Document:

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                                                                    Exhibit 10.2
                                  ROMANIA GSM
                              COOPERATION AGREEMENT

THIS ROMANIA GSM COOPERATION AGREEMENT (this "Agreement") is entered into as of
November 29, 1996 by and between TELESYSTEM INTERNATIONAL WIRELESS CORPORATION
N.V. ("TIWC"), a company incorporated under the laws of The Netherlands, having
its registered office at Coosingel 139, 30-12 AG Rotterdam, The Netherlands, and
AIRTOUCH EUROPE B.V. ("ATE"), a company incorporated under the laws of The
Netherlands, having its registered office at Parkstraat 83-89, 2514 JG The
Hague, The Netherlands. (TIWC and ATE are herein referred to individually as a
"Party" and collectively as the "Parties".)

                                    RECITALS

WHEREAS the Romanian Ministry of Communications (the "Ministry") has indicated
its intention to award licences for GSM cellular mobile telephony services in
Romania ("GSM Licence");

WHEREAS the Parties desire to pursue a GSM license together with other partners
through an unincorporated association which will be incorporated as a Romanian
joint stock company following an announcement by the Romanian government that it
will receive a GSM license (for the purposes of this Agreement, the
unincorporated association and joint stock company shall be both referred to as
"MobiFon", as the case may be):

a)   to form a core group (the "TIWC-ATE Core Group") to establish the
     principles for cooperation in pursuit of the GSM License;

b)   to form a larger group (the "Consortium") that would include Romanian
     Partners (as defined below) and possibly an Additional Foreign Partner (as
     defined below); and

c)   to develop a GSM License application ("GSM Application") to win the GSM
     License that would be filed by the Consortium;

WHEREAS, on July 21, 1996, the Parties reached a preliminary understanding of
the basic terms of their cooperation, which are contained in a non-binding term
sheet ("TIWC-ATE Term Sheet") that serves as the basis for this Agreement;

WHEREAS the Parties also agreed that the terms of the TIWC-ATE Term Sheet (other
than the funding terms provided to ATE by TIWC) has served as the basis for the
preparation of additional term sheets to be offered to potential Romanian
Partners and the Additional Foreign Partner, if any;

WHEREAS the Parties have entered into an agreement (the "Contract of
Association" with a number of other partners which sets forth the terms and
conditions pursuant to which they will operate MobiFon;

WHEREAS the Parties agree to be bound by the terms and conditions of this
Agreement;

NOW, THEREFORE, the Parties hereby acknowledge agreement on the following:

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                                                                               2

                              TERMS AND CONDITIONS

                             ARTICLE I -- THE PARTIES

1.   TIWC-ATE CORE GROUP AND CONSORTIUM

The Parties agree to coordinate and govern their activities hereunder through
the TIWC-ATE Core Group. The purposes of the TIWC-ATE Core Group are as follows:

a)   to seek potential Romanian Partners and an Additional Foreign Partner, if
     any, that will significantly increase the chances of winning the GSM
     Licence:

b)   to form a Consortium with such additional partners;

c)   to prepare and file a winning GSM Application with the Ministry;

d)   to establish a Romanian joint stock company ("MobiFon") prior to the award
     of the GSM license; and

e)   to manage the operation of MobiFon.

2.   EQUITY INTERESTS

a)   The initial ownership of MobiFon as of the filing date of the GSM
     Application by MobiFon shall be as follows:

            ATE                                  10% share ownership
            TIWC                                 39.9% share ownership
            Romanian Partners                    50.1% share ownership

b)   The foregoing 50.1% equity interest in MobiFon may be owned directly or
     indirectly by one or more Romanian entities unrelated to TIWC or ATE (the
     "Romanian Partners"). ATE acknowledges that certain Romanian entities may
     hold shares of MobiFon on behalf of TIWC for its own purposes or to be
     transferred to third parties. ATE and TIWC agree that, should it be in the
     best interests of MobiFon, EBRO may be added as a shareholder. In that
     event, ATE and TIWC agree that all MobiFon shareholders should be diluted
     on a pro rata basis up to a level sufficient to provide EBRO with a 5%
     ownership interest. If it is necessary to provide equity participation to
     EBRO in excess of this amount, the source of the equity shall require the
     mutual agreement of ATE and TIWC.

3.   CAPITALIZATION

a)   MobiFon Shares

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                                                                               3

     The Initial Shares held by ATE shall have a liquidation preference (as
     described below) which will lapse upon the earlier of (i) the exercise by
     ATE of the Option as set forth in Article III, or (ii) at the option of
     ATE, or (iii) the repayment of the Loan Amount.

b)   Liquidation Preference

     In the event of any liquidation, dissolution or winding up of MobiFon,
     either voluntary or involuntary, ATE shall be entitled to receive, prior
     and in preference to any distribution of any of the assets of MobiFon to
     the other MobiFon shareholders, an amount per share equal to the sum of:
     (i) the subscription price for each outstanding share of its Initial Shares
     (the "Initial Share Issue Price") and (ii) any declared but unpaid
     dividends on such shares.

TIWC covenants, in the event that the payment to ATE pursuant to the above
liquidation preference cannot or will not be made for any reason by the Romanian
partners, that it will make separate payment to ATE in amount sufficient to put
ATE in the same position as if such payment had been made. Any such payment made
by TIWC shall be used to offset the Loan Amount.

4.   ROMANIAN PARTNERS

a)   The Romanian and non-Romanian Partners shall be selected by TIWC following
     consultation with and approval by ATE. ATE may only veto a Romanian Partner
     on the basis of grounds concerning its business ethics or character.

b)   It is agreed that TIWC may participate in funding the investments of the
     Romanian Partners and may take an indirect interest in one or more Romanian
     Partners.

c)   Each Romanian Partner shall, as a precondition to share ownership, agree to
     the terms of the Contract of Association.

d)   ATE shall be kept fully informed at all times of any discussions or
     negotiations with potential Romanian Partners and shall have the
     opportunity to participate in discussion and negotiations with them.

e)   All agreements and understandings (drafts and final versions, verbal and
     written) between the Romanian Partners and TIWC shall be promptly disclosed
     in full to ATE.

                    ARTICLE II -- ATE SUBSCRIPTION AND LOAN

5.   SUBSCRIPTION

ATE shall be issued Shares representing 10% of the outstanding total equity of
MobiFon as of the date of the formation of the MobiFon joint stock company (the
"Initial Shares").

6.   LOAN

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                                                                               4

a)   During the three (3) year-period commencing from the date of the
     announcement of the awarding of the GSM Licence (the "Award"), TIWC shall
     loan to ATE (or an affiliate of ATE) funds equivalent to the total capital
     calls applicable to the Initial Shares (the "Loan").

b)   Shareholder Guarantees - At the election of ATE, TIWC shall also provide
     ATE's portion of the shareholder guarantees applicable to the Initial
     Shares.

c)   Rate - The Loan shall be denominated in U.S. dollars and shall bear
     interest at the rate of eleven percent (11%) per annum compounded
     quarterly (the "Rate").

d)   Loan Amount - The Loan and the interest payable thereon and the amount of
     shareholder guarantee fees, if any, shall be collectively referred to
     herein as the "Loan Amount".

e)   Right of First Refusal - ATE shall not exercise any rights of first refusal
     which would have as effect to increase its percentage ownership in MobiFon
     to greater than 10% of the stock of MobiFon, without having first paid the
     entire Loan Amount to TIWC.

