Document:

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                                                                  EXHIBIT 10.114

                               FOURTH AMENDMENT TO
                                 LINE OF CREDIT
                          CREDIT AND SECURITY AGREEMENT

         THIS FOURTH AMENDMENT TO LINE OF CREDIT CREDIT AND SECURITY AGREEMENT
(this "Amendment") is made and entered into effective as of February 1,2000
between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP , a Delaware limited
partnership (the "Lender"), and CRESCENT OPERATING, INC., a Delaware corporation
(the "Borrower").

                                    RECITALS:

         A. The parties executed that certain Line of Credit Credit and Security
Agreement dated as of May 21, 1997, as amended by that certain First Amendment
to Line of Credit Credit and Security Agreement dated as of August 11, 1998, by
that certain Second Amendment to Line of Credit Credit and Security Agreement
dated as of September 21, 1998, and by that certain Third Amendment to Line of
Credit Credit and Security Agreement dated as of March 11, 1999 (collectively,
the "Original Agreement"). All capitalized terms not otherwise defined in this
Amendment will have the same meaning as described in the Original Agreement.

         B. The parties wish to modify the Original Agreement to defer the
interest payments that would otherwise be due on the first Business Day of
February, May, August and November 2000 until the first Business Day of February
2001.

         In consideration of the mutual covenants set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

         1. Section 2.3. Section 2.3(c) of the Original Agreement is hereby
amended by the addition of the following sentence to the end thereof:

         The Borrower and the Lender hereby agree that the interest that would
         otherwise be due on the first Business Day of February, May, August and
         November 2000 shall be deferred until, and shall be due on, the first
         Business Day of February 2001.

         2. Remainder of Original Agreement. Except as amended hereby, the
Original Agreement shall continue in full force and effect in the form that was
effective immediately before the execution of this Amendment.

         3. Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
document.

         4. Binding Effect. This Amendment shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto.

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         5. Governing Law and Severability. This Amendment shall be governed by
and construed in accordance with the laws of the State of Texas. Whenever
possible, each provision hereof shall be interpreted in such manner as to be
effective and valid under applicable law.

         IN WITNESS WHEREOF, the parties below have executed this Amendment
effective as of the date first written above.

                                 CRESCENT OPERATING, INC.

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

                                      CRESCENT REAL ESTATE EQUITIES
                                      LIMITED PARTNERSHIP

                                      By: Crescent Real Estate Equities, Ltd.,
                                          its general partner

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

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                               PURCHASE AGREEMENT

                           QWEST CAPITAL FUNDING, INC.

                $1,250,000,000 OF 7.75% NOTES DUE AUGUST 15, 2006

                $1,750,000,000 OF 7.90% NOTES DUE AUGUST 15, 2010

                   UNCONDITIONALLY GUARANTEED AS TO PAYMENT OF
                   PRINCIPAL, PREMIUM, IF ANY, AND INTEREST BY

                     QWEST COMMUNICATIONS INTERNATIONAL INC.

                                                                 August 16, 2000

Salomon Smith Barney Inc.
Lehman Brothers Inc.

As Representatives of the several Initial Purchasers
named in Schedule I hereto
c/o Salomon Smith Barney Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

         Qwest Capital Funding, Inc. (formerly known as U S WEST Capital
Funding, Inc.), a Colorado corporation (the "COMPANY"), proposes to issue and
sell to the several Initial Purchasers listed in Schedule I hereto (the
"INITIAL PURCHASERS") for whom Salomon Smith Barney Inc. and Lehman Brothers
Inc. are acting as representatives (the "REPRESENTATIVES"), $1,250,000,000
principal amount of its 7.75% Notes due August 15, 2006 (the "2006 Notes") and
$1,750,000,000 principal amount of its 7.90% Notes due August 15, 2010 (the
"2010 NOTES", together with the 2006 Notes, the "SECURITIES"). The Securities
will be unconditionally guaranteed as to payment of principal, premium, if
any, and interest (the "GUARANTEES") by Qwest Communications International
Inc. (as successor to U S WEST, Inc. ("U S WEST")), a Delaware corporation
(the "GUARANTOR"), and will be issued pursuant to the provisions of an
Indenture, dated as of June 29, 1998, as amended by the First Supplemental
Indenture, dated as of June 30, 2000 (as so amended, the "INDENTURE"), among
the Company, the Guarantor and Bank One Trust Company, National Association,
as trustee (the "TRUSTEE").

         The Securities will have the benefit of a Registration Rights
Agreement, dated as of August 16, 2000 (the "REGISTRATION RIGHTS AGREEMENT"),
among the Company, the Guarantor and the Initial Purchasers, pursuant to which
the Company and the Guarantor have agreed, for the benefit of the Initial
Purchasers and their respective direct and indirect transferees and assigns,
to register the Securities and the Guarantees under the Securities

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Act of 1933, as amended (the "SECURITIES ACT") subject to the terms and
conditions therein specified.

         The sale of the Securities to the Initial Purchasers will be made
without registration of the Securities and the Guarantees under the Securities
Act, in reliance upon exemptions therefrom.

         In connection with the sale of the Securities, the Company and the
Guarantor have prepared a preliminary offering memorandum dated August 11,
2000 (the "PRELIMINARY OFFERING MEMORANDUM") and an offering memorandum dated
the date hereof (the "OFFERING MEMORANDUM"), for the information of the
Initial Purchasers and for delivery to prospective purchasers of the
Securities. The terms Preliminary Offering Memorandum and Offering Memorandum
shall be deemed to mean and include documents incorporated by reference
therein. All references in this Agreement to financial statements and
schedules and other information which is "contained," "included," "stated" or
"given" in the Offering Memorandum (or other references of like import) shall
be deemed to mean and include all such financial statements and schedules and
other information which is incorporated by reference in the Offering
Memorandum.

         The Company, the Guarantor and the Initial Purchasers hereby agree as
follows:

1.       The Company agrees to issue and sell the Securities to the several
Initial Purchasers as hereinafter provided, and each Initial Purchaser, upon
the basis of the representations and warranties herein contained, but subject
to the conditions hereinafter stated, agrees to purchase, severally and not
jointly, from the Company the respective principal amount of 2006 Notes set
forth opposite such Initial Purchaser's name in Schedule I hereto at a price
(the "PURCHASE PRICE") equal to 99.278% of their principal amount, and the
principal amount of 2010 Notes set forth opposite such Initial Purchaser's
name in Schedule I hereto at a Purchase Price equal to 99.135% of their
principal amount, plus in each case accrued interest, if any, from August 21,
2000 to the date of payment and delivery.

2.       The Company and the Guarantor understand that the Initial Purchasers
intend (i) to offer privately pursuant to Rule 144A under the Securities Act
their respective portions of the Securities as soon after this Agreement has
become effective as in the judgment of the Initial Purchasers is advisable and
(ii) initially to offer the Securities upon the terms set forth in the
Offering Memorandum.

         Each of the Company and the Guarantor confirms that it has authorized
the Initial Purchasers, subject to the restrictions set forth below, to
distribute copies of the Offering Memorandum in connection with the offering
of the Securities. Each Initial Purchaser hereby severally makes to the
Company and the Guarantor the following representations and agreements:

                  (i)      it is a "qualified institutional buyer" within the
         meaning of Rule 144A under the Securities Act; and

                  (ii)     (A) it will not solicit offers for, or offer to sell,
         the Securities by any form of general solicitation or general
         advertising (as those terms are used in

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         Regulation D under the Securities Act ("REGULATION D")) and (B) it will
         solicit offers for the Securities only from, and will offer the
         Securities only to, persons who it reasonably believes to be "qualified
         institutional buyers" within the meaning of Rule 144A under the
         Securities Act that in purchasing the Securities are deemed to have
         represented and agreed as provided in the Offering Memorandum.

