Document:

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                                                                   EXHIBIT 10.52

                                                                  EXECUTION COPY

              SEVENTH AMENDMENT AND WAIVER TO BRIDGE LOAN AGREEMENT

        This SEVENTH AMENDMENT AND WAIVER TO BRIDGE LOAN AGREEMENT (this
"Amendment"), dated as of September 10, 2002, is entered into by PEGASO
COMUNICACIONES Y SISTEMAS, S.A. DE C.V., a sociedad anonima de capital variable
organized under the laws of Mexico ("Borrower"), PEGASO TELECOMUNICACIONES, S.A.
DE C.V., a sociedad anonima de capital variable organized under the laws of
Mexico ("Pegaso"), PEGASO PCS, S.A. DE C.V., a sociedad anonima de capital
variable organized under the laws of Mexico ("Pegaso PCS"), PEGASO RECURSOS
HUMANOS, S.A. DE C.V., a sociedad anonima de capital variable organized under
the laws of Mexico ("Pegaso RH"), PEGASO FINANZAS, S.A. DE C.V., a sociedad
anonima de capital variable organized under the laws of Mexico ("Finanzas"),
PEGASO FINCO I, S.A. DE C.V., a sociedad anonima de capital variable organized
under the laws of Mexico ("Finco"), QUALCOMM INCORPORATED, a corporation
organized under the laws of Delaware ("QUALCOMM" and also the "Lender"), and
CITIBANK, N.A., a national banking association, in its capacity as
administrative agent for the Lenders ("Administrative Agent"), under the Bridge
Loan Agreement dated as of May 27, 1999 (as modified, amended, supplemented or
restated from time to time, the "Bridge Loan Agreement"). Unless otherwise
indicated, capitalized terms used and not otherwise defined in this Amendment
shall have the same meanings in this Amendment as set forth in the Bridge Loan
Agreement, and the rules of interpretation set forth in Section 1.2 of the
Bridge Loan Agreement shall be applicable to this Amendment, mutatis mutandis,
as if set forth in this Amendment.

                                    RECITALS:

        A. The Bridge Loan Agreement has been amended pursuant to (i) the First
Amendment to the Bridge Loan Agreement, dated as of February 8, 2000, (ii) the
Second Amendment to the Bridge Loan Agreement, dated as of August 22, 2000,
(iii) the Third Amendment to the Bridge Loan Agreement, dated as of November 17,
2000, (iv) the Fourth Amendment to the Bridge Loan Agreement, dated as of March
22, 2001, (v) the Fifth Amendment and Waiver to Bridge Loan Agreement, dated as
of June 29, 2001, and (vi) the Sixth Amendment and Waiver to the Bridge Loan
Agreement, dated as of October 10, 2001.

        B. QUALCOMM and the members of the Borrower Group entered into that
certain letter agreement, dated as of March 29, 2002 (the "Bridge Interest
Capitalization Letter Agreement"), pursuant to which the parties agreed, inter
alia, to set the interest rate applicable to all Loans then outstanding at
19.78% per annum and to capitalize the outstanding interest on all Loans on the
last day of each March, June, September and December.

        C. The shareholders of Pegaso (the "Shareholders"), have entered into a
Stock Purchase Agreement, dated as of April 26, 2002 (the "Stock Purchase
Agreement"), with Telefonica Moviles, S.A. ("TEM"), and certain other parties
named in the Stock Purchase

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Agreement, pursuant to which TEM has agreed to purchase from certain of the
shareholders their shares in Pegaso pursuant to the terms and conditions set
forth in the Stock Purchase Agreement.

        D. The Shareholders, Pegaso, Sprint Corporation and Leap Wireless
International, Inc. have entered into a Funding Agreement, dated as of June 26,
2001 (as amended or modified from time to time, the "Funding Agreement"),
pursuant to which certain of the Shareholders are obligated to subscribe to and
purchase notes from Pegaso in a minimum amount of $100,000,000 and up to
$150,000,000 in the form of subordinated convertible debt (the "Convertible
Notes") pursuant to the terms and conditions of the Funding Agreement.

        E. Borrower has requested that (i) the Bridge Loan Agreement be amended
to change the definition of "Scheduled Maturity Date", (ii) the accrual of
interest applicable on all Loans outstanding shall have stopped as of November
30, 2001, (iii) QUALCOMM waive certain provisions of the Bridge Loan Agreement
in connection with the Closing under the Stock Purchase Agreement and (iv)
QUALCOMM waive, among the other matters set forth herein, the mandatory
prepayment requirement under Section 2.15 of the Bridge Loan Agreement with
respect to the net proceeds to be received from the issuance of the Capital
Stock of Pegaso contemplated in connection with the Closing under the Stock
Purchase Agreement.

        F. QUALCOMM and the Administrative Agent have agreed to amend the Bridge
Loan Agreement and QUALCOMM has agreed to (i) stop accruing interest on the
Obligations as of November 30, 2001 and (ii) grant the waivers requested in this
Amendment, each upon the terms and conditions set forth in this Amendment.

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

        Section 1. Amendment, Agreement, Waiver and Acknowledgement.

        (a) Amendment. Subject to the satisfaction of the conditions precedent
set forth in Section 2 of this Amendment, Section 1.1 of the Bridge Loan
Agreement is amended as follows:

            (i) Section 1.1 (Defined Terms) of the Bridge Loan Agreement is
amended by substituting the definition of "Scheduled Maturity Date" with the
following new definition of "Scheduled Maturity Date":

        "Scheduled Maturity Date" shall mean the earlier of (a) the date that is
sixty (60) days after the Closing under the Stock Purchase Agreement or (b) if
the Stock Purchase Agreement is rescinded, revoked or abandoned for any reason
by any party to the Stock Purchase Agreement or terminated in accordance with
the terms thereof prior to the date that is sixty (60) days after the Closing
under the Stock Purchase Agreement, the date three (3) Business Days after such
termination, rescission, revocation or abandonment.

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            (ii) Section 1.1 (Defined Terms) of the Bridge Loan Agreement is
amended by adding the following new definition of "Stock Purchase Agreement" in
the appropriate alphabetical order:

        "Stock Purchase Agreement" means that certain Stock Purchase Agreement,
dated as of April 26, 2002, among Telefonica Moviles, S.A., the Borrower Group,
Alejandro Burillo Azcarraga, Carmela Azcarraga Milmo, Scotiabank Inverlat, S.A.,
Institucion de Banca Multiple, Grupo Financiero Scotiabank Inverlat, as trustee
of fideicomiso No. 101814, a Mexican Trust, Leap PCS Mexico, Inc., Leap Wireless
International, Inc., IEII, Nissho Iwai, LAIF X SPRL, QUALCOMM, Sprint Mexico,
Inc., Sprint Corporation, Alcatel and Telefonaktiebolaget LM Ericsson (publ).

            (iii) Section 6.31 (Operating Agreements) of the Bridge Loan
Agreement is deleted in its entirety.

        (b) Agreements.

