Common use of THE SUBJECT OF THE CONTRACT Clause in Contracts

THE SUBJECT OF THE CONTRACT. 1.1. The Creditor shall grant to the Borrower the credit line, hereinafter referred to as the "Credit line" within which the Borrower shall be entitled to obtain credits pursuant to the definition in para 1.4. of the present Contract under the procedure and on the conditions stipulated by the present Contract for the amount of not more 40,000,000.00 (forty million 00/100) US Dollars (further - the "Withdrawal limit") with the following scheme of decreasing the limit sum. o 40,000,000.00 (forty million 00/100) US Dollars from the first up to twelfth month of the Credit line valid term; o 20,000,000.00 (twenty million 00/100) US Dollars from the thirteenth up to termination of the Credit line valid term. Date of the Credit line opening: September 03, 2004. Date of the Credit line closing: March 03, 2006. The purpose of granting Credit line: replenishing of current assets. 1.2. Crediting of the Borrower shall be exercised through granting to them Credits on the basis of Additional agreements concluded between the Creditor and the Borrower under the procedure established by the present Contract and the mentioned Additional agreements. 1.3. To take into account the accrued expenditure on the Credit line the Creditor shall open for the Borrower loan accounts, one account for each Credit. 1.4. Within the limits of the present Contract the Credits shall be understood as the sum of money resources received by the Borrower within the frames of the Credit line under the procedure and on the conditions stipulated by the present Contract and Additional agreements hereto. 1.5. The date of write-off of the resources from the corresponding loan account of the Borrower shall be the date of granting the Credit to the Borrower. 1.6. The date of repayment of arrears by the Borrower under each Credit granted within the frames of the Credit line will be the date of actual transfer of the sum of accrued expenditure upon each Credit, including the sum of the principal debt, the sum of the interest calculated for the Credit, penal sanctions and other payments stipulated by the present Contract to the Creditor's account. Herewith the "principal debt" shall be understood as the sum of the received, but not returned Credit. 1.7. The Borrower shall pay to the Creditor interest for using Credits (further the "Interest") under the rate established by the corresponding Additional agreements for the period from the date of granting each Credit and up to the date of debt repayment on each Credit in full, but not later than each Credit repayment date specified in para 1 of the corresponding Additional Contract. 1.8. Calculation of the interest shall be executed starting from the date following the date of granting each Credit. 1.9. The interest shall be paid by the Borrower on a monthly basis, on the twenty fifth of each month ________________________________________________________________________________ Creditor Borrower _____________________ ____________________ Agreement # 93227 on opening the credit line in the foreign currency 2 for the actual amount of days of using the Credits, herewith a year shall be assumed to be equal to 365 or 366 days in conformity with the real number of calendar days in a year. The last interest payment shall be exercised at the day of the Credit line closing. Interest payment date shall be understood as the date of transfer of the interest sum to the Creditor's account. 1.10. The commission for maintenance of the Credit line shall not be taken. 1.11. The Borrower's security of performance of the obligations under the present Contract shall be the following: o Mortgage of the block of ordinary registered stocks of Joint-Stock Company ((Network of television stations)) executed in the Contract on mortgage of shares dated September 03, 2004 # 93227/3 concluded with StoryFirst Communications, Inc.; o StoryFirst Communications, Inc. guarantee executed in the Contract on guarantee dated September 03, 2004 # 93227/X.

THE SUBJECT OF THE CONTRACT. 1.1. The Creditor shall grant to the Borrower the credit line, hereinafter referred to as the "Credit line" within which the Borrower shall be entitled to obtain credits pursuant to the definition in para 1.4. of the present Contract under the procedure and on the conditions stipulated by the present Contract for Agreement, the amount of lump-sum arrears on which on any day of valid term of the present Agreement cannot more 40,000,000.00 exceed 30,000,000.00 (forty thirty million 00/100) US Dollars (further - the "Withdrawal arrears limit") with the following scheme of decreasing the limit sum. o 40,000,000.00 (forty million 00/100) US Dollars from the first up to twelfth month of the Credit line valid term; o 20,000,000.00 (twenty million 00/100) US Dollars from the thirteenth up to termination of the Credit line valid term. Date of the Credit line opening: September 03, 2004. Date of the Credit line closing: March 03, 2006). The purpose of granting Credit linecredits: replenishing of current assets. 1.2. Crediting of the Borrower shall be exercised through granting to them Credits on the basis of Additional agreements concluded between the Creditor and the Borrower and executed under the form according to Appendix 1 of the present Agreement under the procedure established by the present Contract Agreement and the mentioned Additional agreements. 1.2.1. Within the limits of the present Agreement the Credit shall be understood as the sum of money resources received by the Borrower under the procedure and on the conditions stipulated by the present Agreement and Additional agreements hereto. 1.2.2. The general actual accrued expenditure under the present Agreement and under the Contract # 93227 on opening the credit line concluded between the Creditor and the Borrower on September 03rd 2004, cannot exceed 30,000,000.00 (thirty millions 00/100) US Dollars. 1.2.3. Credits within the limits of the present Agreement shall be granted for the term of no more 18 (eighteen) months. 1.3. To take into account the accrued expenditure on the Credit line the Creditor shall open for the Borrower loan accounts, one account for each Credit. 1.4. Within the limits of the present Contract the Credits shall be understood as the sum of money resources received by the Borrower within the frames of the Credit line under the procedure and on the conditions stipulated by the present Contract and Additional agreements hereto. 1.51.3.1. The date of write-off of the resources from the corresponding loan account of the Borrower shall be the date of granting the Credit to the Borrower. 1.61.3.2. The date of repayment of arrears by the Borrower under each Credit granted within the frames of the Credit line will be the date of actual transfer of the sum of accrued expenditure upon each the Credit, including the sum of the principal debt, the sum of the interest calculated for the Credit, penal sanctions and other payments stipulated by the present Contract Agreement to the Creditor's account. Herewith the "principal debt" shall be understood as the sum of the received, but not returned Credit. The Credits repayment date determined in the Additional agreements cannot be after the expiry date of the present Agreement specified in para 5.1. of the present Agreement. 1.71.4. The Borrower shall pay to the Creditor interest for using Credits each Credit (further the "Interest") under the rate established by the corresponding Additional agreements agreement for the period from the date of granting each Credit and up to the date of debt repayment on each Credit in full, but not later than each Credit repayment date specified in para 1 of the corresponding Additional Contractagreement. 1.81.5. Calculation of the interest shall be executed starting from the date following the date of granting each Credit. 1.91.6. The interest shall be paid by the Borrower on a monthly basis, on the twenty fifth of each month ________________________________________________________________________________ Creditor Borrower _____________________ ____________________ Agreement # 93227 on opening the credit line in the foreign currency 2 for the actual amount of days of using the Credits, herewith a year shall be assumed to be equal to 365 or 366 days in conformity with the real number of calendar days in a year. The last Last payment of the interest payment shall be exercised at executed on the day arrears repayment date of each Credit in full, but not later than each Credit repayment specified in para 1 of the Credit line closingcorresponding Additional agreement. -------------------------------------------------------------------------------- Creditor Borrower -------------- -------------------- Interest payment date shall be understood as the date of transfer of the interest sum to the Creditor's account. 1.10. The commission for maintenance of the Credit line shall not be taken. 1.111.7. The Borrower's security of performance of the obligations under the present Contract Agreement shall be the following: o Mortgage of the a block of ordinary registered stocks of Joint-Stock Company (("Network of television stations)" (19 % of the Charter capital) in the form of the subsequent mortgage executed in the Contract on mortgage of shares dated September 03July 29, 2004 2005 # 93227/3 96144/z concluded with StoryFirst Communicationsthe Company CTC Media, Inc.; o StoryFirst CommunicationsCTC Media, Inc. guarantee executed in the Contract on guarantee dated September 03July 29, 2004 2005 # 9322796144/X.p.

