Document:

Exhibit 4.55

	
  EXECUTION COPY

  
	
   

  Dated 26 July 2004

  
	
   

  US$500,000,000

  FACILITY AGREEMENT

  for

  MOBILE
  TELESYSTEMS OPEN JOINT STOCK COMPANY

  arranged by

  ABN AMRO BANK N.V.  

  HSBC
  BANK PLC  

  ING BANK N.V.
  

  RAIFFEISEN ZENTRALBANK OESTERREICH AG

  as Original Mandated Lead Arrangers

  and

  BANK AUSTRIA
  CREDITANSTALT AG

  COMMERZBANK AKTIENGESELLSCHAFT

  as New Mandated Lead
  Arrangers

  with

  ING
  BANK N.V., LONDON BRANCH

  acting as Agent

  
	
   

  	
   

  
	
  

  	
   

  
	
   

  	
   

  
	
  Paveletskaya sq. 2,
  bld. 2

  Moscow 115054

  	
   

  
	
  Telephone (7-095) 797 9797

  Facsimile (7-095) 797 9798

  	
   

  
	
   

  	
   

  
	
  Ref MIYB

  	
   

  

 

 

 

CONTENTS

	
  CLAUSE

  	
   

  	
  PAGE

  
	
  SECTION 1
  INTERPRETATION

  	
   

  	
  1

  
	
   

  	
  1

  	
  DEFINITIONS AND
  INTERPRETATION

  	
   

  	
  1

  
	
  SECTION 2 THE FACILITY

  	
   

  	
  11

  
	
   

  	
  2

  	
  THE FACILITIES

  	
   

  	
  11

  
	
   

  	
  3

  	
  PURPOSE

  	
   

  	
  11

  
	
   

  	
  4

  	
  CONDITIONS OF
  UTILISATION

  	
   

  	
  11

  
	
  SECTION 3 UTILISATION

  	
   

  	
  13

  
	
   

  	
  5

  	
  UTILISATION

  	
   

  	
  13

  
	
  SECTION 4 REPAYMENT,
  PREPAYMENT AND CANCELLATION

  	
   

  	
  14

  
	
   

  	
  6

  	
  REPAYMENT

  	
   

  	
  14

  
	
   

  	
  7

  	
  PREPAYMENT AND
  CANCELLATION

  	
   

  	
  14

  
	
  SECTION 5 COSTS OF
  UTILISATION

  	
   

  	
  17

  
	
   

  	
  8

  	
  INTEREST

  	
   

  	
  17

  
	
   

  	
  9

  	
  INTEREST PERIODS

  	
   

  	
  18

  
	
   

  	
  10

  	
  CHANGES TO THE
  CALCULATION OF INTEREST

  	
   

  	
  18

  
	
   

  	
  11

  	
  FEES

  	
   

  	
  19

  
	
  SECTION 6 ADDITIONAL
  PAYMENT OBLIGATIONS

  	
   

  	
  21

  
	
   

  	
  12

  	
  TAX GROSS-UP AND
  INDEMNITIES

  	
   

  	
  21

  
	
   

  	
  13

  	
  INCREASED COSTS

  	
   

  	
  23

  
	
   

  	
  14

  	
  OTHER INDEMNITIES

  	
   

  	
  24

  
	
   

  	
  15

  	
  MITIGATION BY THE
  LENDERS

  	
   

  	
  25

  
	
   

  	
  16

  	
  COSTS AND EXPENSES

  	
   

  	
  25

  
	
  SECTION 7
  REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

  	
   

  	
  27

  

 

 (i)
 

 

 

	
  

  	
  17

  	
  REPRESENTATIONS

  	
   

  	
  27

  
	
   

  	
  18

  	
  INFORMATION
  UNDERTAKINGS

  	
   

  	
  30

  
	
   

  	
  19

  	
  FINANCIAL COVENANTS

  	
   

  	
  33

  
	
   

  	
  20

  	
  GENERAL UNDERTAKINGS

  	
   

  	
  34

  
	
   

  	
  21

  	
  EVENTS OF DEFAULT

  	
   

  	
  38

  
	
  SECTION 8 CHANGES TO
  PARTIES

  	
   

  	
  44

  
	
   

  	
  22

  	
  CHANGES TO THE LENDERS

  	
   

  	
  44

  
	
   

  	
  23

  	
  CHANGES TO THE BORROWER

  	
   

  	
  46

  
	
  SECTION 9 THE FINANCE
  PARTIES

  	
   

  	
  47

  
	
   

  	
  24

  	
  ROLE OF THE AGENT AND
  THE MANDATED LEAD ARRANGERS

  	
   

  	
  47

  
	
   

  	
  25

  	
  CONDUCT OF BUSINESS BY
  THE FINANCE PARTIES

  	
   

  	
  51

  
	
   

  	
  26

  	
  SHARING AMONG THE
  FINANCE PARTIES

  	
   

  	
  51

  
	
  SECTION 10
  ADMINISTRATION

  	
   

  	
  53

  
	
   

  	
  27

  	
  PAYMENT MECHANICS

  	
   

  	
  53

  
	
   

  	
  28

  	
  SET-OFF

  	
   

  	
  55

  
	
   

  	
  29

  	
  NOTICES

  	
   

  	
  55

  
	
   

  	
  30

  	
  CALCULATIONS AND
  CERTIFICATES

  	
   

  	
  56

  
	
   

  	
  31

  	
  PARTIAL INVALIDITY

  	
   

  	
  57

  
	
   

  	
  32

  	
  REMEDIES AND WAIVERS

  	
   

  	
  57

  
	
   

  	
  33

  	
  AMENDMENTS AND WAIVERS

  	
   

  	
  57

  
	
   

  	
  34

  	
  COUNTERPARTS

  	
   

  	
  58

  
	
  SECTION 11 GOVERNING
  LAW AND ENFORCEMENT

  	
   

  	
  59

  
	
   

  	
  35

  	
  GOVERNING LAW

  	
   

  	
  59

  
	
   

  	
  36

  	
  ARBITRATION

  	
   

  	
  59

  
	
   

  	
  37

  	
  JURISDICTION

  	
   

  	
  60

  

 

 (ii)
 

 

 

	
  SCHEDULE 1 The Original
  Lenders

  	
   

  	
  61

  
	
  SCHEDULE 2 Conditions
  precedent

  	
   

  	
  62

  
	
  SCHEDULE 3 Utilisation
  Request

  	
   

  	
  64

  
	
  SCHEDULE 4 Mandatory
  Cost formula

  	
   

  	
  65

  
	
  SCHEDULE 5 Form of
  Transfer Certificate

  	
   

  	
  67

  
	
  SCHEDULE 6 Form of Compliance Certificate

  	
   

  	
  69

  

 

 

 

 (iii)

 

 

THIS AGREEMENT is dated 26 July 2004
and made between:

(1)                              MOBILE TELESYSTEMS OPEN JOINT STOCK COMPANY,
an open joint stock company established and existing under the laws of the
Russian Federation and having its registered address at 4 Marksistskaya Street,
109147 Moscow, Russian Federation, as borrower (the “Borrower”);

(2)                              ABN AMRO BANK N.V., HSBC BANK PLC,
ING BANK N.V. and RAIFFEISEN ZENTRALBANK OESTERREICH AG as
original mandated lead arrangers (the “Original
Mandated Lead Arrangers”) and BANK
AUSTRIA CREDITANSTALT AG and
COMMERZBANK AKTIENGESELLSCHAFT as new mandated lead arrangers (the “New Mandated Lead Arrangers”) (together
with the Original Mandated Lead Arrangers, the “Mandated Lead  Arrangers”);

(3)                              THE FINANCIAL INSTITUTIONS listed
in Schedule 1 as lenders (the “Original
Lenders”); and

(4)                              ING BANK N.V., LONDON BRANCH as
agent of the other Finance Parties (the “Agent”).

IT IS AGREED as follows:

SECTION 1

INTERPRETATION

1                                      DEFINITIONS AND
INTERPRETATION

1.1                            Definitions

In this Agreement:

“Additional
Cost Rate” has the meaning given to it in Schedule 4 (Mandatory Cost  formula).

“Affiliate”
means, in relation to any person, a Subsidiary of that person or a Holding
Company of that person or any other Subsidiary of that Holding Company.

“Authorisation”
means an authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration.

“Availability
Period” means:

(a)                                in
relation to Facility 1, the period from and including the Signing Date to and
including the date which is 30 days after the Signing Date; and

(b)                               in
relation to Facility 2, the period from and including 1 October 2004 to
and including the date which is 80 days after 1 October 2004.

“Available
Commitment” means, in relation to a Facility, a Lender’s Commitment
under that Facility minus:

(a)                                the
amount of its participation in any outstanding Loans under that Facility; and

(b)                               in
relation to any proposed Utilisation, the amount of its participation in any
Loans that are due to be made under that Facility on or before the proposed
Utilisation Date.

“Available
Facility” means, in relation to a Facility, the aggregate for the
time being of each Lender’s Available Commitment in relation to that Facility.

 1
 

 

 

“Borrowings”
has the meaning given to it in Clause 19 (Financial
Covenants).

“Break
Costs” means the amount (if any) by which:

(a)                                the
interest (excluding the Margin) which a Lender should have received for the
period from the date of receipt of all or any part of its participation in a
Loan or Unpaid Sum to the last day of the current Interest Period in respect of
that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been
paid on the last day of that Interest Period;

exceeds:

(b)                               the
amount which that Lender would be able to obtain by placing an amount equal to
the principal amount or Unpaid Sum received by it on deposit with a leading
bank in the London interbank market for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current
Interest Period.

“Business
Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in Amsterdam, London, Moscow and New York City.

“Commitment”
means a Facility 1 Commitment or a Facility 2 Commitment.

“Compliance
Certificate” means a certificate substantially in the form set out
in Schedule 6 (Form of Compliance
Certificate).

“Confidentiality
Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA or in any other form agreed between the Borrower
and the Agent.

 “Default”
means an Event of Default or any event or circumstance specified in Clause 21 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination
under the Finance Documents or any combination of any of the foregoing) be an
Event of Default.

“EBITDA”
has the meaning given to it in Clause 19 (Financial
Covenants).

“Environment”
means living organisms including the ecological systems of which they form part
and the following media:

(a)                                air
(including air within natural or man-made structures, whether above or below
ground);

(b)                               water
(including territorial, coastal and inland waters, water under or within land
and water in drains and sewers); and

(c)                                land
(including land under water).

“Environmental
Law” means all laws and regulations of any relevant jurisdiction
which:

(a)                                have
as a purpose or effect the protection of, and/or prevention of harm or damage
to, the Environment;

(b)                               provide
remedies or compensation for harm or damage to the Environment; or

(c)                                relate
to any waste, pollutant, contaminant or other substance (including any liquid,
solid, gas, ion, living organism or noise) that may be harmful to human health
or other life or the Environment or a nuisance to any person or that may make
the use or ownership of any affected land or property more costly or health and
safety matters.

 2
 

 

 

“Environmental
Licence” means any Authorisation required at any time under
Environmental Law.

“Event
of Default” means any event or circumstance specified as such in
Clause 21 (Events of Default).

“Facilities”
means Facility 1 and Facility 2 and “Facility”
means either of them.

“Facility
Office” means the office or offices notified by a Lender to the
Agent in writing on or before the date it becomes a Lender (or, following that
date, by not less than five Business Days’ written notice) as the office or
offices through which it will perform its obligations under this Agreement.

“Facility
1” means the term loan facility made available under this Agreement
as described in paragraph (a) of Clause 2.1 (The Facilities).

“Facility
1 Commitment” means:

(a)                                in
relation to an Original Lender, the amount set opposite its name under the
heading “Facility 1 Commitment” in Schedule 1 (The
Original Lenders) and the amount of any other Facility 1 Commitment
transferred to it under this Agreement; and

(b)                               in
relation to any other Lender, the amount of any Facility 1 Commitment
transferred to it under this Agreement,

to the extent not cancelled, reduced or transferred by
it under this Agreement.

“Facility 1 Loan”
means a loan made or to be made under Facility 1 or the principal amount
outstanding for the time being of that loan.

“Facility
1 Repayment Date” means the date falling 12 Months after the Signing
Date, the date falling 18 Months after the Signing Date, the date falling 24
Months after the Signing Date, the date falling 30 Months after the Signing
Date and the Final Maturity Date.

“Facility
2” means the term loan facility made available under this Agreement
as described in paragraph (b) of Clause 2.1 (The Facilities).

“Facility
2 Commitment” means:

(a)                                in
relation to an Original Lender, the amount set opposite its name under the
heading “Facility 2 Commitment” in Schedule 1 (The
Original Lenders) and the amount of any other Facility 2 Commitment
transferred to it under this Agreement; and

(b)                               in
relation to any other Lender, the amount of any Facility 2 Commitment
transferred to it under this Agreement,

to the extent not cancelled, reduced or transferred by
it under this Agreement.

“Facility
2 Loan” means a loan made or to be made under Facility 2 or the
principal amount outstanding for the time being of that loan.

“Facility
2 Repayment Date” means the date falling 15 Months after the Signing
Date, the date falling 21 Months after the Signing Date, the date falling 27
Months after the Signing Date and the Final Maturity Date.

“Fee
Letters” means each of the letters dated 2 July 2004 between
the Original Mandated Lead Arrangers and the Borrower (or the Agent and the
Borrower) setting out the fees referred to in Clause 11 (Fees).

 3
 

 

 

“Final
Maturity Date” means the date which is three years plus one day
after the Signing Date.

“Finance
Document” means this Agreement, any Fee Letter, the Mandate Letter,
the Syndication Side Letter and any other document designated as such by the
Agent and the Borrower.

“Finance
Party” means the Agent, the Mandated Lead Arrangers or a Lender.

“Financial Indebtedness”
means any indebtedness for or in respect of:

(a)                                moneys
borrowed;

(b)                               any
amount raised by acceptance under any acceptance credit facility or
dematerialised equivalent;

(c)                                any
amount raised pursuant to any note purchase facility or the issue of bonds,
notes, debentures, loan stock or any similar instrument;

(d)                               the
amount of any liability in respect of any lease or hire purchase contract which
would, in accordance with GAAP, be treated as a finance or capital lease;

(e)                                receivables
sold or discounted (other than any receivables to the extent they are sold on a
non-recourse basis);

(f)                                  any
amount raised under any other transaction (including any forward sale or
purchase agreement) having the commercial effect of a borrowing;

(g)                               any
derivative transaction entered into in connection with protection against or
benefit from fluctuation in any rate or price (and, when calculating the value
of any derivative transaction, only the marked to market value shall be taken
into account);

(h)                               shares
which are expressed to be redeemable at the option of the holder on or prior to
the Final Maturity Date (but excluding any accrued dividends);

(i)                                   any
counter-indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument issued by a
bank or financial institution; and

(j)                                   the
amount of any liability in respect of any guarantee or indemnity for any of the
items referred to in paragraphs (a) to (i) above.

“GAAP”
means generally accepted accounting
principles, standards and practices in the United States of America.

“Group”
means the Borrower and its Subsidiaries for the time being.

“Holding
Company” means, in relation to a person, any other person in respect
of which it is a Subsidiary.

“Information
Memorandum” means the document in the form approved by the Borrower
concerning the Group which, at the Borrower’s request and on its behalf, was
prepared in relation to this transaction and distributed by the Mandated Lead
Arrangers to selected financial institutions before the Signing Date.

“Interest
Expense” has the meaning given to it in Clause 19 (Financial Covenants).

“Interest
Period” means, in relation to a Loan, each period determined in
accordance with Clause 9 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with
Clause 8.3 (Default interest).

 4
 

 

 

“Kuban
GSM” means CJSC Kuban GSM, a
joint-stock company organized under the laws of the Russian Federation that is
a Subsidiary of the Borrower.

“Lender”
means:

(a)                                any
Original Lender; and

(b)                               any
bank, financial institution, trust, fund or other entity which has become a
Party in accordance with Clause 22 (Changes
to the Lenders),

which in each case has not ceased to
be a Party in accordance with the terms of this Agreement.

“LIBOR”
means, in relation to any Loan:

(a)                                the
applicable Screen Rate; or

(b)                               (if
no Screen Rate is available for Dollars or the Interest Period of that Loan)
the arithmetic mean of the rates (rounded upwards to four decimal places) as
supplied to the Agent at its request quoted by the Reference Banks to leading
banks in the London interbank market,

as of 11:00 a.m. on the
Quotation Day for the offering of deposits in Dollars for a period comparable
to the Interest Period for that Loan.

“LMA”
means the Loan Market Association.

“Loan”
means a Facility 1 Loan or Facility 2 Loan.

“Majority
Lenders” means:

(a)                                if
there are no Loans then outstanding, a Lender or Lenders whose Commitments
aggregate more than 662/3% of the
Total Commitments (or, if the Total Commitments have been reduced to zero,
aggregated more than 662/3% of the
Total Commitments immediately prior to the reduction); or

(b)                               at
any other time, a Lender or Lenders whose participations in the Loans then
outstanding aggregate more than 662/3% of all the Loans then outstanding.

“Mandate
Letter” means the letter agreement dated 5 July 2004 between
the Original Mandated Lead Arrangers and the Borrower.

“Mandatory
Cost” means the percentage rate per annum calculated by the Agent in
accordance with Schedule 4 (Mandatory Cost
formula).

“Margin”
means 2.50 per cent. per annum.

“Material
Adverse Effect” means a material adverse effect on or material
adverse change in:

(a)                                the
financial condition, operations, assets, prospects or business of the Borrower
or the consolidated financial condition, operations, assets, prospects or
business of the Group;

(b)                               the
ability of the Borrower to perform and comply with its obligations under any
Finance Document; or

(c)                                the
validity, legality or enforceability of any Finance Document, or the rights or
remedies of any Finance Party thereunder.

“Month”
means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month, except that:

 5
 

 

 

(a)                                if
the numerically corresponding day is not a Business Day, that period shall end
on the next Business Day in that calendar month in which that period is to end
if there is one, or if there is not, on the immediately preceding Business Day;
and

(b)                               if
there is no numerically corresponding day in the calendar month in which that
period is to end, that period shall end on the last Business Day in that
calendar month.

The above rules will only apply
to the last Month of any period.

“Original
Financial Statements” means the audited consolidated financial
statements of the Group for the financial year ended 31 December 2003.

“Participating
Member State” means any member state of the European Communities
that adopts or has adopted the euro as its lawful currency in accordance with
legislation of the European Community relating to Economic and Monetary Union.

“Party”
means a party to this Agreement.

“Permitted
Security” means:

(a)                                any
Security on any assets of any corporation existing at the time such corporation
is merged or consolidated with or into the Borrower or any Subsidiary of the
Borrower or becomes a Subsidiary of the Borrower and not created in
contemplation of such event, provided that no such Security shall extend to any
other assets;

(b)                               any
Security existing on any assets prior to the acquisition thereof by the
Borrower or any Subsidiary of the Borrower and not created in contemplation of
such acquisition, provided that no such Security shall extend to any other
assets;

(c)                                any
Security on any assets securing Financial Indebtedness of the Borrower or
Financial Indebtedness of any Subsidiary of the Borrower incurred or assumed
for the purpose of financing all or part of the cost of acquiring, repairing or
refurbishing such assets, provided that (i) no such Security shall extend
to any other assets; (ii) the aggregate principal amount of all Financial
Indebtedness secured by such Security on such assets shall not exceed the lower
of (x) the purchase price of such assets and (y) the fair market
value of such assets at the time of acquisition, repair or refurbishing; and (iii) such
Security attaches to such assets concurrently with the repair or refurbishing
thereof or within 90 days after the acquisition thereof, as the case may be;

(d)                               any
Security arising by operation of law, including any Security (i) arising
in the ordinary course of business with respect to amounts not yet delinquent
or being contested by the Borrower or a Subsidiary of the Borrower in good
faith in appropriate proceedings or (ii) for taxes, assessments,
government charges or claims, including without limitation those in favour of
Russian governmental fiscal authorities;

(e)                                any
Security on the assets of any Subsidiary of the Borrower securing intercompany
Financial Indebtedness of such Subsidiary owing to the Borrower or another
Subsidiary of the Borrower;

(f)                                  any
netting or set-off arrangement entered into by a member of the Group with a
bank or any other financial institution in the normal course of its banking
arrangements for the purpose of netting or setting off its debit and credit
facilities with that bank or financial institution;

(g)                               easements,
rights-of-way, restrictions and any other similar charges or encumbrances
incurred in the ordinary course of business and not interfering in any material
respect 

 6
 

 

 

                                              with
the business of the Borrower or the business of any Subsidiary of the Borrower,
including any encumbrance or restriction with respect to an equity interest of
any joint venture pursuant to a joint venture agreement;

(h)                               any
extension, renewal or replacement of any Security described in clauses (a) to
(g) above, provided that (i) such extension, renewal or replacement
shall be no more restrictive in any material respect than the original
Security; (ii) the amount of Financial Indebtedness secured by such
Security is not increased; and (iii) if the assets securing the Financial
Indebtedness subject to such Security are changed in connection with such
refinancing, extension or replacement, the fair market value of the property or
assets is not increased; and

(i)                                   any
other Security (excluding any Security described in (a)-(h) above)
provided that, immediately after giving effect to such Security, the aggregate
amount of all secured Financial Indebtedness of the Group does not exceed 10%
of the Borrower’s Total Assets.

“Qualifying
Lender” has the meaning given to it in Clause 12 (Tax gross-up and indemnities).

“Quotation
Day” means, in relation to any period for which an interest rate is
to be determined, two Business Days before the first day of that period unless
market practice differs in the London interbank market, in which case the
Quotation Day will be determined by the Agent in accordance with market
practice in the London interbank market (and if quotations for that currency
and period would normally be given by leading banks in the London interbank
market on more than one day, the Quotation Day will be the last of those days).

“RAS”
means generally accepted accounting principles, standards and practices in the
Russian Federation.

“Reference
Banks” means in relation to LIBOR and Mandatory Cost the principal
London offices of the Original Mandated Lead Arrangers or such other banks as
may be appointed by the Agent in consultation with the Borrower.

“Relevant
Period” has the meaning given to it in Clause 19 (Financial Covenants).

“Repayment
Date” means a Facility 1 Repayment Date or a Facility 2 Repayment
Date.

