Document:

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                                                                 Exhibit 10.15

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                                                                  CONFORMED COPY
                                                         WITH COLLATERAL SHARING
                                                         INTERCREDITOR AGREEMENT
                                                          AS SEPARATELY EXECUTED

                                (euro)100,000,000

                               FACILITY AGREEMENT

                             Dated 20 February, 2001

                                     Between

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
                                   as Borrower

                           The Guarantors named herein
                                  as Guarantors

                          DEUTSCHE BANK LUXEMBOURG S.A.
                                    as Agent

                                    THE BANKS

                            DEUTSCHE BANK AG LONDON,
                         DRESDNER BANK LUXEMBOURG S.A.,
                            DEUTSCHE BANK POLSKA S.A.
                                as Lead Arrangers

                            DEUTSCHE BANK POLSKA S.A.
                                as Security Agent

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                                    CONTENTS
<TABLE>
<CAPTION>
CLAUSE                                                                                                    PAGE
------                                                                                                    ----
<S>                                                                                                        <C>
1.       INTERPRETATION......................................................................................1
2.       FACILITY AND RELATED MATTERS.......................................................................28
3.       PURPOSE AND RESPONSIBILITY.........................................................................29
4.       CONDITIONS PRECEDENT...............................................................................30
5.       ADVANCES...........................................................................................31
6.       CANCELLATION AND REDUCTION.........................................................................33
7.       REPAYMENT..........................................................................................35
8.       PREPAYMENT.........................................................................................35
9.       INTEREST PERIODS...................................................................................37
10.      INTEREST...........................................................................................38
11.      SELECTION OF OPTIONAL CURRENCIES...................................................................39
12.      AMOUNT OF OPTIONAL CURRENCIES......................................................................40
13.      PAYMENTS...........................................................................................42
14.      TAXES..............................................................................................44
15.      MARKET DISRUPTION..................................................................................45
16.      INCREASED COSTS....................................................................................47
17.      ILLEGALITY AND MITIGATION..........................................................................48
18.      REPRESENTATIONS AND WARRANTIES.....................................................................49
19.      UNDERTAKINGS.......................................................................................53
20.      SYSTEM UNDERTAKINGS................................................................................70
21.      FINANCIAL UNDERTAKINGS.............................................................................71
22.      DEFAULT............................................................................................73
23.      GUARANTEES.........................................................................................78
24.      INDEMNITIES........................................................................................80
25.      AGENT, SECURITY AGENT, LEAD ARRANGERS, ARRANGERS AND BANKS.........................................81
26.      FEES...............................................................................................86
27.      EXPENSES...........................................................................................87
28.      STAMP DUTIES.......................................................................................87
29.      AMENDMENTS AND WAIVERS.............................................................................87
30.      CHANGES TO PARTIES.................................................................................89
31.      SET-OFF AND REDISTRIBUTION.........................................................................90
32.      DISCLOSURE OF INFORMATION..........................................................................93
33.      SEVERABILITY.......................................................................................93
34.      COUNTERPARTS.......................................................................................93
35.      NOTICES............................................................................................94
36.      EVIDENCE AND CALCULATIONS..........................................................................95
37.      LANGUAGE...........................................................................................96
38.      JURISDICTION.......................................................................................96
39.      WAIVER OF IMMUNITY.................................................................................97
40.      GOVERNING LAW......................................................................................98
41.      THIRD PARTIES......................................................................................98

</TABLE>

                                      (i)

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                                    SCHEDULES

A.       Banks
B.       Guarantors
C.       Form of Transfer Certificate
D.       Security Documents
E.       Documentary Conditions Precedent
F.       Existing Security Interests
G.       Additional Costs Rate
H.       Form of Request for an Advance
I.       Accession Document
J.       Form of Compliance Certificate
K.       Existing Financial Indebtedness
L.       Existing Hedging Agreements
M.       Collateral Sharing Intercreditor Agreement

                                      (ii)

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THIS FACILITY AGREEMENT is dated 20 February, 2001

BETWEEN:

(1)    POLSKA TELEFONIA CYFROWA SP. Z O.O., a company registered in the
       Commercial Register of the District Court in Warsaw under number 45740
       (the "BORROWER");

(2)    THE GUARANTORS listed in Schedule B;

(3)    DEUTSCHE BANK AG LONDON ("DBAG"), DEUTSCHE BANK POLSKA S.A. ("DB POLSKA")
       AND DRESDNER BANK LUXEMBOURG S.A. ("DRESDNER") as lead arrangers (each a
       "LEAD ARRANGER" and, collectively, the "LEAD ARRANGERS");

(4)    THE BANKS listed in Schedule A;

(5)    DB POLSKA as security agent for the Banks (the "SECURITY AGENT"); and

(6)    DEUTSCHE BANK LUXEMBOURG S.A. as facility agent for the Banks (the
       "AGENT").

IT IS AGREED as follows:

1.     INTERPRETATION

1.1    Defined Terms:

       In this Agreement:

       "ACCESSION DOCUMENT"

       means an agreement substantially in the form of Schedule I pursuant to
       which a Principal Member of the Group becomes a Guarantor.

       "ACCOUNTING PERIOD"

       in relation to any person means any period of approximately three months
       (ending on the last day in March, June, September and December of each
       year) or one year ending on the last day in December for which Accounts
       of such person are required to be delivered pursuant to this Agreement.

       "ACCOUNTING PRINCIPLES"

       means:

       (a)     in the case of the Accounts of the Borrower and the Group, the
               IAS on which the preparation of the Original Borrower Accounts
               was based; and

       (b)     in the case of the Accounts of each Principal Member of the Group
               (other than the Borrower), the IAS or the accounting principles
               and practices generally accepted in the jurisdiction of
               incorporation of such person.

       "ACCOUNTS"

       means from time to time:

       (a)     the latest audited consolidated annual accounts of the Group so
               far as concerns the annual period ending 31st December, 1999 and
               each annual period thereafter;

       (b)     the latest audited annual accounts of each Principal Member of
               the Group; and

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       (c)     the latest unaudited quarterly consolidated financial statements
               of the Group or so far as concerns each quarter ending 30th
               September, 2000 and thereafter the latest unaudited quarterly
               consolidated financial statements of the Group,

       delivered or required to be delivered to the Agent pursuant to this
       Agreement, or such of those accounts as the context requires.

       "ACQUISITION"

       means the acquisition directly or indirectly (whether by one transaction
       or by a series of related transactions) of any interest whatsoever in the
       share capital (or equivalent) or the business or undertaking (including
       without limitation, any franchise rights) or assets constituting a
       separate business or undertaking of any person.

       "ADDITIONAL COSTS RATE"

       means, in relation to an Advance or unpaid sum owing to a bank, the rate
       per annum notified by any Bank to the Agent to be the cost to that Bank
       of compliance with all reserve asset, liquidity or cash margin or other
       like requirements of the Bank of England, the Financial Services
       Authority, the European Central Bank or any other applicable monetary,
       regulatory, supervisory or other authority (other than the National Bank
       of Poland) in relation to that Advance or unpaid sum and which in the
       case of the Bank of England and the Financial Services Authority shall be
       determined in accordance with Schedule G (Additional Costs Rate).

       "ADDITIONAL DEBT AMOUNT"

       means, at any time, an amount equal to the Euro Equivalent of the sum of
       (a) (euro) 500,000,000 and (b) the amount by which (euro) 650,000,000
       exceeds the sum of (i) the "TOTAL COMMITMENTS" under, and as defined in,
       the Main Facility Agreement at such time and (ii) the Total Commitments
       at such time.

       "ADVANCE"

       means:

       (a)     when designated "TRANCHE A", the principal amount of each
               borrowing under this Agreement from the Tranche A Commitments;

       (b)     when designated "TRANCHE B", the principal amount of each
               borrowing under this Agreement from the Tranche B Commitments;
               and

       (c)     without any such designation, a Tranche A Advance or Tranche B
               Advance as the context requires;

       or, in each case, the principal amount of such borrowing outstanding from
       time to time, as the context requires.

       "AFFILIATE"

       means, as to any person, any other person that, directly or indirectly
       controls, is controlled by or is under common control with such person or
       is a director or officer of such person. For purposes of this definition,
       the term "control" (including the terms "controlling", "controlled by"
       and "under common control with") of a person means the possession, direct
       or indirect of the power to vote 5% or more of the voting interests of
       such person or to direct or cause the direction of the management and
       policies of such person, whether through the ownership of voting
       interests, by contract or otherwise.

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       "AGENT'S SPOT RATE OF EXCHANGE"

       means:

       (a)     when converting an amount into Euro or Zloty, the Agent's spot
               rate of exchange for the purchase of Euro or Zloty in the
               Brussels or, as the case may be, Warsaw foreign exchange market
               with the relevant currency at or about 11.00 a.m. on a particular
               day; and

       (b)     when converting an amount of Euro or Zloty into any other
               currency, the Agent's spot rate of exchange for the purchase of
               such other currency in the Brussels or as the case may be, Warsaw
               foreign exchange market with Euro or Zloty, as the case may be,
               at or about 11.00 a.m. on a particular day.

       "APPLICABLE LEGAL LENDING LIMITS"

       has the meaning given to such term in Clause 5.5 (Zloty Limit).

       "APPLICABLE MARGIN"

       means 0.9 per cent. per annum (subject to adjustment under Clause 10.5
       (Margin adjustment)).

       "ASSET PLEDGE"

       means the pledge of assets in the agreed form executed by the Borrower in
       favour of the Security Agent to be registered in accordance with the
       terms hereof.

       "AUDITORS"

       means Arthur Andersen Sp. z o.o., any of the other "big five" accounting
       firms as may from time to time be appointed by the Borrower, or such
       other firm of internationally recognised auditors as may from time to
       time be appointed by the Borrower and approved by the Agent (such
       approval not to be unreasonably withheld or delayed).

       "AVAILABILITY PERIOD"

       means the period starting on the Signing Date and ending on the date
       falling one month before the Final Repayment Date.

       "BANK"

       means each of the following:

       (a)     when designated "TRANCHE A":

               (i)  each bank or other financial institution whose name is set
                    out in Schedule A which has a Tranche A Commitment;

               (ii) each bank or other financial institution to which rights
                    and/or obligations under this Agreement are assigned or
                    transferred pursuant to Clause 30 (Changes to Parties) under
                    Tranche A and which assumes rights and obligations under
                    Tranche A pursuant to a Transfer Certificate; and

       (b)     when designated "TRANCHE B":

               (i)  each bank or other financial institution whose name is set
                    out in Schedule A which has a Tranche B Commitment;

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               (ii) each bank or other financial institution to which rights
                    and/or obligations under this Agreement are assigned or
                    transferred pursuant to Clause 30 (Changes to Parties) under
                    Tranche B and which assumes rights and obligations under
                    Tranche B pursuant to a Transfer Certificate; and

       (c)     without any such designation, a Tranche A Bank or a Tranche B
               Bank as the context requires.

       "BANK ACCOUNT SIDE LETTER"

       means the side letter relating to bank accounts of the Borrower's Dutch
       and Luxembourg subsidiaries in the agreed form executed by the Borrower
       in favour of the Agent for the benefit of the Finance Parties.

       "BANK GUARANTEE FUND"

       means the Bank Guarantee Fund as defined in the Act on Bank Guarantee
       Fund dated 14th December, 1994 enacted under Polish law.

       "BUSINESS DAY"

       means a day (not being a Saturday or Sunday) on which banks and foreign
       exchange markets are open for business:

       (a)     in relation to a transaction involving Tranche A, in London,
               Luxembourg and Brussels;

       (b)     in relation to a transaction involving Tranche B, in Warsaw, or,
               only for the purposes of determination of the Rate Fixing Day and
               notice of Requests, Luxembourg, Warsaw and London;

       (c)     in relation to a transaction involving an Optional Currency, in
               London, Luxembourg and the principal financial centre of the
               country of that Optional Currency; and

       (d)     in relation to any date for payment or purchase of Euro, in
               Luxembourg and which is also a TARGET Day.

       "BUSINESS PLAN"

       means:

       (a)     on the Signing Date and until the first delivery of a document to
               the Agent in accordance with Clause 8.5 (UMTS Prepayment) or
               Clause 19.2(a)(iii) (Financial Information and Business Plan), as
               the case may be, the document delivered to the Agent as a
               condition precedent of the first drawdown in accordance with
               paragraph 20 of Schedule E; and

       (b)     thereafter the document most recently delivered to the Agent in
               accordance with Clause 8.5 (UMTS Prepayment) or Clause
               19.2(a)(iii) or (iv) (Financial Information and Business Plan),
               as the case may be,

       and in each case such document shall include the relevant assumptions and
       projections associated with that document and shall be substantially in
       the form of the document referred to in paragraph (a) above or in such
       other form as may be agreed between the Borrower and the Agent acting on
       behalf of the Majority Banks.

       "CAPITAL EXPENDITURE"

       means any expenditure which should be treated as capital expenditure in
       the audited consolidated Accounts of the Group in accordance with the
       Accounting Principles.

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       "CASH"

       means any credit balances on any deposit, savings or current account with
       any Bank or bank or other financial institution which has (or the Holding
       Company of which has) a long-term debt rating of at least (a) "BBB-" from
       S&P and "Baa3" from Moody's in any amount or (b) "BB" from S&P and "Ba"
       from Moody's in such amounts as may be agreed between the Agent and the
       Borrower from time to time; short term government securities of Poland, a
       member state of the European Union or a member of the G7 group of
       nations; and cash in hand but excluding any cash on deposit in any escrow
       account maintained to secure or fund payment of interest on high yield
       bonds.

       "COLLATERAL SHARING INTERCREDITOR AGREEMENT"

       means an agreement substantially in the form set forth at Schedule M.

       "COMMITMENT"

       in relation to a Bank means:

       (a)     when designated "TRANCHE A", the amount appearing and designated
               as such set opposite its name in Schedule A and/or in any
               Transfer Certificate or other document by which it became party
               to or acquired rights under this Agreement;

       (b)     when designated "TRANCHE B":

               (i)  at any time on or before the last day of the Availability
                    Period, the lower of (A) the Zloty Equivalent at that time
                    of the amount in Euro appearing and designated as such set
                    opposite its name in Schedule A and (B) its Zloty Limit at
                    such time and in each case the Zloty Equivalent of any
                    amount in Euro appearing and designated as such in a
                    Transfer Certificate or other document by which it became a
                    party to or acquired rights under this Agreement on or prior
                    to the last day of the Availability Period;

               (ii) at any time after the last day of the Availability Period,
                    the amount in Zloty as calculated by the Agent in accordance
                    with Clauses 5.5 (Zloty Limit) and 6 (Cancellation and
                    Reduction) as being the revised Tranche B Commitment at such
                    time and the Zloty Equivalent of any amount in Euro
                    appearing and designated as such in a Transfer Certificate
                    or other document by which it became a party to or acquired
                    rights under this Agreement after the last day of the
                    Availability Period; and

       (c)     without any such designation, a Bank's Tranche A Commitment or
               Tranche B Commitment as the context requires,

       in each case to the extent not cancelled, reduced or transferred under
       this Agreement (collectively the "TOTAL COMMITMENTS" and where the
       aggregate Total Commitments for Tranche A and Tranche B is to be
       calculated under this Agreement, any Commitment determined as a Zloty
       amount or denominated in Zloty will be calculated at its Euro Equivalent
       at the time of such calculation).

       "DANGEROUS SUBSTANCE"

       means any radioactive emissions and any natural or artificial substance
       (whether in the form of a solid, liquid, gas or vapour but excluding, for
       the avoidance of doubt, radio waves) the generation, transportation,
       storage, treatment, use or disposal of which (whether alone or in
       combination with any other substance) and including (without limitation)
       any controlled, special, hazardous, toxic, radioactive or dangerous
       waste, gives rise to a risk of causing harm to man or damaging the
       Environment or public health.

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       "DCS-1800 LICENCE"

       means the licence numbered 498/99 issued to the Borrower on 11th August,
       1999 which licence includes the permit to install and utilise a
       telecommunications network and the frequency allocation necessary for the
       Borrower to provide a service in the ETSI/GSM 1800MHz band.

       "DEFAULT"

       means (a) an Event of Default, or (b) an event which, with the giving of
       notice or lapse of time or both, would constitute an Event of Default.

       "DEFAULT DATE"

       means the first date on which the Agent serves a notice under Clause
       22.21 (Acceleration) or the date after an Event of Default which the
       Majority Banks determine is the Default Date.

       "DOLLARS" and "US$"

       means the lawful currency of the United States of America.

       "EBITDA"

       of any person means in respect of each Ratio Period, the sum of the
       following for such Ratio Period:

       (a)     the net income (whether positive or negative) before
               Extraordinary Items;

       (b)     any Interest Payable;

       (c)     any provision for income Taxes;

       (d)     any amortisation and depreciation reflected in the relevant
               Accounts during such Ratio Period; and

       (e)     (without double-counting) any consolidated losses which arise as
               a result of having Financial Indebtedness in a currency which
               during such Ratio Period appreciates against the Zloty;

       after deducting the sum of:

       (f)     to the extent not already deducted in determining net income, any
               handset costs and other subscriber acquisition costs (including
               commissions for dealers, equipment subsidy, and marketing and
               promotion but excluding market research, public relations,
               loyalty programmes, activation fees and prepaid revenues) whether
               or not capitalised during such Ratio Period;

       (g)     any Interest Receivable for such Ratio Period; and

       (h)     (without double-counting) any consolidated gains which arise as a
               result of having Financial Indebtedness in a currency which
               during the relevant Ratio Period depreciates against the Zloty;

       in each case, of such person and its Subsidiaries on a consolidated
       basis.

       "ENVIRONMENT"

       means all, or any of, the following media, the air (including the air
       within buildings and the air within other natural or man-made structures
       above or below ground), water (including, without limitation, ground and
       surface water) and land (including, without limitation, surface and
       sub-surface soil).

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       "ENVIRONMENTAL CLAIM"

       means any claim by any person:

       (a)     in respect of any loss or liability suffered or incurred by that
               person as a result of or in connection with any violation of
               applicable Environmental Law; or

       (b)     that arises as a result of or in connection with Environmental
               Contamination and that could give rise to any remedy or penalty
               (whether interim or final) that may be enforced or assessed by
               private or public legal action or administrative order or
               proceedings including, without limitation, any such claim that
               arises from injury to persons or property.

       "ENVIRONMENTAL CONTAMINATION"

       means each of the following and their consequences:

       (a)     any release, emission, leakage or spillage of any Dangerous
               Substance at or from any site owned or occupied by any member of
               the Group into any part of the Environment;

       (b)     any accident, fire, explosion or sudden event at any site owned
               or occupied by any member of the Group which is directly caused
               by or attributable to any Dangerous Substance; and

       (c)     any other pollution of the Environment arising at or from any
               site owned or occupied by any member of the Group.

       "ENVIRONMENTAL LAW"

       means all laws and regulations concerning pollution, the Environment or
       Dangerous Substances.

       "ENVIRONMENTAL LICENCE"

       means any permit, licence, authorisation, consent or other approval
       required by any applicable Environmental Law.

       "EURIBOR"

       in relation to any Tranche A Advance made in Euro for any Interest Period
       relating thereto, means:

       (a)     the rate per annum determined by the Banking Federation of the
               European Union which appears on page Euribor 01 on the Reuters
               screen (or any other page as may replace such page on such
               service); or

       (b)     if no offered rate appears on the relevant page of the Reuters
               screen or there is no relevant page on the Reuters screen, the
               arithmetic mean (rounded upward, if necessary, to four decimal
               places) of the respective rates, as supplied to the Agent at its
               request, quoted by the Tranche A Reference Banks to leading banks
               in the ordinary course of business in the European interbank
               market,

       at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period for
       the offering of deposits in the currency of the Advance for the same
       period as such Interest Period and in an amount comparable to the amount
       of such Advance. If any of the Tranche A Reference Banks is unable or
       otherwise fails so to supply such offered rate by 1.00 p.m. on the
       required date, "EURIBOR" for the relevant Interest Period shall be
       determined on the basis of the quotations of the remaining Tranche A
       Reference Banks.

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       "EURO", "EURO" and "(euro)"

       means the lawful currency of the member states of the European Union that
       have adopted the single currency in accordance with the treaty
       establishing the European Community (signed in Rome on 25 March, 1957),
       as amended by the Treaty on European Union (signed in Maastricht on 7
       February, 1992).

       "EURO EQUIVALENT"

       means:

       (a)     in relation to an amount in Euro, that amount (or its equivalent
               in other currencies); and

       (b)     in relation to any amount denominated in a currency other than
               Euro, the amount of Euro which the amount in such currency would
               purchase on a particular day when converted at the Agent's Spot
               Rate of Exchange.

       "EVENT OF DEFAULT"

       means an event specified as such in Clause 22.1 (Events of Default).

       "EXCLUDED SHARE CAPITAL"

       of the Group means shares in the capital of any member of the Group owned
       by a person which is not a member of the Group which by their terms are
       or may become redeemable (whether or not subject to the occurrence of any
       contingency) at any time whilst any part of any Advance remains
       outstanding (whether or not due and payable) or any Commitment is in
       force or within one year after the Final Repayment Date.

       "EXTRAORDINARY ITEMS"

       means extraordinary items and exceptional items within the meaning in the
       IAS.

       "FACILITY OFFICE"

       means:

       (a)     in relation to the Agent, the respective offices notified in
               accordance with Clause 35.2 (Addresses for notices);

       (b)     in the case of a Tranche A Bank, the office(s) notified by that
               Bank to the Agent on or before the date it becomes a Tranche A
               Bank as the office(s) through which it will perform all or any of
               its obligations in connection with Tranche A or if two offices
               are so notified:

               (i)  for the purposes of Tranche A Advances denominated in
                    sterling and any interest or other amounts accruing in
                    relation thereto where such Tranche A Bank otherwise
                    performs its obligations hereunder in connection with
                    Tranche A through an office in the United Kingdom, the
                    office outside the United Kingdom so identified as such
                    Tranche A Bank's euro sterling office;

               (ii) for all other purposes, the office so identified as such
                    Tranche A Bank's main office;

       (c)     in the case of a Tranche B Bank, the office(s) notified by that
               Bank to the Agent on or before the date it becomes a Tranche B
               Bank as the office(s) through which it will perform all or any of
               its obligations in connection with Tranche B; or

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       (d)     in the case of sub-paragraph (b) or (c) above, such other
               office(s) notified by a Bank to the Agent by (unless otherwise
               agreed by the Agent) not less than 5 Business Days' notice, as
               the office(s) through which it will perform all or any of its
               obligations in connection with Tranche A or Tranche B.

       "FEE LETTERS"

       means:

       (a)     the arrangement fee letter between the Lead Arrangers and the
               Borrower dated on or about 16 February, 2001; and

       (b)     the agency fee letter between the Agent and the Borrower dated on
               or about 16 February, 2001;

       in each case setting out the amount of various fees referred to in Clause
       26 (Fees).

       "FINAL MANDATORY REGISTRATION DATE"

       means the date falling 45 days after the date of the First Mandatory
       Registration Date.

       "FINAL REPAYMENT DATE"

       means the date falling on the fifth anniversary of the Signing Date.

       "FINANCE LEASE"

       means a finance lease as determined in accordance with the IAS.

       "FINANCE PARTY"

       means the Lead Arrangers, the Arrangers, each Bank, the Security Agent
       and the Agent.

       "FINANCIAL INDEBTEDNESS"

       means any indebtedness in respect of:

       (a)     moneys borrowed at banks and other financial institutions;

       (b)     any debenture, bond, note, loan stock or other security;

       (c)     any acceptance credit;

       (d)     receivables sold or discounted (otherwise than on a non-recourse
               basis);

       (e)     the acquisition cost of any asset to the extent payable before or
               after the time of acquisition or possession by the party liable
               (i) where the advance or deferred payment is arranged primarily
               as a method of raising finance or financing the acquisition of
               that asset and (ii) where payment is deferred for more than 180
               days after the time of acquisition or possession;

       (f)     any Finance Lease or QTE Lease;

       (g)     any currency swap or interest swap, cap or collar arrangements,
               future or option contracts or any other derivative instrument
               calculated as the negative mark-to-market value of such
               instrument as of the date of calculation;

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       (h)     any amount raised under any other transaction having the
               commercial effect of a borrowing or raising of money;

       (i)     any Excluded Share Capital; or

       (j)     any guarantee, surety, indemnity or similar assurance against
               financial loss of any person in respect of any amounts referred
               to in paragraphs (a) to (i) above.

       "FIRST MANDATORY REGISTRATION DATE"

       has the meaning given to it in the Main Facility Agreement.

       "FORMER SHAREHOLDER LOANS"

       means the $17,178,125 shareholder loan from Deutsche Telekom MobilNet
       GmbH to the Borrower, the Zloty equivalent of $39,843,750 shareholder
       loan from Elektrim S.A. to the Borrower and the $17,578,125 shareholder
       loan from MediaOne International B.V. to the Borrower (plus, in relation
       to each such amount, any accrued or capitalised interest in respect
       thereof), each made on August 24, 1999 and converted into Reserve Capital
       on 30 November, 2000.

       "GROUP"

       means the Borrower and its Subsidiaries from time to time.

       "GSM LICENCE"

       means the licence numbered 2/96/GSM2 issued to the Borrower on 23rd
       February, 1996 which licence includes the permit to install and utilise a
       telecommunications network and the frequency allocation necessary for the
       Borrower to provide a service.

       "GUARANTORS"

       means each Subsidiary of the Borrower listed on Schedule B and each other
       Principal Member of the Group that shall have become a guarantor pursuant
       to Clause 23.9 (Further Guarantors).

       "HEDGING AGREEMENTS"

       means any currency swap or interest swap, cap or collar arrangements,
       future or option contracts or any other derivative instrument or
       agreement.

       "HEDGING DOCUMENTS"

       means any currency swap or interest swap, cap or collar arrangements,
       future or option contracts or any other derivative instrument or
       agreement entered into between the Borrower and a Bank in accordance with
       the Hedging Policy.

       "HEDGING POLICY"

       means on the Signing Date the interest rate and foreign exchange hedging
       strategy of the Borrower provided pursuant to paragraph 21 of Schedule E
       and thereafter shall mean the most recent Hedging Policy agreed with the
       Agent in accordance with Clause 19.14 (Treasury transactions).

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<PAGE>   14
                                       11
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       "HIGH YIELD DEBT DOCUMENTS"

       means:

       (a)     the indenture dated 1st July, 1997 between PTC International
               Finance B.V., the Borrower, and the Bank of New York as trustee;

       (b)     the senior subordinated guaranteed discount notes due 2007 issued
               pursuant to the indenture referred to in (a) above;

       (c)     the guarantee dated 1st July, 1997 given by the Borrower in
               respect of the obligations of PTC International Finance B.V.
               included in the terms of the indenture referred to in paragraph
               (a) above;

       (d)     the onlending agreement dated 1st July, 1997 between PTC
               International Finance B.V. and the Borrower by which the proceeds
               of the notes referred to in paragraph (b) above are lent to the
               Borrower;

       (e)     the support agreement dated 1st July, 1997 between the Borrower
               and PTC International Finance B.V. relating to the onlending
               agreement referred to in paragraph (d) above;

       (f)     the indentures each dated 23rd November, 1999 between PTC
               International Finance II S.A., PTC International Finance
               (Holding) B.V., the Borrower and State Street Bank and Trust
               Company, as trustee;

       (g)     the senior subordinated guaranteed notes due 2009 issued pursuant
               to the indentures referred to in (f) above;

       (h)     the guarantees each dated 23rd November, 1999 given by each of
               the Borrower and PTC International Finance (Holding) B.V. in
               respect of the obligations of PTC International Finance II S.A.
               included in the terms of each indenture referred to in paragraph
               (f) above;

       (i)     the onlending agreement dated 23rd November, 1999 between PTC
               International Finance II S.A., and PTC International Finance
               (Holding) B.V. by which a portion of the proceeds of the notes
               referred to in paragraph (g) above are lent to PTC International
               Finance (Holding) B.V.;

       (j)     the onlending agreement dated 23rd November, 1999 between PTC
               International Finance (Holding) B.V. and the Borrower by which a
               portion of the proceeds of the notes referred to in paragraph (g)
               above are lent to the Borrower;

       (k)     the support agreement dated 23rd November, 1999 between the
               Borrower and PTC International Finance (Holding) B.V. relating to
               the onlending agreement referred to in paragraph (j) above; and

       (l)     such other documents as evidence, and give effect to, any
               Subordinated Debt transactions permitted under the terms of this
               Agreement to be entered into by any Obligor after the date of
               this Agreement; provided that any such Subordinated Debt
               transactions are on substantially the same terms (including the
               subordination terms) other than in relation to any discount
               amounts or escrow amounts (which shall be on market terms) as the
               High Yield Debt Documents as in effect on the date hereof.

       "HOLDING COMPANY"

       means, in relation to a body corporate, any other body corporate of which
       it is a Subsidiary.

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<PAGE>   15

                                       12
--------------------------------------------------------------------------------

       "IAS"

       means accounting principles issued by the International Accounting
       Standards Committee from time to time.

       "INFORMATION MEMORANDUM"

       means the information memorandum dated 31 October, 2000 relating to the
       Group provided on behalf of the Borrower by the Lead Arrangers to the
       Banks.

       "INITIAL BANKS"

       means Deutsche Bank Luxembourg S.A. and Dresdner.

       "INSTALMENT DATE"

       has the meaning given to it in Clause 6.4 (Reduction of Facility).

       "INTELLECTUAL PROPERTY RIGHTS"

       means all know-how, patents, trademarks, designs, trading names,
       copyrights and other intellectual property rights (in each case whether
       registered or not and including all applications for the same).

       "INTEREST"

       means:

       (a)     interest, commissions, commitment fees and amounts in the nature
               of interest (including, without limitation, the interest element
               of Finance Leases and QTE Leases) accrued;

       (b)     prepayment penalties or premiums incurred in repaying or
               prepaying any Financial Indebtedness;

       (c)     discount fees and acceptance fees payable or deducted in respect
               of any Financial Indebtedness (including all commissions payable
               in connection with any letter of credit); and

       (d)     any net payment (or, if appropriate in the context, receipt)
               under any interest rate or foreign exchange hedging agreement or
               instrument, taking into account any premiums payable.

       "INTEREST DATE"

       means, in relation to any Advance or any overdue amount, the last day of
       any applicable Interest Period.

       "INTEREST EXPENSE ON SENIOR DEBT"

       of any person means all Interest accrued (whether or not paid) by such
       person and its Subsidiaries on a consolidated basis in respect of Senior
       Debt during any Ratio Period after deducting the aggregate of (a)
       Interest Receivable in such Ratio Period and (b) any unrealised foreign
       exchange losses to the extent included as Interest during such Ratio
       Period and adding back any unrealised foreign exchange gains to the
       extent deducted as Interest during such Ratio Period in each case of such
       person and its Subsidiaries on a consolidated basis.

       "INTEREST EXPENSE ON TOTAL DEBT"

       of any person means all Interest accrued (whether or not paid) by such
       person and its Subsidiaries on a consolidated basis during any Ratio
       Period (including, without limitation, the appropriate proportion during
       such Ratio Period of any amounts which are attributable to interest not
       payable in Cash in

--------------------------------------------------------------------------------
<PAGE>   16

                                       13
--------------------------------------------------------------------------------

       accordance with the terms of the High Yield Debt Documents during the
       period of five years from the issue of the notes in accordance with the
       terms of the High Yield Debt Documents and any other interest which is
       not payable in Cash during such Ratio Period) after deducting the
       aggregate of:

       (a)     Interest Receivable in such Ratio Period;

       (b)     any Interest accrued during such Ratio Period in respect of
               Financial Indebtedness issued pursuant to the High Yield Debt
               Documents to the extent that the amount of such Interest shall
               have been and remain deposited in escrow and invested in assets
               permitted under the High Yield Debt Documents;

       (c)     any Interest accrued during such Ratio Period in respect of
               indebtedness consisting of instalment payments relating to the
               acquisition by the Borrower of the GSM Licence, the DCS-1800
               Licence or the UMTS Licence;

       (d)     any unrealised foreign exchange losses to the extent included as
               Interest during such Ratio Period; and

       (e)     any Interest accrued during such Ratio Period in respect of QTE
               Leases, to the extent that the amount of such Interest shall have
               been and remain deposited in escrow.

       in each case, of such person and its Subsidiaries on a consolidated basis
       and adding back any unrealised foreign exchange gains to the extent
       deducted as Interest during such Ratio Period of such person and its
       Subsidiaries on a consolidated basis.

       "INTEREST PAYABLE"

       of any person means in relation to any Ratio Period all Interest paid or
       payable to the extent that it is included in the net income of such
       person and its Subsidiaries on a consolidated basis during such Ratio
       Period.

       "INTEREST PERIOD"

       means, in relation to any Advance, each period determined in accordance
       with Clause 9.1 (Selection and agreement).

       "INTEREST RECEIVABLE"

       of any person means all Interest received or receivable to the extent
       that it is included in the net income of such person and its Subsidiaries
       on a consolidated basis during the relevant Ratio Period.

       "INVESTMENT GRADE RATING"

       means the Borrower has:

       (a)     a foreign and domestic currency rating of BBB- or above for
               senior unsecured debt or the debt represented by the High Yield
               Debt Documents, as applicable, from S&P ; and

       (b)     a foreign and domestic currency rating of Baa3 or above for
               senior unsecured debt or the debt represented by the High Yield
               Debt Documents, as applicable, from Moody's;

       except the Borrower will be deemed to have an Investment Grade Rating if
       it has a foreign and domestic currency rating from each of these rating
       agencies and there is not more than one sub grade difference between the
       foreign currency ratings given by these two rating agencies and the
       higher of the two foreign currency ratings from these two rating agencies
       is a rating at least as high as the applicable rating set out in (a) or
       (b) above.

--------------------------------------------------------------------------------

<PAGE>   17

                                       14
--------------------------------------------------------------------------------

       "ISSUERS"

       means (a) PTC International Finance B.V. and PTC International Finance II
       S.A., being the Subsidiaries of the Borrower which have issued or issue
       notes to the investors pursuant to the High Yield Debt Documents and (b)
       any Obligor (other than the Borrower) which issues notes to investors
       pursuant to the High Yield Debt Documents after the date of this
       Agreement.

       "LIBOR"

       in relation to any Tranche A Advance made in a currency other than Euro
       or Zloty for any Interest Period relating thereto, means:

       (a)     other than in the case of Sterling, the rate per annum which
               appears on page Libor 01 and 02 on the Reuters screen (or any
               other page as may replace such page on such service); or

       (b)     in the case of Sterling, or if no offered rate appears on the
               relevant page of the Reuters screen or there is no relevant page
               on the Reuters screen the arithmetic mean (rounded upward, if
               necessary, to four decimal places) of the respective rates, as
               supplied to the Agent at its request, quoted by the Tranche A
               Reference Banks to leading banks in the ordinary course of
               business in the European interbank market,

       at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period for
       the offering of deposits in the currency of the Advance for the same
       period as such Interest Period and in an amount comparable to the amount
       of such Advance. If any of the Tranche A Reference Banks is unable or
       otherwise fails so to supply such offered rate by 1.00 p.m. on the
       required date, "LIBOR" for the relevant Interest Period shall be
       determined on the basis of the quotations of the remaining Tranche A
       Reference Banks.

       "LICENCE"

       means:

       (a)     the GSM Licence;

       (b)     the DCS-1800 Licence;

       (c)     the UMTS Licence;

       (d)     the licence numbered 516/99 issued on 26th November 1999 for the
               provision of telecommunication services; and

       (e)     any other licence for the operation of a telecommunications
               network (including all apparatus, equipment and telecommunication
               systems of every description which it is authorised to operate or
               run under such licence) obtained by any member of the Group where
               the revocation, suspension or termination of such licence might
               have a Material Adverse Effect.

       "MAIN FACILITY AGREEMENT"

       means the (euro) 550,000,000 facility agreement dated on or about 20
       February, 2001 between the Borrower, the Guarantors as defined therein,
       the Arrangers as defined therein, the Banks as defined therein, DBAG, DB
       Polska, Dresdner and The European Bank for Reconstruction and
       Development, as Lead Arrangers, Deutsche Bank Luxembourg, S.A., as Agent,
       and DB Polska, as Security Agent.

       "MAIN FACILITY SENIOR FINANCE DOCUMENTS"

       means the "SENIOR FINANCE DOCUMENTS" as defined in the Main Facility
       Agreement.

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<PAGE>   18
                                       15
--------------------------------------------------------------------------------

       "MAJORITY BANKS"

       means at any time:

       (a)     Banks whose Commitments aggregate more than 66 2/3% of the Total
               Commitments at such time; or

       (b)     if the Total Commitments have been reduced to nil, Banks whose
               Commitments aggregated more than 66 2/3% of the Total Commitments
               immediately before the reduction;

       provided, however, that for the purposes of this definition only, any
       Bank that fails to participate fully in an Advance in accordance with
       Clause 5.3 (Participations in Advances) shall be deemed to have
       Commitments equal to the drawn portion of its Commitments.

       "MANDATORY CANCELLATION DATE"

       has the meaning given to it in Clause 6.1 (Mandatory Cancellation).

       "MATERIAL ADVERSE EFFECT"

       means any effect which, in the reasonable opinion of the Majority Banks,
       is or is likely to be materially adverse to:

       (a)     the ability of any Obligor to perform its payment obligations
               under this Agreement or other material obligations under any of
               the Senior Finance Documents; or

       (b)     the business, financial condition, operations or performance of
               the Group (taken as a whole).

       "MATERIAL CONTRACTS"

       means:

       (a)     the Licences;

       (b)     the interconnect agreements referred to in paragraph 23 of
               Schedule E or any interconnect agreements resulting from the
               negotiations referred to in that paragraph;

       (c)     the supply agreement dated 5th June, 1996 between the Borrower,
               Siemens AG and ZWUT SA as amended;

       (d)     the supply agreement dated 5th June, 1996 between the Borrower
               and Ericsson Radio Systems AB and Ericsson Sp. z o.o., as
               amended; and

       (e)     the supply agreement dated 28th July, 1999 between the Borrower
               and Alcatel Polska SA;

       together with any agreements replacing any of the above and any other
       agreements fundamental to the business of the Group which if cancelled,
       terminated, revoked or not replaced, would be reasonably likely to have a
       Material Adverse Effect.

       "MOODY'S"

       means Moody's Investor Services, Inc.

       "NECESSARY AUTHORISATIONS"

       means all material approvals, authorisations and licences (other than any
       Licence) from, all rights granted by and all filings, registrations and
       agreements with, any government or other regulatory

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<PAGE>   19
                                       16
--------------------------------------------------------------------------------

       authority necessary in order to enable the Borrower and its Subsidiaries
       to construct, maintain and operate the Network.

       "NET PROCEEDS"

       means the aggregate value of consideration received by any member of the
       Group in respect of any disposal of any assets (including shares in other
       Group members) by a member of the Group to any third party which is not a
       member of the Group after deduction of:

       (a)     all amounts paid or provided for or on account of Taxes
               applicable to, or to any gain resulting from, the disposal of
               such assets or the discharge of any liability secured on such
               assets; and

       (b)     all costs, fees, expenses and the like properly incurred in
               arranging and effecting that disposal.

       "NETWORK"

       means any network operated by the Borrower or any other member of the
       Group and operated or run by it pursuant to any Licence.

       "NEW FACILITY"

       means one or more credit facilities (other than pursuant to the Main
       Facility Agreement) or other Financial Indebtedness of the type referred
       to in clause (a) or (b) of the definition of "Financial Indebtedness" of
       the Borrower and any guarantees by the Obligors of each such credit
       facility or other Financial Indebtedness in each case ranking pari passu
       (other than, in the case of an unsecured facility or other Financial
       Indebtedness, as to security) with the Tranches; provided, however, that
       to the extent that the terms of any such credit facility or other debt
       instrument require scheduled repayment of principal thereunder during the
       term of this Agreement, no such repayments shall occur on any date other
       than on an Instalment Date and no such repayment shall exceed the Maximum
       Repayment Amount at such time; provided further, however, that all or any
       part of any New Facility may be repaid, replaced, substituted or
       refinanced by another New Facility. "MAXIMUM REPAYMENT AMOUNT" means, at
       any Instalment Date, an amount equal to (a) the product of (i) the
       commitments in effect under such credit facility or other debt instrument
       as of the date of incurrence thereof and (ii) the principal amount of
       Advances required to be repaid on that Instalment Date pursuant to Clause
       7(a) (Repayment) divided by (b) the Commitments in effect on the date
       hereof.

       "OBLIGOR"

       means the Borrower and each Guarantor.

       "OPTIONAL CURRENCY"

       means for the purposes of Tranche A, Dollars, Deutschmarks, Swiss Francs,
       sterling, Japanese Yen and Zloty to the extent that at any relevant time
       Zloty is acceptable to all Tranche A Banks and at such time is freely
       transferable and convertible into Euro and deposits of which are readily
       available in the London money market.

       "ORDINARY SHARE PLEDGES"

       means the Polish law pledges in the agreed form in favour of the Security
       Agent of at least 51 per cent of the Shares.

       "ORIGINAL BORROWER ACCOUNTS"

       means the annual audited Accounts of the Borrower for the year ending
       31st December, 1999.

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<PAGE>   20
                                       17
--------------------------------------------------------------------------------

       "ORIGINAL EURO AMOUNT"

       means, in relation to a Tranche A Utilisation:

       (a)     if that Tranche A Utilisation is denominated in Euro, the amount
               of that Utilisation; or

       (b)     if that Tranche A Utilisation is denominated in an Optional
               Currency, the amount in Euro of that Tranche A Utilisation
               specified in the relevant Request.

       "PARTY"

       means a party to this Agreement.

       "PERMITTED DISTRIBUTION"

       means:

       (a)     a distribution of dividends on or in respect of any share capital
               of any member of the Group;

       (b)     a distribution of interest at a rate no higher than the interest
               rate applicable to the Former Shareholder Loans in effect
               immediately before their conversion into Reserve Capital on the
               Shareholder Loans in accordance with the terms thereof or, during
               the UMTS Approved Period and the UMTS Prepayment Period,
               principal of or other payments under the Shareholder Loans in
               accordance with the terms thereof; or

       (c)     a distribution of interest on or other payments under the
               Subordinated Debt (other than the Shareholder Loans), in
               accordance with the terms of the High Yield Debt Documents,

       which is permitted in accordance with Clause 19.18 (Permitted
       Distributions).

       "PERMITTED INVESTMENTS"

       means investments in:

       (a)     government securities of:

               (i)   Poland;

               (ii)  a member state of the European Union; or

               (iii) a member of the G7 group of nations,

               which, if they are registered securities, are securities over
               which the Borrower has granted security in favour of the Finance
               Parties in the jurisdiction of the issuer in a manner
               satisfactory to the Agent (acting reasonably), and which, if they
               are bearer securities, are securities deposited in an account
               over which the Finance Parties have security; or

       (b)     certificates of deposits, notes, acceptances issued by and
               deposit and current accounts of and time deposits with any Bank
               or other bank which is an authorised institution for accepting
               such investments and which:

               (i)  in the case of investments in Poland, is an authorised
                    institution in the Republic of Poland for accepting such
                    investments with (or the Holding Company of which has) a
                    long-term debt rating of at least (a) "BBB-" from S&P and
                    "Baa3" from Moody's in any amount or (b) "BB" from S&P and
                    "Ba" from Moody's in such amounts as agreed between the
                    Agent and the Borrower from time to time;

--------------------------------------------------------------------------------

<PAGE>   21
                                       18
--------------------------------------------------------------------------------

               (ii) in the case of any account other than the collection account
                    for subscriber receivables, is a Bank with (or the Holding
                    Company of which has) a long-term debt rating of at least
                    (a) "BBB-" from S&P and "Baa3" from Moody's in any amount or
                    (b) "BB" from S&P and "Ba" from Moody's in such amounts as
                    agreed between the Agent and the Borrower from time to time;
                    or

              (iii) in the case of the collection account for subscriber
                    receivables, is a major recognised bank in Poland with (or
                    the Holding Company of which has) a long-term debt rating of
                    at least (a) "BBB-" from S&P and "Baa3" from Moody's in any
                    amount or (b) "BB" from S&P and "Ba" from Moody's in such
                    amounts as agreed between the Agent and the Borrower from
                    time to time and the Agent is satisfied that there are first
                    priority Security Interests created by the Security
                    Documents over that account and such bank has agreed to
                    waive its rights of set-off over such account.

       "PLEDGE LAW"

       means the Law on Registered Pledge and The Pledge Register of 6th
       December, 1996 (Journal of Law, No. 149, Item 703), as amended from time
       to time.

       "PRINCIPAL MEMBER OF THE GROUP"

       means at any time:

       (a)     the Borrower;

       (b)     the Issuers;

       (c)     any other member of the Group:

               (i)  whose EBITDA constitutes more than 5% of EBITDA of the Group
                    at such time and, if the aggregate EBITDA of the Principal
                    Members of the Group constitutes less than 90% of EBITDA of
                    the Group, the next largest members of the Group by
                    reference to EBITDA so that EBITDA of the Principal Members
                    of the Group constitutes at least 90% of EBITDA of the
                    Group;

               (ii) whose gross assets constitute more than 5% of the
                    consolidated gross assets of the Group at such time and, if
                    the aggregate gross assets of the Principal Members of the
                    Group constitute less than 90% of the consolidated gross
                    assets of the Group, the next largest members of the Group
                    by reference to gross assets so that the gross assets of the
                    Principal Members of the Group constitute at least 90% of
                    the consolidated gross assets of the Group; or

              (iii) whose turnover constitutes more than 5% of turnover of the
                    Group at such time and, if the aggregate turnover of the
                    Principal Members of the Group constitutes less than 90% of
                    turnover of the Group, the next largest members of the Group
                    by reference to turnover so that turnover of the Principal
                    Members of the Group constitutes at least 90% of turnover of
                    the Group,

               all as shown in the most recent annual Accounts of such member of
               the Group and the annual consolidated Accounts of the Group; and

       (d)     any member of the Group to whom all or a substantial part of the
               assets of a Principal Member of the Group are transferred.

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<PAGE>   22

                                       19
--------------------------------------------------------------------------------

       "QTE LEASES"

       means tax advantaged synthetic leases pursuant to which the Borrower
       effectively sells and leases back "qualified technological equipment" as
       defined at Section 168(i)(2) of the United States Internal Revenue Code.

       "QUALIFYING BANK"

       means, at any time, a bank or financial institution which is at that
       time:

       (a)     resident in the Republic of Poland; or

       (b)     resident (as such term is defined in the appropriate double
               taxation treaty) in a country with which the Republic of Poland
               has an appropriate double taxation treaty giving residents of
               that country complete exemption from Polish Taxation on interest
               and which:

               (i)  does not carry on business in the Republic of Poland through
                    a permanent establishment with which the indebtedness under
                    this Agreement in respect of which the interest is paid is
                    effectively connected; and

               (ii) has submitted all of the necessary forms completed in a
                    proper manner together with all necessary documents and has
                    taken all necessary steps in order to secure total relief
                    from Polish Taxation in respect of interest and/or
                    commissions to be paid to it under this Agreement pursuant
                    to such treaty.

               For this purpose "DOUBLE TAXATION TREATY" means any convention or
               agreement between the government of the Republic of Poland and
               any other government for the avoidance of double taxation and the
               prevention of fiscal evasion with respect to Taxes on income.

       "RATE FIXING DAY"

       means in relation to an Interest Period:

       (a)     (if the currency is Euro) two TARGET Days before the first day of
               such Interest Period; and

       (b)     (for Zloty or any other currency (other than Euro)) two Business
               Days before the first day of such Interest Period.

       "RATIO PERIOD"

       means each period covered by the four consecutive quarterly Accounting
       Periods ending on the last day of a quarterly Accounting Period.

       "REDUCTION AMOUNT"

       has the meaning given to it in Clause 6.4 (Reduction of Facility).

       "REFERENCE BANKS"

       means:

       (a)     when designated "TRANCHE A", the principal Luxembourg offices of
               the Agent, Dresdner and a Tranche A Bank selected by the Agent
               after consultation with the Borrower;

       (b)     when designated "TRANCHE B", the principal Warsaw offices of DB
               Polska, Wielkopolski Bank Kredytowy S.A. and Citibank (Poland)
               S.A.;

--------------------------------------------------------------------------------

<PAGE>   23

                                       20
--------------------------------------------------------------------------------
       (c)     without designation the Tranche A Reference Banks or the Tranche
               B Reference Banks as the context requires,

       and in each case such other Banks as may become Reference Banks
       pursuant to Clause 30.4 (Reference Banks).

       "REFIXING DATE"

       has the meaning given to it in  Clause 5.5 (Zloty Limit).

       "REGISTERED SHARE PLEDGES"

       means the first priority Polish law pledges in favour of the Security
       Agent in the agreed form pledging at least 51 per cent of the Shares
       registered or to be registered in the register of pledges in Warsaw.

       "REQUEST"

       means a request, substantially in the form of Schedule H made by the
       Borrower to the Agent for an Advance to be made under this Agreement.

       "RESERVE CAPITAL"

       means amounts contributed to the Borrower's reserve capital as
       additional payments (known as doplaty under the Polish Commercial
       Code).

       "RESTRICTED PAYMENT"

       means any payment (whether in cash, property, securities or otherwise)
       on account of the purchase, redemption, reduction or other acquisition
       or retirement of any of the share capital of any member of the Group
       not held by a member of the Group.

       "RESTRICTED PERIOD"

       means the period from the date of this Agreement until the date on
       which the Borrower achieves an Investment Grade Rating.

       "RESTRICTED PERSON"

       means the Shareholders, any Affiliate of a Shareholder or any
       partnership in which any of the Shareholders or any of their Affiliates
       is a partner (either directly or through any intermediate
       partnerships).

       "ROLLOVER DATE"

       means the date on which the Interest Period for an Advance commences.

       "S&P"

       means Standard and Poor's, a division of The McGraw-Hill Companies, Inc.

       "SECURITY"

       means any property or assets in which a Security Interest is granted in
       accordance with the terms of the Security Documents.

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<PAGE>   24

                                       21
--------------------------------------------------------------------------------

       "SECURITY DOCUMENTS"

       means each of the security documents identified in Schedule D which are
       entered into in accordance with the terms of this Agreement, together
       with such other security documents and guarantees as may from time to
       time be entered into by the Borrower or a Subsidiary of the Borrower in
       favour of a Finance Party or the Security Agent pursuant to any of the
       Senior Finance Documents.

       "SECURITY INTEREST"

       means any mortgage, pledge, lien, charge, assignment for the purpose of
       providing security, hypothecation or other security interest.

       "SENIOR DEBT"

       of any person means without duplication the consolidated Financial
       Indebtedness (including, for the avoidance of doubt, Financial
       Indebtedness pursuant to Finance Leases and obligations in respect of QTE
       Leases (valued at the principal amount of such Finance Leases or QTE
       Leases or, if such QTE Leases have been defeased, at the residual value
       thereof), the monthly mark-to-market value of Hedging Agreements entered
       into in relation to any Senior Debt and the negative mark-to-market value
       (if any) of any Hedging Agreement entered in respect of interest payments
       in relation to any Financial Indebtedness incurred pursuant to the High
       Yield Debt Documents) of such person and its Subsidiaries on a
       consolidated basis but excluding, to the extent otherwise included
       therein, (a) Subordinated Debt so long as such Subordinated Debt has a
       maturity falling at least twelve months after the Final Repayment Date,
       (b) any amounts on deposit in escrow accounts of the Borrower or any of
       its Subsidiaries and (c) instalment payments (if any) due for the GSM
       Licence, the DCS-1800 Licence or the UMTS Licence owing to the government
       of the Republic of Poland (but including any letter of credit, bank
       guarantee, performance bond or similar instrument issued in respect of
       such instalment payments)).

       "SENIOR FINANCE DOCUMENTS"

       means each of:

               (i)     this Agreement;

               (ii)    the Fee Letters;

               (iii)   the Security Documents;

               (iv)    each document evidencing a transaction designated to be
                       secured by the Security Documents pursuant to Clause
                       19.14 (Treasury Transactions);

               (v)     the Side Letter;

               (vi)    a side letter in the agreed form from the Shareholders to
                       the Agent, pursuant to which the Shareholders agree to
                       notify the Agent of any pledge of the Shares;

               (vii)   each Accession Agreement;

               (viii)  the Collateral Sharing Intercreditor Agreement or other
                      intercreditor or security sharing agreement between the
                      Finance Parties, the creditors under the Main Facility
                      Senior Finance Documents and the creditors under any New
                      Facility; and

               (ix)   any other document designated as such by the Agent and the
                      Borrower.

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<PAGE>   25

                                       22
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       "SHAREHOLDER LOANS"

       means all amounts borrowed by an Obligor from a Shareholder or an
       Affiliate of a Shareholder which is not a member of the Group and all
       amounts contributed by Shareholders to the Borrower's reserve capital as
       additional payments (known as doplaty under the Polish Commercial Code),
       which shall be subordinated to the amounts outstanding under this
       Agreement on terms substantially the same or more favourable to the
       Finance Parties as the subordination terms in effect with respect to
       Former Shareholder Loans immediately prior to their conversion into
       Reserve Capital.

       "SHAREHOLDERS"

       means each shareholder from time to time of the Borrower being as at the
       date of this Agreement, Elektrim S.A., Deutsche Telekom MobilNet GmbH,
       Deutsche Telekom A.G., MediaOne International B.V., Elektrim-Autoinvest
       S.A., Elektrim Telekomunikacja Sp. z o.o., Polpager Sp. z o.o. and Carcom
       Warszawa Sp. z o.o.

       "SHAREHOLDERS' AGREEMENT"

       means the Shareholders' Agreement dated 21st December, 1995 between the
       Shareholders (other than Carcom Sp. z o.o.) as amended from time to time.

       "SHARES"

       means the equity share capital of the Borrower.

       "SIDE LETTER"

       means the letter between Elektrim S.A. and the Agent dated on or about 16
       February, 2001.

       "SIGNING DATE"

       means the date of this Agreement.

       "STERLING", "STERLING" and "(POUND)"

       means the lawful currency for the time being of the United Kingdom.

       "SUBORDINATED CREDITOR"

       means each person who lends a Shareholder Loan and each noteholder and
       the trustee under the High Yield Debt Documents.

       "SUBORDINATED DEBT"

       means:

       (a)     all amounts outstanding under or in connection with the High
               Yield Debt Documents including for the avoidance of doubt between
               the Borrower and each Issuer on the terms as set out in the High
               Yield Debt Documents as at the Signing Date;

       (b)     any actual or contingent liability under any guarantee and
               support agreement given by the Borrower referred to in the
               definition of High Yield Debt Documents on the terms as set out
               in the High Yield Debt Documents as at the Signing Date;

       (c)     all Shareholder Loans;

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<PAGE>   26

                                       23
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       (d)     any intercompany debt which is subordinated in right of payment
               to the amounts owing hereunder on terms substantially the same as
               those subordination terms set forth in the subordination
               agreements listed at Schedule D, paragraph 4; and

       (e)     any other present and future sums, liabilities and obligations
               (whether actual or contingent) payable, owing, due or incurred by
               an Obligor which are subordinate in right of payment to the
               amounts owing hereunder on terms substantially the same as those
               subordination terms set forth in the High Yield Debt Documents
               existing as of the date hereof.

       "SUBSIDIARY"

       means, an entity from time to time of which a person has direct or
       indirect control or owns directly or indirectly more than fifty per cent.
       (50%) of the share capital or similar right of ownership.

       "TARGET"

       means Trans-European Automated Real-time Gross Settlement Express
       Transfer payment system.

       "TARGET DAY"

       means any day on which TARGET is open for the settlement of payments in
       Euro.

       "TAX ON OVERALL NET INCOME"

       of a person shall be construed as a reference to Tax (other than Tax
       deducted or withheld from any payment) imposed on that person on:

               (i)  the net income, profits or gains of that person world-wide;
                    or

               (ii) such of its income, profits or gains as arise in or relate
                    to the jurisdiction in which it is resident or in which its
                    principal office (and/or its Facility Office) is located.

       "TAXES"

       means all income and other taxes and levies, imposts, duties, charges,
       deductions and withholdings in the nature or on account of tax together
       with interest thereon and penalties and fees with respect thereto, if
       any, and any payments made on or in respect thereof, and "TAX" and
       "TAXATION" shall be construed accordingly.

       "TELECOM BUSINESS"

       means the development, ownership or operation of a mobile telephony
       system and other telephony, telecommunication, information or internet
       services and any other services ancillary, related or complementary to
       any such system or such other services.

       "TRANCHE"

       means:

       (a)     when designated "TRANCHE A", the revolving loan tranche referred
               to in Clause 2.1(a) (Tranche A);

       (b)     when designated "TRANCHE B", the revolving loan tranche referred
               to in Clause 2.1(b) (Tranche B); and

       (c)     without any such designation, Tranche A or Tranche B, as the
               context requires.

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<PAGE>   27

                                       24
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       "TRANSACTION DOCUMENTS"

       means:

               (i)   the Senior Finance Documents;

               (ii)  the High Yield Debt Documents;

               (iii) the Shareholders' Agreement;

               (iv)  the Main Facility Senior Finance Documents; and

               (v)   any other document designated as such in writing by the
                     Agent and the Borrower.

       "TRANSFER CERTIFICATE"

       has the meaning given to it in Clause 30.3 (Procedure for transfers).

       "UMTS APPROVAL BANKS"

       means at any time, each Commitment Bank and, if all Commitment Banks do
       not constitute the Majority Banks at such time, such other Banks such
       that the aggregate Commitments of the Commitment Banks and such other
       Banks at such time constitute at least 662/3% of the Total Commitments at
       such time; provided that if the Total Commitments have been reduced to
       nil, for purposes of this definition "Commitments" and "Total
       Commitments" shall be the Commitments and Total Commitments in effect
       immediately before such reduction. For the purposes of this definition, a
       "COMMITMENT BANK" means, at any time, any Lead Arranger or a Bank with a
       Commitment of at least (euro) 50,000,000 at such time.

       "UMTS APPROVED PERIOD"

       means the period from the date on which the UMTS Approval Banks approve
       the UMTS Business Plan in accordance with Clause 8.5 (UMTS Prepayment) to
       the Final Repayment Date.

       "UMTS BUSINESS PLAN"

       means an updated Business Plan incorporating the acquisition and
       financing of the UMTS Licence and all UMTS Expenditures in the Republic
       of Poland (including financial projections (including projected profit
       and loss accounts, balance sheets and cash flow statements for the
       Borrower's fiscal years from 2001 to 2007) reflecting the anticipated
       additional Financial Indebtedness, Shareholder Loans and/or capital
       contributions that will or may be required) and demonstrating that
       implementation of such Business Plan will not result in a breach of the
       Borrower's obligations under Clause 19.26 (Financial Indebtedness),
       Clause 19.33 (UMTS Licence) and Clause 21 (Financial Undertakings) and
       that no Event of Default is reasonably likely to or will occur as a
       result of the implementation of such Business Plan in accordance with the
       terms thereof.

       "UMTS EXCLUSION PERIOD"

       means the period from the earlier of (a) the date of notification of the
       second and final rejection of the UMTS Business Plan by the UMTS Approval
       Banks pursuant to Clause 8.5 (UMTS Prepayment) and (b) the one month
       anniversary of the date on which the UMTS Approval Banks first rejected
       the UMTS Business Plan pursuant to Clause 8.5 (UMTS Prepayment) unless
       the Borrower shall have submitted a revised UMTS Business Plan prior to
       such one month anniversary until the earlier to occur of the (i) first
       day of the UMTS Prepayment Period and (ii) the Final Repayment Date.

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<PAGE>   28
                                       25
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      "UMTS EXPENDITURE"

       means amounts spent for capital expenditures, working capital
       requirements and operating expenses associated with the UMTS business, as
       well as UMTS licence fee payments other than the UMTS Licence Initial
       Instalments.

       "UMTS LICENCE"

       means the licence numbered 2/UMTS issued to the Borrower on 20 December
       2000 to provide telecommunications services meeting the European UMTS
       telecommunications standard including a permit to install and use a
       telecommunications network and allocation of frequencies in the 2 GHz
       band.

       "UMTS LICENCE INITIAL INSTALMENTS"

       means the UMTS Licence fee payments required prior to or within the first
       12 months following the award of the UMTS Licence to the Borrower.

       "UMTS PRE-APPROVAL PERIOD"

       means the period from the date hereof until the earliest to occur of (a)
       the date on which the UMTS Approval Banks approve the UMTS Business Plan
       in accordance with Clause 8.5 (UMTS Prepayment); (b) the first day of the
       UMTS Exclusion Period; (c) the first day of the UMTS Prepayment Period;
       and (d) the Final Repayment Date.

       "UMTS PREPAYMENT NOTICE"

       has the meaning given to it in Clause 8.5 (UMTS Prepayment).

       "UMTS PREPAYMENT PERIOD"

       means the period from the date on which the Borrower delivers a UMTS
       Prepayment Notice pursuant to Clause 8.5(b) (UMTS Prepayment) to the date
       of prepayment specified therein.

       "UTILISATION"

       means:

       (a)     when designated "TRANCHE A", a utilisation under this Agreement
               of Tranche A;

       (b)     when designated "TRANCHE B", a utilisation under this Agreement
               of Tranche B; and

       (c)     without any such designation, a utilisation of Tranche A or
               Tranche B, as the context requires.

       "UTILISATION DATE"

       means each date on which an Advance was or is to be made.

       "WIBOR"

       in relation to any Advance made in Zloty for any Interest Period relating
       thereto means:

       (a)     the offered rate which appears on page WIBO on the Reuters screen
               (or any other page as may replace such page on such service); or

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<PAGE>   29

                                       26
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       (b)     if one only or no offered rate appears on the WIBO page of the
               Reuters screen or there is no relevant page on the Reuters
               screen, the arithmetic mean (rounded upward, if necessary, to two
               decimal places) of the respective rates, as supplied to the Agent
               at its request, quoted by the Tranche B Reference Banks to
               leading banks in the ordinary course of business in the Warsaw
               interbank market,

       at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period for
       the offering of deposits in Zloty for the same period as such Interest
       Period and in an amount comparable to the amount of such Advance,
       provided that if any of the Tranche B Reference Banks is unable or
       otherwise fails so to supply such offered rate by 1.00 p.m. on the
       required date, "WIBOR" for the relevant Interest Period shall be
       determined on the basis of the quotations of the remaining Tranche B
       Reference Banks.

       "ZLOTY" and "PLN"

       means the lawful currency for the time being of the Republic of Poland.

       "ZLOTY EQUIVALENT"

       means:

               (i)  in relation to any amount in Zloty, that amount; and

               (ii) in relation to any amount denominated in a currency other
                    than Zloty the amount of Zloty which the amount of such
                    currency would purchase on a particular day when converted
                    at the Agent's Spot Rate of Exchange.

       "ZLOTY LIMIT"

       means, in relation to a Tranche B Bank, the amount in Zloty which:

       (a)     from the date of this Agreement up to but not including the first
               Refixing Date, is set opposite the name of that Tranche B Bank in
               Schedule A and/or stated before the first Refixing Date in any
               Transfer Certificate or other document by which it becomes a
               party to or acquired rights under this Agreement; and

       (b)     as at each Refixing Date, subject to the limitations contained in
               Clause 5.5 (Zloty Limit), is equal to its Zloty Limit increased
               or decreased, as the case may be, to compensate for any
               depreciation or appreciation of the Zloty against the Euro and
               notified to it in accordance with Clause 5.5 (Zloty Limit) having
               regard to Clause 5.5(e) (Zloty Limit) and/or stated since the
               last Refixing Date in any Transfer Certificate or other document
               by which it becomes a party to or acquired rights under this
               Agreement,

       in each case to the extent not cancelled, reduced or transferred under
       this Agreement.

1.2    Construction

       (a)     In this Agreement, save where the context otherwise requires:

               (i)  references to documents being in the "AGREED FORM" means
                    documents (A) in a form previously agreed in writing by or
                    on behalf of the Agent and the Borrower, or (B) in a form
                    substantially as set out in any Schedule to any Senior
                    Finance Document, or (C) (if not falling within (A) or (B)
                    above) in form and substance satisfactory to the Agent
                    acting on behalf of the Majority Banks;

               (ii) an "AMENDMENT" includes a supplement, novation or
                    re-enactment and "AMENDED" is to be construed accordingly;

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<PAGE>   30
                                       27
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             (iii)  "ASSETS" includes present and future properties, revenues
                    and rights of every description;

             (iv)   an "AUTHORISATION" includes an authorisation, consent,
                    approval, resolution, licence, exemption, filing or
                    registration;

             (v)    "CONTROL" means the power to direct the management and
                    policies of an entity, whether through the ownership of
                    voting capital, by contract or otherwise;

             (vi)   "FIRST PRIORITY" means, with respect to any Security
                    Interest in any asset, a Security Interest in such asset
                    that has priority over all other Security Interests in such
                    asset other than Security Interests securing obligations in
                    respect of the Main Facility Senior Finance Documents or any
                    New Facility which rank pari passu as a result of the
                    operation of the Collateral Sharing Intercreditor Agreement;

             (vii)  references to "INDEBTEDNESS" shall be construed so as to
                    include any obligation or liability (whether present or
                    future, actual or contingent) for the payment or repayment
                    of money;

             (viii) a "MONTH" is a reference to a period starting on one day in
                    a calendar month and ending on the numerically corresponding
                    day in the next calendar month, except that if there is no
                    numerically corresponding day in the month in which that
                    period ends, that period shall end on the last Business Day
                    in that calendar month;

             (ix)   an amount "OUTSTANDING" under or in respect of any Advance
                    at any time is the principal amount thereof from time to
                    time outstanding;

             (x)    a "REGULATION" includes any regulation having the force of
                    law and/or, rule, official directive or guideline (whether
                    or not having the force of law) having authority to regulate
                    banking activity in Poland or any other jurisdiction through
                    which a Bank makes its participation in the Advances
                    available or in which a Bank or its Holding Company is
                    located or incorporated; or

             (xi)   a provision of law is a reference to that provision as
                    amended or re-enacted;

             (xii)  a Clause or a Schedule is a reference to a clause of or a
                    schedule to this Agreement;

             (xiii) a person includes its successors and assigns;

             (xiv)  a Transaction Document or another document is a reference to
                    that Transaction Document or other document as amended;

             (xv)   the contents page of, and headings in, this Agreement are
                    for convenience only and shall be ignored in construing this
                    Agreement; and

             (xvi)  unless the contrary intention appears, a time of day is a
                    reference to London time in the case of any notice or
                    determination under Tranche A and Warsaw time in the case of
                    any notice or determination under Tranche B.

       (b)   Unless the contrary intention appears, a term used in any other
             Senior Finance Document or in any notice given under or in
             connection with any Senior Finance Document has the same meaning
             in that Senior Finance Document or notice as in this Agreement.

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<PAGE>   31

                                       28
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2.     FACILITY AND RELATED MATTERS

2.1    Facility

       (a)     Subject to the terms of this Agreement, the Banks agree to make
               available to the Borrower a revolving credit facility where the
               aggregate principal amount of Utilisations made shall not exceed
               the Total Commitments in effect from time to time. The facility
               will be made available in the following tranches:

               (i)  Tranche A

                    a euro revolving credit tranche which shall be available for
                    drawing in euro or Optional Currencies where the Original
                    Euro Amount of Tranche A Utilisations made shall not exceed
                    the Tranche A Total Commitments (being as at the date of
                    this Agreement (euro) 95,000,000); and

               (ii) Tranche B

                    a Zloty revolving credit tranche which shall be available
                    for drawing in Zloty where the aggregate principal amount of
                    Tranche B Utilisations made shall not exceed the Tranche B
                    Total Commitments (being as at the date of this Agreement
                    the Zloty Equivalent of (euro) 5,000,000, subject to the
                    Zloty Limits).

       (b)     Upon five Business Days' prior notice to the Borrower and the
               Agent, any Initial Bank may, immediately prior to a transfer by
               it pursuant to Clause 30.2 (Changes to Parties), redenominate (i)
               its participation in any or all Tranche A Advances and an equal
               amount of the Tranche A Commitments into Zloty and redesignate
               such participations in Tranche A Advances and such Tranche A
               Commitments as participations in Tranche B Advances and Tranche B
               Commitments, respectively, effective as of the end of the
               Interest Period then in effect for such Advances (and immediately
               prior to the Effective Date (as defined in the relevant Transfer
               Certificate)) and (ii) any or all undrawn Tranche A Commitments
               into Zloty and redesignate such Commitments as Tranche B
               Commitments effective as of the date specified in such notice.
               The amount of the Tranche B Advance into which an Initial Bank's
               participation in a Tranche A Advance is redenominated will be the
               Zloty Equivalent of the Original Euro Amount of that
               participation as at 11:00 am Warsaw time three Business Days
               before the relevant Effective Date. In connection with any such
               redenomination and redesignation, each Bank shall, on the
               Effective Date therefor, pay to the Agent such amounts and in
               such currencies as the Agent shall designate by notice to the
               Banks at least three Business Days prior to such Effective Date,
               and the Agent shall, on such Effective Date, pay to the Banks
               such amounts and in such currencies, in each case, as the Agent
               shall determine may be necessary to ensure that the Tranche A
               Lenders participate ratably in the outstanding Tranche A Advances
               based on their respective Tranche A Commitments and the Tranche B
               Lenders participate ratably in the outstanding Tranche B Advances
               based on their respective Tranche B Commitments.

2.2    Nature of the Banks' rights and obligations

       (a)     No Bank is obliged to participate in the making of any
               Utilisation:

               (i)  in the case of a Tranche A Utilisation, if to do so would
                    cause the Original Euro Amount of the aggregate of its
                    participations in the Tranche A Utilisations outstanding
                    under this Agreement to exceed its Tranche A Commitment; or

               (ii) in the case of a Tranche B Utilisation, if to do so would
                    cause the aggregate of its participations in the Tranche B
                    Utilisations outstanding under this Agreement to exceed its
                    Tranche B Commitment.

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<PAGE>   32
                                       29
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       (b)     The obligations of each Bank under this Agreement are several.
               The failure of a Bank to carry out its obligations under this
               Agreement shall not relieve any other party of its obligations
               under any Senior Finance Document. No Finance Party shall be
               responsible for the obligations of any other Finance Party under
               the Senior Finance Documents.

       (c)     The rights of a Finance Party under the Senior Finance Documents
               are divided rights. Each Finance Party may, except as otherwise
               stated herein, separately enforce those rights.

       (d)     Nothing in this Agreement constitutes a partnership between the
               Finance Parties.

2.3    [Intentionally omitted]

2.4    Parallel Debt and Security

       For the purpose of ensuring and preserving the validity and continuity of
       the security rights created under or pursuant to the Security Documents
       referred to in Paragraphs 1, 7, 8 and 9 of Schedule D, the Borrower
       hereby irrevocably and unconditionally undertakes to pay and to procure
       that each of its Subsidiaries irrevocably and unconditionally undertakes
       to pay to the Security Agent any and all amounts owing by the Obligors to
       the Finance Parties under the Senior Finance Documents (the
       "OBLIGATIONS").

       The Borrower and the Security Agent acknowledge that for this purpose all
       obligations of the Obligors to the Finance Parties under the Senior
       Finance Documents are also obligations of the Obligors to the Security
       Agent, which are separate and independent from, and without prejudice to,
       their identical obligations to the Finance Parties under the Senior
       Finance Documents, provided, however, that the amounts due and payable
       under this Clause (the "PARALLEL DEBT") shall be decreased to the extent
       that the Borrower or any of its Subsidiaries has paid any amounts to the
       Finance Parties or any of them in respect of the Obligations, the
       Obligations shall be decreased by any amount paid by the Borrower or any
       of its Subsidiaries to the Security Agent in respect of the Parallel
       Debt, and the Parallel Debt shall not exceed the aggregate of the
       Obligations.

       Nothing in this Clause shall in any way negate or affect the obligations
       which the Obligors have to the Finance Parties under the Senior Finance
       Documents.

       For the purpose of this Clause the Security Agent acts in its own name
       and on behalf of itself and not as agent or representative of any other
       party hereto, and any security rights granted to the Security Agent to
       secure the Parallel Debt are granted to it in its capacity as creditor of
       the Parallel Debt.

       Any amount received by the Security Agent in relation to the Parallel
       Debt and pursuant to the foreclosure of security rights granted to it to
       secure this debt, shall be applied by the Security Agent in accordance
       with Clause 31.2 (Application of payments).

3.     PURPOSE AND RESPONSIBILITY

3.1    Purpose

       The proceeds of each Utilisation shall be applied in or towards:

       (a)     the refinancing of the existing DM672,000,000 facility agreement
               between the Borrower, Citibank N.A. as Co-ordinator and Citibank
               (Poland) S.A. and Citibank N.A. as Security Agents, inter alia,
               dated 17th December, 1997;

       (b)     the financing of ongoing capital expenditure and working capital
               requirements of the Borrower and its wholly-owned Subsidiaries
               involved in the Telecom Business, including, inter alia,
               operating losses and financial expenses but excluding UMTS
               Expenditures, UMTS License fees and UMTS Licence Initial
               Instalments;

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<PAGE>   33
                                       30
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       (c)     the provision of an amount, together with amounts drawn for the
               same purpose under the Main Facility Agreement, of up to the Euro
               Equivalent of (euro) 15,000,000 in cash collateral for letters of
               credit;

       (d)     the funding by the Borrower of UMTS Licence Initial Instalments
               paid or to be paid in connection with the acquisition of the UMTS
               Licence; provided that the aggregate amount of all Utilisations
               hereunder and all "UTILISATIONS" under and as defined in the Main
               Facility Agreement incurred in each case for the purpose of
               funding the UMTS Licence Initial Instalments does not
               exceed(euro) 150,000,000 (or the Euro Equivalent thereof, if
               incurred in another currency); and provided further that the
               maximum aggregate principal amount of all Financial Indebtedness
               (other than Shareholders Loans) incurred (whether hereunder or
               otherwise) for the purpose of funding the UMTS Licence Initial
               Instalments does not exceed an amount equal to the lower of
               (euro) 250,000,000 (or the Euro Equivalent thereof, if incurred
               in another currency) and 2/3 of the Euro Equivalent of the
               aggregate amount of all UMTS Licence Initial Instalments; and

       (e)     the financing of any UMTS Expenditures:

               (i)  during the UMTS Pre-Approval Period in an amount, together
                    with amounts drawn for the same purpose under the Main
                    Facility Agreement, of up to the Euro Equivalent of (euro)
                    25,000,000;

               (ii) during the UMTS Prepayment Period, in an amount, together
                    with any Utilisations made pursuant to sub-Clause (i) above,
                    and together with amounts drawn for the same purpose under
                    the Main Facility Agreement, of up to the Euro Equivalent of
                    (euro) 75,000,000; and

              (iii) during the UMTS Approved Period, in any amount.

3.2    Responsibility

       Without prejudice to the terms of this Agreement, none of the Finance
       Parties shall be bound to enquire as to the use or application of the
       proceeds of any Utilisation, nor shall any of them be responsible for or
       for the consequences of such use or application.

4.     CONDITIONS PRECEDENT

4.1    Conditions Precedent to first Utilisation

       The obligations of each Finance Party to the Borrower under this
       Agreement with respect to the making of the first Utilisation are subject
       to the conditions precedent that the Agent has received all of the
       documents listed in Schedule E in the agreed form.

4.2      Conditions Precedent to each Utilisation

         The obligation of each Bank to participate in any Utilisation is
         subject to the further conditions precedent that on both the date of
         the Request and on the Utilisation Date:

       (a)     no Default is outstanding or might result from the Utilisation
               (including without limitation pro forma compliance with Clause
               21.1 (Senior Debt to EBITDA) calculated based on the Group's
               Accounts in respect of the most recent quarterly Accounting
               Period for which financial statements are available);

       (b)     the representations and warranties in Clause 18 (Representations
               and Warranties) to be repeated on those dates are correct in all
               material respects and will be correct in all material respects
               immediately after the making of the Utilisation; and

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<PAGE>   34

                                       31
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       (c)     in the case of a Utilisation for the purpose of financing the
               amount of any UMTS Licence Initial Instalment as referred to in
               Clause 3.1(d) (Purpose), the Borrower has delivered to the Agent
               evidence reasonably satisfactory to the Agent that the
               Shareholders have made after the date hereof or will make on or
               prior to the date of such Utilisation capital contributions or
               Shareholder Loans in amounts that will ensure that immediately
               following such Utilisation the principal amount of Financial
               Indebtedness (other than Shareholder Loans) incurred (whether
               hereunder or otherwise) for the purposes of funding such UMTS
               Licence Initial Instalments as well as all previous UMTS Licence
               Initial Instalments paid does not exceed an amount equal to the
               lower of (i)(euro) 250,000,000 (or the Euro Equivalent thereof,
               if incurred in another currency) and (ii) 2/3 of the Euro
               Equivalent of the aggregate amount of such UMTS Licence Initial
               Instalment and all previous UMTS Licence Initial Instalments
               paid; provided that the Reserve Capital cash payment of the Zloty
               equivalent of US$4,000,000 made by certain Shareholders to the
               Borrower on 30 November, 2000 shall be counted as a capital
               contribution made after the date hereof by Shareholders for the
               purposes of Clauses 3.1, 4.2, 19.26 and 19.33.

5.     ADVANCES

5.1    Delivery of Request

       The Borrower may request a Utilisation if the Agent receives a duly
       completed Request by not later than 11.00 a.m. Warsaw time three Business
       Days before the proposed Utilisation Date for a Tranche A Utilisation
       denominated in Euro, four Business Days before the proposed Utilisation
       Date for a Tranche A Utilisation denominated in an Optional Currency and
       five Business Days before the proposed Utilisation Date for a Tranche B
       Utilisation. Each Request is irrevocable.

5.2    Form of Request

       (a)     Each Request will not be regarded as having been duly completed
               unless it specifies:

               (i)  whether the Utilisation is a Tranche A Advance or a Tranche
                    B Advance;

               (ii) the proposed Utilisation Date, which shall be a Business Day
                    falling after the date on which the Agent notifies the
                    Borrower and the Banks that the documentary conditions
                    precedent in Schedule E appear on their face to have been
                    satisfied or waived but on or before the date falling one
                    month before the Final Repayment Date;

              (iii) the currency of the Utilisation which must be Euro or an
                    Optional Currency for Tranche A Utilisations and Zloty for
                    Tranche B Utilisations;

               (iv) the amount of the proposed Utilisation which shall be the
                    balance of the undrawn Commitments for Tranche A or Tranche
                    B as applicable or:

                    (A)  subject to paragraph (B), shall be a minimum amount of
                         an Original Euro Amount (in the case of Tranche A) of
                         (euro) 5,000,000 or the Zloty Equivalent thereof (in
                         the case of Tranche B) rounded up or down to the
                         nearest PLN 10,000 and an integral multiple of an
                         Original Euro Amount (in the case of Tranche A) of
                         (euro) 5,000,000 or the Zloty Equivalent thereof (in
                         the case of Tranche B) rounded up or down to the
                         nearest PLN 10,000; and

                    (B)  for an Advance which is being drawn to provide cash
                         cover for a letter of credit or bank guarantee
                         permitted by Clause 19.26(b) (Financial Indebtedness)
                         shall be a minimum amount of an Original Euro Amount
                         (in the case of Tranche A) of (euro) 1,000,000 or the
                         Zloty Equivalent thereof (in the case of Tranche B)
                         and an integral multiple of an Original Euro Amount
                         thereof;

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<PAGE>   35

                                       32
--------------------------------------------------------------------------------

               (v)  the duration of its Interest Period, which shall comply with
                    the terms of Clause 9 (Interest Periods); and

               (vi) the details of the bank and account to which the proceeds of
                    the proposed Advance are to be made available.

