Document:

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                                                                   Exhibit 10.32

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                                U.S. $10,000,000

                                CREDIT AGREEMENT

                            DATED AS OF JULY 19, 2005

                                      AMONG

                              CLEARWIRE CORPORATION
                                 AS THE BORROWER

                                       AND

                                   BELL CANADA
                                  AS THE LENDER

================================================================================

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                                TABLE OF CONTENTS

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ARTICLE 1
   DEFINITIONS...........................................................     1
   1.1   Defined Terms...................................................     1
   1.2   Use of Defined Terms............................................     5
   1.3   Cross References................................................     5
   1.4   Accounting and Financial Determinations.........................     5

ARTICLE 2
   COMMITMENTS, BORROWING PROCEDURES AND NOTES...........................     5
   2.1   Term Loan Commitment............................................     5
   2.2   Term Loan Borrowing Procedure...................................     6
   2.3   Term Notes......................................................     6

ARTICLE 3
   REPAYMENTS, PREPAYMENTS AND INTEREST..................................     6
   3.1   Repayments and Prepayments......................................     6
   3.2   Interest........................................................     6
   3.3   Post-Maturity and Default Rates.................................     6
   3.4   Payment Dates...................................................     7

ARTICLE 4
   TAXES AND OTHER PROVISIONS............................................     7
   4.1   Taxes...........................................................     7
   4.2   Payments, Computations, Etc.....................................     8

ARTICLE 5
   CONDITIONS TO TERM LOANS..............................................     8
   5.1   Conditions Precedent to Initial Borrowing.......................     8
   5.2   Filing Statements...............................................     9
   5.3   Security Agreements.............................................     9
   5.4   Delivery of Term Notes..........................................     9
   5.5   Required Consents and Approvals.................................     9
   5.6   Compliance with Warranties, No Default, Etc.....................     9
   5.7   Satisfactory Legal Form.........................................     9
   5.8   Conditions Precedent to All Borrowings..........................     9

ARTICLE 6
   REPRESENTATIONS AND WARRANTIES........................................    10
   6.1   Organization and Good Standing..................................    10
   6.2   Authorization and Validity of Agreement.........................    10
   6.3   Conflicts with Other Agreements.................................    10
   6.4   Authorizations..................................................    11
   6.5   Compliance with Law.............................................    11
   6.6   Priority of Security Interests..................................    11
</TABLE>

                                      (i)

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                                TABLE OF CONTENTS
                                   (continued)

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ARTICLE 7
   COVENANTS.............................................................    11
   7.1   Affirmative Covenants...........................................    11
   7.2   Negative Covenants..............................................    12

ARTICLE 8
   EVENTS OF DEFAULT.....................................................    13
   8.1   Listing of Events of Default....................................    13
   8.2   Action if Bankruptcy............................................    14
   8.3   Action if Other Event of Default................................    15

ARTICLE 9
   MISCELLANEOUS PROVISIONS..............................................    15
   9.1   Waivers, Amendments, Etc........................................    15
   9.2   Notices; Time...................................................    15
   9.3   Payment of Costs and Expenses...................................    16
   9.4   Indemnification.................................................    16
   9.5   Survival........................................................    16
   9.6   Severability....................................................    16
   9.7   Headings........................................................    17
   9.8   Execution in Counterparts, Effectiveness, Etc...................    17
   9.9   Governing Law; Entire Agreement.................................    17
   9.10  Successors and Assigns..........................................    17
   9.11  Other Transactions..............................................    17
   9.12  Consent to Jurisdiction.........................................    17
   9.13  Waiver of Jury Trial............................................    17
   9.14  Payments in Other Currencies....................................    18
   9.15  Language........................................................    18
</TABLE>

EXHIBIT A FORM OF SECURITY AGREEMENTS

EXHIBIT B FORM OF PROMISSORY NOTE

EXHIBIT C FORM OF BORROWING REQUEST

                                      (ii)

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                                CREDIT AGREEMENT

THIS CREDIT AGREEMENT, dated as of July 19, 2005, is between CLEARWIRE
CORPORATION, a Delaware corporation (the "BORROWER"), and BELL CANADA, a
Canadian corporation (the "LENDER").

WITNESSETH:

WHEREAS, the Borrower has requested that the Lender extend credit to the
Borrower for the purpose of funding capital expenditures and start-up costs
associated with the deployment of VoIP Services (as defined herein);

WHEREAS, the Borrower desires to obtain pursuant to this Agreement, from the
Lender, a Term Loan Commitment pursuant to which Term Loans may be made to the
Borrower in a maximum aggregate principal amount not to exceed U.S.$ 10,000,000,
with the proceeds of the Term Loans to be used for the purposes set forth in the
first recital;

WHEREAS, the Term Loans (at the time of creation thereof) are and shall be
secured by the hypothecs and security interests granted by the Borrower in
favour of the Lender pursuant to the provisions of the Security Agreements; and

WHEREAS, the Lender is willing to make Term Loans available to the Borrower on
the terms and subject to the conditions hereinafter set forth;

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

1.1 DEFINED TERMS

The following terms when used in this Agreement, including its preamble and
recitals, shall, except where the context otherwise requires, have the following
meanings (such meanings to be equally applicable to the singular and plural
forms thereof):

     "AFFILIATE" means any Person, however organized, that, directly or
     indirectly, Controls, is Controlled by or is under common Control with the
     applicable party. For purposes of this Agreement "CONTROL," and variations
     of "CONTROL" means:

     (a)  ownership of a majority of the voting power of those classes of voting
          stock entitled to vote in the election of directors, whether as a
          result of equity ownership interests, voting agreements or otherwise;
          or

     (b)  ownership of a majority of the beneficial interests in income and
          capital of an entity other than a corporation.

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                                       -2-

     "AGREEMENT" means, on any date, this Credit Agreement as originally in
     effect on the Effective Date and as thereafter from time to time amended,
     supplemented, restated or otherwise modified from time to time and in
     effect on such date.

     "AUTHORIZED OFFICER" means those officers of the Borrower whose signatures
     and incumbency shall have been certified to the Lender pursuant to the
     terms of the Master Supply Agreement or as updated by the Borrower from
     time to time and similarly certified.

     "BORROWER" is defined in the preamble and includes its successors and
     assigns.

     "BORROWER'S ACCOUNT" means the following bank account:

          Bank: Bank of America, California
          1850 Gateway Boulevard
          Concord, CA 94520-3282

          A/C Name: Clearwire Corporation
          Account No.: 1459915587
          ABA: 121000358

     "BORROWING" means Term Loans made by the Lender.

     "BORROWING DATE" is defined in Section 2.2.

     "BORROWING REQUEST" means a Term Loan request and certificate to be duly
     executed and delivered by an Authorized Officer substantially in the form
     of Exhibit C hereto.

     "BUSINESS Day" means any day which is neither a Saturday or Sunday nor a
     legal holiday on which banks are authorized or required to be closed in
     Seattle, Washington or Montreal, Canada.

     "CANADA" means Canada and any province or territory thereof.

     "DEFAULT" means any Event of Default or any condition, occurrence or event
     which, after notice or lapse of time or both, would constitute an Event of
     Default.

     "DISPOSITION" (or similar words such as "DISPOSE") means any sale,
     transfer, lease, contribution or other conveyance (including by way of
     merger or pledge) of, or the granting of options, warrants or other rights
     to, any of the Secured Property to any Person other than the Borrower in a
     single transaction or series of transactions.

     "EFFECTIVE DATE" means the date this Agreement becomes effective pursuant
     to Section 9.8.

     "EVENT OF DEFAULT" is defined in Section 8.1.

     "FILING STATEMENTS" is defined in Section 5.2.

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                                       -3-

     "GOVERNMENTAL AUTHORITY" means the government of Canada or the United
     States, any other nation or any political subdivision thereof, whether
     state, provincial, territorial or local, and any agency, authority,
     instrumentality, regulatory body, court, central bank or other Person
     exercising executive, legislative, judicial, taxing, regulatory or
     administrative powers or functions of or pertaining to government.

     "HEREIN," "HEREOF," "HERETO," "HEREUNDER" and similar terms contained in
     this Agreement or in any other Loan Document refer to this Agreement or
     such other Loan Document as a whole and not to any particular Section,
     paragraph or provision of this Agreement or such other Loan Document.

     "INDEMNIFIED LIABILITIES" is defined in Section 9.4.

     "INDEMNIFIED PARTIES" is defined in Section 9.4.

     "LENDER" is defined in the preamble and includes its successors and
     assigns.

     "LIEN" means mortgages, pledges, liens, hypothecs, charges, security
     agreements or other encumbrances or other arrangements that in substance
     secure payment or performance of an obligation, statutory and other
     non-consensual liens or encumbrances and includes lease, title retention
     agreements, restrictions, development or similar agreements, rights-of-way,
     title defect, adverse claims or interests, trusts or deemed trusts, options
     to acquire or the interests of a vendor or lessor under any conditional
     sale agreement or capital lease, and "Lien" means any one of such Liens.

     "LOAN DOCUMENTS" means, collectively, this Agreement, the Term Notes and
     each other agreement, certificate, document or instrument delivered in
     satisfaction of the requirements hereof or of any other Loan Document, in
     each case as amended, supplemented, restated or otherwise modified from
     time to time.

     "MASTER SUPPLY AGREEMENT" means the master supply agreement among BCE
     Nexxia Corporation, Bell Canada, the Borrower and Clearwire LLC dated as of
     March 16, 2005.

     "MATERIAL ADVERSE EFFECT" means a material adverse effect on

     (a)  the business, condition (financial or otherwise), operations,
          performance, properties or prospects of the Borrower or the Secured
          Property;

     (b)  the rights and remedies of the Lender under any Loan Document;

     (c)  the ability of the Borrower to perform its Obligations under any Loan
          Document; or

     (d)  the validity or enforceability of any Loan Document.

     "OBLIGATIONS" means all obligations (monetary or otherwise, whether
     absolute or contingent, matured or unmatured) of the Borrower arising under
     or in connection with a Loan Document, including the principal of, and
     premium, if any, and interest on, the

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                                       -4-

     Term Loans (including interest accruing during (or which would have accrued
     but for) the pendency of any proceeding of the type described in Section
     8.1(d), whether or not allowed in such proceeding).

     "PERMITTED LIEN" means a Lien permitted pursuant to Section 7.2(a).

     "PERSON" means any individual, entity or organization, and includes an
     individual, a corporation, a partnership, a trust, an unincorporated
     organization or association, the government of a country or any political
     subdivision thereof, or any agency or department of any such government,
     and the executors, administrators or other legal representatives of an
     individual in such capacity.

     "SECURED PROPERTY" means those assets of the Borrower subject to a security
     interest or hypothec in favour of the Lender granted pursuant to any
     Security Agreement.

     "SECURITY AGREEMENTS" means the security agreements and movable hypothec
     agreements to be duly executed and delivered by an Authorized Officer
     pursuant to the terms of this Agreement, substantially in the form of
     Exhibit A hereto, as amended, supplemented, amended and restated or
     otherwise modified from time to time.

