Document:

Exhibit 4.3 

TIM-TNC Telefonia Celular Project 

  (Brazil) 

  Guarantee and Indemnity Agreement

  between

  European Investment Bank

and

  Tele Nordeste Celular Participacoes

  Luxembourg, 22nd September 2000

	 	
      European
	  
	 	
      Investment
	  
	 	
      Bank
	  

  EUROPEAN INVESTMENT BANK

  N° Fi: 20.731/BR

  TIM-TNC TELEFONIA CELULAR PROJECT 

 

GUARANTEE AND INDEMNITY AGREEMENT 

  

  between 

  EUROPEAN INVESTMENT BANK 

  and 

  TELE NORDESTE CELULAR PARTICIPACOES 

  Luxembourg, 22nd September 2000

  

    

  1.

  MADE BETWEEN:

  European Investment Bank established at 100, boulevard Konrad 

Adenauer, Luxembourg, Grand Duchy of 

Luxembourg, represented by Mr K. J. ANDREOPOULOS, 

Deputy General Counsel, and Mr Claudio CORTESE, 

Director, 

	
      hereinafter referred to as:
		
      the “Bank”
	

  of the first part, and

  Tele Nordeste Celular Participações S.A., a company 

  registered under Brazilian law, whose registered office 

  is at Av. Conde da Boa Vista 800, Recife, State of 

  Pernambuco, Brazil represented by Mr Renato 

  IUCOPILLA and
Ms Maria Lúcia MOTTA DE AQUINO,

	
      hereinafter referred to as:
		
      the “Guarantor”
	

  of the second part.

  

    WHEREAS

	— 	By an agreement (the “Finance Contract”) dated 22 nd September 2000 and made between the Bank and Telpe Celular S.A., a joint stock company incorporated in the Federative Republic of Brazil, having its principal office at Av Conde da Boa Vista 800 Recife, State of Pernambuco, Brazil (the “Borrower”), the Bank has agreed to establish in favour of the Borrower a credit in an amount of USD 50 000 000 (fifty million US Dollars) 
	 	 
	— 	As at the date of this Guarantee and Indemnity Agreement (the “Guarantee”), the Guarantor owns 95.1% (ninety five point one percent) of the voting shares in the Borrower, and 77.2% (seventy seven point two percent) of its total share capital.
	 	 
	— 	 The obligations of the Bank under the Finance Contract are conditional upon the prior execution and delivery by the Guarantor of a guarantee of performance by the Borrower of its financial obligations under the Finance Contract and the delivery of a favourable legal opinion thereon. 
	 	 
	— 	By two resolutions dated 22 nd March and 24 th July 2000, the Board of Directors of the Guarantor has authorised the granting of the Guarantee and Mr Renato IUCOPILLA and Ms Maria Lúcia MOTTA DE AQUINO have been authorised to execute this Guarantee (evidence of such authorisation is attached as Annex I) The Brazilian legal adviser to the Bank will issue a favourable legal opinion regarding the enforceability of this Guarantee against the Guarantor in form and substance acceptable to the Bank.

                   

NOW THEREFORE it is hereby agreed as follows

  ARTICLE I 

Finance Contract

       The Guarantor acknowledges notice of the provisions of the Finance Contract, a copy of which has been delivered to it Terms defined in the Finance Contract shall have the same meaning when used herein. 

  ARTICLE 2 

Guarantee 

  2.01      Payment

       In consideration of the Credit established by the Bank under the Finance Contract, the Guarantor hereby guarantees the payment of all Guaranteed

  

    

  3.

  Sums (as defined below). The Guarantor undertakes that, if the Borrower should fail to pay any Guaranteed Sum to the Bank, whether upon the normal due date, upon demand for early repayment or otherwise, the Guarantor shall
immediately pay the sum in question to the Bank on demand, in the currency specified in the Finance Contract and to the account or accounts specified in the demand. 

  For the purposes of this Guarantee, a “Guaranteed Sum” means any sum of principal, interest, commission, liquidated damages, charge or expense or any other sum which is expressed to be payable from time to time by the
Borrower to the Bank under or pursuant to the Finance Contract and any other sum due from time to time by the Borrower in connection with any advance or credit extended under the Finance Contract. 

  The Guarantor further agrees and undertakes to pay interest to the Bank at the rate and on the terms specified in the Finance Contract for payment of overdue sums on any sum demanded under this Guarantee from the date of receipt
of the Bank’s demand until the date of receipt of such sum by the Bank. 

	
      2.02      		
      Nature of Guarantor’s Liability	
	 
	 	
  The obligations of the Guarantor hereunder are those of a primary obligor and not merely those of a surety. They shall not be impaired or discharged by reason of:	
	 
	 	
  (a)      		
      illegality, invalidity or unenforceability in or of the terms of the Finance Contract;	
	 
	 	
  (b)      		
      disability, incapacity or change in status or constitution of the Borrower, the Bank or any other party;	
	 
	 	
  (c)      		
      liquidation or insolvency of the Borrower or any other relevant party;	
	 
	 	
  (d)      		
      time or other indulgence granted by the Bank or any arrangement entered into or composition accepted by the Bank, varying the rights of the Bank under the Finance Contract;	
	 
	 	
  (e)      		
      forbearance or delay on the part of the Bank in asserting any of its rights against the Borrower under the Finance Contract;	
	 
	 	
  (f)      		
      any other security or guarantee which the Bank now has or may hereafter acquire with respect to the Borrower’s obligations under the Finance Contract; or	
	 

  

    

  4.

	 	
      (g)      		
      any circumstance, other than actual payment of a Guaranteed Sum, which might otherwise discharge or diminish the obligations of the Guarantor.	
	 	 	 

	
      2.03      		
      Indemnity	
	 
	 	
  As a continuing obligation additional to and separate from those set out in Articles 2.01 and 2.02, and without prejudice to the validity or enforceability of those obligations, the Guarantor unconditionally and irrevocably
undertakes that if any Guaranteed Sum should not be recoverable by the Bank from the Guarantor under Article 2.01 for whatsoever reason, and whether or not the reason was known to the Bank, the Guarantor shall, upon first written demand by the Bank,
and as if it were a sole and independent obligor, compensate the Bank by way of a full indemnity for all loss resulting from the failure of the Borrower to make payment of any Guaranteed Sum in the amount and currency provided for by or pursuant to
the Finance Contract, whether upon the normal due date, upon demand for early repayment or otherwise, as the case may be.	
	 
	
      2.04      		
      Continuing Security	
	 
	 	
  This Guarantee is a continuing security and shall endure until all Guaranteed Sums have been fully and unconditionally paid or discharged. No payment or discharge which may be avoided under any enactment relating to insolvency, no
payment or discharge made or given which is subsequently avoided and no release, cancellation or discharge of this Guarantee given or made on the faith of any such payment shall constitute discharge of the Guarantor under this Guarantee or prejudice
or affect the Bank’s right to recover from the Guarantor to the full extent of this Guarantee. The originals of this Guarantee which are in the possession of the Bank shall remain the property of the Bank after any release, cancellation or
discharge of this Guarantee.	
	 
	
      2.05      		
      Application of Payments	
	 
	 	
  Any money duly received by the Bank pursuant to this Guarantee may be placed by the Bank to the credit of a suspense account with a view to preserving the right of the Bank to prove for the whole of the claims against the Borrower
or may be applied by the Bank in or towards satisfaction of such of the Guaranteed Sums as the Bank in its absolute discretion may from time to time determine.	
	 

  

    

  5.

	
      2.06      		
      Covenants of Guarantor	
	 
	 	
  The Guarantor agrees that until all the Guaranteed Sums have been fully paid or discharged:	
	 
	 	
  (a)      		
      it shall not seek to enforce any obligation owed to the Guarantor by the Borrower which arises by virtue of the discharge by the Guarantor of its obligations hereunder;	
	 
	 	
  (b)      		
      except as required by mandatory provision of law it shall pay to the Bank all dividends in liquidation or otherwise received by it from or for the account of the Borrower in respect of any obligation referred to in indent (a)
above; the Bank shall apply such sums to reduce the outstanding Guaranteed Sums in such sequence as it may decide;	
	 
	 	
  (c)      		
      it shall not exercise any right of subrogation to the rights of the Bank under the Finance Contract or any security granted in connection therewith; and	
	 
	 	
  (d)      		
      it shall not exercise (and hereby waives) any rights of contribution which it may have against any other guarantor of the Guaranteed Sums.	
	 
	
      2.07      		
      Acknowledgement	
	 
	 	
  The Guarantor acknowledges: (i) that it has entered into this Guarantee on the basis of its own assessment of the Borrower and of any security provided, and (ii) that it has not been induced to enter into this Guarantee by any
representation made by the Bank The Bank shall not be obliged to report to the Guarantor on the financial position of the Borrower or of any other guarantor or on any security provided or on any other matter. The Bank shall have no liability for
granting or disbursing the Loan, for cancelling or not cancelling the Credit or for demanding or not demanding prepayment under the Finance Contract	
	 

       ARTICLE 3 

Enforcement of Guarantee

  3.01      Certificate Conclusive

  A certificate of the Bank as to any default by the Borrower in the payment of any Guaranteed Sum shall, in the absence of manifest error, be conclusive against the Guarantor.

