operations for the drilling of the well by the 1st            day of August .. , 20 07 ,
——  —
_or

	3. DEPTH:

	3,1 Well Depth: The well(s) shall be drilled to a depth of approximately            feet, or to the
formation, whichever is deeper, but the Contractor shalf not be required hereunder to drill said well(s) below a maximum depth of ................................................... feet, unless

	Contractor and Operator mutually agree So drill to a greater depth,

	4. DAYWORK RATES:

	Contractor shall be paid at the following rates for the work performed hereunder.
4.1 Mobilization: Operator shall pay Contractor a mobiiization fee of $Actual third party costs plus            or a mobilization day rate of $12.000.00

	per day without duplication of other amounts paid hereunder. This sum shall be due and payable in
full at the time the rig is rigged up or positioned at the well site ready fo

	spud. Mobilization shall include: MIRU and rig lime until 1” collar is picked up lo go into
the hole

	4.2 Demobilization: Operator shall pay Contractor a demobilization fee of $ _NA or a
demobilization day rate during tear down of

	$ NA per day, provided however (hat no demobilization fee shall be payable if the
Contract is terminated due to the total loss or destruction

of the rig. Demobilization shall include:

	4.3 Moving Rate: During the time the rig is in transit to or from a drill site, or between drill
sites, commencing After rig release , Operator snail pay

	Contractor a sum of $ 12,000.00 per twenty-four (24) hour day plus actual third party
moving costs incurred by Contractor, without duplication of

	other amounts paid hereunder.

	4.4 Operating Day Rate: For work performed per twenty-four (24) hour day with Four
(4) man crew the operating day rate shall be:

	Depth Intervais
FromTo            Without Drill Pipe            With Drill Pipe
OJ TD .. $14,500.00 per day $14,500,00 per day
——  ——  —
$  per day $  per day
$  perday $  perday
Using Operator’s drili pipe S ... per day.

	The rate will begin when the drilling unit is rigged up at the drilling location, or positioned
over the location during marine work, and ready to commence operations;

	and will cease when the rig is ready to be moved off the location.

	If under the above column “With Drill Pipe” no rates are specified, the rate per twenty-four hour
day when drill pipe is in use shall be the applicable rate specified in the

	coiumn “Without Drill Pipe” plus compensation for any drill pipe actually useO at the rates
specified below, computed on the basis of the maximum drill pipe in use at any time during each
twenty-four hour day.

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	Revised April, 2003

	DRILL PIPE RATE PER 24-HOUR DAY

	Directional or

	Straight Hole Size Grade Uncontrollable Deviated Hole Size Grade

	$per ft. $  per ft.
Sper ft, $  per ft.
Sper ft. $  per ft.
Directional or uncontrolled deviated hole will be deemed to exist when deviation exceeds            degrees or when the change of angle exceeds

	degrees per one hundred feet.

	Drill pipe shall be considered in use not only when in actual use but also while it is
being picked up or laid down, When drili pipe is standing in the derrick, it shall not be
considered in use. provided, however, that if Contractor furnishes special strings of drill
pipe, drill collars, and handling (ools as provided for in Exhibit “A”, the same shail be
considered in use at all times when on location or until released by Operator. In no evens
shaSI fractions of an hour be considered in computing the amount of iime drill pipe is in use
but such time shall be computed to the nearest hour, with thirty minutes or more being
considered a full hour and !ess than thirty minutes not to be counted,

	4.5 Repair Time: !n the event it is necessary to shut down Contractor’s rig for repairs,
excluding routine rig servicing, Contractor shall be allowed

	compensation at (he applicable rate for such shut down time up to a maximum of            Four
(4) hours for any one rig repair job, but not to exceed Twelve n 2) hours

	of such compensation during the drilling of each well or thirty (30) day period, whichever is less
        . Thereafter, Contractor shall be compensated a( a rate of S goo p<

servicing shall include, but not be limited to, cutting and slipping drilling line, changing pump
or swivel expendables, testing BOP equipment, lubricating rig, and

	4.6 Standby Time Rate: S 14.50Q.OO per twenty-four(24) day. Standby time shail be
defined to include time when the rig is shut down although in readiness

	to begin or resume operations but Contractor is waiting on orders of Operator or on materials,
services or other items to be furnished by Operator.

	4.7 Drilling Fluid Rates: When drilling fluids of a type and characteristic !hat increases
Contractor’s cost of performance hereunder, including, but not limited to,

	oil-based mud or potassium chloride, are in use. Operator shall pay Contractor in addition
to the operating rate specified above:

	(a) $        NA per man per day for Contractor’s rig-site personnel

	{b) S            NAper day additional operating rate; and
(c) Cost of all labor, material and services plus            NAhours operating rate to clean rig and related equipment,
—
4.8 Force Majeure Rate: S 12.000.00 ................. per twenty-four (24) hour day for any continuous period that normal operations are suspended or cannot be
—

	carried on due to conditions of Force Majeure as defined in Paragraph 17 hereof. It is, however,
understood that subject to Subparagraph 6.3 below, Operator can release the rig in accordance
with Operator’s right to direct stoppage of She work, effective when conditions will permit the
rig to be moved from the location.

	4.9Reimbursable Costs: Operator shall reimburse Contractor for the costs of material, equipment, work or services which are to be furnished by Operator as
provided for herein but which for convenience are actually furnished by Contractor at Operator’s request, plus .. 0% ................................................. percent for such cost of handling,
—

	When, at Operator’s request and with Contractor’s agreement, the Contractor
furnishes or subcontracts for certain items or services which Operator is required herein
to provide, for purposes of the indemnity and release provisions of this Contract, said items or
services shall be deemed to be Operator furnished items or services. Any subcontractors so hired
shall be deemed to be Operator’s contractor, and Operator shall not be relieved of any of its
liabilities in connection therewith.

	4.10Revision In Rates: The rates and/or payments herein set forth due to Contractor from Operator snail be revised to reflect the change in costs if the costs
of any of the items hereinafter listed shall vary by more than .. 5% .................................................. percent from the costs thereof on the date of this Contract or by the same
—

	percent after the date of any revision pursuant to (his Subparagraph:

	(a) Labor costs, including all benefits, of Contractor’s personnel;
{b) Contractor’s cost of insurance premiums;
(c) Contractor’s cost of fuel, including all taxes and fees;
(d)
(e) If Operator requires Contractor to increase or decrease the number of Contractor’s
personnel;

	5. TIME OF PAYMENT

	Payment is due by Operator to Contractor as follows:

	5.1 Payment for mobilization, drilling and other work performed at applicable rates, and
all other applicable charges shall fae due, upon presentation of invoice therefor, upon
completion of mobilization, demobilization, rig release or a; the end of ihe month in which
such work was performed or other charges are incurred, whichever shall first occur. AM invoices
may be mailed to Operator at the address hereinabove shown, unless Operator does hereby
designate that such invoices

	shall be mailed as follows:Mail to Operator at the address hereinabove shown.
—
5.2 Disputed Invoices and Late Payment: Operator shall pay all invoices within 30 ........................................................... days after receipt except that if Operator disputes an invoice or
—

	any part thereof, Operator shall, wishin thirty (30) days after receipt of she invoice, notify
Contractor of the item disputed, specifying She reason there for, and payment of the
disputed item may be withheld until settlement of She dispute, but timely payment shall be made
of any undisputed portion. Any sums (including amounts ultimately paid
with respect to a disputed invoice) not paid within 35 days from the date of invoice shall bear
inSerest at the rate of 0.75 percent per month or the maximum legal

	rate, whichever is less, from the 36l” day after invoice date until paid. If
Operator does no! pay undisputed items within the above stated time, Contractor may suspend
operations or Serminafe this Contract as specified under Subparagraph 6.3.

	6. TERM:

	6.1 Duration of Contract: This Contract shall remain in fuil force and effect until
drifling operations are completed on She well or wetls specified in Paragraph 1

	a bove, or for a term of 1 year commencing on the date specified in
Paragraph 2 above. Should any well commenced during the term of this Contract be drilling at

	the expiration of the one (1) year primary term of this Confrac!, driliing shall continue
under the terms of this Contract until drilling operations for that well have been

	completed.
6.2 Extension qf Term: Operator may extenci the Serm of this Contract for .. NA .. wetl(s) or for a period of            NA
—

	by giving notice to Contractor at least            NA            days prior to completion of the well then being drilled or by            NA
—
6.3 Early Termination:

	(a) . By Either Party: Upon giving of written notice, either party may terminate this
Contract when total loss or destruction of the rig, or a major breakdown with indefinite repair
time necessitate stopping operations hereunder.

	{b} By Operator: Notwithstanding the provisions of Paragraph 3 with respect to the depth
to be drilled. Operator shall have the right to direct the stoppage of the work to be performed
by Contractor hereunder at any time prior 1o reaching the specified depth, and even though
Contractor has made no default hereunder. In such event, Operator shall reimburse Contractor as
set forth in Subparagraph 6.4 hereof.

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	Revised April, 2003 (c) By Either Party: Notwithstanding the provisions of Paragraph 3
with respect to the depth to be drilled, in the event Operator shall become insolvent, or be

	adjudicated a bankrupt, or file, by way of petition or answer, a debtor’s petition or other
pleading seeking adjustment of Operator’s debts, under any bankruptcy or debtor’s

	relief laws now or hereafter prevailing, or if any such be filed against it, or in case a receiver
be appointed of that party or that party’s property, or any part thereof, or that party’s

	affairs be placed in She hands of a Creditor’s Committee, or, following fifteen (15) business days
prior written notice to Operator if Operator does not pay Contractor within the time specified in
Subparagraph 5.2 all undisputed items due and owing, the other party may, at its option, (1) elect
to terminate further performance of any work

	under this Contract and the terminating party’s right to compensation shall be as set forth
herein, or (2) Contractor may suspend operations until payment is made by Operator

	in which event the standby time rate contained in Subparagraph 4.6 shall apply until payment is
made by Operator and operations are resumed. In addition (o Contractor’s rights to suspend
operations or terminate performance under this clause (c), Operator hereby expressly agrees to
protect, defend and indemnify Contractor from and against any claims, demands and causes of
action, including all costs of defense, in favor of Operator, Operator’s co-venturers, co-lessees
and Joint owners, or any other parties arising out of any drilling commitments or obligations
contained in any lease, farmout agreement or other agreement, which may be affected by such
suspension of operations or termination of performance hereunder.

	7. CASING PROGRAM

	Operator shall have the right to designate the points at which casing will be set and
the manner of setting, cementing and testing. Operator may modify the casing program, however, any
such modification which materially increases Contractor’s hazards or costs can only be made by
mutual consent of Operator and Contractor and upon agreement as to (he additional compensation to
be paid Contractor as a result thereof-

	8. DRILLING METHODS AND PRACTICES:

	8.1 Contractor shall maintain well control equipment in good condition at all times and
shall use all reasonable means to prevent and control fires and blowouts

	and to protect the hole.

	8.2 Subject to the terms hereof, and at Operator’s cost, at ail times during the drilling of
the well, Operator shall have She right to control the mud program,

	and the drilling fluid must be of a type and have characteristics and be maintained by
Contractor in accordance with the specifications shown in Exhibit “A”

	8.3 Each party hereto agrees to comply with all laws, rules, and regulations of any federal,
state or local governmental authority which are now or may

	become applicable to that party’s operations covered by or arising out of the performance of
this Contract. When required by !aw, the terms of Exhibit “B” shall

	apply to this Contract. In the event any provision of this Contract is inconsistent with or
contrary to any applicable federal, state or local law, rule or regulation,

	said provision shall be deemed to be modified to the extent required to comply with said law,
rule or regulation, and as so modified said provision and this Contract

	shall continue in full force and effect.

	8.4 Contractor shall keep and furnish to Operator an accurate record of the work performed and
formations drilled on the IADC-API Daily Drilling Report Form

	or other form acceptable to Operator. A legible copy of said form shall be furnished by Contractor to Operator.
8.5 If requested by Operator, Contractor shall furnish Operator with a copy of delivery tickets covering any material or supplies provided by Operator and

	received by Contractor.

	9. INGRESS, EGRESS, AND LOCATION:

	Operator hereby assigns to Contractor all necessary rights of ingress and egress with
respect to the tract on which the well is to be located for the performance by Contractor of all
work contemplated by this Contract. Should Contractor be denied free access to the location for
any reason not reasonably within Contractor’s control, any time lost by Contractor as a result of
such denial shall be paid for at the standby time rate. Operator agrees at all times to maintain
the road and location in such a condition that will allow free access and movement to and from the
drilling site in an ordinarily equipped highway type vehicle. If Contractor is required to use
bulldozers, tractors, four-wheel drive vehicles, or any other specialized transportation equipment
for the movement of necessary personnel, machinery, or equipment over access roads or on the
drilling location, Operator shall furnish the same at its expense and without cost to Contractor.
The actual cost of repairs to any transportation equipment furnished by Contractor or its
personnel damaged as a result of improperly maintained access roads or location will be charged to
Operator. Operator shall reimburse Contractor for all amounts reasonably expended by Contractor
for repairs and/or reinforcement of roads, bridges and related or similar facilities (public and
private) required as a direct result of a rig move pursuant to performance hereunder. Operator
shall be responsible for any costs associated with leveling the rig because of location settling.

	10. SOUND LOCATION:

	Operator shall prepare a sound location adequate in size and capable of properly
supporting the drilling rig, and shall be responsible for a casing and cementing program adequate
to prevent soil and subsoil wash out. It is recognized that Operator has superior knowledge of the
location and access routes to the location, and must advise Contractor of any subsurface
conditions, or obstructions (including, but not limited to, mines, caverns, sink holes, streams,
pipelines, power lines and communication lines) which Contractor might encounter while en route to
the location or during operations hereunder. In the event subsurface conditions cause a cratering
or shifting of the location surface, or if seabed conditions prove unsatisfactory to properly
support the rig during marine operations hereunder, and loss or damage to the rig or its associated
equipment results therefrom. Operator shall, without regard to other provisions of this Contract,
Including Subparagraph 14,1 hereof, reimburse Contractor for all such loss or damage including
removal of debris and payment of Force Majeure Rate during repair and/or demobilization if
applicable.

	11. EQUIPMENT CAPACITY

	Operations shail not be attempted under any conditions which exceed the capacity of the
equipment specified to be used hereunder or where canal or water depths

	are in excess of            NA feet. Without prejudice to the provisions of Paragraph 14 hereunder,
Contractor shall have the right to make

	the final decision as to when an operation or attempted operation would exceed the capacity of
specified equipment.

	12. TERMINATION OF LOCATION LIABILITY:

	When Contractor has left a well location after rig release, Operator shall thereafter
be liable for damage to property, personal injury or death of any person which occurs as a result
of conditions of the location and Contractor shall be relieved of such liability; provided,
however, if Contractor shall subsequently reenter upon the location for any reason, including
removal of the rig, any term of the Contract relating to such reentry activity shall become
applicable during such period,

	13. INSURANCE

	To support the indemnification provisions but as a separate and independent obligation,
each parly shall at each party’s own expense maintain, with an insurance company or companies
authorized to do business in the state where the work is to be performed or through a
self-insurance program, insurance coverages of the kind and in the minimum amounts set forth in
Exhibit “A”, insuring the liabilities specifically assumed by the parties in Paragraph 14 of this
Contract. Each party shall provide the other with certificates of insurance which contain 30-day
notice of Cancellation, Material Change or Intent to Non-Renew clauses in favor of the recipient.

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	Revised April, 2003 By written contract, ell required insurance shall be maintained in
full force and effect during the term of this Contract, and shall not be canceled, altered, or
amended

	without thirty (30) days prior written notice to Operator. Operator and Contractor shall cause
their respective underwriters to name the other additional insured (except Worker’s Compensation
or any Physical Damage (Property) coverage) but only to the extent of She mutual indemnification
obligations assumed herein. Contractor agrees to have its insurance carrier furnish Operator a
certificate or certificates evidencing insurance coverage in accordance with the above
requirements, and all such insurance shall be primary to any insurance of Operator that may apply
to any occurrence, accident, or claim.

	For liabilities assumed hereunder by Contractor, its insurance shall be endorsed to provide
that the underwriters waive their right of subrogation against Operator. Operator will, as we/I,
cause its insurer to waive subrogation against Contractor for liability it assumes and shall
maintain, at Operator’s expense, or shall self insure, insurance coverage as set forth in Exhibit
“A” of She same kind and in the same amount as is required of Contractor, insuring the liabilities
specifically assumed by Operator in Paragraph 14 of this Contract. Operator shall procure from the
company or companies writing said insurance a certificate or certificates that said insurance is
in full force and effect and that the same shall not be cancelled or materially changed without
thirty (30) days prior written notice to Contractor. Operator and Contractor shall cause their
respective underwriters to name the other additionally insured but only to the extent of the
indemnification obligations assumed herein.

	14. RESPONSIBILITY FOR LOSS OR DAMAGE, INDEMNITY, RELEASE OF LIABILITY AND ALLOCATION OF RISK:

	14.1 Contractor’s Surface Equipment: Contractor shall assume liability at all times for damage
to or destruction of Contractor’s surface equipment, regardless of

	when or how such damage or destruction occurs, and Contractor shall release Operator of any
liability for any such loss, except loss or damage under the

	provisions of Paragraph 10 or Subparagraph 14.3.
14.2 Contractor’s In-Hole equipment: Operator shall assume liability at all times for damage to or destruction of Contractor’s in-hole equipment, Including, but not

	limited to, drill pipe, drill collars, and tool joints, and Operator shall reimburse
Contractor for the value of any such loss or damage; the value to be determined

	by agreement between Contractor and Operator as current repair costs or the fair market
value of such equipment as of the date of the loss delivered

	to the well site.
14.3 Contractor’s Equipment — Environmental Loss or Damage: Notwithstanding the provisions of Subparagraph 14.1 above, Operator shall assume liability

	at all times for damage to or destruction of Contractor’s equipment resulting from the
presence ofHg, C02 or other corrosive elements that enter the drilling fluids from

	subsurface formations or the use of corrosive, destructive or abrasive additives in the drilling fluids.
14.4 Operator’s Equipment: Operator shall assume liability at all times for damsge to or destruction of Operator’s or its co-venturers’, co-lessees* or joint owners’

	equipment, including, but not limited to, casing, tubing, well head equipment, and platform if
applicable, regardless of when or how such damage or destruction

	occurs, and Operator shall release Contractor of any liability for any such loss or damage.
14.5 The Hole: In the event the hole should be lost or damaged, Operator shall be solely responsible for such damage to or loss of the hole, including the casing

	therein. Operator shall release Contractor and its suppliers, contractors and subcontractors
of any tier of any liability for damage to or loss of the hole, and shall protect,

	defend and indemnify Contractor and its suppliers, contractors and subcontractors of any tier
from and against any and all claims, liability, and expense relating to

	such damage to or loss of the hole.
14.6 Underground Damage: Operator shall release Contractor and its suppliers, contractors and subcontractors of any tier of any liability for, and shall protect,

	defend and indemnify Contractor and its suppliers, contractors and subcontractors of any tier
from and against any and all claims, liability, and expense resulting from

	the time of the act or omission causing such Injury, destruction, loss, or impairment, said
substance had not been reduced to physical possession above the surface of the earth, and for any
loss or damage to any formation, strata, or reservoir beneath the surface of the earth.

	14.7 Inspection of Materials Furnished by Operator: Contractor agrees to visually inspect all
materials furnished by Operator before using same and to

	notify Operator of any apparent defects therein. Contractor shall not be liable for any loss
or damage resulting from the use of materials furnished by Operator, and

	Operator shall release Contractor from, and shall protect, defend and indemnify Contractor
from and against, any such liability.

	14.8 Contractor’s Indemnification of Operator: Contractor shall release Operator of any
liability for, and shall protect, defend and indemnify Operator from and

	against all claims, demands, and causes of action of every kind and character, without limit
and without regard to the cause or causes thereof or the negligence of any

	party or parties, arising in connection herewith in favor of Contractor’s employees or
Contractor’s subcontractors of any tier (inclusive of any agent of consultant

	engaged by Contractor) or their employees, or Contractor’s invitees, on account of bodily
injury, death or damage to property. Contractor’s indemnity under this

	Paragraph1 shall be without regard to and without any right to contribution from
any Insurance maintained by Operator pursuant to Paragraph 13. If it is judicially

	determined that the monetary limits of Insurance required hereunder or of the indemnities
voluntarily assumed under Subparagraph 14.8 (which Contractor and

	Operator hereby agree will be supported either by available liability insurance, under which
the insurer has no right of subrogation against the indemnities, or

	voluntarily self-insured, in part or whole) exceed the maximum limits permitted under
applicable law, it is agreed that said insurance requirements or indemnities

	shall automatically be amended to conform to the maximum monetary limits permitted under such law.
14.9 Operator’s Indemnification of Contractor: Operator shall release Contractor of any liability for, and shall protect, defend and indemnify Contractor from and

	against all claims, demands, and causes of action of every kind and character, without limit
and without regard to the cause or causes thereof or the negligence of any

	party or parties, arising In connection herewith In favor of Operator’s employees or
Operator’s contractors of any tier (inclusive of any agent, consultant or

	subcontractor engaged by Operator) or their employees, or Operator’s invitees, other than
those parties identified in Subparagraph 14.8 on account of bodily injury, death or

	damage to property. Operator’s indemnity under this Paragraph shall be without regard to and
without any right to contribution from any insurance maintained by

	Contractor pursuant to Paragraph 13. If it is judicially determined that the monetary limits
of insurance required hereunder or of the indemnities voluntarily assumed under

	Subparagraph 14,9 (which Contractor end Operator hereby agree will be supported either by
available liability insurance, under which the Insurer has no right of

	subrogation against the indemnitees, or voluntarily self-insured, in part or whole) exceed the
maximum limits permitted under applicable law, it is agreed that said

	insurance requirements or indemnities shall automatically be amended to conform to the maximum
monetary limits permitted under such law.

	14.10 Liability for Wild Well: Operator shall be liable for the cost of regaining control of
any wild well, as well as for cost of removal of any debris and cost of property

	remediation and restoration, and Operator shall release, protect, defend and indemnify
Contractor and its suppliers, contractors and subcontractors of any tier from

	and against any liability for such cost.
14.11 Pollution or Contamination: Notwithstanding anything to the contrary contained herein, except the provisions of Paragraphs 10 and 12, it is

	understood and agreed by and between Contractor and Operator that the responsibility for
pollution or contamination shall be as follows:

	(a) Contractor shall assume all responsibility for, Including control and removal of, and
shall protect, defend and indemnify Operator from and against all claims,

	demands and causes of action of every kind and character arising from pollution or
contamination, which originates above the surface of the land or water from spills of

	fuels, lubricants, motor oils, pipe dope, paints, solvents, ballast, bilge and garbage, except
unavoidable pollution from reserve pits, wholly in Contractor’s possession

	and control and directly associated with Contractor’s equipment and facilities,

(b) Operator shall assume all responsibility for, including control and removal of, and shall
protect, defend and indemnify Contractor and its suppliers, contractors

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	Revised April, 2003 and subcontractors of any Her from and against all claims, demands, and
causes of action of every kind and character arising directly or indirectly from all

	other pollution or contamination which may occur during the conduct of operations hereunder,
including, but not limited to, that which may result from fire, blowout, cratering, seepage or any
other uncontrolled flow of oil, gas, water or other substance, as well as the use or disposition
of all drilling fluids, including, but not limited to, oil emulsion, oil base or chemically
treated drilling fluids, contaminated cuttings or cavings, lost circulation and fish recovery
materials and fluids. Operator shall release Contractor and its suppliers, contractors and
subcontractors of any tier of any liability for the foregoing.

	(c) In the event a third party commits an act or omission which results In pollution or
contamination for which either Contractor or Operator, for whom such party Is performing work, is
held to be legally liable, the responsibility therefor shall be considered, as between Contractor
and Operator, to be the same as if the party for whom the work was performed had performed the
same and all of the obligations respecting protection, defense, indemnity and limitation of
responsibility and liability, as set forth in (a) and (b) above, shall be specifically applied.

	14.12 Consequential Damages: Subject to and without affecting the provisions of this Contract
regarding the payment rights and obligations of the parties or the risk

	of loss, release and Indemnity rights and obligations of the parties, each party shall at all
times be responsible for and hold harmless and indemnify the other party from

	and against its own special, Indirect or consequential damages, and the parties agree that
special, indirect or consequential damages shall be deemed to include, without

	limitation, the following: loss of profit or revenue; costs and expenses resulting from
business Interruptions; loss of or delay in production; loss of or damage to the

	leasehold; loss of or delay in drilling or operating rights; cost of or loss of use of
property, equipment, materials and services, including without limitation those provided

	by contractors or subcontractors of every tier or by third parlies. Operator shall at all
times be responsible for and hold harmless and indemnify Contractor and

	its suppliers, contractors and subcontractors of any tier from and against all claims, demands
and causes of action of every kind and character in connection with

	such special, indirect or consequential damages suffered by Operator’s co-owners,
co-venturers, co-lessees, farmors, farmees, partners and joint owners.

	14.13 Indemnity Obligation; Except as otherwise expressly limited in this Contract, it is the
intent of parties hereto that all releases. Indemnity obligations

	and/or liabilities assumed by such parties under terms of this Contract, including, without
limitation, Subparagraphs 4.9 and 6.3(c), Paragraphs 10 and 12, and

	Subparagraphs 14.1 through 14.12 hereof, be without limit and without regard to the cause or
causes thereof, including, but not limited to, pre-existing

	conditions, defect or ruin of premises or equipment, strict liability, regulatory or statutory
liability, products liability, breach of representation or warranty

	(express or implied), breach of duty (whether statutory, contractual or otherwise) any theory
of tort, breach of contract, fault, the negligence of any degree or character

	(regardless of whether such negligence Is sole, joint or concurrent, active, passive or gross)
of any party or parties, including the party seeking the benefit of the release,

	indemnity or assumption of liability, or any other theory of legal liability. The indemnities,
and releases and assumptions of liability extended by the parties hereto under

	the provisions of Subparagraphs 4.9 and S.3 and Paragraphs 10,12 and 14 shall inure to the
benefit of such parties, their co-venturers, co-lessees, joint owners, their

	parent, holding and affiliated companies and the officers, directors, stockholders, partners,
managers, representatives, employees, consultants, agents,

	servants and insurers of each. Except as otherwise provided herein, such indemnification and
assumptions of liability shall not be deemed to create any rights

	to Indemnification in any person or entity not a party to this Contract, either as a third
party beneficiary or by reason of any agreement of indemnity between

	one of the parties hereto and another person or entity not a party to this Contract.

	15. AUDtT

	If any payment provided for hereunder is made on the basis of Contractor’s costs, Operator
shafl have the right to audit Contractor’s books and records reiating to such costs, Contractor
agrees to maintain such books and records for a period of two (2) years from the date such costs
were incurred and to make such books and records readiiy avaiiable to Operator at any reasonable
time or times within the period.

	16. NO WAIVER EXCEPT IN WRITING

	It is fu% understood and agreed that none of the requirements of this Contract shall be
considered as waived by either party unless the same is done in writing, and then only by the
persons executing this Contract, or other duly authorized agent or representative of the party.

	17. FORCE MAJEURE

	Except as provided in this Paragraph 17 and without prejudice to !he risk of loss,
release and indemnity obligations under this Contract, each party to this Contract shall be
excused from complying with the terms of this Contract, except for the payment of monies when due,
if and for so long as such compliance is hindered or prevented by a Force Majeure Event. As used
in (his Contract, “Force Majeure Event” includes: acts of God, action of the elements, wars
(declared or undeclared), insurrection, revolution, rebellions or civil strife, piracy, civil war
or hostile action, terrorist acts, riots, strikes, differences with workmen, acts of public
enemies, federal or state laws, rules, regulations dispositions or orders of any governmental
aufhorities having jurisdiction in the premises or of any other group, organization or informal
association (whether or not formally recognized as a government), inability to procure material,
equipment, fuel or necessary labor in the open market, acute and unusual labor or material,
equipment or fuel shortages, or any other causes (except financial) beyond the control of either
party. Neither Operator nor Contractor shall be required against its will to adjust any labor or
similar disputes except in accordance with applicable law. in the event that either party hereto
is rendered unable, wholly or in part, by any of these causes to carry out its obligation under
this Contract, it is agreed that such party shall give notice and details of Force Majeure In
writing to the other party as promptly as possible after its occurrence. In such cases, the
obligations of the party giving the notice shall be suspended during the continuance of any
inability so caused except that Operator shall be obligated to pay to Contractor the Force Majeure
Rate provided for in Subparagraph 4,8 above.

	18. GOVERNING LAW:

	This Contract shall be construed, governed, interpreted, enforced and litigated, and the
relations between the parties determined in accordance with the laws

	of New Mexico without regard to any conflict of laws provisions or principles, whether statutory
or common law, which would have the effect of applying the law of another state or jurisdiction.

	19. INFORMATION CONFIDENTIAL:

	Upon written request by Operator, information obtained by Contractor in the conduct of
drilling operations on this well, including, but not limited to, depth, formations penetrated, the
results of coring, testing and surveying, shall be considered confidential and shall not be
divulged by Contractor or its employees, to any person, firm, or corporation other than Operator’s
designated representatives.

	20. SUBCONTRACTS:

	Either party may employ other contractors to perform any of the operations or services !o
be provided or performed by it according to Exhibit “A”,

	21. ATTORNEY’S FEES

	If this Contract is placed in the hands of an attorney for collection of any sums due
hereunder, or suit is brought on same, or sums due hereunder are collected

	through bankruptcy or arbitration proceedings, then ths prevailing party shall be entitled to
recover reasonable attorney’s fees and costs. Provided, however, that the determination of which
party is the prevailing party shall be determined from the totality of the circumstances
(including the amount of the claim relative to the amount of any award) and the prevailing party
may or may not be the party in whose favor judgment was entered.