       (b)     Each Request must specify one Utilisation only, but the Borrower
               may, subject to the other terms of this Agreement, deliver more
               than one Request on any one day. Unless otherwise agreed by the
               Agent, no more than twenty Utilisations under any Tranche may be
               outstanding at one time.

       (c)     The Agent shall promptly (and in any event before 10.00 a.m.
               Warsaw time two Business Days before the relevant Utilisation
               Date for a Tranche A Utilisation and four Business Days before
               the relevant Utilisation Date for a Tranche B Utilisation) notify
               each Bank in the relevant Tranche of each Request, confirming
               that all conditions precedent have been met.

       (d)     Subject to the terms of this Agreement, each Tranche A Bank will
               make its participation in a Tranche A Advance available to the
               Agent for the Borrower on the relevant Utilisation Date.

       (e)     Subject to the terms of this Agreement, each Tranche B Bank will
               make its participation in a Tranche B Advance available to the
               Agent for the Borrower by 10.00 a.m. Warsaw time on the relevant
               Utilisation Date.

5.3    Participations in Advances

       The amount of each Tranche A Bank's participation in each Tranche A
       Advance shall be the proportion which the undrawn and uncancelled amount
       of its Tranche A Commitment bears to the undrawn and uncancelled amount
       of the Tranche A Total Commitments. The amount of each Tranche B Bank's
       participation in a Tranche B Advance shall be the proportion which the
       undrawn and uncancelled proportion of its Tranche B Commitment bears to
       the undrawn and uncancelled amount of the Tranche B Total Commitments.

5.4    [Intentionally omitted]

5.5    Zloty Limit

       (a)     On 30 June and 31 December of each year until the first
               Instalment Date, thereafter on each Instalment Date and, at all
               times, on any other date on which the Tranche B Commitments are
               reduced in accordance with Clause 6 (Cancellation and Reduction)
               (each a "REFIXING DATE") the Agent will recalculate the Zloty
               Limits of each Tranche B Bank on such date, or if any such date
               is not a Business Day in London and Warsaw, on the first
               preceding Business Day.

       (b)     The Zloty Limit of each initial Tranche B Bank will be set on or
               before the Signing Date and, for the purposes of paragraph (a)
               above, the Agent will recalculate the Zloty Limit of each Tranche
               B Bank by increasing it or decreasing it, as the case may be, by
               an amount which reflects the depreciation or appreciation of the
               Zloty against the Euro as determined by reference to the one
               month average of the Zloty/Euro exchange rate based on such rates
               published by the National Bank of Poland in the one month period
               immediately preceding the applicable Refixing Date.

       (c)     Promptly upon recalculating the Zloty Limit of each Tranche B
               Bank, the Agent will notify each Tranche B Bank of its revised
               Zloty Limit.

       (d)     If the revised Zloty Limit for a Tranche B Bank would breach that
               part of that Tranche B Bank's legal lending limit under Polish
               law for the Borrower, the Group or any of the Shareholders (or if
               relevant, any Holding Company, a shareholder or other Subsidiary
               thereof) which it has allocated to Tranche B (the "APPLICABLE
               LEGAL LENDING LIMITS"), that Tranche B

--------------------------------------------------------------------------------
<PAGE>   36

                                       33
--------------------------------------------------------------------------------

               Bank will promptly notify the Agent and the Borrower and it will
               use its reasonable efforts to increase such Applicable Legal
               Lending Limits so that the revised Zloty Limit would not breach
               such Applicable Legal Lending Limits or to transfer part of its
               Tranche B Commitment to another Bank or another bank or financial
               institution which has capacity to allocate part of its Applicable
               Legal Lending Limits to Tranche B.

       (e)     If the Tranche B Bank fails to increase such Applicable Legal
               Lending Limits or transfer its Tranche B Commitment in accordance
               with paragraph (c), its Zloty Limit will only be increased to the
               maximum it can allocate to Tranche B without breaching its
               Applicable Legal Lending Limits.

       (f)     If the Applicable Legal Lending Limits of any Tranche B Bank are
               increased at any time during the Availability Period, the Bank
               will take into account the likely requirements for future
               increases in the Zloty Equivalent of the Tranche B Commitments
               (taking into account previous depreciation of the Zloty against
               the Euro) when considering other lending opportunities which
               could utilise such Applicable Legal Lending Limits and, without
               legal commitment, will take reasonable care to ensure that it
               will be able to meet the likely requirements for future increases
               in the Zloty Equivalent of the Tranche B Commitments.

6.     CANCELLATION AND REDUCTION

6.1    Mandatory Cancellation

       (a)     On each date on which a mandatory repayment of principal and, if
               applicable, concurrent cancellation of commitments (the amount of
               any such repayment and cancellation being a "NEW FACILITY
               REPAYMENT AMOUNT") is required under and in respect of any New
               Facility (a "MANDATORY CANCELLATION DATE"), the Commitments will
               be cancelled by the Euro Equivalent of an amount equal to the
               then applicable Cancellation Amount. "CANCELLATION AMOUNT" means,
               at any time, an amount equal to (i) the product of (A) the
               Commitments then in effect and (B) the applicable New Facility
               Repayment Amount divided by (ii) the commitments then in effect
               under that New Facility.

       (b)     If, by the First Mandatory Registration Date, (i) the Asset
               Pledge has not been registered in the register of pledges in
               Warsaw and (ii) Shareholders owning at least 51% of the
               outstanding Shares shall have failed to execute and deliver the
               requisite Ordinary Share Pledges and Registered Share Pledges to
               the Security Agent and failed to have filed such Registered Share
               Pledges for registration in the register of pledges in Warsaw and
               the Agent shall not have received an opinion of counsel
               satisfactory to it, the Commitments will, immediately upon the
               earlier to occur of (x) receipt of written notice of the Agent
               (acting upon the instructions of the Majority Banks) and (y) the
               30th Business Day after the First Mandatory Registration Date, be
               reduced to nil.

       (c)     If, by the Final Mandatory Registration Date, (i) the Asset
               Pledge has not been registered in the register of pledges in
               Warsaw and (ii) the Registered Share Pledge has not been
               registered in the register of pledges in Warsaw, the Commitments
               will, immediately upon the earlier to occur of (x) receipt of
               written notice of the Agent (acting upon the instructions of the
               Majority Banks) and (y) the 30th Business Day after the Final
               Mandatory Registration Date, be reduced to nil.

6.2    Voluntary Cancellation

       The Borrower may, by giving not less than three Business Days' (for a
       cancellation of Tranche A Commitments) and ten Business Days' (for a
       cancellation of Tranche B Commitments) prior notice to the Agent, cancel
       the unutilised portion of the Commitments in whole or in part (but, if in
       part, in a minimum amount of (euro) 10,000,000 for Tranche A or the Zloty
       Equivalent thereof (rounded up or down to the nearest 10,000 Zloty) for
       Tranche B, and an integral multiple of (euro) 5,000,000 for Tranche A or,
       the Zloty Equivalent thereof (rounded up or down to the nearest 10,000
       Zloty) for Tranche B).

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<PAGE>   37

                                       34
--------------------------------------------------------------------------------

6.3    Additional right of cancellation

       If:

       (a)     the Borrower is required to pay to a Bank any additional amounts
               under Clause 14(a) (Taxes); or

       (b)     the Borrower is required to pay to a Bank any amount under Clause
               16.1 (Increased costs),

       then, without prejudice to the obligations of the Borrower under those
       Clauses, the Borrower may, whilst the circumstances continue, serve a
       notice of cancellation on that Bank through the Agent. On the date
       falling five Business Days after the date of service of that notice the
       Commitment of that Bank shall be cancelled.

6.4    Reduction of Facility

       The Tranche A Total Commitments and the Tranche B Total Commitments will
       reduce and be cancelled on 30 September 2004 and on the last day of each
       quarter thereafter until the Final Repayment Date (each date for such
       reduction of the Facilities being an "INSTALMENT DATE") by the amount
       (each such amount being a "REDUCTION AMOUNT") set opposite the applicable
       Instalment Date below:

<TABLE>
<CAPTION>
         INSTALMENT DATE                      REDUCTION AMOUNT
         -------------------                 ------------------
         <S>                                  <C>
         30 September 2004                     (euro) 5,000,000
         31 December 2004                     (euro) 15,000,000
         31 March 2005                        (euro) 20,000,000
         30 June 2005                         (euro) 20,000,000
         30 September 2005                    (euro) 20,000,000
         Final Repayment Date                 (euro) 20,000,000
                                             ------------------
                                             (euro) 100,000,000
                                             ------------------
</TABLE>

6.5    Adjustment of Cancellation and Reduction Amounts

       (a)     The amount of each cancellation in accordance with Clause 6.1(a)
               (Mandatory Cancellation) or Clause 6.2 (Voluntary Cancellation)
               will be applied so as to reduce the Reduction Amounts as set out
               in Clause 6.4 (Reduction of Facility) in inverse order of their
               maturity; and

       (b)     The amount of each cancellation in accordance with Clause 6.1(a)
               (Mandatory Cancellation) or Clause 6.2 (Voluntary Cancellation)
               or Clause 6.4(a) (Reduction of Facility) will be applied as near
               as is practicable between Tranche A and Tranche B by reference to
               the proportion which, at the time of such cancellation, the Euro
               Equivalent of the Total Commitments of each Tranche bears to the
               Euro Equivalent of the Total Commitments under both Tranches.

6.6    Miscellaneous provisions

       (a)     Any notice of cancellation under this Agreement shall only be
               effective on actual receipt by the Agent. The Agent will then
               notify the Banks promptly of receipt of any such notice.

       (b)     No cancellation of the Commitments is permitted except in
               accordance with the express terms of this Agreement.

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<PAGE>   38

                                       35
--------------------------------------------------------------------------------

       (c)     Any notice of cancellation shall be irrevocable and no amount
               cancelled may subsequently be reinstated.

       (d)     Without prejudice to Clause 6.5 (Adjustment of Cancellation and
               Reduction Amounts) any cancellation under this Clause 6 (other
               than a cancellation in accordance with Clause 6.3 (Additional
               right of cancellation)) will be applied pro rata between the
               Commitments of each Bank in the relevant Tranche.

7.     REPAYMENT

       (a)     The Borrower will repay Utilisations on each Instalment Date and
               each Mandatory Cancellation Date in such amount as will ensure
               that:

               (i)  the Tranche A Utilisations do not exceed the Tranche A
                    Commitments then in effect (after giving effect to any
                    reduction and cancellation of Commitments on such date); and

               (ii) the Tranche B Utilisations do not exceed the Tranche B
                    Commitments then in effect (after giving effect to any
                    reduction and cancellation of Commitments on such date).

       (b)     If at any time the Zloty Limits of any Tranche B Bank are reduced
               in accordance with Clause 5.5 (Zloty Limit) below the Zloty
               Equivalent of the Tranche B Advances outstanding and owing to
               such Tranche B Bank at such time, the Borrower will repay
               Utilisations in such amounts as will ensure that such Tranche B
               Advances are equal to the Zloty Limits of such Tranche B Bank at
               such time.

       (c)     If, by the First Mandatory Registration Date: (i) the Asset
               Pledge has not been registered in the register of pledges in
               Warsaw and (ii) Shareholders owning at least 51% of the
               outstanding Shares shall have failed to execute and deliver the
               requisite Ordinary Share Pledges and Registered Share Pledges to
               the Security Agent and failed to have filed such Registered Share
               Pledges for registration in the register of pledges in Warsaw and
               the Agent shall not have received an opinion of counsel
               satisfactory to it, the Borrower will, immediately upon the
               earlier to occur of (x) receipt of written notice of the Agent
               (acting upon the instructions of the Majority Banks) and (y) the
               30th Business Day after the First Mandatory Registration Date,
               repay all Utilisations.

       (d)     If, by the Final Mandatory Registration Date, (i) the Asset
               Pledge has not been registered in the register of pledges in
               Warsaw and (ii) the Registered Share Pledge has not been
               registered in the register of pledges in Warsaw, the Borrower
               will, immediately upon the earlier to occur of (x) receipt of
               written notice of the Agent (acting upon the instructions of the
               Majority Banks) and (y) the 30th Business Day after the Final
               Mandatory Registration Date, repay all Utilisations.

       (e)     The Borrower will repay all Utilisations on the Final Repayment
               Date.

8.     PREPAYMENT

8.1    Prohibition

       The Borrower may not prepay all or any part of any Advance except as
       expressly provided in this Agreement.

8.2    Voluntary prepayment of Advances

       (a)     Subject to paragraph (c) below, the Borrower, on giving not less
               than three Business Days (for a prepayment of Tranche A Advances)
               and ten Business Days (for a prepayment of Tranche B Advances)
               prior written notice to the Agent (which shall promptly give
               notice of the same to

--------------------------------------------------------------------------------

<PAGE>   39

                                       36
--------------------------------------------------------------------------------

               the Banks in the Tranche under which a Utilisation is being
               prepaid) specifying, inter alia, the amount and date for
               prepayment and, identifying the Advance concerned, may prepay any
               Advance without penalty on the Interest Date applicable to such
               Advance(s) (or, subject to Clause 24 (Indemnities), at any other
               time) in whole or in part.

       (b)     Any prepayment of part of an Advance shall be in a minimum amount
               of an Original Euro Amount of (euro) 5,000,000 (in the case of
               Tranche A) or the Zloty Equivalent thereof (in the case of
               Tranche B) rounded up or down to the nearest 10,000 Zloty and an
               integral multiple of an Original Euro Amount of (euro) 5,000,000
               (in the case of Tranche A) or the Zloty Equivalent thereof (in
               the case of Tranche B) rounded up or down to the nearest 10,000
               Zloty.

       (c)     Any such prepayment shall be applied pro rata against the
               participations of the Banks in the Advances prepaid.

8.3    Additional right of prepayment

       If the Borrower serves a notice of cancellation under Clause 6.3
       (Additional right of cancellation) in relation to a Bank, on the date
       that such Bank's Commitment is cancelled, the Borrower shall prepay all
       of that Bank's participations in Advances.

8.4    General provisions relating to prepayment

       (a)     Any notice of prepayment given under this Agreement shall be
               irrevocable, and the Borrower shall be bound to prepay in
               accordance with such notice.

       (b)     Amounts repaid or prepaid in respect of any Advance may be
               reborrowed hereunder subject to the other terms of this
               Agreement.

       (c)     Any repayment or prepayment of any Utilisation under any
               provision of this Agreement shall be made together with interest
               and fees accrued on the amount repaid or prepaid and any amount
               which becomes due and payable as a result of that repayment or
               prepayment pursuant to Clause 24 (Indemnities).

8.5    UMTS Prepayment

       (a)     The Borrower may, at any time, submit a UMTS Business Plan to the
               Banks, in a form reasonably satisfactory to the Agent, for
               approval by the UMTS Approval Banks. The UMTS Approval Banks
               shall, within 21 days after receipt of such Business Plan,
               approve or reject such UMTS Business Plan by written notice from
               the Agent to the Borrower. In the event that the UMTS Approval
               Banks reject such UMTS Business Plan, the Borrower shall have one
               month from the date on which the Agent notifies the Borrower of
               such rejection to submit an amended UMTS Business Plan to the
               Banks, in a form reasonably satisfactory to the Agent, for
               approval by the UMTS Approval Banks, which the UMTS Approval
               Banks shall, within 21 days after the receipt of such amended
               Business Plan, approve or reject by written notice from the Agent
               to the Borrower. If the UMTS Approval Banks (through the Agent)
               fail to notify the Borrower of their approval or rejection of any
               such UMTS Business Plan delivered pursuant to this Clause 8.5
               within the applicable 21 day period, the UMTS Approval Banks
               shall be deemed to have approved such UMTS Business Plan.

       (b)     If the UMTS Approval Banks reject any UMTS Business Plan
               submitted by the Borrower pursuant to this Clause 8.5, the
               Borrower may elect by written notice (a "UMTS PREPAYMENT NOTICE")
               to the Agent (which shall promptly give notice of the same to the
               Banks), given no later than one month from the date on which the
               Agent notifies the Borrower of its second and final rejection, to
               prepay the Advances in full and cancel the Commitments in full
               within nine months of the delivery of such UMTS Prepayment
               Notice. Any such UMTS Prepayment Notice shall specify the date of
               such prepayment and cancellation and if such UMTS

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<PAGE>   40
                                       37
--------------------------------------------------------------------------------

               Prepayment Notice is given, the Borrower shall prepay the
               Advances in full and the Commitments shall be automatically
               cancelled in full on the date specified therein.

9.     INTEREST PERIODS

9.1    Selection and agreement

       (a)     The duration of each Interest Period for an Advance shall be
               three months; provided, however, that the Borrower may notify the
               Agent not later than five Business Days prior to the first day of
               each Interest Period, specifying that the duration of such
               Interest Period:

               (i)  for Tranche A Advances, shall be one, two, three, six or, as
                    may be agreed by the Agent, acting on the instructions of
                    all the Tranche A Banks, twelve months; provided further
                    that until the completion of syndication to the reasonable
                    satisfaction of the Agent, each Interest Period shall be one
                    month; and

               (ii) for Tranche B Advances, shall be three, six or, as may be
                    agreed by the Agent, acting on the instructions of all the
                    Tranche B Banks, twelve months.

       (b)     Any Interest Period for which no effective selection notice is
               received by the Agent shall be of three months' duration.

       (c)     No Interest Date may overrun an Instalment Date if, having regard
               to the Interest Dates of outstanding Advances, it would cause the
               Commitments to be exceeded if the relevant Advance were not
               repaid on that Instalment Date.

9.2    Duration

       (a)     Each Interest Period for an Advance shall commence on the expiry
               of its immediately preceding Interest Period.

       (b)     If any Interest Period for any Advance would otherwise end on a
               day which is not a Business Day, such Interest Period shall end
               instead on the next Business Day in that calendar month (if there
               is one) or the preceding Business Day (if there is not).

9.3    Notification

         The Agent will notify the Banks participating in that Advance and the
         Borrower of the duration and rate of interest of each Interest Period
         relating to each Advance under that Tranche promptly after ascertaining
         the same.

9.4    Adjustments

       (a)     If two or more Interest Periods relating to Advances under the
               same Tranche denominated in the same currency end at the same
               time, then on the last day of those Interest Periods, those
               Advances shall be consolidated into and treated as a single
               Advance and shall constitute one Utilisation for the purposes of
               Clause 5.2(b) (Form of Request).

       (b)     The Agent and the Borrower may enter into such other arrangements
               for the consolidation and splitting of Advances or Interest
               Periods as permitted under 9.1(a) and as they may agree.

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<PAGE>   41

                                       38
--------------------------------------------------------------------------------

10.    INTEREST

10.1   Rate

       The rate of interest applicable to each Advance for each Interest
       Period applicable to it shall be the rate per annum determined by the
       Agent to be the aggregate of:

       (a)     the Applicable Margin;

       (b)     (i)   in the case of any Tranche A Advance made in any
                     Optional Currency, LIBOR on the Rate Fixing Day therefor;

               (ii)  in the case of any Tranche A Advance made in Euro, EURIBOR
                     on the Rate Fixing Day therefor; and

               (iii) in the case of any Advance made in Zloty, WIBOR on the Rate
                     Fixing Day therefor; and

       (c)     the Additional Costs Rate.

10.2   Due dates

       Save as otherwise provided in this Agreement, accrued interest on each
       Advance is payable by the Borrower on the last day of each Interest
       Period for that Advance and, if the Interest Period is twelve months in
       duration, six monthly.

10.3   Default interest

       (a)     If the Borrower fails to pay any amount payable by it under the
               Senior Finance Documents, it shall, forthwith on demand by the
               Agent pay interest on the overdue amount from the due date up to
               the date of actual payment, as well after as before judgment, at
               a rate (the "DEFAULT RATE") determined by the Agent to be two per
               cent. per annum above the rate which would have been payable if
               the overdue amount had, during the period of non-payment,
               constituted an Advance in the currency of the overdue amount for
               such successive Interest Periods of such duration as the Agent
               may determine (each a "DESIGNATED INTEREST PERIOD") or if of
               principal, if such due date falls during an Interest Period, the
               rate on the overdue amount under Clause 10.1 (Rate) immediately
               before the due date during such Interest Period.

       (b)     The default rate will be determined by the Agent on each Business
               Day or two Business Days or Target Days before the first day of
               the relevant Designated Interest Period, as appropriate.

       (c)     If the Agent determines that deposits in the currency of the
               overdue amount are not at the relevant time being made available
               by the Reference Banks to leading banks in the London, European
               or Warsaw interbank market (as applicable), the default rate will
               be determined by reference to the cost of funds to each of the
               Banks from whatever sources it may reasonably select.

10.4   Notification

       The Agent shall promptly notify the Borrower and the Banks of the
       determination by the Agent of a Designated Interest Period and a
       default rate of interest under this Agreement.

10.5   Margin adjustment

       (a)     The Applicable Margin will be 0.90 per cent. per annum unless
               adjusted in accordance with this Clause 10.5.

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<PAGE>   42
                                       39
--------------------------------------------------------------------------------

       (b)     The Borrower will deliver to the Agent (by no later than the date
               it delivers to the Agent the quarterly financial statements
               specified in Clause 19.2(a)(ii)(A) (Financial Information and
               Business Plan)) a notice signed by a member of the Management
               Board or by the Borrower's Group Treasurer in the agreed form (a
               "MARGIN NOTICE") specifying the ratio of Senior Debt to EBITDA as
               calculated in accordance with Clause 21.1 (Senior Debt to EBITDA)
               as at the date to which the relevant financial statements were
               prepared for the purposes of calculating whether the Applicable
               Margin is to be adjusted in accordance with this Clause 10.5.

       (c)     Subject to paragraph (d) below, the Applicable Margin will be
               adjusted (upwards or downwards) to the percentage rates per annum
               specified in Column 1 below set opposite the range into which the
               ratio of Senior Debt of the Group to EBITDA of the Group, as
               shown in the Margin Notice, falls:
<TABLE>
<CAPTION>

                               COLUMN 1                                            COLUMN 2
                          APPLICABLE MARGIN                                SENIOR DEBT/EBITDA RATIO
                          -----------------                ------------------------------------------------------
                               <S>                         <C>
                                0.90%                                        greater than 3.0 : 1
                                0.80%                      less than or equal to 3.0 : 1 and greater than 2.0 : 1
                                0.60%                                   less than or equal to 2.0 : 1
</TABLE>

       (d)     The adjustment (if any) specified in (c) above will apply to the
               Applicable Margin and all then outstanding Advances with effect
               from the date on which the Margin Notice was received. If the
               first Utilisation hereunder occurs prior to the date on which the
               financial statements specified in Clause 19.2(a)(ii)(A)
               (Financial Information and Business Plan) relating to the
               quarterly Accounting Period ending 31 December, 2000 are
               delivered to the Agent together with the requisite Margin Notice
               then the Applicable Margin shall be determined by reference to
               the quarterly financial statements and the requisite Margin
               Notice relating to the quarterly Accounting Period ending 30
               September, 2000 and for this purpose the Borrower shall deliver
               to the Agent such quarterly financial statements and Margin
               Notice on or before the date on which the first Request is
               delivered by the Borrower hereunder.

       (e)     If the Borrower fails to deliver a Margin Notice in accordance
               with paragraph (b) above the Applicable Margin with effect from
               the last date permitted for delivery of the relevant accounts
               under Clause 19.2(a)(ii)(A) (Financial Information and Business
               Plan) will be 0.90% provided that if that Margin Notice is
               delivered later, the Applicable Margin will be adjusted in
               accordance with this Clause 10.5 with effect from the date the
               Margin Notice is delivered.

11.    SELECTION OF OPTIONAL CURRENCIES

11.1   Selection

       (a)     The Borrower may select the currency of a Tranche A Advance for
               an Interest Period in either the relevant Request or if the
               Advance is outstanding, a notice received by the Agent not later
               than four Business Days before the first day of that Interest
               Period. In the latter case, the Borrower may specify whether that
               Tranche A Advance is to be denominated in more than one currency,
               and, if so, the amount in Euro of each such currency (being a
               minimum Original Euro Amount of (euro) 10,000,000 or an integral
               multiple of (euro) 5,000,000 or the balance of the Tranche A
               Advance, if more).

       (b)     The currency of each Tranche A Advance must be Euro or an
               Optional Currency.

       (c)     If the Borrower fails to give a notice in respect of an
               outstanding Tranche A Advance in accordance with paragraph (a)
               above, that Tranche A Advance will remain denominated for its
               next Interest Period in the same currency in which it is then
               denominated.

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<PAGE>   43
                                       40
--------------------------------------------------------------------------------

       (d)     Each part of a Tranche A Advance which is to be denominated in a
               different currency from any other part of that Tranche A Advance
               will be treated as a separate Tranche A Advance.

       (e)     The Borrower may not choose a currency if as a result the Tranche
               A Advances would be denominated at any one time in more than five
               currencies.

       (f)     The Agent shall notify each Tranche A Bank of the currency, the
               Original Euro Amount and the amount of its participation in each
               Tranche A Advance promptly (and in any event, before 1 p.m. three
               Business Days before the relevant Utilisation Date) after they
               are ascertained.

11.2   Revocation of currency

       If before 9.30 a.m. Warsaw time on any Rate Fixing Day, the Agent
       receives notice from a Tranche A Bank that:

       (a)     it is impracticable for the Tranche A Bank to fund its
               participation in the Tranche A Advance in the relevant Optional
               Currency during that Interest Period in the ordinary course of
               business in the European interbank market; and/or

       (b)     the use of the proposed Optional Currency might contravene any
               law or regulation,

       the Agent shall give notice to the Borrower and to the Tranche A Banks
       to that effect before 11.00 a.m. Warsaw time on that day. In this
       event:

               (i)  the Borrower and the Tranche A Banks may agree that the
                    drawdown will not be made; or

               (ii) in the absence of agreement and in any other case:

                    (1)  that Tranche A Bank's participation in the Tranche A
                         Advance (or, if more than one Tranche A Bank is
                         similarly affected, those Tranche A Bank's
                         participations in the Tranche A Advances) shall be
                         treated as a separate Tranche A Advance denominated in
                         Euro during the relevant Interest Period;

                    (2)  in the definition of "LIBOR" or "EURIBOR" (insofar as
                         such definition applies to that Tranche A Advance) in
                         Clause 1.1 (Definitions):

                         (A)   there shall be substituted for the time "11.00
                               a.m." the time "1.00 p.m."; and

                         (B)   paragraph (c) of that definition shall apply.

11.3   Sterling

       Each Tranche A Bank shall advance its participation in any Tranche A
       Advance in Sterling through a Facility Office outside the United
       Kingdom.

12.    AMOUNT OF OPTIONAL CURRENCIES

12.1   Drawdowns

       If a Tranche A Advance is to be drawn down in an Optional Currency, the
       amount of each Tranche A Bank's participation in that Tranche A Advance
       will be determined by converting into that Optional Currency the
       Tranche A Bank's participation in the Original Euro Amount of that
       Tranche A Advance on the basis of the Agent's Spot Rate of Exchange
       three Business Days before its Utilisation Date.

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12.2   Change of currency

       (a)     If a Tranche A Advance is to be continued during its next
               Interest Period in a different currency (the "NEW CURRENCY") from
               that in which it is currently denominated, then, on the last day
               of its current Interest Period:

               (i)  each Tranche A Bank shall pay an amount equal to its
                    participation in the amount of such Tranche A Advance as of
                    the beginning of its next Interest Period in the new
                    currency (the "NEW AMOUNT") to the Agent, who shall hold the
                    same on behalf of such Tranche A Bank;

               (ii) the Agent shall:

                    (A)  apply the New Amount so made available to it by each
                         Tranche A Bank in or towards the purchase of such
                         Tranche A Bank's portion of the amount of such Tranche
                         A Advance as of the last day of its current Interest
                         Period (the "EXISTING AMOUNT") and pay the amount so
                         purchased to such Tranche A Bank; and

                    (B)  pay any portion of the amount made available to it by
                         the Tranche A Banks and not applied in accordance with
                         paragraph (A) above to the Borrower; and

              (iii) the Borrower shall pay to the Agent for the account of each
                    Tranche A Bank a sum equal to the amount (if any) by which
                    such Tranche A Bank's share of the Existing Amount of such
                    Tranche A Advance exceeds the portion thereof purchased by
                    the Agent pursuant to paragraph (ii)(A) above.

       (b)     If the new currency is Euro, the amount of each Tranche A Bank's
               participation in that Tranche A Advance will be its participation
               in the Original Euro Amount of that Tranche A Advance for that
               Interest Period.

       (c)     If the new currency is an Optional Currency, the amount of each
               Tranche A Bank's participation in that Tranche A Advance will be
               determined by converting into the new currency its participation
               in the Original Euro Amount of that Tranche A Advance on the
               basis of the Agent's Spot Rate of Exchange three Business Days
               before the commencement of that Interest Period.

12.3   Same Optional Currency

       (a)     If a Tranche A Advance is to be continued during its next
               Interest Period in the same Optional Currency as that in which it
               is denominated during its current Interest Period, there shall be
               calculated the difference between the amount of the Tranche A
               Advance (in that Optional Currency) for the current Interest
               Period and for the next Interest Period. The amount of the
               Tranche A Advance for the next Interest Period will be determined
               by notionally converting into that Optional Currency the Original
               Euro Amount of the Tranche A Advance on the basis of the Agent's
               Spot Rate of Exchange two Business Days before the commencement
               of that Interest Period.

       (b)     At the end of the current Interest Period (but subject always to
               paragraph (c) below):

               (i)  if the amount of the Tranche A Advance for the next Interest
                    Period is less than for the preceding Interest Period, the
                    Borrower shall repay the difference; or

               (ii) if the amount of the Tranche A Advance for the next Interest
                    Period is greater, each Tranche A Bank shall forthwith make
                    available to the Agent for the Borrower its participation in
                    the difference.

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                                       42
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       (c)     If the Agent's Spot Rate of Exchange for the next Interest Period
               shows an appreciation or depreciation of the Optional Currency
               against Euro of less than five per cent. when compared with the
               Original Exchange Rate, no amounts are payable in respect of the
               difference. In this Clause 12, "ORIGINAL EXCHANGE RATE" means the
               Agent's Spot Rate of Exchange used for determining the amount of
               the Optional Currency for the Interest Period which is the later
               of the following:

               (i)  the Interest Period during which the Tranche A Advance was
                    first denominated in that Optional Currency if the Tranche A
                    Advance has since then remained denominated in that Optional
                    Currency; and

               (ii) the most recent Interest Period immediately prior to which a
                    difference was required to be paid under this Clause 12.3.

12.4   Prepayments and repayments

       If a Tranche A Advance is to be repaid or prepaid by reference to an
       Original Euro Amount, the Optional Currency amount to be repaid or
       prepaid shall be determined by reference to the Agent's Spot Rate of
       Exchange last used for determining the Optional Currency amount of that
       Tranche A Advance under this Clause 12 or, if applicable, the Original
       Exchange Rate.

12.5   Notification

       The Agent shall notify the Tranche A Banks and the Borrower of Optional
       Currency amounts (and the applicable Agent's Spot Rate of Exchange)
       promptly after they are ascertained.

13.    PAYMENTS

13.1   Place

       All payments by the Borrower or a Bank under the Senior Finance Documents
       shall be made to the Agent to its account at such office or bank in the
       principal financial centre of the country of the relevant currency (or,
       in the case of Euro, any financial centre in which payment in Euro can be
       effected) as it may notify to the Borrower or that Bank for this purpose.
       Notwithstanding the above, all payments by the Borrower to any Lead
       Arranger under Clauses 26 (Fees) and 27 (Expenses) shall be made direct
       to such Lead Arranger in the manner agreed by such Lead Arranger and the
       Borrower. Payments by Banks to the Agent under Tranche B shall be made
       prior to 10 a.m. Warsaw time on the date such payment is due.

13.2   Funds

       Payments under the Senior Finance Documents to the Agent shall be made
       for value on the due date at such times and in such funds as the Agent
       may specify to the Party concerned as being customary at the time for the
       settlement of transactions in the relevant currency in the place for
       payment.

13.3   Distribution

       (a)     Each payment received by the Agent under the Senior Finance
               Documents for another Party shall, subject to paragraphs (b) and
               (c) below, be made available by the Agent to that Party by
               payment (on the date and in the currency and funds of receipt) to
               its account with such office or bank in the principal financial
               centre of the country of the relevant currency (or, in the case
               of Euro, any financial centre in which payment in Euro can be
               effected) as it may notify to the Agent for this purpose by not
               less than five Business Days' prior notice.

       (b)     The Agent may apply any amount received by it for the Borrower in
               or towards payment (on the date and in the currency and funds of
               receipt) of any amount due from the Borrower under

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                                       43
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               the Senior Finance Documents or in or towards the purchase of any
               amount of any currency to be so applied.

       (c)     Where a sum is to be paid to the Agent under the Senior Finance
               Documents for another Party, the Agent is not obliged to pay that
               sum to that Party until it has established that it has actually
               received that sum. The Agent may, however, assume that the sum
               has been paid to it in accordance with this Agreement, and, in
               reliance on that assumption, make available to that Party a
               corresponding amount. If the sum has not been made available but
               the Agent has paid a corresponding amount to another Party, that
               Party shall forthwith on demand by the Agent refund the
               corresponding amount together with interest on that amount from
               the date of payment to the date of receipt, calculated at a rate
               determined by the Agent to reflect its cost of funds.

       (d)     The Agent shall not be obliged to pay any amount in Zloty if it
               is unable to establish that it has actually received such amount
               from the Borrower or the Tranche B Banks prior to 10 a.m. Warsaw
               time on the date such payment should otherwise be made.

13.4   Currency

       (a)     Subject to paragraph (e) below, a repayment or prepayment of a
               Utilisation or any part of a Utilisation is payable in the
               currency in which the Utilisation is denominated on its due date.

       (b)     Interest is payable in the currency in which the relevant amount
               in respect of which it is payable is denominated.

       (c)     Amounts payable in respect of costs, indemnities, expenses and
               Taxes and the like are payable in the currency in which they are
               incurred.

       (d)     Any other amount payable under the Senior Finance Documents is,
               except as otherwise provided in this Agreement, payable in Euro.

       (e)     For the purpose of the effectiveness and enforcement of the
               notarial deed of submission to execution pursuant to Art. 777
               Sec. 1.5 of the Polish Code of Civil Procedure and the other
               Polish Security Documents, the Parties agree that, with respect
               to the Borrower's payment of the obligations referred to in
               paragraphs (a), (b), (c) and (d) above, the Finance Parties
               shall, without prejudice to the Finance Parties' rights to claim
               such payments in the relevant currencies and without prejudice to
               mandatory provisions of Polish law, be entitled to claim such
               payments from the Borrower be made in Euro.

13.5   Set-off and counterclaim

       All payments made by the Borrower under the Senior Finance Documents
       shall be made without set-off or counterclaim.

13.6   Non-Business Days

       (a)     If a payment under the Senior Finance Documents is due on a day
               which is not a Business Day, the due date for that payment shall
               instead be the next Business Day in the same calendar month (if
               there is one) or the preceding Business Day (if there is not).

       (b)     During any extension of the due date for payment of any principal
               under this Agreement interest is payable on that principal at the
               rate payable on the original due date.

13.7   Partial payments

       If the Agent receives a payment insufficient to discharge all the
       amounts then due and payable by the Borrower under the Senior Finance
       Documents, the Agent shall apply that payment towards the

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       obligations of the Borrower under the Senior Finance Documents in
       accordance with Clause 31.2 (Application of payments).

14.    TAXES

       (a)     All payments by the Obligors under the Senior Finance Documents
               shall be made without any deduction and free and clear of and
               without deduction for or on account of any Taxes, except to the
               extent that the payor is required by law to make payment subject
               to any Taxes. Subject to paragraph (b) below, if any Tax or
               amounts in respect of Tax must be deducted, or any other
               deductions must be made, from any amounts payable or paid by an
               Obligor, or paid or payable by the Agent to a Finance Party,
               under the Senior Finance Documents, that Obligor shall pay at the
               same time, or promptly upon notification by the Agent where the
               deduction has been made by the Agent, such additional amounts as
               may be necessary to ensure that the relevant Bank receives a net
               amount equal to the full amount which it would have received had
               payment not been made subject to Tax or any other deduction.

       (b)     An Obligor is not obliged to pay any additional amount pursuant
               to paragraph (a) above (i) in respect of any deduction which
               would not have been required if, upon reasonable written request
               of such Obligor to the Agent and the relevant Finance Party, the
               relevant Finance Party had completed a tax residence certificate
               confirmed or issued by the applicable tax authority of each
               Finance Party, a declaration, claim, exemption or other
               applicable form which it was, at the time of such request,
               lawfully able to complete and which did not require disclosure of
               information which the relevant Finance Party reasonably
               considered to be confidential or (ii) in respect of any Tax on
               overall net income of a Bank (or the overall net income of a
               division or branch of the Bank) imposed in the jurisdiction in
               which its principal office or Facility Office is situated.

       (c)     If:

               (i)  on the Signing Date, any Bank which is a Party on the
                    Signing Date is not a Qualifying Bank; or

               (ii) after the Signing Date, a Bank ceases to be a Qualifying
                    Bank, other than as a result of the introduction of,
                    suspension, withdrawal or cancellation of, or change in, or
                    change in the official interpretation, administration or
                    official application of, any law, regulation having the
                    force of law, tax treaty or any published practice or
                    published concession of the Polish tax authorities or any
                    other relevant taxing or fiscal authority in any
                    jurisdiction with which the relevant Bank has a connection,
                    occurring after the Signing Date; or

              (iii) on the date of any transfer under Clause 30.2 (Transfers by
                    Banks), a New Bank (as such term is defined in that Clause)
                    is not a Qualifying Bank,

               then the Borrower shall not be liable to pay to that Bank under
               paragraph (a) above any amount in respect of Taxes levied or
               imposed by the Polish taxing authority or any taxing authority of
               or in Poland in excess of the amount it would have been obliged
               to pay if that Bank had been a Qualifying Bank.

       (d)     If an Obligor makes a payment pursuant to paragraph (a) above for
               the account of any Bank and such Bank determines, in its sole
               discretion, that it has received or been granted a credit
               against, or relief or remission or repayment of, any Tax paid or
               payable by it (a "TAX CREDIT") which is attributable to that
               payment or the corresponding payment under the Senior Finance
               Documents such Bank shall, to the extent that it can do so
               without prejudice to the retention of the amount of such credit,
               relief, remission or repayment, pay to the Obligor such amount as
               the Bank acting in good faith determines to be attributable to
               such payments and which will leave the Bank (after such payment)
               in no better or worse position than it would have been if the
               Obligor had not been required to make any deduction or
               withholding.

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                                       45
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       (e)     Nothing in this Clause 14 shall interfere with the right of a
               Bank to arrange its tax affairs in whatever manner it thinks fit
               and, without limiting the foregoing, no Bank shall be under any
               obligation to claim a Tax Credit or to claim a Tax Credit in
               priority to any other claims, relief, credit or deduction
               available to it. Notwithstanding any other provision of this
               Clause 14, no Bank shall be obliged to disclose any information
               relating to its tax affairs or any computations in respect
               thereof.

       (f)     Each Obligor shall:

               (i)  pay when due all Taxes required by law to be deducted or
                    withheld by it from any amounts paid or payable under the
                    Senior Finance Documents;

               (ii) within 30 days of the payment being made, deliver to the
                    Agent for the relevant Finance Party evidence satisfactory
                    to that Finance Party (including all relevant Tax receipts
                    within 30 days or if later, as soon as they are available)
                    that the payment has been duly remitted to the appropriate
                    authority; and

              (iii) forthwith on demand indemnify each Finance Party against
                    any loss or liability which that Finance Party incurs as a
                    consequence of the non-payment of those Taxes.

       (g)     Each Bank represents to the Agent that, in the case of a Bank
               which is a Bank on the Signing Date and, in the case of a Bank
               which becomes a Bank after the date of this Agreement, on the
               date it becomes a Bank, in relation to the Facilities, it is:

               (i)  either:

                    (A)  not resident in the United Kingdom for United Kingdom
                         tax purposes; or

                    (B)  a bank as defined in section 840A of the Income and
                         Corporation Taxes Act 1988 and resident in the United
                         Kingdom; and

               (ii) beneficially entitled to the principal and interest payable
                    by the Agent to it under this Agreement;

               and, if it is able to make those representations on the
               Signing Date or the date it becomes a Bank, shall forthwith
               notify the Agent if either representation ceases to be correct.

15.    MARKET DISRUPTION

15.1   Disruption events

       (a)     If, in relation to any proposed Tranche A Advance and any
               Interest Period relative thereto:

               (i)  no, or where there is more than one Tranche A Reference Bank
                    only one, Tranche A Reference Bank supplies an interest rate
                    to the Agent as required by the definition of "LIBOR" or
                    "EURIBOR" after the Agent has requested such a rate from the
                    Tranche A Reference Banks; or

               (ii) the Agent has received notification from a Tranche A Bank or
                    Banks whose participations in such Tranche A Advance
                    constitute at least forty per cent. (40%) by value of such
                    Tranche A Advance that by reason of circumstances affecting
                    the European interbank market:

                    (A)  deposits in the currency of such Tranche A Advance for
                         the same period as such Interest Period are not
                         available to them in the interbank market in sufficient
                         amounts in the ordinary course of business to fund
                         their respective participations in such Tranche A
                         Advance for such Interest Period, or

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<PAGE>   49

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                    (B)  whilst such deposits are so available, the cost of such
                         deposits exceeds LIBOR or EURIBOR as determined in
                         relation to such Tranche A Advance for such Interest
                         Period,

                    the Agent shall promptly give written notice of such
                    determination or notification to the Borrower and each of
                    the Tranche A Banks and each Tranche A Bank which is
                    affected by the circumstances described in paragraph (ii)
                    above shall be an "AFFECTED BANK".

       (b)     If, in relation to any proposed Tranche B Advance and any
               Interest Period relative thereto:

               (i)  fewer than three Tranche B Reference Banks supply an
                    interest rate to the Agent as required by the definition of
                    WIBOR after the Agent has requested such a rate from the
                    Tranche B Reference Banks; or

               (ii) the Agent has received notification from a Tranche B Bank or
                    Banks whose participations in such Tranche B Advance
                    constitute at least forty per cent. (40%) by value of such
                    Tranche B Advance that by reason of circumstances affecting
                    the Warsaw interbank market:

                    (A)  deposits in Zloty for the same period as such Interest
                         Period are not available to them in the interbank
                         market in sufficient amounts in the ordinary course of
                         business to fund their respective participations in
                         such Tranche B Advance for such Interest Period, or

                    (B)  whilst such deposits are so available, the cost of such
                         deposits exceeds WIBOR as determined in relation to
                         such Tranche B Advance for such Interest Period,

                    the Agent shall promptly give written notice of such
                    determination or notification to the Borrower and each of
                    the Tranche B Banks and each Tranche B Bank which is
                    affected by the circumstances described in paragraph (ii)
                    above shall be an "AFFECTED BANK".

15.2   Effect

       After the giving of any notice by the Agent pursuant to Clause 15.1
       (Disruption events) to the effect that it has received notification in
       accordance with Clause 15.1 (Disruption events):

       (a)     each Bank which is not an Affected Bank shall be obliged to
               participate in the Advance to which such notification relates;
               and

       (b)     each Affected Bank, other than an Affected Bank to which funds
               are not reasonably available, shall be obliged to participate in
               the Advance to which the notification relates subject to Clause
               15.3 (Negotiation and Substitute Basis).

15.3   Negotiation and Substitute Basis

       (a)     During the period of 30 days (the "30 DAY PERIOD") after the
               giving of any notice by the Agent pursuant to Clause 15.1
               (Disruption events), the Agent (in consultation with the Banks in
               the relevant Tranche) shall negotiate with the Borrower in good
               faith with a view to ascertaining whether a substitute basis (a
               "SUBSTITUTE BASIS") may be agreed for the making of further
               Advances and/or the maintaining of any existing Advances by the
               Banks to which such notice by the Agent related for the current
               Interest Period relative to those Advances. If a Substitute Basis
               is agreed by all the Banks in the relevant Tranche and the
               Borrower, such Substitute Basis shall apply in accordance with
               its terms from the commencement of the next Interest

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                                       47
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               Period relating to each relevant Advance. The Agent shall not
               agree any Substitute Basis on behalf of any Bank without the
               prior consent of that Bank.

       (b)     From the beginning of the 30 Day Period to the commencement of
               the next Interest Period relating to each relevant Advance, each
               Affected Bank's participation in each outstanding Advance to
               which such notification related shall bear interest during the
               Interest Period therefor until and unless such Substitute Basis
               is agreed, at the Applicable Margin plus the rate certified by
               such Affected Bank to be its cost of funds (from such source as
               it may reasonably select) for such Interest Period.

       (c)     If the Agent and the Borrower fail to agree on a Substitute Basis
               within 30 days from the date of such notice the Agent shall
               determine the rate of interest to apply to each Affected Bank's
               participation in each then existing Advance during such Interest
               Period by reference to the Applicable Margin plus the cost to
               such Affected Bank of funding the portion of the Advances
               scheduled to be outstanding during such Interest Period from
               whatever sources it reasonably selects out of those sources then
               available to it.

16.    INCREASED COSTS

16.1   Increased costs

       (a)     Subject to Clause 16.3 (Exceptions), the Borrower shall forthwith
               on demand by a Bank through the Agent pay to that Bank, the
               amount of any increased cost incurred by it or any of its Holding
               Companies as a result of:

               (i)  the introduction of, or any change in, or any change in the
                    interpretation or application of, any law or regulation
                    applicable to a whole class of financial institutions of
                    which that Bank is one; or

               (ii) compliance with any regulation made after the date of this
                    Agreement,

                  including any law or regulation relating to Taxation, change
                  in currency of a country or reserve asset, special deposit,
                  cash ratio, liquidity or capital adequacy requirements or any
                  other form of banking or monetary control.

       (b)     In this Agreement "INCREASED COST" means:

               (i)  an additional cost incurred by a Bank or any of its Holding
                    Companies as a result of it having entered into, or
                    performing, maintaining or funding its obligations under,
                    any Senior Finance Document; or

               (ii) that portion of an additional cost incurred by a Bank or any
                    of its Holding Companies in making, funding or maintaining
                    all or any advances comprised in a class of advances formed
                    by or including that Bank's participations in the
                    Utilisations made or to be made under this Agreement as is
                    attributable to that Bank making, funding or maintaining
                    those participations; or

              (iii) a reduction in any amount payable to a Bank or any of its
                    Holding Companies or the effective return to a Bank or any
                    of its Holding Companies under this Agreement or (to the
                    extent that it is attributable to this Agreement) on its
                    capital; or

               (iv) the amount of any payment made by a Bank or any of its
                    Holding Companies, or the amount of any interest or other
                    return foregone by a Bank or any of its Holding Companies,
                    calculated by reference to any amount received or receivable
                    by that Bank or any of its Holding Companies from any other
                    Party under this Agreement.

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16.2   Bank Guarantee Fund

       (a)     Where any Tranche B Bank (or its Holding Company) is obliged to
               make a payment into the Bank Guarantee Fund as a result of it
               maintaining its Commitment, making, funding or maintaining all or
               any advances comprised in a class of advances formed by or
               including its (or such Finance Party's) participation in some or
               all of the Utilisations made or to be made under this Agreement,
               that Tranche B Bank may, within 30 days of making a payment into
               the Bank Guarantee Fund, send to the Agent a notice of such
               payment. The Agent shall reasonably determine the amount which
               was paid by that Tranche B Bank to the Bank Guarantee Fund which
               is attributable on the basis of Polish law to its making, funding
               or maintaining Advances under this Agreement or maintaining its
               obligation, if any, to provide Utilisations. The Agent shall send
               a certificate signed by its senior credit officer of the amount
               so determined to the Borrower.

       (b)     Within 30 days after receipt of a certificate presented by the
               Agent in accordance with paragraph (a) above, the Borrower shall
               pay to the Agent for the account of the relevant Tranche B Bank
               (or, as the case may be, Holding Company of such Tranche B Bank)
               the amount set out in the certificate (in the absence of manifest
               error) so as to compensate such Tranche B Bank (or such Holding
               Company) for the payment into the Bank Guarantee Fund.

16.3   Exceptions

       Clause 16.1 (Increased costs) does not apply to any increased cost:

       (a)     compensated for by the operation of Clause 14 (Taxes) or the
               payment of the Additional Costs Rate; or

       (b)     attributable to any Tax on Overall Net Income of a Bank (or the
               overall net income of a division or branch of the Bank) imposed
               in the jurisdiction in which its principal office or Facility
               Office is situate; or

       (c)     of which the relevant Finance Party was aware more than 90 days
               prior to notifying the Borrower thereof with a computation of the
               relevant cost; or

       (d)     arising directly out of the implementation by the applicable
               authorities having jurisdiction over such Bank and/or its
               Facility Office of the matters set out in the statement of the
               Basle Committee on Banking Regulations and Supervisory Practices
               dated July, 1988 and entitled "International Convergence of
               Capital Measurement and Capital Standards", or the directives of
               the European Council (as amended or supplemented prior to the
               Signing Date) of 17th April, 1989 on the own funds of credit
               institutions (89/229/EEC) and of 18th December, 1989 on the
               solvency ratio for credit institutions (89/647/EEC), in each case
               to the extent and according to the timetable provided therein.

17.    ILLEGALITY AND MITIGATION

17.1   Illegality

       If it is or becomes unlawful in any jurisdiction for a Bank to give
       effect to any of its obligations as contemplated by this Agreement or
       to fund or maintain its participation in any Utilisation, then:

       (a)     that Bank may notify the Borrower through the Agent; and

       (b)     if that Bank so notifies the Borrower (through the Agent),

               (i)  the Borrower shall prepay the participations of that Bank in
                    all the Utilisations; and

               (ii) the Commitments of that Bank shall be cancelled,

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                                       49
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               in each case forthwith or if later, the latest date permitted
               by applicable law as notified to the Borrower by such Bank
               through the Agent.

17.2   Mitigation

       Notwithstanding the provisions of Clauses 14 (Taxes), 15.1 (Disruption
       events), 16.1 (Increased Costs) and 17.1 (Illegality), if in relation
       to a Bank or (as the case may be) the Agent circumstances arise which
       would result in:

       (a)     any deduction, withholding or payment of the nature referred to
               in Clause 14 (Taxes); or

       (b)     any market disruption of the nature referred to in Clause 15.1
               (Disruption events); or

       (c)     any increased cost of the nature referred to in Clause 16.1
               (Increased Costs); or

       (d)     a notification pursuant to Clause 17.1 (Illegality),

       then without in any way limiting, reducing or otherwise qualifying the
       rights of such Bank or the Agent, such Bank shall promptly upon becoming
       aware of the same notify the Agent thereof (whereupon the Agent shall
       promptly notify the Borrower) and such Bank shall use all reasonable
       endeavours to transfer its participation in the relevant Tranche and its
       rights hereunder and under the Senior Finance Documents to another bank
       or Facility Office not affected by the circumstances having the results
       set out in (a), (b) or (c) above or otherwise take such reasonable steps
       as may be open to it to mitigate the effects of such circumstances but
       always taking into account that such Bank shall not be under any
       obligation to take any such action if, in its opinion, to do so would or
       might have a material adverse effect upon its business, operations or
       financial condition or would involve it in any unlawful activity or any
       activity that is contrary to its policies or any request, guidance or
       directive of any competent authority (whether or not having the force of
       law) or (unless indemnified to its reasonable satisfaction) would involve
       it in any significant expense or tax disadvantage.

18.    REPRESENTATIONS AND WARRANTIES

18.1   Representations and warranties

       The Borrower makes the representations and warranties set out in this
       Clause 18 to each of the Finance Parties.

18.2   Status

       (a)     It is a limited liability company, duly incorporated and validly
               existing under the laws of Poland and each other Obligor is a
               corporation or limited liability company, duly incorporated and
               validly existing under the laws of the jurisdiction of its
               incorporation; and

       (b)     each member of the Group has the power to own its assets and
               carry on its business as it is being conducted.

18.3   Powers and authority

       Each Obligor has the power to enter into and perform, and has taken all
       necessary action to authorise the entry into, performance and delivery
       of, the Senior Finance Documents to which it is or will be a party and
       the transactions contemplated by those Senior Finance Documents.

18.4   Legal validity

       Each Senior Finance Document to which any Obligor is or will be a party
       constitutes, or when executed in accordance with its terms will
       constitute, its legal, valid and binding obligation enforceable in

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       accordance with its terms subject to applicable insolvency and other laws
       affecting creditors' rights generally.

18.5   Authorisations

       (a)     All authorisations required or the absence of which may prejudice
               the Finance Parties in connection with the entry into,
               performance, validity and enforceability of the Senior Finance
               Documents and the transactions contemplated by the Senior Finance
               Documents have been obtained or effected and are in full force
               and effect.

       (b)     The Borrower holds the GSM Licence, the DCS-1800 Licence and the
               UMTS Licence and each Obligor holds all Necessary Authorisations
               and has received no notice of proceedings relating to the
               revocation of the GSM Licence, the DCS-1800 Licence, the UMTS
               Licence or any other licence, certificate, franchise or permit,
               which individually or in the aggregate, if the subject of an
               unfavourable ruling or finding, would have a Material Adverse
               Effect.

18.6   Pari passu ranking

       Each Obligor's obligations under the Senior Finance Documents rank and
       will rank at least pari passu with all its other unsecured and
       unsubordinated obligations except for obligations which are mandatorily
       preferred by law applying to companies generally.

18.7   Stamp duties

       No stamp or registration duty or similar Taxes or charges are payable in
       Poland, the Netherlands, Luxembourg or England in respect of any Senior
       Finance Document other than registration fees in relation to the
       registration of pledges under the Pledge Law or the laws of the
       Netherlands, Luxembourg or England relating to the granting of Security
       Interests which have been paid by the Borrower.

18.8    Immunity

       (a)     The execution by each Obligor of each Senior Finance Document to
               which it is or will be a party constitutes, and its exercise of
               its rights and performance of its obligations under each Senior
               Finance Document will constitute, private and commercial acts
               done and performed for private and commercial purposes.

       (b)     No Obligor will be entitled to claim immunity from suit,
               execution, attachment or other legal process in any proceedings
               taken in Poland, the Netherlands, Luxembourg or England in
               relation to any Senior Finance Document.

18.9    Non-conflict

       The entry into and performance by any Obligor of, and the transactions
       contemplated by, the Senior Finance Documents do not and will not:

       (a)     conflict with any law or regulation or judicial or official order
               with which such Obligor is required to comply; or

       (b)     conflict with the constitutional documents of any member of the
               Group; or

       (c)     conflict with any document which is binding upon any member of
               the Group or any asset of any member of the Group.

18.10  No default

       (a)     No Default is outstanding or might result from the making of any
               Utilisation; and

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       (b)     no other event is outstanding which constitutes (or with the
               giving of notice or lapse of time might constitute) a default
               under any document which is binding on any member of the Group or
               any asset of any member of the Group to an extent or in a manner
               which could reasonably be expected to have a Material Adverse
               Effect.

18.11  Litigation

       No litigation, arbitration or administrative proceedings are current or,
       to its knowledge, pending or threatened, which, if adversely determined,
       could reasonably be expected to have a Material Adverse Effect.

18.12  Accounts

       (a)     The Original Borrower Accounts:

               (i)  have been prepared in accordance with the Accounting
                    Principles consistently applied; and

               (ii) fairly represent the financial condition of the Borrower as
                    at the date to which they were drawn up,

               and there has been no material adverse change in the business,
               financial condition, operations or performance of the Group
               (taken as a whole) since the date to which those Accounts were
               drawn up.

       (b)     The annual audited Accounts of the Group and each Principal
               Member of the Group most recently delivered to the Agent after
               the Original Borrower Accounts:

               (i)  have been prepared in accordance with the Accounting
                    Principles consistently applied; and

               (ii)

                    (A)  in the case of a Principal Member of the Group, fairly
                         represent the financial condition of each Principal
                         Member of the Group as at the date to which they were
                         drawn up; and

                    (B)  in the case of the Group, fairly represent the
                         financial condition of the Group as at the date to
                         which they were drawn up,

               and no event has occurred which would have a Material Adverse
               Effect since the date those Accounts were drawn up.

18.13  Security Interests

       (a)     The security conferred by the Security Documents constitutes, or
               will when executed and/or registered (as applicable) constitute,
               a first ranking Security Interest of the type therein described
               over the security assets referred to therein and no Security
               Interest exists over its or any of its Subsidiaries' assets which
               would cause a breach of Clause 19.8 (Negative Pledge).

       (b)     No member of the Group owns any bank account other than (i) bank
               accounts subject to a first ranking Security Interest in favour
               of the Finance Parties, (ii) escrow accounts permitted under the
               Senior Finance Documents or (iii) bank accounts subject to the
               Bank Account Side Letter.

       (c)     None of the shares pledged by any Obligor pursuant to any
               Security Document is evidenced by a share certificate.

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<PAGE>   55

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18.14  Information Memorandum

       (a)     All information contained in the Information Memorandum (other
               than information in reports from third parties that has been
               provided to the Borrower by such third parties) was true in all
               material respects at its date, all calculations made in the
               financial models in the Information Memorandum have been made
               correctly and all expressions of opinion or intention and all
               forecasts and projections made by it (including any assumptions,
               forecasts and projections made in connection with the banking
               base case in the Information Memorandum) contained in the
               Information Memorandum were arrived at after careful
               consideration, were fair and were based on reasonable grounds.

       (b)     So far as it is aware after due and careful review and enquiry
               all factual information furnished by the Borrower or its advisors
               on which the Information Memorandum is based or which is referred
               to therein was true in all material respects as at its date.

       (c)     The Information Memorandum did not omit anything which is
               material in the context of the business and financial condition
               of the Borrower.

       (d)     As at the Signing Date, nothing has occurred since the date of
               the Information Memorandum which renders the information therein
               (as updated prior to the Signing Date) untrue or misleading in
               any material respect and which is material in the context of the
               business and financial condition of the Borrower.

18.15  Intellectual Property Rights

       (a)     It (and each of its Subsidiaries) owns or has the legal right to
               use all the Intellectual Property Rights which are material to
               the conduct of the business of the Group taken as a whole or are
               required by it in order for it to carry on its business in all
               material respects as it is being conducted on the Signing Date
               and as far as it is aware it does not (nor do any of its
               Subsidiaries), in carrying on its business, infringe any
               Intellectual Property Rights of any third party in any way which
               would have a Material Adverse Effect.

       (b)     None of the Intellectual Property Rights which are material in
               the context of the business of any member of the Group is, to its
               knowledge, being infringed nor, to its knowledge, is there any
               threatened infringement of those Intellectual Property Rights, by
               any third party which would have a Material Adverse Effect.

       (c)     All registered Intellectual Property Rights owned by it (or any
               Subsidiary of it) and which are material to the conduct of the
               business of any member of the Group are subsisting and all
               actions (including payment of all fees) required to maintain the
               same in full force and effect have been taken, where lack of
               subsistence or failure to take any such action would have a
               Material Adverse Effect.

18.16  Environmental matters

       (a)     It and its Subsidiaries (i) have obtained all requisite
               Environmental Licences required for the carrying on of its
               business as currently conducted and (ii) have at all times
               complied with the terms and conditions of such Environmental
               Licences and (iii) have at all times complied with all other
               applicable Environmental Laws, which in each such case, if not
               obtained or complied with, would have a Material Adverse Effect.

       (b)     So far as it is aware after due enquiry, there is no
               Environmental Claim pending or threatened, against any member of
               the Group which is reasonably likely to be decided against that
               member of the Group and which if so decided would have a Material
               Adverse Effect.

       (c)     So far as it is aware after due enquiry, no Dangerous Substance
               has been used, disposed of, generated, stored, transported,
               dumped, released, deposited, buried or emitted at, on, from or

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<PAGE>   56

                                       53
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               under any premises (whether or not owned, leased, occupied or
               controlled by any member of the Group and including any offsite
               waste management or disposal location utilised by any member of
               the Group) in circumstances where this would be reasonably likely
               to result in a liability on any member of the Group which would
               have a Material Adverse Effect.

18.17  Material Contracts

       (a)     Each of the Material Contracts to which any Obligor is a party
               constitutes its legal, valid and binding obligation and is
               enforceable against it in accordance with its terms subject to
               applicable insolvency and other laws affecting creditors' rights
               generally, and all authorisations, approvals, consents, licences,
               exemptions, filings, registrations, recordings, notarisations,
               and other matters, official or otherwise, necessary in connection
               with the entry into, performance and validity by and in respect
               of that party and enforceability against that party have been
               obtained or effected and are in full force and effect.

       (b)     Neither (i) it nor any member of the Group is in breach of any of
               its material obligations under any Licence, nor (ii) is it nor
               any member of the Group in breach of any of its obligations under
               any other Material Contract in a manner or to such an extent
               which would be reasonably likely to have a Material Adverse
               Effect.

       (c)     There is no material dispute between any parties to the Material
               Contracts and there have been no material amendments to any
               Material Contract since the form provided to the Agent prior to
               the Signing Date.

18.18  Times for Making Representations and Warranties

       (a)     The representations and warranties set out in this Clause 18 are
               made on the date of this Agreement.

       (b)     The representations and warranties set out in Clauses 18.2
               (Status), 18.3 (Powers and authority), 18.4 (Legal validity),
               18.5 (Authorisation), 18.6 (Pari Passu Ranking), 18.8 (Immunity),
               18.9 (Non-conflict), 18.10 (No default), 18.11 (Litigation),
               18.12(b) (Accounts), 18.13 (Security Interests) and 18.17
               (Material Contracts) are deemed to be repeated by the Borrower on
               the date of each Request, each Rollover Date and each Utilisation
               Date as if they had been given on such dates having regard to the
               facts and circumstances existing on such dates.

19.    UNDERTAKINGS

19.1   Duration

       The undertakings in this Clause 19 shall remain in force from the date
       of this Agreement and for so long as any amount is or may be
       outstanding under any Senior Finance Document or any Commitment is in
       force.

19.2   Financial Information and Business Plan

       (a)     The Borrower shall procure that there shall be furnished to the
               Agent in sufficient copies (in electronic form, if agreed to by
               the Agent) for each of the Banks (or, in the case of Clause
               19.2(a)(vii), for each of the Tranche B Banks):

               (i)  as soon as the same are available (and in any event within
                    120 days) after the end of each annual Accounting Period:

                   (A)  the audited consolidated Accounts of the Group for that
                        financial year; and

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                                       54
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                    (B)  the audited Accounts for that financial year for each
                         Principal Member of the Group;

               (ii) as soon as the same are available (and in any event within
                    45 days) after the end of each quarterly Accounting Period:

                    (A)  the financial statements and the unaudited consolidated
                         Accounts of the Borrower and, for each quarterly
                         Accounting Period ending on or after 31 March, 2001,
                         the financial statements and the unaudited consolidated
                         Accounts of the Group for that Accounting Period;

                    (B)  the details of the exposure under any hedging
                         transaction or hedging line of credit designated as a
                         "Senior Finance Document" pursuant to Clause 19.14(c);
                         and

                    (C)  a list of each Principal Member of the Group; provided,
                         however, that the Borrower shall also procure that such
                         list be furnished upon the request of the Agent.

              (iii) as soon as the same is available (and in any event within
                    60 days after the commencement of each annual Accounting
                    Period), an updated Business Plan covering the period to the
                    Final Repayment Date which has been approved by the
                    management board of the Borrower, on the basis that such
                    Business Plan shall be subject to approval by the
                    supervisory board of the Borrower and, if such supervisory
                    board makes any changes to such Business Plan, as soon as
                    practicable after such changes have been made (and in any
                    event within 1 week of the approval of the Business Plan by
                    such supervisory board, the Business Plan as changed by such
                    supervisory board);

               (iv) as soon as the same is available (and in any event by 31
                    March, 2001) the UMTS Business Plan approved by the
                    management board of the Borrower and the supervisory board
                    of the Borrower;

               (v)  as soon as the same is available (and in any event within 45
                    days) after the end of each quarterly Accounting Period, a
                    report in an agreed form setting out performance indicators
                    covering the level of, among other things, subscribers,
                    network coverage, revenue per subscriber, acquisition costs
                    per subscriber, churn and Capital Expenditure of the
                    Borrower and its Subsidiaries for the previous quarterly
                    Accounting Period;

               (vi) as soon as the same is available (and in any event within 45
                    days) after the end of each quarterly Accounting Period a
                    report in an agreed form setting out the information
                    (including any reconciliation between the accounts of the
                    Borrower and its Subsidiaries) that is needed to calculate
                    the financial covenants contained in Clause 21 (Financial
                    undertakings) and the results of such calculations;

              (vii) at the same time as the annual audited consolidated
                    Accounts are delivered pursuant to paragraph (i)(A) above a
                    report of the Auditors in a form reasonably satisfactory to
                    the Agent:

                    (A)  setting out in reasonable detail computations
                         establishing, as at the date of such Accounts, whether
                         the Borrower complied with each of the financial ratios
                         set out in Clause 21 (Financial Undertakings);

                    (B)  stating whether the Auditors in the course of their
                         audit discovered any breach of the obligations set out
                         in Clause 21 (Financial Undertakings); and

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                                       55
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                    (C)  a letter explaining any differences between the format,
                         headings and characterisations used where those
                         differences would affect the ability of the Agent and
                         the Banks to calculate the components of the financial
                         ratios in Clause 21 (Financial Undertakings); and

              (viii)at the same time that they are submitted to the National
                    Statistical Office in Poland, copies of forms F-01 and F-02;
                    and

               (ix) at the same time that they are submitted, copies of all
                    regular, periodic and special reports and all registration
                    statements, that the Borrower or any of its Subsidiaries
                    files with the Securities and Exchange Commission or any
                    governmental authority that may be substituted therefore, or
                    with any national securities exchange.

       (b)     The Borrower shall supply to the Agent together with the
               quarterly Accounts specified in paragraph (a)(ii) above and, in
               the case only of (ii) below, at any other time if the Agent
               reasonably so requests, a certificate substantially in the form
               of Schedule J signed by a member of the management board of the
               Borrower on its behalf:

               (i)  setting out in reasonable detail computations establishing,
                    as at the date of the latest Accounts, whether each of the
                    financial ratios set out in Clause 21 (Financial
                    Undertakings) were complied with and certifying that (A) the
                    relevant Accounts fairly represent the financial position of
                    the Borrower or the Group, as applicable, and (B) the
                    relevant Accounts were prepared in accordance with the
                    Accounting Principles or the terms of Clause 19.7
                    (Accounting Standards) has been complied with; and

               (ii) certifying that, so far as he is aware, having made proper
                    enquiries, no Default is outstanding or, if a Default is
                    outstanding, specifying the Default and the steps, if any,
                    being taken to remedy it.

       (c)     The Borrower shall supply to the Agent promptly at any time the
               Agent reasonably requests it, the amount of Senior Debt of the
               Group outstanding at the time of the Agent's request.

19.3   Information - Miscellaneous

       The Borrower shall supply to the Agent in sufficient copies for all the
       Banks, if the Agent so requests:

       (a)     all documents or information relating to matters which are
               material to the Borrower's or the Group's business, assets or
               financial condition and which are likely to result in a Material
               Adverse Effect or which are despatched by it to its creditors (or
               any class of them) at the same time as they are despatched;

       (b)     promptly upon becoming aware of them, details of any litigation,
               arbitration or administrative proceedings which are current,
               threatened or pending and which if, adversely determined, could
               reasonably be expected to have a Material Adverse Effect; and

       (c)     promptly, such further information in the possession or control
               of any member of the Group regarding its financial condition and
               operations as any Finance Party (through the Agent) may
               reasonably request.

19.4   Notification of Default

       The Borrower shall notify the Agent of any Default (and the steps, if
       any, being taken to remedy it) promptly upon it becoming aware of its
       occurrence.

19.5   Authorisations

       (a)     The Borrower shall promptly:

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                                       56
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               (i)  obtain, maintain and comply with the terms of; and

               (ii) supply certified copies to the Agent of,

               any authorisation required (or the absence of which may
               prejudice the Finance Parties) under any law or regulation to
               enable it or another member of the Group to perform its
               obligations under, or for the validity or enforceability of,
               any Senior Finance Document to which it or another member of
               the Group is a party.

       (b)     The Borrower shall promptly obtain or cause to be obtained every
               Necessary Authorisation and ensure that:

               (i)  none of the Necessary Authorisations is revoked, cancelled,
                    suspended, withdrawn, terminated, expires or is not renewed
                    or otherwise ceases to be in full force and effect; and

               (ii) no Necessary Authorisation is modified and no member of the
                    Group commits any breach of the terms or conditions of any
                    Necessary Authorisation

               which, in the case of (i) or (ii), is reasonably likely to result
               in a Material Adverse Effect.

19.6   Audit and Accounting Dates

       The Borrower will ensure that:

       (a)     the annual Accounts to be delivered to the Agent pursuant to
               Clauses 19.2(a)(i) and 19.2(a)(vi) (Financial information and
               Business Plan) are audited by the Auditors;

       (b)     it shall at all times have duly appointed the Auditors as
               auditors and each Principal Member of the Group shall at all
               times have the Auditors as duly appointed auditors (where
               required by law); and

       (c)     it will not, and no member of the Group will, change the end of
               its annual Accounting Period without the prior written consent of
               the Agent acting on the instructions of the Majority Banks.

19.7   Accounting Standards

       The Borrower will ensure that:

       (a)     all Accounts shall be prepared in accordance with the Accounting
               Principles or shall indicate in notes to or accompanying such
               Accounts any material departures from the Accounting Principles;

       (b)     all Accounts shall (in the case of annual Accounts) fairly
               represent (subject to adjustments which fall to be made at the
               end of the financial year) the consolidated financial position
               and results of operations of the relevant member of the Group and
               its Subsidiaries (in the case of consolidated Accounts) or its
               financial position and results of operations (in the case of
               unconsolidated Accounts), as at the end of and for the Accounting
               Period to which they relate.

19.8   Negative Pledge

       (a)     The Borrower shall not, and shall procure that no other member of
               the Group will, create or permit to subsist any Security Interest
               on any of its assets or undertaking.

       (b)     Paragraph (a) does not apply to the following Security Interests:

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                                       57
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               (i)  any Security Interest existing at the date of this Agreement
                    and detailed in Schedule F provided that the amount secured
                    by such Security Interest is not increased above the amount
                    stated or described in that Schedule as reduced from time to
                    time;

               (ii) any Security Interest constituted or evidenced by the
                    Security Documents or the Main Facility Senior Finance
                    Documents;

              (iii) a lien arising by operation of law in the ordinary course
                    of business and securing amounts not more than 60 days
                    overdue;

               (iv) any Security Interest which arises as a result of or in the
                    course of legal proceedings the enforcement or realisation
                    of which is stayed (A) by reason of the claims in relation
                    to which such Security Interest arises being contested in
                    good faith or (B) pending or during the hearing of an appeal
                    made against the judgment or order creating the same;

               (v)  (A)  any Security Interests over assets acquired after the
                         Signing Date to secure only Financial Indebtedness
                         used to acquire such assets, including Security
                         Interests in favour of a vendor over assets acquired
                         by way of vendor financings permitted under Clause
                         19.26 (Financial Indebtedness) where the payment terms
                         exceed 180 days; provided, however, that no such
                         Security Interest shall extend to cover any property
                         other than the assets being acquired and that, in the
                         case of vendor financings, the aggregate fair market
                         value of such assets, as determined based on the
                         purchase price (net of taxes) set forth on the invoice
                         therefor, acquired by way of all such vendor
                         financings does not exceed the Euro Equivalent of(euro)
                         50,000,000 at any time;

                    (B)  any rights by way of reservation or retention of title
                         to secure only Financial Indebtedness or other
                         obligations incurred to acquire goods which are
                         acquired by or supplied to the Borrower or any other
                         member of the Group in the ordinary course of its
                         business after the Signing Date; provided, however,
                         that no such Security Interest shall extend to cover
                         any property other than the goods being acquired;

                    so long as the amount of the Financial Indebtedness incurred
                    before, on or after the Signing Date which is secured by the
                    Security Interests referred to in sub-Clauses (A) and (B)
                    above would not cause the limit on Financial Indebtedness
                    set forth therefor in Clause 19.26(a) (Financial
                    Indebtedness) to be breached;

               (vi) any Security Interest securing any New Facility pursuant to
                    security documentation in form and substance satisfactory to
                    the Agent, acting on the instruction of the Majority Banks;
                    provided that:

                    (A)  such Security Interest shall effectively rank pari
                         passu with the Security Interests granted under the
                         Security Documents;

                    (B)  the Security Interest shall not extend to or cover any
                         assets not subject to the Security Interests granted
                         under the Security Documents;

                    (C)  the secured creditors under any such New Facility
                         shall have entered into the Collateral Sharing
                         Intercreditor Agreement; and

                    (D)  the security agent under any such New Facility shall be
                         satisfactory to the Agent and the Security Agent,
                         acting reasonably;

              (vii) any Security Interest in any escrow accounts pledged to
                    high yield bondholders and in amounts on deposit thereon;

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              (viii) any Security Interest in (a) any escrow accounts (and
                    amounts on deposit therein) established for the purpose of
                    supporting obligations under a QTE Lease, so long as the
                    aggregate fair market value of the assets which are the
                    subject of such leases at the time such leases are entered
                    into as determined by an independent market consultant
                    approved by the Agent does not exceed the Euro Equivalent
                    of(euro) 100,000,000 at such time or (b) any single purpose
                    accounts (and amounts on deposit therein) in the name of an
                    Issuer or any other finance subsidiary through which
                    payments within 5 Business Days of high yield bond interest
                    are made, provided that the aggregate amount on deposit
                    therein shall not exceed at any time the amount of the next
                    payment of high yield bond interest;

               (ix) any Security Interests in favour of a vendor over assets
                    acquired by way of vendor financings where the payment terms
                    do not exceed 180 days; provided, however, that no such
                    Security Interest shall extend to cover any property other
                    than the assets being acquired;

               (x)  any Security Interest securing indebtedness incurred to
                    refinance other indebtedness permitted to be secured by any
                    Security Interests permitted under paragraphs (b)(i) to (v)
                    above provided that the replacement Security Interest does
                    not cover any assets other than the original assets subject
                    to the original Security Interest and that the aggregate
                    principal amount secured thereby is not increased; and

               (xi) any Security Interest over cash collateral in relation to
                    letters of credit, guarantees or bonds which are permitted
                    to be issued under Clause 19.26(b) (Financial Indebtedness)
                    so long as the aggregate amount of such cash collateral does
                    not exceed (euro) 15,000,000 at any time.

19.9   Transactions Similar to Security

       The Borrower shall not, and shall procure that no other member of the
       Group will sell, transfer or otherwise dispose of any of its assets on
       terms whereby it is or may be leased to or re-acquired or acquired by a
       member of the Group or any of its related entities in circumstances where
       the transaction is entered into primarily as a method of raising finance
       or of financing the acquisition of an asset other than:

       (a)     in connection with Finance Leases permitted in accordance with
               Clause 19.26(a) (Financial Indebtedness);

       (b)     in connection with QTE Leases permitted in accordance with Clause
               19.26(a) (Financial Indebtedness); or

       (c)     any goods acquired in the ordinary course of the Borrower's
               business which are transferred upon acquisition back to the
               vendor thereof in relation to the financing of the acquisition
               price thereof so long as the amount of the Financial Indebtedness
               incurred in relation to the financing of the acquisition would
               not cause any limit on Financial Indebtedness contained in Clause
               19.26 (Financial Indebtedness) to be breached and that Financial
               Indebtedness is incurred after the Signing Date,

       provided that, in relation to any Finance Lease or QTE Lease, such
       security interest relates solely to the assets which are the subject
       matter of such lease.

19.10  Disposals

       (a)     The Borrower shall not, and shall procure that no other member of
               the Group will, either in a single transaction or in a series of
               transactions whether related or not and whether voluntarily or
               involuntarily, sell, transfer, grant or lease or otherwise
               dispose of any of its assets.

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       (b)     Paragraph (a) does not apply to:

               (i)  disposals made in the ordinary course of trading of the
                    disposing entity;

               (ii) disposals of non core assets of the Group on terms no less
                    favourable to the Group than arm's-length terms where the
                    consideration is received in Cash;

              (iii) disposals of assets which are surplus, obsolete or
                    redundant plant and equipment on terms no less favourable to
                    the Group than on arm's length terms where the consideration
                    is received in Cash;

               (iv) disposals of assets in exchange for other assets comparable
                    or superior as to type, value and quality;

               (v)  disposals of assets to become the subject of a Finance Lease
                    permitted pursuant to Clause 19.26(a)(iv) (Financial
                    Indebtedness) for fair value;

               (vi) disposals of assets to become the subject of a QTE Lease
                    pursuant to Clause 19.26(a)(v) (Financial Indebtedness) for
                    fair value; or

              (vii) disposal of assets on arm's length terms for Cash not
                    otherwise permitted pursuant to (i) to (vi) (inclusive)
                    above,

                    (A)  the Net Proceeds of which, in the case of any single
                         transaction or series of related transactions do not
                         exceed the Euro Equivalent of(euro) 500,000; and

                    (B)  the Euro Equivalent of the Net Proceeds of which when
                         aggregated with the Euro Equivalent of the Net
                         Proceeds of all other such disposals in any annual
                         Accounting Period do not exceed (euro) 5,000,000.

               This provision is intended to operate notwithstanding the
               invalidity or unenforceability of any provision of a Security
               Document restricting disposals.

19.11  Pari passu ranking

       The Borrower shall procure that its obligations under the Senior
       Finance Documents, do rank and will rank at least pari passu (save by
       reason of and to the extent of the security afforded thereto by the
       Security Documents or any documents evidencing security under the New
       Facility) with all its other present and future unsecured and
       unsubordinated obligations, other than obligations which are
       mandatorily preferred by law applying to companies generally.

19.12  Loans and guarantees

       (a)     The Borrower will not, and will procure that no other member of
               the Group will:

               (i)  make any loans, provide credit, enter into any hire
                    purchase, rental, finance or operating lease as lessor or
                    otherwise enter into transactions where third parties incur
                    Financial Indebtedness in its favour; or

               (ii) give any guarantee to or for the benefit of any person,

       other than loans or guarantees:

                    (A)  arising under the Transaction Documents;

                    (B)  between one member of the Group and another member of
                         the Group so long as the business of such member of
                         the Group is solely related to the

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                         Borrower's Telecom Business where the requirements
                         of Clause 19.32 (Security and bank accounts) in
                         relation to the giving of guarantees and security
                         by the relevant members of the Group have been
                         complied with;

                    (C)  the aggregate Euro Equivalent of which does not exceed
                         (euro) 20,000,000 outstanding at any time;

                    (D)  arising in the ordinary course of business of the
                         relevant member of the Group; or

                    (E)  loans to employees the aggregate Euro Equivalent of
                         which does not exceed (euro) 10,000,000 outstanding at
                         any time.