7.   REPAYMENT OF THE LOAN AMOUNT

a)   Except for the Put (as defined below), the Loan Amount shall be repayable
     at ATE's discretion on either the first (1st), second (2nd) or third (3rd)
     anniversary of the Award, but no later than the third (3rd) anniversary of
     the Award.

b)   In the event the Agreement is terminated under Section 24, then ATE shall
     have no obligation to repay the Loan Amount.

8.   FORM OF REPAYMENT - PUT

a)   The Loan Amount may be repaid, at the election of ATE (or its affiliate, as
     the case may be), as follows:

     (i)  Cash denominated in U.S. dollars; or
     (ii) Shares in MobiFon representing the Loan Amount, based on the Fair
          Market Value (the "FMV"). Such FMV shall be determined as set forth in
          Attachment A attached hereto;

     provided, however, that ATE (or its affiliate, as the case may be) may at
     any time repay the Loan Amount by tendering all of its initial Shares to
     TIWC (the "Put"). In this case, the Put shall not be exercised by ATE for a
     period of nine (9) months commencing from the Award except in the case of
     an event which may be reasonably deemed to affect the reputation of ATE.

b)   In the event that ATE exercises the Put, it shall have no further
     obligations to MobiFon, TIWC, or the MobiFon shareholders with respect to
     the Initial Shares.

c)   Any shareholder guarantees attributable to the Initial Shares shall be
     assumed on a pro rata basis by ATE at the time of the repayment of the Loan
     Amount.

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                                                                               5

d)   ATE shall have no liability to meet any capital calls nor provide
     shareholder guarantees in favour of MobiFon relating to the Initial Shares
     unless and until the Loan Amount is repaid.

e)   Upon repayment of the Loan Amount, ATE shall be obligated under the terms
     of the Shareholders Agreement to fund or provide capital calls or other
     obligations and shall be responsible for loan guarantees with respect to
     ATE's remaining Shares in MobiFon.

9.   SECURITY

Until the full Loan Amount is repaid, all dividends and distributions (including
distribution on shareholders' loans) accruing on the Initial Shares are assigned
to TIWC in repayment of the Loan and ATE's Initial Shares shall be pledged in
favour of TIWC.

10.  PREMIUM

a)   Upon repayment of the Loan Amount as set forth in Section 9(a), ATE (or its
     affiliate, as the case may be) shall also pay to TIWC, in addition to the
     payment of the Loan Amount, an additional amount equal to the following
     percentage multiplied by the then FMV of the Initial Shares less the Loan
     Amount, based on the following internal rate of return table ("IRR") (the
     "Premium"):

        <TABLE>
        <CAPTION>
                IRR
                ---
                <S>                              <C>
                less than 11%                    0%
                11% to 20.9%                     20%
                21% to 30.9%                     30%
                31% to 40.9%                     40%
                41% and above                    50%
</TABLE>

     Such amount shall be repaid in U.S. currency.

b)   For the purposes hereof, IRR shall be calculated taking into consideration
     the timing of all capital contributions, in equity and shareholders' loans,
     translated into U.S. dollars at the historical U.S. exchange rate, the FMV
     of the capital contributions at the date of the payment of the Premium, and
     taking into account the accrued interest paid at the time of repayment of
     the Loan.

c)   ATE shall have the right to exercise at the time of the payment of the
     Premium set forth above to sell to TIWC the Initial Shares for an amount
     equal to the excess of 75% of their FMV over the sum of the Loan Amount and
     the Premium. The purchase price shall be payable ninety (90) days following
     notice by ATE of its intent to exercise this right. In such event,
     repayment of the Loan Amount shall be extended by ninety (90) days.

                           ARTICLE III -- ATE OPTION

11.  OPTION

a)   The Parties covenant that the MobiFon governance documents shall provide
     that ATE shall have an option (the "Option"), exercisable within ten (10)
     days after the repayment of the Loan Amount,

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                                                                               6

     to acquire from MobiFon ten percent (10%) of the total equity of MobiFon on
     a fully diluted basis in the form of MobiFon Shares, for a consideration
     equal to the cumulative contributed equity capital of said shares made to
     MobiFon and the assumption of a pro rata share of the shareholder
     guarantees and the issuance of a pro rata share of the shareholder loans,
     if any, at the date of the exercise of the Option.

b)   In addition to the consideration set forth above, upon the closing of the
     payment for the Option shares, ATE shall also pay to MobiFon an amount
     equal to ATE's pro rata share after giving effect to the exercise of the
     Option (i.e. based on its full interest in MobiFon) of such bid expenses,
     plus interest calculated at the Rate, to the extent that expenses
     associated with the preparation and submission of the GSM Application were
     not otherwise included in such capital calls.

                        ARTICLE IV -- PRE-FILING PERIOD

12.  STEERING COMMITTEE

a)   Between the date hereof and the date that the MobiFon joint stock company
     is formed, TIWC and ATE shall conduct all matters relating to the GSM
     Application through the authority of a steering committee (the "Steering
     Committee") and a project team (the "Project Team").

b)   The Steering Committee will be made of one representative of TIWC and ATE
     (together with a representative of certain mutually agreeable Romanian
     Partners), with the Chairman of the Committee being a representative of
     TIWC.

c)   Decisions of the Steering Committee, including the filing of the GSM
     Application, shall be by unanimous vote.

d)   The principal functions of the Steering Committee will be:

     (i)   to negotiate with other MobiFon shareholders the terms of a
           Shareholders' Agreement to be entered into by all equity participants
           in MobiFon;
     (ii)  to supervise the activities of the Project Team;
     (iii) to oversee the expenditure of funds in connection with the
           preparation and submission of the GSM Application; and
     (iv)  to decide on all important matters related to the GSM Application
           process, including matters relating to budget and funding.

e)   Matters that require the approval of the Steering Committee shall include,
     but not be limited to, the following:

     (i)   marketing strategy and business planning for the preparation of the
           Initial Business Plan;
     (ii)  designing of the wireless voice and data cellular telecommunication
           systems, including the interconnection with the public telephone
           network and between each GSM License area and operations site;
     (iii) financial planning and structuring for the Initial Business Plan;

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                                                                               7

     (iv)  any proposal to, or agreement with, governmental authorities which
           are inconsistent with, previously unaddressed, or reflect changes in,
           concepts, policies, and principles previously agreed to among the
           Shareholders or in relevant rules and regulations currently in
           effect;
     (v)   analyzing the advisability of and making the final decision
           concerning the admission of additional partners to the Consortium and
           establishing their future voting and non-equity interests; and
     (vi)  coordinating the negotiation of the terms, conditions and other items
           of the License contracts.

13.  PROJECT TEAM

a)   The principal functions of the Project Team will be to examine, discuss and
     prepare all aspects of the GSM Application in accordance with the decisions
     taken by the Steering Committee.

b)   The leader of the Project Team shall be appointed by TIWC.

c)   ATE shall be entitled to designate any number of its representatives to be
     members of the Project Team.

d)   Decisions of the Project Team shall be by unanimous vote.

14.  GSM APPLICATION PREPARATION

The GSM Application and the related bid documents shall be prepared under the
supervision and final decision of the Steering Committee, utilizing the
resources of each of the Parties.

