Document:

Exhibit

Exhibit 10.2 

THIRD AMENDMENT TO THE BANK CREDIT NOTE No. 307.001.181, ISSUED BY NEXTEL TELECOMUNICAÇÕES LTDA., ON 31/10/2012, IN FAVOR OF BANCO DO BRASIL S.A., IN THE AMOUNT OF FOUR HUNDRED MILLION REAIS (BRL 400,000,000.00).
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INTRODUCTION:
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ISSUER - NEXTEL TELECOMUNICAÇÕES LTDA., a limited liability company with registered office at Av. das Nações Unidas, 14.171, 27th Floor, Rochavera Crystal Tower, São Paulo (SP), enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No.66.970.229/0001-67 herein represented by the undersigned and duly identified members.
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CREDITOR - BANCO DO BRASIL S.A., a mixed economy company, with registered office in Brasilia, Federal Capital, SAUN Qd 5 lt B - Torre I - Ed.BB - 70.040-912, enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No. 00.000.000/0001-91, represented by its Branch “Large Corporate”  3070 (SP), located in the city of São Paulo, State of São Paulo, Av. Paulista, 2,300, 2nd Floor, Cerqueira César, enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No. 00.000.000/1947-00, represented by its legal representatives, pursuant to its bylaws.
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GUARANTOR - NEXTEL TELECOMUNICAÇÕES S.A., with registered office at Av. das Nações Unidas, 14.171, 26th Floor, Rochavera Crystal Tower, Suite A, Vila Gertrudes, CEP 04794-000, City of São Paulo, State of São Paulo, enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No.00.169.369/0001-22,, herein represented by the undersigned and duly identified members.
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WHEREAS, on October 31, 2012, the ISSUER issued in favor of the CREDITOR  the Bank Credit Note No.307.001.181 in the principal amount of R$ 400,000,000.00 (four hundred million Brazilian reais) (the “Note”);

WHEREAS, on February 13, 2015, the ISSUER and the CREDITOR executed the first amendment to the Note, amending, among other conditions, the interest rate applicable to the debit balances recorded in the Loan Account and including additional tangible collateral and personal guarantees for the fulfillment of the obligations therein (The “First Amendment”);

WHEREAS, on June 25, 2015, the ISSUER and the CREDITOR executed the second amendment to the Note, amending, among other conditions, the form of payment, and the interest rate on debit balances (the “Second Amendment” and, jointly with the First Amendment and the Note, “CCB”); and

WHEREAS, the ISSUER and the CREDITOR intend to amend the CCB in order to change the conditions of payment and certain terms, among other provisions;

The parties hereto RESOLVE to execute this Third Amendment to the Bank Credit Note No.307.001.181 (“Third Amendment”), under the following terms and conditions.

CLAUSE ONE - INTRODUCTION - The INTRODUCTION of the CCB shall be effective with the following wording:

“1. INTRODUCTION:

1.1. - ISSUER:
Corporate Name: NEXTEL TELECOMUNICAÇÕES LTDA. (“ISSUER”)
CNPJ: 66.970.229/0001-67
Address: Av. das Nações Unidas, 14.171, 27th Floor, Rochavera Crystal Tower 
City: São Paulo         State: SP                                                                            
CEP: 04.794-000
Branch: Large Corporate SP 3070 (SP)
Checking Account: 5.567-0 (“Checking Account”)

1.2. - DETAILS OF THE CREDIT OPERATION:
Amount: R$ 400,000,000.00 (four hundred million Brazilian reais) (“Principal”)
Maturity date: 10/31/2019
Payment Dates of Financial Fees: monthly from 07/01/2016 (exclusive) (“Fee Payment Dates”).
Number of counterparts of this Bank Credit Note: one (1) negotiable and 2 (two) non-negotiable counterparts"

CLAUSE TWO - CREDIT - CLAUSE 1 of the CCB will be effective with the following wording:

“1. CREDIT - On the payment dates stated in Clause 9 below and until October 31, 2019, in accordance with the schedule included as Annex I hereto, we shall pay, in national currency, this Bank Credit Note (“Note”), whose characteristics are described in the introduction chart, to BANCO DO BRASIL S.A. (“CREDITOR”), a financial institution with registered office in the city of Brasília, Federal District, at SAUN Qd 5 lt B - Torre I - Ed.BB, - 70.040-912 - Brasília (DF), enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No. 00.000.000/0001-91, represented by its Branch, Large Corporate / SP 3070 (SP), located in the city of São Paulo, State of São Paulo, Av. Paulista, 2300, 2nd Floor, Cerqueira César, enrolled with the Federal Taxpayer Registry (CNPJ/MF) under No.00.000.000/1947-00, or to its order, in the place of payment indicated in the Payment Location 

Clause, the net debt, certain and due, corresponding to the amount in item 1.2 of the introduction (“Principal”), plus Financial Charges, as provided for in this Note.”
    