“Repeating
Representations” means each of the representations set out in
Clauses 17.1 (Status), 17.2 (Binding obligations), 17.3 (Non-conflict with other obligations), 17.4
(Power and authority), 17.6 (Governing law and enforcement), 17.11 (No default), 17.14 (Pari Passu Ranking), 17.15 (No proceedings pending or threatened),
17.16 (Environmental laws and licences)
and 17.17 (Telecommunications law and
licences).

“Roubles”
or “RUR” means the lawful currency
of the Russian Federation for the time being.

“Russian Insolvency Law” means the Federal
Law of the Russian Federation No. 127-FZ of 26 October 2002 “On
Insolvency (Bankruptcy)”.

“Screen
Rate” means the British Bankers Association Interest Settlement Rate
for Dollars for the relevant period displayed on the appropriate page of
the Telerate screen. If the agreed page is replaced or service ceases to
be available, the Agent may specify another page or service displaying the
appropriate rate after consultation with the Borrower and the Lenders.

“Security”
means a mortgage, charge, lien, pledge or other security interest securing any
obligations of any person or any other agreement or arrangement having a
similar effect.

 7
 

 

 

“Significant
Subsidiary” means:

(a)                                UMC
(unless, pursuant to the UMC Litigation, any or all of the Borrower’s shares in
UMC are transferred to a person that is not a member of the Group, with the
result that UMC ceases to be a member of the Group);

(b)                               Telecom
XXI;

(c)                                Kuban
GSM;

(d)                               any
Subsidiary of the Borrower to which (i) the Borrower, UMC, Telecom XXI or
Kuban GSM sells, leases or otherwise transfers its GSM 900 or 1800 licences or (ii) any
such licence is re-issued; and

(e)                                any
Subsidiary of the Borrower (i) whose total assets (or, where such
Subsidiary prepares consolidated accounts, whose total consolidated assets)
have a book value (as determined by reference to the most recent management
accounts of that Subsidiary prepared in accordance with GAAP) equal to or
exceeding 10% of the Borrower’s Total Assets or (ii) whose gross annual
revenues (or, where such Subsidiary prepares consolidated accounts, whose gross
annual consolidated revenues) (as determined by reference to the most recent
management accounts of that Subsidiary prepared in accordance with GAAP) are
equal to or exceed 10% of the Borrower’s gross annual consolidated revenues in
the year for which the Borrower’s most recent consolidated financial statements
were prepared.

“Signing
Date” means the date of this Agreement.

“Subsidiary”
means an entity from time to time of which a person has direct or indirect
control or owns directly or indirectly more than 50% of the share capital or
similar right of ownership.

“Syndication
Date” means (unlesss otherwise agreed by the Borrower and the
Original Mandated Lead Arrangers) the day specified by the Original Mandated
Lead Arrangers as the day on which primary syndication of the Facilities is
completed.

“Syndication
Side Letter” means the letter agreement dated on or about the
Signing Date between the Borrower and the Original Mandated Lead Arrangers in
relation to the syndication of the Facilities.

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

“Telecom
XXI” means Telecom XXI, an open
joint stock company that is a wholly-owned Subsidiary of the Borrower.

“Telecommunications Authorisation” means any Authorisation from any
governmental or other regulatory authority necessary in order for each of the
Borrower and its Significant 
Subsidiaries to maintain, operate and conduct its business as it is
being conducted in accordance with Telecommunications Laws.

“Telecommunications Laws” means (a) all
laws and regulations which relate to telecommunications and/or the business of
providing mobile telephone services and (b) all rules, guidelines,
policies and regulations made thereunder, that are applicable to each of the
Borrower and its Significant Subsidiaries and/or the business carried on by it.

 8
 

 

 

“Total
Assets” means the book value of the consolidated total assets of the
Borrower as determined by reference to the Borrower’s most recent annual
consolidated balance sheet delivered in accordance with paragraph (a) of
Clause 18.1 (Financial statements)
or, prior to the first delivery, to the Original Financial Statements.

“Total
Commitments” means the aggregate of the Total Facility 1 Commitments
and the Total Facility 2 Commitments, being $500,000,000 at the Signing Date.

“Total
Facility 1 Commitments” means the aggregate of the Facility 1
Commitments, being $200,000,000 at the Signing Date.

“Total
Facility 2 Commitments” means the aggregate of the Facility 2
Commitments, being $300,000,000 at the Signing Date.

“Transfer
Certificate” means a certificate substantially in the form set out
in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Agent and the
Borrower.

“Transfer
Date” means, in relation to a transfer, the later of:

(a)                                the
proposed Transfer Date specified in the Transfer Certificate; and

(b)                               the
date on which the Agent executes the Transfer Certificate.

“UMC”
means Ukrainian-German-Dutch-Danish Joint
Venture “Ukrainian Mobile Communications” in Ukraine.

“UMC
Litigation” means any of the claims, proceedings (present or future)
and causes of action involving the Borrower and/or any of its Affiliates
(including UMC) relating to or arising out of the sale of UMC to the Borrower
or the acquisition, reorganization or ownership of UMC by the Borrower.

“Unpaid
Sum” means any sum due and payable but unpaid by the Borrower under the
Finance Documents.

“US
Dollars”, “Dollars”, “USD” and “$”
denote the lawful currency of the United States of America.

“Utilisation”
means a utilisation of a Facility.

“Utilisation
Date” means the date of a Utilisation, being the date on which the
relevant Loan is to be made.

“Utilisation
Request” means a notice substantially in the form set out in
Schedule 3 (Utilisation  Request).

“VAT”
means value added tax and any other tax of a similar nature.

1.2                            Construction

(a)                               Unless
a contrary indication appears, any reference in this Agreement to:

(i)                                   the
“Agent”, any “Mandated Lead Arranger”, any “Finance  Party”,
any “Lender”, the “Borrower” and any “Party” shall be construed so as to include
its successors in title, permitted assigns and permitted transferees;

(ii)                                “assets” includes present and future
properties, revenues and rights of every description;

 9
 

 

 

(iii)                             “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management
polices of a person, whether through the ownership of voting securities, by
contract or credit arrangement, as trustee or executor, or otherwise;

(iv)                            a “Finance  Document”
or any other agreement or instrument is a reference to that Finance Document or
other agreement or instrument as amended or novated;

(v)                               “indebtedness” includes any obligation
(whether incurred as principal or as surety) for the payment or repayment of
money, whether present or future, actual or contingent;

(vi)                            a “person” includes any person, firm, company,
corporation, government, state or agency of a state or any association, trust
or partnership (whether or not having separate legal personality) or two or
more of the foregoing;

(vii)                         a “regulation” includes any regulation, rule,
official directive, request or guideline (whether or not having the force of
law) of any governmental, intergovernmental or supranational body, agency,
department or regulatory, self-regulatory or other authority or organisation;

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

(ix)                              a
time of day is a reference to London time.

(b)                              Section,
Clause and Schedule headings are for ease of reference only.

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

(d)                              A
Default (other than an Event of Default) is “continuing”
if it has not been remedied or waived and an Event of Default is “continuing” if it has not been waived.

1.3                            Third Party Rights

A person who is not a Party has no
right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to
enjoy the benefit of any term of this Agreement.

 10
 

 

 

SECTION 2

THE FACILITY

2                                      THE FACILITIES

2.1                            The Facilities

Subject to the terms of this
Agreement, the Lenders make available to the Borrower:

(a)                                a
term loan facility in Dollars to be designated “Facility 1” in an aggregate amount equal to the Total Facility
1 Commitments; and

(b)                               a term
loan facility in Dollars to be designated “Facility
2” in an aggregate amount equal to the Total Facility  2 Commitments.

2.2                            Finance Parties’ rights and
obligations

(a)                               The
obligations of each Finance Party under the Finance Documents are several. Failure
by a Finance Party to perform its obligations under the Finance Documents does
not affect the obligations of any other Party under the Finance Documents. No
Finance Party is responsible for the obligations of any other Finance Party
under the Finance Documents.

(b)                              The
rights of each Finance Party under or in connection with the Finance Documents
are separate and independent rights and any debt arising under the Finance
Documents to a Finance Party from the Borrower shall be a separate and
independent debt.

(c)                               A
Finance Party may, except as otherwise stated in the Finance Documents,
separately enforce its rights under the Finance Documents.

3                                      PURPOSE

3.1                            Purpose

The Borrower shall apply all amounts
borrowed by it under the Facilities towards its general corporate purposes,
including towards the refinancing of its existing indebtedness.

3.2                            Monitoring

No Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.

4                                      CONDITIONS OF
UTILISATION

4.1                            Initial conditions precedent

The Borrower may not deliver the
first Utilisation Request unless the Agent has received all of the documents
and other evidence listed in Schedule 2 (Conditions
precedent) in form and substance satisfactory to the Agent. The
Agent shall notify the Borrower and the Lenders promptly upon being so
satisfied.

4.2                            Further conditions precedent

The Lenders will only be obliged to
comply with Clause 5.4 (Lenders’
participation) if on the date of the Utilisation Request and on the
proposed Utilisation Date:

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(i)                                   no
Default is continuing or would result from the proposed Loan; and

(ii)                                the
Repeating Representations to be made by the Borrower are true in all material
respects.

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SECTION 3

UTILISATION

5                                      UTILISATION

5.1                            Delivery of a Utilisation Request

The Borrower may utilise a Facility
by delivery to the Agent of a duly completed Utilisation Request not later than
10:00 a.m. on the day falling 3 Business Days before the proposed
Utilisation Date (or, in relation to the first Utilisation Request, not later
than 10:00 a.m. on the day falling 2 Business Days before the proposed
Utilisation Date).

5.2                            Completion of a Utilisation Request

(a)                               Each
Utilisation Request is irrevocable and will not be regarded as having been duly
completed unless:

(i)                                   it
identifies the Facility to be utilised;

(ii)                                the
proposed Utilisation Date is a Business Day within the Availability Period
applicable to that Facility;

(iii)                             the
currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and

(iv)                            it
specifies the account and bank to which the proceeds of the Utilisation are to
be credited.

(b)                              Only
one Loan may be requested in each Utilisation Request.

5.3                            Currency and amount

(a)                               The
currency specified in a Utilisation Request must be Dollars.

(b)                              The
amount of the proposed Loan must be:

(i)                                   a
minimum of $50,000,000 or, if less, the Available Facility; or

(ii)                                in
any event such that it is less than or equal to the Available Facility.

5.4                            Lenders’ participation

(a)                               If
the conditions set out in this Agreement have been met, each Lender shall make
its participation in each Loan available by the Utilisation Date through its
Facility Office.

(b)                              The
amount of each Lender’s participation in each Loan will be equal to the
proportion borne by its Available Commitment to the Available Facility
immediately prior to making the Loan.

(c)                               The
Agent shall notify each Lender of the amount of each Loan and the amount of its
participation in that Loan not later than 5:00 p.m. on the day falling 3
Business Days before the relevant Utilisation Date (or, in relation to the
first Loan, not later than 11:00 a.m. on the day falling 2 Business Days
before the first Utilisation Date).

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SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

6                                      REPAYMENT

6.1                            Repayment of Facility 1 Loans

(a)                               The
Borrower shall repay the Facility 1 Loans in five equal instalments, by paying
on each Facility 1 Repayment Date an amount equal to one fifth of the amount of
the Facility 1 Loans outstanding at the close of business on the last day of
the Availability Period for Facility 1.

(b)                              The
Borrower may not reborrow any part of Facility 1 which is repaid.

6.2                            Repayment of Facility 2 Loans

(a)                               The
Borrower shall repay the Facility 2 Loans in four equal instalments, by paying
on each Facility 2 Repayment Date an amount equal to one quarter of the amount
of the Facility 2 Loans outstanding at the close of business on the last day of
the Availability Period for Facility 2.

(b)                              The
Borrower may not reborrow any part of Facility 2 which is repaid.

7                                      PREPAYMENT AND
CANCELLATION

7.1                            Illegality

If it becomes unlawful in any
applicable jurisdiction for a Lender to perform any of its obligations as
contemplated by this Agreement or to fund or maintain its participation in any
Loan:

(a)                                that
Lender shall promptly notify the Agent upon becoming aware of that event;

(b)                               upon
the Agent notifying the Borrower, the Commitment of that Lender will be
immediately cancelled; and

(c)                                the
Borrower shall repay that Lender’s participation in the Loans on the last day
of the Interest Period for each Loan occurring after the Agent has notified the
Borrower or, if earlier, the date specified by the Lender in the notice
delivered to the Agent (being no earlier than the last day of any applicable
grace period permitted by law).

7.2                            Voluntary cancellation

The Borrower may, if it gives the
Agent not less than 10 Business Days’ (or such shorter period as the Majority
Lenders may agree) prior written notice, cancel the whole or any part (being a
minimum amount of $10,000,000) of an Available Facility. Any cancellation under
this Clause 7.3 shall reduce the Commitments of the Lenders rateably under that
Facility.

7.3                            Voluntary prepayment of Loans

(a)                               The
Borrower may, if it gives the Agent not less than 10 Business Days’ (or such
shorter period as the Majority Lenders may agree) prior written notice, prepay
the whole or any part of any Loan (but, if in part, being an amount that
reduces the Loan by a minimum amount of $10,000,000).

(b)                              A
Loan in respect of a Facility may only be prepaid after the last day of the
Availability Period for that Facility (or, if earlier, the day on which the
relevant Available Facility is zero).

 14
 

 

 

(c)                               Each
prepayment shall be applied in satisfaction of the Borrower’s obligations under
Clause 6 (Repayment) in the inverse
order of maturity of the Loans (or, at the option of the Borrower, pro rata to the remaining principal
instalments thereof).

7.4                            Mandatory Prepayment — Change of
Control

(a)                               In
this Clause 7.4, “Change of Control”
means any of the following events or circumstances: any person or group of
persons acting in concert or under an express or implied agreement or
understanding, directly or through one or more intermediaries, shall (x) acquire
ultimate beneficial or legal ownership of, or control over, more than 50% of
the issued shares of the Borrower; (y) acquire ownership of or control
over more than 50% of the voting interests in the share capital of the
Borrower; or (z) obtain the power (whether or not exercised) to elect not
less than half of the directors of the Borrower; (provided, however, that any
acquisition by Sistema JSFC, T-Mobile International AG or any of their
respective Subsidiaries that results in the 50% threshold in paragraphs (x) and
(y) above being exceeded, or in the power referred to in paragraph (z) above
being obtained, will not be a Change of Control).

(b)                              If
there is a Change of Control:

(i)                                   the
Borrower shall promptly notify each Lender (through the Agent) upon becoming
aware of that event;

(ii)                                the
Borrower may not make a Utilisation; and

(iii)                             if
any Lender (in its sole discretion) so requires, it may, within 5 Business Days
of its receipt of the Borrower’s notification under sub-clause (i) above,
direct the Agent to send a notice to the Borrower requiring the Borrower to
repay that Lender’s participations in the Loans (together with accrued
interest) in full on the day (the “Early
Repayment Date”) falling 30 days after the date of the Borrower’s
notification under sub-clause (i) above. Before the Early Repayment Date,
the Lender and the Borrower shall consult with each other for a period of 5
Business Days with respect to the transfer of that Lender’s rights and
obligations under this Agreement to another reputable international bank or
financial institution nominated by the Borrower (but which is not an Affiliate
of the Borrower) in accordance with Clause 22.5 (Procedure for transfer). If no such transfer has been
effected on or before the Early Repayment Date, then (x) the Borrower
shall repay that Lender’s participations in the Loans (together with accrued
interest) in full on the Early Repayment Date and (y) the Commitments of
that Lender shall be reduced to zero on that date.

7.5                            Right of repayment and cancellation
in relation to a single Lender

If:

(a)                                any
sum payable to any Lender by the Borrower is required to be increased under
paragraph (c) of Clause 12.2 (Tax
gross-up); or

(b)                               any
Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause 13 (Increased Costs),

the Borrower may, whilst the circumstance
giving rise to the requirement or indemnification continues, give the Agent
notice of cancellation of the Commitments of that Lender and its intention to
procure the repayment of that Lender’s participation in the Loans on the last
day of the Interest Period ending after the date of such notice (or, if
earlier, on such other date as specified by the Borrower in that notice) (the “Cancellation Date”). Before the
Cancellation 

 15
 

 

 

Date, the Lender and the Borrower
shall consult with each other for a period of 5 Business Days with respect to
the transfer of that Lender’s rights and obligations under this Agreement to
another reputable international bank or financial institution nominated by the
Borrower (but which is not an Affiliate of the Borrower) in accordance with
Clause 22.5 (Procedure for transfer).
If no such transfer has been effected on or before the Cancellation Date, then (x) the
Borrower shall repay that Lender’s participations in the Loans (together with
accrued interest) in full on the Cancellation Date and (y) the Commitments
of that Lender shall be reduced to zero on that date.

7.6                            Restrictions

(a)                               Any
notice of cancellation or prepayment given by any Party under this Clause 7
shall be irrevocable and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant cancellation
or prepayment is to be made and the amount of that cancellation or prepayment.

(b)                              Any
prepayment under this Agreement shall be made together with accrued interest on
the amount prepaid and, subject to any Break Costs, without premium or penalty.

(c)                               The
Borrower may not reborrow any part of a Facility which is prepaid.

(d)                              The
Borrower shall not repay or prepay all or any part of the Loans or cancel all
or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement.

(e)                               No
amount of the Total Commitments cancelled under this Agreement may be
subsequently reinstated.

(f)                                 If
the Agent receives a notice under this Clause 7 it shall promptly forward a
copy of that notice to either the Borrower or the affected Lender, as
appropriate.

 16
 

 

 

SECTION 5

COSTS OF UTILISATION

8                                      INTEREST

8.1                            Calculation of interest

The rate of interest on each Loan for
each Interest Period is the percentage rate per annum which is the aggregate of
the applicable:

(a)                                Margin;

(b)                               LIBOR;
and

(c)                                Mandatory
Cost, if any.

8.2                            Payment of interest

The Borrower shall pay accrued
interest on each Loan on the last day of each Interest Period (and, if the
Interest Period is longer than 6 Months, on the date falling at six monthly
intervals after the first day of the Interest Period).

8.3                            Default interest

(a)                               If
the Borrower fails to pay any amount payable by it under a Finance Document on
its due date, interest shall accrue on the overdue amount from the due date up
to the date of actual payment (both before and after judgment) at a rate which,
subject to paragraph (b) below, is the sum of 2 per cent. and the rate
which would have been payable if the overdue amount had, during the period of
non-payment, constituted a Loan in the currency of the overdue amount for
successive Interest Periods, each of a duration selected by the Agent (acting
reasonably). Any interest accruing under this Clause 8.3 shall be immediately
payable by the Borrower on demand by the Agent.

(b)                              If
any overdue amount consists of all or part of a Loan which became due on a day
which was not the last day of an Interest Period relating to that Loan:

(i)                                   the
first Interest Period for that overdue amount shall have a duration equal to
the unexpired portion of the current Interest Period relating to that Loan; and

(ii)                                the
rate of interest applying to the overdue amount during that first Interest
Period shall be the sum of 2 per cent. and the rate which would have applied if
the overdue amount had not become due.

(c)                               Default
interest (if unpaid) arising on an overdue amount will be compounded with the
overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable.

8.4                            Notification of rates of interest

The Agent shall promptly notify the
Lenders and the Borrower of the determination of a rate of interest under this
Agreement.

 17
 

 

 

9                                      INTEREST PERIODS

9.1                            Duration of Interest Periods

(a)                               Save
as otherwise provided herein, each Interest Period shall have a duration of 6
Months (or such other period as may be agreed between the Borrower and the
Lenders) and shall commence on the day on which the preceding Interest Period
expires (provided that the last Interest Period under Facility 1 shall have a
duration of 6 Months plus one day and the last Interest Period under Facility 2
shall have a duration of 9 Months plus one day).

(b)                              The
first Interest Period for the first Loan made under a Facility shall begin on the
Utilisation Date for that Loan and shall have a duration of 6 Months, and the
first Interest Period for each Loan made thereafter under that Facility shall
begin on the Utilisation Date for that Loan and end on the last day of the
Interest Period applicable to that first Loan. At the end of the first Interest
Period for each Loan under a Facility, such Loan shall be consolidated with all
other Loans (if any) then outstanding under that Facility such that all Loans
under that Facility shall then be treated as a single Loan.

(c)                               No
Interest Period shall extend beyond a Repayment Date for the relevant Facility,
and if an Interest Period would otherwise overrun a Repayment Date for the
relevant Facility, such Interest Period shall be shortened so that it ends on
that Repayment Date.

(d)                              An
Interest Period for a Loan shall not extend beyond the Final Maturity Date.

(e)                               Prior
to the earlier of (i) the Syndication Date and (ii) 31 October 2004,
each Interest Period shall have a duration of one Month (or such other duration
as is necessary to ensure that such Interest Period shall end on the
Syndication Date).

9.2                            Non-Business Days

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end
on the next Business Day in that calendar month (if there is one) or the
preceding Business Day (if there is not).

10                               CHANGES TO THE
CALCULATION OF INTEREST

10.1                     Absence of quotations

Subject to Clause 10.2 (Market disruption), if LIBOR is to be
determined by reference to the Reference Banks but a Reference Bank does not
supply a quotation by 11:00 a.m. on the Quotation Day, the applicable
LIBOR shall be determined on the basis of the quotations of the remaining
Reference Banks.

10.2                     Market disruption

(a)                               If
a Market Disruption Event occurs in relation to a Loan for any Interest Period,
then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the rate per annum which is the sum of:

(i)                                   the
Margin;

(ii)                                the
rate notified to the Agent by that Lender as soon as practicable and in any
event before interest is due to be paid in respect of that Interest Period, to
be that which expresses as a percentage rate per annum the cost to that Lender
of funding its participation in that Loan from whatever source it may
reasonably select; and

 18
 

 

 

(iii)                             the
Mandatory Cost, if any, applicable to that Lender’s participation in the Loan.

(b)                              In
this Agreement “Market Disruption Event”
means:

(i)                                   at
or about noon on the Quotation Day for the relevant Interest Period the Screen
Rate is not available and none or only one of the Reference Banks supplies a
rate to the Agent to determine LIBOR for Dollars for the relevant Interest
Period; or

(ii)                                before
close of business in London on the Quotation Day for the relevant Interest
Period, the Agent receives notifications from a Lender or Lenders (whose
participations in a Loan exceed 35 per cent. of that Loan) that the cost to it
of obtaining matching deposits in the London interbank market would be in
excess of LIBOR.