	22. CLAIMS AND LIENS:

	fas. Dayivort Contract — Page 5) Form provided by Forms On-A-Disk
Copyright © 2003 International Association of Drilling Contractors (214) 340-9429 •

 

 

	Revised April. 2003 Contractor agrees to pay all valid claims for labor, material,
services, and supplies to be furnished by Contractor hereunder, and agrees to allow no lien by

	such third parties to be fixed upon the (ease, the well, or other property of the Operator or the
land upon which said well is located.

23. ASSIGNMENT:

	Neither party may assign this Contract without the prior written consent of the other,
and prompt notice of any such intent to assign shall be given to the other party. In the event of
such assignment, the assigning party shall remain liable to the other party as a guarantor of the
performance by the assignee of the terms of this Contract. If any assignment is made that
materially alters Contractor’s financial burden, Contractor’s compensation shall be adjusted to
give effect to any increase or decrease in Contractor’s operating costs.

	24. NOTICES AND PLACE OF PAYMENT:

	All notices to be given with respect to this Contract unless otherwise provided for
shall be given to the Contractor and to the Operator respectively at the

	address   
         hereinabove  
          shown. All  
          sums    
        payable      
      hereunder        
    to Contractor        
    shall          
  be            payable
            at   
         its      
      address         
   hereinabove           
 shown

	unless otherwise specified herein.

	25. CONTINUING OBLIGATIONS:

	Notwithstanding the termination of this Contract, the parties shall continue to be
bound by the provisions of this Contract that reasonably require some action or forbearance after
such termination.

	26. ENTIRE AGREEMENT:

	This Contract constitutes the full understanding of the parties, and a complete and
exclusive statement of the terms of their agreement, and shall exclusively control and govern all
work performed hereunder. All representations, offers, and undertakings of the parties made prior
to the effective date hereof, whether oral or in writing, are merged herein, and no other
contracts, agreements or work orders, executed prior to the execution of this Contract, shall in
any way modify, amend, alier or change any of the terms or conditions set out herein.

	27. SPECIAL PROVISIONS:

	27.1 Operator agrees to furnish all drillpipe to be used in the lateral and horizontal
sections of the hois if this well is drilled as a horizontal well. Contractor will furnish

	all dri/lpipe to be used in tension and in the vertical section of the hole. At no time will
contractors drillpipe be used in compression.

	27.2 Notwithstanding anything to the contrary contained herein, it is specifically understood that
this shall be a “take or pay” contract wherein Operator shall pay the

	full Operating Day Rate amount for each day during the contract term. The only reduction in
such amount shall be for:

	A) Repair time in excess of the amount permitted to Contract or in paragraph 4.5

	B) Mobilization and Moving Rate paid by Operator as per paragraphs 4.1 and 4.3

	C) Force Majeure Rate paid by Operator as per paragraph 4.7 which shall not exceed
a cumulative 30 days combined during the term of this

	Contract.

	Provided, however. Contractor shall have a duty to mitigate damages by reasonably
attempting to secure replacement contracts for the subject rig if it is released by
Operator or if the Contract is terminated by Contractor prior to the expiration of the term
of this Contract, and Operator shall be entitled to 75% credit for any revenues received by
Contractor incident thereto. Even if finally re/eased by Operator, Operator, with 20 days
notice, may withdraw its re/ease and reactivate this Contract for the remainder of its term
to the extent the rig has not been committed to a third party in mitigation of Operator’s
damages.

	27.3 Contractor shall be responsible to schedule all equipment and services required rigging down,
moving and rigging up. Operator shat! be responsible for ail

	the contract.

	27A It is anticipated that Operator will utilize the rig for drilling wells in Eddy and Lea
counties of New Mexico. Operator may specify that the rig be used in other

	locations. Should Operator move the rig out of Eddy or Lea Counties, New Mexico, all
effective Daywork Rates wi/i be increased by an additional $2000.00 per day.

	27.5 Delay of Rig Move. Following appropriate Rig Down activities, If delays occur in moving the
rig, the Operator agrees to the following:

	A. For weather related problems resulting in a delay of a rig move, the standby rate will be
reduced by 50%for the duration of the weather delay.

	B. If a delay is caused by lack of trucks for moving or other Contractor related
problems, the Contractor will not charge the standby rate for the duration

	of the delay.

	27.6 Operator will be responsible for any data hub and automated
drilling packages that Operator requires.

27.7

	28. ACC EPTANCE OF C ONTRACT:

	The foregoing Contract, including the provisions relating to indemnity, release of
liability and allocation of risk of Subparagraphs 4.9 and 6.3(c), Paragraphs 10 and 12, and
Subparagraphs 14.1 through 14.12, Is acknowledged, agreed to and accepted by Operator this I
I day of

	OPERATOR:

BV:
(S

	The foregoing Contract, including the provisions relating to indemnity, release of liability and
allocation of risk of Subparagraphs 4.9, 6.3(c), Paragraphs

	10 and 12, and Subparagraphs 14.1 through 14,12, is acknowledged, agreed to and accepted by
Contractor this C day of tst

	which is the effective data of this Contract, subject to rig availability, and subject to all of
Its terms and provisions, with the understanding that It will not be

binding upon Operator until Operator has noted its acceptance, and with the further understanding
that unless said Contract Is thus executed by Operator

	within .. days of the above date Contractor shall be in no manner bound by its signature thereto.
CONTRACTOR:
—

	b. 

	Title:
——  —
X
(U.S. Daywork Contract — Page 6} Form provided by Forms On-A-Disk
Copyright © 2003 International Association of Drilling Contractors , (214) 340-9429 • FormsOnADisk.com

 

 

	Revised April, 2003

	EXHIBIT “A”

	To Daywork Contract dafadAugust, 20 _q£_

	—
Operator            COG. LLC . ................... Contractor            SILVER OAK DRILLING. LL-C
——  —

	Well Name and Number TO BE DETERMINED BY OPERATOR      , ........ ___........ .

	SPECIFICATIONS AND SPECIAL PROVISIONS

	1. CASING PROGRAM {See Paragraph 7)

	Hole            CasingWeight            Grade            Approximate            Wait on Cement
Size            Size            Setting Depth            Time

	Conductor in, .............................................. in. !bs/ft. .... ft. .. hrs
Surface            in. ........................................ in, IbsffL .......... ft. .. ___,,___,,hrs
Protection in. ................................................. in. Ibs/ft, ... ft. .. hrs
in. ............................................................ in. its/ft, ... .-’,..._^Tm,_.JLJ ^’ ... ___‘irs
——  —
Production in. ......................................... in.ibs/ft. ........... fl, .. ___^___......... hrs
Liner            in. in, Ibs/ft. ft. hrs
in, in. Ibs/ft, ___ft- hrs

	2. MUD CONTROL PROGRAM [See Subparagraph B.2)

	Depth Interval (ft)
Weight Viscosity Water Loss
(IbsJgal.) (SBcg) (cc)
From            To            Type Mud

	AT OPERATOR’S SELECTION BUT CONSISTENT WITH GOOD DRILLING PRACTICES FOR THE AREA

	Other mud specifications:

	3. INSURANCE (See Paragraph f 3}

	3.1 Adequate Workers’ Compensation Insurance complying with Slate Laws applicable or Employers’Liability Insurance wilhfimils of S___5001OQO
covering all of Contractor’s employees working under (his Contract.
3.2 Commercial (or Comprehensive) Genera! Liability Insurance, including contractual obligations as respects this Contract and proper coverage for all

	other obligations assumed in this Contract. The limit shall be $^000,000^00
i___^_i per occurrence tor Bodily injury and

	Property Damage.
3.3Automobile Public Liability insurance with limits of S , ijOg^QQ.Oj, for each person and $1.000.000.00for each
—
accident; or $ .......................................... ___1.000.000.00 combined single limit for Bodily Irciuty and Property
Damage.
3.4 Excess of Umbrella coverage $1 .COO.000.00 — To Ba Agreed upon, .

	3.5 Other insurance: rjn the even! operations 8re..oyer_water. contractor
shall carry in addition to Ihe Statutory Workers’ Compensation[Insurance.
cncbigejTiejits

	giveiinq liability nndar the_Lonqshorefnan’s & Harbor Workers^Compensation Act and
maritime liability including maintenance and cure with limits of 51,005^000-00

	tor each dealli or injury to one person and S2.DnDJOO.00 for anv one accident. ,,

	4. EQUIPMENT, MATERIALS AND SERVICES TO BE FURNISHED BY CONTRACTOR:

	The machinery, equipment, tools, materials, supplies, instruments, services and (abor
hereinafter listed, including any transportation required for such Items, shall be provided at
Ihe well location at (he expense of Contractor unless otherwise noted by this Contract.

	4.1 Drilling Rig

	Complete drilling rig, designated by Contraclor as Us Rig No,, the major items of equipment being:

	Drawworks: MaKe and Modal            RIG INVENTORIES ATTACHED ..................................................................... TM___— ............................ . ......................................... ..___..

	——  ——  —

	Engines: Make, Model, and H.P. ; ............ i_..._..i.i
——  —
No, on Rig ...... ‘ ................... -TM___
——  ——  ——  -—  -—  —
Pumps: No. 1 Make. Size, and Power
No. 2 Make. Size, and Power
Mud Mixing Pump: Make, Size, and Power ........................................ ,,r .. , _.^.,, .. ,

	——  —
Boilers; Number, Make. H.P. and W.P. .......................................... _^ ............... ,

	Derrick or MasL Make. Size, and Capacity ...................................... ___, ............. ...........................................

	——  —
Substnjcture: Size and Capacity ..................... ,

	Rotary Drive: Type
Drill Pipe: Size ...... n_ti___.. ‘___ia ....... ; ...... fl.; Size: ........... in. .......... ft.
——  —
l___l Drill Collars: Number and Size
HH
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\Q ‘ (‘US- Oayiwrt Contract-’Exhibit A’- Page 1} Form provided by Forms On-A-Disk
j            Copyright©2003lnternationalAssoc!ationofQrillingConlractors • (214)340-&429• FormsOnADisk.com

	O OO

 

 

	SO RIG l.PDF

	RIG INVENTORY ^^m^^TM RIGPLA T
1 — D-700 Emsco Duplex Mud Pump            N
powered by 3508 Caterpillar ^___I
Drawworks — Gardner Denver 500 ....,f
1- DA500 Emsco Duplex Mud      ,
Powered by 2 — 3406 Caterpillars with            Pump, 7-1/4” x 16” powered by 100 t-
2 Twin Disk 11-500 TorqueD379 Caterpillar —L_il._
Convertors
10’ x 40’ ATCO Tool Pusher House 50’
Pason Recorder            I
2- 250 bbl. Steel Pits (30’x 40’) cellar |7] ,
V-80 Parmac Hydramatic Brake            ff’xe’x            T”^ ‘
500 bbl. Water Tank 6’ 175175
20-112” RC Rotary Table ‘|’
3sets — 30’ x 42” Triangle Pipe Racks
11’x 22’x 44’Substructure      ,_,,
2 — 8’x 32’x 32” Pipe Baskets            T
127’ Pyramid Derrick 1?^ I 125
—
2 — 5’ x 20’ x 42” Catwalks
Type F nation 200 Ton Swivel H()P ‘•tlHhA/lA III!
10,000’4-1/2” XH16.60#GradeE&Gn^ff^^nJ21VJ^±ll^
41’
X
5"
1D
4rive
qBu
as
rhir^
es
ey *”
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Dri”
PiPS
2MCHOKEMANFOl-
DEQUIPMENT

25 — 6-1/2” x 31’ Drill Collars \ 7
13” Shaffer Type E 3000 BOP with |BPWL — I
Hydraulic Closing Unit 6 — 8” x 30’ Drill Collars ^ PFf |
300 ton National Traveling Block and 8’x 24” Top Dog House *i            tl, I
Hook Combination            I DouMe-Rjinn [_[ /” ,’^...,n., !
8’x 30’Bottom Dog Housefprewrte?! ‘^^T^^^T^’ \
2 -185KW SR4 Caterpillar Generators            L-, r—l 4iV\»
powered by 3306 Caterpillars 3000 gal. Diesel Tank      ,,,, ‘1^0. cWSHm /H^^^r^-i n K««
(housed) ~ ~\ ^°t^ O<H-r7nj ^^^H^T1 •
—
Air Hoist

 

 

	positive or adjustable

	I
Re «S9d ftptil. 2003

	Blowout Preventers:,
SizeSeries or last Pr. Make & Model            Number
B.O.P. Closing Unit: ............................................................ ,,___
B.O.P. Accumulator:
4.2 Derrick limbers,
4.3 Normai strings of drill pipe and drill colters specified above.
4.4 Conventional drift indicator.
4.5 Circulating mud pits.
4.6 Necessary pipe racks and rigging up material.

	4.7 Normal storage for
mud and chemicals.

	4,s ShalE Shaker.
4.9___............... . .......... . ... ,
4.10 .................... ,,. ___
—
4.11 .................... ,,,, ............. ‘ ... _
——  -—  ——  ——  —
4.12 .................... ,,
4.13,, .............. ,,
4.14
4.15 ___.. ,, ............. ___.. . .. ___
4.16
4.17 ................ ___.......  — .... ,

	5. EQUIPMENT, MATERIALS AND SERVICES TO BE FURNISHED BY OPERATOR:

	The machinery, equipment, tools, materials, supplies, instruments, services and labor
hereinafter listed, including any transportation required for such itsms, shall be provided at
(he well location at the expense of Operator unless otherwise noted by this Contract.

	5.1 Furnish and maintain adequate roadway and/or canal to location,
right-of-way, including rights-of-way for fuel and water lines, river crossings,
highway

	crossings, gates and cattle guards.
5.2 Stake location, clear and grade location, and provide turnaround, including surfacing when necessary.
5.3 Test tanks with pipe and fillings.
5.4 Mud storage tanks with pipe and fittings.
5.5 Separator with pipe and fittfngs.

	5.5 Labor and materials to connect and disconnect mud tank, test tank, and mud gas separator.
5.7 Labor to disconnect and clean test tanks and mud gas separator,
5.8 Drilling mud, chemicals, lost circulation materials and other additives.
5.9 Pipe and connections for oil circulating lines.
5.10 Labor to lay, bury and recover oil circulating lines,
5.11 Drilling bits, reamers, reamer cutters, stabilizers and special tools.
5.12 Contract fishing tool services and tool rental.
5.13 Wire ine core bits or heads, core barrels and wire fins core catchers if required.
5.14 Conventional core bits, core catchers and core barrels.
5.15 Diamond core barrel with head.
5.16 Cement and cementing service.
5.17 Electrical wireline logging services.
5.18 Directional, caliper, or other special services,
5.19 Gun orjet perforating services.
5.20 Explosives and shooting devices.
5.21 Formation testing, hydraulic fracturing, acidizing and other related services.
5.22 Equipment for drift stem testing.
5.23 Mud logging services.
5.24 Sidewatl coring service.

	5.25 Welding service for welding bottom joints of casing, guide shoe, float shoe, float
collar and in connection with installing of well head equipment if required.
5.26 Casing, tubing, liners, screen, float collars, guide and ftoat shoes and associated
equipment.
5.27 Casing scratchers and centralizes.
5.28 Well head connections and all equipment to be installed in or on well or on the
premises for use in connection with tesling, completion and operation of well.

	5.29Special gr added storage for mud and cnemicaJs.
5.30Casingheati, API series, to conform to that shown for the blowout preventers specified in Subparagrsph 4.1 above.
5.31Blowout preventer testing pacKoff and testing services.
5.32Replacement of BOP rubbers, elements and seats, if requited, after initial test
5.33Casing Thread Protectors and Casing Lubricants.
5.34HzS training and equipment 33 necessary or as required by law.
5.35Site septic systems.
5.3S ................................ ,, .................... _
5.37 .............................. ,,
5,33 ___, ................... ‘
——  ——  ——  ——  ——  ——  ——  ——  -—  —
5.39 .............................. ,, ........... ,,___
5.40 .................................... ‘
——  ——  ——  —
5.41 .................................... , ........... .
—
5.42,. ............................... ‘
——  ——  ——  ——  ——  ——  ——  ——  ——  -—  —
5.43
5.44___
5.45 .................................... . ..
—
5.46,, .......................... ___
5.47. ___........................... ,___........................... , ........... ___
5.48 .................................... ___.................... ‘ .
——  ——  —
hh5‘49
h_h 5.50 .............. ; ............................ .

	Ul

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	V^ ‘ (U.S. Daynork Contract- “Exititfi A’- Page 2}. Form provided by Forms On-A-Dish
| Copyright © 2003 Internationa! Association Of Drilling Contractors ’ (214) 340-9429 • FormsOnADislt.com

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	SO            BIG l.-PBE1

 

 

	Revised April, 2003 B. EQUIPMENT, MATERIALS AND SERVICES TO BE FURNISHED
BY DESIGNATED PARTY:

	The machinery, equipment tools, materials, supplies, instrument, sen/less, and labor
listed as the following numbered items, including any transportation required for such items
unless otherwise specified, shalf be provided at ihe well location and at the expense of the
party hereto as designated by an X mark in the appropriate column.

	To Be Provided By and
At The Expense Of
Item Operator . Contractor

	6.1Cellar and Runways..,, _X ................................................................................. ,

	6.2Ditches and sumps jNA ..................................................................................... ~”
—
6.3Fuel (located a!) _X
6.4Fuel Lines (length) ....................................................................................... _X___

	6.5Waler at source, including required permits _X
6.6Water well, including required permits, _X ................................................................ ^
—
6.7Water lines, including required permits _X ............................................................... ___
6.8Waterstorage tankscapacity ................................................................................ ___
6.9Potable water., _NA

	6.10Labor to operate water well or water pump, NA ............................................................ _
——  ——  ——  ——  ——  —
6.11Maintenance of water well, if required _X
6.12Water Pump .X

	6.13Fuel for water pump,,, £
6.14Wats for engines and boflers, or motors and mud pumps N’A
——  ——  ——  ——  ——  —
6.15Transportation of Contractor’s property:

	Move in ...................  — _X
Move out .................. _,. _X .. ___..................
3.16Malen’alsfor“DOXingin“riganddeitick JNA_
6.16Special strings c-l crifl pipe and drill collars as follows:X
6.17Keity joints, subs, elevators, tongs, sltps and SOP rams for use wilh special

	drill pipe,,,,- £ ......................................................................................... ___
6.19Drill pipe protectors for Kelly joint and eacli joint
of drill pipe running inside of Surface Casing as required,
for use with normal strings of drill pipe..,..,, ............................................................. _X
6.20Drill pipe protectors for Kelly joint and drBI pipe running

	inside of Prcteclion Casing..,.. X
——  ——  ——  —
6.21Rate of penetration recording devica., ............................................................... _X

	6.22Extra labor for running and cemenliig casing (Casing crews) _X
6.23Casing tods _X
$.24 Power casing tongs.,.,, X
6,25 Laydown and pickup machine,.,, _X .................................................................... ___...................................... _

	——  —

	6.28Tubing tools., _X_
6.27 Power tubing tong,.., _>___

	6_.a            Crew Boats, Number _NA ............................................................................ _^_^^ .___...
—
6.29Service Barge,_NA ........................................................................................ ___
6.30Service Tug Boat _NA
6.31RstHole., j_
6.32Mouse Hole...___X .................................................................................... r
5.29Reserve Pits _X

	6.29Upper Kelly Cock,,.
6.30Lower Kelly Valve.,,.. ___> ................................................................ _X
6.31Drill Pipe Safely Valvs .................................................................................. _x_
$.37 Inside Blowout Preventar ........................................................................... ___................... _X
6.38Drilling hole for ordciving forconductor pipe ............................................................ A_^^

	—

	6.39i            Charges, cost of bonds for public roads, ^?
6.4D            Portable Toilet _X
6.41Trash Receptacle., K ..................................................................................... .................... n .. _
——  ——  ——  ——  ——  —
6.42Linear Motion Shale Shaker ............................................................................... _x
6.43Shale Shaker Screens _X

	6.44Mud Cleaner _X_
6.45Mud/Gas Separator JNA

	6.46Desander _NA
6.47Desltter .............. j^A
6.46 DerjESser      ,, KA ^^

	——  ——  ——  ——  ——  —

	6.49Centrifuge., JMA
6.50Rotating Head, _X
6.51Rotating Head Rubbers X

	—

	0.52 Hydraulic Adjustable Cnoke na
——  ——  ——  ——  ——  —
8.53Pit Volume Totalizer _NA
6.53Commuricalion. tvoe            CELLULAR TELEPHONE___. ........................................................... X.
6.54Forklift capacity ___, _X

	6.36 Corrosion Inhibitor for protecting drill string _X___
6.57
0,58 .

	——  ——  ——  ——  ——  ——  —

	6.59 ........................ ___.,,___.
6.60 .............................. : ‘

	——  ——  ——  ——  —

	S
Ul

	^>
H^
^O (V,S,aaywACmfact-“ExhMfl’’-Pa9e3) Form provided by Forms On-A-Disk
| Copyright© 2003 International Associafion of Drilling Contractors • (214)340-9429- FormsOnADish.com

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	Revised April. 201. 7. OTHER PROVISIONS;

	Operator agrees to never operate Contractors equipment above 80% of manufacturers rated
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| Copyright © 2003 International Association of Drilling Contractors’ (214) 340-9429 • FormsOnADisk com

 

 

	SO SIG l.PD?’

	Revised Aprii, 2003 EXHIBIT “B”

	(SeeSutJparagraptiSS)

	The following clauses, when required bylaw, sre incorporated in the Contract by reference as if
fully sst out:
(1) The Equal Opportunity Clause prescribed in 41 CFR 60-1.4.
(2) The Affirmative Action Clause prescribed in 41 CFR 60-250_4
regarding veterans and veterans of the Vietnam era
(3( The Affirmative Action Clause tor handicapped workers prescribed in
41 CFR 60-741.4.

	(4) Trie Certification of Compliance with Environmental Laws preserved in 40 CFR 15,20,

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*O (U.S.D3vworhContraci-"£xbioitQ”-Page1)’ Form provided by Forms On-A-Disk
j            Copyright © 2003 International Association of Drilling Contractors’ (214) 340-9429 • FormsOnADisk.com

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	SO RIS l.PDFexv10w1

 

Exhibit 10.1

EXECUTION COPY

 

$1,000,000,000

CREDIT AGREEMENT

among

CLEARWIRE CORPORATION,

as Borrower,

The Several Lenders from Time to Time Parties Hereto,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

and CITIGROUP GLOBAL MARKETS INC.,

as Co-Documentation Agents,

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent,

MORGAN STANLEY & CO., INC.,

as Collateral Agent

and

MORGAN STANLEY SENIOR FUNDING, INC.,

as Administrative Agent

Dated as of July 3, 2007

  

MORGAN STANLEY SENIOR FUNDING, INC., as Sole Lead Arranger and Joint Bookrunner

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, J.P. MORGAN SECURITIES

 INC. and CITIGROUP
GLOBAL MARKETS INC.

as Joint Co-Arrangers and Joint Bookrunners

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 1. DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	     1.1
	 	Defined Terms	 	 	1	 
	     1.2
	 	Other Definitional Provisions	 	 	25	 
	 
	 	 	 	 	 	 
	SECTION 2. AMOUNT AND TERMS OF COMMITMENTS	 	 	25	 
	 
	 	 	 	 	 	 
	     2.1
	 	Commitments	 	 	25	 
	     2.2
	 	Procedure for Borrowing	 	 	26	 
	     2.3
	 	Repayment of Loans	 	 	26	 
	     2.4
	 	Optional Prepayments	 	 	27	 
	     2.5
	 	Mandatory Prepayments	 	 	27	 
	     2.6
	 	Conversion and Continuation Options	 	 	28	 
	     2.7
	 	Limitations on Eurodollar Tranches	 	 	28	 
	     2.8
	 	Interest Rates and Payment Dates	 	 	29	 
	     2.9
	 	Computation of Interest and Fees	 	 	29	 
	     2.10
	 	Inability to Determine Interest Rate	 	 	29	 
	     2.11
	 	Pro Rata Treatment and Payments	 	 	30	 
	     2.12
	 	Requirements of Law	 	 	31	 
	     2.13
	 	Taxes	 	 	32	 
	     2.14
	 	Indemnity	 	 	34	 
	     2.15
	 	Change of Lending Office	 	 	34	 
	     2.16
	 	Replacement of Lenders	 	 	34	 
	     2.17
	 	Fees	 	 	35	 
	     2.18
	 	Increases in Term Loans	 	 	35	 
	 
	 	 	 	 	 	 
	SECTION 3. [RESERVED]	 	 	36	 
	 
	 	 	 	 	 	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES	 	 	36	 
	 
	 	 	 	 	 	 
	     4.1
	 	Financial Condition	 	 	36	 
	     4.2
	 	No Change	 	 	36	 
	     4.3
	 	Existence; Compliance with Law	 	 	36	 
	     4.4
	 	Power; Authorization; Enforceable Obligations	 	 	36	 
	     4.5
	 	No Legal Bar	 	 	37	 
	     4.6
	 	Litigation	 	 	37	 
	     4.7
	 	No Default	 	 	37	 
	     4.8
	 	Ownership of Property; Liens	 	 	37	 
	     4.9
	 	Intellectual Property	 	 	37	 
	     4.10
	 	Taxes	 	 	37	 
	     4.11
	 	Federal Regulations	 	 	37	 
	     4.12
	 	Labor Matters	 	 	38	 
	     4.13
	 	ERISA	 	 	38	 
	     4.14
	 	Investment Company Act; Other Regulations	 	 	38	 
	     4.15
	 	Subsidiaries	 	 	38	 
	     4.16
	 	Use of Proceeds	 	 	38	 
	     4.17
	 	Environmental Matters	 	 	38	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	     4.18
	 	Accuracy of Information, etc	 	 	39	 
	     4.19
	 	Security Documents	 	 	40	 
	     4.20
	 	Designated Spectrum	 	 	40	 
	     4.21
	 	Solvency	 	 	40	 
	 
	 	 	 	 	 	 
	SECTION 5. CONDITIONS PRECEDENT	 	 	40	 
	 
	 	 	 	 	 	 
	SECTION 6. AFFIRMATIVE COVENANTS	 	 	42	 
	 
	 	 	 	 	 	 
	     6.1
	 	Financial Statements	 	 	42	 
	     6.2
	 	Certificates; Other Information	 	 	43	 
	     6.3
	 	Payment of Obligations	 	 	44	 
	     6.4
	 	Maintenance of Existence; Compliance	 	 	44	 
	     6.5
	 	Maintenance of Property; Insurance	 	 	44	 
	     6.6
	 	Inspection of Property; Books and
Records; Discussions	 	 	         44	 
	     6.7
	 	Notices	 	 	44	 
	     6.8
	 	Environmental Laws	 	 	45	 
	     6.9
	 	Additional Collateral, etc	 	 	45	 
	 
	 	 	 	 	 	 
	SECTION 7. NEGATIVE COVENANTS	 	 	47	 
	 
	 	 	 	 	 	 
	     7.1
	 	Indebtedness	 	 	47	 
	     7.2
	 	Limitation on Liens	 	 	49	 
	     7.3
	 	The Spectrum Entities	 	 	49	 
	     7.4
	 	Asset Sales of Spectrum Entities	 	 	50	 
	     7.5
	 	Asset Sales of Non-Spectrum Entities	 	 	50	 
	     7.6
	 	Restricted Payments	 	 	51	 
	     7.7
	 	Mergers, Consolidation, etc.	 	 	54	 
	     7.8
	 	Transactions With Affiliates	 	 	56	 
	     7.9
	 	Limitation On Sale and Leaseback Transactions	 	 	57	 
	     7.10
	 	Designation of Restricted and Unrestricted Subsidiaries.	 	       57
	     7.11
	 	ESC Compliance	 	 	58	 
	     7.12
	 	Stay, Extension ad Usury Laws	 	 	59	 
	     7.13
	 	Business Activities	 	 	60	 
	     7.14
	 	Swap Agreements	 	 	60	 
	     7.15
	 	Changes in Fiscal Periods	 	 	60	 
	     7.16
	 	Amendments to Certain Documents	 	 	60	 
	     7.17
	 	Activities of Holders of Designated Spectrum	 	 	60	 
	     7.18
	 	Leases	 	 	60	 
	 
	 	 	 	 	 	 
	SECTION 8. EVENTS OF DEFAULT	 	 	60	 
	 
	 	 	 	 	 	 
	SECTION 9. THE AGENTS	 	 	62	 
	 
	 	 	 	 	 	 
	     9.1
	 	Appointment	 	 	62	 
	     9.2
	 	Delegation of Duties	 	 	63	 
	     9.3
	 	Exculpatory Provisions	 	 	63	 
	     9.4
	 	Reliance by Administrative Agent	 	 	63	 
	     9.5
	 	Notice of Default	 	 	63	 
	     9.6
	 	Non-Reliance on Agents and Other Lenders	 	 	64	 
	     9.7
	 	Indemnification	 	 	64	 
	     9.8
	 	Agent in Its Individual Capacity	 	 	64	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	     9.9
	 	Successor Administrative Agent	 	 	65	 
	     9.10
	 	Co-Documentation Agents and Syndication Agent	 	 	65	 
	 
	 	 	 	 	 	 
	SECTION 10. MISCELLANEOUS	 	 	65	 
	 
	 	 	 	 	 	 
	     10.1
	 	Amendments and Waivers	 	 	65	 
	     10.2
	 	Notices	 	 	66	 
	     10.3
	 	No Waiver; Cumulative Remedies	 	 	67	 
	     10.4
	 	Survival of Representations and Warranties	 	 	67	 
	     10.5
	 	Payment of Expenses and Taxes	 	 	67	 
	     10.6
	 	Successors and Assigns; Participations and Assignments	 	 	68	 
	     10.7
	 	Adjustments; Set-off	 	 	71	 
	     10.8
	 	Counterparts	 	 	71	 
	     10.9
	 	Severability	 	 	72	 
	     10.10
	 	Integration	 	 	72	 
	     10.11
	 	Governing Law	 	 	72	 
	     10.12
	 	Submission To Jurisdiction; Waivers	 	 	72	 
	     10.13
	 	Acknowledgements	 	 	72	 
	     10.14
	 	Releases of Guarantees and Liens	 	 	73	 
	     10.15
	 	Confidentiality	 	 	74	 
	     10.16
	 	Waivers of Jury Trial	 	 	74	 

	 	 	 
	SCHEDULES:	 	 
	1.1A
	 	Term Loan Commitments
	1.1B
	 	Delayed-Draw Term Loan Commitments
	1.1C
	 	Existing Liens
	1.1D
	 	Guarantors
	1.1E
	 	Pending Asset Sales
	4.4
	 	Consents, Authorizations, Filings and Notices
	4.9
	 	Intellectual Property
	4.15
	 	Subsidiaries
	4.19
	 	UCC Filing Jurisdictions
	7.1(d)
	 	Existing Indebtedness

	 	 	 
	EXHIBITS:	 	 
	A
	 	Form of Guarantee and Collateral Agreement
	B
	 	Form of Compliance Certificate
	C
	 	Form of Closing Certificate
	D
	 	Form of Assignment and Assumption
	E-1
	 	Form of Legal Opinion of Kirkland & Ellis LLP
	E-2
	 	Form of Legal Opinion of Broady R. Hodder
	F
	 	Form of Exemption Certificate

iii

 

          CREDIT AGREEMENT (this “Agreement”), dated as of July 3, 2007, among CLEARWIRE
CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time parties to this Agreement (the “Lenders”),
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and CITIGROUP GLOBAL MARKETS INC., as
co-documentation agents (in such capacities, the “Co-Documentation Agents”), JPMORGAN CHASE
BANK, N.A., as syndication agent (in such capacity, the “Syndication Agent”), MORGAN
STANLEY & CO., INC., as collateral agent (in such capacity, the “Collateral Agent”) and
MORGAN STANLEY SENIOR FUNDING, INC., as administrative agent.