CLAUSE THREE - METHOD OF PAYMENT AND REPLACEMENT OF THE PAYMENT SCHEDULE - The Parties agree to amend the amounts set forth in the payment schedule of the Principal and Financial Charges, so that Annex I of the CCB shall become effective as Annex A of this instrument and all references made to Annex I shall be deemed to refer to Annex A of this Third Amendment. 

CLAUSE FOUR - EARLY MATURITY - The Parties agree to amend the CCB CLAUSE 10, item (m), as well as to include two new items (bb) and (cc) as well as sub-items 10.1.1, 10.1.1.1 and 10.1.2, which shall be effective with the following wording:

“(m) grant and/or establishment  by the ISSUER or any Brazilian Affiliate, of any liens or encumbrances or other real or personal guarantees, in favor of a third party (including its Affiliates and direct or indirect parent-company), except for (i) those established pursuant to this Note or prior to the date of the First Amendment, or (ii) by (a) granting of personal guarantees in favor of the ISSUER’s creditors, which are non-financial institutions, in their ordinary course of business, limited to the overall, individual or aggregate amount of R$5,000,000.00 (five million Brazilian reais); (b) granting real guarantees as counter-guarantees in insurance policies and insurance agreements in general; (c) granting real guarantees as counter-guarantees in new bank guarantees for judicial guarantees or making new  limited  judicial deposits, in the case of guarantees granted under this item (c) to the total amount of R$310,000,000.00 (three hundred and ten million Brazilian reais), except for granting guarantees or making new judicial deposits that relate to administrative or judicial proceedings that (1) deal with taxes levied on amounts related to monthly subscriptions without deduction of minutes, in which case such guarantees or new deposits may be provided/made without an overall limit;  or (2) the ISSUER acts as Plaintiff, and is questioning the validity of the collection of debits against the ISSUER, in which case the guarantees or new deposits may be provided/made until the aggregate amount of the guarantees made in connection with the debits in question reach a maximum amount of R$ 300,000,000.00  (three hundred million Brazilian reais), without prejudice to the use of the general limit described in this item (c) for any cases of guarantees and/or judicial deposits; (d) granting real  or personal guarantees on lease agreements for sites or real estate; (e) granting real or personal guarantees in collocation agreements (i.e. contracts with other operators for the installation of tower equipment); (f) financing granted by the National Telecommunications Agency - ANATEL, including their renewals; (g) guarantees in favor of ANATEL; (h) granting real guarantees as counter-guarantees for the issuance of new performance bonds in favor of ANATEL, in this case, subject to the prior approval of the CREDITOR which must be provided within forty-five (45) days from the date when such approval request is made in writing with proof of delivery to CREDITOR, provided, 

however, that a lack of response from the CREDITOR shall not imply tacit approval; and (i) renewals of transactions already held by the ISSUER or its Brazilian Affiliates identified in Annex 10.1(m)(1) of this Note, provided that the guarantees to be granted pursuant to this item (i) shall be limited to the amount guaranteed by the surety and/or performance bond, as indicated in said annex, complying with the same guarantees in effect on the date hereof, being that the real guarantees granted under items (b), (d) and (e) above are limited to the overall amount of R$50,000,000.00 (fifty million Brazilian reais). The ISSUER declares, for the purposes of this Note, that Annex 10.1(m) (2) contains all transactions that are under real guarantees; 

(bb) in case the ISSUER, up until the event described in clause 10.2.1 below, (i) makes an early payment of any debt due to financial institutions other than the CREDITOR (“Other Financial Creditors”); (ii) reinforces or changes, in any way, real or personal guarantees currently existing in favor of Other Financial Creditors in any loan or credit agreement, or other bonds or securities executed or issued by the ISSUER or its Affiliates; or (iii) executes contracts or agreements with Other Financial Creditors, without prior and express consent of the CREDITOR, that include terms and conditions more favorable to the respective Other Financial Creditors in comparison with the covenants originally agreed upon with such Other Financial Creditors or with the obligations to the CREDITOR, including, without limitation, payment of any of its obligations towards Other Financial Creditors on a different schedule as originally agreed; except if, (1) the effectiveness of the transactions described in sub items (ii) and (iii) above is subject to the CREDITOR’s approval, or (2) in any event described in items (i), (ii) or (iii) above, if the ISSUER makes the Mandatory Early Payments, according to item  10.1.1 below; and