10.3                     Alternative basis of interest or
funding

(a)                               If
a Market Disruption Event occurs and the Agent or the Borrower so requires, the
Agent and the Borrower shall enter into negotiations (for a period of not more
than 30 days) with a view to agreeing a substitute basis for determining the
rate of interest.

(b)                              Any
alternative basis agreed pursuant to paragraph (a) above shall, with the
prior consent of all the Lenders and the Borrower, be binding on all Parties.

10.4                     Break Costs

(a)                               The
Borrower shall, within three Business Days of demand by a Finance Party, pay to
that Finance Party its Break Costs attributable to all or any part of a Loan or
Unpaid Sum being paid by the Borrower on a day other than the last day of an
Interest Period for that Loan or Unpaid Sum.

(b)                              Each
Lender shall, as soon as reasonably practicable after a demand by the Agent,
provide a certificate confirming the amount of its Break Costs for any Interest
Period in which they accrue.

11                                FEES

11.1                      Commitment fee

(a)                               The
Borrower shall pay to the Agent (for the account of each Lender) a commitment
fee in respect of Facility 2, calculated on a daily basis, at the rate of:

(i)                                   from
the Signing Date until (and including) 1 October 2004, 0.25 per cent. per
annum of the Total Facility 2 Commitments; and

(ii)                                from
(but excluding) 1 October 2004 until the last day of the Availability
Period for Facility 2, 0.50 per cent. per annum of the Available Commitment for
Facility 2.

(b)                              The
commitment fee will accrue from the Signing Date, is payable in arrears on the
last day of each successive period of three Months, on the last day of the
Availability Period for Facility 2 and, if cancelled in full, on the cancelled
amount of the relevant Lender’s Facility 2 Commitment at the time the
cancellation is effective.

11.2                      Arrangement fee

The Borrower shall pay to the
Mandated Lead Arrangers an arrangement fee in the amount and at the times
agreed in a Fee Letter.

 19
 

 

 

11.3                      Agency fee

The Borrower shall pay to the Agent
(for its own account) an agency fee in the amount and at the times agreed in a
Fee Letter.

 20
 

 

 

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

12                               TAX GROSS-UP AND
INDEMNITIES

12.1                     Definitions

(a)                               In
this Agreement:

“Protected
Party” means a Finance Party which is or will be subject to any
liability, or required to make any payment, for or on account of Tax in
relation to a sum received or receivable (or any sum deemed for the purposes of
Tax to be received or receivable) under a Finance Document.

“Qualifying
Lender” means a Lender which is situated for tax purposes in the
Russian Federation or in a Tax Treaty Jurisdiction.

“Tax
Credit” means a credit against, relief or remission for, or
repayment of any Tax.

“Tax
Deduction” means a deduction or withholding for or on account of Tax
from a payment under a Finance Document.

“Tax
Payment” means an increased payment made by the Borrower to a
Finance Party under Clause 12.2 (Tax
gross-up) or a payment under Clause 12.3 (Tax indemnity).

“Tax
Treaty Jurisdiction” means a jurisdiction which has in force a
double tax treaty with the Russian Federation (or with the Union of Soviet
Socialist Republics to which the Russian Federation has succeeded) which
provides for full exemption from Russian withholding tax on interest derived
from a source within the Russian Federation payable to a resident of such
jurisdiction.

(b)                              Unless
a contrary indication appears, in this Clause 12 a reference to “determines” or “determined” means a determination made in the absolute
discretion of the person making the determination.

12.2                     Tax gross-up

(a)                               The
Borrower shall make all payments to be made by it without any Tax Deduction,
unless a Tax Deduction is required by law.

(b)                              The
Borrower shall promptly upon becoming aware that it must make a Tax Deduction
(or that there is any change in the rate or the basis of a Tax Deduction)
notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent
receives such notification from a Lender, it shall notify the Borrower.

(c)                               Subject
to paragraph (d) below, if a Tax Deduction is required by law to be made
by the Borrower, the amount of the payment due from the Borrower shall be
increased to an amount which (after making any Tax Deduction) leaves an amount
equal to the payment which would have been due if no Tax Deduction had been
required.

(d)                              The
Borrower is not required to make an increased payment to a Lender under
paragraph (c) above if, on the date on which the payment falls due, the
Borrower could have made such a payment to that Lender without a Tax Deduction
if that Lender was a Qualifying Lender, but on that date that Lender is not, or
has ceased to be, a Qualifying Lender (other than as a result of any change
after the date it became a Lender under this Agreement in (or in the
interpretation, 

 21
 

 

 

                                             administration,
or application of) any law or treaty, or any published practice or concession
of any relevant taxing authority).

(e)                               If
the Borrower is required to make a Tax Deduction, it shall make that Tax
Deduction and any payment required in connection with that Tax Deduction within
the time allowed and in the minimum amount required by law.

(f)                                 Within
30 days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction, the Borrower shall deliver to the Agent for the
Finance Party entitled to the payment an original receipt (or certified copy
thereof) demonstrating that the Tax Deduction has been made or (as applicable)
any appropriate payment paid to the relevant taxing authority.

12.3                     Tax indemnity

(a)                               The
Borrower shall (within three Business Days of demand by the Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which that
Protected Party determines has been suffered for or on account of Tax by that
Protected Party in respect of a Finance Document.

(b)                              Paragraph
(a) above shall not apply:

(i)                                   with
respect to any Tax assessed on a Finance Party:

(A)                           under
the law of the jurisdiction in which that Finance Party is incorporated or, if
different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or

(B)                             under
the law of the jurisdiction in which that Finance Party’s Facility Office is
located in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any
sum deemed to be received or receivable) by that Finance Party; or

(ii)                                to
the extent a loss, liability or cost:

(A)                           is
compensated for by an increased payment under Clause 12.2 (Tax gross-up); or

(B)                             would
have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated
solely because one of the exclusions in paragraph (d) of Clause 12.2
(Tax gross-up) applied.

(c)                               A
Protected Party making, or intending to make, a claim under paragraph (a) above
shall promptly notify the Agent of the event which will give, or has given,
rise to the claim, following which the Agent shall notify the Borrower.

(d)                              A
Protected Party shall, on receiving a payment from the Borrower under this
Clause 12.3, notify the Agent.

12.4                     Tax Credit

If the Borrower makes a Tax Payment
and the relevant Finance Party determines that:

(a)                                a
Tax Credit is attributable to that Tax Payment; and

(b)                               that
Finance Party has obtained, utilised and retained that Tax Credit,

 22
 

 

 

the Finance Party shall pay promptly
an amount to the Borrower which that Finance Party determines will leave the
Finance Party (after that payment) in the same after-Tax position as it would
have been in had the Tax Payment not been made by the Borrower.

12.5                     Stamp taxes

The Borrower shall pay and, within
three Business Days of demand, indemnify each Finance Party against any cost,
loss or liability that Finance Party incurs in relation to all stamp duty,
registration and other similar Taxes payable in respect of any Finance
Document.

12.6                     Value added tax

(a)                               All
consideration expressed to be payable under a Finance Document by any Party to
a Finance Party shall be deemed to be exclusive of any VAT. If VAT is
chargeable on such consideration, that Party shall pay to the Finance Party (or
directly to the appropriate tax authority, if so required by law) (in addition
to and at the same time as paying the consideration) an amount equal to the
amount of the VAT.

(b)                              Where
a Finance Document requires any Party to reimburse a Finance Party for any
costs or expenses, that Party shall also at the same time pay and indemnify the
Finance Party against all VAT incurred by the Finance Party in respect of the
costs or expenses to the extent that the Finance Party reasonably determines
that neither it nor any other member of the group of which it is a member for
VAT purposes is entitled to credit or repayment from the relevant tax authority
in respect of the VAT.

12.7                     Tax forms

(a)                               At
least 10 Business Days prior to the date of the first scheduled payment of
interest under this Agreement, and within 20 Business Days from the beginning
of each calendar year falling after the Signing Date, each Qualifying Lender
shall use its reasonable efforts to provide to the Borrower a document issued
by the relevant government authority in its jurisdiction of residence
confirming that it is a resident of that jurisdiction.

(b)                              At
the request of the Borrower (acting reasonably), each Lender shall use its
reasonable efforts to provide any other documentation or information to the
Borrower that may be reasonably necessary for the Borrower to establish a
complete exemption from Russian withholding tax in relation to payments of
interest under this Agreement.

13                               INCREASED COSTS

13.1                     Increased costs

(a)                               Subject
to Clause 13.3 (Exceptions) the
Borrower shall, within three Business Days of a demand by the Agent, pay for
the account of a Finance Party the amount of any Increased Costs incurred by
that Finance Party or any of its Affiliates as a result of (i) the
introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation or (ii) compliance with any law or
regulation made after the Signing Date.

(b)                              In
this Agreement “Increased Costs”
means:

(i)                                   a
reduction in the rate of return from the Facility or on a Finance Party’s (or
its Affiliate’s) overall capital;

(ii)                                an
additional or increased cost; or

 23
 

 

 

(iii)                             a
reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a
Finance Party or any of its Affiliates to the extent that it is attributable to
that Finance Party having entered into its Commitment or funding or performing
its obligations under any Finance Document.

13.2                     Increased cost claims

(a)                               A
Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of
the event giving rise to the claim, following which the Agent shall promptly
notify the Borrower.

(b)                              Each
Finance Party shall, as soon as practicable after a demand by the Agent,
provide a certificate confirming the amount of its Increased Costs.

13.3                     Exceptions

(a)                               Clause
13.1 (Increased costs) does not
apply to the extent any Increased Cost is:

(i)                                   attributable
to a Tax Deduction required by law to be made by the Borrower;

(ii)                                compensated
for by Clause 12.3 (Tax indemnity)
(or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated
solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied);

(iii)                             compensated
for by the payment of the Mandatory Cost; or

(iv)                            attributable
to the wilful breach by the relevant Finance Party or its Affiliates of any law
or regulation.

(b)                              In
this Clause 13.3, a reference to a “Tax
Deduction” has the same meaning given to the term in Clause 12.1 (Definitions).

14                               OTHER INDEMNITIES

14.1                     Currency indemnity

(a)                               If
any sum due from the Borrower under the Finance Documents (a “Sum”), or any order, judgment or award
given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is
payable into another currency (the “Second
Currency”) for the purpose of:

(i)                                   making
or filing a claim or proof against the Borrower;

(ii)                                obtaining
or enforcing an order, judgment or award in relation to any litigation or
arbitration proceedings,

the Borrower shall as an independent
obligation, within three Business Days of demand, indemnify each Finance Party
to whom that Sum is due against any cost, loss or liability arising out of or
as a result of the conversion including any discrepancy between (A) the
rate of exchange used to convert that Sum from the First Currency into the
Second Currency and (B) the rate or rates of exchange available to that
person at the time of its receipt of that Sum.

(b)                              The
Borrower waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency or currency unit other than that in
which it is expressed to be payable.

 24
 

 

 

14.2                     Other indemnities

The Borrower shall, within three
Business Days of demand, indemnify each Finance Party against any cost, loss or
liability incurred by that Finance Party as a result of:

(a)                                the
occurrence of any Event of Default;

(b)                               a
failure by the Borrower to pay any amount due under a Finance Document on its
due date, including without limitation, any cost, loss or liability arising as
a result of Clause 26 (Sharing among the
Finance Parties);

(c)                                funding,
or making arrangements to fund, its participation in a Loan requested by the
Borrower in a Utilisation Request but not made by reason of the operation of
any one or more of the provisions of this Agreement (other than by reason of
default or negligence by that Finance Party alone); or

(d)                               a
Loan (or part of a Loan) not being prepaid in accordance with a notice of
prepayment given by the Borrower.

14.3                     Indemnity to the Agent

The Borrower shall promptly indemnify
the Agent against any cost, loss or liability incurred by the Agent (acting
reasonably) as a result of:

(a)                                investigating
any event which it reasonably believes is a Default; or

(b)                               acting
or relying on any notice, request or instruction which it reasonably believes
to be genuine, correct and appropriately authorised.

15                               MITIGATION BY THE
LENDERS

15.1                     Mitigation

(a)                               Each
Finance Party shall, in consultation with the Borrower, take all reasonable
steps to mitigate any circumstances which arise and which would result in any
amount becoming payable under or pursuant to, or cancelled pursuant to, any of
Clause 7.1 (Illegality), Clause
12 (Tax gross-up and indemnities)
or Clause 13.1 (Increased costs)
including (but not limited to) transferring its rights and obligations under
the Finance Documents to another Affiliate or Facility Office.

(b)                              Paragraph
(a) above does not in any way limit the obligations of the Borrower under
the Finance Documents.

15.2                     Limitation of liability

(a)                               The
Borrower shall indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of steps taken by it
under Clause 15.1 (Mitigation).

(b)                              A
Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that
Finance Party (acting reasonably), to do so might be prejudicial to it.

16                               COSTS AND EXPENSES

16.1                     Transaction expenses

The Borrower shall promptly on demand
pay the Agent and the Original Mandated Lead Arrangers the amount of all
reasonable out-of-pocket costs and legal expenses incurred by any of them in
connection with the negotiation, preparation and execution of:

 25
 

 

 

(a)                                this
Agreement and any other documents referred to in this Agreement; and

(b)                               any
other Finance Documents executed after the date of this Agreement,

subject to the terms of the
Syndication Side Letter.

16.2                     Amendment costs

If (a) the Borrower requests an
amendment, waiver or consent or (b) an amendment is required pursuant to
Clause 27.9 (Change of currency),
the Borrower shall, within three Business Days of demand, reimburse the Agent
for the amount of all costs and expenses (including legal fees) reasonably
incurred by the Agent in responding to, evaluating, negotiating or complying
with that request or requirement.

16.3                     Enforcement costs

The Borrower shall, within three
Business Days of demand, pay to each Finance Party the amount of all costs and
expenses (including legal fees) incurred by that Finance Party in connection
with the enforcement of, or the preservation of any rights under, any Finance
Document.

 26
 

 

 

SECTION 7

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

17                               REPRESENTATIONS

The Borrower makes the
representations and warranties set out in this Clause 17 to each Finance Party
on the date of this Agreement.

17.1                     Status

(a)                               It
is an open joint stock company, duly established, registered and validly
existing under the laws of the Russian Federation.

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

17.2                     Binding obligations

The obligations expressed to be
assumed by it in each Finance Document are legal, valid, binding and
enforceable obligations, subject to insolvency and other laws affecting
creditors’ rights generally and principles of equity.

17.3                     Non-conflict with other obligations

The entry into and performance by it
of, and the transactions contemplated by, the Finance Documents do not and will
not conflict with:

(a)                                any
law or regulation applicable to it;

(b)                               its
or any of its Subsidiaries’ constitutional documents; or

(c)                                any
agreement or instrument binding upon it or any of its Subsidiaries or any of
its or any of its Subsidiaries’ assets.

17.4                     Power and authority

It has the power to enter into,
perform and deliver, and has taken all necessary action to authorise its entry
into, performance and delivery of, the Finance Documents and the transactions
contemplated by those Finance Documents.

17.5                     Validity and admissibility in
evidence

All Authorisations required:

(a)                                to
enable it lawfully to enter into, exercise its rights and comply with its
obligations in the Finance Documents;

(b)                               for
it and its Significant Subsidiaries to carry on its and their business; and

(c)                                to
make the Finance Documents admissible in evidence in the general jurisdiction
courts or commercial courts (arbitrazhniye
sudi) of the Russian Federation in an original action or action to
enforce a foreign arbitral award, provided that authenticated and notarised
Russian texts are made available to such courts at that time and any other
procedures and formalities regarding presentation of documents to a Russian
court are complied with,

 27
 

 

 

have been obtained or effected and
are in full force and effect (except, in relation to paragraph (b) above,
where the failure to obtain such Authorisations (excluding any
Telecommunications Authorisations) is not reasonably likely to have a Material
Adverse Effect).

17.6                     Governing law and enforcement

(a)                               The
choice of English law as the governing law of the Finance Documents will be
recognised and enforced in the Russian Federation.

(b)                              Any
arbitration award obtained in England in relation to a Finance Document will be
recognised and enforced in the Russian Federation in accordance with the 1958
New York Convention on Recognition and Enforcement of Foreign Arbitral Awards.

17.7                     No bankruptcy proceedings

Neither the Borrower nor any of its
Significant Subsidiaries has taken any corporate action nor have any other
steps been taken or legal proceedings been started or, to the best of its
knowledge and belief (after due inquiry), threatened against it or any of its
Significant Subsidiaries for (a) its liquidation or bankruptcy or the
appointment of a liquidation commission (likvidatsionnaya
komissiya) or a similar officer of it or any of its Significant
Subsidiaries; (b) the institution of supervision (nablyudeniye), financial rehabilitation (finansovoe ozdorovlenie), external
management (vneshniy upravlayucshiy)
or the appointment of a bankruptcy manager (konkursniy
upravlayuschiy) or similar officer of it or any of its Significant
Subsidiaries; (c) the convening of a meeting of creditors for the purposes
of considering an amicable settlement (as defined in the Russian Insolvency
Law); or (d) any analogous act in respect of it or any of its Significant
Subsidiaries in any jurisdiction.

17.8                     Deduction of Tax

It is not required under the law of
the Russian Federation to make any deduction for or on account of Tax from any
payment it may make under any Finance Document to a Qualifying Lender.

17.9                     No filing or stamp taxes

Under the law of the Russian
Federation it is not necessary that the Finance Documents be filed, recorded or
enrolled with any court or other authority in the Russian Federation or that
any stamp, registration or similar tax be paid on or in relation to the Finance
Documents or the transactions contemplated by the Finance Documents, except for
court registration fees in connection with any enforcement proceedings in such
court.

17.10              Payment of Taxes

Neither it nor any of its Significant
Subsidiaries has overdue tax liabilities, other than tax liabilities (a) whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings and for which adequate reserves or other appropriate
provision has been made or (b) whose amount, together with all such other
unpaid or undischarged taxes, does not in aggregate exceed $25,000,000 (or its
equivalent in any other currency or currencies).

17.11               No default

(a)                               No
Default or Event of Default is continuing or might reasonably be expected to
result from the making of any Utilisation.

 28
 

 

 

(b)                              No
event or circumstance is outstanding which constitutes a default under any
other agreement or instrument which is binding on it or any of its Subsidiaries
or to which its (or any of its Subsidiaries’) assets are subject which is
reasonably likely to have a Material Adverse Effect.

17.12              No misleading information

(a)                               Any
factual information provided by or on behalf of any member of the Group for the
purposes of the Information Memorandum was true and accurate in all material
respects as at the date it was provided or as at the date (if any) at which it
is stated.

(b)                              The
financial projections contained in the Information Memorandum have been
prepared on the basis of recent historical information and on the basis of
reasonable assumptions.

(c)                               Nothing
has occurred or been omitted from the Information Memorandum and no information
has been given or withheld that results in the information contained in the
Information Memorandum being untrue or misleading in any material respect.

17.13              Financial statements

(a)                               Its
Original Financial Statements were prepared in accordance with GAAP
consistently applied.

(b)                              Its
Original Financial Statements fairly represent its, and its consolidated,
financial condition and operations as at the end of and for the relevant financial
year.

(c)                               There
has been no material adverse change in its business or financial condition (or
the business or consolidated financial condition of the Group) since the date
of its Original Financial Statements.

17.14              Pari passu ranking

Its payment obligations under the
Finance Documents rank at least pari passu
with the claims of all its other unsecured and unsubordinated creditors, except
for obligations mandatorily preferred by law applying to companies generally.

17.15              No proceedings pending or threatened

Other than the UMC Litigation, no
litigation, arbitration or administrative proceedings of or before any court,
arbitral body or agency (including but not limited to, investigative
proceedings) have, to the best of its knowledge and belief (after due inquiry),
been started or threatened against it or any of its Significant Subsidiaries
which, if adversely determined would be reasonably likely to have a Material
Adverse Effect.

17.16              Environmental laws and licences

Except as disclosed in writing to the
Agent before the date hereof, it and each of its Subsidiaries has:

(a)                                complied
with all Environmental Laws to which it may be subject;

(b)                               obtained
all Environmental Licences required in connection with its business; and

(c)                                complied
with the terms of those Environmental Licences,

in each case where failure to do so
would be reasonably likely to have a Material Adverse Effect.

17.17              Telecommunications laws and licences

(a)                               Each
of the Borrower and its Significant Subsidiaries has:

 29
 

 

 

(i)                                   complied
in all material respects with all Telecommunications Laws to which it may be
subject;

(ii)                                obtained
all material Telecommunications Authorisations necessary to conduct its
business; and

(iii)                             complied
in all material respects with the terms of those Telecommunication
Authorisations,

in each case other than where failure
to do so would not reasonably be expected to have a Material Adverse Effect.

(b)                              There
has been no act, omission or event which might reasonably be expected to give
rise to the material amendment, revocation, suspension, cancellation,
withdrawal or termination of any provision of any Telecommunications
Authorisation. To the best of its knowledge and belief (after due inquiry), no
Telecommunications Authorisation is the subject of any pending or threatened
proceedings which, if adversely determined, would reasonably be expected to
have a Material Adverse Effect.

17.18              Compliance with laws

Each of the Borrower and its
Significant Subsidiaries is conducting its business and operations in
compliance with all laws and regulations and all directives of any government
agency having legal force applicable or relevant to it, excluding any such
non-compliance which would not reasonably be expected to have a Material
Adverse Effect.

17.19              No Immunity

(a)                               The
execution by the Borrower of the Finance Documents constitutes, and its
exercise of its rights and performance of its obligations thereunder will
constitute, private and commercial activities done and performed for private
and commercial purposes (rather than public and governmental purposes).

(b)                              In
any proceedings taken in the Russian Federation in relation to the Finance
Documents, the Borrower will not be entitled to claim for itself or any of its
assets immunity from suit, execution, attachment or other legal process.