3.       Payment for the Securities shall be made by wire transfer in
immediately available funds to the account specified by the Company to the
Representatives at 9:00 A.M., New York City time, on August 21, 2000, or at
such other time on the same or such other date, not later than the third
Business Day thereafter, as the Representatives and the Company may agree upon
in writing. The time and date of such payment are referred to herein as the
"CLOSING DATE". As used herein, the term "BUSINESS DAY" means any day other
than a day on which banks are permitted or required to be closed in New York
City.

         Payment for the Securities shall be made against delivery with
respect to Securities to be resold to "qualified institutional buyers" by the
Initial Purchasers, to the nominee of The Depository Trust Company for the
respective accounts of the several Initial Purchasers of the Securities of one
or more global notes (collectively, the "GLOBAL NOTES") representing such
Securities, with any transfer taxes payable in connection with the transfer to
the Initial Purchasers of the Securities duly paid by the Company. The Global
Notes will be made available for inspection by the Initial Purchasers at the
office of Brown & Wood LLP, One World Trade Center, New York, New York 10048
not later than 1:00 P.M., New York City time, on the Business Day prior to the
Closing Date.

4.       The Company and the Guarantor represent and warrant to each Initial
Purchaser that:

                  (a)      The Preliminary Offering Memorandum did not, in the
         form used by the Initial Purchasers to market the Securities, and the
         Offering Memorandum will not, in the form used by the Initial
         Purchasers to confirm sales of the Securities and as of the Closing
         Date, contain any untrue statement of a material fact or omit to state
         a material fact necessary in order to make the statements therein, in
         light of the circumstances existing at such dates, not misleading;
         PROVIDED, HOWEVER, that this representation and warranty shall not
         apply to any statements or omissions made in reliance upon and in
         conformity with written information furnished to the Company or the
         Guarantor by any Initial Purchaser, or on behalf of any Initial
         Purchaser by the Representatives, specifically for use therein;

                  (b)      the documents incorporated by reference in the
         Offering Memorandum (the "INCORPORATED DOCUMENTS"), when they were
         filed with the Securities and Exchange Commission (the "COMMISSION"),
         conformed in all material respects to the requirements of the
         Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"), and
         the rules and regulations of the Commission thereunder, and none of
         such documents contained an untrue statement of a material fact or
         omitted to state a material fact necessary to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading; and any further documents so filed and incorporated by
         reference in the Offering Memorandum, when such documents are filed
         with the Commission, will conform

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         in all material respects to the requirements of the Exchange Act, and
         will not contain an untrue statement of a material fact or omit to
         state a material fact necessary to make the statements therein, in
         light of the circumstances under which they were made, not misleading;

                  (c)      the financial statements of U S WEST and the
         Guarantor, together with the related schedules and notes thereto,
         included and incorporated by reference in the Offering Memorandum
         present fairly the consolidated financial position of each such entity
         and its consolidated subsidiaries as of the dates indicated and the
         statement of operations, shareowners' equity and cash flows of each
         such entity and its consolidated subsidiaries for the periods
         specified; and said financial statements have been prepared in
         conformity with generally accepted accounting principles and practices
         applied on a consistent basis throughout the periods involved. The pro
         forma financial statements of the Guarantor and U S WEST and the
         related notes thereto included and incorporated by reference in the
         Offering Memorandum, to the best knowledge of the Company and the
         Guarantor, present fairly the information shown therein, have been
         prepared in accordance with the Commission's rules and guidelines with
         respect to the pro forma financial statements and have been properly
         compiled on the bases described therein and the assumptions used
         therein, and the assumptions used in the preparation thereof are
         reasonable and the adjustments used therein are appropriate to give
         effect to the transactions and circumstances referred to therein;

                  (d)      since the respective dates as of which information is
         given in the Offering Memorandum, except as otherwise stated therein,
         (A) there has been no material adverse change in the financial
         condition or results of operations of the Company or of the Guarantor
         and its subsidiaries, taken as a whole (a "MATERIAL ADVERSE EFFECT"),
         (B) there have been no transactions entered into by the Company or by
         the Guarantor or any of its subsidiaries, other than those in the
         ordinary course of business, which are material with respect to the
         Company or the Guarantor and its subsidiaries, taken as a whole, and
         (C) there has been no dividend or distribution of any kind declared,
         paid or made by the Company or the Guarantor on any class of its
         capital stock, except for regular quarterly dividends on the
         Guarantor's common stock in amounts that are consistent with past
         practice;

                  (e)      this Agreement has been duly authorized, executed and
         delivered by each of the Company and the Guarantor;

                  (f)      the Indenture has been duly authorized, executed and
         delivered by each of the Company and the Guarantor and (assuming the
         due authorization, execution and delivery by the Trustee) constitutes
         the legal, valid and binding agreement of the Company and the Guarantor
         enforceable against each of them in accordance with its terms, except
         as the enforcement thereof may be limited by bankruptcy, insolvency
         (including, without limitation, all laws relating to fraudulent
         transfers), reorganization, moratorium or similar laws affecting
         enforcement of creditors' rights generally and except as enforcement
         thereof is

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         subject to general principles of equity (regardless of whether
         enforcement is considered in a proceeding in equity or at law);

                  (g)      the Registration Rights Agreement has been duly
         authorized by the Company and the Guarantor and, when executed and
         delivered by the Company and the Guarantor, will constitute a valid and
         binding agreement of each of the Company and the Guarantor, enforceable
         against the Company and the Guarantor in accordance with its terms,
         except as the enforcement thereof may be limited by bankruptcy,
         insolvency (including, without limitation, all laws relating to
         fraudulent transfers), reorganization, moratorium or similar laws
         affecting enforcement of creditors' rights generally and except as
         enforcement thereof is subject to general principles of equity
         (regardless of whether enforcement is considered in a proceeding in
         equity or at law), and except that enforcement of rights to
         indemnification and contribution contained therein may be limited by
         applicable Federal or state laws or the public policy underlying such
         laws;

                  (h)      the Securities have been duly authorized and, at the
         Closing Date, will have been duly executed by the Company and, when
         authenticated, issued and delivered in the manner provided for in the
         Indenture and delivered against payment of the purchase price therefor
         as provided in this Agreement, will constitute legal, valid and binding
         obligations of the Company, enforceable against the Company in
         accordance with their terms, except as the enforcement thereof may be
         limited by bankruptcy, insolvency (including, without limitation, all
         laws relating to fraudulent transfers), reorganization, moratorium or
         similar laws affecting enforcement of creditors' rights generally and
         except as enforcement thereof is subject to general principles of
         equity (regardless of whether enforcement is considered in a proceeding
         in equity or at law), and will be in the form contemplated by, and
         entitled to the benefits of, the Indenture;

                  (i)      the Guarantees have been duly authorized and, at the
         Closing Date, will have been duly executed by the Guarantor and, when
         issued and delivered in the manner provided for in the Indenture, will
         constitute legal, valid and binding obligations of the Guarantor,
         enforceable against the Guarantor in accordance with their terms,
         except as the enforcement thereof may be limited by bankruptcy,
         insolvency (including, without limitation, all laws relating to
         fraudulent transfers), reorganization, moratorium or similar laws
         affecting enforcement of creditors' rights generally and except as
         enforcement thereof is subject to general principles of equity
         (regardless of whether enforcement is considered in a proceeding in
         equity or at law), and will be in the form contemplated by, and
         entitled to the benefits of, the Indenture;

                  (j)      the Exchange Notes (as defined in the Registration
         Rights Agreement) have been duly authorized and, when authenticated,
         issued and delivered in the manner provided for in the Indenture and
         issued and delivered in exchange for the Securities in the manner
         contemplated in the Registration Rights Agreement, will constitute
         valid and binding obligations of the Company, enforceable against the
         Company in accordance with their terms, except as the