  

    

  6.

	
      3.02      		
      Guarantor’s Obligations Unconditional	
	 
	 	
  The Guarantor undertakes to pay all sums due hereunder in full, free of set-off or counterclaim This Guarantee may be enforced by the Bank upon provision of a statement of the reason for the demand. The Bank shall not be obliged
to take any action against the Borrower, to have recourse to any other guarantee or enforce any other security as a condition precedent to the enforcement by the Bank of this Guarantee.	
	 
	
      3.03      		
      Guarantor’s Option	
	 
	 	
  The Guarantor may, at any date which is a Payment Date and with a prior notice of thirty (30) days, pay to the Bank all (but not less than all) outstanding Guaranteed Sums, in settlement of its obligations hereunder and of the
Borrower’s obligations under the Finance Contract. If the Guarantor makes such payment, the Bank shall, upon the request and at the expense of that Guarantor, assign to the Guarantor the Bank’s rights under the Finance Contract and under
any security therefor.	
	 

  ARTICLE 4 

  
Information and other Undertakings

	
      4.01      		
      Accounts	
	 
	 	
  The Guarantor shall deliver to the Bank each year:	
	 
	 	
  (a)      		
      within ten (10) days of delivery to its shareholders, a copy of its annual report and audited financial statements together with all other such information as the Bank may reasonably require as to the Guarantor’s financial
situation and shall inform the Bank without delay of any material change in its By-laws; and	
	 
	 	
  (b)      		
      within two (2) months after the end of each financial year, a certificate of the Guarantor of compliance with the financial ratios specified in Article 4.03, based on unaudited accounts for such period, and a certificate of the
auditors of the Guarantor confirming such certificate (or stating that confirmation is not possible) as soon as possible after publication of audited accounts for such period.	
	 
	
      4.02      		
      Change in Constitution; Change of Control	
	 
	 	
  So long as the Loan is outstanding, the Guarantor shall immediately inform the Bank of:	
	 

  

    

  7.

	
      (a)      		
      any material alteration to its documents of incorporation and of any modification of any legislation which would adversely affect in any material respect its activities and of any proposal or decision known to it which envisages
the introduction of such alteration or modification;	
	 
	
      (b)      		
      its knowledge, belief or, as the case may be, reasonable cause for belief that a single natural or legal person or a group of such persons acting in concert, has acquired (or will acquire shortly) such number of its voting shares,
and/or of those of any other legal person, as is necessary to control it by the direct and/or indirect exercise of voting rights, such information to be communicated as soon as the Guarantor has reasonable cause for such belief; and	
	 
	
      (c)      		
      any fact which obliges it, and any demand made to it, to prepay or discharge ahead of maturity, by reason of default, any loan or obligation exceeding USD 100 000 and arising out of any financial transaction.	
	 

	
      4.03      		
      Financial Ratios	
	 
	 	
  A. So long as the Loan is outstanding (i) the Debt Service Cover Ratio  (as defined below) of the Guarantor for the 12-month period ending on 31st December in each year shall not be less than 2:1 and (ii) the Debt/Equity Ratio (as defined below) of the Guarantor shall not exceed 2:1.
	 

 

  The following definitions apply in this Article, which is to be interpreted in accordance with accounting principles generally accepted in Brazil:

	
      (a)      		
      “Debt Service Cover Ratio” means at any time and in respect of the Guarantor, the ratio of (i) the EBITDA (as defined below) during that period to (ii) the Net Interest Expense (as defined below) during that
period.	
	 
	
      (b)      		
      “Net Interest Expense” means, for any period, the sum, for the Guarantor, and its consolidated subsidiaries on a consolidated basis, of all interest incurred in respect of Indebtedness, including any cost pursuant any
hedging agreement, minus interest income, included interest income from hedging agreements.	
	 
	
      (c)      		
      “EBITDA” means, in respect of any 12-month period, the consolidated net income of the Guarantor and its subsidiaries for such period before taking account of:	
	 

  8.

     (i)      any provision on account of taxation and social contribution for that period;

     (ii)      any interest incurred in respect of Indebtedness (as defined below);

     (iii)      any cost incurred pursuant to any hedging agreement;

     (iv)      any amount attributable to amortisation of intangible assets or depreciation on fixed assets for that period;

     (v)      items treated as exceptional income/charges, which in any case will include monetary variation; 

     (vi)     dividends; 

     (vii)     provision for employees’ profit participation; 

     (viii)     provision for contingencies; and       

  

     (ix)     other non cash items reducing net income.

	
      (d)      		
      “Indebtedness” means, at any time, the aggregate (as of the time of calculation) of:	
	 
	 	
  (i)      		
      outstanding short term indebtedness (including bank loans and overdrafts and any debenture, bond or note);	
	 
	 	
  (ii)      		
      any credit to the Guarantor from a supplier of goods or services or pursuant to any installment purchase or other similar arrangement in respect of goods or services (except trade accounts payable in the ordinary course of
business);	
	 
	 	
  (iii)      		
      outstanding medium and long-term indebtedness including bank loans and overdrafts and any debenture, bond or note;	
	 
	 	
  (iv)      		
      amounts raised pursuant to any other transaction having the commercial effect of the borrowing or raising of money; and	
	 
	 	
  (v)      		
      any guarantee, indemnity or similar assurance against financial loss of any person.	
	 
	
      (e)      		
      “Debt/Equity Ratio” means, at any time and in respect of the Guarantor, the ratio of:	
	 

  

    

  9.

	 	
      (i)      		
      all Indebtedness, to	
	 	 	 
	 	
      (ii)      		
      total Equity (as defined below),	

         in each case for the preceding year.

	
      (f)     	      “Equity” means, at any time and in respect of the Guarantor, the aggregate (as of the time of calculation) of: 
	 	 	 
	 	
  (i)      		
      the amount paid up or credited as paid up on the issued share capital,	
	 	 	 
	 	
  (ii)      		
      reserves, and	
	 	 	 
	 	
  (iii)      		
      accumulated earnings,	
	 	 	 
	 	
  based on the end-of-year balance sheet.	

  B.      If the Guarantor has undertaken, or undertakes in the future, for the benefit of other creditors of the Guarantor, to maintain a financial ratio based on items of the balance sheet or the income statement of the Guarantor or
its consolidated group or any other ratio or measure targeted to appraise the Guarantor’s structure, financial condition, solvency, or performance, the Guarantor undertakes to inform the Bank thereof and, for the benefit of the Bank, to
maintain such ratios or measures, unless such creditors have amended, waived or otherwise modified such ratios or measures. Upon the Bank’s written request, the Guarantor shall submit to the Bank the definitions and calculation methods of such
ratios as well as information on the rights of the relevant creditor(s) upon the non-compliance of the Guarantor with any undertakings to maintain such ratios. The Guarantor agrees that the Bank shall automatically have the same rights with the same
terms and conditions as the mentioned creditors without a need to formally amend the terms and conditions of this Guarantee.  Notwithstanding the foregoing, if the Bank considers it appropriate, the Guarantor undertakes to agree to any contractual
amendment for the incorporation of such terms and conditions into this Guarantee.

  4.04      Performance in Jeopardy

  Generally, the Guarantor shall inform the Bank forthwith of any fact or event which could reasonably be expected to jeopardise the performance of any obligation of the Guarantor under this Guarantee.

  ARTICLE 5 

  
Amendment to the Finance Contract

  10.

  In addition to any variations provided for in the Finance Contract, the Bank may agree to any amendment or variation thereto, if:

	
      (a)      		
      the amendment or variation does not increase the amounts payable by the Guarantor under this Guarantee or change the conditions under which such amounts are payable; or	
	 	 
	
      (b)      		
      the amendment or variation consists in the extension of time for payment of a Guaranteed Sum of up to three (3) months; or	
	 	 
	
      (c)      		
      the Guarantor has given its prior written consent to the amendment or variation, provided that such consent may not unreasonably be refused or delayed.	

       ARTICLE 6

Other Guarantees

  This Guarantee is independent of any guarantees now or hereafter given to the Bank by other guarantors or by the European Community (the “EC”). The Guarantor hereby waives any right to contribution or indemnity from the
EC.  If payment Is made to the Bank by the EC on account of any Guaranteed Sum, the EC shall be subrogated to the rights of the Bank under this Guarantee and the EC may recover from the Guarantor any amount outstanding under this
Guarantee.