            (i) Accrual of interest is stopped as of November 30, 2001 provided
that the Bridge Loans are timely repaid in accordance with the Stock Purchase
Agreement and, provided that the Bridge Loans are timely repaid by the Scheduled
Maturity Date, all default interest applicable to the Bridge Loan Agreement and
any late fee or other charge payable in connection with a default thereunder
incurred by any member of the Borrower Group at any time prior to such timely
repayment are hereby waived. If the Closing under the Stock Purchase Agreement
has occurred and (A) the Obligations are not paid on or before the date that is
sixty (60) days after such Closing, the liquidated damages provision with
respect to such late payments set forth in Section 2.05(b) of the Stock Purchase
Agreement shall apply to the unpaid Obligations, and (B) the Obligations are not
paid on or before the date that is ninety (90) days after such Closing, interest
on the unpaid Obligations shall have been deemed to accrue from November 30,
2001 and capitalized in accordance with the Bridge Interest Capitalization
Letter Agreement. Section 2.05(b) of the Stock Purchase Agreement is hereby
incorporated by reference as if fully set forth in this Amendment and the
defined terms used in Section 2.05(b) of the Stock Purchase Agreement shall have
the meanings ascribed to such terms in the Stock Purchase Agreement.

            (ii) If all outstanding obligations under the Bridge Loan Agreement
are paid by Borrower prior to the Scheduled Maturity Date, (A) interest under
the Bridge Loan Agreement shall be deemed not to have accrued or capitalized
pursuant to the Bridge Interest Capitalization Letter Agreement, and (B) all
interest (including default interest) under the Bridge Loan Agreement accruing
from November 30, 2001 until the date of such repayment shall be forgiven
(condonado) for all purposes.

            (iii) Until the earlier of (A) the date that is sixty (60) days
after the Closing under the Stock Purchase Agreement and (B) the day that the
Obligations shall have been indefeasibly paid in full, QUALCOMM waives its
rights under Section 2.16 of the Bridge Loan Agreement and agrees that it shall
not arrange, or attempt to arrange, a syndication of the Commitments, Loans, or
LC Expsoures under the Facilities.

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            (iv) Upon the indefeasible payment in full of the Obligations on or
before the date that is sixty (60) days after the Closing under the Stock
Purchase Agreement, QUALCOMM hereby agrees to, on the date of such payment,
execute, as requested by TEM, either (A) terminations of the Bridge Loan
Agreement, the Pagares issued in connection with the disbursements made under
the Bridge Loan Agreement and each other document evidencing the loans
thereunder and the pay-off letter, each in form and substance reasonably
acceptable to the parties thereto, or (B) an assignment and assumption of the
Bridge Loan Agreement in accordance with the terms of the Stock Purchase
Agreement and each member of the Borrower Group hereby agrees to, on the date of
such payment, (1) execute and deliver a letter of release in the form attached
to this Amendment as Exhibit B.

            (v) The Borrower's Obligations under the Bridge Loan Agreement are
due and payable on or before the Scheduled Maturity Date; provided, however,
that if the Borrower fails to make payment in cash in full of all amounts due
under the Bridge Loan Agreement by the date that is sixty (60) days after the
Closing under the Stock Purchase Agreement, the Scheduled Maturity Date shall be
deemed extended on a week by week basis up to the date that is ninety (90) days
after Closing under the Stock Purchase Agreement only if the liquidated damages
amounts payable by Borrower under Section 2.05(b) of the Stock Purchase
Agreement are paid in full when due and all amounts due under the Bridge Loan
Agreement are repaid on or before the date that is ninety (90) days after the
Closing under the Stock Purchase Agreement.

        (c) Waiver and Acknowledgement. Subject to the satisfaction of the
conditions precedent set forth in Section 2 of this Amendment, QUALCOMM waives
the requirement of Borrower under Section 2.15 of the Bridge Loan Agreement to
prepay the Obligations with the net proceeds from the issuance of Capital Stock
of Pegaso pursuant to the Contribution Agreement (as defined in the Stock
Purchase Agreement); provided that the Capital Stock of Pegaso shall be issued
in accordance with the terms and conditions of the Contribution Agreement no
later than the date of the Closing under the Stock Purchase Agreement.

        Section 2. Conditions to Effectiveness. Subject to the satisfaction of
all of the following conditions precedent (the date of satisfaction of all such
conditions being referred to as the "Closing Date"), the amendment set forth in
Section 1(a) of this Amendment, the agreement set forth in Section 1(b) of this
Amendment (other than with respect to Section 1(b)(ii), which shall be deemed
effective as of the date hereof) and the waivers and acknowledgement granted by
QUALCOMM under Section 1(c) of this Amendment shall be effective as of the
Closing Date, and upon request from Borrower the Administrative Agent shall
provide confirmation that all conditions precedent have been satisfied or
otherwise waived by QUALCOMM in its sole discretion:

        (a) Each member of the Borrower Group, as applicable, shall deliver or
shall cause to be delivered to QUALCOMM, by facsimile, copies of (with
sufficient originally executed copies for each Lender to be delivered by
overnight courier service) the following described documents (each of which
shall be reasonably satisfactory in form and substance to QUALCOMM and its
counsel):

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            (i) this Amendment, duly executed and delivered by the parties;

            (ii) a confirmation of the Pegaso Guaranty Agreement (in Spanish and
English), dated as of the date hereof, duly executed and delivered by each of
Pegaso, Pegaso PCS and Pegaso RH, as guarantors under the Pegaso Guaranty
Agreement, in favor of Administrative Agent for the benefit of the Lenders;

            (iii) a confirmation of the Finanzas and Finco Guaranty as defined
below (in Spanish and English), dated as of the date hereof, duly executed and
delivered by each of Finanzas and Finco, as guarantors, under the Guaranty,
dated as of October 10, 2001, by Finanzas and Finco (the "Finanzas and Finco
Guaranty") in favor of Administrative Agent for the benefit of the Lenders;

            (iv) an executed letter in the form of Exhibit A (the "Notice
Letter"), among the Agents (as defined in the Common Agreement) and the Borrower
Group with respect to the waivers and amendments contemplated in the Common
Agreement;

            (v) a legal opinion from Borrower's Mexican corporate counsel in
form and substance satisfactory to QUALCOMM, and

            (vi) the Pagare, dated as of the date hereof, that (A) evidences the
outstanding Obligations owed by Borrower to QUALCOMM as of the date hereof, and
(B) replaces that certain Pagare dated as of October 10, 2001 evidencing the
outstanding Obligations owed by Borrower to QUALCOMM as of such date.

        (b) Administrative Agent shall have received all fees and other amounts
due and payable on or prior to the Closing Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by Borrower under or in connection with this Amendment;

        (c) On or before the Closing Date, all corporate, partnership and other
proceedings taken by each member of the Borrower Group or to be taken in
connection with the transactions contemplated by this Amendment, and all
documents incidental to such transactions, shall be reasonably satisfactory in
form and substance to the Administrative Agent and its counsel, and the
Administrative Agent and such counsel shall have received all such counterpart
originals or certified copies of such documents, opinions, certificates and
evidence as they may reasonably request;

        (d) The representations and warranties set forth in Section 3 of this
Amendment shall be true and correct as of the Closing Date; and

        (e) All approvals, authorizations, filings or Permits necessary for the
execution, delivery and performance of this Amendment shall have been made,
taken or obtained from or with any Governmental Authority, and no order,
statutory rule, regulation, executive order, decree, judgment or injunction
shall have been enacted, entered, issued, promulgated or enforced by any
Governmental Authority which prohibits or restricts the transactions

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contemplated by this Amendment, nor shall any action have been commenced or
threatened seeking any injunction or any restraining or other order to prohibit,
restrain, invalidate or set aside the transactions contemplated by this
Amendment.

        Section 3. Borrower Group Representations and Warranties. In order to
induce the Lenders to enter into this Amendment and to amend the Bridge Loan
Agreement in the manner provided in this Amendment, each member of the Borrower
Group represents and warrants, as to itself, as applicable, to each Lender and
the Administrative Agent as follows:

        (a) Corporate Power and Authority. Such member of the Borrower Group has
all requisite corporate power and authority to enter into this Amendment and to
carry out the transactions contemplated by, and perform its obligations under,
the Bridge Loan Agreement as amended by this Amendment (the "Amended
Agreement").