          The parties hereto hereby agree as follows:

SECTION 1.  DEFINITIONS

          1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1
shall have the respective meanings set forth in this Section 1.1.

          “ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16
of 1%) equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. For purposes hereof: “Prime Rate”
shall mean the rate of interest per annum published by The Wall Street Journal from time to time as
the “prime rate”. Any change in the ABR due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective as of the opening of business on the effective day of such change
in the Prime Rate or the Federal Funds Effective Rate, respectively.

          “ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR.

          “Administrative Agent”: Morgan Stanley Senior Funding, Inc., together with its
affiliates, as the arranger of the Commitments and as the administrative agent for the Lenders
under this Agreement and the other Loan Documents, together with any of its successors.

          “Affiliate”: with respect to any specified Person, 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” when used with respect to any
Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing.

          “Affiliate Transaction”: as defined in Section 7.8.

          “Agents”: the collective reference to the Syndication Agent, the Co-Documentation
Agents, the Collateral Agent and the Administrative Agent.

          “Agreement”: as defined in the preamble hereto.

          “Applicable Margin”: (a) for ABR Loans, 5.00% per annum and (b) for Eurodollar Loans,
6.00% per annum.

          “Approved Fund”: as defined in Section 10.6(b).

 

 

          “Asset Sale”:

	 	(1)	 	the sale, lease, conveyance or other disposition or transfer of any
assets (including FCC License Rights) by the Borrower or any Restricted Subsidiary
(including any Spectrum Entity); and
	 
	 	(2)	 	the issuance (including in connection with any merger or consolidation)
or sale, transfer, conveyance or other disposition of Capital Stock of any
Restricted Subsidiary (other than directors’ qualifying shares and shares issued to
foreign nationals to the extent required by applicable law).

          Notwithstanding the preceding, the following items shall be deemed not to be Asset Sales:

	 	(1)	 	a transfer of Capital Stock between or among the Spectrum Entities in
accordance with Section 7.3 or a transfer of assets of the Spectrum Entities between
or among the Spectrum Entities;
	 
	 	(2)	 	a transfer of assets (including Capital Stock, other than Capital Stock
of any Spectrum Entity) between or among the Loan Parties (other than the Spectrum
Entities) or between or among the Restricted Subsidiaries of the Borrower (other
than the Spectrum Entities) that are not Loan Parties;
	 
	 	(3)	 	the sale or lease of equipment, inventory or accounts receivable (other
than FCC License Rights) in the ordinary course of business;
	 
	 	(4)	 	dispositions of accounts receivable in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy
or similar proceedings;
	 
	 	(5)	 	a Restricted Payment or Investment that is permitted by Section 7.6, or
any merger or consolidation permitted by Section 7.7;
	 
	 	(6)	 	any sale or disposition of any property or equipment that has become
damaged, worn out or obsolete;
	 
	 	(7)	 	the creation of a Permitted Lien;
	 
	 	(8)	 	non-exclusive licenses of intellectual property in the ordinary course of
business that could not reasonably be expected to have a material adverse effect on
the value of the Collateral or the ability of the Administrative Agent or the
Lenders to realize the benefits of, and intended to be afforded by, the Collateral;
	 
	 	(9)	 	any disposition of Designated Noncash Consideration; provided
that any Net Proceeds of such disposition are treated as an increase in the amount
of Net Proceeds of the Asset Sale that resulted in such Designated Noncash
Consideration and is applied as required under Section 2.5;
	 
	 	(10)	 	any foreclosure (subject to any intercreditor or subordination arrangement
between such lienholder and the Administrative Agent on behalf of the Lenders) upon any
assets of

2

 

	 	 	 	Restricted Subsidiaries pursuant to the terms of a Permitted Lien; provided
that such foreclosure does not otherwise constitute a Default under this Agreement;
	 
	 	(11)	 	the issuance (including in connection with any merger or consolidation) or
sale, transfer, conveyance or other disposition of Capital Stock of any Unrestricted
Subsidiary;
	 
	 	(12)	 	the expiration or termination of Spectrum leases in the ordinary course of
business; and
	 
	 	(13)	 	any sale, lease or other disposition of any assets that is subject to a binding
agreement, but pending closing on the Closing Date and set forth on
Schedule 1.1E.

          “Assignee”: as defined in Section 10.6(b).

          “Assignment and Assumption”: an Assignment and Assumption, substantially in the form
of Exhibit D.

          “Attributable Debt”: in respect of a Sale and Leaseback Transaction, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such Sale and Leaseback Transaction, including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with GAAP.

          “Benefitted Lender”: as defined in Section 10.7(a).

          “Board”: the Board of Governors of the Federal Reserve System of the United States
(or any successor).

          “Bankruptcy Law”: Title 11 of the United States Code (or any successor thereto) or
any similar federal or state law for the relief of debtors.

          “Board of Directors”: either the board of directors of the Borrower or any committee
of the Board of Directors authorized to act for it with respect to this Agreement.

          “Board Resolution”: a resolution certified by the Secretary or an Assistant Secretary
of the Borrower to have been duly adopted by the Board of Directors of the Borrower and to be in
full force and effect on the date of such certification.

          “Borrower”: as defined in the preamble hereto.

          “Borrowing Date”: any Business Day specified by the Borrower as the date on which the
Borrower requests the Lenders to make the Loans hereunder.

          “Business”: as defined in Section 4.17(b).

          “Business Day”: a day other than a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by law to close, provided, that with
respect to notices and determinations in connection with, and payments of principal and interest
on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits in
the interbank eurodollar market.

3

 

          “Capital Lease Obligation”: at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.

          “Capital Stock”: any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests
in a Person (other than a corporation) and any and all warrants, rights or options to purchase any
of the foregoing.

          “Cash Equivalents”:

	 	(1)	 	(A) U.S. dollars and (B) to the extent received in the ordinary course of
business or exchanged into U.S. Dollars within 180 days, Euros, Pounds Sterling,
Japanese Yen and any other foreign currency acceptable to the Administrative Agent
in its sole discretion;
	 
	 	(2)	 	securities issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality thereof (provided
that the full faith and credit of the United States is pledged in support thereof),
maturing, unless such securities are deposited to defease any Indebtedness, not more
than one year from the date of acquisition;
	 
	 	(3)	 	Securities issued by U.S. Government-Sponsored Entities (GSE) and
federally related institutions, maturing with one year from the date of acquisition;
	 
	 	(4)	 	certificates of deposit and eurodollar time deposits with maturities of
one year or less from the date of acquisition, bankers’ acceptances and commercial
paper with maturities not exceeding one year and overnight bank deposits, in each
case, with any domestic commercial bank having capital and surplus in excess of
$500,000,000 and a rating at the time of acquisition thereof of P-1 or better from
Moody’s Investors Service, Inc. or A-1 or better from Standard & Poor’s Rating
Services;
	 
	 	(5)	 	securities issued and fully guaranteed by any state, commonwealth or
territory of the United States of America, or by any political subdivision or taxing
authority thereof, rated at least “A” by Moody’s Investors Service, Inc. or Standard
& Poor’s Rating Services and having maturities of not more than one year from the
date of acquisition; and
	 
	 	(6)	 	money market funds denominated in U.S. dollars at least 95% of the assets
of which constitute Cash Equivalents of the kinds described in clauses (1) through
(4) of this definition.

          “Change of Control”: with respect to the Borrower or any successor entity that is
subject to the terms of this Agreement, the occurrence of any of the following events:

          (1) any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the Borrower’s assets to any person or
group of related persons (other than to any of the Borrower’s Wholly Owned Subsidiaries,
pursuant to a transaction involving a swap of Spectrum and related assets to the extent
permitted by Sections 7.4 or 7.5 or pursuant to Section 7.7);

4

 

          (2) the approval by the holders of the Borrower’s Capital Stock of any plan or proposal
for liquidation or dissolution; or

          (3) any person or group (other than a person or group of persons comprised solely of
shareholders of the Borrower as of the Reference Date or their Affiliates) shall become the
beneficial owner, directly or indirectly, of shares representing more than 50% of the
aggregate voting power represented by the issued and outstanding Voting Stock of the
Borrower.

          For purposes of this definition of Change of Control:

          “person” or “group” have the meanings given to them for purposes of Sections
13(d) and 14(d) of the Exchange Act or any successor provisions, and the term “group”
includes any group acting for the purpose of acquiring, holding or disposing of securities within
the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision;

          a “beneficial owner” will be determined in accordance with Rule 13d-3 under the
Exchange Act, as in effect on the Reference Date, except that the number of shares of Voting Stock
of the Borrower will be deemed to include all outstanding shares of Voting Stock of the Borrower
and unissued shares deemed to be held by the “person” or “group” or other person with respect to
which the determination is being made, but shall not include any unissued shares deemed to be held
by all other persons;

          “beneficially owned” has a meaning correlative to that of beneficial owner; and

          “unissued shares” means shares of Voting Stock not outstanding that are subject to
options, warrants, rights to purchase or conversion privileges exercisable within 60 days of the
date of determination of a Change of Control.

          “Clearwire International”: Clearwire International, LLC, a Washington limited
liability company.

          “Clearwire International Entities”: the collective references to Clearwire
International and its Subsidiaries.

          “Closing Date”: the date on which the conditions precedent set forth in Section 5
shall have been satisfied or waived, which date is July 3, 2007.

          “Co-Documentation Agents”: as defined in the preamble hereto.

          “Code”: the Internal Revenue Code of 1986, as amended from time to time.

          “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon
which a Lien is purported to be created by any Security Document.

          “Collateral Agent”: Morgan Stanley & Co., Inc., together with any of its successors.

          “Commitment”: as to any Lender, the sum of the Term Loan Commitment and the
Delayed-Draw Term Loan Commitment of such Lender. The original aggregate amount of the Commitments
is $1,000,000,000.

5

 

          “Commonly Controlled Entity”: an entity, whether or not incorporated, that is under
common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group
that includes the Borrower and that is treated as a single employer under Section 414 of the Code.

          “Compliance Certificate”: a certificate duly executed by a Responsible Officer
substantially in the form of Exhibit B.

          “Conduit Lender”: any special purpose corporation organized and administered by any
Lender for the purpose of making Loans otherwise required to be made by such Lender and designated
by such Lender in a written instrument; provided, that the designation by any Lender of a
Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan
under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the
designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to
deliver all consents and waivers required or requested under this Agreement with respect to its
Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled
to receive any greater amount pursuant to Sections 2.12, 2.13, 2.14 or 10.5 than the designating
Lender would have been entitled to receive in respect of the Loans made by such Conduit Lender or
(b) be deemed to have any Commitment.

          “Confidential Information Memorandum”: the Confidential Information Memorandum dated
June 2007 and furnished to certain Lenders.

          “Consolidated Current Assets”: at any date, all amounts (other than cash and Cash
Equivalents, current and deferred tax assets) that would, in conformity with GAAP, be set forth
opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet
of the Borrower and its Restricted Subsidiaries at such date.

          “Consolidated Current Liabilities”: at any date, all amounts that would, in
conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like
caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such
date, but excluding the current portion of any Funded Debt of the Borrower and its Restricted
Subsidiaries and current accrued and deferred income taxes and accrued interest.

          “Consolidated EBITDA”: for any period, Consolidated Net Income for such period
plus, without duplication and to the extent reflected as a charge in the statement of such
Consolidated Net Income for such period, the sum of (a) income and franchise tax expense, (b)
interest expense (net of interest income), amortization or writeoff of debt discount and debt
issuance costs and commissions, discounts and other fees and charges associated with Indebtedness
(including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or
non-recurring expenses or losses (including, whether or not otherwise includable as a separate item
in the statement of such Consolidated Net Income for such period, losses on sales of assets outside
of the ordinary course of business), (f) non-cash charges (provided, that if any such
non-cash expenses represents an accrual of or reserve for cash expenses in any future period, the
cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA
to such extent, and excluding amortization of a prepaid cash expense that was paid in a prior
period), (g) restructuring charges or reserves, (h) fees and expenses incurred in connection with
any investment, disposition, acquisition, issuance of equity interests, incurrence or early
extinguishment of indebtedness, or refinancing transaction or other modification of any debt
instrument, in each case permitted herein, (i) purchase accounting adjustments in connection with
permitted acquisitions hereunder, (j) expenses related to the transactions contemplated by this
Agreement, (k) the amount of minority interest expense, (l) any non-cash compensation charge
arising from any grant of stock, stock options or other equity-based rewards, (m) non-cash pension
and other post-employment benefit expenses

6

 

and (n) any non-cash SFAS 133 income (or loss) related to hedging activities and
minus, (a) to the extent included in the statement of such Consolidated Net Income for such
period, the sum of (i) any extraordinary, unusual or non-recurring income or gains (including,
whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, gains on the sales of assets outside of the ordinary course of business),
(ii) income tax credits (to the extent not netted from income tax expense) and (iii) any other
non-cash income (other than (x) the accrual of revenue consistent with past practice and (y) the
reversal in such period of an accrual of, or cash reserve for, cash expenses in a prior period) and
(b) any cash payments made during such period in respect of items described in clause (e) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected
as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis.
For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal
quarters (each, a “Reference Period”) pursuant to any determination of the Consolidated Leverage
Ratio, (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have
made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced
by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is
the subject of such Material Disposition for such Reference Period or increased by an amount equal
to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (ii) if
during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition,
Consolidated EBITDA for such Reference Period shall be calculated after giving pro
forma effect thereto as if such Material Acquisition occurred on the first day of such
Reference Period. As used in this definition, “Material Acquisition” means any acquisition of
property or series of related acquisitions of property that constitutes assets comprising all or
substantially all of an operating unit of a business or constitutes all or substantially all of the
common stock of a Person; and “Material Disposition” means any Disposition of property or series of
related Dispositions of property that yields gross proceeds to the Borrower or any of its
Subsidiaries in excess of $1,000,000. Calculations of Consolidated EBITDA shall take into account
any identifiable cost savings from Material Acquisitions and Material Dispositions to the extent
such savings are reasonably acceptable to the Administrative Agent and have been reasonably
identified in good faith by a responsible financial or accounting officer of the Borrower.

          “Consolidated Leverage Ratio”: as at the last day of any period, the ratio of (a)
Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period.

          “Consolidated Net Income”: for any period, the consolidated net income (or loss) of
the Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with
GAAP; provided, that (I) there shall be excluded (a) the income (or deficit) of any Person
accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated
with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than
a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership
interest, except to the extent that any such income is actually received by the Borrower or such
Subsidiary in the form of dividends or similar distributions (and the net loss of any such Person
shall be included only to the extent that such loss is funded in cash by the specified Person or a
Subsidiary thereof) and (c) the undistributed earnings of any Subsidiary of the Borrower to the
extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any Contractual Obligation (other than under any Loan
Document) or Requirement of Law applicable to such Subsidiary and (II) there shall be included the
net income of any Unrestricted Subsidiary to the extent it is distributed to the Borrower or any of
its Restricted Subsidiaries during such period; provided, further that the cumulative effect of any
change in accounting principles shall be excluded from the calculation of Net Income.

          “Consolidated Total Debt”: at any date, the aggregate principal amount of all
Indebtedness for borrowed money of the Borrower and its Restricted Subsidiaries at such date,

7

 

determined on a consolidated basis in accordance with GAAP, less the unrestricted cash and Cash
Equivalents of the Borrower and its Restricted Subsidiaries in excess of $100,000,000 on such
day. For purposes of calculating Consolidated Leverage Ratio, Consolidated Total Debt shall be
calculated after giving pro forma effect to the repayment of any Indebtedness on the date of
determination.

          “Consolidated Working Capital”: at any date, the excess of Consolidated Current
Assets on such date over Consolidated Current Liabilities on such date.

          “Contractual Obligation”: as to any Person, any provision of any security issued by
such Person or of any agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound.

          “Control Investment Affiliate”: as to any Person, any other Person that (a) directly
or indirectly, is in control of, is controlled by, or is under common control with, such Person and
(b) is organized by such Person primarily for the purpose of making equity or debt investments in
one or more companies. For purposes of this definition, “control” of a Person means the power,
directly or indirectly, to direct or cause the direction of the management and policies of such
Person whether by contract or otherwise.

          “Default”: any of the events specified in Section 8, whether or not any requirement
for the giving of notice, the lapse of time, or both, has been satisfied.

          “Delayed-Draw Percentage”: as to any Lender at any time, the percentage which such
Lender’s Delayed-Draw Term Loan Commitment and Delayed-Draw Term Loans then outstanding then
constitutes of the aggregate Delayed-Draw Term Loan Commitments and Delayed-Draw Term Loans then
outstanding.

          “Delayed-Draw Term Loan”: as defined in Section 2.1(b).

          “Delayed-Draw Term Loan Commitment”: as to any Lender, the obligation of such Lender,
if any, to make a Delayed-Draw Term Loan to the Borrower in a principal amount not to exceed the
amount set forth under the heading “Delayed-Draw Term Loan Commitment” opposite such Lender’s name
on Schedule 1.1B. The original aggregate amount of the Delayed-Draw Term Loan Commitments is
$620,700,000.

          “Delayed-Draw Term Loan Commitment Period”: the period from and including the Closing
Date to and including August 15, 2007.

          “Delayed-Draw Term Loan Facility”: at any time, the aggregate amount of the Lenders’
Delayed-Draw Term Loan Commitments at such time.

          “Designated Noncash Consideration”: the Fair Market Value of noncash consideration
received by the Borrower or any Restricted Subsidiary in connection with an Asset Sale that is so
designated as Designated Noncash Consideration pursuant to an Officers’ Certificate, setting forth
the basis of such valuation, less the amount of Cash or Cash Equivalents received in connection
with a subsequent sale of such Designated Noncash Consideration.

          “Designated Spectrum”: all FCC License Rights held by the Loan Parties or the
Existing Notes Guarantors on the Closing Date (other than FCC License Rights exchanged for
Replacement Assets in accordance with Section 7.4) and any Replacement Assets in respect thereof.

8

 

          “Disposition”: with respect to any property, any sale, lease, sale and leaseback,
assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and
“Disposed of” shall have correlative meanings.

          “Disqualified Stock”: any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder
thereof, in whole or in part, on or prior to the Maturity Date; provided, however,
that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so
convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such
dates shall be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any
Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the
right to require the Borrower to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Borrower may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with Section 7.6. The term “Disqualified
Stock” shall also include any options, warrants or other rights that are convertible into
Disqualified Stock or that are redeemable at the option of the holder, or required to be redeemed,
prior to the Maturity Date.

          “Dollars” and “$”: dollars in lawful currency of the United States.

          “Domestic Restricted Subsidiary”: a Domestic Subsidiary that is a Restricted
Subsidiary.

          “Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States.

          “Environmental Laws”: any and all foreign, Federal, state, local or municipal laws,
rules having the force and effect of law, written orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law (including common
law) regulating, relating to or imposing liability or standards of conduct concerning protection of
public health or the environment, as now or may at any time hereafter be in effect.

          “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to
time.

          “Eurocurrency Reserve Requirements”: for any day as applied to a Eurodollar Loan, the
aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve
requirements in effect on such day (including basic, supplemental, marginal and emergency reserves)
under any regulations of the Board or other Governmental Authority having jurisdiction with respect
thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred
to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the
Federal Reserve System.

          “Eurodollar Base Rate”: with respect to each day during each Interest Period
pertaining to a Eurodollar Loan, the rate per annum determined on the basis of the rate for
deposits in Dollars for a period equal to such Interest Period commencing on the first day of such
Interest Period appearing on LIBOR1 of the Reuters screen as of 11:00 A.M., London time, two
Business Days prior to the beginning of such Interest Period. In the event that such rate does not
appear on LIBOR1 of the Reuters screen (or otherwise on such screen), the “Eurodollar Base
Rate” shall be determined by reference to such other comparable publicly available service for
displaying eurodollar rates as may be selected by the Administrative Agent or, in the absence of
such availability, by reference to the rate at which the

9

 

Administrative Agent is offered Dollar deposits at or about 11:00 A.M., New York City time,
two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market
where its eurodollar and foreign currency and exchange operations are then being conducted for
delivery on the first day of such Interest Period for the number of days comprised therein.

          “Eurodollar Loans”: Loans the rate of interest applicable to which is based upon the
Eurodollar Rate.

          “Eurodollar Rate”: with respect to each day during each Interest Period pertaining to
a Eurodollar Loan, a rate per annum determined for such day in accordance with the following
formula (rounded upward to the nearest 1/100th of 1%):

Eurodollar Base Rate

1.00
- Eurocurrency Reserve Requirements

          “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current
Interest Periods with respect to all of which begin on the same date and end on the same later date
(whether or not such Loans shall originally have been made on the same day).

          “Event of Default”: any of the events specified in Section 8, provided, that
any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

          “Excess Cash Flow”: for any fiscal year of the Borrower, the excess, if any, of (a)
the sum, without duplication, of (i) Consolidated Net Income for such fiscal year, (ii) the amount
of all non-cash charges (including depreciation and amortization) deducted in arriving at such
Consolidated Net Income, (iii) decreases in Consolidated Working Capital for such fiscal year
(excluding decreases resulting from any acquisitions or disposition occurring during such fiscal
year), and (iv) the aggregate net amount of non-cash loss on the Disposition of property by the
Borrower and its Restricted Subsidiaries during such fiscal year (other than sales of inventory in
the ordinary course of business), to the extent deducted in arriving at such Consolidated Net
Income over (b) the sum, without duplication, of (i) the amount of all non-cash credits
included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by
the Borrower and its Restricted Subsidiaries in cash during such fiscal year on account of Capital
Expenditures (excluding the principal amount of Indebtedness incurred in connection with such
expenditures and any such expenditures financed with the proceeds of any Reinvestment Deferred
Amount to the extent such Reinvestment Deferred Amount is not included in Consolidated Net Income),
(iii) the aggregate amount of all principal payments of Indebtedness (including the Loans but
excluding voluntary prepayments of the Loans pursuant to Section 2.4) of the Borrower and its
Restricted Subsidiaries made during such fiscal year, (iv) the aggregate amount payable by the
Borrower and its Restricted Subsidiaries on account of Restricted Payments and Investments
permitted pursuant to Sections 7.6(b)(6), (7), (19) (to the extent such Investment is for the
acquisition of a new Guarantor), (21), (22) and (25), (v) the aggregate amount of expenditures
actually made by Borrower and its Subsidiaries in cash during such period (including expenditures
for the payment of financing fees) to the extent that such expenditures are not expensed during
such period, (vi) the aggregate amount of any premium, make-whole or penalty payments actually paid
in cash by Borrower and its Subsidiaries during such period that are required to be made in
connection with any prepayment of Indebtedness, (vii) without duplication of amounts deducted from
Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by
Borrower or any of its Restricted Subsidiaries pursuant to binding contracts (the “Contract
Consideration”) entered into prior to or during such period relating to Permitted Investments or
capital expenditures to be consummated or made during the period of four consecutive fiscal
quarters of Borrower following the end of such period, provided that to the extent the aggregate
amount actually utilized to finance such Permitted Investments or capital expenditures during such
period

10

 

of four consecutive fiscal quarters (other than proceeds of Indebtedness) is less than the
Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess
Cash Flow at the end of such period of four consecutive fiscal quarters, (viii) cash expenditures
in respect of Hedge Agreements during such fiscal year to the extent not deducted in arriving at
such Consolidated Net Income, (ix) payments by Borrower and its Subsidiaries during such period in
respect of long-term liabilities of Borrower and its Subsidiaries other than Indebtedness, (iv)
increases in Consolidated Working Capital for such fiscal year (excluding increases resulting from
any acquisitions or disposition occurring during such fiscal year) , and (v) the aggregate net
amount of non-cash gain on the Disposition of property by the Borrower and its Restricted
Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of
business), to the extent included in arriving at such Consolidated Net Income.

          “Excess Cash Flow Application Date”: as defined in Section 2.5(b).

          “Existing Credit Agreement”: the Credit Agreement, dated as of August 21, 2006, among
the Borrower, the lenders parties thereto, and Morgan Stanley Senior Funding, Inc., as
administrative agent, as amended, supplemented or otherwise modified from time to time.

          “Existing Notes”: the Borrower’s Senior Notes due 2010 issued pursuant to the
Existing Notes Indenture.

          “Existing Notes Guarantors”: as defined in the definition of “Guarantors”.

          “Existing Notes Indenture”: the Indenture, dated as of August 5, 2005, as amended
through the date hereof and as may be amended, restated, supplemented, replaced, refinanced or
otherwise modified in accordance with the terms hereof, among the Borrower and The Bank of New
York, as trustee, with respect to the Existing Notes.

          “Facility”: the collective reference to the Delayed-Draw Term Loan Facility and the
Term Loan Facility.

          “Fair Market Value”: the value that would be paid by a willing buyer to an
unaffiliated willing seller on an arm’s length basis in a transaction not involving distress or
necessity of either party, determined in good faith by a majority of the disinterested members of
the Board of Directors of the Borrower (unless otherwise provided in this Agreement).

          “FCC”: the Federal Communications Commission and any successor thereto.

          “FCC License”: any paging, mobile telephone, specialized mobile radio, microwave or
personal communications services and any other license, permit, consent, certificate of compliance,
franchise, approval, waiver or authorization granted or issued by the FCC, including any of the
foregoing authorizing or permitting the acquisition, construction or operation of any Wireless
Communications System.

          “FCC License Rights”: any right, title or interest in, to or under any FCC License,
whether directly or indirectly held, including, without limitation, any rights owned, granted,
approved or issued directly or indirectly by the FCC or held, leased, licensed or otherwise
acquired from or through any party (including without limitation any rights under Spectrum Leases).

          “Federal Funds Effective Rate”: for any day, the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System arranged by federal

11

 

funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average of
the quotations for the day of such transactions received by Morgan Stanley Senior Funding, Inc.
from three federal funds brokers of recognized standing selected by it.

          “Foreign Subsidiary”: means any Person (a) which is organized under the laws of any
jurisdiction outside the United States (within the meaning of Section 7701(a)(9) of the Code), or
(b) whose principal assets consist of capital stock or other Capital Stocks of one or more Persons
that are “controlled foreign corporations” within the meaning of Section 957 of the Code.

          “Funded Debt”: with respect to any Person, all Indebtedness of such Person of the type
described in clauses (1) through (5) of the definition of “Indebtedness in this Section 1.1.

          “Funding Office”: the office of the Administrative Agent specified in Section 10.2 or
such other office as may be specified from time to time by the Administrative Agent as its funding
office by written notice to the Borrower and the Lenders.

          “GAAP”: generally accepted accounting principles in the United States as in effect
from time to time. In the event that any “Accounting Change” (as defined below) shall occur and
such change results in a change in the method of calculation of financial standards or terms in
this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in
order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes
with the desired result that the criteria for evaluating the Borrower’s financial condition shall
be the same after such Accounting Changes as if such Accounting Changes had not been made. Until
such time as such an amendment shall have been executed and delivered by the Borrower, the
Administrative Agent and the Required Lenders, all financial standards and terms in this Agreement
shall continue to be calculated or construed as if such Accounting Changes had not occurred.
“Accounting Changes” refers to changes in accounting principles required by the promulgation of any
rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants or, if applicable, the SEC.

          “Governmental Authority”: any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank
or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of government, any securities exchange and any self-regulatory organization (including
the National Association of Insurance Commissioners).

          “Grantor”: as defined in the Guarantee and Collateral Agreement.

          “Group Members”: the collective reference to the Borrower and its Restricted
Subsidiaries.

          “Guarantee”: as to any Person, a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another
Person.

          “Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be
executed and delivered by the Borrower and each Guarantor, substantially in the form of Exhibit A,
as may be amended, restated, supplemented or otherwise modified from time to time.