       (b)     The Borrower will not, and will procure that none of its
               Subsidiaries will, agree to change the interest rates set forth
               in any of the Onlending Agreement between PTC International
               Finance B.V. and the Borrower dated 1 July, 1997, the Onlending
               Agreement between PTC International Finance II S.A and PTC
               International Finance (Holding) B.V. or the Onlending Agreement
               between International Finance (Holding) B.V. and the Borrower,
               each dated 23 November, 1999 or any other onlending agreement
               entered into between any members of the Group from time to time
               in accordance with the terms hereof without the consent of the
               Majority Banks, except in order to ensure that at the end of the
               discount or zero-coupon periods, as applicable, of the bonds
               issued pursuant to the High Yield Debt Documents, the proceeds of
               which are on-lent under the terms of the relevant onlending
               agreement, the amount of the proceeds (with any capitalised
               interest) on-lent from the respective issuer to the Borrower is
               equal to the nominal value of the respective bonds.

19.13  Operating Leases

       The Borrower will not, and will procure that no other member of the Group
       will, after the Signing Date enter into any operating lease as lessee of
       or in respect of equipment, machinery or plant (other than any motor
       vehicles) if the equipment, machinery or plant concerned is of such
       importance in the business of the Group taken as a whole that such
       business would be materially and adversely affected were the leases for
       such equipment, machinery or plant to be terminated early and the right
       to possession of the equipment, machinery or plant lost to the Group.

19.14  Treasury transactions

       (a)     The Borrower will enter into such hedging transactions as are
               required in accordance with the Hedging Policy and may enter into
               such other hedging transactions as are generally envisaged by the
               spirit of the Hedging Policy but otherwise it will not, and will
               procure that none of its Subsidiaries will, enter into any
               interest rate swap, cap, ceiling, collar or floor or any currency
               swap, futures, foreign exchange or commodity contract or option
               (whether over the counter or exchange traded) or any similar
               treasury transaction.

       (b)     The Borrower will use all reasonable endeavours to agree with the
               Agent, acting on behalf of the Majority Banks, an updated Hedging
               Policy on an annual basis.

       (c)     The Agent, at the request of the Borrower, shall designate any
               hedging transaction or documents evidencing a hedging line of
               credit with a Bank, which is in accordance with the Hedging
               Policy, as a "Senior Finance Document" with its obligations to
               that Bank secured by the Security Documents.

19.15  Receivables disposals

       The Borrower will not, and will procure that no other member of the
       Group will, sell, transfer or otherwise dispose of any of its
       receivables other than:

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       (a)     the discounting of bills or notes in the ordinary course of
               trading;

       (b)     the sale of bad debts to a Subsidiary or in the ordinary course
               of business on arm's length terms on either a recourse or
               non-recourse basis where the seller receives Cash on completion
               of the sale; or

       (c)     a discount to a subscriber in the ordinary course of business.

19.16  Acquisitions and Investments

       The Borrower will not, and will procure that no other member of the
       Group will:

       (a)     make any Acquisition; or

       (b)     make any investment with Cash,

       other than:

               (i)  a Permitted Investment;

               (ii) capital expenditures in the Telecom Business of any Obligor;
                    and

              (iii) an investment in a Subsidiary or Affiliate of the Borrower,
                    so long as the business of such Subsidiary or Affiliate is
                    related to the Borrower's Telecom Business; provided that
                    the aggregate amount of investments in Subsidiaries and
                    Affiliates that are not Obligors shall not exceed the Euro
                    Equivalent of (euro) 50,000,000 at any time.

19.17  Restricted Distributions

       Except as provided in Clause 19.18 (Permitted Distributions), the
       Borrower will not and will procure that no other member of the Group
       (other than by any member of the Group in favour of the Borrower or
       another member of the Group which is directly or indirectly wholly
       owned by the Borrower) will:

       (a)     make or resolve to make any distribution, dividend, Restricted
               Payment or other payment (in cash or in kind) on or in respect of
               any share capital, Reserve Capital or equivalent of a member of
               the Group;

       (b)     make or resolve to make (whether in cash, property, securities or
               otherwise) any redemption, repurchase, defeasance, retirement,
               return or repayment of any of its share capital or equivalent of
               a member of the Group (other than by way of a reduction of share
               capital without any payment to shareholders);

       (c)     make or resolve to make any redemption, repurchase, defeasance,
               repayment, prepayment or payment (in cash or in kind) of the
               principal of, or interest (whether or not capitalised) or other
               amount on or in respect of Subordinated Debt or any
               sub-participation or cash collateral arrangement in respect of
               any Subordinated Debt;

       (d)     make or resolve to make any other transfer of assets to any
               Shareholder or other Restricted Person; or

       (e)     exercise any right of set-off in respect of any Subordinated
               Debt.

19.18  Permitted Distributions

       (a)     Any member of the Group may make or resolve to make a Permitted
               Distribution of the type referred to in clause (a) or (b) of the
               definition of "Permitted Distribution" so long as before

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               and after giving effect to such Permitted Distribution, the ratio
               of Senior Debt of the Group to EBITDA of the Group (calculated
               based on the financial statements of the Borrower most recently
               available and giving pro forma effect to such Permitted
               Distribution) shall be less than 3.0:1.0.

       (b)     So long as no Event of Default shall have occurred and be
               continuing, the relevant Issuer, holding company of an Issuer or
               the Borrower may make any payment due by it under the High Yield
               Debt Documents if:

               (i)  in the case of a payment by the relevant Issuer to the
                    relevant trustee, a Payment Blockage Notice (as defined in
                    the applicable High Yield Debt Documents) does not apply to
                    that payment; or

               (ii) in the case of the payment by the Borrower or a holding
                    company of an Issuer to the relevant Issuer, the payment to
                    the trustee which such payment is to fund is not subject to
                    a Payment Blockage Notice (as defined in the applicable High
                    Yield Debt Documents).

       (c)     Without prejudice to sub-Clause 19.18(d), so long as no Event of
               Default shall have occurred and be continuing, the Borrower or
               any member of the Group may make payments of interest in respect
               of any transaction described in paragraph (e) of the definition
               of Subordinated Debt.

       (d)     Unless a Default has occurred and is continuing, the whole or any
               part of the Subordinated Debt may be repaid, replaced,
               substituted or refinanced by way of an equity contribution,
               Reserve Capital or other Subordinated Debt; provided that in the
               case of such other Subordinated Debt, the maturity date of such
               other Subordinated Debt is no earlier than 12 months after the
               Final Repayment Date.

19.19  Certification of Payment Amounts

       Where any Permitted Distribution, other than pursuant to the High Yield
       Debt Documents, is proposed to be made pursuant to Clause 19.18
       (Permitted Distributions) the Borrower shall, prior to making such
       payment, provide to the Agent not less than 10 Business Days before the
       proposed date for the Distribution, a certificate signed by an authorised
       signatory of the Borrower showing:

       (a)     the date and amount of such proposed Distribution;

       (b)     such calculations in reasonable detail as are necessary to show
               how the payment figure was arrived at and that the provisions in
               Clause 19.18 (Permitted Distributions) have been complied with;
               and

       (c)     all calculations required under Clause 21 (Financial
               Undertakings) calculated before and after giving effect to such
               proposed Distribution.

19.20  Share Capital

       The Borrower will not and will procure that no member of the Group will:

       (a)     other than in the case of the Borrower, issue any Excluded Share
               Capital;

       (b)     issue any new share capital or grant any option over any shares
               to any person except:

               (i)  in the case of any Subsidiary of the Borrower, shares issued
                    to another member of the Group, where a Security Agent or
                    the Banks already have security over the shares of the
                    issuer of any such new shares in which case the new share
                    capital or option may be issued or granted once the relevant
                    Security Agent or the Agent has confirmed to the Borrower
                    that the member of the Group to whom such new shares are to
                    be issued

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                    has provided security over such shares to a Security Agent
                    and/or the Finance Parties to the reasonable satisfaction of
                    Security Agent and the Agent have obtained whatever
                    certificates, corporate authorities or opinions they may
                    deem necessary; and

               (ii) the Borrower may issue new share capital in consideration of
                    cash or a contribution in kind by any Shareholder of any
                    Shareholder Loan or any Reserve Capital, provided that
                    promptly after the issuance thereof, the Borrower shall
                    notify the Finance Parties as to the number of shares issued
                    and the identity of the person to which such shares were
                    issued; or

       (c)     undertake an initial public offering without giving prior written
               notice to the Banks through the Agent.

19.21  Intellectual Property Rights

       The Borrower will, and will procure that each of its Subsidiaries will:

       (a)     promptly make such registrations and pay such fees and similar
               amounts as are necessary to keep those registered Intellectual
               Property Rights owned by the Group which are material to the
               conduct of the business of the Group taken as a whole from time
               to time;

       (b)     not infringe in carrying on its business any Intellectual
               Property Rights of any third party in any way which would have a
               Material Adverse Effect;

       (c)     promptly take such steps as are necessary and commercially
               reasonable (including, without limitation, the institution of
               legal proceedings) to prevent third parties infringing those
               Intellectual Property Rights referred to in paragraph (a) above
               and (without prejudice to paragraph (a) above) take such other
               steps as are reasonably practicable to maintain and preserve its
               interests in those rights;

       (d)     promptly upon being required to do so by the Agent or a Security
               Agent, comply with all proper instructions of the Agent or a
               Security Agent which the Agent or a Security Agent is entitled to
               give under the Security Documents in respect of its Intellectual
               Property Rights referred to in paragraph (a) above;

       (e)     not sell, transfer, lease, licence on an exclusive basis or
               otherwise dispose of all or any part of its interest in any of
               the Intellectual Property Rights referred to in paragraph (a)
               above (whether in a single transaction or in a series of
               transactions whether related or not and whether voluntarily or
               involuntarily) save:

               (i)  as effected pursuant to any of the Security Documents; or

               (ii) for any licence arrangements in respect of those rights
                    entered into with members of the Group for so long as they
                    remain members of the Group; or

               (iii) for any licence arrangements in respect of those rights
                    entered into with any third party, where those licence
                    arrangements are entered into on arms' length terms and in
                    the ordinary course of business and which do not materially
                    and adversely affect the interests of the Banks under the
                    Senior Finance Documents; and

       (f)     not permit any registration of any of the Intellectual Property
               Rights referred to in paragraph (a) above to be abandoned,
               cancelled or to lapse or to be liable to any claim of abandonment
               for non-use or otherwise.

19.22  Environmental Matters

       The Borrower will and will procure that each other member of the Group
       will:

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       (a)     (i) obtain all requisite Environmental Licences required for the
               carrying on of its business as currently conducted, (ii) comply
               with the terms and conditions of all such Environmental Licences
               applicable to it and (iii) comply with all other applicable
               Environmental Laws, in each case where failure to do so would
               have a Material Adverse Effect;

       (b)     promptly upon receipt of the same, notify the Agent and the
               Security Agent of any Environmental Claim pending or threatened
               against any member of the Group which if decided against that
               member of the Group would be reasonably likely to have a Material
               Adverse Effect;

       (c)     not use, dispose of, generate, store, transport, dump, release,
               deposit, bury or emit at, on, from or under any premises (whether
               or not owned, leased, occupied or controlled by any member of the
               Group and including any offsite waste management or disposal
               location utilised by any member of the Group) any Dangerous
               Substance in circumstances where this would be reasonably likely
               to result in a liability on any member of the Group which would
               have a Material Adverse Effect.

       The Borrower shall supply to the Agent in sufficient copies for all the
       Banks, if the Agent so requests, within 60 days after the end of each
       annual Accounting Period, a report, in form and scope satisfactory to the
       Agent, on environmental, health and safety issues arising in relation to
       the Borrower or its Telecom Business during such annual Accounting
       Period, including compliance by the Borrower with Environmental Laws, any
       violations thereof and fines and remedial action relating thereto, public
       complaints and environmental emergencies.

19.23  Insurance

       The Borrower shall, and shall procure that each other member of the Group
       will maintain insurance with financially sound and reputable insurers
       with respect to its assets of an insurable nature against such risks and
       in such amounts as are normally maintained by persons carrying on the
       same or a similar class of business and will provide the Agent details of
       such insurances, promptly after each renewal and such other times as the
       Agent may reasonably request.

19.24  Change of Business

       The Borrower and the Group shall conduct at all times only the Telecom
       Business.

19.25  Mergers

       The Borrower will not, and will procure that no other member of the Group
       will, enter into any merger, amalgamation, reconstruction or
       consolidation with any other person or business other than:

       (a)     a conversion by the Borrower into a joint stock company (Spolka
               Akcyjna);

       (b)     a merger where the Borrower or the relevant Subsidiary is the
               surviving legal entity; or

       (c)     a merger where the Borrower or the relevant Subsidiary is not the
               surviving legal entity but the surviving legal entity of such
               merger assumes the obligations of the Borrower or the relevant
               Subsidiary,

       in each case where the Majority Banks are satisfied, in their reasonable
       opinion, that (i) the net assets of the Borrower or its Subsidiary or
       their successor (as the case may be) are no less than those of the
       Borrower or its Subsidiary immediately prior to the merger and (ii) the
       most recent Business Plan (updated to reflect the merger or conversion)
       demonstrates that the resulting entity will be able to comply with all of
       the obligations of the Borrower or the relevant Subsidiary under the
       Senior Finance Documents to at least the same extent as the Borrower or
       the relevant Subsidiary would have been able to do.

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19.26    Financial Indebtedness

       (a)     The Borrower will not, and will procure that no member of the
               Group will, incur or permit to subsist any Financial Indebtedness
               other than:

               (i)  indebtedness under the Senior Finance Documents;

               (ii) any existing Financial Indebtedness set forth in Schedule K
                    and any refinancing of any such Financial Indebtedness
                    marked by an asterisk in Schedule K; provided that the
                    principal amount of such refinancing Financial Indebtedness
                    does not exceed the principal amount being refinanced and
                    the obligor of the new Financial Indebtedness remains the
                    same as the obligor of the refinanced Financial
                    Indebtedness;

              (iii) Financial Indebtedness incurred in accordance with the
                    Hedging Policy and pursuant to any (a) Hedging Agreement in
                    effect as of the date hereof and set forth in Schedule L,
                    intended to hedge against interest rate or foreign exchange
                    rate fluctuations, (b) Hedging Agreement intended to hedge
                    against interest rate or foreign exchange rate fluctuations
                    relating to any Financial Indebtedness under the Senior
                    Finance Documents, (c) Hedging Agreement intended to hedge
                    against interest rate or foreign exchange rate fluctuations
                    relating to any interest amounts payable under any High
                    Yield Debt Documents and (d) Hedging Agreement intended to
                    hedge against any foreign exchange rate fluctuations
                    relating to the principal outstanding under any High Yield
                    Debt Documents; provided that any such Hedging Agreement as
                    is described in this sub-clause (d) is unsecured and
                    subordinated to the Financial Indebtedness under the Senior
                    Finance Documents;

               (iv) Financial Indebtedness consisting of vendor financings where
                    the payment terms exceed 180 days so long as the aggregate
                    amount outstanding thereunder does not at any time exceed
                    the Euro Equivalent of (euro) 50,000,000;

               (v)  during the UMTS Pre-Approval Period:

                    (A)  (x)   Subordinated Debt (other than Shareholder Loans)
                               of an Obligor (and any Subordinated Debt of the
                               Borrower incurred from the onlending of such
                               Subordinated Debt of the Obligor) so long as
                               after giving pro forma effect thereto, the
                               Borrower will be in compliance with its
                               undertakings contained in Clause 21 (Financial
                               Undertakings); and

                         (y)   Financial Indebtedness incurred pursuant to any
                               New Facility; provided that before and after
                               giving effect to the incurrence of such New
                               Facility, no Default shall have occurred and be
                               continuing;

                    in either case for the purpose of funding the UMTS Licence
                    Initial Instalments provided that:

                               (aa)   the maximum aggregate principal amount of
                                      the Financial Indebtedness referred to in
                                      (x) and (y) above shall not, at any time,
                                      exceed (euro) 100,000,000 (or the Euro
                                      Equivalent thereof, if incurred in
                                      another currency); and

                               (bb)   immediately following the application of
                                      any such Financial Indebtedness in payment
                                      of any UMTS Licence Initial Instalment the
                                      aggregate principal amount of all
                                      Financial Indebtedness (other than
                                      Shareholder Loans)

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                                      incurred (whether hereunder or otherwise)
                                      for the purpose of financing such UMTS
                                      Licence Initial Instalment and all
                                      previous UMTS Licence Initial Instalments
                                      shall not exceed an amount equal to the
                                      lower of (i)(euro) 250,000,000 (or Euro
                                      Equivalent thereof, if incurred in another
                                      currency) and (ii) 2/3 of the Euro
                                      Equivalent of the aggregate amount of
                                      such UMTS Licence Initial Instalment and
                                      all previous UMTS Licence Initial
                                      Instalments;

                    (B)  Subordinated Debt of an Obligor so long as such
                         Subordinated Debt is zero-coupon or the payment of
                         interest on such Subordinated Debt is secured with
                         cash on deposit in an escrow account and the period
                         during which such Subordinated Debt is zero coupon or
                         the interest thereon is escrowed extends beyond the
                         Final Repayment Date and so long as the proceeds
                         thereof are used for general corporate purposes other
                         than UMTS Expenditures;

                    (C)  Financial Indebtedness of an Obligor consisting of
                         Shareholder Loans, the proceeds of which are used (i)
                         to purchase the UMTS Licence or (ii) for general
                         corporate purposes other than UMTS Expenditures;

               (vi) during the UMTS Approved Period:

                    (A)  Subordinated Debt of an Obligor (and any Subordinated
                         Debt of the Borrower incurred from the onlending of
                         such Subordinated Debt of the Obligor) so long as after
                         giving pro forma effect thereto, the Borrower will be
                         in compliance with its undertakings contained in Clause
                         21 (Financial Undertakings);

                    (B)  Financial Indebtedness consisting of:

                         (x)   Financial Indebtedness incurred pursuant to any
                               New Facility; provided that before and after
                               giving effect to the incurrence of such New
                               Facility, no Default shall have occurred and be
                               continuing;

                         (y)   Financial Indebtedness or other obligations
                               incurred pursuant to QTE Leases (and (without
                               double-counting) any letter of credit issued in
                               connection therewith) in an aggregate amount
                               not exceeding the Euro Equivalent of (euro)
                               100,000,000 and Finance Leases;

                    provided that the aggregate principal amount outstanding
                    (or, in the case of QTE Leases and letters of credit
                    referred to in sub-Clause (y) above, upon defeasance in
                    accordance to the terms thereof, the residual amount
                    thereof) of all such Financial Indebtedness or other
                    obligations incurred in accordance with this sub-Clause (B)
                    and any amounts incurred pursuant to sub-Clause (v)(A)(y)
                    above during the UMTS Pre-Approval Period does not, at any
                    time, exceed the Additional Debt Amount;

              (vii) during the UMTS Prepayment Period:

                    (A)  Subordinated Debt of an Obligor (and any Subordinated
                         Debt of the Borrower incurred from the onlending of
                         such Subordinated Debt of the Obligor) so long as after
                         giving pro forma effect thereto, the Borrower will be
                         in compliance with its undertakings contained in Clause
                         21 (Financial Undertakings);

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                                       67
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                    (B)  Financial Indebtedness consisting of vendor financings
                         where the payment terms exceed 180 days, so long as the
                         aggregate amount outstanding thereunder does not at
                         any time exceed the Euro Equivalent of (euro)
                         75,000,000;

             (viii) during the UMTS Exclusion Period;

                    (A)  Subordinated Debt of an Obligor consisting of
                         Shareholder Loans; and

                    (B)  Subordinated Debt (other than Shareholder Loans) of an
                         Obligor (and any Subordinated Debt of the Borrower
                         incurred from the onlending of such Subordinated Debt
                         of the Obligor) so long as such Subordinated Debt is
                         zero-coupon or the payment of interest on such
                         Subordinated Debt is secured with cash on deposit in
                         an escrow account and the period during which such
                         Subordinated Debt is zero-coupon or the interest
                         thereon is escrowed extends beyond the Final
                         Repayment Date and so long as the proceeds thereof are
                         used for general corporate purposes other than UMTS
                         Expenditures; and

               (ix) Indebtedness under the Main Facility Senior Finance
                    Documents, so long as the aggregate principal amount
                    outstanding thereunder does not exceed the Euro Equivalent
                    of (euro) 550,000,000.

       (b)     The Borrower may not, and shall procure that none of its
               Subsidiaries will, incur or permit to subsist any indebtedness by
               the issue of any letters of credit, bank guarantees, bonds for
               the performance of bids, tenders or contracts or similar
               instruments other than:

               (i)  letters of credit, bank guarantees, performance bonds or
                    similar instruments with tenors not exceeding one year
                    incurred by a member of the Group in the ordinary course of
                    its business or issued in support of Financial Indebtedness,
                    the aggregate principal amount of which does not exceed the
                    Euro Equivalent of (euro) 15,000,000; or

               (ii) letters of credit, bonds or guarantees in connection with
                    the leasehold interests of the Borrower in property which is
                    required for the Borrower's business where the amount of the
                    letters of credit, bonds or guarantees does not exceed 6
                    months rent for the leasehold interest in respect of which
                    the letter of credit, bond or guarantee is issued.

       (c)     Notwithstanding the foregoing, any Financial Indebtedness,
               letters of credit, bank guarantees, performance bonds or similar
               instruments incurred during a period in which it was permitted
               under this Agreement to be incurred shall be deemed to be
               permitted in any subsequent period if it would not otherwise have
               been permitted to be incurred under this Agreement during such
               subsequent period.

19.27  Arm's-length Terms

       The Borrower will not, and will procure that no other member of the Group
       will, incur any liability to or for the benefit of, or enter into any
       arrangement with any Restricted Person (other than in relation to
       Subordinated Debt) or other person owned in whole or in part, either
       directly or indirectly, by a Shareholder or which are on terms no worse
       to the Group than on an arm's length basis in the ordinary course of
       business and, in respect of agreements entered into after the Signing
       Date, where there have been bona fide negotiations relating to such
       terms.

19.28  Compliance with Laws

       The Borrower will, and will procure that each of its Subsidiaries will,
       comply in all respects with all applicable material laws, rules,
       regulations and orders of any governmental authority, having jurisdiction
       over it or any of its assets the failure to comply with which would be
       reasonably likely to have a Material Adverse Effect.
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19.29  Auditors

       The Borrower will instruct the Auditors to discuss the Group's and/or any
       Group member's financial position with the Agent on request from the
       Agent at the expense of the Borrower (following consultation with the
       Borrower and not more than once in each annual Accounting Period) up to
       an amount in each case, of US$1,500 except that such limit shall not
       apply if a Default subsists and has not been waived. The Agent will
       inform the Banks of the results of any such discussions.

19.30  The Pledge Law

       (a)     The Borrower shall procure that the Security Documents referred
               to in Schedule D are duly authorised and executed (unless
               otherwise specified in Schedule E), and the security is
               registered promptly (unless otherwise specified in Schedule E)
               with the requisite court to the extent required by the Pledge Law
               and all fees are paid in connection with such registration at the
               time of or before registration; provided, however that the Asset
               Pledge shall be executed by the Borrower and be held in escrow by
               the Security Agent until the date of deregistration of the Polish
               asset pledge made by the Borrower in favor of Citibank
               International plc and Citibank (Poland) S.A. (the "CITIBANK
               PLEDGE").

       (b)     The Borrower shall procure that appropriate application for the
               registration of the documents referred to in paragraph (a) above
               are lodged promptly after the deregistration of the Citibank
               Pledge.

       (c)     The Borrower shall procure that all pledges of collateral under
               the facility agreement dated 17th December, 1997 between the
               Borrower, the arrangers named therein, the banks named therein,
               Citibank International plc as Facility A Agent and Security
               Agent, Citibank (Poland) S.A. as Facility B Agent and Security
               Agent and Citibank N.A. as Co-ordinator shall be deleted from the
               register of pledges maintained by the Warsaw court promptly after
               the initial Utilisation hereunder.

       (d)     The Borrower shall execute a notarial deed in favour of the
               Finance Parties under which it will submit to execution with
               respect to the obligation to repay the Advances pursuant to Art.
               777 Sec. 1.5 of the Polish Code of Civil Procedure, and a
               notarial deed in favour of the Security Agent with respect to the
               obligation to surrender PTC's movables pursuant to Art. 777 Sec.
               1.4 of the Polish Code of Civil Procedure no later than the
               Business Day immediately following the first Utilisation.

19.31  Principal Members of the Group

       The Borrower will procure that all Principal Members of the Group
       become Guarantors and grant security over their assets in accordance
       with the terms of this Agreement.

19.32  Security and Bank Accounts

       (a)     The Borrower will procure that where the Borrower or another
               member of the Group creates or acquires a Subsidiary after the
               Signing Date:

               (i)  the Holding Company of that Subsidiary gives to the Security
                    Agent security over all of the shares in the Subsidiary; and

               (ii) that Subsidiary, if it constitutes a Principal Member of the
                    Group, gives a guarantee of all amounts outstanding under
                    the Senior Finance Documents;

               in each case, in such form as the Agent may reasonably require
               and any person who provides the security or guarantees provides
               the Security Agent with such corporate authorities, certificates,
               evidence of registrations and opinions as the Security Agent may
               require in each case simultaneously with the creation or
               acquisition of the Subsidiary.
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       (b)     The Borrower will, upon the acquisition of any material assets or
               property not yet subject to the Security Documents, give security
               to the Security Agent, to the extent it is legally able to, over
               such assets or property, and will procure that each Subsidiary
               that constitutes a Principal Member of the Group give security to
               the Security Agent, to the extent it is legally able to, over all
               or substantially all of its assets, in each case on such terms
               and in such form as the Agent may reasonably require (subject,
               however, to any exceptions contained in the Security Documents in
               the agreed form on the Signing Date) and will procure that any
               person who provides the security provides the Security Agent with
               such corporate authorities, certificates, evidence of
               registrations and opinions as the Security Agent may require as
               soon as practicable after the acquisition of such assets or
               property or after it has become aware that the Subsidiary has
               become a Principal Member of the Group, as the case may be.

       (c)     The Borrower will use all reasonable endeavours to assist the
               Finance Parties in any enforcement proceedings in the event that
               the security created, if any, over any of the Shares is enforced.

       (d)     The Borrower will procure that each member of the Group will
               maintain all its bank accounts:

               (i)  in the case of any account other than the collection account
                    for subscriber receivables, with a Bank or any bank or other
                    financial institution in London, Poland or Amsterdam with
                    (or the Holding Company of which has) a long-term debt
                    rating of at least (a) "BBB-" from S&P and "Baa3" from
                    Moody's in any amount or (b) "BB" from S&P and "Ba" from
                    Moody's in such amounts as agreed between the Agent and the
                    Borrower from time to time, or

               (ii) in the case of the collection account for subscriber
                    receivables, a Bank or any bank or other financial
                    institution in Poland, with a long-term debt rating of at
                    least (a) "BBB -" from S&P and "Baa3" from Moody's in any
                    amount or (b) "BB" from S&P and "Ba" from Moody's in such
                    amounts as agreed between the Agent and the Borrower,

               and the Agent is reasonably satisfied that there are first
               priority Security Interests created by the Security Documents
               over such accounts (other than over those accounts subject to the
               Bank Account Side Letter) and such bank has agreed to waive its
               rights of set off over such account.

19.33    UMTS Licence

       (a)     The Borrower shall not borrow, and shall not permit any members
               of the Group to borrow, more, in the aggregate, than the Euro
               Equivalent of the lesser of(euro) 250,000,000 and 662/3 per cent.
               of the UMTS Licence Initial Instalments by way of Subordinated
               Debt (other than Shareholder Loans) and Senior Debt for the
               purpose of funding UMTS Licence Initial Instalments. The Borrower
               shall not make, or permit any member of the Group to make, any
               payments (other than those described in the previous sentence)
               related to the UMTS Licence Initial Instalments unless such UMTS
               Licence Initial Instalments are funded by the Shareholders
               pursuant to capital contributions or Shareholder Loans.

       (b)     (i) During the UMTS Pre-Approval Period and (ii) during the UMTS
               Exclusion Period, the Borrower shall furnish to the Agent in
               sufficient copies for each of the Banks a certificate on each
               March 31, June 30, September 30 and December 31 occurring during
               the UMTS Pre-approval Period and on the date falling three months
               from the date of the first day of the UMTS Exclusion Period and
               every three months thereafter, setting forth all amounts spent on
               purchasing the UMTS Licence and UMTS Expenditures of the Group
               and the equivalent amount in capital contributions or Shareholder
               Loans to the Group and demonstrating compliance with Clause
               19.26(a) (Financial Indebtedness).

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19.34  UMTS Expenditure

       The Borrower will not, and will procure that no other member of the Group
       will, incur any UMTS Expenditure during (a) the UMTS Pre-Approval Period,
       other than for an amount of up to the Euro Equivalent of (euro)
       25,000,000 in aggregate and (b) the UMTS Exclusion Period, unless such
       UMTS Expenditures are funded through capital contributions or Shareholder
       Loans.

20.    SYSTEM UNDERTAKINGS

20.1    Network

       The Borrower will procure that the Network is designed, constructed,
       completed, operated and run in a safe, efficient and business-like
       manner in accordance with:

       (a)     the requirements of each Licence;

       (b)     requirements relating thereto in any Material Contract;

       (c)     all applicable Polish laws and regulations; and

       (d)     reasonable and prudent industry standards applicable in Poland,

       which, in the case of paragraphs (b) and (c) above, are material to the
       Network or which, if a member of the Group does not so design, construct,
       complete, operate or run, may have a Material Adverse Effect.

20.2   Material Contracts

       (a)     Subject to paragraph (b) below, the Borrower will, and will cause
               each of its Subsidiaries to, comply with all of its obligations
               under the Material Contracts to which it is a party where failure
               so to comply is reasonably likely to have a Material Adverse
               Effect.

       (b)     (i)  Save in the circumstances identified in paragraph (ii)
                    below, the Borrower will not, and will not permit any of
                    its Subsidiaries to, give any consent under or agree to
                    waive amend or terminate any Material Contract where to do
                    so in the case of a waiver or amendment is reasonably
                    likely to have a Material Adverse Effect.

               (ii) For the avoidance of doubt, the provisions of
                    sub-paragraph (i) above and paragraph (c) below shall
                    not prohibit the Borrower from terminating, or permitting
                    any of its Subsidiaries to terminate, any Material Contract
                    provided that such Material Contract is replaced by an
                    agreement on substantially the same or better terms.

       (c)     The Borrower will, and will cause each of its Subsidiaries to,
               maintain and in good faith enforce in a manner it reasonably
               considers appropriate its rights under the Material Contracts and
               on applicable terms, regulations and authorisations to the extent
               necessary in order to ensure:

               (i)  its compliance with its obligations under the Senior Finance
                    Documents; and

               (ii) if material to the interests of the Finance Parties under
                    the Senior Finance Documents, the performance by the other
                    parties thereto of their obligations under the Material
                    Contracts.

       (d)     The Borrower will, and will cause its Subsidiaries to, perform
               its obligations under all material leases, permissions, consents,
               approvals, licences, easements, rights of way and any other
               rights if failing to do so is reasonably likely to have a
               Material Adverse Effect.

       (e)     The Borrower will promptly provide the Agent for distribution to
               the Banks at intervals of no more than 3 months' duration, notice
               (together with such details as the Agent may reasonably

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               request) of any interconnection agreements or Licences entered
               into by any of the Group since the date of this Agreement, or if
               later, the date on the Borrower last provided notice pursuant to
               this Clause 20.2(e).

       (f)     If the Agent notifies the Borrower that as a result of the
               enforcement of the security created over the Borrower's business
               and assets pursuant to the terms of this Agreement all or
               substantially all of the business or assets of the Borrower are
               to be transferred to another company, the Borrower will use all
               reasonable endeavours to ensure that the Material Contracts and
               any other rights necessary for the operation and maintenance of
               the Network are transferred to such other company.

20.3   Operations

       The Borrower will procure that it has at all times available to it
       operating and maintenance personnel trained to operate and maintain the
       Network properly and efficiently within all manufacturers' material
       guidelines and specifications and to respond to emergency conditions.

20.4   Maintenance and Reinstatement

       The Borrower will keep and use all reasonable endeavours to keep or
       will procure that the Network and, without limitation, all assets
       forming part of the Network are kept in good and efficient operating
       condition and that material defects, imperfections and other faults are
       promptly remedied and made good and that repairs, renewals,
       replacements, additions and improvements thereto required to such end
       are promptly made.

20.5   Power to Remedy

       (a)     In case of default by the Borrower in complying with Clause 20.4
               (Maintenance and reinstatement), the Borrower will permit the
               Agent or its agents and contractors to enter facilities relating
               to the Network and to comply with or object to any notice served
               on the Borrower in respect of the Network and to effect such
               repairs or insurance or generally do such things or pay all
               reasonable and properly incurred costs, charges and expenses as
               are reasonably necessary to prevent or remedy any breach of that
               Clause or to comply with or object to any notice.

       (b)     The Borrower will indemnify and keep the Agent indemnified
               against all losses, costs, charges and expenses properly incurred
               in connection with the exercise of the powers contained in this
               Clause 20.5 unless the same arises as a result of any gross
               negligence or wilful misconduct on the part of the Agent or its
               officers, employees, directors, agents or contractors.

21.    FINANCIAL UNDERTAKINGS

21.1   Senior Debt to EBITDA

       The Borrower will procure that the amount of Senior Debt of the Group
       will not at any time during the period from each date (the "DETERMINATION
       DATE") which falls two Business Days after the date on which the Agent
       receives the Accounts in respect of a quarterly Accounting Period
       referred to in the table below up to but excluding the next Determination
       Date exceed the amount of EBITDA of the Group for the Ratio Period ending
       on the last day of each quarterly Accounting Period referred to in the
       table below multiplied by the multiplier set opposite such quarterly
       Accounting Period in the table below:

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                          ACCOUNTING PERIOD                          MULTIPLIER

       Each quarterly  Accounting Period ending on or after            4.0
       the 31st  December,  2000 but before  31st December,
       2003

       Each quarterly  Accounting Period ending on or after            3.5
       31st December, 2003 but before 31st December, 2004

       Each quarterly  Accounting Period ending on or after            3.0
       31st December, 2004 and thereafter

21.2   EBITDA to Interest Expense on Senior Debt

       The Borrower will procure that the ratio of EBITDA to Interest Expense
       on Senior Debt, in each case of the Group on a consolidated basis, for
       each Ratio Period ending:

       (a)     on or after 31st December, 2000 but before 31st December, 2002
               will not be less than 2.5:1; and

       (b)     on or after 31st December, 2002 will not be less than 3.0:1.

21.3   EBITDA to Interest Expense on Total Debt

       The Borrower will procure that the ratio of EBITDA to Interest Expense
       on Total Debt, in each case of the Group on a consolidated basis, for
       each Ratio Period ending:

       (a)     on or after 31st December, 2000 but before 31st December, 2001
               will not be less than 1.50:1; and

       (b)     on or after 31st December, 2001 but before 31st December, 2002
               will not be less than 1.75:1; and

       (c)     on or after 31st December, 2002 but before 31st December, 2003
               will not be less than 2.00:1; and

       (d)     on or after 31st December, 2003 but on or before 31st December,
               2004 will not be less than 2.25:1; and

       (e)     on or after 31st December, 2004 will not be less than 2.50:1.

21.4   Calculation

       (a)     All the terms used in this Clause 21 are to be calculated
               substantially in accordance with the Accounting Principles and
               where applicable on the basis of information supplied pursuant to
               Clause 19.2 (Financial information and Business Plan).

       (b)     Any amount outstanding in a currency other than Zloty is to be
               taken into account at its Zloty Equivalent calculated on the
               basis of the National Bank of Poland's fixing rate applicable on
               the day the relevant amount falls to be calculated.

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22.    DEFAULT

22.1   Events of Default

       Each of the events set out in Clause 22.2 (Non-payment) to 22.20
       (Material adverse change) is an Event of Default (whether or not caused
       by any reason outside the control of the Borrower or of any other
       person).

22.2   Non-Payment

       The Borrower does not pay on the due date any amount payable by it under
       any Senior Finance Document at the place and in the funds expressed to be
       payable, except for any such amount which is unpaid due to technical
       delays in the transmission of funds which are beyond the control of the
       Borrower and which is paid in full within three Business Days of the due
       date for payment.

22.3   Breach of Obligations

       (a)     There is any breach of the provisions of Clauses 19.4
               (Notification of Default), 19.8 (Negative Pledge), 19.9
               (Transactions similar to security), 19.33 (UMTS Licence), 19.34
               (UMTS Expenditure) or 21 (Financial undertakings).

       (b)     There is any breach of the provisions of Clauses 19.10
               (Disposals), 19.11 (Pari passu ranking), 19.16 (Acquisitions and
               investments), 19.17 (Restricted distributions), 19.20 (Share
               capital), 19.24 (Change of business), 19.25 (Mergers), 19.26
               (Financial Indebtedness) or 19.30 (The Pledge Law) and either (i)
               such breach is unremedied for 14 days after the earlier of (A)
               the Borrower becoming aware of such breach and (B) receipt by the
               Borrower of written notice from the Agent requiring the failure
               to be remedied, or (ii) the Majority Banks (acting reasonably)
               notify the Borrower that in their opinion such breach cannot or
               is not likely to be remedied within 14 days from the date of such
               notice.

       (c)     Any Obligor or any Shareholder fails to comply with any other
               provision of any Senior Finance Document and, if such default is
               capable of remedy within such period, within 30 days after the
               earlier of the Obligor or Shareholder becoming aware of such
               default and receipt by the Obligor or Shareholders and (if
               different) the Borrower of written notice from the Agent
               requiring the failure to be remedied, that Obligor or
               Shareholders fails to cure such default.

22.4   Misrepresentation/Breach of Warranty

       Any representation, warranty or statement made or repeated by the
       Borrower, any Obligor or any other party to a Senior Finance Document
       (other than a Finance Party), in any Senior Finance Document or in any
       certificate or statement delivered by or on behalf of any Obligor, other
       member of the Group or other party to a Senior Finance Document (other
       than a Finance Party), under any Senior Finance Document, is incorrect in
       any respect which is material when made or deemed to be made or repeated
       by reference to the facts and circumstances then subsisting.

22.5   Cross-default

       (a)     Any amount in respect of Financial Indebtedness of a member of
               the Group is not paid when due; or

       (b)     an event of default howsoever described (or any event which with
               the giving of notice, lapse of time or any combination of the
               foregoing would constitute such an event of default) occurs under
               any document relating to Financial Indebtedness of a member of
               the Group; or

       (c)     any Financial Indebtedness of a member of the Group becomes
               prematurely due and payable or is placed on demand as a result of
               an event of default (howsoever described) under the document
               relating to that Financial Indebtedness; or

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       (d)     any commitment for, or underwriting of, any Financial
               Indebtedness of a member of the Group is cancelled or suspended
               as a result of an event of default (howsoever described) under
               the document relating to that Financial Indebtedness; or

       (e)     any Security Interest securing Financial Indebtedness over any
               asset of a member of the Group becomes enforceable,

       and the aggregate of all such Financial Indebtedness as described in
       paragraphs (a) to (e) above of all members of the Group exceeds the Euro
       Equivalent of (euro) 10,000,000.

22.6   Invalidity

       (a)     Any of the Senior Finance Documents ceases to be in full force
               and effect or ceases to constitute the legal, valid and binding
               obligation of any Obligor or other party to it (other than a
               Finance Party) enforceable in accordance with its terms subject
               to applicable insolvency and other laws affecting creditors'
               rights generally.

       (b)     Any Security Document fails, after the first Utilisation (or in
               the case of those Security Documents listed at subclauses (i),
               (ii), (iii) and (iv) of paragraph 25 of Schedule E, after the
               date such Security Documents are required to be delivered to the
               Security Agent in accordance with the terms of the Senior Finance
               Documents (including, without limitation, to the extent required
               by the terms of the Senior Finance Documents, Registered Share
               Pledges pledging at least 51% of the Shares in favour of the
               Security Agent), to provide first priority security in favour of
               the Security Agent and/or the Banks over the assets over which
               security is intended to be given by that Security Document other
               than where (i) such an event can be remedied, (ii) the Borrower
               is diligently taking steps to remedy such event and (iii) such
               event is remedied in a manner reasonably acceptable to the
               Majority Banks within 30 days after notice from the Agent to the
               Borrower requiring such event to be remedied.

       (c)     It shall be unlawful for any Obligor or any other party (other
               than a Finance Party) to perform any of its obligations under any
               of the Senior Finance Documents which if not performed would in
               the reasonable opinion of the Majority Banks be materially
               adverse to the Banks.

22.7   Insolvency

       (a)     A Principal Member of the Group is declared insolvent by a court
               of competent jurisdiction, is unable to pay its debts as they
               fall due or admits inability to pay its debts as they fall due;
               or

       (b)     a Principal Member of the Group suspends making payments on all
               or any class of its debts or announces an intention to do so, or
               a moratorium is declared in respect of any of its indebtedness;
               or

       (c)     a Principal Member of the Group, by reason of financial
               difficulties, begins negotiations with one or more of its
               creditors with a view to the readjustment or rescheduling of any
               of its indebtedness.

22.8   Insolvency proceedings

       (a)     Any formal proposal by a Principal Member of the Group to its
               creditors or a petition is made or resolution passed with a view
               to a composition, general assignment of all assets of any
               Principal Member of the Group or arrangement with any creditors
               of any Principal Member of the Group unless the terms thereof
               have been previously approved by the Majority Banks; or

       (b)     (i)  a meeting of any Principal Member of the Group is convened
                    by at least 10% of its shareholders or its management board
                    or directors for the purpose of voting on any resolution
                    for (or to petition for) its winding-up or for its
                    administration and either (A) the Majority Banks (acting in
                    good faith) consider that such meeting is not being

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                    convened for frivolous or vexatious purposes or (B) the
                    Borrower is not able to demonstrate to the reasonable
                    satisfaction of the Majority Banks that such resolution or
                    petition is unlikely to be passed or made at such meeting;
                    or

               (ii) any such resolution is passed; or

       (c)     any person presents a petition for the winding-up or for the
               administration of any Principal Member of the Group as a result
               of a claim for an amount exceeding the Euro Equivalent of (euro)
               10,000,000 and either (i) the Majority Banks consider (acting
               reasonably) that such petition is not frivolous or vexatious or
               (ii) the same is not being contested in good faith; or

       (d)     an order for the winding-up or administration of any Principal
               Member of the Group is made; or

       (e)     any other action is taken with a view to the administration,
               custodianship, liquidation, winding-up or dissolution of any
               Principal Member of the Group or any other insolvency proceedings
               involving any Principal Member of the Group and either (i) the
               Majority Banks (acting in good faith) consider such action is not
               frivolous or vexatious or (ii) the same is not being contested in
               good faith, other than in each case:

               (i)  in connection with a solvent winding-up of a Subsidiary of
                    the Borrower, other than the Issuers the terms of which have
                    been approved by the Majority Banks; or

               (ii) in connection with a solvent winding-up of an Issuer where
                    arrangements have been made for the Borrower to assume the
                    obligations under the relevant High Yield Debt Documents on
                    similar terms (mutatis mutandis) as at the Signing Date or
                    on such other terms as are satisfactory to the Majority
                    Banks (acting reasonably).

22.9   Appointment of Receivers and Managers

       (a)     Any liquidator, official receiver, judicial custodian, compulsory
               manager, receiver, administrative receiver, administrator or the
               like is appointed in respect of any Principal Member of the Group
               or any part of its assets; or

       (b)     a resolution of the board of directors of a Principal Member of
               the Group is passed for the appointment of a liquidator, trustee
               in bankruptcy, judicial custodian, compulsory manager, receiver,
               administrative receiver, administrator or the like; or

       (c)     any other steps are taken to enforce any Security Interest or any
               part of the assets of any Principal Member of the Group in
               respect of a sum owed of at least the Euro Equivalent of (euro)
               10,000,000, other than in each case:

               (i)  in connection with a solvent winding-up of a Subsidiary of
                    the Borrower other than the Issuers, the terms of which have
                    been approved by the Majority Banks; or

               (ii) in connection with a solvent winding-up of an Issuer where
                    arrangements have been made for the Borrower to assume the
                    obligations under the relevant High Yield Debt Documents on
                    similar terms (mutatis mutandis) as at the Signing Date or
                    on such other terms as are satisfactory to the Majority
                    Banks (acting reasonably).

22.10  Creditors' Process

       Any attachment, sequestration, distress or execution affects any asset
       the value of which in aggregate exceeds the Euro Equivalent of
       (euro) 10,000,000 of a Principal Member of the Group and is not
       discharged within 30 days.
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22.11  Analogous Proceedings

       There occurs, in relation to a member of the Group, any event anywhere
       which, in the opinion of the Majority Banks, appears to correspond with
       any of those mentioned in Clauses 22.7 (Insolvency) to 22.10 (Creditors'
       process) (inclusive).

22.12  Cessation of Business

       Any Principal Member of the Group (other than an Issuer where
       arrangements have been made for the Borrower to assume the obligations
       under the relevant High Yield Debt Documents on similar terms (mutatis
       mutandis) as at the Signing Date or on such other terms as are
       satisfactory to the Majority Banks (acting reasonably)) ceases or
       threatens to cease to carry on all or a substantial part of its principal
       business.

22.13  Rescission of Agreements

       Any member of the Group or any Shareholder party to a Senior Finance
       Document rescinds any Senior Finance Document in whole or in part.

22.14  Ownership of the Borrower

       (a)     There is a change of ownership of any of the Shares during the
               Restricted Period without the consent of the Majority Banks if
               after giving effect to such transfer:

               (i)  Deutsche Telekom A.G., Deutsche Telekom MobilNet GmbH and/or
                    T-Mobile International A.G. cease to own, either directly or
                    indirectly, and legally and beneficially, at least 25.01% of
                    the Shares; or

               (ii) Elektrim S.A. and/or Elektrim Telekomunikacja Sp. z o.o.
                    cease to own, either directly or indirectly, and legally and
                    beneficially, at least 25.01% of the Shares.

       (b)     There is a change of ownership of any of the Shares after the
               Restricted Period without the consent of the Majority Banks if
               (i) after giving effect to such transfer, Deutsche Telekom A.G.,
               Deutsche Telekom MobilNet GmbH, T-Mobile International A.G.
               and/or another internationally recognised cellular operator of
               comparable standing and comparable credit rating cease to own,
               either directly or indirectly, and legally and beneficially, at
               least 25.01% of the Shares or (ii) any person or two or more
               persons acting in concert other than Deutsche Telekom A.G.,
               Deutsche Telekom MobilNet GmbH, T-Mobile International A.G.,
               MediaOne International B.V., Elektrim S.A. and/or Elektrim
               Telekomunikacja Sp. z o.o., Vivendi S.A. or any wholly owned
               Subsidiary of the foregoing shall own, either directly or
               indirectly, and legally and beneficially, through any contract,
               arrangement, understanding, relationship or otherwise, (x) voting
               power which includes the power to vote, or to direct the voting
               of, and/or (y) investment power which includes the power to
               dispose of or to direct the disposition of Shares representing
               25% or more of the combined voting power of all voting interests
               of the Borrower.

       (c)     Any Shareholder creates, incurs, assumes or suffers to exist any
               lien, security interest or other charge or encumbrance of any
               kind, or any other type of preferential arrangement on the Shares
               to secure any Financial Indebtedness (other than under the Senior
               Finance Documents) of any member of the Group.

22.15  Proceedings

       (a)     There is current or pending any litigation, dispute, arbitration,
               administrative, regulatory or other proceedings or enquiry
               concerning or involving any Principal Member of the Group which,
               if adversely determined, is reasonably likely to have a Material
               Adverse Effect.
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       (b)     Any judgment or order for an amount which is greater than the
               Euro Equivalent of (euro) 10,000,000 is made against any
               Principal Member of the Group which is material in the context of
               the operations of the business of the Principal Member of the
               Group, is not subject to an appeal and which is not satisfied
               within 20 days of the passing of such judgment or order.

22.16  High Yield Debt Documents

       An Issuer or the Borrower fails to comply with any of the material
       provisions of, or its material obligations under, the High Yield Debt
       Documents.

22.17  Loss of Licences, Breach of Material Contracts, Shareholders' Agreement

       (a)     Any Licence is:

               (i)  terminated, suspended or revoked or does not remain in full
                    force and effect or otherwise expires and is not renewed
                    prior to its expiry (in each case, without replacement by
                    Licence(s) having substantially equivalent effect) except
                    where the Borrower is contesting the same in good faith by
                    appropriate proceedings and is lawfully able to continue its
                    business and operations; or

               (ii) modified in a manner which is reasonably likely to have a
                    Material Adverse Effect or breached in any material respect;
                    or

       (b)     any event occurs which is reasonably likely to give rise to the
               revocation, termination or suspension of any Licence (without
               replacement) in such circumstance where the Borrower is unable to
               demonstrate to the reasonable satisfaction of the Majority Banks
               within 30 days of such event occurring that either (i) such
               termination, suspension or revocation will not occur or (ii) if
               it does occur, it will be contested in good faith by appropriate
               proceedings and the Borrower will be lawfully able to continue
               its operations while such termination, suspension or revocation
               is being contested; or

       (c)     any other Material Contract, Shareholder Loan or Transaction
               Document is varied, breached, cancelled, suspended, withdrawn,
               revoked or terminated in a manner or circumstances which would
               have a Material Adverse Effect; or

       (d)     any of the rights of the Shareholders under the Shareholders'
               Agreement are reduced or diminished in a manner which could or
               would be prejudicial to the Finance Parties or the Shareholders'
               Agreement is cancelled, suspended or terminated (unless replaced
               by an agreement in substantially the same terms) or materially
               amended in a manner that would result in a Material Adverse
               Effect; provided, however that, if so requested by the Borrower,
               the Majority Banks shall confirm within 14 days after such
               request whether such amendment would result in a Material Adverse
               Effect.

22.18  Government Action

       Any governmental action, including nationalisation, expropriation or
       imposition of exchange controls is taken which, in the reasonable
       opinion of the Majority Banks, would have a Material Adverse Effect.

22.19  [Intentionally Omitted]

22.20  Material Adverse Change

       Any event or series of events occurs which is likely to have a Material
       Adverse Effect.

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22.21  Acceleration

       On and at any time after the occurrence of an Event of Default the
       Agent may, and shall if so directed by the Majority Banks, by notice to
       the Borrower do any or all of the following:

       (a)     cancel all or any part of the Tranche A Total Commitments and/or
               the Tranche B Total Commitments; and/or

       (b)     demand that all or part of the Advances outstanding, together
               with accrued interest and any or all other amounts accrued under
               the Senior Finance Documents, be immediately due and payable,
               whereupon they shall become immediately due and payable; and/or

       (c)     demand that all or part of the Advances are repayable on demand,
               whereupon they shall immediately become repayable on demand by
               the Agent acting on the instructions of the Majority Banks;
               and/or

       (d)     enforce or instruct the Security Agent to enforce all or part of
               the security constituted under or pursuant to the Security
               Documents or enforce any other right held by it.

23.    GUARANTEES

23.1   Guarantee

       In consideration of the Finance Parties entering into the Senior
       Finance Documents each Guarantor (jointly and severally with the other
       Guarantors) irrevocably and unconditionally:

       (a)     guarantees to each Finance Party as principal obligor the
               performance by each other Obligor of all its obligations under
               the Senior Finance Documents and the payment when due by each
               other Obligor of all sums payable under the Senior Finance
               Documents;

       (b)     undertakes with each Finance Party that if any other Obligor
               fails to pay any of the indebtedness referred to in Clause
               23.1(a) (Guarantee) on its due date it will pay that sum on
               demand; and

       (c)     indemnifies each Finance Party on demand against all losses,
               damages, costs and expenses incurred by such Finance Party
               arising as a result of any obligation of any Obligor under the
               Senior Finance Documents being or becoming unenforceable, invalid
               or illegal.

23.2   Guarantors as Principal Debtors

       As between each Guarantor and the Finance Parties but without affecting
       the obligations of the Borrower, each Guarantor shall be liable under
       Clause 23.1 (Guarantee) as if it were the sole principal debtor and not
       merely a surety. Accordingly, its obligations thereunder and any
       liability deriving therefrom shall not be discharged or affected by any
       circumstance which would so discharge or affect such obligations or
       liability of such Guarantor were the sole principal debtor including:-

       (a)     any time, indulgence, waivers or consents given to any Obligor or
               any other person;

       (b)     any amendment, variation or modification to any Senior Finance
               Document or any other security or guarantee or any increase in
               the amount of the Facilities;

       (c)     the making or absence of any demand on any Obligor or any other
               person for payment or performance of any other obligations, or
               the application of any moneys at any time received from any
               Obligor or any other person;

       (d)     the enforcement, perfecting or protecting of or absence of
               enforcement, perfecting or protecting of any security, guarantee
               or undertaking (including, without limitation, all or any of the
               obligations and liabilities of any Obligor);
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       (e)     the release, taking, giving or abstaining from taking of any
               security, guarantee or undertaking (including, without
               limitation, the Senior Finance Documents);

       (f)     the insolvency, winding-up, administration, receivership or the
               commencement of any other insolvency procedure under the laws of
               any relevant jurisdiction in relation to any Obligor, any Finance
               Party or any other person or the making of any arrangement or
               composition with or for the benefit of creditors by any other
               Obligor, any Finance Party or any other person;

       (g)     any amalgamation, merger or change in constitution in relation to
               any Obligor, any Finance Party or any other person;

       (h)     the illegality, invalidity or unenforceability of or any defect
               in any provision of any Finance Document or any security,
               obligations or liabilities arising or expressed to arise
               thereunder;

       (i)     any Finance Party ceasing or refraining from giving credit or
               making loans or advances to or otherwise dealing with any Obligor
               or any other person or any other security, guarantee or
               undertaking; or

       (j)     any other circumstance which, but for this provision, might
               operate to release or otherwise exonerate the Guarantor from its
               obligations hereunder.

23.3   Other Guarantors

       It is specifically acknowledged and agreed that the Finance Parties may
       from time to time make any arrangement, compromise, waiver or other
       dealing with any Obligor in relation to any guarantee or other
       obligations under the Senior Finance Documents which such Finance Parties
       may think fit and no such arrangement, compromise, waiver or other
       dealing shall exonerate or discharge any other Obligor from its
       obligations under the Senior Finance Documents.

23.4   Guarantors' Obligations Continuing

       Each Obligor's obligations under this Agreement are and will remain in
       full force and effect by way of continuing security until no sum remains
       to be lent or remains payable under this Agreement. Furthermore, those
       obligations are additional to, and not instead of, any security or other
       guarantee or indemnity at any time existing in favour of any person,
       whether from that Obligor or otherwise and each Obligor waives any right
       it may have to require any Finance Party to enforce any such security,
       guarantee or indemnity before claiming against it.

23.5   Exercise of Guarantors' Rights

       So long as any sum remains payable or capable of becoming payable under
       the Senior Finance Documents:

       (a)     any right of an Obligor (by reason of performance of any of its
               obligations hereunder), to be indemnified by any other Obligor or
               to take the benefit of or enforce any security or other guarantee
               or to receive any payment from any other Obligor shall be
               exercised and enforced by such Obligor and shall only be
               exercised and enforced by such Obligor in such manner and on such
               terms as the Agent may require; and

       (b)     any amount received or recovered by such Obligor as a result of
               any exercise of any such right shall be held in trust for the
               Finance Parties and immediately paid to the Agent.

23.6   Avoidance of Payments

       Each Obligor shall on demand indemnify the Agent and each Finance Party
       against any funding or other cost, loss, expense or liability sustained
       or incurred by it as a result of it being required for any reason to
       refund all or part of any amount received or recovered by it from such
       Obligor in respect of any sum payable by any Obligor under any Senior
       Finance Document.

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23.7   Suspense Accounts

       Any amount received or recovered by any Finance Party (otherwise than as
       a result of a payment by a Borrower to the Agent) in respect of any sum
       due and payable by any Borrower under this Agreement may be placed in a
       suspense account and kept there for so long as the recipient thinks fit.
       Amounts deposited in any such account shall accrue interest at the
       Agent's usual rate for deposits of a similar amount and nature from time
       to time and interest accrued shall be credited to such account.

23.8   Primary Obligations

       As a separate and alternative stipulation, each Obligor unconditionally
       and irrevocably agrees that any sum expressed to be payable by any
       Obligor under this Agreement but which is for any reason (whether or not
       now existing and whether or not now known or becoming known to any party
       to this Agreement) not recoverable from such Obligor on the basis of a
       guarantee shall nevertheless be recoverable from it as if it were the
       sole principal debtor and shall be paid by it to the Agent on demand.

23.9   Further Guarantors

       The Borrower will:

       (a)     procure that any person that becomes Principal Member of the
               Group (other than the Borrower) which is not a Guarantor shall
               (unless prohibited by law) become a Guarantor by delivering an
               Accession Document duly executed by it and by the Borrower to the
               Agent within 10 Business Days after such person becomes a
               Principal Member of the Group pursuant to the terms of this
               Agreement;

       (b)     procure that any Principal Member of the Group (other than the
               Borrower) which enters into an Accession Document shall within 10
               Business Days thereafter execute such Security Documents (in
               favour of the Security Agent for the benefit of the Finance
               Parties) as the Agent shall reasonably require; and

       (c)     procure that there shall be delivered to the Agent with the
               original executed Accession Document and any such Security
               Documents such evidence of the due execution of the Accession
               Document and such Security Documents as the Agent shall require
               together with a legal opinion reasonably satisfactory to the
               Agent.

24.    INDEMNITIES

24.1   Currency Indemnity

       (a)     If a Finance Party receives an amount in respect of an Obligor's
               liabilities under the Senior Finance Documents or if that
               liability is converted into a claim, proof, judgment or order in
               a currency other than the currency (the "CONTRACTUAL CURRENCY")
               in which the amount is expressed to be payable under the relevant
               Senior Finance Document:

               (i)  such Obligor shall indemnify that Finance Party as an
                    independent obligation against any loss or liability arising
                    out of or as a result of the conversion;

               (ii) if the amount received by that Finance Party, when converted
                    into the contractual currency at a market rate in the usual
                    course of its business is less than the amount owed in the
                    contractual currency, such Obligor shall forthwith on demand
                    pay to that Finance Party an amount in the contractual
                    currency equal to the deficit; and

              (iii) such Obligor shall forthwith on demand pay to the Finance
                    Party concerned any exchange costs and Taxes payable in
                    connection with any such conversion.

       (b)     Each Obligor waives any right it may have in any jurisdiction to
               pay any amount under the Senior Finance Documents in a currency
               other than that in which it is expressed to be payable.
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24.2   Other Indemnities

       The Borrower shall forthwith on demand indemnify each Finance Party
       against any loss or liability which that Finance Party incurs as a
       consequence of:

       (a)     the occurrence of any Default including a breach by a Shareholder
               which is not an Obligor of a Senior Finance Document to which
               such Shareholder is a party;

       (b)     the operation of Clause 22.21 (Acceleration);

       (c)     any payment of principal or an overdue amount being received from
               any source otherwise than on the last day of a relevant Interest
               Period or Designated Interest Period (as defined in Clause 10.3
               (Default interest)) relative to the amount so received;

       (d)     an Advance (or part of an Advance) not being prepaid in
               accordance with a notice of prepayment or (other than by reason
               of negligence or default by that Finance Party) an Advance not
               being made after the Borrower has delivered a Request;

       (e)     any act or omission by the Borrower which invalidates the
               Insurances (as defined in the Asset Pledge);

       (f)     the design, manufacture, testing, maintenance, repair,
               refurbishment, condition, service, overhaul, modification,
               change, loss, damage, removal or storage of any of the Movables
               (as defined in the Asset Pledge) or any part thereof;

       (g)     the transfer, ownership, delivery, non-delivery, import, export,
               possession, use, operation, registration, non-registration,
               leasing or sub-leasing of any of the Movables (as defined in the
               Asset Pledge) or any part thereof;

       (h)     the retaking of possession of any of the Movables (as defined in
               the Asset Pledge) or any part thereof and entering upon any
               premises for this purpose (including the exercise of the Security
               Agent's powers set forth in Clause 6.4 of the Asset Pledge); or

       (i)     the exercise or purported exercise of any rights, powers or
               discretions vested in the Security Agent pursuant to the Asset
               Pledge, any Ordinary Share Pledge and/or any Registered Share
               Pledge.

       The Borrower's liability in each case includes any loss or expense on
       account of funds borrowed, contracted for or utilised to fund any amount
       payable under any Senior Finance Document, any amount repaid or prepaid
       or any Advance.

25.    AGENT, SECURITY AGENT, LEAD ARRANGERS, ARRANGERS AND BANKS

25.1   Appointment and duties of the Agent and the Security Agent

       (a)     Subject to Clause 25.15(f) (Resignation of Agent and Security
               Agent), each Finance Party (other than the Agent and the Security
               Agent, respectively) irrevocably appoints the Agent to act as its
               agent and the Security Agent to act as its security agent under
               and in connection with the Senior Finance Documents.

       (b)     Each Party irrevocably authorises the Agent and the Security
               Agent on its behalf to perform the duties and to exercise the
               rights, powers and discretions that are specifically delegated to
               it under or in connection with the Senior Finance Documents,
               together with any other incidental rights, powers and
               discretions.
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       (c)     The Agent and the Security Agent have only those duties which are
               expressly specified in this Agreement and in the Security
               Documents and Collateral Sharing Intercreditor Agreement,
               respectively. Those duties are solely of a mechanical and
               administrative nature.

25.2   Role of the Lead Arrangers and Arrangers

       Except as specifically provided in this Agreement, neither the Lead
       Arrangers nor the Arrangers have any obligations of any kind to any other
       Party under or in connection with any Senior Finance Document.

25.3   Relationship

       The relationship between the Agent and the Security Agent, on the one
       hand, and the other Finance Parties, on the other hand, is that of agent
       and principal only. Nothing in this Agreement constitutes the Agent or
       the Security Agent as fiduciary for any other Party or any other person
       and neither the Agent nor the Security Agent need keep any moneys paid to
       it for a Party segregated from its assets or be liable to account for
       interest on those moneys.

25.4   Majority Banks' Instructions

       (a)     Each of the Agent and, subject to the terms of the Collateral
               Sharing Intercreditor Agreement, the Security Agent will be fully
               protected if it acts in accordance with the instructions of the
               Majority Banks in connection with the exercise of any right,
               power or discretion or any matter not expressly provided for in
               the Senior Finance Documents. Any such instructions given by the
               Majority Banks will be binding on all the Banks. In the absence
               of such instructions, each of the Agent and the Security Agent
               may act as it considers to be in the best interests of the Banks.

       (b)     Neither the Agent nor the Security Agent is authorised to act on
               behalf of a Bank (without first obtaining that Bank's consent) in
               any legal or arbitration proceedings relating to any Senior
               Finance Document.

25.5   Delegation

       The Agent and the Security Agent may act under the Senior Finance
       Documents through their respective personnel and agents.

25.6   Responsibility for Documentation

       None of the Agent, the Security Agent, the Lead Arrangers or the
       Arrangers are responsible to any other Party for:

       (a)     the execution, genuineness, validity, enforceability or
               sufficiency of any Senior Finance Document or any other document;

       (b)     the collectability of amounts payable under any Senior Finance
               Document; or

       (c)     the accuracy of any statements (whether written or oral) made in
               or in connection with any Senior Finance Document.

25.7   Default

       (a)     Neither the Agent nor the Security Agent is obliged to monitor or
               enquire as to whether or not a Default has occurred. Neither the
               Agent nor the Security Agent will be deemed to have knowledge of
               the occurrence of a Default. However, if the Agent or the
               Security Agent receives notice from a Party referring to this
               Agreement, describing the Default and stating that the event is a
               Default, it shall promptly notify the Banks.

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       (b)     Each of the Agent or the Security Agent may require the receipt
               of security satisfactory to it, whether by way of payment in
               advance or otherwise, against any liability or loss which it will
               or may incur in taking any proceedings or action arising out of
               or in connection with any Senior Finance Document before it
               commences those proceedings or takes that action.

25.8   Exoneration

       (a)     Without limiting paragraph (b) below, neither the Agent nor the
               Security Agent will be liable to any other Party for any action
               taken or not taken by it under or in connection with any Senior
               Finance Document, unless caused by its gross negligence or wilful
               misconduct.

       (b)     No Party may take any proceedings against any officer, employee
               or agent of the Agent or the Security Agent in respect of any
               claim it might have against the Agent or the Security Agent or in
               respect of any act or omission of any kind (including gross
               negligence or wilful misconduct) by that officer, employee or
               agent in relation to any Senior Finance Document.

25.9   Reliance

       Each of the Agent and the Security Agent may:

       (a)     rely on any notice or document believed by it to be genuine and
               correct and to have been signed by, or with the authority of, the
               proper person;

       (b)     rely on any statement made by a director or employee of any
               person regarding any matters which may reasonably be assumed to
               be within his knowledge or within his power to verify; and

       (c)     engage, pay for and rely on legal or other professional advisers
               selected by it (including those in its employment and those
               representing a Party other than itself).

25.10  Credit Approval and Appraisal

       Without affecting the responsibility of the Borrower for information
       supplied by it or on its behalf in connection with any Senior Finance
       Document, each Bank confirms that it:

       (a)     has made its own independent investigation and assessment of the
               financial condition and affairs of the Borrower and its related
               entities in connection with its participation in this Agreement
               and has not relied exclusively on any information provided to it
               by the Agent, the Security Agent, any of the Lead Arrangers or
               any of the Arrangers in connection with any Senior Finance
               Document; and

       (b)     will continue to make its own independent appraisal of the
               creditworthiness of the Borrower and its related entities while
               any amount is or may be outstanding under the Senior Finance
               Documents or any Commitment is in force.

25.11  Information

       (a)     The Agent shall promptly forward to the person concerned or make
               available for his inspection the original or a copy of any
               document which is delivered to the Agent by a Party for that
               person.

       (b)     The Agent shall promptly supply a Bank with a copy of each
               document received by the Agent under Clause 4.1 (Conditions
               precedent to first Utilisation), upon the request and at the
               expense of that Bank.

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       (c)     Except where this Agreement specifically provides otherwise, the
               Agent is not obliged to review or check the accuracy or
               completeness of any document it forwards to or makes available
               for inspection by another Party.

       (d)     Except as provided above, neither the Agent nor the Security
               Agent has a duty:

               (i)  either initially or on a continuing basis to provide any
                    Bank with any credit or other information concerning the
                    financial condition or affairs of the Borrower or of its
                    related entities, whether coming into its possession before,
                    on or after the date of this Agreement; or

               (ii) unless specifically requested to do so by a Bank in
                    accordance with a Senior Finance Document, to request any
                    certificates or other documents from the Borrower.

25.12  The Agent, the Security Agent, the Lead Arrangers and the Arrangers
       individually

       (a)     If it is also a Bank, each of the Agent, the Security Agent, the
               Lead Arrangers and the Arrangers has the same rights and powers
               under this Agreement as any other Bank and may exercise those
               rights and powers as though it were not the Agent, the Security
               Agent, the Lead Arrangers or the Arrangers as the case may be.

       (b)     Each of the Agent, the Security Agent, the Lead Arrangers and the
               Arrangers may:

               (i)  carry on any business with the Borrower or its related
                    entities;

               (ii) act as agent for, or in relation to any financing involving,
                    the Borrower or its related entities; and

              (iii) retain any profits or remuneration in connection with its
                    activities under this Agreement or in relation to any of the
                    foregoing.

       (c)     In acting as the Agent or the Security Agent, as the case may be,
               the agency division of the Agent or the Security Agent, as the
               case may be, will be treated as a separate entity from its other
               divisions and departments. Any information acquired by the Agent
               or the Security Agent, as the case may be, which, in its opinion,
               is acquired by it otherwise than in its capacity as the Agent or
               the Security Agent may be treated as confidential by the Agent or
               the Security Agent and will not be deemed to be information
               possessed by the Agent or the Security Agent in its capacity as
               such.

       (d)     The Borrower irrevocably authorises each of the Agent and the
               Security Agent to disclose to the other Finance Parties any
               information which, in the opinion of the Agent or the Security
               Agent, as the case may be, is received by it in its capacity as
               Agent or the Security Agent.

25.13  Indemnities

       (a)     Without limiting the liability of the Borrower under the Senior
               Finance Documents, each Bank shall forthwith on demand indemnify
               the Agent and the Security Agent for that Bank's proportion of
               any liability or loss incurred by the Agent or the Security
               Agent, as the case may be, in any way relating to or arising out
               of its acting as Agent or Security Agent, as the case may be,
               except to the extent that the liability or loss arises from the
               gross negligence or wilful misconduct of the Agent or Security
               Agent, as the case may be.

       (b)     A Bank's proportion of the liability set out in paragraph (a)
               above at any time will be the proportion which its participation
               in the Euro Equivalent of Utilisations bears to all such
               Utilisations outstanding on the date of the demand. However, if
               there are no Utilisations outstanding on the date of demand or
               the Default Date has occurred, then the proportion will be the
               proportion which its Commitment bears to the Total Commitments
               or, if the Total

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               Commitments have then been cancelled, bore to the Total
               Commitments immediately before being cancelled.

25.14  Compliance

       (a)     Each of the Agent and the Security Agent may refrain from doing
               anything which might, in its opinion, constitute a breach of any
               law or regulation or be otherwise actionable at the suit of any
               person, and may do anything which, in its opinion, is necessary
               or desirable to comply with any law or regulation of any
               jurisdiction.

       (b)     Without limiting paragraph (a) above, neither the Agent nor the
               Security Agent need disclose any information relating to the
               Borrower or any of its related entities if the disclosure might,
               in the reasonable opinion of the Agent or the Security Agent,
               constitute a breach of any law or regulation or any duty of
               secrecy or confidentiality or be otherwise actionable at the suit
               of any person.

25.15  Resignation of the Agent and the Security Agent

       (a)     Notwithstanding its irrevocable appointment, the Agent or the
               Security Agent may resign by giving notice to the Banks and the
               Borrower, in which case the Agent or the Security Agent, as the
               case may be, may, with the prior written consent of the Borrower
               (such consent not to be unreasonably withheld), and subject, in
               the case of the Security Agent, to Clause 25.17 (Security Agent
               as Administrator) and the Collateral Sharing Intercreditor
               Agreement, forthwith appoint one of its Affiliates as successor
               Agent or Security Agent or, failing that, the Majority Banks,
               subject, in the case of the Security Agent, to Clause 25.17
               (Security Agent as Administrator) and the Collateral Sharing
               Intercreditor Agreement, may appoint a successor Agent or
               Security Agent with the prior written consent of the Borrower
               (such consent not to be unreasonably withheld or delayed).

       (b)     If the appointment of a successor Agent or Security Agent is to
               be made by the Majority Banks but they have not, within 30 days
               after notice of resignation, appointed a successor Agent or
               Security Agent which accepts the appointment, the Agent or
               Security Agent may, subject, in the case of the Security Agent,
               to Clause 25.17 (Security Agent as Administrator) and the
               Collateral Sharing Intercreditor Agreement, appoint a successor
               Agent or Security Agent.

       (c)     The resignation of an Agent or Security Agent and the appointment
               of any successor Agent or Security Agent will both become
               effective only upon the successor Agent or Security Agent
               notifying all the Parties that it accepts its appointment. On
               giving the notification, the successor Agent or Security Agent
               will succeed to the position of the Agent or Security Agent in
               respect of the relevant Facility and the term "AGENT" or
               "SECURITY AGENT" will mean the successor Agent or Security Agent,
               as the case may be. (d) The retiring Agent or Security Agent
               shall make available to the successor Agent or Security Agent
               such documents and records and provide such assistance as the
               successor Agent or Security Agent may reasonably request for the
               purposes of performing its functions as the Agent or Security
               Agent under the Senior Finance Documents.

       (e)     Upon its resignation becoming effective, this Clause 25 shall
               continue to benefit the retiring Agent or Security Agent in
               respect of any action taken or not taken by it under or in
               connection with the Senior Finance Documents while it was the
               Agent or Security Agent, and, subject to paragraph (d) above, it
               shall have no further obligations under any Senior Finance
               Document.

       (f)     The Majority Banks may, by notice to the Agent or Security Agent,
               subject, in the case of the Security Agent, to Clause 25.17
               (Security Agent as Administrator) and the Collateral Sharing
               Intercreditor Agreement, require it to resign in accordance with
               paragraph (a) above. In this

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               event, the Agent or the Security Agent shall resign in
               accordance with paragraph (a) above but it shall not be
               entitled to appoint one of its Affiliates as successor Agent
               or Security Agent.

25.16  Banks

       (a)     The Agent may treat each Bank as a Bank, entitled to payments
               under this Agreement and as acting through its Facility Office(s)
               unless it has received not less than five Business Days' prior
               notice from that Bank to the contrary.

       (b)     The Agent may at any time, and shall if requested to do so by the
               Majority Banks, convene a meeting of the Banks.

25.17  Security Agent as Administrator

       (a)     Each Finance Party irrevocably authorises the Security Agent to
               act as administrator of a registered pledge to secure all debts
               of the Obligors hereunder by way of a registered pledge or other
               Security Interests established over the Borrower's assets and the
               Shareholders' assets and enter into such intercreditor
               arrangements as contemplated by the Security Documents in the
               Security Agent's name but for the account of the Finance Parties.

       (b)     The Security Agent in its capacity as administrator or otherwise
               under the Security Documents:

               (i)  is not liable for any failure, omission or defect in
                    perfecting or registering the security constituted or
                    created by any Security Document in the absence of wilful
                    misconduct or gross negligence on the part of the Security
                    Agent; and

               (ii) may accept without enquiry such title as any Obligor may
                    have to any asset secured by any Security Document.

       (c)     Each Finance Party hereby irrevocably appoints the Security Agent
               as its attorney to enter into the Security Documents and the
               Collateral Sharing Intercreditor Agreement on its behalf.

       (d)     Notwithstanding anything to the contrary contained in any Senior
               Finance Document, with respect to any Security located in
               Luxembourg or subject to a Security Document governed by
               Luxembourg law, the Security Agent shall be the Group Security
               Agent (as defined in the Collateral Sharing Intercreditor
               Agreement).

26.    FEES

26.1   Commitment Fee

       (a)     The Borrower will pay to the Agent in Euro for distribution among
               the Tranche A Banks pro rata to the aggregate of their respective
               Tranche A Commitments a commitment fee in respect of Tranche A
               computed at a rate per annum equal to 50% of the Applicable
               Margin in effect from time to time on the daily undrawn balance
               of the Tranche A Commitments.

       (b)     The Borrower will pay to the Agent in Zloty for distribution
               among the Tranche B Banks pro rata to the aggregate of their
               respective Tranche B Commitments a commitment fee in respect of
               Tranche B computed at a rate per annum equal to 50% of the
               Applicable Margin in effect from time to time on the daily
               undrawn balance of the Tranche B Commitments.

       (c)     Commitment fees from the Signing Date shall be calculated in
               accordance with paragraphs (a) and (b) above and shall be payable
               quarterly in arrears.

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26.2   Front-end Fee

       The Borrower shall pay to the Agent for the account of the Lead
       Arrangers a front-end fee in the amount and on the dates agreed in the
       relevant Fee Letter.

26.3   Agency Fees

       The Borrower shall pay to the Agent and the Security Agent for their
       own account agency fees in the amounts and on the dates agreed in the
       relevant Fee Letter.

26.4   VAT and Other Taxes

       Any fee referred to in this Clause 26 is exclusive of any value added
       tax or any other Tax which might be chargeable in connection with that
       fee. If any value added tax or other Tax is so chargeable, it shall be
       paid by the Borrower at the same time as it pays the relevant fee or if
       no VAT invoice has then been received, then within 7 Business Days of
       receiving a relevant VAT invoice.

27.    EXPENSES

27.1   Initial and Special Costs

       The Borrower shall forthwith on demand pay the Agent, the Security
       Agent and each Lead Arranger the amount of all reasonable costs and
       expenses (including legal fees) incurred by any of them in connection
       with:

       (a)     the negotiation, preparation, printing and execution of:

               (i)  this Agreement and any other documents referred to in this
                    Agreement; and

               (ii) any other Senior Finance Document executed after the date of
                    this Agreement; and

               (iii) the syndication of each Tranche;

       (b)     any amendment, waiver, consent or suspension of rights (or any
               proposal for any of the foregoing) requested by or on behalf of
               the Borrower and relating to a Senior Finance Document or a
               document referred to in any Senior Finance Document.

27.2   Enforcement Costs

       The Borrower shall forthwith on demand pay to each Finance Party the
       amount of all costs and expenses (including legal fees and costs of
       valuations) incurred by it in connection with the enforcement of, or
       the preservation of any rights under, any Senior Finance Document.

28.    STAMP DUTIES

       The Borrower shall pay, and forthwith on demand indemnify each Finance
       Party against any liability it incurs in respect of, any stamp,
       registration and similar Tax which is or becomes payable in connection
       with the entry into, performance or enforcement of any Senior Finance
       Document.

29.    AMENDMENTS AND WAIVERS

29.1   Procedure

       (a)     Subject to Clause 29.2 (Exceptions), any term of the Senior
               Finance Documents may be amended or waived or any action
               consented to with the agreement of the Borrower and the

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               Majority Banks. The Agent may effect, on behalf of the Finance
               Parties, an amendment, consent or waiver to which they or the
               Majority Banks have agreed.

       (b)     The Agent shall promptly notify the other Parties of any
               amendment or waiver effected under paragraph (a) above, and any
               such amendment or waiver shall be binding on all the Parties.

29.2   Exceptions

       (a)     Any amendment, waiver, variation, modification or consent of, or
               action with respect to, any term of the Senior Finance Documents
               shall require the consent of the Borrower and each of the Banks
               if it relates to:

               (i)  the definition of "MAJORITY BANKS" in Clause 1.1 (Defined
                    terms);

               (ii) an extension of the date for, or a decrease in an amount or
                    a change in the currency of, any payment to any Bank under
                    the Senior Finance Documents (including the Applicable
                    Margin (other than in accordance with the terms of this
                    Agreement), any fee payable under Clause 26.1 (Commitment
                    fee) and any amount payable pursuant to Clause 7
                    (Repayment));

              (iii) an increase in any Bank's Commitment;

               (iv) any release of a Security Document or a Guarantor;

               (v)  a term of a Senior Finance Document which expressly requires
                    the consent of that Bank;

               (vi) Clause 2.2 (Nature of Bank's rights and obligations), Clause
                    30.2 (Transfers by Banks), Clause 30.1 (Transfer by an
                    Obligor), Clause 31 (Set-off and redistribution), Clause
                    38.1 (Arbitration) or this Clause 29; or

              (vii) the definition of "UMTS APPROVAL BANKS" in Clause 1.1
                    (Defined Terms).