     "STATED MATURITY DATE" means, with respect to all Term Loans, the third
     anniversary of the Effective Date.

     "SUBSIDIARY" means, with respect to any Person, any other Person of which
     more than 50% of the outstanding Voting Securities of such other Person
     (irrespective of whether at the time securities of any other class or
     classes of such other Person shall or might have voting power upon the
     occurrence of any contingency) is at the time directly or indirectly owned
     or controlled by such Person, by such Person and one or more other
     Subsidiaries of such Person, or by one or more other Subsidiaries of such
     Person.

     "TAXES" means all present and future income, stamp or other taxes, duties,
     levies, imposts, charges, assessments, fees, deductions or withholdings,
     now or hereafter imposed, levied, collected, withheld or assessed by any
     Governmental Authority, and all interest, penalties or similar liabilities
     with respect thereto.

     "TERM LOANS" is defined in Section 2.1.

     "TERM LOAN COMMITMENT" means the obligation of the Lender to make Term
     Loans pursuant to Section 2.1.

     "TERM LOAN COMMITMENT AMOUNT" means, on any date, US$10,000,000, exclusive
     of any interest payable on the Term Loans.

     "TERM NOTE" means a promissory note of the Borrower payable to the Lender,
     in substantially the form of Exhibit B hereto (as such promissory note may
     be amended, endorsed or otherwise modified from time to time), evidencing
     the aggregate indebtedness of the Borrower to the Lender resulting from
     outstanding Term Loans, and

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                                       -5-

     also means all other promissory notes issued by the Borrower from time to
     time in substitution therefor or renewal thereof.

     "TERMINATION DATE" means the date on which all Obligations have been
     indefeasibly paid in full in cash and all Term Loan Commitments have
     terminated.

     "UNITED STATES" or "U.S." means the United States of America and any state
     or district thereof.

     "US$" means lawful money of the United States.

     "U.S. GAAP" is defined in Section 1.4.

     "VOIP SERVICES" has the meaning ascribed to such term in the Master Supply
     Agreement.

     "VOTING SECURITIES" means, with respect to any Person, securities of any
     class or kind ordinarily having the power to vote for the election of
     directors or other voting members of the governing body of such Person.

1.2  USE OF DEFINED TERMS

Unless otherwise defined or the context otherwise requires, terms for which
meanings are provided in this Agreement shall have such meanings when used in
each other Loan Document and each notice and other communication delivered from
time to time in connection with any Loan Document.

1.3  CROSS REFERENCES

Unless otherwise specified, references in a Loan Document to any Article or
Section are references to such Article or Section of such Loan Document, and
references in any Article, Section or definition to any clause are references to
such clause of such Article, Section or definition.

1.4  ACCOUNTING AND FINANCIAL DETERMINATIONS

Unless otherwise specified, all accounting terms used in each Loan Document
shall be interpreted, and all accounting determinations and computations
thereunder shall be made, in accordance with generally accepted accounting
principles in the United States of America ("U.S. GAAP").

                                    ARTICLE 2
                   COMMITMENTS, BORROWING PROCEDURES AND NOTES

2.1  TERM LOAN COMMITMENT

The Lender agrees that it will make loans (the "TERM LOANS") to the Borrower in
an amount equal to the amount requested by the Borrower pursuant to the
procedures set forth in Section 2.2 provided that (a) the aggregate principal
amount of all Term Loans made hereunder shall not

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                                       -6-

exceed the Term Loan Commitment Amount and (b) Borrowing Requests may not be
sent after July 19,2007. No amounts paid or prepaid with respect to Term Loans
may be reborrowed.

2.2  TERM LOAN BORROWING PROCEDURE

By delivering a Borrowing Request to the Lender on or before 11:00 a.m.,
Montreal time, two Business Days prior to the date of the proposed Borrowing
(the "BORROWING DATE"), the Borrower will irrevocably request that a Borrowing
be made on or before 12:00 noon, Montreal time, on the Borrowing Date. The
Lender shall make funds in the amount of the Borrowing available to the Borrower
by wire transfer to the Borrower's Account on the Borrowing Date.

2.3  TERM NOTES

The Borrower agrees that, upon the execution of this Agreement, the Borrower
will execute and deliver to the Lender a Term Note evidencing the Term Loans
made by, and payable to the order of, the Lender in a maximum principal amount
equal to the Term Loan Commitment Amount. The Borrower hereby irrevocably
authorizes the Lender to make (or cause to be made) appropriate notations on the
grid attached to the Term Note (or on any continuation of such grid), which
notations, if made, shall evidence, inter alia, the date of and the outstanding
principal amount of the Term Loans evidenced thereby. Such notations shall be
conclusive and binding on the Borrower absent manifest error; provided, however,
that the failure of the Lender to make any such notations shall not limit or
otherwise affect any Obligations of the Borrower.

                                    ARTICLE 3
                      REPAYMENTS, PREPAYMENTS AND INTEREST

3.1  REPAYMENTS AND PREPAYMENTS

The Borrower shall repay in full the unpaid principal amount of each Term Loan
upon the Stated Maturity Date. Prior thereto:

     (a)  From time to time on any Business Day, the Borrower may make a
          voluntary prepayment, without premium or penalty, in whole or in part,
          of the outstanding principal amount of any Term Loans, together with
          such interest as may have accrued, as provided below, on the principal
          amount being prepaid.

     (b)  Immediately upon any acceleration of the Stated Maturity Date of any
          Term Loans pursuant to Section 8.2 or Section 8.3, the Borrower shall
          repay all Term Loans, together with such interest or other amounts as
          may have accrued with respect thereto.

3.2  INTEREST

Interest on the outstanding principal amount of the Term Loans shall accrue at a
rate of 7% per annum and be payable in accordance with Section 3.4.

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                                       -7-

3.3  POST-MATURITY AND DEFAULT RATES

After the date upon which the principal amount of any Term Loan is due and
payable (whether on the Stated Maturity Date, upon acceleration or otherwise),
or after any other monetary Obligation of the Borrower shall have become due and
payable, or upon the occurrence and continuance of an Event of Default, the
Borrower shall pay interest (after as well as before judgment) on all
Obligations at a rate per annum equal to the rate prescribed in Section 3.2 plus
2% per annum.

3.4  PAYMENT DATES

Interest accrued on each Term Loan shall be payable upon the earlier of:

     (a)  the Stated Maturity Date;

     (b)  the date of any payment or prepayment, in whole or in part, of
          principal outstanding on such Term Loan on the principal amount so
          paid or prepaid; and

     (c)  the date that the Stated Maturity Date is accelerated pursuant to
          Section 8.2 or Section 8.3.

Interest accrued on Term Loans or other monetary Obligations after the date such
amount is due and payable (whether on the Stated Maturity Date, upon
acceleration or otherwise) shall be payable upon demand.

                                    ARTICLE 4
                           TAXES AND OTHER PROVISIONS

4.1  TAXES

The Borrower covenants and agrees as follows with respect to Taxes:

     (a)  Any and all payments made by the Borrower to the Lender under each
          Loan Document shall be made without setoff, counterclaim or other
          defence, and free and clear of, and without deduction or withholding
          for or on account of, any Taxes, unless so required by applicable law
          Or regulation. Following the imposition of any Tax on any payment by
          the Borrower in consequence of which the Borrower pays an additional
          amount under this Section 4.1(a) or makes an indemnity payment under
          Section 4.1(c), the Lender shall use commercially reasonable efforts
          to claim a refund of any such Tax or a credit against or relief or
          remission for or repayment of any Taxes otherwise payable by it
          because of the payment of such Tax which in Lender's sole opinion
          (acting in good faith) is both identifiable and quantifiable by it
          without requiring Lender or its professional advisors to expend a
          commercially unreasonable amount of time or incur a commercially
          unreasonable cost in so identifying or quantifying (any of the
          foregoing, to the extent so identifiable and quantifiable, being
          referred to as a "TAX CREDIT"), and the Lender shall, to the extent
          that it can do so without prejudice to the retention of the relevant
          Tax Credit and subject to Borrower's

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                                       -8-

          obligation to repay promptly on demand by Lender the amount to Lender
          if the relevant Tax Credit is subsequently disallowed or cancelled,
          reimburse the Borrower promptly after receipt of such Tax Credit by
          Lender with such amount as Lender shall in its sole opinion (acting in
          good faith) have concluded to be the amount or value to it of the
          relevant Tax Credit (but only to the extent of the indemnity payments
          made, or additional amounts paid, by the Borrower under this Section
          with respect to the Taxes giving rise to such Tax Credit). In the
          event that any Taxes imposed by any Governmental Authority are
          required to be deducted or withheld from any payment made by the
          Borrower to the Lender under any Loan Document, then:

          (i)  the amount payable by the Borrower to the Lender shall be
               increased by such additional amounts as may be necessary so that,
               after withholding or deduction for, or on account of, such Taxes
               (including for greater certainty Taxes required to be deducted or
               withheld from such additional amounts), the Lender receives an
               amount that is not less than the full amount provided for in such
               Loan Document; and

          (ii) the Borrower shall withhold the full amount of such Taxes from
               such payment (as increased pursuant to clause (a)(i)) and shall
               pay such withheld Taxes to the Governmental Authority imposing
               such Taxes in accordance with applicable law.

     (b)  As promptly as practicable after the withholding of any Taxes pursuant
          to clause (a)(ii), and in any event within 45 days after the date on
          which such Taxes are due to the applicable Governmental Authority, the
          Borrower shall furnish, or cause to be furnished, to the Lender a copy
          of an official receipt (or a certified copy thereof) evidencing the
          payment of such Taxes to the applicable Governmental Authority.

     (c)  The Borrower shall indemnify the Lender for any incremental Taxes that
          may become payable by the Lender as a result of any failure of the
          Borrower to pay any Taxes imposed by any Governmental Authority that
          are required to be deducted and withheld from any payment made by the
          Borrower under any Loan Document when due to the appropriate
          Governmental Authority or to deliver to the Lender documentation
          evidencing the payment of Taxes, all as required pursuant to clause
          (a) or (b). Such indemnification shall be made within 30 days after
          the date the Lender makes written demand therefor and provides to the
          Borrower evidence of such Taxes having become payable. The Borrower
          acknowledges that any payment made to the Lender or to any
          Governmental Authority in respect of the indemnification obligations
          of the Borrower provided in this clause shall constitute a payment in
          respect of which the provisions of clause (a) and this clause shall
          apply.

<PAGE>

                                       -9-

4.2  PAYMENTS, COMPUTATIONS, ETC.

Unless otherwise expressly provided in a Loan Document, all payments by the
Borrower pursuant to each Loan Document shall be made by the Borrower to the
Lender without setoff, deduction or counterclaim not later than 5:00 p.m.
(Montreal time) on the date due in same day or immediately available funds to
such account as the Lender shall specify from time to time by notice to the
Borrower. Funds received after that time shall be deemed to have been received
by the Lender on the next succeeding Business Day. All interest and fees shall
be computed on the basis of the actual number of days (including the first day
but excluding the last day) occurring during the period for which such interest
or fee is payable over a year comprised of 365 or 366 days, as applicable.
Payments due on a day other than a Business Day shall be made on the next
succeeding Business Day and such extension of time shall be included in
computing interest and fees in connection with that payment.