       ARTICLE 7 

Taxes, Charges and Expenses

  The Guarantor shall bear its own costs of execution and implementation of this Guarantee and, without prejudice to the terms of Article 2, shall indemnify the Bank against all:

	
      (a)      		
      taxes and fiscal charges, legal costs and other expenses incurred by the Bank in the execution or implementation of this Guarantee; and	
	 
	
      (b)      		
      losses, charges and expenses to which the Bank may be subject or which it may properly incur under or in connection with the recovery from any person of sums expressed due under or pursuant to the Finance Contract.	

  Furthermore, the Guarantor shall make payments hereunder without withholding or deduction on account of tax or fiscal charges.

       ARTICLE 8 

Law and Jurisdiction

  

    

  11.

	
      8.01      		
      Law	
	 
	 	
  This Guarantee shall be governed by, and construed in all respects in accordance with, English law.	
	 
	
      8.02      		
      Jurisdiction	
	 
	 	
  The parties hereto submit to the jurisdiction of the High Court of Justice in England (the “Court”) and all disputes concerning this Guarantee shall be submitted to the Court. A decision of the Court given pursuant to
this Article 8.02 shall be conclusive and binding on the parties without restriction or reservation.	
	 
	
      8.03      		
      The Guarantor’s Agent for Service	
	 
	 	
  The Guarantor appoints Law Debenture Corporate Services Ltd., whose current address is at Princes House, 95 Gresham Street, London EC2V 7LY, to be its agent for the purpose of accepting service on its behalf of any writ, notice,
order, judgement or other legal process.	
	 
	
      8.04      		
      Waiver of immunity	
	 
	 	
  To the fullest extent permitted by law, the Guarantor hereby irrevocably agrees that no immunity (to the extent that it may at any time exist) from any proceedings, from attachment (whether in aid of execution, before judgement or
otherwise) of its assets or from execution of judgement shall be claimed by it or on its behalf or with respect to its assets, any such immunity being irrevocably waived.	
	 
	 	
  The Guarantor hereby irrevocably agrees that it and its assets are, and shall be, subject to such proceedings, attachment or execution in respect of its obligations under this Guarantee, and consents to such proceedings,
attachment or execution.	
	 
	
      8.05      		
      Invalidity	
	 
	 	
  If any provision hereof is invalid, such invalidity shall not prejudice any other provision hereof.	
	 
	
      8.06      		
      Assignment	
	 
	 	
  The Guarantor shall not assign all or any part of the benefit of its rights or obligations under this Guarantee without the prior consent of the Bank.	

  

    

  12.

	
      8.07      		
      Evidence of Sums due	
	 
	 	
  In any legal action arising out of this Guarantee the certificate of the Bank as to any amount due to the Bank under this Guarantee shall be prima facie evidence of such amount, in the absence of manifest error.	
	 
	
      8.08      		
      Third Party Rights	
	 
	 	
  Save for the purposes of Article 2.06 (d) which may be enforced by any other guarantor of the Guaranteed Sums, a person who is not a party to this Guarantee has no rights under the Contract (Rights of Third Parties) Act 1999 to
enforce any term of this Guarantee.	
	 

  ARTICLE 9

Final Clauses

  9.01      Notices

	 	Notices and other communications given hereunder by one party to this Guarantee to the other shall be sent to its address set out below, or to such other address as it shall have previously notified to the former in writing as its new address for such purpose: 

 

 

	 	
      - for the Bank:
		 
		
      100, boulevard Konrad Adenauer
	
		

		 
		
      L-2950 Luxembourg
	
		

		 
		
      Grand Duchy of Luxembourg
	
	 

		 	 	 
	 	
      - for the Guarantor:
		 
		
      Av. Conde da Boa Vista 800,
	
		

		 
		
      2 andar
	
		

		 
		
      50060-004 Recife
	
		

		 
		
      State of Pernambuco, Brazil
	

	
      9.02      		
      Form of Notice	
	 
	 	
  Notices and other communications, for which fixed periods are laid down in this Guarantee or which themselves fix periods binding on the addressee, shall be served by hand delivery, registered letter, internationally recognised
courier services, telex or any other means of transmission which affords evidence of receipt by the addressee. The date of registration or, as the case may be, the stated date of receipt of transmission shall be conclusive for the determination of a
period.	
	 
	
      9.03      		
      Recitals, Schedules and Annexes	
	 
	 	
  The Recitals form part of this Guarantee.	
	 

  

  
  
13.

       The following Annex is attached hereto:
  

  	
      Annex I
		
      Authority of Signatories
	

  

  
  	 	IN WITNESS WHEREOF the parties hereto have caused this Guarantee to be executed in four (4) originals in the English language, having caused each page to be initialled by Mr Jean-Luc REVÉREAULT, Legal Counsel, on behalf of the Bank and Ms Lara RIBEIRO PIAU, Law Manager, on behalf of the Guarantor. 

     

   

  	
      Signed for and on behalf of
		 
		
      Signed for and on behalf of
	
	
      EUROPEAN INVESTMENT
		 
		
      TELPE NORDESTE CELULAR
	
	
      BANK
		 
		
      PARTICIPACOES
	

	
      K. J. ANDREOPOULOS
		 
		
      C. CORTESE
		 
		
      R. IUCOPILLA
		 
		
      M. L. MOTTA DE AQUINO
	

       this 22nd day of September 2000, at Luxembourg 

  The undersigned Paul FRIEDERS, notary residing in Luxembourg, hereby certifies that this document was signed in his presence by Mr. K. J. ANDREOPOULOS and Mr. C. CORTESE for and on behalf of EUROPEAN INVESTMENT BANK and by Mr. R.
IUCOPILLA and Ms M. L. MOTTA DE AQUINO on behalf of TELPE NORDESTE CELULAR PARTICIPACOES. 

     Luxembourg, 22nd September 2000

 

	
      Matthias ZÖLLNER
		 
		
      Philippe SZYMCZAK
	
	
      Witness
		 
		
      Witness
	

  

    

  

  A N N E X I.

  TELE NORDESTE CELULAR PARTICIPAÇÕES S/A 

  Ata da Reunião Extraordinária do Conselho de Administração 

  Aos 22 (vinte e dois) dias do mês de março de 2000, reuniram-se, ordinariamente, os membros do Conselho de Administração da TELE NORDESTE CELULAR PARTICIPAÇÕES S/A, em Curitiba,
Paraná, à rua Visconde de Nacar, no 1424, às 17h30min, sob a presidência do Sr. Carmelo Furci, com a presença do Conselheiro Elis Bontempelli.  Eleita a Srta
 Lara Cristina Ribeiro Piau, como Secretária Geral do Conselho, o Presidente, constatando o “quorum”, leu a ordem do dia e o Conselho passou a deliberar: 1- Financiamento com Banco Europeu
de Investimento – Aval para a Empresa Operadora: Considerando o programa de captação de recursos para investimentos para o ano 2000, a Tele Nordeste e a Telpe Celular, buscando fontes de
financiamentos, obtiveram proposta do Banco Europeu de Investimentos no sentido de financiar até 50% do valor dos projectos, assumindo todo o risco político do negócio. O risco comercial será assumido pela Banca
Commerciale Italiana e pelo Banque Sudameris.  O Montante do empréstimo poderá ser de até US$ 50 milhões, com data de vencimento de 05 a 08 anos, tendo como taxa de remuneração de empréstimo o libor +
0.25% a.a. Este Conselho, pois, aprova e autoriza a Tele Nordeste Celular e/ou a Telpe Celular a fechar o contrato de financiamento e autoriza a Tele Nordeste Celular a conceder aval à operação, se for necessário; 2- Auditoria Externa: Este Conselho toma conhecimento da correspondência encaminhada pela Telecom Italia em 26.01.00, que pretende seja incluída na pauta do Conselho de
Adminstração a aprovação de atribuição para a Auditoria Externa de revisão annual (Dezembro/2000) e interina (Junho/2000), com observância aos princípios contábeis adotados pelo
grupo Telecom e a elaboração de “reporting package”. Tendo em vista os esclarecimentos apresentados pelo Presidente da Companhia, tem-se como ja prevista e contratada a determinação emanada pela Telecom
Italia.3- Consultorias – Projeto “Millenium: Adiada a análise deste assunto para a próxima reunião.  Retirado de pauta; 4- Proposta de
alteração de Estrutura Interna Organizacional: Fica aprovada a proposta de alteração da Estrutura Interna Organizacional da Companhia, apresentada  pelo Sr. Presidente da Companhia, ao tempo
em que estate Conselho determina seja encaminhada à apreciação da Assembléia Geral de Acionistas, porquanto implica modificações no Estatuto Social Não obstante, este Conselho requer seja elaborado
estudo complementar, sob a ótica do desenvolvimento organizacional; 5- Outros: 5.1 -Acotel: O Presidente da companhia deu conhecimento ao Conselho do contrato firmado entre as
Empresas controladas pela Tele Nordeste Celeular e a Acotel Spa, para o fornecimento do serviço de “short message”, o que implicará inovações tecnológicas e aprimoramento nos negócios, no valor de
uma única parcela de Euro 77.500 mais parcelas variáveis, segundo o acesso ao serviço e à plataforma; 5.2 “Stock Option”: O presidente da Companhia
apresentou proposta, extra-pauta, de implantação do programa de remuneração, variável a

  longo prazo, visando criar condições para responder aos desafios e mudançãs do atual cenário competitivo, pelo que este Conselho solicita as especificações de valores,
critérios e beneficiários para posterior apresentação, bem como sejam analisados os elementos estratégicos do plano efetivado pela Telecom Italia Mobile e seja contratada consultoria para avaliar não somente
os aspectos legais, mas, também, os aspectos fiscais, contábeis e os impactos no mercado norte-americano.  Nada mais havendo a tratar foi encerrada a reunião, da qual foi lavrada a presente ata que, lida e aprovada, é assinada pelos membros presentes. 