       (b)     An amendment or waiver that affects the rights and/or obligations
               of the Agent or the Security Agent may not be effected without
               the agreement of the Agent or the Security Agent, as applicable.

29.3   Waivers and remedies cumulative

       The rights of each Finance Party under the Senior Finance Documents:

       (a)     may be exercised as often as necessary;

       (b)     are cumulative and not exclusive of its rights under the general
               law; and

       (c)     may be waived only in writing and specifically.

       Delay in exercising or non-exercise of any such right is not a waiver
       of that right.

29.4   Remedies cumulative

       The rights and remedies of each of the Finance Parties in this
       Agreement may be exercised as often as necessary and are cumulative and
       not exclusive of any rights or remedies provided by law.

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30.    CHANGES TO PARTIES

30.1   Transfers by an Obligor

       No Obligor may assign, transfer, novate or dispose of any of, or any
       interest in, its rights and/or obligations under the Senior Finance
       Documents.

30.2   Transfers by Banks

       (a)     A Bank (the "EXISTING BANK") may at any time assign or transfer
               any of its rights and/or obligations under this Agreement and the
               Collateral Sharing Intercreditor Agreement to another bank or
               financial institution (the "NEW BANK") with, in the case of any
               bank or financial institution other than a Bank or an Affiliate
               of such Existing Bank, the prior written consent of the Borrower,
               such consent not to be unreasonably withheld or delayed; provided
               that:

               (i)  such assignment and/or transfer shall be in the amount of
                    (euro) 5,000,000 and an integral multiple of (euro)
                    1,000,000, in the case of an assignment and/or transfer
                    under Tranche A and in the amount of the Zloty Equivalent of
                    (euro) 3,000,000 and an integral multiple of (euro) 500,000,
                    in the case of an assignment and/or transfer under Tranche
                    B, except in the case of an assignment or transfer which has
                    the effect of reducing the participation of the relevant
                    Bank to zero; and

               (ii) if the Borrower fails to respond to a request for such
                    consent within 10 Business Days after such request, the
                    Borrower shall be deemed to have given its consent under
                    this Clause 30.2(a).

       (b)     A transfer and/or assignment of obligations will be effective
               only if the New Bank confirms to the Agent and the Borrower that
               it undertakes to be bound by the terms of this Agreement and the
               Collateral Sharing Intercreditor Agreement as a Bank in form and
               substance satisfactory to the Agent or executes a Transfer
               Certificate and serves the attached notice on the Borrower and
               the Agent. On the transfer and/or assignment becoming effective
               in this manner the Existing Bank shall be relieved of its
               obligations under this Agreement and the Collateral Sharing
               Intercreditor Agreement to the extent that they are transferred
               and/or assigned to the New Bank.

       (c)     Nothing in this Agreement restricts the ability of a Bank to
               sub-contract an obligation if that Bank remains liable under this
               Agreement and the Collateral Sharing Intercreditor Agreement for
               that obligation.

       (d)     On each occasion an Existing Bank assigns and/or transfers any of
               its Tranche A Commitment and/or its Tranche B Commitment and/or
               rights and/or obligations under this Agreement and the Collateral
               Sharing Intercreditor Agreement to any bank or financial
               institution other than an Affiliate of such Existing Bank, the
               New Bank shall, on the date the assignment or transfer takes
               effect, pay to the Agent for its own account a fee of (euro)
               1,500, in the case of a transfer and/or assignment under Tranche
               B and (euro) 5,000 in the case of a transfer and/or assignment
               under Tranche A.

       (e)     An Existing Bank is not responsible to a New Bank for:

               (i)  the execution, genuineness, validity, enforceability or
                    sufficiency of any Senior Finance Document or any other
                    document;

               (ii) the collectability of amounts payable under any Senior
                    Finance Document; or

              (iii) the accuracy of any statements (whether written or oral)
                    made in or in connection with any Senior Finance Document.

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       (f)     Each New Bank confirms to the Existing Bank and the other Finance
               Parties that it:

               (i)  has made its own independent investigation and assessment of
                    the financial condition and affairs of the Obligors and
                    their related entities in connection with its participation
                    in this Agreement and has not relied exclusively on any
                    information provided to it by the Existing Bank in
                    connection with any Senior Finance Document; and

               (ii) will continue to make its own independent appraisal of the
                    creditworthiness of the Obligors and their related entities
                    while any amount is or may be outstanding under this
                    Agreement or any Commitment is in force.

       (g)     Nothing in any Senior Finance Document obliges an Existing Bank
               to:

               (i)  accept a re-transfer from a New Bank of any of the
                    Commitment and/or rights and/or obligations assigned,
                    transferred or novated under this Clause; or

               (ii) support any losses incurred by the New Bank by reason of the
                    non-performance by the Borrower of its obligations under the
                    Senior Finance Documents or otherwise.

       (h)     Any reference in this Agreement to a Bank includes a New Bank but
               excludes a Bank if no amount is or may be owed to or by it under
               this Agreement and its Commitment has been cancelled or reduced
               to nil.

       (i)     If at any time any Bank assigns or transfers any of its rights,
               benefits and obligations hereunder or transfers its Facility
               Office and at the time of such assignment or transfer there
               arises an obligation on the part of the Borrower under Clause 14
               (Taxes) or Clause 16 (Increased costs)(other than a payment in
               respect of the Bank Guarantee Fund) to pay to such Bank or its
               assignee or transferee any amount in excess of the amount the
               Borrower would have then been obliged to pay but for such
               assignment or transfer, then the Borrower shall not be obliged to
               pay the amount of such excess.

30.3   Procedure for Transfers

       A transfer and/or assignment may be effected if the Existing Bank and
       the New Bank deliver to the Agent a duly completed certificate,
       substantially in the form of Schedule C (a "TRANSFER CERTIFICATE").

30.4   Reference Banks

       If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of
       which it is an Affiliate) ceases to be a Bank, the Agent shall (in
       consultation with the Borrower) appoint another Bank or an Affiliate of
       a Bank to replace that Reference Bank.

30.5   Register

       The Agent shall keep a register of all the Parties and shall supply any
       other Party (at that Party's expense) with a copy of the register on
       request.

31.    SET-OFF AND REDISTRIBUTION

31.1   Set-off

       Each Finance Party may (but shall not be obliged to) set off against any
       obligation of any Obligor due and payable by it to or for the account of
       such Finance Party under this Agreement and not paid on the due date or
       within any applicable grace period any moneys held by such Finance Party
       for the account of such Obligor at any office of such Finance Party
       anywhere and in any currency, whether or not matured. Such Finance Party
       may effect such currency exchanges as are appropriate to implement the

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       set-off and any usual charges in relation to such currency exchanges
       shall be paid by such Obligor. Any Finance Party which has set off shall
       give prompt notice of that fact to the relevant Obligor.

31.2   Application of Payments

       (a)     If the Agent receives a payment insufficient to discharge all the
               amounts then due and payable by the Borrower under the Senior
               Finance Documents, the Agent shall, subject, however, to the
               terms of the Collateral Sharing Intercreditor Agreement, apply
               that payment towards the obligations of the Borrower under the
               Senior Finance Documents in the following order (after converting
               the payment into the currency necessary to make payment of the
               relevant amounts due in the currencies in which they are due at
               the Agent's Spot Rate of Exchange):

               (i)  FIRST, to the reimbursement of the Security Agent for all of
                    the amounts advanced by it to preserve, maintain and protect
                    the Security in the event of a Default under the Senior
                    Finance Documents;

               (ii) SECOND, to the reimbursement of the Security Agent for all
                    amounts expended by it in obtaining and disposing of the
                    Security (including, without limitation, reasonable legal
                    fees, trustees' fees and other expenses of collection and
                    enforcement of remedies);

              (iii) THIRD, in or towards payment of any unpaid fees, costs and
                    expenses of the Agent under the Senior Finance Documents
                    (including, without limitation, amounts advanced by the
                    Agent on behalf of any other Finance Party under the Senior
                    Finance Documents) pro rata between the amounts of such
                    unpaid fees, costs and expenses;

               (iv) FOURTH, in or towards payment pro rata to the relevant
                    proportions of any accrued interest and fees due to each
                    Bank but unpaid under the Senior Finance Documents ;

               (v)  FIFTH, in or towards payment pro rata to the relevant
                    proportions of any principal due to each Bank but unpaid
                    under the Senior Finance Documents (including any amounts
                    due pursuant to a Hedging Document designated as such
                    pursuant to Clause 19.14(c) (Treasury Transactions)); and

               (vi) SIXTH, in or towards payment pro rata to the relevant
                    proportions of any other sum due but unpaid under the Senior
                    Finance Documents.

       (b)     For the purposes of paragraph (a) above, "THE RELEVANT
               PROPORTIONS" means the proportion which the Euro Equivalent of
               the amount of each Bank's actual participations in the amounts
               that have fallen due in the same class as set out in paragraph
               (a) above bears to the Euro Equivalent of the aggregate amount of
               all such amounts that have fallen due at that time.

       (c)     The Agent shall, if so directed by all the Banks, vary the order
               set out in sub-paragraphs (a)(ii) to (iv) above and it shall
               without any legal commitment use reasonable endeavours to notify
               the Borrower of any such variation.

       (d)     Paragraphs (a), (b) and (c) above will override any appropriation
               made by an Obligor or a Shareholder.

       (e)     For the purposes of this Clause 31.2 any Euro Equivalent shall be
               calculated as at the date 2 Business Days prior to the date the
               Agent makes any relevant application. Not earlier than 20 days
               after the Default Date, all of the Banks may give notice to the
               Agent and the Borrower requiring that all amounts outstanding in
               Optional Currencies shall be converted into Euro. If the Banks
               give such a notice, such amounts outstanding in Optional
               Currencies will be converted into Euro at the Agent's Spot Rate
               of Exchange on the date that such notice is received by the Agent
               and thereafter the Borrower will repay the amounts outstanding in

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               Optional Currencies to all Banks in Euro by reference to the
               amount in Euro as calculated by the Agent.

31.3   Redistribution and Loss Sharing

       (a)     If any amount owing by an Obligor to a Bank is discharged by the
               proceeds on enforcement of security being allocated to that Bank
               in priority to other Banks (pursuant to Polish law or otherwise)
               or otherwise by enforcement of security, that Bank shall pay over
               that amount to the Group Security Agent (as defined in the
               Collateral Sharing Intercreditor Agreement) in accordance with
               the terms of the Collateral Sharing Intercreditor Agreement.

       (b)     If any amount owing by an Obligor to a Bank (the "RECOVERING
               BANK") is discharged by payment, set-off or by any other manner
               (other than under the circumstances described in subclause (a)
               above) other than (w) through the Agent in accordance with Clause
               13 (Payments), (x) in accordance with the applicable priority at
               the relevant time set out in Clause 31.2 (Application of
               payments) or (y) in accordance with a guarantee from an affiliate
               of such Bank (a "RECOVERY"), then:

               (i)  the recovering Bank shall, within three Business Days,
                    notify details of the recovery to the Agent;

               (ii) that Agent shall determine whether the recovery is in excess
                    of the amount which the recovering Bank would have received
                    had the recovery been received by the Agent and distributed
                    in accordance with Clause 13 (Payments) and the applicable
                    priorities at the relevant time set out in Clause 31.2
                    (Application of payments);

              (iii) subject to Clause 31.5 (Exceptions), the recovering Bank
                    shall, within three Business Days of demand by the Agent,
                    pay to the Agent an amount (the "REDISTRIBUTION") equal to
                    the excess in the currency in which the recovering Bank made
                    the recovery;

               (iv) that Agent shall treat the redistribution as if it were a
                    payment by the Borrower under Clause 13 (Payments) and,
                    after converting the redistribution into the currencies
                    necessary to make payments of amounts due to the Banks in
                    the currency in which they are due at the Agent's Spot Rate
                    of Exchange, it shall pay the redistribution to the Banks
                    (other than the recovering Bank) in accordance with Clause
                    31.2 (Application of payments); and

               (v)  after payment of the full redistribution, the recovering
                    Bank will be subrogated to the portion of the claims paid
                    under paragraph (iv) above and the Borrower will owe the
                    recovering Bank a debt which is equal to the redistribution,
                    immediately payable and of the type originally discharged.

31.4   Reversal of Redistribution

       If after the operation of Clause 31.3 (Redistribution and loss sharing):

       (a)     a recovering Bank must subsequently return a recovery, or an
               amount measured by reference to a recovery, to an Obligor; and

       (b)     the recovering Bank has paid a redistribution in relation to that
               recovery,

       each Bank shall, within three Business Days of demand by the recovering
       Bank through the Agent reimburse the recovering Bank all or the
       appropriate portion of the redistribution paid to that Bank together with
       interest on the amount to be returned to the recovering Bank for the
       period whilst it held the redistribution. Thereupon, the subrogation in
       Clause 31.3(b)(v) (Redistribution and loss sharing) will operate in
       reverse to the extent of the reimbursement.

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31.5   Exceptions

       A recovering Bank is not obliged to share with any other Bank under
       Clause 31.3 (Redistribution and loss sharing) any amount which the
       recovering Bank has received or recovered as a result of taking legal
       proceedings, if the other Bank had an opportunity to participate in those
       legal proceedings but did not do so or did not take separate legal
       proceedings.

32.    DISCLOSURE OF INFORMATION

       (a)     A Bank may disclose to one of its Affiliates or any person with
               whom it is proposing to enter, or has entered into, any kind of
               transfer, participation or other agreement in relation to this
               Agreement:

               (i)  a copy of any Senior Finance Document; and

               (ii) any information which that Bank has acquired under or in
                    connection with any Senior Finance Document;

               so long as in all cases, any recipient thereof has previously
               agreed in writing to keep the content of such Senior Finance
               Document or such information confidential and not to disclose it
               to any other person.

       (b)     Subject to sub-Clause (a) above, the parties will keep
               confidential the Senior Finance Documents and all information
               that they acquire under or in connection with the Senior Finance
               Documents save that such information may be disclosed:

               (i)  if so required by law or regulation or if requested by any
                    regulator with jurisdiction over any Finance Party or any
                    affiliate of any Finance Party;

               (ii) if it comes into the public domain (other than as a result
                    of a breach of this Clause 32);

               (iii) to auditors, professional advisers or rating agencies; or

               (iv) in connection with any legal proceedings.

       The provisions of this Clause 32 shall supersede any undertakings with
       respect to confidentiality previously given by any Finance Party in
       favour of any Obligor.

33.    SEVERABILITY

       If a provision of any Senior Finance Document is or becomes illegal,
       invalid or unenforceable in any jurisdiction, that shall not affect:

       (a)     the validity or enforceability in that jurisdiction of any other
               provision of the Senior Finance Documents; or

       (b)     the validity or enforceability in other jurisdictions of that or
               any other provision of the Senior Finance Documents.

34.    COUNTERPARTS

       Each Senior Finance Document may be executed in any number of
       counterparts, and this has the same effect as if the signatures on the
       counterparts were on a single copy of the Senior Finance Document.

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35.    NOTICES

35.1   Communications in Writing

       Any communication to be made under or in connection with the Senior
       Finance Documents shall be made in writing and, unless otherwise stated,
       may be made by fax or letter or (to the extent that the relevant party
       has specified such address pursuant to Clause 35.2 (Addresses)) by
       e-mail.

35.2     Addresses

       (a)     The address and fax number, and (if so specified) e-mail address,
               and, where appropriate, web site (and the department or officer,
               if any, for whose attention the communication is to be made) of
               each party for any communication or document to be made or
               delivered under or in connection with the Senior Finance
               Documents is:

               (i)  in the case of the Borrower, that identified with its name
                    below;

               (ii) in the case of each Bank or any other Obligor, that notified
                    in writing to the Agent on or prior to the date on which it
                    becomes a party; and

               (iii) in the case of the Agent or the Security Agent, that
                    identified with its name below,

               or any substitute address, fax number, e-mail address, web site
               or department or officer, or initial e-mail address as the party
               may notify to the Agent (or the Agent may notify to the other
               parties, if a change is made by the Agent) by not less than five
               Business Days' written notice.

       (b)     The address, e-mail address and facsimile number of the Borrower
               are:

               Al. Jerozolimskie 181
               02-222 Warsaw 1
               Poland

               Tel:          +48 22 413 6000
               Facsimile:    +48 22 413 6239
               Email:        bkulakowski@eragsm.com.pl
                             gludziak@eragsm.com.pl
               Attn:         Finance Director/Group Treasurer

               or such other as the Borrower may notify to the Agent by not
               less than five Business Days' notice.

       (c)     The address, e-mail address and facsimile number of the Agent
               are:

               Deutsche Bank Luxembourg S.A.
               2, Boulevard Konrad Adenauer
               L-1115 Luxembourg

               Tel:          +353 42122 781/294
               Facsimile:    +353 42122 287
               Email:        credit.dblux@db.com
               Attn:         International Loans & Agency Services, Project
                             Finance

               or such other as the Agent may notify to the other Parties by
               not less than five Business Days' notice.

       (d)     the address, email address and facsimile number of the Security
               Agent are:
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               Deutsche Bank Polska S.A.
               Plac Grzybowski 12/14/16
               00-104 Warszawa
               Poland

               Tel:              +48 22 6525203
               Facsimile:        +48 22 6240418
               Email:            ewa.skomorowska@db.com
               Attn:             Ewa Skomorowska (Collateral Unit)

               or such other as the Security Agent may notify to the other
               Parties by not less than five Business Days' notice.

35.3   Delivery

       (a)     Any communication or document made or delivered by one person to
               another under or in connection with the Senior Finance Documents
               will only be effective:

               (i)  if by way of fax or e-mail, when received in legible form;
                    or

               (ii) if by way of letter, when it has been left at the relevant
                    address or five Business Days after being deposited in the
                    post postage prepaid in an envelope addressed to it at that
                    address; or

              (iii) where reference in such communication is to a web site,
                    when the delivery of the letter, fax or, as the case may be
                    e-mail referring the addressee to such web site is
                    effective;

               and, if a particular department or officer is specified as part
               of its address details provided under Clause 35.2 (Addresses), if
               addressed to that department or officer.

       (b)     Any communication or document to be made or delivered to an Agent
               will be effective only when actually received by such Agent and
               then only if it is expressly marked for the attention of the
               department or officer identified with such Agent's signature
               below (or any substitute department or officer such Agent shall
               specify for this purpose).

       (c)     All notices from or to an Obligor shall be sent through the
               Agent.

       (d)     Any communication or document made or delivered to any Obligor in
               accordance with this Clause will be deemed to have been made or
               delivered to each of the Obligors.

35.4   Notification of address, fax number and e-mail address

       Promptly upon receipt of notification of an address, fax number or (as
       the case may be) e-mail or change of address, fax number or e-mail
       pursuant to Clause 35.2 (Addresses) or changing its own address, fax
       number or e-mail, the Agent shall notify the other parties.

36.    EVIDENCE AND CALCULATIONS

36.1   Accounts

       Accounts maintained by a Finance Party in connection with this
       Agreement are prima facie evidence of the matters to which they relate.

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36.2   Certificates and Determinations

       Any certification or determination by a Finance Party of a rate or
       amount under the Senior Finance Documents is, in the absence of
       manifest error, prima facie evidence of the matters to which it
       relates.

36.3   Calculations

       Interest and the fees payable under Clause 26.1 (Commitment Fee) (in
       relation to Tranche A), accrue from day to day and are calculated on
       the basis of the actual number of days elapsed and a year of 360 days,
       or in the case of fees payable under Clause 26.1 (Commitment Fee) (in
       relation to Tranche B) and interest payments under Tranche B, 365 days.

37.    LANGUAGE

       (a)     Any notice given under or in connection with any Senior Finance
               Document shall be in English.

       (b)     All other documents provided under or in connection with any
               Senior Finance Document shall be:

               (i)  in English; or

               (ii) if not in English, accompanied by a certified English
                    translation and, in this case, the English translation shall
                    prevail unless the document is a statutory or other official
                    document.

       (c)     Counterparts of this Agreement shall be executed in both the
               English and the Polish languages. In the event of any
               inconsistency between the English text and the Polish text, the
               English text shall prevail.

38.    JURISDICTION

38.1   Submission

       For the benefit of each Finance Party, the Obligors agree that the courts
       of England have jurisdiction to settle any disputes in connection with
       any Senior Finance Document and accordingly submits to the jurisdiction
       of the English courts.

38.2   Service of Process

       Without prejudice to any other mode of service, the Borrower:

       (a)     irrevocably appoints Clifford Chance Secretaries Limited as its
               agent for service of process in relation to any proceedings
               before the English courts in connection with any Senior Finance
               Document; and

       (b)     agrees that failure by a process agent to notify the Borrower of
               the process will not invalidate the proceedings concerned; and

       (c)     consents to the service of process relating to any such
               proceedings by prepaid posting of a copy of the process to its
               address for the time being applying under Clause 35.2 (Addresses
               for notices).

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38.3   Forum Conveniens and Enforcement Abroad

       The Borrower:

       (a)     waives objection to the English courts on grounds of inconvenient
               forum or otherwise as regards proceedings in connection with a
               Senior Finance Document; and

       (b)     agrees that a judgment or order of an English court in connection
               with a Senior Finance Document is conclusive and binding on it
               and may be enforced against it in the courts of any other
               jurisdiction.

38.4   Non-exclusivity

       Nothing in this Clause 38 limits the right of a Finance Party to bring
       proceedings against an Obligor in connection with any Senior Finance
       Document:

       (a)     in any other court of competent jurisdiction; or

       (b)     concurrently in more than one jurisdiction.

38.5   Arbitration

       Notwithstanding Clauses 38.1 (Submission) to 38.4 (Non-exclusivity):

       (a)     all the Parties agree that if all the Banks so require; and

       (b)     for the benefit of each Bank, the Borrower agrees if a Bank so
               requires,

       any dispute arising out of or in connection with a Senior Finance
       Document (including any question regarding its existence, validity or
       termination) shall be referred to and finally resolved by arbitration
       under the Rules of the London Court of International Arbitration (the
       "Rules") which rules are deemed to be incorporated by reference into
       this Clause 38.5. The Tribunal shall consist of a sole arbitrator
       agreed upon by the Borrower, the Agent and the Banks in writing
       (subject to the Rules) or, if not so agreed within 21 days of the Banks
       or a Bank requiring the dispute to be referred to arbitration, a sole
       arbitrator appointed in accordance with the Rules. The place of any
       such arbitration shall be London and the language English.

39.    WAIVER OF IMMUNITY

       The Borrower irrevocably and unconditionally:

       (a)     agrees that if a Finance Party brings proceedings in any
               jurisdiction against it or its assets in relation to a Senior
               Finance Document, no immunity from those proceedings (including,
               without limitation, suit, attachment prior to judgment, other
               attachment, the obtaining of judgment, execution or other
               enforcement) will be claimed by or on behalf of itself or with
               respect to its assets;

       (b)     waives any such right of immunity which it or its assets now has
               or may subsequently acquire to the fullest extent permitted by
               the laws of such jurisdiction; and

       (c)     consents generally in respect of any such proceedings to the
               giving of any relief or the issue of any process in connection
               with those proceedings, including, without limitation, the
               making, enforcement or execution against any assets whatsoever
               (irrespective of its use or intended use) of any order or
               judgment which may be made or given in those proceedings.

       In furtherance of the foregoing the Borrower represents and warrants that
       this Agreement and the incurring by the Borrower of the Tranches are
       commercial rather than public or governmental acts and

--------------------------------------------------------------------------------
<PAGE>   101
                                       98
--------------------------------------------------------------------------------

       that the Borrower is not entitled to claim immunity from legal
       proceedings with respect to itself or any of its assets on the grounds of
       sovereignty or otherwise under any law or in any jurisdiction where an
       action may be brought for the enforcement of any of the obligations
       arising under or relating to this Agreement. To the extent that the
       Borrower or any of its assets has or hereafter may acquire any right to
       immunity from set-off, legal proceedings, attachment prior to judgment,
       other attachment or execution of judgment on the grounds of sovereignty
       or otherwise, the Borrower hereby irrevocably waives such rights to
       immunity in respect of its obligations arising under or relating to this
       Agreement.

40.    GOVERNING LAW

       This Agreement shall be governed by and construed in accordance with
       English law.

41.    THIRD PARTIES

       A person who is not a party to this Agreement has no right under the
       Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
       benefit of any terms of this Agreement.

IN WITNESS WHEREOF the parties to this Agreement have caused this Agreement to
be duly executed on the date first written above.

--------------------------------------------------------------------------------
<PAGE>   102
                                       99
--------------------------------------------------------------------------------

                                   SCHEDULE A

                                      BANKS
<TABLE>
<CAPTION>
  BANK                                              TRANCHE A             TRANCHE B             ZLOTY
                                                    COMMITMENT            COMMITMENT            LIMIT
                                                    (EURO)                (EURO)                PLN
  -----------------------------                     ----------            ----------            -----
  <S>                                               <C>                    <C>                  <C>
  TRANCHE A BANKS

  Deutsche Bank Luxembourg S.A.                  (euro) 45,000,000
  Dresdner Bank Luxembourg S.A.                         50,000,000

  TOTAL TRANCHE A COMMITMENTS:                   (euro) 95,000,000

  TRANCHE B BANKS

  Deutsche Bank Polska S.A.                                             (euro) 5,000,000        PLN19,402,000

  TOTAL TRANCHE B COMMITMENTS:                                          (euro) 5,000,000

</TABLE>

--------------------------------------------------------------------------------
<PAGE>   103
                                       100
--------------------------------------------------------------------------------

                                   SCHEDULE B

                                   GUARANTORS

PTC International Finance B.V.

PTC International Finance (Holding) B.V.

PTC International Finance II S.A.

--------------------------------------------------------------------------------
<PAGE>   104
                                       101
--------------------------------------------------------------------------------

                                   SCHEDULE C

                          FORM OF TRANSFER CERTIFICATE

DATED [            ]

BETWEEN

(1) [                      ] (the "TRANSFEROR") of [                    ]; and

(2) [                      ] (the "TRANSFEREE") of [                    ].

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
           (euro) 100,000,000 CREDIT AGREEMENT DATED 20 FEBRUARY, 2001

NOW IT IS HEREBY AGREED as follows:

1.    DEFINITIONS AND INTERPRETATIONS

1.1   Definitions

      "CREDIT AGREEMENT" means the facility agreement dated 20 February, 2001
      between Polska Telefonia Cyfrowa Sp. z o.o., the Guarantors as defined
      therein, the Arrangers as defined therein, the Banks as defined therein,
      Deutsche Bank AG London, Deutsche Bank Polska S.A. and Dresdner Bank
      Luxembourg, S.A. as Lead Arrangers, Deutsche Bank Luxembourg, S.A., as
      Agent, and Deutsche Bank Polska S.A., as Security Agent.

      "EFFECTIVE DATE" means [ ].

      "TRANSFERRED ADVANCES" means a principal amount of the following
      Utilisations:

      [describe Advances, amount, Interest Periods, Tranche etc].

      "TRANSFERRED COMMITMENT" means [so far as concerns Tranche A (euro) [ ]] ,
      and so far as concerns Tranche B,(euro) [ ]].

      ["TRANSFERRED ZLOTY LIMIT" means [ ].]

1.2   Interpretation

      In this Transfer Certificate terms defined in the Credit Agreement shall,
      unless otherwise defined herein or the context otherwise requires, have
      the same meaning.

2.    ASSIGNMENT AND TRANSFER

      With effect on and from the Effective Date:

      (a)    the Transferor hereby assigns and transfers to the Transferee its
             rights to and obligations in relation to the Transferred Advances,
             [and] the Transferred Commitments [and the Transferred Zloty
             Limit](1) under the Credit Agreement together with its obligations
             in relation to the Transferred Commitments and all rights and
             benefits under the Senior Finance Documents relevant thereto; and

-------------
(1) N.B. - Use only for Tranche B during Availability Period

--------------------------------------------------------------------------------
<PAGE>   105
                                       102
--------------------------------------------------------------------------------

      (b)    the Transferee will become a party to the Collateral Sharing
             Intercreditor Agreement as a Supplemental Bank Finance Party.

3.    NOTICE OF TRANSFER

      The parties hereto agree that a notice of transfer in the form of the
      Annexure shall, following execution of this Agreement, be sent to the
      Borrower and the Agent.

4.    APPLICABLE LAW

      This Transfer Certificate shall be governed by and construed with English
      law.

5.    TRANSFEREE REPRESENTATIONS

      The Transferee hereby:

      (a)    represents to the Agent that on the Effective Date, in relation to
             the Tranches, it is either:

             (i)   not resident in the United Kingdom for United Kingdom tax
                   purposes; or

             (ii)  a bank as defined in section 840A of the Income and
                   Corporation Taxes Act 1988 and resident in the United
                   Kingdom; and

             beneficially entitled to the principal and interest payable by the
             Agent to it under this Agreement and, if it is able to make those
             representations on the Effective Date, shall forthwith notify the
             Agent if either representation ceases to be correct;

      (b)    confirms that it has received from the Transferor a copy of the
             Credit Agreement together with such other documents and information
             as it has requested in connection with this Transfer Certificate;

      (c)    without affecting the responsibility of any Obligor for information
             supplied by it or on its behalf in connection with any Senior
             Finance Document, the Transferee confirms that it:

             (i)   has made its own independent investigation and assessment of
                   the financial condition and affairs of the Obligors and their
                   related entities in connection with its participation in the
                   Credit Agreement and has not relied exclusively on any
                   information provided to it by the Agent, the Security Agent,
                   any Lead Arranger or any Arranger in connection with any
                   Senior Finance Document; and

             (ii)  will continue to make its own independent appraisal of the
                   creditworthiness of the Obligors and their related entities
                   while any amount is or may be outstanding under the Senior
                   Finance Documents or any Commitment is in force; and

      (d)    represents and warrants to the Transferor and all other parties to
             the Credit Agreement that it has the power to become a party to the
             Credit Agreement and the Collateral Sharing Intercreditor Agreement
             as a "Bank" and a "Supplemental Bank Finance Party", respectively,
             on the terms herein and therein set out and has taken all necessary
             steps to authorise execution and delivery of this Transfer
             Certificate.

6.    TRANSFEREE COVENANTS

      The Transferee hereby undertakes with the Transferor and all other
      parties to the Credit Agreement that:

--------------------------------------------------------------------------------
<PAGE>   106
                                       103
--------------------------------------------------------------------------------

      (a)    it will perform in accordance with its terms all those obligations
             which, by the terms of the Credit Agreement, will be assumed by it
             following delivery of this Transfer Certificate to the Agent; and

      (b)    it will comply with its obligations under the Collateral Sharing
             Intercreditor Agreement as a Supplemental Bank Finance Party.

7.    EXCLUSION OF TRANSFEROR'S LIABILITIES

      Neither the Transferor nor any other Finance Party makes any
      representation or warranty or assumes any responsibility with respect to:

      (a)    the execution, genuineness, validity, enforceability or sufficiency
             of any Senior Finance Document or any other document;

      (b)    the collectability of amounts payable under any Senior Finance
             Document; or

      (c)    the accuracy of any statements (whether written or oral) made in or
             in connection with any Senior Finance Document.

8.    NOVATION

      Upon receipt of this Transfer Certificate by the Agent the Transferee
      will become a party to the Credit Agreement and the Collateral Sharing
      Intercreditor Agreement, on and with effect from the Effective Date in
      substitution for the Transferor with respect to those rights and
      obligations which by the terms of the Credit Agreement, the Collateral
      Sharing Intercreditor Agreement and this Transfer Certificate are
      assumed by the Transferee and the Transferor is accordingly released
      from all such obligations.

IN WITNESS whereof the parties hereto have entered into this Transfer
Certificate on the date stated at the head of this Transfer Certificate.

TRANSFEROR

[                                            ]

By:

TRANSFEREE

[                                           ]

By:

--------------------------------------------------------------------------------
<PAGE>   107
                                       104
--------------------------------------------------------------------------------

*[BORROWER
POLSKA TELEFONIA CYFROWA SP. Z O.O.

By:]

[Without prejudice to the foregoing execution of this Transfer Certificate by
the parties hereto, [Name of Transferee] hereby expressly and specifically
confirms its agreement with the granting of jurisdiction to English courts
provided for in the Credit Agreement, the Collateral Sharing Intercreditor
Agreement and in any other Senior Finance Documents, for the purpose of Article
1 of the Protocol annexed to the Convention on the Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters signed at Brussels on
27 September, 1968, as amended.

For [Name of Transferee]

By:________________________

Name:
Title:]**

------------------------
*  Required in the event of a transfer to Transferee that is not a Bank or
   an Affiliate of the Transferor; provided, however, that the Borrower's
   consent shall not be required if the Borrower fails to respond to a
   request for its consent within 10 Business Days after the date of this
   Transfer Certificate, the Borrower shall be deemed to have given its
   consent.
** Required in the event of a transfer to Transferee that is incorporated in
   Luxembourg.

--------------------------------------------------------------------------------
<PAGE>   108
                                       105
--------------------------------------------------------------------------------

                                    ANNEXURE

                    NOTICE OF TRANSFER TO BORROWER AND AGENT

To:      POLSKA TELEFONIA CYFROWA SP. Z O.O. (the "BORROWER")

         DEUTSCHE BANK LUXEMBOURG, S.A.

         DEUTSCHE BANK POLSKA S.A.

[                       ] (the "TRANSFEROR") and [                       ]
(the "TRANSFEREE") hereby give notice that pursuant to the terms of a transfer
certificate dated [ ], (the "TRANSFER CERTIFICATE") a copy of which is enclosed,
made between the Transferor and the Transferee relating to a facility agreement
dated 20 February, 2001 (the "CREDIT AGREEMENT") between the Borrower, Deutsche
Bank AG London Branch, Deutsche Bank Polska S.A. and Dresdner Bank Luxembourg,
S.A. as Lead Arrangers, the Arrangers named therein, the Banks named therein,
Deutsche Bank Luxembourg, S.A. as Agent, and Deutsche Bank Polska S.A., as
Security Agent, the Transferor has, with effect from [ ] (the "EFFECTIVE DATE")
effected the transfer stated in the Transfer Certificate. The Transferee agrees,
with effect from the Effective Date, to be bound by the terms and conditions of
the Senior Finance Documents as if it had been an original party to the Credit
Agreement as a Bank with a participation in the Utilisations equal to the
Transferred Advances, [and] with the Transferred Commitments [and with the Zloty
Limit(2)] stated in the Transfer Certificate.

Dated [                ]

By:

By:

(2) N.B. - Use only for Tranche B during Availability Period

--------------------------------------------------------------------------------
<PAGE>   109
                                       106
--------------------------------------------------------------------------------

                                   SCHEDULE D

                               SECURITY DOCUMENTS

1.    The Asset Pledge.

2.    Registration of security over Intellectual Property Rights of the Borrower
      at the Patent Office in Poland.

3.    Pledge agreements in respect of the receivables of each of the Issuers and
      PTC International Finance (Holding) B.V. in the agreed form signed by
      relevant Issuer and PTC International Finance (Holding) B.V. in favour of
      Deutsche Bank Polska S.A. as Security Agent:

      (a)    Deed of Pledge of Accounts Receivable of PTC International Finance
             (Holding) B.V. and PTC International Finance B.V.; and

      (b)    Deed of Pledge of Accounts Receivable of PTC International Finance
             II S.A.

4.    Subordination Agreements in the agreed form:

      (a)    signed by the Borrower and PTC International Finance (Holding) B.V.
             in favour of Deutsche Bank Polska S.A. as Security Agent;

      (b)    signed by PTC International Finance (Holding) B.V. and PTC
             International Finance II S.A. in favour of Deutsche Bank Polska
             S.A. as Security Agent; and

      (c)    signed by PTC International Finance B.V. and the Borrower in favour
             of Deutsche Bank Polska S.A. as Security Agent.

5.    Pledge over the shares of each Issuer and PTC International Finance
      (Holding) B.V. in the agreed form executed by the Borrower in favour of
      Deutsche Bank Polska S.A. as Security Agent:

      (a)    Share Pledge Agreement over the shares of PTC International Finance
             B.V. and PTC International Finance (Holding) B.V. from the Borrower
             in favour of Deutsche Bank Polska S.A. and

      (b)    Share Pledge Agreement over the shares of PTC International Finance
             II S.A. from PTC International Finance (Holding) B.V. in favour of
             Deutsche Bank Polska S.A.

6.    A Pledge over cash in the agreed form in respect of the moneys held on
      bank accounts established after the date hereof in favour of Deutsche Bank
      Polska S.A. as Security Agent.

7.    Mortgages over any real property having a fair market value in excess of
      (euro) 3,000,000 as determined by an independent market consultant
      approved by the Agent owned by the Borrower or any of its Subsidiaries in
      the agreed form.

8.    Ordinary Share Pledges.

9.    Registered Share Pledges.

10.   The Bank Account Side Letter.

--------------------------------------------------------------------------------
<PAGE>   110
                                       107
--------------------------------------------------------------------------------

                                   SCHEDULE E

                        DOCUMENTARY CONDITIONS PRECEDENT

THE BORROWER

1.    Documents, dated no earlier than 30 days prior to the date of this
      Agreement, necessary for demonstrating the capability and authorisation of
      the Borrower to execute and perform this Agreement including:

      (a)    notarised copy of the Borrower's Limited Liability Company
             Agreement;

      (b)    an original or notarised copy of the Borrower's extract from the
             commercial register not older than one month; and

      (c)    originals or notarised copies of all other documents demonstrating
             changes in any circumstances attested to by the documents referred
             to in this paragraph if such circumstances have any influence on
             the capability or authorisation of the Borrower to execute or
             perform the Senior Finance Documents.

2.    (a)    A copy of a resolution of the management board of the Borrower
             approving the terms of, and the transactions contemplated by, the
             Senior Finance Documents.

      (b)    A copy of a resolution of the supervisory board of the Borrower
             approving the terms of, and the transactions contemplated by, the
             Senior Finance Documents.

      (c)    A copy of a resolution of the management board of the Borrower to
             the effect that they have in good faith determined that any
             encumbrance or restriction contained in the Subordination Agreement
             dated as of 23rd November 1999 between PTC International Finance
             (Holding) B.V. and PTC International Finance II, S.A., as amended
             and re-executed as of the date hereof, are no less favourable in
             any material respect, taken as a whole, to the holders of each of:
             (i) the $253,203,000 10-3/4% senior subordinated guaranteed
             discount notes due 2007 issued by PTC International Finance B.V.,
             (ii) the $150,000,000 11-1/4% senior subordinated guaranteed notes
             due 2009 issued by PTC International Finance II S.A. and (iii)
             the(euro) 300,000,000 11-1/4% senior subordinated guaranteed notes
             due 2009 issued by PTC International Finance II S.A. than those
             encumbrances and restrictions contained in such Subordination
             Agreement prior to such amendment and re-execution, as required by
             Section 4.11(a)(v) of each of the indentures referred to in clauses
             (a) and (f) of the High Yield Debt Documents.

3.       A specimen of the signature of each person authorised to sign the
         Senior Finance Documents on behalf of the Borrower and to sign and/or
         despatch all documents and notices to be signed and/or despatched by
         the Borrower under or in connection with the Senior Finance Documents.

4.    (a)    A certificate of a member of the management board of the Borrower
             certifying that the incurrence of Utilisations will be permitted in
             accordance with Sections 4.09 and 4.16 of each of the indentures
             dated 23rd November, 1999 between PTC International Finance II
             S.A., PTC International Finance (Holding) B.V., the Borrower and
             State Street Bank and Trust Company, as trustee (the "1999
             INDENTURES") and the indenture dated 1st July, 1997 between PTC
             International Finance B.V., the Borrower, and The Bank of New York
             as trustee (the "1997 INDENTURE").

      (b)    A certificate of an authorised signatory of the Borrower
             certifying:

             (i)   that each of PTC International Finance B.V., PTC
                   International Finance II S.A. and PTC International Finance
                   (Holding) B.V. is a "Restricted Subsidiary" as defined in
                   each of the 1999 Indentures and the 1997 Indenture; and

--------------------------------------------------------------------------------
<PAGE>   111
                                       108
--------------------------------------------------------------------------------

             (ii)  that each copy document delivered under paragraphs 1, 2 and 3
                   above is correct, complete and in full force and effect as at
                   a date no earlier than the date of this Agreement.

PTC INTERNATIONAL FINANCE B.V.

5.    A copy of the constitutional documents of PTC International Finance B.V.

6.    A copy of a resolution of the board of directors of PTC International
      Finance B.V. approving the terms of, and the transactions contemplated by,
      the Senior Finance Documents to which it is a party.

7.    A specimen of the signature of each person authorised to sign the
      documents referred to in paragraph 6 above on behalf of PTC International
      Finance B.V. and to sign and/or despatch all documents and notices to be
      signed and/or despatched by PTC International Finance B.V. under or in
      connection with those documents.

8.    A certificate of an authorised signatory of PTC International B.V.
      certifying that each copy document delivered under paragraphs 5, 6 and 7
      above is correct, complete and in full force and effect as at a date no
      earlier than the date of this Agreement.

PTC INTERNATIONAL FINANCE II S.A.

9.    A copy of the constitutional documents of PTC International Finance II
      S.A.

10.   A copy of a resolution of the board of directors of PTC International
      Finance II S.A. approving the terms of, and the transactions contemplated
      by, the Senior Finance Documents to which it is a party.

11.   A specimen of the signature of each person authorised to sign the
      documents referred to in paragraph 10 above on behalf of PTC International
      Finance II S.A. and to sign and/or despatch all documents and notices to
      be signed and/or despatched by PTC International Finance II S.A. under or
      in connection with those documents.

12.   A certificate of an authorised signatory of PTC International Finance II
      S.A. certifying that each copy document delivered under paragraphs 9, 10
      and 11 above is correct, complete and in full force and effect as at a
      date no earlier than the date of this Agreement.

PTC INTERNATIONAL FINANCE (HOLDING) B.V.

13.   A copy of the constitutional documents of PTC International Finance
      (Holding) B.V.

14.   A copy of a resolution of the board of directors of PTC International
      Finance (Holding) B.V. approving the terms of, and the transactions
      contemplated by, the Senior Finance Documents to which it is a party.

15.   A specimen of the signature of each person authorised to sign the
      documents referred to in paragraph 14 above on behalf of PTC International
      Finance (Holding) B.V. and to sign and/or despatch all documents and
      notices to be signed and/or despatched by PTC International Finance
      (Holding) B.V. under or in connection with those documents.

16.   A certificate of an authorised signatory of PTC International Finance
      (Holding) B.V. certifying that each copy document delivered under
      paragraphs 13, 14 and 15 above is correct, complete and in full force and
      effect as at a date no earlier than the date of this Agreement.

MISCELLANEOUS

17.   Legal opinions from each of:

      (a)      Shearman & Sterling;

      (b)      Soltysinski, Kawecki & Szlezak;

      (c)      Nauta Dutilh; and

      (d)      Elvinger, Hoss & Prussen.

--------------------------------------------------------------------------------
<PAGE>   112
                                       109
--------------------------------------------------------------------------------

18.   The Fee Letters duly executed in the agreed form.

19.   National Bank of Poland permit for the Borrower to borrow and repay
      Utilisations and all other amounts payable under the Senior Finance
      Documents in the currency in which they are due.

20.   The Business Plan in the agreed form.

21.   The Hedging Policy in the agreed form.

22.   Certified copies of the GSM Licence, the DCS-1800 Licence, the UMTS
      Licence and the supply agreements referred to in paragraphs (c), (d) and
      (e) of the definition of "Material Contracts" in Clause 1.1 (Defined
      terms).

23.   Certified copies of the duly executed interconnection agreements with
      Telekomunikacja Polska Spo(3)ka Akcyjna, Polkomtel S.A. and PTK Centertel
      in form and substance reasonably satisfactory to the Agent.

24.   Evidence of the irrevocable acceptance of the person appointed as process
      agent under Clause 38.2 (Service of process) to act as agent for service
      of process.

25.   Execution of each Security Document listed in Schedule D by the Obligors
      party thereto other than (i) mortgages, (ii) the Ordinary Share Pledges,
      (iii) pledges over cash in respect of moneys held on bank accounts and
      (iv) the Registered Share Pledges which shall be in the agreed form.

26.   Collateral Sharing Intercreditor Agreement duly executed in the form set
      forth at Schedule M.

27.   A copy of any other governmental or other authorisation, approval or other
      document, opinion or assurance, including without limitation a document
      evidencing approval by the Shareholders, necessary or desirable in
      connection with the entry into and performance of, and the transactions
      contemplated by, any Senior Finance Document or for the validity and
      enforceability of any Senior Finance Document.

28.   [intentionally omitted]

29.   A search in respect of each member of the Group at the register of pledges
      maintained by the Warsaw court, the Central Registry of Treasury Pledges
      in Poland, the Commercial Register of the Chamber of Commerce and Industry
      of Amsterdam, and the Greffe de la 2e section du Tribunal d'Arrondissement
      de et a Luxembourg showing, inter alia, no Security Interests over any of
      its assets (other than any permitted under this Agreement) and no
      appointment of a receiver, liquidator or administrator or the presentation
      of any petition in respect of any of the same.

30.   Evidence that the insurances required to be taken out in accordance with
      Clause 19.23 (Insurance) of this Agreement have been taken out and are in
      full force and effect in the form of a confirmation in the agreed form
      from the relevant insurers.

31.      An instruction to the Agent that all fees payable in accordance with
         the Fee Letters and all other fees, costs and expenses (including,
         without limitation, legal fees and all costs of registration, property
         transfers, security or otherwise) details of which are known at the
         Signing Date may be deducted from the first Advance under this
         Agreement.

32.   Evidence reasonably satisfactory to the Agent that the facility agreement
      dated 17th December, 1997 between the Borrower, the arrangers named
      therein, the banks named therein, Citibank International plc as Facility A
      Agent and Security Agent, Citibank (Poland) S.A. as Facility B Agent and
      Security Agent and Citibank N.A. as Co-ordinator will be repaid and
      cancelled, all pledges of collateral thereunder will be promptly deleted
      from the register of pledges maintained by the Warsaw court and Citibank
      International plc as Facility A Agent and Citibank (Poland) S.A. as
      Facility B Agent will issue final and unconditional acknowledgements of
      discharge of all obligations secured by such pledges by way of a payoff
      letter in the agreed form and releases in the agreed form.

33.   A compliance certificate in the form set forth at Schedule J.

34.   The executed Side Letter from Elektrim S.A. to the Agent.

35.   A side letter from the Shareholders to the Agent, in the agreed form,
      providing that the Shareholders notify the Agent upon a pledge of the
      Shares by any Shareholders.

36.   Certified executed copies of each of the Main Facility Senior Finance
      Documents.
<PAGE>   113

                                      110
--------------------------------------------------------------------------------
                                   SCHEDULE F

                           EXISTING SECURITY INTERESTS
<TABLE>
<CAPTION>

NAME OF COMPANY          PROPERTY CHARGED                   DATE OF CREATION

--------------------     ---------------------------        ----------------------------------------
<S>                      <C>                                <C>
1. Polska Telefonia      Assets of Polska Telefonia         15 April 1998
   Cyfrowa Sp. z o.o.    Cyfrowa Sp. z o.o.

                         Shares and future shares in
2. Elektrim S.A.         Polska Telefonia Cyfrowa Sp.       14 September 1998 (pledge over shares and
                         z o.o.                             future shares)

                                                            21 April 1998 (pledge over shares)
                                                            (on 12 June 2000 Elektrim S.A. was entered
                                                            as a pledgor in the Register of Pledges)
                         Shares and future shares in
3. BRE Bank S.A.         Polska Telefonia Cyfrowa Sp.
                         z o.o.                             13 May 1999 (pledge over future shares)
                                                            (on 24 September 1999 Elektrim S.A.
                                                            submitted an application to change the
                                                            entry in the Register of Pledges)

                         Shares and future shares in        7 April 1998 (pledge over shares)
4. Carcom Warszawa Sp.   Polska Telefonia Cyfrowa Sp.
   z o.o.                z o.o.                             29 May 1999 (pledge over future shares)

                         Shares and future shares in        Registered pledge agreement was signed on
5. De Te Mobil           Polska Telefonia Cyfrowa Sp.       30 January 1998 but the pledges have not
                         z o.o.                             been registered yet

                         Shares and future shares in        Registered pledge agreement was signed on
6. Elektrim Autoinvest   Polska Telefonia Cyfrowa Sp.       15 January 1998 but the pledges have not
   S.A.                  z o.o.                             been registered yet

                         Shares and future shares in        The registered pledge agreement was signed
7. Kulczyk Holding S.A.  Polska Telefonia Cyfrowa Sp        on 15 January 1998 but the pledge over shares
                         z o.o.                             has not been registered yet. On 24
                                                            September 1999 Elektrim S.A. submitted an
                                                            application to change the entry in the

</TABLE>

<TABLE>
<CAPTION>
DESCRIPTION OF CHARGE    PERSONS ENTITLED TO THE
                         CHARGE
---------------------    ------------------------
<C>                      <C>
 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   114

                                      111
--------------------------------------------------------------------------------

<TABLE>
<S>                      <C>                                <C>
                                                            Register of Pledges.

                                                            The pledge over future shares was
                                                            registered on 24 June 1998. On 24 September
                                                            1999 Elektrim S.A. submitted an application
                                                            to change the entry in the Register of
                                                            Pledges.

                         Shares and future shares in        2 July 1998 (pledge over shares)
8. Polpager Sp. z o.o.   Polska Telefonia Cyfrowa Sp.
                         z o.o.                             28 October 1998 (pledge over future shares)

                                                            16 March 1999 (pledge over shares)
                                                            (On 24 September 1999 Elektrim S.A.
                                                            submitted an application to change the
                         Shares and future shares in        entry in the Register of Pledges.)
9. TUiR Warta S.A.       Polska Telefonia Cyfrowa Sp.
                         z o.o.                             6 January 1999 (pledge over new shares)
                                                            (Elektrim S.A. was entered as a pledgor in
                                                            the Register of Pledges)

                         Shares and future shares in        The registered pledge agreement was signed
10.Media One (US West    Polska Telefonia Cyfrowa Sp.       on 29 January 1998 but the pledges have not
   International B.V.)   z o.o.                             been registered yet

                                                            18 May 2000
11.Drugi Polski Fundusz  Future shares in Polska            (On 24 September 1999 Elektrim S.A.
   Rozwoju BRE           Telefonia Cyfrowa Sp. z o.o.       submitted an application to change the
                                                            entry in the Register of Pledges.)

12.PTC International     Present and future accounts        17.12.97
   Finance B.V.          receivable

13.Polska Telefonia      Present and future shares in PTC   17.12.97
   Cyfrowa Sp. z o.o.    International Finance B.V.

14.Polska Telefonia
   Cyfrowa Sp. z o.o.    Deposit moneys                     17.12.97
   and PTC International

</TABLE>

<TABLE>
<C>                      <C>

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 Registered Pledge        Citibank (Poland) S.A.

 First priority right     Citibank N.A.
 of pledge

 First right of pledge    Citibank N.A.

 Charge and assignment    Citibank (Poland) S.A.
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   115

                                      112
--------------------------------------------------------------------------------

<TABLE>
<S>                      <C>                                <C>
   Finance

15.PTC International     Accounts                           17.12.97
   Finance B.V.

16.PTC International     Present and future shares in PTC   23.11.99
   Finance (Holding)     International Finance II S.A.
   B.V.

17.PTC International     Present and future accounts        23.11.99
   Finance (Holding)     receivable
   B.V.

18.PTC International     Receivables                        24.11.99
   Finance (Holding)
   B.V.

19.PTC International     All monies and present and future  24.11.99
   Finance II S.A.       assets in the account

20.PTC International     Accounts receivable                23.11.99
   Finance II S.A.
                         Present and future shares in PTC
21.Polska Telefonia      International Finance (Holding)    23.11.99
   Cyfrowa Sp. z o.o.    B.V.
</TABLE>

<TABLE>
<C>                      <C>

First right of pledge    Citibank N.A.

Pledge                   Citibank N.A

First priority right     Citibank N.A.
of pledge

First priority right     Citibank N.A.
of pledge

Pledge                   Citibank N.A.

Pledge                   Citibank N.A.

First priority right     Citibank N.A.
 of pledge
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   116

                                      113
--------------------------------------------------------------------------------

                                   SCHEDULE G

                              ADDITIONAL COSTS RATE

1.    The Additional Costs Rate shall be:

      for all Banks, the rate determined by the Agent to be equal to the
      arithmetic mean (rounded upwards, if necessary, to four decimal places) of
      the rates notified by each of the Banks in accordance with its respective
      status weighted in proportion to the percentage participation of that Bank
      in the related Advance to the Agent as the rate resulting from the
      application (as appropriate) of the following formulae:

          in relation to Sterling Advances:

                            XL + S(L-D) + (E x 0.01)
                            ------------------------
                                   100 - (X+S)

          in relation to other Advances:

                                    E x 0.01
                                    --------
                                       300

          where, in each case, on the day of application of a formula:

          X        is the percentage of Eligible Liabilities (in excess
                   of any stated minimum) by reference to which that
                   Bank is required under or pursuant to the Bank of
                   England Act 1998 to maintain cash ratio deposits with
                   the Bank of England;

          L        is the percentage rate of interest (excluding the
                   Applicable Margin and any amounts compensated under
                   the Additional Costs Rate) payable for the relevant
                   Interest Period on the Advance;

          E        is the rate of charge being payable by that Bank to
                   the Financial Services Authority ("FSA") pursuant to
                   paragraph 2.02 or 2.03 (as the case may be) of the
                   Fees Regulations (but where, for this purpose, the
                   figures at paragraph 2.02(b) and 2.03(b) of the Fees
                   Regulations shall be deemed to be zero) and expressed
                   in pounds per (pound)1 million of the Fee Base of
                   that Lender;

          S        is the level of interest bearing Special Deposits,
                   expressed as a percentage of Eligible Liabilities,
                   which that Bank is required to maintain by the Bank
                   of England (or other United Kingdom governmental
                   authorities or agencies); and

          D        is the percentage rate per annum payable by the Bank
                   of England to that Bank on Special Deposits.

          (X, L, S and D shall be expressed in the formula as numbers and not
          as percentages. A negative result obtained from subtracting D from L
          shall be counted as zero).

2.    For the purposes of this Schedule G:-

      "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings given to
      those terms under or pursuant to the Bank of England Act 1998 or by the
      Bank of England (as may be appropriate), on the day of the application of
      the formula;

--------------------------------------------------------------------------------
<PAGE>   117

                                      114
--------------------------------------------------------------------------------

      "FEE BASE" has the meaning given to that term for the purposes of, and
      shall be calculated in accordance with, the Fees Regulations;

      "FEES REGULATIONS" means, as appropriate, either:

      (a)    the Banking Supervision (Fees) Regulations 1998; or

      (b)    such regulations as from time to time may be in force, relating to
             the payment of fees for banking supervision in respect of periods
             subsequent to 31 March 1999.

3.    The Additional Costs Rate shall be calculated at or about 11.00 a.m. on
      the first day of each Interest Period and for the duration of such
      Interest Period and shall be payable on the date on which interest is
      payable in respect of the relevant Advance in accordance with the terms of
      this Agreement.

4.    Each Bank shall determine the Additional Costs Rate by application of the
      relevant formula set out in paragraph 1 above on the first day of each
      Interest Period and shall notify the Agent of such determination as soon
      as it has been made. Promptly upon receipt of notifications from each of
      the Banks, the Agent shall calculate the Additional Costs Rate for the
      purposes of this Agreement as a weighted average of the Banks' Additional
      Cost Rates (weighted in proportion to the percentage participation of each
      Bank in the relevant Advance) expressed as a percentage rate per annum.

5.    In the event that there is any change in applicable law or regulation, or
      the interpretation thereof, by any agency of any state, or in the nature
      of any request or requirement by the Financial Services Authority, the
      Bank of England, or other applicable banking or regulatory authority, the
      effect of which is to impose, modify or deem applicable any fees or any
      reserve, special deposit, liquidity or similar requirements against assets
      held by, or deposits in, or for the account of, or advances by the Banks,
      or in any other respect whatsoever, the Agent shall be entitled to vary
      the formula set forth in paragraph 1 above so as (but only so as) to
      restore the Banks' position - in terms of overall return to the Banks - to
      that which prevailed before such change became necessary. The Agent shall
      notify the Borrower of any such necessary variation to the formula and the
      formula, as so varied, shall be the formula for the purposes of this
      Agreement with effect from the date of notification.

--------------------------------------------------------------------------------
<PAGE>   118

                                      115
--------------------------------------------------------------------------------

                                   SCHEDULE H

                         FORM OF REQUEST FOR AN ADVANCE

To:      Deutsche Bank Luxembourg, S.A., as Agent.

From:    POLSKA TELEFONIA CYFROWA SP. Z O.O.

Date:    [                             ]

POLSKA TELEFONIA CYFROWA SP. Z O.O.
(EURO)100,000,000 FACILITY AGREEMENT DATED 20 FEBRUARY, 2001

1.    We wish to borrow an Advance as follows:-

      (a)    Tranche: [A/B]

      (b)    Utilisation Date: [                ]

      (c)    Currency/Amount: [                ]

      (d)    Interest Period: [                ]

      (e)    Payment instructions: [                ].

      (f)    [Original Euro Amount: [                ].]*

2.    We confirm that the Advance referred to in this Request will be repaid on
      the date and in accordance with the terms set out in the Facility
      Agreement.

3.    We confirm that each condition specified in Clause 4.2 (Conditions
      Precedent to each Utilisation) is satisfied on the date of this Request.

[4.   We confirm that the proceeds of the Advance referred to in this Request
      will be used for the purpose set forth in Clause 3.1 (d)(Purpose).]**

By:

POLSKA TELEFONIA CYFROWA SP. Z O.O.
Authorised Signatory

*  Tranche A only
** Include when applicable

--------------------------------------------------------------------------------
<PAGE>   119

                                      116
--------------------------------------------------------------------------------

                                   SCHEDULE I

                               ACCESSION DOCUMENT

THIS ACCESSION AGREEMENT is made [                 ]

BETWEEN:-

(1)                                (No.    ) (the "NEW GUARANTOR");

(2)   POLSKA TELEFONIA CYFROWA SP. Z O.O., (No. ) (the "BORROWER");

(3)   DEUTSCHE BANK LUXEMBOURG, S.A. in its capacity as Agent under the Credit
      Agreement.

WHEREAS:-

(A)   This Agreement is entered into in connection with a facility agreement
      (the "CREDIT AGREEMENT") dated 20 February, 2001 and made between, inter
      alia, the Borrower, the Guarantors named therein, Deutsche Bank AG London,
      Deutsche Bank Polska S.A. and Dresdner Bank Luxembourg, S.A. as Lead
      Arrangers, the Arrangers named therein, Deutsche Bank Luxembourg, S.A., as
      Agent, and Deutsche Bank Polska S.A., as Security Agent.

(B)   This Agreement has been entered into to record the admission of the New
      Guarantor as a Guarantor under the Credit Agreement.

NOW IT IS HEREBY AGREED AS FOLLOWS:-

1.    DEFINITIONS

      Terms defined in the Credit Agreement shall have the same meaning when
      used in this Agreement.

2.    ADMISSION OF NEW GUARANTOR

2.1   The New Guarantor agrees to become a Guarantor under the Credit Agreement
      and agrees to be bound by the terms of the Credit Agreement as if it had
      been named as a Guarantor thereunder.

2.2   The New Guarantor thereby confirms the appointment of the Borrower as its
      agent on the terms provided for in the Credit Agreement in relation to
      Obligors.

2.3   The New Guarantor confirms that its address details for notices the Credit
      Agreement are as follows:-

      Address:
      Facsimile:
      Telex:
      Attention of:

2.4   By their signature below the parties to this Agreement (other than the New
      Guarantor) confirm their acceptance of the New Guarantor as a Guarantor
      for the purpose of the Credit Agreement.

3.    GOVERNING LAW AND SUBMISSION TO JURISDICTION

      The provision of Clauses 38 (Jurisdiction), 39 (Waiver of Immunity) and
      40 (Governing Law) shall apply to this Accession Agreement as though
      set out in full herein, mutatis mutandis.

--------------------------------------------------------------------------------
<PAGE>   120

                                      117
--------------------------------------------------------------------------------

IN WITNESS whereof the parties have caused this Agreement to be duly executed on
the date first written above.

NEW GUARANTOR
[Name]

--------------------------------------
By:

BORROWER
POLSKA TELEFONIA CYFROWA SP. Z O.O.

--------------------------------------
By:

AGENT
DEUTSCHE BANK LUXEMBOURG, S.A.

--------------------------------------
By:

--------------------------------------------------------------------------------
<PAGE>   121

                                      118
--------------------------------------------------------------------------------

                                   SCHEDULE J

                         FORM OF COMPLIANCE CERTIFICATE

                          DATED AS OF _________________

         The undersigned hereby certifies that [s]he is a member of the
management board of Polska Telefonia Cyfrowa Sp. z o.o. (the "BORROWER") and
that as such [s]he is authorized to execute this certificate on behalf of the
Borrower. With reference to the facility agreement dated as of 20 February, 2001
(the "CREDIT AGREEMENT"; terms defined therein and not otherwise defined herein
being used herein as therein defined) among the Borrower, the guarantors party
thereto from time to time, Deutsche Bank AG London, Deutsche Bank Polska S.A.
and Dresdner Bank Luxembourg, S.A., as Lead Arrangers, the Arrangers party
thereto, Deutsche Bank Luxembourg, S.A. as Agent, Deutsche Bank Polska S.A. as
Security Agent and the Banks party thereto from time to time, the undersigned
further certifies, represents and warrants as follows:

         (a)      attached to this Certificate as Annex A are the calculations
                  necessary to confirm compliance with the covenants contained
                  in Clauses 21.1, 21.2 and 21.3 (Financial Undertakings) of the
                  Credit Agreement as of _________________.

         (b)      the consolidated financial statements of the Borrower and its
                  Subsidiaries (the "GROUP") for the quarterly period ended
                  _______________ attached hereto as Annex B are complete and
                  correct and present fairly, in accordance with the accounting
                  standards set forth in Clause 19.7 (Accounting Standards) of
                  the Credit Agreement, the financial position of the Group as
                  at the end of such quarterly accounting period, and the
                  results of operations and cash flows for such quarterly
                  period, and for the elapsed portion of the fiscal year ended
                  with the last day of such quarterly period; and

         (c)      no Default is outstanding.

                                      POLSKA TELEFONIA CYFROWA SP. Z O.O.

                                      By
                                         ---------------------------------------
                                         Title

--------------------------------------------------------------------------------
<PAGE>   122

                                      119
--------------------------------------------------------------------------------

                        ANNEX A TO COMPLIANCE CERTIFICATE

                              SENIOR DEBT TO EBITDA
<TABLE>
<S>                                                                                   <C>
RATIO PERIOD ENDED:
                                                                                      ---------

Borrowings under any Senior Debt facility
Overdrafts
Mark-to-market value of Hedging Agreements in respect of Senior Debt
Negative mark-to-market value of Hedging Agreements in respect of
Interest payments in relation to any Financial Indebtedness incurred
pursuant to the High Yield Debt Documents
Finance Leases
QTE Lease obligations
Letters of credit and bank guarantees
Any other Senior Debt

TOTAL SENIOR DEBT

Net income before Extraordinary Items
Interest Payable
Income Taxes
Amortisation and depreciation
Consolidated losses arising as a result of having Financial Indebtedness in a
     currency which appreciated against the Zloty (without double-counting)

SUBTOTAL:
                                                                                      ---------
Less:
Handset costs and other subscriber acquisition costs, whether or not
     capitalised, to the extent not already deducted in determining net income
Interest Receivable
Consolidated gains arising as a result of having Financial Indebtedness in a
     currency which depreciated against the Zloty (without double-counting)

SUBTOTAL:
                                                                                      ---------

EBITDA FOR THE RATIO PERIOD

Senior Debt to EBITDA ratio
PERMITTED LEVEL (TO DEC 2003 - NOT MORE THAN 4:1)                                        4.00:1

IN COMPLIANCE ( YES / NO )
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   123

                                      120
--------------------------------------------------------------------------------

<TABLE>
<S>                                                                                   <C>
                    EBITDA TO INTEREST EXPENSE ON SENIOR DEBT
Interest accrued on Senior Debt
less Interest Receivable
less unrealised foreign exchange losses to the extent included as Interest plus
unrealised foreign exchange gains to the extent deducted as Interest

INTEREST EXPENSE ON SENIOR DEBT

EBITDA FOR THE RATIO PERIOD

EBITDA to Interest Expense on Senior Debt ratio
PERMITTED LEVEL : (TO DEC 2002 - NOT LESS THAN 2.5:1)                                     2.5:1

IN COMPLIANCE ( YES / NO )

                    EBITDA TO INTEREST EXPENSE ON TOTAL DEBT

Interest accrued on all debt
less Interest Receivable
less Interest accrued covered by amounts deposited in escrow
less Interest accrued in respect of GSM Licence, DCS-1800 Licence and
   UMTS Licence indebtedness
less nrealised foreign exchange losses to the extent included as Interest
less Interest accrued in respect of QTE Leases covered by amounts deposited in
escrow
Plus unrealised foreign exchange gains to the extent included as Interest

INTEREST EXPENSE ON TOTAL DEBT

EBITDA FOR THE RATIO PERIOD

EBITDA to Interest Expense on Total Debt ratio
PERMITTED  LEVEL : (TO DEC 2001 - NOT LESS THAN 1.5:1)                                    1.5:1

IN COMPLIANCE ( YES / NO )
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   124

                                      121
--------------------------------------------------------------------------------

                                   SCHEDULE K

      EXISTING FINANCIAL INDEBTEDNESS OF THE BORROWER AND ITS SUBSIDIARIES
<TABLE>
<CAPTION>

                                                 DESCRIPTION OF              DEBT CERTIFICATE             FINAL MATURITY
GRANTOR/COUNTERPARTY     DEBT ISSUER/BORROWER    INDEBTEDNESS                NUMBER/FACILITY
                                                                             AGREEMENT NUMBER
---------------------    ---------------------   ------------------------    -------------------------    ---------------

<S>                      <C>                     <C>                        <C>                           <C>
N/A                      PTC International       10 3/4% Senior              N/A                          July 1, 2007
                         Finance B.V.            Subordinated Guaranteed
                                                 Discount Notes

N/A                      PTC International       11 1/4% Senior              N/A                          December 1, 2009
                         Finance II S.A.         Subordinated Guaranteed
                                                 Discount Notes

Mahler                   PTC Sp. z o.o.          Finance lease of            N/A (Finance Lease           March, 2012
                                                 headquarters                Agreement of 23 April 1997)

Ministry of              PTC Sp. z o.o.          Licence GSM 900 - the       2/96/GSM2                    March 31, 2001
Communications                                   remaining instalment

Ministry of              PTC Sp. z o.o.          Licence GSM 1800 -          498/99                       September 30,
Communications                                   remaining instalments                                    2002

Ministry of              PTC Sp. z o.o.          Licence UMTS                2/UMTS issued December 20,   September 30,
Communications                                                               2000                         2022

*BRE BANK SA             PTC Sp. z o.o.          Overdraft limit             02/162/98/Z/VV               N/A

*CITIBANK (Poland) SA    PTC Sp. z o.o.          Overdraft & Guarantee       Framework Agreement No.      N/A
                                                 Limit                       145/98

*CITIBANK (Poland) SA    PTC Sp. z o.o.          Credit Card Limit           Agreement of April, 2000     N/A

<CAPTION>
 OUTSTANDING                 FACILITY LIMIT
 PRINCIPAL AMOUNT
 AS OF 31 DECEMBER 2000
 /NEGATIVE MARK-TO-
 MARKET  VALUE AS OF 31
 DECEMBER 2000
 ------------------------    --------------
 <C>                         <C>
 USD 253 million at final    N/A
 maturity

 Euro 300 million and USD    N/A
 150 million at final
 maturity

 USD 53.6 million (value     N/A
 of future lease payments
 as of 31 December 2000)

 Euro 56 100 000             N/A

 Euro 33 431 000             N/A

 Euro 650 000 000            N/A

 PLN 25 950 222.67           PLN  30 000 000

 Guarantee: PLN 6 303        DEM  11 350 000
 159.65 as of 31 December
 2000
 Overdraft: PLN 10 392
 199.26 as of 31 December
 2000

 97 675.09 PLN as of 31      PLN 1 338 000
 December 2000
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   125

                                      122
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                 DESCRIPTION OF              DEBT CERTIFICATE             FINAL MATURITY
GRANTOR/COUNTERPARTY     DEBT ISSUER/BORROWER    INDEBTEDNESS                NUMBER/FACILITY
                                                                             AGREEMENT NUMBER
---------------------    ---------------------   ------------------------    -------------------------    ---------------
<S>                      <C>                     <C>                         <C>                          <C>
*ING BARINGS             PTC Sp. z o.o.          Guarantee Limit             N/A                          N/A

*Deutsche Bank Polska    PTC Sp. z o.o.          Short Term Facility         N/A                          N/A
S.A.                                             Limit

ING Barings              PTC Sp. z o.o.          Guarantee issued in         GO/03337                     January 31, 2001
                                                 favour of Mahler Sp.
                                                 z o.o. with respect to
                                                 finance lease payments

N/A                      PTC Sp. z o.o.          Unconditional               N/A                          July 1, 2007
                                                 Guarantee issued in
                                                 favour of holders of
                                                 10 3/4% Senior
                                                 Subordinated Guaranteed
                                                 Discount Notes

N/A                      PTC Sp. z o.o.          Unconditional  and          N/A                          December 1, 2009
                                                 Irrevocable Guarantee
                                                 issued in favour of
                                                 holders of 11 1/4% Senior
                                                 Subordinated Guaranteed
                                                 Discount Notes

                         PTC Sp. z o.o.          NDF Buy EUR 10 000          N/A
Citibank                                         000.00                                                   April 2, 2001

                         PTC Sp. z o.o.          NDF Buy EUR 10 000          N/A
Citibank                                         000.00                                                   April 2, 2001

                         PTC Sp. z o.o.          NDF Buy EUR 10 000          N/A
ING                                              000.00                                                   April 2, 2001
</TABLE>

<TABLE>
<CAPTION>
 OUTSTANDING                 FACILITY LIMIT
 PRINCIPAL AMOUNT
 AS OF 31 DECEMBER 2000
 /NEGATIVE MARK-TO
 -MARKET  VALUE AS OF 31
 DECEMBER 2000
 ------------------------    --------------
 <C>                         <C>

 6 413 055.10 PLN as of      USD 3 500 000
 31 December 2000

 N/A                         Euro 5 000 000, out of
                             which Euro 2 000 000
                             represents overdraft limit

 PLN4,950,664.28             N/A

                             N/A

 USD 253 million             N/A

 Euro 300 million and        N/A
 USD 150 million

                             N/A
 PLN  5 404 500.00

                             N/A
 PLN  5 397 500.00

                             N/A
 PLN  5 396 500.00
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   126

                                      123
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                 DESCRIPTION OF              DEBT CERTIFICATE             FINAL MATURITY
GRANTOR/COUNTERPARTY     DEBT ISSUER/BORROWER    INDEBTEDNESS                NUMBER/FACILITY
                                                                             AGREEMENT NUMBER
---------------------    ---------------------   ------------------------    -------------------------    ---------------
<S>                      <C>                     <C>                         <C>                          <C>
                         PTC Sp. z o.o.          NDF Buy EUR 10 000          N/A
Citibank                                         000.00                                                   April 2, 2001

                         PTC Sp. z o.o.          NDF Buy EUR 10 000          N/A
ING                                              000.00                                                   April 2, 2001

Merrill Lynch            PTC Sp. z o.o.          NDF Buy EUR 6 100 000.00    N/A                          April 2, 2001

                         PTC Sp. z o.o.          Forward Buy EUR 16 875      N/A
Citibank                                         000.00 (SWAP)                                            June 1, 2001

                         PTC Sp. z o.o.          Forward Buy EUR 8 437       N/A
ING                                              500.00 (SWAP)                                            June 1, 2001
</TABLE>

<TABLE>
<CAPTION>
 OUTSTANDING                 FACILITY LIMIT
 PRINCIPAL AMOUNT
 AS OF 31 DECEMBER 2000
 /NEGATIVE MARK-TO
 -MARKET  VALUE AS OF 31
 DECEMBER 2000
 ------------------------    --------------
 <C>                         <C>
                            N/A
PLN  5 408 500.00

                            N/A
PLN  5 436 500.00

PLN  2 983 815.00           N/A

                            N/A
PLN  11 107 125.00

                           N/A
PLN  4 738 078.13
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   127

                                      124
--------------------------------------------------------------------------------

                                  SCHEDULE L

                           EXISTING HEDGING AGREEMENTS

ISDA Agreements concluded with:
Dresdner Bank AG dated 19 September 2000;
Merrill Lynch Capital Services, INC dated 15 March 2000;
ABN AMRO Bank NV dated 15 March 2000; and
Citibank NA dated 5 May 2000.

Quasi ISDA Agreements concluded with Polish banks:
BRE Bank SA dated 22 March 2000;
Citibank (Poland) SA dated 6 March 2000; and
ING Bank NV (Oddzial Warszawa) dated 6 March 2000.

Other hedging agreements concluded with Polish banks:
ABN AMRO Bank (Polska) SA dated 15 March 2000.

--------------------------------------------------------------------------------
<PAGE>   128

                                      125
--------------------------------------------------------------------------------

                                   SCHEDULE M
                   COLLATERAL SHARING INTERCREDITOR AGREEMENT

THIS COLLATERAL SHARING INTERCREDITOR AGREEMENT (this "AGREEMENT") is made
on ____________ .

BETWEEN:

(1)   The Finance Parties listed in Schedule I hereto; and

(2)   DEUTSCHE BANK POLSKA S.A., as Group Security Agent for the Finance Parties
      (each as defined below).

WHEREAS:

         A. POLSKA TELEFONIA CYFROWA SP. Z O.O., a company registered in the
Commercial Register of the District Court in Warsaw under number 45740 (the
"COMPANY") has entered into (a) that certain (euro)550,000,000 Facility
Agreement dated on or about 16 February, 2001 (the "MAIN FACILITY AGREEMENT")
between (i) the Company, as Borrower, (ii) the other Obligors (as defined below)
party thereto, as Guarantors, (iii) the Banks referred to therein, (iv) Deutsche
Bank AG London, Deutsche Bank Polska S.A., Dresdner Bank Luxembourg S.A. and the
European Bank for Reconstruction and Development, as Lead Arrangers, (v)
Deutsche Bank Luxembourg S.A., as Agent, and (vi) Deutsche Bank Polska S.A., as
Security Agent, and (b) that certain (euro)100,000,000 Facility Agreement dated
on or about 16 February, 2001 (the "SUPPLEMENTAL FACILITY AGREEMENT") between
(i) the Company, as Borrower, (ii) the other Obligors party thereto, as
Guarantors, (iii) the Banks referred to therein, (iv) Deutsche Bank AG London,
Deutsche Bank Polska S.A. and Dresdner Bank Luxembourg S.A., as Lead Arrangers,
(v) Deutsche Bank Luxembourg S.A., as Agent, and (vi) Deutsche Bank Polska S.A.,
as Security Agent.

         B. In connection with the Main Facility Agreement, each of the Obligors
granted to the Main Bank Finance Parties (as defined below) a security interest
in all of its rights, title and interest in the Security (as defined below), for
the purpose, among other things, of securing and providing for the repayment of
all amounts owing from time to time under or in connection with the Main
Facility Agreement.

         C. In connection with the Supplemental Facility Agreement, each of the
Obligors granted to the Supplemental Bank Finance Parties (as defined below) a
security interest in all of its rights, title and interest in the Security, for
the purpose, among other things, of securing and providing for the repayment of
all amounts owing from time to time under or in connection with the Supplemental
Facility Agreement.

         D. It is anticipated that the Company and the other Obligors may incur
additional financial indebtedness to third parties, and to the extent that such
additional financial indebtedness is Additional Secured Indebtedness (as defined
below), the lenders of such Additional Secured Indebtedness will share in the
Security.

         E. It is further anticipated that the Company and the other Obligors
may, from time to time, enter into certain interest rate and/or currency swap
agreements with certain Main Bank Finance Parties or Supplemental Bank Finance
Parties or their respective affiliates (such Main Bank Finance Parties,
Supplemental Bank Finance Parties and affiliates being, collectively, the
"HEDGING BANKS"), and to the extent that such swap agreements are Secured Swap
Agreements (as defined below) the relevant Hedging Banks will share in the
Security.

         F. In order to determine the rights and responsibilities of the Main
Bank Finance Parties, the Supplemental Bank Finance Parties, the Secured Swap
Finance Parties (as defined below), the Additional Finance Parties (as defined
below), the Representatives (as defined below) and the Group Security Agent with
respect to the Security, and in consideration therefor, the parties have entered
into this Agreement.

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IT IS AGREED as follows:

1.    INTERPRETATION

1.1   Definitions: In this Agreement, unless the context otherwise requires, the
      following expressions have the following meanings:

      "AGENTS" means (a) the Agent (as defined in the Main Facility Agreement),
      (b) the Agent (as defined in the Supplemental Facility Agreement), (c) the
      person(s), if any, designated to act as facility agent, administrative
      agent or paying agent or in a similar capacity under the Additional
      Secured Indebtedness Finance Documents and (d) the person(s), if any,
      designated to act as facility agent, administrative agent or paying agent
      or in a similar capacity under the Secured Swap Finance Documents.

      "AGENT'S SPOT RATE OF EXCHANGE" means:

      (a)    when converting an amount into Euro, the Group Security Agent's
             spot rate of exchange for the purchase of Euro in the Brussels
             foreign exchange market with the relevant currency at or about
             11.00 a.m. (Brussels time) on a particular day; and

      (b)    when converting an amount of Euro into any other currency, the
             Group Security Agent's spot rate of exchange for the purchase of
             such other currency in the Brussels foreign exchange market with
             Euro at or about 11.00 a.m. (Brussels time) on a particular day.

      "BUSINESS DAY" means a day (other than a Saturday, Sunday or public
      holiday) which is a day on which banks are open for business in London,
      Luxembourg and Warsaw.

      "DEFAULT" means any event of default under any Finance Document, and any
      event which with the giving of notice or the lapse of time, or both, or
      the making of any determination or the fulfilment of any condition
      provided for in the relevant agreement would constitute such an event of
      default.

      "FINANCE DOCUMENTS" means:

      (a)    when designated "MAIN BANK", the Senior Finance Documents as
             defined in the Main Facility Agreement;

      (b)    when designated "SUPPLEMENTAL BANK", the Senior Finance Documents
             as defined in the Supplemental Facility Agreement;

      (c)    when designated "ADDITIONAL SECURED INDEBTEDNESS", the agreements
             and instruments for the time being evidencing the Additional
             Secured Indebtedness and governing the terms thereof;

      (d)    when designated "SECURED SWAP", the Secured Swap Agreements and the
             other agreements and instruments for the time being entered into in
             connection therewith and governing the terms thereof; and

      (e)    without any such designation, the Main Bank Finance Documents, the
             Supplemental Bank Finance Documents, the Additional Secured
             Indebtedness Finance Documents and the Secured Swap Finance
             Documents.