                                    ARTICLE 5
                            CONDITIONS TO TERM LOANS

5.1  CONDITIONS PRECEDENT TO INITIAL BORROWING

The obligation of the Lender to fund the initial Borrowing hereunder is subject
to the prior or concurrent satisfaction of each of the conditions precedent set
forth in Sections 5.2 through 5.7, which conditions shall be deemed satisfied or
waived upon the funding of such initial Borrowing.

5.2  FILING STATEMENTS

All financing statements, applications for registration in respect of hypothecs
and other filings required under Canadian personal property security legislation
and termination statements or discharge statements required under Canadian
movable personal property security legislation and pursuant to the Loan
Documents (collectively, the "FILING STATEMENTS") shall have been delivered to
the Lender for filing in order to perfect and render opposable against third
parties the hypothecs and security interests granted by the Borrower in favour
of the Lender pursuant to the Security Agreements and to give effect to the
provisions of Sections 6.6 and 7.2(a).

5.3  SECURITY AGREEMENTS

The Lender shall have received each of the Security Agreements duly executed and
delivered by an Authorized Officer and all Liens granted to the Lender
thereunder shall be duly perfected to provide the Lender a security interest in
and a Lien on the Secured Property free and clear of other Liens except
Permitted Liens.

5.4  DELIVERY OF TERM NOTES

The Lender shall have received the Term Note duly executed and delivered by an
Authorized Officer.

<PAGE>

                                      -10-

5.5  REQUIRED CONSENTS AND APPROVALS

All required material consents and approvals shall have been duly obtained and
be in full force and effect with respect to the transactions contemplated hereby
from any Person whose consent or approval is so required to effect the
transactions contemplated hereby.

5.6  COMPLIANCE WITH WARRANTIES, NO DEFAULT, ETC.

At the time of the making of the Term Loans the following statements shall be
true and correct:

     (a)  the representations and warranties set forth in each Loan Document
          shall, in each case, be true and correct; and

     (b)  no Default shall have then occurred and be continuing.

5.7  SATISFACTORY LEGAL FORM

All documents executed or submitted pursuant hereto by or on behalf of the
Borrower shall be reasonably satisfactory in form and substance to the Lender
and its counsel, and the Lender and its counsel shall have received all
information, approvals, opinions, documents or instruments as the Lender or its
counsel may reasonably request.

5.8  CONDITIONS PRECEDENT TO ALL BORROWINGS

     (a)  The obligation of the Lender to fund Borrowings or otherwise give
          effect to any Borrowing Request hereunder is subject to the conditions
          precedent that on the date of such Borrowing Request and Borrowing,
          (x) the representations and warranties contained in Article 6 are true
          and correct on such date, all as though made on and as of such date
          except for those changes to the representations and warranties which
          have been disclosed to and consented to by the Lender and any
          representation or warranty which is stated to be made as of a certain
          date; and (y) no event or condition has occurred or is continuing or
          would result from such Borrowing or giving effect to such Borrowing
          Request, which constitutes a Default or Event of Default.

     (b)  Each of the giving of any Borrowing Request by the Borrower and the
          acceptance by the Borrower of any Borrowing shall be deemed to
          constitute a representation and warranty by the Borrower that, on the
          date of such Borrowing Request or Borrowing, as the case may be, and
          after giving effect thereto and to the application of any proceeds
          therefrom, the statements set forth in Sections 5.2 through 5.7 are
          true and correct.

                                    ARTICLE 6
                         REPRESENTATIONS AND WARRANTIES

In order to induce the Lender to enter into this Agreement and to make the Term
Loans hereunder, the Borrower represents and warrants to the Lender as set forth
in Sections 6.1 through 6.6 of this Article.

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                                      -11-

6.1  ORGANIZATION AND GOOD STANDING

The Borrower is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation.

6.2  AUTHORIZATION AND VALIDITY OF AGREEMENT

The Borrower has full corporate power and authority to execute and deliver the
Loan Documents and to perform its obligations hereunder. The execution, delivery
and performance by it of the Loan Documents have been duly and validly
authorized and no additional corporate authorization or consent is required in
connection with the execution, delivery and performance by it of the Loan
Documents. The Loan Documents have been duly and validly executed and constitute
valid and legally binding obligations, enforceable against the Borrower in
accordance with their terms, subject to bankruptcy, insolvency, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors' rights and to general principles of equity.

6.3  CONFLICTS WITH OTHER AGREEMENTS

The execution of the Loan Documents by the Borrower and the performance of its
obligations thereunder does not and will not violate or conflict with the terms
and conditions of any other agreement, arrangement or understanding entered into
by it.

6.4  AUTHORIZATIONS

The Borrower has obtained and shall maintain in full force during the term of
this Agreement such federal, state and local authorizations, including, but not
limited to, from any Governmental Authority, as are necessary to perform its
obligations under the Loan Documents.

6.5  COMPLIANCE WITH LAW

The Borrower shall at all times comply with all applicable laws, rules, and
regulations relating to the execution, delivery, and performance of the Loan
Documents.

6.6  PRIORITY OF SECURITY INTERESTS

The Liens granted to the Lender in the Secured Property are first priority
security interests and first ranking hypothecs and no Liens exist on the Secured
Property, other than the Permitted Liens.

                                    ARTICLE 7
                                    COVENANTS

7.1  AFFIRMATIVE COVENANTS

The Borrower covenants and agrees with the Lender that until the Termination
Date has occurred, the Borrower will perform or cause to be performed the
obligations set forth below:

<PAGE>

                                      -12-

     (a)  MAINTENANCE OF EXISTENCE; COMPLIANCE WITH LAWS, ETC. The Borrower
          will:

          (i)  do all things necessary to remain duly organized, validly
               existing and in good standing in its jurisdiction of organization
               and maintain all requisite authority to conduct its business in
               each jurisdiction in which its business is conducted, except in
               each case where the failure to take such action could not
               reasonably be expected to have a Material Adverse Effect;

          (ii) do all things reasonably necessary to renew, extend and continue
               in effect all authorizations which may at any time and from time
               to time be necessary to operate and own the business and assets
               of the Borrower in compliance with all applicable laws and
               regulations, except in each case where the failure to so comply
               could not reasonably be expected to have a Material Adverse
               Effect;

          (iii) obtain and maintain all licenses, permits and approvals
               necessary or desirable to carry on business and make, on or
               before when due, all filings required by all Governmental
               Authorities, except in each case where the failure to take such
               action could not reasonably be expected to have a Material
               Adverse Effect; and

          (iv) comply with all applicable laws, rules, regulations, agreements
               and orders, except where the failure to take such action could
               not reasonably be expected to have a Material Adverse Effect.

     (b)  BOOKS AND RECORDS. The Borrower will keep books and records in
          accordance with U.S. GAAP which present fairly the financial condition
          of the Borrower in all material respects as at the date thereof.

     (c)  USE OF PROCEEDS. The Borrower will apply the proceeds of the Term
          Loans in accordance with the first recital herein.

     (d)  FUTURE SECURITY, ETC. The Borrower will execute any documents, Filing
          Statements, agreements and instruments, and take all further action
          (including filing mortgages) that may be required under applicable
          law, or that the Lender may reasonably request, in order to effectuate
          the transactions contemplated by the Loan Documents and in order to
          grant, preserve, protect and perfect the validity and first priority
          and ranking (subject to Permitted Liens) of the Liens created or
          intended to be created by the Loan Documents on the Secured Property.

7.2  NEGATIVE COVENANTS

The Borrower covenants and agrees with the Lender that until the Termination
Date has occurred, the Borrower will perform or cause to be performed the
obligations set forth below.

     (a)  LIENS. The Borrower will not create, incur, assume or permit to exist
          any Lien upon any of the Secured Property, whether now owned or
          hereafter acquired, except (a) Liens securing payment of the
          Obligations, (b) Liens attaching to the

<PAGE>

                                      -13-

          Secured Property by operation of law, or (c) purchase money Liens (to
          the extent that the acquisition of any Secured Property has not been
          financed with proceeds of the Term Loans) (collectively, the
          "PERMITTED LIENS").

     (b)  CONSOLIDATION, MERGER, ETC. The Borrower will not, without the prior
          consent of the Lender, or as permitted under the Master Supply
          Agreement, liquidate or dissolve, consolidate with, or merge into or
          with, any other Person unless, in either case, the resulting or
          surviving Person assumes all of the Borrower's obligations under each
          of the Loan Documents.

     (c)  PERMITTED DISPOSITIONS. Except as permitted under the Master Supply
          Agreement, the Borrower will not Dispose of any of the Secured
          Property to any Person in one transaction or series of transactions
          unless:

          (i)  the Borrower delivers notice of such Disposition to the Lender
               and such other documents relating thereto as the Lender may
               request at least 15 days prior to the date thereof; and

          (ii) the Lender has delivered to the Borrower its written consent to
               such Disposition.

     (d)  RESTRICTIVE AGREEMENTS, ETC. The Borrower will not enter into any
          agreement prohibiting or limiting:

          (i)  the creation or assumption of any Lien upon the Secured Property,
               whether now owned or hereafter acquired; or

          (ii) the ability of the Borrower to amend or otherwise modify any Loan
               Document;

          and any such restrictions in any Loan Document shall not be deemed to
          be a breach of this Section 7.2(d).

                                    ARTICLE 8
                               EVENTS OF DEFAULT

8.1  LISTING OF EVENTS OF DEFAULT

Each of the following events or occurrences described in this Article shall
constitute an "EVENT OF DEFAULT."

     (a)  NON-PAYMENT OF OBLIGATIONS. The Borrower shall default in the payment
          or prepayment when due of (i) any principal on any Term Loan; or (ii)
          any interest on any Term Loan or any other monetary Obligation and
          such default shall continue unremedied for a period of 3 Business Days
          after notice from the Lender.

<PAGE>

                                      -14-

     (b)  BREACH OF WARRANTY. Any representation or warranty of the Borrower
          made or deemed to be made in any Loan Document (including any
          certificates delivered pursuant to Article 5) is or shall be incorrect
          when made or deemed to have been made.

     (c)  NON-PERFORMANCE OF CERTAIN COVENANTS AND OBLIGATIONS. The Borrower
          shall fail to perform or observe any of its covenants under the Loan
          Documents (other than as provided in Section 8.1(a) and 8.1(d)) and
          any such failure shall continue unremedied for a period of 30 days
          after becoming aware of such breach.

