Document:

Exhibit

    
Exhibit 10.14

Execution Version

PARENT GUARANTY

among

NII HOLDINGS, INC.
as Parent Guarantor

and

CHINA DEVELOPMENT BANK CORPORATION
as Administrative Agent under the Sinosure Credit Agreement and the Non-Sinosure
Credit Agreement

Dated as of September 25, 2013

Table of Contents
Page
1. DEFINITIONS 4
2. PARENT GUARANTY5

3. LIABILITY OF PARENT GUARANTOR ABSOLUTE6
4. OBLIGATIONS OF PARENT GUARANTOR INDEPENDENT6
5. WAIVERS AND ACKNOWEDGEMENT BY PARENT GUARANTOR7
6. RIGHTS OF FINANCING PARTIES8
7. CONTINUING GUARANTY10
8. SUBORDINATION OF INDEBTEDNESS HELD BY PAReNT GUARANTOR10
9. GUARANTY ENFORCEABLE BY ADMINISTRATIVE AGENT10
10. REPRESENTATIONS AND WARRANTIES OF PARENT GUARANTOR11
10.1 Status11
10.2 Organization11
10.3 Authority and Consents11
10.4 Governing Law and Enforcement11
10.5 No Filing or Stamp Taxes12
10.6 No Default12
10.7 Ranking12
10.8 No Adverse Consequences12
10.9 No Parent Guarantor Material Adverse Effect12

11. COVENANTS OF PARENT GUARANTOR12
11.1 Status12
11.2 Pari Passu Ranking12
11.3 No Parent Guarantor Material Adverse Effect13

12. FATCA DEDUCTION AND GROSS-UP13
12.1 FATCA Deduction and Gross -up by Parent Guarantor13
12.2 FATCA Deduction by Financing Party13
12.3 Tax Benefit and FATCA14
12.4 Administrative Agent’s Assistance14

13. EXPENSES14
14. BENEFIT AND BINDING EFFECT15
15. AMENDMENTS; WAIVERS15
16. SET OFF15
17. NOTICE15
18. REINSTATEMENT15
19. CONSENT TO JURISDICTION; SERVICE OF PROCESS; AND WAIVER OF TRIAL BY      
        JURY16
20. RELEASE OF LIABILITY OF PARENT GUARANTOR16
21. LIMITATION OF GUARANTEED OBLIGATIONS17
22. COUNTERPARTS17
23. PAYMENTS17
24. HEADINGS DESCRIPTIVE17

PARENT GUARANTY

PARENT GUARANTY AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Parent Guaranty”), dated as of September 25th, 2013, made by NII Holdings Inc., a holding company organized and existing under the laws of Delaware (the “Parent Guarantor”) in favor of China Development Bank Corporation, in its capacities as administrative agent (the “Administrative Agent”) under the Sinosure Credit Agreement and the Non-Sinosure Credit Agreement, for the benefit of the Financing Parties as defined thereunder.

W I T N E S S E T H :

WHEREAS, (i) Nextel Telecomunicações Ltda. (the “Borrower”), (ii) the persons listed as guarantors thereunder (the “Guarantors”) and (iii) China Development Bank Corporation as arranger (the “Arranger”), administrative agent (the “Administrative agent”) and lender (the “Lender”) have entered into (a) a US$250,000,000 credit agreement dated as of April 20, 2012, which is supported by the Sinosure Insurance (the “Sinosure Credit Agreement”) and (b) a US $250,000,000 credit agreement dated as of April 20, 2013, which is not supported by the Sinosure Insurance (the “Non-Sinosure Credit Agreement”, together with the Sinosure Credit Agreement, the “Credit Agreements” and each a “Credit Agreement”);

WHEREAS, the Borrower has notified the Administrative Agent of its intention to enter into a series of Permitted Sale Leaseback Transactions and has requested that the Financing Parties agree to amend certain terms and conditions of each Credit Agreement to facilitate the consummation of these transactions (such amendments, the “Amendments”);

WHEREAS, the Borrower is a Subsidiary of the Parent Guarantor; and

WHEREAS, the Parent Guarantor will obtain benefits from the Amendments and, accordingly, desires to execute this Parent Guaranty to induce the Lender to agree to the Amendments;

NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to the Parent Guarantor, the receipt and sufficiency of which are hereby acknowledged, the Parent Guarantor hereby makes the following representations and warranties to the Financing Parties and hereby covenants and agrees with the Financing Parties as follows:

		
	1.
	DEFINITIONS.

Terms defined in each Credit Agreement shall have the same meanings when used in this Parent Guaranty, unless the context otherwise requires. In addition, unless the context otherwise requires, the following terms shall have the following meanings:

“Code” means the US Internal Revenue Code of 1986.

“Compliance Date” shall mean the date on which the Administrative Agent receives the Compliance Certificates delivered by the Borrower pursuant to Section 5.1 (Financial Statements and Other Information) of each Credit Agreement in respect of the twelve (12) months period ending on June 30, 2015 confirming that it is in compliance with the financial ratios set out in each Credit Agreement.

 “FATCA” means: (i) sections 1471 to 1474 of the Code or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (i) above; or (iii) any agreement pursuant to the implementation of paragraphs (i) or (ii) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.

“FATCA Payment” means either: (i) the increase in a payment made by the Parent Guarantor to a Financing Party under Section 12.1 (FATCA Deduction and Gross-up by Parent Guarantor) or paragraph (b) of Section 12.2 (FATCA Deduction by Financing Party); or (ii) a payment under paragraph (d) of Section 12.2 (FATCA Deduction by Financing Party).

“Guaranteed Obligations” shall have the meaning given to it in Section 2(a) (Parent Guaranty).

“Parent Guarantor Material Adverse Effect” shall mean a material adverse effect on (i) the business, operations, condition (financial or otherwise) or properties of the Parent Guarantor, taken as a whole, (ii) the ability of the Parent Guarantor to timely perform any of its obligations under this Parent Guaranty, (iii) the legality, validity or enforceability of any material provision of the Parent Guaranty, or (iv) any material rights and remedies of the Financing Parties under this Parent Guaranty.

“US Tax Obligor” means an obligor some or all of whose payments under the Financing Documents are from sources within the United States for US federal income tax purposes.