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         enforcement thereof may be limited by bankruptcy, insolvency
         (including, without limitation, all laws relating to fraudulent
         transfers), reorganization, moratorium or similar laws affecting
         enforcement of creditors' rights generally and except as enforcement
         thereof is subject to general principles of equity (regardless of
         whether enforcement is considered in a proceeding in equity or at
         law), and will be in the form contemplated by, and entitled to the
         benefits of, the Indenture;

                  (k)      the Exchange Guarantees (as defined in the
         Registration Rights Agreement) have been duly authorized and, when
         authenticated, issued and delivered in the manner provided for in the
         Indenture and issued and delivered in the manner contemplated in the
         Registration Rights Agreement, will constitute valid and binding
         obligations of the Guarantor, enforceable against the Guarantor in
         accordance with their terms, except as the enforcement thereof may be
         limited by bankruptcy, insolvency (including, without limitation, all
         laws relating to fraudulent transfers), reorganization, moratorium or
         similar laws affecting enforcement of creditors' rights generally and
         except as enforcement thereof is subject to general principles of
         equity (regardless of whether enforcement is considered in a proceeding
         in equity or at law);

                  (l)      as of the Closing Date, the Securities, the
         Guarantees, the Exchange Notes, the Exchange Guarantees, the Indenture
         and the Registration Rights Agreement will conform in all material
         respects to the respective statements relating thereto contained in the
         Offering Memorandum;

                  (m)      the execution, delivery and performance of this
         Agreement and the Registration Rights Agreement and the consummation of
         the transactions contemplated herein and therein (including, without
         limitation, the issuance and sale of the Securities and the Guarantees)
         and compliance by the Company and the Guarantor with their respective
         obligations hereunder and thereunder have been duly authorized by all
         necessary corporate action and do not and will not, whether with or
         without the giving of notice or passage of time or both, conflict with
         or constitute a breach of, or default or Repayment Event (as defined
         below) under, or result in the creation or imposition of any lien,
         charge or encumbrance upon any property or assets of the Company, the
         Guarantor or any subsidiary of the Guarantor pursuant to, any contract,
         indenture, mortgage, deed of trust, loan or credit agreement, note,
         lease or other agreement or instrument to which the Company, the
         Guarantor or any subsidiary of the Guarantor is a party or by which it
         or any of them may be bound, or to which any of the property or assets
         of the Company, the Guarantor or any subsidiary of the Guarantor is
         subject (collectively, "AGREEMENTS AND INSTRUMENTS") (except for such
         conflicts, breaches or defaults or liens, charges or encumbrances that
         would not result in a Material Adverse Effect), nor will such action
         result in any violation of the provisions of the charter or bylaws of
         the Company, the Guarantor or any subsidiary of the Guarantor or, to
         the best knowledge of the Company and the Guarantor, any applicable
         law, statute, rule, regulation, judgment, order, writ or decree of any
         government, government instrumentality or court, domestic or foreign,
         having jurisdiction over the Company, the Guarantor or any subsidiary
         of the Guarantor or any of their assets,

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         properties or operations. As used herein, a "REPAYMENT EVENT" means
         any event or condition which gives the holder of any note, debenture
         or other evidence of indebtedness of the Company, the Guarantor or
         any subsidiary of the Guarantor (or any person acting on such
         holder's behalf) the right to require the repurchase, redemption or
         repayment of all or a portion of such indebtedness by the Company,
         the Guarantor or any subsidiary of the Guarantor;

                  (n)      other than as set forth in the Offering Memorandum,
         there is not pending or, to the knowledge of the Company or the
         Guarantor, threatened any action, suit, proceeding, inquiry or
         investigation to which the Company, the Guarantor or any subsidiary of
         the Guarantor is a party or to which the assets, properties or
         operations of the Company, the Guarantor or any subsidiary of the
         Guarantor is subject, before or by any court or governmental agency or
         body, domestic or foreign, which might reasonably be expected to result
         in a Material Adverse Effect or which might reasonably be expected to
         materially and adversely affect the assets, properties or operations of
         the Company, the Guarantor and any subsidiary of the Guarantor, taken
         as a whole, or the consummation of the transactions contemplated by
         this Agreement or the Indenture or the performance by the Company or
         the Guarantor of their respective obligations thereunder;

                  (o)      the Guarantor and its subsidiaries possess such
         permits, licenses, approvals, consents and other authorizations
         (collectively, "GOVERNMENTAL LICENSES") issued by the appropriate
         federal, state, local or foreign regulatory agencies or bodies
         necessary to conduct the business now operated by them; the Guarantor
         and its subsidiaries are in compliance with the terms and conditions of
         all such Governmental Licenses, except where the failure so to comply
         would not, singly or in the aggregate, have a Material Adverse Effect;
         all of the Governmental Licenses are valid and in full force and
         effect, except when the invalidity of such Governmental Licenses or the
         failure of such Governmental Licenses to be in full force and effect
         would not have a Material Adverse Effect; and neither the Guarantor nor
         any of its subsidiaries has received any notice of proceedings relating
         to the revocation or modification of any such Governmental Licenses
         which, singly or in the aggregate, if the subject of an unfavorable
         decision, ruling or finding, would result in a Material Adverse Effect;

                  (p)      none of the Company, the Guarantor or any of their
         respective affiliates (as defined in Rule 501(b) of Regulation D) has
         directly, or through any agent, sold, offered for sale, solicited
         offers to buy or otherwise negotiated in respect of, any security (as
         defined in the Securities Act) which is or will be integrated with the
         sale of the Securities in a manner that would require the registration
         under the Securities Act of the offering contemplated by the Offering
         Memorandum;

                  (q)      none of the Company, the Guarantor, any affiliate of
         the Company or the Guarantor or any person acting on its or their
         behalf has offered or sold the Securities by means of any general
         solicitation or general advertising within the meaning of Rule 502(c)
         under the Securities Act;

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                  (r)      the Securities satisfy the requirements set forth in
         Rule 144A(d)(3) under the Securities Act;

                  (s)      assuming the accuracy of the representations of the
         Initial Purchasers contained in Section 2 hereof, it is not necessary
         in connection with the offer, sale and delivery of the Securities in
         the manner contemplated by this Agreement to register the Securities
         under the Securities Act or to qualify an indenture under the Trust
         Indenture Act of 1939 (the "TRUST INDENTURE ACT"); and

                  (t)      none of the transactions contemplated by this
         Agreement (including, without limitation, the use of the proceeds from
         the sale of the Securities) will violate or result in a violation of
         Section 7 of the Exchange Act, or any regulation promulgated
         thereunder, including, without limitation, Regulations T, U, and X of
         the Board of Governors of the Federal Reserve System.