      "FINANCE PARTIES" means:

      (a)    when designated "MAIN BANK", the Finance Parties (as defined in the
             Main Facility Agreement) that have executed this Agreement or
             acceded to this Agreement pursuant to a Transfer Certificate

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             (as defined in the Main Facility Agreement) or by executing,
             together with the Group Security Agent, a Finance Party Accession
             Agreement;

      (b)    when designated "SUPPLEMENTAL BANK", the Finance Parties (as
             defined in the Supplemental Facility Agreement) that have executed
             this Agreement or acceded to this Agreement pursuant to a Transfer
             Certificate (as defined in the Supplemental Facility Agreement) or
             by executing, together with the Group Security Agent, a Finance
             Party Accession Agreement;

      (c)    when designated "ADDITIONAL", the lenders from time to time (and/or
             their agent(s)) under the Additional Secured Indebtedness Finance
             Documents that have acceded to this Agreement by executing,
             together with the Group Security Agent, a Finance Party Accession
             Agreement;

      (d)    when designated "SECURED SWAP", the Hedging Banks from time to time
             (and/or their agent(s)) that enter into Secured Swap Agreements
             with the Company in their capacity as swap counterparties under the
             Secured Swap Agreements and that have acceded to this Agreement by
             executing, together with the Group Security Agent, a Finance Party
             Accession Agreement; and

      (e)    without any such designation, the Main Bank Finance Parties, the
             Supplemental Bank Finance Parties, the Additional Finance Parties
             and the Secured Swap Finance Parties.

      "FINANCE PARTY ACCESSION AGREEMENT" means an accession agreement
      substantially in the form set out in Schedule II hereto.

      "GROUP" means the Company and its subsidiaries.

      "GROUP SECURITY AGENT" means Deutsche Bank Polska S.A. acting in its
      capacity as trustee and/or agent in relation to the Security Documents and
      in relation to this Agreement on behalf of the Finance Parties, or such
      other person as may from time to time be appointed pursuant to Clause 8.9.

      "INDEBTEDNESS" means:

      (a)    when designated "MAIN BANK", all Obligations now or hereafter due,
             owing or incurred to the Main Bank Finance Parties (or any of them)
             by any Obligor under or in respect of the Main Bank Finance
             Documents (or any of them);

      (b)    when designated "SUPPLEMENTAL BANK", all Obligations now or
             hereafter due, owing or incurred to the Supplemental Bank Finance
             Parties (or any of them) by any Obligor under or in respect of the
             Supplemental Bank Finance Documents (or any of them);

      (c)    when designated "ADDITIONAL SECURED", all Obligations now or
             hereafter due, owing or incurred to the Additional Finance Parties
             (or any of them) by any Obligor under or in respect of indebtedness
             incurred pursuant to and in accordance with Clause
             19.26(a)(v)(A)(y) or 19.26(a)(vi)(B)(x) of the Main Facility
             Agreement and Clause 19.26(a)(v)(A)(y) or 19.26(a)(vi)(B)(x) of the
             Supplemental Facility Agreement and secured by Security Interests
             permitted pursuant to, and granted in accordance with, Clause
             19.8(b)(vi) of the Main Facility Agreement and Clause 19.8(b)(vi)
             of the Supplemental Facility Agreement;

      (d)    when designated "SECURED SWAP" all Obligations now or hereafter
             due, owing or incurred to the Secured Swap Finance Parties (or any
             of them) by any Obligor under or in respect of Secured Swap
             Agreements or under or in respect of Secured Swap Finance Documents
             in connection therewith; and

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      (e)    without any such designation, the Main Bank Indebtedness and/or the
             Supplemental Bank Indebtedness and/or the Additional Secured
             Indebtedness and/or the Secured Swap Indebtedness, as the context
             requires.

      "MAJORITY FINANCE PARTIES" means, at any time, the Finance Parties whose
      Proportionate Interests aggregate at least fifty-one per cent (51%) of all
      the Proportionate Interests.

      "NET SWAP AMOUNTS" means, at any time, (a) with respect to a Secured Swap
      Finance Party, the net amount (if any) owing by any Obligor under all
      Secured Swap Agreements with that Secured Swap Finance Party which have
      been terminated at such time, and (b) with respect to all Secured Swap
      Finance Parties, the sum of the Net Swap Amounts for all Secured Swap
      Finance Parties (and, for the avoidance of doubt, the parties confirm that
      the Net Swap Amounts for all Secured Swap Finance Parties is not reduced
      by any net amount owed by a Secured Swap Finance Party to any Obligor
      under the Secured Swap Agreements with that Secured Swap Finance Party),
      as such "Net Swap Amounts" are calculated by the Group Security Agent (any
      such calculation being conclusive, absent manifest error).

      "OBLIGATIONS" means, with respect to any person, all liabilities and
      obligations in any currency of such person of any kind, including, without
      limitation, any liability of such person on any claim, whether or not the
      right of any creditor to payment in respect of such claim is reduced to
      judgment, liquidated, unliquidated, fixed, contingent, matured, disputed,
      stayed or otherwise affected by any bankruptcy or insolvency or similar
      proceeding. Without limiting the generality of the foregoing, the
      Obligations of any Obligor under the Finance Documents include, without
      limitation, the obligation to pay principal, interest, reimbursement
      obligations, letter of credit commissions, charges, expenses, fees,
      attorney's fees and disbursements, indemnity and other amounts payable by
      such Obligor under any Finance Document or any extensions or renewals
      thereof, whether or not owed alone or jointly with any other person,
      whether owed as principal or surety, whether current or otherwise and
      whether or not from time to time decreased or extinguished and later
      increased, created or incurred, and all or any portion of such obligations
      or liabilities that are paid, to the extent all or any part of such
      payment is avoided or recovered directly or indirectly from the Group
      Security Agent or any Finance Party as a preference, invalid transfer or
      otherwise.

      "OBLIGORS" means the Company and each other member of the Group which has
      undertaken (or in the future undertakes) Obligations to a Finance Party
      pursuant to one or more of the Finance Documents.

      "PROPORTIONATE INTEREST" of a Finance Party means, as of any time at which
      such interest shall be determined, a fraction, the numerator of which is
      the Obligations representing outstanding principal, actual, but not
      contingent, reimbursement obligations in respect of letters of credit
      and/or bank guarantees and Net Swap Amounts owing to such Finance Party at
      such time, and the denominator of which is the aggregate Obligations
      representing outstanding principal, actual, but not contingent,
      reimbursement obligations in respect of letters of credit and/or bank
      guarantees and Net Swap Amounts owing to all Finance Parties at such time.
      Any Obligations denominated in a currency other than Euros will, for the
      purposes of this definition, be translated into Euros at the Agent's Spot
      Rate of Exchange on the Business Day prior to the date on which the
      Proportionate Interests are to be determined.

      "REPRESENTATIVES" means (a) the Security Agent (as defined in the Main
      Facility Agreement), (b) the Security Agent (as defined in the
      Supplemental Facility Agreement), (c) the person(s) designated as agent
      and/or trustee with respect to security under the Additional Secured
      Indebtedness Finance Documents, provided if at any time an Additional
      Finance Party shall not have appointed an agent and/or trustee, the
      Additional Finance Party shall be the Representative for itself, and (d)
      the persons(s) designated as agent and/or trustee with respect to security
      under the Secured Swap Finance Documents, provided if at any time a
      Secured Swap Finance Party shall not have appointed an agent and/or
      trustee, the Secured Swap Finance Party shall be the Representative for
      itself.

      "SECURED SWAP AGREEMENT" means any interest rate or foreign exchange
      hedging agreement or arrangement entered into in accordance with Clause
      19.14(a) of the Main Facility Agreement and Clause

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      19.14(a) of the Supplemental Facility Agreement and secured by Security
      Interests permitted pursuant to, and granted in accordance with, Clauses
      19.14(c) and 19.8(b)(ii) of the Main Facility Agreement and Clauses
      19.14(c) and 19.8(b)(ii) of the Supplemental Facility Agreement.

      "SECURITY" means any property or assets in which a Security Interest is
      granted in accordance with the terms of the Security Documents.

      "SECURITY DOCUMENTS" means (a) the Security Documents (as defined in the
      Main Facility Agreement), (b) the Security Documents (as defined in the
      Supplemental Facility Agreement), and (c) all other documents creating,
      evidencing or granting a Security Interest in favour of the Finance
      Parties (or any of them) in respect of the Obligations of any Obligor
      under the Finance Documents (or any of them). For the avoidance of doubt,
      "SECURITY DOCUMENTS" shall not include any guarantee from an affiliate of
      a Finance Party.

      "SECURITY INTEREST" means any mortgage, pledge, lien, charge, assignment
      for the purpose of providing security, hypothecation or other security
      interest.

      "TRANSFEROR" has the meaning assigned to it in Clause 5.1.

      "TRANSFEREE" has the meaning assigned to it in Clause 5.1.

1.2    Construction:  In this Agreement, unless the context otherwise requires:

      (a)    a reference to any party hereto is, where relevant, deemed to be a
             reference to or to include, as appropriate, that party's respective
             permitted assignees, transferees and successors in title;

      (b)    references to Clauses, and Schedules are references to,
             respectively, clauses of and schedules to this Agreement and
             references to this Agreement include the Schedules;

      (c)    a reference to (or to any specified provision of) any agreement,
             deed or other instrument is to be construed as a reference to that
             agreement, deed or other instrument or that provision as amended to
             date and as from time to time amended, varied, supplemented,
             restated or novated but excluding for this purpose any amendment,
             variation, supplement or modification which is contrary to any
             provision of this Agreement;

      (d)    a reference to a statute or statutory instrument is to be construed
             as a reference to that statute or statutory instrument as the same
             may have been, or may from time to time hereafter be, amended or
             re-enacted;

      (e)    a time of day is a reference to London time;

      (f)    the index to and the headings in this Agreement are inserted for
             convenience only and are to be ignored in construing this
             Agreement;

      (g)    words importing the plural shall include the singular and vice
             versa;

      (h)    a "person" includes any person, firm, company, corporation,
             government, state or agency of a state or any other undertaking
             (within the meaning of Section 259(1) of the Companies Act 1985) or
             other entity or association (whether or not having separate legal
             personality), or any two or more of the foregoing;

      (i)    "subsidiary" means, with respect to any person, any corporation or
             other person more than fifty per cent. (50%) of whose securities or
             other ownership interests having ordinary voting power for the
             election of directors or similar representatives (other than
             securities having such power only by

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             reason of the happening of a contingency) are, as of the date of
             determination thereof, directly or indirectly owned by such person
             or one or more of such person's subsidiaries; and

      (j)    "affiliate" means in relation to any person (i) any person (other
             than a subsidiary) which, directly or indirectly, is in control of,
             is controlled by, or is under common control with such person, or
             (ii) any person who is a director or officer (A) of such person,
             (B) of any subsidiary of such person or (C) of any person described
             in Clause (i) above.

2.     PURPOSE AND RANKING

2.1    Purpose: The principal purpose of this Agreement is that:

      (a)    each Finance Party holding Security shall hold it for the benefit
             of the Group Security Agent and all the Finance Parties, pro rata
             in accordance with their respective Proportionate Interests from
             time to time; and

      (b)    enforcement of the Security or amendment to Finance Documents
             adversely affecting the Security shall only be undertaken with the
             consent of the Majority Finance Parties.

2.2   No Prohibition of Finance Parties: Except as expressly provided to the
      contrary in this Agreement or any Finance Document to which it is a party,
      any Finance Party may:

      (a)    demand or receive payment, prepayment or repayment of, or any
             distribution in respect of (or on account of), any of the
             Indebtedness in cash or in kind or apply any money or property in
             discharge of any Indebtedness;

      (b)    discharge any of the Indebtedness by set-off or any right of
             combination of accounts;

      (c)    subject to Clause 2.3, amend, vary, waive or release any term of
             any of the Finance Documents of which it is the holder or to which
             it is a party, provided that any amendment or variation of the
             Additional Secured Indebtedness Finance Documents or Secured Swap
             Finance Documents not permitted by the provisions of the Main Bank
             Finance Documents or the Supplemental Bank Finance Documents as in
             effect on the date hereof shall result in the termination of all
             further rights and claims of the relevant Additional Finance
             Parties (in the case of such an amendment or variation to an
             Additional Secured Indebtedness Finance Document) or of the
             relevant Secured Swap Finance Parties (in the case of such an
             amendment or variation to a Secured Swap Finance Document);

      (d)    accelerate any of the Indebtedness or otherwise declare any of the
             Indebtedness owing to it payable on a Default or otherwise;

      (e)    enforce the Indebtedness owing to it by execution or otherwise;

      (f)    petition for (or vote in favour of any resolution for) or initiate
             or participate in or support or take any steps with a view to any
             insolvency, liquidation, reorganisation, administration or
             dissolution proceedings, or any voluntary arrangement or assignment
             for the benefit of creditors or any similar proceedings involving
             the Obligors, whether by petition, convening a meeting, voting for
             a resolution or otherwise; or

      (g)    otherwise exercise any rights or pursue any remedy for the recovery
             of any of the Indebtedness or in respect of any breach of covenant,
             misrepresentation or non-observance of any provision of any of the
             Finance Documents evidencing or governing Indebtedness owing to it.

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2.3   Limitations on Amendments to Finance Documents: No amendment, variation,
      waiver or consent given under or in connection with the Finance Documents
      shall:

      (a)    adversely affect the Security or the rights, preferences or
             priorities of the Finance Parties under this Agreement;

      (b)    release, invalidate or impair any of the Security, or cause or
             permit the Security to constitute security for less than all of the
             relevant category of Indebtedness arising under or in connection
             with the Finance Documents; or

      (c)    increase the principal amount of the Indebtedness, except as
             permitted by the Main Facility Agreement and the Supplemental
             Facility Agreement;

      unless in each case such amendment, variation, waiver or consent is
      approved by the Group Security Agent, acting on the instructions of all of
      the Finance Parties.

3.    HOLDING OF SECURITY

      Where any Security conferred by the Security Documents is held by one
      Finance Party as trustee for the benefit of itself and other Finance
      Parties, it shall be so held on a pari passu basis, pro rata in accordance
      with the respective Proportionate Interests of the relevant Finance
      Parties from time to time.

4.    ENFORCEMENT OF SECURITY

4.1   Actions of Security Agent and Representatives:

      (a)    For so long as this Agreement shall be in effect, subject to Clause
             2.3, (i) the Group Security Agent shall act in relation to the
             Security Documents solely in accordance with the instructions of
             the Majority Finance Parties and (ii) each Representative shall act
             in relation to the Security Documents solely in accordance with the
             instructions of the Group Security Agent (acting on the
             instructions of the Majority Finance Parties).

      (b)    Without limiting the generality of the foregoing, each Finance
             Party agrees that, so long as this Agreement shall be in effect,
             subject to Clause 2.3, the Majority Finance Parties shall have the
             sole and exclusive right to direct the Group Security Agent, and
             the Group Security Agent (acting on the instructions of the
             Majority Finance Parties) shall have the sole and exclusive right
             to direct each Representative, in the administration and
             enforcement of all matters in respect of the Security, including
             the right to direct the sale, transfer, lease or other disposition
             of any Security, the foreclosure or forbearance from foreclosure in
             respect of any Security and the acceptance of Security in full or
             partial satisfaction of any amount outstanding in respect of any
             Indebtedness.

      (c)    Except as otherwise specified herein, each Representative and each
             other Finance Party agrees not to ask, demand, sue for or otherwise
             exercise any right or remedy in respect of the Security, or take or
             receive from any Obligor or any other person, directly or
             indirectly, in cash or other property, whether pursuant to any
             judicial or non-judicial enforcement, collection, execution, levy
             or foreclosure proceedings or otherwise, including by deed in lieu
             of foreclosure, any Security or any part thereof or interest
             therein.

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4.2   Assistance: Each Representative and each other Finance Party shall execute
      or procure the execution of and deliver to the Group Security Agent such
      powers of attorney, proxies, authorisations, assignments or other
      instruments as may be reasonably requested by the Group Security Agent to
      file any claims or take any action or institute any proceedings that the
      Group Security Agent may deem reasonably necessary or desirable for the
      collection of any of the Security or otherwise to enforce the rights of
      the Group Security Agent or any Representative or any other Finance Party
      with respect to any of the Security.

4.3   Turnover: All payments or distributions upon or with respect to the
      Security that are received by any Representative or any other Finance
      Party other than pursuant to Clause 5 shall be received in trust for the
      benefit of the Group Security Agent and the Finance Parties, shall be
      segregated from other funds and property held by such Representative or
      such other Finance Party, as the case may be, and shall forthwith be paid
      over to the Group Security Agent in the same form as so received (with any
      necessary endorsement) to be held as part of the Security and applied and
      distributed in accordance with Clause 5.

4.4   Inconsistency: In the event that the terms of any Security Document or any
      terms relating to Security contained in any other Finance Document are
      inconsistent with the terms of this Agreement, the terms of this Agreement
      shall be controlling.

5.    PROPORTIONATE DIVISION OF PROCEEDS

      Any and all proceeds of the Security received by the Group Security Agent
      shall be applied as follows:

                  First, to the reimbursement of the Group Security Agent and
                  each Representative for all of the amounts advanced by it to
                  preserve, maintain and protect the Security in the event of a
                  Default by any Obligor under the Finance Documents;

                  Second, to the reimbursement of the Group Security Agent and
                  each Representative for all amounts expended by it in
                  obtaining and disposing of the Security (including, without
                  limitation, reasonable legal fees, trustees' fees and other
                  expenses of collection and enforcement of remedies);

                  Third, in payment of any unpaid fees, costs and expenses of
                  the Agents (in their respective capacities as Agents) under
                  the Finance Documents (including, without limitation, amounts
                  advanced by any Agent on behalf of any other Finance Party
                  under the Finance Documents);

                  Fourth, in payment to the Finance Parties of Obligations of
                  the Obligors (or any of them) under the Finance Documents (or
                  any of them) in respect of interest and fees then due and
                  payable;

                  Fifth, in payment to the Finance Parties of Obligations of the
                  Obligors (or any of them) under the Finance Documents (or any
                  of them) in respect of reimbursement obligations in respect of
                  letters of credit and/or bank guarantees, principal and Net
                  Swap Payments then due and payable;

                  Sixth, in payment to the Finance Parties of all other
                  undischarged Obligations of the Obligors (or any of them)
                  under the Finance Documents (or any of them);

                  Seventh, if any of the Obligations in respect of the
                  Indebtedness shall remain outstanding or may thereafter mature
                  or accrue, any and all surplus proceeds shall be held by the
                  Group Security Agent, in a market rate interest bearing
                  account, to secure such Obligations accruing thereafter and
                  such proceeds shall be deemed to be Security hereunder; and

                  Eighth,  any surplus remaining shall be allocated to the
                  payment of the person or persons legally entitled thereto;

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      provided, however, that to the extent such proceeds are insufficient to
      reimburse all of the Obligations and other amounts afforded a particular
      priority as set forth above, such proceeds shall be distributed to the
      Finance Parties pro rata based on such Obligations and other amounts owing
      to such Finance Parties, respectively.

6.    ADDITIONAL PARTIES

6.1   Assignment and Transfers by the Finance Parties:

      (a)    A Finance Party, or any successor or assign of such party (in this
             capacity the "TRANSFEROR") may assign or otherwise transfer all or
             any part of its rights and/or obligations under this Agreement to
             any person (a "TRANSFEREE") to whom a Transferor is permitted to
             assign or otherwise transfer rights and/or obligations under and in
             accordance with the Main Bank Finance Documents, the Supplemental
             Bank Finance Documents, the Secured Swap Finance Documents or the
             Additional Secured Indebtedness Finance Documents (as the case may
             be).

      (b)    Such assignment or transfer will become effective upon execution by
             the Group Security Agent of a Finance Party Accession Agreement (in
             substantially the form of Schedule II hereto) or, in the case of a
             Transferee that is or is to be a Main Bank Finance Party or
             Supplemental Bank Finance Party, a Transfer Certificate (as defined
             in the Main Facility Agreement or the Supplemental Facility
             Agreement, as the case may be), in either case, duly completed,
             executed and delivered to the Group Security Agent by or on behalf
             of such Transferee pursuant to which the Transferee agrees to be
             bound by all of the terms of this Agreement as if it had originally
             been party to this Agreement as a Main Bank Finance Party, a
             Supplemental Bank Finance Party, a Secured Swap Finance Party or an
             Additional Finance Party (as the case may be) (including, for the
             avoidance of doubt, appointing the Group Security Agent as security
             agent and trustee under the Security Documents) and, to the extent
             permitted by applicable law and the Finance Documents, the
             Representative of the Transferee may execute a Finance Party
             Accession Agreement on behalf of the Transferee.

6.2   Accession of Finance Parties:

      (a)    Each Additional Finance Party shall accede to the rights and
             obligations specified for Additional Finance Parties herein by duly
             completing, executing and delivering to the Group Security Agent a
             Finance Party Accession Agreement pursuant to which the Additional
             Finance Party agrees to be bound by all the terms of this Agreement
             as if it had originally been party to this Agreement as an
             Additional Finance Party and, to the extent permitted by applicable
             law and the Additional Secured Indebtedness Finance Documents, and
             if the Group Security Agent is satisfied it is authorised to do so,
             the Representative of an Additional Finance Party may execute a
             Finance Party Accession Agreement on behalf of an Additional
             Finance Party (including, for the avoidance of doubt, appointing
             the Group Security Agent as security agent and trustee under the
             relevant Security Documents). Such accession will become effective
             upon execution by the Group Security Agent of such Finance Party
             Accession Agreement.

      (b)    Each Secured Swap Finance Party shall accede to the rights and
             obligations of a Secured Swap Finance Party herein by duly
             completing, executing and delivering to the Group Security Agent a
             Finance Party Accession Agreement pursuant to which the Secured
             Swap Finance Party agrees to be bound by all the terms of this
             Agreement, in its capacity as a Secured Swap Finance Party, as if
             it had originally been party to this Agreement as a Secured Swap
             Finance Party and, to the extend permitted by applicable law and
             the Secured Swap Finance Documents, and if the Group Security Agent
             is satisfied it is authorised to do so, the Representative of a
             Secured Swap Finance Party may execute a Finance Party Accession
             Agreement on behalf of a Secured Swap Finance Party (including, for
             the avoidance of doubt, appointing the Group Security Agent as
             security agent and trustee under the relevant Secured Documents).

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6.3   Group Security Agent:

      (a)    Each of the parties to this Agreement (other than the relevant new
             Transferee, Secured Swap Finance Party or Additional Finance Party)
             hereby irrevocably authorises the Group Security Agent to execute
             on its behalf any Finance Party Accession Agreement which has been
             duly completed, executed and delivered on behalf of a Transferee, a
             Secured Swap Finance Party or an Additional Finance Party.

      (b)    The Group Security Agent will promptly execute any properly
             completed Finance Party Accession Agreement delivered to it.

      (c)    The Group Security Agent will promptly notify the Representatives
             of the receipt and execution by it on their behalf of any Finance
             Party Accession Agreement.

6.4   Benefit of Agreement: This Agreement will be binding upon, and ensure for
      the benefit of, each party to it and its or any subsequent successor or
      assign.

7.    REPRESENTATION AND WARRANTIES

      Each party to this Agreement (other than the EBRD) hereby represents and
      warrants to and for the benefit of each of the other parties to this
      Agreement that it has all necessary consents, approvals, authorisations
      and legal capacity to enter into this Agreement and the other Finance
      Documents to which it is party and all necessary corporate, shareholder
      and other action has been taken to ensure that this Agreement and the
      other Finance Documents to which it is a party has been validly entered
      into by it and creates legal, valid, binding and enforceable obligations
      upon it.

8.    INFORMATION AND COOPERATION

8.1   Default: Upon any party hereto receiving notice of the occurrence of a
      Default, such party will promptly notify the other Representatives and/or
      Group Security Agent, as the case may be, in writing of such Default.

8.2   Waiver of Defaults: Upon the waiver or remedy of a Default in accordance
      with the Finance Documents, the relevant Representative will promptly
      notify the Representatives and/or Group Security Agent, as the case may
      be, in writing of such waiver or remedy.

8.3   Consultation: The Group Security Agent shall, so far as practicable in the
      circumstances from time to time, consult with the Representatives:

      (a)    before taking any formal steps to exercise any remedy against any
             member of the Group; and

      (b)    generally with regard to significant matters affecting the rights
             of the parties as regulated by this Agreement;

      but nothing in this Clause 8.3 or elsewhere in this Agreement will
      invalidate or otherwise affect any action or step taken in accordance with
      this Agreement but without such consultation.

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8.4   Notification of Breach: Each party to this Agreement will notify the Group
      Security Agent of any breach of the provisions of this Agreement promptly
      upon such party becoming aware of such breach.

8.5   Other Information: Each Representative and each other Finance Party shall
      furnish to the Group Security Agent such information relating to the
      Obligations owing to the Finance Parties as the Group Security Agent shall
      reasonably request.

9.    APPOINTMENT AND DUTIES OF THE GROUP SECURITY AGENT

9.1   Appointment and duties of the Group Security Agent:

      (a)    Deutsche Bank Polska S.A. is hereby appointed as Group Security
             Agent to act as agent and security trustee for the purpose of the
             Security Documents and this Agreement and is hereby irrevocably
             authorised to exercise such rights, powers and discretions as are
             specifically delegated to it by the terms of the Security Documents
             and this Agreement, together with all such rights, powers and
             discretions as are incidental thereto, and to give a good discharge
             for any moneys payable under the Security Documents.

      (b)    The Group Security Agent shall not have, nor be deemed to have,
             assumed any obligations to, or trust or fiduciary relationship
             with, any party to this Agreement or any Finance Party other than
             those for which specific provision is made by the Security
             Documents entered into by it and this Agreement.

      (c)    The Group Security Agent shall not be or be deemed to be agent or
             trustee for any party to this Agreement other than the Finance
             Parties.

9.2   The Group Security Agent's Duties:  The Group Security Agent shall:

      (a)    promptly send to the Representatives details of each communication
             received by it under this Agreement or under the Security
             Documents;

      (b)    promptly send to each Representative a copy of any legal opinion
             delivered to it under this Agreement or any of the Security
             Documents and of any document or information received by it
             pursuant to this Agreement or any of the Security Documents;

      (c)    act in accordance with any written instructions given by the
             Majority Finance Parties in accordance with this Agreement;

      (d)    have only those duties, obligations and responsibilities expressly
             specified in the Security Documents or this Agreement; and

      (e)    promptly notify each Representative of the occurrence of any
             Default on becoming aware of it.

9.3   The Group Security Agent's Rights: Subject to the provisions of this
      Agreement, the Group Security Agent may:

      (a)    perform any of its duties, obligations and responsibilities under
             the Security Documents or this Agreement by or through its
             personnel, delegates or agents selected by it with reasonable care
             (on the basis that the Group Security Agent may extend the benefit
             of any indemnity received by it hereunder to its personnel,
             delegates or agents);

      (b)    refrain from exercising any right, power or discretion vested in it
             under the Security Documents or this Agreement until it, where so
             required hereunder, has received instructions in accordance with
             this Agreement;

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      (c)    refrain from doing anything which would or might in its reasonable
             opinion be contrary to any law, directive or judgment of any court
             of any applicable jurisdiction or otherwise render it liable to any
             person and may do anything which is in its opinion necessary to
             comply with any such law, directive or judgment;

      (d)    assume that no Default has occurred unless an officer of the Group
             Security Agent, while active on the account of the Company,
             acquires actual knowledge to the contrary;

      (e)    refrain from taking any step (or further step) to protect or
             enforce the rights of any Finance Party under any of the Security
             Documents or this Agreement until it has been indemnified and/or
             secured to its satisfaction against any costs, losses, expenses or
             liabilities (including legal fees) which it would or might sustain
             or incur as a result;

      (f)    rely on any communication or document reasonably believed by it to
             be genuine and correct and assume it to have been communicated or
             signed by the person by whom it purports to be communicated and
             signed;

      (g)    rely as to any matter of fact which might reasonably be expected to
             be within the knowledge of any person on a statement by or on
             behalf of such person;

      (h)    obtain and pay for such legal or other expert advice or services as
             may be reasonably necessary or desirable in connection with the
             fulfillment of its duties hereunder and rely on any such advice;

      (i)    accept without enquiry such title as an Obligor may have to any
             asset or assets intended to be the subject of the security created
             by the Security Documents; and

      (j)    hold or deposit any title deeds, Security Documents or any other
             documents in connection with any of the assets charged by the
             Security Documents with any reputable bankers or banking company or
             any company whose business includes undertaking the safe custody of
             deeds or documents or with any reputable lawyer or firm of lawyers
             and it shall not be responsible for or be required to insure
             against any loss incurred in connection with any such holding or
             deposit and it may pay all sums required to be paid on account or
             in respect of any such deposit.

9.4   Exoneration of the Group Security Agent: Neither the Group Security Agent
      nor any of its personnel or agents:

      (a)    shall be responsible for the adequacy, accuracy or completeness of
             any representation, warranty, statement or information in the
             Security Documents or this Agreement or any notice or other
             document delivered under the Security Documents or this Agreement
             by or against the parties other than the Group Security Agent;

      (b)    shall be responsible for the execution, delivery, validity,
             legality, adequacy, enforceability or admissibility in evidence of
             any of the Security Documents or this Agreement by the parties
             other than the Group Security Agent;

      (c)    shall be obliged to enquire as to the occurrence or continuation of
             a Default or as to the accuracy or completeness of any
             representation or warranty made by any person;

      (d)    shall be responsible for any failure of any Obligor or any of the
             Finance Parties duly and punctually to observe and perform their
             respective obligations under the Security Documents or this
             Agreement;

      (e)    shall be responsible for the consequences of relying on the advice
             of any professional advisers selected by any of them in connection
             with the Security Documents or this Agreement;

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      (f)    shall be liable for acting (or refraining from acting) in what it
             believes in good faith to be in the best interests of the Finance
             Parties or any of them in circumstances where it has been unable,
             or it is not practicable, to obtain instructions in accordance with
             this Agreement; or

      (g)    shall be liable for anything done or not done by it under or in
             connection with the Security Documents or this Agreement in each
             case, save in the case of its own negligence or willful misconduct.

9.5   The Group Security Agent as Finance Party:

      (a)    For so long as it is a Finance Party in a capacity other than as
             Group Security Agent, the Group Security Agent shall have the same
             rights, powers and obligations under the Finance Documents as any
             other Finance Party and may exercise those rights and powers as if
             it were not also acting as Group Security Agent.

      (b)    The Group Security Agent may:

             (i)   retain for its own benefit and without liability to account
                   any fee or other sum receivable by it for its own account;
                   and

             (ii)  accept deposits from, lend money to, provide any advisory,
                   trust or other services to or engage in any kind of banking
                   or other business with any party to this Agreement or any
                   subsidiary or any party (and, in each case, may do so without
                   liability to account).

9.6   Communications and Information:

      (a)    The Group Security Agent will not be obligated to transmit to the
             Finance Parties any information in any way relating to the Security
             Documents or this Agreement which the Group Security Agent may have
             acquired otherwise than in its capacity as Group Security Agent.
             Notwithstanding anything to the contrary expressed or implied
             herein, the Group Security Agent shall not as between itself and
             the Finance Parties be bound to disclose to any Finance Party or
             other person any information, disclosure of which might in the
             opinion of the Group Security Agent result in a breach of any law
             or directive or be otherwise actionable at the suit of any person.

      (b)    In acting as Group Security Agent for the Finance Parties or any of
             them, the Group Security Agent's banking division shall be treated
             as a separate entity from any other of its divisions (or similar
             unit of the Group Security Agent in any subsequent re-organisation)
             or affiliates (the "OTHER DIVISIONS") and, in the event that any of
             the Other Divisions should act for the Company or any other member
             of the Group in a corporate finance or other advisory capacity
             ("ADVISORY CAPACITY"), any information given by the Company or any
             other member of the Group to one of the Other Divisions is to be
             treated as confidential and will not be available to the Finance
             Parties or the banking division of the Group Security Agent without
             the consent of the Company, provided that:

             (i)   the consent of the Company shall not be required in relation
                   to any information which the Group Security Agent in its
                   discretion determines relates to a Default or in respect of
                   which the Finance Parties to which such information is
                   disclosed have given a confidentiality undertaking in a form
                   satisfactory to the Group Security Agent and the relevant
                   member of the Group acting reasonably; and

             (ii)  if representatives or employees of the Group Security Agent
                   receive information in relation to a Default whilst acting in
                   an Advisory Capacity, they will not be obligated to disclose
                   such information to representatives or employees of the Group
                   Security Agent in

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                   their capacity as Group Security Agent or to any of the
                   Finance Parties if to do so would breach any rule or
                   regulation or fiduciary duty imposed upon such persons.

9.7   Non-Reliance on the Group Security Agent: Each Finance Party will be
      solely responsible for making its own independent investigation and
      appraisal of the business, operations, financial condition,
      creditworthiness, status and affairs of the Company and each other member
      of the Group and has not relied, and will not at any time rely on the
      Group Security Agent:

      (a)    to provide it with any information relating to the business,
             operations, financial condition, creditworthiness, status and
             affairs of the Company or any other member of the Group (other than
             as is explicitly required by Clause 8.2); or

      (b)    to check or enquire into the adequacy or completeness of any
             information provided by an Obligor under or in connection with any
             of the Security Documents or this Agreement (whether or not such
             information has been or is at any time circulated to it by the
             Group Security Agent); or

      (c)    to assess or keep under review the business, operations, financial
             condition, creditworthiness, status or affairs of the Company or
             any other member of the Group.

9.8   Indemnity to the Group Security Agent: Each Finance Party shall on demand
      indemnify the Group Security Agent against its Proportionate Interest of
      any cost, loss, expense or liability sustained or incurred by the Group
      Security Agent in complying with any instructions from the Finance Parties
      or otherwise sustained or incurred by it in its capacity as Group Security
      Agent for the Finance Parties under or in connection with the Security
      Documents or this Agreement or in the performance of its duties,
      obligations and responsibilities under the Security Documents or this
      Agreement, except to the extent sustained or incurred as a result of the
      negligence or wilful misconduct of the Group Security Agent or any of its
      personnel.

9.9   Resignation of the Group Security Agent: Appointment of a successor:

      (a)    The Group Security Agent may, subject to Clause 9.9(d) below,
             resign its appointment at any time by giving 30 days' notice to the
             Representatives and the Company.

      (b)    The Group Security Agent may be removed by the Majority Finance
             Parties at any time.

      (c)    A successor Group Security Agent shall be selected:

             (i)   by the retiring Group Security Agent nominating one of its
                   affiliates as successor Group Security Agent in its notice of
                   resignation; or

             (ii)  if the retiring Group Security Agent makes no such
                   nomination, by the Majority Finance Parties nominating one of
                   the Finance Parties as successor Group Security Agent
                   (following consultation with the Company); or

             (iii) if the Majority Finance Parties have failed to nominate a
                   successor Group Security Agent within 30 days after the date
                   of the retiring Group Security Agent's notice of resignation,
                   by the retiring Group Security Agent (following consultation
                   with the Company) nominating a financial institution of good
                   standing to be the successor Group Security Agent.

      (d)    The resignation of the retiring Group Security Agent and the
             appointment of the successor Group Security Agent will (subject as
             provided in Clause 9.9(g) below) become effective upon the
             successor Group Security Agent accepting its appointment as Group
             Security Agent in writing at which time:

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             (i)   the successor Group Security Agent will become bound by all
                   the obligations of the Group Security Agent and become
                   entitled to all the rights, privileges, powers, authorities
                   and discretions of the Group Security Agent hereunder;

             (ii)  the agency of the retiring Group Security Agent will
                   terminate but without prejudice to any rights or liabilities
                   which the retiring Group Security Agent may have accrued or
                   incurred prior to the termination of its agency; and

             (iii) the retiring Group Security Agent will be discharged from any
                   further liability or obligation under or in connection with
                   the Security Documents or this Agreement.

      (e)    The retiring Group Security Agent will co-operate with the
             successor Group Security Agent in order to ensure that its
             functions are transferred to the successor Group Security Agent and
             will promptly make available to the successor Group Security Agent
             such documents and records as have been maintained in connection
             with this Agreement in order that the successor Group Security
             Agent is able to discharge its functions.

      (f)    The provisions of this Agreement will continue in effect for the
             benefit of any retiring Group Security Agent in respect of any
             action taken or omitted to be taken by it or any event occurring
             before the termination of its agency.

      (g)    The Group Security Agent's resignation shall not take effect until
             all necessary agreements and documents have been entered into in
             order to substitute its successor as holder of the Security
             Documents and each other party agrees to promptly enter into any
             documents reasonably required for this purpose.

9.10  Role of the Group Security Agent: The Group Security Agent shall hold the
      benefit of the Security Documents to which it is party as agent and
      trustee for itself and the Finance Parties and apply all payments and
      other benefits received by it by reason thereof, or otherwise realised
      thereunder, in accordance with this Agreement.

9.11  Change of Office of the Group Security Agent: The Group Security Agent may
      at any time and from time to time in its sole discretion by written notice
      to the Company and each of the other Finance Parties designate a different
      office in Poland from which its duties as Group Security Agent will
      thereafter be performed.

9.12  Luxembourg Security: Notwithstanding anything to the contrary contained in
      any Finance Document, with respect to any Security located in Luxembourg
      or subject to a Security Document governed by Luxembourg law, the
      Representative acting as security agent under any Security Document shall
      be the Group Security Agent.

10.   NOTICE

10.1  Communications in Writing: Any communication to be made under or in
      connection with this Agreement shall be made in writing and, unless
      otherwise stated, may be made by fax or letter or (to the extent that the
      relevant party has specified such address pursuant to Clause 10.2 by
      e-mail.

10.2  Addresses:

      (a)    The address and fax number, and (if so specified) e-mail address,
             and, where appropriate, web site (and the department or officer, if
             any, for whose attention the communication is to be made) of each
             party for any communication or document to be made or delivered
             under or in connection with this Agreement is:

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             (i)   in the case of the Company, that identified with its name
                   below;

             (ii)  in the case of each Finance Party or any other Obligor, that
                   notified in writing to the Group Security Agent on or prior
                   to the date on which it becomes a party; and

             (iii) in the case of the Group Security Agent, that identified with
                   its name below,

             or any substitute address, fax number, e-mail address, web site or
             department or officer, or initial e-mail address as the party may
             notify to the Group Security Agent (or the Group Security Agent may
             notify to the other parties, if a change is made by the Group
             Security Agent) by not less than five Business Days' written
             notice.

      (b)    The address, facsimile number and e-mail address of the Group
             Security Agent are:

             Deutsche Bank Polska S.A.
             Plac Grzybowski 12/14/16
             00-104 Warszawa
             Poland
             Tel:              +48 22 6525203
             Facsimile:        +48 22 6240418
             Email:            ewa.skomorowska@db.com
             Attn:             Ewa Skomorowska (Collateral Unit)

      or such other as the Group Security Agent may notify to the other
      parties by not less than five Business Days' notice.

10.3  Delivery:

      (a)    Subject to subclause (b) below, any communication or document made
             or delivered by one person to another under or in connection with
             this Agreement will only be effective:

             (i)   if by way of fax or e-mail, when received in legible form; or

             (ii)  if by way of letter, when it has been left at the relevant
                   address or five Business Days after being deposited in the
                   post postage prepaid in an envelope addressed to it at that
                   address; or

             (iii) where reference in such communication is to a web site, when
                   the delivery of the letter, fax or, as the case may be e-mail
                   referring the addressee to such web site is effective;

             and, if a particular department or officer is specified as part of
             its address details provided under Clause 10.2, if addressed to
             that department or officer.

      (b)    Any communication or document to be made or delivered to the Group
             Security Agent will be effective only when actually received by
             such person.

      (c)    All notices to an Obligor in relation to the Security, the Security
             Documents or the enforcement thereof shall be sent through the
             Group Security Agent.

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10.4  Notification of address, fax number and e-mail address: Promptly upon
      receipt of notification of an address, fax number or (as the case may be)
      e-mail or change of address, fax number or e-mail pursuant to Clause 10.2
      or changing its own address, fax number or e-mail, the Group Security
      Agent shall notify the other parties.

11.   NO IMPLIED WAIVERS

11.1  No Waiver: No failure or delay by any of the Finance Parties in exercising
      any right, power or privilege under this Agreement shall operate as a
      waiver thereof nor shall any single or partial exercise or any right,
      power or privilege preclude any other or further exercise thereof or the
      exercise of any other right, power or privilege.

11.2  Cumulative Rights: The rights and remedies of the Finance Parties provided
      in this Agreement are cumulative and not exclusive of any rights or
      remedies provided by law.

11.3  Waiver in writing: A waiver given or consent granted by the Finance
      Parties under this Agreement will be effective only if given in writing
      and then only in the instance and for the purpose for which it is given.

12.   INVALIDITY OF ANY PROVISION

      If any provision of this Agreement is or becomes invalid, illegal or
      unenforceable in any respect under any law, the validity, legality and
      enforceability of the remaining provisions will not be affected or
      impaired in any way.

13.   TERMINATION

      This Agreement shall terminate upon the latest to occur of (a) the payment
      in full in cash of the Indebtedness, (b) the termination of the
      commitments, if any, under the Finance Documents and (c) the expiration or
      termination of the Secured Swap Finance Documents; provided that Clauses 9
      and 15 shall survive any such termination.

14.   LANGUAGE

      (a)    Any notice given under or in connection with this Agreement shall
             be in English.

      (b)    All other documents provided under or in connection with this
             Agreement shall be:

             (i)   in English; or

             (ii)  if not in English, accompanied by a certified English
                   translation and, in this case, the English translation shall
                   prevail unless the document is a statutory or other official
                   document.

      (c)    Counterparts of this Agreement shall be executed in both the
             English and the Polish languages. In the event of any inconsistency
             between the English text and the Polish text, the English text
             shall prevail.

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15.   GOVERNING LAW AND ARBITRATION

15.1  Governing Law: This Agreement shall be governed by and construed in all
      respects in accordance with English law.

15.2  Arbitration

      Subject to Clause 15.3, any dispute, controversy or claim arising out of
      or in connection with this Agreement, including any question regarding the
      existence, validity, interpretation, breach or termination of this
      Agreement (a "DISPUTE") shall be finally resolved in accordance with the
      UNCITRAL Arbitration Rules as at present in force. The arbitral tribunal
      shall consist of a sole arbitrator (the "TRIBUNAL"). The appointing
      authority shall be the London Court of International Arbitration. The
      place of arbitration shall be London, England and the language shall be
      English. Any award of the sole arbitrator shall be binding from the day it
      is made and the parties hereby waive any rights to refer any question of
      law and any right of appeal on the law and/or merits to any court. The
      Tribunal shall not be authorised to take or provide, and the parties
      hereto other than the EBRD shall not be authorised to seek from any
      judicial authority, any interim measures of protection or pre-award relief
      against the EBRD, any provisions of the UNCITRAL Arbitration Rules
      notwithstanding. The Tribunal shall have authority to consider and include
      in any proceeding, decision or award any further dispute properly brought
      before it by the EBRD (but no other party) insofar as such dispute arises
      out of this Agreement, but, subject to the foregoing, no other parties or
      other disputes shall be included in, or consolidated with, the arbitral
      proceedings.

15.3  Submission

      Notwithstanding Clause 15.2, a party may, subject to Clause 15.5, before
      taking a substantive step in any arbitration proceedings, refer a Dispute
      exclusively to the courts of England and each party to this Agreement
      hereby submits to the jurisdiction of such courts. However, such
      submission to the jurisdiction of the English courts will only be
      effective, in so far as EBRD is concerned, if EBRD's consent, pursuant to
      Clause 15.5, is obtained prior to the commencement of any such action.

15.4  Forum Conveniens and Enforcement Abroad

      All parties to this Agreement:

      (a)    waive objection to the English courts on grounds of inconvenient
             forum or otherwise as regards proceedings in connection with this
             Agreement; and

      (b)    agree that a judgment or order of an English court in connection
             with this Agreement is conclusive and binding on it and may be
             enforced against it in the courts of any other jurisdiction.

15.5  EBRD Consent

      Notwithstanding Clause 15.3, no Dispute may be referred to the courts
      of England by any party to this Agreement on behalf of or involving or
      including EBRD without the prior written consent of EBRD.

15.6  Non-waiver

      Nothing in this Agreement shall be construed as a waiver, renunciation
      or other modification of any immunities, privileges or exemptions of
      the EBRD accorded under the Agreement Establishing the European Bank
      for Reconstruction and Development, international convention or any
      applicable law.

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16.   COUNTERPARTS

      This Agreement may be executed in any number of counterparts and all of
      such counterparts taken together shall be deemed to constitute one and
       the same instrument.

17.   AMENDMENTS TO THIS AGREEMENT

      This Agreement may be amended by a written instrument signed by the
      Finance Parties or, to the extent signature by a Representative is
      capable of binding the relevant Finance Parties, their respective
      Representatives.

18.   THIRD PARTIES

      A person who is not a party to this Agreement has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
      benefit of any terms of this Agreement.

      IN WITNESS WHEREOF this Agreement has been duly executed by each of the
      parties hereto the day and year first above written.

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                                   SCHEDULE I

                                 FINANCE PARTIES

Deutsche Bank Luxembourg S.A., as facility agent under the Main Facility
Agreement

Deutsche Bank Polska S.A., as security agent under the Main Facility Agreement

Banks under the Main Facility Agreement

     Bank fur Arbeit und Wirtschaft Aktiengesellschaft

     Bank Slaski Spolka Akcyjna

     Bank Zachodni, S.A.

     Bayerische Landesbank Girozentrale

     BIG Bank GDANSKI S.A.

     BRE Bank S.A.

     Citibank (Poland) S.A.

     Deutsche Bank Luxembourg S.A.

     Deutsche Bank Polska S.A.

     Dresdner Bank Luxembourg S.A.

     The European Bank for Reconstruction and Development

     Industriebank von Japan (Deutschland) Aktiengesellschaft

     ING Bank N.V., Warsaw Branch

     Kreditanstalt fur Wiederaufbau

     Kredyt Bank S.A.

     LG PetroBank S.A.

     Mizuho Bank Nederland NV

     Powszechny Bank Kredytowy S.A. w Warszawie

     Westdeutsche Landesbank Girozentrale, London Branch

     Wielkopolski Bank Kreditowy S.A.

Deutsche Bank Luxembourg S.A., as facility agent under the Supplemental Facility
Agreement

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                                      145
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Deutsche Bank Polska S.A., as security agent under the Supplemental Facility
Agreement

Banks under the Supplemental Facility Agreement

     Deutsche Bank Luxembourg S.A.

     Deutsche Bank Polska S.A.

     Dresdner Bank Luxembourg S.A.

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                                   SCHEDULE II

                        FINANCE PARTY ACCESSION AGREEMENT

THIS AGREEMENT is made on

BETWEEN:

(1)   [                ] (the "NEW FINANCE PARTY") and

(2)   DEUTSCHE BANK POLSKA S.A., in its capacity as Group Security Agent under
      the Intercreditor Agreement.

RECITAL:

      (A)    This Agreement is supplemental to a Collateral Sharing
             Intercreditor Agreement dated __ February, 2001 (the "INTERCREDITOR
             AGREEMENT") between, amongst others, Polska Telefonia Cyfrowa
             Sp. z o.o. and Deutsche Bank Polska S.A. as Group Security Agent.

      (B)    This Agreement has been entered into to record the accession of the
             New Finance Party as a [Main Bank Finance Party] [Supplemental Bank
             Finance Party] [Additional Finance Party][Secured Swap Finance
             Party] under the Intercreditor Agreement pursuant to the provisions
             of Clause [5.1]/[5.2] thereof.

NOW THIS AGREEMENT WITNESSES as follows:

1.    DEFINITIONS

      Terms defined in the Intercreditor Agreement shall have the same
      meaning when used in this Agreement.

2.    ACCESSION OF NEW [MAIN BANK FINANCE PARTY] [SUPPLEMENTAL BANK FINANCE
      PARTY] [ADDITIONAL FINANCE PARTY][SECURED SWAP FINANCE PARTY]

2.1   The New Finance Party hereby agrees to become, with immediate effect, a
      [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
      Finance Party][Secured Swap Finance Party] and agrees to be bound by all
      of the terms of the Intercreditor Agreement as if it had originally been
      party thereto as a [Main Bank Finance Party] [Supplemental Bank Finance
      Party] [Additional Finance Party][Secured Swap Finance Party] thereunder
      including, for the avoidance of doubt, appointing the Group Security Agent
      as security agent and trustee under the relevant Security Documents.

2.2   The New Finance Party confirms that its address details for notices in
      relation to Clause 9 of the Intercreditor Agreement are as follows:

      Address:          o
      Facsimile:        o
      Email:            o
      Attention:        o

2.3   By its signature below, the Group Security Agent (for itself and on behalf
      of the Obligors and the Finance Parties) confirms the acceptances of the
      New Finance Party as a [Main Bank Finance Party] [Supplemental Bank
      Finance Party] [Additional Finance Party][Secured Swap Finance Party] for
      all purposes under the Intercreditor Agreement in accordance with Clause
      5.3 thereof.

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3.    LAW

      This Agreement shall be governed and construed in all respects in
      accordance with English law.

4.    COUNTERPARTS

      The Agreement may be executed in any number of counterparts and all of
      such counterparts taken together shall be deemed to constitute one and the
      same instrument.

IN WITNESS whereof this Agreement has been duly executed the day and year first
above written.

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                     SIGNATORIES TO THE ACCESSION AGREEMENT

The New [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
Finance Party][Secured Swap Finance Party][Representative of such person]

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

The Group Security Agent

DEUTSCHE BANK POLSKA S.A.

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

[Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
Finance Party][Secured Swap Finance Party][Representative of such person] hereby
expressly and specifically confirms its agreement with the granting of
jurisdiction to English courts provided for in this Agreement for the purpose of
Article 1 of the Protocol annexed to the Convention on the Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters signed at Brussels on
27 September, 1968, as amended.]*

-----------------------
* required in the event that new party is incorporated in Luxembourg

--------------------------------------------------------------------------------
<PAGE>   152

--------------------------------------------------------------------------------

GROUP SECURITY AGENT

DEUTSCHE BANK POLSKA S.A.

By:
    --------------------------------             ----------------------------

Name:
Title:

SECURITY AGENT FOR THE MAIN BANK FACILITY

DEUTSCHE BANK POLSKA S.A.
for itself and on behalf of the Banks

By:
   ---------------------------------             ----------------------------

Name:
Title:

AGENT FOR THE MAIN BANK FACILITY

DEUTSCHE BANK LUXEMBOURG S.A.

By:
   ----------------------------------            ----------------------------

Name:
Title:

SECURITY AGENT FOR THE SUPPLEMENTAL BANK FACILITY

DEUTSCHE BANK POLSKA S.A.
for itself and on behalf of the Banks

By:
   ---------------------------------             ----------------------------

Name:
Title:

--------------------------------------------------------------------------------
<PAGE>   153

--------------------------------------------------------------------------------

AGENT FOR THE SUPPLEMENTAL BANK FACILITY

DEUTSCHE BANK LUXEMBOURG S.A.

By:
   ----------------------------------            -------------------------

Name:
Title:

[AGENT FOR THE NEW FACILITY

NAME OF AGENT BANK

By:
   ----------------------------------            -------------------------

Name:
Title:]

Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, Deutsche Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DEUTSCHE BANK LUXEMBOURG S.A.

By:
   ----------------------------------            -------------------------

Name:
Title:

Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, Dresdner Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English Courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.*

For DRESDNER BANK LUXEMBOURG S.A.

By
  ----------------------------------             ----------------------------

Name:
Title:

-------------------------
*  Repeat this specific acceptance of jurisdiction clause for any other
   party incorporated in Luxembourg.

--------------------------------------------------------------------------------
<PAGE>   154

--------------------------------------------------------------------------------
                        SIGNATORIES TO FACILITY AGREEMENT

BORROWER

POLSKA TELEFONIA CYFROWA SP. Z O. O.

By:       /s/ B. Kulakowski                        /s/ Wilhelm Stuckemann
   -----------------------------------           --------------------------

Name:    Boguslaw Kulakowski                     Wilhelm Stuckemann
Title:   Management Board Member                 Management Board Member

GUARANTORS

PTC INTERNATIONAL FINANCE B.V.

By:  /s/ N.S. van der Werff                         /s/ R.W.M. Kluitenberg
   ---------------------------------             ----------------------------

Name:    N.S. van der Werff                      R.W.M. Kluitenberg
Title:   Managing Director                       Managing Director
         ABN AMRO Trust                          ABN AMRO Trust
         Company (Nederland) B.V.                Company (Nederland) B.V.

PTC INTERNATIONAL FINANCE (HOLDING) B.V.

By:  /s/ N.S. van der Werff                         /s/ R.W.M. Kluitenberg
   ---------------------------------             ----------------------------

Name:    N.S. van der Werff                      R.W.M. Kluitenberg
Title:   Managing Director                       Managing Director
         ABN AMRO Trust                          ABN AMRO Trust
         Company (Nederland) B.V.                Company (Nederland) B.V.

PTC INTERNATIONAL FINANCE II S.A.

By:         /s/ G. Ludziak
   ---------------------------------

Name:    Grzegorz Ludziak
Title:   Authorised Signatory

--------------------------------------------------------------------------------
<PAGE>   155

--------------------------------------------------------------------------------

LEAD ARRANGERS

DEUTSCHE BANK AG LONDON, as Lead Arranger

By:          /s/ Alison Howe                           /s/ Martin Flaherty
   ---------------------------------             ----------------------------

Name:    Alison Howe                             Martin Flaherty
Title:   Associate                               Managing Director

DEUTSCHE BANK POLSKA, S.A., as Lead Arranger

By:        /s/ S. Szczurek                             /s/ Ch. Giessing
   ---------------------------------             -----------------------------

Name:    Stan Szczurek                           Ch. Giessing
Title:   Prezes Zarzadu                          Head of Structured Finance

DRESDNER BANK LUXEMBOURG S.A., as Lead Arranger

By:        /s/ J. Bures                                /s/ J-M. Martin
   ---------------------------------             ----------------------------

Name:    Jitka Bures                             J-M. Martin
Title:   Vice President                          First Vice President

TRANCHE A BANKS

DEUTSCHE BANK LUXEMBOURG S.A.

By:        /s/ Alison Howe                           /s/ Martin Flaherty
   ---------------------------------             ----------------------------
Name:    Alison Howe                             Martin Flaherty
Title:   Authorised Signatory                    Authorised Signatory

DRESDNER BANK LUXEMBOURG S.A.

By:       /s/ J. Bures                                  /s/ J-M. Martin
   ---------------------------------             ----------------------------

Name:    Jitka Bures                             J-M. Martin
Title:   Vice President                          First Vice President

--------------------------------------------------------------------------------
<PAGE>   156

--------------------------------------------------------------------------------

TRANCHE B BANKS

DEUTSCHE BANK POLSKA S.A.

By:         /s/ S. Szczurek                            /s/ Ch. Giessing
    --------------------------------             ------------------------------

Name:    Stan Szczurek                           Ch. Giessing
Title:   Prezes Zarzadu                          Head of Structured Finance

AGENT

DEUTSCHE BANK LUXEMBOURG S.A., as Agent

By:          /s/ Alison Howe                          /s/ Martin Flaherty
    --------------------------------             ------------------------------
Name:    Alison Howe                             Martin Flaherty
Title:   Authorised Signatory                    Authorised Signatory

SECURITY AGENT

DEUTSCHE BANK POLSKA S.A., as Security Agent

By:         /s/ S. Szczurek                             /s/ Ch. Giessing
    --------------------------------             ------------------------------

Name:    Stan Szczurek                           Ch. Giessing
Title:   Prezes Zarzadu                          Head of Structured Finance

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, PTC International Finance II S.A. hereby expressly and specifically
confirms its agreement with the granting of jurisdiction to English courts
provided for in this Agreement for the purpose of Article 1 of the Protocol
annexed to the Convention on the Jurisdiction and the Enforcement of Judgments
in Civil and Commercial Matters signed at Brussels on 27 September, 1968, as
amended.

For PTC INTERNATIONAL FINANCE II S.A.

By:        /s/ G. Ludziak
   ---------------------------------

Name:    Grzegorz Ludziak
Title:   Authorised Signatory

--------------------------------------------------------------------------------
<PAGE>   157

--------------------------------------------------------------------------------

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, Deutsche Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DEUTSCHE BANK LUXEMBOURG S.A.

By:          /s/ Alison Howe                          /s/ Martin Flaherty
   ----------------------------------            -----------------------------

Name:    Alison Howe                             Martin Flaherty
Title:   Authorised Signatory                    Authorised Signatory

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, Dresdner Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DRESDNER BANK LUXEMBOURG S.A.

By:          /s/ J. Bures                               /s/ J-M. Martin
   ---------------------------------             ----------------------------

Name:    Jitka Bures                             J-M. Martin
Title:   Vice President                          First Vice President

--------------------------------------------------------------------------------<PAGE>   1
                                                                Exhibit 10.16
                                                               EXECUTION COPY

                                (euro) 28,000,000

                  SENIOR SUBORDINATED BRIDGE FACILITY AGREEMENT

                              Dated 30 March, 2001

                                     Between

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
                                   as Borrower

                                       and

                          DEUTSCHE BANK LUXEMBOURG S.A.
                                    as Agent

                                    THE BANKS

                             DEUTSCHE BANK AG LONDON
                                as Lead Arranger

--------------------------------------------------------------------------------
<PAGE>   2

                                    CONTENTS

CLAUSE                                                                      PAGE
1.   INTERPRETATION............................................................1
2.   FACILITY AND RELATED MATTERS.............................................19
3.   PURPOSE AND RESPONSIBILITY...............................................19
4.   CONDITIONS PRECEDENT.....................................................19
5.   ADVANCES.................................................................20
6.   [INTENTIONALLY OMITTED]..................................................20
7.   REPAYMENT................................................................20
8.   PREPAYMENT...............................................................20
9.   INTEREST PERIODS.........................................................22
10.  INTEREST.................................................................22
11.  [INTENTIONALLY OMITTED]..................................................23
12.  [INTENTIONALLY OMITTED]..................................................23
13.  PAYMENTS.................................................................23
14.  TAXES....................................................................24
15.  MARKET DISRUPTION........................................................26
16.  INCREASED COSTS..........................................................27
17.  ILLEGALITY AND MITIGATION................................................28
18.  REPRESENTATIONS AND WARRANTIES...........................................29
19.  UNDERTAKINGS.............................................................33
20.  [INTENTIONALLY OMITTED]..................................................46
21.  [INTENTIONALLY OMITTED]..................................................46
22.  DEFAULT..................................................................46
23.  [INTENTIONALLY OMITTED]..................................................50
24.  INDEMNITIES..............................................................50
25.  AGENT, LEAD ARRANGER AND BANKS...........................................51
26.  FEES.....................................................................55
27.  EXPENSES.................................................................55
28.  STAMP DUTIES.............................................................56
29.  AMENDMENTS AND WAIVERS...................................................56
30.  CHANGES TO PARTIES.......................................................57
31.  SET-OFF AND REDISTRIBUTION...............................................59
32.  DISCLOSURE OF INFORMATION................................................61
33.  SEVERABILITY.............................................................61
34.  COUNTERPARTS.............................................................61
35.  NOTICES..................................................................61
36.  EVIDENCE AND CALCULATIONS................................................63
37.  LANGUAGE.................................................................63
38.  JURISDICTION.............................................................64
39.  WAIVER OF IMMUNITY.......................................................65
40.  GOVERNING LAW............................................................65
41.  THIRD PARTIES............................................................65

                                       (i)
--------------------------------------------------------------------------------
<PAGE>   3

                                    SCHEDULES

A.   Banks
B.   Subordination Agreement
C.   Form of Transfer Certificate
D.   Documentary Conditions Precedent
E.   Existing Security Interests
F.   Additional Costs Rate
G.   Form of Request for an Advance
H.   Existing Financial Indebtedness
I.   Existing Hedging Agreements
J.   Covenant Definitions

                                      (ii)
--------------------------------------------------------------------------------
<PAGE>   4

THIS SENIOR SUBORDINATED BRIDGE FACILITY AGREEMENT is made as of 30 March, 2001

BETWEEN:

(1)    POLSKA TELEFONIA CYFROWA SP. Z O.O, a company registered in the
       Commercial Register of the District Court in Warsaw under number 45740
       (the "BORROWER");

(2)    DEUTSCHE BANK AG LONDON ("DBAG") as lead arranger (the "LEAD ARRANGER");

(3)    THE BANKS listed in Schedule A;

(4)    DEUTSCHE BANK LUXEMBOURG S.A. as facility agent for the Banks (the
       "AGENT").

IT IS AGREED as follows:

1.     INTERPRETATION

1.1    Defined Terms:

       In this Agreement:

       "ACCOUNTING PRINCIPLES"

       means:

       (a)    in the case of the Accounts of the Borrower and the Group, the IAS
              on which the preparation of the Original Borrower Accounts was
              based; and

       (b)    in the case of the Accounts of each Principal Member of the Group
              (other than the Borrower), the IAS or the accounting principles
              and practices generally accepted in the jurisdiction of
              incorporation of such person.

       "ACCOUNTS"

       means from time to time:

       (a)    the latest audited consolidated annual accounts of the Group so
              far as concerns the annual period ending 31st December, 2000 and
              each annual period thereafter;

       (b)    the latest audited annual accounts of each Principal Member of the
              Group; and

       (c)    the latest unaudited quarterly consolidated financial statements
              of the Group or so far as concerns each quarter ending 31st
              December, 2000 and thereafter the latest unaudited quarterly
              consolidated financial statements of the Group,

       delivered or required to be delivered to the Agent pursuant to this
       Agreement, or such of those accounts as the context requires.

       "ADDITIONAL COSTS RATE"

       means, in relation to the Advance or unpaid sum owing to a bank, the rate
       per annum notified by any Bank to the Agent to be the cost to that Bank
       of compliance with all reserve asset, liquidity or cash margin or other
       like requirements of the Bank of England, the Financial Services
       Authority, the European Central Bank or any other applicable monetary,
       regulatory, supervisory or other authority (other than the National Bank
       of Poland) in relation to the Advance or unpaid sum and which in the

--------------------------------------------------------------------------------
<PAGE>   5

       case of the Bank of England and the Financial Services Authority shall be
       determined in accordance with Schedule F (Additional Costs Rate).

       "ADJUSTED INTEREST RATE" has the meaning given to it in Clause 10.1
       (Rate).

       "ADVANCE"

       means the principal amount of the borrowing under this Agreement from the
       Commitments or the principal amount of such borrowing outstanding from
       time to time, as the context requires.

       "AFFILIATE"

       means, as to any person, any other person that, directly or indirectly
       controls, is controlled by or is under common control with such person or
       is a director or officer of such person. For purposes of this definition,
       the term "control" (including the terms "controlling", "controlled by"
       and "under common control with") of a person means the possession, direct
       or indirect of the power to vote 5% or more of the voting interests of
       such person or to direct or cause the direction of the management and
       policies of such person, whether through the ownership of voting
       interests, by contract or otherwise.

       "AGENT'S SPOT RATE OF EXCHANGE"

       means:

       (a)    when converting an amount into Euro, the Agent's spot rate of
              exchange for the purchase of Euro in the Brussels foreign exchange
              market with the relevant currency at or about 11.00 a.m. on a
              particular day; and

       (b)    when converting an amount of Euro into any other currency, the
              Agent's spot rate of exchange for the purchase of such other
              currency in the Brussels foreign exchange market with Euro at or
              about 11.00 a.m. on a particular day.

       "APPLICABLE MARGIN"

       means 4.0 per cent. per annum (subject to adjustment under Clause 10.5
       (Margin adjustment)).

       "BANK"

       means each bank or other financial institution whose name is set out in
       Schedule A which has a Commitment and each bank or other financial
       institution to which rights and/or obligations under this Agreement are
       assigned or transferred pursuant to Clause 30 (Changes to Parties) under
       the Tranche and which assumes rights and obligations under the Tranche
       pursuant to a Transfer Certificate.

       "BRIDGE MANDATE LETTER"

       means the commitment letter between the Lead Arranger and the Borrower
       dated on or about 27 March, 2001.

       "BUSINESS DAY"

       means a day (not being a Saturday or Sunday) on which banks and foreign
       exchange markets are open for business:

       (a)    in relation to a transaction involving the Tranche in London,
              Luxembourg and Brussels; and

       (b)    in relation to any date for payment or purchase of Euro, in
              Luxembourg and which is also a TARGET Day.

                                       2
--------------------------------------------------------------------------------
<PAGE>   6

       "CHANGE OF CONTROL"

       means:

       (a)    there is a change of ownership of any of the Shares during the
              Restricted Period without the consent of the Majority Banks if
              after giving effect to such transfer:

              (i)    Deutsche Telekom A.G., Deutsche Telekom MobilNet GmbH
                     and/or T-Mobile International A.G. cease to own, either
                     directly or indirectly, and legally and beneficially, at
                     least 25.01% of the Shares; or

              (ii)   Elektrim S.A. and/or Elektrim Telekomunikacja Sp. z o.o.
                     cease to own, either directly or indirectly, and legally
                     and beneficially, at least 25.01% of the Shares;

       (b)    there is a change of ownership of any of the Shares after the
              Restricted Period without the consent of the Majority Banks if (i)
              after giving effect to such transfer, Deutsche Telekom A.G.,
              Deutsche Telekom MobilNet GmbH, T-Mobile International A.G. and/or
              another internationally recognised cellular operator of comparable
              standing and comparable credit rating cease to own, either
              directly or indirectly, and legally and beneficially, at least
              25.01% of the Shares or (ii) any person or two or more persons
              acting in concert other than Deutsche Telekom A.G., Deutsche
              Telekom MobilNet GmbH, T-Mobile International A.G., MediaOne
              International B.V., Elektrim S.A. and/or Elektrim Telekomunikacja
              Sp. z o.o., Vivendi S.A. or any wholly owned Subsidiary of the
              foregoing shall own, either directly or indirectly, and legally
              and beneficially, through any contract, arrangement,
              understanding, relationship or otherwise, (x) voting power which
              includes the power to vote, or to direct the voting of, and/or (y)
              investment power which includes the power to dispose of or to
              direct the disposition of Shares representing 25% or more of the
              combined voting power of all voting interests of the Borrower;

       (c)    any Shareholder creates, incurs, assumes or suffers to exist any
              lien, security interest or other charge or encumbrance of any
              kind, or any other type of preferential arrangement on the Shares
              to secure any Financial Indebtedness (other than under the Finance
              Documents) of any member of the Group; or

       (d)    the Borrower becomes a Subsidiary of a person other than Elektrim
              S.A. or Elektrim Telekomunikacja Sp. z o.o., or Elektrim S.A. or
              Elektrim Telekomunikacja Sp. z o.o. becomes a Subsidiary of any
              person, and in either case such person directs or causes the
              Borrower not to proceed with the issuance of the Permanent
              Securities.

       "COMMITMENT"

       in relation to a Bank means the amount appearing and designated as such
       set opposite its name in Schedule A and/or in any Transfer Certificate or
       other document by which it became party to or acquired rights under this
       Agreement to the extent not cancelled, reduced or transferred under this
       Agreement (collectively the "TOTAL COMMITMENTS").

       "DANGEROUS SUBSTANCE"

       means any radioactive emissions and any natural or artificial substance
       (whether in the form of a solid, liquid, gas or vapour but excluding, for
       the avoidance of doubt, radio waves) the generation, transportation,
       storage, treatment, use or disposal of which (whether alone or in
       combination with any other substance) and including (without limitation)
       any controlled, special, hazardous, toxic, radioactive or dangerous
       waste, gives rise to a risk of causing harm to man or damaging the
       Environment or public health.

                                       3
--------------------------------------------------------------------------------
<PAGE>   7

       "DCS-1800 LICENCE"

       means the licence numbered 498/99 issued to the Borrower on 11th August,
       1999 which licence includes the permit to install and utilise a
       telecommunications network and the frequency allocation necessary for the
       Borrower to provide a service in the ETSI/GSM 1800MHz band.

       "DEFAULT"

       means (a) an Event of Default, or (b) an event which, with the giving of
       notice or lapse of time or both, would constitute an Event of Default.

       "DEFAULT DATE"

       means the first date on which the Agent serves a notice under Clause
       22.21 (Acceleration) or the date after an Event of Default which the
       Majority Banks determine is the Default Date.

       "ENVIRONMENT"

       means all, or any of, the following media, the air (including the air
       within buildings and the air within other natural or man-made structures
       above or below ground), water (including, without limitation, ground and
       surface water) and land (including, without limitation, surface and
       sub-surface soil).

       "ENVIRONMENTAL CLAIM"

       means any claim by any person:

       (a)    in respect of any loss or liability suffered or incurred by that
              person as a result of or in connection with any violation of
              applicable Environmental Law; or

       (b)    that arises as a result of or in connection with Environmental
              Contamination and that could give rise to any remedy or penalty
              (whether interim or final) that may be enforced or assessed by
              private or public legal action or administrative order or
              proceedings including, without limitation, any such claim that
              arises from injury to persons or property.

       "ENVIRONMENTAL CONTAMINATION"

       means each of the following and their consequences:

       (a)    any release, emission, leakage or spillage of any Dangerous
              Substance at or from any site owned or occupied by any member of
              the Group into any part of the Environment;

       (b)    any accident, fire, explosion or sudden event at any site owned or
              occupied by any member of the Group which is directly caused by or
              attributable to any Dangerous Substance; and

       (c)    any other pollution of the Environment arising at or from any site
              owned or occupied by any member of the Group.

       "ENVIRONMENTAL LAW"

       means all laws and regulations concerning pollution, the Environment or
       Dangerous Substances.

       "ENVIRONMENTAL LICENCE"

       means any permit, licence, authorisation, consent or other approval
       required by any applicable Environmental Law.

                                        4
--------------------------------------------------------------------------------
<PAGE>   8

       "EURIBOR"

       in relation to the Advance for any Interest Period relating thereto,
       means:

       (a)    the rate per annum determined by the Banking Federation of the
              European Union which appears on page Euribor 01 on the Reuters
              screen (or any other page as may replace such page on such
              service); or

       (b)    if no offered rate appears on the relevant page of the Reuters
              screen or there is no relevant page on the Reuters screen, the
              arithmetic mean (rounded upward, if necessary, to four decimal
              places) of the respective rates, as supplied to the Agent at its
              request, quoted by the Reference Banks to leading banks in the
              ordinary course of business in the European interbank market,

       at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period for
       the offering of deposits in the currency of the Advance for the same
       period as such Interest Period and in an amount comparable to the amount
       of the Advance. If any of the Reference Banks is unable or otherwise
       fails so to supply such offered rate by 1.00 p.m. on the required date,
       "EURIBOR" for the relevant Interest Period shall be determined on the
       basis of the quotations of the remaining Reference Banks.

       "EURO", "EURO" and "(euro)"

       means the lawful currency of the member states of the European Union that
       have adopted the single currency in accordance with the treaty
       establishing the European Community (signed in Rome on 25 March, 1957),
       as amended by the Treaty on European Union (signed in Maastricht on 7
       February, 1992).

       "EURO EQUIVALENT"

       means:

       (a)    in relation to an amount in Euro, that amount (or its equivalent
              in other currencies); and

       (b)    in relation to any amount denominated in a currency other than
              Euro, the amount of Euro which the amount in such currency would
              purchase on a particular day when converted at the Agent's Spot
              Rate of Exchange.

       "EVENT OF DEFAULT"

       means an event specified as such in Clause 22.1 (Events of Default).

       "EXCHANGE DOCUMENTS"

       means the Exchange Indenture, the Exchange Securities and the Exchange
       Registration Rights Agreement.

       "EXCHANGE INDENTURE"

       means the indenture, containing substantially the same covenants and
       events of default and related definitions as those set forth in the
       indentures referred to in paragraph (f) of the definition of "HIGH YIELD
       DEBT DOCUMENTS" with such amendments thereto as may be approved by the
       Majority Banks and the Borrower, and otherwise in form and substance
       satisfactory to the Majority Banks and the Borrower, pursuant to which
       the Exchange Securities are to be issued.

                                        5
--------------------------------------------------------------------------------
<PAGE>   9

       "EXCHANGE REGISTRATION RIGHTS AGREEMENT"

       means a registration rights agreement containing terms set forth in
       Section 2(b) of the Side Agreement and the related definitions, and
       otherwise in form and substance satisfactory to the Majority Banks and
       the Borrower.

       "EXCHANGE SECURITIES"

       means the senior subordinated notes, in substantially the form set forth
       in the Exchange Indenture, to be issued under the Exchange Indenture
       pursuant to Section 2(a) of the Side Agreement.

       "EXCLUDED SHARE CAPITAL"

       of the Group means shares in the capital of any member of the Group owned
       by a person which is not a member of the Group which by their terms are
       or may become redeemable (whether or not subject to the occurrence of any
       contingency) at any time whilst any part of the Advance remains
       outstanding (whether or not due and payable) or any Commitment is in
       force or within one year after the Final Repayment Date.

       "FACILITY OFFICE"

       means:

       (a)    in relation to the Agent, the respective offices notified in
              accordance with Clause 35.2 (Addresses);

       (b)    in the case of a Bank, the office(s) notified by that Bank to the
              Agent on or before the date it becomes a Bank as the office(s)
              through which it will perform all or any of its obligations in
              connection with the Tranche; or

       (c)    in the case of sub-paragraph (b) above, such other office(s)
              notified by a Bank to the Agent by (unless otherwise agreed by the
              Agent) not less than 5 Business Days' notice, as the office(s)
              through which it will perform all or any of its obligations in
              connection with the Tranche.

       "FEE LETTER"

       means the arrangement fee letter between the Lead Arranger and the
       Borrower dated on or about 27 March, 2001 setting out the amount of
       various fees referred to in Clause 26 (Fees).

       "FINAL REPAYMENT DATE"

       means the date falling on the fifth anniversary of the Initial Maturity
       Date.

       "FINANCE DOCUMENTS"

       means each of:

       (a)    this Agreement;

       (b)    the Fee Letter;

       (c)    the Subordination Agreement;

       (d)    the Exchange Documents;

       (e)    the Mandate Letter;

                                        6
--------------------------------------------------------------------------------
<PAGE>   10

       (f)    the Bridge Mandate Letter;

       (g)    the Side Agreement; and

       (h)    any other document designated as such by the Agent and the
              Borrower.

       "FINANCE LEASE"

       means a finance lease as determined in accordance with the IAS.

       "FINANCE PARTY"

       means the Lead Arranger, each Bank and the Agent.

       "FINANCIAL INDEBTEDNESS"

       means any indebtedness in respect of:

       (a)    moneys borrowed at banks and other financial institutions;

       (b)    any debenture, bond, note, loan stock or other security;

       (c)    any acceptance credit;

       (d)    receivables sold or discounted (otherwise than on a non-recourse
              basis);

       (e)    the acquisition cost of any asset to the extent payable before or
              after the time of acquisition or possession by the party liable
              (i) where the advance or deferred payment is arranged primarily as
              a method of raising finance or financing the acquisition of that
              asset and (ii) where payment is deferred for more than 180 days
              after the time of acquisition or possession;

       (f)    any Finance Lease or QTE Lease;

       (g)    any currency swap or interest swap, cap or collar arrangements,
              future or option contracts or any other derivative instrument
              calculated as the negative mark-to-market value of such instrument
              as of the date of calculation;

       (h)    any amount raised under any other transaction having the
              commercial effect of a borrowing or raising of money;

       (i)    any Excluded Share Capital; or

       (j)    any guarantee, surety, indemnity or similar assurance against
              financial loss of any person in respect of any amounts referred to
              in paragraphs (a) to (i) above.

       "FORMER SHAREHOLDER LOANS"

       means the $17,178,125 shareholder loan from Deutsche Telekom MobilNet
       GmbH to the Borrower, the Zloty equivalent of $39,843,750 shareholder
       loan from Elektrim S.A. to the Borrower and the $17,578,125 shareholder
       loan from MediaOne International B.V. to the Borrower (plus, in relation
       to each such amount, any accrued or capitalised interest in respect
       thereof), each made on August 24, 1999 and converted into Reserve Capital
       on 30 November, 2000.

       "GROUP"

       means the Borrower and its Subsidiaries from time to time.

                                        7
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<PAGE>   11

       "GSM LICENCE"

       means the licence numbered 2/96/GSM2 issued to the Borrower on 23rd
       February, 1996 which licence includes the permit to install and utilise a
       telecommunications network and the frequency allocation necessary for the
       Borrower to provide a service.

       "HEDGING AGREEMENTS"

       means any currency swap or interest swap, cap or collar arrangements,
       future or option contracts or any other derivative instrument or
       agreement.

       "HIGH YIELD DEBT DOCUMENTS"

       means:

       (a)    the indenture dated 1st July, 1997 between PTC International
              Finance B.V., the Borrower, and the Bank of New York as trustee;

       (b)    the senior subordinated guaranteed discount notes due 2007 issued
              pursuant to the indenture referred to in (a) above;

       (c)    the guarantee dated 1st July, 1997 given by the Borrower in
              respect of the obligations of PTC International Finance B.V.
              included in the terms of the indenture referred to in paragraph
              (a) above;

       (d)    the onlending agreement dated 1st July, 1997 between PTC
              International Finance B.V. and the Borrower by which the proceeds
              of the notes referred to in paragraph (b) above are lent to the
              Borrower;

       (e)    the support agreement dated 1st July, 1997 between the Borrower
              and PTC International Finance B.V. relating to the onlending
              agreement referred to in paragraph (d) above;

       (f)    the indentures each dated 23rd November, 1999 between PTC
              International Finance II S.A., PTC International Finance (Holding)
              B.V., the Borrower and State Street Bank and Trust Company, as
              trustee;

       (g)    the senior subordinated guaranteed notes due 2009 issued pursuant
              to the indentures referred to in (f) above;

       (h)    the guarantees each dated 23rd November, 1999 given by each of the
              Borrower and PTC International Finance (Holding) B.V. in respect
              of the obligations of PTC International Finance II S.A. included
              in the terms of each indenture referred to in paragraph (f) above;

       (i)    the onlending agreement dated 23rd November, 1999 between PTC
              International Finance II S.A. and PTC International Finance
              (Holding) B.V. by which a portion of the proceeds of the notes
              referred to in paragraph (g) above are lent to PTC International
              Finance (Holding) B.V.;

       (j)    the onlending agreement dated 23rd November, 1999 between PTC
              International Finance (Holding) B.V. and the Borrower by which a
              portion of the proceeds of the notes referred to in paragraph (g)
              above are lent to the Borrower;

       (k)    the support agreement dated 23rd November, 1999 between the
              Borrower and PTC International Finance (Holding) B.V. relating to
              the onlending agreement referred to in paragraph (j) above; and

                                        8
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<PAGE>   12

       (l)    such other documents as evidence, and give effect to, any
              Subordinated Debt transactions permitted under the terms of this
              Agreement to be entered into by any Obligor after the date of this
              Agreement; provided that any such Subordinated Debt transactions
              are on substantially the same terms (including the subordination
              terms) other than in relation to any discount amounts or escrow
              amounts (which shall be on market terms) as the High Yield Debt
              Documents as in effect on the date hereof.

       "HIGH YIELD NOTES"

       means the Euro denominated Notes referred to in paragraph (g) of the
       definition of "HIGH YIELD DEBT DOCUMENTS".