		
	2.
	  PARENT GUARANTY.

(a)The Parent Guarantor, irrevocably, absolutely and unconditionally guarantees as a primary obligor and not merely as surety to the Financing Parties the full and prompt payment when due (whether at the stated maturity, by required prepayment, declaration, acceleration, demand or otherwise pursuant to the 

terms of each Credit Agreement) of (x) the principal of, premium, if any, and interest on the Notes issued by, and the Loans made to, the Borrower under each Credit Agreement and (y) all other payment obligations (including, without limitation, obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness owing by the Borrower to the Financing Parties under each Financing Document to which the Borrower is a party (including, without limitation, indemnities, fees and interest thereon (including, without limitation, any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for in each Credit Agreement, whether or not such interest is an allowed claim in any such proceeding)), whether now existing or hereafter incurred under, arising out of or in connection with each such Financing Document and the due performance and compliance by the Borrower with all of its payment obligations in all such Financial Documents (all such principal, premium, interest, liabilities, indebtedness and obligations under this clause (i) being herein collectively called the “Guaranteed Obligations”);

The Parent Guarantor understands, agrees and confirms that the Financing Parties may, in accordance with Section 9, enforce this Parent Guaranty up to the full amount of the Guaranteed Obligations against the Parent Guarantor without proceeding against the Borrower or against any security for the Guaranteed Obligations, or under any other guaranty covering all or a portion of the Guaranteed Obligations.  This Parent Guaranty is a guaranty of prompt payment and performance and not of collection.

(b)    Additionally, the Parent Guarantor, unconditionally, absolutely and irrevocably, guarantees the payment of any and all Guaranteed Obligations whether or not due or payable by the Borrower upon the occurrence in respect of the Borrower of any of the events specified in Section 7.1(e)(Insolvency), Section 7.1(g) (Voluntary Insolvency Proceedings (Borrower)) of each Credit Agreement, and unconditionally, absolutely and irrevocably, promises to pay such Guaranteed Obligations to the Financing Parties on demand.

3.LIABILITY OF PARENT GUARANTOR ABSOLUTE.  The liability of the Parent Guarantor hereunder is primary, absolute, joint and several, and unconditional and is exclusive and independent of any security for or other guaranty of the indebtedness of the Borrower whether executed by such Parent Guarantor or by any other party, and the liability of the Parent Guarantor hereunder shall not be affected or impaired by any circumstance or occurrence whatsoever, including, without limitation: (a) any direction as to application of payment by the Borrower or any other party, (b) any other continuing or other guaranty, undertaking or maximum liability of any other party as to the Guaranteed Obligations, (c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, (e) the failure of the Parent Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Parent Guaranty, (f) any payment made to any Financing Party on the indebtedness which any Financing Party repays the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (g) any action or inaction by the Financing Parties as contemplated in Section 6 hereof or (h) any invalidity, rescission, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor.

4. OBLIGATIONS OF PARENT GUARANTOR INDEPENDENT.  The obligations of the Parent Guarantor hereunder are independent of the obligations of any other guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against the Parent Guarantor whether or not action is brought against any other guarantor or the Borrower and whether or not any other guarantor or the Borrower be joined in any such action or actions.  The Parent Guarantor waives (to the fullest extent permitted by applicable law) the benefits of any statute of limitations affecting its liability hereunder or the enforcement thereof.  Any payment to the Borrower or other circumstance with operates to toll any statute of limitations as the Borrower shall operate to toll the statute of limitations as to the Parent Guarantor.

5.WAIVERS AND ACKNOWLEDGEMENT BY PARENT GUARANTOR.

            
(a)    The Parent Guarantor hereby waives (to the fullest extent permitted by applicable law) notice of acceptance of the Parent Guaranty and notice of the existence, creation or incurrence of any new or additional liability to which it may apply, and waives promptness, diligence, presentment, demand of payment, demand for performance, protest, notice of dishonor or nonpayment of any such liabilities, suit or taking of other action by the Administrative Agent or any other Financing Party against, and any other notice to, any party liable thereon (including the Parent Guarantor, any other guarantor or the Borrower) and the Parent Guarantor further hereby waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of proof of reliance by any Financing Party upon this Parent Guaranty, and the Guaranteed Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended, modified, supplemented or waived, in reliance upon this Parent Guaranty.

(b)    The Parent Guarantors any right to require the Administrative Agent or any other Financing Party to: (i) proceed against the Borrower, any other guarantor of the Guaranteed Obligations or any other party; (ii) proceed against or exhaust any security held from the Borrower or any other guarantor of the Guaranteed Obligations or any other party; or (iii) pursue any other remedy in the Financing Parties’ power whatsoever.   The Parent Guarantor waives any defense based on or arising out of any defense of the Borrower, any other guarantor of the Guaranteed Obligations or any other party other than payment in full in cash of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the disability of the Borrower, any other guarantor of the Guaranteed Obligations or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower other than payment in full in cash of the Guaranteed Obligations.  The Financing Parties may, at their election, foreclose on any collateral serving as security held by the Administrative Agent, the Security Agent or the other Financing Parties by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Financing Parties may have against the Borrower or any other party, or any security, without affecting or impairing in any way the liability of the Parent Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full in cash. The Parent Guarantor waives any defense arising out of any such election by the Financing Parties, even though such election operates to impair or extinguish any right of reimbursement, contribution, indemnification or subrogation or other right or remedy of the Parent Guarantor against the Borrower, any other guarantor of the Guaranteed Obligations or any other party or any security.

(c)   The Parent Guarantor has knowledge and assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition, affairs and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks which the Parent Guarantor assumes and incurs hereunder, and has adequate means to obtain from the Borrower on an ongoing basis information relating thereto and the Borrower’s ability to pay and perform the Guaranteed Obligations, and agrees to assume the responsibility for keeping, and to keep, so informed for so long as this Parent Guaranty is in effect.   The Parent Guarantor acknowledges and agrees that (x) the Financing Parties shall have no obligation to investigate the financial condition or affairs of the Borrower for the benefit of the Parent Guarantor nor to advise the Parent Guarantor of any fact respecting, or any change in, the financial condition, assets or affairs of the Borrower that might become known to any Financing Party at any time, whether or not such Financing Party knows or believes or has reason to know or believe that any such fact or change is unknown to the Parent Guarantor, or might (or does) increase the risk of the Parent Guarantor as guarantor hereunder, or might (or would) affect the willingness of the Parent Guarantor to continue as a guarantor of the Guaranteed Obligations hereunder and (y) the Financing Parties shall have no duty to advise the Parent Guarantor of information known to them regarding any of the aforementioned circumstances of risks.