15.  EXCLUSIVITY

a)   The Parties and their Affiliates (as defined below) shall not, either
     individually or through participation in or support of another consortium
     or any other third party, compete with the purpose hereof by taking part in
     the preparation or the financing of another GSM Application for Romania
     (which restriction shall extend until one year following the Award), or by
     competing with the business of the joint venture.

b)   The Parties and their Affiliates shall not join or participate in any other
     consortium or joint venture which owns or operates a GSM business in
     Romania for a period of one (1) year following the liquidation of MobiFon.

c)   The Parties acknowledge that the breach or threatened breach of this
     exclusive commitment may result in irreparable harm to the Consortium
     and/or the other Party. Accordingly, in such circumstances, the aggrieved
     Party shall be entitled to injunctive or other similar relief restraining
     the threatened or continued breach of this commitment.

d)   Notwithstanding the provisions of this Section, each of the Parties is free
     to pursue in Romania, individually or jointly, any telecommunications
     project other than mobile communication services projects, which mobile
     project shall be subject to a right of first refusal from one Party to the
     other. Furthermore, ATE and its Affiliates are free to pursue its
     Globalstar mobile satellite services

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                                                                               8

     venture and TIWC and its Affiliates are free to pursue its Odyssey or
     Orbcomm mobile satellite services venture.

e)   Should any Party or Affiliate wish to join in a consortium within the one
     (1) year period, it shall offer such opportunity to the other Party on a
     pro-rata basis based on MobiFon ownership and on equivalent terms and
     conditions which are offered to such shareholder. Other than the preceding
     sentence, any new opportunity shall not be subject to the terms and
     conditions of this Agreement.

f)   As used herein, the term "Affiliate" in relation to any Shareholder means
     any individual or corporate entity which directly or indirectly controls
     such party, or is controlled by such party, or is under common control of
     such party.

g)   The Parties covenant that the MobiFon governance documents will contain
     provisions consistent with Section 16(a) through (f) above.

16.  COST-SHARING

The Steering Committee shall establish and approve a project budget ("Project
Budget") to plan and account for all of the expenses envisioned as necessary to
submit a competitive GSM Application and to prepare for the awarding of the GSM
License. In conjunction with such project budget, the Parties agree that:

a)   all GSM Application expenses, as well as those expenditures of the
     Shareholders that are otherwise approved by the Steering Committee, shall
     be borne by MobiFon, and shall be shared on a pro rata basis by the MobiFon
     shareholders;

b)   if the Consortium decides to hire a financial, legal or strategic advisor,
     such costs shall likewise be shared on a pro rata basis by the MobiFon
     shareholders;

c)   the project budget shall be pre-funded on a quarterly basis; and

d)   individual Party expenses related to Steering Committee costs and
     Consortium formation shall not be regarded as GSM Application expenses.

                              ARTICLE V -- MOBIFON

17.  BUSINESS PLANS

The scope and definition of "Business Plan" and "Major Deviation" from a
Business Plan shall be as described in Attachment B.

18.  GUARANTEES BY PARTIES

The Parties covenant that MobiFon shall aim to get non-recourse project
financing. However, in case such financing is not feasible, the Parties covenant
that the holders of Initial Shares shall provide for

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                                                                               9

guarantees on a pro rata basis, together with the other shareholders, in
proportion to their equity interests for funding contained in the Business
Plans.

19.  TRANSFER OF SHARES

a)   Neither party may assign, sell, transfer, or otherwise dispose of (any such
     transfer being referred to as a "transfer"), except in accordance with the
     terms of this Article V.

b)   Either Party may, without the consent of the other, transfer ownership of
     its Shares to an affiliate which is at least 75% owned, provided such
     affiliate becomes a party to this Agreement.

c)   Until the Loan Amount is repaid, ATE may not transfer its shares, directly
     or indirectly, without the consent of TIWC.

d)   Any direct transfer of MobiFon shares by ATE or TIWC shall require the
     buyer to become a party to this Agreement, with the buyer made subject to
     the obligations of the transferring shareholder.

e)   Notwithstanding Section I 9(b) above, any indirect transfer (through the
     sale of any intermediate company which holds, directly or indirectly, the
     MobiFon shares) shall be subject to the requirement that the seller remain
     in control of the voting of the MobiFon shares held directly or indirectly
     by the seller, unless the buyer becomes a party to this Agreement.

f)   Until the third anniversary of the grant of the License to MobiFon,

     (i)   If ATE or TIWC wishes to transfer its shares in MobiFon
           ("Transferor") to a bona fide third party, the Transferor shall give
           notice in writing ("the Notice") to the other (the "Non-transferring
           Party") that it desires to transfer its shares (the "Offered
           Shares"). The Notice shall contain: (a)) a full description as to the
           identity of the proposed transferee; (b) the minimum terms and
           conditions for the transfer and (c) an offer for the Non-transferring
           Party to acquire the Offered Shares on the same terms and conditions
           ("the Offer").

     (ii)  If the Non-transferring Party wishes to accept all of the Offer, it
           shall, at the latest, fifteen (15) days following receipt of the
           Notice ("the Time Limit") notify the Transferor in writing to this
           effect. The acceptance of the Offer must be made unconditionally.

     (iii) If the Non-transferring Party has not accepted the Offer in full
           within the Time Limit, the Transferor shall be free to transfer the
           Offered Shares to the proposed transferee on the same terms and
           conditions (at an equivalent or better price) as contained in the
           Offer within 180 days counted from the expiry of the Time Limit.

g)   After the third anniversary of the grant, of the License to MobiFon, any
     transfer of shares by ATE or TIWC shall be subject to rights of first
     refusal held by the non-transferring party, under the procedures as set
     forth in Section 4.6 of the MobiFon Contract of Association dated November
     22, 1996.

20.  TECHNICAL ASSISTANCE AGREEMENTS

The MobiFon governance documents shall provide that TIWC and ATE shall each be
permitted to provide cellular network design and construction project management
services to MobiFon in

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                                                                              10

accordance with a technical services agreement, on a basis which permits full
reimbursement of the service provider's fully loaded costs plus a premium to be
agreed to first by TIWC and ATE, and then by the MobiFon shareholders. The
Parties agree to consider all qualified applicants from TIWC and ATE to perform
the services under the services agreements with the objective of having a
reasonable balance in staffing by TIWC and ATE. The Parties agree to give a six
(6) month notice prior to terminating their respective services provided under
the technical services agreement. AirTouch shall be allowed to terminate its
services in the event that it has exercised its Put for the reason of an event
occurring which may be reasonably deemed to affect the reputation of ATE.

                    ARTICLE VI -- GOVERNANCE AND MANAGEMENT

The decisions made by MobiFon, either in the General Assembly, before the Board
of Administrators or by the management of the Company, pertaining to those
decisions set forth in Attachment C, shall require the approval of both TIWC and
ATE. Accordingly, the Parties covenant that they will use their best efforts to
achieve agreement on those issues. Failing agreement, the Parties will cause the
matter to be defeated, either by defeating the matter before the General
Assembly, before the Board of Administrators, or by causing senior management of
the Company to defeat the matter.

21.  CHIEF EXECUTIVE OFFICER AND CHIEF TECHNICAL OFFICER

a)   The Chief Executive Officer of MobiFon (or its equivalent under Romanian
     law) shall be a nominee of TIWC, while the Chief Technology Officer ("CTO")
     shall be a nominee of ATE.

b)   The CTO shall be responsible for customer care and billing systems, GSM and
     transmission networks and information technology in general.

c)   The continuing appointment of the respective nominees to these positions
     shall be subject to a periodic review and a performance evaluation every 12
     months.

d)   However, the Chief Executive Officer may not be removed without the
     approval of TIWC, and the CTO may not be removed without the approval of
     ATE.

e)   If either such officer is duly removed, the party originally appointing
     such officer shall be entitled to exclusively nominate his or her
     replacement.