THE SUBJECT OF THE CONTRACT. 1.1. The Creditor shall grant to the Borrower the credit line, hereinafter referred to as the "Credit line" within which the Borrower shall be entitled to obtain credits pursuant to the definition in para 1.4. of the present Contract under the procedure and on the conditions stipulated by the present Contract for the amount of not more 40,000,000.00 55,000,000.00 (forty fifty five million 00/100) US Dollars (further - the "Withdrawal limit") with the following scheme of decreasing the limit sum. o 40,000,000.00 (forty million 00/100) US Dollars from the first up to twelfth month of the Credit line valid term; o 20,000,000.00 (twenty million 00/100) US Dollars from the thirteenth up to termination of the Credit line valid term). Date of granting of the Credit line openingCredit: September 03July 22, 20042005. Date of repayment of the Credit line closingCredit: March 03July 22, 2006. The purpose of granting Credit linecredits: replenishing of current assets. 1.2. Crediting of the Borrower shall be exercised through granting to them Credits on the basis of Additional agreements concluded between the Creditor and the Borrower under the procedure established by the present Contract and the mentioned Additional agreements. 1.3. To take into account the accrued expenditure on the Credit line the Creditor shall open for the Borrower loan accounts, one account for each Credit. 1.4. Within the limits of the present Contract the Credits shall be understood as the sum of money resources received by the Borrower within the frames of the Credit line under the procedure and on the conditions stipulated by the present Contract and Additional agreements hereto. 1.5. The date of write-off of the resources from the corresponding loan account of the Borrower shall be the date of granting the Credit to the Borrower. 1.6. The date of repayment of arrears by the Borrower under each Credit granted within the frames of the Credit line will be the date of actual transfer of the sum of accrued expenditure upon each Credit, including the sum of the principal debt, the sum of the interest calculated for the Credit, penal sanctions and other payments stipulated by the present Contract to the Creditor's account. Herewith the "principal debt" shall be understood as the sum of the received, but not returned Credit. 1.7. The Borrower shall pay to the Creditor interest for using Credits each Credit (further the "Interest") under the rate established by the corresponding Additional agreements for the period from the date of granting each Credit and up to the date of debt repayment on each Credit in full, but not later than each Credit repayment date specified in para 1 of the corresponding Additional Contract. 1.8. Calculation of the interest shall be executed starting from the date following the date of granting each Credit. 1.9. The interest shall be paid by the Borrower on a monthly basis, on the twenty fifth of each month ________________________________________________________________________________ Creditor Borrower _____________________ ____________________ Agreement # 93227 on opening the credit line in the foreign currency 2 for the actual amount of days of using the Credits, herewith a year shall be assumed to be equal to 365 or 366 days in conformity with the real number of calendar days in a year. The last interest payment shall be exercised at the day of the Credit line closing. Interest payment date shall be understood as the date of transfer of the interest sum to the Creditor's account. 1.10. The commission for maintenance of the Credit line shall not be taken. 1.11. The Borrower's security of performance of the obligations under the present Contract shall be the following: o Mortgage of the 30% block of ordinary registered stocks of Joint-Stock Company (("Network of television stations)) " executed in the Contract on mortgage of shares dated September 03July 22, 2004 2005 # 93227/3 96073/z concluded with StoryFirst Communicationsthe Company CTC Media, Inc.; -------------------------------------------------------------------------------- Creditor Borrower -------------- -------------------- 1 o StoryFirst CommunicationsCTC Media, Inc. guarantee executed in the Contract on guarantee dated September 03July 22, 2004 2005 # 9322796073/X.p.