        (b) Authorization of Agreements. The execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary corporate and, if required, stockholder action of the Borrower
Group, and this Amendment has been duly executed and delivered by the Borrower
Group.

        (c) Enforceability. The Amended Agreement constitutes the legal, valid
and binding obligation of each member of the Borrower Group, enforceable against
such member of the Borrower Group in accordance with its terms, except as may be
limited by bankruptcy, insolvency or other similar laws affecting the
enforcement of creditors' rights in general. The enforceability of the Borrower
Group's obligations thereunder is subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law).

        (d) No Conflict. The execution and delivery by each member of the
Borrower Group of this Amendment and the performance by such member of the
Borrower Group of the Amended Agreement do not and will not (i) contravene, in
any material respect, any provision of any law, regulation, decree, ruling,
judgment or order that is (A) applicable to such member of the Borrower Group or
any of its properties or other assets and (B) in effect when this representation
and warranty is made, (ii) result in a breach of or constitute a default under
its charter documents or any other material agreement, indenture, lease or
instrument binding upon such member of the Borrower Group or any of its
properties or other assets and (iii) result in the creation or imposition of any
Liens on any property (other than Permitted Liens) of the Borrower Group.

        (e) Permits. The execution, delivery and performance by each member of
the Borrower Group of this Amendment do not and will not require any Permit and
do not result in the loss or impairment of any Permit previously obtained in
connection with the execution, delivery and performance of the Loan Documents or
the acquisition, construction, ownership, maintenance or operation of the
System.

        (f) Representations and Warranties in the Bridge Loan Agreement;
Defaults. The representations and warranties contained in Section 6 of the
Bridge Loan Agreement (other

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than Section 6.31) are (before and after giving effect to this Amendment) true
and correct and that, after giving effect to this Amendment no Default or Event
of Default has occurred and is continuing other than the Covered Bridge Defaults
(as defined in and addressed in the forbearance letter, dated as of April 26,
2002, executed by QUALCOMM, acknowledged, accepted and agreed to by each member
of Borrower Group and acknowledged and agreed to by the Administrative Agent).

            Section 4. Conditions Subsequent and Events of Default. The failure
of any of the following conditions subsequent to occur by the date applicable to
such condition subsequent, shall constitute an Event of Default under the Bridge
Loan Agreement and upon the occurrence of such Event of Default QUALCOMM shall
be entitled to exercise the remedies as set forth in Section 9.2 of the Bridge
Loan Agreement and the security documents set forth in Schedule 1 executed in
connection with the Sixth Amendment and Waiver to the Credit Agreement, dated as
of October 10, 2001:

        (a) In connection with the Closing under the Stock Purchase Agreement,
    TEM and the Burillo Group (as defined in the Stock Purchase Agreement) shall
    have (i) effected a capital increase in Pegaso pursuant to the terms and
    conditions set forth in the Contribution Agreement; (ii) incorporated Newco
    (as defined in the Stock Purchase Agreement; and (iii) contributed their
    shares of Pegaso to Newco pursuant to the Contribution Agreement.

        (b) On or before the date that is thirty (30) days after the Closing
    under the Stock Purchase Agreement, TEM shall have paid, or shall have cause
    to be paid, the Interim Loans, Additional Interim Loans and loans made under
    the Additional Financing Facility Credit Agrement (as defined in the Stock
    Purchase Agreement) (collectively, the "Special Loans") to QUALCOMM;
    provided, however, that if the Special Loans are not repaid by the date that
    is thirty (30) days after the Closing under the Stock Purchase Agreement,
    this condition may be satisfied if the liquidated damages amounts payable by
    Borrower under Section 2.05(a) of the Stock Purchase Agreement are paid in
    full when due and all amounts due in respect of the Special Loans are repaid
    on or before the date that is sixty (60) days after the Closing under the
    Stock Purchase Agreement.

        Section 5. Miscellaneous.

        (a) Reference to and Effect on the Bridge Loan Agreement and the other
Loan Documents.

            (i) The Bridge Loan Agreement and the other Loan Documents as
specifically amended by this Amendment shall remain in full force and effect and
are hereby ratified and confirmed.

            (ii) The execution, delivery and performance of this Amendment shall
not, except as expressly provided in this Amendment, constitute a waiver of any
provision of, or operate as a waiver of any right, power or remedy of QUALCOMM
and the Administrative Agent under, the Bridge Loan Agreement or any of the
other Loan Documents.

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            (iii) Upon the conditions precedent set forth in this Amendment
being satisfied, this Amendment shall be construed as one with the Bridge Loan
Agreement, and the Bridge Loan Agreement shall, where the context requires, be
read and construed throughout so as to incorporate this Amendment.

            (iv) If the Stock Purchase Agreement shall have been revoked,
rescinded or abandoned for any reason or terminated in accordance with the terms
thereof prior to the Closing under the Stock Purchase Agreement, the agreements
set forth in Section 1(b) and the waivers and acknowledgements granted under
Section 1(c) of this Amendment shall be automatically rendered null and void ab
initio and such termination, revocation, rescission or abandonment shall
constitute an Event of Default under the Bridge Loan Agreement and shall entitle
QUALCOMM to take all of the actions and remedies specified in the Bridge Loan
Agreement or any other Loan Document which may be taken upon the occurrence of
an Event of Default.

        (b) Fees and Expenses. Borrower acknowledges that all reasonable costs,
fees and expenses as described in Section 11.3(a) of the Bridge Loan Agreement
incurred by QUALCOMM and the Administrative Agent and in each case its counsel
after the date of the Closing under the Stock Purchase Agreement, with respect
to this Amendment and the documents and transactions contemplated hereby shall
be for the account of Borrower.

        (c) Execution in Counterparts; Effectiveness. This Amendment may be
executed in any number of counterparts, and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts taken together shall constitute
but one and the same instrument.

        (d) Headings. Section and subsection headings in this Amendment are
included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose or be given any substantive effect.

        (e) Severability. If any provision contained in or obligation under this
Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

        (f) GOVERNING LAW; JURISDICTION. THIS AMENDMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT
FROM ANY THEREOF, FOR THE PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY AND

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UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT
PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS (INCLUDING MEXICO) BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW. EXCEPT AS OTHERWISE PROVIDED IN THIS
AMENDMENT, NOTHING IN THIS AMENDMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE
AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS AMENDMENT AGAINST BORROWER OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM
THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

                             [SIGNATURES TO FOLLOW]

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        IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment
as of the date first above written.

THE BORROWER GROUP:

PEGASO COMUNICACIONES Y SISTEMAS, S.A. DE C.V.

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

PEGASO TELECOMUNICACIONES, S.A. DE C.V.

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

PEGASO PCS, S.A. DE C.V.

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

PEGASO RECURSOS HUMANOS, S.A. DE C.V.

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

<PAGE>

PEGASO FINCO I, S.A. DE C.V.

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

PEGASO FINANZAS, S.A. DE C.V.