     (d)  BANKRUPTCY, INSOLVENCY, ETC. The Borrower shall:

          (i)  become insolvent or generally fail to pay, or admit in writing
               its insolvency or inability generally to pay debts as they become
               due;

          (ii) apply for, consent to, or acquiesce in the appointment of a
               trustee, receiver or other custodian for any substantial part of
               the property of any thereof, or make a general assignment for the
               benefit of creditors;

          (iii) in the absence of the application, consent or acquiescence
               referred to in clause (ii), permit or suffer to exist the
               appointment of a trustee, receiver or other custodian for a
               substantial part of the property of any thereof, and such
               trustee, receiver or other custodian shall not be discharged
               within 60 days; provided that the Borrower hereby expressly
               authorizes the Lender to appear in any court conducting any
               relevant proceeding during such 60-day period to preserve,
               protect and defend its rights under the Loan Documents;

          (iv) permit or suffer to exist the commencement of any bankruptcy,
               reorganization, debt arrangement or other case or proceeding
               under any bankruptcy or insolvency law or any dissolution,
               winding up or liquidation proceeding, in respect thereof, and, if
               any such case or proceeding is not commenced by the Borrower,
               such case or proceeding shall be consented to or acquiesced in by
               the Borrower, or shall result in the entry of an order for relief
               or shall remain for 30 days undismissed; provided that the
               Borrower hereby expressly authorizes the Lender to appear in
               any court conducting any such case or proceeding during such
               30-day period to preserve, protect and defend their rights under
               the Loan Documents; or

          (v)  take any action authorizing, or in furtherance of, any of the
               foregoing.

     (e)  IMPAIRMENT OF SECURITY, ETC. Any Loan Document or any portion of any
          Lien granted thereunder shall (except in accordance with its terms),
          in whole or in part, terminate, cease to be effective or cease to be
          the legally valid, binding and enforceable obligation of the Borrower;
          the Borrower shall, directly or indirectly, contest in any manner such
          effectiveness, validity, binding nature or enforceability; or, except
          as permitted under any Loan Document, any Lien

<PAGE>

                                      -15-

          securing any Obligation shall, in whole or in part, cease to be a
          perfected first priority Lien.

     (f)  PAYMENT OF OTHER DEBT. The Borrower (i) fails to make any payment or
          payments when due (after the expiration of any applicable grace period
          (or any payments in the aggregate)) to any Person in relation to any
          indebtedness where the principal amount of such payments not paid when
          due are in excess of U.S.$10,000,000, or (ii) defaults in the
          observance or performance of any other agreement of which the
          principal amount then outstanding is in excess of U.S.$10,000,000, or
          of any instrument or agreement evidencing, securing or relating to
          such indebtedness, or any other event shall occur or condition exist,
          the effect of which default, event or other condition is to cause, or
          to permit the holder of such indebtedness to cause such indebtedness
          to become due prior to its stated maturity date.

8.2  ACTION IF BANKRUPTCY

If any Event of Default described in clauses (i) through (v) of Section 8.1(d)
shall occur, the Stated Maturity Date shall automatically be accelerated and the
outstanding principal amount of all outstanding Term Loans and all other
Obligations shall automatically be and become immediately due and payable,
without notice or demand to any Person.

8.3  ACTION IF OTHER EVENT OF DEFAULT

If any Event of Default (other than any Event of Default described in clauses
(i) through (v) of Section 8.1(d)) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Lender may by notice to the Borrower
accelerate the Stated Maturity Date and declare all or any portion of the
outstanding principal amount of the Term Loans and other Obligations to be due
and payable, whereupon the full unpaid amount of such Term Loans and other
Obligations which shall be so declared due and payable shall be and become
immediately due and payable, without further notice, demand or presentment.

                                    ARTICLE 9
                            MISCELLANEOUS PROVISIONS

9.1  WAIVERS, AMENDMENTS, ETC.

The provisions of each Loan Document may from time to time be amended, modified
or waived, if such amendment, modification or waiver is in writing and consented
to by the Borrower and the Lender.

No failure or delay on the part of the Lender in exercising any power or right
under any Loan Document shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or
demand on the Borrower in any case shall entitle it to any notice or demand in
similar or other circumstances. No waiver or approval by the Lender under any
Loan Document shall, except as may be otherwise stated in such waiver or
approval, be applicable to subsequent transactions. No waiver or approval
hereunder shall require any similar or dissimilar

<PAGE>

                                      -16-

waiver or approval thereafter to be granted hereunder. All remedies shall be
cumulative, and not exclusive of any and all other remedies, whether provided
pursuant to the Loan Documents or at law or otherwise.

9.2  NOTICES; TIME

All notices and other communications provided under each Loan Document shall be
in writing or by facsimile and addressed, delivered or transmitted, if to the
Borrower or the Lender, to each applicable Person at its address or facsimile
number set forth below its signature in this Agreement, or at such other address
or facsimile number as may be designated by such party in a notice to the other
parties. Any notice, if mailed and properly addressed with postage prepaid or if
properly addressed and sent by pre-paid courier service, shall be deemed given
when received; any notice, if transmitted by facsimile, shall be deemed given
when the confirmation of transmission thereof is received by the transmitter.
The parties hereto agree that delivery of an executed counterpart of a signature
page to this Agreement and each other Loan Document by facsimile shall be
effective as delivery of an original executed counterpart of this Agreement or
such other Loan Document. Unless otherwise indicated, all references to the time
of a day in a Loan Document shall refer to Montreal time.

9.3  PAYMENT OF COSTS AND EXPENSES

The Borrower agrees to pay on demand all expenses of the Lender and its agents
(including the reasonable fees, out-of-pocket expenses and other charges of
counsel to the Lender who may be retained by or on behalf of the Lender) in
connection with the enforcement of any rights under any Loan Document.

The Borrower further agrees to pay, and to save the Lender harmless from all
liability for, any stamp or other Taxes which may be payable in connection with
the execution or delivery of each Loan Document, the making of the Term Loans or
the issuance of the Term Notes. The Borrower also agrees to reimburse the Lender
upon demand for all reasonable out-of-pocket expenses (including reasonable
attorneys' fees and legal expenses of counsel) in connection with (x) the
negotiation of any restructuring or "work-out" with the Borrower, whether or not
consummated, of any Obligations, and (y) the enforcement of any Obligations.

9.4  INDEMNIFICATION

In consideration of the execution and delivery of this Agreement and the
financing arrangements contemplated hereby, the Borrower hereby indemnifies,
exonerates and holds the Lender and its officers, directors, employees and
agents (collectively, the "INDEMNIFIED PARTIES") free and harmless from and
against any and all actions, causes of action, suits, losses, costs, liabilities
and damages, and expenses incurred in connection therewith (irrespective of
whether any such Indemnified Party is a party to the action for which
indemnification hereunder is sought), including reasonable attorneys' fees and
disbursements, whether incurred in connection with actions between or among the
parties hereto or the parties hereto and third parties (collectively, the
"INDEMNIFIED LIABILITIES"), incurred by the Indemnified Parties or any of them
as a result of, or arising out of, or relating to the entering into and
performance of any Loan Document by any of the Indemnified Parties, except for
Indemnified Liabilities arising for the account of a

<PAGE>

                                      -17-

particular Indemnified Party by reason of the relevant Indemnified Party's gross
negligence or wilful misconduct. If and to the extent that the foregoing
undertaking may be unenforceable for any reason, the Borrower agrees to make the
maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.

9.5  SURVIVAL

The obligations of the Borrower under Sections 4.1, 9.3 and 9.4, shall in each
case survive any assignment from the Lender to another lender (in the case of
Sections 9.3 and 9.4) and the occurrence of the Termination Date. The
representations and warranties made by the Borrower in each Loan Document shall
survive the execution and delivery of such Loan Document, until the Termination
Date.

9.6  SEVERABILITY

Any provision of any Loan Document which is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of such Loan Document or affecting the validity or
enforceability of such provision in any other jurisdiction.

9.7  HEADINGS

The various headings of each Loan Document are inserted for convenience only and
shall not affect the meaning or interpretation of such Loan Document or any
provisions thereof.

9.8  EXECUTION IN COUNTERPARTS, EFFECTIVENESS, ETC.

This Agreement may be executed by the parties hereto in several counterparts,
each of which shall be an original and all of which shall constitute together
but one and the same agreement. This Agreement shall become effective when
counterparts hereof executed on behalf of the Borrower and the Lender shall have
been received by the Lender and the Borrower, respectively.

9.9  GOVERNING LAW; ENTIRE AGREEMENT

This Agreement is a contract made under and shall be governed by and construed
in accordance with the laws of the Province of Quebec and the federal laws of
Canada applicable in the Province of Quebec. The Loan Documents constitute the
entire understanding among the parties hereto with respect to the subject matter
thereof and supersede any prior agreements, written or oral, with respect
thereto.

9.10 SUCCESSORS AND ASSIGNS

The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted
hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Lender.

<PAGE>

                                      -18-

9.11 OTHER TRANSACTIONS

Nothing contained herein shall preclude the Lender from engaging in any
transaction, in addition to those contemplated by the Loan Documents, with the
Borrower or any of its Affiliates in which the Borrower or such Affiliate is not
restricted hereby from engaging with any other Person.

9.12 CONSENT TO JURISDICTION

Each Party irrevocably submits to the non-exclusive jurisdiction of the courts
of competent jurisdiction in the Province of Quebec located in the City of
Montreal in respect of any action or proceeding relating in any way to this
Agreement.

The Parties shall not raise any objection to the venue of any proceedings in any
such court, including the objection that the proceedings have been brought in an
inconvenient forum.

9.13 WAIVER OF JURY TRIAL

THE LENDER, AND THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, EACH LOAN DOCUMENT.

9.14 PAYMENTS IN OTHER CURRENCIES

Any payment on account of an amount payable hereunder or under any other Loan
Document in a particular currency (the "PROPER CURRENCY") made to or for the
account of the Lender in a currency (the "OTHER CURRENCY") other than the proper
currency, whether pursuant to a judgment or order of any court or tribunal or
otherwise and whether arising from the conversion of any amount denominated in
one currency into any other currency for the purpose of making or filing a
claim, obtaining an order or judgment, enforcing an order or judgment or
otherwise, shall constitute a discharge of the Borrower's obligation under this
Agreement or the applicable Loan Document only to the extent of the amount of
the proper currency which the Lender is able, in the normal course of its
business within one Business Day after receipt by it of such payment, to
purchase with the amount of the other currency so received. If the amount of the
proper currency which the Lender is so able to purchase is less than the amount
of the proper currency originally due to it under the this Agreement or the
applicable Loan Document, the Borrower shall indemnify and save the Lender
harmless from and against any loss or damage arising as a result of such
deficiency. This indemnity shall constitute an obligation separate and
independent from any other obligation contained in this Agreement or any other
Loan Document, shall give rise to a separate and independent cause of action,
shall apply irrespective of any indulgence granted by the Lender from time to
time, shall continue in full force and effect notwithstanding any judgment or
order for a liquidated sum in respect of an amount due under this Agreement or
any applicable Loan Document or under any judgment or order and shall not
terminate as a result of any order of foreclosure or taking in payment made in
respect of any Security Agreement given to or for the benefit of the Lender.

<PAGE>

                                      -19-

9.15 LANGUAGE

The parties confirm that it is their wish that this Agreement as well as any
other documents relating thereto, including without limitation notices,
schedules and authorizations, have been and shall be drawn up in the English
language only. Les signataires confirment leur volonte que la presente
convention de meme que tous les documents s'y rattachant, y compris tout avis,
annexe et autorisation, soient rediges en anglais seulement.

                           [INTENTIONALLY LEFT BLANK]

<PAGE>

                                      -20-

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective officers thereunto duly authorized as of the day and year
first above written.