5.       The Company and the Guarantor covenant and agree with each of the
several Initial Purchasers as follows:

                  (a)      to deliver to the Initial Purchasers as many copies
         of the Offering Memorandum (including all amendments and supplements
         thereto) as the Initial Purchasers may reasonably request;

                  (b)      before distributing any amendment or supplement to
         the Offering Memorandum, to furnish to the Representatives a copy of
         the proposed amendment or supplement for review and not to distribute
         any such proposed amendment or supplement to which the Representatives
         reasonably object;

                  (c)      if, at any time prior to the earlier of (i) 9 months
         from the date of the Offering Memorandum and (ii) notice by the
         Representatives to the Company and the Guarantor of the completion of
         the initial placement of the Securities, any event shall occur as a
         result of which the Offering Memorandum as then amended or supplemented
         would include an untrue statement of a material fact, or omit to state
         any material fact necessary to make the statements therein, in the
         light of the circumstances under which they were made, not misleading,
         or if it is necessary to amend or supplement the Offering Memorandum to
         comply with law, forthwith to prepare and furnish, at the expense of
         the Company, to the Initial Purchasers and to the dealers (whose names
         and addresses the Representatives will furnish to the Company) to which
         Securities may have been sold by the Initial Purchasers on behalf of
         the Initial Purchasers and to any other dealers upon request, such
         amendments or supplements to the Offering Memorandum as may be
         necessary to correct such statement or omission or to effect compliance
         with law;

                  (d)      to endeavor to qualify the Securities for offer and
         sale under the securities or Blue Sky laws of such jurisdictions as the
         Representatives shall reasonably request and to continue such
         qualification in effect so long as reasonably required for distribution
         of the Securities; PROVIDED that the Company

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         shall not be required to file a general consent to service of process
         in any jurisdiction;

                  (e)      during the period of two years after the date hereof,
         to furnish to the Initial Purchasers, as soon as practicable after the
         end of each fiscal year, a copy of the Guarantor's annual report to
         shareholders, if any, for such year, and to furnish to the Initial
         Purchasers and to counsel to the Initial Purchasers, (i) as soon as
         available, a copy of each report of the Guarantor filed with the
         Commission under the Exchange Act or mailed to stockholders, and (ii)
         from time to time, such other information concerning the Guarantor or
         the Company as the Initial Purchasers may reasonably request;

                  (f)      during the period beginning on the date hereof and
         continuing to and including the Business Day following the Closing
         Date, not to, directly or indirectly, sell, offer to sell, grant any
         option for the sale of, or otherwise dispose of, any of its senior debt
         securities having a maturity of one year or more without the prior
         written consent of the Representatives;

                  (g)      to use the net proceeds received by the Company from
         the sale of the Securities pursuant to this Agreement in the manner
         specified in the Offering Memorandum under the caption "Use of
         Proceeds";

                  (h)      to furnish to the holders of the Securities no later
         than 90 days after the end of each fiscal year an annual report
         (including a balance sheet and statements of income, stockholders'
         equity and cash flows of the Guarantor and its consolidated
         subsidiaries certified by independent public accountants) and, as soon
         as practicable after the end of each of the first three quarters of
         each fiscal year (beginning with the fiscal quarter ending after the
         date of the Offering Memorandum), consolidated summary financial
         information of the Guarantor and its subsidiaries of such quarter in
         reasonable detail;

                  (i)      during the period of two years after the Closing
         Date, the Company and the Guarantor will not, and will not permit any
         of their respective controlled "affiliates" (as defined in Rule 144
         under the Securities Act) to, resell any of the Securities which
         constitute "restricted securities" under Rule 144 that have been
         reacquired by any of them;

                  (j)      whether or not the transactions contemplated by this
         Agreement are consummated or this Agreement is terminated, to pay or
         cause to be paid all costs and expenses incident to the performance of
         its obligations hereunder and under the Registration Rights Agreement,
         including without limiting the generality of the foregoing, all fees,
         costs and expenses (i) incident to the preparation, issuance,
         execution, authentication and delivery of the Securities, including any
         expenses of the Trustee, (ii) incident to the preparation, printing and
         distribution of the Offering Memorandum (including all exhibits,
         amendments and supplements thereto), (iii) incurred in connection with
         the registration or qualification and determination of eligibility for
         investment of the Securities under the laws of such jurisdictions as

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         the Representatives may designate (including reasonable fees of counsel
         for the Initial Purchasers and their disbursements) and the printing of
         memoranda relating thereto, (iv) in connection with the approval for
         trading of the Securities on any securities exchange or inter-dealer
         quotation system (as well as in connection with the designation of the
         Securities as PORTAL securities, if so requested), (v) in connection
         with the printing (including word processing and duplication costs) and
         delivery of this Agreement, the Indenture, any Preliminary and
         Supplemental Blue Sky Memoranda and any Legal Investment Survey and the
         furnishing to Initial Purchasers and dealers of copies of the Offering
         Memorandum, including mailing and shipping, as herein provided, (vi)
         payable to rating agencies in connection with the rating of the
         Securities, if applicable, and (vii) any expenses incurred by the
         Company in connection with a "road show" presentation to potential
         investors;

                  (k)      while the Securities remain outstanding and are
         "restricted securities" within the meaning of Rule 144(a)(3) and cannot
         be sold without restriction under Rule 144(k) under the Securities Act,
         the Company and the Guarantor will, during any period in which the
         Guarantor is not subject to Section 13 or 15(d) under the Exchange Act
         or is not complying with the reporting requirements thereof, make
         available to the purchasers and any holder of Securities in connection
         with any sale thereof and any prospective purchaser of Securities and
         securities analysts, in each case upon request, the information
         specified in, and meeting the requirements of, Rule 144A(d)(4) under
         the Securities Act (or any successor thereto);

                  (l)      neither the Company nor the Guarantor will take any
         action prohibited by Regulation M under the Exchange Act, in connection
         with the distribution of the Securities contemplated hereby;

                  (m)      none of the Company, the Guarantor, any of their
         respective affiliates (as defined in Rule 501(b) under the Securities
         Act) or any person acting on behalf of the Company, the Guarantor or
         such affiliate will solicit any offer to buy or offer or sell the
         Securities by means of any form of general solicitation or general
         advertising, including: (i) any advertisement, article, notice or other
         communication published in any newspaper, magazine or similar medium or
         broadcast over television or radio; and (ii) any seminar or meeting
         whose attendees have been invited by any general solicitation or
         general advertising; and

                  (n)      none of the Company, the Guarantor, any of their
         respective affiliates (as defined in Regulation 501(b) of Regulation D
         under the Securities Act) or any person acting on behalf of the
         Company, the Guarantor or such affiliate will sell, offer for sale or
         solicit offers to buy or otherwise negotiate in respect of any security
         (as defined in the Securities Act) which will be integrated with the
         sale of the Securities in a manner which would require the registration
         under the Securities Act of the Securities and the Company and the
         Guarantor will take all action that is appropriate or necessary to
         assure that its offerings of other securities will not be integrated
         for purposes of the Securities Act with the offering contemplated
         hereby.

                                      10

<PAGE>   11

6.       The several obligations of the Initial Purchasers hereunder to purchase
the Securities on the Closing Date are subject to the performance by the Company
and the Guarantor of their respective obligations hereunder and to the following
additional conditions:

                  (a)      the representations and warranties of the Company and
         the Guarantor contained herein are true and correct on and as of the
         Closing Date as if made on and as of the Closing Date, the statements
         of the officers of the Company and the Guarantor made pursuant to
         Section 6(e) hereof are true and correct and the Company and the
         Guarantor shall have complied with all agreements and all conditions on
         their part to be performed or satisfied hereunder at or prior to the
         Closing Date;

                  (b)      except as previously disclosed to the Initial
         Purchasers by in writing the Company or the Guarantor prior to the
         execution of this Agreement, on or after the date of this Agreement and
         prior to the Closing Date, there shall not have occurred any
         downgrading, nor shall any notice have been given of (i) any
         downgrading, (ii) any intended or potential downgrading or (iii) any
         review or possible change that does not indicate an improvement, in the
         rating accorded any debt securities of or guaranteed by the Company or
         the Guarantor by any "nationally recognized statistical rating
         organization", as such term is defined for purposes of Rule 436(g)(2)
         under the Securities Act;

                  (c)      since the respective dates as of which information is
         given in the Offering Memorandum, there shall not have been any change
         in the financial condition of the Company or of the Guarantor and its
         subsidiaries, taken as a whole, or in the earnings, affairs or business
         prospects of the Company or of the Guarantor and its subsidiaries,
         taken as a whole, otherwise than as set forth or contemplated in the
         Offering Memorandum as at the date hereof, the effect of which is, in
         the judgment of the Representatives, so material and adverse as to make
         it impracticable or inadvisable to proceed with the offering or the
         delivery of the Securities on the Closing Date on the terms and in the
         manner contemplated in the Offering Memorandum;