17.20              Repetition

The Repeating Representations are
deemed to be made by the Borrower by reference to the facts and circumstances
then existing on the date of each Utilisation Request and the first day of each
Interest Period (provided that whenever the representation in paragraph (c) of
Clause 17.3 is deemed to be made on a date other than the Signing Date or a
Utilisation Date, the statement “except where the same would not be reasonably
likely to have a Material Adverse Effect” shall qualify the representation in
said paragraph (c)).

18                               INFORMATION UNDERTAKINGS

The undertakings in this Clause 18
remain in force from the date of this Agreement for so long as any amount is
outstanding under the Finance Documents or any Commitment is in force.

18.1                     Financial statements

The Borrower shall supply to the
Agent in sufficient copies for all the Lenders:

 30
 

 

 

(a)                                as
soon as the same become available, but in any event within 180 days after the
end of each of its financial years, its audited consolidated and
non-consolidated financial statements for that financial year; and

(b)                               as
soon as the same become available, but in any event within 45 days after the
end of each of its financial quarters, its unaudited consolidated and
non-consolidated financial statements for that financial quarter.

18.2                     Compliance Certificate

(a)                               The
Borrower shall supply to the Agent with each set of financial statements
delivered pursuant to Clause 18.1 (Financial
statements), a Compliance Certificate setting out (in reasonable detail)
computations as to compliance with Clause 19 (Financial
Covenants) as at the date as at which those financial statements
were drawn up.

(b)                              Each
Compliance Certificate shall be signed by an authorised officer of the Borrower
and, if required to be delivered with the financial statements delivered
pursuant to paragraph (a) of Clause 18.1 (Financial
statements), shall be reported on by the Borrower’s auditors in the
form set out in Schedule 6 (Form of
Compliance Certificate).

18.3                     Requirements as to financial
statements

(a)                               Each
set of financial statements delivered by the Borrower pursuant to Clause 18.1 (Financial statements) shall be certified
by an authorised officer of the Borrower as fairly representing its (or, as the
case may be, its consolidated) financial condition and operations as at the end
of and for the period in relation to which those financial statements were
drawn up.

(b)                              The
Borrower shall procure that each set of consolidated financial statements
delivered pursuant to Clause 18.1 (Financial
statements) is prepared using GAAP accounting practices and financial reference periods consistent with
those applied in the preparation of the Original Financial Statements unless,
in relation to any set of financial statements, it notifies the Agent that
there has been a change in GAAP, the accounting practices or reference periods
and its auditors deliver to the Agent:

(i)                                   a
description of any change necessary for those financial statements to reflect
the GAAP, accounting practices and reference periods upon which the Original
Financial Statements were prepared; and

(ii)                                sufficient
information, in form and substance as may be reasonably required by the Agent,
to enable the Lenders to determine whether Clause 19 (Financial covenants) has been complied
with and make an accurate comparison between the financial position indicated
in those financial statements and that the Original Financial Statements.

(c)                               Any
reference in this Agreement to those financial statements shall be construed as
a reference to those financial statements as adjusted to reflect the basis upon
which the Original Financial Statements were prepared.

(d)                              The
Borrower shall procure that each set of non-consolidated financial statements
delivered pursuant to Clause 18.1 (Financial
statements) is prepared using RAS accounting practices and financial
reference periods.

18.4                     Information: miscellaneous

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

 31
 

 

 

(a)                                all
documents dispatched by the Borrower to its shareholders (or any class of them)
or its creditors generally at the same time as they are dispatched;

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

(c)                                promptly,
such information as may be reasonably requested by the Agent (including
relevant figures from management accounts) to ascertain whether any Subsidiary
of the Borrower falls within paragraph (e) of the definition of “Significant
Subsidiary”; and

(d)                               promptly,
such further information regarding the financial condition, business and
operations of any member of the Group as any Finance Party (through the Agent)
may reasonably request.

18.5                     Notification of Default

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

(b)                              Promptly
upon a request by the Agent, the Borrower shall supply to the Agent a
certificate signed by two of its directors or senior officers on its behalf
certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

18.6                     Know your customer checks

(a)                               If:

(i)                                   the
introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation made after the date of this Agreement;

(ii)                                any
change in the status of the Borrower after the date of this Agreement; or

(iii)                             a
proposed assignment or transfer by a Lender of any of its rights and
obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer,

obliges the Agent or any Lender (or,
in the case of paragraph (iii) above, any prospective new Lender) to
comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it,
the Borrower shall promptly upon the request of the Agent or any Lender supply,
or procure the supply of, such documentation and other evidence as is
reasonably requested by the Agent (for itself or on behalf of any Lender) or
any Lender (for itself or, in the case of the event described in paragraph (iii) above,
on behalf of any prospective new Lender) in order for the Agent, such Lender
or, in the case of the event described in paragraph (iii) above, any
prospective new Lender to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance
Documents.

(b)                              Each
Lender shall promptly upon the request of the Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by
the Agent (for itself) in order for the Agent to carry out and be satisfied it
has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations pursuant to the transactions
contemplated in the Finance Documents.

 32
 

 

 

19                               FINANCIAL COVENANTS

The financial undertakings in this
Clause 19 shall remain in force from the Signing Date for so long as any amount
is outstanding under the Finance Documents or any Commitment is in force.

19.1                     Financial condition

The Borrower shall ensure that:

(a)                                The
ratio of Borrowings as at the end of any Relevant Period to EBITDA in respect
of such Relevant Period will not exceed 3:1; and

(b)                               the
ratio of EBITDA to Interest Expense in respect of any Relevant Period will not
be less than 5:1.

19.2                     Financial covenant calculations

Borrowings, EBITDA and Interest
Expense shall be calculated and interpreted on a consolidated basis in
accordance with the GAAP applicable to the Original Financial Statements of the
Borrower and shall be expressed in Dollars.

19.3                     Definitions

In this Clause 19.3:

“Borrowings”
means, as at any particular time, the aggregate outstanding principal, capital
or nominal amount (and any fixed or minimum premium payable on prepayment or
redemption) of the Financial Indebtedness of members of the Group (other than
any indebtedness referred to in paragraph (g) of the definition of
Financial Indebtedness and any guarantee or indemnity in respect of that
indebtedness).

For this purpose, any amount
outstanding or repayable in a currency other than Dollars shall on that day be
taken into account in its Dollars equivalent at the rate of exchange that would
have been used had an audited consolidated balance sheet of the Group been
prepared as at that day in accordance with the GAAP applicable to the Original
Financial Statements of the Borrower.

“EBITDA”
means, in relation to any Relevant Period, the total consolidated operating
profit of the Group for that Relevant Period:

(a)                                before
taking into account:

(i)                                  Interest
Expense;

(ii)                               Tax;

(iii)                            any
share of the profit of any associated company or undertaking, except for
dividends received in cash by any member of the Group; and

(iv)                           extraordinary
and exceptional items; and

(b)                               after
adding back all amounts provided for depreciation and amortisation for that
Relevant Period,

multiplied by two,

 33
 

 

 

as determined (except as needed to
reflect the terms of this Clause 19) from the financial statements of the Group
and Compliance Certificates delivered under Clause 18.1 (Financial statements) and Clause 18.2 (Compliance Certificate).

“Interest
Expense” means, in relation to any Relevant Period, the aggregate
amount of interest and any other finance charges (whether or not paid, payable
or capitalised) accrued by the Group in that Relevant Period in respect of
Borrowings including:

(a)                                the
interest element of leasing and hire purchase payments;

(b)                               commitment
fees, commissions, arrangement fees and guarantee fees; and

(c)                                amounts
in the nature of interest payable in respect of any shares other than equity
share capital,

adjusted (but without double
counting) by:

(i)                                   adding
back the net amount payable (or deducting the net amount receivable) by members
of the Group in respect of that Relevant Period under any interest or (so far
as they relate to interest) currency hedging arrangements; and

(ii)                                deducting
interest income of the Group in respect of that Relevant Period to the extent
freely payable in cash,

multiplied by two,

as determined (except as needed to
reflect the terms of this Clause 19) from the financial statements of the Group
and Compliance Certificates delivered under Clause 18.1 (Financial statements) and Clause 18.2 (Compliance Certificate).

“Relevant
Period” means each period of 6 consecutive Months ending on the last
day of each financial year and financial quarter of the Borrower.

20                               GENERAL UNDERTAKINGS

The undertakings in this Clause 20
remain in force from the date of this Agreement for so long as any amount is
outstanding under the Finance Documents or any Commitment is in force.

20.1                     Authorisations

The Borrower shall promptly:

(i)                                   obtain,
comply with and do all that is necessary to maintain in full force and effect;
and

(ii)                                supply
certified copies to the Agent of,

any Authorisation required under any
law or regulation of its jurisdiction of incorporation to enable it to perform
its obligations under the Finance Documents and to ensure the legality,
validity, enforceability or admissibility in evidence in its jurisdiction of
incorporation of any Finance Document.

20.2                     Compliance with laws

The Borrower shall comply in all
respects with all laws to which it may be subject, if failure so to comply
would materially impair its ability to perform its obligations under the
Finance Documents.

 34
 

 

 

20.3                     Maintenance of existence

The Borrower shall maintain its
corporate existence.

20.4                     Negative pledge

(a)                               The
Borrower shall not (and the Borrower shall ensure that no other member of the
Group will) create or permit to subsist any Security over any of its assets.

(b)                              The
Borrower shall not (and the Borrower shall ensure that no other member of the
Group will):

(i)                                   sell,
transfer or otherwise dispose of any of its assets on terms whereby they are or
may  be leased to or re-acquired by the
Borrower or any other member of the Group;

(ii)                                sell,
transfer or otherwise dispose of any of its receivables on recourse terms;

(iii)                             enter
into any arrangement under which money or the benefit of a bank or other
account may be applied, set-off or made subject to a combination of accounts;
or

(iv)                            enter
into any other preferential arrangement having a similar effect,

in circumstances where the
arrangement or transaction is entered into primarily as a method of raising
Financial Indebtedness or of financing the acquisition of an asset.

(c)                               Paragraphs
(a) and (b) above do not apply to Permitted Security.

20.5                     Disposals

(a)                               The
Borrower shall not (and shall ensure that no other member of the Group will)
enter into a single transaction or a series of transactions (whether related or
not and whether voluntary or involuntary) to sell, lease, transfer or otherwise
dispose of any asset.

(b)                              Paragraph
(a) above does not apply to any sale, lease, transfer or other disposal:

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

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

(iii)                             made
from one member of the Group (other than the Borrower) to another member of the
Group;

(iv)                            of
cash or cash equivalents for cash or cash equivalents;

(v)                               where
the book value of such asset (when aggregated with the book value of each other
asset disposed of under this sub-clause (v)) (in each case as calculated in accordance
with GAAP) does not exceed (x) 10% of the Borrower’s Total Assets in any
financial year of the Borrower and (y) 25% of the Borrower’s Total Assets
during the period starting on the Signing Date and ending on the date that all
amounts outstanding under this Agreement have been paid in full. At the request
of the Agent (any such request to be made no more than once per calendar
quarter, unless a Default is continuing), the Borrower shall provide a
certificate to the Agent setting out in reasonable detail the book value of any
assets disposed of under this sub-clause (v) (calculated in accordance
with GAAP); or

(vi)                            involving
the transfer of any or all of the Borrower’s shares in UMC pursuant to the UMC
Litigation to a person that is not a member of the Group (provided that this
sub-clause (vi) shall not in any way prejudice the rights of the Finance
Parties under Clause 21.18 (UMC Litigation)).

 35
 

 

 

When calculating the Borrower’s Total
Assets under sub-clause (v) above, if the annual consolidated balance
sheet of the Borrower for the immediately preceeding financial year of the
Borrower is not available, the Borrower’s Total Assets shall be calculated by
reference to the draft audit report then available for that financial year and
any other evidence reasonably requested by, and reasonably satisfactory to, the
Agent.

20.6                     Merger

(a)                               The
Borrower shall not enter into or become subject to any consolidation or
reorganisation, whether by way of merger (sliyaniye
obschestva), company accession (prisoedinyeniye
obschestva), company division (razdelenie  obschestva), company separation (vydelyeniye  obschestva),
company transformation (preobrazovaniye
obschestva), company liquidation
(likvidatisya obschestva) or any other
company reorganisation (reorgnizatsiya
obschestva) (as these terms are
construed by applicable Russian law) or otherwise, or any analogous transaction
in any jurisdiction, other than a consolidation or merger with one of its
Subsidiaries where the Borrower is the surviving entity.

(b)                              The
Borrower shall ensure that no Significant Subsidiary will enter into or become
subject to any consolidation or reorganisation, whether by way of merger (sliyaniye obschestva), company accession (prisoedinyeniye obschestva), company
division (razdeleyeniey obschestva),
company separation (vydelyeniye obschestva),
company transformation (preobrazovaniye
obschestva), company liquidation
(likvidatsiya obschestva) or any
other company reorganisation (reorganizatsiya
obschestva) (as these terms are construed by applicable Russian law)
or otherwise, or any analogous transaction in any jurisdiction if such
reorganisation or transaction would, in the opinion of the Agent (acting
reasonably), have a Material Adverse Effect.

20.7                     Change of business

The Borrower shall procure that no
substantial change is made to the general nature of the business of the
Borrower or the Group from that carried on at the Signing Date.

20.8                     Conduct of business

The Borrower shall, and shall procure
that each of its Significant Subsidiaries will, conduct its business in all
material respects in accordance with:

(a)                                all
Telecommunications Laws to which it is or may become subject;

(b)                               all
requirements of the telecommunications regulators of the Russian Federation,
Ukraine and any other jurisdiction where it conducts its business; and

(c)                                the
terms of all relevant Telecommunications Authorisations.

20.9                     Asset maintenance

The Borrower shall, and shall procure
that each of its Significant Subsidiaries will, have and maintain good and
marketable title to or valid leases or licences of, or rights of use relating
to, all assets necessary to maintain, develop and operate and otherwise conduct
its business as then being conducted by it and in each case where failure to do
so might reasonably be expected to have a Material Adverse Effect.

20.10              Insurance

The Borrower shall (and shall ensure
that each other member of the Group will) maintain insurances on and in
relation to its business and assets with reputable underwriters or insurance 

 36
 

 

 

companies against those risks, and to
the extent, usually insured against by prudent companies located in the same or
a similar location and carrying on a similar business.

20.11               Transactions with Related Parties

(a)                               The
Borrower shall not (and the Borrower shall ensure that no other member of the
Group will), directly or indirectly, enter into or permit to exist any
intercompany loan with, or for the benefit of, any Related Party, unless:

(i)                                   the
terms of such intercompany loan are no less favourable to such member of the
Group than those that could be obtained in a comparable arm’s-length
transaction or series of related transactions with a person that is not a
Related Party; or

(ii)                                such
intercompany loan is made pursuant to a contract or contracts existing on the
Signing Date (excluding any amendments or modifications thereto after the
Signing Date),

provided that the aggregate
outstanding amount of all such intercompany loans described in sub-clauses (i) and
(ii) above does not, at any time, exceed $100,000,000.

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

(i)                                   compensation
or employee benefit arrangements with any officer or director of any member of
the Group arising out of any employment contract entered into in the ordinary
course of business; or

(ii)                                transactions
between members of the Group.

(c)                               For
the purposes of this Clause 20.11 only, a “Related
Party” means, with respect to any specified person:

(i)                                   any
other person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified person; or

(ii)                                any
other person who is a director or executive officer of (a) such specified
person or (b) any person described in (i) above.

For purposes of the definition of “Related Party” only, “control” (including, with correlative
meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with
respect to any person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of
such person, whether through the ownership of voting securities, by agreement
or otherwise; provided that beneficial ownership of 10 per cent. or more of any
class, or any series of any class, of equity securities of a person, whether or
not voting, shall be deemed to be control.

20.12              Restriction on acquisitions

The Borrower shall not establish or
acquire any Subsidiary or invest in any other entity without the consent of the
Majority Lenders (such consent not to be unreasonably withheld), provided that
this Clause 20.12 shall not apply to any such acquisition or investment
where:

(a)                                such
acquisition or investment relates to a Subsidiary or entity whose principal
business is telecommunications or the provision of data services or related or
ancillary businesses; and

(b)                               the
consideration paid by the Borrower in relation to such acquisition or
investment, when aggregated with the consideration paid by the Borrower in
relation to each other 

 37
 

 

 

                                              acquisition
or investment permitted under this paragraph (b), does not exceed (i) 20
per cent. of the Borrower’s Total Assets in the financial year of the Borrower
ending 31 December 2004; and (ii) 15 per cent. (or such higher amount
not exceeding 20 per cent. as the Majority Lenders may agree (acting
reasonably)) of the Borrower’s Total Assets in any other financial year of the
Borrower.

20.13              Prompt payment of Taxes

The Borrower shall (and shall ensure
that each Significant Subsidiary will) duly pay all Taxes payable by it, other
than (a) those taxes which are being contested in good faith and by
appropriate proceedings and in respect of which adequate reserves or other
appropriate provisions have been made; or (b) whose amount does not exceed
$25,000,000 (or its equivalent in any other currencies).

20.14              Pari
passu

The Borrower shall, and shall procure
that each member of the Group will, procure that its obligations under the
Finance Documents rank at least pari passu
with all its other unsecured, unsubordinated obligations save where such other
obligations are mandatorily preferred by law.

20.15              Loans and guarantees

(a)                               The
Borrower shall not (and the Borrower shall ensure that no member of the Group
will):

(i)                                   make
any loan, or provide any form of credit or financial accommodation, to any
person (including, without limitation, its employees, shareholders, another
member of the Group and any Affiliate); or

(ii)                                give
or issue any guarantee, indemnity, bond or letter of credit to or for the
benefit of, or in respect of liabilities or obligations of, any other person or
voluntarily assume any liability (whether actual or contingent) of any other
person (including, in each case and without limitation, its employees,
shareholders, another member of the Group and any Affiliate).

(b)                              The
restrictions in paragraph (a) above do not apply to (i) loans,
credits, financial accommodation, guarantees, indemnities, bonds and letters of
credit expressly permitted by the Finance Documents or for normal trade credit
on arm’s length terms and in the ordinary course of business or granted by a
member of the Group to another member of the Group, provided that the aggregate
amount of such loans, credits, financial accommodation, guarantees,
indemnities, bonds and letters of credit does not at any time exceed 10 per
cent. of the Borrower’s Total Assets; (ii) guarantees by the Borrower in
relation to the obligations of any other member of the Group; or (iii) the
arrangements permitted under Clause 20.11 (Transactions
with Related Parties).

21                               EVENTS OF DEFAULT

Each of the events or circumstances
set out in Clause 21 is an Event of Default.

21.1                     Non-payment

The Borrower does not pay on the due
date any amount payable pursuant to a Finance Document at the place at and in
the currency in which it is expressed to be payable unless:

(a)                                its
failure to pay is caused by administrative or technical error; and

 38
 

 

 

(b)                               payment
is made within three Business Days of its due date.

21.2                     Financial covenants

Any requirement of Clause 19 (Financial Covenants) is not satisfied.

21.3                     Other obligations

(a)                               The
Borrower does not comply with any provision of the Finance Documents (other
than those referred to in Clause 21.1 (Non-payment)
and Clause 21.2 (Financial Covenants)).

(b)                              No
Event of Default under paragraph (a) above will occur if the failure to
comply is capable of remedy and is remedied within 10 Business Days of the
Agent giving notice to the Borrower or the Borrower becoming aware of the
failure to comply.

21.4                     Misrepresentation

Any representation or statement made
or deemed to be made by the Borrower in the Finance Documents or any other
document delivered by or on behalf of the Borrower under or in connection with
any Finance Document is or proves to have been incorrect or misleading in any
material respect when made or deemed to be made, and such representation or
statement shall not have been rendered correct and not misleading within 10
Business Days of the Agent giving notice to the Borrower or the Borrower
becoming aware of the same.

21.5                     Cross default

(a)                               Any
single item of Financial Indebtedness of any member of the Group in an amount
exceeding $10,000,000 (or its equivalent in any other currency or currencies)
is not paid when due nor within any originally applicable grace period.

(b)                              Any
single item of Financial Indebtedness of any member of the Group in an amount
exceeding $10,000,000 (or its equivalent in any other currency or currencies)
is declared to be or otherwise becomes due and payable prior to its specified
maturity as a result of an event of default (however described).

(c)                               Any
single commitment for any Financial Indebtedness of any member of the Group in
an amount exceeding $10,000,000 (or its equivalent in any other currency or
currencies) is cancelled or suspended by a creditor of any member of the Group
as a result of an event of default (however described).

(d)                              Any
creditor of any member of the Group becomes entitled to declare any single item
of Financial Indebtedness of any member of the Group in an amount exceeding
$10,000,000 (or its equivalent in any other currency or currencies) due and
payable prior to its specified maturity as a result of an event of default
(however described).

(e)                               Any
of the events described in paragraphs (a) to (d) above occurs in
relation to any Financial Indebtedness or commitment for Financial Indebtedness
of any amount (including, for the avoidance of doubt, any amount that is less
than $10,000,000 (or its equivalent in any other currency or currencies)), and
the aggregate amount of all such Financial Indebtedness and commitments for
Financial Indebtedness is in excess of $35,000,000 (or its equivalent in any
other currency or currencies).

21.6                     Insolvency

(a)                               The
Borrower or a Significant Subsidiary is unable or admits its inability to pay
its debts as they fall due, suspends making payments on its debts generally or,
by reason of actual or anticipated 

 39
 

 

 

                                             financial
difficulties, commences negotiations with one or more of its creditors with a
view to rescheduling its indebtedness generally.

(b)                              The
value of the assets of the Borrower or a Significant Subsidiary is less than
its liabilities (taking into account contingent and prospective liabilities).

(c)                               A
moratorium is declared in respect of the indebtedness of the Borrower or a
Significant Subsidiary.