                       ARTICLE VII -- GENERAL PROVISIONS

22.  TERM

This Agreement shall remain in effect until the occurrence of one or more of the
following events:

a)   the GSM Licence is awarded to a party other than MobiFon;

b)   the GSM License is not awarded to any bidder, for any reason whatsoever,
     within a period of (6) months following the submission deadline for the GSM
     Application; or

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                                                                              11

c)   the Agreement is terminated by the written mutual agreement of all of the
     Parties.

23.  AMENDMENT AND WAIVER

Any provision of this Agreement may be amended and the observance of any
provision of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written
consent of all of the Parties.

24.  PUBLICITY

No press release or other public disclosure by any of the Parties regarding this
Agreement and the transactions contemplated thereby shall be authorized without
the prior consent of the Parties.

25.  ASSIGNMENT

The rights and obligations of the Parties under this Agreement shall not be
assigned or transferred without the prior written consent of the
non-transferring Party; provided, however, that transfers to affiliates shall be
permitted and shall not require the prior written consent of the
non-transferring Party.

26.  GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of
the State of California, U.S.A., and shall benefit and be binding upon the
Parties hereto and their respective successors and assigns.

27.  DISPUTE RESOLUTION

The parties shall make a good faith effort to resolve amicably any dispute,
controversy or difference between the parties which arises from or in connection
with this Agreement.

28.  ARBITRATION

If such attempt is unsuccessful, then such dispute, controversy or difference
shall be finally resolved under the Rules of UNCITRAL ("Rules") by one or more
arbitrators in accordance with the Rules. Such proceedings shall be held in the
United Kingdom, and shall be conducted in the English language, based upon the
English version of this Agreement. The arbitral award made by the arbitrators
shall be rendered in English. The arbitral award shall be final and binding upon
the parties, and such award may be enforced in any court of competent
jurisdiction. The arbitrators shall have the ability to grant all relief
available. The costs of arbitration, including the cost of legal counsel, shall
be awarded in the discretion of the arbitrators.

29.  LANGUAGE

This Agreement shall be prepared and executed in English. As to any
inconsistencies between the two versions, the English language version shall
prevail.

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                                                                              12

30.  COMPLIANCE WITH LAWS

a)   The Parties agree that they and their respective Agents (as defined below)
     shall comply with the U.S. Foreign Corrupt Practices Act. The Parties also
     agree that the future joint venture documentation (or Shareholders'
     Agreement, as the case may be) to be negotiated shall contain a provision
     stating that MobiFon and its shareholders shall comply with the U.S.
     Foreign Corrupt Practices Act. As used herein, the term "Agent" shall mean
     any individual or entity legally appointed or hired by such party.

b)   The Parties shall not intentionally take any action that would violate.

c)   Following the receipt and acceptance of the GSM License by MobiFon, the
     MobiFon shareholders shall not intentionally take any action that would
     cause the Romanian government to revoke MobiFon's GSM License.

31.  NOTICE

Unless otherwise provided, any notice required or permitted under this Agreement
shall be given in writing and shall be deemed to be effectively given (a) upon
personal delivery to the Party to be notified, (b) upon deposit with the
official governmental postal service, return receipt requested, and addressed to
the Party to be notified at the address indicated for such Party on the first
page of this Agreement, and (c) upon transmission via facsimile to the Party to
be notified and addressed to the facsimile numbers listed below:

         TIWC                    Bruno Ducharme          (514) 925-8485
         with a copy to:         Legal Department        (514) 673-8314

         ATE                     Craig Jorgens           (415) 658-2359
         with a copy to:         Legal Department        (415) 658-2287

32.  AFFILIATE DEFINED

The term "affiliate" as used herein shall mean any person or entity controlling,
controlled by, or under common control with, a Party.

33.  ENTIRE AGREEMENT

This Agreement (and any attachments hereto) constitute the entire understanding
and agreement among the Parties and supersede any and all prior or
contemporaneous, oral or written, representations, communications,
understandings and agreements among the Parties with respect to the subject
matter hereof including but not limited to the Term Sheet dated July 21, 1996,
to the extent that such representations, communications, understandings and
agreements are inconsistent with or contradictory to the provisions hereof.

<PAGE>
                                                                              13

34.  SEVERABILITY

If any provision hereof is found invalid, illegal or unenforceable pursuant to
any executive, legislative, judicial or other public decree or decision, such
invalidity, illegality, or unenforceability shall not affect the validity or
enforceability of any remaining portion of this Agreement, and such remaining
portion shall remain in full force and effect as if the invalid, illegal or
unenforceable portion was never a part of this Agreement when it was executed.
If the invalid, illegal or unenforceable term or provision can be made valid,
legal or enforceable by reasonable modification, then such invalid, illegal or
unenforceable term or provision shall be modified to make it valid, legal or
enforceable. If the severance or modification of any such part of this Agreement
materially affects any other rights and obligations of the Parties, the Parties
shall use all reasonable efforts to replace any invalid, illegal or
unenforceable provision with a valid, legal and enforceable one which leads to
the same legal and/or economic result.

35.  NO AGENCY

No Party shall be considered an agent of any other Party, and no Party shall
have the right, power or authority to create any obligation or duty, express or
implied, on behalf of any other Party. The Company shall not be considered an
agent of any Party, and MobiFon shall not have any right, power or authority to
create any obligation or duty, express or implied, on behalf of any Party.

36.  FORCE MAJEURE

The failure or delay of any Party to perform any obligation under this Agreement
solely by reason of force majeure shall not be deemed to be a breach of this
Agreement so long as the Party so prevented from complying with this Agreement
shall not have contributed to such force majeure, and shall continue to take all
actions within its power to comply as fully as possible with the terms of this
Agreement. In the event of any such default or breach, performance of the
obligations shall be deferred until the force majeure ceases. Except where the
nature of the event shall prevent it from doing so, the Party suffering from
such force majeure shall notify the other Parties in writing immediately upon
the occurrence of such force majeure and shall in every instance use all
reasonable efforts to remove or remedy such cause with all reasonable dispatch.

37.  HEADINGS AND CAPTIONS

The section headings and captions contained in this Agreement are for purposes
of reference and convenience only and shall not in any way affect the meaning or
interpretation of this Agreement.

38.  RELATIONSHIP

Other than the obligations contained herein, no legal entity, or relationship of
any kind shall be deemed to arise herefrom, between the Parties themselves, or
any other individuals, organization or companies. The Parties agree that this
Agreement is entered into for the sole purpose of obtaining GSM Licenses and
providing wireless telecommunication services under such GSM Licenses, and all
Parties are free to pursue other business opportunities in accordance with
Section 4 ("Exclusivity") without violating this Agreement, and are joint
venturers for the purposes of this Agreement only.

<PAGE>
                                                                              14

39.  COUNTERPARTS.

This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

40.  ORIGINALS

This Agreement shall be executed in two (2) duplicate originals, one for each
Party.

<PAGE>
                                                                              15

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and do
hereby warrant and represent that their respective signatory whose signature
appear below has been and is on the date of this Agreement duly authorized by
all necessary corporate action to execute and deliver this Agreement.

TELESYSTEM INTERNATIONAL WIRELESS CORPORATION N.V. (TIWC)

/s/ Alan McIntosh
    -----------------------------------------------------
Name: Alan McIntosh

Title: Managing Director

AIRTOUCH EUROPE B.V. (ATE)

/s/ Jeffrey Clark
    -----------------------------------------------------
Name: Jeffrey Clark

Title: Managing Director of
AirTouch Netherlands B.V.,
a Managing Director of
AirTouch (Europe) B.V.