                  (d)      the Representatives shall have received on and as of
         the Closing Date a certificate of the President, any Vice President,
         the Treasurer, any Assistant Treasurer or the Associate General Counsel
         of the Company in which such officers shall state that, to the best of
         their knowledge after reasonable investigation, the representations and
         warranties of the Company in this Agreement are true and correct as if
         made at and as of the Closing Date, that the Company has complied in
         all material respects with all agreements and satisfied all conditions
         on its part to be performed or satisfied hereunder at or prior to the
         Closing Date and that, since the respective dates as of which
         information is given in the Offering Memorandum, there has been no
         material adverse change in the financial condition or results of
         operations of the Company, or, to the best knowledge of the Company, of
         Qwest, and its subsidiaries, taken as a whole, except as set forth in
         or contemplated by the Offering Memorandum as at the date hereof;

                                      11

<PAGE>   12

                  (e)      the Representatives shall have received on and as of
         the Closing Date a certificate of the Chief Executive Officer, the
         President, any Vice President, the Treasurer, any Assistant Treasurer,
         or the Associate General Counsel of the Guarantor in which such
         officers shall state that, to the best of their knowledge after
         reasonable investigation, the representations and warranties of the
         Guarantor in this Agreement are true and correct as if made at and as
         of the Closing Date, that the Guarantor has complied in all material
         respects with all agreements and satisfied all conditions on its part
         to be performed or satisfied hereunder at or prior to the Closing Date
         and that, since the respective dates as of which information is given
         in the Offering Memorandum, there has been no material adverse change
         in the financial condition or results of operations of the Guarantor
         and its subsidiaries, taken as a whole, except as set forth in or
         contemplated by the Offering Memorandum;

                  (f)      Holme Roberts & Owen LLP shall have furnished to the
         Initial Purchasers their written opinion, dated the Closing Date, in
         form and substance satisfactory to the Initial Purchasers, to the
         effect that:

                           (i)      The Company is a corporation duly
                  incorporated, and is validly existing and in good standing
                  under the laws of the State of Colorado, with corporate power
                  to own, lease and operate its properties and to carry on its
                  business as now being conducted.

                           (ii)     The execution, delivery and performance of
                  this Agreement have been duly authorized by all necessary
                  corporate action on the part of the Company, and this
                  Agreement has been duly executed and delivered by the Company.

                           (iii)    The execution, delivery and performance of
                  the Indenture has been duly authorized by all necessary
                  corporate action on the part of the Company, and the Indenture
                  has been duly executed and delivered by the Company.

                           (iv)     The Registration Rights Agreement has been
                  duly authorized by all necessary corporate action on the part
                  of the Company, and the Registration Rights Agreement has been
                  duly executed and delivered by the Company.

                  In rendering such opinion, such counsel may rely as to matters
         of fact, to the extent such counsel deems proper, on certificates of
         responsible officers of the Company and of public officials

                  The opinion of Holme Roberts & Owen LLP described above shall
         be rendered to the Initial Purchasers at the request of the Company and
         shall so state therein.

                                      12
<PAGE>   13

                  (g)      O'Melveny & Myers LLP shall have furnished to the
         Initial Purchasers their written opinion, dated the Closing Date, in
         form and substance satisfactory to the Initial Purchasers, to the
         effect that:

                           (i)      The Guarantor is a corporation duly
                  incorporated, and is validly existing in good standing under
                  the laws of the State of Delaware, with corporate power to
                  own, lease and operate its properties and to carry on its
                  business as described in the Offering Memorandum.

                           (ii)     The execution, delivery and performance of
                  the Indenture have been duly authorized by all necessary
                  corporate action on the part of the Guarantor, and the
                  Indenture has been duly executed and delivered by the
                  Guarantor.

                           (iii)    The execution, delivery and performance of
                  this Agreement and the Registration Rights Agreement have been
                  duly authorized by all necessary corporate action on the part
                  of the Guarantor, and this Agreement and the Registration
                  Rights Agreement have been duly executed and delivered by the
                  Guarantor.

                           (iv)     The Indenture constitutes the legally valid
                  and binding obligation of each of the Company and the
                  Guarantor, enforceable against each of the Company and the
                  Guarantor in accordance with its terms, except as may be
                  limited by bankruptcy, insolvency, reorganization, moratorium
                  or similar laws relating to or affecting creditor's rights
                  generally (including, without limitation, fraudulent
                  conveyance laws) and by general principles of equity,
                  including, without limitation, concepts of materiality,
                  reasonableness, good faith and fair dealing and the possible
                  unavailability of specific performance or injunctive relief,
                  regardless of whether considered in a proceeding in equity or
                  at law.

                           (v)      The Securities, when duly executed and
                  authenticated in the manner contemplated by the Indenture and
                  issued and delivered to the Initial Purchasers against payment
                  therefor in accordance with the provisions hereof, will be
                  legally valid and binding obligations of the Company entitled
                  to the benefits of the Indenture, enforceable against the
                  Company in accordance with their terms, except as may be
                  limited by bankruptcy, insolvency, reorganization, moratorium
                  or similar laws relating to or affecting creditor's rights
                  generally (including, without limitation, fraudulent
                  conveyance laws), and by general principles of equity
                  including, without limitation, concepts of materiality,
                  reasonableness, good faith and fair dealing and the possible
                  unavailability of specific performance or injunctive relief,
                  regardless of whether considered in a proceeding in equity or
                  at law.

                           (vi)     The Guarantees, when duly executed in the
                  manner contemplated by the Indenture and issued and delivered
                  to the Initial Purchasers in

                                      13

<PAGE>   14

                  accordance with the provisions hereof, will be legally valid
                  and binding obligations of the Guarantor, enforceable
                  against the Guarantor in accordance their terms, except as
                  may be limited by bankruptcy, insolvency, reorganization,
                  moratorium or similar laws relating to or affecting
                  creditor's rights generally (including, without limitation,
                  fraudulent conveyance laws), and by general principles of
                  equity including, without limitation, concepts of
                  materiality, reasonableness, good faith and fair dealing and
                  the possible unavailability of specific performance or
                  injunctive relief, regardless of whether considered in a
                  proceeding in equity or at law.

                           (vii)    The Exchange Notes (as defined in the
                  Registration Rights Agreement), when duly executed in the
                  manner contemplated in the Indenture and issued and delivered
                  in exchange for the Securities in the manner contemplated in
                  the Registration Rights Agreement, will be legally valid and
                  binding obligations of the Company, enforceable against the
                  Company in accordance with their terms, except as may be
                  limited by bankruptcy, insolvency, reorganization, moratorium
                  or similar laws relating to affecting creditors rights
                  generally (including, without limitation, fraudulent
                  conveyance laws), and by general principles of equity
                  including, without limitation, concepts of materiality,
                  reasonableness, good faith and fair dealing and the possible
                  unavailability of specific performance or injunctive relief,
                  regardless of whether considered in a proceeding in equity or
                  at law.

                           (viii)   The Exchange Guarantees (as defined in the
                  Registration Rights Agreement), when duly executed in the
                  manner contemplated in the Indenture and issued and delivered
                  in the manner contemplated in the Registration Rights
                  Agreement, will be legally valid and binding obligations of
                  the Guarantor, enforceable against the Guarantor in accordance
                  with their terms, except as may be limited by bankruptcy,
                  insolvency, reorganization, moratorium or similar laws
                  relating to or effecting creditors rights generally
                  (including, without limitation, fraudulent conveyance laws),
                  and by general principles of equity including, without
                  limitation, concepts of materiality, reasonableness, good
                  faith and fair dealing and the possible unavailability of
                  specific performance or injunctive relief, regardless of
                  whether considered in a proceeding in equity or at law.