12

 

          “Guarantors”:
the collective reference to (a) the entities listed on Schedule 1.1D
(and any other Spectrum Entity), (b) each other Material Domestic Restricted Subsidiary of the
Borrower as of the Closing Date (other than Clearwire International and its Subsidiaries) and (c)
each other present and future subsidiary of the Borrower that becomes a Guarantor pursuant to
Section 6.9 hereof provided, that no Foreign Subsidiary shall be a Guarantor hereunder;
provided, that for purposes other than the application of the covenants under Section 7 of this
Agreement, Guarantors shall not include any such entities that are restricted by the Existing Notes
Indenture from guaranteeing the loans until the Existing Notes are redeemed in full or otherwise
permit (the “Existing Notes Guarantors”), and from and after such time Guarantors shall
include such entities subject to this Agreement and the other Loan Documents.

          “Hedging Obligations”: with respect to any specified Person, the obligations of such
Person under:

          (1) interest rate swap agreements (whether from fixed to floating or from floating to
fixed), interest rate cap agreements and interest rate collar agreements;

          (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and

          (3) other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates or commodity prices.

          “Immaterial Subsidiary”: as of any date, any Restricted Subsidiary whose total
assets, as of such date, are less than $10,000,000 and whose total revenues for the most recent
12-month period do not exceed $5,000,000; provided that (i) a Restricted Subsidiary will
not be considered to be an Immaterial Subsidiary if it, directly or indirectly, guarantees or
otherwise provides direct credit support for any Indebtedness of the Borrower and (ii) the fair
market value of the total assets held by all Immaterial Subsidiaries may not exceed the greater of
(x) $50,000,000 and (y) 2.5% of the fair market value of consolidated total assets of the Borrower
and its Restricted Subsidiaries at any one time.

          “Incremental Facility Amendment”: as defined in Section 2.18.

          “Incremental Term Loan”: as defined in Section 2.18.

          “Incur”: with respect to any Indebtedness, to incur, create, issue, assume, Guarantee
or otherwise become directly or indirectly liable for or with respect to, or become responsible
for, the payment of, contingently or otherwise, such Indebtedness (and “Incurrence” and “Incurred”
will have meanings correlative to the foregoing); provided that (1) any Indebtedness of a
Person existing at the time such Person becomes a Restricted Subsidiary of the Borrower will be
deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary
of the Borrower and (2) neither the accrual of interest nor the accretion of original issue
discount nor the payment of interest in the form of additional Indebtedness with the same terms and
the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares
of the same class of Disqualified Stock or Preferred Stock (to the extent provided for when the
Indebtedness or Disqualified Stock or Preferred Stock on which such interest or dividend is paid
was originally issued) will be considered an Incurrence of Indebtedness.

          “Indebtedness”: with respect to any specified Person, any indebtedness of such
Person, whether or not contingent:

	 	(1)	 	in respect of borrowed money;

13

 

	 	(2)	 	evidenced by bonds, notes, debentures or similar instruments or letters
of credit (or reimbursement agreements in respect thereof);
	 
	 	(3)	 	in respect of banker’s acceptances;
	 
	 	(4)	 	in respect of Capital Lease Obligations and Attributable Debt;
	 
	 	(5)	 	in respect of the balance deferred and unpaid of the purchase price of
any property or services, except any such balance that constitutes an accrued
expense or trade payable; provided that Indebtedness shall not include any
earn-out obligation or obligation in respect of purchase price adjustment, except to
the extent that the contingent consideration relating thereto is not paid within 15
Business Days after the contingency relating thereto is resolved;
	 
	 	(6)	 	representing Hedging Obligations;
	 
	 	(7)	 	representing Disqualified Stock valued at the greater of its voluntary or
involuntary maximum fixed repurchase price plus accrued dividends; or
	 
	 	(8)	 	representing Preferred Stock issued by such Person (other than the
Borrower or any Guarantor) valued at its maximum involuntary fixed repurchase price
plus accrued dividends,

if and to the extent any of the preceding items (other than letters of credit and other than
pursuant to clauses (4), (5), (6), (7) or (8)) would appear as a liability upon a balance sheet of
the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) other than a pledge of
Capital Stock of an Unrestricted Subsidiary to secure Non-Recourse Debt of such Unrestricted
Subsidiary, provided that the amount of such Indebtedness shall be the lesser of (A) the
Fair Market Value of such asset at such date of determination and (B) the amount of such
Indebtedness, and (y) to the extent not otherwise included, the Guarantee by the specified Person
of any Indebtedness of any other Person, provided further that any obligation of
the Borrower or any Restricted Subsidiary in respect of minimum guaranteed commissions, or other
similar payments, to clients, minimum returns to clients or stop loss limits in favor of clients or
indemnification obligations to clients, in each case pursuant to contracts to provide services to
clients entered into in the ordinary course of business, shall be deemed not to constitute
Indebtedness. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock
or Preferred Stock which does not have a fixed repurchase price shall be calculated in accordance
with the terms of such Disqualified Stock or Preferred Stock, as applicable, as if such
Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness shall be
required to be determined pursuant to this Agreement. For the avoidance of doubt, in no event
shall either Spectrum Leases or any Guarantee of obligations under Spectrum Leases or FCC License
Rights be deemed to be Indebtedness for purposes of this Agreement.

          The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at
such date of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum reasonably anticipated net liability upon the occurrence of the
contingency giving rise to the obligation as determined by the Borrower in good faith, and shall
be:

	 	(1)	 	the accreted value thereof, in the case of any Indebtedness issued with
original issue discount; and

14

 

	 	(2)	 	the principal amount thereof, together with any interest thereon that is
more than 30 days past due, in the case of any other Indebtedness.

          “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is
insolvent within the meaning of Section 4245 of ERISA.

          “Insolvent”: pertaining to a condition of Insolvency.

          “Intellectual Property”: the collective reference to all rights relating to
intellectual property, whether arising under United States, multinational or foreign laws or
otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity
for any infringement or other impairment thereof, including the right to receive all proceeds and
damages therefrom.

          “Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June,
September and December to occur while such Loan is outstanding and the final maturity date of such
Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day
of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three
months, each day that is three months, or a whole multiple thereof, after the first day of such
Interest Period, and the last day of such Interest Period and (d) as to any Loan, the date of any
repayment or prepayment made in respect thereof.

          “Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on
the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and
ending one, two, three or six (or, if agreed to by all Lenders, nine or twelve) months thereafter,
as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be,
given with respect thereto; and (b) thereafter, each period commencing on the last day of the next
preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six (or,
if agreed to by all Lenders, nine or twelve) months thereafter, as selected by the Borrower by
irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on
the date that is three Business Days prior to the last day of the then current Interest Period with
respect thereto; provided that, all of the foregoing provisions relating to Interest
Periods are subject to the following:

          (i) if any Interest Period would otherwise end on a day that is not a Business Day,
such Interest Period shall be extended to the next succeeding Business Day unless the result
of such extension would be to carry such Interest Period into another calendar month in
which event such Interest Period shall end on the immediately preceding Business Day;

          (ii) the Borrower may not select an Interest Period that would extend beyond the
Maturity Date;

          (iii) any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period) shall end on the last Business Day of a calendar month; and

          (iv) unless otherwise agreed by the Administrative Agent in its sole discretion, no
Loan may be converted into or continued as a Eurodollar Loan having an Interest Period in
excess of one month prior to the date that is the earlier of (i) 30 days after the Closing
Date and (ii) such date that the Administrative Agent shall have determined that the primary
syndication of the Facility has been completed.

15

 

          “Investments”: as defined in Section 7.6(a)(4).

          “Joint Venture”: any Person (other than a Subsidiary) in which the Borrower and its
Restricted Subsidiaries collectively hold an ownership interest.

          “Lenders”: as defined in the preamble hereto; provided, that unless the
context otherwise requires, each reference herein to the Lenders shall be deemed to include any
Conduit Lender.

          “Lien”: with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the
Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

          “Loan”: any loan made by any Lender pursuant to this Agreement.

          “Loan Documents”: this Agreement, the Security Documents, the Notes, any Incremental
Facility Amendment, and any amendment, restatement, waiver, supplement or other modification to any
of the foregoing.

          “Loan Parties”: the collective reference to the Borrower and the Guarantors.

          “Majority Facility Lenders”: with respect to any Facility, the holders of more than
50% of the aggregate unpaid principal amount of the Term Loans or Delayed-Draw Term Loans (or,
prior to the expiration or termination of the Delayed-Draw Term Loan Commitments, Lenders which are
collectively the holders of more than 50% of the aggregate Delayed-Draw Term Loan Commitments and
Delayed-Draw Term Loans), as the case may be, outstanding under such Facility.

          “Material Adverse Effect”: a material adverse effect on (a) the business, properties,
operations, condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries
taken as a whole, (b) the validity or enforceability of this Agreement or any of the other material
Loan Documents or the material rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder or (c) the ability of the Loan Parties, taken as a whole, to perform the
obligations under the Loan Documents.

          “Material Domestic Restricted Subsidiary”: any Domestic Restricted Subsidiary that is
not an Immaterial Subsidiary or that the Borrower designates as a Material Domestic Restricted
Subsidiary by written notice to the Administrative Agent.

          “Material Foreign Subsidiary”: any Foreign Subsidiary that is not an Immaterial
Subsidiary.

          “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil
or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in or under any Environmental Law, including asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation.

          “Maturity Date”: the fifth anniversary of the Closing Date.

16

 

          “Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section
4001(a)(3) of ERISA.

          “Net Proceeds”: in connection with all Asset Sales during the term of this Agreement,
the proceeds thereof in excess of $25,000,000 in the aggregate in the form of cash and Cash
Equivalents (including any such proceeds received by way of deferred payment of principal pursuant
to a note or installment receivable or purchase price adjustment receivable or otherwise, but only
as and when received), net of (1) attorneys’ fees, accountants’ fees, investment banking fees, (2)
amounts required to be applied to the repayment of liabilities secured by a Lien expressly
permitted hereunder on any asset that is the subject of any such Asset Sale (other than any Lien
pursuant to a Security Document), (3) other customary fees and expenses actually incurred in
connection therewith and net of taxes paid or reasonably estimated to be payable as a result
thereof (after taking into account any available tax credits or deductions and any tax sharing
arrangements) (including any taxes imposed on the repatriation of proceeds), (4) any reserve for
adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP, and (5) appropriate amounts to be provided by the Borrower or its Subsidiaries as a reserve
against liabilities associated with any such Asset Sale, including, without limitation, pension and
other post-employment benefit liabilities, liabilities related to environmental matters and
liabilities under any indemnification obligations associated with any such Asset Sale, all as
determined in accordance with GAAP.

          “Non-Excluded Taxes”: as defined in Section 2.13(a).

          “Non-Recourse Debt”: Indebtedness:

	 	(1)	 	as to which neither the Borrower nor any of its Restricted Subsidiaries
provides credit support of any kind (including any undertaking, agreement or
instrument that would constitute Indebtedness); provided, however,
that the Borrower or any Restricted Subsidiary may Guaranty such Indebtedness to the
extent such Guaranty is permitted under Section 7.1 or 7.6 and such Indebtedness
subject to such a Guaranty shall be deemed to be Non-Recourse Debt; and
	 
	 	(2)	 	as to which the lenders have been notified in writing that they will not
have any recourse to the stock or assets of the Borrower or any of its Restricted
Subsidiaries (other than a pledge of Capital Stock of Unrestricted Subsidiaries).

          “Non-U.S. Lender”: as defined in Section 2.13(d).

          “Notes”: the collective reference to any promissory notes evidencing Term Loans or
Delayed-Draw Term Loans.

          “Obligations”: the unpaid principal of and interest on (including interest accruing
after the maturity of the Loans and interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to
the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) the Loans and all other obligations and liabilities of the Borrower to the
Administrative Agent or to any Lender (or, in the case of Specified Swap Agreements, any affiliate
of any Lender at the time such Specified Swap Agreement was entered into), whether direct or
indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,
which may arise under, out of, or in connection with, this Agreement, any other Loan Document, any
Specified Swap Agreement or any other document made, delivered or given in connection herewith or
therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses (including all fees, charges and disbursements of counsel to the

17

 

Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant
hereto) or otherwise; provided, that any release of Collateral or Guarantors effected in
the manner permitted by this Agreement shall not require the consent of holders of obligations
under Specified Swap Agreements.

          “Officers’ Certificate”: a certificate signed by one or more Responsible Officers.

          “Opinion of Counsel”: a written opinion from legal counsel. The counsel may be an
employee of or counsel to the Borrower.

          “Other Taxes”: any and all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or from
the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any
other Loan Document.

          “Participant”: as defined in Section 10.6(c).

          “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A
of Title IV of ERISA (or any successor).

          “Percentage”: as to any Lender at any time, the percentage which such Lender’s
Commitment then constitutes of the aggregate Commitments (or, at any time after the Closing Date,
the percentage which the aggregate principal amount of such Lender’s Term Loans and Delayed-Draw
Term Loan Commitments (or if after the end of the Delayed-Draw Term Loan Commitment Period, the
Delayed-Draw Term Loans) then outstanding constitutes of the aggregate principal amount of the Term
Loans and Delayed-Draw Term Loan Commitments (or if after the end of the Delayed-Draw Term Loan
Commitment Period, the Delayed-Draw Term Loans) then outstanding).

          “Permitted Business”: any business conducted or proposed to be conducted by the
Borrower and its Restricted Subsidiaries on the Closing Date and other businesses reasonably
related, complementary or ancillary thereto or a reasonable extension or expansion thereof.

          “Permitted Liens”:

	 	(1)	 	Liens securing the Obligations;
	 
	 	(2)	 	Liens securing Permitted Refinancing Indebtedness; provided that the
Indebtedness being refinanced was, and is, permitted under Section 7.1 and such Liens
do not extend to any property or assets other than (A) the property or assets that
secured the Indebtedness being refinanced and (B) other property or assets of
Unrestricted Subsidiaries so long as such property or assets are also subject to Liens
securing the Obligations on a pari passu basis;
	 
	 	(3)	 	General rules and regulations of the FCC in 47 CFR 1.9001 et. seq. governing
Spectrum Leases;
	 
	 	(4)	 	Liens on (i) FCC License Rights in favor of the FCC to the extent required and
arising by operation of law, or (ii) arising from the lease or sublease of such FCC
License Rights in the ordinary course of business solely to the extent that (A) such
spectrum is not necessary to the conduct of the business of the Borrower and its
Subsidiaries as then conducted or contemplated to be conducted in accordance with the
Borrower’s business plan, as approved by the Board of Directors of the Borrower, (B)
such Lien

18

 

	 	 	 	could not reasonably be expected to have a material adverse effect on the value of
the Collateral, when taken as a whole, or impair the utility or operation thereof
or the ability of the Administrative Agent or the Lenders to realize the benefits
of, and intended to be afforded by, the Collateral, when taken as a whole, (C) to
the extent such lease or sublease constitutes Collateral, the Administrative Agent
has a valid perfected first priority security interest in such lease or sublease
and all proceeds thereof, including, without limitation, all rents and other
payments thereunder, and (D) such lease or sublease is an Asset Sale otherwise
permitted by this Agreement and any requirements of this Agreement in connection
with such Asset Sale shall have been compiled with;
	 
	 	(5)	 	Liens existing on the Closing Date which (i) are disclosed on Schedule 1.1C
hereto or (ii) individually or in the aggregate, do not (x) have an adverse affect on
more than $10,000,000 of the Collateral or (y) materially impair the use of Collateral
for the purposes for which the Collateral is held by the Loan Parties;
	 
	 	(6)	 	Judgment and attachment Liens not giving rise to an Event of Default and
notices of lis pendens and associated rights related to litigation being contested in
good faith by appropriate proceedings and for which adequate reserves have been made;
	 
	 	(7)	 	Liens, deposits or pledges to secure public or statutory obligations, surety,
stay, appeal, indemnity, performance or other similar bonds or obligations or letters
of credit; and Liens, deposits or pledges in lieu of such bonds or obligations, or to
secure such bonds or obligations, or to secure letters of credit in lieu of or
supporting the payment of such bonds or obligations or such other letters of credit;
	 
	 	(8)	 	Liens for taxes, assessments and governmental charges not yet delinquent or
being contested in good faith and, in each case, for which adequate reserves have been
established to the extent required by GAAP;
	 
	 	(9)	 	Any interest or title of a lessor, licensor or sublicensor in the property
subject to any lease, license or sublicense (other than any property that is the
subject of a Sale and Leaseback Transaction), including, without limitation, FCC
License Rights;
	 
	 	(10)	 	Liens incurred or deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social
security; and
	 
	 	(11)	 	Liens on assets or securities deemed to arise in connection with and solely as
a result of the execution, delivery or performance of contracts to sell such assets or
securities if such sale is otherwise permitted hereunder.

          “Permitted Refinancing Indebtedness”: any Indebtedness of the Borrower or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are substantially
concurrently used to extend, refinance, renew, replace, defease or refund other Indebtedness of the
Borrower or any of its Restricted Subsidiaries (other than intercompany Indebtedness) permitted
hereunder; provided that:

	 	(1)	 	the obligor(s) in respect of such Permitted Refinancing Indebtedness are
the same as the obligor(s) with the respect to the indebtedness being so extended,
refinanced, renewed, replaced, defeased or refunded and the amount of such Permitted
Refinancing Indebtedness does not exceed the amount of the Indebtedness (the

19

 

	 	 	 	“Refinanced Indebtedness”) so extended, refinanced, renewed, replaced,
defeased or refunded (plus all accrued and unpaid interest thereon and the amount
of any premium reasonably determined in accordance with the terms of such
Refinanced Indebtedness or otherwise acceptable to the Administrative Agent and
necessary to accomplish such refinancing and such reasonable expenses Incurred in
connection therewith);
	 
	 	(2)	 	such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and has a Weighted Average Life to Maturity equal
to or greater than the Weighted Average Life to Maturity (determined in each case
exclusive of de minimus scheduled payment amounts) of, the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded; and
	 
	 	(3)	 	if the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded is subordinated in right of payment to the Obligations, such
Permitted Refinancing Indebtedness is subordinated in right of payment to the
Obligations on terms at least as favorable, taken as a whole, to the Administrative
Agent and the Lenders as those contained in the documentation governing the
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.

          “Permitted Subordinated Indebtedness”: Indebtedness of the Borrower (a) that is
subordinated to the Obligations on terms reasonably acceptable to the Administrative Agent it being
agreed that customary high yield subordination terms prevailing at the time of determination shall
be deemed to be so acceptable), (b) that shall not have any scheduled principal payments due (other
than de minimus scheduled payment amounts) or mature or otherwise be mandatorily redeemable or
redeemable at the option of the holders thereof (except upon asset sale, insurance recovery events
or change of control events to the extent such redemptions are subject to compliance with the Loan
Documents) prior to the date that is one year after the Maturity Date and (c) the Weighted Average
Life to Maturity of such Indebtedness at the time such Indebtedness is incurred shall be at least
one year greater than the Weighted Average Life to Maturity of the Loans at such time.

          “Person”: an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, Governmental
Authority or other entity of whatever nature.

          “Plan”: at a particular time, any employee benefit plan that is covered by ERISA and
in respect of which the Borrower or, solely with respect to employee benefit plans that are subject
to Title IV of ERISA, a Commonly Controlled Entity is (or, if such plan were terminated at such
time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

          “Pledged Subsidiary”: a Restricted Subsidiary the Capital Stock of which is required
to be pledged to secure the Obligations pursuant to the terms of this Agreement.

          “Preferred Stock”: with respect to any Person, any Capital Stock of such Person that
has preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions upon liquidation.

          “Pro Forma Financials”: as defined in Section 4.1(a).

          “Properties”: as defined in Section 4.17(a).

20

 

          “Recovery Event”: any settlement of or payment in respect of any property or casualty
insurance claim (other than in respect of business interruption insurance) or any condemnation
proceeding relating to any asset of the Borrower and of its Restricted Subsidiaries that yields
gross proceeds to the Borrower or any of its Restricted Subsidiaries in excess of $2,000,000.

          “Reference Date”: March 1, 2007.

          “Register”: as defined in Section 10.6(b).

          “Regulation U”: Regulation U of the Board as in effect from time to time.

          “Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate
Net Proceeds received by the Borrower and its Restricted Subsidiaries in connection therewith that
are not applied to prepay the Loans pursuant to Section 2.5, as applicable, as a result of the
delivery of a Reinvestment Notice.

          “Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the
Borrower has delivered a Reinvestment Notice.

          “Reinvestment Notice”: a written notice executed by a Responsible Officer stating
that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a
specified portion of the Net Proceeds of an Asset Sale or Recovery Event to acquire or repair
Replacement Assets.

          “Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the
Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant
Reinvestment Prepayment Date to acquire or repair Replacement Assets.

          “Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier
of (a) the date occurring one year after such Reinvestment Event and (b) the date on which the
Borrower shall have determined not to acquire or repair Replacement Assets with all or any portion
of the relevant Reinvestment Deferred Amount.

          “Replacement Assets”: (1) non-current assets (including any such assets acquired by
capital expenditures) that shall be used or useful in a Permitted Business or (2) substantially all
the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a
Permitted Business that shall become on the date of acquisition thereof a Material Domestic
Restricted Subsidiary of the Borrower; provided, that, in respect of any
Designated Spectrum (including FCC License Rights, Spectrum Leases or Wireless Communications
Systems), including Capital Stock in entities owning such Designated Spectrum (including FCC
License Rights, Spectrum Leases and Wireless Communications Systems), Replacement Assets shall only
consist of (A) substitute, replacement or other comparable FCC Licenses, Spectrum Leases and
Wireless Communications Systems and Capital Stock in entities owning any FCC License Rights,
Spectrum Leases and Wireless Communications Systems, which in each case, when taken as a whole, are
at least of equivalent fair market value to the fair market value of such assets that were the
subject of such Asset Sale or (B) equipment that may be used in constructing or expanding any
Wireless Communications Systems or providing services over Wireless Communications Systems, which
in either case under the preceding clauses (A) and (B) are, or upon acquisition will become,
subject to a valid perfected first priority Lien in favor of the Collateral Agent under the
Guarantee and Collateral Agreement to the same extent as the assets so replaced).

          “Reorganization”: with respect to any Multiemployer Plan, the condition that such
plan is in reorganization within the meaning of Section 4241 of ERISA.

21

 

          “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other
than those events as to which the thirty day notice period is waived
under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043.

          “Required Lenders”: at any time, the holders of more than 50% of (a) until the
Closing Date, the Commitments then in effect and (b) thereafter, the aggregate unpaid principal
amount of the Term Loans and Delayed-Draw Term Loan Commitments (or if after the end of the
Delayed-Draw Term Loan Commitment Period, the Delayed-Draw Term Loans) then outstanding.

          “Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws
or other organizational or governing documents of such Person, and any law, treaty, rule or
regulation or determination of an arbitrator or a court or other Governmental Authority, in each
case applicable to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

          “Responsible Officer”: the Chairman or any Co-Chairman of the Board, any Vice
Chairman of the Board, the Chief Executive Officer, the President, any Executive Vice President,
the Chief Financial Officer or the General Counsel.

          “Restricted Payments”: as defined in Section 7.6.

          “Restricted Subsidiary”: with respect to any Person, any Subsidiary of such Person
that is not an Unrestricted Subsidiary.

          “Sale and Leaseback Transaction”: with respect to any Person, any transaction
involving any of the assets or properties of such Person whether now owned or hereafter acquired,
whereby such Person sells or otherwise transfers such assets or properties and then or thereafter
leases such assets or properties or any part thereof or any other assets or properties which such
Person intends to use for substantially the same purpose or purposes as the assets or properties
sold or transferred.

          “SEC”: the Securities and Exchange Commission, any successor thereto and any
analogous Governmental Authority.

          “Security Documents”: the collective reference to the Guarantee and Collateral
Agreement and all other security documents hereafter delivered to the Administrative Agent granting
a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party
under any Loan Document.

          “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is
not a Multiemployer Plan.

          “Solvent”: when used with respect to any Person, means that, as of any date of
determination, (a) the amount of the “present fair saleable value” of the assets of such Person
will, as of such date, exceed the amount of all “liabilities of such Person, contingent or
otherwise”, as of such date, determined on a going concern basis as such quoted terms are
determined in accordance with applicable federal and state laws governing determinations of the
insolvency of debtors, (b) the present fair saleable value of the assets of such Person, determined
on a going concern basis, will, as of such date, be greater than the amount that will be required
to pay the liability of such Person on its debts as such debts become absolute and matured, (c)
such Person will not have, as of such date, an unreasonably small amount of capital with which to
conduct its business, and (d) such Person will be able to pay its debts as they mature. For
purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any
(x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated,

22

 

fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or
unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise
to a right to payment, whether or not such right to an equitable remedy is reduced to judgment,
fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

          “Specified Swap Agreement”: any Swap Agreement entered into by the Borrower or any
Guarantor and any Lender or Agent (or affiliate of either thereof) at the time such Swap Agreement
was entered into in respect of interest or exchange rates.

          “Specified Unrestricted Subsidiary”: any Unrestricted Subsidiary with any
Indebtedness with respect to which a default by such Unrestricted Subsidiary would permit, whether
or not upon notice, lapse of time or both, any holder of any other Indebtedness of the Borrower or
any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the
payment of such other Indebtedness to be accelerated or payable prior to its Stated Maturity.

          “Spectrum Entities”: each Loan Party that at any time holds any FCC License Rights or
Replacement Assets in respect thereof that constitute Designated Spectrum.

          “Spectrum Lease”: any lease, license, agreement or other arrangement pursuant to
which the Borrower or any Restricted Subsidiary leases, licenses or otherwise acquires or obtains
any rights, whether exclusive or non-exclusive, with respect to any FCC License, to which the
Borrower or any Restricted Subsidiary is now or may hereafter become a party, as amended, amended
and restated, supplemented or otherwise modified from time to time in accordance with the terms
hereof.

          “Stated Maturity”: with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be
paid in the documentation governing such Indebtedness (including as a result of any mandatory
repurchase or redemption in accordance with the terms thereof) as of the date of this Agreement, or
for Indebtedness Incurred after the date of this Agreement, the documentation governing such
Indebtedness when Incurred, in each case giving effect to any amendments to such documentation to
the extent approved by the Administrative Agent.

          “Subsidiary”: as to any Person, a corporation, partnership, limited liability company
or other entity of which shares of stock or other ownership interests having ordinary voting power
(other than stock or such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

          “Swap Agreement”: any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries
shall be a “Swap Agreement”.

          “Syndication Agent”: as defined in the preamble hereto.

23

 

          “Term Loan”: as defined in Section 2.1(a).

          “Term Loan Commitment”: as to any Lender, the obligation of such Lender, if any, to
make a Term Loan to the Borrower in a principal amount not to exceed the amount set forth under the
heading “Term Loan Commitment” opposite such Lender’s name on Schedule 1.1A. The original
aggregate amount of the Term Loan Commitments is $379,300,000.

          “Term Loan Facility”: at any time, the aggregate amount of the Lenders’ Term Loan
Commitments at such time.

          “Term Loan Percentage”: as to any Lender at any time, the percentage which such
Lender’s Term Loan Commitment then constitutes of the aggregate Term Loan Commitments (or, at any
time after the Closing Date, the percentage which the aggregate principal amount of such Lender’s
Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then
outstanding).

          “Transferee”: any Assignee or Participant.

          “Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan.

          “United States”: the United States of America.

          “Unrestricted Subsidiary”: (i) each of the Clearwire International Entities and (ii)
any other Subsidiary of the Borrower that is designated by a Responsible Officer as an Unrestricted
Subsidiary within a reasonable period of time after formation or acquisition of such Subsidiary,
but only if such other Subsidiary:

	 	(1)	 	has no Indebtedness other than Non-Recourse Debt;
	 
	 	(2)	 	is a Person with respect to which neither the Borrower nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for
additional Capital Stock or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating
results, except, in each case, to the extent any resulting Investment would be
permitted under Section 7.6; and
	 
	 	(3)	 	is not a Loan Party.

          “Voting Stock”: any class or classes of Capital Stock pursuant to which the holders
of such Capital Stock under ordinary circumstances have the power to vote in the election of the
board of directors, managers or trustees of any Person or other Persons performing similar
functions irrespective of whether or not, at the time, Capital Stock of any other class or classes
shall have, or might have, voting power by reason of the happening of any contingency.

          “Weighted Average Life to Maturity”: when applied to any Indebtedness at any date,
the number of years obtained by dividing:

	 	(1)	 	the sum of the products obtained by multiplying (a) the amount of each
then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (b) the
number of years (calculated to the nearest one-twelfth) that shall elapse between
such date and the making of such payment; by

24

 

	 	(2)	 	the then outstanding principal amount of such Indebtedness.

          “Wholly Owned Guarantor”: any Guarantor that is a Wholly Owned Subsidiary of the
Borrower.

          “Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital
Stock of which (other than directors’ qualifying shares required by law) is owned by such Person
directly and/or through other Wholly Owned Subsidiaries.

          “Wireless Communications System”: any system to provide telecommunications services,
including, without limitation, specialized mobile radio system, radio paging system, mobile
telephone system, cellular radio telecommunications system, conventional mobile telephone system,
personal communications system, EBS/ITFS-based system or BRS/MDS/MMDS-based system, data
transmission system or any other paging, mobile telephone, radio, microwave, communications,
broadband or data transmission system.

          1.2 Other Definitional Provisions.

          (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in the other Loan Documents or any certificate or other document made or
delivered pursuant hereto or thereto.

          (b) As used herein and in the other Loan Documents, and any certificate or other document made
or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not
defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not
defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii)
the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, revenues, accounts, leasehold interests, Spectrum Leases and contract rights, and (iv)
references to agreements or other Contractual Obligations shall, unless otherwise specified, be
deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or
otherwise modified from time to time.

          (c) The words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise
specified.