<PAGE>
                                                                              16

                                  ATTACHMENT A

"FAIR MARKET VALUE" DEFINED

The term "Fair Market Value" shall mean the cash price in U.S. dollars
determined by mutual agreement of TIWC and ATE (the "Parties"), or if no such
agreement is reached within ten (10) days of the relevant date, the appraised
price ("Appraised Price") determined as follows:

(i)   Within ten (10) days after the relevant date, the Parties shall jointly
      designate one firm of recognized international standing familiar with
      appraisal techniques applicable to assets of the type being evaluated to
      serve as an appraiser ("Appraiser").

(ii)  The Appraiser shall be directed to determine the cash price at which a
      willing seller would sell and a willing buyer would buy the asset (each
      being apprised of all relevant facts and neither acting under compulsion)
      in an arm's length negotiated transaction with an unaffiliated third party
      without time constraints and taking into account:

      a)   the real value of all tangible and intangible assets including
           goodwill; all financial and other obligations whether contingent or
           actual; the present and future earnings;
      b)   all financial and other obligations whether contingent or actual;
      c)   the present and future earnings;
      d)   the tax treatment which the Parties would encounter upon such
           transfer;
      e)   a commercially reasonable risk-adjusted rate of return;
      f)   the rights and restrictions which apply to the asset; and
      g)   such other factors as are generally taken into account when such
           assets are valued for sale.

(iii) The Parties will cooperate in causing the Romanian joint venture company
      to supply information reasonably necessary to conduct such appraisal.

(iv)  In the event that the Parties are unable within ten (10) days after the
      relevant date to select a single Appraiser that is satisfactory to both
      Parties, then each Party shall be entitled to designate one Appraiser.
      Each Appraiser shall perform the Appraisal in accordance with subparagraph
      (ii) above. If the appraisal providing the higher value is not more than
      110% of the appraisal providing the lower value, the Appraised Price shall
      be the average of the two values. Otherwise, a mutually acceptable third
      Appraiser shall be selected within ten (10) days.

(v)   In the event that a third Appraiser is selected, it shall determine the
      Appraised Price of the relevant asset within thirty (30) days. The
      Appraised Price shall then be (i) the lower of the first two appraisals,
      if the third Appraiser value is less than the lower value; (ii) the
      average of the third Appraiser value and the other value that is closer to
      the third Appraiser value if it lies between the first two appraised
      values; and (iii) the higher of the first two appraisals, if the third
      Appraiser Value is higher than the higher value.

(vi)  In the event that the Parties designate a single Appraiser, the fees shall
      be borne equally by each of ATE and TIWC. In the event that the Parties
      each designate an Appraiser, each Party shall bear

<PAGE>
                                                                              17

      the fees of the Appraiser designated by such Party. In the event that a
      third Appraiser is designated, then the fees of such third Appraiser shall
      be borne equally by each of ATE and TIWC.

(vii) The appraisal process shall be completed within sixty (60) calendar days
      after its commencement.

<PAGE>
                                                                              18

                                  ATTACHMENT B

                                 BUSINESS PLANS

The approved Initial Business Plan and each subsequent approved Business Plan
(i.e., a rolling plan for ongoing operations) are referred to herein as
"Business Plan" and shall contain the following:

Each Business Plan will address the following timeframes:

o    Long range strategic planning
o    Five (5) year operational plan
o    First year detailed Business Plan

Each Business Plan will contain:

o    A detailed budget by month for the first year

o    Financial forecasts (profit and loss statement, balance sheet, cash flow
     statements by month for first year, by year for the four subsequent years)

o    Financial structure and funding requirements for MobiFon and the GSM
     Licence, including the methods, sources, timing and terms of debt and
     equity financing and any related guarantees, whether internal or external,
     public or private, including the issuance and/or registration of any newly
     issued securities of MobiFon in the primary market; and working capital and
     cash management plans.

o    Major business strategies and plans, including:

     -    Marketing and sales plans (including designation and compensation of
          distribution channels, market analysis, product planning, pricing and
          communication programs)
     -    Customer care, billing, technical assistance, and customer operations
          plans
     -    Technical system design, construction and network operation plans
     -    System capital expenditures and proposed expansions or improvement
          plans
     -    Management information systems plans
     -    Departmental budgets including capital expenditures and projected
          personnel requirements

o    Annual key performance milestones for the business for the following year

The Business Plans will be prepared by management each year on a rolling basis
and the Business Plan cycle will require each year.

o    Submission of the Business Plan by the President of the joint venture
     company to the Shareholders by the third week in September for approval by
     the third week in October.

<PAGE>
                                                                              19

A "Major Deviation" from a Business Plan shall mean:

     i)   any decision which contradicts or which represents a new decision
          relating to the strategies and plans documented in such Business Plan;

     ii)  any material addition or modification (or series of additions or
          modifications) to any individual Business Plan line-item; and

     iii) a change in the total capital requirements for any year of a Business
          Plan exceeding US$10 million.

     iv)  "Revisions of the Capital Structure" as that term is defined in the
          Contract of Association in section 7.3.1a of said Contract of
          Association.

<PAGE>
                                                                              20

                                  ATTACHMENT C

                           SUPERMAJORITY VOTING ISSUES

a)   Filing of the GSM application (or any related document) with the Romanian
     government;

b)   approval of any of the terms and conditions contained in the GSM License
     contract not contained in the GSM License application;

c)   amendment of the GSM License contract or conduct of negotiations as to the
     terms of or with a view to amending such contract;

d)   any dealings with the Ministry on any substantive matters regarding the GSM
     License or the business of the joint venture company;

e)   any plan to participate in any invitations to apply or bid with other
     companies, consortia or partnerships regarding the GSM Licence or the
     Business of the joint venture company;

f)   approval of any Business Plan (including modifications, amendments, and
     Major Deviations thereto);

g)   all major financial and technical decisions not previously specifically
     approved in the Business Plan;

h)   admission of any additional shareholders (unless such admission is
     specifically provided for in this Agreement);

i)   declaration of dividends;

j)   the issuance of securities of the joint venture company;

k)   any reduction in the equity capital of the joint venture company;

l)   the admission of the joint venture company to any stock exchange and the
     listing and quotation thereon of the Shares (or any other securities of the
     joint venture company);

m)   transfer of any Shares or any other securities of the joint venture company
     (other than those transfers specifically permitted by this Agreement);

n)   amalgamation, merger, winding up, or dissolution or voluntary liquidation
     of the joint venture company;

o)   any change in the corporate status of the joint venture company;

p)   any change in the purpose or Business of the joint venture company;

<PAGE>
                                                                              21

q)   entry into new lines of business or the pursuit of additional GSM Licences
     in other areas;

r)   the setting up or acquisition of subsidiary companies or otherwise
     investing in any other entity or business or the entry into a partnership,
     joint venture, profit sharing or cooperation agreement with any person or
     the disposition or disinvestment of any shares or interest therein or the
     modification or termination thereof;

s)   the opening, transfer or closing of branches, agencies, offices, and
     warehouses;

t)   any alteration of or amendment to the Articles of Association and Bylaws,
     including any change in the corporate name of the joint venture company
     and/or the convening of any extraordinary general meeting of the joint
     venture company for any such purpose;

u)   external financing and shareholder debt financing (whether or not requiring
     guarantees or securities);

v)   acquisition or disposal of shares or assets in excess of 5% of the Company
     assets in other companies or formation of a new company;

w)   any agreement or series of related agreements under which the joint venture
     company undertakes liabilities or grants guarantees that exceed, in the
     aggregate, the lesser of 5% of its total assets or the equivalent in
     Romanian currency to US$15,000,000.00;