21.7                     Insolvency proceedings

Any corporate action or legal
proceedings are taken in relation to:

(a)                                the
bankruptcy, winding-up, insolvency, dissolution, administration, reorganisation
or liquidation of the Borrower or a Significant Subsidiary, including, but not
limited to, institution of supervision (nablyudenie),
financial rehabilitation (finansovoe
ozdorovlenie), external management (vneshneye
upravlenie) or bankruptcy management (konkursnoye upravlenie) (and such legal proceedings continue
for at least 14 days);

(b)                               the
suspension of payments or a moratorium of any indebtedness of the Borrower or a
Significant Subsidiary (and such suspension continues for at least 14 days);

(c)                                the
presentation or filing of a petition (or similar document) in respect of the
Borrower or a Significant Subsidiary in any court, state arbitration court (arbitrazhnyi sud) or before any other
authority in respect of the bankruptcy, winding-up, insolvency, dissolution,
administration, reorganisation or liquidation of the Borrower or a Significant
Subsidiary (and such petition has not been discharged within 14 days);

(d)                               the
appointment of a liquidator (likvidator)
or a liquidation commission (likvidatsionnaya
komissiya), temporary manager (vremenniy
upravlaushiy), administrative manager (administrativniy upravlaushiy), external manager (vneshniy upravlaushiy), bankruptcy manager
(konkursniy upravlaushiy),
receiver, administrator, administrative receiver, compulsory manager or other
similar officer in respect of the Borrower or a Significant Subsidiary or any
of its assets (and such appointment continues for at least 14 days); or

(e)                                the
enforcement of any Security over any asset or assets of the Borrower or a
Significant Subsidiary (unless such enforcement is stayed within 14 days),

or any analogous procedure or step is
taken in any jurisdiction.

21.8                     Creditors’ process

Any expropriation, attachment,
sequestration, distress or execution affects any asset or assets of the
Borrower or a Significant Subsidiary with a value in excess of $10,000,000 (or
its equivalent in any other currency or currencies) and is not discharged or
stayed within 30 days.

21.9                     Judgment

The rendering against the Borrower or
any Subsidiary of the Borrower of a judgment, decree or order for the payment
of money in an amount in excess of $10,000,000 (or its equivalent in any other
currency or currencies) and the continuance of any such judgment, decree or
order unsatisfied and in effect for any period of 60 consecutive days without a
stay of execution.

 40
 

 

 

21.10              Loss of Licence

(a)                                  Any
action results in the suspension for more than 30 days or the loss, revocation
or termination of any of:

(i)                                   the
Borrower’s GSM 900 or 1800 licences for the Moscow licence area;

(ii)                                Telecom
XXI’s GSM 900 or 1800 licences for the St. Petersburg licence area;

(iii)                             Kuban
GSM’s GSM 900 or 1800 licences for the Krasnodar licence area; or

(iv)                            UMC’s
GSM 900 or 1800 licences for the Ukraine licence area,

except where, within 30 days of any
such event, the relevant licence is re-issued on substantially the same terms
to any member of the Group and during the period falling before such
re-issuance there is no material interruption to, or other material adverse
effect on, the operations permitted by such licence as a direct result of such
prior loss, revocation or termination.

(b)                              Any
of the Borrower’s, Telecom XXI’s, Kuban GSM’s
or UMC’s GSM 900 or 1800 licences are amended (or any conditions are
imposed with respect to any such licence) in a manner that, in the reasonable
opinion of the Majority Lenders, has or is reasonably likely to have a Material
Adverse Effect.

(c)                               Any
of the Borrower’s, Telecom XXI’s, Kuban GSM’s
or UMC’s assigned spectrum allocations are reassigned to other users
(other than a Significant Subsidiary of the Borrower), cancelled or otherwise
lost, and such event, in the reasonable opinion of the Majority Lenders, has or
is reasonably likely to have a Material Adverse Effect.

(d)                              The
Borrower sells, leases or otherwise transfers any of its GSM 900 or 1800
licences for the Moscow licence area.

(e)                               Any
of the Borrower’s GSM 900 or 1800 licences (other than its GSM 900 and 1800
licences for the Moscow licence area) is sold, leased or transferred to any
person that is not (directly or indirectly) a wholly-owned Subsidiary of the
Borrower.

(f)

(i)                                   Any
of the GSM 900 or 1800 licences of Telecom XXI, Kuban GSM or UMC is sold,
leased or transferred to any person that is not (directly or indirectly) a
wholly-owned Subsidiary of the Borrower.

(ii)                                Sub-clause
(i) above does not apply to the transfer of the GSM 900 or 1800 licences
of UMC pursuant to the UMC Litigation (provided that this sub-clause (ii) shall
not in any way prejudice the rights of the Finance Parties under Clause 21.18 (UMC Litigation)).

21.11               Cessation of Business

The Borrower or any Significant
Subsidiary suspends, ceases or threatens to suspend or cease to carry on all or
a substantial part of its business.

21.12              Expropriation

(a)                               By
or under the authority of any government:

(i)                                   any
seizure, compulsory acquisition, expropriation, nationalisation or
renationalisation is made after the Signing Date of all or any material part of
the assets or shares of (or other ownership interest in) any member of the
Group;

 41
 

 

 

(ii)                                the
management of any member of the Group is wholly or partially displaced or the
authority of any member of the Group in the conduct of its business is wholly
or partially curtailed; or

(iii)                             any
member of the Group is otherwise deprived of, or prevented from exercising
ownership or control of, its material business or assets.

(b)                              Paragraph
(a) above does not apply to the transfer of any or all of the Borrower’s
shares in UMC pursuant to the UMC Litigation to a person that is not a member
of the Group (provided that this paragraph (b) shall not in any way
prejudice the rights of the Finance Parties under Clause 21.18 (UMC Litigation)).

21.13              Russian Foreign Exchange Restrictions

Any foreign exchange law is enacted
or introduced in the Russian Federation which has the effect of prohibiting,
restricting or delaying any payment by the Borrower or any member of the Group
under the Finance Documents.

21.14              Moratorium

Any moratorium is declared on the
payment of any external indebtedness of the Russian Federation or of Russian
residents generally.

21.15              The Russian Federation

The political or economic situation
in the Russian Federation deteriorates or an act of war or hostilities,
invasion, armed conflict or act of a foreign enemy, revolution, insurrection or
insurgency occurs in, or involves, the Russian Federation and such event, in
the reasonable opinion of the Majority Lenders, has or is reasonably likely to
have a Material Adverse Effect.

21.16              Unlawfulness

It is or becomes unlawful for the
Borrower to perform any of its obligations under the Finance Documents.

21.17              Repudiation

The Borrower repudiates a Finance
Document or evidences an intention to repudiate a Finance Document.

21.18              UMC Litigation

The UMC Litigation is adversely
determined and, in the reasonable opinion of the Majority Lenders, such adverse
determination has or is reasonably likely to have  a Material Adverse Effect.

21.19              Material adverse change

The Majority Lenders determine that a
Material Adverse Effect exists, has occurred or is reasonably likely to occur.

21.20              Acceleration

On and at any time after the
occurrence of an Event of Default which is continuing the Agent may, and shall
if so directed by the Majority Lenders, by notice to the Borrower:

(a)                                cancel
the Total Commitments whereupon they shall immediately be cancelled;

 42
 

 

 

(b)                               declare that all or part of
the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable,
whereupon they shall become immediately due and payable; and

(c)                                declare that all or part of
the Loans be payable on demand, whereupon they shall immediately become payable
on demand by the Agent on the instructions of the Majority Lenders.

 

 43

   

SECTION 8

CHANGES TO PARTIES

22                               CHANGES TO THE LENDERS

22.1                     Assignments
and transfers by the Lenders

(a)                               Subject to
this Clause 22, a Lender (the “Existing
Lender”) may:

(i)                                   assign any
of its rights; or

(ii)                                transfer by
novation any of its rights and obligations,

to
another bank or financial institution or to a trust, fund or other entity which
is regularly engaged in or established for the purpose of making, purchasing or
investing in loans, securities or other financial assets (the “New Lender”).

(b)                              Unless (i) the
assignment or transfer is to an Affiliate of the Existing Lender or to another
Lender or (ii) an Event of Default has occurred, any assignment or
transfer occurring after the Syndication Date shall require the consent of the
Borrower, provided that (1) such consent shall not be unreasonably
withheld or delayed; and (2) unless the Borrower has notified the Agent to
the contrary within 5 Business Days of receiving notice of the intended
assignment or transfer, the Borrower will be deemed to have given its consent
to that assignment or transfer.

22.2                     Conditions
of assignment or transfer

(a)                               An
assignment will only be effective on:

(i)                                   receipt by
the Agent of written confirmation from the New Lender (in form and substance
satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original
Lender; and

(ii)                                performance
by the Agent of all “know your customer” or other checks relating to any person
that it is required to carry out in relation to such assignment to a New
Lender, the completion of which the Agent shall promptly notify to the Existing
Lender and the New Lender.

(b)                              A transfer
will only be effective if the procedure set out in Clause 22.5 (Procedure for transfer) is complied with.

(c)                               Any
assignment or transfer by an Existing Lender to a New Lender shall only be
effective if it transfers or assigns the Existing Lender’s share of each
Facility pro rata.

(d)                              If:

(i)                                   a Lender
assigns or transfers any of its rights or obligations under the Finance
Documents or changes its Facility Office; and

(ii)                                as a result
of circumstances existing at the date the assignment, transfer or change
occurs, the Borrower would be obliged to make a payment to the New Lender or
Lender acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause
13.1 (Increased Costs),

then
the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under those Clauses to the same extent as the
Existing Lender or Lender acting 

 44
 

   

 

through
its previous Facility Office would have been if the assignment, transfer or
change had not occurred.

22.3                     Assignment
or transfer fee

The New
Lender shall, on the date upon which an assignment or transfer takes effect,
pay to the Agent (for its own account) a fee of $1,000.

22.4                     Limitation
of responsibility of Existing Lenders

(a)                               Unless
expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:

(i)                                   the
legality, validity, effectiveness, adequacy or enforceability of the Finance
Documents or any other documents;

(ii)                                the
financial condition of the Borrower;

(iii)                             the
performance and observance by the Borrower of its obligations under the Finance
Documents or any other documents; or

(iv)                            the accuracy of any statements (whether
written or oral) made in or in connection with any Finance Document or any
other document,

and any
representations or warranties implied by law are excluded.

(b)                              Each New
Lender confirms to the Existing Lender and the other Finance Parties that it:

(i)                                   has made
(and shall continue to make) its own independent investigation and assessment
of the financial condition and affairs of the Borrower and its related entities
in connection with its participation in this Agreement and has not relied
exclusively on any information provided to it by the Existing Lender in
connection with any Finance Document; and

(ii)                                will
continue to make its own independent appraisal of the creditworthiness of the
Borrower and its related entities whilst any amount is or may be outstanding
under the Finance Documents or any Commitment is in force.

(c)                               Nothing in
any Finance Document obliges an Existing Lender to:

(i)                                   accept a re-transfer
from a New Lender of any of the rights and obligations assigned or transferred
under this Clause 22; or

(ii)                                support any
losses directly or indirectly incurred by the New Lender by reason of the
non-performance by the Borrower of its obligations under the Finance Documents
or otherwise.

22.5                     Procedure
for transfer

(a)                               Subject to
the conditions set out in Clause 22.2 (Conditions
of assignment or transfer) a transfer is effected in accordance with
paragraph (c) below when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender.
The Agent shall, subject to paragraph (b) below, as soon as reasonably
practicable after receipt by it of a duly completed Transfer Certificate
appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Transfer
Certificate.

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(b)                              The Agent
shall only be obliged to execute a Transfer Certificate delivered to it by the
Existing Lender and the New Lender once it is satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.

(c)                               On the
Transfer Date:

(i)                                   to the extent
that in the Transfer Certificate the Existing Lender seeks to transfer by
novation its rights and obligations under the Finance Documents the Borrower
and the Existing Lender shall be released from further obligations towards one
another under the Finance Documents and their respective rights against one
another under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”);

(ii)                                the Borrower
and the New Lender shall assume obligations towards one another and/or acquire
rights against one another which differ from the Discharged Rights and
Obligations only insofar as the Borrower and the New Lender have assumed and/or
acquired the same in place of the Borrower and the Existing Lender;

(iii)                             the Agent,
the Mandated Lead Arrangers, the New Lender and other Lenders shall acquire the
same rights and assume the same obligations between themselves as they would
have acquired and assumed had the New Lender been an Original Lender with the
rights and/or obligations acquired or assumed by it as a result of the transfer
and to that extent the Agent, the Mandated Lead Arrangers and the Existing
Lender shall each be released from further obligations to each other under the
Finance Documents; and

(iv)                            the New Lender shall become a Party as a “Lender”.

22.6                     Disclosure
of information

Any
Lender may disclose to any of its Affiliates and any other person:

(a)                                to (or
through) whom that Lender assigns or transfers (or may potentially assign or
transfer) all or any of its rights and obligations under this Agreement;

(b)                               with (or
through) whom that Lender enters into (or may potentially enter into) any
sub-participation in relation to, or any other transaction under which payments
are to be made by reference to, this Agreement or the Borrower; or

(c)                                to whom, and
to the extent that, information is required to be disclosed by any applicable
law or regulation,

any
information about the Borrower, the Group and the Finance Documents as that
Lender shall consider appropriate if, in relation to paragraphs (a) and (b) above,
the person to whom the information is to be given has entered into a
Confidentiality Undertaking. This Clause supersedes any previous agreement
relating to the confidentiality of this information.

23                               CHANGES TO THE BORROWER

The
Borrower may not assign any of its rights or transfer any of its rights or
obligations under the Finance Documents.

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SECTION 9

THE FINANCE PARTIES

24                               ROLE OF THE AGENT AND THE MANDATED LEAD
ARRANGERS

24.1                     Appointment
of the Agent

(a)                               Each other
Finance Party appoints the Agent to act as its agent under and in connection
with the Finance Documents.

(b)                              Each other
Finance Party authorises the Agent to exercise the rights, powers, authorities
and discretions specifically given to it under or in connection with the Finance
Documents together with any other incidental rights, powers, authorities and
discretions.

24.2                     Duties
of the Agent

(a)                               The Agent
shall promptly forward to a Party the original or a copy of any document which
is delivered to the Agent for that Party by any other Party.

(b)                              Except where
a Finance Document specifically provides otherwise, the Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it
forwards to another Party.

(c)                               If the Agent
receives notice from a Party referring to this Agreement, describing a Default
and stating that the circumstance described is a Default, it shall promptly
notify the Finance Parties.

(d)                              If the Agent
is aware of the non-payment of any principal, interest, commitment fee or other
fee payable to a Finance Party (other than the Agent or the Mandated Lead
Arrangers) under this Agreement it shall promptly notify the other Finance
Parties.

(e)                               The Agent’s
duties under the Finance Documents are solely mechanical and administrative in nature.

24.3                     Role of
the Mandated Lead Arrangers

Except
as specifically provided in the Finance Documents, the Mandated Lead Arrangers
have no obligations of any kind to any other Party under or in connection with
any Finance Document.

24.4                     No
fiduciary duties

(a)                               Nothing in
this Agreement constitutes the Agent or the Mandated Lead Arrangers as a
trustee or fiduciary of any other person.

(b)                              Neither the
Agent nor any Mandated Lead Arranger shall be bound to account to any Lender
for any sum or the profit element of any sum received by it for its own
account.

24.5                     Business
with the Group

The
Agent and the Mandated Lead Arrangers may accept deposits from, lend money to
and generally engage in any kind of banking or other business with any member
of the Group.

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24.6                     Rights
and discretions of the Agent

(a)                               The Agent
may rely on:

(i)                                   any
representation, notice or document believed by it to be genuine, correct and
appropriately authorised; and

(ii)                                any
statement made by a director, authorised signatory or employee of any person
regarding any matters which may reasonably be assumed to be within his
knowledge or within his power to verify.

(b)                              The Agent
may assume, unless it has received notice to the contrary in its capacity as
agent for the Lenders, that:

(i)                                   no Default
has occurred (unless it has actual knowledge of a Default arising under Clause
21.1 (Non-payment)); and

(ii)                                any right,
power, authority or discretion vested in any Party or the Majority Lenders has
not been exercised.

(c)                               The Agent
may engage, pay for and rely on the advice or services of any lawyers,
accountants, surveyors or other experts.

(d)                              The Agent
may act in relation to the Finance Documents through its personnel and agents.

(e)                               The Agent
may disclose to any other Party any information it reasonably believes it has
received as agent under this Agreement.

(f)                                 Notwithstanding
any other provision of any Finance Document to the contrary, neither the Agent
nor any Mandated Lead Arranger is obliged to do or omit to do anything if it
would or might in its reasonable opinion constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

24.7                     Majority
Lenders’ instructions

(a)                               Unless a
contrary indication appears in a Finance Document, the Agent shall (i) exercise
any right, power, authority or discretion vested in it as Agent in accordance
with any instructions given to it by the Majority Lenders (or, if so instructed
by the Majority Lenders, refrain from exercising any right, power, authority or
discretion vested in it as Agent) and (ii) not be liable for any act (or
omission) if it acts (or refrains from taking any action) in accordance with an
instruction of the Majority Lenders.

(b)                              Unless a
contrary indication appears in a Finance Document, any instructions given by
the Majority Lenders will be binding on all the Finance Parties.

(c)                               The Agent
may refrain from acting in accordance with the instructions of the Majority
Lenders (or, if appropriate, the Lenders) until it has received such security
as it may require for any cost, loss or liability (together with any associated
VAT) which it may incur in complying with the instructions.

(d)                              In the
absence of instructions from the Majority Lenders (or, if appropriate, the
Lenders), the Agent may act (or refrain from taking action) as it considers to
be in the best interest of the Lenders.

(e)                               The Agent is
not authorised to act on behalf of a Lender (without first obtaining that
Lender’s consent) in any legal or arbitration proceedings relating to any
Finance Document.

24.8                     Responsibility
for documentation

Neither
the Agent nor any Mandated Lead Arranger:

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(a)                                is
responsible for the adequacy, accuracy and/or completeness of any information
(whether oral or written) supplied by the Agent, the Mandated Lead Arrangers, the
Borrower or any other person given in or in connection with any Finance
Document or the Information Memorandum; or

(b)                               is
responsible for the legality, validity, effectiveness, adequacy or
enforceability of any Finance Document or any other agreement, arrangement or
document entered into, made or executed in anticipation of or in connection
with any Finance Document.

24.9                     Exclusion
of liability

(a)                               Without
limiting paragraph (b) below, the Agent will not be liable for any action
taken by it under or in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct.

(b)                              No Party
(other than the Agent) may take any proceedings against any officer, employee
or agent of the Agent in respect of any claim it might have against the Agent
or in respect of any act or omission of any kind by that officer, employee or
agent in relation to any Finance Document and any officer, employee or agent of
the Agent may rely on this Clause.

(c)                               The Agent
will not be liable for any delay (or any related consequences) in crediting an
account with an amount required under the Finance Documents to be paid by it if
it has taken all necessary steps as soon as reasonably practicable to comply
with the regulations or operating procedures of any recognised clearing or
settlement system used by it for that purpose.

(d)                              Nothing in
this Agreement shall oblige the Agent or the Mandated Lead Arrangers to carry
out any “know your customer” or other checks in relation to any person on
behalf of any Lender and each Lender confirms to the Agent and the Mandated
Lead Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such
checks made by the Agent or the Mandated Lead Arrangers.

24.10              Lenders’
indemnity to the Agent

Each
Lender shall (in proportion to its share of the Total Commitments or, if the
Total Commitments are then zero, to its share of the Total Commitments
immediately prior to their reduction to zero) indemnify the Agent, within three
Business Days of demand, against any cost, loss or liability incurred by the
Agent (otherwise than by reason of the Agent’s gross negligence or wilful
misconduct) in acting as Agent under the Finance Documents (unless the Agent
has been reimbursed by the Borrower pursuant to a Finance Document).

24.11               Resignation
of the Agent

(a)                               The Agent
may resign and appoint one of its Affiliates acting through an office in the
United Kingdom as successor by giving notice to the other Finance Parties and
the Borrower.

(b)                              Alternatively
the Agent may resign by giving notice to the other Finance Parties and the
Borrower, in which case the Majority Lenders (after consultation with the
Borrower) may appoint a successor Agent.

(c)                               If the
Majority Lenders have not appointed a successor Agent in accordance with
paragraph (b) above within 30 days after notice of resignation was given,
the Agent (after consultation with the Borrower) may appoint a successor Agent
(acting through an office in the United Kingdom).

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(d)                              The retiring
Agent shall, at its own cost, make available to its successor such documents
and records and provide such assistance as its successor may reasonably request
for the purposes of performing its functions as Agent under the Finance
Documents.

(e)                               The Agent’s
resignation notice shall only take effect upon the appointment of a successor.

(f)                                 Upon the
appointment of a successor, the retiring Agent shall be discharged from any
further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 24. Its successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original Party.

(g)                              After
consultation with the Borrower, the Majority Lenders may, by notice to the
Agent, require it to resign in accordance with paragraph (b) above. In
this event, the Agent shall resign in accordance with paragraph (b) above.

24.12              Confidentiality

(a)                               In acting as
agent for the Finance Parties, the Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other
of its divisions or departments.

(b)                              If
information is received by another division or department of the Agent, it may
be treated as confidential to that division or department and the Agent shall
not be deemed to have notice of it.

24.13              Relationship
with the Lenders

(a)                               The Agent
may treat each Lender as a Lender, entitled to payments under this Agreement
and acting through its Facility Office unless it has received not less than
five Business Days prior notice from that Lender to the contrary in accordance
with the terms of this Agreement.

(b)                              Each Lender
shall supply the Agent with any information required by the Agent in order to
calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost  formula).

24.14              Credit
appraisal by the Lenders

Without
affecting the responsibility of the Borrower for information supplied by it or
on its behalf in connection with any Finance Document, each Lender confirms to
the Agent and the Mandated Lead Arrangers that it has been, and will continue
to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Finance
Document including but not limited to:

(a)                                the
financial condition, status and nature of each member of the Group;

(b)                               the
legality, validity, effectiveness, adequacy or enforceability of any Finance
Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document;

(c)                                whether that
Lender has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other
agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; and

(d)                               the
adequacy, accuracy and/or completeness of the Information Memorandum and any
other information provided by the Agent, any Party or by any other person under
or in 

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                                              connection
with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document.

24.15              Reference
Banks

If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it
is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with
the Borrower) appoint another Lender or an Affiliate of a Lender to replace
that Reference Bank.

24.16              Deduction
from amounts payable by the Agent

If any
Party owes an amount to the Agent under the Finance Documents the Agent may,
after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Agent would otherwise be obliged to
make under the Finance Documents and apply the amount deducted in or towards
satisfaction of the amount owed. For the purposes of the Finance Documents that
Party shall be regarded as having received any amount so deducted.