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

<PAGE>

VENDOR WORKING CAPITAL LENDER AND
CAPITALIZED INTEREST LENDER:

QUALCOMM INCORPORATED

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

<PAGE>

ADMINISTRATIVE AGENT:

CITIBANK, N. A.,
as Administrative Agent

By:
   ------------------------------
Printed Name:
             --------------------
Title:
      ---------------------------<PAGE>

                                                                   EXHIBIT 10.53

                                                                  EXECUTION COPY

                           AMENDMENT NO. 6 TO AMENDED
                          AND RESTATED CREDIT AGREEMENT

               This AMENDMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT,
dated as of September 10, 2002 (this "Amendment"), is entered into by and among
PEGASO COMUNICACIONES Y SISTEMAS, S.A. DE C.V., a corporation organized under
the laws of Mexico ("Borrower"), the other members of the BORROWER GROUP,
QUALCOMM INCORPORATED, a corporation organized under the laws of Delaware
("QUALCOMM"), TELEFONAKTIEBOLAGET LM ERICSSON (PUBL), a limited liability
company organized under the laws of Sweden ("Ericsson"), the lenders from time
to time party to the Credit Agreement (as defined below) (together with QUALCOMM
and Ericsson, each a "Lender," and, collectively, the "Lenders"), and ABN AMRO
BANK N.V. as administrative agent for the Lenders ("Administrative Agent").

                                    RECITALS

               WHEREAS, Borrower has entered into the Amended and Restated
Credit Agreement, dated as of December 15, 1998 (as amended, modified,
supplemented or restated, the "Credit Agreement"), by and among Borrower,
QUALCOMM, Ericsson and the Administrative Agent, as amended by Amendment No. 1
to Amended and Restated Credit Agreement, dated as of May 27, 1999, Amendment
No. 2 to Amended and Restated Credit Agreement, dated as of November 28, 2000,
Amendment No. 3 to Amended and Restated Credit Agreement, dated as of October
10, 2001 ("Amendment No. 3"), Amendment No. 4 to Amended and Restated Credit
Agreement, dated as of January 16, 2002, and Amendment No. 5 to Amended and
Restated Credit Agreement, dated as of April 26, 2002.

               WHEREAS, the Ericsson Additional Commitment was fully utilized by
Borrower as of the Stock Purchase Agreement Closing Date (as defined in Section
2.2(a) of this Amendment, the "Stock Purchase Agreement Closing Date").

               WHEREAS, Ericsson and QUALCOMM have entered into an Assignment
and Acceptance Agreement, dated as of April 26, 2002, pursuant to which Ericsson
sold and assigned to QUALCOMM a percentage interest in Ericsson's rights and
obligations in its outstanding Facility-2 Loans and Commitments under the Credit
Agreement, in accordance with the terms and conditions of such Assignment and
Acceptance Agreement.

               WHEREAS, Pegaso Telecomunicaciones S.A. de C.V., a corporation
organized under the laws of Mexico ("Holdings"), has entered into the Stock
Purchase Agreement, dated as of April 26, 2002 (as amended, modified,
supplemented or restated from time to time, the "Stock Purchase Agreement"), by
and among Holdings, its shareholders (the "Shareholders"), Telefonica Moviles,
S.A., a corporation organized under the laws of the Kingdom of Spain ("TEM"),
and the other parties named therein, pursuant to which TEM shall purchase from
certain of the Shareholders all the capital stock of Holdings owned by such
Shareholders in accordance with the terms and conditions of the Stock Purchase
Agreement.

<PAGE>

               WHEREAS, the Borrower has entered into the Amended and Restated
Interim Funding Agreement, dated as of April 26, 2002 (as amended, modified,
supplemented or restated from time to time, the "Interim Funding Agreement"), by
and among Borrower, the other members of the Borrower Group, QUALCOMM and
Electro Banque, and consented and agreed to and acknowledged by Ericsson, the
Administrative Agent, the Facility 2 Administrative Agent and Alcatel, a
corporation organized under the laws of France ("Alcatel"), pursuant to which
QUALCOMM and Electro Banque will make Special Loans (as defined in the Interim
Funding Agreement) to Borrower from QUALCOMM's unused Facility-2 Commitment
under the Credit Agreement and from the Facility 2 Credit Agreement,
respectively, for the purpose, among other things, of financing the payment of
operating expenditures of Borrower in accordance with the Business Plan
described in the Stock Purchase Agreement.

               WHEREAS, QUALCOMM, Alcatel and Ericsson have entered into the
Second Vendor Parties Forbearance Agreement, acknowledged, accepted and agreed
to by each member of the Borrower Group and the other parties named therein,
dated as of April 26, 2002 (as amended, modified, supplemented or restated from
time to time, the "Second Vendor Forbearance Agreement"), pursuant to which all
Covered Vendor Facility Defaults (as defined in the Second Vendor Forbearance
Agreement) have been forborne until the occurrence of a Forbearance Termination
Event (as defined in the Second Vendor Forbearance Agreement).

               WHEREAS, Ericsson and QUALCOMM have entered into an Assignment
and Acceptance Agreement, dated as of the date hereof, pursuant to which
QUALCOMM sold and assigned to Ericsson a percentage interest in QUALCOMM's
rights and obligations in its unused Facility-2 Commitment under the Credit
Agreement, in accordance with the terms and conditions of such Assignment and
Acceptance Agreement.

               WHEREAS, the members of the Borrower Group have requested to roll
over certain Obligations outstanding under the Credit Agreement and to amend
certain terms and provisions with such rolled over Obligations as set forth in
this Amendment and the execution and delivery of this Amendment is a condition
precedent to the closing under the Stock Purchase Agreement and the Lenders and
the Administrative Agent have agreed to amend the Credit Agreement in accordance
with the terms, subject to the conditions, and in reliance upon the
representations and warranties set forth below.

               NOW, THEREFORE, in consideration of the foregoing recitals and
the following mutual covenants and promises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound, the parties agree as follows:

        SECTION 1. DEFINITIONS. All capitalized terms used but not defined in
this Amendment shall have the meanings given to them in the Credit Agreement or,
if not defined therein, in the Common Agreement or, if not defined therein, in
the Interim Funding Agreement.

        SECTION 2. AGREEMENTS AND AMENDMENTS TO CREDIT AGREEMENT.

               2.1 AGREEMENTS.

                                      -2-
<PAGE>

                   (a) The parties to this Amendment agree that all Obligations
outstanding under the Credit Agreement as of the Stock Purchase Agreement
Closing Date (other than Obligations outstanding with respect to the VAT Loans),
as set forth in greater detail in Exhibit G, shall be consolidated into the
Rolled Over Loan (as defined below) by capitalizing on the Stock Purchase
Agreement Closing Date all interest with respect to such Obligations (other than
Obligations with respect to the VAT Loans) owing and accrued through the Stock
Purchase Agreement Closing Date and a Facility-2 Loan shall be deemed to have
been made with respect to all such accrued interest set forth in Exhibit G that
is to be capitalized and such Rolled Over Loan shall be a Eurodollar Loan with
an interest period of six (6) months ending on February 28, 2003.

                   (b) The parties to this Amendment agree that the principal
amounts of all VAT Loans outstanding under the Credit Agreement as of the Stock
Purchase Agreement Closing Date (together with any accrued interest thereon), as
set forth in greater detail in Exhibit G, shall be consolidated into a single
VAT Loan by capitalizing on the Stock Purchase Agreement Closing Date all
interest on each VAT Loan owing and accrued through the Stock Purchase Agreement
Closing Date, which single VAT Loan shall bear interest at a fixed rate of six
point four percent (6.4%) per annum.

                   (c) Notwithstanding anything to the contrary in Section
1.1(b) of the Credit Agreement and the definition of "VAT Facility Availability
Period," the parties agree that the Lenders shall not be obligated to provide to
Borrower VAT Loans from the date of this Agreement through the VAT Loan Maturity
Date. The parties further agree to reduce the unused Total VAT Loan Commitment
to zero and, consequently, cancel the unused Total VAT Loan Commitment.