                                        CLEARWIRE CORPORATION, as the Borrower

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

                                        Address: 5808 Lake Washington Blvd NE
                                                 Suite 300
                                                 Kirkland, WA 98033

                                        Fax: (###-##-####

                                        Attention: Benjamin Wolff

                                        with a copy to:

                                        Fax: (425)216-7900

                                        Attention: Law Department

                                        and with a copy to:

                                        Address: Davis Wright Tremaine
                                                 2600 Century Square
                                                 1501 Fourth Avenue
                                                 Seattle, WA 98101-1688

                                        Attention: Julie Weston

<PAGE>

                                      -21-

                                        BELL CANADA, as the Lender

                                        By: /s/ Martine Turcotte
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title: Chief Legal Officer

                                        By: N/A
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        Address: 1000, rue de la Gauchetiere
                                                 Ouest Montreal, Quebec H3B 4Y7

                                        Fax: (514) 870-4877

                                        Attention: Chief Legal Officer

<PAGE>

                                    EXHIBIT A
                          FORM OF SECURITY AGREEMENTS

<PAGE>

                                    EXHIBIT B
                            FORM OF PROMISSORY NOTE

<PAGE>

                                   EXHIBIT C
                           FORM OF BORROWING REQUEST

<PAGE>

                                   EXHIBIT B

                                PROMISSORY NOTE

                                                                MONTREAL, QUEBEC

                                                              DATE: JULY 19,2005

FOR VALUE RECEIVED the undersigned unconditionally promises to pay, to BELL
CANADA (the "LENDER") or to its order, at its offices at Montreal, Quebec, in
lawful money of the United States of America, the principal amount, together
with interest thereon, of each and all loans made by the Lender to the
undersigned, all as recorded by the Lender on the grid on the reverse hereof
and, if applicable, on the grid(s) subsequently numbered and attached hereto as
schedules (collectively the "GRID") in accordance with the terms of a credit
agreement (the "CREDIT AGREEMENT") dated as of July 19, 2005 between the Lender
and the undersigned, as said agreement may be amended from time to time.

The principal amount (including any overdue interest) of each loan evidenced
hereunder shall bear interest, both before and after demand or maturity (as
applicable), default and judgment and shall be paid in accordance with the terms
of and at the annual rate set forth in the Credit Agreement.

The undersigned hereby waives demand, presentment for payment, notice of
non-payment, notice of protest of this note and the right to assert in any
action or proceeding with regard to this note any set-offs or counterclaims
which the undersigned may have. No failure or delay by the Lender in exercising
any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right exclude the further exercise thereof or the
exercise of any other right.

Other than in cases of manifest error, the undersigned agrees that the entries
by the Lender on the Grid of advances and payments shall be prima facie proof of
the matters so recorded. The failure to record any amount on the Grid, however,
shall not limit the obligation of the undersigned to repay the principal amount
of the loans under the Credit Agreement together with interest accruing thereon
or limit the right of the Lender to recover any amount due and payable.

This note shall be governed by and construed in accordance with the laws of the
Province of Quebec and the laws of Canada applicable therein.

                                        CLEARWIRE CORPORATION

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

<PAGE>

THIS IS SCHEDULE NO. 1 TO A PROMISSORY NOTE OF CLEARWIRE CORPORATION TO BELL
CANADA DATED THE 19th DAY OF JULY, 2005.

                               LOANS AND PAYMENT

                                   TERM LOAN

<TABLE>
<CAPTION>
        AMOUNT    AMOUNT   TOTAL PRINCIPAL   NOTATION
DATE   ADVANCED    PAID      OUTSTANDING      MADE BY
----   --------   ------   ---------------   --------
<S>    <C>        <C>      <C>               <C>

</TABLE>

<PAGE>

                                   EXHIBIT C

                           FORM OF BORROWING REQUEST

                                                                          [Date]

Bell Canada
1000 De La Gauchetiere West
Suite 3700
Montreal, Quebec H3B 4Y7

Attention: Chief Legal Officer

Ladies and Gentlemen:

          The undersigned, Clearwire Corporation, refers to the credit agreement
dated as of July 19, 2005 (as amended, supplemented, replaced or restated from
time to time, the "CREDIT AGREEMENT," the terms defined therein being used
herein as therein defined) between Clearwire Corporation and Bell Canada, and
hereby gives you notice pursuant to Section 2.2 of the Credit Agreement that the
undersigned hereby requests a Borrowing under the Credit Agreement, and, in that
connection sets forth below the information relating to such Borrowing as
required by Section 2.2 of the Credit Agreement:

     (a)  The date of the Borrowing, being a Business Day, is _____.

     (b)  The aggregate amount of the Borrowing is _____.

The undersigned hereby certifies and confirms that on the date of this Borrowing
Request and the date of the corresponding Borrowing, and immediately after
giving effect thereto and to the application of any proceeds therefrom, (x) the
representations and warranties contained in Article 6 of the Credit Agreement
are true and correct on and as of each such date, all as though made on and as
of each such date, except for any representation and warranty which is stated to
be made as of a certain date, and (y) no event or condition has occurred and is
continuing, or would result from such Borrowing or giving effect to this
Borrowing Request, which constitutes a Default or an Event of Default.

The undersigned further confirms and certifies to the Lender that the proceeds
of the proposed Borrowing will be used solely for the purposes permitted by the
Credit Agreement.

                                        Yours truly,

                                        CLEARWIRE CORPORATION

                                        Per:
                                             -----------------------------------
                                             Authorized Signatory

<PAGE>

                          AMENDMENT TO CREDIT AGREEMENT

This Amendment to Credit Agreement (this "AMENDMENT"), dated as of February___,
2006 is between CLEARWIRE CORPORATION, a Delaware corporation (the "BORROWER"),
and BELL CANADA, a Canadian corporation (the "LENDER").

RECITALS

A.   The Borrower and the Lender are parties to a Credit Agreement made as of
     July 19, 2005 (the "EXISTING CREDIT AGREEMENT").

B.   The Borrower has requested amendments to certain provisions of the Existing
     Credit Agreement.

C.   The Lender has agreed to amend the provisions of the Existing Credit
     Agreement that the Borrower has requested be amended on the terms and
     subject to the conditions contained in this Amendment.

FOR VALUE RECEIVED, the parties agree as follows:

SECTION 1 - INTERPRETATION

1.1  DEFINITIONS

Capitalized terms used and not defined in this Amendment have the meanings given
to them in the Existing Credit Agreement and, for the purposes of this amendment
only, the term "AMENDMENT DATE" has the meaning given to that term in Section
5.1 of this Amendment.

1.2  INCORPORATION INTO EXISTING CREDIT AGREEMENT

The Existing Credit Agreement and this Amendment shall henceforth be read
together and shall have the effect as if all the provisions of such agreements
were contained in one agreement (the Existing Credit Agreement, as amended by
this Amendment, the "AMENDED CREDIT AGREEMENT").

SECTION 2 - AMENDMENT OF ARTICLE 1 OF THE EXISTING CREDIT AGREEMENT

2.1  AMENDMENT OF SECTION 1.1 - DEFINED TERMS

On and after the Amendment Date, Section 1.1 of the Existing Credit Agreement is
amended by deleting the definition of "EFFECTIVE DATE" and replacing it with the
following:

     "EFFECTIVE DATE" means July 19, 2005.

<PAGE>

                                       -2-

SECTION 3 - AMENDMENT OF ARTICLE 7 OF THE EXISTING CREDIT AGREEMENT

3.1  AMENDMENT OF SECTION 7.2(A) - LIENS

On and after the Amendment Date, Section 7.2(a) of the Existing Credit Agreement
is amended and restated as follows:

          LIENS. The Borrower will not create, incur, assume or permit to exist
          any Lien upon any of the Secured Property, whether now owned or
          hereafter acquired, except (a) Liens securing payment of the
          Obligations, (b) Liens attaching to the Secured Property by operation
          of law, (c) purchase money Liens (to the extent that the acquisition
          of any Secured Property has not been financed with proceeds of the
          Term Loans), or (d) Liens in favour of a lender to Borrower or its
          Affiliates which are subordinate in rank to the Liens in favour the
          Lender (collectively, the "PERMITTED LIENS").

3.2  AMENDMENT OF SECTION 7.2(C) - PERMITTED DISPOSITIONS

On or after the Amendment Date, Section 7.2(c) of the Existing Credit Agreement
is amended by inserting the following at the end of such Section:

          Notwithstanding the foregoing, the Borrower may Dispose of any Secured
          Property to a wholly-owned Subsidiary of the Borrower provided that,
          prior to any such Disposition, such Subsidiary delivers a guarantee of
          the Borrower's Obligations hereunder and such other security
          agreements, hypothecs and other documentation as the Lender may
          reasonably require to ensure that the Lender retains a first priority
          security interest and first ranking hypothec with respect to all of
          the Secured Property. Upon the receipt of such guarantee and security
          agreements, hypothecs and other documentation, the Lender agrees to
          file such financing change statements or other termination statements
          or discharges as are necessary to register in the public record the
          termination of Lender's Liens against the Borrower with respect to the
          Secured Property so Disposed of.

SECTION 4 - REPRESENTATIONS AND WARRANTIES

4.1  REPRESENTATIONS AND WARRANTIES TRUE AND CORRECT

The Borrower represents and warrants to the Lender that, after giving effect to
this Amendment on the Amendment Date, each of the representations and warranties
of the Borrower contained in the Existing Credit Agreement and each of the other
Loan Documents is true and correct on and as of the Amendment Date as if made on
such date, except to the extent any such representation or warranty expressly
relates to an earlier date and except for changes expressly permitted or
expressly contemplated by the Existing Credit Agreement.

4.2  NO DEFAULT OR EVENT OF DEFAULT

The Borrower represents and warrants to the Lender that, after giving effect to
this Amendment on the Amendment Date, no Default or Event of Default shall be
continuing.

<PAGE>

                                       -3-

SECTION 5 - CONDITIONS PRECEDENT

5.1  CONDITIONS PRECEDENT TO THIS AMENDMENT BECOMING EFFECTIVE

This Amendment shall become effective as of the date on which three original
copies of this Amendment, or counterparts hereof, shall have been (i) duly
executed by the Borrower and the Lender, and (ii) delivered to the Borrower and
the Lender (such date is referred to herein as the "AMENDMENT DATE").

SECTION 6 - MISCELLANEOUS

6.1  RATIFICATION AND CONFIRMATION OF LOAN DOCUMENTS

Except as specifically amended by this Amendment, the Existing Credit Agreement
and all other Loan Documents shall remain in full force and effect and are
hereby ratified and confirmed. The parties agree that, by entering into and
performing their respective obligations hereunder, this Amendment shall not
constitute a novation and shall in no way adversely affect or impair the
priority of Liens granted by the Loan Documents.

6.2  RESERVATION OF RIGHTS AND REMEDIES

This Amendment shall not, except as expressly provided herein, operate as a
waiver of any right or remedy of the Lender under any of the Loan Documents, nor
constitute a waiver of any provisions of the Loan Documents. The Lender reserves
all of its rights to proceed to enforce its rights and remedies at any time and
from time to time in connection with any and all Defaults or Events of Default
now existing or hereafter arising.