(d)    The Parent Guarantor hereby acknowledges and agrees that no Financing Party nor any other Person shall be under any obligation (a) to marshal any assets in favor of the Parent Guarantor or in payment of any or all of the liabilities of the Borrower under the Financing Documents or the obligation of the Parent Guarantor hereunder or (b) to pursue any other remedy that the Parent Guarantor may or may not be able to pursue itself any right which the Parent Guarantor hereby waives.  

(e)    The Parent Guarantor warrants and agrees that each of the waivers set forth in Section 4 and in this Section 5 is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective only to the maximum extent permitted by applicable law.

  6.        RIGHTS OF FINANCING PARTIES.   Subject to Section 5, the Parent Guarantor acknowledges that any Financing Party may (except as shall be required by applicable statute and cannot be waived) at any time and from time to time without consent of, or notice to, the Parent Guarantor, without incurring responsibility to the Parent Guarantor, without impairing or releasing the obligations or liabilities of the Parent Guarantor hereunder, upon or without any terms or conditions and in whole or in part:
    
		
	(a)
	change the manner, place or terms of payment of, and/or change, 

increase or extend the time of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations (including, without limitation, any increase or decrease in the rate of interest thereon or the principal amount thereof), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the Parent Guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, increased, accelerated, renewed or altered;

(b)take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, surrender, impair, realize upon or otherwise deal with in any manner and in any order any property or other collateral by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset thereagainst;

(c)exercise or refrain from exercising any rights against the Borrower, any other guarantor of the Borrower, or others or otherwise act or refrain from acting;

(d)release or substitute any one or more endorsers, other guarantors, the Borrower or other obligors;

(e)settle or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to creditors of the Borrower other than the Financing Parties;

(f)apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrower to the Financing Parties regardless of what liabilities of the Borrower remain unpaid;

(g)consent to or waive any breach of, or any act, omission or default under, any of the Financing Documents or any of the instruments or agreements referred to therein, or otherwise amend, modify or supplement any of the Financing Documents or any of such other instruments or agreements;

(h)act or fail to act in any manner which may deprive the Parent Guarantor of its right to subrogation against the Borrower to recover full indemnity for any payments made pursuant to this Parent Guaranty at any time prior to the irrevocable payment in full in cash of all the Guaranteed Obligations; and/or

(i)take any other action or omit to take any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge of the Parent Guarantor from its liabilities under the Parent Guaranty (including, without limitation, any action or omission whatsoever that might otherwise vary the risk of the Parent Guarantor or constitute a legal or equitable defense to or discharge the liabilities of a guarantor or surety or that might otherwise limit recourse against the Parent Guarantor).
   No invalidity, illegality, irregularity or unenforceability of all or any part of the Guaranteed Obligations, the Financing Documents or any other agreement or instrument relating to the Guaranteed Obligations or of any security or guarantee therefor shall affect, impair or be a defense to this Parent Guaranty, and this Parent Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in full in cash of the Guaranteed Obligations.

7.    CONTINUING GUARANTY.    This Parent Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon.  No failure or delay on the part of any Financing Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege.   The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Financing Party would otherwise have.  No notice to or demand on the Parent Guarantor in any case shall entitle the Parent Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Financing Party to any other further action in any circumstances without notice or demand.  It is not necessary for any Financing Party to inquire into the capacity or powers of the Borrower or the officers, directors, partners or agents acting or purporting to act on its or their behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

8.    SUBORDINATION OR INDEBTEDNESS HELD BY PARENT GUARANTOR.  Any indebtedness of the Borrower now or hereafter held by the Parent Guarantor is herby subordinated to the indebtedness of the Borrower to the Financing Parties;  and such indebtedness of the Borrower to the Parent Guarantor, if the Administrative Agent or the Security Agent, after an Event of Default has occurred and is continuing, so requests, shall be collected, enforced and received by the Parent Guarantor as trustee for the Financing Parties and be paid over to the Financing Parties on account of the indebtedness of the Borrower or such other Guaranteed Party to the Financing Parties, but without affecting or impairing in any manner the liability of the Parent Guarantor under the provisions of this Parent Guaranty.  Notwithstanding the aforementioned, the Parent Guarantor may receive scheduled payments on the indebtedness of the Borrower held by the Parent Guarantor (other that the Subordinated Restricted Intercompany Indebtedness), provided that no Default has occurred.  Prior to the transfer by the Parent Guarantor of any note or negotiable instrument evidencing any indebtedness of the Borrower to such Parent Guarantor, the Parent Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination.  Without limiting the generality of the foregoing, the Parent Guarantor hereby agrees with the Financing Parties that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Parent Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been irrevocably paid in full in cash; provided, that if any amount shall be paid to the Parent Guarantor on account of such subrogation rights at any time prior to the irrevocable payment in full in cash of all the Guaranteed Obligations, such amount shall be held in trust for the benefit of the Financing Parties and shall forthwith be paid to the Administrative Agent for the benefit of the Financing Parties to be credited and applied upon the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Financing Documents or, if the Financing Documents do not provide for the application of such amount, to be held by the Financing Parties as collateral security for any Guaranteed Obligations thereafter existing.

9.    GUARANTY ENFORCEABLE BY ADMINISTRATIVE AGENT.    

Notwithstanding anything to the contrary contained elsewhere in this Parent Guaranty, the Financing Parties agree (by their acceptance of the benefits of this Parent Guaranty) that this Parent Guaranty may be enforced only by the action of the Administrative Agent, acting upon the instructions of the Required Lenders and that no other Financing Party shall have any right individually to seek to enforce or to enforce the Parent Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Financing Parties upon the terms of this Parent Guaranty.  The Financing Parties further agree that this Parent Guaranty may not be enforced against any director, officer, employee, partner, member or stockholder of the Parent Guarantor.  It is understood and agreed that the agreement in this Section 9 is among and solely for the benefit of the Financing Parties and that, if the Required Lenders so agree (without requiring the consent of the Parent Guarantor), the Parent Guaranty may be directly enforced by any Financing Party.