          (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

SECTION 2.  AMOUNT AND TERMS OF COMMITMENTS

          2.1 Commitments. (a) Subject to the terms and conditions hereof, each Lender
severally agrees to make a term loan (a “Term Loan”) to the Borrower on the Closing Date in
an amount not to exceed the amount of the Term Loan Commitment of such Lender. The Term Loans may
from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to
the Administrative Agent in accordance with Sections 2.2 and 2.6.

          (b) Subject
to the terms and conditions hereof, each Lender severally agrees to make a Delayed-Draw Term Loan (a “Delayed-Draw Term Loan”) to the Borrower from time to time
during the

25

 

 Delayed-Draw Term Loan Commitment Period in an amount not to exceed the amount of the
Delayed-Draw Term Loan Commitment of such Lender; provided, that no Lender shall make any
Delayed-Draw Term Loan if, after giving effect to such Delayed-Draw Term Loan, the aggregate
outstanding principal amount of all Delayed-Draw Term Loans would exceed the Delayed-Draw Term Loan
Commitments of all the Lenders. Amounts of Delayed-Draw Term Loans repaid or prepaid may not be
reborrowed. The Delayed-Draw Term Loans may from time to time be Eurodollar Loans or ABR Loans, as
determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2
and 2.6. Borrowings of Delayed-Draw Term Loans pursuant to the Delayed-Draw Term Loan Commitments
(x) shall be in an aggregate principal amount of a whole multiple of $10,000,000 and (y) shall be
available only during the Delayed-Draw Term Loan Commitment Period.

          2.2 Procedure for Borrowing. The Borrower shall give the Administrative Agent
irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M.,
New York City time, one Business Day prior to the anticipated borrowing date in the case of ABR
Loans and three Business Days prior to the anticipated borrowing date in the case of Eurodollar
Loans) requesting that the Lenders make the Loans on such borrowing date and specifying the Type
and amount to be borrowed. The Administrative Agent shall credit the account of the Borrower on
the books of such office of the Administrative Agent with such amount on such borrowing date in
immediately available funds.

          2.3 Repayment of Loans. (a) The Term Loan of each Lender shall mature in 19
consecutive quarterly installments, commencing on December 31, 2007 each of which shall be in an
amount equal to such Lender’s Term Loan Percentage multiplied by the amount set forth below
opposite such installment:

	 	 	 	 	 
	Installment	 	Principal Amount	 
	December 31, 2007
	 	 	948,250	 
	March 31, 2008
	 	 	948,250	 
	June 30, 2008
	 	 	948,250	 
	September 30, 2008
	 	 	948,250	 
	December 31, 2008
	 	 	948,250	 
	March 31, 2009
	 	 	948,250	 
	June 30, 2009
	 	 	948,250	 
	September 30, 2009
	 	 	948,250	 
	December 31, 2009
	 	 	948,250	 
	March 31, 2010
	 	 	948,250	 
	June 30, 2010
	 	 	948,250	 
	September 30, 2010
	 	 	948,250	 
	December 31, 2010
	 	 	948,250	 
	March 31, 2011
	 	 	948,250	 
	June 30, 2011
	 	 	948,250	 
	September 30, 2011
	 	 	948,250	 
	December 31, 2011
	 	 	948,250	 
	March 31, 2012
	 	 	948,250	 
	Maturity Date
	 	 	362,231,500	 

     (b) The Delayed-Draw Term Loan of each Lender shall mature in 19 consecutive quarterly
installments, commencing on December 31, 2007 each of which shall be in an amount equal to such
Lender’s Delayed-Draw Percentage multiplied by the amount set forth below opposite such
installment:

26

 

	 	 	 	 	 
	Installment	 	Principal Amount	 
	December 31, 2007
	 	 	1,551,750	 
	March 31, 2008
	 	 	1,551,750	 
	June 30, 2008
	 	 	1,551,750	 
	September 30, 2008
	 	 	1,551,750	 
	December 31, 2008
	 	 	1,551,750	 
	March 31, 2009
	 	 	1,551,750	 
	June 30, 2009
	 	 	1,551,750	 
	September 30, 2009
	 	 	1,551,750	 
	December 31, 2009
	 	 	1,551,750	 
	March 31, 2010
	 	 	1,551,750	 
	June 30, 2010
	 	 	1,551,750	 
	September 30, 2010
	 	 	1,551,750	 
	December 31, 2010
	 	 	1,551,750	 
	March 31, 2011
	 	 	1,551,750	 
	June 30, 2011
	 	 	1,551,750	 
	September 30, 2011
	 	 	1,551,750	 
	December 31, 2011
	 	 	1,551,750	 
	March 31, 2012
	 	 	1,551,750	 
	Maturity Date
	 	 	592,768,500	 

          2.4 Optional Prepayments. (a) The Borrower may at any time and from
time to time prepay the Loans, in whole or in part, without premium (except as provided in
paragraph (b) below) or penalty, upon irrevocable notice delivered to the Administrative Agent no
later than 11:00 A.M., New York City time, three Business Days prior thereto, in the case of
Eurodollar Loans, and no later than 11:00 A.M., New York City time, one Business Day prior thereto,
in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether
the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar Loan is
prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower
shall also pay any amounts owing pursuant to Section 2.14. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is
given, the amount specified in such notice shall be due and payable on the date specified therein,
together with accrued interest to such date on the amount prepaid. Partial prepayments of Loans
shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess
thereof.

          (b) Each optional prepayment of Loans (i) made on or prior to the first anniversary of the
Closing Date shall be accompanied by a prepayment premium of 2.0% of the principal amount of such
prepayment and (ii) made after the first anniversary of the Closing Date but on or prior to the
second anniversary of the Closing Date shall be accompanied by a prepayment premium of 1.0% of the
principal amount of such prepayment.

          2.5 Mandatory Prepayments. (a) If on any date the Borrower or any Restricted
Subsidiary shall receive Net Proceeds from any Asset Sale or Recovery Event, then, unless a
Reinvestment Notice in respect thereof is included in the first officer’s certificate required to
be delivered after such date pursuant to Section 6.2(a), such Net Proceeds shall be applied on the
date of delivery of such officer’s certificate toward the prepayment of the Loans as set forth in
Section 2.11(b); provided,

27

 

that, notwithstanding the foregoing, on each Reinvestment
Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant
Reinvestment Event shall be applied toward the prepayment of the Loans.

          (b) Unless the Required Lenders shall otherwise agree, if, for any fiscal year of the Borrower
commencing with the fiscal year ending December 31, 2008, there shall be Excess Cash Flow in excess
of $5,000,000, the Borrower shall, on the relevant Excess Cash Flow Application Date, apply an
amount equal to 50% of such Excess Cash Flow towards the prepayment of the Loans as set forth in
Section 2.11(b); provided, that any prepayments on the Loans pursuant to Section 2.4 made
in any fiscal year of the Borrower shall reduce the amount of prepayments required to be made
pursuant to this Section 2.5(b) on a dollar-for-dollar basis for such fiscal year. Each such
prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than
five days after the date on which the financial statements of the Borrower referred to in Section
6.1(a), for the fiscal year with respect to which such prepayment is made, are required to be
delivered to the Lenders.

          (c) Unless the Required Lenders shall otherwise agree, if any Indebtedness shall be issued or
incurred by the Borrower or any of its Subsidiaries (excluding any Indebtedness permitted to be
incurred under Section 7.1 (other than Section 7.1(i))), an amount equal to 100% of the Net Cash
Proceeds thereof shall be applied by the Borrower on the date of such issuance or incurrence toward
the prepayment of the Loans as set forth in Section 2.11(b).

          2.6 Conversion and Continuation Options. (a) The Borrower may elect from time to
time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable
notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding
the proposed conversion date, provided that any such conversion of Eurodollar Loans may
only be made on the last day of an Interest Period with respect thereto. The Borrower may elect
from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior
irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third
Business Day preceding the proposed conversion date (which notice shall specify the length of the
initial Interest Period therefor), provided that no ABR Loan may be converted into a
Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative
Agent or the Required Lenders have determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each
relevant Lender thereof.

          (b) Any Eurodollar Loan may be continued as such upon the expiration of the then current
Interest Period with respect thereto by the Borrower giving irrevocable notice to the
Administrative Agent, in accordance with the applicable provisions of the term “Interest Period”
set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans,
provided that no Eurodollar Loan may be continued as such when any Event of Default has
occurred and is continuing and the Administrative Agent has or the Required Lenders have determined
in its or their sole discretion not to permit such continuations, and provided,
further, that if the Borrower shall fail to give any required notice as described above in
this paragraph or if such continuation is not permitted pursuant to the preceding proviso such
Loans shall be automatically converted to ABR Loans on the last day of such then
expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall
promptly notify each relevant Lender thereof.

          2.7 Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in
this Agreement, all borrowings, conversions and continuations of Eurodollar Loans and all
selections of Interest Periods shall be in such amounts and be made pursuant to such elections so
that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans
comprising each Eurodollar

28

 

Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000
in excess thereof and (b) no more than five Eurodollar Tranches shall be outstanding at any one
time.

          2.8 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear
interest for each day during each Interest Period with respect thereto at a rate per annum equal to
the Eurodollar Rate determined for such day plus the Applicable Margin.

          (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable
Margin.

          (c) (i) If all or a portion of the principal amount of any Loan shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear
interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant
to the foregoing provisions of this Section plus 2%, and (ii) if all or a portion of any
interest payable on any Loan or any other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear
interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2%, in
each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such
amount is paid in full (as well after as before judgment).

          (d) Interest shall be payable in arrears on each Interest Payment Date, provided that
interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on
demand.

          2.9 Computation of Interest and Fees. (a) Interest and fees payable pursuant hereto
shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with
respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate,
the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day
year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the
Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the interest
rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall
become effective as of the opening of business on the day on which such change becomes effective.
The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the
effective date and the amount of each such change in interest rate.

          (b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver
to the Borrower a statement showing the quotations used by the Administrative Agent in determining
any interest rate pursuant to Section 2.8(a).

          2.10 Inability to Determine Interest Rate. If prior to the first day of any Interest
Period:

          (a) the Administrative Agent shall have determined (which determination shall be conclusive
and binding upon the Borrower) that, by reason of circumstances affecting the relevant market,
adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest
Period, or

          (b) the Administrative Agent shall have received notice from the Required Lenders that the
Eurodollar Rate determined or to be determined for such Interest Period will not adequately and
fairly reflect the cost to such Lenders (as conclusively certified to the Borrower by such Lenders)
of making or maintaining their affected Loans during such Interest Period,

29

 

the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the
Lenders as soon as practicable thereafter. If such notice is given, (x) any Eurodollar Loans
requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any
Loans that were to have been converted on the first day of such Interest Period to Eurodollar Loans
shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the
last day of the then-current Interest Period, to ABR Loans. Until such notice has been withdrawn
by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor
shall the Borrower have the right to convert Loans to Eurodollar Loans.

          2.11 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the
Lenders hereunder shall be made pro rata according to the respective Percentages of the Lenders.

          (b) Each payment (including each prepayment) by the Borrower on account of principal of and
interest on the Loans shall be made pro rata to the Term Loans and Delayed-Draw
Term Loans then outstanding according to the respective aggregate then outstanding principal
amounts of Term Loans and Delayed-Draw Term Loans and pro rata according to the
respective outstanding principal amounts of the Loans then held by the Lenders. The amount of each
principal prepayment of the Loans shall be applied to reduce the then remaining installments of the
Loans in the order determined by the Borrower. Amounts prepaid on account of the Loans may not be
reborrowed. The application of any payment of Loans (including optional and mandatory prepayments)
shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Notwithstanding the
foregoing, if the amount of any prepayment of Loans shall be in excess of the amount of the Base
Rate Loans at the time outstanding (an “Excess Amount”), only the portion of the amount of such
prepayment as is equal to the amount of such outstanding Base Rate Loans shall be immediately
prepaid and, at the election of the Borrower, the Excess Amount shall be deposited in an escrow
account on terms reasonably satisfactory to the Administrative Agent and the Borrower and applied
to the prepayment of Eurodollar Loans on the last day of the then next-expiring Interest Period for
Eurodollar Loans; provided that (i) interest in respect of such Excess Amount shall continue to
accrue thereon at the rate provided hereunder for the Loans which such Excess Amount is intended to
repay until such Excess Amount (and any returns on investment relating thereto) shall have been
used in full to repay such Loans and (ii) at any time while a Event of Default has occurred and is
continuing, the Administrative Agent may, and upon written direction from the Required Lenders
shall, apply any or all proceeds then on deposit to the payment of such Loans in an amount equal to
such Excess Amount.

          (c) All payments (including prepayments) to be made by the Borrower hereunder, whether on
account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and
shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the
Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in
immediately available funds. The Administrative Agent shall distribute such payments to the
Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than
payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan
becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended
to the next succeeding Business Day unless the result of such extension would be to extend such
payment into another calendar month, in which event such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment of principal pursuant to the
preceding two sentences, interest thereon shall be payable at the then applicable rate during such
extension.

          (d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to
a borrowing that such Lender will not make the amount that would constitute its share of such
borrowing available to the Administrative Agent, the Administrative Agent may assume that such
Lender

30

 

is making such amount available to the Administrative Agent, and the Administrative Agent
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If
such amount is not made available to the Administrative Agent by the required time on the Borrowing
Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, for the period until such Lender makes such amount immediately available to the
Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with
respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest
error. If such Lender’s share of such borrowing is not made available to the Administrative Agent
by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall
also be entitled to recover such amount with interest thereon at the rate per annum applicable to
ABR Loans, on demand, from the Borrower.

          (e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior
to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make
such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is
making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata
shares of a corresponding amount. If such payment is not made to the Administrative Agent by the
Borrower within three Business Days after such due date, the Administrative Agent shall be entitled
to recover, on demand, from each Lender to which any amount which was made available pursuant to
the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily
average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the
Administrative Agent or any Lender against the Borrower.

          2.12 Requirements of Law. (a) If the adoption of or any change in any Requirement of
Law or in the interpretation or application thereof or compliance by any Lender with any request or
directive (whether or not having the force of law) from any central bank or other Governmental
Authority made subsequent to the date hereof:

               (i) shall subject any Lender to any tax of any kind whatsoever with respect to this
Agreement or any Eurodollar Loan made by it, or change the basis of taxation of payments to
such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.13
and changes in the rate of tax on the overall net income or franchise of such Lender) it
being understood and agreed that, in the case of any non-U.S. Lender that does not comply
with Section 2.13(d), this clause (i) shall not apply to the extent that such tax is
attributable to such failure to comply with Section 2.13(d);

               (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory
loan or similar requirement against assets held by, deposits or other liabilities in or for
the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of such Lender that is not otherwise included in the determination
of the Eurodollar Rate; or

               (iii) shall impose on such Lender any other condition;

and the result of any of the foregoing is to increase the cost to such Lender, by an amount that
such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar
Loans, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the
Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to
compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes
entitled to claim

31

 

any additional amounts pursuant to this paragraph, it shall promptly notify the
Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so
entitled.

          (b) If any Lender shall have determined that the adoption of or any change in any Requirement
of Law regarding capital adequacy or in the interpretation or application thereof or compliance by
such Lender or any corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental Authority made
subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s
or such corporation’s capital as a consequence of its obligations hereunder to a level below that
which such Lender or such corporation could have achieved but for such adoption, change or
compliance (taking into consideration such Lender’s or such corporation’s policies with respect to
capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after
submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written
request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will
compensate such Lender or such corporation for such reduction.

          (c) A certificate as to any additional amounts payable pursuant to this Section submitted by
any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the
absence of manifest error. The Borrower shall pay the amounts due pursuant to this Section 2.12
within ten Business Days of its receipt of the Certificate delivered by the applicable Lender
pursuant to the preceding sentence. Notwithstanding anything to the contrary in this Section, the
Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts
incurred more than nine months prior to the date that such Lender notifies the Borrower of such
Lender’s intention to claim compensation therefor; provided that, if the circumstances
giving rise to such claim have a retroactive effect, then such nine-month period shall be extended
to include the period of such retroactive effect. The obligations of the Borrower pursuant to this
Section shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

          2.13 Taxes. (a) All payments made by the Borrower under this Agreement shall be made
free and clear of, and without deduction or withholding for or on account of, any present or future
income or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net
income taxes (including branch profit taxes) and franchise taxes (imposed in lieu of net income
taxes) imposed on the Administrative Agent or any Lender as a result of a present or former
connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental
Authority imposing such tax or any political subdivision or taxing authority thereof or therein
(other than any such connection arising solely from the Administrative Agent or such Lender having
executed, delivered or performed its obligations or received a payment under, or enforced, this
Agreement or any other Loan Document). If any such non-excluded taxes, levies, imposts, duties,
charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or Other Taxes are
required to be withheld from any amounts payable to the Administrative Agent or any Lender
hereunder, the amounts so payable to the Administrative Agent or such Lender shall be increased to
the extent necessary to yield to the Administrative Agent or such Lender (after payment of all
Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the
rates or in the amounts specified in this Agreement, provided, however, that the
Borrower shall not be required to increase any such amounts payable to the Administrative Agent or
any Lender with respect to any Non-Excluded Taxes (i) that are attributable to the Administrative
Agent or such Lender’s failure to comply with the requirements of paragraph (d) or (e) of this
Section or (ii) that are United States withholding taxes imposed on amounts payable to the
Administrative Agent or such Lender at the time the Administrative Agent or such Lender becomes a
party to this Agreement, except to the extent that the Administrative Agent or such Lender’s
assignor (if any) was entitled, at the time it

32

 

becomes a party to this Agreement, to receive
additional amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this
paragraph.

          (b) In addition, to the extent permitted under applicable law, the Borrower shall pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law. To the
extent the Borrower is not permitted to pay such Other Taxes, the applicable Lender shall pay, and
the Borrower shall promptly reimburse the applicable Lender for, such Other Taxes.

          (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as
possible thereafter the Borrower shall send to the Administrative Agent for its own account or for
the account of the relevant Lender, as the case may be, evidence of such payment reasonably
acceptable to the Administrative Agent. If the Borrower fails to withhold any Non-Excluded Taxes
or to pay Other Taxes when due to the appropriate taxing authority, the Borrower shall indemnify
the Administrative Agent and the Lenders for any incremental taxes, interest or penalties (other
than those resulting from the gross negligence or willful misconduct of the Administrative Agent or
any Lender) that may become payable by the Administrative Agent or any Lender as a result of any
such failure. The agreements in this Section shall survive the termination of this Agreement and
the payment of the Loans and all other amounts payable hereunder.

          (d) The Administrative Agent (if it is a “U.S. person”, as defined in Section 7701(a)(30) of
the Code (a “U.S. Person”)) and each Lender or Transferee that is a U.S. Person (a
“U.S. Lender”), other than a U.S. Lender that is treated as an “exempt recipient” under
Treasury Regulation Section 1.6049-4(c) without the need for supporting documentation, and with
respect to which no withholding is required, shall, in the case of the Administrative Agent and
each U.S. Lender that is a signatory hereto, on or prior to the date of execution of this Agreement
and, in the case of a Transferee, on or prior to the date of the assignment or sale of a
participation, provide to the Borrower two complete copies of Internal Revenue Service Form W-9 or
any successor form. The Administrative Agent (if it is not a U.S. Person), and each Lender or
Transferee that is not a U.S. Person (a “Non-U.S. Lender”) shall deliver to the Borrower
and the Administrative Agent (or, in the case of a Participant, to the Lender from which the
related participation shall have been purchased) two copies of either U.S. Internal Revenue Service
Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S.
federal
withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of
“portfolio interest”, a statement substantially in the form of Exhibit F and a Form W-8BEN or Form
W-81MY (including all relevant attachments), or any subsequent versions thereof or successors
thereto, in each case, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the
Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each
Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any
Participant, on or before the date such Participant purchases the related participation). In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall
promptly notify the Borrower at any time it determines that it is no longer in a position to
provide any previously delivered certificate to the Borrower (or any other form of certification
adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of
this paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant to this
paragraph that such Non-U.S. Lender is not legally able to deliver.

          (e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or
times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation
prescribed by

33

 

 applicable law as will permit such payments to be made without withholding or at a
reduced rate, provided that such Lender is legally entitled to complete, execute and
deliver such documentation and in such Lender’s reasonable judgment such completion, execution or
submission would not materially prejudice the legal position of such Lender.

          (f) If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.13, it shall pay over such refund to the Borrower (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrower under this Section 2.13 with respect to
the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent or such Lender and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund); provided, that
the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person.

          2.14 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each
Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of
(a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar
Loans after the Borrower has given a notice requesting the same in accordance with the provisions
of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from
Eurodollar Loans after the Borrower has given a notice thereof in accordance with the provisions of
this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not the last
day of an Interest Period with respect thereto. Such indemnification may include an amount equal
to the excess, if any, of (i) the amount of interest that would have accrued on the amount so
prepaid, or not so borrowed, converted or
continued, for the period from the date of such prepayment or of such failure to borrow,
convert or continue to the last day of such Interest Period (or, in the case of a failure to
borrow, convert or continue, the Interest Period that would have commenced on the date of such
failure) in each case at the applicable rate of interest for such Loans provided for herein
(excluding, however, the Applicable Margin included therein, if any) over (ii) the amount
of interest (as reasonably determined by such Lender) that would have accrued to such Lender on
such amount by placing such amount on deposit for a comparable period with leading banks in the
interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section
submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This
covenant shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

          2.15 Change of Lending Office. Each Lender agrees that, upon the occurrence of any
event giving rise to the operation of Sections 2.12 or 2.13(a) with respect to such Lender, it
will, if requested by the Borrower, use reasonable efforts (subject to overall policy
considerations of such Lender) to designate another lending office for any Loans affected by such
event with the object of avoiding the consequences of such event; provided, that such
designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its
lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided,
further, that nothing in this Section shall affect or postpone any of the obligations of
the Borrower or the rights of any Lender pursuant to Sections 2.12 or 2.13(a).

          2.16 Replacement of Lenders. The Borrower shall be permitted to replace any Lender
that (a) requests reimbursement for amounts owing pursuant to Sections 2.12 or 2.13(a) or (b)
defaults in

34

 

its obligation to make Loans hereunder, with a replacement financial institution;
provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no
Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior
to any such replacement, such Lender shall have taken no action under Section 2.15 so as to
eliminate the continued need for payment of amounts owing pursuant to Sections 2.12 or 2.13(a),
(iv) the replacement financial institution shall purchase, at par, all Loans and other amounts
owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be
liable to such replaced Lender under Section 2.14 if any Eurodollar Loan owing to such replaced
Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi)
the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to
the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in
accordance with the provisions of Section 10.6 (provided that the Borrower shall be
obligated to pay the registration and processing fee referred to therein), (viii) until such time
as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any)
required pursuant to Sections 2.12 or 2.13(a), as the case may be, and (ix) any such replacement
shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any
other Lender shall have against the replaced Lender.

          2.17 Fees. The Borrower shall pay to any Lender that holds a Delayed-Draw Term Loan
Commitment on the date of drawing thereof by the Borrower (or any earlier date on which such
Delayed-Draw Term Loan Commitment shall be terminated) a fee equal to 0.25% of such Delayed-Draw
Term Loan Commitment.

          2.18 Increases in Term Loans. Subject to the terms and conditions set forth herein,
the Borrower may, by notice to the Administrative Agent, request to add additional tranches of term
loans (the “Incremental Term Loans”) in minimum principal amounts of $25,000,000 and to be
provided by one or more Lenders or other lenders arranged by the Borrower, provided (a) no
Default or Event of Default shall have occurred and be continuing at the time of any such borrowing
or shall result therefrom and (b) no Lender will be required to provide any such Incremental Term
Loan. The Incremental Term Loans (a) shall be in an aggregate principal amount not exceeding
$250,000,000, (b) shall rank pari passu in right of payment and right of security in respect of the
Collateral with the other Loans and Commitments, (c) shall be treated the same as (and in any event
no more favorably than) the Loans with respect to mandatory and optional prepayments), (d) except
as set forth in clauses (e) and (f) below, shall be subject to the same terms and conditions as are
applicable to the Loans, (e) shall have a final maturity and Weighted Average Life to Maturity no
earlier or shorter, as the case may be, than the Maturity Date and Weighted Average Life to
Maturity of the Loans and (f) shall have pricing (which shall include all upfront or similar fees
or original issue discount payable to all Lenders providing such Incremental Term Loans) determined
by the Borrower and the lenders providing such Incremental Term Loans and that may be different
than the pricing applicable to the Loans; provided that to the extent the applicable margin
applicable to any such Incremental Term Loan (excluding any default rate, but taking into account
any original issue discount on such Incremental Term Loans) exceeds the applicable Applicable
Margin then applicable to the Facility by more than 50 basis points, the Applicable Margin with
respect to the Facility will be adjusted to be the same as the applicable margin (taking into
account any original issue discount on such Incremental Term Loans) applicable to any such
Incremental Term Loan. Commitments in respect of Incremental Term Loans shall become effective
pursuant to an amendment (an “Incremental Facility Amendment”) to this Agreement and, as
appropriate, the other Loan Documents, executed by the Borrower, each Lender or other lender
agreeing to provide such Incremental Term Loans and the Administrative Agent. The Incremental
Facility Amendment may, without the consent of any other Lenders, effect such amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable
opinion of the Administrative Agent, to effect the provisions of this Section 2.18.

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SECTION 3.  [RESERVED]

SECTION 4.  REPRESENTATIONS AND WARRANTIES

          To induce the Administrative Agent and the Lenders to enter into this Agreement and to make
the Loans, the Borrower hereby represents and warrants to the Administrative Agent and each Lender
that:

          4.1 Financial Condition.

          (a) The audited consolidated balance sheets of the Borrower and its consolidated Subsidiaries
as at December 31, 2004, December 31, 2005 and December 31, 2006, and the related consolidated
statements of income and of cash flows for the fiscal years ended on such dates, reported on by and
accompanied by an unqualified report from Deloitte & Touche LLP, present fairly in all material
respects the consolidated financial condition of the Borrower and its consolidated Subsidiaries as
at such date, and the consolidated results of its operations and its consolidated cash flows for
the respective fiscal years then ended. The unaudited consolidated balance sheet of the Borrower
and its consolidated Subsidiaries as at March 31, 2007, and the related unaudited consolidated
statements of income and cash
flows for the fiscal quarter ended on such date, present fairly in all material respects the
consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such date,
and the consolidated results of its operations and its consolidated cash flows for the fiscal
quarter then ended (subject to normal year-end audit adjustments and absence of footnotes). All
such financial statements, including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved (except as approved by
the aforementioned firm of accountants and disclosed therein).

          4.2 No Change. Since December 31, 2006, there has been no development or event that
has had or could reasonably be expected to have a Material Adverse Effect.

          4.3 Existence; Compliance with Law. Each Group Member (a) is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, except where
the failure to be in good standing could not reasonably be expected to have a Material Adverse
Effect, (b) has the power and authority, and the legal right, to own and operate its property, to
lease the property it operates as lessee and to conduct the business in which it is currently
engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing
under the laws of each jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification (except where the failure to be so qualified
could not reasonably be expected to have a Material Adverse Effect) and (d) is in compliance with
all Requirements of Law except to the extent that the failure to comply therewith could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

          4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the
corporate power and authority, and the legal right, to make, deliver and perform the Loan Documents
to which it is a party and, in the case of the Borrower, to obtain the Loans hereunder. Each Loan
Party has taken all necessary organizational action to authorize the execution, delivery and
performance of the Loan Documents to which it is a party and, in the case of the Borrower, to
authorize the borrowing of the Loans on the terms and conditions of this Agreement. No material
consent or authorization of, filing with, notice to or other material act by or in respect of, any
Governmental Authority or any other Person is required in connection with the Loans hereunder or
with the execution, delivery, performance, validity or enforceability of this Agreement or any of
the Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule
4.4, which consents, authorizations, filings and notices have been obtained or made and are in full
force and effect and (ii) the filings referred to in Section 4.19. Each

36

 

Loan Document has been
duly executed and delivered on behalf of each Loan Party that is a party thereto. This Agreement
constitutes, and each other Loan Document upon execution will constitute, a legal, valid and
binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan
Party in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law).

          4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the
other Loan Documents, the borrowings hereunder and the use of the proceeds thereof will not violate
any Requirement of Law or any Contractual Obligation of any Group Member and will not result in, or
require, the creation or imposition of any Lien on any of their respective properties or
revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the
Liens created by the Security Documents or liens permitted under Section 7.2).

          4.6 Litigation. No litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened in
writing by or against any Group Member or against any of their respective properties or revenues
(a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or
thereby or (b) that could reasonably be expected to have a Material Adverse Effect.

          4.7 No Default. No Group Member is in default under or with respect to any of its
Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse
Effect. No Default or Event of Default has occurred and is continuing.

          4.8 Ownership of Property; Liens. Each Group Member has title in fee simple to, or a
valid leasehold interest in, all its real property, and good title to, or a valid leasehold
interest in or right to use all its other property except as could not reasonably be expected to
have a Material Adverse Effect, and none of such property is subject to any Lien except as
permitted by Section 7.2.

          4.9 Intellectual Property. Except as set forth on Schedule 4.9, each Group Member
owns, or has the right to use, all material Intellectual Property necessary for the conduct of its
business as currently conducted. Except as could not reasonably be expected to have a Material
Adverse Effect, no material claim has been asserted and is pending by any Person challenging or
questioning the use of any Intellectual Property or the validity or enforceability of any
Intellectual Property. The use of Intellectual Property by each Group Member does not infringe on
the rights of any Person except as could not reasonably be expected to have a Material Adverse
Effect.

          4.10 Taxes. Except as could not reasonably be expected to have a Material Adverse
Effect, each Group Member has filed or caused to be filed all Federal, state and other material tax
returns that are required to be filed (after giving effect to all extensions) and has paid all
taxes shown to be due and payable on said returns or on any assessments made against it or any of
its property and all other taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority (other than any amounts the validity of which are currently being contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP
have been provided on the books of the relevant Group Member); no tax Lien has been filed, and, to
the knowledge of the Borrower, no claim is being asserted, with respect to any such tax, fee or
other charge.