25                               CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No
provision of this Agreement will:

(a)                                interfere
with the right of any Finance Party to arrange its affairs (tax or otherwise)
in whatever manner it thinks fit;

(b)                               oblige any
Finance Party to investigate or claim any credit, relief, remission or
repayment available to it or the extent, order and manner of any claim; or

(c)                                oblige any
Finance Party to disclose any information relating to its affairs (tax or
otherwise) or any computations in respect of Tax.

26                               SHARING AMONG THE FINANCE PARTIES

26.1                     Payments
to Finance Parties

If a
Finance Party (a “Recovering Finance Party”)
receives or recovers any amount from the Borrower other than in accordance with
Clause 27 (Payment Mechanics) and
applies that amount to a payment due under the Finance Documents then:

(a)                                the
Recovering Finance Party shall, within three Business Days, notify details of
the receipt or recovery to the Agent;

(b)                               the Agent
shall determine whether the receipt or recovery is in excess of the amount the
Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Agent and distributed in accordance with Clause 27 (Payment Mechanics), without taking account
of any Tax which would be imposed on the Agent in relation to the receipt,
recovery or distribution; and

(c)                                the Recovering
Finance Party shall, within three Business Days of demand by the Agent, pay to
the Agent an amount (the “Sharing Payment”)
equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to
be made, in accordance with Clause 27.5 (Partial
payments).

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26.2                     Redistribution
of payments

The
Agent shall treat the Sharing Payment as if it had been paid by the Borrower
and distribute it between the Finance Parties (other than the Recovering
Finance Party) in accordance with Clause 27.5 (Partial
payments).

26.3                     Recovering
Finance Party’s rights

(a)                               On a
distribution by the Agent under Clause 26.2 (Redistribution
of payments), the Recovering Finance Party will be subrogated to the
rights of the Finance Parties which have shared in the redistribution.

(b)                              If and to
the extent that the Recovering Finance Party is not able to rely on its rights
under paragraph (a) above, the Borrower shall be liable to the Recovering
Finance Party for a debt equal to the Sharing Payment which is immediately due
and payable.

26.4                     Reversal
of redistribution

If any
part of the Sharing Payment received or recovered by a Recovering Finance Party
becomes repayable and is repaid by that Recovering Finance Party, then:

(a)                                each Finance
Party which has received a share of the relevant Sharing Payment pursuant to
Clause 26.2 (Redistribution of payments)
shall, upon request of the Agent, pay to the Agent for account of that
Recovering Finance Party an amount equal to the appropriate part of its share
of the Sharing Payment (together with an amount as is necessary to reimburse
that Recovering Finance Party for its proportion of any interest on the Sharing
Payment which that Recovering Finance Party is required to pay); and

(b)                               that
Recovering Finance Party’s rights of subrogation in respect of any
reimbursement shall be cancelled and the Borrower will be liable to the
reimbursing Finance Party for the amount so reimbursed.

26.5                     Exceptions

(a)                               This Clause
26 shall not apply to the extent that the Recovering Finance Party would not,
after making any payment pursuant to this Clause, have a valid and enforceable
claim against the Borrower.

(b)                              A Recovering
Finance Party is not obliged to share with any other Finance Party any amount
which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if:

(i)                                   it notified
that other Finance Party of the legal or arbitration proceedings; and

(ii)                                that other
Finance Party had an opportunity to participate in those legal or arbitration
proceedings but did not do so as soon as reasonably practicable having received
notice and did not take separate legal or arbitration proceedings.

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SECTION 10

ADMINISTRATION

27                               PAYMENT MECHANICS

27.1                     Payments
to the Agent

(a)                               On each date
on which the Borrower or a Lender is required to make a payment under a Finance
Document, the Borrower or Lender shall make the same available to the Agent
(unless a contrary indication appears in a Finance Document) for value on the
due date at the time and in such funds specified by the Agent as being
customary at the time for settlement of transactions in the relevant currency
in the place of payment.

(b)                              Payment
shall be made to such account in the principal financial centre of the country
of that currency (or, in relation to euro, in the principal financial centre in
a Participating Member State or London) with such bank as the Agent specifies.

27.2                     Distributions
by the Agent

Each
payment received by the Agent under the Finance Documents for another Party
shall, subject to Clause 27.3 (Distributions
to  the  Borrower) and Clause 27.4 (Clawback), be made available by the Agent
as soon as practicable after receipt to the Party entitled to receive payment
in accordance with this Agreement (in the case of a Lender, for the account of
its Facility Office), to such account as that Party may notify to the Agent by
not less than five Business Days’ notice with a bank in the principal financial
centre of the country of that currency.

27.3                     Distributions
to the Borrower

The
Agent may (with the Borrower’s consent or in accordance with Clause 28 (Set-off)) apply any amount received by it
for the Borrower in or towards payment (on the date and in the currency and
funds of receipt) of any amount due from the Borrower under the Finance
Documents or in or towards purchase of any amount of any currency to be so
applied.

27.4                     Clawback

(a)                               Where a sum
is to be paid to the Agent under the Finance Documents for another Party, the Agent
is not obliged to pay that sum to that other Party (or to enter into or perform
any related exchange contract) until it has been able to establish to its
satisfaction that it has actually received that sum.

(b)                              If the Agent
pays an amount to another Party and it proves to be the case that the Agent had
not actually received that amount, then the Party to whom that amount (or the
proceeds of any related exchange contract) was paid by the Agent shall on
demand refund the same to the Agent together with interest on that amount from
the date of payment to the date of receipt by the Agent, calculated by the
Agent to reflect its cost of funds.

27.5                     Partial
payments

(a)                               If the Agent
receives a payment that is insufficient to discharge all the amounts then due
and payable by the Borrower under the Finance Documents, the Agent shall apply
that payment towards the obligations of the Borrower under the Finance
Documents in the following order:

(i)                                   first, in or
towards payment pro rata of any unpaid fees, costs and expenses of the Agent or
the Mandated Lead Arrangers under the Finance Documents;

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(ii)                                secondly, in
or towards payment pro rata of any accrued interest, fee or commission due but
unpaid under this Agreement;

(iii)                             thirdly, in
or towards payment pro rata of any principal due but unpaid under this
Agreement; and

(iv)                            fourthly, in or towards payment pro rata
of any other sum due but unpaid under the Finance Documents.

(b)                              The Agent
shall, if so directed by the Majority Lenders, vary the order set out in paragraphs
(a)(ii) to (iv) above.

(c)                               Paragraphs (a) and
(b) above will override any appropriation made by the Borrower.

27.6                     No
set-off by the Borrower

All
payments to be made by the Borrower under the Finance Documents shall be
calculated and be made without (and free and clear of any deduction for)
set-off or counterclaim.

27.7                     Business
Days

(a)                               Any payment
which is due to be made on a day that is not a Business Day shall be made on
the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not).

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

27.8                     Currency
of account

(a)                               Subject to
paragraphs (b) to (e) below, Dollars is the currency of account and
payment for any sum due from the Borrower under any Finance Document.

(b)                              A repayment
of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the
currency in which that Loan or Unpaid Sum is denominated on its due date.

(c)                               Each payment
of interest shall be made in the currency in which the sum in respect of which
the interest is payable was denominated when that interest accrued.

(d)                              Each payment
in respect of costs, expenses or Taxes shall be made in the currency in which
the costs, expenses or Taxes are incurred.

(e)                               Any amount
expressed to be payable in a currency other than Dollars shall be paid in that
other currency.

27.9                     Change
of currency

(a)                               Unless
otherwise prohibited by law, if more than one currency or currency unit are at
the same time recognised by the central bank of any country as the lawful
currency of that country, then:

(i)                                   any
reference in the Finance Documents to, and any obligations arising under the
Finance Documents in, the currency of that country shall be translated into, or
paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Borrower); and

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(ii)                                any
translation from one currency or currency unit to another shall be at the
official rate of exchange recognised by the central bank for the conversion of
that currency or currency unit into the other, rounded up or down by the Agent
(acting reasonably).

(b)                              If a change
in any currency of a country occurs, this Agreement will, to the extent the
Agent (acting reasonably and after consultation with the Borrower) specifies to
be necessary, be amended to comply with any generally accepted conventions and
market practice in the London interbank market and otherwise to reflect the
change in currency.

28                               SET-OFF

A
Finance Party may set off any matured obligation due from the Borrower under
the Finance Documents (to the extent beneficially owned by that Finance Party)
against any matured obligation owed by that Finance Party to the Borrower,
regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Finance Party
may convert either obligation at a market rate of exchange in its usual course
of business for the purpose of the set-off.

29                               NOTICES

29.1                     Communications
in writing

Any
communication to be made under or in connection with the Finance Documents
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

29.2                     Addresses

The
address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance
Documents is:

(a)                                in the case
of the Borrower, that identified with its name below;

(b)                               in the case
of each Lender, that notified in writing to the Agent on or prior to the date
on which it becomes a Party; and

(c)                                in the case
of the Agent, that identified with its name below,

or any
substitute address, fax number or department or officer as the Party may notify
to the Agent (or the Agent may notify to the other Parties, if a change is made
by the Agent) by not less than five Business Days’ notice.

29.3                     Delivery

(a)                               Any
communication or document made or delivered by one person to another under or
in connection with the Finance Documents will only be effective:

(i)                                   if by way of
fax, when received in legible form; or

(ii)                                if by way of
letter, when it has been left at the relevant address or five Business Days
after being deposited in the post postage prepaid in an envelope addressed to
it at that address,

and, if
a particular department or officer is specified as part of its address details provided
under Clause 29.2 (Addresses), if
addressed to that department or officer.

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(b)                              Any
communication or document to be made or delivered to the Agent will be
effective only when actually received by the Agent and then only if it is
expressly marked for the attention of the department or officer identified with
its signature below (or any substitute department or officer as it shall
specify for this purpose).

(c)                               All notices
from or to the Borrower shall be sent through the Agent.

29.4                     Notification
of address and fax number

Promptly
upon receipt of notification of an address and fax number or change of address
or fax number pursuant to Clause 29.2 (Addresses)
or changing its own address or fax number, the Agent shall notify the other
Parties.

29.5                     Electronic
communication

(a)                               Any
communication to be made between the Agent and a Lender under or in connection
with the Finance Documents may be made by electronic mail or other electronic
means, if the Agent and the relevant Lender:

(i)                                   agree that,
unless and until notified to the contrary, this is to be an accepted form of
communication;

(ii)                                notify each
other in writing of their electronic mail address and/or any other information
required to enable the sending and receipt of information by that means; and

(iii)                             notify each
other of any change to their address or any other such information supplied by
them.

(b)                              Any
electronic communication made between the Agent and a Lender will be effective
only when actually received in readable form and in the case of any electronic
communication made by a Lender to the Agent only if it is addressed in such a
manner as the Agent shall specify for this purpose.

29.6                     English
language

(a)                               Any notice
given under or in connection with any Finance Document must be in English.

(b)                              All other
documents provided under or in connection with any Finance Document must be:

(i)                                   in English;
or

(ii)                                if not in
English, and if so required by the Agent, accompanied by a certified English
translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document.

30                               CALCULATIONS AND CERTIFICATES

30.1                     Accounts

In any
litigation or arbitration proceedings arising out of or in connection with a
Finance Document, the entries made in the accounts maintained by a Finance
Party are prima facie evidence of the matters to which they relate.

 56
 

   

 

30.2                     Certificates
and Determinations

Any
certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

30.3                     Day
count convention

Any
interest, commission or fee accruing under a Finance Document will accrue from
day to day and is calculated on the basis of the actual number of days elapsed
and a year of  360 days or, in any case
where the practice in the London interbank market differs, in accordance with
that market practice.

31                               PARTIAL INVALIDITY

If, at
any time, any provision of the Finance Documents is or becomes illegal, invalid
or unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

32                               REMEDIES AND WAIVERS

No
failure to exercise, nor any delay in exercising, on the part of any Finance
Party, any right or remedy under the Finance Documents shall operate as a
waiver, nor shall any single or partial exercise of any right or remedy prevent
any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in this Agreement are cumulative and not exclusive
of any rights or remedies provided by law.

33                               AMENDMENTS AND WAIVERS

33.1                     Required
consents

(a)                               Subject to
Clause 33.2 (Exceptions) any term
of the Finance Documents may be amended or waived only with the consent of the
Majority Lenders and the Borrower and any such amendment or waiver will be
binding on all Parties.

(b)                              The Agent
may effect, on behalf of any Finance Party, any amendment or waiver permitted
by this Clause.

33.2                     Exceptions

(a)                               An amendment
or waiver that has the effect of changing or which relates to:

(i)                                   the
definition of “Majority Lenders”
in Clause 1.1 (Definitions);

(ii)                                an extension
to the date of payment of any amount under the Finance Documents;

(iii)                             a reduction
in the Margin or a reduction in the amount of any payment of principal,
interest, fees or commission payable;

(iv)                            an increase in or an extension of any
Commitment;

(v)                               a change to
the Borrower;

(vi)                            any provision which expressly requires
the consent of all the Lenders; or

 57
 

   

 

(vii)                         Clause 2.2 (Finance Parties’ rights and obligations), Clause 22 (Changes to the Lenders), Clause 26 (Sharing among the Finance Parties) or this
Clause 33,

shall not be made
without the prior consent of all the Lenders.

(b)                              An amendment
or waiver which relates to the rights or obligations of the Agent or the
Mandated Lead Arrangers may not be effected without the consent of the Agent or
the Mandated Lead Arrangers.

34                               COUNTERPARTS

Each
Finance Document may be executed in any number of counterparts, and this has
the same effect as if the signatures on the counterparts were on a single copy
of the Finance Document.

 58
 

   

 

SECTION 11

GOVERNING LAW AND ENFORCEMENT

35                               GOVERNING LAW

This
Agreement is governed by English law.

36                               ARBITRATION

36.1                     Arbitration

Subject
to Clause 36.4 (Agent’s option),
any dispute arising out of or in connection with this Agreement (including a
dispute regarding the existence, validity or termination of this Agreement) (a “Dispute”) shall be referred to and finally resolved by
arbitration under the Arbitration Rules (the “Rules”) of the London Court of International Arbitration (the “LCIA Court”).

36.2                     Procedure
for arbitration

(a)                               The arbitral
tribunal shall consist of three arbitrators. The claimant(s), irrespective of
number, shall nominate jointly one arbitrator; the respondent(s), irrespective
of number, shall nominate jointly the second arbitrator; and a third
arbitrator, who shall serve as Chairman (who shall be a lawyer currently
qualified in England and Wales and be admitted to the Bar of England and
Wales), shall be appointed by the LCIA Court within 15 days of the appointment of
the second arbitrator.

(b)                              In the event
the claimant(s) or the respondent(s) shall fail to nominate an
arbitrator within the time limits specified in the Rules, such arbitrator shall
be appointed by the LCIA Court within 15 days of such failure. In the event
that both the claimant(s) and the respondent(s) fail to nominate an
arbitrator within the time limits specified in the Rules, all three arbitrators
shall be appointed by the LCIA Court within 15 days of such failure who shall
designate one of them as chairman.

(c)                               If all the
parties to an arbitration so agree, there shall be a sole arbitrator appointed
by the LCIA Court within 15 days of such agreement.

(d)                              The seat of
arbitration shall be London, England and the language of the arbitration shall
be English.

36.3                     Recourse
to courts

Save as
provided in Clause 36.4 (Agent’s option),
the parties exclude the jurisdiction of the courts under Sections 45 and 69 of
the Arbitration Act 1996.

36.4                     Agent’s
option

Before
an arbitrator has been appointed by a Finance Party to determine a Dispute, the
Agent may (and, if so instructed by the Majority Lenders, shall) by notice in
writing to the Borrower require that all Disputes or a specific Dispute be
heard by a court of law. If the Agent gives such notice, the Dispute to which
such notice refers shall be determined in accordance with Clause 37 (Jurisdiction).

 59
 

   

 

37                               JURISDICTION

37.1                     Jurisdiction
of English courts

(a)                               The courts
of England have exclusive jurisdiction to settle all Disputes.

(b)                              The Parties
agree that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.

(c)                               This
Clause 37.1 is for the benefit of the Finance Parties only. As a result,
no Finance Party shall be prevented from taking proceedings relating to a
Dispute in any other courts with jurisdiction. To the extent allowed by law,
the Finance Parties may take concurrent proceedings in any number of
jurisdictions.

37.2                     Service
of process

Without
prejudice to any other mode of service allowed under any relevant law, the
Borrower:

(a)                                irrevocably
appoints Law Debenture Corporation, located at the date hereof at 5th Floor, 100 Wood Street, London EC2V 7EX,
England, as its agent for service of process in relation to any proceedings
commenced in accordance with this Agreement; and

(b)                               agrees that
failure by a process agent to notify the Borrower of the process will not
invalidate the proceedings concerned.

37.3                     Waiver
of immunity

The
Borrower irrevocably agrees that, should any party take any proceedings
anywhere (whether for an injunction, specific performance, damages or
otherwise), no immunity (to the extent that it may at any time exist, whether
on the grounds of sovereignty or otherwise) from those proceedings, from attachment
(whether in aid of execution, before judgment or otherwise) of its assets or
from execution of judgment shall be claimed by it or on behalf of it or with
respect to its assets, any such immunity being irrevocably waived. The Borrower
irrevocably agrees that it and its assets are, and shall be, subject to such
proceedings, attachment or execution in respect of its obligations under the
Finance Documents.

This Agreement has been entered
into on the date stated at the beginning of this Agreement.

 60
 

   

 

SCHEDULE 1

The Original Lenders

	
  Name of Original Lender

  	
   

  	
  Facility 1

  Commitment

  (US$)

  	
   

  	
  Facility 2

  Commitment

  (US$)

  	
   

  
	
  ABN AMRO Bank
  N.V.

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  Bank Austria
  Creditanstalt AG

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  $

  	
  45,000,000

  	
   

  
	
  Commerzbank
  (Eurasija) SAO

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  $

  	
  45,000,000

  	
   

  
	
  HSBC Bank plc

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  ING Bank N.V.

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
  $

  	
  19,000,000

  	
   

  	
  $

  	
  28,500,000

  	
   

  
	
  ZAO
  Raiffeisenbank Austria

  	
   

  	
  $

  	
  16,000,000

  	
   

  	
  $

  	
  24,000,000

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
  200,000,000

  	
   

  	
  $

  	
  300,000,000

  	
   

  

 

 61
 

   

 

SCHEDULE 2

Conditions precedent

1                                      Finance Documents

Executed
originals of:

(a)                                this
Agreement;

(b)                               each Fee
Letter;

(c)                                the Mandate
Letter; and

(d)                               the
Syndication Side Letter.

2                                      The Borrower

(a)                               Certified
copies of the Borrower’s duly registered constitutional documents and
certificates of registration.

(b)                              Certified
copies of all corporate resolutions necessary to authorise the Borrower to
execute and perform the Finance Documents and any documents referred to therein
and the transactions contemplated thereunder (including but not limited to any
major transaction approvals or interested party transaction approvals, if
applicable).

(c)                               Evidence of
the authority of the relevant signatories of the Borrower (including, but not
limited to, its Chief Accountant) to execute each Finance Document to which it
is a party and any documents referred to therein and the transactions
contemplated thereunder.

(d)                              A certified
copy of the most recent balance sheet of the Borrower by reference to the date
of each Finance Document.

(e)                               A
certificate executed on behalf of the Borrower:

(i)                                   certifying
the sample signature and office of each person that signed the relevant Finance
Document and any documents referred to therein and the transactions
contemplated thereunder on behalf of the Borrower and certifying that such
signatories hold the positions in which capacity they executed such documents;
and

(ii)                                certifying
that each copy document relating to it specified in this Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of
this Agreement.

3                                      Legal opinions

(a)                               A legal
opinion of Linklaters as to matters of English law.

(b)                              A legal
opinion of Linklaters CIS as to matters of Russian law.

(c)                               An in-house
legal opinion of the Borrower.

4                                      Other documents and evidence

(a)                               Evidence
that the process agent referred to in Clause 37.2 (Service of process) has accepted its appointment.

(b)                              A copy of
any other Authorisation or other document, opinion or assurance which the Agent
considers to be necessary or desirable (if it has notified the Borrower
accordingly) in connection 

 62
 

   

 

                                             with the
entry into and performance of the transactions contemplated by any Finance
Document or for the validity and enforceability of any Finance Document.

(c)                               The Original
Financial Statements.

(d)                              Evidence
that the fees, costs and expenses then due from the Borrower pursuant to Clause
11 (Fees) and 16 (Costs and expenses) have been paid or will
be paid by the first Utilisation Date.

(e)                               A copy of
the deal passport of the Borrower
(in the form established by Instruction No. 117-I of the Central
Bank of the Russian Federation dated 15 June 2004) accepted and duly
certified by a Russian authorised bank and copies of all other documents
submitted by the Borrower to the Russian authorised bank in accordance with
applicable Russian currency control regulations, as the Agent may reasonably
require (or evidence that all documents required to obtain such deal passport have been duly submitted to
ING Bank (Eurasia) ZAO by or on behalf of the Borrower).

(f)                                 Such other
documents or evidence which the Agent may reasonably require.

 63
 

   

 

SCHEDULE 3

Utilisation Request

From:                  Mobile TeleSystems Open Joint Stock
Company

To:                               ING Bank
N.V., London Branch as Agent

Dated:

Dear
Sirs

Mobile TeleSystems Open Joint
Stock Company — US$500,000,000 Facility Agreement

dated [                   ]
(the “Agreement”)

1                                      We refer to
the Agreement. This is a Utilisation Request. Terms defined in the Agreement
have the same meaning in this Utilisation Request unless given a different
meaning in this Utilisation Request.

2                                      We wish to
borrow a Loan on the following terms:

	
   

  	
  Proposed Utilisation Date:

  	
  [                   ]
  or, if that is not a Business Day, the next Business Day)

  
	
   

  	
  Facility to be
  utilised

  	
  [Facility 1]/[Facility 2](1)

  
	
   

  	
  Amount:

  	
  [                   ]
  or, if less, the Available Facility

  
	
   

  	
   

  	
   

  

(1)             Delete
as appropriate

3                                      We confirm
that each condition specified in Clause 4.2 (Further
conditions precedent) is satisfied on the date of this Utilisation
Request.