x)   any proposal to (a) create, assume or incur, or become liable in respect of
     any indebtedness or (b) make loans or provide guarantees, indemnities or
     other securities or otherwise extend or pledge credit to others;

y)   approval or amendment of Related Party Transaction, or any series of
     Related Party Transactions, not previously approved in the Business Plan of
     an amount exceeding in the aggregate the equivalent in Romanian currency to
     US$250,000.00 in any year;

z)   any transaction (or series of related transactions) for the disposal,
     transfer, sale, mortgage or creation of liens of any nature on assets of
     the joint venture company that exceed, in the aggregate, the lesser of 5%
     of its total assets or the equivalent in Romanian currency to
     US$15,000,000.00;

aa)  the creation of any fixed or floating charge, mortgage, pledge, lien (other
     than a lien arising by operation of law) or any other encumbrance over the
     whole or part of the undertaking or assets of the joint venture company
     except as required by the terms of the GSM License;

bb)  the institution or settlement of any arbitration, litigation or similar
     proceedings relating to any claim totaling more than US$5 million;

cc)  any proposal regarding contracts and licenses for the acquisition or
     transfer of or sub-sale or sub-license of technology, trademarks, patents,
     copyrights or other intellectual property rights;

dd)  any change in the total number of Directors on the Board (as well as the
     matters that are subject to its approval);

<PAGE>
                                                                              22

ee)  change in the form of calls for the meetings of the Board of Directors, and
     voting requirements for the decisions and the powers of the Directors of
     the Board of Directors;

ff)  any proposal to pay any Director's fee or other remuneration to a Director;

gg)  appointment and removal of any officers of the joint venture company, or
     change to any of their duties and responsibilities (subject to the terms
     agreed to in the Shareholders' Agreement);

hh)  the appointment and replacement of the joint venture company's independent
     auditors, who shall be chosen from among the six largest international
     independent auditing firms;

ii)  the revaluation of any assets for accounting purposes; and

jj)  addition, deletion, or amendment to the list of matters described above.AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of June 24, 2003, by and among Mississippi Chemical Corporation, a corporation duly organized and existing under the laws of the State of Mississippi and having its principal office at 3

EXHIBIT 4.6

     AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of June 24, 2003, by and among Mississippi Chemical Corporation, a corporation duly organized and existing under the laws of the State of Mississippi and having its principal office at 3688 Highway 49 East, Yazoo City, Mississippi 39194 and a debtor-in-possession in bankruptcy as more particularly described herein (the "Company"), BancorpSouth Bank, a Mississippi corporation (successor to Trustmark) having its principal offices at One Mississippi Plaza, Tupelo, Mississippi 38804 (the "Resigning Trustee"), and HSBC Bank USA (f/k/a Marine Midland Bank), a banking corporation and trust company duly organized and existing under the laws of the State of New York and having its principal corporate trust office at 452 Fifth Avenue, New York, NY 10018, Attention: Issuer Services (the "Successor Trustee").

RECITALS:

     WHEREAS, there was originally issued $200,000,000 aggregate principal amount of the Company's 7 1/4% Senior Notes Due November 25, 2017 under an Indenture dated as of November 25, 1997, as amended and supplemented, between the Company and Harris Trust and Savings Bank (the "Original Trustee") (said notes are hereinafter referred to as "Securities" and said Indenture, as supplemented and amended to the date hereof, is hereinafter referred to as the "Indenture");

     WHEREAS, Trustmark National Bank ("Trustmark") was appointed Trustee by the Company pursuant to that certain Instrument of Resignation, Appointment and Acceptance dated as of February 18, 2000; and

     WHEREAS, Trustmark resigned as Trustee and the Resigning Trustee was appointed Trustee by the Company pursuant to that certain Instrument of Resignation, Appointment and Acceptance dated as of March 21, 2003;;

     WHEREAS, Section 608(b) of the Indenture provides that the Trustee may at any time resign by giving written notice of such resignation to the Company, effective upon the acceptance by a successor Trustee of its appointment as a successor Trustee;

     WHEREAS, Section 608(e) of the Indenture provides that, if the Trustee shall resign, the Company, by a Board Resolution, shall promptly appoint a successor Trustee;

     WHEREAS, Section 609 of the Indenture provides that any successor Trustee appointed in accordance with the Indenture shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment under the Indenture, and thereupon the resignation of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations of the predecessor Trustee;

     WHEREAS, the Company desires to appoint Successor Trustee as Trustee to succeed Resigning Trustee under the Indenture; and

     WHEREAS, Successor Trustee is willing to accept such appointment as successor Trustee under the Indenture;

     NOW, THEREFORE, the Company, Resigning Trustee and Successor Trustee, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and agree as follows:

ARTICLE ONE

THE RESIGNING TRUSTEE

     SECTION I. Pursuant to Section 608 of the Indenture, Resigning Trustee hereby notifies the Company that Resigning Trustee is hereby resigning as Trustee, Registrar and Paying Agent and every other capacity, if any other, under the Indenture, and as the office or agency maintained by the Company pursuant to Section 1002 of, the Indenture.

     SECTION II. Resigning Trustee hereby represents and warrants to Successor Trustee that:

     (a)     No covenant or condition contained in the Indenture has been waived by Resigning Trustee or, to the best of the knowledge of the Responsible Officers of Resigning Trustee's Corporate Trust Group, by the Holders of the percentage in aggregate principal amount of the Securities required by the Indenture to effect any such waiver.

     (b)     There is no action, suit or proceeding pending or, to the best of the knowledge of the Responsible Officers of the Resigning Trustee's Corporate Trust Group, threatened against Resigning Trustee before any court or any governmental authority arising out of any action or omission by Resigning Trustee as Trustee under the Indenture.

     (c)     Upon the effectiveness of this Agreement, Resigning Trustee will hold no property under the Indenture.

     (d)     To the best knowledge of the responsible Officers of the Resigning Trustee's Corporate Trust Group, pursuant to Section 303 of the Indenture, the Original Trustee duly authenticated and delivered, on November 25, 1997, $200,000,000 aggregate principal amount of Securities, of which $200,000,000 are outstanding as of the effective date hereof.

     (e)     To the best knowledge of the responsible Officers of the Resigning Trustee's Corporate Trust Group, each person who so authenticated the Securities was duly elected, qualified and acting as an officer of the original Trustee and empowered to authenticate the Securities at the respective times of such authentication and the signature of such person or persons appearing on such Securities is each such person's genuine signature.

     (f)     This Agreement has been duly authorized, executed and delivered on behalf of Resigning Trustee and constitutes its legal, valid and binding obligation. 

     (g)     To the best of the knowledge of the Responsible Officers of the Resigning Trustee's Corporate Trust Group, no event not otherwise disclosed on Exhibit A has occurred and is continuing which is, or after notice or lapse of time would become, an Event of Default under Section 501 of the Indenture.

     SECTION III. Resigning Trustee hereby assigns, transfers, delivers and confirms to Successor Trustee, its successors and assigns all right, title and interest of Resigning Trustee in and to the trust under the Indenture and all the rights, powers and trusts of the Trustee under the Indenture. Resigning Trustee shall execute and deliver such further instruments and shall do such other things as Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in Successor Trustee all the rights, trusts and powers hereby assigned, transferred, delivered and confirmed to Successor Trustee as Trustee.

     SECTION IV. Resigning Trustee shall deliver to Successor Trustee, as of or immediately after the effective date hereof, all of the documents listed on Exhibit B hereto. 