  Curitiba, 22 de março de 2000

	
      Carmelo Furci
Presidente 	  	 
		

		 
		
      Elis Bontempelli

      Conselheiro	  
	       	 
		

		 
		
      
	  
	 

		 	 	 	 
	       	 	Lara Cristina Ribeiro Piau
 Secretária	 	 
	       	 	 	 	 

  TELE NORDESTE CELULAR PARTICIPAÇÕES S/A 

  ATA DA REUNIÃO ORDINÁRIA DO CONSELHO DE ADMINISTRAÇÃO 

  Aos 15 (quizne) dias do mês de juhno de 1999, reuniu-se, ordinariamente, o Conselho de Administração da TELE NORDESTE CELULAR PARTICIPAÇÕES S/A, em Guarulhos, São Paulo, no Hotel De Ville,
às 09h00min, com a presença de todos os seus membros, sob a presidência do Sr. Carmelo Furci, que discutiu e deliberou a seguinte ordem do dia: 1-Secretário Geral do Conselho : Fica eleita para secretária deste  Conselho a Sra Lara
  Cristina Ribeiro Piau; 2- Eleição dos Diretores da Companhia:  O Conselho reelegeu, como Diretor-Presidente, o Sr. Manoel de Deus Alves, brasileiro, casado, economista, portador da carteira de identidade n. 111.523 -SSB/PB, inscrito no CPF sob o n. 003.002 174-04, residente e domiciliado na Cidade de João Pessoa, Paraíba, à rua José Augusto
Trindade, n. 376; elegeu, como Diretor Financeiro, o Sr. Mário Roberto Gomes, brasileiro, casado, economista, portador da carteira de identidade orofissional n. 9.565, emitido pelo
MTb-CRE, em. 19.07.77, inscrito no CPF sob o n. 269.500.577 -68, residente e domiciliado na Cidade do Recife, Pernambuco, com escritório à Av. Conde da Boa Vista, n. 800, 2o andar, como Diretora de Administração, a
Sra.. Maria Lúcia Motta de Aquino, brasileiro, casado, economista, portadora da Carteira de Identidade n. 115.385,
SSP/PB, inscrita no CPF sob o n. 086.415.524 -72, domiciliada na Cidade de Jaboatão dos Guararapes, Pernambuco, à Av. Bernardo Vieira de Melo, n. 4585, ap. 701; como Diretor de Operações, o Sr. Pier Carlo Sola, italiano, casado, executivo, portador do RNE n. W448379.8, SPMAS/SR/SP, expedido em 10.01.90, CPF. N. 066.573.358 -57, residente e domiciliado na Cidade do Recife, Pernambuco, à Av.
Boa Viagem, n. 1140, ap. 102; como Diretor de Tecnologia, o St. Renato Iucopilla, italiano, casado, engenheiro, portador do passaporte, n. 005295P, residente e domiciliado na Cidade de
Jaboatão dos Guararapes, Pernambuco, à Av. Bernardo Vieira de Melo, 1204, ap. 106; como Diretor de Negócios, o Sr. Catello de Iudicibus, italiano, casado, engenheiro,
passaporte, n. 312505S, residente na Cídade do Recife, Pernambuco, à Av. Conde da Boa Vista, n. 800, 1o andar; 2.1 - A posse does diretores de tecnologia e de negócios fica condicionada à  obtenção de visto permanente; 2.2 - Em atendimento aos termos, do art.
5o da Instrução CVM N. 202 de 06.12.93, e na forma do art. 30 II, do Estatuto Social da Companhia, fica designado o Diretor Financerior, St. Mário Roberto Gomes,
acima qualificado, para, cumulativamente, desempenhar as funções de diretor de relações com o mercado. Nada mais havendo a tratar, foi encerrada a reunião, da qual foi lavrada a presente ata que, lida e aprovada,
foi assinada pelos membros do Conselho de Administração. 

	
      
	  	 	CARMELO FURCI
Presidente	 	 
	
      ELIS BONTEMPELLI 

      Conselheiro 	 	 	 	DOMENICO NO_____ 

    

    Conselheiro 
	       	 
		Lara Cristina Ribeiro Piau 
Secretária 
	 
		
      
	       	 
		

		 
		       

  

  TELE NORDESTE CELULAR PARTICIPAÇÕES S/A 

  ATA DA REUNIÃO EXTRAORDINÁRIA DO CONSELHO DE ADMINISTRAÇÃO 

  Aos 3 (três) dias do mês de julho de 2000, reuniram-se, extraordinariamente, os membros do Conselho de Administração da TELE NORDESTE CELULAR PARTICIPAÇÕES S/A, no Rio de janeiro, à
rua Lauro Müller, 116, sala 3501, as 14h00min, sob a preidência do Sr. Carmelo Furci. Presentes o Conselheiro Sergio Bartoletti e a Secretária Geral do Conselho, a Srta. Lara Cristina Ribeiro Piau.  Ausência justificada do Conselho Elis Bontempelli. Constatadno o “quorum”, o Presidente do Conselho esclareceu que a reunião dá-se espeiticamente em funçãodo
pedido de renúncia apresentada pelo Diretor-Presidente da Companhia, pelo que passa a deliverar: Este Conselho de Administração recebe o pedido de renúncia apresentada pelo Diretor-Presidente da Tele. Nordeste Celular
Participações S/A, Sr. Manoel de Deus Alves, e na forma do parágrafo 3o, do art. 31, do Estatuto Social de Companhia elege, como substituto, em complementação de mandato, o Sr. Renato Iucopilla, Italiano, casado, engenheiro, portador do RNE no V288043-2 SE/DFMA/DPF, inscrito no. CPF sob o no 270.327.956 – 68, residente e domiciliado na Cidade do Recife, Estado de
Pernambuco, com endereçõ profissional na Avndia Conde da Boa Vista, no 800 1o andar, Recife, PE.  O Presidente ora eleito, St. Renato Iucopilla, cumulará a função de Diretor-President com a de Diretor de
Tecnologia, para a qual foi eleito na Reunião Ordinária do Conselho de Administração de 15 de junho de 1999. Ato contínuo, este Conselho aprova os termos e as condiç es do acordo a ser firmado entre a Companhia e o Presidente-renunciante. O Presidente do Conselho, entáo, agradece e deseja sucesso, saúe alegrias para o Sr. Manoel de Deus Alves, que sempre será lembrado pelos
serviçõs prestados à Companhia; deseja, igulamente, êxistos em seus desempenho futuros. Nada mais havendo a tratar, foi encerrada a reuniäo, da qual foi lavrada a presente ata, que, lida e aprovada, é assinada
pelo membros presentes. 

  Rio de Janeiro, 03 de julho de 2000

	
      Carmelo Furci

      Conselheiro	  	 
		

		 
		
      Sergio Bartoletti

    Conselheiro
	       	 
		

		 
		       
	       	 	Lara Cristina Ribeiro Piau
SecretáriaExhibit 4.4 

INDEMNIFICATION AGREEMENT

  dated 22 September 2000

  Banque Sudameris 

acting as Guarantor

and

  Tele Nordeste Celular Participações S.A.

acting as Indemnifier 

  This Indemnification Agreement is made as a Deed on 22 September 2000 between

	
      (1)      		
      Banque Sudameris, a société anonyme registered under French law, whose registered office is at 4, rue Meyerbeer, 75009 Paris, France, as guarantor (the “Guarantor”) and	
	 
	
      (2)      		
      Tele Nordeste Celular Participacoes S.A., a company registered under Brazilian law, whose registered office is at Av. Conde da Boa Vista 800, Recife, State of Pernambuco, Brazil, as indemnifier (the “Indemnifier”).	

  Background

	
      (A)      		
      The Indemnifier owns 77.2% of the share capital of the Borrower.	
	 
	
      (B)      		
      The Borrower has entered into the Finance Contract.	
	 
	
      (C)      		
      At the request of the Borrower, the Guarantor has entered into the Guarantee and Indemnity Agreement dated 22 September 2000 guaranteeing the due performance by the Borrower of its obligations under the Finance
Contract.	
	 