       "HOLDINGS"

       means PTC International Finance (Holding) B.V., a corporation organised
       under the laws of The Netherlands.

       "HOLDING COMPANY"

       means, in relation to a body corporate, any other body corporate of which
       it is a Subsidiary.

       "IAS"

       means accounting principles issued by the International Accounting
       Standards Committee from time to time.

       "INFORMATION "

       means the information relating to the Group provided by or on behalf of
       the Borrower to the Banks from time to time.

       "INITIAL MATURITY DATE"

       means the date falling 366 days after the Utilisation Date.

       "INTELLECTUAL PROPERTY RIGHTS"

       means all know-how, patents, trademarks, designs, trading names,
       copyrights and other intellectual property rights (in each case whether
       registered or not and including all applications for the same).

       "INTERCOMPANY SUBORDINATION AGREEMENTS"

       means the subordination agreement dated 8 March, 2001 between the
       Borrower, PTC International Finance B.V. and Deutsche Bank Polska S.A.,
       as Group Security Agent, the subordination agreement dated 8 March, 2001
       between the Borrower, PTC International Finance (Holding) B.V. and
       Deutsche Bank Polska S.A., as Group Security Agent, and the subordination
       agreement dated 8 March, 2001 between PTC International Finance (Holding)
       B.V., PTC International Finance II S.A. and Deutsche Bank Polska S.A., as
       Group Security Agent.

       "INTEREST CAP"

       means, at any time of determination, the percentage rate per annum equal
       to (a) the average yield to maturity of High Yield Notes at such time
       based on quotes to purchase such High Yield Notes from the Lead Arranger
       and either Merrill Lynch (or one of its Affiliates) and Schroder Salomon
       Smith Barney (or one of its Affiliates) or two other internationally
       recognised banks active in the trading of the High

                                        9
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<PAGE>   13

       Yield Notes or similar securities selected by the Lead Arranger in
       consultation with the Borrower plus; (b) 2.0%.

       "INTEREST DATE"

       means, in relation to the Advance or any overdue amount, the last day of
       any applicable Interest Period.

       "INTEREST PERIOD"

       means, in relation to the Advance, each period determined in accordance
       with Clause 9.1 (Selection and agreement).

       "INVESTMENT GRADE RATING"

       means the Borrower has:

       (a)    a foreign and domestic currency rating of BBB- or above for senior
              unsecured debt or the debt represented by the High Yield Debt
              Documents, as applicable, from S&P; and

       (b)    a foreign and domestic currency rating of Baa3 or above for senior
              unsecured debt or the debt represented by the High Yield Debt
              Documents, as applicable, from Moody's;

       except the Borrower will be deemed to have an Investment Grade Rating if
       it has a foreign and domestic currency rating from each of these rating
       agencies and there is not more than one sub grade difference between the
       foreign currency ratings given by these two rating agencies and the
       higher of the two foreign currency ratings from these two rating agencies
       is a rating at least as high as the applicable rating set out in (a) or
       (b) above.

       "ISSUERS"

       means (a) PTC International Finance B.V. and PTC International Finance II
       S.A., being the Subsidiaries of the Borrower which have issued or issue
       notes to the investors pursuant to the High Yield Debt Documents and (b)
       any Obligor (other than the Borrower) which issues notes to investors
       pursuant to the High Yield Debt Documents after the date of this
       Agreement.

       "LICENCE"

       means:

       (a)    the GSM Licence;

       (b)    the DCS-1800 Licence;

       (c)    the UMTS Licence;

       (d)    the licence numbered 516/99 issued on 26th November 1999 for the
              provision of telecommunication services; and

       (e)    any other licence for the operation of a telecommunications
              network (including all apparatus, equipment and telecommunication
              systems of every description which it is authorised to operate or
              run under such licence) obtained by any member of the Group where
              the revocation, suspension or termination of such licence might
              have a Material Adverse Effect.

                                       10
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<PAGE>   14

       "MAIN FACILITY AGREEMENT"

       means the (euro) 550,000,000 facility agreement dated 20 February, 2001
       between the Borrower, the Guarantors as defined therein, the Arrangers as
       defined therein, the Banks as defined therein, DBAG, Deutsche Bank Polska
       S.A., Dresdner and The European Bank for Reconstruction and Development,
       as Lead Arrangers, Deutsche Bank Luxembourg S.A., as Agent, and Deutsche
       Bank Polska S.A., as Security Agent.

       "MAIN FACILITY SENIOR FINANCE DOCUMENTS"

       means the "SENIOR FINANCE DOCUMENTS" as defined in the Main Facility
       Agreement.

       "MAJORITY BANKS"

       means at any time:

       (a)    Banks whose Commitments aggregate more than 66 2/3% of the Total
              Commitments at such time; or

       (b)    if the Total Commitments have been reduced to nil, Banks whose
              Commitments aggregated more than 66 2/3% of the Total Commitments
              immediately before the reduction;

       provided, however, that for the purposes of this definition only, any
       Bank that fails to participate fully in the Advance in accordance with
       Clause 5.3 (Participations in the Advance) shall be deemed to have
       Commitments equal to the drawn portion of its Commitments.

       "MANDATE LETTER"

       means the engagement letter between the Lead Arranger and the Borrower
       dated on or about 27 March, 2001.

       "MATERIAL ADVERSE EFFECT"

       means any effect which, in the reasonable opinion of the Majority Banks,
       is or is likely to be materially adverse to:

       (a)    the ability of any Obligor to perform its payment obligations
              under this Agreement or other material obligations under any of
              the Finance Documents; or

       (b)    the business, financial condition, operations or performance of
              the Group (taken as a whole).

       "MATERIAL CONTRACTS"

       means:

       (a)    the Licences;

       (b)    the Borrower's interconnect agreements with Telekomunikacja Polska
              Spolka Akcyjna, Polkomtel S.A. and PTK Centertel and any
              interconnect agreements resulting from the negotiations with such
              persons;

       (c)    the supply agreement dated 5th June, 1996 between the Borrower,
              Siemens AG and ZWUT SA as amended;

       (d)    the supply agreement dated 5th June, 1996 between the Borrower and
              Ericsson Radio Systems AB and Ericsson Sp. z o.o., as amended; and

                                       11
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<PAGE>   15

       (e)    the supply agreement dated 28th July, 1999 between the Borrower
              and Alcatel Polska SA;

       together with any agreements replacing any of the above and any other
       agreements fundamental to the business of the Group which if cancelled,
       terminated, revoked or not replaced, would be reasonably likely to have a
       Material Adverse Effect.

       "MOODY'S"

       means Moody's Investor Services, Inc.

       "NECESSARY AUTHORISATIONS"

       means all material approvals, authorisations and licences (other than any
       Licence) from, all rights granted by and all filings, registrations and
       agreements with, any government or other regulatory authority necessary
       in order to enable the Borrower and its Subsidiaries to construct,
       maintain and operate the Network.

       "NBP PERMIT"

       means a National Bank of Poland permit for the Borrower to repay the
       Utilisation and all other amounts payable under the Finance Documents in
       the currency in which they are due.

       "NET PROCEEDS"

       means the aggregate value of consideration received by any member of the
       Group in respect of any disposal of any assets (including shares in other
       Group members) by a member of the Group to any third party which is not a
       member of the Group after deduction of:

       (a)    all amounts paid or provided for or on account of Taxes applicable
              to, or to any gain resulting from, the disposal of such assets or
              the discharge of any liability secured on such assets; and

       (b)    all costs, fees, expenses and the like properly incurred in
              arranging and effecting that disposal.

       "NETWORK"

       means any network operated by the Borrower or any other member of the
       Group and operated or run by it pursuant to any Licence.

       "OBLIGOR"

       means the Borrower and each person, if any, that becomes a guarantor of
       the Borrower's obligations under the Finance Documents.

       "ORIGINAL BORROWER ACCOUNTS"

       means the annual audited Accounts of the Borrower for the year ending
       31st December, 2000.

       "PARTY"

       means a party to this Agreement.

                                       12
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<PAGE>   16

       "PERMANENT CAP"

       means

       (a)    during the period from the 60th day after the Signing Date to the
              90th day after the Signing Date, a percentage rate per annum equal
              to:

              (i)    the average yield to maturity of the High Yield Notes based
                     on quotes to purchase such High Yield Notes on such 60th
                     day by the Lead Arranger and either Merrill Lynch (or one
                     of its Affiliates) and Schroder Salomon Smith Barney (or
                     one of its Affiliates) or two other internationally
                     recognised banks active in the trading of the High Yield
                     Notes or similar securities selected by the Lead Arranger
                     in consultation with the Borrower, plus;

              (ii)   1.0%; and

       (b)    thereafter, a percentage rate per annum equal to:

              (i)    the average yield to maturity of the High Yield Notes based
                     on quotes to purchase such High Yield Notes on the 90th day
                     after the Signing Date by the Lead Arranger and either
                     Merrill Lynch (or one of its Affiliates) and Schroder
                     Salomon Smith Barney (or one of its Affiliates) or two
                     other internationally recognised banks active in the
                     trading of the High Yield Notes or similar securities
                     selected by the Lead Arranger in consultation with the
                     Borrower plus;

              (ii)   2.0%.

       "PERMANENT FINANCINGS"

       means one or more public and/or private offerings of Permanent Securities
       to Persons other than the Borrower or any of its Subsidiaries, in order
       to refinance all or a portion of the obligations owing in respect of the
       Advance and the Exchange Securities.

       "PERMANENT SECURITIES"

       means debt and/or equity securities issued and sold by the Borrower or
       any of its Subsidiaries.

       "PRINCIPAL MEMBER OF THE GROUP"

       has the meaning given to it in the Main Facility Agreement and/or the
       Supplemental Facility Agreement.

       "QTE LEASES"

       means tax advantaged synthetic leases pursuant to which the Borrower
       effectively sells and leases back "qualified technological equipment" as
       defined at Section 168(i)(2) of the United States Internal Revenue Code.

       "QUALIFYING BANK"

       means, at any time, a bank or financial institution which is at that
       time:

       (a)    resident in the Republic of Poland; or

                                       13
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<PAGE>   17

       (b)    resident (as such term is defined in the appropriate double
              taxation treaty) in a country with which the Republic of Poland
              has an appropriate double taxation treaty giving residents of that
              country complete exemption from Polish Taxation on interest and
              which:

              (i)    does not carry on business in the Republic of Poland
                     through a permanent establishment with which the
                     indebtedness under this Agreement in respect of which the
                     interest is paid is effectively connected; and

              (ii)   has submitted all of the necessary forms completed in a
                     proper manner together with all necessary documents and has
                     taken all necessary steps in order to secure total relief
                     from Polish Taxation in respect of interest and/or
                     commissions to be paid to it under this Agreement pursuant
                     to such treaty.

              For this purpose "DOUBLE TAXATION TREATY" means any convention or
              agreement between the government of the Republic of Poland and any
              other government for the avoidance of double taxation and the
              prevention of fiscal evasion with respect to Taxes on income.

       "RATE FIXING DAY"

       means in relation to an Interest Period two TARGET Days before the first
       day of such Interest Period.

       "REFERENCE BANKS"

       means the principal Luxembourg offices of Deutsche Bank Luxembourg S.A.
       and Dresdner Bank Luxembourg S.A. and such other Banks as may become
       Reference Banks pursuant to Clause 30.4 (Reference Banks).

       "REQUEST"

       means a request, substantially in the form of Schedule G, made by the
       Borrower to the Agent for the Advance to be made under this Agreement.

       "RESERVE CAPITAL"

       means amounts contributed to the Borrower's reserve capital as additional
       payments (known as doplaty under the Polish Commercial Code).

       "RESTRICTED PERIOD"

       means the period from the date of this Agreement until the date on which
       the Borrower achieves an Investment Grade Rating.

       "ROLLOVER DATE"

       means the date on which each Interest Period for the Advance commences.

       "S&P"

       means Standard and Poor's, a division of The McGraw-Hill Companies, Inc.

       "SECURITIES ACT"

       means the United States Securities Act of 1933, as amended.

                                       14
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<PAGE>   18

       "SECURITY INTEREST"

       means any mortgage, pledge, lien, charge, assignment for the purpose of
       providing security, hypothecation or other security interest.

       "SHAREHOLDER LOANS"

       means all amounts borrowed by an Obligor from a Shareholder or an
       Affiliate of a Shareholder which is not a member of the Group and all
       amounts contributed by Shareholders to the Borrower's reserve capital as
       additional payments (known as doplaty under the Polish Commercial Code),
       which shall be subordinated to the amounts outstanding under this
       Agreement on terms substantially the same or more favourable to the
       Finance Parties as the subordination terms in effect with respect to
       Former Shareholder Loans immediately prior to their conversion into
       Reserve Capital.

       "SHAREHOLDERS"

       means each shareholder from time to time of the Borrower being as at the
       date of this Agreement, Elektrim S.A., Deutsche Telekom MobilNet GmbH,
       Deutsche Telekom A.G., MediaOne International B.V., Elektrim-Autoinvest
       S.A., Elektrim Telekomunikacja Sp. z o.o., Polpager Sp. z o.o. and Carcom
       Warszawa Sp. z o.o.

       "SHAREHOLDERS' AGREEMENT"

       means the Shareholders' Agreement dated 21 December, 1995 between the
       Shareholders (other than Carcom Sp. z o.o.) as amended from time to time.

       "SHARES"

       means the equity share capital of the Borrower.

       "SIDE AGREEMENT"

       means the agreement between the Agent and the Borrower dated on or about
       the date hereof relating to, inter alia, the exchange of Advances for
       Exchange Securities.

       "SIGNING DATE"

       means the date of this Agreement.

       "SUBORDINATED DEBT"

       means:

       (a)    all amounts outstanding under or in connection with the High Yield
              Debt Documents including for the avoidance of doubt between the
              Borrower and each Issuer on the terms as set out in the High Yield
              Debt Documents as at the Signing Date;

       (b)    any actual or contingent liability under any guarantee and support
              agreement given by the Borrower referred to in the definition of
              High Yield Debt Documents on the terms as set out in the High
              Yield Debt Documents as at the Signing Date;

       (c)    all Shareholder Loans;

       (d)    any intercompany debt which is subordinated in right of payment to
              the amounts owing under the Main Facility Agreement and under the
              Supplemental Facility Agreement on terms

                                       15
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<PAGE>   19

         substantially the same as those subordination terms set forth in the
         Intercompany Subordination Agreements; and

         (e)      any other present and future sums, liabilities and obligations
                  (whether actual or contingent) payable, owing, due or incurred
                  by a Subsidiary of the Borrower which are subordinate in right
                  of payment to the amounts owing under the Main Facility
                  Agreement and under the Supplemental Facility Agreement on
                  terms substantially the same as those subordination terms set
                  forth in the High Yield Debt Documents existing as of the date
                  hereof.

         "SUBORDINATION AGREEMENT"

         means the agreement set forth at Schedule B.

         "SUBSIDIARY"

         means, an entity from time to time of which a person has direct or
         indirect control or owns directly or indirectly more than fifty per
         cent. (50%) of the share capital or similar right of ownership.

         "SUPPLEMENTAL FACILITY AGREEMENT"

         means the (euro) 100,000,000 facility agreement dated 20 February, 2001
         between the Borrower, the Guarantors as defined therein, the Banks as
         defined therein, DBAG, Deutsche Bank Polska S.A. and Dresdner Bank
         Luxembourg S.A., as Lead Arrangers, Deutsche Bank Luxembourg S.A., as
         Agent, and Deutsche Bank Polska S.A., as Security Agent.

         "SUPPLEMENTAL FACILITY SENIOR FINANCE DOCUMENTS"

         means the "SENIOR FINANCE DOCUMENTS" as defined in the Supplemental
         Facility Agreement.

         "TARGET"

         means Trans-European Automated Real-time Gross Settlement Express
         Transfer payment system.

         "TARGET DAY"

         means any day on which TARGET is open for the settlement of payments in
         Euro.

         "TAX ON OVERALL NET INCOME"

         of a person shall be construed as a reference to Tax (other than Tax
         deducted or withheld from any payment) imposed on that person on:

         (a)      the net income, profits or gains of that person world-wide; or

         (b)      such of its income, profits or gains as arise in or relate to
                  the jurisdiction in which it is resident or in which its
                  principal office (and/or its Facility Office) is located.

         "TAXES"

         means all income and other taxes and levies, imposts, duties, charges,
         deductions and withholdings in the nature or on account of tax together
         with interest thereon and penalties and fees with respect thereto, if
         any, and any payments made on or in respect thereof, and "TAX" and
         "TAXATION" shall be construed accordingly.

                                       16
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<PAGE>   20

         "TRANCHE"

         means the term tranche referred to in Clause 2.1 (Facility).

         "TRANSACTION DOCUMENTS"

         means:

         (a)      the Finance Documents;

         (b)      the High Yield Debt Documents;

         (c)      the Shareholders' Agreement;

         (d)      the Main Facility Senior Finance Documents;

         (e)      the Supplemental Facility Senior Finance Documents; and

         (f)      any other document designated as such in writing by the Agent
                  and the Borrower.

         "TRANSFER CERTIFICATE"

         has the meaning given to it in Clause 30.3 (Procedure for transfers).

         "UMTS LICENCE"

         means the licence numbered 2/UMTS issued to the Borrower on 20 December
         2000 to provide telecommunications services meeting the European UMTS
         telecommunications standard including a permit to install and use a
         telecommunications network and allocation of frequencies in the 2 GHz
         band.

         "UMTS LICENCE INITIAL INSTALMENTS"

         means the UMTS Licence fee payments required prior to or within the
         first 12 months following the award of the UMTS Licence to the
         Borrower.

         "UTILISATION"

         means the utilisation under this Agreement of the Tranche.

         "UTILISATION DATE"

         means 30 March, 2001.

         "ZLOTY" and "PLN"

         means the lawful currency for the time being of the Republic of Poland.

1.2      Construction

         (a)      In this Agreement, save where the context otherwise requires:

                  (i)      references to documents being in the "AGREED FORM"
                           means documents (A) in a form previously agreed in
                           writing by or on behalf of the Agent and the
                           Borrower, or (B) in a form substantially as set out
                           in any Schedule to any Finance Document, or (C) (if

                                       17
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<PAGE>   21

                           not falling within (A) or (B) above) in form and
                           substance satisfactory to the Agent acting on behalf
                           of the Majority Banks;

                  (ii)     an "AMENDMENT" includes a supplement, novation or
                           re-enactment and "AMENDED" is to be construed
                           accordingly;

                  (iii)    "ASSETS" includes present and future properties,
                           revenues and rights of every description;

                  (iv)     an "AUTHORISATION" includes an authorisation,
                           consent, approval, resolution, licence, exemption,
                           filing or registration;

                  (v)      "CONTROL" means the power to direct the management
                           and policies of an entity, whether through the
                           ownership of voting capital, by contract or
                           otherwise;

                  (vi)     references to "INDEBTEDNESS" shall be construed so as
                           to include any obligation or liability (whether
                           present or future, actual or contingent) for the
                           payment or repayment of money;

                  (vii)    a "MONTH" is a reference to a period starting on one
                           day in a calendar month and ending on the numerically
                           corresponding day in the next calendar month, except
                           that if there is no numerically corresponding day in
                           the month in which that period ends, that period
                           shall end on the last Business Day in that calendar
                           month;

                  (viii)   an amount "OUTSTANDING" under or in respect of the
                           Advance at any time is the principal amount thereof
                           from time to time outstanding;

                  (ix)     a "REGULATION" includes any regulation having the
                           force of law and/or, rule, official directive or
                           guideline (whether or not having the force of law)
                           having authority to regulate banking activity in
                           Poland or any other jurisdiction through which a Bank
                           makes its participation in the Advance available or
                           in which a Bank or its Holding Company is located or
                           incorporated; or

                  (x)      a provision of law is a reference to that provision
                           as amended or re-enacted;

                  (xi)     a Clause or a Schedule is a reference to a clause of
                           or a schedule to this Agreement;

                  (xii)    a person includes its successors and assigns;

                  (xiii)   a Transaction Document or another document is a
                           reference to that Transaction Document or other
                           document as amended;

                  (xiv)    the contents page of, and headings in, this Agreement
                           are for convenience only and shall be ignored in
                           construing this Agreement; and

                  (xv)     unless the contrary intention appears, a time of day
                           is a reference to London time.

         (b)      Unless the contrary intention appears, a term used in any
                  other Finance Document or in any notice given under or in
                  connection with any Finance Document has the same meaning in
                  that Finance Document or notice as in this Agreement.

                                       18
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<PAGE>   22

2.       FACILITY AND RELATED MATTERS

2.1      Facility

         Subject to the terms of this Agreement, the Banks agree to make
         available to the Borrower a term facility where the aggregate principal
         amount of the Utilisation made shall not exceed the Total Commitments
         in effect from time to time. The facility will be made available in a
         euro term tranche which shall be available for one drawing in euro
         where the aggregate principal amount of the Utilisation made shall not
         exceed the Total Commitments (being as at the date of this Agreement
         (euro) 28,000,000).

2.2      Nature of the Banks' rights and obligations

         (a)      No Bank is obliged to participate in the making of the
                  Utilisation if to do so would cause its participation in the
                  Utilisation to exceed its Commitment.

         (b)      The obligations of each Bank under this Agreement are several.
                  The failure of a Bank to carry out its obligations under this
                  Agreement shall not relieve any other party of its obligations
                  under any Finance Document. No Finance Party shall be
                  responsible for the obligations of any other Finance Party
                  under the Finance Documents.

         (c)      The rights of a Finance Party under the Finance Documents are
                  divided rights. Each Finance Party may, except as otherwise
                  stated herein, separately enforce those rights.

         (d)      Nothing in this Agreement constitutes a partnership between
                  the Finance Parties.

3.       PURPOSE AND RESPONSIBILITY

3.1      Purpose

         The proceeds of the Utilisation shall be applied in or towards the
         funding of approximately one-third of the UMTS Licence Initial
         Instalment due on 30 March, 2001.

3.2      Responsibility

         Without prejudice to the terms of this Agreement, none of the Finance
         Parties shall be bound to enquire as to the use or application of the
         proceeds of the Utilisation, nor shall any of them be responsible for
         or for the consequences of such use or application.

4.       CONDITIONS PRECEDENT

4.1      Conditions Precedent to Utilisation

         The obligations of each Finance Party to the Borrower under this
         Agreement with respect to the making of the Utilisation are subject to
         the conditions precedent that the Agent has received all of the
         documents listed in Schedule D in the agreed form and that on both the
         date of the Request and on the Utilisation Date:

         (a)      no Default is outstanding or might result from the
                  Utilisation;

         (b)      the representations and warranties in Clause 18
                  (Representations and Warranties) to be repeated on those dates
                  are correct in all material respects and will be correct in
                  all material respects immediately after the making of the
                  Utilisation; and

         (c)      the Agent shall be reasonably satisfied that the banks party
                  to the Main Facility Agreement have made or will make on or
                  prior to the date of such Utilisation Advances (as defined

                                       19
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<PAGE>   23

                  therein) in an amount of approximately two-thirds of the
                  aggregate amount of the UMTS Licence Initial Instalment then
                  due.

5.       ADVANCES

5.1      Delivery of Request

         The Borrower may request the Utilisation if the Agent receives a duly
         completed Request by not later than 10.00 a.m. Luxembourg time on the
         Utilisation Date. The Request is irrevocable. The Borrower may not
         deliver more than one Request under this Agreement.

5.2      Form of Request

         (a)      The Request will not be regarded as having been duly completed
                  unless it specifies:

                  (i)      the amount of the proposed Utilisation which shall
                           not exceed (euro) 28,000,000;

                  (ii)     the details of the bank and account to which the
                           proceeds of the proposed Advance are to be made
                           available.

         (b)      The Request must specify one Utilisation only.

5.3      Participations in the Advance

         The amount of each Bank's participation in the Advance shall be the
         proportion which the undrawn and uncancelled amount of its Commitment
         bears to the undrawn and uncancelled amount of the Total Commitments.

6.       [INTENTIONALLY OMITTED]

7.       REPAYMENT

         (a)      The Borrower will repay the Utilisation in full on the Initial
                  Maturity Date or, if the Conversion shall have been
                  consummated in accordance with paragraph (b) below, the Final
                  Repayment Date.

         (b)      Subject to the satisfaction of the condition set forth below
                  in this paragraph (b), the maturity of the Advance outstanding
                  hereunder on the Initial Maturity Date shall be extended to
                  the Final Repayment Date (all such extensions being,
                  collectively, the "CONVERSION"). Any accrued and unpaid
                  interest on the Advance immediately prior to giving effect to
                  the Conversion shall be due and payable on the Initial
                  Maturity Date. The consummation of the Conversion shall be
                  subject to the condition that the Conversion would not violate
                  the terms of any injunction, decree, order or judgment entered
                  by a court of competent jurisdiction.

         (c)      To the extent that a participation in the Advance has been
                  exchanged for Exchange Securities pursuant to the Side
                  Agreement, the indebtedness evidenced by such participation
                  shall no longer be deemed to be outstanding hereunder but
                  shall instead be outstanding under such Exchange Securities.

8.       PREPAYMENT

8.1      Prohibition

         The Borrower may not prepay all or any part of the Advance except as
         expressly provided in this Agreement.

                                       20
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<PAGE>   24

8.2      Voluntary prepayment of the Advance

         (a)      Subject to paragraph (c) below, the Borrower, on giving not
                  less than five days prior written notice to the Agent (which
                  shall promptly give notice of the same to the Banks)
                  specifying, inter alia, the amount and date for prepayment may
                  prepay the Advance without penalty on the Interest Date
                  applicable to the Advance (or, subject to Clause 24
                  (Indemnities), at any other time) in whole or in part.

         (b)      Any prepayment of part of the Advance shall be in a minimum
                  amount of (euro) 5,000,000 or an integral multiple of (euro)
                  5,000,000 in excess thereof or, if different, the entire
                  amount thereof.

         (c)      Any such prepayment shall be applied pro rata against the
                  participations of the Banks in the Advance prepaid.

8.3      Mandatory prepayment of the Advance

         (a)      Upon the issuance by the Borrower or any of its Subsidiaries
                  of Subordinated Debt (whether pursuant to the High Yield Debt
                  Documents or otherwise) or equity, the Borrower will, on the
                  date of receipt of the proceeds of such issuance by the
                  Borrower or any of its Subsidiaries, prepay the Advance in
                  full.

         (b)      In the event that the banks under the Main Facility Agreement
                  or under the Supplemental Facility Agreement require that, in
                  connection with the UMTS Licence Initial Instalment due on 31
                  March, 2001 or 29 June, 2001, the Borrower is required to fund
                  one-third of such UMTS Licence Initial Instalment with capital
                  contributions or Shareholder Loans from one or more of the
                  Shareholders, the Borrower will, on the date of receipt of the
                  proceeds of such capital contributions or Shareholder Loans,
                  prepay the Advance in full.

         (c)      (i)      if a Change of Control referred to in sub-paragraph
                           (a) or (b) of the definition thereof occurs, the
                           Borrower will prepay the Advance in full not later
                           than 30 days after receipt of a notice from the Agent
                           requesting such prepayment;

                  (ii)     on the 30th day after the occurrence of a Change of
                           Control referred to in sub-paragraph (c) or (d) of
                           the definition thereof, the Borrower will prepay the
                           Advance in full;

                  (iii)    the Borrower shall notify the Agent of the occurrence
                           of any Change of Control promptly after becoming
                           aware thereof.

8.4      [INTENTIONALLY OMITTED]

8.5      General provisions relating to prepayment

         (a)      Any notice of prepayment given under this Agreement shall be
                  irrevocable, and the Borrower shall be bound to prepay in
                  accordance with such notice.

         (b)      Amounts repaid or prepaid in respect of the Advance may not be
                  reborrowed hereunder.

         (c)      Any repayment or prepayment of the Advance under any provision
                  of this Agreement shall be made together with interest and
                  fees accrued on the amount repaid or prepaid and any amount
                  which becomes due and payable as a result of that repayment or
                  prepayment pursuant to Clause 24 (Indemnities).

         (d)      Notwithstanding anything to the contrary contained in this
                  Clause 8, the Borrower shall not be required to make any
                  prepayment hereunder, if at such time a NBP Permit is required
                  by applicable law in order to make such prepayment, unless and
                  until it has received a NBP

                                       21
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<PAGE>   25

                  Permit, provided, however, that the Borrower shall, for so
                  long as such prepayment may not be and is not made, promptly
                  on the date on which prepayment would otherwise be required
                  hereunder but for the operation of this paragraph (d) deposit
                  into such interest-bearing euro account or accounts in the
                  name and sole control of the Agent as the Agent may specify an
                  amount of euro equal to the amount of such prepayment until
                  such time as such prepayment is made.

9.       INTEREST PERIODS

9.1      Selection and agreement

         The duration of each Interest Period for the Advance shall be one
         month.

9.2      Duration

         (a)      Each Interest Period for the Advance shall commence on the
                  expiry of its immediately preceding Interest Period.

         (b)      If any Interest Period for the Advance would otherwise end on
                  a day which is not a Business Day, such Interest Period shall
                  end instead on the next Business Day in that calendar month
                  (if there is one) or the preceding Business Day (if there is
                  not).

9.3      Notification

         The Agent will notify the Banks participating in the Advance and the
         Borrower of the rate of interest of each Interest Period relating to
         the Advance promptly after ascertaining the same.

10.      INTEREST

10.1     Rate

         The rate of interest applicable to the Advance for each Interest Period
         applicable to it shall be the rate per annum determined by the Agent to
         be the aggregate of:

         (a)      the Applicable Margin;

         (b)      EURIBOR on the Rate Fixing Day therefor; and

         (c)      the Additional Costs Rate.

10.2     Due dates

         Save as otherwise provided in this Agreement, accrued interest on the
         Advance is payable by the Borrower on the last day of each Interest
         Period for the Advance.

10.3     Default interest

         (a)      If the Borrower fails to pay any amount payable by it under
                  the Finance Documents, it shall, forthwith on demand by the
                  Agent pay interest on the overdue amount from the due date up
                  to the date of actual payment, as well after as before
                  judgment, at a rate (the "DEFAULT rate") determined by the
                  Agent to be two per cent. per annum above the rate which would
                  have been payable if the overdue amount had, during the period
                  of non-payment, constituted an Advance in the currency of the
                  overdue amount for such successive Interest Periods of such
                  duration as the Agent may determine (each a "DESIGNATED
                  INTEREST PERIOD") or if of principal, if such due date falls
                  during an Interest Period, the rate on the overdue amount
                  under Clause 10.1 (Rate) immediately before the due date
                  during such Interest Period.

                                       22
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<PAGE>   26

         (b)      The default rate will be determined by the Agent two Target
                  Days before the first day of the relevant Designated Interest
                  Period, as appropriate.

10.4     Notification

         The Agent shall promptly notify the Borrower and the Banks of the
         determination by the Agent of a Designated Interest Period and a
         default rate of interest under this Agreement.

10.5     Margin adjustment

         (a)      The Applicable Margin will be 4.0 per cent. per annum unless
                  adjusted in accordance with this Clause 10.5.

         (b)      (i)      Upon the one-month anniversary of the funding of the
                           Utilisation, the Applicable Margin will increase to
                           5.0 per cent. per annum.

                  (ii)     Upon the two month anniversary of the funding of the
                           Utilisation, the Applicable Margin will increase to
                           6.0 per cent. per annum.

                  (iii)    Upon the three month anniversary of the funding of
                           the Utilisation, the Applicable Margin will increase
                           to 7.0 per cent. per annum and, thereafter, on every
                           three month anniversary thereof, the Applicable
                           Margin shall increase by an additional 3.0 per cent.
                           per annum, provided, however, that in no event shall
                           the sum of EURIBOR for any applicable Interest Period
                           plus the Applicable Margin exceed the Interest Cap in
                           effect two Target Days before the first day of such
                           Interest Period.

11.      [INTENTIONALLY OMITTED]

12.      [INTENTIONALLY OMITTED]

13.      PAYMENTS

13.1     Place

         All payments by the Borrower or a Bank under the Finance Documents
         shall be made to the Agent to its account at such office or bank in any
         financial centre in which payment in Euro can be effected as it may
         notify to the Borrower or that Bank for this purpose. Notwithstanding
         the above, all payments by the Borrower to the Lead Arranger under
         Clauses 26 (Fees) and 27 (Expenses) shall be made direct to the Lead
         Arranger in the manner agreed by the Lead Arranger and the Borrower.
         Payments by Banks to the Agent shall be made prior to 10.00 a.m. Warsaw
         time on the date such payment is due.

13.2     Funds

         Payments under the Finance Documents to the Agent shall be made in Euro
         for value on the due date at such times and in such funds as the Agent
         may specify to the Party concerned as being customary at the time for
         the settlement of transactions in Euro in the place for payment.

13.3     Distribution

         (a)      Each payment received by the Agent under the Finance Documents
                  for another Party shall, subject to paragraph (b) below, be
                  made available by the Agent to that Party by payment (on the
                  date and in the currency and funds of receipt) to its account
                  with such office or bank in any financial centre in which
                  payment in Euro can be effected as it may notify to the Agent
                  for this purpose by not less than five Business Days' prior
                  notice.

                                       23
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<PAGE>   27

         (b)      Where a sum is to be paid to the Agent under the Finance
                  Documents for another Party, the Agent is not obliged to pay
                  that sum to that Party until it has established that it has
                  actually received that sum. The Agent may, however, assume
                  that the sum has been paid to it in accordance with this
                  Agreement, and, in reliance on that assumption, make available
                  to that Party a corresponding amount. If the sum has not been
                  made available but the Agent has paid a corresponding amount
                  to another Party, that Party shall forthwith on demand by the
                  Agent refund the corresponding amount together with interest
                  on that amount from the date of payment to the date of
                  receipt, calculated at a rate determined by the Agent to
                  reflect its cost of funds.

13.4     Currency

         All amounts payable under the Finance Documents are payable in Euro.

13.5     Set-off and counterclaim

         All payments made by the Borrower under the Finance Documents shall be
         made without set-off or counterclaim.

13.6     Non-Business Days

         (a)      If a payment under the Finance Documents is due on a day which
                  is not a Business Day, the due date for that payment shall
                  instead be the next Business Day in the same calendar month
                  (if there is one) or the preceding Business Day (if there is
                  not).

         (b)      During any extension of the due date for payment of any
                  principal under this Agreement interest is payable on that
                  principal at the rate payable on the original due date.

13.7     Partial payments

         If the Agent receives a payment insufficient to discharge all the
         amounts then due and payable by the Borrower under the Finance
         Documents, the Agent shall apply that payment towards the obligations
         of the Borrower under the Finance Documents in accordance with Clause
         31.2 (Application of payments).

14.      TAXES

         (a)      All payments by the Obligors under the Finance Documents shall
                  be made without any deduction and free and clear of and
                  without deduction for or on account of any Taxes, except to
                  the extent that the payor is required by law to make payment
                  subject to any Taxes. Subject to paragraph (b) below, if any
                  Tax or amounts in respect of Tax must be deducted, or any
                  other deductions must be made, from any amounts payable or
                  paid by an Obligor, or paid or payable by the Agent to a
                  Finance Party, under the Finance Documents, that Obligor shall
                  pay at the same time, or promptly upon notification by the
                  Agent where the deduction has been made by the Agent, such
                  additional amounts as may be necessary to ensure that the
                  relevant Bank receives a net amount equal to the full amount
                  which it would have received had payment not been made subject
                  to Tax or any other deduction.

         (b)      An Obligor is not obliged to pay any additional amount
                  pursuant to paragraph (a) above (i) in respect of any
                  deduction which would not have been required if, upon
                  reasonable written request of such Obligor to the Agent and
                  the relevant Finance Party, the relevant Finance Party had
                  completed a tax residence certificate confirmed or issued by
                  the applicable tax authority of each Finance Party, a
                  declaration, claim, exemption or other applicable form which
                  it was, at the time of such request, lawfully able to complete
                  and which did not require disclosure of information which the
                  relevant Finance Party reasonably considered to be
                  confidential or (ii) in respect of any Tax on overall net
                  income of a Bank (or the overall net income of a division

                                       24
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<PAGE>   28

                  or branch of the Bank) imposed in the jurisdiction in which
                  its principal office or Facility Office is situated.

         (c)      If:

                  (i)      on the Signing Date, any Bank which is a Party on the
                           Signing Date is not a Qualifying Bank; or

                  (ii)     after the Signing Date, a Bank ceases to be a
                           Qualifying Bank, other than as a result of the
                           introduction of, suspension, withdrawal or
                           cancellation of, or change in, or change in the
                           official interpretation, administration or official
                           application of, any law, regulation having the force
                           of law, tax treaty or any published practice or
                           published concession of the Polish tax authorities or
                           any other relevant taxing or fiscal authority in any
                           jurisdiction with which the relevant Bank has a
                           connection, occurring after the Signing Date; or

                  (iii)    on the date of any transfer under Clause 30.2
                           (Transfers by Banks), a New Bank (as such term is
                           defined in that Clause) is not a Qualifying Bank,

                  then the Borrower shall not be liable to pay to that Bank
                  under paragraph (a) above any amount in respect of Taxes
                  levied or imposed by the Polish taxing authority or any taxing
                  authority of or in Poland in excess of the amount it would
                  have been obliged to pay if that Bank had been a Qualifying
                  Bank.

         (d)      If an Obligor makes a payment pursuant to paragraph (a) above
                  for the account of any Bank and such Bank determines, in its
                  sole discretion, that it has received or been granted a credit
                  against, or relief or remission or repayment of, any Tax paid
                  or payable by it (a "TAX CREDIT") which is attributable to
                  that payment or the corresponding payment under the Finance
                  Documents such Bank shall, to the extent that it can do so
                  without prejudice to the retention of the amount of such
                  credit, relief, remission or repayment, pay to the Obligor
                  such amount as the Bank acting in good faith determines to be
                  attributable to such payments and which will leave the Bank
                  (after such payment) in no better or worse position than it
                  would have been if the Obligor had not been required to make
                  any deduction or withholding.

         (e)      Nothing in this Clause 14 shall interfere with the right of a
                  Bank to arrange its tax affairs in whatever manner it thinks
                  fit and, without limiting the foregoing, no Bank shall be
                  under any obligation to claim a Tax Credit or to claim a Tax
                  Credit in priority to any other claims, relief, credit or
                  deduction available to it. Notwithstanding any other provision
                  of this Clause 14, no Bank shall be obliged to disclose any
                  information relating to its tax affairs or any computations in
                  respect thereof.

         (f)      Each Obligor shall:

                  (i)      pay when due all Taxes required by law to be deducted
                           or withheld by it from any amounts paid or payable
                           under the Finance Documents;

                  (ii)     within 30 days of the payment being made, deliver to
                           the Agent for the relevant Finance Party evidence
                           satisfactory to that Finance Party (including all
                           relevant Tax receipts within 30 days or if later, as
                           soon as they are available) that the payment has been
                           duly remitted to the appropriate authority; and

                  (iii)    forthwith on demand indemnify each Finance Party
                           against any loss or liability which that Finance
                           Party incurs as a consequence of the non-payment of
                           those Taxes.

                                       25
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<PAGE>   29

         (g)      Each Bank represents to the Agent that, in the case of a Bank
                  which is a Bank on the Signing Date and, in the case of a Bank
                  which becomes a Bank after the date of this Agreement, on the
                  date it becomes a Bank, in relation to the Facilities, it is:

                  (i)      either:

                           (A)      not resident in the United Kingdom for
                                    United Kingdom tax purposes; or

                           (B)      a bank as defined in section 840A of the
                                    Income and Corporation Taxes Act 1988 and
                                    resident in the United Kingdom; and

                  (ii)     beneficially entitled to the principal and interest
                           payable by the Agent to it under this Agreement;

                  and, if it is able to make those representations on the
                  Signing Date or the date it becomes a Bank, shall forthwith
                  notify the Agent if either representation ceases to be
                  correct.

15.      MARKET DISRUPTION

15.1     Disruption events

         If, in relation to the Advance and any Interest Period relative
         thereto, the Agent has received notification from a Bank or Banks whose
         participations in such Advance constitute at least forty per cent.
         (40%) by value of such Advance that by reason of circumstances
         affecting the European interbank market:

         (a)      deposits in Euro for such Advance for the same period as such
                  Interest Period are not available to them in the interbank
                  market in sufficient amounts in the ordinary course of
                  business to fund their respective participations in such
                  Advance for such Interest Period, or

         (b)      whilst such deposits are so available, the cost of such
                  deposits exceeds such Bank's or Banks' cost of funds as
                  determined in relation to such Advance for such Interest
                  Period,

         the Agent shall promptly give written notice of such determination or
         notification to the Borrower and each of the Banks and each Bank which
         is affected by the circumstances described in this Clause 15.1 shall be
         an "AFFECTED BANK".

15.2     Effect

         After the giving of any notice by the Agent pursuant to Clause 15.1
         (Disruption events) to the effect that it has received notification in
         accordance with Clause 15.1 (Disruption events):

         (a)      each Bank which is not an Affected Bank shall be obliged to
                  participate in the Advance to which such notification relates;
                  and

         (b)      each Affected Bank, other than an Affected Bank to which funds
                  are not reasonably available, shall be obliged to participate
                  in the Advance to which the notification relates subject to
                  Clause 15.3 (Negotiation and Substitute Basis).

15.3     Negotiation and Substitute Basis

         (a)      During the period of 30 days (the "30 DAY PERIOD") after the
                  giving of any notice by the Agent pursuant to Clause 15.1
                  (Disruption events), the Agent (in consultation with the
                  Banks) shall negotiate with the Borrower in good faith with a
                  view to ascertaining whether a substitute basis (a "SUBSTITUTE
                  BASIS") may be agreed for the making and/or the maintaining of
                  the Advance by the Banks to which such notice by the Agent
                  related for the current Interest Period relative to

                                       26
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<PAGE>   30

                  the Advance. If a Substitute Basis is agreed by all the Banks
                  and the Borrower, such Substitute Basis shall apply in
                  accordance with its terms from the commencement of the next
                  Interest Period relating to the Advance. The Agent shall not
                  agree any Substitute Basis on behalf of any Bank without the
                  prior consent of that Bank.

         (b)      From the beginning of the 30 Day Period to the commencement of
                  the next Interest Period relating to the Advance, each
                  Affected Bank's participation in the outstanding Advance to
                  which such notification related shall bear interest during the
                  Interest Period therefor until and unless such Substitute
                  Basis is agreed, at the Applicable Margin plus the rate
                  certified by such Affected Bank to be its cost of funds (from
                  such source as it may reasonably select) for such Interest
                  Period.

         (c)      If the Agent and the Borrower fail to agree on a Substitute
                  Basis within 30 days from the date of such notice the Agent
                  shall determine the rate of interest to apply to each Affected
                  Bank's participation in the then existing Advance during such
                  Interest Period by reference to the Applicable Margin plus the
                  cost to such Affected Bank of funding the portion of the
                  Advance scheduled to be outstanding during such Interest
                  Period from whatever sources it reasonably selects out of
                  those sources then available to it.

16.      INCREASED COSTS

16.1     Increased costs

         (a)      Subject to Clause 16.2 (Exceptions), the Borrower shall
                  forthwith on demand by a Bank through the Agent pay to that
                  Bank, the amount of any increased cost incurred by it or any
                  of its Holding Companies as a result of:

                  (i)      the introduction of, or any change in, or any change
                           in the interpretation or application of, any law or
                           regulation applicable to a whole class of financial
                           institutions of which that Bank is one; or

                  (ii)     compliance with any regulation made after the date of
                           this Agreement,

                  including any law or regulation relating to Taxation, change
                  in currency of a country or reserve asset, special deposit,
                  cash ratio, liquidity or capital adequacy requirements or any
                  other form of banking or monetary control.

         (b)      In this Agreement "INCREASED COST" means:

                  (i)      an additional cost incurred by a Bank or any of its
                           Holding Companies as a result of it having entered
                           into, or performing, maintaining or funding its
                           obligations under, any Finance Document; or

                  (ii)     that portion of an additional cost incurred by a Bank
                           or any of its Holding Companies in making, funding or
                           maintaining all or any advances comprised in a class
                           of advances formed by or including that Bank's
                           participations in the Advance made or to be made
                           under this Agreement as is attributable to that Bank
                           making, funding or maintaining those participations;
                           or

                  (iii)    a reduction in any amount payable to a Bank or any of
                           its Holding Companies or the effective return to a
                           Bank or any of its Holding Companies under this
                           Agreement or (to the extent that it is attributable
                           to this Agreement) on its capital; or

                  (iv)     the amount of any payment made by a Bank or any of
                           its Holding Companies, or the amount of any interest
                           or other return foregone by a Bank or any of its
                           Holding

                                       27
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<PAGE>   31

                           Companies, calculated by reference to any amount
                           received or receivable by that Bank or any of its
                           Holding Companies from any other Party under this
                           Agreement.

16.2     Exceptions

         Clause 16.1 (Increased costs) does not apply to any increased cost:

         (a)      compensated for by the operation of Clause 14 (Taxes) or the
                  payment of the Additional Costs Rate; or

         (b)      attributable to any Tax on Overall Net Income of a Bank (or
                  the overall net income of a division or branch of the Bank)
                  imposed in the jurisdiction in which its principal office or
                  Facility Office is situate; or

         (c)      of which the relevant Finance Party was aware more than 90
                  days prior to notifying the Borrower thereof with a
                  computation of the relevant cost; or

         (d)      arising directly out of the implementation by the applicable
                  authorities having jurisdiction over such Bank and/or its
                  Facility Office of the matters set out in the statement of the
                  Basle Committee on Banking Regulations and Supervisory
                  Practices dated July, 1988 and entitled "International
                  Convergence of Capital Measurement and Capital Standards", or
                  the directives of the European Council (as amended or
                  supplemented prior to the Signing Date) of 17th April, 1989 on
                  the own funds of credit institutions (89/229/EEC) and of 18th
                  December, 1989 on the solvency ratio for credit institutions
                  (89/647/EEC), in each case to the extent and according to the
                  timetable provided therein.

17.      ILLEGALITY AND MITIGATION

17.1     Illegality

         If it is or becomes unlawful in any jurisdiction for a Bank to give
         effect to any of its obligations as contemplated by this Agreement or
         to fund or maintain its participation in the Advance, then:

         (a)      that Bank may notify the Borrower through the Agent; and

         (b)      if that Bank so notifies the Borrower (through the Agent),

                  (i)      the Borrower shall prepay the participations of that
                           Bank in the Advance; and

                  (ii)     the Commitments of that Bank shall be cancelled,

                  in each case forthwith or if later, the latest date permitted
                  by applicable law as notified to the Borrower by such Bank
                  through the Agent.

17.2     Mitigation

         Notwithstanding the provisions of Clauses 14 (Taxes), 15.1 (Disruption
         events), 16.1 (Increased Costs) and 17.1 (Illegality), if in relation
         to a Bank or (as the case may be) the Agent circumstances arise which
         would result in:

         (a)      any deduction, withholding or payment of the nature referred
                  to in Clause 14 (Taxes); or

         (b)      any market disruption of the nature referred to in Clause 15.1
                  (Disruption events); or

         (c)      any increased cost of the nature referred to in Clause 16.1
                  (Increased Costs); or

                                       28
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<PAGE>   32

         (d)      a notification pursuant to Clause 17.1 (Illegality),

         then without in any way limiting, reducing or otherwise qualifying the
         rights of such Bank or the Agent, such Bank shall promptly upon
         becoming aware of the same notify the Agent thereof (whereupon the
         Agent shall promptly notify the Borrower) and such Bank shall use all
         reasonable endeavours to transfer its participation in the Tranche and
         its rights hereunder and under the Finance Documents to another bank or
         Facility Office not affected by the circumstances having the results
         set out in (a), (b) or (c) above or otherwise take such reasonable
         steps as may be open to it to mitigate the effects of such
         circumstances but always taking into account that such Bank shall not
         be under any obligation to take any such action if, in its opinion, to
         do so would or might have a material adverse effect upon its business,
         operations or financial condition or would involve it in any unlawful
         activity or any activity that is contrary to its policies or any
         request, guidance or directive of any competent authority (whether or
         not having the force of law) or (unless indemnified to its reasonable
         satisfaction) would involve it in any significant expense or tax
         disadvantage.

18.      REPRESENTATIONS AND WARRANTIES

18.1     Representations and warranties

         The Borrower makes the representations and warranties set out in this
         Clause 18 to each of the Finance Parties.

18.2     Status

         (a)      It is a limited liability company, duly incorporated and
                  validly existing under the laws of Poland and each other
                  Obligor is a corporation or limited liability company, duly
                  incorporated and validly existing under the laws of the
                  jurisdiction of its incorporation; and

         (b)      each member of the Group has the power to own its assets and
                  carry on its business as it is being conducted.

18.3     Powers and authority

         Each Obligor has the power to enter into and perform, and has taken all
         necessary action to authorise the entry into, performance and delivery
         of, the Finance Documents to which it is or will be a party and the
         transactions contemplated by those Finance Documents.

18.4     Legal validity

         Each Finance Document to which any Obligor is or will be a party
         constitutes, or when executed in accordance with its terms will
         constitute, its legal, valid and binding obligation enforceable in
         accordance with its terms subject to applicable insolvency and other
         laws affecting creditors' rights generally.

18.5     Authorisations

         (a)      All authorisations required or the absence of which may
                  prejudice the Finance Parties in connection with the entry
                  into, performance, validity and enforceability of the Finance
                  Documents and the transactions contemplated by the Finance
                  Documents have been obtained or effected and are in full force
                  and effect.

         (b)      The Borrower holds the GSM Licence, the DCS-1800 Licence and
                  the UMTS Licence and each Obligor holds all Necessary
                  Authorisations and has received no notice of proceedings
                  relating to the revocation of the GSM Licence, the DCS-1800
                  Licence, the UMTS Licence or any other licence, certificate,
                  franchise or permit, which individually or in the aggregate,
                  if the subject of an unfavourable ruling or finding, would
                  have a Material Adverse Effect.

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18.6     Pari passu ranking

         Each Obligor's obligations under the Finance Documents rank and will
         rank at least pari passu with all its obligations under the High Yield
         Debt Documents referred to in sub-paragraphs (a), (c), (f) and (h) of
         the definition thereof (other than with respect to the escrow of
         interest required thereunder) except for obligations which are
         mandatorily preferred by law applying to companies generally.

18.7     Stamp duties

         No stamp or registration duty or similar Taxes or charges are payable
         in Poland, the Netherlands, Luxembourg or England in respect of any
         Finance Document.

18.8     Immunity

         (a)      The execution by each Obligor of each Finance Document to
                  which it is or will be a party constitutes, and its exercise
                  of its rights and performance of its obligations under each
                  Finance Document will constitute, private and commercial acts
                  done and performed for private and commercial purposes.

         (b)      No Obligor will be entitled to claim immunity from suit,
                  execution, attachment or other legal process in any
                  proceedings taken in Poland, the Netherlands, Luxembourg or
                  England in relation to any Finance Document.

18.9     Non-conflict

         The entry into and performance by any Obligor of, and the transactions
         contemplated by, the Finance Documents do not and will not:

         (a)      conflict with any law or regulation or judicial or official
                  order with which such Obligor is required to comply; or

         (b)      conflict with the constitutional documents of any member of
                  the Group; or

         (c)      conflict with any document which is binding upon any member of
                  the Group or any asset of any member of the Group.

18.10    No default

         (a)      No Default is outstanding or might result from the making of
                  the Utilisation; and

         (b)      no other event is outstanding which constitutes (or with the
                  giving of notice or lapse of time might constitute) a default
                  under any document which is binding on any member of the Group
                  or any asset of any member of the Group to an extent or in a
                  manner which could reasonably be expected to have a Material
                  Adverse Effect.

18.11    Litigation

         No litigation, arbitration or administrative proceedings are current
         or, to its knowledge, pending or threatened, which, if adversely
         determined, could reasonably be expected to have a Material Adverse
         Effect.

18.12    Accounts

         (a)      The Original Borrower Accounts:

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                  (i)      have been prepared in accordance with the Accounting
                           Principles consistently applied; and

                  (ii)     fairly represent the financial condition of the
                           Borrower as at the date to which they were drawn up,

                  and there has been no material adverse change in the business,
                  financial condition, operations or performance of the Group
                  (taken as a whole) since the date to which those Accounts were
                  drawn up.

         (b)      The annual audited Accounts of the Group and each Principal
                  Member of the Group most recently delivered to the Agent after
                  the Original Borrower Accounts:

                  (i)      have been prepared in accordance with the Accounting
                           Principles consistently applied; and

                  (ii)     (A)      in the case of a Principal Member of the
                                    Group, fairly represent the financial
                                    condition of each Principal Member of the
                                    Group as at the date to which they were
                                    drawn up; and

                           (B)      in the case of the Group, fairly represent
                                    the financial condition of the Group as at
                                    the date to which they were drawn up,

                  and no event has occurred which would have a Material Adverse
                  Effect since the date those Accounts were drawn up.

18.13    Security Interests, Financial Indebtedness and Hedging Agreements

         No Security Interest exists over its or any of its Subsidiaries' assets
         other than those specified in Schedule E and those permitted under
         Clause 19.17 (Limitation on Liens). The Borrower and its Subsidiaries
         have no Financial Indebtedness other than that specified on Schedule H
         and that permitted under Clauses 19.12 (Limitation on Borrower Debt)
         and 19.18 (Limitation on Debt and Preferred Stock of Restricted
         Subsidiaries). The Borrower and its Subsidiaries are not party to any
         Hedging Agreements other than those specified on Schedule I and those
         permitted under Clauses 19.12 (Limitation on Borrower Debt) and 19.18
         (Limitation on Debt and Preferred Stock of Restricted Subsidiaries).

18.14    Information

         (a)      All Information provided to the Banks from time to time was
                  true in all material respects at its date, all calculations
                  made in any financial models in the Information have been made
                  correctly and all expressions of opinion or intention and all
                  forecasts and projections made by it (including any
                  assumptions, forecasts and projections made in connection with
                  the banking base case in the Information), if any, contained
                  in the Information were arrived at after careful
                  consideration, were fair and were based on reasonable grounds.

         (b)      So far as it is aware after due and careful review and enquiry
                  all factual information furnished by the Borrower or its
                  advisors on which Information is based or which is referred to
                  therein was true in all material respects as at its date.

         (c)      The Information did not omit anything which is material in the
                  context of the business and financial condition of the
                  Borrower.

         (d)      As at the Signing Date, nothing has occurred since the date of
                  the Information relating to the Group and provided to the
                  Banks prior to the Signing Date which renders the information

                                       31
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<PAGE>   35

                  therein (as updated prior to the Signing Date) untrue or
                  misleading in any material respect and which is material in
                  the context of the business and financial condition of the
                  Borrower.

18.15    Intellectual Property Rights

         (a)      It (and each of its Subsidiaries) owns or has the legal right
                  to use all the Intellectual Property Rights which are material
                  to the conduct of the business of the Group taken as a whole
                  or are required by it in order for it to carry on its business
                  in all material respects as it is being conducted on the
                  Signing Date and as far as it is aware it does not (nor do any
                  of its Subsidiaries), in carrying on its business, infringe
                  any Intellectual Property Rights of any third party in any way
                  which would have a Material Adverse Effect.

         (b)      None of the Intellectual Property Rights which are material in
                  the context of the business of any member of the Group is, to
                  its knowledge, being infringed nor, to its knowledge, is there
                  any threatened infringement of those Intellectual Property
                  Rights, by any third party which would have a Material Adverse
                  Effect.

         (c)      All registered Intellectual Property Rights owned by it (or
                  any Subsidiary of it) and which are material to the conduct of
                  the business of any member of the Group are subsisting and all
                  actions (including payment of all fees) required to maintain
                  the same in full force and effect have been taken, where lack
                  of subsistence or failure to take any such action would have a
                  Material Adverse Effect.

18.16    Environmental matters

         (a)      It and its Subsidiaries (i) have obtained all requisite
                  Environmental Licences required for the carrying on of its
                  business as currently conducted and (ii) have at all times
                  complied with the terms and conditions of such Environmental
                  Licences and (iii) have at all times complied with all other
                  applicable Environmental Laws, which in each such case, if not
                  obtained or complied with, would have a Material Adverse
                  Effect.

         (b)      So far as it is aware after due enquiry, there is no
                  Environmental Claim pending or threatened, against any member
                  of the Group which is reasonably likely to be decided against
                  that member of the Group and which if so decided would have a
                  Material Adverse Effect.

         (c)      So far as it is aware after due enquiry, no Dangerous
                  Substance has been used, disposed of, generated, stored,
                  transported, dumped, released, deposited, buried or emitted
                  at, on, from or under any premises (whether or not owned,
                  leased, occupied or controlled by any member of the Group and
                  including any offsite waste management or disposal location
                  utilised by any member of the Group) in circumstances where
                  this would be reasonably likely to result in a liability on
                  any member of the Group which would have a Material Adverse
                  Effect.

18.17    Material Contracts

         (a)      Each of the Material Contracts to which any Obligor is a party
                  constitutes its legal, valid and binding obligation and is
                  enforceable against it in accordance with its terms subject to
                  applicable insolvency and other laws affecting creditors'
                  rights generally, and all authorisations, approvals, consents,
                  licences, exemptions, filings, registrations, recordings,
                  notarisations, and other matters, official or otherwise,
                  necessary in connection with the entry into, performance and
                  validity by and in respect of that party and enforceability
                  against that party have been obtained or effected and are in
                  full force and effect.

         (b)      Neither (i) it nor any member of the Group is in breach of any
                  of its material obligations under any Licence, nor (ii) is it
                  nor any member of the Group in breach of any of its
                  obligations under any other Material Contract in a manner or
                  to such an extent which would be reasonably likely to have a
                  Material Adverse Effect.

                                       32
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<PAGE>   36

         (c)      There is no material dispute between any parties to the
                  Material Contracts and there have been no material amendments
                  to any Material Contract since the form provided to the Agent
                  prior to the Signing Date.

18.18    Times for Making Representations and Warranties

         (a)      The representations and warranties set out in this Clause 18
                  are made on the date of this Agreement.

         (b)      The representations and warranties set out in Clauses 18.2
                  (Status), 18.3 (Powers and authority), 18.4 (Legal validity),
                  18.5 (Authorisations), 18.6 (Pari Passu Ranking), 18.8
                  (Immunity), 18.9 (Non-conflict), 18.10 (No default), 18.11
                  (Litigation), 18.12(b) (Accounts), 18.13 (Security Interests)
                  and 18.17 (Material Contracts) are deemed to be repeated by
                  the Borrower on the date of each Request, each Rollover Date
                  and each Utilisation Date as if they had been given on such
                  dates having regard to the facts and circumstances existing on
                  such dates.

19.      UNDERTAKINGS

19.1     Duration

         The undertakings in this Clause 19 shall remain in force from the date
         of this Agreement and for so long as any amount is or may be
         outstanding under any Finance Document or any Commitment is in force.
         The capitalised terms used in Clauses 19.7 (Corporate Existence) to
         19.22 (Consolidation, Merger or Sale of Assets) shall have the meanings
         assigned to them in Schedule J (Covenant Definitions). Any capitalised
         term used in Clauses 19.7 (Corporate Existence) to 19.22
         (Consolidation, Merger or Sale of Assets) and not otherwise defined in
         Schedule J (Covenant Definitions) shall have the meaning assigned to it
         in the first paragraph of this Agreement and Clause 1 (Interpretation).

19.2     NBP Permit

         The Borrower shall obtain the NBP Permit within 28 days from the
         Signing Date.

19.3     Notification of Default

         The Borrower shall notify the Agent of any Default (and the steps, if
         any, being taken to remedy it) promptly upon it becoming aware of its
         occurrence.

19.4     [INTENTIONALLY OMITTED]

19.5     [INTENTIONALLY OMITTED]

19.6     [INTENTIONALLY OMITTED]

19.7     Corporate Existence.

         Subject to Clause 19.22 (Consolidation, Merger or Sale of Assets) the
         Borrower shall do or cause to be done all things necessary to preserve
         and keep in full force and effect its corporate existence and the
         rights (charter and statutory) and franchises of the Borrower and each
         of its Subsidiaries; provided, however, that the Borrower shall not be
         required to preserve any such right or franchise if the Supervisory
         Board shall determine that the preservation thereof is no longer
         desirable in the conduct of the business of the Borrower and its
         Subsidiaries as a whole and that the loss thereof is not
         disadvantageous in any material respect to the Banks.

                                       33
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<PAGE>   37

19.8     Maintenance of Properties.

         The Borrower shall cause all properties owned by it or any Restricted
         Subsidiary or used or held for use in the conduct of its business or
         the business of any Restricted Subsidiary to be maintained and kept in
         good condition, repair and working order and supplied with all
         necessary equipment and shall cause to be made all necessary repairs,
         renewals, replacements, betterments and improvements thereof, all as in
         the judgment of the Borrower may be necessary so that the business
         carried on in connection therewith may be properly and advantageously
         conducted at all times; provided, however, that nothing in this Clause
         19.8 shall prevent the Borrower from discontinuing the maintenance of
         any such properties if such discontinuance is, in the judgment of the
         Borrower, desirable in the conduct of the business of the Borrower and
         the Restricted Subsidiaries as a whole and not disadvantageous in any
         material respect to the Banks.

19.9     Insurance.

         The Borrower shall maintain, and shall cause its Restricted
         Subsidiaries to maintain, insurance with carriers believed by the
         Borrower to be responsible, against such risks and in such amounts, and
         with such deductibles, retentions, self-insured amounts and coinsurance
         provisions, as the Borrower believes are customarily carried by similar
         businesses, of similar size, including as appropriate general
         liability, property and casualty loss and interruption of business
         insurance.

19.10    Statement as to Compliance.

         (a)      The Borrower shall deliver to the Agent, within 120 days after
                  the end of each fiscal year, an Officer's Certificate stating
                  that in the course of the performance by the signer of its
                  duties as an officer of the Borrower he would normally have
                  knowledge of any Default and whether or not the signer knows
                  of any Default that occurred during such period and if any
                  specifying such Default, its status and what action the
                  Borrower is taking or proposed to take with respect thereto.
                  For purposes of this paragraph (a), such compliance shall be
                  determined without regard to any period of grace or
                  requirement of notice under this Agreement.

         (b)      When any Default has occurred and is continuing, or if the
                  trustee of, or the holder of, any other evidence of Debt of
                  the Borrower or any Subsidiary outstanding in a principal
                  amount of $10 million or more gives any notice stating that an
                  event of default (howsoever described) has occurred or takes
                  any other action to accelerate such Debt or enforce any note
                  therefor, the Borrower shall deliver to the Agent within five
                  Business Days by registered or certified mail or by telegram
                  or facsimile transmission an Officer's Certificate specifying
                  such event, notice or other action, its status and what action
                  the Borrower is taking or proposes to take with respect
                  thereto.

19.11    SEC Reports.

         (a)      The Borrower shall make available, upon request, to any Bank
                  the information specified in Rule 144A(d)(4), unless the
                  Borrower is subject to Section 13 or 15(d) of the Exchange Act
                  at or prior to the time of such request.

         (b)      If the Issuer, Holdings or the Borrower is subject to Section
                  13 or 15(d) of the Exchange Act, the Borrower shall file with
                  the Agent and provide the Banks, within 15 days after filing
                  with, or furnishing to, the SEC, which filing shall be made
                  electronically and shall be made in a form prescribed by the
                  SEC to allow it to be available via the SEC's Internet site at
                  http.//www.sec.gov, or any successor electronic medium to such
                  site, copies of their respective annual reports and of the
                  information, documents and other reports (or copies of such
                  portions of any of the foregoing as the SEC may by rules and
                  regulations prescribe) which the Borrower, the Issuer or
                  Holdings is required to file with the SEC pursuant to Section
                  13 or 15(d) of the Exchange Act or is required to furnish to
                  the SEC pursuant to this Agreement.

                                       34
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<PAGE>   38

         (c)      Notwithstanding that the Borrower, Holdings or the Issuer may
                  not be required to remain subject to the reporting
                  requirements of Section 13 or 15(d) of the Exchange Act or
                  otherwise report on an annual and quarterly basis on forms
                  provided for such annual and quarterly reporting pursuant to
                  rules and regulations promulgated by the SEC, the Borrower
                  shall continue to file with, or furnish to, which filing shall
                  be made electronically and shall be made in a form prescribed
                  by the SEC to allow it to be available via the SEC's Internet
                  site at http://www.sec.gov, the SEC and provide the Agent and
                  the Banks: (i) within 90 days after the end of each fiscal
                  year (or such shorter period as the SEC may in the future
                  prescribe), annual reports on Form 20-F (or any successor
                  form) containing the information required to be contained
                  therein (or required in such successor form), (ii) within 45
                  days after the end of each of the first three fiscal quarters
                  of each fiscal year (or such shorter period as the SEC may in
                  the future prescribe), reports on Form 6-K (or any successor
                  form) containing substantially the same information required
                  to be contained in Form 10-Q (or required in any successor
                  form) and (iii) promptly from time to time after the
                  occurrence of an event required to be therein reported, such
                  other reports on Form 6-K (or any successor form) containing
                  substantially the same information required to be contained in
                  Form 8-K (or any successor form).

19.12    Limitation on Borrower Debt.

         (a)      The Borrower will not, directly or indirectly, Incur any Debt
                  other than Permitted Debt unless after giving pro forma effect
                  to the Incurrence of such Debt and any other Debt Incurred or
                  repaid since the date of the most recently available quarterly
                  or annual balance sheet and the receipt and application of the
                  proceeds thereof, no Event of Default would occur as a
                  consequence of such Incurrence or be continuing following such
                  Incurrence and either (i) the ratio of (A) the aggregate
                  consolidated principal amount of Debt of the Borrower and its
                  Restricted Subsidiaries outstanding as of the most recent
                  available quarterly or annual balance sheet, after giving pro
                  forma effect to the Incurrence of such Debt and any other Debt
                  Incurred or repaid since such balance sheet date and the
                  receipt and application of the proceeds thereof, to (B)
                  Adjusted Cash Flow for the four full fiscal quarters next
                  preceding the Incurrence of such Debt for which consolidated
                  financial statements are available, determined on a pro forma
                  basis as if any such Debt had been Incurred and the proceeds
                  thereof had been applied at the beginning of such four fiscal
                  quarters, would be less than 5.0 to 1.0 or (ii) the
                  Consolidated Capital Ratio as of the most recent available
                  quarterly or annual balance sheet, after giving pro forma
                  effect to the Incurrence of such Debt and any other Debt
                  Incurred or repaid since such balance sheet date and the
                  receipt and application of the proceeds thereof, is less than
                  2.0 to 1.0.

         (b)      "PERMITTED DEBT" is defined as follows:

                  (i)      Debt Incurred pursuant to the Dollar Notes Parent
                           Guarantees, the Existing Notes Guarantee, the Dollar
                           Notes, the Euro Notes, the Euro Notes Parent
                           Guarantee, the Euro Notes Holdings Guarantee and the
                           Intercompany Receivables, and Refinancing Debt
                           Incurred in respect thereof;

                  (ii)     Debt Incurred under the Bank Credit Facility and any
                           Qualified Debt Offering and Refinancing Debt Incurred
                           in respect thereof, provided that the aggregate
                           principal amount of all such Debt under the Bank
                           Credit Facility and any Qualified Debt Offering and
                           Refinancing Debt Incurred in respect thereof,
                           together with all Debt of Restricted Subsidiaries
                           Incurred under the Bank Credit Facility and any
                           Qualified Debt Offering and Refinancing Debt Incurred
                           in respect thereof, at any one time outstanding does
                           not exceed DM 760 million, which amount shall be
                           permanently reduced by the amount of (A) Scheduled
                           Reductions and (B) repayments pursuant to the
                           provisions of the Bank Credit Facility relating to
                           the proceeds of Asset Sales not reinvested; provided,
                           however, that the total reductions pursuant to
                           sub-paragraphs (A) and (B) above shall not exceed DM
                           672 million;

                                       35
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                  (iii)    Debt Incurred in respect of Capital Expenditure Debt
                           and Refinancing Debt Incurred in respect thereof,
                           provided that (i) the aggregate principal amount of
                           such Debt does not exceed the Fair Market Value (on
                           the date of such Incurrence) of the property or
                           assets acquired or constructed (including the cost of
                           design, development, construction, installation and
                           integration thereof), (ii) the property or assets
                           acquired or constructed are used in a
                           Telecommunications Business and (iii) the aggregate
                           principal amount outstanding of all Debt Incurred
                           under this paragraph (b)(iii) and under paragraph (b)
                           of Clause 19.18 (Limitation on Debt and Preferred
                           Stock of Restricted Subsidiaries) does not exceed an
                           amount equal to (w) $250.0 million plus (x) an amount
                           equal to $30 million for each million persons
                           resident in the coverage area of the GSM 1800
                           License, plus (y) an amount equal to (i) if the
                           Borrower or any Subsidiary acquires a UMTS License,
                           $40 million for each million persons resident in the
                           coverage area of such UMTS License for the
                           development of UMTS service minus (ii) the aggregate
                           principal amount of debt Incurred pursuant to
                           sub-paragraph (x) above, plus (z), if Minutes of Use
                           exceed an average of 383 million per month for any
                           four months in a consecutive six-month period through
                           December 31, 2001, $3 for each such excess Minute of
                           Use;

                  (iv)     that percentage of Debt of the Borrower owing to and
                           held by any Restricted Subsidiary that is equal to
                           the percentage of the Borrower's direct or indirect
                           ownership interest in such Restricted Subsidiary;
                           provided, however, that (x) any subsequent issue or
                           transfer of Capital Stock or other event that results
                           in a reduction in the Borrower's direct or indirect
                           ownership interest in such Restricted Subsidiary or
                           (y) any subsequent transfer of such Debt (except to
                           the Borrower or a Wholly Owned Subsidiary) shall be
                           deemed, in each case, to constitute the Incurrence of
                           such Debt by the Borrower in the following amounts:
                           (A) in the case of (x) above the full amount of such
                           Debt if such Restricted Subsidiary does not remain a
                           Restricted Subsidiary and otherwise the percentage of
                           such Debt equal to the percentage reduction in the
                           Borrower's direct or indirect ownership interest in
                           such Restricted Subsidiary; and (B) in the case of
                           (y) above, the full amount of such Debt if it is not
                           transferred to a Restricted Subsidiary and otherwise
                           a percentage of such Debt equal to (X) the percentage
                           of the Borrower's direct or indirect ownership
                           interest in the Restricted Subsidiary that previously
                           held such Debt less (Y) the percentage of the
                           Borrower's indirect ownership interest in the
                           Restricted Subsidiary to which such Debt is
                           transferred;

                  (v)      Debt (other than Debt permitted by sub-paragraphs (i)
                           to (iv) or (viii) to (x) of this definition) in an
                           aggregate principal amount outstanding at any time
                           not to exceed $25.0 million;

                  (vi)     Debt under Interest Rate Protection Agreements
                           entered into by the Borrower for the purpose of
                           limiting interest rate risk in respect of Debt of the
                           Borrower or a Restricted Subsidiary in the ordinary
                           course of the financial management of the Borrower
                           and not for speculative purposes;

                  (vii)    Debt under Currency Exchange Protection Agreements,
                           provided that such Currency Exchange Protection
                           Agreements were entered into by the Borrower for the
                           purpose of limiting currency exchange rate risks
                           directly related to transactions entered into in the
                           ordinary course of business and not for speculative
                           purposes;

                  (viii)   Debt in connection with one or more standby letters
                           of credit or performance bonds issued in the ordinary
                           course of business or pursuant to self-insurance
                           obligations and not in connection with the borrowing
                           of money or the obtaining of advances or credit;

                  (ix)     Debt outstanding on the Issue Date and listed on
                           Schedule H to the Dollar High Yield Indenture, and
                           Refinancing Debt Incurred in respect thereof; and

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                  (x)      Debt Incurred pursuant to the Finance Documents.

         (c)      For purposes of determining the outstanding principal amount
                  of any particular Debt Incurred pursuant to this Clause 19.12,
                  (i) Debt permitted by this Clause 19.12 need not be permitted
                  solely by reference to one provision permitting such Debt but
                  may be permitted in part by one such provision and in part by
                  one or more other provisions of this Section permitting such
                  Debt, (ii) in the event that Debt or any portion thereof meets
                  the criteria of more than one of the types of Debt described
                  in this Section, the Borrower, in its sole discretion, may
                  classify or from time to time reclassify such Debt and shall
                  only be required to include the amount of such Debt in one of
                  such types and (iii) such amount shall be calculated without
                  duplication (including without double counting the amount of
                  any Guarantee of Debt otherwise permitted to be incurred
                  hereunder).

         (d)      For purposes of determining whether the principal amount of
                  any Refinancing Debt permitted by this Clause 19.12 does not,
                  in the event it is issued in a currency different from the
                  currency in which the Debt being refunded or refinanced or
                  paid at maturity ("REFINANCED DEBT") was issued, exceed the
                  principal amount of the Refinanced Debt, the rate to be used
                  shall be the spot rate for the purchase of the currency of the
                  Refinanced Debt with the currency of the Refinancing Debt as
                  published in the Wall Street Journal in the "Exchange Rates"
                  column under the heading "Currency Trading" on the date two
                  Business Days prior to such determination.

19.13    Limitation on Restricted Payments.

         The Borrower will not make, and will not permit any Restricted
         Subsidiary to make, directly or indirectly, any Restricted Payment if
         at the time of, and after giving effect to, such proposed Restricted
         Payment:

         (a)      a Default or an Event of Default shall have occurred and be
                  continuing;

         (b)      the Borrower could not Incur at least $1.00 of additional Debt
                  pursuant to sub-paragraphs (i) or (ii) of paragraph (a) of
                  Clause 19.12 (Limitation on Borrower Debt); or

         (c)      the aggregate amount of such Restricted Payment and all other
                  Restricted Payments declared or made since the Issue Date (the
                  amount of any Restricted Payment, if made other than in cash,
                  to be based upon Fair Market Value) would exceed an amount
                  equal to the sum of:

                  (i)      the remainder of (x) Adjusted Cash Flow for the
                           period (treated as one accounting period) from the
                           Issue Date to the end of the Borrower's most recent
                           fiscal quarter ending at least 45 days prior to the
                           date of such proposed Restricted Payment less (y) the
                           product of 1.75 times the sum of (x) Adjusted
                           Interest Expense plus (y) Adjusted Foreign Debt FX
                           Losses for such period;

                  (ii)     Capital Stock Sale Proceeds;

                  (iii)    the amount by which Debt (other than Subordinated
                           Obligations) of the Borrower or any Restricted
                           Subsidiary is reduced on the Borrower's balance sheet
                           upon the conversion or exchange (other than by a
                           Subsidiary) subsequent to the Issue Date of any Debt
                           of the Borrower or any Restricted Subsidiary
                           convertible or exchangeable for Capital Stock (other
                           than Disqualified Stock) of the Borrower (less the
                           amount of any cash or other Property distributed by
                           the Borrower or any Restricted Subsidiary upon such
                           conversion or exchange);

                  (iv)     an amount equal to the sum of (i) the net reduction
                           in Investments in Unrestricted Subsidiaries resulting
                           from dividends, repayments of loans or advances or
                           other transfers of assets, in each case to the
                           Borrower or any Restricted Subsidiary from

                                       37
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<PAGE>   41

                           Unrestricted Subsidiaries, and (ii) the portion
                           (proportionate to the Borrower's equity interest in
                           such Subsidiary) of the Fair Market Value of the net
                           assets of an Unrestricted Subsidiary at the time such
                           Unrestricted Subsidiary is designated a Restricted
                           Subsidiary; provided, however, that the foregoing sum
                           shall not exceed, in the case of any Unrestricted
                           Subsidiary, the amount of Investments previously made
                           (and treated as a Restricted Payment) by the Borrower
                           or any Restricted Subsidiary in such Unrestricted
                           Subsidiary; and

                  (v)      $10.0 million.

                  Notwithstanding the foregoing limitation, the Borrower may:

         (a)      pay dividends on its Capital Stock within 60 days of the
                  declaration thereof if, on said declaration date, such
                  dividends could have been paid in compliance with this
                  Agreement; provided, however, that at the time of such payment
                  of such dividend, no Default or Event of Default shall have
                  occurred and be continuing (or result therefrom); provided
                  further, however, that such dividend shall be included in the
                  calculation of the amount of Restricted Payments;

         (b)      redeem, repurchase, defease, acquire or retire for value, any
                  Subordinated Obligation with the proceeds of any Refinancing
                  Debt; provided, however, that such redemption, repurchase,
                  defeasance or other acquisition or retirement for value shall
                  be excluded in the calculation of the amount of Restricted
                  Payments; and

         (c)      acquire, redeem or retire Capital Stock of the Borrower or
                  Subordinated Obligations of the Borrower by exchange for, or
                  out of the proceeds of the substantially concurrent sale of,
                  Capital Stock of the Borrower (other than Disqualified Stock
                  and other than Capital Stock issued or sold to a Subsidiary of
                  the Borrower or an employee stock ownership plan or to a trust
                  established by the Borrower or any of its Subsidiaries for the
                  benefit of their employees); provided, however, that (A) such
                  acquisition, redemption or retirement shall be excluded in the
                  calculation of the amount of Restricted Payments and (B) the
                  Net Cash Proceeds from such sale shall be excluded from the
                  calculation of the amount of Capital Stock Sale Proceeds.

19.14    Limitation on Restrictions on Distributions from Restricted
         Subsidiaries.

         The Borrower will not, and will not permit any Restricted Subsidiary
         to, directly or indirectly, create or otherwise cause or permit to
         exist or become effective any consensual encumbrance or restriction on
         the ability of any Restricted Subsidiary to:

         (a)      pay dividends, in cash or otherwise, or make any other
                  distributions on or in respect of its Capital Stock or any
                  other interest in or participation in or measured by its
                  profits, or pay any Debt or other obligation owed, to the
                  Borrower or a Restricted Subsidiary;

         (b)      make any loans or advances to the Borrower or a Restricted
                  Subsidiary; or

         (c)      transfer any of its property or assets to the Borrower or a
                  Restricted Subsidiary.