ARTICLE TWO

THE COMPANY

     SECTION V. The Company hereby accepts the resignation of Resigning Trustee as Trustee, Registrar and Paying Agent, and every other capacity, if any other, under the Indenture, and as the office or agency maintained by the Company pursuant to Section 1002 of the Indenture, and further discharges the Resigning Trustee from all further right, power, duty and obligation as Trustee under the Indenture.

     SECTION VI. The Secretary or Assistant Secretary of the Company who is attesting to the execution of this Agreement by the Company hereby certifies that Exhibit C annexed hereto is a copy of the Board Resolution(s) which was (were) duly adopted by the Board of Directors of the Company, which is (are) in full force and effect on the date hereof, and which authorizes (authorize) certain officers of the Company to (a) accept Resigning Trustee's resignation as Trustee and Registrar under the Indenture; (b) appoint Successor Trustee as Trustee, Registrar and Paying Agent under the Indenture; and (c) execute and deliver such agreements and other instruments as may be necessary or desirable to effectuate the succession of Successor Trustee as Trustee, Registrar and as Paying Agent under the Indenture.

     SECTION VII. The Company hereby appoints Successor Trustee as Trustee, Registrar, and Paying Agent under, and as the office or agency maintained by the Company pursuant to Section 1002 of, the Indenture, and to succeed to, and hereby vests Successor Trustee with, all the rights, powers, duties and obligations of Resigning Trustee under the Indenture with like effect as if originally named as Trustee in the Indenture. The Company shall execute and deliver such further instruments and shall do such other things as the Successor Trustee shall reasonably require so as to more fully and certainly vest and confirm in the Successor Trustee all the rights, trusts and powers hereby assigned, transferred, delivered and confirmed to the Successor Trustee.

     SECTION VIII. Promptly after the effective date of this Agreement, the Company and the Successor Trustee shall cause a notice, substantially in the form of Exhibit D annexed hereto, to be sent to each Holder of the Securities in accordance with the provisions of Section 608(f) of the Indenture.

     SECTION IX. The Company hereby represents and warrants to Resigning Trustee and Successor Trustee that:

     (a)     The Company is a corporation duly and validly organized and existing pursuant to the laws of the State of Mississippi.

     (b)     This Agreement has been duly authorized, executed and delivered on behalf of the Company and constitutes its legal, valid and binding obligation.

     (c)     All conditions precedent relating to the appointment of the Successor Trustee as successor Trustee, Registrar and Paying Agent under, and as the office or agency maintained by the Company pursuant to Section 1002 of, the Indenture have been complied with by the Company.

ARTICLE THREE

THE SUCCESSOR TRUSTEE

     SECTION X. Successor Trustee hereby represents and warrants to Resigning Trustee and to the Company that:

     (a)     Successor Trustee is fully qualified to act as Trustee under the Indenture.

     (b)     This Agreement has been duly authorized, executed and delivered on behalf of Successor Trustee and constitutes its legal, valid and binding obligation.

     SECTION XI. Successor Trustee hereby accepts its appointment as successor Trustee, Registrar, and Paying Agent under, and as the office or agency maintained by the Company pursuant to Section 1002 of, the Indenture and accepts the rights, powers, duties and obligations of Resigning Trustee as Trustee under the Indenture, upon the terms and conditions set forth therein, with like effect as if originally named as Trustee under the Indenture. Notwithstanding the foregoing or anything in this Agreement to the contrary, it is expressly agreed by all of the parties hereto that the Successor Trustee is not assuming and has not assumed any liability, obligation or responsibility for any actions (or inactions) taken by (or suffered by) the Resigning Trustee during the period of time that the Resigning Trustee acted as trustee, all of which liabilities, obligations and responsibilities (if any) shall remain with the Resigning Trustee.

     SECTION XII. References in the Indenture to "Corporate Trust Office" or other similar terms shall be deemed to refer to the Corporate Trust Office of Successor Trustee at 452 Fifth Avenue, New York, NY 10018 or any other office of Successor Trustee at which, at any particular time, its corporate trust business shall be administered.

ARTICLE FOUR

MISCELLANEOUS

     SECTION XIII. Except as otherwise expressly provided herein or unless the context otherwise requires, all terms used herein which are defined in the Indenture shall have the meaning assigned to them in the Indenture.

     SECTION XIV. This Agreement and the resignation, appointment and acceptance effected hereby shall be effective as of the close of business on the date set forth in the opening paragraph of this Agreement; provided that the resignation of the Resigning Trustee as Registrar and Paying Agent and the appointment of the Successor Trustee as Registrar and Paying Agent shall be effective ten Business Days after the date set forth above.

     SECTION XV. Resigning Trustee hereby acknowledges payment or provision for payment in full by the Company of compensation for all services rendered by Resigning Trustee under Section 606 of the Indenture and reimbursement in full by the Company of the expenses, disbursements and advances incurred or made by Resigning Trustee in accordance with the provisions of the Indenture. Resigning Trustee acknowledges that it relinquishes any lien it may have upon all property or funds held or collected by it to secure any amounts due it pursuant to the provisions of Section 606 of the Indenture; provided, however, that Successor Trustee agrees that, to the extent Resigning Trustee's fees and expenses are billed and not paid by the Company, then it will assert such claim, along with its own claim (should one arise) for such fees and expenses. The Company acknowledges its obligation set forth in Section 606 of the Indenture to indemnify Resigning Trustee for, and to hold Resigning Trustee harmless against, any loss, liability and expense incurred without negligence or bad faith on the part of the Resigning Trustee and arising out of or in connection with the acceptance or administration of the trust evidenced by the Indenture (which obligation shall survive the execution hereof).

     SECTION XVI. (a) The Resigning Trustee agrees to pay or indemnify the Successor Trustee and save the Successor Trustee harmless from and against any and all costs, claims, liabilities, losses or damages whatsoever (including reasonable fees, expenses and disbursements of the Successor Trustee's counsel and other advisors), that the Successor Trustee suffers or incurs, or may suffer or incur, without negligence, bad faith or willful misconduct on its part as a result of the Successor Trustee accepting and acting as Successor Trustee under the Indenture arising out of actions or omissions of the Resigning Trustee in its capacity as Trustee, Paying Agent or Registrar, prior to the effective date of this Agreement. The Successor Trustee shall promptly notify the Resigning Trustee upon its gaining knowledge of any claim for which it may seek indemnity. The Resigning Trustee will furnish to the Successor Trustee, promptly after receipt, all papers with respect to any action or claim or demand, the outcome of which would make operative the indemnity provided for in this section.

     (b)  In case any action shall be brought against the Successor Trustee in respect of which indemnity may be sought from the Resigning Trustee, the Successor Trustee shall promptly notify the Resigning Trustee in writing, and the Resigning Trustee may, to the extent allowed by applicable law, promptly assume the defense thereof, including the employment of counsel reasonably acceptable to the Successor Trustee, the payment of all expenses and the right to negotiate and consent to settlement. The Successor Trustee shall have the right to consent to any such settlement, such consent not to be unreasonably withheld. The Successor Trustee shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Successor Trustee unless (i) employment of such counsel and payment of the fees and expenses thereof by the Successor Trustee have been specifically authorized by the Resigning Trustee, or (ii) employment of such counsel is necessary because the claim or defense for which such counsel is employed is inconsistent or in conflict with the claims or defenses of the Resigning Trustee (the determination of such conflict to be at the reasonable discretion of the Successor Trustee), or (iii) there may be claims or defenses available to it that are different from or in addition to those available to the Resigning Trustee, in any of which events such fees and expenses shall be borne by the Resigning Trustee, but in any such event, the Resigning Trustee shall not have the right to direct the defense of such action on behalf of the Successor Trustee. The Resigning Trustee shall not be liable for any settlement of any such action effected by the Successor Trustee without the Resigning Trustee's consent, but if settled with the consent of the Resigning Trustee or if there shall be a final judgment for the plaintiff in such action against the Resigning Trustee or the Successor Trustee with or without the consent of the Resigning Trustee, the Resigning Trustee agrees to indemnify and hold harmless the Successor Trustee to the extent provided in this Agreement.