	
      (D)      		
      In consideration for the Guarantor’s entry into the Guarantee and Indemnity Agreement, the Indemnifier has agreed to enter into this Indemnification Agreement.	
	 

	
      1      		
      INTERPRETATION	
	 
	
      1.1      		
      Definitions: In this Indemnification Agreement, except to the extent that the context requires otherwise:	
	 
	 	
  “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing or registration.	
	 
	 	
  “Bank” means European Investment Bank as lender under the Finance Contract.	
	 
	 	
  “Borrower” means Telpe Celular S.A.	
	 
	 	
  “Business Day” means a day on which commercial banks are open in both Paris, France, Sao Paulo, Brazil and Recife, Brazil.	
	 
	 	
  “Counter Guarantee and Indemnity Agreement” means the Counter Guarantee and Indemnity Agreement dated 22 September 2000 between the Bank and the Counter
Guarantor with respect to the Finance Contract.	
	 
	 	
  “Counter Guarantor” means Banca Commerciale Italiana SpA.	
	 
	 	
  “Counter Indemnity Agreement” means the Counter Indemnity Agreement dated 22 September 2000 between Telpe Celular S.A. and Banque Sudameris.	
	 

1

  

  

	 	
  “Finance Contract” means the Finance Contract dated 22 September 2000 between the Lender and the Borrower.	
	 
	 	
  “Finance Documents” means the Finance Contract, the Guarantee, the Counter Guarantee and Indemnity Agreement, the Counter Indemnity Agreement, this
Indemnification Agreement and any other document designated as such by the Bank, the Guarantor, the Borrower and the Indemnifier.	
	 
	 	
  “Group” means at any particular time, Tele Nordeste Celular Participações S.A. and all its Subsidiaries (and “member of the Group” shall be construed accordingly).	
	 
	 	
  “Guarantee” means the Guarantee and Indemnity Agreement dated 22 September 2000 between the Bank and the Guarantor with respect to the Finance
Contract.	
	 
	 	
  “Interest Rate” means the rate certified by the Guarantor to be the aggregate of (i) the cost to the Guarantor of funding the overdue amount from whatever
sources it may reasonably select and (ii) 2.5% per annum (or, if 2.5% is not permitted by the Central Bank of Brazil or any authority or legal entity in the territory of the Federative Republic of Brazil which shall from time to time replace it, the
highest amount permitted by such authority, up to 2.5%). Interest so accrued shall be due on demand and, if not paid when due, the interest shall be added to the overdue sum and itself bear interest accordingly.	
	 
	 	
  “Loan” means the aggregate in U.S. dollars disbursed by the Bank to the Borrower under the Finance Contract.	
	 
	 	
  “Obligor” means the Borrower, the Indemnifier, the Guarantor or the Counter Guarantor.	
	 
	 	
  “Subsidiary” means, in relation to any Person (its “holding company”) at any particular
time, any person which is then controlled, or more than 50% of whose issued equity share capital (or the like) is then beneficially owned directly or indirectly, by that Person.	
	 
	
      1.2      		
      Construction of Certain References: Except to the extent that the context requires otherwise, any reference in this Indemnification Agreement to:	
	 
	 	
  the “Assets” of any Person means all or any part of its business, undertaking, property, assets, revenues (including any right to receive revenues) and uncalled
capital, wherever situated	
	 
	 	
  “Consent” also includes an approval, authorisation, exemption, filing, licence, order, permission, recording or registration (and references to obtaining
Consents shall be construed accordingly)	
	 
	 	
  one Person being “Controlled” by another means that that other (whether directly or indirectly and whether by the ownership of share capital, the possession of
voting power, contract or otherwise) has the power to appoint and/or remove all or the majority of the	
	 

2

  

  

	 	
  members of the Board of Directors or other governing body of that Person or otherwise controls or has the power to control the affairs and policies of that Person	
	 
	 	
  a “guarantee” also includes an indemnity, and any other obligation (whatever called) of any Person to pay, purchase, provide funds (whether by the advance of
money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any
Indebtedness of any other Person (and “guaranteed” and “guarantor” shall be construed accordingly)	
	 
	 	
  this “Indemnification Agreement” includes this Indemnification Agreement as from time to time amended, supplemented, novated, restated or replaced and any
document which amends, supplements, novates, restates or replaces this Indemnification Agreement	
	 
	 	
  a “law” includes common or customary law and any constitution, decree, judgment, legislation, order, ordinance, regulation, statute, treaty or other legislative
measure, in each case of any jurisdiction whatever (and “lawful” and “unlawful” shall be construed
accordingly)	
	 
	 	
  any “obligation” of any Person under this Indemnification Agreement or any other agreement or document shall be construed as a reference to an obligation
expressed to be assumed by or imposed on it under this Indemnification Agreement or, as the case may be, that other agreement or document (and “due”, “owing”, “payable” and “receivable” shall be similarly
construed)	
	 
	 	
  a “Person” includes any individual, company, corporation, firm, partnership, joint venture, association, organisation, trust, state or agency of a state (in each
case, whether or not having separate legal personality)	
	 
	 	
  “Security” includes any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance and any other agreement or arrangement having
substantially the same economic effect (including any “hold-back” or “flawed asset” arrangement) (and “secured” shall be construed accordingly)	
	 
	 	
  the “Winding-up” of a Person also includes the amalgamation, reconstruction, reorganisation, administration, dissolution, liquidation, merger or consolidation of
that Person, and any equivalent or analogous procedure under the law of any jurisdiction.	
	 
	
      1.3      		
      Headings shall be ignored in construing this Indemnification Agreement.	
	 
	
      2      		
      CROSS GUARANTEE AND INDEMNITY	
	 
	
      2.1      		
      Cross guarantee and indemnity	
	 
	 	
  The Indemnifier irrevocably and unconditionally:	
	 

3

  

  

	
      (a)      		
      guarantees the payment of any sum of principal, interest, commission, liquidated damages, charge or expense of any other sum which is expressed to be payable from time to time by the Borrower to the Guarantor under or pursuant to
the Counter Indemnity Agreement and any other sum due from time to time by the Borrower in connection with the Guarantor’s obligations under the Guarantee.	
	 
	
      (b)      		
      undertakes that, if the Borrower should fail to pay any such amount to the Guarantor in accordance with the terms of the Counter Indemnity Agreement, the Indemnifier shall immediately pay the sum in question to the Guarantor (in
accordance with Brazilian law), as if the Indemnifier were a sole and independent obligor of the Guarantor, in United States dollars within three (3) Business Days of the Guarantor making a demand on the Indemnifier, to the account or accounts
specified in the demand.	
	 
	
      (c)      		
      agrees and undertakes to pay interest to the Guarantor at the rate and on the terms specified in the Counter Indemnity Agreement for payment of overdue sums on any sum demanded under this Indemnification Agreement from the date of
receipt of the Guarantor’s demand until the date of receipt of such sum by the Guarantor.	
	 
	
      (d)      		
      agrees to indemnify and keep the Guarantor harmless against all actions, proceedings, liabilities, claims, demands, damages, and reasonable costs and expenses in relation to or arising under or in connection with the Guarantee or
the Counter Indemnity Agreement, except to the extent incurred due to the Guarantor’s own gross negligence or wilful misconduct;	

  agrees that its obligations under this Indemnification Agreement; 

	 	(i)	 shall be unconditional and are and will remain in full force and effect by way of continuing indemnity until full and irrevocable discharge of all the obligations of the Borrower to the Guarantor pursuant to the Counter Indemnity Agreement has been duly made; 
	 	 	 
	 	(ii)	  are additional to, and not instead of, any security, guarantee, other indemnity or rights of subrogation at any time existing in favour of the Guarantor, whether from the Borrower, the Indemnifier or otherwise, and are cumulative and not exclusive of any rights or remedies provided by law; and 
	 	 	 
	 	(iii)	  shall not be affected by (A) any invalidity,
        illegality, irregularity or unenforceability of or defect in any provision of this Indemnification
        Agreement or the Counter Indemnity Agreement or any other Finance Document, (B) any time, indulgence,
        waiver or consent at any time given to the Borrower, the Indemnifier or the Guarantor, (C) any
        amendment to, or any variation or waiver of, any of the provisions of the Guarantee, (D) the
        enforcement or absence of enforcement of any claim against the

4

	 	 Borrower, the Indemnifier or the Bank or of any other security, guarantee or indemnity, (E) the release of any such claim, security, guarantee or indemnity, (F) the winding-up, liquidation, receivership, administration, composition, insolvency or analogous proceeding however described of the Borrower or the Indemnifier, (G) the dissolution, amalgamation, reconstruction or reorganisation of the Borrower or the Indemnifier, or (H) any other matter or thing whatsoever except for full and irrevocable payment and discharge as aforesaid: 

	 	agrees to indemnify the Guarantor immediately on demand against any reasonable cost, loss or liability suffered by the Guarantor if any obligation guaranteed by the Borrower or the Indemnifier is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount that the Guarantor would otherwise have been entitled to recover. 