10.    REPRESENTATIONS AND WARRANTIES OF PARENT GUARANTOR.    
In order to induce the Financing Parties to enter into the Amendment, the Parent Guarantor represents, warrants and covenants as of the date hereof that:

10.1    Status.  The Parent Guarantor is not a US Tax Obligor.

10.2    Organization.  The Parent Guarantor is duly organized, validly existing and in good standing under the laws of Delaware.  The Parent Guarantor is duly authorized and qualified to do business and is in good standing in its jurisdiction of incorporation and in jurisdictions in which the conduct of its business requires it to so qualify.  The Parent Guarantor has the requisite corporate power and authority to execute, deliver and perform this Parent Guaranty.

10.3    Authority and Consents.

(a)   The execution, delivery and performance by the Parent Guarantor of this Parent Guaranty and the transactions contemplated by it;  (i) have been duly authorized by all necessary corporate action; (ii) will not breach, contravene, violate, conflict with or constitute a default under (A) any of its Charter Documents, (B) any applicable Law or (C) any contract, loan, agreement, indenture, mortgage, lease or other instrument to which it is a party or by which it or any of its properties may be bound or affected, including all Governmental Approvals; and (iii) will not result in or require the creation or imposition of any Lien upon or with respect to any of the properties of the Parent Guarantor.

(b)This Parent Guaranty (i) has been duly executed and delivered by the Parent Guarantor and (ii) when executed and delivered by each of the other parties thereto will be the legal, valid and binding obligation of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms, except as enforceability thereof may be limited by insolvency, moratorium, bankruptcy or similar laws affecting the enforcement of creditors’ rights generally.

(c)All authorizations required to make this Parent Guarantee admissible in evidence in its jurisdiction of incorporation have been obtained or effected and are in full force and effect.

10.4    Governing Law and Enforcement.
(a)   The choice of governing law of this Parent Guaranty will be recognized and enforced in the relevant jurisdictions.

(b)    Any judgment obtained in relation to this Parent Guaranty in the jurisdiction of the governing law of this Parent Guaranty will be recognized and enforced in the relevant jurisdictions.

10.5    No Filing or Stamp Taxes.    Under the Laws of Delaware it is not necessary that this Parent Guaranty be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to this Parent Guaranty or the transactions contemplated by this Parent Guaranty.

10.6    No Default.    No Default or Event of Default has occurred and is continuing. 

10.7    Ranking.    The rights and claims of the Financing Parties against the Parent Guarantor under this Parent Guaranty at all times rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

10.8    No Adverse Consequences.

(a)    It is not necessary under the laws of its relevant jurisdictions,  (i) in order to enable any Financing Party to enforce its rights under this Parent Guaranty, or (ii) by reason of the execution of this Parent Guaranty or the performance by it of any of its obligations under this Parent Guaranty, that any Financing Party should be licensed, qualified or otherwise entitled to carry on business in any of its relevant jurisdictions.

(b)    No Financing Party is or will be deemed to be resident, domiciled or carrying on business in its relevant jurisdictions by reason only of the execution, performance and/or enforcement of this Parent Guaranty.

10.9    No Parent Guarantor Material Adverse Effect.    No event, condition or circumstance has occurred which has had or could reasonably be expected to have a Parent Guarantor Material Adverse Effect. 

11.    COVENANTS OF PARENT GUARANTOR.

11.1    Status.    The Parent Guarantor shall ensure that it will not become a US Tax Obligor. 

11.2    Pari Passu Ranking.    The Parent Guarantor shall ensure that all of its obligations under this Parent Guaranty rank at all times at least pari passu with all other present and future unsecured and unsubordinated Indebtedness.

11.3    No Parent Guarantor Material Adverse Effect.    No event, condition or circumstance shall exist or shall have occurred which has or could reasonably be expected to have a Parent Guarantor Material Adverse Effect. 

12.    FATCA DEDUCTION AND GROSS-UP.

12.1   FATCA Deduction and Gross-up by Parent Guarantor.

(a)If the Parent Guarantor is required to make a FATCA Deduction, it shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

(b)If a FATCA Deduction is required to be made by the Parent Guarantor, the amount of the payment due from the Parent Guarantor shall be increased to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.

(c)The Parent Guarantor shall promptly upon becoming aware that it must make a FATCA Deduction (or that there is any change in rate or the basis of a FATCA Deduction) notify the Administrative Agent accordingly.  Similarly, a Financing Party shall notify the Administrative Agent on becoming so aware in respect of a payment payable to that Financing Party.  If the Administrative Agent receives such notification from a Financing Party it shall notify the Parent Guarantor. 

(d)Within thirty (30) days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Parent Guarantor shall deliver to the Administrative Agent for the benefit of the Financing Party entitled to the payment evidence reasonably satisfactory to that Financing Party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.

12.2    FATCA Deduction by Financing Party.

(a)Each Financing Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection with that FATCA Deduction, and no Financing Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.  A Financing Party which becomes aware that it must make a FATCA Deduction in respect of a payment to another Financing Party (or that there is any change in the rate or the basis of such FATCA Deduction) shall notify the Financing Party and the Administrative Agent.

(b)If an Administrative Agent is required to make a FATCA Deduction in respect of a payment to a Financing Party under a Financing Document which relates to a payment by the Parent Guarantor, the amount of the payment due from the Parent Guarantor shall be increased to an amount which (after the Administrative Agent has made such FATCA Deduction), leaves the Administrative Agent with an amount equal to the payment which would have been made by the Administrative Agent if no FATCA Deduction had been required.

(c)Each Administrative Agent shall promptly upon becoming aware that it must make a FATCA deduction in respect of a payment to a Financing Party under a Financing Document which relates to a payment by the Parent Guarantor (or that there is any change in the rate or the basis of such a FATCA Deduction) notify the Parent Guarantor and the relevant Financing Party.

(d)The Parent Guarantor shall (within three Business Days of demand by the Administrative Agent) pay to a Financing Party an amount equal to all the reasonable and documented loss, liability or cost (directly or indirectly) suffered or determined to be suffered by that Financing Party as a result of another Financing Party making a FATCA Deduction in respect of a payment due to it under a Financing Document.  This paragraph shall not apply to the extent a loss, liability or cost is compensated for by an increased payment under paragraph (b) above.