          4.11 Federal Regulations. No part of the proceeds of any Loans, and no other
extensions of credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock”
within the respective meanings of each of the
quoted terms under Regulation U as now and from time to time

37

 

hereafter in effect or (b) for
any purpose that violates the provisions of the Regulations of the Board. If requested by any
Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each
Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR
Form U-1, as applicable, referred to in Regulation U.

          4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any Group
Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment
made to employees of each Group Member have not been in violation of the Fair Labor Standards Act
or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from
any Group Member on account of employee health and welfare insurance have been paid or accrued as a
liability on the books of the relevant Group Member.

          4.13 ERISA. No material Reportable Event nor an “accumulated funding deficiency”
(within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the
five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan, and each Plan has complied in all material respects with the applicable provisions of
ERISA and the Code. No termination of a Single Employer Plan has occurred, and no Lien in favor of
the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued
benefits under each Single Employer Plan (based on those assumptions used to fund each such Plan)
did not, as of the last annual valuation date prior to the date on which this representation is
made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits
by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete
or partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected
to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled
Entity would become subject to any material liability under ERISA if the Borrower or any such
Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the
valuation date most closely preceding the date on which this representation is made or deemed made.
No such Multiemployer Plan is in Reorganization or Insolvent.

          4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the
Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any
Requirement of Law (other than Regulation X of the Board) that limits its ability to incur
Indebtedness.

          4.15 Subsidiaries. As of the Closing Date, (a) Schedule 4.15 sets forth the name and
jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of
each class of Capital Stock owned by any Loan Party and (b) there are no outstanding subscriptions,
options, warrants, calls, rights or other agreements or commitments (other than stock options
granted to employees or directors and directors’ qualifying shares) of any nature relating to any
Capital Stock of any Pledged Subsidiary, except as created by the Loan Documents.

          4.16 Use of Proceeds. (a) The proceeds of the Term Loans shall be used (i) to refinance the Existing Credit
Agreement, (ii) to pay fees and expenses in connection with this Agreement and such refinancing and
(iii) for general corporate purposes of the Loan Parties; and (b) the proceeds of the Delayed-Draw
Term Loans shall be used solely to refinance the Existing Notes and to pay fees and expenses in
connection therewith.

          4.17 Environmental Matters. Except as, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect:

38

 

          (a) the facilities and properties owned, leased or operated by any Group Member (the
“Properties”) do not contain, and have not previously contained, any Materials of
Environmental Concern in amounts or concentrations or under circumstances that constitute or
constituted a violation of, or could give rise to liability under, any Environmental Law;

          (b) no Group Member has received or is aware of any notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters or compliance with
Environmental Laws with regard to any of the Properties or the business operated by any Group
Member (the “Business”), nor does the Borrower have knowledge or reason to believe that any
such notice will be received or is being threatened;

          (c) Materials of Environmental Concern have not been transported or disposed of from the
Properties in violation of, or in a manner or to a location that could give rise to liability
under, any Environmental Law, nor have any Materials of Environmental Concern been generated,
treated, stored or disposed of at, on or under any of the Properties in violation of, or in a
manner that could give rise to liability under, any applicable Environmental Law;

          (d) no judicial proceeding or governmental or administrative action is pending or, to the
knowledge of the Borrower, threatened, under any Environmental Law to which any Group Member is or
will be named as a party with respect to the Properties or the Business, nor are there any consent
decrees or other decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements outstanding under any Environmental Law with respect to the
Properties or the Business;

          (e) there has been no release or threat of release of Materials of Environmental Concern at or
from the Properties, or arising from or related to the operations of any Group Member in connection
with the Properties or otherwise in connection with the Business, in violation of or in amounts or
in a manner that could give rise to liability under Environmental Laws;

          (f) the Properties and all operations at the Properties are in compliance, and have in the
last five years been in compliance, with all applicable Environmental Laws, and there is no
contamination at, under or about the Properties or violation of any Environmental Law with respect
to the Properties or the Business; and

          (g) no Group Member has assumed any liability of any other Person under Environmental Laws.

This Section 4.17 contains the sole and exclusive representations and warranties of the Borrower
with respect to any Environmental Law.

          4.18 Accuracy of Information, etc. No statement or information (excluding any projections and pro forma financial information)
contained in this Agreement, any other Loan Document, the Confidential Information Memorandum or
any other document, certificate or written statement relating to the Group Members furnished by or
on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in
connection with the transactions contemplated by this Agreement or the other Loan Documents, when
taken as a whole, contained as of the date such statement, information, document or certificate was
so furnished, any untrue statement of a material fact or omitted to state a material fact necessary
to make the statements contained herein or therein not materially misleading at the time made in
light of the circumstances under which they were made. The projections and pro
forma financial information contained in the materials referenced above are based upon good
faith assumptions believed by the Borrower to be reasonable at the time made in light of
circumstances under which such assumptions were made, it being recognized by the Lenders that such
financial

39

 

information as it relates to future events is not to be viewed as fact and that actual
results during the period or periods covered by such financial information may differ from the
projected results set forth therein by a material amount.

          4.19 Security Documents. The Guarantee and Collateral Agreement is effective to
create in favor of the Collateral Agent, for the benefit of the Lenders, a legal, valid and
enforceable security interest in the Collateral described therein and proceeds thereof (to the
extent such matter is governed by the law of the United States or a jurisdiction therein). In the
case of the Pledged Stock described in the Guarantee and Collateral Agreement in which a security
interest may be perfected by the filing of a financing statement (or through filings with the
United States Patent and Trademark Office and United States Copyright Office with respect to
Intellectual Property), when stock certificates representing such Pledged Stock are delivered to
the Collateral Agent, and in the case of the other Collateral described in the Guarantee and
Collateral Agreement, when financing statements and other filings specified on Schedule 4.19 in
appropriate form are filed in the offices specified on Schedule 4.19, the Guarantee and Collateral
Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title
and interest of the Loan Parties in such Collateral and the proceeds thereof (subject to the
provisions of Section 9-315 of the New York Uniform Commercial Code), as security for the
Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior
in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens
permitted by Section 7.2) (to the extent such matter is governed by the law of the United States or
a jurisdiction therein).

          4.20
Designated Spectrum. As of the Closing Date, Designated
Spectrum includes all FCC License Rights held by the Borrower or any
of its Subsidiaries (other than the Clearwire International Entities).

          4.21
Solvency. As of the Closing Date, the Borrower and its consolidated subsidiaries
when taken as a whole are and after giving effect to the incurrence of all Indebtedness and
obligations being incurred in connection herewith will be Solvent.

SECTION 5.  CONDITIONS PRECEDENT

          5.1 Conditions. The agreement of each Lender to make any Loan requested to be made by
it on any date of borrowing is subject to the satisfaction or waiver, prior to or concurrently with
the making of such Loan on such date, of the following conditions precedent:

          (a) Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent
shall have received (i) this Agreement, executed and delivered by the Administrative Agent, the
Borrower and each Person listed on Schedule 1.1A, (ii) the Guarantee and Collateral Agreement,
executed and delivered by each Loan Party and (iii) an Acknowledgement and Consent in the form
attached to the
Guarantee and Collateral Agreement, executed and delivered by each Issuer (as defined
therein), if any, that is not a Loan Party.

          (b) Existing Credit Agreement. On the Closing Date, the Administrative Agent shall
have received evidence that the principal of and interest on, and all other fees and premiums owing
under the Existing Credit Agreement shall have been (or shall be contemporaneously) paid in full.

          (c) Existing Notes. (i) The Borrower shall have deposited into escrow an irrevocable
executed call notice, in form and substance reasonably satisfactory to the Administrative Agent, in
connection with the refinancing of all of the Existing Notes and (ii) in the case of any drawing of
the Delayed-Draw Term Loans (x) the Administrative Agent shall have received satisfactory evidence
that all amounts payable in respect of the Existing Notes on the date of drawing thereof (including
all accrued and unpaid interest, fees, expenses, breakage fees and related costs and expenses
payable under the Existing Notes Indenture) shall have been or will be paid in full
contemporaneously with the proceeds of the Delayed-Draw Term Loans and (y) the Borrower shall on
the date of such drawing have caused each

40

 

Material Domestic Restricted Subsidiary previously
prohibited pursuant to the Existing Notes Indenture from guaranteeing the Facility to take the
actions specified in Section 6.9(b) on such date.

               (d) Financial Statements. The Lenders shall have received (i) audited consolidated
financial statements of the Borrower and its consolidated Subsidiaries for the 2004, 2005 and 2006
fiscal years and (ii) unaudited interim consolidated financial statements of the Borrower and its
consolidated Subsidiaries for each fiscal quarter ended after the date of the latest applicable
financial statements delivered pursuant to clause (i) of this paragraph as to which such financial
statements are available.

               (e) Approvals. All governmental and third party approvals necessary in connection
with the Facility shall have been obtained and be in full force and effect, and all applicable
waiting periods shall have expired without any action being taken by any competent authority that
would restrain, prevent or otherwise impose adverse conditions on the financing contemplated
hereby.

               (f) Lien Searches. On or prior to the Closing Date, the Administrative Agent shall
have received the results of a recent lien search in each of the jurisdictions in which Uniform
Commercial Code financing statements filings should be made to evidence or perfect security
interests in the Collateral of the Loan Parties, and such search shall reveal no liens on any of
the assets of the Loan Parties except for liens permitted by Section 7.2 or discharged on or prior
to the Closing Date pursuant to documentation satisfactory to the Administrative Agent.

               (g) Fees. The Lenders and the Administrative Agent shall have received all fees and
expenses required to be paid by the Borrower, and for which invoices have been presented (including
the reasonable fees and expenses of legal counsel), on or before the Closing Date, in the case of
the Term Loans, or on or before the date of drawing of any Delayed-Draw Term Loans, in the case of
the Delayed-Draw Term Loans. All such amounts will be paid with proceeds of Loans made on the
relevant borrowing date and, in the case of the Term Loans, will be reflected in the funding
instructions given by the Borrower to the Administrative Agent on or before the Closing Date.

               (h) Closing Certificate; Certified Certificate of Incorporation; Good Standing
Certificates. On or prior to the Closing Date, the Administrative Agent shall have received
(i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit
C, with appropriate insertions and attachments, including the certificate of incorporation of each
Loan Party that is a corporation certified by the relevant authority of the jurisdiction of
organization of such Loan Party, and (ii) a long form good standing certificate for each Loan Party
from its jurisdiction of organization.

               (i) Legal Opinions. On or prior to the Closing Date, the Administrative Agent shall
have received the following executed legal opinions:

               (i) the legal opinion of Kirkland & Ellis LLP counsel to the Borrower and its
Subsidiaries, substantially in the form of Exhibit E-1;

               (ii) the legal opinion of Broady R. Hodder, general counsel of the Borrower and its
Subsidiaries, substantially in the form of Exhibit E-2.

               Each such legal opinion shall cover such matters incident to the financing contemplated
by this Agreement as the Administrative Agent may reasonably require.

          (j) Pledged Stock; Stock Powers. On or prior to the Closing Date, the Administrative
Agent shall have received the certificates (if any) representing the shares of Capital Stock
pledged

41

 

pursuant to the Guarantee and Collateral Agreement, together with an undated stock power
for each such certificate executed in blank by a duly authorized officer of the pledgor thereof.

               (k) Filings, Registrations and Recordings. Each document (including any Uniform
Commercial Code financing statement) required by the Security Documents or under law to be filed,
registered or recorded in order to create in favor of the Administrative Agent, for the benefit of
the Lenders, a perfected Lien on the Collateral described therein (to the extent that perfection
can be achieved by the delivery of share certificates or by such filing, registration or recording
under the laws of the United States or any jurisdiction thereof), prior and superior in right to
any other Person (other than with respect to Liens expressly permitted by Section 7.2), shall be in
proper form for filing, registration or recordation.

               (l) Solvency Certificate. On or prior to the Closing Date, the Administrative Agent
shall have received a reasonably satisfactory solvency certificate from the chief financial officer
of the Borrower, attesting to the solvency of the Borrower and its Subsidiaries, taken as a whole,
both immediately before and immediately after giving effect to the incurrence of the Loans and the
use of proceeds thereof (on a pro forma basis).

               (m) Insurance. On or prior to the Closing Date, the Administrative Agent shall have
received insurance certificates satisfying the requirements of Section 5.2(b) of the Guarantee and
Collateral Agreement.

               (n) Representations and Warranties. Each of the representations and warranties made
by any Loan Party in or pursuant to the Loan Documents shall be true and correct on and as of such
date; provided, that the only representations and warranties the truthfulness and
correctness of which on the date of borrowing thereof that shall be a condition to the drawing of
any Delayed-Draw Term Loans shall be those specified in Sections 4.3(a) (in respect of the
Borrower), 4.4, 4.5, 4.11, 4.14, 4.16 and 4.20.

               (o) No Default. (i) On the Closing Date, no Default or Event of Default shall have
occurred and be continuing on such date or after giving effect to the Term Loans requested to be
made on such date and (ii) on the date of any drawing of Delayed-Draw Term Loans, no Event of
Default under any of Sections 8(a), (f), (i) or (j) shall have occurred and be continuing on such
date or after giving effect to the Delayed-Draw Term Loans requested to be made on such date.

The borrowing by the Borrower hereunder shall constitute a representation and warranty by the
Borrower as of the date of such borrowing that the foregoing conditions have been satisfied.

SECTION 6.  AFFIRMATIVE COVENANTS

               The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or
the Administrative Agent hereunder or any Commitment remains outstanding, the Borrower shall and
shall cause each of its Restricted Subsidiaries to:

               6.1 Financial Statements. Furnish to the Administrative Agent:

               (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
the Borrower, a copy of the audited consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at the end of such year and the related audited consolidated statements of income
and of cash flows for such year, setting forth in each case in comparative form the figures for the
previous year,

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reported on without a “going concern” or like qualification or exception, by
Deloitte & Touche LLP or other independent certified public accountants of nationally recognized
standing; and

               (b) as soon as available, but in any event not later than 45 days after the end of each of the
first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and
the related unaudited consolidated statements of income and of cash flows for such quarter and the
portion of the fiscal year through the end of such quarter, setting forth in each case in
comparative form the figures for the previous year, certified by a Responsible Officer as being
fairly stated in all material respects (subject to normal year-end audit adjustments and absence of
footnotes).

All such financial statements shall be complete and correct in all material respects and shall be
prepared in reasonable detail and in accordance with GAAP applied (except as approved by such
accountants or officer, as the case may be, and disclosed in reasonable detail therein and in the
case of unaudited financial statements, subject to year end adjustments and the absence of
footnotes) consistently throughout the periods reflected therein and with prior periods; provided,
further, that the Borrower shall be deemed to have satisfied its obligations under each of (a) and
(b) above if it files such information with the SEC (if the SEC will accept such filing) or
otherwise makes such financial statements and other information available on or through its web
site.

               6.2 Certificates; Other Information. Furnish to the Administrative Agent:

               (a) concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a
certificate of a Responsible Officer stating that, to the best of such Responsible Officer’s
knowledge, each Loan Party during such period has observed or performed all of its covenants and
other agreements, and satisfied every condition contained in this Agreement and the other Loan
Documents to which it is a party to be observed, performed or satisfied by it, and that such
Responsible Officer has obtained no knowledge of any Default or Event of Default except as
specified in such certificate and (ii) in the case of quarterly or annual financial statements, to
the extent not previously disclosed to the Administrative Agent, a description of any change in the
jurisdiction of organization of any Loan Party and a list of any material issuances, registrations
or applications for registration of Intellectual Property acquired by any Loan Party since the date
of the most recent report delivered pursuant to this clause (ii) (or, in the case of the first such
report so delivered, since the Closing Date);

               (b) as soon as available, and in any event no later than 90 days after the end of each fiscal
year of the Borrower, a consolidated budget for the following fiscal year, and, as soon as
available, significant revisions, if any, of such budget with respect to such fiscal year;

               (c) within 45 days after the end of the first three quarterly periods of each fiscal year of
the Borrower, a narrative discussion and analysis of the financial condition and results of
operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the
beginning of the then current fiscal year to the end of such fiscal quarter; provided, that the
foregoing shall be satisfied if such narrative discussion and analysis is substantially equivalent
to that the Borrower would be required to file with the Commission in a Quarterly Report on Form
10-Q and if it files such information with the SEC (if the SEC will accept such filing) or
otherwise makes such information available on or through its web site;

               (d) prior to the effectiveness thereof, copies of substantially final drafts of any proposed
amendment, supplement, waiver or other modification with respect to the Existing Notes Indenture;

               (e) within five Business Days after the same are sent, copies of all financial statements and
reports the Borrower sends to the holders of any class of its debt securities or public equity
securities

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not previously delivered to the Administrative Agent; provided, that the foregoing shall
be satisfied if it files such information with the SEC (if the SEC will accept such filing) or
otherwise makes such information available on or through its web site; and

               (f) promptly, such additional financial and other information as any Lender may from time to
time reasonably request through the Administrative Agent, subject to any limitations under
applicable securities laws.

               6.3 Payment of Obligations. Except as could not reasonably be expected to have a
Material Adverse Effect, pay, discharge or otherwise satisfy at or before maturity or before they
become delinquent, as the case may be, all its material obligations of whatever nature, except
where the amount or validity thereof is currently being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP with respect thereto have been provided on the
books of the Borrower or the relevant Restricted Subsidiary, as applicable.

               6.4 Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full
force and effect its organizational existence and (ii) take all reasonable action to maintain all
rights, privileges and franchises necessary or desirable in the normal conduct of its business,
except, in each case, as otherwise permitted by Section 7.7 and except, in the case of clause (ii)
above, to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law except to
the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to
have a Material Adverse Effect.

               6.5 Maintenance of Property; Insurance. (a) Keep all property useful and necessary
in its business in substantially the same condition as of the date hereof, ordinary wear and tear
excepted and dispositions permitted hereunder and (b) maintain with financially sound and reputable
insurance companies insurance on all its property in at least such amounts and against at least
such risks (but including in any event public liability, product
liability and business interruption) as are usually insured against in the same general area
by companies engaged in the same or a similar business.

               6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of
records and accounts in which full, true and correct entries in all material respects shall be made
of all dealings and transactions in relation to its business and activities and (b) upon reasonable
prior notice and Borrower’s normal business hours, permit representatives of any Lender to visit
and inspect any of its properties and examine and make abstracts from any of its books and records
at any reasonable time and as often as may reasonably be desired but collectively no more
frequently than once per fiscal year unless a Default or an Event of Default exists, and to discuss
the business, operations, properties and financial and other condition of the Borrower and its
Restricted Subsidiaries with officers and employees of the Borrower and its Restricted Subsidiaries
and with their independent certified public accountants, in each case with a Responsible Officer
present.

               6.7 Notices. Promptly give notice to the Administrative Agent of:

               (a) the occurrence of any Default or Event of Default;

               (b) any (i) default or event of default under any Contractual Obligation of the Borrower or
any Restricted Subsidiary or (ii) litigation, investigation or proceeding known to the Borrower or
any Restricted Subsidiary that may exist at any time between the Borrower or any Restricted
Subsidiary and any Governmental Authority, that in either case, if not cured or if adversely
determined, as the case may be, could reasonably be expected to have a Material Adverse Effect;

44

 

          (c) any litigation or proceeding affecting the Borrower or any Restricted Subsidiary (i) in
which the amount involved is $25,000,000 or more and not covered by insurance, (ii) in which
injunctive or similar relief is sought and which could reasonably be expected to have a Material
Adverse Effect or (iii) which relates to any Loan Document;

          (d) the following events, as soon as possible and in any event within 30 days after the
Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with
respect to any Plan, a failure to make any required contribution to a Plan, the creation of any
Lien in favor of the PBGC or a Plan or any withdrawal from, or the non-standard termination,
Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or
the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any
Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or
Insolvency of, any Plan; and

          (e) any development or event that has had or could reasonably be expected to have a Material
Adverse Effect.

Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what action the
Borrower or the relevant Restricted Subsidiary, as applicable, proposes to take with respect
thereto.

          6.8 Environmental Laws.

          (a) Comply in all material respects with, and ensure compliance in all material respects by
all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
in all material respects with and maintain, and use commercially reasonable efforts to ensure
that all tenants and subtenants obtain and comply in all material respects with and maintain, any
and all licenses, approvals, notifications, registrations or permits required by applicable
Environmental Laws, in each of the foregoing cases where failure to do so could reasonably be
expected to have a Material Adverse Effect.

          (b) Conduct and complete in all material respects all investigations, studies, sampling and
testing, and all remedial, removal and other actions required under Environmental Laws and promptly
comply in all material respects with all material and lawful written orders and directives of all
Governmental Authorities regarding Environmental Laws, in each of the foregoing cases where failure
to do so could reasonably be expected to have a Material Adverse Effect.

          6.9 Additional Collateral, etc.

          (a) With respect to any property acquired after the Closing Date by any Loan Party (other than
(x) any property described in paragraph (b), (c) or (d) below and (y) any property subject to a
Lien expressly permitted by Sections 7.2(2)(C) or 7.2(2)(D)) as to which the Collateral Agent, for
the benefit of the Lenders, does not have a perfected Lien, to the extent required pursuant to the
Guarantee and Collateral Agreement, promptly (i) execute and deliver to the Collateral Agent such
amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral
Agent deems reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of
the Lenders, a security interest in such property and (ii) take all actions necessary or advisable
to grant to the Collateral Agent, for the benefit of the Lenders, a perfected first priority
security interest in such property, including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by
law or as may be requested by the Administrative Agent (to the extent perfection may be achieved by
such actions under the laws of the United States or a jurisdiction thereof); provided that
in no event shall any Loan Party be required to perfect any Lien by

45

 

means other than the delivery
of share certificates or the making of filings, registrations or recordings required for perfection
under the laws of the United States or any jurisdiction thereof other than as required pursuant to
Section 7.4.

          (b) With respect to any new Material Domestic Restricted Subsidiary or Spectrum Entity created
or acquired after the Closing Date by (and which is a direct Subsidiary of) any Loan Party (it
being understood that this paragraph (b) shall also apply, without limitation, to (w) any existing
Subsidiary which becomes a Material Domestic Restricted Subsidiary upon ceasing to be a Foreign
Subsidiary, ceasing to be an Immaterial Subsidiary, ceasing to be an Unrestricted Subsidiary and/or
being designated as such by written notice to the Administrative Agent, (x) any existing Subsidiary
that becomes a Spectrum Entity and (y) any new or existing Material Domestic Restricted Subsidiary
to the extent the actions specified in this paragraph (b) cease to be prohibited in respect of such
existing Material Domestic Restricted Subsidiary pursuant to the terms of the Existing Notes
Indenture), promptly (i) execute and deliver to the Collateral Agent such amendments to the
Guarantee and Collateral Agreement as the Collateral Agent deems necessary or advisable to grant to
the Collateral Agent, for the benefit of the Lenders, a perfected first priority security interest
in the Capital Stock of such Subsidiary that is owned by any Loan Party, (ii) deliver to the
Collateral Agent the certificates representing such Capital Stock, if any, together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan
Party, (iii) cause such Subsidiary or Spectrum Entity (A) to become a party to the Guarantee and
Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Collateral
Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral
described in the Guarantee and Collateral Agreement with respect to such Subsidiary in accordance
with the terms of the Guarantee and Collateral Agreement, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the
Guarantee and Collateral Agreement or by law and (C) to deliver to the Collateral Agent a
certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions
and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative
Agent legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent.

          (c) With respect to the Clearwire International Entities, if any such entity shall at any time
after the Closing Date enter into any Guarantee of any Indebtedness of the Borrower or any Domestic
Restricted Subsidiary (other than any Clearwire International Entity), promptly (i) execute and
deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the
Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of
the Lenders, a perfected first priority security interest in the Capital Stock of such Clearwire
International Entity, (ii) deliver to the Collateral Agent the certificates representing such
Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the pledgor of such Capital Stock, (iii) cause such Clearwire International
Entity (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions
necessary or advisable to grant to the Collateral Agent for the benefit of the Lenders a perfected
first priority security interest in the Collateral described in the Guarantee and Collateral
Agreement with respect to such Clearwire International Entity, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and
Collateral Agreement or by law or as may be requested by the Collateral Agent and (C) to deliver to
the Administrative Agent a certificate of such Clearwire International Entity, substantially in the
form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent.

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          (d) With respect to any new Material Foreign Subsidiary (other than any Clearwire
International Entity) created or acquired after the Closing Date by (and which is a direct
Subsidiary of) any Loan Party), promptly (i) execute and deliver to the Collateral Agent such
amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or
advisable to grant to the Collateral Agent, for the benefit of the Lenders, a perfected first
priority security interest in the Capital Stock of such new Subsidiary that is owned by any such
Loan Party (provided that in no event shall more than 65% of the total outstanding voting Capital
Stock of any such new Subsidiary be required to be so pledged), (ii) deliver to the Collateral
Agent the certificates representing such Capital Stock, together with undated stock powers, in
blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take
such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Collateral Agent’s security interest therein, and (iii) if requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent.

SECTION 7.  NEGATIVE COVENANTS

          The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or
the Administrative Agent hereunder or any Commitment remains outstanding, the Borrower shall not,
and shall not permit any Restricted Subsidiary to, directly or indirectly:

          7.1 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer
to exist any Indebtedness, except:

          (a) Indebtedness of any Loan Party pursuant to any Loan Document;

          (b) Indebtedness of (i) the Borrower to any Subsidiary and of any Guarantor (other than any
Spectrum Entity) to the Borrower or any other Subsidiary, (ii) any Spectrum Entity to the Borrower
or any other Spectrum Entity and (iii) any Restricted Subsidiary that is not a Guarantor to the
Borrower or any other Subsidiary (it being understood for the avoidance of doubt that all such
Indebtedness pursuant to this paragraph (b) shall be subject to Section 7.6, as applicable (without
limiting the generality thereof));

          (c) (i) Guarantees by the Borrower or any Guarantor (other than any Spectrum Entity) of
Indebtedness of the Borrower or any Restricted Subsidiary to the extent such Indebtedness is
otherwise permitted under this Section 7.1 and (ii) Guarantees by any Restricted Subsidiary that is
not a Guarantor of Indebtedness of any Restricted Subsidiary that is not a Guarantor to the extent
such Indebtedness is otherwise permitted under this Section 7.1;

          (d) Indebtedness outstanding on the date hereof and listed on Schedule 7.1(d) and any
Permitted Refinancing Indebtedness in respect thereof;

          (e) Indebtedness (including, without limitation, Capital Lease Obligations) of the Borrower or
any Restricted Subsidiary (other than any Spectrum Entity) secured by Liens permitted by Sections
7.2(2)(C) or 7.2(2)(D) in an aggregate principal amount not to exceed $100,000,000 at any one time
outstanding;

          (f) Indebtedness of the Borrower outstanding on the date hereof in respect of the Existing
Notes and Guarantees of obligations of any Restricted Subsidiary outstanding on the date hereof in
respect of the Existing Notes, provided that such Guarantees of such obligations were
created pursuant to the Existing Notes Indenture;

47

 

          (g) Indebtedness of the Borrower or any Guarantor in respect of second-priority lien
Indebtedness in an aggregate principal amount not to exceed $500,000,000 at any one time
outstanding; provided that (i) the final maturity of such Indebtedness shall be no earlier
than one year following the Maturity Date, (ii) the Weighted Average Life to Maturity of such
Indebtedness at the time such Indebtedness is incurred shall be at least one year greater than the
Weighted Average Life to Maturity of the Loans at such time and (iii) any Indebtedness (including
any Guarantees in respect thereof) by any Spectrum Entity in respect of Indebtedness incurred
pursuant to this Section 7.1(g) shall be junior in right of payment to the Obligations and the
Guarantor Obligations (as defined in the Guarantee and Collateral Agreement) on terms reasonably
satisfactory to the Administrative Agent in respect of any assets of any such Spectrum Entity and
the proceeds thereof in which the Administrative Agent for the benefit of the Lenders does not have
a validly perfected first priority Lien;

          (h) Indebtedness of the Borrower or any Guarantor (other than any Spectrum Entity) in respect
of Permitted Subordinated Indebtedness in an aggregate principal amount not to exceed $500,000,000
at any one time outstanding;

          (i) additional Indebtedness of the Borrower or any Guarantor (other than any Spectrum Entity),
provided that at the time of Incurrence thereof, the Borrower’s Consolidated Leverage
Ratio as of the end of the most recently completed four fiscal quarter period for which
financial statements are available (after giving pro forma effect to the Incurrence
of such Indebtedness and the use of proceeds thereof as if such events had occurred as of the
beginning of such period) shall not exceed 6.50:1.00;

          (j) Indebtedness of the Borrower or any Guarantor in an aggregate principal amount at any one
time outstanding (for the Borrower and all Guarantors) not to exceed an amount equal to the sum of
(i) $1,000,000,000 and (ii) 100% of the aggregate amount of net proceeds of issuances of common
stock of the Borrower on or after the Closing Date not utilized for Restricted Payments or
Investments pursuant to Section 7.6(b)(2), (19) (to the extent such Investment is for the
acquisition of a new Subsidiary), 20(i), (21), (22) and (25), provided that (i) the final
maturity of such Indebtedness shall be no earlier than one year following the Maturity Date and the
Weighted Average Life to Maturity of such Indebtedness at the time such Indebtedness is incurred
shall be at least one year greater than the Weighted Average Life to Maturity of the Loans at such
time, (ii) such Indebtedness is unsecured, (iii) the total Indebtedness under this subsection (j)
shall in no event exceed $1,250,000,000 at any one time outstanding, (iv) notwithstanding anything
to the contrary in the foregoing, the aggregate outstanding principal amount of all Indebtedness of
Restricted Subsidiaries that are not Guarantors incurred pursuant to this paragraph (j) shall not
at any time exceed $100,000,000 and (v) any such Indebtedness or Guarantees in respect thereof of
any Spectrum Entity shall be subordinated to the Obligations and the Guarantor Obligations (as
defined in the Guarantee and Collateral Agreement) on terms reasonably satisfactory to the
Administrative Agent;

          (k) Indebtedness in respect of Hedging Obligations permitted pursuant to Section 7.6(b)(9);
and

          (l) the incurrence of Indebtedness represented by letters of credit in an aggregate face
amount not to exceed $50,000,000 at any one time outstanding.