               2.2 SECTION 9 (DEFINITIONS). Section 9 of the Credit Agreement is
hereby amended as follows:

                   (a) DEFINITION OF "APPLICABLE MARGIN." The definition of
"Applicable Margin" is deleted and replaced in its entirety and the following
new definition of "Applicable Margin" is added to read as follows:

               "Applicable Margin" shall mean for a Loan which is (a) a
        Eurodollar Loan, (i) 1.00% from the Closing Date (as defined in the
        Stock Purchase Agreement, the "Stock Purchase Agreement Closing Date")
        to the day that is one day prior to the second anniversary of the Stock
        Purchase Agreement Closing Date; (ii) 3.00% from the second anniversary
        of the Stock Purchase Agreement Closing Date to the day that is one day
        prior to the fifth anniversary of the Stock Purchase Agreement Closing
        Date; and (iii) 6.00% from the fifth anniversary of the Stock Purchase
        Agreement Closing Date to the Extended Maturity Date; or (b) a Base Rate
        Loan, (i) 0.00% from the Stock Purchase Agreement Closing Date to the
        day that is one day prior to the second anniversary of the Stock
        Purchase Agreement Closing Date; (ii) 2.00% from the second anniversary
        of the Stock Purchase Agreement Closing Date to the day that is one day
        prior to the fifth anniversary of the Stock Purchase Agreement Closing
        Date; and (iii) 5.00% from the fifth anniversary of the Stock Purchase
        Agreement Closing Date to the Extended Maturity Date.

                                      -3-
<PAGE>

                   (b) DEFINITION OF "EXTENDED MATURITY DATE." A new definition
of "Extended Maturity Date" is added in appropriate alphabetical order to read
as follows:

               "Extended Maturity Date" shall mean December 31, 2008.

                   (c) DEFINITION OF "FACILITY-2 AVAILABILITY TERMINATION DATE."
The definition of "Facility-2 Availability Termination Date" is deleted and
replaced in its entirety and the following new definition of "Facility-2
Availability Termination Date" is added to read as follows:

               "Facility-2 Availability Termination Date" shall mean, (A) with
        respect to Facility-2 Loans to be disbursed under the QUALCOMM
        Additional Commitment as Special Loans, December 31, 2002 or, if
        earlier, the date on which the Special Loan Commitments under the
        Interim Funding Agreement terminate, and (B) with respect to Facility-2
        Loans to be disbursed under the QUALCOMM Additional Commitment for the
        purposes described in Section 3.4 of Amendment No. 3, (i) November 12,
        2002 (the "Substitute Special Loan Scheduled Maturity Date"), or (ii)
        November 5, 2003, if all of the following conditions are satisfied no
        later than the Substitute Special Loan Scheduled Maturity Date: (1) all
        amounts due in respect of the Backstop Fee Loan, the Interim Loans and
        the Additional Interim Loans have been paid in full in cash no later
        than the Substitute Special Loan Scheduled Maturity Date, (2) the
        Special Loan Commitments with respect to the Backstop Fee Loan, the
        Interim Loans and the Additional Interim Loans under the Interim Funding
        Agreement have been irrevocably terminated, (3) Borrower (or the entity
        surviving the Sale Transaction) has executed and delivered binding and
        irrevocable purchase orders or reconfirmed previously suspended purchase
        orders on or before the Substitute Special Loan Scheduled Maturity Date
        (and the availability of such Facility-2 Loans shall be extended only to
        the extent of the aggregate amount of such purchase orders in an amount
        of up to $96,000,000.00) for the purchase of equipment and services from
        Ericsson, as described in Section 3.4 of Amendment No. 3, and (4)
        Borrower has committed to pay for such purchases with Facility-2 Loans
        under the QUALCOMM Additional Commitment prior to November 5, 2003.

                   (d) DEFINITION OF "ROLLED OVER LOAN." A new definition of
"Rolled Over Loan" is added in appropriate alphabetical order to read as
follows:

               "Rolled Over Loan" shall mean the Obligations of Borrower as of
        the Stock Purchase Agreement Closing Date (other than Obligations
        outstanding with respect to the VAT Loans) set forth in Exhibit G which
        shall be consolidated on the Stock Purchase Agreement Closing Date (as
        defined in Amendment No. 6 to this Agreement).

                   (e) DEFINITION OF "STOCK PURCHASE AGREEMENT." A new
definition of "Stock Purchase Agreement" is added in appropriate alphabetical
order to read as follows:

               "Stock Purchase Agreement" shall mean the Stock Purchase
        Agreement, dated as of April 26, 2002, among TEM, Holdings, the other
        members of the Borrower Group, the shareholders of Holdings and other
        parties named therein, pursuant to which TEM has

                                      -4-
<PAGE>

        agreed to purchase from certain of the shareholders of Holdings all the
        capital stock of Holdings owned by such shareholders.

                   (f) DEFINITION OF "TEM." A new definition of "TEM" is added
in appropriate alphabetical order to read as follows:

               "TEM" shall mean Telefonica Moviles, S.A., a company organized
        under the laws of the Kingdom of Spain, or any of its Affiliates.

                   (g) DEFINITION OF "VAT LOAN MATURITY DATE." The definition of
"VAT Loan Maturity Date" is deleted and replaced in its entirety and the
following new definition of "VAT Loan Maturity Date" is added to read as
follows:

               "VAT Loan Maturity Date" shall mean March 31, 2003.

               2.3 QUALCOMM ADDITIONAL COMMITMENT. Section 3.2 of Amendment No.
3 is hereby deleted and replaced in its entirety with the following:

        "3.2 QUALCOMM ADDITIONAL COMMITMENT. The QUALCOMM Additional Commitment
        shall be available (a) for purposes of making Interim Loans, the
        Backstop Fee Loan and up to $31,000,000.00 for Additional Interim Loans
        pursuant to the Interim Funding Agreement, upon satisfaction of the
        conditions precedent to funding under the Interim Funding Agreement, (b)
        for purposes of making Facility-2 Loans under the QUALCOMM Additional
        Commitment for the uses specified in Section 3.4 of Amendment No. 3 and
        (c) for purposes of making Facility-2 Loans for interest and fees to be
        consolidated pursuant to Section 2.1(a) of Amendment No. 6 to the Credit
        Agreement, upon the satisfaction of the following conditions precedent:
        (1) payment in full of all amounts due in respect of Interim Loans, the
        Backstop Fee Loan and the Additional Interim Loans no later than 30 days
        after the Stock Purchase Agreement Closing Date, (2) the irrevocable
        termination of the Special Loan Commitments under the Interim Funding
        Agreement, (3) the utilization by Borrower of the full Ericsson
        Additional Commitment as of the Stock Purchase Agreement Closing Date
        and (4) the satisfaction (or waiver by QUALCOMM in its sole discretion)
        of the other conditions precedent to the making of Facility-2 Loans
        under the Credit Agreement. QUALCOMM shall provide loans to Borrower
        under the QUALCOMM Additional Commitment only upon (x) with respect to
        Interim Loans, the Backstop Fee Loan and the Additional Interim Loans,
        the receipt of a Loan Request in accordance Section 2.1(d) of the
        Interim Funding Agreement and (y) with respect to any other loans
        permitted under the Credit Agreement, including without limitation,
        loans made under the QUALCOMM Additional Commitment for the purposes set
        forth in Section 3.4 of Amendment No. 3, the receipt of a Loan Request
        and the supporting invoices in the manner and in accordance with the
        terms and conditions set forth in Section 1.5(b)(i) of the Credit
        Agreement. Without limiting the other provisions of the Credit Agreement
        applicable to QUALCOMM's Facility-2 Commitment with respect to the
        QUALCOMM Additional Commitment, QUALCOMM's Facility-2 Commitment with
        respect to the QUALCOMM Additional Commitment shall be automatically
        reinstated in accordance with its terms to the extent that the Interim
        Loans, the Additional Interim Loans and the Backstop Fee Loan are repaid
        by Borrower pursuant

                                      -5-
<PAGE>

        to Section 2.2(b), Section 2.3(b) and Section 2.4(b) of the Interim
        Funding Agreement, respectively, on or before the Special Loan Scheduled
        Maturity Date."