(e)A Financing Party making, or intending to make, a claim under paragraph (d) above shall promptly notify the Administrative Agent of the FATCA Deduction which will give, or has given, rise to the claim, following which the Administrative Agent shall notify the Parent Guarantor.

12.3    Tax Benefit and FATCA.

If the Parent Guarantor makes a FATCA Payment and the relevant Financing Party determines that:

(a)a Tax Benefit is attributable to an increased payment of which that FATCA Payment forms part, to that FATCA Payment or to a FATCA Deduction in consequence of which that FATCA Payment was required; and 

(b)that Financing Party has obtained, utilized and retained that Tax Benefit, the Financing Party shall pay an amount to the Parent Guarantor which that Financing Party determines will leave it (after the payment) in the same after-Tax position as it would have been in had the FATCA Payment not been required to be made by the Parent Guarantor. 

12.4    Administrative Agent’s Assistance.  The Administrative Agent shall use reasonable efforts to provide the Parent Guarantor (at the Parent Guarantor’s written request) with available factual documentation as permitted by relevant laws and regulations of the People’s Republic of China and any agreements entered into by the Administrative Agent to determine if any FATCA Deduction is required in respect of a payment payable to any Financing Party under a Financing Document which relates to a payment by the Parent Guarantor.  The Parent Guaranty agrees that it shall pay all costs and expenses incurred by the Administrative Agent or any Financing Party in complying with this provision.

13.    EXPENSES.    The Parent Guarantor hereby agrees to pay all reasonable out-of-pocket costs and expenses of the Administrative Agent and each other Financing Party in connection with the enforcement of this Parent Guaranty and the protection of the Financing Parties’ rights hereunder and any amendment, waiver or consent relating hereto (including, in each case, without limitation, the reasonable fees and disbursements of counsel (Including in-house counsel) employed by the Administrative agent and each other Financing Party).

14.    BENEFIT AND BINDING EFFECT.    This Parent Guaranty shall be binding upon the Parent Guarantor and its successors and assigns and shall inure to the benefit of the Financing Parties and their successors and assigns. 

15.    AMENDMENTS; WAIVERS.    Neither this Parent Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of the Parent Guarantor and with the written consent of either (x) the Required Lenders (or, to the extent required by Section 10.12 (Amendment or Waiver) of each Credit Agreement, with the written consent of each Lender) at all times prior to the time at which all Guaranteed Obligations have been paid in full.

16.    SET OFF.    In addition to any rights now or hereafter granted under applicable law (including, without limitation, Section 151 of the New York debtor and Creditor Law) and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any other Financing Party, acting upon instructions from the Required Lenders, is hereby authorized, at any time or from time to time, without notice to the Parent Guarantor or to any other Person, any such notice being expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by any Financing Party to or for the credit or the account of the Parent Guarantor, against and on account of the obligations and liabilities of the Parent Guarantor to any Financing Party  under this Parent Guaranty, irrespective of whether or not such Financing Party shall have made any demand hereunder and although said obligations, liabilities, deposits or claims, or any of them, shall be contingent or unmatured.

17.    NOTICE.    Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Administrative Agent or the Parent Guarantor shall not be effective until received by the Administrative Agent or the Parent Guarantor, as the case may be.  All notices and other communications shall be in writing and addressed to such party at (i) in the case of any Financing Party, as provided in each Credit Agreement and (ii) in the case of the Parent Guarantor, at its address set forth opposite its signature page below, or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing.

18.    REINSTATEMENT.    If any claim is ever made upon any Financing Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including, without limitation, the Borrower), then and in such event the Parent Guarantor agrees that any such judgment, decree, order, settlement or 

compromise shall be binding upon the Parent Guarantor, notwithstanding any revocation hereof or the cancellation of any Note or any other instrument evidencing any liability of the Borrower, and the Parent Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.

19.    CONSENT TO JURISDICTION; SERVICE OF PROCESS; AND WAIVER OF TRIAL BY JURY.    THIS PARENT GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE FINANCING PARTIES AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.    Each Party hereby submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York and the courts of the State of New York sitting in the City of New York or any appellate courts of any of them, for the purposes of any action or proceeding arising out of or relating to this Parent Guaranty or the transactions contemplated hereby.  The Parent Guarantor hereby further irrevocably waives any claim that any such courts lack jurisdiction over the Parent Guarantor, and agrees not to plead or claim, in any legal action or proceeding with respect to this Parent Guaranty brought in any of the aforesaid courts, that any such court lacks jurisdiction over such Parent Guarantor.  The Parent Guarantor further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Parent Guarantor at its address set forth opposite its signature below, such service to become effective 30 days after such mailing.  The Parent Guarantor hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder that such service of process was in any way invalid or ineffective.  Nothing herein shall affect the right of any of the Financing Parties to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Guarantor in any other jurisdiction.

(b)    The Parent Guarantor hereby irrevocably waives (to the fullest extent permitted by applicable law) any objection which it may now or hereafter have to the laying of venue or any of the aforesaid actions or proceeding arising out of or in connection with this Parent Guaranty brought in the courts referred to in clause (a) above and hereby further irrevocably waives and agrees not to plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum.

(c)THE PARENT GUARANTOR AND EACH FINANCING PARTY (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS PARENT GUARANTY) HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PRO-CEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PARENT GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY.

20.    RELEASE OF LIABILITY OR PARENT GUARANTOR.  The Parent Guarantor shall on the Compliance Date be released from this Parent Guaranty automatically and without further action and this Parent Guaranty shall terminate, and have no further force or effect; provided that no Event of Default has occurred and is continuing.

(b)     The Parent Guarantor may at any time prior to the Compliance Date, procure other guarantees or other credit support in replacement of the Parent Guaranty to guarantee the payment of any and all Guaranteed Obligations and the Parent Guarantor shall be released from this Parent Guaranty upon the satisfaction of the Administrative Agent of such replacement.

21.    LIMITATION ON GUARANTEED OBLIGATIONS.    The Parent Guarantor and each Financing Party (by its acceptance of the benefits of this Parent Guaranty) hereby confirms that it is its intention that this Parent Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act or any similar Federal or state law.  To effectuate the foregoing intention, the Parent Guarantor and each Financing Party (by its acceptance of the benefits of this Parent Guaranty) 

hereby irrevocably agrees that the Guaranteed Obligations guaranteed by the Parent Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of the Parent Guarantor that are relevant under such laws, result in the Guaranteed Obligations in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 

22.    COUNTERPARTS.    This Parent Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A set of counterparts executed by all the parties hereto shall be lodged with the Parent Guarantor and the Administrative Agent.