                           (ix)     The Registration Rights Agreement
                  constitutes the legally valid and binding obligation of the
                  Company and the Guarantor, enforceable against the Company and
                  the Guarantor in accordance with its terms, except as may be
                  limited by bankruptcy, insolvency, reorganization, moratorium
                  or similar laws relating to or affecting creditor's rights
                  generally (including, without limitation, fraudulent
                  conveyance laws) and by general principles of equity,
                  including, without limitation, concepts of materiality,
                  reasonableness, good faith and fair dealing and the possible
                  unavailability of specific performance or injunctive relief,
                  regardless of whether considered in a proceeding in equity or
                  at law, and except that no opinion is

                                      14

<PAGE>   15

                  expressed with respect to the provisions contained in
                  Section 4 of the Registration Rights Agreement.

                           (x)      No order, consent, permit or approval of or
                  filing with any federal governmental authority is required on
                  the part of the Company or the Guarantor for the execution and
                  delivery of this Agreement, the Indenture or the issuance and
                  sale of the Securities and the Guarantees to the Initial
                  Purchasers pursuant to the terms of this Agreement, except
                  such as may be required under applicable blue sky or state
                  securities laws.

                           (xi)     The statements in the Offering Memorandum
                  under the headings "Description of Notes", "Exchange Offer;
                  Registration Rights" and "Notice to Investors", insofar as
                  they summarize provisions of the Indenture or the Securities
                  or constitute a summary of certain provisions of the documents
                  referred to therein, fairly summarize the matters referred to
                  therein.

                           (xii)    The Securities satisfy the requirement set
                  forth in Rule 144A(d)(3) under the Securities Act.

                           (xiii)   Based upon the representations, warranties
                  and agreements of the Company and the Guarantor in Sections
                  4(p), 4(q), 4(r), 5(m), 5(n) and 6(a) of this Agreement and of
                  the Initial Purchasers in Section 2 of this Agreement and on
                  the truth and accuracy of the representations and agreements
                  deemed to be made by the purchasers of the Securities
                  contained in the Offering Memorandum, it is not necessary in
                  connection with the offer, sale and delivery of the Securities
                  to the Initial Purchasers under this Agreement or in
                  connection with the initial resale of such Securities by the
                  Initial Purchasers in accordance with Section 2 of this
                  Agreement to register the Securities under the Securities Act
                  or to qualify the Indenture under the Trust Indenture Act;
                  provided, however, that such counsel need not express any
                  opinion with respect to the conditions under which the
                  Securities may be further resold.

                           (xiv)    The documents incorporated by reference in
                  the Offering Memorandum, on the respective dates they were
                  filed, appeared on their face to comply in all material
                  respects with the requirements as to form for reports on Form
                  10-K, Form 10-Q and Form 8-K, as the case may be, under the
                  Securities Exchange Act of 1934, as amended, and Form S-4
                  under the Securities Act, and the related rules and
                  regulations in effect at the respective dates of their
                  filings, except that such counsel need express no opinion
                  concerning the financial statements and other financial
                  information contained or incorporated by reference therein.

                  In rendering such opinion, such counsel may rely as to matters
         of fact, to the extent such counsel deems proper, on certificates of
         responsible officers of the Company and the Guarantor and of public
         officials. Such counsel may also rely as to matters of Colorado law
         upon the opinion of Holme Roberts & Owen LLP

                                      15

<PAGE>   16

         without independent verification. Such counsel need express no
         opinion as to matters relating to the Federal Communications
         Commission or any state public utilities commission or similar
         authority for the Company or the Guarantor, as applicable.

                  In addition, such counsel may state that in connection with
         such counsel's participation in conferences in connection with the
         preparation of the Offering Memorandum, such counsel has not
         independently verified the accuracy, completeness or fairness of the
         statements contained or incorporated therein, and the limitations
         inherent in the examination made by such counsel and the knowledge
         available to such counsel are such that such counsel is unable to
         assume, and does not assume, any responsibility for such accuracy,
         completeness or fairness (except as otherwise specifically stated in
         paragraph (xii) above). However, such counsel shall state that on the
         basis of such counsel's review of the Offering Memorandum and the
         documents incorporated by reference therein and their participation in
         conferences in connection with the preparation of the Offering
         Memorandum, such counsel does not believe that the Offering Memorandum
         and the documents incorporated therein, considered as a whole, as of
         its issue date or on the date of the opinion, contained any untrue
         statement of a material fact or omitted to state a material fact
         necessary in order to make the statements therein, in light of the
         circumstances under which they were made, not misleading. However, such
         counsel need express no opinion or belief as to the financial
         statements and other financial information contained or incorporated by
         reference in the Offering Memorandum or in the documents incorporated
         therein by reference.

                  Such opinion may state that it does not address the impact on
         the opinions contained therein of any litigation or ruling relating to
         the divestiture by American Telephone and Telegraph Company of
         ownership of its operating telephone companies (the "DIVESTITURE").

                  The opinion of O'Melveny & Myers LLP described above shall be
         rendered to the Initial Purchasers at the request of the Company and
         shall so state therein.

                  (h)      Yash A. Rana, Esq., Associate General Counsel for the
         Company and the Guarantor shall have furnished to the Initial
         Purchasers his written opinion, dated the Closing Date, in form and
         substance satisfactory to the Initial Purchasers, to the effect that:

                           (i)      The execution, delivery and performance of
                  this Agreement and the Registration Rights Agreement have been
                  duly authorized by all necessary corporate action on the part
                  of the Guarantor, and this Agreement has been duly executed
                  and delivered by the Guarantor.

                           (ii)     All state regulatory consents, approvals,
                  authorizations or other orders (except as to the state
                  securities or blue sky laws, as to which such counsel need
                  express no opinion) legally required for the execution of the
                  Indenture and the issuance and sale of the Securities and
                  Guarantees to the

                                      16

<PAGE>   17

                  Initial Purchasers pursuant to the terms of this Agreement
                  have been obtained; provided that such counsel may rely on
                  opinions of local counsel satisfactory to such counsel.

                           (iii)    To such counsel's knowledge, there is not
                  pending or threatened any action, suit, proceeding, inquiry or
                  investigation to which the Company, the Guarantor or any
                  subsidiary of the Guarantor is a party or to which the assets,
                  properties or operations of the Company, the Guarantor or any
                  subsidiary of the Guarantor is subject, before or by any court
                  or governmental agency or body, domestic or foreign, which (a)
                  might reasonably be expected to result in a Material Adverse
                  Effect, or (b) might reasonably be expected to materially and
                  adversely affect the consummation by the Company or the
                  Guarantor of the transactions contemplated by this Agreement,
                  the Registration Rights Agreement or the Securities or the
                  Indenture or the performance by the Company or the Guarantor
                  of their respective obligations hereunder or thereunder.

                           (iv)     The execution, delivery and performance of
                  this Agreement and the Registration Rights Agreement by the
                  Company and the Guarantor will not (A) violate the charter or
                  bylaws of the Company or the Guarantor, or (B) violate, breach
                  or result in a default under any material contract, indenture,
                  mortgage, loan agreement, note, lease or other material
                  agreement known to such counsel; provided that such counsel
                  need express no opinion as to the effect of the Company's or
                  Guarantor's performance of its obligations under this
                  Agreement or the Registration Rights Agreement on the
                  compliance by the Company or the Guarantor with financial
                  covenants in any such contract, indenture, mortgage, loan
                  agreement, note, lease or other agreement.

                           (v)      To such counsel's knowledge, neither the
                  Company, the Guarantor nor any of its subsidiaries is in
                  violation of its charter or bylaws.