               2.4 SECTION 3.2 OF THE CREDIT AGREEMENT (MANDATORY PREPAYMENTS
AND REPAYMENTS). Section 3.2(b) of the Credit Agreement is deleted in its
entirety and the following new Section 3.2(b) is added as follows:

               "(b) Borrower shall repay the Rolled Over Loan in accordance with
        the following schedule:

<TABLE>
<CAPTION>
       -----------------------------------------------------------------------------------------
                     REPAYMENT DATE                  PERCENTAGE OF AGGREGATE PRINCIPAL AMOUNT
                                                         OF ROLLED OVER LOAN TO BE REPAID
       -----------------------------------------------------------------------------------------
<S>                                                   <C>
                     March 31, 2006                               8.33333333333%
       -----------------------------------------------------------------------------------------
                      June 30, 2006                               8.33333333333%
       -----------------------------------------------------------------------------------------
                   September 30, 2006                             8.33333333333%
       -----------------------------------------------------------------------------------------
                    December 31, 2006                             8.33333333333%
       -----------------------------------------------------------------------------------------
                     March 31, 2007                               8.33333333333%
       -----------------------------------------------------------------------------------------
                      June 30, 2007                               8.33333333333%
       -----------------------------------------------------------------------------------------
                   September 30, 2007                             8.33333333333%
       -----------------------------------------------------------------------------------------
                    December 31, 2007                             8.33333333333%
       -----------------------------------------------------------------------------------------
                     March 31, 2008                               8.33333333333%
       -----------------------------------------------------------------------------------------
                      June 30, 2008                               8.33333333333%
       -----------------------------------------------------------------------------------------
                   September 30, 2008                             8.33333333333%
       -----------------------------------------------------------------------------------------
                    December 31, 2008                             8.33333333337%
       -----------------------------------------------------------------------------------------
</TABLE>

        Any Facility-2 Loan advanced to Borrower on or after the Stock Purchase
        Agreement Closing Date (each a "Post-Closing Loan") shall be repaid by
        Borrower pro rata on the repayment dates set forth in this Section
        3.2(b). Any prepayment of the Rolled Over Loan or any Post-Closing Loan
        pursuant to Section 3.1 of the Credit Agreement shall be applied to
        reduce pro rata the amount of the then remaining repayments under this
        Section 3.2(b)."

               2.5 SECTION 3.2 OF THE CREDIT AGREEMENT (MANDATORY PREPAYMENTS
AND REPAYMENTS). Section 3.2 of the Credit Agreement is amended by the addition
of the following subsection (f):

        "(f) If TEM initiates the commercialization of Global System for Mobile
        Communications or Time Division Multiple Access services in Borrower's
        1900 MHz spectrum, Borrower shall be obligated to prepay all outstanding
        principal of the Loans (including any such amount assigned by QUALCOMM,
        but excluding (i) the Loans disbursed under the QUALCOMM Additional
        Commitment unless made for the purpose of paying any of the following
        items: interest on Facility-1 Loans, interest on Facility-2 Loans other
        than Facility-2 Loans made under the Ericsson Additional Commitment,
        administrative fees, or commitment fees related to the VAT Facility,
        (ii) the Ericsson Additional Commitment and (iii) all amounts owing by
        Borrower to Ericsson as of the Stock Purchase Agreement Closing Date;
        for clarity, as a sample calculation only, the amounts listed under
        "Qualcomm (Included Amounts)" on Exhibit H hereto would be

                                      -6-
<PAGE>

        payable under this Section 3.2(f) if the obligation to prepay hereunder
        were due on the Stock Purchase Agreement Closing Date), all accrued and
        unpaid interest thereon, all fees and all other payment obligations then
        owing by Borrower to QUALCOMM or its assignees under the Credit
        Documents."

               2.6 EXHIBIT G--ROLLED OVER LOAN AMOUNT AND CONSOLIDATED VAT LOAN
AMOUNT. A new Exhibit G (Rolled Over Loan Amount and Consolidated VAT Loan
Amount) is added to the Credit Agreement in the form appended to this Amendment
as Annex 1.

               2.7 EXHIBIT H--MANDATORY PREPAYMENT AMOUNT AS OF THE STOCK
PURCHASE AGREEMENT CLOSING DATE. A new Exhibit H (Mandatory Prepayment Amount as
of the Stock Purchase Agreement Closing Date) is added to the Credit Agreement
in the form appended to this Amendment as Annex 2.

        SECTION 3. REFERENCE TO AND EFFECT ON CREDIT AGREEMENT AND OTHER
FINANCING AGREEMENTS.

                   (a) On the Amendment Effective Date (as defined below), each
reference in the Credit Agreement to "this Agreement," "hereunder," "hereof,"
"herein" or words of like import shall mean and be a reference to the Credit
Agreement as amended by this Amendment and each reference in the Financing
Agreements to the Credit Agreement shall also mean and be a reference to the
Credit Agreement as amended by this Amendment.

                   (b) The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Administrative Agent or the Lenders under the
Credit Agreement or any of the Financing Agreements, nor constitute a waiver of
any provision of the Credit Agreement or any of the Financing Agreements.

        SECTION 4. REAFFIRMATION OF TERMS. This Amendment shall be construed in
connection with and as part of the Financing Agreements and all terms,
conditions, representations, warranties, covenants and agreements set forth in
the Financing Agreements, except as herein waived or amended, are hereby
ratified and confirmed and shall remain in full force and effect.

        SECTION 5. ACKNOWLEDGMENTS AND WAIVERS. Each member of the Borrower
Group hereby ratifies and reaffirms the validity and enforceability of all of
the Liens and security interests heretofore granted pursuant to the Common
Agreement and the Security Documents referred to therein, for the benefit of the
Lenders, as collateral security for the Senior Indebtedness, and acknowledges
that all of such Liens and security interests, and all collateral pledged as
security for the Senior Indebtedness, continue to be and remain collateral for
the Senior Indebtedness from and after the Amendment Effective Date,
respectively.

        SECTION 6. RELEASE AND WAIVER.

                   (a) Each member of the Borrower Group hereby acknowledges and
agrees that: (i) it has no claim or cause of action against any Lender or the
Administrative Agent, or any of their officers, directors, employees, attorneys
or other representatives or agents under

                                      -7-
<PAGE>

the Financing Agreements with respect to any condition, act, omission, event,
contract, liability, obligation, indebtedness, claim, cause of action, defense,
circumstance or matter of any kind whatsoever which existed, arose or occurred
at any time prior to the execution and delivery of this Amendment or which could
arise concurrently with the effectiveness of this Amendment ("Claims"); (ii) it
has no offset or defense against any of its respective obligations, indebtedness
or contracts in favor of any Lender or the Administrative Agent on account of
any Claims; and (iii) it recognizes that each Lender and the Administrative
Agent has heretofore properly performed and satisfied in a timely manner all of
its obligations to and contracts with each member of the Borrower Group relating
to the Financing Agreements.