(cc) in case, up until the occurrence of the event described in clause 10.2.1 below, (i) the ISSUER changes or modifies in any way the revenue cash flow presently directed to the CREDITOR, whether deposited in linked or not linked accounts, or (ii) the revenues currently directed to the CREDITOR are, for any reason, transferred by the competent collection agents, in a manner different from that provided for in the current contractual collection arrangements; except  if,  (1) the effectiveness of the transactions described in sub item (i) above is subject to CREDITOR’s approval;  (2) in any of the events described in items (i) or (ii) above, (A) the ISSUER cures the event within ten (10) days from the date of its occurrence; (B) if the ISSUER does not cure the relevant event within the period described in item (A) above, the ISSUER shall make the Mandatory Early Payments, according to item 10.1.1 below.

10.1.1 Mandatory Early Payments. Upon the occurrence of any event described in items (bb) or (cc) of item 10.1, if the ISSUER does not cure the relevant event  within the period described in such items, the ISSUER shall make the following payments in the dates and periods determined below (“Mandatory Early Payments”), under penalty of accelerated maturity of this CCB:

	
			
	Date of Event Occurrence (complying with the provided cure period)
	Payment Date
	Amount  of each Mandatory Early Payment 
 (BRL - R$)

	Before April 30, 2017 (inclusive)
	(i) within 10 (ten) days after the occurrence of the event, or at the end of the cure period of the respective event (if any); and on 

	(i) 18,518,804.61

	 
	(ii) July 31, 2017
	(ii) 18,518,804.61

	After April 30, 2017
(exclusive)
	(i) within ten (10) days after the occurrence of the event, or at the end of the cure period of the respective event (if any), but never after July 31, 2017
	(i) 37,037,609.22 

10.1.1.1 The amounts paid as Mandatory Early Payment, as described in the table in item 10.1.1 above shall be deducted from the next Installment due on the Principal, pursuant to the terms of this Note.

10.2.1. For clarification purposes, the events of early maturity addressed in paragraphs (bb) and (cc) of item 10.1 above, shall be effective until the full payment of the Principal installment due on July 31, 2017. For further clarification purposes, the expiration of the deadlines provided for in this clause shall not affect, in any way, the provisions regarding the collection of Assigned Rights, nor the obligations related to the deposit of the Minimum Average Amount in the Linked Account, in the terms set forth in Clause Two of the First Amendment to the Note, executed by the Parties on February 13, 2015.”

CLAUSE FIVE - REGISTRY - The ISSUER shall register this Third Amendment at the Registry of Titles and Documents of the District of São Paulo, State Capital. The expenses related to this registration shall be paid by the ISSUER, who authorizes herein the debit of the respective amounts from its deposit account No. 5567-0, maintained at branch # 3070-8 of the CREDITOR.

The CREDITOR, the ISSUER and the GUARANTOR, stating that there is no intention to novate, hereby ratify the Bank Credit Note as amended, in all of its terms, clauses and conditions not expressly amended in this document, including the real and personal guarantees established in the First Amendment executed by the Parties on February 13, 2015, which is hereby incorporated into a single and indivisible instrument for all legal purposes.

This instrument is issued in four (4) counterparts of equal content and only the first one shall be negotiable. The other counterparts contain the expression “non-negotiable copies”.

São Paulo (SP), February 24, 2017

CREDITOR
BANCO DO BRASIL S.A.
Large Corporate Branch 3070 (SP)

ISSUER
NEXTEL TELECOMUNICAÇÕES LTDA.
CNPJ: 66.970.229/0001-67

GUARANTOR
NEXTEL TELECOMUNICAÇÕES S.A.
CNPJ: 00.169.369/0001-22

ANNEX A
ANNEX I OF THE CCB
NEW PAYMENT SCHEDULE

	
					
	BANCO DO BRASIL

	 
	MONTH
	DAY
	PAYMENT
	PRINCIPAL BALANCE

	2016
	

	 
	 
 
 
 
 
 
 
 
	 
 
 
 
 
 
 

	 

	2017
	 
	 
	 