                  Such counsel may state that is does not address the impact of
         the opinions contained therein on any litigation or ruling relating to
         the Divestiture. Such counsel need express no opinion with respect to
         matters relating to the Federal Communications Commission or state
         public utilities commissions for the Company or the Guarantor, as
         applicable.

                  (i)      Hogan & Hartson shall have furnished to the Initial
         Purchasers their written opinion, dated the Closing Date, in form and
         substance satisfactory to the Initial Purchasers, to the effect that no
         consent, approval, authorization or other action by, or filing or
         registration with, any federal or state government authority is
         required in connection with the execution and delivery by the Company
         or the Guarantor of this Agreement or the issuance and sale of the
         Securities to the Initial Purchasers pursuant to the terms of this
         Agreement.

                                      17
<PAGE>   18

                  (j)      on the date of the issuance of the Offering
         Memorandum and also on the Closing Date, Arthur Andersen LLP and KPMG
         LLP shall have furnished to the Initial Purchasers letters, dated the
         respective dates of delivery thereof, in form and substance
         satisfactory to the Representatives, containing statements and
         information of the type customarily included in accountants "comfort
         letters" to underwriters with respect to the financial statements and
         certain financial information contained in the Offering Memorandum;

                  (k)      the Initial Purchasers shall have received on and as
         of the Closing Date an opinion of Brown & Wood LLP, counsel to the
         Initial Purchasers, with respect to the validity of the Indenture and
         the Securities, and such other related matters as the Initial
         Purchasers may reasonably request, and such counsel shall have received
         such papers and information as they may reasonably request to enable
         them to pass upon such matters;

                  (l)      the Initial Purchasers shall have received prior to
         the Closing Date a copy of the Registration Rights Agreement, in the
         form and substance satisfactory to the Initial Purchasers, duly
         executed by the Company and the Guarantor, and the Registration Rights
         Agreement shall be in full force and effect at the Closing Date; and

                  (m)      on or prior to the Closing Date the Company shall
         have furnished to the Initial Purchasers such further certificates and
         documents as the Initial Purchasers shall reasonably request.

7.       (a) The Company and the Guarantor jointly and severally agree to
indemnify and hold harmless each Initial Purchaser against any losses, claims,
damages or liabilities, joint or several, to which such Initial Purchaser may
become subject, as incurred, under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in the Preliminary
Offering Memorandum or the Offering Memorandum or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which
they were made, not misleading, and will reimburse each Initial Purchaser, as
incurred, for any legal or other expenses reasonably incurred by such Initial
Purchaser in connection with investigating or defending any such loss, claim,
damage, liability or action or amounts paid in settlement of any litigation or
investigation or proceeding related thereto if such settlement is effected
with the written consent of the Company and the Guarantor; PROVIDED, HOWEVER,
that the Company and the Guarantor will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is
based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in any of such documents in reliance upon and in
conformity with written information furnished to the Company or the Guarantor
by any Initial Purchaser, or on behalf of any Initial Purchaser by the
Representatives, specifically for use therein; and PROVIDED, FURTHER, that
with respect to any untrue statement or omission or alleged untrue statement
or omission made in the Preliminary Offering Memorandum, the

                                      18

<PAGE>   19

indemnity agreement contained in this subsection (a) shall not inure to the
benefit of any Initial Purchaser from whom the person asserting any such
losses, claims, damages or liabilities purchased the Securities concerned, to
the extent that any such loss, claim, damage or liability of such Initial
Purchaser results from the fact that a copy of the Offering Memorandum
(excluding material incorporated therein by reference) was not delivered to
such person, if such Offering Memorandum corrected any such untrue statement
or omission or alleged untrue statement or omission.

         (b)      Each Initial Purchaser will indemnify and hold harmless the
Company and the Guarantor against any losses, claims, damages or liabilities
to which the Company or the Guarantor may become subject, as incurred, under
the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
the Preliminary Offering Memorandum or the Offering Memorandum or any
amendment or supplement thereto, or arise out of or are based upon the
omission or the alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, in each case to
the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and
in conformity with written information furnished to the Company or the
Guarantor by such Initial Purchaser, or on behalf of such Initial Purchaser by
the Representatives, specifically for use therein, and will reimburse the
Company and the Guarantor, as incurred, for any legal or other expenses
reasonably incurred by the Company and the Guarantor in connection with
investigating or defending any such loss, claim, damage, liability or action.

         (c)      Promptly after receipt by an indemnified party under this
Section 7 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying
party under this Section 7, notify the indemnifying party of the commencement
thereof; but the omission so to notify the indemnifying party will not relieve
it from any liability which it may have to any indemnified party otherwise
than under this Section 7. In case any such action is brought against any
indemnified party, and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein and,
to the extent that it may wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel satisfactory
to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and after notice
from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party will not be liable to such
indemnified party under this Section 7 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation. The indemnifying party
or parties shall not be liable under this Agreement with respect to any
settlement made by any indemnified party or parties without prior written
consent by the indemnifying party or parties to such settlement.

         (d)      If the indemnification provided for in this Section 7 is
unavailable or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above, then

                                      19

<PAGE>   20

each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection (a) or (b) above, (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company and the
Guarantor on the one hand and the Initial Purchasers on the other from the
offering of the Securities or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company and the Guarantor on the one hand and
the Initial Purchasers on the other in connection with the statements or
omissions which resulted in such losses, claims, damages or liabilities as
well as any other relevant equitable considerations. The relative benefits
received by the Company and the Guarantor on the one hand and the Initial
Purchasers on the other shall be deemed to be in the same proportion as the
total net proceeds from the offering (before deducting expenses) received by
the Company bear to the total discounts and commissions received by the
Initial Purchasers. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company and the Guarantor or the
Initial Purchasers and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this subsection (d).
Notwithstanding the provisions of this subsection (d), no Initial Purchaser
shall be required to contribute any amount in excess of the amount by which
the total price at which the Securities purchased by it were offered exceeds
the amount of any damages which such Initial Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Initial Purchasers' obligations in this subsection (d)
to contribute are several in proportion to the respective principal amount of
the Securities set forth opposite their names in Schedule I hereto, and not
joint.

         (e)      The obligations of the Company and the Guarantor under this
Section 7 shall be in addition to any liability which the Company or the
Guarantor may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls any Initial Purchaser within
the meaning of the Securities Act or the Exchange Act; and the obligations of
the Initial Purchasers under this Section 7 shall be in addition to any
liability which the respective Initial Purchasers may otherwise have and shall
extend, upon the same terms and conditions, to each person, if any, who
controls the Company or the Guarantor within the meaning of the Securities Act
or the Exchange Act.

         The indemnity and contribution agreements contained in this Section 7
and the representations and warranties of the Company set forth in this
Agreement shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on
behalf of any Initial Purchaser or any person

                                       20

<PAGE>   21

controlling any Initial Purchaser or by or on behalf of the Company or the
Guarantor or any person controlling the Company or the Guarantor and (iii)
acceptance of and payment for any of the Securities.

8.       Notwithstanding anything herein contained, this Agreement may be
terminated in the absolute discretion of the Initial Purchasers, by notice
given to the Company and the Guarantor, if after the execution and delivery of
this Agreement and prior to the Closing Date (i) trading generally shall have
been suspended or materially limited on or by, as the case may be, any of the
New York Stock Exchange, the American Stock Exchange, the Nasdaq National
Market, the Chicago Board Options Exchange, the Chicago Mercantile Exchange or
the Chicago Board of Trade, (ii) trading of any securities of or guaranteed by
the Company or the Guarantor shall have been suspended on any exchange or in
any over-the-counter market, (iii) a general moratorium on commercial banking
activities in New York shall have been declared by either Federal or New York
State authorities, or (iv) there shall have occurred any outbreak or
escalation of hostilities or any change in financial markets or any calamity
or crisis that, in the judgment of the Initial Purchasers, is material and
adverse and which, in the judgment of the Initial Purchasers, makes it
impracticable to market the Securities on the terms and in the manner
contemplated in the Offering Memorandum.