     SECTION XVII. The parties acknowledge that the Company, Mississippi Nitrogen, Inc. and MissChem Nitrogen, L.L.C., subsidiaries of the Company and guarantors of the Company's obligations under the Indenture (collectively the "Subsidiary Guarantors"), currently are debtors and debtors-in-possession in bankruptcy cases pending under the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Mississippi, administratively consolidated under the style, In re: Mississippi Chemical Corporation, filed on May 15, 2003, Case No. 03-02984 WEE. Nothing contained herein shall have the effect of converting to a post-petition obligation any obligation of the Company under the Indenture that, in the absence of this Agreement, would constitute a pre-petition obligation.

     SECTION XVIII. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

     SECTION XIX. This Agreement may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

     SECTION XX. The Company, Resigning Trustee and Successor Trustee hereby acknowledge receipt of an executed and acknowledged counterpart of this Agreement and the effectiveness thereof.

     IN WITNESS WHEREOF, the parties hereby have caused this Agreement of Resignation, Appointment and Acceptance to be duly executed and acknowledged and their respective seals to be affixed thereunto and duly attested all as of the day and year first above written.

	

Attest:

/s/ Ethel Truly                   

Secretary
	
MISSISSIPPI CHEMICAL CORPORATION,

       Company

            By: /s/ Timothy A. Dawson

                Name:  Timothy A. Dawson

                Title:    Senior Vice President-Finance

	

Attest:

/s/  M. K. Cole                  

Authorized Officer
	
BANCORPSOUTH BANK,

       Resigning Trustee

            By: /s/ Lisa Neeld                 

                 Name:  Lisa Neeld

                 Title:    Trust

	

Attest:

/s/  Robert Conrad            

Vice President
	
HSBC BANK USA, as

       Successor Trustee

            By: /s/ Russ Paladino       

                 Name:  Russ Paladino

                 Title:    Vice President     

EXHIBIT A
1.     Default in the payment of interest on May 15, 2003, pursuant to the Indenture.

2.     Bankruptcy filing by Mississippi Chemical Corporation and the Subsidiary Guarantors.

EXHIBIT B

Documents to be delivered to Successor Trustee
1.     Executed copy of Indenture, together with all Supplements

2.     File of Closing Documents

3.     Copies of the most recent of each of the SEC reports delivered by the Company pursuant to the Indenture.

4.     A copy of the most recent Compliance Certificate delivered pursuant to the Indenture.

5.     Copies of any official notices sent by the Trustee to all the Holders of the Securities pursuant to the terms of the Indenture during the past twelve months and a copy of the most recent Trustee's Annual Report to Holders, if any.

6.     Certified Noteholder list.

7.     Global certificate.

EXHIBIT C

CERTIFIED COPY OF RESOLUTIONS

OF

THE BOARD OF DIRECTORS

OF

MISSISSIPPI CHEMICAL CORPORATION

     The undersigned hereby certifies that he is the duly appointed, qualified and acting Secretary of Mississippi Chemical Corporation, a Mississippi corporation (the "Corporation"), and further certifies that the following is a true and correct copy of certain resolutions duly adopted by the Board of Directors of said Corporation, and that said resolutions have not been amended, modified or rescinded:

     RESOLVED, that the Corporation appoint HSBC BANK USA (f/k/a Marine Midland Bank) as successor Trustee ("Successor Trustee"), Registrar, and Paying Agent under, and as the office or agency maintained by the Corporation pursuant to Section 1002 of, the Indenture dated as of November 25, 1997 (as supplemented and amended to the date hereof, the "Indenture"), by and between the Corporation and BancorpSouth Bank (the "Resigning Trustee"), as successor Trustee to Trustmark National Bank, as successor Trustee to Harris Trust and Savings Bank, as original Trustee, pursuant to which the Corporation issued $200,000,000 aggregate principal amount of the Corporation's 7 1/4% Senior Notes, and that the Corporation accepts the resignation of Resigning Trustee as Trustee, Registrar, Paying Agent and every other capacity, if any other, under the Indenture, and as the office or agency maintained by the Corporation pursuant to Section 1002 of, the Indenture, such resignation to be effective upon the execution and delivery by Successor Trustee to the Corporation of an instrument or instruments accepting such appointment as successor Trustee, Registrar and Paying Agent under the Indenture; and it is further

     RESOLVED, that the Chairman of the Board, the President, any Vice President, the Treasurer or any Assistant Treasurer of the Corporation be, and each of them hereby is, authorized, empowered and directed to execute and deliver in the name and on behalf of the Corporation, and in such form and with such content as shall be approved by the person(s) executing same (the execution of same to evidence such approval) an instrument or instruments appointing Successor Trustee as the successor Trustee, Registrar and Paying Agent under, and as the office or agency maintained by the Corporation pursuant to Section 1002 of, the Indenture, and accepting the resignation of Resigning Trustee; and it is further

     RESOLVED, that the aforesaid officers of the Corporation are hereby authorized, empowered and directed to do or cause to be done all such acts or things, and to execute and deliver, or cause to be executed or delivered, any and all such other agreements, amendments, instruments, certificates, documents or papers (including, without limitation, any and all notices and certificates required or permitted to be given or made on behalf of the Corporation to Successor Trustee or to Resigning Trustee), under the terms of any of the executed instruments in connection with the resignation of Resigning Trustee and the appointment of Successor Trustee, in the name and on behalf of the Corporation, as any of such officers, in his/her discretion, may deem necessary or advisable to effectuate or carry out the purposes and intent of the foregoing resolutions; and to cause the performance of any of the Corporation's obligations under the instruments authorized herein and agreements authorized herein in connection with the resignation of Resigning Trustee and the appointment of Successor Trustee.

IN WITNESS WHEREOF, I have hereunto set my hand as Secretary and have affixed the seal of the Corporation this _______ day of June, 2003.

                                                                                            By:_________________________

                                                                                              Name:

                                                                                              Title:

[SEAL]

EXHIBIT D

[COMPANY LETTERHEAD]

NOTICE

CUSIP NO.                     

To the Holders of

Mississippi Chemical Corporation

7 1/4% Senior Notes Due 2017

NOTICE IS HEREBY GIVEN, pursuant to Section 608(f) of the Indenture dated as of November 25, 1997, as amended, by and between Mississippi Chemical Corporation (the "Company") and BancorpSouth Bank, as successor to Trustmark National Bank, as successor Trustee to Harris Trust and Savings Bank, as original Trustee, that BancorpSouth Bank has resigned as Trustee under the Indenture.

Pursuant to Section 608 of the Indenture, HSBC Bank USA (f/k/a Marine Midland Bank), a banking corporation and trust company duly organized and existing under the laws of the State of New York, has accepted appointment as Trustee under the Indenture. The address of the Corporate Trust Office of HSBC Bank USA is 452 Fifth Avenue, New York, NY 10018, Attention: Issuer Services.

Dated:  Yazoo City, Mississippi

     June ____, 2003

                                                                                         Very truly yours,

                                                                                         MISSISSIPPI CHEMICAL CORPORATION

                                                                                         By:______________________

                                                                                            Name:

                                                                                            Title:

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