	 BRL  325,924.781.56 

	March
	01
	 BRL    9,259,402.30 
	 BRL  316,665,379.26 

	March
	31
	 
	 BRL  316,665,379.26 

	May
	01
	 
	 BRL  316,665,379.26 

	May
	31
	 
	 BRL  316,665,379.26 

	July
	01
	 
	 BRL  316,665,379.26 

	July
	31
	 BRL  46,297,011.52 
	 BRL  270,368,367.73 

	August
	31
	 BRL    9,259,402.30 
	 BRL  261,108,965.43 

	October
	01
	 BRL    9,259,402.30 
	 BRL  251,849,563.12 

	October
	31
	 BRL    9,259,402.30 
	 BRL  242,590,160.82 

	December
	01
	 BRL  10,692,724.17 
	 BRL  231,897,436.65 

	December
	31
	 BRL  10,692,724.17 
	 BRL  221,204,712.48 

	2018
	January
	31
	 BRL  10,207,768.03 
	 BRL  210,996,944.45 

	March
	01
	 BRL  10,207,768.03 
	 BRL  200,789,176.42 

	March
	31
	 BRL  10,207,768.03 
	 BRL  190,581,408.38 

	May
	01
	 BRL  10,207,768.03 
	 BRL  180,373,640.35 

	May
	31
	 BRL  10,207,768.03 
	 BRL  170,165,872.32 

	July
	01
	 BRL  10,207,768.03 
	 BRL  159,958,104.29 

	July
	31
	 BRL  10,207,768.03 
	 BRL  149,750,336.26 

	August
	31
	 BRL  10,207,768.03 
	 BRL  139,542,568.23 

	October
	01
	 BRL  10,207,768.03 
	BRL  129,334,800.20 

	October
	31
	 BRL  10,207,768.04 
	 BRL  119,127,032.16 

	December
	01
	 BRL  10,207,768.03 
	 BRL  108,919,264.13 

	December
	31
	 BRL  10,207,768.03 
	 BRL    98,711,496.10 

	2019
	January
	31
	 BRL  10,207,768.03 
	 BRL    88,503,728.07 

	March
	01
	 BRL  10,207,768.03 
	 BRL    78,295,960.04 

	March
	31
	 BRL  10,207,768.03 
	 BRL    68,088,192.01 

	May
	01
	 BRL  10,207,768.03 
	 BRL    57,880,423.98 

	May
	31
	 BRL  10,207,768.03 
	 BRL    47,672,655.95 

	July
	01
	 BRL  10,207,768.03 
	 BRL    37,464,887.91 

	July
	31
	 BRL  10,207,768.03 
	 BRL    27,257,119.88 

	August
	31
	 BRL  10,207,768.03 
	 BRL    17,049,351.85 

	October
	01
	 BRL  10,207,768.03 
	 BRL      6,841,583.82 

	October
	31
	 BRL    6,841,583.82 
	BRL                        -Exhibit

Exhibit 10.3

São Paulo, February 24, 2017

To
CAIXA ECONÔMICA FEDERAL
Avenida Paulista, 1842 - Torre Sul - 2nd Floor, Bela Vista
CEP 01311-200, São Paulo, SP
Att.: Mr. Fernando Ciotti

Ref.:     Waiver and Suspension request regarding Bank Credit Note No. 21.3150.777.0000001-97
Dear Sirs,

According to recent agreements, we refer to the Bank Credit Note No. 21.3150.777.0000001-97 issued on December 8, 2011 by Nextel Telecomunicações Ltda. (“Issuer”), in favor of Caixa Econômica Federal, (“Creditor” and “CCB”, respectively), as amended from time to time. For the purposes of this instrument, the terms defined herein have the same meaning as those assigned to them in the CCB.

The purpose hereof  is the request by the Issuer to the Creditor for (A) consent to the Issuer’s breach (“Waiver”) of the obligations addressed in: (1) Clause Twenty Two, item XIII, for guarantees granted in the ordinary course of business, in the amount of up to five million Brazilian reais (R$ 5,000,000.00), in individual or aggregate amounts, related to personal collateral obligations granted to suppliers (non-financial creditors); (2) Clause Twenty Two, item XIII, item (ii), paragraph (b), in an additional amount of one hundred sixty million Brazilian reais (R$ 160,000,000.00) to the amount expressed in the CCB (i.e., in addition to the originally estimated amount of one hundred and fifty million  Brazilian reais (R$ 150,000,000.00)), totaling three hundred and ten million Brazilian reais (R$ 310,000,000.00) on an global manner; and (3) Clause Twenty Two, item XX, only in relation to the annual performance measure for the financial year ended December 31, 2016; and (B) temporary suspension ("Suspension") of any CCB collection and/or enforcement measure which may result from any eventual breach of Clause Twenty Two, item “XX” only with respect to the half-yearly performance measure for the six-month period ending on June 30, 2017, complying in all cases with the terms below.  
 