          7.2 Limitation on Liens.

          (1) In the case of any Spectrum Entity, create, incur, assume or otherwise cause or suffer to
exist or become effective any Lien (other than Permitted Liens and Liens securing Indebtedness

48

 

permitted under Sections 7.1(a), (f) and (g)) on any of its property, whether now owned or
hereafter acquired.

          (2) In the case of the Borrower or any Restricted Subsidiary that is not a Spectrum Entity,
create, incur, assume or otherwise cause or suffer to exist or become effective any Lien on any of
its property, whether now owned or hereafter acquired, other than:

               (A) Permitted Liens;

               (B) (a) Until the drawing of any Delayed-Draw Term Loans, (a) Liens created pursuant to
the Pledge and Security Agreements (as defined in the Existing Notes Indenture), securing
obligations in respect of the Existing Notes and (b) Liens on the Pledged Collateral (as
defined in the Existing Notes Indenture) securing obligations in respect of the Existing
Notes;

               (C) Liens on property existing at the time of acquisition thereof by the Group Member,
provided that such Liens were in existence prior to the contemplation of such acquisition
and do not extend to any property other than the property so acquired;

               (D) Liens securing Indebtedness of the Borrower or any other Subsidiary incurred
pursuant to Section 7.1(e) to finance the acquisition of property (real or personal and
including FCC Licenses), provided that (i) such Liens shall be created substantially
simultaneously with the acquisition of such property, (ii) such Liens do not at any time
encumber any property other than the property financed by such Indebtedness and (iii) the
amount of Indebtedness secured thereby is not increased;

               (E) second-priority Liens on Collateral of the Borrower or any Guarantor securing
Indebtedness incurred pursuant to Section 7.1(g), provided that such Liens shall
have a “silent” second lien status on terms reasonably acceptable to the Administrative
Agent;

               (F) Liens on Capital Stock or assets of Unrestricted Subsidiaries securing Indebtedness
of such Unrestricted Subsidiaries;

               (G) restricted cash securing Indebtedness under letters of credit permitted under
Section 7.1(l); and

               (H) additional Liens on the property of any Group Member created in the ordinary
course of business in an aggregate amount not to exceed $25,000,000 at any one time
outstanding.

          7.3 The Spectrum Entities. Sell, lease, exchange or otherwise transfer (in one
transaction or a series of related transactions) any Capital Stock in any Spectrum Entity to any
Person (unless such Person is a Spectrum Entity), except for any such sales, leases or transfers
which are Asset Sales permitted under Section 7.4 of this Agreement. Except for Capital Stock of
Spectrum Entities sold, leased, exchanged or transferred in accordance with this Section 7.3, all
Spectrum Entities shall remain, directly or indirectly, Wholly Owned Subsidiaries of the Borrower
and no Spectrum Entity shall have or change its jurisdiction of incorporation or formation to any
jurisdiction outside of the United States.

          7.4 Asset Sales of Spectrum Entities. In the case of any Spectrum Entity, consummate
an Asset Sale unless:

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          (1) the Spectrum Entities receive consideration at the time of such Asset Sale at least equal
to the Fair Market Value of the assets or Capital Stock issued or sold or otherwise disposed of;
and

          (2) 100% of the consideration therefor is in the form of cash, Cash Equivalents or Replacement
Assets or a combination of the foregoing, all of which shall be received by one or more Spectrum
Entities. For purposes of this 100% limitation, any Designated Noncash Consideration received by a
Spectrum Entity in connection with an Asset Sale of Designated Spectrum, taken together with all
other Designated Noncash Consideration received that is at that time outstanding, up to a maximum
amount equal to 20% of all Designated Spectrum sold, leased or otherwise transferred in any Asset
Sale (with the Fair Market Value of each item of Designated Noncash Consideration being measured at
the time received and without giving effect to subsequent changes in value) shall be deemed to be
cash.

          After the receipt by any Spectrum Entity of any Net Proceeds from an Asset Sale, such Spectrum
Entity shall apply such Net Proceeds towards the prepayment of the Loans as and to the extent
required by Section 2.5.

          Pursuant to the Guarantee and Collateral Agreement, the Collateral Agent on behalf of the
Lenders shall have a valid perfected first priority Lien in any Replacement Assets or Net Proceeds
received by the Spectrum Entities in connection with any Asset Sale.

          Pending the final application of any such Net Proceeds, the Spectrum Entities, as applicable,
shall maintain such Net Proceeds in cash or may invest such Net Proceeds in Cash Equivalents.
Except to the extent prohibited by the terms of the Existing Indenture, such cash or Cash
Equivalents, as the case may be, shall be held in a segregated deposit account subject to a
perfected first priority Lien in favor of the Administrative Agent on behalf of the Lenders
pursuant to arrangements reasonably satisfactory to the Administrative Agent providing for
springing “control” after the occurrence and during the continuance of a payment or bankruptcy
Event of Default.

          7.5 Asset Sales of Non-Spectrum Entities. In the case of the Borrower and any
Restricted Subsidiary (other than any Spectrum Entity), consummate an Asset Sale unless:

          (1) the Borrower or such Restricted Subsidiary, as applicable, receives consideration at the
time of such Asset Sale at least equal to the Fair Market Value of the assets or equity interests
issued or sold or otherwise disposed of; and

          (2) at least 75% of the consideration therefor received by the Borrower or such Restricted
Subsidiary, as applicable, is in the form of cash, Cash Equivalents or Replacement Assets or a
combination of the foregoing. For purposes of this 75% limitation, each of the following will be
deemed to be cash:

	 	(a)	 	any liabilities (as shown on the Borrower’s
most recent balance sheet) of the Borrower or such Restricted
Subsidiary, as applicable (other than contingent liabilities,
Indebtedness that is by its terms subordinated to the Loans or the
Guarantees thereof and liabilities to the extent owed to the Borrower
or any Restricted Subsidiary), that are assumed by the transferee of
any such assets or equity interests pursuant to a written assignment
and assumption agreement that releases the Borrower or such Restricted
Subsidiary, as applicable, from further liability therefor;
	 
	 	(b)	 	any securities, notes or other obligations
received by the Borrower or such Restricted Subsidiary, as applicable,
from such transferee that are

50

 

converted by the Borrower or such
Restricted Subsidiary, as applicable, into Cash Equivalents or
Replacement Assets within 180 days of the receipt thereof (to the
extent of the Cash Equivalents or Replacement Assets received in that
conversion); and

	 	(c)	 	any Designated Noncash Consideration received
by the Borrower or such Restricted Subsidiary, as applicable, in such
Asset Sale having an aggregate Fair Market Value, taken together with
all other Designated Noncash Consideration received pursuant to this
clause (c) that is at that time outstanding does not exceed $50,000,000
(with the Fair Market Value of each item of Designated Noncash
Consideration being measured at the time received and without giving
effect to subsequent changes in value).

          After the receipt by the Borrower or any Restricted Subsidiary of any Net Proceeds from any
Asset Sale, the Borrower or such Restricted Subsidiary, as applicable, shall apply such Net
Proceeds as and to the extent required by Section 2.5.

          To the extent required pursuant to the Guarantee and Collateral Agreement, the Collateral
Agent on behalf of the Lenders shall have a valid perfected first priority Lien in any Replacement
Assets or Net Proceeds received by the Borrower or any Restricted Subsidiary in connection with any
Asset Sale.

          Pending the final application of any such Net Proceeds, the Borrower or such Restricted
Subsidiary, as applicable, shall maintain the Net Proceeds in cash or may invest such Net Proceeds
in Cash Equivalents. Such cash or Cash Equivalents, as the case may be, shall be held in a
segregated deposit account subject to a perfected first priority Lien in favor of the
Administrative Agent on behalf of the Lenders pursuant to arrangements reasonably satisfactory to
the Administrative Agent providing for springing “control” after the occurrence and during the
continuance of a payment or bankruptcy Event of Default.

          7.6 Restricted Payments.

          (a) (1) Declare or pay (without duplication) any dividend or make any other payment or
distribution on account of the Borrower’s or such Restricted Subsidiary’s Capital Stock (including,
without limitation, any payment in connection with any merger or consolidation involving the
Borrower or such Restricted Subsidiary) or to the direct or indirect holders of the Borrower’s or
such Restricted Subsidiary Capital Stock in their capacity as such (other than dividends, payments
or distributions payable in Capital Stock (other than Disqualified Stock) of the Borrower or such
Restricted Subsidiary);

               (2) Purchase, redeem or otherwise acquire or retire for value (including, without limitation,
in connection with any merger or consolidation involving the Borrower or such Restricted
Subsidiary) any Capital Stock of the Borrower or such Restricted Subsidiary thereof held by Persons
other than the Borrower or such Restricted Subsidiary;

               (3) Make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire
or retire for value the Existing Notes, any Indebtedness that is contractually subordinated to the
Loans or any Guarantee thereof, any unsecured Indebtedness or any Indebtedness under Section
7.1(g), except in each case payments of principal and interest when due thereunder (all such
payments and other actions set forth in clauses (1), (2) and (3) being collectively referred to as
“Restricted Payments”); or

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               (4) Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities
of, or any assets constituting a business unit of, or make any other investment in, any Person (all
of the foregoing in this clause (4), “Investments”).

     (b) The preceding provisions will not prohibit:

               (1) Restricted Subsidiaries from declaring and paying dividends ratably with respect to their
Capital Stock;

               (2) the making of any Restricted Payment with or in exchange for, or out of the net cash
proceeds of (without duplication of any amounts included for purposes of Section 7.1(j) or Section
7.6(b)(20)) a contribution to the common equity of the Borrower or a sale (other than to a
Subsidiary of the Borrower) of, Capital Stock (other than Disqualified Stock) of the Borrower;

               (3) the repurchase of Capital Stock of the Borrower or such Restricted Subsidiary deemed to
occur upon the exercise of options or warrants to the extent that such Capital Stock represents all
or a portion of the exercise price thereof;

               (4) the repurchase of Capital Stock of the Borrower or such Restricted Subsidiary constituting
fractional shares;

               (5) the defeasance, redemption, repurchase or other acquisition of (i) any Indebtedness
subordinated to the Loans or the Guarantees thereof with the net cash proceeds from an Incurrence
of Permitted Refinancing Indebtedness and (ii) the Existing Notes with the proceeds of the
Delayed-Draw Term Loans;

               (6) (i) the repurchase, redemption or other acquisition or retirement for value of any Capital
Stock of the Borrower or such Restricted Subsidiary held by any current or former employee,
consultant or director of the Borrower pursuant to the terms of any employee equity subscription
agreement, stock option agreement or similar agreement approved by a majority of the disinterested
members of the Board of Directors of the Borrower, including upon the termination, death,
disability or retirement of any such Person and (ii) loans and advances to officers and employees
of any Group Member to finance the purchase of Capital Stock of the Borrower, in an aggregate
principal amount for clauses (i) and (ii) not to exceed $25,000,000 at any one time outstanding;

               (7) Restricted Payments or Investments pursuant to agreements or arrangements in effect on the
Closing Date;

               (8) extensions of trade credit in the ordinary course of business;

               (9) Hedging Obligations that are incurred for the purpose of fixing, hedging or swapping
interest rate, commodity price or foreign currency exchange rate risk (or reverse or amend any such
agreements previously made for such purpose), and not for speculative purposes;

               (10) Investments acquired by the Borrower or a Restricted Subsidiary (a) in exchange for any
other Investment or accounts receivable held by the Borrower or such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the
issuer of such other Investment or accounts receivable or (b) as a result of a foreclosure by the
Borrower or any Restricted Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default;

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          (11) Investments in Cash Equivalents;

          (12) Guarantees permitted by Section 7.1 and guarantees incurred in the ordinary course of
business or in connection with the acquisition or lease of FCC License Rights by the Borrower or
any of its Restricted Subsidiaries (other than any Spectrum Entity) of obligations of the Borrower
or any Restricted Subsidiary;

          (13) loans and advances to customers or suppliers in the ordinary course of business and
consistent with past practice that are, in conformity with GAAP, recorded as accounts receivable,
prepaid expenses or deposits on the balance sheet of the Borrower or a Restricted Subsidiary and
endorsements for collection or deposit arising in the ordinary course of business;

          (14) Investments consisting of purchases and acquisition of inventory, supplies, materials and
equipment or purchase of contract rights or licenses or leases of intellectual property, in each
case in the ordinary course of business;

          (15) loans and advances to employees of the Borrower or any Restricted Subsidiary in the
ordinary course of business for relocation and similar expenses;

          (16) commission, payroll, travel, entertainment and similar advances to officers and employees
of the Borrower or any Subsidiary that are expected at the time of such advance ultimately to be
recorded as an expense in conformity with GAAP;

          (17) Investments consisting of the licensing or contribution of intellectual property pursuant
to joint marketing arrangements with other Persons;

          (18) Investments in Replacement Assets made by the Borrower or any of its Restricted
Subsidiaries with the proceeds of any asset disposition permitted pursuant to, or not prohibited
by, Sections 7.4 or 7.5, or in exchange for assets disposed of pursuant to, or not prohibited by,
Sections 7.4 or 7.5;

          (19) any Investment (i) by the Borrower or any Restricted Subsidiary in the Borrower, any
Guarantor or any Person, if as a result of such Investment, such Person becomes a Guarantor or such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into the Borrower or a Guarantor or (ii) by the Borrower or
any Restricted Subsidiary in any other Restricted Subsidiary to the extent necessary to fund
obligations owing by such other Restricted Subsidiary with respect to any FCC License Rights;

          (20) Investments (i) made with the proceeds of any issuance of common stock of the Borrower on
or after the Closing Date, without duplication of any amounts included for purposes of determining
the amount of Indebtedness permitted under Section 7.1(j) or Investments permitted under Section
7.6(b)(2) or (ii) made and funded directly with Capital Stock (other than Disqualified Stock) of
the Borrower;

          (21) Investments in (i) any Unrestricted Subsidiary to be used for general corporate purposes
and (ii) Joint Ventures in an aggregate amount for all such Investments under clauses (i) and (ii)
not to exceed $200,000,000; provided, that, immediately prior to and after giving effect to
any such Investment no Default or Event of Default is in existence or would result therefrom;

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          (22) Investments in Clearwire International in an aggregate amount not to exceed $300,000,000
during the term of this Agreement; provided, that, immediately prior to and after giving
effect to any such Investment no Default or Event of Default is in existence or would result
therefrom.

          (23) the amount of any distributions, repayments, interest, profits, income and returns made
to any Loan Party by any Unrestricted Subsidiaries, minority interests, or Restricted Subsidiaries
that are not Guarantors;

          (24) Investments consisting of the conversion of Indebtedness owed by any Clearwire
International Entities to the Borrower into Capital Stock; and

          (25) in addition to Investments otherwise expressly permitted by this Section, Investments in
Subsidiaries in an aggregate amount not to exceed $50,000,000 in the aggregate during the term of
this Agreement; provided, that, immediately prior to and after giving effect to any such
Investment no Default or Event of Default is in existence or would result therefrom;

Notwithstanding the foregoing, no Spectrum Entity shall at any time pay a dividend or make any
distribution to any entity that is not a Spectrum Entity unless the proceeds of such dividend or
distribution is applied in its entirety to prepay the Loans; provided that, any Spectrum
Entity may pay a dividend or make distributions to the Borrower so that the Borrower may pay its
combined, consolidated or unitary tax liabilities and any franchise tax liabilities, so long as the
Borrower uses the dividend or distribution to pay such taxes at such time.

          7.7
Mergers, Consolidation, etc. (a) The Borrower shall not consolidate with or
merge into any other Person (in a transaction in which the Borrower is not the surviving
corporation) or convey, transfer or lease or otherwise dispose of its properties and assets (other
than pursuant to a transaction involving a swap of Spectrum and related assets to the extent
permitted by Sections 7.4 or 7.5) substantially as an entirety (in one or more related
transactions) to any other Person, unless:

	 	(1)	 	in case the
Borrower shall consolidate with or merge into another
Person (in a transaction in which the Borrower is not
the surviving corporation) or convey, transfer, lease or
otherwise dispose of its properties and assets
substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Borrower
is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of
the Borrower substantially as an entirety is a
corporation, limited liability Borrower, partnership,
trust or other entity, is organized and validly existing
under the laws of the United States of America or any
State thereof and shall expressly assume, by an
amendment hereto, executed and delivered to the
Administration Agent, in form satisfactory to the
Administrative Agent, the due and punctual payment of
the principal of and any premium and interest on all the
Loans and the performance or observance of every
covenant of this Agreement on the part of the Borrower
to be performed or observed by the Person (if other than
the Borrower) formed by such consolidation or into
which the Borrower shall have been merged or by the

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Person which shall have acquired the Borrower’s
assets; and

	 	(2)	 	immediately after
giving effect to such transaction, no Event of Default
or Default shall have happened and be continuing; and
	 
	 	(3)	 	each Guarantor,
unless such Guarantor is the Person with which the
Borrower has entered into a transaction under this
covenant, will have by amendment to the Guarantee and
Collateral Agreement confirmed that its Guarantee will
apply to the obligations of the Borrower or the
surviving Person in accordance with the Loans and this
Agreement; and
	 
	 	(4)	 	the Borrower has
delivered to the Administrative Agent an Officers’
Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or
lease and, if an amendment is required in connection
with such transaction, such amendment comply with this
Article 7 and Section 10.1 and that all conditions
precedent herein provided or relating to such
transaction have been complied with.

          (b) No Guarantor shall consolidate with or merge with or into any other Person or convey,
transfer or lease or otherwise dispose of its properties and assets substantially as an entirety
(in one or more related transactions) to any other Person, unless: (i) in the case of a merger or
consolidation, (x) such Guarantor shall be the surviving Person or (y) the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) expressly assumes all of
the obligations of such Guarantor or (ii) in the case of a conveyance, transfer, lease or
disposition, such transaction is in compliance with Sections 7.3, 7.4 or 7.5, as the case may be.

          The provisions of this Section 7.7 shall similarly apply to successive consolidations,
mergers, sales or conveyances. Notwithstanding the foregoing, other than as permitted under
Section 7.4 or 7.5, as applicable, the Borrower shall not convey, lease or otherwise dispose of or
transfer any of its Capital Stock in the Spectrum Entities and their respective successors to, or
permit any merger or consolidation of any Spectrum Entity with or into, any other Person other than
a wholly owned Subsidiary that is or becomes a Guarantor, and, in each case, has pledged all of
such Capital Stock to the Collateral Agent pursuant to the Guarantee and Collateral Agreement
unless the proceeds thereof are received in cash, represent the fair market value of such Spectrum
Entity or Capital Stock, as applicable, and are used by repay the Loans in accordance with Section
2.5.

          Upon any consolidation of the Borrower with, or merger of the Borrower into, any other Person
or any conveyance, transfer or lease of the properties and assets of the Borrower substantially as
an entirety in accordance with this Section 7.7, the successor Person formed by such consolidation
or into which the Borrower is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of, the Borrower under
this Agreement with the same effect as if such successor Person had been named as the Borrower
herein, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Agreement and the Loan Documents.

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          7.8 Transactions With Affiliates. Make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from,
or enter into, make, amend, renew or extend any transaction, contract, agreement, understanding,
loan, advance or Guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate
Transaction”), unless:

          (1) such Affiliate Transaction is on terms that are no less favorable to the Borrower or the
relevant Restricted Subsidiary than those that would have been obtained in a comparable
arm’s-length transaction by the Borrower or such Restricted Subsidiary with a Person that is not an
Affiliate of the Borrower or any of its Restricted Subsidiaries; and

          (2) the Borrower delivers to the Administrative Agent:

	 	(a)	 	with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate
consideration in excess of $10,000,000, a Board Resolution set forth in
an Officers’ Certificate certifying that such Affiliate Transaction or
series of related Affiliate Transactions complies with this covenant;
and
	 
	 	(b)	 	with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate
consideration in excess of $50,000,000, an opinion as to the fairness
to the Borrower or such Restricted Subsidiary of such Affiliate
Transaction or series of related Affiliate Transactions from a
financial point of view issued by an independent accounting, appraisal
or investment banking firm of national standing.

          The following items will not be deemed to be Affiliate Transactions and, therefore, will not
be subject to the provisions of the prior paragraph:

          (1) transactions between or among the Borrower and/or its Restricted Subsidiaries or any
Person that will become a Restricted Subsidiary as part of any such transactions; provided
that transactions between or among the Borrower, any Restricted Subsidiary and any Foreign
Subsidiaries shall not be deemed to be Affiliate Transactions if such transactions are, in the good
faith determination of the Board of Directors of the Borrower, or are certified in writing by a
Responsible Officer of the Borrower as being, in the best interests of the Borrower and are on
terms that are at least as favorable to the Borrower and/or any Restricted Subsidiary than those
that can be obtained in a comparable arm’s-length transaction with a Person that is not an
Affiliate of the Borrower or any Restricted Subsidiary;

          (2) payment of reasonable and customary fees to, and reasonable and customary indemnification
and similar payments on behalf of, directors of the Borrower;

          (3) Restricted Payments and Investments that are permitted by Section 7.6;

          (4) dispositions of property by Restricted Subsidiaries or the Borrower to the Borrower or any
Subsidiaries that are permitted by, and in accordance with, Sections 7.4 or 7.5, as applicable;

          (5) any sale of Capital Stock of the Restricted Subsidiaries permitted by Sections 7.4 or 7.5,
as applicable, or of the Borrower;

          (6) transactions pursuant to agreements or arrangements in effect on the Closing Date, or any
amendment, modification, or supplement thereto or replacement thereof, as long as such

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agreement or
arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not materially
more disadvantageous to the Borrower and its Restricted Subsidiaries than the original agreement or
arrangement in existence on the Closing Date;

          (7) any employment, consulting, service or termination agreement, or reasonable and customary
indemnification arrangements, entered into by the Borrower or any of its Subsidiaries with officers
and employees of the Borrower or any of its Subsidiaries and the payment of compensation to
officers and employees of the Borrower or any of its Subsidiaries (including amounts paid pursuant
to employee benefit plans, employee stock option or similar plans), so long as such
agreement or
payment has been approved by a majority of the disinterested members of the Board of Directors of
the Borrower;

          (8) subject to Section 7.6, as applicable, payments or loans to employees or consultants in
the ordinary course of business which are approved by a majority of the disinterested members of
the Board of Directors of the Borrower in good faith;

          (9) transactions with Motorola, Intel and Bell Canada pursuant to commercial agreements in
place on the Closing Date and reasonable modifications or extensions thereof which are approved by
a majority of the disinterested members of the Board of Directors of the Borrower in good faith;
and

          (10) transactions with customers, clients, suppliers or purchasers or sellers of goods or
services, in each case in the ordinary course of business and otherwise in compliance with the
terms of this Agreement, which are fair to the Borrower and its Restricted Subsidiaries in the
determination of the Board of Directors or the senior management of the Borrower, or are on terms
at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party.

          7.9 Limitation On Sale and Leaseback Transactions. Enter into any Sale and Leaseback
Transaction; provided that the Borrower or any Restricted Subsidiary thereof may enter into
a Sale and Leaseback Transaction if:

	 	(1)	 	if applicable, the Borrower or such Restricted Subsidiary, as
applicable, could have Incurred such Indebtedness under Section 7.1 or Section
7.2 in an amount equal to the Attributable Debt relating to such Sale and
Leaseback Transaction;
	 
	 	(2)	 	the gross cash proceeds of that Sale and Leaseback Transaction
are at least equal to the Fair Market Value of the property that is the subject
of that Sale and Leaseback Transaction;
	 
	 	(3)	 	the transfer of assets in such Sale and Leaseback Transaction
is permitted by, and the Borrower applies the proceeds of such transaction in
compliance with Section 7.4 or Section 7.5, as applicable; and
	 
	 	(4)	 	the assets transferred in such Sale and Leaseback Transaction
are not Collateral.

          7.10 Designation of Restricted and Unrestricted Subsidiaries.

          (a) Designate any Restricted Subsidiary of the Borrower to be an Unrestricted Subsidiary.

          (b) The Board of Directors of the Borrower may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that:

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	 	(1)	 	such designation shall be deemed to be an
Incurrence of any outstanding Indebtedness (including any Non-Recourse
Debt) of such Unrestricted Subsidiary by such Restricted Subsidiary and
such designation shall only be permitted if such Indebtedness is
permitted under Section 7.1;
	 
	 	(2)	 	no Default or Event of Default would be in
existence following such designation;
	 
	 	(3)	 	any Unrestricted Subsidiary that was previously
a Restricted Subsidiary may be designated back to being a Restricted
Subsidiary only once; and
	 
	 	(4)	 	any amounts previously utilized for Investments
by Borrower or any Restricted Subsidiary pursuant to Section 7.6(b) in
such Unrestricted Subsidiary shall be thereafter added back to the
amount of Investments permitted to be made under the relevant baskets
pursuant to which such Investment was originally made.

          7.11 ESC Compliance. If at any time less than 85% of the aggregate Spectrum Rights of
the Spectrum Entities are ESC-compliant based upon the compliance percentage assessed on the basis
of FCC License or Underlying License (as defined below), as the case may be, from which the
Spectrum Rights are derived, as provided in this Section 7.11, then the Borrower will take all
commercially reasonable efforts to bring the Spectrum Rights into at least 85% ESC compliant within
90 days.

          For purposes of this Section 7.11, “Spectrum Rights” means the present effective right
of the Spectrum Entities to use a defined portion of the radiofrequency spectrum within a
Geographic Service Area (as defined below) in the conduct of the business of the Borrower,
including rights directly from FCC Licenses and rights under Spectrum Leases with FCC licensees of
such spectrum.

          “Underlying License” means the license granted by the FCC to the lessor to the Spectrum
Entities under a Spectrum Lease.

          “Geographic Service Area” means either the area for incumbent site-based licensees that is
bounded by a circle having a 35 mile radius and centered at the station’s reference coordinates,
which was the previous protected service area to which incumbent licensees were entitled prior to
January 10, 2005, and is bounded by the chords drawn between intersection points of the licensee’s
previous 35 mile protected service area and those of respective adjacent market co-channel
licensees or a BTA that is licensed to the respective BRS/BTA authorization holder subject to the
exclusion of overlapping co-channel incumbent geographic service area.

          “Effective Spectrum Criteria”(or “ESC”) means,

          (a) with respect to Spectrum Rights in the form of an FCC License, that a Spectrum Entity
holds the FCC License and that the FCC License is currently effective in accordance with its terms
and authorizes the present use of the entire portion of the radiofrequency specified in such FCC
License for use by the Spectrum Entities throughout the entirety of the Geographic Service Area
specified in such FCC License without any further authorization from the FCC, except to the extent
that a change in FCC rules or policies affects the ability of a Spectrum Entity to use the entire
portion of the radiofrequency specified in such FCC License; and

          (b) with respect to Spectrum Rights in the form of a Spectrum Lease:

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	 	(1)	 	The lessor under the spectrum lease (or, in the
case of a sublease, the sublessor’s lessor) is the authorized holder of
an FCC License that is currently effective in accordance with its terms
and authorizes the present use of the entire portion of the
radiofrequency specified in such FCC License throughout the entirety of
the Geographic Service Area specified in such FCC License without any
further authorization from the FCC, except to the extent that a change
in FCC rules or policies affects the ability of a Spectrum Entity to
use the entire portion of the radiofrequency specified in such spectrum
lease;
	 
	 	(2)	 	The Geographic Service Area and the portion of
the radiofrequency spectrum authorized for use by the lessor in the FCC
License held by the lessor includes the entirety of both the Geographic
Service Area and the portion of the radiofrequency spectrum specified
in the Spectrum Lease; and the FCC License permits the lessor to lease
and the Spectrum Lease validly leases to the Spectrum Entity that is a
party thereto the entire portion of the radiofrequency spectrum
specified in the Spectrum Lease throughout the entire Geographic
Service Area specified in such Spectrum Lease for use by such Spectrum
Entity in its business; except to the extent that a change in FCC rules
or policies affects the ability of a Spectrum Entity to use the entire
portion of the radiofrequency specified in such Spectrum Lease; and
	 
	 	(3)	 	Either

	 	(a)	 	the spectrum lease is of a type
and category that requires FCC approval to be valid and has
currently effective FCC approval, or
	 
	 	(b)	 	the spectrum lease is not of a
type and category that requires FCC approval.

          The compliance percentage for purposes of this covenant shall be derived from a fraction, the
denominator of which is the total number of the Underlying Licenses and FCC Licenses from which the
Spectrum Rights derive (based on separate call signs), whether derived directly or by Spectrum
Lease, and the numerator of which is the number of Underlying Licenses and FCC Licenses for which
the Spectrum Rights derived therefrom are ESC-compliant.

          7.12 Stay, Extension ad Usury Laws. At any time insist upon, plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law or other law which would prohibit or forgive any
Loan Party from paying all or any portion of the principal of, premium, if any, or interest, on the
Loans as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may
affect the covenants or the performance of this Agreement, and the Borrower hereby, on its own
behalf and on behalf of each Restricted Subsidiary (to the extent it may lawfully do so), hereby
expressly waives all benefit or advantage of any such law and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein granted to the
Administrative Agent or any Lender, but will suffer and permit the execution of every such power as
though no such law had been enacted.