	 	 
	
      2.2      		
      Continuing guarantee	
	 
	 	
  This Indemnification Agreement is a continuing guarantee and will extend and endure until the ultimate balance of any sums payable by any Obligor under the Finance Documents have been fully and unconditionally paid or discharged
and each such Obligor has been released thereunder in accordance with the terms thereof. No payment or discharge which may be avoided under any enactment relating to insolvency, no payment or discharge made or given which is subsequently avoided and
no release, cancellation or discharge of this Indemnification Agreement given or made on the faith of any such payment shall constitute discharge of the Borrower under this Indemnification Agreement or prejudice or affect the Guarantor’s right
to recover from the Borrower to the full extent of this Indemnification Agreement. The originals of this Indemnification Agreement that are in the possession of the Guarantor shall remain the property of the Guarantor after any release, cancellation
or discharge of this Indemnification Agreement.	
	 
	
      2.3      		
      Waiver of defences	
	 
	 	
  The obligations of the Indemnifier under this Clause 2 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 2 (without
limitation and whether or not known to it or the Guarantor) including:	
	 
	 	
  (a)      		
      any time, waiver or consent granted to, or composition with, the Borrower, the Indemnifier or other person;	
	 
	 	
  (b)      		
      the release of the Borrower, the Indemnifier or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;	
	 

5

  

  

	 	
      (c)      		
      the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the Borrower, the Indemnifier or other person or any
non-presentation or non- observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;	
	 	 	 
	 	
      (d)      		
      any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower, the Indemnifier or any other person;	
	 	 	 
	 	
      (e)      		
      any amendment (however fundamental) or replacement of a Finance Document or any other document or security;	
	 	 	 
	 	
      (f)      		
      any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or	
	 	 	 
	 	
      (g)      		
      any insolvency or similar proceedings.	
	 	 	 

	
      2.4      		
      Immediate recourse	
	 	 
	 	
  The Indemnifier waives any right it may have of first requiring the Guarantor (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from
the Indemnifier under this Clause 2. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.	
	 
	
      2.5      		
      Appropriations	
	 
	 	
  Until all amounts which may be or become payable by the Borrower or the Indemnifier to the Guarantor under or in connection with the Finance Documents have been irrevocably paid in full, the Guarantor (or any trustee or agent on
its behalf) may:	
	 

	
      (a)      		
      refrain from applying or enforcing any other moneys, security or rights held or received by it (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees
fit (whether against those amounts or otherwise) and the Borrower and the Indemnifier shall not be entitled to the benefit of the same; and	
	 
	
      (b)      		
      hold in an interest-bearing suspense account any moneys received from the Borrower or the Indemnifier on account of the Indemnifier’s liability under this Clause 2 or the Borrower’s liability under the Counter Indemnity
Agreement.	
	 

  2.6     Deferral of Indemnifier’s rights

	 	Until all amounts which may be or become payable by the Borrower or the Indemnifier to the Guarantor under or in connection with the Finance Documents have been irrevocably

6

  

	 	 paid in full and unless the Guarantor otherwise directs, the Indemnifier will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 

	 	
      (a)      		
      to be indemnified by the Borrower;	
	 	 	 
	 	
      (b)      		
      to claim any contribution from any other guarantor of the Borrower’s obligations under the Finance Documents; and/or	
	 	 	 
	 	
      (c)      		
      to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Guarantor under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with,
the Finance Documents by the Guarantor.	
	 	 	 

	
      2.7      		
      Additional security	
	 
	 	
  This Indemnification Agreement is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Guarantor.	
	 
	
      3      		
      REPRESENTATIONS AND WARRANTIES	
	 
	 	
  The Indemnifier makes the representations and warranties set out in this Clause 3 to the Guarantor on the date of this Agreement:	
	 
	
      3.1      		
      Status	
	 

	
      (a)      		
      It is a corporation, duly incorporated and validity existing under the law of the Federative Republic of Brazil.	
	 
	
      (b)      		
      It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted.	
	 

	
      3.2      		
      Binding obligations	
	 
	 	
  The obligations expressed to be assumed by it in this Indemnification Agreement and all other Finance Documents to which it is a party are, legal, valid, binding and enforceable obligations, subject to applicable Brazilian
bankruptcy, insolvency and similar laws and laws of general application limiting or restricting creditors’ rights in general in Brazil.	
	 
	
      3.3      		
      Non-conflict with other obligations	
	 
	 	
  The entry into and performance by it of its obligations under, and the transactions contemplated by, this Indemnification Agreement and all other Finance Documents to which it is a party do not and will not conflict
with:	
	 
	 	
  (a) any law or regulation applicable to it;	
	 

7

  

  

	 	
      (b)      		
      its constitutional documents;	
	 	 	 
	 	
      (c)      		
      the concession contract executed on November 4, 1997 by the Borrower with the      Brazilian Federal Government, represented by the Ministry of Telecommunications the “Concession”), as amended on March 31, 1998 and as further amended, modified or in effect from time to time; or 

	 	 	 
	        		(d)	
      any agreement or instrument binding upon it or any member of the Group or any of its or any member of the Group’s assets.	
	 	 	 
	
      3.4      		 	 Power and authority 
	 	 	 
	 	 	 It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Indemnification Agreement and all other Finance Documents to which it is a party, and the transactions contemplated by this Indemnification Agreement and all other Finance Documents. 
	 	 	 
	
      3.5      		       	Validity and admissibility in evidence 
	 	 	 
	 	 
  	All Authorisations required or desirable: 
	 	 	 
	 	
  (a)      		
      to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Indemnification Agreement and all other Finance Documents to which it is a party; and	
	 	 	 
	 	
  (b)      		
      to make this Indemnification Agreement and all other Finance Documents to which it is a party admissible in evidence in the Federative Republic of Brazil,	
	 	 	 
	 	 
  	have been obtained or effected and are in full force and effect. 
	 	 	 
	
      3.6      		
      Governing law and enforcement	
	 	 	 
	 	
  (a)      		
      The choice of the laws of England as the governing law of this Indemnification Agreement will be recognised and enforced in the Federative Republic of Brazil.	
	 
	 	
  (b)      		
      Any judgment obtained in England in relation to this Indemnification Agreement will be recognised and enforced in the Federative Republic of Brazil, provided that is ratified by the Brazilian Supreme Court. The Brazilian Supreme
Court will ratify such judgment provided that: (i) the judgment is obtained in compliance with the legal requirements of the jurisdiction of the court rendering such judgment; (ii) the judgment was issued by a competent court after due service of
process upon the parties to the action was made, which service of process must comply with applicable provisions of Brazilian law (if service of process is made in Brazil, the rules of the Brazilian Code of Civil Procedure must be observed); (iii)
the judgment is not subject to appeal; (iv) the judgment is for the payment of a sum certain; (v) the judgment was authenticated by a Brazilian consulate in the	
	 

8

  

  

	 	 country where the same was issued and is accompanied by a translation into Portuguese by a certified translator; and (vi) the judgment is not against Brazilian public policy, national sovereignty or good morals. 

3.7      Repetition

  Each of the representations and warranties in Clauses 3.1 to 3.6 of this Indemnification Agreement will be correct and complied with so long as any sum remains to be lent or remains payable under any Finance Document as if
repeated then by reference to the then existing circumstances. 

	
      4      		
      COVENANTS	
	 
	
      4.1      		
      Financial Ratios	
	 
	 	
  4.1.1      		
      So long as the Loan is outstanding:	
	 
	 	 	
  (i)      		
      the Debt Service Cover Ratio (as defined below) of the Indemnifier for the 12-month period ending on 31 st December in each year shall not be less than 2:1;
and	
	 
	 	 	
  (ii)      		
      the Debt/Equity ratio (as defined below) of the Indemnifier shall not exceed 2:1.	
	 
	 	
  4.1.2      		
      The following definitions apply in this Clause, which is to be interpreted in accordance with accounting principles generally accepted in Brazil:	
	 
	 	 	
  (i)      		
      “Debt Service Cover Ratio” means at any time and in respect of the Indemnifier, the ratio of (i) the EBITDA (as defined below) during that period to (ii) the Net Interest Expense (as defined below) during that
period;	
	 
	 	 	
  (ii)      		
      “Net Interest Expense” means, for any period, the sum, for the Indemnifier, and its consolidated subsidiaries on a consolidated basis, of all interest incurred in respect of Indebtedness, including any cost pursuant any
hedging agreement, minus interest income, included interest income from hedging agreements;	
	 
	 	 	
  (iii)      		
      “EBITDA” means, in respect of any 12-month period, the consolidated net income of the Indemnifier and its subsidiaries for such period before taking account of:	
	 
	 	 	 	
  (a)	
      any provision on account of taxation and social contribution for that period;	
	 
	 	 	 	
  (b)	
      any interest incurred in respect of Indebtedness (as defined below);	
	 

9

  

  

	 	(c)	  any cost incurred pursuant to any hedging agreement; 
	 	 	  
	 	(d) 	any amount attributable to amortisation of intangible assets or depreciation on fixed assets for that period;
	 	 	 
	 	(e)	  items treated as exceptional income/charges, which in any case will include monetary variation; 
	 	 	 
	 	(f) 	dividends; 
	 	 	 
	 	(g) 	provision for employees’ profit participation; 
	 	 	 
	 	(h) 	provision for contingencies; and 
	 	 	 
	 	(i) 	other non-cash items reducing net income. 
	 	 	 