23.    PAYMENTS.    All payments made by the Parent Guarantor hereunder will be made without setoff, counterclaim or other defense and on the same basis as payments are made by the Borrower under Section 2.8 (Net Payments) of each Credit Agreement.

24.    HEADINGS DESCRIPTIVE.    The headings of the several sections of this Parent Guaranty are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Parent Guaranty.
     
       *   *   *

IN WITNESS WHEREOF, The Parent Guarantor has caused this Parent Guaranty to by executed and delivered as of the date first above written.

NII HOLDINGS INC., as Parent Guarantor

Notice Address:
Address:  1875 Explorer Street, Suite 1000
Reston, VA 20190
Attention: Chief Commercial Counsel
Telephone:  +1 (703) 547 5217
Facsimile No.:   +1 (703) 390 7170
Email:financial.operations@nextel.com.br

By:     /S/ DANIEL E. FREIMAN
Name: Daniel E. Freiman
Title:     Vice President, Treasurer

Accepted and Agreed to:

CHINA DEVELOPMENT BANK CORPORATION, as Administrative Agent under each Credit Agreement

Notice Address:
Address: 14th Floor, CITIC Tower, No. 1093 Shennan Zhong Road,
Guangdong Province, Shenzhen 518031, China
Attention: Che Nan
Telephone No.:  +86  (755) 2594 2783
Facsimile No.:    +86  (755) 2598 7725
Email: chenan@cdb.com.cn

By:     /S/ WANG WEZDONG
Name:     Wang Wezdong
Title:     General ManagerExhibit

    
Exhibit 10.16

Execution Version

SHAREHOLDER UNDERTAKING AGREEMENT

Dated as of April 20, 2012

among

NII HOLDINGS, INC.
as Parent,

CHINA DEVELOPMENT BANK CORPORATION
as Sinosure Administrative Agent,

and

CHINA DEVELOPMENT BANK CORPORATION
as Non-Sinosure Administrative Agent

Table of Contents
Page
SECTION 1.  Definitions and Rules of Interpretation 2
1.1    Definitions2
SECTION 2.  Interest in the Borrower 3
2.1      Negative Pledge 3
2.2      Share Retention 3
2.3      Further Assurances 3
SECTION 3. Covenants of the Parent 4
SECTION 4. Representations and Warranties 4
SECTION 5. Miscellaneous 5
5.1 Successors and Assigns; Assignments5
5.2 Amendments, Etc. 6
5.3 Expenses, Etc.6
5.4 Notices6
5.5 No Waiver; Remedies Cumulative7
5.6 Counterparts7
5.7 WAIVER OF JURY TRIAL7
5.8 Governing Law; Submission to Jurisdiction; Venue7
5.9 Severability8

SHAREHOLDER UNDERTAKING AGREEMENT (this “Agreement”), dated as of     April  20  , 2012, among (i) NII HOLDINGS, INC.,  a Delaware corporation (the “Parent”), (ii) CHINA DEVELOPMENT BANK CORPORATION, as administrative agent (in such capacity, together with its successors and assigns, the “Sinosure Administrative Agent”), for the benefit of the Lenders under the Sinosure Credit Agreement (as defined below) and (iii) CHINA DEVELOPMENT BANK CORPORATION, as administrative agent (in such capacity, together with its successor and assigns, the “Non-Sinosure Administrative Agent”, and together with the Sinosure Administrative Agent, the “Administrative Agents”, and each, an “Administrative Agent”), for the benefit of the Lenders under the Non-Sinosure Credit Agreement (as defined below).

W I T N E S S E T H :

WHEREAS, the Parent indirectly owns all of the Equity Interests in the Borrower;

WHEREAS, the Borrower intends to borrow up to five-hundred million US Dollars (US $500,000,000) under (a) the two-hundred fifty million US Dollar (US $250,000,000) credit agreement dated of even date hereof among the Borrower, the Guarantors party thereto, and the Financing Parties party thereto, which credit facility is supported by the Sinosure Insurance (the “Sinosure Credit Agreement”) and (b) the two-hundred fifty million US Dollar (US $250,000,000 )credit agreement dated of even date hereof among the Borrower, the Guarantors party thereto, and the Financing Parties party thereto ( the “Non-Sinosure Credit Agreement”, and together with the Sinosure Credit Agreement, the “Credit Agreements” and each, a “Credit Agreement”);

WHEREAS, the Parent acknowledges that it will, indirectly through the Borrower, derive substantial benefit from the extensions of credit to the Borrower by the Lenders as set forth in each Credit Agreement; and 

WHEREAS, it is a condition precedent to the making of the Loans by the Lenders under each Credit Agreement that the Parent shall have executed and delivered this Agreement;

NOW, THEREFORE,  in consideration of the premises set forth above and in order to induce the Lenders to make the Loans to the Borrower under each Credit Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.    Definitions and Rules of Interpretation.

1.1    Definitions.    Unless otherwise defined herein, all capitalized terms used in this Agreement and not otherwise defined herein shall have the respective meanings assigned to such terms in Appendix A to each Credit Agreement and the Rules of Interpretation set forth in Appendix A to each such Credit Agreement shall apply hereto.
    
In this Agreement:

“Administrative Agents ” has the meaning given to such term in the preamble to the Agreement.

“Credit Agreements ” has the meaning given to such term in the recitals to this Agreement.

“Non-Sinosure Administrative Agent” has the meaning given to such term in the preamble to this Agreement.

“Non-Sinosure Credit Agreement” has the meaning given to such term in the recitals to this Agreement.

“Parent” has the meaning given to such term in the preamble of this Agreement.

“Process Agent” shall have the meaning provided for in Section 5.8 (c)  hereof.

“Sinosure Administrative Agent” has the meaning given to such term in the preamble to this Agreement.

“Sinosure Credit Agreement” has the meaning given to such term in the recitals to this Agreement.

SECTION 2.   Interest in the Borrower.