6.3  COUNTERPARTS

This Amendment may be executed in any number of counterparts, each of which
shall be deemed to be an original, and all of which shall together constitute
one agreement. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile shall be as effective as delivery of a manually executed
counterpart of this Amendment.

6.4  LOAN DOCUMENT

This Amendment constitutes a Loan Document.

                           [INTENTIONALLY LEFT BLANK]

<PAGE>

                                       -4-

The parties have executed this Amendment.

                                        CLEARWIRE CORPORATION, as
                                        Borrower

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

                                        BELL CANADA, as Lender

                                        By: /s/ Michael Boychuk
                                            ------------------------------------
                                        Name: Michael Boychuk
                                        Title: Senior Vice President & Treasurer<PAGE>

                                                                   EXHIBIT 10.33

                               SECURITY AGREEMENT

THIS AGREEMENT is made as of July 19, 2005

TO:           BELL CANADA
              (the "LENDER")
              Address: 483 Bay Street
                       Toronto, Ontario
                       M5G 2C9

GRANTED BY:   CLEARWIRE CORPORATION
              (the "BORROWER")
              having its principal office or place of business at:
              Address: 5808 Lake Washington Blvd. NE, Suite 300,
                       Kirkland, WA 98033

                                    ARTICLE 1
                                   DEFINITIONS

1.1   DEFINED TERMS

Unless the context otherwise requires or unless otherwise specified, all the
terms used in this Agreement without initial capitals which are defined in the
Personal Property Security Act (Ontario) (the "PPSA"), have the same meanings in
this Agreement as in the PPSA.

1.2   DEFINITIONS

Wherever used in this Agreement, the following words and terms have the meanings
set out below:

      "AFFILIATE" means any Person, however organized, that, directly or
      indirectly, Controls, is Controlled by or is under common Control with the
      applicable Party. For purposes of this Agreement, "CONTROL," and
      variations of "Control" means: (a) ownership of a majority of the voting
      power of those classes of voting stock entitled to vote in the election of
      directors, whether as a result of equity ownership interests, voting
      agreements or otherwise; or (b) ownership of a majority of the beneficial
      interests in income and capital of an entity other than a corporation.

      "BUSINESS DAY" means any day, other than a Saturday or Sunday, on which
      commercial banks in Seattle, Washington and Montreal, Quebec are open for
      business during normal banking hours.

      "CONTRACTS" means any contracts, agreements, indentures, licences,
      commitments, entitlements, engagements or other arrangements, whether
      written or unwritten, to which the Borrower is now or subsequently a party
      or has a benefit, right, or in which the Borrower now or subsequently has
      an interest.
<PAGE>

                                      -2-

      "CREDIT AGREEMENT" means the credit agreement between the Borrower and the
      Lender dated as of July 19, 2005, as the same may be amended, restated,
      supplemented or otherwise modified from time to time.

      "EQUIPMENT" means all goods in which the Borrower now or subsequently has
      an interest other than Inventory or consumer goods and any part of such
      Inventory or consumer goods, including, without limitation, all tools,
      apparatus, fixtures, plant, machinery and furniture.

      "EVENT OF DEFAULT" has the meaning ascribed thereto in the Credit
      Agreement.

      "INVENTORY" means all inventory (as defined in the PPSA), including
      without limitation, raw materials, works-in-progress, finished goods and
      by-products, spare parts, operating supplies, packing, shipping and
      packaging materials of or relating to the business of the Borrower.

      "LIENS" means mortgages, pledges, liens, hypothecs, charges, security
      agreements or other encumbrances or other arrangements that in substance
      secure payment or performance of an obligation, statutory and other
      non-consensual liens or encumbrances and includes lease, title retention
      agreements, restrictions, development or similar agreements,
      rights-of-way, title defect, adverse claims or interests, trusts or deemed
      trusts, options to acquire or the interests of a vendor or lessor under
      any conditional sale agreement or capital lease, and "Lien" means any one
      of such Liens.

      "OBLIGATIONS" has the meaning specified in Section 2.1.

      "PERMITTED LIENS" has the meaning ascribed to such term in the Credit
      Agreement.

      "PERSON" means any individual, entity or organization, and includes an
      individual, a corporation, a partnership, a trust, an unincorporated
      organization or association, the government of a country or any political
      subdivision thereof, or any agency or department of any such government,
      and the executors, administrators or other legal representatives of an
      individual in such capacity.

      "PLACES OF BUSINESS" means the Borrower's places of business specified in
      Section 3.1(g), and "PLACE OF BUSINESS" means any one of them.

      "PMSI COLLATERAL" has the meaning specified in Section 2.1.

      "PROCEEDS" means all proceeds and personal property in any form derived
      directly or indirectly from any dealing with all or any part of the
      Secured Property and any insurance or payment that indemnifies or
      compensates for such property lost, damaged or destroyed, and proceeds of
      proceeds and any part of any such proceeds but shall not include any
      customer accounts receivable of the Borrower generated in the ordinary
      course of the Borrower's business.

      "SECURED PROPERTY" means all of the PMSI Collateral and the property
      charged hereunder pursuant to the terms of Section 2.1.

<PAGE>

                                      -3-

    "SECURITY INTEREST" means the security interest granted under Section 2.1.

1.3 CERTAIN RULES OF INTERPRETATION

In this Agreement:

      (a)   GOVERNING LAW - This Agreement is a contract made under and shall be
            governed by and construed in accordance with the law of the Province
            of Ontario and the federal laws of Canada applicable in the Province
            of Ontario.

      (b)   HEADINGS - Headings of Articles and Sections are inserted for
            convenience of reference only and shall not affect the construction
            or interpretation of this Agreement.

      (c)   INCLUDING - Where the word "including" or "includes" is used in this
            Agreement, it means "including (or includes) without limitation."

      (d)   NO STRICT CONSTRUCTION- The language used in this Agreement is the
            language chosen by the parties to express their mutual intent, and
            no rule of strict construction shall be applied against any party.

      (e)   NUMBER AND GENDER - Unless the context otherwise requires, words
            importing the singular include the plural and vice versa and words
            importing gender include all genders.

      (f)   SEVERABILITY - If, in any jurisdiction, any provision of this
            Agreement or its application to any party or circumstance is
            restricted, prohibited or unenforceable, such provision shall, as to
            such jurisdiction, be ineffective only to the extent of such
            restriction, prohibition or unenforceability without invalidating
            the remaining provisions of this Agreement and without affecting the
            validity or enforceability of such provision in any other
            jurisdiction or without affecting its application to other parties
            or circumstances.

      (g)   STATUTORY REFERENCES - A reference to a statute includes all
            regulations made pursuant to such statute and, unless otherwise
            specified, the provisions of any statute or regulation which amends,
            supplements, supersedes or succeeds any such statute or any such
            regulation.

      (h)   TIME - Time is of the essence in the performance of the parties'
            respective obligations.

      (i)   REFERENCES TO AGREEMENTS - The term "this Agreement" refers to this
            agreement including all schedules, amendments, supplements,
            extensions, renewals, replacements, novations or restatements from
            time to time, in each case as permitted, and references to
            "Articles" or "Sections" means the specified Articles or Sections of
            this Agreement.

<PAGE>

                                      -4-

      (j)   PARAMOUNTCY - If there is a conflict, inconsistency, ambiguity or
            difference between any provision of this Agreement and the Credit
            Agreement, the provisions of the Credit Agreement shall prevail, and
            such provision of this Agreement be amended to the extent only to
            eliminate any such conflict, inconsistency, ambiguity or difference.
            Any right or remedy in this Agreement which may be in addition to
            the rights and remedies contained in the Credit Agreement shall not
            constitute a conflict, inconsistency, ambiguity or difference.

1.4 ENTIRE AGREEMENT

This Agreement and the Credit Agreement and the other documents required to be
delivered pursuant to this Agreement or the Credit Agreement, constitute the
entire agreement between the parties and set out all the covenants, promises,
warranties, representations, conditions, understandings and agreements between
the parties pertaining to the subject matter of this Agreement and supersede all
prior agreements, understandings, negotiations and discussions, whether oral or
written. There are no covenants, promises, warranties, representations,
conditions, understandings or other agreements, oral or written, express,
implied or collateral between the parties in connection with the subject matter
of this Agreement except as specifically set forth in this Agreement and the
Credit Agreement and any document required to be delivered pursuant to this
Agreement.

                                    ARTICLE 2
                               SECURITY INTERESTS

2.1 SECURITY INTEREST

As continuing security for the payment of all money now or hereafter owing to
the Lender, pursuant to the provisions of the Credit Agreement (hereinafter,
collectively, the "OBLIGATIONS") the Borrower hereby grants to the Lender a
continuing specific and fixed purchase money security interest in (a) all
tangible personal property, including without limitation, Equipment and
Inventory, for which the giving of value by the Lender shall enable the Borrower
to acquire rights in such tangible personal property and including all
accretions, substitutions, replacements, additions and accessions thereto and
all proceeds thereof (all of the foregoing hereinafter, collectively, the "PMSI
COLLATERAL"), (b) such other tangible personal property, including all
accretions, substitutions, replacements, additions and accessions thereto and
all proceeds thereof, now or hereafter purchased or leased by the Borrower but
only to the extent, in the case of both (a) and (b), that such tangible personal
property is located from time to time on a premise in Canada owned or controlled
by the Lender or any of the Lender's Affiliates, and (c) any licenses, permits
and consents, including any software licenses, of the Borrower that directly
relate to the operation of the assets described in (a) and (b) (which, for the
avoidance of doubt, shall not include any spectrum licenses of the Borrower).

2.2 FIXED NATURE OF SECURITY INTERESTS

The Security Interest is intended to operate as a fixed and specific charge of
all of the Secured Property presently existing, and with respect to all future
Secured Property, to operate as a fixed and specific charge of such future
Secured Property.

<PAGE>

                                       -5-

2.3 ATTACHMENT

The Borrower acknowledges that value has been given. The Security Interest is
intended to attach, as to all of the Secured Property, upon the execution by the
Borrower of this Agreement.

2.4 LEASES

The last day of any term reserved by any lease, written or unwritten, or any
agreement to lease, now held or subsequently acquired by the Borrower is
excepted out of the Security Interests. As further security for the payment of
the Obligations, the Borrower agrees that it will stand possessed of the
reversion of such last day of the term and shall hold it in trust for the Lender
for the purpose of this Agreement. The Borrower shall assign and dispose of the
same in such manner as the Lender may from time to time direct in writing
without cost or expense to the Lender. Upon any sale, assignment, sublease or
other disposition of such lease or agreement to lease, the Lender shall, for the
purpose of vesting the residue of any such term in any purchaser, sublessee or
such other acquiror of the lease, agreement to lease or any interest in any of
them, be entitled by deed or other written instrument to assign to such other
person, the residue of any such term in place of the Borrower and to vest the
residue freed and discharged from any obligation whatsoever respecting the same.