	(iv)	 	“Indebtedness” means, at any time, the aggregate (as of the time of calculation) of: 
	 	 	 
	 	(a)	 outstanding short term indebtedness (including bank loans and overdrafts and any debenture, bond or note); 
	 	 	 
	 	(b)	 any credit to the Indemnifier from a supplier of goods or services or pursuant to any instalment purchase or other similar arrangement in respect of goods or services (except trade accounts payable in the ordinary course of business); 
	 	 	 
	 	(c)	 outstanding medium and long-term indebtedness including bank loans and overdrafts and any debenture, bond or note; 
	 	 	 
	 	(d)	 amounts raised pursuant to any other transaction having the commercial effect of the borrowing or raising of money; and 
	 	 	 
	 	(e)	 any guarantee, indemnity or similar assurance against financial loss of any person. 
	 	 	 
	(v)	“Debt/Equity Ratio” means, at any time and in respect of the Indemnifier, the ratio of: 
	 	 	 
	 	(a)	 all Indebtedness, to 
	 	 	 
	 	(b)	 total Equity (as defined below), 
	 	 	 
	 	in each case for the preceding year.
	 	 	 
	(vi)	“Equity” means, at any time and in respect of the Indemnifier, the aggregate (as of the time of calculation) of: 

10

   

	 	(a)	the amount paid up or credited as paid upon the issued share capital, 
	 	 	 
	 	
      (b)      		
      reserves, and	
	 	 	 
	 	
      (c)      		
      accumulated earnings,	
	 	 	 
	 	ased on the end-of-year balance sheet.
    

	 	 
	
      4.1.3      		
      If the Indemnifier has undertaken, or undertakes in the future, for the benefit of other creditors of the Indemnifier, to maintain a financial ratio based on items of the balance sheet or the income statement of the Indemnifier or
its consolidated group or any other ratio or measure targeted to appraise the Indemnifier’s structure, financial condition, solvency, or performance, the Indemnifier undertakes to inform the Guarantor thereof and, for the benefit of the
Guarantor, to maintain such ratios or measures, unless such creditors have amended, waived or otherwise modified such ratios or measures. Upon the Guarantor’s written request, the Indemnifier shall submit to the Guarantor the definitions and
calculation methods of such ratios as well as information on the rights of the relevant creditor(s) upon the non-compliance of the Indemnifier with any undertakings to maintain such ratios. The Indemnifier agrees that the Guarantor shall
automatically have the same rights with the same terms and conditions as the mentioned creditors without a need to formally amend the terms and conditions of this Indemnification Agreement. Notwithstanding the foregoing, if the Guarantor considers
it appropriate, the Indemnifier undertakes to agree to any contractual amendment for the incorporation of such terms and conditions into this Indemnification Agreement.	
	 
	
      4.1.4      		
      The Indemnifier shall deliver to the Guarantor, within two months after the end of the financial year, a certificate of compliance with the financial ratios specified in Clauses 4.1.1, 4.1.2 and 4.1.3, based on unaudited accounts
for such period, and a certificate of the auditors of the Indemnifier confirming such certificate (or stating that confirmation is not possible) as soon as possible after publication of audited accounts for such period.	
	 
	
      4.1.5      		
      At any time that the Guarantor effects payment of any amount to the Bank pursuant to the Guarantee or demands payment from the Indemnifier pursuant to this Indemnification Agreement, the Indemnifier and the Guarantor shall (i)
inform the Central Bank of Brazil, or any other authority or legal entity entrusted with foreign exchange control powers in the territory of the Federative Republic of Brazil which shall from time to time replace it, in accordance with Law
No.	4131 of September 3, 1962, Resolution 2,770, Circular 3,003, 2000
and Circular- Letter 2,933, all of August 30, 2000, that the Guarantor has become a creditor of the Indemnifier,
and inform the Central Bank of Brazil that the Guarantor has effected payment of such amount to the Bank
or the Guarantor has demanded
	 

11

  

  

	 	 payment from the Indemnifier, as applicable, and (ii) make all efforts to obtain the express authorization of the Central Bank of Brazil, or any other authority or legal entity entrusted with foreign exchange control powers in the territory of the Federative Republic of Brazil which shall from time to time replace it, in accordance with Law No. 4131 of September 3, 1962 and Resolution 2,770 of August 30, 2000 to allow the immediate payment of the outstanding amount (and any applicable additions) to the Guarantor. 

	 	 
	
      5      		
      TAXES
	 
	 	
  The Indemnifier shall pay all taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this Indemnification Agreement or any
related document and in the creation of any security for the Indemnification Agreement. The Indemnifier shall pay all principal, interest, commission and other amounts due under this Indemnification Agreement gross without deduction or withholding
on account of any national or local impositions whatsoever.	
	 
	
      6      		
      PAYMENT MECHANICS	
	 
	
      6.1      		
      Manner of Payments	
	 

	
      (a)      		
      On each date on which the Indemnifier is required to make a payment to the Guarantor under this Indemnification Agreement, it shall make the same available to the Guarantor for value on the due date at the time and in such funds
specified by the Guarantor as being customary at the time for settlement of transactions in U.S. dollars in the place of payment (which due date, time and funds the Guarantor shall provide five (5) Business Days before).	
	 
	
      (b)      		
      Payment shall be made to such account as specified by the Guarantor (which account the Guarantor shall specify five (5) Business Days before).	
	 

	
      6.2      		
      Order of Distribution	
	 
	 	
  If the amount received by the Guarantor from the Indemnifier on any date is less than the total sum remaining and/or becoming due under the Indemnification Agreement on that date, the Guarantor shall apply that amount first in
payment of damages, fees and interest in that order and secondly in reduction of sums otherwise due.	
	 
	
      7      		
      INDEMNITIES	
	 
	
      7.1      		
      Currency Indemnity	
	 

	
      (a)      		
      U.S. dollar is the sole currency of account and payment for all sums payable by the Indemnifier under or in connection with this Indemnification Agreement, including damages.	
	 

12

  

  

	
      (b)      		
      Any amount received or recovered in a currency other than U.S. dollar (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the Winding-up of the Indemnifier or Borrower or
otherwise) by the Guarantor in respect of any sum expressed to be due to it from the Indemnifier under this Indemnification Agreement shall only discharge the Indemnifier to the extent of the U.S. dollar amount which the Guarantor is able, in
accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it
is practicable to do so).	
	 
	
      (c)      		
      If that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the Guarantor under this Indemnification Agreement, the Indemnifier shall indemnify it against any loss sustained by it as a result. In any
event, the Indemnifier shall indemnify the Guarantor against the cost of making any such purchase. For the purpose of this Clause 7.1, it will be sufficient for the Guarantor to demonstrate that it would have suffered a loss had an actual exchange
or purchase been made. If that U.S. dollar amount is greater than the U.S. dollar amount expressed to be due to the Guarantor, Guarantor shall promply reimburse the excess to the Indemnifier.	
	 
	
  7.2      		
      Indemnities Separate	
	 
	 	
  Each of the indemnities in this Indemnification Agreement constitutes a separate and independent obligation from the other obligations in this Indemnification Agreement, shall give rise to a separate and independent cause of
action, shall apply irrespective of any indulgence granted by the Guarantor and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Indemnification
Agreement or any other Finance Documents or any other judgment or order.	
	 
	8	
      SET-OFF	
	 
	 	
  The Indemnifier authorises the Guarantor to apply (without prior notice) any credit balance (whether or not then due) to which it is at any time beneficially entitled on any account at, any sum held to its order by and/or any
liability to it of, any office of the Guarantor in or towards satisfaction of any sum then due from it to the Guarantor under this Indemnification Agreement and unpaid and, for that purpose, to convert one currency into another at a market rate of
exchange in the Guarantor’s usual course of business (but so that nothing in this Clause 8 shall be effective to create a charge). No party shall be obliged to exercise any of its rights under this Clause, which shall be without prejudice and
in addition to any right of set-off, combination of accounts, lien or other right to which it is at any time otherwise entitled (whether by operation of law, contract or otherwise).	
	 