9.       This Agreement shall become effective upon the execution and delivery
hereof by the parties hereto.

10.      If, on the Closing Date any one or more of the Initial Purchasers
shall fail or refuse to purchase Securities which it or they have agreed to
purchase hereunder on such date, and the aggregate principal amount of
Securities which such defaulting Initial Purchaser or Initial Purchasers
agreed but failed or refused to purchase is not more than one-tenth of the
aggregate principal amount of the Securities to be purchased on such date,
the other Initial Purchasers shall be obligated severally in the proportions
that the principal amount of Securities set forth opposite their respective
names in Schedule I bears to the aggregate principal amount of Securities set
forth opposite the names of all such non-defaulting Initial Purchasers, or in
such other proportions as the Initial Purchasers may specify, to purchase the
Securities which such defaulting Initial Purchaser or Initial Purchasers
agreed but failed or refused to purchase on such date; PROVIDED that in no
event shall the principal amount of Securities that any Initial Purchaser has
agreed to purchase pursuant to Section 1 be increased pursuant to this
Section 10 by an amount in excess of one-tenth of such principal amount of
Securities without the written consent of such Initial Purchaser. If, on the
Closing Date any Initial Purchaser or Initial Purchasers shall fail or refuse
to purchase Securities which it or they have agreed to purchase hereunder on
such date, and the aggregate principal amount of Securities with respect to
which such default occurs is more than one-tenth of the aggregate principal
amount of Securities to be purchased on such date, and arrangements
satisfactory to the Initial Purchasers, the Company and the Guarantor for the
purchase of such Securities are not made within 36 hours after such default,
this Agreement shall terminate without liability on the part of any
non-defaulting Initial Purchaser, the Company or the Guarantor. In any such
case either the Initial Purchasers, the Company or the Guarantor shall have
the right to postpone the Closing Date, but in no event for longer than seven
days, in order that the required changes, if any,

                                      21

<PAGE>   22

in the Offering Memorandum or in any other documents or arrangements may be
effected. Any action taken under this paragraph shall not relieve any
defaulting Initial Purchaser from liability in respect of any default of such
Initial Purchaser under this Agreement.

11.      If this Agreement shall be terminated by the Initial Purchasers, or
any of them, because of any failure or refusal on the part of the Company or
the Guarantor to comply with the terms or to fulfill any of the conditions of
this Agreement, or if for any reason the Company or the Guarantor shall be
unable to perform its obligations under this Agreement or any condition of the
Initial Purchasers' obligations cannot be fulfilled, (i) the Company and the
Guarantor shall remain responsible for the expenses to be paid or reimbursed
by them pursuant to Section 5(j) and (ii), except in the event this Agreement
is terminated pursuant to clauses (i), (iii) or (iv) of Section 8, the Company
and the Guarantor agree to reimburse the Initial Purchasers or such Initial
Purchasers as have so terminated this Agreement with respect to themselves,
severally, for the out-of-pocket expenses reasonably incurred by such Initial
Purchasers in connection with this Agreement or the offering contemplated
hereunder, not exceeding $75,000, and for the fees and disbursements of their
counsel.

12.      This Agreement shall inure to the benefit of and be binding upon the
Company, the Guarantor, the Initial Purchasers, any controlling persons
referred to herein and their respective successors and assigns. Nothing
expressed or mentioned in this Agreement is intended or shall be construed to
give any other person, firm or corporation any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision herein
contained. No purchaser of Securities from any Initial Purchaser shall be
deemed to be a successor by reason merely of such purchase.

13.      All notices and other communications hereunder shall be in writing
and shall be deemed to have been duly given if mailed or transmitted by any
standard form of telecommunication. Notices to the Initial Purchasers shall be
given to the Initial Purchasers c/o Salomon Smith Barney, Inc., 388 Greenwich
Street, New York, New York 10013 (telefax: (212) 316-5711); Attention: Office
of the General Counsel. Notices to the Company and the Guarantor shall be
given to each of them at 1801 California Street, Denver, Colorado 80202
(telefax: (303) 896-6468); Attention: Sean P. Foley, with a copy to General
Counsel (telefax: (303) 296-5974).

14.      This Agreement may be signed in counterparts, each of which shall be
an original and all of which together shall constitute one and the same
instrument.

15.      THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF
LAWS PROVISIONS THEREOF.

                                      22

<PAGE>   23

         If the foregoing is in accordance with your understanding, please sign
and return counterparts hereof.

                                 Very truly yours,

                                 QWEST CAPITAL FUNDING, INC.

                                 By: /s/ YASH RANA
                                    -------------------------------------
                                    Name: Yash Rana
                                    Title: Associate General Counsel

                                 QWEST COMMUNICATIONS INTERNATIONAL INC.

                                 By: /s/ YASH RANA
                                    -------------------------------------
                                    Name: Yash Rana
                                    Title: Associate General Counsel

Accepted: August 16, 2000

SALOMON SMITH BARNEY INC.
LEHMAN BROTHERS INC.

By: SALOMON SMITH BARNEY INC.

By: /s/ ALAN B. MITCHELL
   -----------------------
   Name: Alan B. Mitchell
   Title: Vice President

For themselves and as Representatives of the
other Initial Purchasers named in Schedule I hereto.

                                      23

<PAGE>   24

                                   SCHEDULE I

<TABLE>
<CAPTION>
                                                                        Principal Amount               Principal Amount
                                                                         of 2006 Notes                   of 2010 Notes
                       Initial Purchaser                                To Be Purchased                To Be Purchased
                       -----------------                                ----------------               ----------------
<S>                                                                     <C>                          <C>

Salomon Smith Barney Inc.............................................   $    384,050,000                $  634,375,000
Lehman Brothers Inc..................................................        384,050,000                   634,375,000
J.P. Morgan Securities Inc...........................................         56,250,000                    78,750,000
Banc of America Securities LLC.......................................         56,250,000                    78,750,000
Chase Securities Inc.................................................         56,250,000                    78,750,000
Donaldson, Lufkin & Jenrette Securities Corporation..................        138,150,000                             0
Goldman, Sachs & Co..................................................         56,250,000                    78,750,000
Merrill Lynch, Pierce, Fenner & Smith
            Incorporated.............................................         56,250,000                    78,750,000
ABN AMRO Incorporated................................................          4,807,693                     6,730,770
Banc One Capital Markets, Inc........................................          4,807,693                     6,730,770
Commerzbank Capital Markets Corp.....................................          4,807,693                     6,730,770
Deutsche Bank Securities Inc.........................................          4,807,693                     6,730,769
First Union Securities, Inc..........................................          4,807,692                     6,730,769
FleetBoston Robertson Stephens Inc...................................          4,807,692                     6,730,769
McDonald Investments, Inc............................................          4,807,692                     6,730,769
Mellon Financial Markets, LLC........................................          4,807,692                     6,730,769
RBC Dominion Securities Corporation..................................          4,807,692                     6,730,769
U.S. Bancorp Piper Jaffray Inc.......................................          4,807,692                     6,730,769
Utendahl Capital Partners, L.P.......................................          4,807,692                     6,730,769
Wells Fargo Brokerage Securities, LLC................................          4,807,692                     6,730,769
The Williams Capital Group, L.P......................................          4,807,692                     6,730,769
                                                                        ----------------              ----------------

                                                      Total             $  1,250,000,000                $1,750,000,000
                                                                        ----------------              ----------------
</TABLE>

                                     Sch I-1

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