2.5 CONSENT

Nothing in this Agreement shall constitute an assignment or attempted assignment
of any contract or agreement which by its provisions or by law is not assignable
or which requires the consent of a third party to its assignment unless such
consent has been obtained. In each such case, the Borrower shall, unless the
Lender otherwise agrees in writing, promptly, upon written request by the
Lender, attempt to obtain the consent of any necessary third party to its
assignment under this Agreement and to its further assignment by the Lender to
any third party as a result of the exercise by the Lender of remedies after
demand. Upon such consent being obtained or waived, this Agreement shall apply
to the applicable contract or agreement without regard to this section and
without the necessity of any further assurance to effect such assignment. Unless
and until the consent to assignment is obtained as provided above, the Borrower
shall, to the extent it may do so at law or pursuant to the provisions of the
contract or interest in question hold all benefit to be derived from such
contracts or agreements in trust for the Lender (including, without limitation,
the Borrower's beneficial interest in any contract or agreement which may be
held in trust for the Borrower by a third party), as additional security for
payment of Obligations and shall deliver up all such benefit to the Lender,
promptly upon demand by the Lender.

                                    ARTICLE 3
              BORROWER'S REPRESENTATIONS, WARRANTIES AND COVENANTS

3.1 REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lender the matters set out below:

<PAGE>

                                       -6-

      (a)   STATUS - The Borrower is a corporation, duly incorporated, and
            validly existing under the laws of the jurisdiction of its
            incorporation or formation.

      (b)   AUTHORITY - The Borrower has all necessary corporate power,
            authority, and capacity (a) to own its assets; (b) to carry on
            business as presently conducted; and (c) to enter into and carry out
            its obligations under this Agreement and to grant the Security
            Interest.

      (c)   OWNERSHIP OF SECURED PROPERTY FREE OF CHARGES - The Borrower is the
            owner of or has rights in the Secured Property free and clear of all
            Liens whatsoever other than the Permitted Liens.

      (d)   NON-CONFLICT - Neither the execution nor the performance of this
            Agreement requires the approval of any regulatory agency having
            jurisdiction over the Borrower nor is this Agreement in
            contravention of or in conflict with the articles, by-laws or
            resolutions of the directors or shareholders of the Borrower or of
            the provisions of any agreement to which the Borrower is a party or
            by which any of its property may be bound or of any statute,
            regulation, by-law, ordinance or other law, or of any judgment,
            decree, award, ruling or order to which the Borrower or any of its
            property may be subject.

      (e)   ENFORCEABILITY - This Agreement constitutes a valid and legally
            binding obligation of the Borrower enforceable against it in
            accordance with its terms subject to bankruptcy, insolvency,
            reorganization, moratorium and similar laws of general applicability
            relating to or affecting creditors' rights and to general principles
            of equity.

      (f)   NO OTHER CORPORATE NAMES OR STYLES - The Borrower does not carry on
            business under or use any name or style other than the name(s)
            specified in this Agreement including, without limitation, any names
            in the French language.

      (g)   CHIEF EXECUTIVE OFFICE - Borrower's chief executive office is
            located at:

                         5808 Lake Washington Blvd. NE
                         Suite 300
                         Kirkland, WA 98033

      (h)   RELIANCE AND SURVIVAL - All representations and warranties of the
            Borrower made in this Agreement or in any certificate or other
            document delivered by or on behalf of the Borrower to or for the
            benefit of the Lender are material, shall survive and shall not
            merge upon the execution and delivery of this Agreement and shall
            continue in full force and effect. The Lender shall be deemed to
            have relied upon such representations and warranties notwithstanding
            any investigation made by or on behalf of the Lender at any time.

<PAGE>

                                      -7-

3.2 COVENANTS

Unless compliance with the following covenants is waived by the Lender in
writing or unless non-compliance with any such covenants is otherwise consented
to by the Lender in writing, the Borrower covenants and agrees that:

      (a)   EXISTENCE - It shall: (i) maintain its corporate existence in good
            standing under the laws of its jurisdiction of incorporation or
            formation; (ii) continue to conduct its business substantially as
            now conducted; (iii) do, or cause to be done, all things necessary
            to keep in full force and effect all permits and all properties,
            rights, franchises, licenses and qualifications to carry on its
            business in all jurisdictions where such business is currently being
            carried on;

      (b)   CONDUCT OF BUSINESS - It shall from time to time make, or cause to
            be made, all needful and proper repairs, renewals and replacements
            to the Secured Property as may be properly advantageous to its
            business at all times;

      (c)   NOTIFICATION TO LENDER -The Borrower shall promptly notify the
            Lender of:

            (i)   CLAIMS AND LIENS - any claim or Lien made or asserted against
                  any of the Secured Property; and

            (ii)  PROCEEDINGS - any suit, action or proceeding affecting any of
                  the Secured Property or which could affect the Borrower;

            and the Borrower shall, at its own expense, defend the Secured
            Property against any and all such claims, liens, charges, security
            interests or other encumbrances and against any and all such suits,
            actions or proceedings;

      (d)   ENCUMBRANCES - The Borrower shall not create, incur, assume, permit
            or suffer to exist any Lien, on or with respect to any of the
            Secured Property, except for Permitted Liens;

      (e)   PAYMENT OF OBLIGATIONS - It shall pay and discharge or cause to be
            paid and discharged promptly all rents, charges, taxes, rates,
            levies, assessments, fees and duties payable by it before any of
            them shall become past due which relate to any of the Secured
            Property;

      (f)   MAINTENANCE OF SECURED PROPERTY AND BOOKS - The Borrower shall at
            all times keep accurate and complete records of the Secured Property
            as well as proper books of account for its business all in
            accordance with generally accepted accounting principles,
            consistently applied;

      (g)   RISK AND INSURANCE - The Borrower bears the sole risk of any loss,
            damage, destruction or confiscation of or to the Secured Property.
            The Borrower shall maintain insurance on all of the Secured Property
            with financially sound and reputable insurers including, without
            limitation, all-risk property insurance and with such coverage and
            against such loss or damage to the full insurable value of

<PAGE>

                                       -8-

            such property with the Lender as a named insured and with loss
            payable to the Lender as its interest may appear. The Borrower shall
            also obtain such other insurance coverage as the Lender may
            reasonably require from time to time. All such policies of insurance
            shall provide that such insurance coverage shall not be changed or
            cancelled except on thirty (30) days' notice to the Lender. If the
            Borrower fails to so insure, the Lender may insure the Secured
            Property and the premiums for such insurance shall be added to the
            balance of the Obligations secured under this Agreement as they
            exist at the date of the payment of such premium by the Lender;

      (h)   PROCEEDS IN TRUST - The Borrower shall and shall be deemed to hold
            all Proceeds in trust, separate and apart from other money,
            instruments or property, for the benefit of the Lender until all
            amounts owing by the Borrower to the Lender have been paid in full;

      (i)   CHANGES AND OTHER NAMES - The Borrower shall not, unless the
            Borrower gives the Lender at least thirty (30) days' prior written
            notice, (i) change its name as it appears in official filings in the
            jurisdiction of its organization; (ii) change its chief executive
            office, principal place of business or domicile (within the meaning
            of the Civil Code of Quebec); (iii) change the locations at which
            Secured Property is held or stored, except for the addition of new
            locations in Canada that are owned or controlled by the Lender or
            any of the Lender's Affiliates; (iv) change the type of entity that
            it is; (v) change its jurisdiction of incorporation or organization;
            and

      (j)   NO AFFECTING THE SECURITY - The Borrower shall not do, permit or
            suffer to be done anything to adversely affect the ranking or
            validity of the Security Interest.

                                    ARTICLE 4
                                  RIGHT TO DEAL

4.1 BORROWER'S RIGHTS BEFORE DEFAULT

Until the occurrence of an Event of Default and subject to the terms of this
Agreement and the Credit Agreement, the Borrower is entitled to deal with the
Secured Property in the ordinary course of business, provided that no such
action shall be taken which would impair the effectiveness of the Security
Interests created by this Agreement or the value of the Secured Property or
which would be inconsistent with or violate the provisions of this Agreement,
the Credit Agreement or any other written agreement between the Lender and the
Borrower.

                                    ARTICLE 5
                                     DEFAULT

5.1 DEFAULT

The Borrower shall be in default under this Agreement upon the occurrence of an
Event of Default.

<PAGE>

                                      -9-

                                    ARTICLE 6
                                    REMEDIES

6.1 LENDER'S RIGHTS AND REMEDIES

If any Event of Default shall occur, all of the Obligations shall, at the
Lender's option, become immediately due and payable and the Lender may, in its
discretion, proceed to enforce payment and performance of the Obligations and to
exercise any or all of the rights and remedies contained in this Agreement, or
otherwise afforded by law, in equity or otherwise. The Lender shall have the
right to enforce one or more remedies successively or concurrently in accordance
with applicable law and the Lender expressly retains all rights and remedies not
inconsistent with the provisions in this Agreement including all the rights it
may have under the PPSA. Without limitation, the Lender may, upon the occurrence
of any Event of Default and to the extent permitted by applicable law:

      (a)   APPOINTMENT OF RECEIVER - Appoint by instrument in writing a
            receiver (which term shall include a receiver and manager or agent)
            of the Borrower and of all or any part of the Secured Property and
            remove or replace such receiver from time to time or may institute
            proceedings in any court of competent jurisdiction for the
            appointment of a receiver. Any such receiver appointed by the
            Lender, with respect to responsibility for its acts, shall, to the
            extent permitted by applicable law, be deemed the agent of the
            Borrower and not of the Lender. Where the "LENDER" is referred to in
            this Article the reference includes, where the context permits, any
            receiver so appointed and the officers, employees, servants or
            agents of such receiver;

      (b)   RETAIN THE COLLATERAL - Retain and administer the Secured Property
            in the Lender's sole and unfettered discretion, which discretion the
            Borrower acknowledges is commercially reasonable;

      (c)   DISPOSE OF THE COLLATERAL - Dispose of any Secured Property by
            public auction, private tender or private contract with or without
            notice, advertising or any other formality, all of which are waived
            by the Borrower to the extent permitted by law. The Lender may, to
            the extent permitted by law, at its discretion, establish the terms
            of such disposition, including, without limitation, terms and
            conditions as to credit, upset, reserve bid or price. All payments
            made pursuant to such dispositions shall be credited against the
            Obligations only as they are actually received. The Lender may, to
            the extent permitted by law, enter into, rescind or vary any
            contract for the disposition of any Secured Property and may dispose
            of any Secured Property again without being answerable for any
            related loss. Any such disposition may take place whether or not the
            Lender has taken possession of the Secured Property;

      (d)   FORECLOSURE - Foreclose upon the Secured Property;

      (e)   POWER OF ATTORNEY - Upon the occurrence, and during the continuance
            of, an Event of Default, the Borrower constitutes and appoints the
            Lender from time to
<PAGE>

                                      -10-

            time, or any receiver of the Borrower appointed as provided for in
            this Agreement, the true and lawful attorney of the Borrower
            irrevocably with full power of substitution to do, make and execute
            all such documents, acts, matters or things with the right to use
            the name of the Borrower whenever and wherever it may be deemed
            necessary or expedient in connection with the exercise of its rights
            and remedies set forth in this Agreement. Without limitation, the
            Lender or its agent is authorized to sign any financing statements
            and similar forms which may be necessary or desirable to perfect the
            Security Interest in any jurisdiction on behalf of the Borrower. The
            Borrower declares that the irrevocable power of attorney granted in
            this Agreement, being coupled with an interest, is given for
            valuable consideration;

      (f)   PAYMENT OF ENCUMBRANCES - Pay any encumbrance, lien, claim or charge
            that may exist or be threatened against the Secured Property, and
            any amount so paid together with costs, charges and expenses
            incurred shall be added to the Obligations;

      (g)   PAYMENT OF DEFICIENCY - If the proceeds of realization are
            insufficient to pay all monetary Obligations, the Borrower shall
            forthwith pay or cause to be paid to the Lender any deficiency and
            the Lender may sue the Borrower to collect the amount of such
            deficiency; and

      (h)   DEALING WITH SECURED PROPERTY - Subject to applicable law, seize,
            collect, realize, borrow money on the security of, release to third
            parties, sell (by way of public or private sale), lease or otherwise
            deal with the Secured Property in such manner, upon such terms and
            conditions, at such time or times and place or places and for such
            consideration as may seem to the Lender advisable and without notice
            to the Borrower. The Lender may charge on its own behalf and pay to
            others sums for expenses incurred and for services rendered
            (expressly including without limitation, legal, consulting, broker,
            management, receivership and accounting fees) in or in connection
            with seizing, collecting, realizing, borrowing on the security of,
            selling or obtaining payment of the Secured Property and may add all
            such sums to the Obligations.