4                                      The proceeds
of this Loan should be credited to [specify R-1-type special bank
account of the Borrower, which must be an account with an authorised bank of
the Russian Federation].

5                                      This
Utilisation Request is irrevocable.

Mobile
TeleSystems Open Joint Stock Company

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
  Name:

  
	
  Title:

  	
   

  	
  Title:   Chief Accountant

  

 

 64
 

   

 

SCHEDULE 4

Mandatory Cost formula

1                                      The
Mandatory Cost is an addition to the interest rate to compensate Lenders for
the cost of compliance with (a) the requirements of the Bank of England
and/or the Financial Services Authority (or, in either case, any other
authority which replaces all or any of its functions) or (b) the
requirements of the European Central Bank.

2                                      On the first
day of each Interest Period (or as soon as possible thereafter) the Agent shall
calculate, as a percentage rate, a rate (the “Additional
Cost Rate”) for each Lender, in accordance with the paragraphs set
out below. The Mandatory Cost will be calculated by the Agent as a weighted
average of the Lenders’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Lender in the relevant Loan) and will be
expressed as a percentage rate per annum.

3                                      The
Additional Cost Rate for any Lender lending from a Facility Office in a
Participating Member State will be the percentage notified by that Lender to
the Agent. This percentage will be certified by that Lender in its notice to
the Agent to be its reasonable determination of the cost (expressed as a
percentage of that Lender’s participation in all Loans made from that Facility
Office) of complying with the minimum reserve requirements of the European
Central Bank in respect of loans made from that Facility Office.

4                                      The
Additional Cost Rate for any Lender lending from a Facility Office in the
United Kingdom will be calculated by the Agent as follows:

 per cent.
per annum.

Where:

E                                               is designed
to compensate Lenders for amounts payable under the Fees Rules and is
calculated by the Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Agent pursuant to paragraph 7 below and
expressed in pounds per £1,000,000.

5                                      For the
purposes of this Schedule:

(a)                                “Fees Rules” means the rules on
periodic fees contained in the FSA Supervision Manual or such other law or
regulation as may be in force from time to time in respect of the payment of
fees for the acceptance of deposits;

(b)                               “Fee Tariffs” means the fee tariffs
specified in the Fees Rules under the activity group A.1 Deposit acceptors
(ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but
taking into account any applicable discount rate); and

(c)                                “Tariff Base” has the meaning given to it
in, and will be calculated in accordance with, the Fees Rules.

6                                      The
resulting figure shall be rounded to four decimal places.

7                                      If requested
by the Agent, each Reference Bank shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Agent, the rate
of charge payable by that Reference Bank to the Financial Services Authority
pursuant to the Fees Rules in respect of the relevant financial year of
the Financial Services Authority (calculated for this purpose by that 

 65
 

   

 

                                             Reference
Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff
Base of that Reference Bank.

8                                      Each Lender
shall supply any information required by the Agent for the purpose of
calculating its Additional Cost Rate. In particular, but without limitation,
each Lender shall supply the following information on or prior to the date on
which it becomes a Lender:

(a)                                the
jurisdiction of its Facility Office; and

(b)                               any other
information that the Agent may reasonably require for such purpose.

Each
Lender shall promptly notify the Agent of any change to the information
provided by it pursuant to this paragraph.

9                                      The rates of
charge of each Reference Bank for the purpose of E above shall be determined by
the Agent based upon the information supplied to it pursuant to paragraphs 7
and 8 above.

10                               The Agent
shall have no liability to any person if such determination results in an
Additional Cost Rate which over or under compensates any Lender and shall be
entitled to assume that the information provided by any Lender or Reference
Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all
respects.

11                                The Agent
shall distribute the additional amounts received as a result of the Mandatory
Cost to the Lenders on the basis of the Additional Cost Rate for each Lender
based on the information provided by each Lender and each Reference Bank
pursuant to paragraphs 3, 7 and 8 above.

12                               Any
determination by the Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender
shall, in the absence of manifest error, be conclusive and binding on all
Parties.

13                               The Agent
may from time to time, after consultation with the Borrower and the Lenders,
determine and notify to all Parties any amendments which are required to be
made to this Schedule in order to comply with any change in law, regulation or
any requirements from time to time imposed by the Bank of England, the
Financial Services Authority or the European Central Bank (or, in any case, any
other authority which replaces all or any of its functions) and any such
determination shall, in the absence of manifest error, be conclusive and
binding on all Parties.

 66
 

   

 

SCHEDULE 5

Form of Transfer Certificate

To:                               ING Bank
N.V., London Branch as Agent

From:                  [                   ]
(the “Existing Lender”) and [                   ]
(the “New Lender”)

Dated:

Mobile TeleSystems Open Joint
Stock Company — US$500,000,000 Facility Agreement

dated [                   ]
(the “Agreement”)

1                                      We refer to
the Agreement. This is a Transfer Certificate. Terms defined in the Agreement
have the same meaning in this Transfer Certificate unless given a different
meaning in this Transfer Certificate.

2                                      We refer to
Clause 22.5 (Procedure for transfer):

(a)                                The Existing
Lender and the New Lender agree to the Existing Lender transferring to the New
Lender by novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the Schedule in accordance with Clause 22.5 (Procedure for transfer).

(b)                               The proposed
Transfer Date is [                   ].

(c)                                The Facility
Office and address, fax number and attention details for notices of the New
Lender for the purposes of Clause 29.2 (Addresses)
are set out in the Schedule.

3                                      The New
Lender expressly acknowledges the limitations on the Existing Lender’s
obligations set out in paragraph (c) of Clause 22.4 (Limitation of responsibility of Existing Lenders).

4                                      This
Transfer Certificate may be executed in any number of counterparts and this has
the same effect as if the signatures on the counterparts were on a single copy
of this Transfer Certificate.

5                                      This
Transfer Certificate is governed by English law.

 67
 

   

 

THE
SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention
details for notices and account details for payments.]

	
  [Existing Lender]

  	
   

  	
  [New Lender ]

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

This
Transfer Certificate is accepted by the Agent and the Transfer Date is
confirmed as [                   ].

ING Bank
N.V., London Branch

By:

 68
 

   

 

SCHEDULE 6

Form of Compliance Certificate

To:                                                                               ING Bank
N.V., London Branch as Agent

From:                                                                  Mobile
TeleSystems Open Joint Stock Company

Dated:

Dear
Sirs

Mobile TeleSystems Open Joint
Stock Company — US$500,000,000 Facility Agreement

dated [                   ]
(the “Agreement”)

We
refer to the Agreement. This is a Compliance Certificate. Terms defined in the
Agreement have the same meaning in this Compliance Certificate unless given a
different meaning in this Compliance Certificate.

1                                      [We confirm
that no Default is continuing.]*

*                    If
this statement cannot be made, the certificate should identify any Default that
is continuing and the steps, if any, being taken to remedy it.

2                                      We confirm
that the ratio of Borrowings as at the end of the Relevant Period ending on
[•] to EBITDA in respect of such Relevant Period, was [•].

3                                      We confirm
that the ratio of EBITDA to Interest Expense for  the Relevant Period ending on [•], was
[•].

 

	
  Signed:        ................................................

  [Chief Financial
  Officer] of

  Mobile TeleSystems Open Joint Stock Company

  	
   

  

 

*insert applicable certification language

We have
reviewed the Facility Agreement and audited consolidated financial statements
of the Mobile TeleSystems Open Joint Stock Company for the year ended [                   ].

On the
basis of that review and audit, nothing has come to our attention which would
require any modification to the confirmations in paragraphs 2 or 3 of the above
Compliance Certificate.

..............................

for and
on behalf of

name of auditors of Mobile
TeleSystems Open Joint Stock Company

 69
 

   

 

The Borrower

Mobile TeleSystems Open Joint
Stock Company

Address:                                   4
Marksistskaya Street, 

109147 Moscow, Russian Federation

Fax No:                                            +7 095 911
6531

Attention:                           Tatiana Evtoushenkova

Vice President for Investments and

Corporate Development

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:                Tatiana
  Evtoushenkova

  	
   

  	
  Name:                  R.Kolomiets

  
	
  Title:                    Vice President for Investments
  and

  Corporate Development

  	
   

  	
  Title:                        Chief
  Accountant

  

 

The Original Mandated Lead
Arrangers

ABN
AMRO Bank N.V.

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

HSBC
Bank plc

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 70
 

   

 

ING Bank N.V.

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Raiffeisen Zentralbank
Oesterreich AG

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

The New Mandated Lead Arrangers

Bank Austria Creditanstalt AG

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Commerzbank Aktiengesellschaft

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 71
 

   

 

The Original Lenders

ABN AMRO Bank N.V.

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Bank Austria Creditanstalt AG

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Commerzbank (Eurasija) SAO

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

HSBC Bank plc

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 72
 

   

 

ING Bank N.V.

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Raiffeisen Zentralbank
Oesterreich AG

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

ZAO Raiffeisenbank Austria

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 73
 

   

 

The Agent

ING Bank N.V., London Branch

Address:           60 London Wall

London EC2M 5TQ

Fax: +44 207 767 7324

Attention:     David Hobbs/Craig Baker

Agency Operations

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 74Exhibit 4.55.1

 

AMENDMENT AND
TRANSFER AGREEMENT

dated 26 July 2004

for

MOBILE TELESYSTEMS OPEN JOINT STOCK COMPANY

arranged by

ABN AMRO BANK N.V.

HSBC BANK PLC

ING BANK N.V. 

RAIFFEISEN ZENTRALBANK OESTERREICH AG

as Original Mandated Lead Arrangers

BANK AUSTRIA CREDITANSTALT
AG

COMMERZBANK AKTIENGESELLSCHAFT

as New
Mandated Lead Arrangers

and

BARCLAYS CAPITAL

(the investment banking division of Barclays Bank PLC)

as Additional
New Mandated Lead Arranger

with

THE FINANCIAL INSTITUTIONS listed in Schedule 1

and

ING BANK N.V., LONDON BRANCH

acting as
Agent

relating to a Facility Agreement 

dated 26 July 2004

 

 

 

Paveletskaya
Sq. 2, bld.2

Moscow 115054

Telephone (7-095)
797 9797

Facsimile (7-095) 797 9798

Ref MIYB

 

 

	
  1

  	
   

  	
  DEFINITIONS
  AND INTERPRETATION

  	
  1

  
	
  2

  	
   

  	
  CONDITIONS
  PRECEDENT

  	
  2

  
	
  3

  	
   

  	
  REPRESENTATIONS

  	
  2

  
	
  4

  	
   

  	
  AMENDMENTS
  AND TRANSFERS

  	
  3

  
	
  5

  	
   

  	
  MISCELLANEOUS

  	
  4

  
	
  6

  	
   

  	
  GOVERNING
  LAW

  	
  5

  
	
  7

  	
   

  	
  ARBITRATION

  	
  5

  
	
  8

  	
   

  	
  JURISDICTION

  	
  6

  
	
  Schedule 1
  The Original Lenders

  	
  7

  
	
  Part 1
  The Existing Lenders

  	
  7

  
	
  Part 2
  The New Lenders

  	
  8

  
	
  Schedule 2
  Conditions Precedent

  	
  9

  
	
  Schedule 3
  Amendments to Original Facility Agreement

  	
  11

  
	
  Schedule 4
  Transfer Details

  	
  14

  

 

 i

 

 

THIS AGREEMENT is dated 26
July 2004 and made between:

(1)                              Mobile Telesystems Open Joint Stock
Company  (the
“Borrower”);

(2)                              ABN AMRO Bank N.V., HSBC Bank plc,
ING Bank N.V. and Raiffeisen
Zentralbank Oesterreich AG as original mandated lead arrangers (the “Original Mandated Lead Arrangers”);

(3)                              Bank Austria Creditanstalt AG and Commerzbank Aktiengesellschaft
as new mandated lead arrangers (the “New
Mandated Lead Arrangers”);

(4)                              Barclays Capital (the investment
banking division of Barclays Bank PLC) as
additional new mandated lead arranger (the “Additional
New Mandated Lead Arranger”);

(5)                              The Financial Institutions listed in Part 1 of Schedule 1 as existing lenders (the “Existing Lenders”);

(6)                              The Financial Institutions listed in Part 2 of Schedule 1 as new lenders (the “New Lenders”); and

(7)                              ING Bank N.V., London Branch as agent (the “Agent”).

RECITALS:

(A)                           The Borrower, the Original Mandated Lead Arrangers, the New Mandated
Lead Arrangers, the Existing Lenders and the Agent are parties to an Original
Facility Agreement (as defined below) providing, inter alia, for the grant of a
loan facility (“Facility 1”) in an
aggregate principal amount of US$200,000,000 and for the grant of a loan
facility (“Facility 2”) in an
aggregate principal amount of US$300,000,000.

(B)                             The Borrower wishes to increase the aggregate principal amount of
Facility 2 from US$300,000,000 to US$400,000,000 and certain of the New Lenders
are willing to provide additional commitments under Facility 2 with respect to
such increase, subject to the terms and conditions of this Agreement.

(C)                             The New Lenders wish to become parties to the Original Facility
Agreement as Original Lenders.

(D)                            The Additional New Mandated Lead Arranger wishes to become party to
the Original Facility Agreement as a New Mandated Lead Arranger.

(E)                              Accordingly, the Borrower, the Original Mandated Lead Arrangers, the
New Mandated Lead Arrangers, the Existing Lenders, the New Lenders and the
Agent wish to (i) amend certain provisions of the Original Facility
Agreement and (ii) provide for the transfer by novation of certain rights
and obligations of the Existing Lenders under the Original Facility Agreement
to the New Lenders.

IT IS AGREED as follows:

1                                      DEFINITIONS AND INTERPRETATION

1.1                            Definitions

In this Agreement:

“Amended Agreement” means the Original
Facility Agreement, as amended by this Agreement.

“Designated New Lenders” means Bank Natexis
ZAO, Banque Societe Generale Vostok, Bayerische Landesbank, BNP Paribas, Intesa
Bank Ireland plc, Israel Discount Bank of New York, 

 1
 

 

KfW IPEX-Bank, Landesbank
Sachsen Girozentrale, Persia International Bank plc, WestLB AG, ZAO Banca
Intesa and ZAO Citibank.

“Original Facility Agreement” means the
Facility Agreement dated 26 July 2004 between the Borrower, the Original
Mandated Lead Arrangers, the New Mandated Lead Arrangers, the Existing Lenders
and the Agent.

“Party” means a party to this Agreement.

“Relevant Date” means 7 October 2004
(or such later date as may be agreed by the Agent) .

“Relevant Finance Party” means any of the Original Mandated Lead
Arrangers, the New Mandated Lead Arrangers, the Additional New Mandated Lead
Arranger, the Existing Lenders, the New Lenders and the Agent.

“Relevant Majority Lenders” means Existing Lenders and New
Lenders whose Commitments (as defined in the Amended Agreement) aggregate more
than 662⁄3% of the Total Commitments (as defined in the Amended Agreement).

“Second Fee Letter” means the letter dated on or about the date
of this Agreement between the Original Mandated Lead Arrangers and the Borrower
in relation to certain fees.

1.2                            Incorporation of defined terms

(a)                               Unless a contrary indication appears, a term defined in the Original
Facility Agreement has the same meaning in this Agreement.

(b)                              The principles of construction set out in Clause 1.2 (Construction)
of the Original Facility Agreement
shall have effect as if set out in this Agreement.

1.3                            Clauses

In this Agreement any
reference to a “Clause” or a “Schedule” is, unless the context otherwise
requires, a reference to a Clause of or a Schedule to this Agreement.

1.4                            Third Party Rights

A person who is not a
party to this Agreement has no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce or to enjoy the benefit of any term of this
Agreement.

1.5                            Designation

In accordance with the
Original Facility Agreement, each of the Borrower and the Agent designates this
Agreement as a Finance Document.

2                                      CONDITIONS PRECEDENT

The provisions of Clause 4
(Amendments and Transfers) shall
be effective on the Relevant Date provided that the Agent has received all the
documents and other evidence listed in Schedule 2 (Conditions precedent) in form and substance satisfactory to
the Agent on or before 1 October 2004 (or such other date as may be agreed
by the Agent). The Agent shall notify the Borrower, the Existing Lenders and
the New Lenders promptly upon being so satisfied.

3                                      REPRESENTATIONS

The Borrower makes the
Repeating Representations, and the representations and warranties in Clauses
17.8 (Deduction of Tax), 17.9 (No filing or stamp taxes) and paragraph (c) of
Clause 17.13 (Financial Statements)
of the Original Facility Agreement, by reference to the facts and circumstances
then existing:

 2
 

 

(a)          on the date of this Agreement; and

(b)                               on the Relevant Date,

but as if references in
Clause 17 (Representations) to
the Original Facility Agreement are, for the purposes of (a) above,
instead to this Agreement and, for the purposes of (b) above, are to the
Amended Agreement.

4                                      AMENDMENTS AND TRANSFERS

4.1                            Amendments

Provided that the Agent
has given the notification under Clause 2 (Conditions
Precedent), with effect from the Relevant Date, the Original
Facility Agreement shall be amended as set out in Schedule 3 (Amendments to Original Facility Agreement).

4.2                            Transfers

Provided that the Agent
has given the notification under Clause 2 (Conditions
Precedent), on the Relevant Date:

(a)                                each Existing Lender shall transfer to each New Lender set out
opposite its name in Schedule 4 (Transfer
Details) by novation that part of that Existing Lender’s Commitment,
rights and obligations under the Finance Documents referred to opposite that
New Lender’s name in said Schedule 4;

(b)                               to the extent that the rights and obligations of any Existing Lender
under the Finance Documents are transferred to a New Lender under paragraph (a) above,
the Borrower and that Existing Lender shall be released from further
obligations towards one another under the Finance Documents and their
respective rights against one another shall be cancelled (being the “Discharged Rights and Obligations”);

(c)                                the Borrower and each New Lender shall assume obligations towards
one another and/or acquire rights against one another which differ from the
Discharged Rights and Obligations only insofar as the Borrower and that New
Lender have assumed and/or acquired the same in place of the Borrower and the
relevant Existing Lender;

(d)                               the Agent, the Mandated Lead Arrangers, each New Lender and the
other Lenders shall acquire the same rights and assume the same obligations
between themselves as they would have acquired and assumed had that New Lender been
an Existing Lender with the rights and/or obligations acquired or assumed by it
as a result of the transfer under paragraph (a) above and to that extent
the Agent, the Mandated Lead Arrangers and the relevant Existing Lender shall
each be released from further obligations to each other under the Finance
Documents;

(e)                                each New Lender shall become a party to the Amended Agreement as an
Original Lender with the Commitments set out opposite its name under the
headings “Facility 1 Commitment” and “Facility 2 Commitment” in Schedule 1 (The Original Lenders) of the Amended
Agreement; and

(f)                                  each Existing Lender shall continue to be a party to the Amended
Agreement as an Original Lender with the Commitments set out opposite its name
under the headings “Facility 1 Commitment” and “Facility 2 Commitment” in
Schedule 1 (The Original Lenders)
of the Amended Agreement.

 3
 

 

For the avoidance of
doubt, all Parties agree that paragraphs (b) and (c) of Clause 22.2 (Conditions of assignment or transfer) of
the Original Facility Agreement shall not apply to the transfers under this
Clause 4.2.

4.3                            Additional Facility 2 Commitments

Provided that the Agent
has given the notification under Clause 2 (Conditions
Precedent), notwithstanding that no transfer in respect of Facility 2
was made to any Designated New Lender under Clause 4.2 (Transfers), on the Relevant Date each of
the Designated New Lenders shall become a party to the Amended Agreement as an
Original Lender with the Facility 2 Commitment set out opposite its name under
the heading “Facility 2 Commitment” in Schedule 1 (The Original Lenders) of the Amended Agreement.

4.4                            Barclays Capital

Provided that the Agent
has given the notification under Clause 2 (Conditions
Precedent), on the Relevant Date the Additional New Mandated Lead
Arranger shall become a Party to the Amended Agreement as a New Mandated Lead
Arranger.

4.5                            Continuing obligations

The provisions of the
Original Facility Agreement and the other Finance Documents shall, save as
amended by this Agreement, continue in full force and effect.

5                                      MISCELLANEOUS

5.1                            Incorporation of terms

The provisions of Clause
29 (Notices) of the Original
Facility Agreement shall be incorporated into this Agreement as if set out in
full in this Agreement and as if references in those clauses to “this Agreement”
are references to this Agreement.

5.2                            Counterparts

This Agreement may be
executed in any number of counterparts, and this has the same effect as if the
signatures on the counterparts were on a single copy of this Agreement.

5.3                            Limitation of responsibility of Existing Lenders

(a)                               Unless expressly agreed to the contrary, the Existing Lenders make
no representation or warranty and assume no responsibility to the New Lenders
for:

(i)                                   the legality, validity, effectiveness, adequacy or enforceability of
the Finance Documents or any other documents;

(ii)                                the financial condition of the Borrower;

(iii)                             the performance and observance by the Borrower of its obligations
under the Finance Documents or any other documents; or

(iv)                            the accuracy of any statements (whether written or oral) made in or
in connection with any Finance Document or any other document,

and any
representations or warranties implied by law are excluded.

(b)                              Each New Lender confirms to the Existing Lenders and the other Relevant
Finance Parties that it:

(i)                                   has made (and shall continue to make) its own independent
investigation and assessment of the financial condition and affairs of the
Borrower and its related entities in connection 

 4
 

 

                                              with its participation in this Agreement and has not relied
exclusively on any information provided to it by any Existing Lender in
connection with any Finance Document; and

(ii)                                will continue to make its own independent appraisal of the
creditworthiness of the Borrower and its related entities whilst any amount is
or may be outstanding under the Finance Documents or any Commitment is in
force.

(c)                               Nothing in any Finance Document obliges an Existing Lender to:

(i)                                   accept a re-transfer from a New Lender of any of the rights and
obligations transferred under Clause 4.2 (Transfers);
or

(ii)                                support any losses directly or indirectly incurred by any New Lender
by reason of the non-performance by the Borrower of its obligations under the
Finance Documents or otherwise.