                   (b) Although the Administrative Agent and Lenders regard
their conduct as proper and do not believe any member of the Borrower Group to
have any claim, cause of action, offset or defense against any Lender or the
Administrative Agent in connection with the Financing Agreements, Lenders and
the Administrative Agent wish, and each member of the Borrower Group agrees, to
eliminate any possibility that any past conditions, acts, omissions, events,
circumstances or matters could impair or otherwise affect any rights, interests,
contracts or remedies of any Lender or the Administrative Agent. Therefore, each
member of the Borrower Group unconditionally releases and waives as to all
Lenders and the Administrative Agent (1) any and all liabilities, indebtedness
and obligations, whether known or unknown, of any kind of any Lender or the
Administrative Agent to any member of the Borrower Group arising under the
Financing Agreements and which exist on the date hereof, except the obligations
remaining to be performed by the Lenders as expressly stated in the Financing
Agreements; (2) any legal, equitable or other obligations or duties, whether
known or unknown, of the Lenders or of the Administrative Agent to any member of
the Borrower Group (and any rights of any member of the Borrower Group against
any Lender or the Administrative Agent) arising under the Financing Agreements
and which exist on the date hereof besides those expressly stated in the
Financing Agreements; (3) any and all claims under any oral or implied
agreement, obligation or understanding with any Lender or the Administrative
Agent, whether known or unknown, arising under the Financing Agreements and
which exist on the date hereof; and (4) all other claims, causes of action or
defenses of any kind whatsoever (if any), whether known or unknown, which any
member of the Borrower Group might otherwise have against any Lender or the
Administrative Agent on account of any Claims.

                   (c) EACH MEMBER OF THE BORROWER GROUP AGREES TO ASSUME THE
RISK OF ANY AND ALL UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS,
CAUSES OF ACTION, CONTRACTS, LIABILITIES, INDEBTEDNESS AND OBLIGATIONS WHICH ARE
RELEASED BY THIS AMENDMENT IN FAVOR OF ANY LENDER OR THE ADMINISTRATIVE AGENT,
AND EACH MEMBER OF THE BORROWER GROUP HEREBY WAIVES AND RELEASES ALL RIGHTS AND
BENEFITS WHICH IT MIGHT OTHERWISE HAVE UNDER THE LAW OF THE STATE OF NEW YORK
AND THE LAW OF THE FEDERAL DISTRICT OF MEXICO WITH REGARD TO THE RELEASE OF SUCH
UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CAUSES OF ACTION,
CONTRACTS, LIABILITIES, INDEBTEDNESS AND OBLIGATIONS. TO THE EXTENT (IF ANY)
WHICH ANY SUCH LAWS MAY BE APPLICABLE, EACH MEMBER OF THE BORROWER GROUP WAIVES
AND RELEASES (TO THE MAXIMUM EXTENT PERMITTED BY LAW) ANY RIGHT OR DEFENSE WHICH
IT MIGHT OTHERWISE

                                      -8-
<PAGE>

HAVE UNDER ANY OTHER LAW OF ANY APPLICABLE JURISDICTION WHICH MIGHT LIMIT OR
RESTRICT THE EFFECTIVENESS OR SCOPE OF ANY OF ITS WAIVERS OR RELEASES UNDER THIS
AMENDMENT.

        SECTION 7. REPRESENTATIONS AND WARRANTIES. In order to induce the
Lenders and the Administrative Agent to enter into this Amendment, each member
of the Borrower Group hereby represents, warrants and covenants to the Lenders
and the Administrative Agent as follows:

               7.1 Immediately after giving effect to this Amendment (i) the
representations and warranties contained in the Financing Agreements (other than
those which expressly relate to a different date) are true, accurate and
complete in all material respects as if made as of the Amendment Effective Date,
except to the extent that such representations and warranties fail to be true,
accurate and complete solely as a result of a Covered Vendor Facility Default
(as defined in the Second Vendor Forbearance Agreement), (ii) other than to the
extent expressly acknowledged in writing by the Lenders in the Second Vendor
Forbearance Agreement, no Default or Event of Default has occurred and is
continuing and (iii) all references to the Credit Agreement in the Financing
Agreements shall be deemed to be references to the Credit Agreement as amended
by this Amendment.

               7.2 The Charter Documents of (i) Borrower delivered to the
Administrative Agent remain true, accurate and complete and have not been
amended, supplemented or restated subsequent to the date of the execution of the
Stock Purchase Agreement and continue to be in full force and effect, and (ii)
each other member of the Borrower Group delivered to the Administrative Agent on
the date of the effective date of the Stock Purchase Agreement remain true,
accurate and complete and have not been amended, supplemented or restated
subsequent to such date (other than the Charter Documents of Holdings, which
have or shall be amended in order to effect the transactions contemplated under
the Stock Purchase Agreement) and continue to be in full force and effect.

               7.3 The execution, delivery and the performance of obligations of
this Amendment by each member of the Borrower Group has been duly authorized by
all requisite corporate action. This Amendment, as of the Amendment Effective
Date, as applicable, constitutes the valid and binding obligations of each
member of the Borrower Group, enforceable in accordance with the terms herein
except as may be limited by bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or transfer or other similar laws relating to or affecting
the rights of creditors generally.

               7.4 The execution, delivery and performance of this Amendment
does not and will not (i) violate or conflict with the Charter Documents of any
member of the Borrower Group, (ii) conflict with or violate any Applicable Law,
or (iii) result in any breach of, or constitute a default (or event which with
the giving of notice or lapse of time, or both, would become a default) under,
or give to any Person any rights of termination, amendment, acceleration or
cancellation of, or result in the creation of any Lien on any of the material
assets or properties of any member of the Borrower Group pursuant to, any
contract or other instrument relating to such assets or properties to which a
member of the Borrower Group is a party or by which any of such assets or
properties is bound or affected, except as would not, individually or

                                      -9-
<PAGE>

in the aggregate, materially impair the ability of the member of the Borrower
Group to consummate the transactions contemplated by this Amendment.

        SECTION 8. COUNTERPARTS. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by facsimile transmission shall be effective as
delivery of a manually executed counterpart of this Amendment.

        SECTION 9. EFFECTIVENESS. The amendments set forth in this Amendment
shall be deemed effective upon the satisfaction, or waiver by QUALCOMM in its
sole discretion, of all of the following conditions precedent (the "Amendment
Effective Date"), and upon request from Borrower the Administrative Agent shall
provide confirmation that all conditions precedent have been satisfied or
otherwise waived by QUALCOMM:

               9.1 AMENDMENT. Each member of the Borrower Group and each Lender
shall have duly executed and delivered this Amendment to the Administrative
Agent, and if so requested in writing by any Lender or the Administrative Agent,
the notarization of this Amendment and its immediately subsequent registration
at the Public Registry of Commerce of the Federal District of Mexico.

               9.2 ACKNOWLEDGMENT OF AMENDMENT AND REAFFIRMATION OF GUARANTY.
The Administrative Agent shall have received (i) the Acknowledgments of
Amendment and Reaffirmation of Guaranty (in English and Spanish), in the forms
attached as Exhibit A-1 and Exhibit A-2 to this Amendment, duly executed and
delivered by each Guarantor, and (ii) a notarized acknowledgment of indebtedness
(reconocimiento de adeudo), in the form attached as Exhibit B to this Amendment,
which shall evidence and describe, among others, the amount due to the Lenders
under the Credit Agreement as of the Stock Purchase Agreement Closing Date.