6.2   ALLOCATION OF PROCEEDS

All monies collected or received by the Lender in respect of the Secured
Property may be held by the Lender and, if so held, may be applied on account of
such parts of the Obligations at the sole discretion of the Lender.

6.3   WAIVERS AND EXTENSIONS

The Lender may waive default or any breach by the Borrower of any of the
provisions contained in this Agreement. No waiver shall extend to a subsequent
breach or default, whether or not the same as or similar to the breach or
default waived and no act or omission of the Lender shall extend to or be taken
in any manner whatsoever to affect any subsequent breach or default of the

<PAGE>

                                      -11-

Borrower or the rights of the Lender resulting therefrom. Any such waiver must
be in writing and signed by the Lender to be effective.

The Lender may also grant extensions of time and other indulgences, take and
give up securities, accept compositions, grant releases and discharges, release
the Secured Property to third parties and otherwise deal with the Borrower's
guarantors or sureties and others and with the Secured Property and other
securities as the Lender may see fit without prejudice to the liability of the
Borrower to the Lender, or the Lender's rights, remedies and powers under this
Agreement. No extension of time, forbearance, indulgence or other accommodation
now, heretofore or hereafter given by the Lender to the Borrower shall operate
as a waiver, alteration or amendment of the rights of the Lender or otherwise
preclude the Lender from enforcing such rights.

6.4   REMEDIES CUMULATIVE AND WAIVERS

For greater certainty, it is expressly understood and agreed that the rights and
remedies of the Lender under this Agreement are cumulative and are in addition
to and not in substitution for any rights or remedies provided by law or equity;
and any single or partial exercise by the Lender of any right or remedy for a
default or breach of any term, covenant, condition or agreement contained in
this Agreement shall not be deemed to be a waiver of, or to alter, affect or
prejudice, any other right or remedy to which of the Lender may be lawfully
entitled for such default or breach. Any waiver by the Lender of the strict
observance, performance or compliance with any term, covenant, condition or
other matter contained in this Agreement and any indulgence granted, either
expressly or by course of conduct by the Lender shall be effective only in the
specific instance and for the purpose for which it was given and shall be deemed
not to be a waiver of any right or remedy of the Lender under this Agreement as
a result of any other default or breach under this Agreement.

6.5   EFFECT OF POSSESSION OR RECEIVER

As soon as the Lender takes possession of any Secured Property or appoints a
receiver in accordance with applicable law, all powers, functions, rights and
privileges of the Borrower and the directors and officers of the Borrower with
respect to the Secured Property shall cease, unless specifically continued by
the written consent of the Lender or the receiver.

6.6   LIMITATION OF LIABILITY

The Lender shall not be liable or accountable:

      (a)   by reason of any entry into or taking possession of all or any of
            the Secured Property, to account as mortgagee in possession or for
            anything except actual receipts, or for any loss on realization or
            any act or omission for which a secured party in possession might be
            liable; or

      (b)   for any failure to exercise its remedies, take possession of, seize,
            collect, realize, sell, lease or otherwise dispose of or obtain
            payment for the Secured Property and shall not be bound to institute
            proceedings for such purposes or for the purpose of preserving any
            rights, remedies or powers of the Lender, the Borrower or any other
            person in respect of same.

<PAGE>

                                      -12-

The Lender shall not by virtue of these presents be deemed to be a mortgagee in
possession of the Secured Property. The Borrower releases and discharges the
Lender and the receiver from every claim of every nature, whether sounding in
damages or not, which may arise or be caused to the Borrower or any person
claiming through or under the Borrower by reason or as a result of anything done
by the Lender or any successor or assign claiming through or under the Lender or
the receiver under the provisions of this Agreement unless such claim be the
result of dishonesty or gross neglect.

                                    ARTICLE 7
                                     GENERAL

7.1   EXPENSES

The Borrower shall pay all reasonable costs and expenses (including the
reasonable fees and disbursements of legal counsel and other advisors) incurred
by the Lender arising in connection with the realization, disposition,
retention, protection or collection of any Secured Property and the protection
or enforcement of the rights, remedies and powers of the Lender or any receiver
and those incurred for perpetual registration of any financing statement
registered in connection with the Security Interests. All amounts for which the
Borrower is required under this Agreement to reimburse the Lender or any
receiver shall, from the date of disbursement until the date the Lender or the
receiver receives reimbursement, be deemed advanced to the Borrower by the
Lender, shall be deemed to be Obligations secured hereby and shall bear interest
at the highest rate per annum charged by the Lender on any of the other
Obligations.

In particular, the Borrower agrees to indemnify and save the Lender harmless
from all reasonable legal fees and disbursements incurred by the Lender in
connection with any enforcement of rights and remedies under this Agreement.
This indemnity is independent of and in addition to any right which the Lender
may have to seek recovery of costs in any litigation which results in respect of
this Agreement and is intended to ensure that the Lender is fully reimbursed for
one-hundred percent (100%) of the fees and disbursements which may be reasonably
incurred by it and its legal counsel.

7.2   NOTICES

Any notice, consent or approval required or permitted to be given in connection
with this Agreement (in this Section referred to as a "NOTICE") shall be in
writing and shall be sufficiently given if delivered (whether in person, by
courier service or other personal method of delivery), or if transmitted by
facsimile or e-mail:

      (a)   in the case of a Notice to the Borrower at:

                  5808 Lake Washington Blvd. NE
                  Suite 300
                  Kirkland, WA 98033 USA

                  Attention:  Benjamin Wolff
                  Fax:        (425) 216-7900

<PAGE>

                                      -13-

      With a copy to:

                  Attention: Law Department
                  Fax:       (425)216-7900

      And with a copy to:

                  Davis Wright Tremaine
                  2600 Century Square
                  1501 Fourth Avenue
                  Seattle, WA 98101-1688 USA

                  Attention: Julie Weston
                  Fax:       (206) 628-7699

      (b)   in the case of a Notice to the Lender at:

                  Bell Canada
                  1000, rue de La Gauchetiere Quest
                  Montreal, Quebec H3B 4Y7

                  Attention: Chief Legal Officer
                  Fax:       (514) 870-4877

Any Notice, if mailed and properly addressed with postage prepaid or if properly
addressed and sent by pre-paid courier service, shall be deemed given when
received; any Notice, if transmitted by facsimile, shall be deemed given when
the confirmation of transmission thereof is received by the transmitter.

Any party may, from time to time, change its address by giving Notice to the
other party in accordance with the provisions of this Section.

7.3   AMENDMENT

No amendment, supplement, modification or waiver or termination of this
Agreement and, unless otherwise specified, no consent or approval by any party,
shall be binding unless executed in writing by the party to be bound.

7.4   ENUREMENT

This Agreement shall be binding on the Borrower, and its successors (including
any successor by reason of amalgamation) and permitted assigns as determined by
the provisions of the Credit Agreement and enure to the benefit of the Lender
and its successors (including any successor by reason of amalgamation) and
assigns.

<PAGE>

                                      -14-

7.5   FURTHER ASSURANCES

The Borrower shall at all times do all such things and provide all such
reasonable assurances as may be required to consummate the transactions
contemplated by this Agreement, and shall provide such further documents or
instruments required by the Lender as may be reasonably necessary or desirable
to effect the purpose of this Agreement and carry out its provisions, and for
the better granting, transferring, assigning, charging, setting over, assuring,
confirming or perfecting the Security Interest and the priority accorded to them
by law or under this Agreement.

7.6   EXECUTION AND DELIVERY

This Agreement may be executed by the parties in counterparts and may be
executed and delivered by facsimile and all such counterparts and facsimiles
shall together constitute one and the same agreement.

The Borrower acknowledges receiving a copy of this Agreement, and further agrees
that a carbon, photographic, photostatic or other reproduction of this Agreement
or of a financing statement is sufficient as a financing statement.

7.7   SECURITY INTERESTS EFFECTIVE IMMEDIATELY

Neither the execution of, nor any filing with respect to, this Agreement shall
obligate the Lender to make any advance or loan or further advance, or bind the
Lender to grant or extend any credit to the Borrower, but the Security Interests
shall take effect forthwith upon the execution of this Agreement by the
Borrower.

7.8   STATUTORY WAIVERS

To the fullest extent permitted by law, the Borrower waives all of the rights,
benefits and protections given by the provisions of any existing or future
statute which imposes limitations upon the powers, rights or remedies of a
Lender or upon the methods of realization of security, including any seize or
sue or anti-deficiency statute or any similar provisions of any other statute.

7.9   REASONABLENESS

The Borrower acknowledges that the provisions of this Agreement and, in
particular, those respecting rights, remedies and powers of the Lender and any
receiver against the Borrower, its business and any Secured Property upon the
occurrence of an Event of Default, are commercially reasonable and not
manifestly unreasonable.

7.10  DISCHARGE

Upon payment and performance by the Borrower of the Obligations, the Lender
shall upon request in writing by the Borrower deliver up this Agreement to the
Borrower and shall at the expense of the Borrower cancel and discharge the
Security Interests and execute and deliver to the Borrower such documents as
shall be requisite to discharge the Security Interests.

<PAGE>

                                      -15-

                           [INTENTIONALLY LEFT BLANK]

<PAGE>

                                      -16-

IN WITNESS OF WHICH the Borrower has duly executed this Agreement.

                                 CLEARWIRE CORPORATION

                                 By: /s/ John Butler
                                     ------------------------------------------
                                     Name:  John Butler
                                     Title: Chief Financial Officer
                                   I/We have authority to bind the Corporation.

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