         The foregoing limitation shall not apply:

         (A)      to encumbrances and restrictions:

                  (i)      in existence under or by reason of any agreements
                           (not otherwise described in sub-paragraph (A)(iii)
                           below) in effect on the Issue Date;

                  (ii)     relating to Debt of a Restricted Subsidiary and
                           existing at such Restricted Subsidiary at the time it
                           became a Restricted Subsidiary if such encumbrance or
                           restriction was

                                       38
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<PAGE>   42

                           not created in connection with or in anticipation of
                           the transaction or series of related transactions
                           pursuant to which such Restricted Subsidiary became a
                           Restricted Subsidiary or was acquired by the
                           Borrower;

                  (iii)    set forth in the Bank Credit Facility;

                  (iv)     applicable to a Restricted Subsidiary that is
                           contained in an agreement or instrument governing or
                           relating to Senior Debt, provided that the provisions
                           of such agreement do not prevent (other than
                           following an event of default on such Senior Debt)
                           the payment of interest and mandatory payment or
                           mandatory prepayment of principal pursuant to the
                           terms of this Agreement, but provided further that
                           such agreement may nevertheless contain customary net
                           worth, leverage, invested capital and other financial
                           covenants, customary covenants regarding the merger
                           of or sale of all or any substantial part of the
                           assets of the Borrower or any Restricted Subsidiary,
                           customary restrictions on transactions with
                           Affiliates, and customary subordination provisions
                           governing Debt owed to the Borrower or any Restricted
                           Subsidiary; or

                  (v)      which result from the renewal, refinancing, extension
                           or amendment of an agreement referred to in
                           sub-paragraphs (A)(i), (ii) or (iii) above or in
                           (B)(i) or (ii) below, provided, such encumbrance or
                           restriction is no less favorable in any material
                           respect, taken as a whole, to the Banks than those
                           under the agreement evidencing the Debt so renewed,
                           refinanced, extended or amended, as determined in
                           good faith by the Management Board and evidenced by a
                           Board Resolution; and

         (B)      with respect only to paragraph (c) of this Clause 19.14, to:

                  (i)      any encumbrance or restriction relating to Debt that
                           is permitted to be Incurred pursuant to the
                           provisions described in Clause 19.12 (Limitation on
                           Borrower Debt) or Clause 19.18 (Limitation on Debt
                           and Preferred Stock of Restricted Subsidiaries) and
                           secured pursuant to the provisions of Clause 19.17
                           (Limitations on Liens);

                  (ii)     any encumbrance or restriction in connection with an
                           acquisition of Property, so long as such encumbrance
                           or restriction relates solely to the Property so
                           acquired and was not created in connection with or in
                           anticipation of such acquisition;

                  (iii)    customary provisions of leases and customary
                           provisions in other agreements that restrict
                           assignment of such agreements or rights thereunder;

                  (iv)     customary restrictions contained in asset sale
                           agreements limiting the transfer of such Property
                           pending the closing of such sale;

                  (v)      any encumbrance or restriction existing by reason of
                           a customary merger or acquisition agreement for the
                           purchase or acquisition of the stock or assets of the
                           Borrower or any of its Subsidiaries by another
                           Person;

                  (vi)     customary restrictions contained in operating leases
                           for real property and restricting only the transfer
                           of such real property or effective only upon the
                           occurrence and during the continuance of a default in
                           the payment of rent;

                  (vii)    any encumbrance or restriction arising as the result
                           of applicable law or regulation; or

                  (viii)   any restriction or encumbrance that may be imposed by
                           governmental licenses, franchises or permits.

                                       39
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<PAGE>   43

19.15    Limitation on Asset Sales.

         (a)      The Borrower shall not, and shall procure that no other member
                  of the Group will, either in a single transaction or in a
                  series of transactions whether related or not and whether
                  voluntarily or involuntarily, sell, transfer, grant or lease
                  or otherwise dispose of any of its assets.

         (b)      Paragraph (a) does not apply to:

                  (i)      disposals made in the ordinary course of trading of
                           the disposing entity;

                  (ii)     disposals of non core assets of the Group on terms no
                           less favorable to the Group than arm's-length terms
                           where the consideration is received in Cash;

                  (iii)    disposals of assets which are surplus, obsolete or
                           redundant plant and equipment on terms no less
                           favourable to the Group than on arm's length terms
                           where the consideration is received in Cash;

                  (iv)     disposal of assets in exchange for other assets
                           comparable or superior as to type, value and quality;

                  (v)      disposals of assets to become the subject of a
                           Finance Lease permitted pursuant to Clause
                           19.26(a)(iv) (Financial Indebtedness) of the Main
                           Facility Agreement for fair value;

                  (vi)     disposals of assets to become the subject of a QTE
                           Lease pursuant to Clause 19.26(a)(v) (Financial
                           Indebtedness) of the Main Facility Agreement for fair
                           value; or

                  (vii)    disposal of assets on arm's length terms for Cash not
                           otherwise permitted pursuant to (i) to (vi)
                           (inclusive) above,

                           (A)      the Net Proceeds of which, in the case of
                                    any single transaction or series of related
                                    transactions do not exceed the Euro
                                    Equivalent of (euro)500,000; and

                           (B)      the Euro Equivalent of the Net Proceeds of
                                    which when aggregated with the Euro
                                    Equivalent of the Net Proceeds of all other
                                    such disposals in any annual Accounting
                                    Period do not exceed (euro)5,000,000.

19.16    Transactions with Affiliates.

         The Borrower will not, and will not permit any Restricted Subsidiary
         to, directly or indirectly, conduct any business, enter into or permit
         to exist any transaction or series of related transactions (including
         the purchase, sale, transfer, assignment, lease, conveyance or exchange
         of any Property or the rendering of any service) with any Affiliate of
         the Borrower (an "AFFILIATE TRANSACTION") unless (a) the terms of such
         Affiliate Transaction are (i) set forth in writing and (ii) no less
         favorable in any material respect, taken as a whole, to the Borrower or
         such Restricted Subsidiary, as the case may be, than those that could
         be obtained in a comparable arm's-length transaction with a Person that
         is not an Affiliate of the Borrower or such Restricted Subsidiary, as
         determined in good faith by any Officer, (b) with respect to an
         Affiliate Transaction involving aggregate payments or the transfer of
         assets or provision of services, in each case having a value in excess
         of $5.0 million, (x) the Supervisory Board (including a majority of the
         disinterested members of the Supervisory Board) approves such Affiliate
         Transaction and, in its good faith judgment, believes that such
         Affiliate Transaction complies with paragraph (a)(ii) of this paragraph
         as evidenced by a Board Resolution and (y) with respect to those
         transactions having a value in excess of $10.0 million, the Borrower
         obtains and provides to the Agent a written opinion from an Independent
         Appraiser to the effect that such Affiliate Transaction is fair, from a
         financial point of view, to the Borrower.

                                       40
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<PAGE>   44

         Notwithstanding the foregoing limitation, the Borrower may enter into
         or suffer to exist the following:

                  (i)      any transaction or series of transactions between the
                           Borrower and a Restricted Subsidiary or between
                           Restricted Subsidiaries;

                  (ii)     any Restricted Payment permitted to be made pursuant
                           to Clause 19.13 (Limitation on Restricted Payments);

                  (iii)    any issuance of securities, or other payments, awards
                           or grants in cash, securities or otherwise pursuant
                           to, or the funding of, employment arrangements, stock
                           options and stock ownership plans approved by the
                           Supervisory Board;

                  (iv)     the payment of reasonable fees and provision of
                           reasonable indemnities to directors and consultants
                           of the Borrower and its Restricted Subsidiaries who
                           are not employees of the Borrower or its Restricted
                           Subsidiaries;

                  (v)      loans and advances to employees made in the ordinary
                           course of business and consistent with past practice
                           of the Borrower or such Restricted Subsidiary, as the
                           case may be, provided, that such loans and advances
                           do not exceed $1.0 million in the aggregate at any
                           one time outstanding;

                  (vi)     transactions pursuant to the Existing Notes, Dollar
                           Notes, the Registration Rights Agreement, the
                           Intercompany Receivables or the Shareholders'
                           Agreement;

                  (vii)    transactions between the Borrower and its
                           Subsidiaries entered into in connection with the Bank
                           Credit Facility or the Finance Documents;

                  (viii)   agreements in existence on the Issue Date and any
                           renewal thereof, provided that any such renewal is on
                           terms no less favorable in any material respect,
                           taken as a whole, than the terms of any such existing
                           agreement and provided that the Borrower will not,
                           and will not permit any Restricted Subsidiary to,
                           amend, modify or in any way alter the terms of any
                           existing Affiliate agreements in a manner materially
                           adverse to the Banks;

                  (ix)     contracts that have been awarded to an Affiliate
                           pursuant to which the Affiliate has granted the
                           Borrower "most favored terms" pursuant to a
                           competitive bid, provided that the Borrower certifies
                           to the Agent that such contract complies with this
                           subsection;

                  (x)      agreements relating to the offer and sale of Capital
                           Stock of the Borrower that the Management Board
                           determines in good faith to be customary for such an
                           offer and sale;

                  (xi)     any employment agreement or employment arrangement
                           entered into by the Borrower or any Restricted
                           Subsidiary in the ordinary course of business that is
                           consistent with industry practice or approved by a
                           majority of the disinterested members of the
                           Supervisory Board; and

                  (xii)    any guarantee or grant of collateral by the Borrower
                           or a Restricted Subsidiary in connection with Senior
                           Debt.

                                       41
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<PAGE>   45

19.17    Limitation on Liens.

         The Borrower will not, and will not permit any Restricted Subsidiary
         to, directly or indirectly, Incur any Lien (other than Permitted Liens)
         upon any of its Property, including any shares of Capital Stock or Debt
         of any Restricted Subsidiary, whether owned at the Issue Date or
         thereafter acquired, or any interest therein or any income or profits
         therefrom, or assign or otherwise convey any right to receive income
         thereon unless it has made or will make effective provision whereby the
         indebtedness of the Borrower under the Finance Documents will be
         secured by such Lien equally and ratably with (or prior to) all other
         Debt of the Borrower or any Restricted Subsidiary secured by such Lien
         (subject to applicable priorities of payment); provided, however, that
         the Borrower may Incur other Liens to secure Debt as long as the amount
         of outstanding Debt secured by Liens Incurred pursuant to this proviso
         does not exceed 5% of Consolidated Net Tangible Assets, as determined
         based on the consolidated balance sheet of the Borrower as of the end
         of the most recent fiscal quarter ending at least 45 days prior
         thereto.

19.18    Limitation on Debt and Preferred Stock of Restricted Subsidiaries.

         The Borrower shall not permit any Restricted Subsidiary to, directly or
         indirectly, Incur any Debt or Preferred Stock except:

         (a)      Debt Incurred under the Bank Credit Facility and any Qualified
                  Debt Offering and Refinancing Debt Incurred in respect
                  thereof, provided that the aggregate principal amount of all
                  such Debt under the Bank Credit Facility and any Qualified
                  Debt Offering and Refinancing Debt Incurred in respect
                  thereof, together with all Debt of the Borrower Incurred under
                  the Bank Credit Facility and any Qualified Debt Offering and
                  Refinancing Debt Incurred in respect thereof, at any one time
                  outstanding does not exceed DM 760 million, which amount shall
                  be permanently reduced by the amount of (A) Scheduled
                  Reductions and (B) repayments pursuant to the provisions of
                  the Bank Credit Facility relating to the proceeds of Asset
                  Sales not reinvested; provided, however, that the total
                  reductions pursuant to (A) and (B) above shall not exceed DM
                  672 million;

         (b)      Debt Incurred in respect of Capital Expenditure Debt and
                  Refinancing Debt Incurred in respect thereof, provided that
                  (i) the aggregate principal amount of such Debt does not
                  exceed the Fair Market Value of the property or assets
                  acquired or constructed (including the cost of design,
                  development, construction, installation or integration), (ii)
                  the property or assets acquired or constructed are used in a
                  Telecommunications Business and (iii) the aggregate principal
                  amount outstanding of all Debt Incurred under this paragraph
                  (b) and under sub-paragraph (b)(iii) of Clause 19.12
                  (Limitation on Borrower Debt) does not exceed (w) $250.0
                  million plus (x) an amount equal to $30 million for each
                  million persons resident in the coverage area of the GSM 1800
                  License, plus (y) an amount equal to (i) if the Borrower or
                  any Subsidiary acquires a UMTS License, $40 million for each
                  million persons resident in the coverage area of such UMTS
                  License for the development of UMTS services minus (ii) the
                  aggregate principal amount of Debt Incurred pursuant to clause
                  (x) above, plus (z), if Minutes of Use exceed an average of
                  383 million per month for any four months in a consecutive
                  six-month period through December 31, 2001, $3 for each such
                  excess Minute of Use;

         (c)      that percentage of Debt of a Restricted Subsidiary owing to
                  and held by any other Restricted Subsidiary that is equal to
                  the percentage of the Borrower's direct or indirect ownership
                  interest in such other Restricted Subsidiary; provided,
                  however, that (x) any subsequent issue or transfer of Capital
                  Stock or other event that results in a reduction in the
                  Borrower's direct or indirect ownership interest in such
                  Restricted Subsidiary or (y) any subsequent transfer of such
                  Debt (except to the Borrower or a Wholly Owned Subsidiary)
                  shall be deemed, in each case, to constitute the Incurrence of
                  such Debt by the issuer thereof in the following amounts: (A)
                  in the case of (x) the full amount of such Debt if such
                  Restricted Subsidiary does not remain a Restricted Subsidiary
                  and otherwise the percentage of such Debt equal to the
                  percentage reduction in the Borrower's direct or indirect
                  ownership interest in such Restricted Subsidiary;

                                       42
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<PAGE>   46

                  and (B) in the case of (y), the full amount of such Debt if it
                  is not transferred to a Restricted Subsidiary and otherwise a
                  percentage of such Debt equal to (X) the percentage of the
                  Borrower's direct or indirect ownership interest in the
                  Restricted Subsidiary that previously held such Debt less (Y)
                  the percentage of the Borrower's indirect ownership interest
                  in the Restricted Subsidiary to which such Debt is
                  transferred;

         (d)      Debt of a Restricted Subsidiary Incurred and outstanding on or
                  prior to the date on which such Restricted Subsidiary was
                  acquired by the Borrower or otherwise became a Restricted
                  Subsidiary (other than Debt Incurred as consideration in, or
                  to provide all or any portion of the funds or credit support
                  utilised to consummate, the transaction or series of related
                  transactions pursuant to which such Restricted Subsidiary
                  became a Subsidiary or was otherwise acquired by the
                  Borrower), provided, however, that at the time such Restricted
                  Subsidiary is acquired or otherwise became a Restricted
                  Subsidiary of the Borrower, the Borrower would have been able
                  to Incur $1.00 of additional Debt pursuant to sub-paragraphs
                  (i) or (ii) of paragraph (a) of Clause 19.12 (Limitation on
                  Borrower Debt);

         (e)      Debt under Interest Rate Protection Agreements entered into by
                  such Restricted Subsidiary for the purpose of limiting
                  interest rate risk in respect of Debt of the Borrower or a
                  Restricted Subsidiary in the ordinary course of the financial
                  management of such Restricted Subsidiary and not for
                  speculative purposes;

         (f)      Debt under Currency Exchange Protection Agreements, provided
                  that such Currency Exchange Protection Agreements were entered
                  into by such Restricted Subsidiary for the purpose of limiting
                  currency exchange rate risks directly related to transactions
                  entered into in the ordinary course of business and not for
                  speculative purposes;

         (g)      Debt in connection with one or more standby letters of credit
                  or performance bonds issued in the ordinary course of business
                  or pursuant to self-insurance obligations and, in each case,
                  not in connection with the borrowing of money or the obtaining
                  of advances or credit;

         (h)      Debt or Preferred Stock outstanding on the Issue Date and
                  listed on a Schedule I to the Dollar High Yield Indenture;

         (i)      Debt Incurred pursuant to the Dollar High Yield Indenture, the
                  Holdings Guarantee, the Euro Notes Holdings Guarantee or the
                  Issuer Guarantees; and

         (j)      Refinancing Debt Incurred in respect of Debt Incurred pursuant
                  to the provisions of paragraphs (d), (h), and (i) of this
                  Clause 19.18.

         (k)      For purposes of determining the outstanding principal amount
                  of any particular Debt Incurred pursuant to this Clause 19.18,
                  (i) Debt permitted by this Section 4.16 need not be permitted
                  solely by reference to one provision permitting such Debt but
                  may be permitted in part by one such provision and in part by
                  one or more other provisions of this Clause permitting such
                  Debt, (ii) in the event that Debt or any portion thereof meets
                  the criteria of more than one of the types of Debt described
                  in this Clause, the Borrower, in its sole discretion, may
                  classify or from time to time reclassify such Debt and shall
                  only be required to include the amount of such Debt in one of
                  such types and (iii) such amount shall be calculated without
                  duplication (including without double counting the amount of
                  any Guarantee of Debt otherwise permitted to be incurred
                  hereunder).

         (l)      For purposes of determining whether the principal amount of
                  any Refinancing Debt permitted by this Clause 19.18 does not,
                  in the event it is issued in a currency different from the
                  currency in which the Debt being refunded or refinanced or
                  paid at maturity ("REFINANCED DEBT") was issued, exceed the
                  principal amount of the Refinanced Debt, the rate to be used
                  shall be the spot rate for the purchase of the currency of the
                  Refinanced Debt with the currency of the Refinancing Debt as
                  published in the Wall Street Journal in the "Exchange Rates"
                  column

                                       43
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<PAGE>   47

                  under the heading "Currency Trading" on the date two Business
                  Days prior to such determination.

19.19    Limitation on Layered Debt.

         The Borrower will not, directly or indirectly, Incur any Debt if such
         Debt provides by its terms that it is subordinate or junior in ranking
         to any Senior Debt of the Borrower, unless such Debt is Senior
         Subordinated Debt or is expressly subordinated in right of payment to
         Senior Subordinated Debt provided, however, that nothing herein shall
         apply to (i) intercreditor agreements among creditors of the Borrower
         but to which the Borrower is not a party or (ii) agreements relating to
         priorities of payment or rights in respect of collateral among the
         Borrower and the banks or other financial institutions party to the
         Bank Credit Facility (or any Refinancing Indebtedness in respect
         thereof) and any related Hedging Obligations.

19.20    Restricted and Unrestricted Subsidiaries.

         (a)      The Management Board may designate or redesignate any
                  Subsidiary of the Borrower or any Restricted Subsidiary to be
                  an Unrestricted Subsidiary if:

                  (i)      the Subsidiary to be so designated does not own any
                           Capital Stock, Redeemable Stock or Debt of, or own or
                           hold any Lien on any property or assets of, the
                           Borrower or any other Restricted Subsidiary;

                  (ii)     the Subsidiary to be so designated is not obligated
                           by any Debt, Lien or other obligation that, if in
                           default, would result (with the passage of time or
                           notice or otherwise) in a default on any Debt of the
                           Borrower or any Restricted Subsidiary; and

                  (iii)    either (A) the Subsidiary to be so designated has
                           total assets of $1,000 or less or (B) such
                           designation is effective immediately upon such
                           Subsidiary becoming a Subsidiary of the Borrower or
                           of a Restricted Subsidiary.

                           Unless so designated as an Unrestricted Subsidiary,
                           any Person that becomes a Subsidiary of the Borrower
                           or of any Restricted Subsidiary will be classified as
                           a Restricted Subsidiary.

                           Except as provided in this paragraph (a), no
                           Restricted Subsidiary may be redesignated as an
                           Unrestricted Subsidiary. Any such designation by the
                           Management Board will be evidenced to the Agent by
                           promptly filing with the Agent a copy of the Board
                           Resolution giving effect to such designation and an
                           Officer's Certificate certifying that such
                           designation complies with the foregoing provisions.

         (b)      The Borrower shall not, and shall not permit any Unrestricted
                  Subsidiary to, take any action or enter into any transaction
                  or series of transactions that would result in a Person
                  becoming a Restricted Subsidiary (whether through an
                  acquisition, the redesignation of an Unrestricted Subsidiary
                  or otherwise) unless after giving effect to such action,
                  transaction or series of transactions, on a pro forma basis:

                  (i)      the Borrower could Incur at least $1.00 of additional
                           Debt pursuant to sub-paragraphs (i) or (ii) of
                           paragraph (a) of Clause 19.12 (Limitation on Borrower
                           Debt);

                  (ii)     such Restricted Subsidiary could then Incur pursuant
                           to Clause 19.18 (Limitation on Debt and Preferred
                           Stock of Restricted Subsidiaries) all Debt as to
                           which it is obligated at such time; and

                  (iii)    no Default or Event of Default would occur or be
                           continuing.

                                       44
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<PAGE>   48

19.21    The Subsidiaries.

         The Borrower shall ensure that the Issuer, Holdings and PTC
         International Finance B.V. each remains a Wholly Owned Subsidiary;
         provided, however, that nothing herein shall limit (i) the ability of
         the Borrower or Holdings to grant a security interest in the shares of
         the Issuer to secure Senior Debt, (ii) the rights of the holders of
         such Senior Debt to exercise their rights and remedies in respect
         thereof as long as the Surviving Person meets the requirements set
         forth in paragraphs (a) and (b) of Clause 19.22 (Consolidation, Merger
         or Sale of Assets) or (iii) a voluntary dissolution of the Issuer or
         merger of the Issuer into Holdings, or Holdings into the Borrower,
         solely for the purpose of permitting Holdings or the Borrower to assume
         all obligations in respect of the Dollar Notes and the Euro Notes as if
         it were the direct obligor with respect thereto and in which all the
         assets of the Issuer are transferred to Holdings or in which all of the
         assets of Holdings are transferred to the Borrower and no material
         payment or distribution is made to creditors.

19.22    Consolidation, Merger or Sale of Assets.

         (a)      The Borrower shall not merge or consolidate with or into any
                  other entity or sell, transfer, assign, lease, convey or
                  otherwise dispose of all or substantially all of its Property
                  in any one transaction or series of transactions (other than a
                  merger, amalgamation or consolidation of a Restricted
                  Subsidiary into, or the transfer of all or any portion of the
                  assets and liabilities of a Restricted Subsidiary to, the
                  Borrower unless: (i) the Borrower shall be the surviving
                  Person (the "SURVIVING PERSON") or the Surviving Person (if
                  other than the Borrower) formed by such consolidation or
                  merger or the Person to which such sale, transfer, assignment,
                  lease, conveyance or disposition is made shall be a
                  corporation organised and existing under the laws of Poland,
                  the United States of America or a state thereof or the
                  District of Columbia, Germany, France, The Netherlands,
                  Luxembourg or the United Kingdom; (ii) the Surviving Person
                  (if other than the Borrower) expressly assumes, by a
                  supplemental agreement in form satisfactory to the Agent,
                  executed and delivered to the Agent by such Surviving Person,
                  the due and punctual payment of the obligations of the
                  Borrower under the Finance Documents and the due and punctual
                  performance and observance of all the covenants and conditions
                  in the Finance Documents to be performed by the Borrower;
                  (iii) in the case of a sale, transfer, assignment, lease,
                  conveyance or other disposition of all or substantially all of
                  the Borrower's Property, such Property shall have been
                  transferred as an entirety or substantially as an entirety to
                  one Person; (iv) immediately before and after giving effect to
                  such transaction or series of transactions on a pro forma
                  basis (and treating any Debt which becomes, or is anticipated
                  to become, an obligation of the Surviving Person or any
                  Restricted Subsidiary as a result of such transaction or
                  series of transactions as having been Incurred by the
                  Surviving Person or such Restricted Subsidiary at the time of
                  such transaction or series of transactions), no Default or
                  Event of Default shall have occurred and be continuing; (v)
                  immediately after giving effect to such transaction or series
                  of transactions on a pro forma basis (and treating any Debt
                  which becomes, or is anticipated to become, an obligation of
                  the Surviving Person or any Restricted Subsidiary as a result
                  of such transaction or series of transactions as having been
                  Incurred by the Surviving Person or such Restricted Subsidiary
                  at the time of such transaction or series of transactions),
                  the Borrower or the Surviving Person (if it were the
                  Borrower), as the case may be, would be able to Incur at least
                  $1.00 of additional Debt under sub-paragraphs (i) or (ii) of
                  paragraph (a) of Clause 19.12 (Limitation on Borrower Debt);
                  and (vi) in connection with any consolidation, merger,
                  transfer or other transaction contemplated by this provision,
                  the Borrower shall deliver, or cause to be delivered, to the
                  Agent, in form and substance reasonably satisfactory to the
                  Agent, an Officer's Certificate and an Opinion of Counsel,
                  each stating that such consolidation, merger, transfer or
                  other transaction and the supplemental agreement in respect
                  thereto comply with this provision and that all conditions
                  precedent herein provided for relating to such transaction or
                  transactions have been complied with; provided, however, that
                  the provisions of sub-paragraphs (iv) and (v) above shall not
                  apply to a reorganisation of the Borrower, effected for the
                  purpose of converting the Borrower to a spolka akcyjna (a
                  joint stock company) in which the holders of the Borrower's
                  Capital Stock before and after such reorganization remain
                  unchanged.

                                       45
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<PAGE>   49

         (b)      A Surviving Person (other than the Borrower) satisfying the
                  requirements of paragraph (a) above will succeed to, and be
                  substituted for, and may exercise every right and power of the
                  Borrower under this Agreement, and the predecessor Borrower
                  (except in the case of a lease) will be released from the
                  obligation to pay the principal of, and interest on, the
                  Advances under this Agreement.

                  Nothing in this Clause 19.22 shall prevent any Restricted
                  Subsidiary from consolidating with, merging into or
                  transferring all or part of its properties and assets to the
                  Borrower or any other Restricted Subsidiary.

20.      [INTENTIONALLY OMITTED]

21.      [INTENTIONALLY OMITTED]

22.      DEFAULT

22.1     Events of Default

         Each of the events set out in Clause 22.2 (Non-payment) to 22.20
         (Material adverse change) is an Event of Default (whether or not caused
         by any reason outside the control of the Borrower or of any other
         person).

22.2     Non-Payment

         The Borrower does not pay on the due date any amount payable by it
         under any Finance Document at the place and in the funds expressed to
         be payable, except for any such amount which is unpaid due to technical
         delays in the transmission of funds which are beyond the control of the
         Borrower and which is paid in full within three Business Days of the
         due date for payment.

22.3     Breach of Obligations

         (a)      There is any breach of the provisions of Clauses 19.3
                  (Notification of Default) 19.17 (Limitation on Liens) or
                  Section 3(b) of the Side Agreement.

         (b)      There is any breach of Section 3(a) of the Side Agreement and
                  either (i) such breach is unremedied for 14 days after the
                  earlier of (A) the Borrower becoming aware of such breach and
                  (B) receipt by the Borrower of written notice from the Agent
                  requiring the failure to be remedied, or (ii) the Majority
                  Banks (acting reasonably) notify the Borrower that in their
                  opinion such breach cannot or is not likely to be remedied
                  within 14 days from the date of such notice.

         (c)      Any Obligor fails to comply with any other provision of any
                  Finance Document and, if such default is capable of remedy
                  within such period, within 30 days after the earlier of the
                  Obligor becoming aware of such default and receipt by the
                  Obligor and (if different) the Borrower of written notice from
                  the Agent requiring the failure to be remedied, that such
                  Obligor fails to cure such default.

22.4     Misrepresentation/Breach of Warranty

         Any representation, warranty or statement made or repeated by the
         Borrower, any Obligor or any other party to a Finance Document (other
         than a Finance Party), in any Finance Document or in any certificate or
         statement delivered by or on behalf of any Obligor, other member of the
         Group or other party to a Finance Document (other than a Finance
         Party), under any Finance Document, is incorrect in any respect which
         is material when made or deemed to be made or repeated by reference to
         the facts and circumstances then subsisting.

                                       46
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<PAGE>   50

22.5     Cross-payment default and cross-acceleration

         (a)      Any amount in respect of Financial Indebtedness of a member of
                  the Group is not paid when due; or

         (b)      any Financial Indebtedness of a member of the Group is
                  accelerated or otherwise becomes prematurely due and payable
                  or is placed on demand as a result of an event of default
                  (howsoever described) under the document relating to that
                  Financial Indebtedness;

         and the aggregate of all such Financial Indebtedness as described in
         paragraphs (a) to (b) above of all members of the Group exceeds the
         Euro Equivalent of $15,000,000.

22.6     Invalidity

         (a)      Any of the Finance Documents ceases to be in full force and
                  effect or ceases to constitute the legal, valid and binding
                  obligation of any Obligor or other party to it (other than a
                  Finance Party) enforceable in accordance with its terms
                  subject to applicable insolvency and other laws affecting
                  creditors' rights generally.

         (b)      It shall be unlawful for any Obligor or any other party (other
                  than a Finance Party) to perform any of its obligations under
                  any of the Finance Documents which if not performed would in
                  the reasonable opinion of the Majority Banks be materially
                  adverse to the Banks.

22.7     Insolvency

         (a)      A Principal Member of the Group is declared insolvent by a
                  court of competent jurisdiction, is unable to pay its debts as
                  they fall due or admits inability to pay its debts as they
                  fall due; or

         (b)      a Principal Member of the Group suspends making payments on
                  all or any class of its debts or announces an intention to do
                  so, or a moratorium is declared in respect of any of its
                  indebtedness; or

         (c)      a Principal Member of the Group, by reason of financial
                  difficulties, begins negotiations with one or more of its
                  creditors with a view to the readjustment or rescheduling of
                  any of its indebtedness.

22.8     Insolvency proceedings

         (a)      Any formal proposal by a Principal Member of the Group to its
                  creditors or a petition is made or resolution passed with a
                  view to a composition, general assignment of all assets of any
                  Principal Member of the Group or arrangement with any
                  creditors of any Principal Member of the Group unless the
                  terms thereof have been previously approved by the Majority
                  Banks; or

         (b)      (i)      a meeting of any Principal Member of the Group is
                           convened by at least 10% of its shareholders or its
                           management board or directors for the purpose of
                           voting on any resolution for (or to petition for) its
                           winding-up or for its administration and either (A)
                           the Majority Banks (acting in good faith) consider
                           that such meeting is not being convened for frivolous
                           or vexatious purposes or (B) the Borrower is not able
                           to demonstrate to the reasonable satisfaction of the
                           Majority Banks that such resolution or petition is
                           unlikely to be passed or made at such meeting; or

                  (ii)     any such resolution is passed; or

         (c)      any person presents a petition for the winding-up or for the
                  administration of any Principal Member of the Group as a
                  result of a claim for an amount exceeding the Euro Equivalent
                  of

                                       47
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<PAGE>   51

                  $15,000,000 and either (i) the Majority Banks consider (acting
                  reasonably) that such petition is not frivolous or vexatious
                  or (ii) the same is not being contested in good faith; or

         (d)      an order for the winding-up or administration of any Principal
                  Member of the Group is made; or

         (e)      any other action is taken with a view to the administration,
                  custodianship, liquidation, winding-up or dissolution of any
                  Principal Member of the Group or any other insolvency
                  proceedings involving any Principal Member of the Group and
                  either (i) the Majority Banks (acting in good faith) consider
                  such action is not frivolous or vexatious or (ii) the same is
                  not being contested in good faith, other than in each case:

                  (i)      in connection with a solvent winding-up of a
                           Subsidiary of the Borrower, other than the Issuers
                           the terms of which have been approved by the Majority
                           Banks; or

                  (ii)     in connection with a solvent winding-up of an Issuer
                           where arrangements have been made for the Borrower to
                           assume the obligations under the relevant High Yield
                           Debt Documents on similar terms (mutatis mutandis) as
                           at the Signing Date or on such other terms as are
                           satisfactory to the Majority Banks (acting
                           reasonably).

22.9     Appointment of Receivers and Managers

         (a)      Any liquidator, official receiver, judicial custodian,
                  compulsory manager, receiver, administrative receiver,
                  administrator or the like is appointed in respect of any
                  Principal Member of the Group or any part of its assets; or

         (b)      a resolution of the board of directors of a Principal Member
                  of the Group is passed for the appointment of a liquidator,
                  trustee in bankruptcy, judicial custodian, compulsory manager,
                  receiver, administrative receiver, administrator or the like;
                  or

         (c)      any other steps are taken to enforce any Security Interest or
                  any part of the assets of any Principal Member of the Group in
                  respect of a sum owed of at least the Euro Equivalent of
                  (euro) 15,000,000, other than in each case:

                  (i)      in connection with a solvent winding-up of a
                           Subsidiary of the Borrower other than the Issuers,
                           the terms of which have been approved by the Majority
                           Banks; or

                  (ii)     in connection with a solvent winding-up of an Issuer
                           where arrangements have been made for the Borrower to
                           assume the obligations under the relevant High Yield
                           Debt Documents on similar terms (mutatis mutandis) as
                           at the Signing Date or on such other terms as are
                           satisfactory to the Majority Banks (acting
                           reasonably).

22.10    Creditors' Process

         Any attachment, sequestration, distress or execution affects any asset
         the value of which in aggregate exceeds the Euro Equivalent of
         $15,000,000 of a Principal Member of the Group and is not discharged
         within 30 days.

22.11    Analogous Proceedings

         There occurs, in relation to a member of the Group, any event anywhere
         which, in the opinion of the Majority Banks, appears to correspond with
         any of those mentioned in Clauses 22.7 (Insolvency) to 22.10
         (Creditors' process) (inclusive).

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<PAGE>   52

22.12    Cessation of Business

         Any Principal Member of the Group (other than an Issuer where
         arrangements have been made for the Borrower to assume the obligations
         under the relevant High Yield Debt Documents on similar terms (mutatis
         mutandis) as at the Signing Date or on such other terms as are
         satisfactory to the Majority Banks (acting reasonably)) ceases or
         threatens to cease to carry on all or a substantial part of its
         principal business.

22.13    Rescission of Agreements

         Any member of the Group rescinds any Finance Document in whole or in
         part.

22.14    [INTENTIONALLY OMITTED]

22.15    Proceedings

         (a)      There is current or pending any litigation, dispute,
                  arbitration, administrative, regulatory or other proceedings
                  or enquiry concerning or involving any Principal Member of the
                  Group which, if adversely determined, is reasonably likely to
                  have a Material Adverse Effect.

         (b)      Any judgment or order for an amount which is greater than the
                  Euro Equivalent of $15,000,000 is made against any Principal
                  Member of the Group which is material in the context of the
                  operations of the business of the Principal Member of the
                  Group, is not subject to an appeal and which is not satisfied
                  within 20 days of the passing of such judgment or order.

22.16    High Yield Debt Documents

         An Issuer or the Borrower fails to comply with any of the material
         provisions of, or its material obligations under, the High Yield Debt
         Documents.

22.17    Loss of Licences, Breach of Material Contracts, Shareholders' Agreement

         (a)      Any Licence is:

                  (i)      terminated, suspended or revoked or does not remain
                           in full force and effect or otherwise expires and is
                           not renewed prior to its expiry (in each case,
                           without replacement by Licence(s) having
                           substantially equivalent effect) except where the
                           Borrower is contesting the same in good faith by
                           appropriate proceedings and is lawfully able to
                           continue its business and operations; or

                  (ii)     modified in a manner which is reasonably likely to
                           have a Material Adverse Effect or breached in any
                           material respect; or

         (b)      any event occurs which is reasonably likely to give rise to
                  the revocation, termination or suspension of any Licence
                  (without replacement) in such circumstance where the Borrower
                  is unable to demonstrate to the reasonable satisfaction of the
                  Majority Banks within 30 days of such event occurring that
                  either (i) such termination, suspension or revocation will not
                  occur or (ii) if it does occur, it will be contested in good
                  faith by appropriate proceedings and the Borrower will be
                  lawfully able to continue its operations while such
                  termination, suspension or revocation is being contested; or

         (c)      any other Material Contract, Shareholder Loan or Transaction
                  Document is varied, breached, cancelled, suspended, withdrawn,
                  revoked or terminated in a manner or circumstances which would
                  have a Material Adverse Effect; or

                                       49
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<PAGE>   53

         (d)      any of the rights of the Shareholders under the Shareholders'
                  Agreement are reduced or diminished in a manner which could or
                  would be prejudicial to the Finance Parties or the
                  Shareholders' Agreement is cancelled, suspended or terminated
                  (unless replaced by an agreement in substantially the same
                  terms) or materially amended in a manner that would result in
                  a Material Adverse Effect; provided, however, that, if so
                  requested by the Borrower, the Majority Banks shall confirm
                  within 14 days after such request whether such amendment would
                  result in a Material Adverse Effect.

22.18    Government Action

         Any governmental action, including nationalisation, expropriation or
         imposition of exchange controls is taken which, in the reasonable
         opinion of the Majority Banks, would have a Material Adverse Effect.

22.19    [INTENTIONALLY OMITTED]

22.20    Material Adverse Change

         Any event or series of events occurs which is likely to have a Material
         Adverse Effect.

22.21    Acceleration

         On and at any time after the occurrence of an Event of Default the
         Agent may, and shall if so directed by the Majority Banks, by notice to
         the Borrower do any or all of the following:

         (a)      cancel all or any part of the Total Commitments; and/or

         (b)      demand that all or part of the Advance outstanding, together
                  with accrued interest and any or all other amounts accrued
                  under the Finance Documents, be immediately due and payable,
                  whereupon they shall become immediately due and payable;
                  and/or

         (c)      demand that all or part of the Advance is repayable on demand,
                  whereupon they shall immediately become repayable on demand by
                  the Agent acting on the instructions of the Majority Banks.

23.      [INTENTIONALLY OMITTED]

24.      INDEMNITIES

24.1     Currency Indemnity

         (a)      If a Finance Party receives an amount in respect of an
                  Obligor's liabilities under the Finance Documents or if that
                  liability is converted into a claim, proof, judgment or order
                  in a currency other than the currency (the "CONTRACTUAL
                  CURRENCY") in which the amount is expressed to be payable
                  under the relevant Finance Document:

                  (i)      such Obligor shall indemnify that Finance Party as an
                           independent obligation against any loss or liability
                           arising out of or as a result of the conversion;

                  (ii)     if the amount received by that Finance Party, when
                           converted into the contractual currency at a market
                           rate in the usual course of its business is less than
                           the amount owed in the contractual currency, such
                           Obligor shall forthwith on demand pay to that Finance
                           Party an amount in the contractual currency equal to
                           the deficit; and

                  (iii)    such Obligor shall forthwith on demand pay to the
                           Finance Party concerned any exchange costs and Taxes
                           payable in connection with any such conversion.

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<PAGE>   54

         (b)      Each Obligor waives any right it may have in any jurisdiction
                  to pay any amount under the Finance Documents in a currency
                  other than that in which it is expressed to be payable.

24.2     Other Indemnities

         The Borrower shall forthwith on demand indemnify each Finance Party
         against any loss or liability which that Finance Party incurs as a
         consequence of:

         (a)      the occurrence of any Default;

         (b)      the operation of Clause 22.21 (Acceleration);

         (c)      any payment of principal or an overdue amount being received
                  from any source otherwise than on the last day of a relevant
                  Interest Period or Designated Interest Period (as defined in
                  Clause 10.3 (Default interest)) relative to the amount so
                  received; or

         (d)      the Advance (or part of the Advance) not being prepaid in
                  accordance with a notice of prepayment or (other than by
                  reason of negligence or default by that Finance Party) the
                  Advance not being made after the Borrower has delivered a
                  Request.

         The Borrower's liability in each case includes any loss or expense on
         account of funds borrowed, contracted for or utilised to fund any
         amount payable under any Finance Document, any amount repaid or prepaid
         or any Advance.

25.      AGENT, LEAD ARRANGER AND BANKS

25.1     Appointment and duties of the Agent

         (a)      Subject to Clause 25.15(f) (Resignation of Agent), each
                  Finance Party (other than the Agent) irrevocably appoints the
                  Agent to act as its agent under and in connection with the
                  Finance Documents.

         (b)      Each Party irrevocably authorises the Agent on its behalf to
                  perform the duties and to exercise the rights, powers and
                  discretions that are specifically delegated to it under or in
                  connection with the Finance Documents, together with any other
                  incidental rights, powers and discretions.

         (c)      The Agent has only those duties which are expressly specified
                  in this Agreement and in the Finance Document. Those duties
                  are solely of a mechanical and administrative nature.

25.2     Role of the Lead Arranger

         Except as specifically provided in this Agreement, the Lead Arranger
         has no obligations of any kind to any other Party under or in
         connection with any Finance Document.

25.3     Relationship

         The relationship between the Agent, on the one hand, and the other
         Finance Parties, on the other hand, is that of agent and principal
         only. Nothing in this Agreement constitutes the Agent as fiduciary for
         any other Party or any other person and the Agent need not keep any
         moneys paid to it for a Party segregated from its assets or be liable
         to account for interest on those moneys.

25.4     Majority Banks' Instructions

         (a)      The Agent will be fully protected if it acts in accordance
                  with the instructions of the Majority Banks in connection with
                  the exercise of any right, power or discretion or any matter
                  not expressly provided for in the Finance Documents. Any such
                  instructions given by the Majority

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<PAGE>   55

                  Banks will be binding on all the Banks. In the absence of such
                  instructions, the Agent may act as it considers to be in the
                  best interests of the Banks.

         (b)      The Agent is not authorised to act on behalf of a Bank
                  (without first obtaining that Bank's consent) in any legal or
                  arbitration proceedings relating to any Finance Document.

25.5     Delegation

         The Agent may act under the Finance Documents through its personnel and
         agents.

25.6     Responsibility for Documentation

         Neither the Agent nor the Lead Arranger is responsible to any other
         Party for:

         (a)      the execution, genuineness, validity, enforceability or
                  sufficiency of any Finance Document or any other document;

         (b)      the collectability of amounts payable under any Finance
                  Document; or

         (c)      the accuracy of any statements (whether written or oral) made
                  in or in connection with any Finance Document.

25.7     Default

         (a)      The Agent is not obliged to monitor or enquire as to whether
                  or not a Default has occurred. The Agent will not be deemed to
                  have knowledge of the occurrence of a Default. However, if the
                  Agent receives notice from a Party referring to this
                  Agreement, describing the Default and stating that the event
                  is a Default, it shall promptly notify the Banks.

         (b)      The Agent may require the receipt of security satisfactory to
                  it, whether by way of payment in advance or otherwise, against
                  any liability or loss which it will or may incur in taking any
                  proceedings or action arising out of or in connection with any
                  Finance Document before it commences those proceedings or
                  takes that action.

25.8     Exoneration

         (a)      Without limiting paragraph (b) below, the Agent will not be
                  liable to any other Party for any action taken or not taken by
                  it under or in connection with any Finance Document, unless
                  caused by its gross negligence or wilful misconduct.

         (b)      No Party may take any proceedings against any officer,
                  employee or agent of the Agent in respect of any claim it
                  might have against the Agent or in respect of any act or
                  omission of any kind (including gross negligence or wilful
                  misconduct) by that officer, employee or agent in relation to
                  any Finance Document.

25.9     Reliance

         The Agent may:

         (a)      rely on any notice or document believed by it to be genuine
                  and correct and to have been signed by, or with the authority
                  of, the proper person;

         (b)      rely on any statement made by a director or employee of any
                  person regarding any matters which may reasonably be assumed
                  to be within his knowledge or within his power to verify; and

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<PAGE>   56

         (c)      engage, pay for and rely on legal or other professional
                  advisers selected by it (including those in its employment and
                  those representing a Party other than itself).

25.10    Credit Approval and Appraisal

         Without affecting the responsibility of the Borrower for information
         supplied by it or on its behalf in connection with any Finance
         Document, each Bank confirms that it:

         (a)      has made its own independent investigation and assessment of
                  the financial condition and affairs of the Borrower and its
                  related entities in connection with its participation in this
                  Agreement and has not relied exclusively on any information
                  provided to it by the Agent or the Lead Arranger in connection
                  with any Finance Document; and

         (b)      will continue to make its own independent appraisal of the
                  creditworthiness of the Borrower and its related entities
                  while any amount is or may be outstanding under the Finance
                  Documents or any Commitment is in force.

25.11    Information

         (a)      The Agent shall promptly forward to the person concerned or
                  make available for his inspection the original or a copy of
                  any document which is delivered to the Agent by a Party for
                  that person.

         (b)      The Agent shall promptly supply a Bank with a copy of each
                  document received by the Agent under Clause 4.1 (Conditions
                  precedent to Utilisation), upon the request and at the expense
                  of that Bank.

         (c)      Except where this Agreement specifically provides otherwise,
                  the Agent is not obliged to review or check the accuracy or
                  completeness of any document it forwards to or makes available
                  for inspection by another Party.

         (d)      Except as provided above, the Agent has no duty:

                  (i)      either initially or on a continuing basis to provide
                           any Bank with any credit or other information
                           concerning the financial condition or affairs of the
                           Borrower or of its related entities, whether coming
                           into its possession before, on or after the date of
                           this Agreement; or

                  (ii)     unless specifically requested to do so by a Bank in
                           accordance with a Finance Document, to request any
                           certificates or other documents from the Borrower.

25.12    The Agent and the Lead Arranger individually

         (a)      If it is also a Bank, each of the Agent and the Lead Arranger
                  has the same rights and powers under this Agreement as any
                  other Bank and may exercise those rights and powers as though
                  it were not the Agent or the Lead Arranger as the case may be.

         (b)      Each of the Agent and the Lead Arranger may:

                  (i)      carry on any business with the Borrower or its
                           related entities;

                  (ii)     act as agent for, or in relation to any financing
                           involving, the Borrower or its related entities; and

                  (iii)    retain any profits or remuneration in connection with
                           its activities under this Agreement or in relation to
                           any of the foregoing.

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<PAGE>   57

         (c)      In acting as the Agent, the agency division of the Agent will
                  be treated as a separate entity from its other divisions and
                  departments. Any information acquired by the Agent which, in
                  its opinion, is acquired by it otherwise than in its capacity
                  as the Agent may be treated as confidential by the Agent and
                  will not be deemed to be information possessed by the Agent in
                  its capacity as such.

         (d)      The Borrower irrevocably authorises the Agent to disclose to
                  the other Finance Parties any information which, in the
                  opinion of the Agent, is received by it in its capacity as
                  Agent.

25.13    Indemnities

         (a)      Without limiting the liability of the Borrower under the
                  Finance Documents, each Bank shall forthwith on demand
                  indemnify the Agent for that Bank's proportion of any
                  liability or loss incurred by the Agent in any way relating to
                  or arising out of its acting as Agent, except to the extent
                  that the liability or loss arises from the gross negligence or
                  wilful misconduct of the Agent.

         (b)      A Bank's proportion of the liability set out in paragraph (a)
                  above at any time will be the proportion which its
                  participation in the Utilisations bears to all such
                  Utilisations outstanding on the date of the demand. However,
                  if there are no Utilisations outstanding on the date of demand
                  or the Default Date has occurred, then the proportion will be
                  the proportion which its Commitment bears to the Total
                  Commitments or, if the Total Commitments have then been
                  cancelled, bore to the Total Commitments immediately before
                  being cancelled.

25.14    Compliance

         (a)      The Agent may refrain from doing anything which might, in its
                  opinion, constitute a breach of any law or regulation or be
                  otherwise actionable at the suit of any person, and may do
                  anything which, in its opinion, is necessary or desirable to
                  comply with any law or regulation of any jurisdiction.

         (b)      Without limiting paragraph (a) above, the Agent need not
                  disclose any information relating to the Borrower or any of
                  its related entities if the disclosure might, in the
                  reasonable opinion of the Agent, constitute a breach of any
                  law or regulation or any duty of secrecy or confidentiality or
                  be otherwise actionable at the suit of any person.

25.15    Resignation of the Agent

         (a)      Notwithstanding its irrevocable appointment, the Agent may
                  resign by giving notice to the Banks and the Borrower, in
                  which case the Agent may, with the prior written consent of
                  the Borrower (such consent not to be unreasonably withheld),
                  forthwith appoint one of its Affiliates as successor Agent or,
                  failing that, the Majority Banks, may appoint a successor
                  Agent with the prior written consent of the Borrower (such
                  consent not to be unreasonably withheld or delayed).

         (b)      If the appointment of a successor Agent is to be made by the
                  Majority Banks but they have not, within 30 days after notice
                  of resignation, appointed a successor Agent which accepts the
                  appointment, the Agent may appoint a successor Agent.

         (c)      The resignation of the Agent and the appointment of any
                  successor Agent will both become effective only upon the
                  successor Agent notifying all the Parties that it accepts its
                  appointment. On giving the notification, the successor Agent
                  will succeed to the position of the Agent in respect of the
                  relevant Facility and the term "AGENT" will mean the successor
                  Agent.

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         (d)      The retiring Agent shall make available to the successor Agent
                  such documents and records and provide such assistance as the
                  successor Agent may reasonably request for the purposes of
                  performing its functions as the Agent under the Finance
                  Documents.

         (e)      Upon its resignation becoming effective, this Clause 25 shall
                  continue to benefit the retiring Agent in respect of any
                  action taken or not taken by it under or in connection with
                  the Finance Documents while it was the Agent, and, subject to
                  paragraph (d) above, it shall have no further obligations
                  under any Finance Document.

         (f)      The Majority Banks may, by notice to the Agent, require it to
                  resign in accordance with paragraph (a) above. In this event,
                  the Agent shall resign in accordance with paragraph (a) above
                  but it shall not be entitled to appoint one of its Affiliates
                  as successor Agent.

25.16    Banks

         (a)      The Agent may treat each Bank as a Bank, entitled to payments
                  under this Agreement and as acting through its Facility
                  Office(s) unless it has received not less than five Business
                  Days' prior notice from that Bank to the contrary.

         (b)      The Agent may at any time, and shall if requested to do so by
                  the Majority Banks, convene a meeting of the Banks.

26.      FEES

26.1     Front-end Fees

         The Borrower shall pay to the Lead Arranger front-end fees in the
         amounts and on the dates agreed in the Fee Letter.

26.2     VAT and Other Taxes

         Any fee referred to in this Clause 26 is exclusive of any value added
         tax or any other Tax which might be chargeable in connection with that
         fee. If any value added tax or other Tax is so chargeable, it shall be
         paid by the Borrower at the same time as it pays the relevant fee or if
         no VAT invoice has then been received, then within 7 Business Days of
         receiving a relevant VAT invoice.

27.      EXPENSES

27.1     Initial and Special Costs

         The Borrower shall forthwith on demand pay the Agent and the Lead
         Arranger the amount of all reasonable costs and expenses (including
         legal fees) incurred by any of them in connection with:

         (a)      the negotiation, preparation, printing and execution of:

                  (i)      this Agreement and any other documents referred to in
                           this Agreement; and

                  (ii)     any other Finance Document executed after the date of
                           this Agreement; and

                  (iii)    the syndication of the Tranche;

                  subject, however, to the limits on such expenses contained in
                  the Mandate Letter and the Bridge Mandate Letter; and

                                       55
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<PAGE>   59

         (b)      any amendment, waiver, consent or suspension of rights (or any
                  proposal for any of the foregoing) requested by or on behalf
                  of the Borrower and relating to a Finance Document or a
                  document referred to in any Finance Document.

27.2     Enforcement Costs

         The Borrower shall forthwith on demand pay to each Finance Party the
         amount of all costs and expenses (including legal fees and costs of
         valuations) incurred by it in connection with the enforcement of, or
         the preservation of any rights under, any Finance Document.

28.      STAMP DUTIES

         The Borrower shall pay, and forthwith on demand indemnify each Finance
         Party against any liability it incurs in respect of, any stamp,
         registration and similar Tax which is or becomes payable in connection
         with the entry into, performance or enforcement of any Finance
         Document.

29.      AMENDMENTS AND WAIVERS

29.1     Procedure

         (a)      Subject to Clause 29.2 (Exceptions), any term of the Finance
                  Documents may be amended or waived or any action consented to
                  with the agreement of the Borrower and the Majority Banks. The
                  Agent may effect, on behalf of the Finance Parties, an
                  amendment, consent or waiver to which they or the Majority
                  Banks have agreed.

         (b)      The Agent shall promptly notify the other Parties of any
                  amendment or waiver effected under paragraph (a) above, and
                  any such amendment or waiver shall be binding on all the
                  Parties.

29.2     Exceptions

         (a)      Any amendment, waiver, variation, modification or consent of,
                  or action with respect to, any term of the Finance Documents
                  shall require the consent of the Borrower and each of the
                  Banks if it relates to:

                  (i)      the definition of "MAJORITY BANKS" in Clause 1.1
                           (Defined terms);

                  (ii)     an extension of the date for, or a decrease in an
                           amount or a change in the currency of, any payment to
                           any Bank under the Finance Documents (including the
                           Applicable Margin (other than in accordance with the
                           terms of this Agreement) and any amount payable
                           pursuant to Clause 7 (Repayment));

                  (iii)    an increase in any Bank's Commitment;

                  (iv)     a term of a Finance Document which expressly requires
                           the consent of that Bank; or

                  (v)      Clause 2.2 (Nature of Bank's rights and obligations),
                           Clause 30.2 (Transfers by Banks), Clause 30.1
                           (Transfer by an Obligor), Clause 31 (Set-off and
                           redistribution), Clause 38.5 (Arbitration) or this
                           Clause 29.

         (b)      An amendment or waiver that affects the rights and/or
                  obligations of the Agent may not be effected without the
                  agreement of the Agent.

                                       56
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<PAGE>   60

29.3     Waivers and remedies cumulative

         The rights of each Finance Party under the Finance Documents:

         (a)      may be exercised as often as necessary;

         (b)      are cumulative and not exclusive of its rights under the
                  general law; and

         (c)      may be waived only in writing and specifically.

         Delay in exercising or non-exercise of any such right is not a waiver
         of that right.

29.4     Remedies cumulative

         The rights and remedies of each of the Finance Parties in this
         Agreement may be exercised as often as necessary and are cumulative and
         not exclusive of any rights or remedies provided by law.

30.      CHANGES TO PARTIES

30.1     Transfers by an Obligor

         No Obligor may assign, transfer, novate or dispose of any of, or any
         interest in, its rights and/or obligations under the Finance Documents.

30.2     Transfers by Banks

         (a)      A Bank (the "EXISTING BANK") may at any time assign or
                  transfer any of its rights and/or obligations under this
                  Agreement to another bank or financial institution (the "NEW
                  BANK") with, in the case of any bank or financial institution
                  other than a Bank or an Affiliate of such Existing Bank, the
                  prior written consent of the Borrower, such consent not to be
                  unreasonably withheld or delayed; provided that:

                  (i)      such assignment and/or transfer shall be in the
                           amount of (euro) 1,000,000 or an integral multiple of
                           (euro) 1,000,000 in excess thereof, except in the
                           case of an assignment or transfer which has the
                           effect of reducing the participation of the relevant
                           Bank to zero; and

                  (ii)     if the Borrower fails to respond to a request for
                           such consent within 10 Business Days after such
                           request, the Borrower shall be deemed to have given
                           its consent under this Clause 30.2(a).

         (b)      A transfer and/or assignment of obligations will be effective
                  only if the New Bank confirms to the Agent and the Borrower
                  that it undertakes to be bound by the terms of this Agreement
                  as a Bank in form and substance satisfactory to the Agent or
                  executes a Transfer Certificate and serves the attached notice
                  on the Borrower and the Agent and undertakes to be bound by
                  the terms of the Subordination Agreement as a Senior
                  Subordinated Finance Party (as defined therein) by executing
                  and delivering to the Agent a Finance Party Accession Deed in
                  the form attached to the Subordination Agreement. On the
                  transfer and/or assignment becoming effective in this manner
                  the Existing Bank shall be relieved of its obligations under
                  this Agreement to the extent that they are transferred and/or
                  assigned to the New Bank.

         (c)      Nothing in this Agreement restricts the ability of a Bank to
                  sub-contract an obligation if that Bank remains liable under
                  this Agreement for that obligation.

         (d)      On each occasion an Existing Bank assigns and/or transfers any
                  of its rights and/or obligations under this Agreement to any
                  bank or financial institution other than an Affiliate of such

                                       57
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<PAGE>   61

                  Existing Bank, the New Bank shall, on the date the assignment
                  or transfer takes effect, pay to the Agent for its own account
                  a fee of (euro) 2,000.

         (e)      An Existing Bank is not responsible to a New Bank for:

                  (i)      the execution, genuineness, validity, enforceability
                           or sufficiency of any Finance Document or any other
                           document;

                  (ii)     the collectability of amounts payable under any
                           Finance Document; or

                  (iii)    the accuracy of any statements (whether written or
                           oral) made in or in connection with any Finance
                           Document.

         (f)      Each New Bank confirms to the Existing Bank and the other
                  Finance Parties that it:

                  (i)      has made its own independent investigation and
                           assessment of the financial condition and affairs of
                           the Obligors and their related entities in connection
                           with its participation in this Agreement and has not
                           relied exclusively on any information provided to it
                           by the Existing Bank in connection with any Finance
                           Document; and

                  (ii)     will continue to make its own independent appraisal
                           of the creditworthiness of the Obligors and their
                           related entities while any amount is or may be
                           outstanding under this Agreement or any Commitment is
                           in force.

         (g)      Nothing in any Finance Document obliges an Existing Bank to:

                  (i)      accept a re-transfer from a New Bank of any of the
                           Commitment and/or rights and/or obligations assigned,
                           transferred or novated under this Clause; or

                  (ii)     support any losses incurred by the New Bank by reason
                           of the non-performance by the Borrower of its
                           obligations under the Finance Documents or otherwise.

         (h)      Any reference in this Agreement to a Bank includes a New Bank
                  but excludes a Bank if no amount is or may be owed to or by it
                  under this Agreement and its Commitment has been cancelled or
                  reduced to nil.

         (i)      If at any time any Bank assigns or transfers any of its
                  rights, benefits and obligations hereunder or transfers its
                  Facility Office and at the time of such assignment or transfer
                  there arises an obligation on the part of the Borrower under
                  Clause 14 (Taxes) or Clause 16 (Increased costs) to pay to
                  such Bank or its assignee or transferee any amount in excess
                  of the amount the Borrower would have then been obliged to pay
                  but for such assignment or transfer, then the Borrower shall
                  not be obliged to pay the amount of such excess.

30.3     Procedure for Transfers

         A transfer and/or assignment may be effected if the Existing Bank and
         the New Bank deliver to the Agent a duly completed certificate,
         substantially in the form of Schedule C (a "TRANSFER Certificate") and
         a duly completed Finance Party Accession Deed in the form attached to
         the Subordination Agreement.

30.4     Reference Banks

         If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of
         which it is an Affiliate) ceases to be a Bank, the Agent shall (in
         consultation with the Borrower) appoint another Bank or an Affiliate of
         a Bank to replace that Reference Bank.

                                       58
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<PAGE>   62

30.5     Register

         The Agent shall keep a register of all the Parties and shall supply any
         other Party (at that Party's expense) with a copy of the register on
         request.

31.      SET-OFF AND REDISTRIBUTION

31.1     Set-off

         Each Finance Party may (but shall not be obliged to) set off against
         any obligation of any Obligor due and payable by it to or for the
         account of such Finance Party under this Agreement and not paid on the
         due date or within any applicable grace period any moneys held by such
         Finance Party for the account of such Obligor at any office of such
         Finance Party anywhere and in any currency, whether or not matured.
         Such Finance Party may effect such currency exchanges as are
         appropriate to implement the set-off and any usual charges in relation
         to such currency exchanges shall be paid by such Obligor. Any Finance
         Party which has set off shall give prompt notice of that fact to the
         relevant Obligor.

31.2     Application of Payments

         (a)      If the Agent receives a payment insufficient to discharge all
                  the amounts then due and payable by the Borrower under the
                  Finance Documents, the Agent shall apply that payment towards
                  the obligations of the Borrower under the Finance Documents in
                  the following order (after converting the payment into the
                  currency necessary to make payment of the relevant amounts due
                  in the currencies in which they are due at the Agent's Spot
                  Rate of Exchange):

                  (i)      FIRST, in or towards payment of any unpaid fees,
                           costs and expenses of the Agent under the Finance
                           Documents (including, without limitation, amounts
                           advanced by the Agent on behalf of any other Finance
                           Party under the Finance Documents) pro rata between
                           the amounts of such unpaid fees, costs and expenses;

                  (ii)     SECOND, in or towards payment pro rata to the
                           relevant proportions of any accrued interest and fees
                           due to each Bank but unpaid under the Finance
                           Documents ;

                  (iii)    THIRD, in or towards payment pro rata to the relevant
                           proportions of any principal due to each Bank but
                           unpaid under the Finance Documents; and

                  (iv)     FOURTH, in or towards payment pro rata to the
                           relevant proportions of any other sum due but unpaid
                           under the Finance Documents.

         (b)      For the purposes of paragraph (a) above, "THE RELEVANT
                  PROPORTIONS" means the proportion which the Euro Equivalent of
                  the amount of each Bank's actual participations in the amounts
                  that have fallen due in the same class as set out in paragraph
                  (a) above bears to the Euro Equivalent of the aggregate amount
                  of all such amounts that have fallen due at that time.

         (c)      The Agent shall, if so directed by all the Banks, vary the
                  order set out in sub-paragraphs (a)(ii) to (iv) above and it
                  shall without any legal commitment use reasonable endeavours
                  to notify the Borrower of any such variation.

         (d)      Paragraphs (a), (b) and (c) above will override any
                  appropriation made by an Obligor or a Shareholder.

         (e)      For the purposes of this Clause 31.2 any Euro Equivalent shall
                  be calculated as at the date 2 Business Days prior to the date
                  the Agent makes any relevant application.

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<PAGE>   63

31.3     Redistribution and Loss Sharing

         (a)      If any amount owing by an Obligor to a Bank (the "RECOVERING
                  BANK") is discharged by the proceeds on enforcement of
                  security being allocated to that Bank in priority to other
                  Banks (whether pursuant to Polish law or otherwise) or by
                  payment, set-off, enforcement of security or by any other
                  manner other than (w) through the Agent in accordance with
                  Clause 13 (Payments), (x) in accordance with the applicable
                  priority at the relevant time set out in Clause 31.2
                  (Application of payments) or (y) in accordance with a
                  guarantee from an affiliate of such Bank (a "RECOVERY"), then:

                  (i)      the recovering Bank shall, within three Business
                           Days, notify details of the recovery to the Agent;

                  (ii)     the Agent shall determine whether the recovery is in
                           excess of the amount which the recovering Bank would
                           have received had the recovery been received by the
                           Agent and distributed in accordance with Clause 13
                           (Payments) and the applicable priorities at the
                           relevant time set out in Clause 31.2 (Application of
                           payments);

                  (iii)    subject to Clause 31.5 (Exceptions), the recovering
                           Bank shall, within three Business Days of demand by
                           the Agent, pay to the Agent an amount (the
                           "REDISTRIBUTION") equal to the excess in the currency
                           in which the recovering Bank made the recovery;

                  (iv)     the Agent shall treat the redistribution as if it
                           were a payment by the Borrower under Clause 13
                           (Payments) and, after converting the redistribution
                           into the currencies necessary to make payments of
                           amounts due to the Banks in the currency in which
                           they are due at the Agent's Spot Rate of Exchange, it
                           shall pay the redistribution to the Banks (other than
                           the recovering Bank) in accordance with Clause 31.2
                           (Application of payments); and

                  (v)      after payment of the full redistribution, the
                           recovering Bank will be subrogated to the portion of
                           the claims paid under paragraph (iv) above and the
                           Borrower will owe the recovering Bank a debt which is
                           equal to the redistribution, immediately payable and
                           of the type originally discharged.

31.4     Reversal of Redistribution

         If after the operation of Clause 31.3 (Redistribution and loss
         sharing):

         (a)      a recovering Bank must subsequently return a recovery, or an
                  amount measured by reference to a recovery, to an Obligor; and

         (b)      the recovering Bank has paid a redistribution in relation to
                  that recovery,

         each Bank shall, within three Business Days of demand by the recovering
         Bank through the Agent reimburse the recovering Bank all or the
         appropriate portion of the redistribution paid to that Bank together
         with interest on the amount to be returned to the recovering Bank for
         the period whilst it held the redistribution. Thereupon, the
         subrogation in Clause 31.3(b)(v) (Redistribution and loss sharing) will
         operate in reverse to the extent of the reimbursement.

31.5     Exceptions

         A recovering Bank is not obliged to share with any other Bank under
         Clause 31.3 (Redistribution and loss sharing) any amount which the
         recovering Bank has received or recovered as a result of taking legal
         proceedings, if the other Bank had an opportunity to participate in
         those legal proceedings but did not do so or did not take separate
         legal proceedings.

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<PAGE>   64

32.      DISCLOSURE OF INFORMATION

         (a)      A Bank may disclose to one of its Affiliates or any person
                  with whom it is proposing to enter, or has entered into, any
                  kind of transfer, participation or other agreement in relation
                  to this Agreement:

                  (i)      a copy of any Finance Document; and

                  (ii)     any information which that Bank has acquired under or
                           in connection with any Finance Document;

                  so long as in all cases, any recipient thereof has previously
                  agreed in writing to keep the content of such Finance Document
                  or such information confidential and not to disclose it to any
                  other person.

         (b)      Subject to sub-clause (a) above, the parties will keep
                  confidential the Finance Documents and all information that
                  they acquire under or in connection with the Finance Documents
                  save that such information may be disclosed:

                  (i)      if so required by law or regulation or if requested
                           by any regulator with jurisdiction over any Finance
                           Party or any affiliate of any Finance Party;

                  (ii)     if it comes into the public domain (other than as a
                           result of a breach of this Clause 32);

                  (iii)    to auditors, professional advisers or rating
                           agencies; or

                  (iv)     in connection with any legal proceedings.

         The provisions of this Clause 32 shall supersede any undertakings with
         respect to confidentiality previously given by any Finance Party in
         favour of any Obligor.

33.      SEVERABILITY

         If a provision of any Finance Document is or becomes illegal, invalid
         or unenforceable in any jurisdiction, that shall not affect:

         (a)      the validity or enforceability in that jurisdiction of any
                  other provision of the Finance Documents; or

         (b)      the validity or enforceability in other jurisdictions of that
                  or any other provision of the Finance Documents.

34.      COUNTERPARTS

         Each Finance Document may be executed in any number of counterparts,
         and this has the same effect as if the signatures on the counterparts
         were on a single copy of the Finance Document.

35.      NOTICES

35.1     Communications in Writing

         Any communication to be made under or in connection with the Finance
         Documents shall be made in writing and, unless otherwise stated, may be
         made by fax or letter or (to the extent that the relevant party has
         specified such address pursuant to Clause 35.2 (Addresses)) by e-mail.

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35.2     Addresses

         (a)      The address and fax number, and (if so specified) e-mail
                  address, and, where appropriate, web site (and the department
                  or officer, if any, for whose attention the communication is
                  to be made) of each party for any communication or document to
                  be made or delivered under or in connection with the Finance
                  Documents is:

                  (i)      in the case of the Borrower, that identified with its
                           name below;

                  (ii)     in the case of each Bank or any other Obligor, that
                           notified in writing to the Agent on or prior to the
                           date on which it becomes a party; and

                  (iii)    in the case of the Agent, that identified with its
                           name below,

                  or any substitute address, fax number, e-mail address, web
                  site or department or officer, or initial e-mail address as
                  the party may notify to the Agent (or the Agent may notify to
                  the other parties, if a change is made by the Agent) by not
                  less than five Business Days' written notice.

         (b)      The address, e-mail address and facsimile number of the
                  Borrower are:

                  Al. Jerozolimskie 181
                  02-222 Warsaw 1
                  Poland

                  Tel:          +48 22 413 6000
                  Facsimile:    +48 22 413 6239
                  Email:        jeastick@eragsm.pl
                  Attn:         Jon Eastick

                  or such other as the Borrower may notify to the Agent by not
                  less than five Business Days' notice.

         (c)      The address, e-mail address and facsimile number of the Agent
                  are:

                  Deutsche Bank Luxembourg S.A.
                  2, Boulevard Konrad Adenauer
                  L-1115 Luxembourg

                  Tel:           +353 42122 781/294
                  Facsimile:     +353 42122 287
                  Email:         credit.dblux@db.com
                  Attn:          International Loans & Agency Services,
                                 Project Finance

                  or such other as the Agent may notify to the other Parties by
                  not less than five Business Days' notice.

35.3     Delivery

         (a)      Any communication or document made or delivered by one person
                  to another under or in connection with the Finance Documents
                  will only be effective:

                  (i)      if by way of fax or e-mail, when received in legible
                           form; or

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                  (ii)     if by way of letter, when it has been left at the
                           relevant address or five Business Days after being
                           deposited in the post postage prepaid in an envelope
                           addressed to it at that address; or

                  (iii)    where reference in such communication is to a web
                           site, when the delivery of the letter, fax or, as the
                           case may be e-mail referring the addressee to such
                           web site is effective;

                  and, if a particular department or officer is specified as
                  part of its address details provided under Clause 35.2
                  (Addresses), if addressed to that department or officer.

         (b)      Any communication or document to be made or delivered to the
                  Agent will be effective only when actually received by the
                  Agent and then only if it is expressly marked for the
                  attention of the department or officer identified with the
                  Agent's signature below (or any substitute department or
                  officer the Agent shall specify for this purpose).

         (c)      All notices from or to an Obligor shall be sent through the
                  Agent.

         (d)      Any communication or document made or delivered to any Obligor
                  in accordance with this Clause will be deemed to have been
                  made or delivered to each of the Obligors.

35.4     Notification of address, fax number and e-mail address

         Promptly upon receipt of notification of an address, fax number or (as
         the case may be) e-mail or change of address, fax number or e-mail
         pursuant to Clause 35.2 (Addresses) or changing its own address, fax
         number or e-mail, the Agent shall notify the other parties.

36.      EVIDENCE AND CALCULATIONS

36.1     Accounts

         Accounts maintained by a Finance Party in connection with this
         Agreement are prima facie evidence of the matters to which they relate.

36.2     Certificates and Determinations

         Any certification or determination by a Finance Party of a rate or
         amount under the Finance Documents is, in the absence of manifest
         error, prima facie evidence of the matters to which it relates.

36.3     Calculations

         Interest accrues from day to day and is calculated on the basis of the
         actual number of days elapsed and a year of 360 days.

37.      LANGUAGE

         (a)      Any notice given under or in connection with any Finance
                  Document shall be in English.

         (b)      All other documents provided under or in connection with any
                  Finance Document shall be:

                  (i)      in English; or

                  (ii)     if not in English, accompanied by a certified English
                           translation and, in this case, the English
                           translation shall prevail unless the document is a
                           statutory or other official document.

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<PAGE>   67

         (c)      Counterparts of this Agreement shall be executed in both the
                  English and the Polish languages. In the event of any
                  inconsistency between the English text and the Polish text,
                  the English text shall prevail.

38.      JURISDICTION

38.1     Submission

         For the benefit of each Finance Party, the Obligors agree that the
         courts of England have jurisdiction to settle any disputes in
         connection with any Finance Document and accordingly submits to the
         jurisdiction of the English courts.

38.2     Service of Process

         Without prejudice to any other mode of service, the Borrower:

         (a)      irrevocably appoints Clifford Chance Secretaries Limited as
                  its agent for service of process in relation to any
                  proceedings before the English courts in connection with any
                  Finance Document; and

         (b)      agrees that failure by a process agent to notify the Borrower
                  of the process will not invalidate the proceedings concerned;
                  and

         (c)      consents to the service of process relating to any such
                  proceedings by prepaid posting of a copy of the process to its
                  address for the time being applying under Clause 35.2
                  (Addresses).

38.3     Forum Conveniens and Enforcement Abroad

         The Borrower:

         (a)      waives objection to the English courts on grounds of
                  inconvenient forum or otherwise as regards proceedings in
                  connection with a Finance Document; and

         (b)      agrees that a judgment or order of an English court in
                  connection with a Finance Document is conclusive and binding
                  on it and may be enforced against it in the courts of any
                  other jurisdiction.

38.4     Non-exclusivity

         Nothing in this Clause 38 limits the right of a Finance Party to bring
         proceedings against an Obligor in connection with any Finance Document:

         (a)      in any other court of competent jurisdiction; or

         (b)      concurrently in more than one jurisdiction.

38.5     Arbitration

         Notwithstanding Clauses 38.1 (Submission) to 38.4 (Non-exclusivity):

         (a)      all the Parties agree that if all the Banks so require; and

         (b)      for the benefit of each Bank, the Borrower agrees if a Bank so
                  requires,

         any dispute arising out of or in connection with a Finance Document
         (including any question regarding its existence, validity or
         termination) shall be referred to and finally resolved by arbitration
         under the

                                       64
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<PAGE>   68

         Rules of the London Court of International Arbitration (the "RULES")
         which rules are deemed to be incorporated by reference into this Clause
         38.5. The Tribunal shall consist of a sole arbitrator agreed upon by
         the Borrower, the Agent and the Banks in writing (subject to the Rules)
         or, if not so agreed within 21 days of the Banks or a Bank requiring
         the dispute to be referred to arbitration, a sole arbitrator appointed
         in accordance with the Rules. The place of any such arbitration shall
         be London and the language English.

39.      WAIVER OF IMMUNITY

         The Borrower irrevocably and unconditionally:

         (a)      agrees that if a Finance Party brings proceedings in any
                  jurisdiction against it or its assets in relation to a Finance
                  Document, no immunity from those proceedings (including,
                  without limitation, suit, attachment prior to judgment, other
                  attachment, the obtaining of judgment, execution or other
                  enforcement) will be claimed by or on behalf of itself or with
                  respect to its assets;

         (b)      waives any such right of immunity which it or its assets now
                  has or may subsequently acquire to the fullest extent
                  permitted by the laws of such jurisdiction; and

         (c)      consents generally in respect of any such proceedings to the
                  giving of any relief or the issue of any process in connection
                  with those proceedings, including, without limitation, the
                  making, enforcement or execution against any assets whatsoever
                  (irrespective of its use or intended use) of any order or
                  judgment which may be made or given in those proceedings.

         In furtherance of the foregoing the Borrower represents and warrants
         that this Agreement and the incurring by the Borrower of the Tranches
         are commercial rather than public or governmental acts and that the
         Borrower is not entitled to claim immunity from legal proceedings with
         respect to itself or any of its assets on the grounds of sovereignty or
         otherwise under any law or in any jurisdiction where an action may be
         brought for the enforcement of any of the obligations arising under or
         relating to this Agreement. To the extent that the Borrower or any of
         its assets has or hereafter may acquire any right to immunity from
         set-off, legal proceedings, attachment prior to judgment, other
         attachment or execution of judgment on the grounds of sovereignty or
         otherwise, the Borrower hereby irrevocably waives such rights to
         immunity in respect of its obligations arising under or relating to
         this Agreement.

40.      GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
         English law.

41.      THIRD PARTIES

         A person who is not a party to this Agreement has no right under the
         Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
         benefit of any terms of this Agreement.

IN WITNESS WHEREOF the parties to this Agreement have caused this Agreement to
be duly executed on the date first written above.

                                       65
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<PAGE>   69

                                   SCHEDULE A

                                     BANKS

<TABLE>
<CAPTION>
  BANKS                                                 COMMITMENT
                                                          (euro)
  <S>                                               <C>
  Deutsche Bank Luxembourg S.A.                     (euro) 28,000,000
  TOTAL COMMITMENTS:                                (euro) 28,000,000
</TABLE>

                                       66
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<PAGE>   70

                                   SCHEDULE B

                             SUBORDINATION AGREEMENT

                                       67
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<PAGE>   71

                                   SCHEDULE C

                          FORM OF TRANSFER CERTIFICATE

DATED [      ]

BETWEEN

(1)      [      ] (the "TRANSFEROR") of [        ]; and

(2)      [      ] (the "TRANSFEREE") of [        ].

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.

             (euro) 28,000,000 CREDIT AGREEMENT DATED 30 MARCH, 2001

NOW IT IS HEREBY AGREED as follows:

1.       DEFINITIONS AND INTERPRETATIONS

1.1      Definitions

         "CREDIT AGREEMENT" means the facility agreement dated 30 March, 2001
         between Polska Telefonia Cyfrowa Sp. z o.o., the Banks as defined
         therein, Deutsche Bank AG London as Lead Arranger and Deutsche Bank
         Luxembourg S.A. as Agent.

         "EFFECTIVE DATE" means [      ].

         "TRANSFERRED ADVANCE" means a principal amount of the following
         Utilisation:

         [describe Advance, amount, Interest Periods, etc].

1.2      Interpretation

         In this Transfer Certificate terms defined in the Credit Agreement
         shall, unless otherwise defined herein or the context otherwise
         requires, have the same meaning.

2.       ASSIGNMENT AND TRANSFER

         With effect on and from the Effective Date the Transferor hereby
         assigns and transfers to the Transferee its rights to and obligations
         in relation to the Transferred Advance under the Credit Agreement and
         all rights and benefits under the Finance Documents relevant thereto.

3.       NOTICE OF TRANSFER

         The parties hereto agree that a notice of transfer in the form of the
         Annexure shall, following execution of this Agreement, be sent to the
         Borrower and the Agent.

4.       APPLICABLE LAW

         This Transfer Certificate shall be governed by and construed with
         English law.

                                       68
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<PAGE>   72

5.       TRANSFEREE REPRESENTATIONS

         The Transferee hereby:

         (a)      represents to the Agent that on the Effective Date, in
                  relation to the Tranche, it is either:

                  (i)      not resident in the United Kingdom for United Kingdom
                           tax purposes; or

                  (ii)     a bank as defined in section 840A of the Income and
                           Corporation Taxes Act 1988 and resident in the United
                           Kingdom; and

                  beneficially entitled to the principal and interest payable by
                  the Agent to it under this Agreement and, if it is able to
                  make those representations on the Effective Date, shall
                  forthwith notify the Agent if either representation ceases to
                  be correct;

         (b)      confirms that it has received from the Transferor a copy of
                  the Credit Agreement together with such other documents and
                  information as it has requested in connection with this
                  Transfer Certificate;

         (c)      without affecting the responsibility of any Obligor for
                  information supplied by it or on its behalf in connection with
                  any Finance Document, the Transferee confirms that it:

                  (i)      has made its own independent investigation and
                           assessment of the financial condition and affairs of
                           the Obligors and their related entities in connection
                           with its participation in the Credit Agreement and
                           has not relied exclusively on any information
                           provided to it by the Agent, or the Lead Arranger in
                           connection with any Finance Document; and

                  (ii)     will continue to make its own independent appraisal
                           of the creditworthiness of the Obligors and their
                           related entities while any amount is or may be
                           outstanding under the Finance Documents; and

         (d)      represents and warrants to the Transferor and all other
                  parties to the Credit Agreement that it has the power to
                  become a party to the Credit Agreement as a "Bank", on the
                  terms herein and therein set out and has taken all necessary
                  steps to authorise execution and delivery of this Transfer
                  Certificate.

6.       TRANSFEREE COVENANTS

         The Transferee hereby undertakes with the Transferor and all other
         parties to the Credit Agreement that it will perform in accordance with
         its terms all those obligations which, by the terms of the Credit
         Agreement, will be assumed by it following delivery of this Transfer
         Certificate to the Agent.

7.       EXCLUSION OF TRANSFEROR'S LIABILITIES

         Neither the Transferor nor any other Finance Party makes any
         representation or warranty or assumes any responsibility with respect
         to:

         (a)      the execution, genuineness, validity, enforceability or
                  sufficiency of any Finance Document or any other document;

         (b)      the collectability of amounts payable under any Finance
                  Document; or

         (c)      the accuracy of any statements (whether written or oral) made
                  in or in connection with any Finance Document.

                                       69
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<PAGE>   73

8.       NOVATION

         Upon receipt of this Transfer Certificate by the Agent the Transferee
         will become a party to the Credit Agreement, on and with effect from
         the Effective Date in substitution for the Transferor with respect to
         those rights and obligations which by the terms of the Credit Agreement
         and this Transfer Certificate are assumed by the Transferee and the
         Transferor is accordingly released from all such obligations.

IN WITNESS whereof the parties hereto have entered into this Transfer
Certificate on the date stated at the head of this Transfer Certificate.

TRANSFEROR

[       ]

By:

TRANSFEREE

[       ]

By:

*[BORROWER
POLSKA TELEFONIA CYFROWA SP. Z O.O.