2.1    Negative Pledge.

The Parent shall not (and shall procure that none of its Subsidiaries shall), directly or indirectly, for so long as any obligation remains outstanding to any Financing Party under any Credit Agreement or any other Financing Document, create or permit to subsist any Lien on or against or with respect to any Equity Interests held by it (either directly or indirectly through its Subsidiaries), unless:

		
	(a)
	such Lien is also created in favor of the Lenders on a pari passu basis; or

		
	(b)
	such Lien is created with the prior written consent of each Administrative Agent.

2.2    Share Retention.

The Parent, for so long as any obligation remains outstanding to any Financing Party under any Credit Agreement or any other Financing Document, (i) shall hold directly or indirectly through its Subsidiaries no less than fifty (50%) plus one (1) share of the aggregate Equity Interests and (ii) shall not (and shall procure that none of its Subsidiaries shall) dispose (or permit the disposal of) any Equity Interests if such disposal would result in a Change of Control. 

2.3   Further Assurances.

The Parent shall (and shall procure that its Subsidiaries shall) promptly do all such acts and execute all such documents (including the execution of any share pledges, mortgages, delivery of any notices and instructions and the making of all filings and registrations) as each Administrative Agent may specify from time to time to (i) establish, perfect, protect and maintain any Lien and other rights and remedies created or intended to be created under Section 2.1 (a)(i) hereof in favor of the Lenders and (ii) carry out more effectively the intent and purpose of this Agreement.

SECTION 3.   Covenants of the Parent.

The Parent shall not (and shall procure that none of its Subsidiaries shall), without the prior written consent of each Administrative Agent, (i) amend, vary, novate, supplement, supersede, waive or terminate any term of the Master Supply Agreement or any other document delivered by the Parent pursuant to this Agreement or any other Financing Document except to the extent that such amendment, variation, novation, supplement, supersession, waiver or termination could not have or could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect and each Administrative Agent has been promptly notified, (ii) agree to or permit the cancellation, suspension or termination of the Master Supply Agreement (other than termination in accordance with its terms) or (iii) sell, assign or otherwise dispose of any part of its interest in the Master Supply Agreement.

SECTION  4.     Representations and Warranties.

The Parent makes the following representations and warranties on the date of this Agreement and on each Closing Date, which representations and warranties shall survive the execution and delivery of this Agreement 

and the representations and warranties made in sub-clauses (a), (b), (c), (e) and (g) of this Section 4.1 shall be deemed repeated as of each Interest Payment Date with reference to the facts and circumstances then existing;

(a)It is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, is duly authorized and qualified to do business and is in good standing in the jurisdiction of its incorporation.

(b)   The execution, delivery and performance by it of this Agreement (i) have been duly authorized by all necessary corporate action and all Governmental Approvals necessary in connection with the execution, delivery and performance of this Agreement have been obtained and are in full force and effect or will be duly and timely obtained as and when necessary, (ii) will not breach, contravene, violate, conflict with or constitute a default under (A) any of its Charter Documents, (B) any applicable Law or (C) any contract, loan, agreement, indenture, mortgage, guarantee, deed of trust, note, lease or other instrument to which it is a party or by which it or any of its properties may be bound or affected, or (iii) will not result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hearafter acquired by it (other than the Lien which may be created under Section 2.1 hereof).

(c) This Agreement has been duly executed and delivered by it, is in full force and effect and is the legal, valid and binding obligation of it, enforceable against it in accordance with its terms, except to the extent the enforcement hereof or thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general principals of equity. 

(d)    As of the Signing Date, the Parent owns, indirectly through its Subsidiaries, one-hundred percent (100%) of the Equity Interests in the Borrower and the Equity Interests are fully paid up and free of any Lien.  

(e)    No consent, authorization or approval of or exemption by or filing or registration with any Governmental Authority or any other Person is required for or in connection with (i) the execution, delivery or performance of this Agreement or (ii) for the exercise by the Administrative Agent of any of the rights or remedies provided for herein.

(f)   The choice of governing law of this Agreement will be recognized and enforced in the relevant jurisdictions and any judgment obtained in relation to this Agreement in the jurisdiction of the governing law of this Agreement will be recognized and enforced in the relevant jurisdictions.

(g)   There is no action, suit, bankruptcy proceeding, other legal proceeding, arbitral proceeding, inquiry or investigation pending against the Parent or, to the best of its knowledge, threatened against it, by or before any Governmental Authority or in any arbitral or other forum, nor any order, decree or judgment in effect, pending, or, to the best of its knowledge, threatened against it, that, if adversely determined, could have, individually or in the aggregate, a Material Adverse Effect.

(h)    It has filed or caused to be filed all tax returns that are required to be filed by it and has paid or caused to be paid all Taxes shown to be due and payable by it on such returns or on any assessment received by it, except to the extent that any such Taxes are being diligently contested in good faith and by proper proceedings and as to which adequate reserves have been provided.  There is no action, suit, proceeding, investigation, audit, or tax-related claim now pending or, to the best of its knowledge that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(i)    No liability for any tax will be incurred by it as a result of the execution, delivery or performance of this Agreement the consummation of the transactions contemplated hereby or thereby and it is not necessary that this Agreement be filed, recorded or enrolled with any court or other authority in the jurisdiction of its incorporation or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to this Agreement or the transactions contemplated by this Agreement.

  SECTION 5.        Miscellaneous.   
        
5.1    Successors and Assigns; Assignment.

(a)This Agreement shall be binding upon and inure to the benefit of the parties hereto and each of their respective successors and assigns. 

(b)The Parent may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Administrative Agent (in each case, at the instructions of the Required Lenders under the relevant Credit .Agreement).

5.2    Amendments, Etc.
    
This Agreement may not be amended, supplemented, modified, changed, varied or waived in any manner whatsoever except in a writing duly signed by the Parent and the Administrative Agent (in each case, acting on the instructions of the Required Lenders under the relevant Credit Agreement).

5.3    Expenses, Etc.

The Parent agrees to pay on demand to each Administrative Agent all costs and expenses of collection (including, without limitation,  Attorney Costs) incident to the enforcement, protection or preservation of any right or claim of such Administrative Agent under this Agreement against any of the Parent or its Subsidiaries as a result of a breach or violation of this Agreement by the Parent or its Subsidiaries.