               9.3 CERTIFIED RESOLUTIONS. The Administrative Agent shall have
received for each member of the Borrower Group a certificate of the appropriate
officers of such member of the Borrower Group dated as of the Amendment
Effective Date certifying (i) the names and true signatures of the incumbent
officers of such member of the Borrower Group authorized to sign this Amendment
and (ii) the notarized resolutions of such member's Board of Directors or
shareholders, approving and authorizing the execution, delivery and performance
of this Amendment.

               9.4 PAGARES. Borrower and each other member of the Borrower Group
shall have duly executed and delivered to each Lender (i) Pagares, in the forms
attached as Exhibit C to this Amendment, that together evidence all outstanding
Obligations (other than Obligations with respect to the VAT Loans) owed by
Borrower to such Lender as of the Stock Purchase Agreement Closing Date under
the Credit Agreement, and (ii) one consolidated Pagare, in the form attached as
Exhibit D to this Amendment, for all VAT Loans (in each case after the
capitalization referred to in Section 2.1(b) of this Amendment) owed by Borrower
to such Lender as of the Stock Purchase Agreement Closing Date under the Credit
Agreement.

                                      -10-
<PAGE>

               9.5 STOCK PURCHASE AGREEMENT CLOSING. The closing shall have
occurred under the Stock Purchase Agreement.

               9.6 NEGATIVE PLEDGE AGREEMENTS. Each of the shareholders of
Holdings as of the Amendment Effective Date shall have duly executed and
delivered to the Collateral Agent for the benefit of the Lenders a Negative
Pledge Agreement, in form and substance reasonably satisfactory to the Lenders,
with respect to the shares of Holdings owned by each of them in the form
attached as Exhibit E to this Amendment.

               9.7 PAYMENT OF SPECIAL LOANS. On or before the date that is
thirty (30) days after the Stock Purchase Agreement Closing Date, the Special
Loans (as defined in the Interim Funding Agreement) shall have been repaid to
the applicable lenders of such Special Loans in accordance with the Interim
Funding Agreement and the Stock Purchase Agreement; provided, however, that if
the Special Loans are not repaid by the date that is thirty (30) days after the
Stock Purchase Agreement Closing Date, this condition may be satisfied if the
liquidated damages amounts payable by Borrower under Section 2.05(a) of the
Stock Purchase Agreement are paid in full when due and all amounts due in
respect of the Special Loans are repaid on or before the date that is sixty (60)
days after the Stock Purchase Agreement Closing Date.

               9.8 PAYMENT OF BRIDGE LOAN. On or before the date that is sixty
(60) days after the Stock Purchase Agreement Closing Date, (i) the Bridge Loan
Indebtedness shall have been repaid to QUALCOMM in accordance with the Bridge
Loan Agreement and the Stock Purchase Agreement, or (ii) TEM shall have
purchased, assumed and accepted from QUALCOMM the Bridge Loan Indebtedness in
accordance with Article II of the Stock Purchase Agreement; provided, however,
that if the events specified in items (i) or (ii) above shall not have occurred
by the date that is sixty (60) days after the Stock Purchase Agreement Closing
Date, this condition may be satisfied if the liquidated damages amounts payable
by Borrower under Section 2.05(b) of the Stock Purchase Agreement are paid in
full when due and either of the events specified in items (i) or (ii) above
shall have occurred on or before the date that is ninety (90) days after the
Stock Purchase Agreement Closing Date.

               9.9 ADDITIONAL LOANS. No loans under the Additional Financing
Facility Credit Agreement (as defined in the Stock Purchase Agreement) shall
have been funded to Borrower and the Additional Financing Facility Credit
Agreement shall have been terminated and be of no further force or effect, and
no party thereto shall have any rights or obligations thereunder.

               9.10 PAYMENT OF REIMBURSEMENT AND INDEMNIFICATION OBLIGATIONS.
Each member of the Borrower Group shall have paid to the Lenders and the
Administrative Agent all of its reimbursement and indemnification obligations
owing under Section 11.1 of the Credit Agreement (including its obligation to
pay all attorneys' fees and costs and other disbursements incurred by the
Lenders or the Administrative Agent after the Stock Purchase Agreement Closing
Date in connection with the negotiation, implementation, execution and
enforcement of this Amendment and any acts contemplated thereby).

               9.11 TEM GUARANTY. TEM shall have duly executed and delivered to
QUALCOMM a guaranty substantially in the form of Exhibit F to this Amendment.

                                      -11-
<PAGE>

               9.12 OPINIONS OF COUNSEL. Borrower shall have duly executed and
delivered to the Administrative Agent an opinion of counsel in form and
substance reasonably requested by the Lenders or the Administrative Agent for
purposes related to this Amendment.

               9.13 AMENDMENT NO. 4 TO THE ALCATEL CREDIT AGREEMENT. The
Amendment No. 4 to the Alcatel Credit Agreement shall be in full force and
effect.

               9.14 AMENDMENT NO. 2 TO THE FACILITY 2 CREDIT AGREEMENT. The
Amendment No. 2 to the Facility 2 Credit Agreement shall be in full force and
effect.

        SECTION 10. CONDITION SUBSEQUENT AND EVENT OF DEFAULT. The
Administrative Agent shall have received, no later than forty-five (45) days
after the Amendment Effective Date, documentation, in form and substance
reasonably satisfactory to the Administrative Agent, confirming that each member
of the Borrower Group has filed all income tax and other material tax returns
required by Applicable Law to be filed by it and has paid all Taxes and
assessments payable by it which have become due by the Amendment Effective Date,
including but not limited to documentation evidencing that all withholding taxes
relating to the "payment" of interest through the Amendment Effective Date have
been paid when due under applicable Mexican law. The failure of this condition
subsequent to occur by the date set forth herein shall constitute an Event of
Default under the Credit Agreement and, upon the occurrence of such Event of
Default, the Lenders shall be entitled to exercise the remedies as set forth in
Section 8 of the Credit Agreement and Section 7.17 of the Common Agreement and
in the Security Documents.

        SECTION 11. GOVERNING LAW. This Amendment shall be governed by, and
construed in accordance with, the law of the State of New York, United States,
without reference to principles of conflicts of law (other than Section 5-1401
of the General Obligations Laws of the State of New York); provided, however,
that in connection with any legal action or proceeding (other than an action to
enforce a judgment obtained in another jurisdiction) brought in respect to this
Amendment in the courts of Mexico or any political subdivision thereof, this
Amendment shall be deemed to be an instrument made under the laws of Mexico and
for such purposes shall be governed by, and construed in accordance with, the
laws of the Federal District of Mexico.

                             [SIGNATURES TO FOLLOW]

                                      -12-
<PAGE>

               IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                          PEGASO COMUNICACIONES Y SISTEMAS, S.A. DE C.V.

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

                          PEGASO TELECOMUNICACIONES, S.A. DE C.V.

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

                          PEGASO PCS, S.A. DE C.V.

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

                          PEGASO RECURSOS HUMANOS, S.A. DE C.V.

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

                          PEGASO FINANZAS, S.A. DE C.V.

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

                          PEGASO FINCO I, S.A. DE C.V.

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

<PAGE>

                          ABN AMRO BANK N.V.

                          as Administrative Agent

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

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

                          QUALCOMM INCORPORATED

                          as a Lender

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

<PAGE>

                          TELEFONAKTIEBOLAGET LM ERICSSON (PUBL)

                          as a Lender

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

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

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