		
	1.
	Waiver related to the obligations addressed in Clause Twenty Two, item XIII of the CCB.

Pursuant to the terms of the legislation in force, the granting of a Waiver, on an exceptional basis, by the Creditor, without any penalty to the Issuer for the purposes of:

(a)    breach of the obligations addressed in Clause Twenty Two, item XIII, of the CCB, and the respective authorization to grant guarantees in the ordinary course of business, up to the limit, in individual or aggregate amounts, of five million Brazilian reais (R$ 5,000,000.00), considering such authorization as a new exception to be included within the scope of item (ii) of such clause; and 

(b)     breach of the obligations addressed in Clause Twenty Two, item XIII, item (ii), letter (b), of the CCB up to the additional amount of one hundred and sixty million Brazilian reais (R$ 160,000,000.00) to the amount stipulated in the CCB (this is, in addition to the originally estimated amount of one hundred and fifty million Brazilian reais (R$ 150,000,000.00), totaling three hundred and ten million Brazilian reais (R$ 310,000,000.00), considering therefore (i) the amount originally given in guarantee, in a global manner, without any fee increases, as applicable and (ii) such waiver as an authorization to increase the amount that is addressed in paragraph (b) within the scope of said clause. 

Furthermore, the limit indicated in item (b) above shall not apply to new judicial deposits and/or guarantees that refer to administrative or judicial procedures that deal with taxes levied on amounts related to monthly subscriptions without deduction of minutes, and such guarantees and/or deposits shall be considered in addition to the above, 

according to the terms already authorized in the CCB.

		
	2.
	Waiver related to the obligations addressed in Clause Twenty Two, item XX of the CCB.

Pursuant to the terms of the legislation in force, the granting of a Waiver, on an exceptional basis, by the Creditor, without any penalty to the Issuer, for the purpose of releasing the Issuer from compliance with the financial index referred to in Clause Twenty Two of the CCB, obtained by dividing the Net Debt by EBITDA, equal to or less than 3.5 (three point five) exclusively in relation to the annual measurement for the financial year ended on December 31, 2016, and equal to or less than 2.5 (two point five) exclusively in relation to the half-yearly measurement for the six-month period ending on June 30, 2017.

3.       Suspension of the obligation addressed in Clause Twenty Two, item XX of the CCB.

Pursuant to the terms of the legislation in force, the granting of a Suspension on an exceptional basis, by the Creditor, without any penalty to the Issuer, in order to suspend any potential CCB collection and/or enforcement measure, in the event of a breach by the Issuer of the obligation to comply with the financial index referred to in Clause Twenty Two of the CCB, obtained by dividing the Net Debt by EBITDA, equal to or less than 2.5 (two point five) exclusively with respect to the half-yearly performance measure for the six-month period ending June 30, 2017.

The legal effects of this Waiver, with respect to the obligations described in item (1) and in item (2) above, referring to the annual performance measure for the financial year ended on December 31, 2016 shall be retroactive to the last quarter of 2016, including breaches occurred to this date.

Acceptance of this request shall not constitute novation of the CCB, or modification of the terms and conditions of the credit resulting therefrom.

The Creditor, upon agreeing to this, undertakes to not adopt any measure that seeks the acceleration of the consolidated debt in the CCB on the basis of breach of the aforementioned clauses, provided that the Issuer has not exceeded and/or comes to exceed the limits and amounts expressly authorized in this Waiver and Suspension request and is in full compliance with all the other terms and conditions of the CCB. 

The Waivers and Suspension addressed above should be considered together with any waivers previously granted and still in force.

In view of the foregoing and subject to the above terms, if the Creditor agrees with the terms proposed herein, please return the second counterpart of this document executed by the Creditor’s legal representatives in sign of acceptance, which shall be considered irrevocable and irreversible for purposes of the Waiver, Suspension and authorizations hereby requested, pursuant to this instrument.

Additionally, considering that on the date hereof, the Creditor and the Issuer have executed a third amendment to the CCB (“Third Amendment”), the Creditor and the Issuer shall make commercially reasonable efforts to negotiate long term modifications to the debt provided for in the CCB, on terms and conditions to be established between them.  Nextel undertakes to notify China Development Bank, which is also a financial creditor of Nextel, of the agreements and arrangements set forth in the Third Amendment to the CCB, and to submit to the Creditors, within thirty (30) days from this date, proof of compliance with this obligation.

Sincerely,

NEXTEL TELECOMUNICAÇÕES LTDA.            
Name / Title:

NEXTEL TELECOMUNICAÇÕES S.A.
Name / Title:                            

This page forms part of the Waiver request dated February 24, 2017 referring to Clause Twenty Two, items XIII and XX of Bank Credit Note No. 21.3150.777.0000001-97.

IN AGREEMENT:

CAIXA ECONÔMICA FEDERAL
Name /  Title / Date

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