13

  

  

	
      9      		
      EXPENSES AND STAMP DUTY	
	 
	
      9.1      		
      Expenses and Stamp Duty	
	 
	 	
  The Indemnifier shall pay:	
	 
	 	
  (a)      		
      Initial Expenses: on demand, all reasonable and documented costs and expenses (including taxes thereon and legal fees) incurred by the Guarantor in connection with the preparation, negotiation or
entry into this Indemnification Agreement and the Counter Indemnity Agreement not to exceed U.S.$75,000 in the aggregate and/or any amendment of, supplement to or waiver or consent in respect of this Indemnification Agreement requested by or on
behalf of the lndemnifier (whether or not entered into or given)	
	 
	 	
  (b)      		
      Enforcement Expenses: on demand, all reasonable and documented costs and expenses (including taxes thereon and legal fees) incurred by the Guarantor in the administration of, or by the Guarantor in
protecting or enforcing (or attempting to protect or enforce) any rights under, this Indemnification Agreement and/or any such amendment, supplement, waiver or consent, and	
	 
	 	(c)	  Stamp Duty: promptly, and in any event before any interest or penalty becomes payable, any stamp, documentary, registration or similar tax payable in connection with
the entry into, registration, performance, enforcement or admissibility in evidence of this Indemnification Agreement and/or any such amendment, supplement or waiver, and shall indemnify the Guarantor against any liability with respect to or
resulting from any delay in paying or omission to pay any such tax.	
	 
	
      9.2      		
      Other Expenses	
	 
	 	
  The Indemnifier shall also reimburse the Guarantor the reasonable fees, costs and expenses incurred by outside legal counsel and other professional advisors reasonably used by it in connection with any such amendment, supplement,
waiver or consent.	
	 
	
      10      		
      CALCULATIONS AND CERTIFICATES	
	 
	
      10.1      		
      Accounts	
	 
	 	
  In any litigation or arbitration proceedings arising out of or in connection with a Finance Document and/or this Indemnification Agreement the entries made in the accounts maintained by the Guarantor are prima facie evidence of the matters to which they relate.	
	 

14

  

  

	
      10.2      		
      Certificates and Determinations	
	 
	 	
  Any certification or determination by the Guarantor of a rate or amount under any Finance Document and/or this Indemnification Agreement is, in the absence of manifest error, conclusive evidence of the matters to which it
relates.	
	 
	
      11
      TRANSFER	
	 
	
      11.1      		
      Benefit and Burden of this Indemnification Agreement	
	 
	 	
  This Indemnification Agreement shall benefit and bind the parties, their permitted assignees and their respective successors. Any reference in this Indemnification Agreement to any party shall be construed accordingly.	
	 
	
      11.2      		
      Indemnifier	
	 
	 	
  The Indemnifier may not assign or transfer all or part of its obligations under this Indemnification Agreement.	
	 
	
      11.3      		
      Guarantor	
	 
	 	
  The Guarantor may assign or transfer all or part of its rights and obligations under this Indemnification Agreement. No consent shall be required from the Indemnifier to any such assignment or transfer.	
	 
	
      11.4      		
      Disclosure of Information	
	 
	 	
  The Guarantor may disclose to an actual or potential assignee, transferee, sub-participant or the like such information about the Indemnifier or any other Person as it may think fit, subject to confidentiality obligations of the
Indemnifier and its subsidiaries binding upon the Guarantor.	
	 
	
      12      		
      NO IMPLIED WAIVERS, REMEDIES CUMULATIVE	
	 
	 	
  No failure on the part of the Guarantor to exercise, and no delay on its part in exercising, any right or remedy under this Indemnification Agreement will operate as a waiver thereof, nor will any single or partial exercise of any
right or remedy preclude any other or further exercise of that or any other right or remedy. The rights and remedies provided in this Indemnification Agreement are cumulative and not exclusive of any other rights or remedies (whether provided by law
or otherwise).	
	 

15

  

  

	
      13      		
      NOTICES	
	 
	
      13.1      		
      Communications in writing	
	 
	 	
  Any communication to be made under or in connection with the Indemnification Agreement or Counter Indemnity Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter.	
	 
	
      13.2      		
      Addresses	
	 
	 	
  The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of either party for any communication or document to be made or delivered under or in connection with this
Indemnification Agreement is:	
	 
	 	
  (a) in the case of the Indemnifier,	
	 

	 	 	Tele Nordeste Celular Participacoes S.A. 

    	 
	 	 	 	 
	 	 	Avenida Conde da Boa Vista, 800, 2o Andar 	 
	 	 	 	 
	 	 	CEP 50.060 -004 	 
	 	 	 	 
	 	 	Recife, Pernambuco, Brazil 	 
	 	 	 	 
	 	 	Fax: +55-81 -423-6402; and 	 
	 	 	 	 
	 	(b) in the case of the Guarantor, 	 
	 	 	 	 
	 	 	Banque Sudameris 	 
	 	 	 	 
	 	 	4, rue Meyerbeer 	 
	 	 	 	 
	 	 	75009 Paris, France 	 
	 	 	 	 
	 	 	Fax: +33-1-48-00-08-07. 	 
	 	 	 	 
	 	 or any substitute address, fax number or department or officer as either party may notify to the other party by not less than five Business Days’ notice. 

13.3      Delivery 

	
      (a)      		
      Any communication or document made or delivered by one person to another under or in connection with this Indemnification Agreement will only be effective:	
	 
	 	
  (i) if by way of fax, when received in legible form; or	
	 

16

  

  

	 	
      (ii)      		
      if by way of letter, when it has been left at the relevant address or three (3) Business Days after having been delivered to an internationally recognized courier service postage prepaid in an envelope addressed to it at that
address,	
	 	 	 
	 	 and, if a particular department or officer is specified as part of its address details provided under Clause 13.2 (Addresses), if addressed to that department or officer. 
	 	 

13.4      English language

	
      (a)      		
      Any notice given under or in connection with this Indemnification Agreement must be in English.	
	 
	
      (b)      		
      All other documents provided under or in connection with this Indemnification Agreement must be:	
	 
	 	
  (i)      		
      in English; or	
	 
	 	
  (ii)      		
      if not in English, and if so required by either party, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official
document.	
	 

	
      14      		
      PARTIAL INVALIDITY	
	 
	 	
  If, at any time, any provision of this Indemnification Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining
provisions nor the legality, validity or enforceability of such. provision under the law of any other jurisdiction will in any way be affected or impaired.	
	 
	
      15      		
      NATURE OF OBLIGATIONS	
	 
	 	
  The obligations of the Indemnifier under or in respect of Clauses 5, 7, 8 and 9 shall continue even after all commitments of the Guarantor have terminated and all amounts payable under the Facility Documents have been repaid or
prepaid.	
	 
	
      16      		
      GOVERNING LAW	
	 
	 	
  This Indemnification Agreement is governed by the laws of England.	
	 
	
      17      		
      ENFORCEMENT	
	 
	
      17.1      		
      Jurisdiction of English courts	
	 
	(a)	
   The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Indemnification Agreement (including a dispute regarding the existence, validity or termination of this
Indemnification Agreement) (a “Dispute”).	
	 

17

  

  

	
      (b)      		
      The Guarantor and the Indemnifier agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly neither the Guarantor nor the Indemnifier will argue to the contrary.	
	 
	
      (c)      		
      This Clause 17 is for the benefit of the Guarantor only. As a result the Guarantor shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law the
Guarantor may take concurrent proceedings in any number of jurisdictions.	
	 

	
      17.2      		
      Service of process	
	 
	 	
  Without prejudice to any other mode of service allowed under any relevant law, the Indemnifier:	
	 
	 	
  (a)      		
      irrevocably appoints Law Debenture Corporate Services Limited, Princes House, 95 Gresham Street, London EC2V 7LY England as its agent for service of process in relation to any proceedings before the English courts in connection
with any Finance Document; and	

  agrees that failure by a process agent to notify the Indemnifier of the process will not invalidate the proceedings concerned. 

18

  

  

  This Indemnification Agreement has been executed as a Deed in Luxembourg. Gran& Duchy of Luxembourg on the date stated at the beginning. 

  Executed as a Deed by

  TELE NORDESTE CELULAR PARTICIPAÇÕES S.A. acting by Mr. Renato Iucopilla and Ms. Maria Lúcia Motta de Aquino 

	1.	 	 
    	
      2.	 
		 
	
	 	 	
	 	 	

  BANQUE SUDAMERIS S.A., acting by

	1.	 
		 
    	2.	 
		 
    
	 	 	
	 	 	

  WITNESSES: 

	1.	 
		 
    	2.	 
		 
    
	 	 	
	 	 	

	
      Name:
		 
		
      Name:
	
	 	 	 
	
      RG:
		 
		
      RG:
	
	 	 	 
	
      CPF/MF:
		 
		
      CPF/MF:
	

      

Notary

  (Seal) 

  

  19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]