          7.13 Business Activities. Engage in any business other than Permitted Businesses,
except to such extent as would not be material to the Borrower and its Restricted Subsidiaries
taken as a whole.

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          7.14 Swap Agreements. Enter into any Swap Agreement for speculative purposes.

          7.15 Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a
day other than December 31 or change the Borrower’s method of determining fiscal quarters.

          7.16 Amendments to Certain Documents. Amend, supplement or otherwise modify (pursuant
to a waiver or otherwise) (i) the Existing Notes Indenture, and (ii) the Pledge and Security
Agreements (as defined in the Existing Notes Indenture).

          7.17 Activities of Holders of Designated Spectrum. In the case of any Spectrum
Entity, notwithstanding anything to the contrary herein, conduct, transact or otherwise engage in
any business or operations other than (i) its ownership or lease of Designated Spectrum or
Replacement Assets in respect thereof or assets incidental and required with respect thereto or its
ownership of Capital Stock of its Subsidiaries or Joint Ventures as of the Closing Date, (ii) the
issuance of and performance of its obligations in respect of its Capital Stock, (iii) the payment
of dividends and taxes, (iv) performance of its obligations hereunder and under the other Loan
Documents and the other agreements contemplated thereby, (v) action required by law to maintain its
existence and (vi) activities incidental to its maintenance and continuance and to any of the
foregoing activities.

          7.18 Leases. (a) Amend, modify, supplement, replace (other than pursuant to any Asset
Sale permitted pursuant to Section 7.4) or extend (any such event, a “Modification”) any
Spectrum Lease except to the extent (i) determined by management of the Borrower to be in the best
interests of the Borrower and its Restricted Subsidiaries, (ii) in the ordinary course of business
and consistent with past practices, (iii) the rights under such Spectrum Lease are at least as
valuable to the Borrower and its Restricted Subsidiaries, when taken as a whole, after any such
Modification as it was prior thereto and (iv) any such Modification (when taken into account with
any other accompanying and related Modifications to other Spectrum
Leases at or such time) does not result in a material diminishment of the creditworthiness of
the Borrower or its ability to comply with its obligations under this Agreement.

          (b) Amend, supplement, modify or otherwise alter any transfer or non-assignment provisions of
any Spectrum Lease in a material and adverse manner to the Borrower or any of its Restricted
Subsidiaries.

SECTION 8.  EVENTS OF DEFAULT

          If any of the following events shall occur and be continuing:

          (a) the Borrower shall fail to pay any principal of any Loan when due in accordance with the
terms hereof; or the Borrower shall fail to pay any interest on any Loan, or any other amount
payable hereunder or under any other Loan Document, within three Business Days after any such
interest or other amount becomes due in accordance with the terms hereof; or

          (b) any representation or warranty made or deemed made by any Loan Party herein or in any
other Loan Document or that is contained in any certificate, document or financial or other
statement furnished by it at any time under or in connection with this Agreement or any such other
Loan Document shall prove to have been inaccurate in any material respect on or as of the date made
or deemed made; or

          (c) any Loan Party shall default in the observance or performance of any agreement contained
in clause (i) or (ii) of Section 6.4(a) (with respect to the Borrower only), Section 6.7(a),
Sections 7.1 through 7.7, Section 7.9 or Section 7.16 of this Agreement or Sections 5.4 and 5.6(b)
of the Guarantee and Collateral Agreement; or

60

 

          (d) any Loan Party shall default in the observance or performance of any other agreement
contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a)
through (c) of this Section), and such default shall continue unremedied for a period of 30 days
after notice to the Borrower from the Administrative Agent or the Required Lenders; or

          (e) the Borrower, any Restricted Subsidiary or any Specified Unrestricted Subsidiary shall (i)
default in making any payment of any principal of any Indebtedness (including any Guarantee, but
excluding the Loans) on the scheduled or original due date with respect thereto after giving effect
to any period of grace provided in the instrument or agreement evidencing, securing or relating
thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the
period of grace, if any, provided in the instrument or agreement under which such Indebtedness was
created; or (iii) default in the observance or performance of any other agreement or condition
relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing
or relating thereto, or any other event shall occur or condition exist, the effect of which default
or other event or condition is to cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in
the case of any such Indebtedness constituting a Guarantee Obligation) to become payable;
provided, that a default, event or condition described in clause (i), (ii) or (iii) of this
paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or
more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this
paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $35,000,000; or

          (f) (i) the Borrower, or any Restricted Subsidiary whose total assets, when taken together
with those of any other Restricted Subsidiaries with a Bankruptcy Event, exceed $15,000,000, shall
in either case commence any case, proceeding or other action (A) under any existing or future law
of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts,
or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official
for it or for all or any substantial part of its assets, or the Borrower or any Restricted
Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there shall be
commenced against the Borrower or any Restricted Subsidiary any case, proceeding or other action of
a nature referred to in clause (i) above that (A) results in the entry of an order for relief or
any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60
days; or (iii) there shall be commenced against any Group Member any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or similar process against
all or any substantial part of its assets that results in the entry of an order for any such relief
that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days
from the entry thereof; or (iv) the Borrower or any Restricted Subsidiary shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any Restricted Subsidiary shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as
they become due; or

          (g) (i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of
ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency”
(as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan
or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any
Restricted Subsidiary or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with
respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be
appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or
commencement of proceedings or appointment of

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a trustee is, in the reasonable opinion of the
Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of
ERISA, (iv) any Plan shall terminate, other than pursuant to a “standard termination” in accordance
with Section 4041(b) of ERISA, for purposes of Title IV of ERISA, (v) the Borrower or any
Restricted Subsidiary or any Commonly Controlled Entity shall, or in the reasonable opinion of the
Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the
Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall
occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such
event or condition, together with all other such events or conditions, if any, could reasonably be
expected to have a Material Adverse Effect; or

          (h) one or more judgments or decrees shall be entered against the Borrower or any Restricted
Subsidiary involving in the aggregate a liability (not subject to appeal and not covered by
insurance as to which the relevant insurance company has acknowledged coverage) of $35,000,000 or
more, and all such judgments or decrees shall not have been vacated, discharged, paid, stayed or
bonded pending appeal within 60days from the entry thereof; or

          (i) any of the Security Documents shall cease, for any reason, to be in full force and effect,
or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of
the Security Documents shall cease to be enforceable and of the same effect and priority purported
to be created thereby, in each case with respect to a portion of Collateral in excess of
$15,000,000; or

          (j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall
cease, for any reason, to be in full force and effect or any Loan Party shall so assert; or

          (k) there occurs any Change of Control;

          then, and in any such event, (A) if such event is an Event of Default specified in clause (i)
or (ii) of paragraph (f) above with respect to the Borrower, automatically the Commitments shall
immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents shall immediately become due and payable, and (B)
if such event is any other Event of Default, either or both of the following actions may be taken:
(i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of
the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the
Delayed-Draw Term Loan Commitments to be terminated forthwith, whereupon the Delayed-Draw Term Loan
Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent
shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all other
amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith,
whereupon the same shall immediately become due and payable. Except as expressly provided above in
this Section, presentment, demand, protest and all other notices of any kind are hereby expressly
waived by the Borrower.

SECTION 9.  THE AGENTS

          9.1 Appointment. Each Lender hereby irrevocably designates and appoints the
Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents,
and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take
such action on its behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers and perform such duties as are expressly delegated to the Administrative
Agent by the terms of this Agreement and the other Loan Documents, together with such other powers
as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement, the Administrative Agent shall not have any duties or responsibilities, except
those expressly set forth herein,

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or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the Administrative Agent.

          9.2 Delegation of Duties. The Administrative Agent may execute any of its duties
under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and
shall be entitled to advice of counsel concerning all matters pertaining to such duties. The
Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys in-fact selected by it with reasonable care.

          9.3 Exculpatory Provisions. Neither any Agent nor any of their respective officers,
directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action
lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a
final decision of a court of competent jurisdiction to have resulted from its or such Person’s or
their related parties’ own gross negligence, bad faith or willful misconduct) or (ii) responsible
in any manner to any of the Lenders for any recitals, statements, representations or warranties
made by any Loan Party or any officer thereof contained in this Agreement or any other Loan
Document or in any certificate, report, statement or other document referred to or provided for in,
or received by the Agents under or in connection with, this Agreement or any other Loan Document or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to
perform its
obligations hereunder or thereunder. The Agents shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the
properties, books or records of any Loan Party.

          9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice,
consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or
other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons and upon advice and statements of legal counsel
(including counsel to the Borrower), independent accountants and other experts selected by the
Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the
owner thereof for all purposes unless a written notice of assignment, negotiation or transfer
thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if
so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such action. The Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if
so specified by this Agreement, all Lenders), and such request and any action taken or failure to
act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.

          9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has
received notice from a Lender or the Borrower referring to this Agreement, describing such Default
or Event of Default and stating that such notice is a “notice of default”. In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to
the Lenders. The Administrative Agent shall take such action with respect to such Default or Event
of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this
Agreement, all Lenders); provided

63

 

that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it
shall deem advisable in the best interests of the Lenders.

          9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that
neither the Agents nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or affiliates have made any representations or warranties to it and that no act
by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate
of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any
Lender. Each Lender represents to the Agents that it has, independently and without reliance upon
any Agent or any other Lender, and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Loan Parties and their affiliates and
made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also
represents that it will, independently and without reliance upon any Agent or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit
analysis, appraisals and decisions in taking or not taking action under this Agreement and the
other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, operations, property, financial and other condition and creditworthiness of the Loan
Parties and their affiliates. Except for notices, reports and other documents expressly required
to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent
shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into
the possession of the Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates.

          9.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as
such (to the extent not reimbursed by the Borrower and without limiting the obligation of the
Borrower to do so), ratably according to their respective Percentages in effect on the date on
which indemnification is sought under this Section (or, if indemnification is sought after the date
upon which the Loans shall have been paid in full, ratably in accordance with such Percentages
immediately prior to such date), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on,
incurred by or asserted against such Agent in any way relating to or arising out of, the
Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are
found by a final decision of a court of competent jurisdiction to have resulted from such Agent’s
gross negligence, bad faith or willful misconduct. The agreements in this Section shall survive
the payment of the Loans and all other amounts payable hereunder.

          9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans
to, accept deposits from and generally engage in any kind of business with any Loan Party as though
such Agent were not an Agent. With respect to its Loans made or renewed by it, each Agent shall
have the same rights and powers under this Agreement and the other Loan Documents as any Lender and
may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall
include each Agent in its individual capacity.

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          9.9 Successor Administrative Agent. The Administrative Agent may resign as
Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Administrative
Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then
the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect
to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower
(which approval shall not be unreasonably withheld or delayed), whereupon such successor agent
shall succeed to the rights, powers and duties of the Administrative Agent, and the term
“Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent
shall be terminated, without any other or further act or deed on the part of such former
Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no
successor agent has accepted appointment as Administrative Agent by the date that is 30 days
following a
retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s
resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform
all of the duties of the Administrative Agent hereunder until such time, if any, as the Required
Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s
resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Administrative Agent under this
Agreement and the other Loan Documents.

          9.10 Co-Documentation Agents and Syndication Agent. Neither the Co-Documentation
Agents nor the Syndication Agent shall have any duties or responsibilities hereunder in its
capacity as such.

SECTION 10.  MISCELLANEOUS

          10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any
terms hereof or thereof may be amended, supplemented or modified except in accordance with the
provisions of this Section 10.1. The Required Lenders and each Loan Party to the relevant Loan
Document may, or, with the written consent of the Required Lenders, the Administrative Agent and
each Loan Party to the relevant Loan Document may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents (including
amendments and restatements hereof or thereof) for the purpose of adding any provisions to this
Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the
Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required
Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the
requirements of this Agreement or the other Loan Documents or any Default or Event of Default and
its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) forgive the principal amount or extend the final scheduled
date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of
any Loan, reduce the stated rate of any interest or fee payable hereunder (except in connection
with the waiver of applicability of any post-default increase in interest rates (which waiver shall
be effective with the consent of the Required Lenders)) or extend the scheduled date of payment
thereof, in each case without the written consent of each Lender directly affected thereby; (ii)
eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written
consent of such Lender; (iii) amend, modify or waive any provision of Section 2.11 without the
written consent of the Majority Facility Lenders in respect of each Facility adversely affected
thereby; (iv) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement
and the other Loan Documents, release all or substantially all of the Collateral, or release
Guarantors from their obligations under the Guarantee and Collateral Agreement if such Guarantors
represent substantially all of the value of the Guarantee under the Guarantee and Collateral
Agreement, in each case without the written consent

65

 

of all Lenders; (v) reduce the percentage
specified in the definition of Majority Facility Lenders with respect to any Facility without the
written consent of all Lenders under such Facility; or (vi) amend, modify or waive any provision of
Section 9 without the written consent of the Administrative Agent. Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the Lenders and shall be
binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the
Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall
be restored to their former position and rights hereunder and under the other Loan Documents, and
any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such
waiver shall extend to any subsequent or other Default or Event of Default, or impair any right
consequent thereon.

          Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add
one or more additional credit facilities to this Agreement and to permit the extensions of credit
from time to time outstanding thereunder and the accrued interest and fees in respect thereof to
share ratably in the benefits of this Agreement and the other Loan Documents with the Loans the
accrued interest in respect thereof and (b) to include appropriately the Lenders holding such
credit facilities in any determination of the Required Lenders.

          If, in connection with any proposed change, waiver, discharge or termination of the provisions
of this Agreement as contemplated by this Section 10.1, the consent of the Required Lenders is
obtained but the consent of one or more of such other Lenders whose consent is required is not
obtained, then the Borrower shall have the right to replace all non-consenting Lenders required to
obtain such consent with one or more Eligible Assignees in accordance with Section 10.6, so long as
at the time of such replacement each such new Lender consents to the proposed change, waiver,
discharge or termination.

          10.2 Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered, or three Business
Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set
forth in an administrative questionnaire delivered to the Administrative Agent in the case of the
Lenders, or to such other address as may be hereafter notified by the respective parties hereto:

	 	 	 
	Borrower:

	 	Clearwire Corporation
	 

	 	4400 Carillon Point
	 

	 	Kirkland, WA 98033
	 

	 	Attention: Hope Cochran
	 

	 	Telecopy: (425) 216-7900
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	Clearwire Corporation
	 

	 	4400 Carillon Point
	 

	 	Kirkland, WA 98033
	 

	 	Attention: Legal Department
	 

	 	Telecopy: (425) 216-7776
	 
	 	 
	 

	 	Davis Wright Tremaine, LLP
	 

	 	Suite 2200

66

 

	 	 	 
	 

	 	1201 Third Avenue
	 

	 	Seattle, WA 98101
	 

	 	Attention: Julie Weston, Esq.
	 

	 	Telecopy: (206) 757-7166
	 
	 	 
	 

	 	Kirkland & Ellis LLP
	 

	 	Citigroup Center
	 

	 	153 East 53rd Street
	 

	 	New York, NY 10022
	 

	 	Attention: Joshua N. Korff, Esq.
	 

	 	Telecopy: (212) 446-6460
	 
	 	 
	Administrative Agent:

	 	Morgan Stanley Senior Funding, Inc.
	 

	 	One Pierrepont Plaza, 7th Floor
	 

	 	Cadman Plaza West
	 

	 	Brooklyn, NY 11201
	 

	 	Attention: Joshua Rawlins/Lindsay Parsons
	 

	 	Telecopy: (718) 754-7249/7250
	 

	 	Telephone: (718) 754-7291/7435

provided that any notice, request or demand to or upon the Administrative Agent or the
Lenders shall not be effective until received.

          Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices pursuant to Section 2 unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications.

          10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or
privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

          10.4 Survival of Representations and Warranties. All representations and warranties
made hereunder, in the other Loan Documents and in any document, certificate or statement delivered
pursuant hereto or in connection herewith shall survive the execution and delivery of this
Agreement and the making of the Loans and other extensions of credit hereunder.

          10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the
Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses
incurred in connection with the development, preparation and execution of, and any amendment,
supplement or modification to, this Agreement and the other Loan Documents and any other documents
prepared in connection herewith or therewith, and the consummation and administration of the
transactions contemplated hereby and thereby, including the reasonable fees and disbursements of
one counsel for each relevant jurisdiction to the Administrative Agent and filing and recording
fees and expenses, with

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statements with respect to the foregoing to be submitted to the Borrower
prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to
time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall
deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for all its
reasonable costs and expenses incurred in connection with the enforcement or
preservation of any rights under this Agreement, the other Loan Documents and any such other
documents, including the fees and disbursements of one counsel to the Lenders and the
Administrative Agent, (c) to pay, indemnify, and hold each Lender and the Administrative Agent and
their respective officers, directors, employees, affiliates, agents and controlling persons (each,
an “Indemnitee”) harmless from and against any and all other actual liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, and related reasonable and
documented out of pocket costs, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration of this Agreement,
the other Loan Documents and any such other documents, including any of the foregoing relating to
the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any
Environmental Law applicable to the operations of any Group Member or any of the Properties and the
reasonable fees and expenses of one legal counsel in connection with claims, actions or proceedings
by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause
(d), collectively, the “Indemnified Liabilities”), provided, that the Borrower
shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the
extent such Indemnified Liabilities are found by a final decision of a court of competent
jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of any
Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable law, the
Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and
agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of
recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages,
costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of
them might have by statute or otherwise against any Indemnitee. All amounts due under this Section
10.5 shall be payable not later than 10 days after written demand therefor. Statements payable by
the Borrower pursuant to this Section 10.5(e) shall be submitted to Hope Cochran (Telecopy No.
(425) 828-7061), at the address of the Borrower set forth in Section 10.2, or to such other Person
or address as may be hereafter designated by the Borrower in a written notice to the Administrative
Agent. The agreements in this Section 10.5(d) shall survive repayment of the Loans and all other
amounts payable hereunder.

          10.6 Successors and Assigns; Participations and Assignments

          (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower
without such consent shall be null and void), (ii) no assignment shall be permitted to any Person
identified in writing by the Borrower to the Administrative Agent prior to the Closing Date and
(iii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section.

          (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees (each, an “Assignee”) all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments and the Loans at
the time owing to it) with the prior written consent of the Borrower (such consent not to be
unreasonably withheld), provided that no consent of the Borrower shall be required for an
assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below), if an Event
of Default has occurred and is continuing or during the primary syndication of the Facilities.

               (ii) Assignments shall be subject to the following additional conditions:

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	 	(A)	 	except in the case of an
assignment to a Lender, an affiliate of a Lender or an Approved
Fund or an assignment of the entire remaining amount of the
assigning Lender’s Commitments or
Loans, the amount of the Commitments or Loans of the
assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent)
shall not be less than $1,000,000) unless each of the
Borrower and the Administrative Agent otherwise consents,
provided that (1) no such consent of the Borrower
shall be required if an Event of Default has occurred and is
continuing and (2) such amounts shall be aggregated in
respect of each Lender and its affiliates or Approved Funds,
if any;
	 
	 	(B)	 	the parties to each assignment
shall execute and deliver to the Administrative Agent an
Assignment and Assumption; and
	 
	 	(C)	 	the Assignee, if it shall not be
a Lender, shall deliver to the Administrative Agent an
administrative questionnaire in which the Assignee designates
one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information
about the Borrower and its Affiliates and their related parties
or their respective securities) will be made available and who
may receive such information in accordance with the assignee’s
compliance procedures and applicable laws, including Federal and
state securities law.

          For the purposes of this Section 10.6, “Approved Fund” means any Person (other than a
natural person) that is engaged in making, purchasing, holding or investing in bank loans and
similar extensions of credit in the ordinary course and that is administered or managed by (a) a
Lender, (b) an affiliate of a Lender or (c) an entity or an affiliate of an entity that administers
or manages a Lender.

          (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below,
from and after the effective date specified in each Assignment and Assumption the Assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in
the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 10.5(d)). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section.

          (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amount of the Loans owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall
be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each
Person whose name is recorded in the

69

 

Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the
Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

     (v) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an Assignee, the Assignee’s completed administrative questionnaire
(unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in
the Register as provided in this paragraph.

          (c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under
this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (C) the Borrower, the Administrative
Agent, and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement may provide that such Lender will
not, without the consent of the Participant, agree to any amendment, modification or waiver that
(1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the
second sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph
(c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.12, 2.13 and 2.14 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a
Lender, provided that such Participant shall be subject to Section 10.7(a) as though it
were a Lender.

          (ii) A Participant shall not be entitled to receive any greater payment under Sections
2.12 or 2.13 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent. Any Participant that is a
Non-U.S. Lender shall not be entitled to the benefits of Section 2.13 unless such
Participant complies with Section 2.13(d).

          (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or Assignee for such Lender as a party hereto.

          (e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue
Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph
(d) above.

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          (f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it
may have funded hereunder to its designating Lender without the consent of the Borrower or the
Administrative Agent and without regard to the limitations set forth in Section 10.6(b). Each
of the Borrower, each Lender and the Administrative Agent hereby confirms that it will not
institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state
bankruptcy or similar law, for one year and one day after the payment in full of the latest
maturing commercial paper note issued by such Conduit Lender; provided, however,
that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless
each other party hereto for any loss, cost, damage or expense arising out of its inability to
institute such a proceeding against such Conduit Lender during such period of forbearance.

          10.7 Adjustments; Set-off.

          (a) Except to the extent that this Agreement expressly provides for payments to be allocated
to a particular Lender, if any Lender (a “Benefitted Lender”) shall, at any time after the
Loans and other amounts payable hereunder shall immediately become due and payable pursuant to
Section 8, receive any payment of all or part of the Obligations owing to it, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events
or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion
than any such payment to or collateral received by any other Lender, if any, in respect of the
Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the
other Lenders a participating interest in such portion of the Obligations owing to each such other
Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be
necessary to cause such Benefitted Lender to share the excess payment or benefits of such
collateral ratably with each of the Lenders; provided, however, that if all or any
portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender,
such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of
such recovery, but without interest.

          (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall
have the right, without prior notice to the Borrower, any such notice being expressly waived by the
Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the
Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and
appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at
any time held or owing by such Lender or any branch or agency thereof to or for the credit or the
account of the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower
and the Administrative Agent after any such setoff and application made by such Lender,
provided that the failure to give such notice shall not affect the validity of such setoff
and application.

          10.8 Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. Delivery of an executed signature page
of this Agreement by facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be
lodged with the Borrower and the Administrative Agent.

          10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such

71

 

prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

          10.10 Integration. This Agreement and the other Loan Documents represent the entire
agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject
matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set
forth or referred to herein or in the other Loan Documents.

          10.11 Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

          10.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and
unconditionally:

          (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States for the Southern District of New York, and
appellate courts from any thereof;

          (b) consents that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;

          (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to the Borrower, as the case may be at its address set forth in Section 10.2 or at such
other address of which the Administrative Agent shall have been notified pursuant thereto;

          (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

          (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages; provided that none of the Borrower nor any of its Subsidiaries
shall be liable for any special exemplary punitive or consequential damages.

          10.13 Acknowledgements. The Borrower hereby acknowledges that:

          (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents;

          (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or
duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the
Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and

72

 

          (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the
Lenders.

          10.14 Releases of Guarantees and Liens.

          (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of
notice to or consent of any Lender except as expressly required by Section 10.1) to take any action
requested by the Borrower having the effect of releasing any Collateral or guarantee obligations
(i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan
Document or that has been consented to in accordance with Section 10.1 or (ii) under the
circumstances described in paragraph (e) below; provided that any Collateral Disposed or
transferred pursuant to a transaction permitted under Section 7.5 shall automatically be released
from the security interest granted pursuant to the Loan Documents without the requirement of
further action by any Person.

          (b) Upon the closing of any Asset Sale consisting of the sale of all of the shares of capital
stock of any Subsidiary Guarantor permitted pursuant to Section 7.5 (1) the obligations of such
Subsidiary Guarantor under its Guarantee shall automatically be discharged and released without any
further action by the Agents or any Lender, and (2) the Agents and the Lenders will, upon the
request and at the expense of the Borrower, execute and deliver any instrument or other document in
a form acceptable to the Administrative Agent which may reasonably be required to evidence such
discharge and release.

          (c) Upon the closing of any Asset Sale consisting of the sale of shares of capital stock of
any Subsidiary Guarantor or any Subsidiary of the Borrower permitted pursuant to Section 7.5, (1)
the Administrative Agent shall release to the Borrower, without representation, warranty or
recourse, express or implied, those of such pledged shares of capital stock of such Subsidiary
Guarantor or Subsidiary held by it, (2) the Administrative Agent shall release its security
interest in all Collateral of such Subsidiary and (3) the Agents and the Lenders will, upon the
request and at that expense of the Borrower, execute and deliver any instrument or other document
in a form acceptable to the Administrative Agent which may reasonably be required to evidence such
release.

          (d) Upon designation by the Borrower of an Unrestricted Subsidiary in accordance with the
terms of this Agreement, (i) the Administrative Agent shall release to the Borrower, without
representation, warranty or recourse, those shares of capital stock or other equity interests of
the Subsidiary that are the subject of such designation as permitted in accordance with the terms
of this Agreement and shall release any pledged note theretofore pledged by such Unrestricted
Subsidiary to the extent such note is being discharged in connection with such designation, and
(ii) if such Subsidiary whose shares are the subject of such designation is a Subsidiary Guarantor,
the obligations of such Subsidiary under its Subsidiary Guarantee shall automatically be discharged
and released as provided in clauses (b) and (c) of this Section 10.15 above and any lien granted by
such Subsidiary under the Loan Documents shall automatically be discharged and released.

          (e) At such time as the Loans and the other obligations under the Loan Documents (other than
obligations under or in respect of Swap Agreements and contingent obligations not due and payable)
shall have been paid in full and the Commitments terminated, the Collateral shall be released from
the Liens created by the Security Documents, and the Security Documents and all obligations (other
than those expressly stated to survive such termination) of the Administrative Agent and each Loan
Party under the Security Documents shall terminate, all without delivery of any instrument or
performance of any act by any Person.

73

 

          10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to
keep confidential all non-public information provided to it by any Loan Party, the Administrative
Agent or any Lender pursuant to or in connection with this Agreement that is designated by the
provider thereof as confidential; provided that nothing herein shall prevent the
Administrative Agent or any Lender from disclosing any such information (a) to the Administrative
Agent, any other Lender or any affiliate thereof, (b) subject to an agreement to comply with the
provisions of this Section, to any actual or prospective Transferee or any direct or indirect
counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its
employees, directors, agents, attorneys, accountants and other professional advisors or those of
any of its affiliates on a confidential basis, (d) upon the request or demand of any Governmental
Authority having jurisdiction over it, (e) in response to any order of any court or other
Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if
requested or required to do so in connection with any litigation or similar proceeding, (g) that
has been publicly disclosed (other than in violation of any confidentiality obligation known to
such Lender, including pursuant to this Section 10.15), (h) on a no-name basis, to the National
Association of Insurance Commissioners or any similar organization or any nationally recognized
rating agency that requires access to information about a Lender’s investment portfolio in
connection with ratings issued with respect to such Lender, or (i) in connection with the exercise
of any remedy hereunder or under any other Loan Document; provided that in the cases of clauses
(d), (e) or (f) the relevant Lender or Administrative Agent agrees to inform the Borrower promptly
thereof.

          Each Lender acknowledges that information furnished to it pursuant to this Agreement may
include material non-public information concerning the Borrower and its Affiliates and their
related parties or their respective securities, and confirms that it has developed compliance
procedures regarding the use of material non-public information and that it will handle such
material non-public information in accordance with those procedures and applicable law, including
Federal and state securities laws.

          All information, including requests for waivers and amendments, furnished by the Borrower or
the Administrative Agent pursuant to, or in the course of administering, this Agreement will be
syndicate-level information, which may contain material non-public information about the Borrower
and its Affiliates and their related parties or their respective securities. Accordingly, each
Lender represents to the Borrower and the Administrative Agent that it has identified in its
administrative questionnaire a credit contact who may receive information that may contain material
non-public information in accordance with its compliance procedures and applicable law, including
Federal and state securities laws.

          10.16 Waivers of Jury Trial. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

74

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	CLEARWIRE CORPORATION

 	 
	 	By:  	/s/
John Butler	 
	 	 	Name:  	John A. Butler	 
	 	 	Title:  	Executive Vice President & Chief Financial
Officer	 
	 

[Clearwire — Credit Agreement]

 

 

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC., as

Administrative Agent and as a Lender

 	 
	 	By:  	/s/
Stephen King	 
	 	 	Name:  	Stephen B. King	 
	 	 	Title:  	Vice President 
Morgan Stanley Senior
Funding, Inc.	 
	 

[Clearwire — Credit Agreement]

 

 

	 	 	 	 	 
	 	MORGAN STANLEY & CO., INC., as Collateral Agent

 	 
	 	By:  	/s/
Andrew W. Earles	 
	 	 	Name:  	Andrew W. Earles	 
	 	 	Title:  	Managing Director	 
	 

[Clearwire — Credit Agreement]

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Syndication 

Agent and as a Lender

 	 
	 	By:  	/s/
William P. Rindfuss	 
	 	 	Name:  	William P. Rindfuss	 
	 	 	Title:  	Vice President	 
	 

[Clearwire — Credit Agreement]

 

 

	 	 	 	 	 
	 	MERRILL LYNCH, PIERCE, FENNER & SMITH, 

INCORPORATED, as Co-Documentation Agent and as

a Lender

 	 
	 	By:  	/s/
Scott Turbin	 
	 	 	Name:  	Scott Turbin	 
	 	 	Title:  	Managing Director	 
	 

[Clearwire — Credit Agreement]

 

 

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS INC., as Co-

Documentation Agent and as a Lender

 	 
	 	By:  	/s/
Ross A. MacIntyre	 
	 	 	Name:  	Ross A. MacIntyre	 
	 	 	Title:  	Managing Director	 
	 

[Clearwire — Credit Agreement]

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