5.4                            Transfer condition

If, as a result of
circumstances existing at the Relevant Date, the Borrower would be obliged to
make a payment to a New Lender under Clause 12 (Tax gross-up and indemnities) or Clause 13.1 (Increased Costs) of the Amended
Agreement, then such New Lender is only entitled to receive payment under those
clauses to the same extent as the Existing Lender (from whom such New Lender
acquired its rights and obligations under the Finance Documents) would have
been, if the transfer to such New Lender referred to in Schedule 4 (Transfer Details) had not occurred.

6                                      GOVERNING LAW

This Agreement is governed
by English law.

7                                      ARBITRATION

7.1                            Arbitration

Subject to Clause 7.4 (Agent’s option), any dispute arising out of or in connection
with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a “Dispute”) shall
be referred to and finally resolved by arbitration under the Arbitration Rules (the
“Rules”) of the London Court of
International Arbitration (the “LCIA Court”).

7.2                            Procedure for arbitration

(a)                               The arbitral tribunal shall consist of three arbitrators. The
claimant(s), irrespective of number, shall nominate jointly one arbitrator; the
respondent(s), irrespective of number, shall nominate jointly the second
arbitrator; and a third arbitrator, who shall serve as chairman (who shall be a
lawyer currently qualified in England and Wales and be admitted to the Bar of
England and Wales), shall be appointed by the LCIA Court within 15 days of the
appointment of the second arbitrator.

(b)                              In the event the claimant(s) or the respondent(s) shall
fail to nominate an arbitrator within the time limits specified in the Rules,
such arbitrator shall be appointed by the LCIA Court within 15 days of such
failure. In the event that both the claimant(s) and the respondent(s) fail
to nominate an arbitrator within the time limits specified in the Rules, all
three arbitrators shall be appointed by the LCIA Court within 15 days of such
failure who shall designate one of them as chairman.

(c)                               If all the parties to an arbitration so agree, there shall be a sole
arbitrator appointed by the LCIA Court within 15 days of such agreement.

(d)                              The seat of arbitration shall be London, England and the language of
the arbitration shall be English.

 5
 

 

7.3                              Recourse to courts

Save as provided in Clause
7.4 (Agent’s option), the parties exclude the
jurisdiction of the courts under Sections 45 and 69 of the Arbitration Act
1996.

7.4                            Agent’s
option

Before an arbitrator has
been appointed by a Relevant Finance Party to determine a Dispute, the Agent
may (and, if so instructed by the Relevant Majority Lenders, shall) by notice
in writing to the Borrower require that all Disputes or a specific Dispute be
heard by a court of law. If the Agent gives such notice, the Dispute to which
such notice refers shall be determined in accordance with Clause 8 (Jurisdiction).

8                                      JURISDICTION

8.1                            Jurisdiction of English courts

(a)                               The courts of England have exclusive jurisdiction to settle all
Disputes.

(b)                              The Parties agree that the courts of England are the most
appropriate and convenient courts to settle Disputes and accordingly no Party
will argue to the contrary.

(c)                               This Clause 8.1 is for the benefit of the Relevant Finance Parties
only. As a result, no Relevant Finance Party shall be prevented from taking
proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, the Relevant Finance Parties may take concurrent
proceedings in any number of jurisdictions.

8.2                            Service of process

Without prejudice to any
other mode of service allowed under any relevant law, the Borrower:

(a)                                irrevocably appoints Law Debenture Corporation, located at the date
hereof at 5th floor, 100 Wood Street, London EC2V 7EX,
England as its agent for service of process in relation to any proceedings
commenced in accordance with this Agreement; and

(b)                               agrees that failure by a process agent to notify it of the process
will not invalidate the proceedings concerned.

8.3                            Waiver of immunity

The Borrower irrevocably
agrees that, should any party take any proceedings anywhere (whether for an
injunction, specific performance, damages or otherwise), no immunity (to the
extent that it may at any time exist, whether on the grounds of sovereignty or
otherwise) from those proceedings, from attachment (whether in aid of
execution, before judgment or otherwise) of its assets or from execution of
judgment shall be claimed by it or on behalf of it or with respect to its
assets, any such immunity being irrevocably waived. The Borrower irrevocably agrees
that it and its assets are, and shall be, subject to such proceedings,
attachment or execution in respect of its obligations under the Finance
Documents.

This Agreement
has been entered into on the date stated at the beginning of this Agreement.

 6
 

 

 

Schedule 1

The Original Lenders

Part 1

The Existing Lenders

	
  ABN AMRO Bank N.V.

  	
   

  	
   

  
	
  Bank
  Austria Creditanstalt AG

  	
   

  	
   

  
	
  Commerzbank
  (Eurasija) SAO

  	
   

  	
   

  
	
  HSBC
  Bank plc

  	
   

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
   

  
	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
   

  
	
  ZAO
  Raiffeisenbank Austria

  	
   

  	
   

  

 

 7
 

 

 

Part 2

The New Lenders

	
  Bank Natexis ZAO

  
	
  Banque
  Societe Generale Vostok

  
	
  Barclays
  Bank PLC

  
	
  Bayerische
  Landesbank

  
	
  BNP
  Paribas

  
	
  BTM
  (Europe) Limited

  
	
  Dresdner
  Bank AG Niederlassung Luxemburg

  
	
  Intesa
  Bank Ireland plc

  
	
  InvestKredit
  Bank AG

  
	
  Israel
  Discount Bank of New York

  
	
  KfW
  IPEX-Bank

  
	
  Landesbank
  Sachsen Girozentrale

  
	
  Persia
  International Bank plc

  
	
  Sumitomo
  Mitsui Banking Corporation Europe Limited

  
	
  WestLB
  AG

  
	
  ZAO
  Citibank

  

 

 8
 

 

Schedule 2

Conditions Precedent

1                                      Finance Document

(a)                               Executed originals of this Agreement.

(b)                              Executed originals of the Second Fee Letter.

2                                      The Borrower

(a)                               Certified copies of the Borrower’s duly registered constitutional
documents and certificates of registration (as in force at the date of this
Agreement).

(b)                              Certified copies of all corporate resolutions necessary to authorise
the Borrower to execute and perform this Agreement and any documents referred
to herein and the transactions contemplated hereunder (including but not
limited to any major transaction approvals or interested party transaction
approvals, if applicable).

(c)                               Evidence of the authority of the relevant signatories of the
Borrower (including, but not limited to, the Chief Accountant) to execute this
Agreement and any documents referred to herein.

(d)                              A certified copy of the most recent balance sheet of the Borrower as
at the date of this Agreement.

(e)                               A certificate executed on behalf of the Borrower:

(i)                                   certifying the sample signature and office of each person that signed
this Agreement and any documents referred to herein on its behalf and
certifying that such signatories hold the positions in which capacity they
executed such documents; and

(ii)                                certifying that each copy document relating to it that is specified
in this Schedule 2 is correct, complete and in full force and effect as of a
date no earlier than the date of this Agreement.

3                                      Legal opinions

(a)                               A legal opinion of Linklaters as to matters of English law.

(b)                              A legal opinion of Linklaters CIS as to matters of Russian law.

(c)                               An in-house legal opinion of the Borrower.

4                                      Other documents and evidence

(a)                               Evidence that the process agent referred to in Clause 8.2 (Service of Process) has accepted its
appointment.

(b)                              A copy of any other Authorisation or other document, opinion or
assurance which the Agent considers to be necessary or desirable (if it has
notified the Borrower accordingly) in connection with the entry into and
performance of the transactions contemplated by this Agreement or for the
validity and enforceability of this Agreement.

(c)                               Evidence that the fees, costs and expenses then due from the
Borrower pursuant to Clause 16 (Costs and expenses) of the Original Facility
Agreement have been paid.

(d)                              A copy of the deal passport
of the Borrower (in the form established by Instruction No. 117-I of
the Central Bank of the Russian Federation dated 15 June 2004) accepted
and duly certified by a Russian authorised bank and copies of all other
documents submitted by the Borrower to the Russian authorised bank in
accordance with applicable Russian currency control regulations, as 

 9
 

 

                                             the Agent may reasonably require (or evidence that all documents
required to obtain such deal passport have
been duly submitted to ING Bank (Eurasia) ZAO by or on behalf of the Borrower).

(e)                               Such other documents or evidence which the Agent may reasonably
require.

Note:         Condition precedent documents need not be provided if and to the
extent they have already been provided in connection with the Original Facility
Agreement (and provided that any documents provided in connection with the
Original Facility Agreement do not need to be updated).

 10
 

 

Schedule 3

Amendments to Original Facility Agreement

1                                      The reference on the front cover of the Original Facility Agreement
to “US$500,000,000” SHALL BE AMENDED to read “US$600,000,000”.

2                                      Each reference on the front cover and on page 1 of the Original
Facility Agreement to Bank Austria Creditanstalt AG and Commerzbank
Aktiengesellschaft as new mandated lead arrangers shall be supplemented by
adding a reference to Barclays Capital (the investment banking division of
Barclays Bank PLC) as a new mandated lead arranger.

3                                      The definition of “Fee Letters” in Clause 1.1 (Definitions) of the Original Facility
Agreement which currently reads:

““Fee Letters” means each of the letters dated 2 July 2004
between the Original Mandated Lead Arrangers and the Borrower (or the Agent and
the Borrower) setting out the fees referred to in Clause 11 (Fees).”

SHALL BE AMENDED to read:

““Fee Letters” means each of the letters dated 2 July 2004,
and dated on or about                     
2004, between the Original Mandated Lead Arrangers and the Borrower (or the
Agent and the Borrower) setting out the fees referred to in Clause 11 (Fees).”

4                                      The definition of “Total
Commitments” in Clause 1.1 (Definitions)
of the Original Facility Agreement, which currently reads:

““Total Commitments” means the aggregate of
the Total Facility 1 Commitments and the Total Facility 2 Commitments, being
$500,000,000 at the Signing Date.”

SHALL BE AMENDED to read:

““Total Commitments” means the aggregate of
the Total Facility 1 Commitments and the Total Facility 2 Commitments, being
$600,000,000 at the Relevant Date (as defined in the Amendment and Transfer
Agreement between the Parties dated 26 July 2004).”

5                                      The definition of “Total Facility
2 Commitments” in Clause 1.1 (Definitions)
of the Original Facility Agreement, which currently reads:

““Total Facility 2 Commitments” means the
aggregate of the Facility 2 Commitments, being $300,000,000 at the Signing
Date.”

SHALL BE AMENDED to read:

““Total Facility 2 Commitments” means the
aggregate of the Facility 2 Commitments, being $400,000,000 at the Relevant
Date (as defined in the Amendment and Transfer Agreement between the Parties
dated 26 July 2004).”

6                                      Schedule 1 (The Original Lenders)
of the Original Facility Agreement which currently reads:

	
  Name of Original Lender

  	
   

  	
  Facility 1 

  Commitment

  	
   

  	
  Facility 2 

  Commitment

  	
   

  
	
  ABN AMRO Bank N.V.

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  Bank Austria Creditanstalt AG

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  $

  	
  45,000,000

  	
   

  

 11
 

 

 

	
  Commerzbank (Eurasija) SAO

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  $

  	
  45,000,000

  	
   

  
	
  HSBC Bank plc

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  ING Bank N.V.

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  52,500,000

  	
   

  
	
  Raiffeisen Zentralbank Oesterreich AG

  	
   

  	
  $

  	
  19,000,000

  	
   

  	
  $

  	
  28,500,000

  	
   

  
	
  ZAO Raiffeisenbank Austria

  	
   

  	
  $

  	
  16,000,000

  	
   

  	
  $

  	
  24,000,000

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
  200,000,000

  	
   

  	
  $

  	
  300,000,000

  	
   

  

 

SHALL BE AMENDED to read:

	
  Name of Original Lender

  	
   

  	
  Facility 1 

  Commitment

  	
   

  	
  Facility 2 

  Commitment

  	
   

  
	
   ABN AMRO Bank
  N.V.

  	
   

  	
  $

  	
  21,250,000.00

  	
   

  	
  $

  	
  42,500,000.00

  	
   

  
	
  Bank Austria Creditanstalt AG

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  	
  $

  	
  26,666,666.67

  	
   

  
	
  Bank Natexis ZAO

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  
	
  Banque Societe Generale Vostok

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  
	
  Barclays Bank PLC

  	
   

  	
  $

  	
  16,666,666.67

  	
   

  	
  $

  	
  33,333,333.33

  	
   

  
	
  Bayerische Landesbank

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  
	
  BNP Paribas

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  
	
  BTM (Europe) Limited

  	
   

  	
  $

  	
  10,000,000.00

  	
   

  	
  $

  	
  20,000,000.00

  	
   

  
	
  Commerzbank (Eurasija) ZAO

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  	
  $

  	
  26,666,666.67

  	
   

  
	
  Dresdner Bank AG Niederlassung Luxemburg

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  	
  $

  	
  26,666,666.67

  	
   

  
	
  HSBC Bank plc

  	
   

  	
  $

  	
  17,916,666.67

  	
   

  	
  $

  	
  35,833,333.33

  	
   

  
	
  ING Bank N.V.

  	
   

  	
  $

  	
  19,583,333.33

  	
   

  	
  $

  	
  39,166,666.67

  	
   

  
	
  Intesa Bank Ireland plc

  	
   

  	
  $

  	
  1,333,333.33

  	
   

  	
  $

  	
  2,666,666.67

  	
   

  
	
  InvestKredit Bank AG

  	
   

  	
  $

  	
  1,666,666.67

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  
	
  Israel Discount Bank of New York

  	
   

  	
  $

  	
  1,666,666.67

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  
	
  KfW IPEX-Bank

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  
	
  Landesbank Sachsen Girozentrale

  	
   

  	
  $

  	
  1,666,666.67

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  
	
  Persia International Bank plc

  	
   

  	
  $

  	
  3,333,333.33

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  
	
  Raiffeisen Zentralbank Oesterreich AG

  	
   

  	
  $

  	
  9,726,190.48

  	
   

  	
  $

  	
  19,452,380.95

  	
   

  
	
  Sumitomo Mitsui Banking Corporation Europe Limited

  	
   

  	
  $

  	
  5,000,000.00

  	
   

  	
  $

  	
  10,000,000.00

  	
   

  
	
  WestLB AG

  	
   

  	
  $

  	
  10,000,000.00

  	
   

  	
  $

  	
  20,000,000.00

  	
   

  

 12
 

 

 

	
  ZAO Banca Intesa

  	
   

  	
  $

  	
  2,000,000.00

  	
   

  	
  $

  	
  4,000,000.00

  	
   

  
	
  ZAO Citibank

  	
   

  	
  $

  	
  6,666,666.67

  	
   

  	
  $

  	
  13,333,333.33

  	
   

  
	
  ZAO Raiffeisenbank Austria

  	
   

  	
  $

  	
  8,190,476.19

  	
   

  	
  $

  	
  16,380,952.38

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
  200,000,000.00

  	
   

  	
  $

  	
  400,000,000.00

  	
   

  

 

7                                      The reference in Schedule 3 (Utilisation Request) of the Original
Facility Agreement to “US$500,000,000” SHALL BE AMENDED to read “US$600,000,000”.

8                                      The reference in Schedule 5 (Form of Transfer Certificate) of
the Original Facility Agreement to “US$500,000,000” SHALL BE AMENDED to read “US$600,000,000”.

9                                      The reference in Schedule 6 (Form of Compliance Certificate) of
the Original Facility Agreement to “US$500,000,000” SHALL BE AMENDED to read “US$600,000,000”.

 13
 

 

 

Schedule 4

Transfer Details

Commitment/rights and
obligations to be transferred

	
  Name of Existing Lender

  	
   

  	
  Name of New Lender

  	
   

  	
  Facility 1

  Commitment

  	
   

  	
  Facility 2

  Commitment

  	
   

  
	
  ABN
  Amro Bank N.V.

  	
   

  	
  BTM (Europe)
  Limited

  	
   

  	
  10,000,000.00

  	
   

  	
     —

  	
   

  
	
  ABN
  Amro Bank N.V.

  	
   

  	
  Sumitomo
  Mitsui Banking Corporation Europe Limited

  	
   

  	
  3,750,000.00

  	
   

  	
  10,000,000.00

  	
   

  
	
  Bank
  Austria Creditanstalt AG, Vienna

  	
   

  	
  Dresdner
  Bank AG Niederlassung Luxemburg

  	
   

  	
  13,333,333.33

  	
   

  	
  —

  	
   

  
	
  Bank
  Austria Creditanstalt AG, Vienna

  	
   

  	
  Intesa Bank
  Ireland plc

  	
   

  	
  2,000,000.00

  	
   

  	
  —

  	
   

  
	
  Bank
  Austria Creditanstalt AG, Vienna

  	
   

  	
  ZAO Banca
  Intesa

  	
   

  	
  1,333,333.33

  	
   

  	
   

  	
   

  
	
  Bank
  Austria Creditanstalt AG, Vienna

  	
   

  	
  Barclays
  Bank PLC

  	
   

  	
  —

  	
   

  	
  18,333,333.33

  	
   

  
	
  Commerzbank
  (Eurasija) ZAO

  	
   

  	
  Barclays
  Bank PLC

  	
   

  	
  16,666,666.67

  	
   

  	
  —

  	
   

  
	
  Commerzbank
  (Eurasija) ZAO

  	
   

  	
  Dresdner
  Bank AG Niederlassung Luxemburg

  	
   

  	
  —

  	
   

  	
  18,333,333.33

  	
   

  
	
  HSBC
  Bank plc

  	
   

  	
  WestLB AG

  	
   

  	
  10,000,000.00

  	
   

  	
  —

  	
   

  
	
  HSBC
  Bank plc

  	
   

  	
  Bayerische
  Landesbank

  	
   

  	
  6,666,666.67

  	
   

  	
  —

  	
   

  
	
  HSBC
  Bank plc

  	
   

  	
  InvestKredit
  Bank

  	
   

  	
  416,666.67

  	
   

  	
  1,666,666.67

  	
   

  
	
  HSBC
  Bank plc

  	
   

  	
  Barclays
  Bank PLC

  	
   

  	
  —

  	
   

  	
  15,000,000.00

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Sumitomo
  Mitsui Banking Corporation Europe Limited

  	
   

  	
  1,250,000.00

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  BNP Paribas

  	
   

  	
  726,190.48

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Bank Natexis
  ZAO

  	
   

  	
  3,333,333.33

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Persia
  International Bank plc

  	
   

  	
  3,333,333.33

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Banque
  Societe Generale Vostok

  	
   

  	
  2,190,476.19

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  InvestKredit
  Bank

  	
   

  	
  1,250,000.00

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Israel
  Discount Bank of New York

  	
   

  	
  1,666,666.67

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  Landesbank
  Sachsen Girozentrale

  	
   

  	
  1,666,666.67

  	
   

  	
  —

  	
   

  
	
  ING
  Bank N.V.

  	
   

  	
  BTM (Europe)
  Limited

  	
   

  	
  —

  	
   

  	
  13,333,333.33

  	
   

  
	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
  ZAO Citibank

  	
   

  	
  6,666,666.67

  	
   

  	
  —

  	
   

  
	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
  BNP Paribas

  	
   

  	
  2,607,142.86

  	
   

  	
  —

  	
   

  

 14
 

 

 

	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
  Dresdner
  Bank AG Niederlassung Luxemburg

  	
   

  	
  —

  	
   

  	
  8,333,333.33

  	
   

  
	
  Raiffeisen
  Zentralbank Oesterreich AG

  	
   

  	
  InvestKredit
  Bank

  	
   

  	
  —

  	
   

  	
  714,285.71

  	
   

  
	
  ZAO
  Raiffeisenbank Austria

  	
   

  	
  KfW
  IPEX-Bank

  	
   

  	
  6,666,666.67

  	
   

  	
  —

  	
   

  
	
  ZAO
  Raiffeisenbank Austria

  	
   

  	
  Banque
  Societe Generale Vostok

  	
   

  	
  1,142,857.14

  	
   

  	
  —

  	
   

  
	
  ZAO
  Raiffeisenbank Austria

  	
   

  	
  BTM (Europe)
  Limited

  	
   

  	
  —

  	
   

  	
  6,666,666.67

  	
   

  
	
  ZAO Raiffeisenbank Austria

  	
   

  	
  InvestKredit Bank

  	
   

  	
  —

  	
   

  	
  952,380.95

  	
   

  

 

 15
 

 

 

The Borrower

Mobile TeleSystems Open Joint Stock Company

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
  Vassily V.
  Sidorov

  	
   

  	
  Name:

  	
  Rausia M.
  Kolomiets

  
	
  Title:

  	
  President
  and CEO

  	
   

  	
  Title:

  	
  Chief
  Accountant

  

The Original Mandated Lead Arrangers

ABN AMRO Bank N.V.

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

HSBC Bank plc

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

 16
 

 

 

ING Bank N.V.

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Raiffeisen Zentralbank Oesterreich AG

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

The New Mandated Lead Arrangers

Bank Austria Creditanstalt AG

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

Commerzbank Aktiengesellschaft

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

 17
 

 

 

The Additional New Mandated Lead Arranger

Barclays Capital (the investment banking
division of Barclays Bank PLC)

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

The Existing Lenders

ABN AMRO Bank N.V.

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

Bank Austria Creditanstalt AG

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

Commerzbank (Eurasija) ZAO

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

 18
 

 

 

HSBC Bank plc

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

ING Bank N.V.

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Raiffeisen Zentralbank Oesterreich AG

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

ZAO Raiffeisenbank Austria

 

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

 19
 

 

 

The New Lenders

Bank
Natexis ZAO

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Banque Societe Generale Vostok

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Barclays
Bank PLC

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Bayerische Landesbank

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 20
 

 

BNP Paribas

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

BTM
(Europe) Limited

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Dresdner Bank AG Niederlassung Luxemburg

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

Intesa Bank Ireland plc

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 21
 

 

InvestKredit
Bank AG

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

Israel
Discount Bank of New York

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

KfW
IPEX-Bank

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

Landesbank Sachsen Girozentrale

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 22
 

 

Persia
International Bank plc

 

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

Sumitomo Mitsui Banking Corporation Europe
Limited

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

WestLB AG

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

ZAO Banca
Intesa

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

 23
 

 

ZAO
Citibank

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

The Agent

ING Bank N.V., London Branch

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  

 

 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]