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

[Without prejudice to the foregoing execution of this Transfer Certificate by
the parties hereto, [Name of Transferee] hereby expressly and specifically
confirms its agreement with the granting of jurisdiction to English courts
provided for in the Credit Agreement and in any other Finance Documents, for the
purpose of Article 1 of the Protocol annexed to the Convention on the
Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters
signed at Brussels on 27 September, 1968, as amended.

For [Name of Transferee]

By:
    --------------------------------

Name:
Title:]**

----------

*        Required in the event of a transfer to Transferee that is not a Bank or
         an Affiliate of the Transferor; provided, however, that the Borrower's
         consent shall not be required if the Borrower fails to respond to a
         request for its consent within 10 Business Days after the date of this
         Transfer Certificate, the Borrower shall be deemed to have given its
         consent.

**       Required in the event of a transfer to Transferee that is incorporated
         in Luxembourg.

                                       70
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<PAGE>   74

                                    ANNEXURE

                    NOTICE OF TRANSFER TO BORROWER AND AGENT

To:      POLSKA TELEFONIA CYFROWA SP. Z O.O. (the "BORROWER")

         DEUTSCHE BANK LUXEMBOURG S.A.

[ ] (the "TRANSFEROR") and [ ] (the "Transferee") hereby give notice that
pursuant to the terms of a transfer certificate dated [ ], (the "TRANSFER
CERTIFICATE") a copy of which is enclosed, made between the Transferor and the
Transferee relating to a facility agreement dated 30 March, 2001 (the "CREDIT
AGREEMENT") between the Borrower, Deutsche Bank AG London as Lead Arranger, the
Banks named therein and Deutsche Bank Luxembourg S.A. as Agent, the Transferor
has, with effect from [ ] (the "EFFECTIVE DATE") effected the transfer stated in
the Transfer Certificate. The Transferee agrees, with effect from the Effective
Date, to be bound by the terms and conditions of the Finance Documents as if it
had been an original party to the Credit Agreement as a Bank with a
participation in the Utilisation equal to the Transferred Advance stated in the
Transfer Certificate.

Dated [                ]

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

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

                                       71
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<PAGE>   75

                                   SCHEDULE D

                        DOCUMENTARY CONDITIONS PRECEDENT

THE BORROWER

1.       (a)      A copy of a resolution of the management board of the Borrower
                  approving the terms of, and the transactions contemplated by,
                  the Finance Documents.

         (b)      A copy of a resolution of the supervisory board of the
                  Borrower approving the terms of, and the transactions
                  contemplated by, the Finance Documents.

2.       A specimen of the signature of each person authorised to sign the
         Finance Documents on behalf of the Borrower and to sign and/or despatch
         all documents and notices to be signed and/or despatched by the
         Borrower under or in connection with the Finance Documents.

3.       A certificate of an authorised signatory of the Borrower certifying
         that each copy document delivered under paragraphs 1 and 2 above is
         correct, complete and in full force and effect as at a date no earlier
         than the date of this Agreement and that there has been no change to
         the documents delivered pursuant to paragraph 1 of Schedule E to the
         Main Facility Agreement.

MISCELLANEOUS

4.       Legal opinions from each of:

         (a)      Shearman & Sterling; and

         (b)      Clifford Chance Pander;

5.       The Fee Letter duly executed by the parties thereto in the agreed form.

6.       Evidence of the irrevocable acceptance of the person appointed as
         process agent under Clause 38.2 (Service of process) to act as agent
         for service of process.

7.       A copy of any other governmental or other authorisation, approval or
         other document, opinion or assurance, including without limitation a
         document evidencing approval by the Shareholders, necessary or
         desirable in connection with the entry into and performance of, and the
         transactions contemplated by, any Finance Document or for the validity
         and enforceability of any Finance Document.

8.       Evidence reasonably acceptable to the Agent that all fees payable in
         accordance with the Fee Letter and all other invoiced fees, costs and
         expenses (including, without limitation, legal fees and all costs of
         registration, property transfers, security or otherwise) details of
         which are known at the Signing Date will be paid on the Utilisation
         Date.

9.       The Mandate Letter duly executed by the Borrower and DBAG in the agreed
         form.

10.      The Bridge Mandate Letter duly executed by the Borrower and DBAG in the
         agreed form.

11.      The Side Agreement duly executed by the parties thereto in the agreed
         form.

12.      Polish translations of the Agreement, the Subordination Agreement and
         the Side Agreement duly executed by the parties thereto.

                                       72
--------------------------------------------------------------------------------
<PAGE>   76

                                   SCHEDULE E

                           EXISTING SECURITY INTERESTS

<TABLE>
<CAPTION>
                                                                                                                           PERSONS
                                                                                                                           ENTITLED
                                                                                                        DESCRIPTION         TO THE
NAME OF COMPANY               PROPERTY CHARGED                 DATE OF CREATION                           OF CHARGE         CHARGE
---------------               ----------------                 ----------------                           ---------         ------
<S>                       <C>                              <C>                                         <C>                <C>
1. Elektrim S.A.          Shares and future shares in      14 September 1998 (pledge over shares and   Registered Pledge    Citibank
                          Polska Telefonia Cyfrowa         future shares)                                                   (Poland)
                          Sp. z o.o.                                                                                           S.A.

                                                           21 April 1998 (pledge over shares)
                                                           (on 12 June 2000  Elektrim  S.A. was
                                                           entered as a pledgor in the Register
2. BRE Bank S.A.          Shares and future shares in      of Pledges)
                          Polska Telefonia Cyfrowa                                                     Registered Pledge    Citibank
                          Sp. z o.o.                       13 May 1999 (pledge over future shares)                          (Poland)
                                                           (on 24 September 1999 Elektrim S.A.                                 S.A.
                                                           submitted an application to change the
                                                           entry in the Register of Pledges)

3. Carcom Warszawa        Shares and future shares in      7 April 1998 (pledge over shares)
   Sp. z o.o.             Polska Telefonia Cyfrowa                                                     Registered Pledge    Citibank
                          Sp. z o.o.                       29 May 1999 (pledge over future shares)                          (Poland)
                                                                                                                              S.A.

4. De Te Mobil            Shares and future shares in      Registered pledge  agreement was signed     Registered Pledge    Citibank
                          Polska Telefonia Cyfrowa         on 30 January 1998 but the pledges have                          (Poland)
                          Sp. z o.o.                       not been registered yet                                             S.A.

5. Elektrim Autoinvest    Shares and future shares in      Registered pledge agreement was signed on   Registered Pledge    Citibank
   S.A.                   Polska Telefonia Cyfrowa         15 January 1998 but the pledges have not                         (Poland)
                          Sp. z o.o.                       been registered yet                                                 S.A.

6. Kulczyk Holding S.A.   Shares and future shares in      The registered pledge agreement was signed  Registered Pledge    Citibank
                          Polska Telefonia Cyfrowa         on 15 January 1998 but the pledge over                           (Poland)
                          Sp. z o.o.                       shares has not been registered yet. On 24                           S.A.
                                                           September 1999 Elektrim S.A. submitted an
                                                           application to change the entry in the
                                                           Register of Pledges.
</TABLE>

                                       73
--------------------------------------------------------------------------------
<PAGE>   77

<TABLE>
<CAPTION>
                                                                                                                           PERSONS
                                                                                                                           ENTITLED
                                                                                                       DESCRIPTION         TO THE
NAME OF COMPANY             PROPERTY CHARGED                   DATE OF CREATION                          OF CHARGE         CHARGE
---------------             ----------------                   ----------------                          ---------         ------
<S>                         <C>                                <C>                                     <C>                 <C>
                                                               The pledge over future shares was
                                                               registered on 24 June 1998. On 24
                                                               September 1999 Elektrim S.A.
                                                               submitted an application to
                                                               change the entry in the Register of
                                                               Pledges.

7.   Polpager Sp. z o.o.    Shares and future shares in        2 July 1998 (pledge over shares)
                            Polska Telefonia Cyfrowa                                                   Registered Pledge   Citibank
                            Sp. z o.o.                         28 October 1998 (pledge over future                         (Poland)
                                                               shares)                                                        S.A.

                                                               16 March 1999 (pledge over shares)
                                                               (On 24 September 1999 Elektrim S.A.
                                                               submitted an application to change the
8.   TuiR Warta S.A.        Shares and future shares in        entry in the Register of Pledges.)
                            Polska Telefonia Cyfrowa                                                   Registered Pledge   Citibank
                            Sp. z o.o.                         6 January 1999 (pledge over new shares)                     (Poland)
                                                               (Elektrim S.A. was entered as a pledgor                       S.A.
                                                               in the Register of Pledges)

9.   Media One (US West     Shares and future shares in        The registered  pledge  agreement was
     International B.V.)    Polska Telefonia Cyfrowa           signed on 29 January  1998 but the      Registered pledge   Citibank
                            Sp. z o.o.                         pledges have not been registered yet                        (Poland)
                                                               18 May 2000                                                   S.A.

10.  Drugi Polski Fundusz   Future shares in Polska            (On 24 September 1999 Elektrim S.A.
     Rozwoju BRE            Telefonia Cyfrowa Sp. z o.o.       submitted an application to change the  Registered pledge   Citibank
                                                               entry in the Register of Pledges.)                          (Poland)
                                                                                                                             S.A.
</TABLE>

                                       74
--------------------------------------------------------------------------------
<PAGE>   78

                                   SCHEDULE F

                              ADDITIONAL COSTS RATE

1.       The Additional Costs Rate shall be:

         for all Banks, the rate determined by the Agent to be equal to the
         arithmetic mean (rounded upwards, if necessary, to four decimal places)
         of the rates notified by each of the Banks in accordance with its
         respective status weighted in proportion to the percentage
         participation of that Bank in the related Advance to the Agent as the
         rate resulting from the application (as appropriate) of the following
         formulae:

                  in relation to Sterling Advances:

                            XL + S(L-D) + (E x 0.01)
                            ------------------------
                                   100 - (X+S)

                  in relation to other Advances:

                                    E x 0.01
                                    --------
                                       300

                  where, in each case, on the day of application of a formula:

                  X        is the percentage of Eligible Liabilities (in excess
                           of any stated minimum) by reference to which that
                           Bank is required under or pursuant to the Bank of
                           England Act 1998 to maintain cash ratio deposits with
                           the Bank of England;

                  L        is the percentage rate of interest (excluding [the
                           Applicable Margin and] any amounts compensated under
                           the Additional Costs Rate) payable for the relevant
                           Interest Period on the Advance;

                  E        is the rate of charge being payable by that Bank to
                           the Financial Services Authority ("FSA") pursuant to
                           paragraph 2.02 or 2.03 (as the case may be) of the
                           Fees Regulations (but where, for this purpose, the
                           figures at paragraph 2.02(b) and 2.03(b) of the Fees
                           Regulations shall be deemed to be zero) and expressed
                           in pounds per (pound)1 million of the Fee Base of
                           that Bank;

                  S        is the level of interest bearing Special Deposits,
                           expressed as a percentage of Eligible Liabilities,
                           which that Bank is required to maintain by the Bank
                           of England (or other United Kingdom governmental
                           authorities or agencies); and

                  D        is the percentage rate per annum payable by the Bank
                           of England to that Bank on Special Deposits.

                  (X, L, S and D shall be expressed in the formula as numbers
                  and not as percentages. A negative result obtained from
                  subtracting D from L shall be counted as zero).

2.       For the purposes of this Schedule F:

         "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings given
         to those terms under or pursuant to the Bank of England Act 1998 or by
         the Bank of England (as may be appropriate), on the day of the
         application of the formula;

                                       75
--------------------------------------------------------------------------------
<PAGE>   79

         "FEE BASE" has the meaning given to that term for the purposes of, and
         shall be calculated in accordance with, the Fees Regulations;

         "FEES REGULATIONS" means, as appropriate, either:

         (a)      the Banking Supervision (Fees) Regulations 1998; or

         (b)      such regulations as from time to time may be in force,
                  relating to the payment of fees for banking supervision in
                  respect of periods subsequent to 31 March 1999.

3.       The Additional Costs Rate shall be calculated at or about 11.00 a.m. on
         the first day of each Interest Period and for the duration of such
         Interest Period and shall be payable on the date on which interest is
         payable in respect of the Advance in accordance with the terms of this
         Agreement.

4.       Each Bank shall determine the Additional Costs Rate by application of
         the relevant formula set out in paragraph 1 above on the first day of
         each Interest Period and shall notify the Agent of such determination
         as soon as it has been made. Promptly upon receipt of notifications
         from each of the Banks, the Agent shall calculate the Additional Costs
         Rate for the purposes of this Agreement as a weighted average of the
         Banks' Additional Cost Rates (weighted in proportion to the percentage
         participation of each Bank in the Advance) expressed as a percentage
         rate per annum.

5.       In the event that there is any change in applicable law or regulation,
         or the interpretation thereof, by any agency of any state, or in the
         nature of any request or requirement by the Financial Services
         Authority, the Bank of England, or other applicable banking or
         regulatory authority, the effect of which is to impose, modify or deem
         applicable any fees or any reserve, special deposit, liquidity or
         similar requirements against assets held by, or deposits in, or for the
         account of, or advances by the Banks, or in any other respect
         whatsoever, the Agent shall be entitled to vary the formula set forth
         in paragraph 1 above so as (but only so as) to restore the Banks'
         position - in terms of overall return to the Banks - to that which
         prevailed before such change became necessary. The Agent shall notify
         the Borrower of any such necessary variation to the formula and the
         formula, as so varied, shall be the formula for the purposes of this
         Agreement with effect from the date of notification.

                                       76
--------------------------------------------------------------------------------
<PAGE>   80

                                   SCHEDULE G

                         FORM OF REQUEST FOR AN ADVANCE

To:      Deutsche Bank Luxembourg S.A., as Agent

From:    POLSKA TELEFONIA CYFROWA SP. Z O.O.

Date:    [                             ]

POLSKA TELEFONIA CYFROWA SP. Z O.O.
(euro)28,000,000 Facility Agreement dated 30 March, 2001

1.       We wish to borrow an Advance as follows:

         (a)      Utilisation Date: [                   ]

         (b)      Currency/Amount: [                   ]

         (c)      Interest Period: [                   ]

         (d)      Payment instructions: [                   ].

2.       We confirm that the Advance referred to in this Request will be repaid
         on the date and in accordance with the terms set out in the Facility
         Agreement.

3.       We confirm that each condition specified in Clause 4.1 (Conditions
         Precedent to Utilisation) is satisfied on the date of this Request.

By: ____________________________________

POLSKA TELEFONIA CYFROWA SP. Z O.O.
Authorised Signatory

                                       77
--------------------------------------------------------------------------------
<PAGE>   81

                                   SCHEDULE H

      EXISTING FINANCIAL INDEBTEDNESS OF THE BORROWER AND ITS SUBSIDIARIES

<TABLE>
<CAPTION>
                                                                                               OUTSTANDING
                                                                                               PRINCIPAL
                                                                                               AMOUNT AS OF
                                                                                               31 DECEMBER
                                                                                               2000/NEGATIVE
                                                           DEBT CERTIFICATE                    MARK-TO-MARKET
GRANTOR/          DEBT ISSUER/        DESCRIPTION OF       NUMBER/FACILITY     FINAL           VALUE AS OF 31
COUNTERPARTY      BORROWER            INDEBTEDNESS         AGREEMENT NUMBER    MATURITY        DECEMBER 2000         FACILITY LIMIT
------------      ------------        --------------       ----------------    --------        --------------        --------------
<S>               <C>                 <C>                  <C>                 <C>             <C>                   <C>
N/A               PTC International   10 3/4% Senior       N/A                 July 1, 2007    USD 253 million       N/A
                  Finance B.V.        Subordinated                                             at final maturity
                                      Guaranteed
                                      Discount Notes

N/A               PTC International   11 1/4% Senior       N/A                 December 1,     Euro 300 million      N/A
                  Finance II S.A.     Subordinated                             2009            and USD 150 million
                                      Guaranteed                                               at final maturity
                                      Discount Notes

Mahler            PTC Sp. z o.o.      Finance lease of     N/A (Finance        March, 2012     USD 53.6 million      N/A
                                      headquarters         Lease Agreement                     (value of future
                                                           of 23 April 1997)                   lease payments as
                                                                                               of 31 December 2000)

Ministry of       PTC Sp. z o.o.      Licence GSM 900 -    2/96/GSM2           March 31,       Euro 56 100 000       N/A
Communications                        the remaining                            2001
                                      instalment

Ministry of       PTC Sp. z o.o.      Licence GSM 1800 -   498/99              September 30,   Euro 33 431 000       N/A
Communications                        remaining                                2002
                                      instalments

Ministry of       PTC Sp. z o.o.      Licence UMTS         2/UMTS issued       September 30,   Euro 650 000 000      N/A
Communications                                             December 20, 2000   2022

*BRE BANK SA      PTC Sp. z o.o.      Overdraft limit      02/162/98/Z/VV      N/A             PLN 25 950 222.67     PLN 30 000 000

*CITIBANK         PTC Sp. z o.o.      Overdraft &          Framework           N/A             Guarantee:            DEM 11 350 000
(Poland) SA                           Guarantee Limit      Agreement                           PLN 6 303 159.65 as
                                                           No. 145/98                          of 31 December 2000
                                                                                               Overdraft:
                                                                                               PLN 10 392 199.26
                                                                                               as of 31 December
                                                                                               2000
</TABLE>

                                       78
--------------------------------------------------------------------------------
<PAGE>   82

<TABLE>
<CAPTION>
                                                                                               OUTSTANDING
                                                                                               PRINCIPAL
                                                                                               AMOUNT AS OF
                                                                                               31 DECEMBER
                                                                                               2000/NEGATIVE
                                                           DEBT CERTIFICATE                    MARK-TO-MARKET
GRANTOR/          DEBT ISSUER/        DESCRIPTION OF       NUMBER/FACILITY     FINAL           VALUE AS OF 31
COUNTERPARTY      BORROWER            INDEBTEDNESS         AGREEMENT NUMBER    MATURITY        DECEMBER 2000         FACILITY LIMIT
------------      ------------        --------------       ----------------    --------        --------------        --------------
<S>               <C>                 <C>                  <C>                 <C>             <C>                   <C>
*CITIBANK         PTC Sp. z o.o.      Credit Card Limit    Agreement of        N/A             97 675.09 PLN as      PLN 1 338 000
(Poland) SA                                                April, 2000                         of 31 December 2000

*ING BARINGS      PTC Sp. z o.o.      Guarantee Limit      N/A                 N/A             6 413 055.10 PLN as   USD 3 500 000
                                                                                               of 31 December 2000

*Deutsche Bank    PTC Sp. z o.o.      Short Term           N/A                 N/A             N/A                   Euro 5 000 000,
Polska S.A.                           Facility Limit                                                                 out of which
                                                                                                                     Euro 2 000 000
                                                                                                                     represents
                                                                                                                     overdraft limit

ING Barings       PTC Sp. z o.o.      Guarantee issued     GO/03337            January 31,     PLN 4,950,664.28      N/A
                                      in favour of Mahler                      2001
                                      Sp. z o.o. with
                                      respect to finance
                                      lease payments

N/A               PTC Sp. z o.o.      Unconditional        N/A                 July 1, 2007    USD 253 million       N/A
                                      Guarantee issued
                                      in favour of
                                      holders of 10 3/4%
                                      Senior Subordinated
                                      Guaranteed Discount
                                      Notes

N/A               PTC Sp. z o.o.      Unconditional and    N/A                 December 1,     Euro 300 million      N/A
                                      Irrevocable                              2009            and USD 150 million
                                      Guarantee issued in
                                      favour of holders
                                      of 11 1/4% Senior
                                      Subordinated
                                      Guaranteed
                                      Discount Notes

Citibank          PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN  5 404 500.00     N/A
                                      EUR 10 000 000.00

Citibank          PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN 5 397 500.00      N/A
                                      EUR 10 000 000.00
</TABLE>

                                       79
--------------------------------------------------------------------------------
<PAGE>   83

<TABLE>
<CAPTION>
                                                                                               OUTSTANDING
                                                                                               PRINCIPAL
                                                                                               AMOUNT AS OF
                                                                                               31 DECEMBER
                                                                                               2000/NEGATIVE
                                                           DEBT CERTIFICATE                    MARK-TO-MARKET
GRANTOR/          DEBT ISSUER/        DESCRIPTION OF       NUMBER/FACILITY     FINAL           VALUE AS OF 31
COUNTERPARTY      BORROWER            INDEBTEDNESS         AGREEMENT NUMBER    MATURITY        DECEMBER 2000         FACILITY LIMIT
------------      ------------        --------------       ----------------    --------        --------------        --------------
<S>               <C>                 <C>                  <C>                 <C>             <C>                   <C>

ING               PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN 5 396 500.00      N/A
                                      EUR 10 000 000.00

Citibank          PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN 5 408 500.00      N/A
                                      EUR 10 000 000.00

ING               PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN 5 436 500.00      N/A
                                      EUR 10 000 000.00

Merrill Lynch     PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   PLN 2 983 815.00      N/A
                                      EUR 6 100 000.00

Citibank          PTC Sp. z o.o.      Forward Buy          N/A                 June 1, 2001    PLN 11 107 125.00     N/A
                                      EUR 16 875 000.00
                                      (SWAP)

ING               PTC Sp. z o.o.      Forward Buy          N/A                 June 1, 2001    PLN  4 738 078.13     N/A
                                      EUR 8 437 500.00
                                      (SWAP)

Deutsche Bank     PTC Sp. z o.o.      NDF Buy              N/A                 April 2, 2001   N/A                   N/A
Polska S.A.                           EUR 55,000,000.00
</TABLE>

                                       80
--------------------------------------------------------------------------------
<PAGE>   84

                                   SCHEDULE I

                           EXISTING HEDGING AGREEMENTS

ISDA Agreements concluded with:
Dresdner Bank AG dated 19 September 2000;
Merrill Lynch Capital Services, INC dated 15 March 2000;
ABN AMRO Bank NV dated 15 March 2000; and
Citibank NA dated 5 May 2000.

Quasi ISDA Agreements concluded with Polish banks:
BRE Bank SA dated 22 March 2000;
Citibank (Poland) SA dated 6 March 2000; and
ING Bank NV (Oddzia1 Warszawa) dated 6 March 2000.

Other hedging agreements concluded with Polish banks:
ABN AMRO Bank (Polska) SA dated 15 March 2000; and
Deutsche Bank Polska S.A. dated on or about 20 March 2001.

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                                   SCHEDULE J

                              COVENANT DEFINITIONS

1.       Capitalised terms used in this Schedule and not otherwise defined
         herein shall have the meanings assigned to them in the first paragraph
         of this Agreement and Clause 1 (Interpretation).

2.       Definitions

         "ACCOUNTING PERIOD"

         in relation to any person means any period of approximately three
         months (ending on the last day in March, June, September and December
         of each year) or one year ending on the last day in December for which
         Accounts of such person are required to be delivered pursuant to this
         Agreement.

         "ADJUSTED CASH FLOW"

         means, for any period, the Cash Flow for each fiscal quarter (and any
         shorter period) during such period, translated into U.S. Dollars at the
         Dollar/Zloty Exchange Rate applicable during each such quarter (or
         shorter period).

         "ADJUSTED CONSOLIDATED NET WORTH"

         means the sum of (i) each equity investment (other than investments in
         Disqualified Stock) in the Borrower, translated into U.S. Dollars at
         the Dollar/Zloty Exchange Rate at the time of each such investment plus
         (ii) Consolidated Net Income for each full fiscal quarter (or shorter
         period) from the formation of the Borrower to the date of calculation,
         translated into U.S. Dollars at the Dollar/Zloty Exchange Rate
         applicable during each such quarter (or shorter period) minus (iii) any
         dividends, distributions or payments that would be Restricted Payments
         under sub-paragraph (a) or (b) of the definition of "RESTRICTED
         PAYMENTS", translated into U.S. Dollars at the Dollar/Zloty Exchange
         Rate applicable at the time of such dividend, distribution or payment.

         "ADJUSTED FOREIGN DEBT FX LOSSES"

         means, for any period, Consolidated Foreign Debt FX Losses for each
         fiscal quarter (and any shorter period) during such period, translated
         into U.S. Dollars at the Dollar/Zloty Exchange Rate applicable during
         each such quarter (or shorter period).

         "ADJUSTED INTEREST EXPENSE"

         means, for any period, Consolidated Interest Expense for each fiscal
         quarter (and any shorter period) during such period, translated into
         U.S. Dollars at the Dollar/Zloty Exchange Rate applicable during each
         such quarter (or shorter period).

         "AFFILIATE"

         of any specified Person means

         (a)      any other Person, directly or indirectly, controlling or
                  controlled by or under direct or indirect common control with
                  such specified Person or

         (b)      any other Person who is a director or officer (i) of such
                  specified Person, (ii) of any Subsidiary of such specified
                  Person or (iii) of any Person described in clause (a) above.
                  For the purposes

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                  of this definition, "control" when used with respect to any
                  Person means the power to direct the management and policies
                  of such Person, directly or indirectly, whether through the
                  ownership of voting securities, by contract or otherwise; and
                  the terms "controlling" and "controlled' have meanings
                  correlative to the foregoing. For purposes of Clause 19.16
                  (Transactions with Affiliates) and Clause 19.15 (Limitation on
                  Asset Sales) only, "AFFILIATE" shall also mean any beneficial
                  owner of shares representing 10% or more of the total voting
                  power of the Voting Stock (on a fully diluted basis) of the
                  Borrower or of rights or warrants to purchase such Voting
                  Stock (whether or not currently exercisable) and any Person
                  who would be an Affiliate of any such beneficial owner
                  pursuant to the first sentence of this definition.

         "AFFILIATE TRANSACTION"

         has the meaning assigned to it in 19.16 (Transactions with Affiliates).

         "ATTRIBUTABLE DEBT"

         means Debt deemed to be incurred in respect of a Sale and Leaseback
         Transaction and shall be, at the date of determination, the greater of
         (i) the Fair Market Value of the Property subject to such Sale and
         Leaseback Transaction and (ii) the present value (discounted at the
         interest rate borne by the Notes, compounded annually), of the total
         obligations of the lessee for rental payments during the remaining term
         of the lease included in such Sale and Leaseback Transaction (including
         any period for which such lease has been extended).

         "AVERAGE LIFE"

         means, as of the date of determination, with respect to any Debt or
         Preferred Stock, the quotient obtained by dividing (a) the sum of the
         product of the numbers of years (rounded to the nearest one-twelfth of
         one year) from the date of determination to the dates of each
         successive scheduled principal payment of such Debt or redemption or
         similar payment with respect to such Preferred Stock multiplied by the
         amount of such payment by (b) the sum of all such payments.

         "BANK CREDIT FACILITY"

         means the senior syndicated loan facility agreement entered into by the
         Borrower with a syndicate of banks or other financial institutions and
         each Finance Document referred to therein, as they may be amended,
         modified, supplemented, replaced, renewed, extended or restated from
         time to time.

         "BANK DEBT"

         means Senior Debt under or in respect of the Bank Credit Facility and,
         following the payment in full of the Bank Credit Facility, Senior Debt
         under or in respect of a Senior Debt financing facility (including debt
         securities) outstanding or committed in a principal amount of at least
         $10 million that is designated by the Borrower from time to time in a
         notice to the Agent signed by the Representative of the immediately
         preceding facility constituting the Bank Debt as constituting the "BANK
         DEBT".

         "BOARD RESOLUTION"

         means a copy of a resolution certified by an Officer to have been duly
         adopted by the Management Board or the Supervisory Board, as the
         context may require, and to be in full force and effect on the date of
         such certification, and which is delivered to the Agent.

         "BUSINESS DAY"

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         means any day (other than a Saturday or Sunday) which is not a day on
         which banking institutions in the cities of Warsaw, Poland, Amsterdam,
         The Netherlands, London, England, Boston, Massachusetts, U.S.A.,
         Hartford, Connecticut, U.S.A., Luxembourg or New York, New York, U.S.A.
         are authorised or obligated by law to close for business.

         "CAPITAL EXPENDITURE DEBT"

         means Debt (including Capital Lease Obligations) Incurred by the
         Borrower or a Restricted Subsidiary to finance a capital expenditure
         related to the Telecommunications Business so long as (a) such capital
         expenditure is or should be included as an addition to "Tangible Fixed
         Assets or Intangible Fixed Assets, at cost" in accordance with IAS, (b)
         such Debt is Incurred within 180 days of the date such capital
         expenditure is made and (c) such debt does not exceed the fair market
         value of the assets acquired or constructed.

         "CAPITAL LEASE OBLIGATIONS"

         means Debt represented by obligations under a lease that is required to
         be capitalised for financial reporting purposes in accordance with IAS;
         and the amount of such Debt shall be the capitalised amount of such
         obligations determined in accordance with IAS; and the Stated Maturity
         thereof shall be the date of the last payment of rent or any other
         amount due under such lease prior to the first date upon which such
         lease may be terminated by the lessee without payment of a penalty. For
         purposes of Clause 19.17 (Limitation on Liens), a Capital Lease
         Obligation shall be deemed secured by a Lien on the Property being
         leased.

         "CAPITAL STOCK"

         means, with respect to any Person, any and all shares or other
         equivalents (however designated) of corporate stock, partnership
         interests or any other participation, right, warrant, option or other
         interest in the nature of an equity interest in such Person, but
         excluding any debt security convertible or exchangeable into such
         equity interest; provided, however, that "CAPITAL STOCK" shall not
         include Disqualified Stock.

         "CAPITAL STOCK SALE PROCEEDS"

         means the aggregate Net Cash Proceeds received by the Borrower from the
         issue or sale (other than to a Subsidiary or an employee stock
         ownership plan or trust established by the Borrower or any Subsidiary)
         by the Borrower of any class of its Capital Stock (other than
         Disqualified Stock) after the Issue Date, including Capital Stock
         issued upon conversion of convertible debt and upon the exercise of
         options, warrants or rights to purchase Capital Stock.

         "CASH"

         means any credit balances on any deposit, savings or current account
         with any deposit, savings or current account with any Bank or bank or
         other financial institution which has (or the Holding Company of which
         has) a long-term debt rating of at least (a) "BBB-" from S&P and "Baa3"
         from Moody's in any amount or (b) "BB" from S&P and "Ba" from Moody's
         in such amounts as may be agreed between the Agent and the Borrower
         from time to time; short term government securities of Poland, a member
         state of the European Union or a member of the G7 group of nations; and
         cash in hand but excluding any cash on deposit in any escrow account
         maintained to secure or fund payment of interest on high yield bonds.

         "CASH FLOW"

         means, for any period, the sum of (w) Consolidated Net Income, plus (x)
         Consolidated Interest Expense, plus (y), to the extent deducted in
         calculating such Consolidated Net Income for such period, (i) all
         income tax expense of the Borrower and its consolidated Restricted
         Subsidiaries,

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         (ii) depreciation expense of the Borrower and its consolidated
         Restricted Subsidiaries, (iii) amortization expense of the Borrower and
         its consolidated Restricted Subsidiaries (excluding amortization
         expense attributable to a prepaid cash item that was paid in a prior
         period), (iv) Consolidated Foreign Debt FX Losses and (v) all other
         non-cash charges of the Borrower and its consolidated Restricted
         Subsidiaries (excluding any such non-cash charge to the extent that it
         represents an accrual of or reserve for cash expenditures in any future
         period), minus (z) all non-cash items added in calculating such
         Consolidated Net Income for such period, all determined in accordance
         with IAS consistently applied. Notwithstanding the foregoing, the
         provision for taxes based on the income or profits of, and the
         depreciation and amortization and non-cash charges of, a Restricted
         Subsidiary shall be added to Consolidated Net Income to compute Cash
         Flow only to the extent (and in the same proportion) that the net
         income of such Restricted Subsidiary was included in calculating
         Consolidated Net Income and only if a corresponding amount would be
         permitted at the date of determination to be dividended to the Borrower
         by such Restricted Subsidiary without prior approval (that has not been
         obtained), pursuant to the terms of its charter and all agreements,
         instruments, judgments, decrees, orders, statutes, rules and
         governmental regulations applicable to such Restricted Subsidiary or
         its stockholders.

         "CONSOLIDATED CAPITAL RATIO"

         means, as of any date, the ratio of (x) the aggregate consolidated
         principal amount of Debt of the Borrower and its Restricted
         Subsidiaries then outstanding to (y) Adjusted Consolidated Net Worth.

         "CONSOLIDATED CURRENT LIABILITIES"

         means, as of any date of determination, the aggregate amount of
         liabilities of the Borrower and its consolidated Restricted
         Subsidiaries which may properly be classified as current liabilities
         (including taxes accrued as estimated), on a consolidated basis, after
         eliminating (a) all intercompany items between the Borrower and any
         Restricted Subsidiary and (b) all current maturities of long-term Debt,
         all as determined in accordance with IAS consistently applied.

         "CONSOLIDATED FOREIGN DEBT FX LOSSES"

         means, for any period, all losses or expenses of the Borrower and its
         Consolidated Restricted Subsidiaries reflected in the consolidated
         statement of operations in respect of Debt of the Borrower or a
         Restricted Subsidiary that is denominated in a currency other than the
         Polish Zloty to the extent that such loss or expense is due to a
         decline in the value of the Polish Zloty against such foreign currency
         and is deducted in calculating Consolidated Net Income for such period.

         "CONSOLIDATED INTEREST EXPENSE"

         means, for any period, the total interest expense of the Borrower and
         its consolidated Restricted Subsidiaries, plus, to the extent not
         included in such total interest expense, and to the extent Incurred by
         the Borrower or its Restricted Subsidiaries, (i) interest expense
         attributable to capital leases and one-third of the rental expense
         attributable to operating leases, (ii) amortisation of debt discount
         and debt issuance cost, (iii) capitalised interest, (iv) non-cash
         interest expenses, (v) accrued interest, (vi) commissions, discounts
         and other fees and charges owed with respect to letters of credit and
         bankers' acceptance financing, (vii) net costs associated with Hedging
         Obligations (including amortisation of fees), (viii) Preferred Stock
         dividends in respect of all Preferred Stock held by Persons other than
         the Borrower or a Wholly Owned Subsidiary, (ix) interest Incurred in
         connection with Investments in discontinued operations, (x) interest
         accruing on any Debt of any other Person to the extent such Debt is
         Guaranteed by the Borrower or any Restricted Subsidiary and (xi) the
         cash contributions to any employee stock ownership plan or similar
         trust to the extent such

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         contributions are used by such plan or trust to pay interest or fees to
         any Person (other than the Borrower) in connection with Debt Incurred
         by such plan or trust.

         "CONSOLIDATED NET INCOME"

         means, for any period, the net income (loss) of the Borrower and its
         consolidated Subsidiaries; provided, however, that there shall not be
         included in Consolidated Net Income (a) any net income (loss) of any
         Person if such Person is not a Restricted Subsidiary, except that, (i)
         subject to the exclusion contained in (d) below, the Borrower's equity
         in the net income of any such Person for such period shall be included
         in such Consolidated Net Income up to the aggregate amount of cash
         distributed by such Person during such period to the Borrower or a
         Restricted Subsidiary as a dividend or other distribution (subject, in
         the case of a dividend or other distribution to a Restricted
         Subsidiary, to the limitations contained in sub-paragraph (c) below),
         and (ii) the Borrower's equity in a net loss of any such Person for
         such period shall be included in determining such Consolidated Net
         Income, (b) any net income (loss) of any Person acquired by the
         Borrower or a Subsidiary of such Person in a pooling of interests
         transaction for any period prior to the date of such acquisition, (c)
         any net income (loss) of any Restricted Subsidiary if such Subsidiary
         is subject to restrictions, directly or indirectly, on the payment of
         dividends or the making of distributions, directly or indirectly, to
         the Borrower, except that (i) subject to the exclusion contained in
         sub-paragraph (d) below, the Borrower's equity in the net income of any
         such Restricted Subsidiary for such period shall be included in
         Consolidated Net Income up to the aggregate amount of cash distributed
         by such Restricted Subsidiary during such period to the Borrower or
         another Restricted Subsidiary as a dividend (subject, in the case of a
         dividend or other distribution to another Restricted Subsidiary, to the
         limitation contained in this sub-paragraph (c)) and (ii) the Borrower's
         equity in a net loss of any such Restricted Subsidiary for such period
         shall be included in determining such Consolidated Net Income, (d) any
         gain (but not loss) realised upon the sale or other disposition of any
         Property of the Borrower or its consolidated Subsidiaries (including
         pursuant to any Sale and Leaseback Transaction) which is not sold or
         otherwise disposed of in the ordinary course of business, (e) any
         extraordinary gain or loss and (f) the cumulative effect of a change in
         accounting principles.

         "CONSOLIDATED NET TANGIBLE ASSETS"

         means, as of any date of determination, the sum of the amounts that
         would appear on a consolidated balance sheet of the Borrower and its
         consolidated Restricted Subsidiaries as the total assets (less
         accumulated depreciation and amortisation, allowances for doubtful
         receivables, other applicable reserves and other properly deductible
         items) of the Borrower and its consolidated Restricted Subsidiaries,
         determined on a consolidated basis in accordance with IAS consistently
         applied, and after deducting therefrom Consolidated Current Liabilities
         and, to the extent otherwise included, the amounts of (without
         duplication): (a) the excess of cost over fair market value of assets
         or businesses acquired; (b) any revaluation or other write-up in book
         value of assets subsequent to the last day of the fiscal quarter of the
         Borrower immediately preceding the Issue Date as a result of a change
         in the method of valuation in accordance with IAS; (c) unamortised debt
         discount and expenses and other unamortised deferred charges, goodwill,
         patents, trademarks, service marks, trade names, copyrights, licenses,
         organisation or developmental expenses and other intangible items; (d)
         minority interests in consolidated Subsidiaries held by Persons other
         than the Borrower or a Restricted Subsidiary; (e) treasury stock; (f)
         cash set aside and held in a sinking or other analogous fund
         established for the purpose of redemption or other retirement of
         Capital Stock to the extent such obligation is not reflected in
         Consolidated Current Liabilities; and (g) Investments in and assets of
         Unrestricted Subsidiaries.

         "CURRENCY EXCHANGE PROTECTION AGREEMENT"

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         means, in respect of a Person, any foreign exchange contract, currency
         swap agreement, currency option or other similar agreement or
         arrangement designed to protect such Person against fluctuations in
         currency exchange rates.

         "DEBT"

         means, with respect to any Person on any date of determination (without
         duplication), (i) the principal of and premium (if any) in respect of
         (A) debt of such Person for money borrowed and (B) debt evidenced by
         notes, debentures, bonds or other similar instruments for the payment
         of which such Person is responsible or liable; (ii) all Capital Lease
         Obligations of such Person and all Attributable Debt in respect of Sale
         and Leaseback Transactions entered into by such Person; (iii) all
         obligations of such Person issued or assumed as the deferred purchase
         price of Property, the principal component of all conditional sale
         obligations of such Person and all obligations of such Person under any
         title retention agreement (but excluding trade accounts payable or
         accrued expenses arising in the ordinary course of business); (iv) all
         obligations of such Person for the reimbursement of any obligor on any
         letter of credit, banker's acceptance or similar credit transaction
         (other than obligations with respect to letters of credit securing
         obligations (other than obligations described in (i) through (iii)
         above) entered into in the ordinary course of business of such Person
         to the extent such letters of credit are not drawn upon or, if and to
         the extent drawn upon, such drawing is reimbursed no later than the
         tenth Business Day following receipt by such Person of a demand for
         reimbursement following payment on the letter of credit); (v) the
         amount of all obligations of such Person with respect to the
         redemption, repayment or other repurchase of any Disqualified Stock or,
         with respect to any Restricted Subsidiary of such Person, any Preferred
         Stock of such Restricted Subsidiary (but excluding, in each case, any
         accrued dividends); (vi) all obligations of the type referred to in
         sub-paragraphs (i) through (v) above of other Persons and all dividends
         of other Persons for the payment of which, in either case, such Person
         is responsible or liable, directly or indirectly, as obligor, guarantor
         or otherwise, including by means of any Guarantee, other than an
         obligation owed, or dividends payable, to the Borrower or a Restricted
         Subsidiary; (vii) all obligations (other than an obligation owed to the
         Borrower or a Restricted Subsidiary) of the type referred to in
         sub-paragraphs (i) through (vi) above of other Persons secured by any
         Lien on any Property or asset of such Person (whether or not such
         obligation is assumed by such Person), the amount of such obligation
         being deemed to be the lesser of the value of such Property or assets
         or the amount of the obligation so secured and (viii) to the extent not
         otherwise included in this definition, Net Payment Obligations under
         Hedging Obligations of such Person. With respect to sub-paragraphs (ii)
         and (iv) above, the amount of Debt of any Person at any date shall be
         the outstanding balance at such date of all unconditional obligations
         as described in such clauses plus the maximum liability, upon the
         occurrence of the contingency giving rise to the obligation, of any
         contingent obligations at such date.

         "DESIGNATED SENIOR DEBT"

         means Senior Debt under or in respect of the Bank Credit Facility and
         each other Senior Debt facility outstanding or committed in a principal
         amount of at least $20.0 million.

         "DISQUALIFIED STOCK"

         means, with respect to any Person, Redeemable Stock of such Person that
         is owned other than by the Borrower or another Restricted Subsidiary as
         to which the maturity, mandatory redemption, conversion or exchange
         (other than a conversion or exchange into Subordinated Obligations of
         the Borrower or a Restricted Subsidiary) or redemption at the option of
         the holder thereof occurs, or may occur, on or prior to the first
         anniversary of the Final Repayment Date; provided, however, that
         Redeemable Stock in such Person that would not otherwise be
         characterised as Disqualified Stock under this definition shall not
         constitute Disqualified Stock

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         if such Redeemable Stock is convertible or exchangeable into Debt
         solely at the option of the issuer thereof.

         "DM EQUIVALENT"

         means, with respect to any monetary amount in a currency other than
         Deutschmarks, at any time for the determination thereof, the amount of
         Deutschmarks obtained by converting such currency involved in such
         computation into Deutschmarks at the spot mid-rate for Deutschmarks
         against the applicable foreign currency as quoted by Deutsche
         Bundesbank at approximately 13:00 (Frankfurt time) and which appears on
         the Reuters Money News System Page FXGF (or such information service as
         may replace such system, or if such system or its replacement is not
         replaced, such internationally recognized system as the Agent may
         select) on the date two Business Days prior to such determination.

         "DOLLAR ESCROW ACCOUNT"

         means the escrow account established with the trustee for the Dollar
         Notes pursuant to the terms of the Dollar Escrow Agreement for the
         deposit of a portion of the proceeds from the sale of the Dollar Notes.

         "DOLLAR ESCROW AGREEMENT"

         means the Escrow Agreement, dated as of the date of the Dollar High
         Yield Indenture, made by Holdings in favour of the trustee for the
         Dollar Notes.

         "DOLLAR HIGH YIELD INDENTURE"

         means the indenture dated 23 November, 1999 between PTC International
         Finance II S.A., PTC International Finance (Holding) B.V., Polska
         Telefonia Cyfrowa Sp. z o.o., and State Street Bank and Trust Company,
         as trustee, pursuant to which $150,000,000 of 11 1/4% senior
         subordinated guaranteed notes due 2009 were issued.

         "DOLLAR NOTES"

         means the 11 1/4% senior subordinated guaranteed notes due 2009 issued
         by the Issuer pursuant to the Dollar High Yield Indenture.

         "DOLLAR NOTES GUARANTEES"

         means the Dollar Notes Parent Guarantee and the Dollar Notes Holdings
         Guarantee.

         "DOLLAR NOTES HOLDINGS GUARANTEE"

         means the obligations of Holdings pursuant to its Guarantee of the
         Issuer's obligations under the Dollar Notes and the Dollar High Yield
         Indenture.

         "DOLLAR NOTES PARENT GUARANTEE"

         means the obligations of the Borrower pursuant to its Guarantee of the
         Issuer's obligations under the Dollar Notes and the Dollar High Yield
         Indenture.

         "DOLLAR/ZLOTY EXCHANGE RATE"

         means the U.S. Dollar/Polish Zloty exchange rate published by the
         National Bank of Poland at the end of the trading day in Warsaw on the
         date of determination or, in the case of a period, the average of such
         exchange rates so published on each day during such period.

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         "ESCROW ACCOUNTS"

         means the Euro Escrow Account and the Dollar Escrow Account.

         "ESCROW AGREEMENTS"

         means the Euro Escrow Agreement and the Dollar Escrow Agreement.

         "EURO ESCROW ACCOUNT"

         means the account established with the trustee for the Euro Notes
         pursuant to the terms of the Euro Escrow Agreement for the deposit of a
         portion of the proceeds from the sale of the Euro Notes.

         "EURO ESCROW AGREEMENT"

         means the Escrow Agreement, dated as of the date of the Euro High Yield
         Indenture, made by Holdings in favour of the trustee for the Euro
         Notes.

         "EURO HIGH YIELD INDENTURE" means the indenture dated 23 November, 1999
         between PTC International Finance II S.A., PTC International Finance
         (Holding) B.V, Polska Telefonia Cyfrowa Sp.z.o.o. and State Street Bank
         and Trust Company, as trustee, pursuant to which (euro)300,000,000 of
         11 1/4% Senior Subordinated Guaranteed Notes due 2009 were issued.

         "EURO NOTES"

         means the Issuer's 11 1/4% Senior Subordinated Guaranteed Notes due
         December 1, 2009 denominated in Euros.

         "EURO NOTES HOLDINGS GUARANTEE"

         means Holdings' Guarantee of the obligations of the Issuer under the
         Euro Notes and the Euro High Yield Indenture.

         "EURO NOTES PARENT GUARANTEE"

         means the Borrower's Guarantee of the obligations of the Issuer under
         the Euro Notes and the Euro High Yield Indenture.

         "EXCHANGE ACT"

         means the United States Securities and Exchange Act of 1934, as amended
         from time to time.

         "EXCHANGE OFFER"

         means the exchange offer that may be pursuant to the Registration
         Rights Agreement.

         "EXISTING NOTES"

         means the 10 3/4% Senior Subordinated Guaranteed Discount Notes due
         July 1, 2007 issued by PTC International Finance B.V., a Wholly Owned
         Subsidiary of the Borrower.

         "EXISTING NOTES GUARANTEE"

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         means the Borrower's Guarantee of PTC International Finance B.V.'s
         obligations under the Existing Notes and the indenture for the Existing
         Notes.

         "FAIR MARKET VALUE"

         means, with respect to any Property or asset, the price which could be
         negotiated in an arm's-length free market transaction, for cash,
         between a willing seller and a willing buyer, neither of whom is under
         undue pressure or compulsion to complete the transaction. Fair Market
         Value will be determined, except as otherwise provided, (a) if such
         Property or asset has a Fair Market Value of $5.0 million or less, by
         any Officer or (b) if such Property or asset has a Fair Market Value in
         excess of $5.0 million, by a majority of the Management Board and
         evidenced by a Board Resolution, dated within 30 days of the relevant
         transaction, delivered to the Agent.

         "GSM 900 LICENSE"

         means the GSM 900 license awarded by the Polish Ministry of
         Communications to the Borrower in February 1996.

         "GSM 1800 LICENSE"

         means the GSM 1800 license awarded by the Polish Ministry of
         Communications to the Borrower in August 1999.

         "GUARANTEE"

         means any obligation, contingent or otherwise, of any Person directly
         or indirectly guaranteeing any Debt of any other Person and any
         obligation, direct or indirect, contingent or otherwise, of such Person
         (a) to purchase or pay (or advance or supply funds for the purchase or
         payment of) such Debt of such other Person (whether arising by virtue
         of partnership arrangements, or by agreements to keep-well, to purchase
         assets, goods, securities or services, to take-or-pay or to maintain
         financial statement conditions or otherwise) or (b) entered into for
         the purpose of assuring in any other manner a creditor or other obligee
         of such other Person against loss in respect thereof (in whole or in
         part); provided, however, that the term "Guarantee" shall not include
         (a) endorsements for collection or deposit in the ordinary course of
         business or (b) a contractual commitment by one Person to invest in
         another Person for so long as such Investment is reasonably expected to
         constitute a Permitted Investment under sub-paragraph (b) of the
         definition of Permitted Investments. The term "Guarantee" used as a
         verb has a corresponding meaning.

         "HEDGING OBLIGATIONS"

         of any Person means any obligation of such Person pursuant to any
         Interest Rate Protection Agreement, Currency Exchange Protection
         Agreement or any other similar agreement or arrangement.

         "HOLDER"

         means the Person in whose name a Note is registered on the registrar's
         books.

         "IAS"

         means accounting principles issued by the International Accounting
         Standards Committee from time to time.

         "INCUR"

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         means, with respect to any Debt or other obligation of any Person, to
         create, issue, incur (by merger, conversion, exchange or otherwise),
         extend, assume, Guarantee or become liable in respect of such Debt or
         other obligation or the recording, as required pursuant to IAS or
         otherwise, of any such Debt or obligation on the balance sheet of such
         Person (and "INCURRENCE", "INCURRED", "INCURRABLE" and "INCURRING"
         shall have meanings correlative to the foregoing); provided, however,
         that a change in IAS that results in an obligation of such Person that
         exists at such time, and is not theretofore classified as Debt,
         becoming Debt shall not be deemed an Incurrence of such Debt; provided
         further, that solely for purposes of determining compliance with Clause
         19.12 (Limitation on Borrower Debt) and Clause 19.18 (Limitation on
         Debt and Preferred Stock of Restricted Subsidiaries) amortization of
         debt discount shall not be deemed to be the Incurrence of Debt,
         provided that in the case of Debt sold at a discount, the amount of
         such Debt Incurred shall at all times be the aggregate principal amount
         at Stated Maturity.

         "INDEPENDENT APPRAISER"

         means an investment banking firm of national standing or any third
         party appraiser of national standing; provided, however, that such firm
         or appraiser is not an Affiliate of the Borrower.

         "INTERCOMPANY RECEIVABLES"

         means the obligations of the Borrower and, if applicable, any
         Restricted Subsidiary to the Issuer in respect of the loans by the
         Issuer to the Borrower and any such Restricted Subsidiary of the
         proceeds of the Notes.

         "INTEREST RATE PROTECTION AGREEMENT"

         means, for any Person, any interest rate swap agreement, interest rate
         cap agreement, interest rate collar agreement or other similar
         agreement designed to protect against fluctuations in interest rates.

         "INVESTMENT"

         by any Person means any direct or indirect loan (other than advances to
         customers in the ordinary course of business that are recorded as
         accounts receivable on the balance sheet of such Person), advance or
         other extension of credit or capital contribution (by means of
         transfers of cash or other Property to others or payments for Property
         or services for the account or use of others, or otherwise) to, or
         Incurrence of a Guarantee of any obligation of, or purchase or
         acquisition of Capital Stock, bonds, notes, debentures or other
         securities or evidence of Debt issued by, any other Person. For
         purposes of the definition of "Restricted Payment" and Clause 19.13
         (Limitation on Restricted Payments), "INVESTMENT" shall include the
         portion (proportionate to the Borrower's equity interest in such
         Subsidiary) of the Fair Market Value of the net assets of any
         Subsidiary of the Borrower at the time that such Subsidiary is
         designated an Unrestricted Subsidiary; provided, however, that upon a
         redesignation of such Subsidiary as a Restricted Subsidiary, the
         Borrower shall be deemed to continue to have a permanent "Investment"
         in an Unrestricted Subsidiary equal to an amount (if positive) equal to
         (x) the net amount of the Borrower's "Investment" in such Subsidiary
         through the date of such redesignation less (y) the portion
         (proportionate to the Borrower's equity interest in such Subsidiary) of
         the Fair Market Value of the net assets of such Subsidiary at the time
         of such redesignation. In determining the amount of any Investment made
         by transfer of any Property other than cash, such Property shall be
         valued at its Fair Market Value at the time of such Investment.

         "ISSUE DATE"

         means 23 November, 1999.

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         "ISSUER"

         means PTC International Finance II S.A. until a successor replaces it
         and, thereafter, means the successor and, for purposes of any provision
         contained herein and required by the TIA, each other obligor on the
         Notes.

         "ISSUER GUARANTEES"

         means all obligations of the Issuer under or in respect of its
         Guarantees of the obligations of the Borrower and its Subsidiaries
         under (i) the Bank Credit Facility, (ii) Hedging Obligations that
         constitute Permitted Debt and (iii) other Senior Debt in respect of
         which such Guarantees may be provided at the option of the Issuer, as
         such Guarantees may be amended, modified, supplemented, replaced,
         renewed, extended or restated from time to time.

         "LIEN"

         means, with respect to any Property of any Person, any mortgage or deed
         of trust, pledge, hypothecation, assignment, deposit arrangement,
         security interest, lien, charge, easement (other than any easement not
         materially impairing usefulness or marketability), encumbrance,
         preference, priority, ograniczone prawo rzeczowe ("limited property
         right") or other security agreement or preferential arrangement of any
         kind or nature whatsoever, whether consensual or statutory on or with
         respect to such Property (including any Capital Lease Obligation,
         conditional sale or other title retention agreement having
         substantially the same economic effect as any of the foregoing or any
         Sale and Leaseback Transaction).

         "MANAGEMENT BOARD"

         means the Management Board of the Borrower or any committee thereof
         duly authorised to act on behalf of such Board.

         "MINUTES OF USE"

         means, for any period with respect to incoming and outgoing calls, the
         aggregate amount of time billed to all subscribers to the Borrower's
         systems for such period.

         "MOODY'S"

         means Moody's Investors Service, Inc. and its successors.

         "NET CASH PROCEEDS"

         means, with respect to any issuance or sale of Capital Stock, the cash
         proceeds of such issuance or sale, net of attorneys' fees, accountants'
         fees, underwriters' or placement agents' fees, discounts or commissions
         and brokerage, consultant and other fees actually incurred in
         connection with such issuance or sale and net of taxes paid or payable
         as a result thereof.

         "NET PAYMENT OBLIGATIONS"

         means, at any time, the net amount that a Person would be required to
         pay to a counterparty upon the consensual termination at such time of
         all Hedging Obligations to which such Person is a party.

         "OFFICER"

         means the general director or the director of finance of the Borrower
         or any other member of the Management Board or the Supervisory Board.

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         "OFFICER'S CERTIFICATE"

         means a certificate signed by an Officer, in the case of the Borrower,
         or a managing director of the Issuer or any Person authorised by a
         resolution of the board of managing directors of the Issuer, and in
         each case delivered to the Agent.

         "OPINION OF COUNSEL"

         means a written opinion from legal counsel who is acceptable to the
         Agent. The counsel may be an employee of or counsel to the Borrower or
         the Agent.

         "PERMITTED DEBT"

         has the meaning given to such term in Clause 19.12 (Limitation on
         Borrower Debt).

         "PERMITTED INVESTMENT"

         means an Investment by the Borrower or any Restricted Subsidiary in (a)
         (i) the form of loans or advances to the Borrower or (ii) a Restricted
         Subsidiary or a Person which will, upon the making of such Investment,
         become a Restricted Subsidiary; provided, however, that the primary
         business of such Restricted Subsidiary is a Telecommunications
         Business; (b) another Person if as a result of such Investment such
         other Person is merged or consolidated with or into, or transfers or
         conveys all or substantially all its assets to, the Borrower or a
         Restricted Subsidiary; provided, however, that such Person's primary
         business is a Telecommunications Business; (c) Temporary Cash
         Investments; (d) receivables owing to the Borrower or any Restricted
         Subsidiary, if created or acquired in the ordinary course of business
         and payable or dischargeable in accordance with customary trade terms;
         provided, however, that such trade terms may include such concessionary
         trade terms as the Borrower or any such Restricted Subsidiary deems
         reasonable under the circumstances; (e) payroll, travel and similar
         advances to cover matters that are expected at the time of such
         advances ultimately to be treated as expenses for accounting purposes
         and that are made in the ordinary course of business; (f) loans and
         advances to employees made in the ordinary course of business
         consistent with past practices of the Borrower or such Restricted
         Subsidiary, as the case may be, provided that such loans and advances
         do not exceed $1.0 million at any one time outstanding; (g) stock,
         obligations or securities received in settlement of debts created in
         the ordinary course of business and owing to the Borrower or any
         Restricted Subsidiary or in satisfaction of judgments; (h) any Person
         to the extent such Investment represents the non-cash portion of the
         consideration received in connection with a disposal consummated in
         compliance with Clause 19.15 (Limitation on Asset Sales); and (i) in
         addition to Investments described in clauses (a) through (h) of this
         definition of "Permitted Investments", Investments valued at Fair
         Market Value at the time made not to exceed $10.0 million outstanding
         at any one time in the aggregate.

         "PERMITTED LIENS" means

         (a)      (Liens securing Senior Debt;

         (b)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary existing on the Issue Date, including with respect
                  to the Escrow Accounts;

         (c)      Liens to secure Debt permitted to be Incurred under
                  sub-paragraph (b) (iii) of Clause 19.12 (Limitation on
                  Borrower Debt) or under sub-paragraph (b) of Clause 19.18
                  (Limitation on Debt and Preferred Stock of Restricted
                  Subsidiaries);

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<PAGE>   97

         (d)      Liens for taxes, assessments or governmental charges, duties
                  or levies on the Property of the Borrower or any Restricted
                  Subsidiary if the same shall not at the time be delinquent or
                  thereafter can be paid without penalty, or are being contested
                  in good faith and by appropriate proceedings promptly
                  instituted and diligently conducted; provided that any reserve
                  or other appropriate provision that shall be required in
                  conformity with IAS shall have been made therefor;

         (e)      Liens imposed by law, such as carriers', warehousemen's,
                  mechanics' and landlord's Liens and other similar Liens on the
                  Property of the Borrower or any Restricted Subsidiary arising
                  in the ordinary course of business and securing payment of
                  obligations which are not more than 60 days past due or are
                  being contested in good faith and by appropriate proceedings;

         (f)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary Incurred in the ordinary course of business to
                  secure performance of obligations with respect to statutory or
                  regulatory requirements, performance or return-of-money bonds,
                  surety bonds or other obligations of a like nature and
                  Incurred in a manner consistent with industry practice, in
                  each case, which are not incurred in connection with the
                  borrowing of money, the obtaining of advances or credit or the
                  payment of the deferred purchase price of Property and which
                  do not in the aggregate impair in any material respect the use
                  of Property in the operation of the business of the Borrower
                  and its Restricted Subsidiaries taken as a whole;

         (g)      Liens on Property at the time the Borrower or any Restricted
                  Subsidiary acquired such Property, including any acquisition
                  by means of a merger or consolidation with or into the
                  Borrower or any Restricted Subsidiary; provided, however, that
                  such Lien shall not have been Incurred in anticipation or in
                  connection with such transaction or series of transactions
                  pursuant to which such Property was acquired by the Borrower
                  or any Restricted Subsidiary;

         (h)      pledges or deposits by the Borrower or any Restricted
                  Subsidiary under workmen's compensation laws, unemployment
                  insurance laws or similar legislation, good faith deposits in
                  connection with bids, tenders, contracts (other than for the
                  payment of Debt) or leases to which the Borrower or any
                  Restricted Subsidiary is a party, deposits to secure public or
                  statutory obligations of the Borrower, and deposits for the
                  payment of rent, in each case Incurred in the ordinary course
                  of business;

         (i)      Liens on the Property of a Person at the time such Person
                  becomes a Restricted Subsidiary; provided, however, that any
                  such Lien may not extend to any other Property of the Borrower
                  or any other Restricted Subsidiary which is not a direct
                  Subsidiary of such Person; provided further, however, that any
                  such Lien was not Incurred in anticipation of or in connection
                  with the transaction or series of transactions pursuant to
                  which such Person became a Restricted Subsidiary;

         (j)      utility easements, building or zoning restrictions and such
                  other encumbrances or charges against real Property and
                  defects of title as are of a nature generally existing with
                  respect to properties of a similar character;

         (k)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary to secure any extension, renewal, refinancing,
                  replacement or refunding (or successive extensions, renewals,
                  refinancings, replacements or refundings), in whole or in
                  part, of any Debt secured by Liens referred to in any of
                  sub-paragraphs (a), (b), (c), (g) or (i) above; provided,
                  however, that any such Lien will be limited to all or part of
                  the same Property that secured the original Lien (plus
                  improvements on such Property) and the aggregate principal
                  amount of Debt that is secured by such Lien will not be
                  increased to an amount greater than the sum of (A) the
                  outstanding principal amount, or, if greater, the committed
                  amount, of the Debt secured by Liens described under
                  sub-paragraphs (a), (b), (c), (g) or (i) above at the time the
                  original Lien became a Permitted Lien under the Indenture and
                  (B) an amount necessary to pay any premiums, fees

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<PAGE>   98

                  and other expenses incurred by the Borrower in connection with
                  such refinancing, refunding, extension, renewal or
                  replacement;

         (l)      Liens on the Property of any Unrestricted Subsidiary;

         (m)      Liens in favour of the Borrower or any Restricted Subsidiary;

         (n)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary pursuant to conditional sale or title retention
                  agreements;

         (o)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary relating to judgments being contested in good faith
                  by the Borrower or any Restricted Subsidiary;

         (p)      Liens on the Property of the Borrower or any Restricted
                  Subsidiary pursuant to good faith contract deposits;

         (q)      Liens on Property of the Borrower or any Restricted Subsidiary
                  arising as a result of immaterial leases of such Property to
                  other Persons;

         (r)      any Lien securing Debt of the Borrower or any Restricted
                  Subsidiary, provided that the Lien only extends to cash or
                  other current assets to be used by the Borrower or such
                  Restricted Subsidiary to make payments of interest (and other
                  obligations) on such Debt; or

         (s)      extensions or renewals of Liens permitted by sub-paragraphs
                  (a) through (r) above.

         "PERSON"

         means any individual, corporation, company (including any limited
         liability company), partnership, joint venture, trust, unincorporated
         organisation, government or any agency or political subdivision thereof
         or any other entity.

         "POLISH GOVERNMENT OBLIGATIONS"

         means direct obligations (or certificates representing an ownership
         interest in such obligations) of the Republic of Poland (including any
         agency or instrumentality thereof) for the payment of which the full
         faith and credit of the Republic of Poland is pledged.

         "PREFERRED STOCK"

         means any Capital Stock of a Person, however designated, which entitles
         the holder thereof to a preference with respect to the payment of
         dividends, or as to the distribution of assets upon any voluntary or
         involuntary liquidation or dissolution of such Person over shares of
         any other class of Capital Stock issued by such Person.

         "PRO FORMA"

         means, with respect to any calculation made or required to be made
         pursuant to the terms hereof, a calculation performed in accordance
         with Article II of Regulation S-X promulgated under the Securities Act,
         as interpreted in good faith by the Management Board after consultation
         with the independent certified public accountants of the Borrower, or
         otherwise a calculation made in good faith by the Management Board
         after consultation with the independent certified public accountants of
         the Borrower, as the case may be.

         "PROPERTY"

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<PAGE>   99

         means, with respect to any Person, any interest of such Person in any
         kind of property or asset, whether real, personal or mixed, or tangible
         or intangible, including Capital Stock in, and other securities of, any
         other Person. For purposes of any calculation required pursuant to the
         Indenture, the value of any Property shall be its Fair Market Value.

         "QUALIFIED DEBT OFFERING"

         means an Incurrence by the Borrower or a Restricted Subsidiary of Debt
         to banks or other financial institutions or pursuant to a domestic note
         offering in Poland in an aggregate principal amount that, when taken
         together with Debt outstanding under the Bank Credit Facility and
         Refinancing Debt Incurred in respect thereof, does not exceed, and with
         maturities that would not result in amounts exceeding, the amounts of
         Debt permitted under sub-paragraph (b) (ii) of Clause 19.12 (Limitation
         on Borrower Debt) or sub-paragraph (a) of Clause 19.18 (Limitation on
         Debt and Preferred Stock of Restricted Subsidiaries).

         "RATING CATEGORIES"

         means (i) with respect to S&P, any of the following categories AAA, AA,
         A, BBB, BB, B, CCC, CC or C; and (ii) with respect to Moody's, any of
         the following categories Aaa, Aa, A, Baa, Ba, B, Caa, Ca or C.

         "REDEEMABLE STOCK"

         means, with respect to any Person, any Capital Stock that by its terms
         (or by the terms of any security into which it is convertible or for
         which it is exchangeable) or otherwise (i) matures or is mandatorily
         redeemable pursuant to a sinking fund obligation or otherwise, (ii) is
         or may become redeemable or repurchaseable at the option of the holder
         thereof, in whole or in part, or (iii) is convertible or exchangeable
         for Debt or Disqualified Stock.

         "REFINANCED DEBT"

         has the meaning assigned to it in Clause 19.12 (Limitation on Borrower
         Debt).

         "REFINANCING DEBT"

         means any Debt that renews, extends, repays, substitutes, refinances or
         replaces (collectively, "refinances", "refinanced" and "refinancing"
         shall have correlative meanings) any Debt, including any successive
         refinancings so long as (a) such Debt is in an aggregate principal or
         commitment amount (or if Incurred with original issue discount, an
         aggregate issue price) not in excess of the sum of (i) the aggregate
         principal or commitment amount (or if Incurred with original issue
         discount, the aggregate accreted value) then outstanding or in effect,
         respectively, of the Debt being refinanced and (ii) an amount necessary
         to pay any fees and expenses, including premiums and defeasance costs,
         related to such refinancing, and (b) in the case of Subordinated
         Obligations, (i) the Average Life of such Debt is equal to or greater
         than the Average Life of the Debt being refinanced, (ii) the Stated
         Maturity of such Debt is no earlier than the Stated Maturity of the
         Debt being refinanced, and (iii) such Debt is subordinated in right of
         payment to Senior Debt or the indebtedness of the Borrower under the
         Finance Documents to at least the same extent, if any, as the Debt
         being refinanced; provided that Refinancing Debt shall not include Debt
         of the Borrower or a Restricted Subsidiary that refinances Debt of an
         Unrestricted Subsidiary.

         "REGISTRATION RIGHTS AGREEMENT"

         means the Registration Rights Agreement relating to the Notes dated
         November 23, 1999, among the Issuer, the Borrower and the Initial
         Purchasers.

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         "REGULATION S"

         means Regulation S under the Securities Act (including any successor
         regulation thereto), as it may be amended from time to time.

         "REPRESENTATIVE"

         means the trustee, agent or representative expressly authorised to act
         in such capacity, if any, for any Senior Debt or, if no such Person is
         so authorised, the holders of such Senior Debt.

         "RESTRICTED PAYMENT"

         means

         (a)      any dividend or other payment or distribution (whether made in
                  cash, Property or securities) declared or paid on or with
                  respect to any shares of Capital Stock of the Borrower or
                  Capital Stock of any Restricted Subsidiary except for any
                  dividend or distribution which is made solely to the Borrower
                  or a Restricted Subsidiary (and, if such Restricted Subsidiary
                  is not a Wholly Owned Subsidiary, to the other shareholders of
                  such Restricted Subsidiary on a pro rata basis) or dividends
                  or distributions payable solely in shares of Capital Stock
                  (other than Redeemable Stock) of the Borrower;

         (b)      a payment made by the Borrower or any Restricted Subsidiary to
                  purchase, redeem, acquire or retire any Capital Stock of the
                  Borrower or a Restricted Subsidiary held by Persons other than
                  the Borrower or any Wholly Owned Subsidiary;

         (c)      a payment made by the Borrower or any Restricted Subsidiary to
                  redeem, repurchase, defease or otherwise acquire or retire for
                  value, prior to any scheduled maturity, scheduled sinking fund
                  or mandatory redemption payment, any Subordinated Obligation
                  (other than the purchase, repurchase, or other acquisition of
                  any Subordinated Obligation purchased in anticipation of
                  satisfying a sinking fund obligation, principal installment or
                  final maturity, in each case due within one year of the date
                  of acquisition) or make any payment on, redeem, repurchase or
                  defease or otherwise acquire or retire for value the
                  Shareholders Loans; or

         (d)      an Investment (other than Permitted Investments) in any
                  Person.

         "RESTRICTED SUBSIDIARY"

         means

         (a)      any Subsidiary of the Borrower on or after the Issue Date
                  unless such Subsidiary shall have been designated an
                  Unrestricted Subsidiary as permitted or required pursuant to
                  Clause 19.20 (Restricted and Unrestricted Subsidiaries) and

         (b)      an Unrestricted Subsidiary which is redesignated as a
                  Restricted Subsidiary as permitted pursuant to Clause 19.20
                  (Restricted and Unrestricted Subsidiaries).

         "RULE 144"

         means Rule 144 under the Securities Act (including any successor
         regulation thereto), as it may be amended from time to time.

         "RULE 144A"

         means Rule 144A under the Securities Act (including any successor
         regulation thereto), as it may be amended from time to time.

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         "S&P"

         means Standard & Poor's Ratings Group, a division of McGraw Hill, Inc.,
         and its successors.

         "SALE AND LEASEBACK TRANSACTION"

         means an arrangement relating to Property now owned or hereafter
         acquired whereby the Borrower or a Restricted Subsidiary transfers such
         Property to a Person and the Borrower or a Restricted Subsidiary leases
         it from such Person.

         "SCHEDULED REDUCTIONS"

         shall mean the following amounts on the following dates: (a) DM
         50,400,000 on each January 1 and July 1 from January 1, 2002 through
         July 1, 2003 and (b) DM 67,200,000 on each January 1 and July 1 from
         January 1, 2004 through January 1, 2007.

         "SEC"

         means the United States Securities and Exchange Commission.

         "SENIOR DEBT"

         means the principal of (and premium, if any), interest (including
         interest following the filing of any petition in bankruptcy or for
         reorganisation relating to the Borrower or the Issuer, whether or not
         such claim for post-petition interest is an allowed claim in such
         proceeding) on, reimbursements, indemnification, margin payments, fees
         and other amounts payable under or in respect of (i) the Bank Credit
         Facility, (ii) refinancings and refundings in whole or in part of the
         Bank Credit Facility (including successive refinancings and
         refundings), (iii) Hedging Obligations that constitute Permitted Debt
         and (iv) other Debt of the Borrower for borrowed money (including,
         without limitation Capital Lease Obligations and long-term financing
         provided by vendors of capital equipment) that does not by its terms
         expressly provide that it is subordinated in right of payment to any
         other Debt of the Borrower.

         "SENIOR SUBORDINATED DEBT"

         means Debt of the Borrower that specifically provides that such Debt is
         to rank equally with the obligations of the Borrower under the Finance
         Documents, the Dollar Notes Parent Guarantee, the Euro Notes Parent
         Guarantee and the Existing Notes Guarantee and does not by its terms
         expressly provide that it is subordinated to any other obligation of
         the Borrower which is not Senior Debt.

         "SHAREHOLDERS' AGREEMENT"

         means the agreement among the Borrower, Elektrim, U S West, DeTeMobil
         and certain other shareholders of the Borrower dated December 2, 1995,
         as amended on March 11, 1997.

         "SHELF REGISTRATION STATEMENT"

         means the Shelf Registration Statement as defined in the Registration
         Rights Agreement.

         "STATED MATURITY"

         means, with respect to any security, the date specified in such
         security as the fixed date on which the payment of principal of such
         security is due and payable, including pursuant to any mandatory
         redemption provision (but excluding any provision providing for the
         repurchase of

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         such note at the option of the holder thereof upon the happening of any
         contingency beyond the control of the issuer unless such contingency
         has occurred).

         "SUBORDINATED OBLIGATION"

         means any Debt of the Borrower or the Issuer (whether outstanding on
         the Issue Date or thereafter Incurred) which is subordinate or junior
         in right of payment, in the case of Debt of the Borrower, to the
         Borrower's obligations under the Finance Documents, the Dollar Notes
         Parent Guarantee, the Euro Notes Parent Guarantee, the Existing Notes
         Guarantee and, in the case of the Issuer, to the Dollar Notes or the
         Euro Notes, in each case pursuant to a written agreement to that
         effect.

         "SUBSIDIARY"

         of any specified Person means any corporation, partnership, joint
         venture, association or other business entity, whether now existing or
         hereafter organised or acquired,

         (a)      in the case of a corporation, of which at least 50% of the
                  total voting power of the Voting Stock is held by such
                  first-named Person or any of its Subsidiaries and such
                  first-named Person or any of its Subsidiaries has the power to
                  direct the management, policies and affairs thereof; or

         (b)      in the case of a partnership, joint venture, association, or
                  other business entity, with respect to which such first-named
                  Person or any of its Subsidiaries has the power to direct or
                  cause the direction of the management and policies of such
                  entity by contract or otherwise if in accordance with IAS such
                  entity is consolidated with the first-named Person for
                  financial statement purposes.

         "SUPERVISORY BOARD"

         means the Supervisory Board of the Borrower or any committee thereof
         duly authorised to act on behalf of such Board.

         "SURVIVING PERSON"

         has the meaning assigned to it in Clause 19.22 (Consolidation, Merger
         or Sale of Assets).

         "TELECOMMUNICATIONS BUSINESS"

         means the business of (i) transmitting, or providing services relating
         to the transmission of, voice, video or data through owned or leased
         transmission facilities, (ii) constructing, creating, developing or
         marketing communications related network equipment, software and other
         devices for use in a telecommunications business or (iii) evaluating,
         participating or pursuing any other activity or opportunity that is
         primarily related to those identified in (i) or (ii) above.

         "TEMPORARY CASH INVESTMENTS"

         means any of the following:

         (a)      Investments in U.S. Government Securities or Polish Government
                  Obligations maturing within 90 days of the date of acquisition
                  thereof,

         (b)      Investments in time deposit accounts, certificates of deposit
                  and money market deposits maturing within 90 days of the date
                  of acquisition thereof issued by Citibank (Poland) S.A., BRE
                  S.A. or a bank or trust company which is organised under the
                  laws of the United States of America or any state thereof or
                  any country recognised by the United States of America having

                                       99
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                  capital, surplus and undivided profits aggregating in excess
                  of $500,000,000 and whose long-term debt is rated "A-3" or
                  higher according to Moody's or "A-" or higher according to S&P
                  (or a similar equivalent rating by at least one "nationally
                  recognised statistical rating organisation" (as defined in
                  Rule 436 under the Securities Act)),

         (c)      repurchase obligations with a term of not more than 7 days for
                  underlying notes of the types described in clause (a) entered
                  into with a bank meeting the qualifications described in
                  clause (b) above, and

         (d)      Investments in commercial paper, maturing not more than 90
                  days after the date of acquisition, issued by a corporation
                  (other than an Affiliate of the Borrower) organised and in
                  existence under the laws of the United States of America or a
                  member country of the European Union with a rating at the time
                  as of which any Investment therein is made of "P-1" (or
                  higher) according to Moody's or "A-1" (or higher) according to
                  S&P (or a similar equivalent rating by at least one
                  "nationally recognised statistical rating organisation" (as
                  defined in Rule 436 under the Securities Act)).

         "TIA"

         means the United States Trust Indenture Act of 1939 as in effect on the
         date hereof; provided, however, that in the event the Trust Indenture
         Act of 1939 is amended after such date, "TIA" means, to the extent
         required by any such amendment, the Trust Indenture Act of 1939, as so
         amended.

         "UMTS LICENSE"

         means any license awarded by the Polish Ministry of Communications, or
         a successor governmental entity to operate a Universal Mobile
         Telecommunications System.

         "UNRESTRICTED SUBSIDIARY"

         means

         (a)      any Subsidiary of the Borrower in existence on the Issue Date
                  (other than the Issuer) that is designated as an Unrestricted
                  Subsidiary;

         (b)      any Subsidiary of an Unrestricted Subsidiary; and

         (c)      any Subsidiary of the Borrower that is designated after the
                  date hereof as an Unrestricted Subsidiary as permitted
                  pursuant to Clause 19.20 (Restricted and Unrestricted
                  Subsidiaries) and not thereafter redesignated as a Restricted
                  Subsidiary as permitted pursuant thereto.

         "U.S. DOLLAR EQUIVALENT"

         means, with respect to any monetary amount in a currency other than
         U.S. Dollars, at any time for the determination thereof, the amount of
         U.S. Dollars obtained by converting such foreign currency involved in
         such computation into U.S. Dollars at the spot rate for the purchase of
         U.S. Dollars with the applicable foreign currency as published in the
         Wall Street Journal in the "Exchange Rates" column under the heading
         "Currency Trading" on the date two Business Days prior to such
         determination.

         "U.S. GOVERNMENT SECURITIES"

                                       100
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<PAGE>   104

         means direct obligations (or certificates representing an ownership
         interest in such obligations) of the United States of America
         (including any agency or instrumentality thereof) for the payment of
         which the full faith and credit of the United States of America is
         pledged.

         "VOTING STOCK"

         of a corporation means all classes of Capital Stock of such corporation
         then outstanding and normally entitled to vote in the election of
         directors.

         "WHOLLY OWNED SUBSIDIARY"

         means, at any time, a Restricted Subsidiary all of the Voting Stock of
         which (except directors' qualifying shares) is at the time owned,
         directly or indirectly, by the Borrower and its other Wholly Owned
         Subsidiaries.

3.       Rules of Construction.

         Unless the context otherwise requires, in this Schedule or Clauses 19.7
         (Corporate Existence) to 19.22 (Consolidation, Merger or Sale of
         Assets) of the Facility Agreement:

         (1)      a term has the meaning assigned to it;

         (2)      an accounting term not otherwise defined has the meaning
                  assigned to it in accordance with IAS;

         (3)      "OR" is not exclusive;

         (4)      "INCLUDING" or "INCLUDE" means including or include without
                  limitation;

         (5)      words in the singular include the plural and words in the
                  plural include the singular;

         (6)      unsecured or unguaranteed Debt shall not be deemed to be
                  subordinate or junior to secured or guaranteed Debt merely by
                  virtue of its nature as unsecured or unguaranteed Debt;

         (7)      the principal amount of any non-interest bearing or other
                  discount note at any date shall be the principal amount
                  thereof that would be shown on a balance sheet of the issuer
                  dated such date prepared in accordance with IAS;

         (8)      the principal amount of any Preferred Stock shall be the
                  greater of (i) the maximum liquidation value of such Preferred
                  Stock or (ii) the maximum mandatory redemption or mandatory
                  repurchase price with respect to such Preferred Stock; and

         (9)      for purposes of the covenants set forth in Clauses 19.7
                  (Corporate Existence) to 19.22 (Consolidation, Merger or Sale
                  of Assets) and the definitions set forth in this Schedule,
                  amounts stated in U.S. dollars shall be deemed to include both
                  U.S. dollars and U.S. Dollar Equivalents and amounts stated in
                  Deutschmark ("DM") shall be deemed to include both DM and DM
                  Equivalents.

                                       101
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<PAGE>   105

                        SIGNATORIES TO FACILITY AGREEMENT

BORROWER

POLSKA TELEFONIA CYFROWA SP. Z O.O.

By: /s/ Wilhelm Stuckemann                  /s/ Ryszard Pospieszynski
    -----------------------------------     -----------------------------------
Name: Wilhelm Stuckemann
Title: Director of Strategy,                   Director of Administration
       Marketing and Sales

LEAD ARRANGER

DEUTSCHE BANK AG LONDON, as Lead Arranger

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

BANK

DEUTSCHE BANK LUXEMBOURG S.A.

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

AGENT

DEUTSCHE BANK LUXEMBOURG S.A., as Agent

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

                                       102
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