5.4    Notices. 

(a)All notices, requests and other communications provided for hereunder shall be in writing (including, unless the context expressly otherwise provides, by facsimile transmission or e-mail) and faxed, sent or delivered, to the address, e-mail or facsimile number specified for notices on the applicable signature page hereof or to such other address, e-mail or facsimile number as shall be designated by such party in a written notice to the other parties hereto.

(b)All such notices, requests and communications (i) sent by express courier will be effective upon delivery to or refusal to accept delivery by the addressee and (ii) transmitted by facsimile will be effective when sent and facsimile confirmation received; except that all notices and other communications to any Administrative Agent shall not be effective until actually received by such Administrative Agent.  Unless each Administrative Agent otherwise prescribes, notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that is such notice or other communication is not sent during normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(c)The Parent acknowledges and agrees that any agreement of an Administrative Agent to receive certain notices by telephone, e-mail and facsimile is solely for the convenience and at the request of the Parent.  Each Administrative Agent shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Parent to give such notice and no Administrative Agent shall have any liability to the Parent or any other Person on account of any action taken or not taken by any Administrative Agent in reliance upon such telephonic, e-mail or facsimile notice.

(d)All notices, requests and other communications hereunder shall be in the English language.

5.5    No Waiver; Remedies Cumulative.

No failure or delay on the part of any Administrative Agent or any other Financing Party in exercising any right, power, remedy or privilege hereunder and no course of dealing between the Parent, on the one hand, and any Administrative Agent or any other Financing Party, on the other hand, shall operate as a waiver thereof, no shall any single or partial exercise of any right, power, remedy or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power, remedy or privilege hereunder.  No notice to or demand on the Parent in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Financing Party to take any other or further action in any circumstances without notice or demand.  All rights, powers, privileges and remedies, either under this Agreement, any Credit Agreement or any other Financing Document or pursuant to any applicable Law or otherwise afforded to any Administrative Agent or any Financing Party shall be cumulative and not alternative.

5.6    Counterparts.

This Agreement may be executed in any number of counterparts (and by the different parties hereto on separate counterparts), each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement or any other document or instrument delivered in connection herewith by facsimile transmission or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

5.7   WAIVER OF JURY TRIAL.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING BASED ON, OR DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY RELATING HERETO OR THERETO.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENTS TO ENTER INTO THIS AGREEMENT.

5.8    Governing Law; Submission to Jurisdiction; Venue.

(a)THIS AGREEMENT SHALL BE GOVEREND BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREFORE (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

(b)Each Party hereby submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of the courts of the State of New York sitting in the County of New York or any appellate courts of any of them, for the purposes of any action or proceeding arising out of or relating to this Amendment or the transactions contemplated hereby.  Each party hereto hereby expressly and irrevocably waives, to the fullest extent permitted by applicable Law, the jurisdiction of any other courts to which it may be entitled, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum.  Each party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction, including, without limitation, the State of Delaware, by suit on judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by law.

(c)The Parent hereby irrevocably appoints CT Corporation System ( the “Process Agent”), with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011 as its agent to receive on its behalf and on behalf of its Property, service of copies of the summons and complaint and any 

other process that may be served in any such action or proceeding.  Service upon the Process Agent shall be deemed to be personal service on the Parent and shall be legal and binding upon it for all purposes notwithstanding any failure to mail copies of such legal process to it, or any failure on the part of the Parent to receive the same.  Nothing herein shall affect the right to  serve process in any other manner permitted by applicable Law.  To the extent permitted by applicable law, the Parent further irrevocably agrees to the service of process of any of the aforementioned courts in any suit, action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, return receipt requested, to it at the address referenced in Section 5.4 hereof, such service to be effective upon the date indicated on the postal receipt returned from the Parent.

(d)The Parent agrees that it will at all times continuously maintain an agent to receive service of process in the State of New York on behalf of itself and its Properties, and, in the even to that for any reason the agent mentioned above shall not serve as agent for it to receive service of process in the State of New York on its behalf, the Parent shall promptly appoint a successor satisfactory to each Administrative Agent (in each case, acting on the instructions of the Required Lenders under the relevant Credit Agreement) so to serve, advise each Administrative Agent (in each case, acting on the instructions of the Required Lenders under the relevant Credit Agreement) thereof, and deliver to each Administrative Agent (in each case, actin on the instructions of the Required Lenders under the relevant Credit Agreement) evidence in writing of the successor agent’s acceptance of such appointment.  The foregoing provisions constitute, among other things, a special arrangement for service among the parties to this Agreement for the purposes of 28 U.S.C. § 1608.

5.9    Severability.

Any provision hereof which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition on unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

*                                *                              *
       

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

NII HOLDINGS, INC., as Parent

By:     /S/ GOKUL V. HEMMADY
Name:     Gokul V. Hemmady
Title:     EVP, CFO, Chief Transformation Office

 Address for Notices:
Address:  1875 Explorer Street, Suite 1000
Reston, VA 20190
Attention: Chief Commercial Counsel
Telephone:  +1 (703) 547 5217
Facsimile No.:   +1 (703) 390 7170
Email:financial.operations@nextel.com.br

WITNESSES

1.    /S/ NORMA ACUS
Name:     Norma Acus
ID:     

2.      /S/ SONIA M. DAVILA
Name:     Sonia M. Davila
ID: 

CHINA DEVELOPMENT BANK CORPORATION, as Sinosure Administrative Agent

By:     /S/ GAN HAIYAN
Name:     Gan Haiyan
Title:     Director General

Notice Address:
Address: 14th Floor, CITIC Tower, No. 1093 
Shennan Zhong Road,
Shenzhen 518031, Guangdong Province
China
Attention: Che Nan
Telephone No.:  +86  (755) 2594 2783
Facsimile No.:    +86  (755) 2598 7725
Email: chenan@cdb.com.cn

CHINA DEVELOPMENT BANK CORPORATION, as Non-Sinosure Administrative Agent

By:     /S/ GAN HAIYAN
Name:     Gan Haiyan
Title:     Director General

Notice Address:
Address: 14th Floor, CITIC Tower, No. 1093 
Shennan Zhong Road,
Shenzhen 518031, Guangdong Province
China
Attention: Che Nan
Telephone No.:  +86  (755) 2594 2783
Facsimile No.:    +86  (755) 2598 7725
Email: chenan@cdb.com.cn

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