sv3asr
As
filed with the Securities and Exchange Commission on March 27, 2006
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Comcast Corporation
Comcast Cable Communications, LLC
Comcast Cable Communications Holdings, Inc.
Comcast Cable Holdings, LLC
Comcast MO Group, Inc.
Comcast MO of Delaware, LLC
(Exact Name of Registrants as Specified in Their Charters)
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Pennsylvania
Delaware
Delaware
Delaware
Delaware
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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27-0000798
23-2175755
04-3592397
84-1260157
91-2047743
84-1372033
(I.R.S. Employer
Identification Number) |
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
(215) 665-1700
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrants Principal Executive Offices)
Arthur R. Block, Esq.
Senior Vice President
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
(215) 665-1700
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)
Copy to:
Bruce K. Dallas, Esq.
Davis Polk & Wardwell
1600 El Camino Real
Menlo Park, California 94025
(650) 752-2000
Approximate date of commencement of proposed sale to the public: From time to time after
this Registration Statement becomes effective.
If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. o
If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment
plans, check the following box. þ
If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. o _____
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.
o _____
If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following
box. þ
If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check
the following box. o
CALCULATION OF REGISTRATION FEE
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Title of Each |
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Proposed Maximum |
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Proposed Maximum |
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Class of Securities |
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Amount to be |
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Offering Price |
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Aggregate Offering |
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Amount of |
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to be Registered |
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Registered |
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Per Unit (1) |
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Price |
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Registration Fee |
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Senior Debt Securities and Subordinated Debt
Securities (collectively, Debt Securities) |
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Preferred Stock, without par value |
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Depositary
Shares representing Preferred Stock
Class A Common Stock, $0.01 par value (2) |
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Class A
Special Common Stock, $0.01 par value (2)
Warrants |
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Purchase Contracts |
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Units |
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Guarantees of Debt Securities, Warrants,
Purchase Contracts and Units |
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(1) |
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An indeterminate amount of securities to be offered at indeterminate prices is being
registered pursuant to this registration statement. The registrant is deferring payment of
the registration fee pursuant to Rule 456(b) and is omitting this information in reliance on
Rule 456(b) and Rule 457(r). |
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(2) |
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Includes rights to be issued under the Registrants
rights agreement. |
PROSPECTUS
The following are types of securities that may be offered and sold under this prospectus:
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Unsecured senior debt securities
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Preferred Stock |
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Unsecured subordinated debt securities
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Depositary shares |
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Warrants
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Class A Common Stock |
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Purchase contracts
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Class A Special Common Stock |
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Units |
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If indicated in the relevant prospectus supplement, the securities may be fully and
unconditionally guaranteed by a number of our wholly-owned cable subsidiaries named in this
prospectus.
Our Class A Common Stock and Class A Special Common Stock are quoted on The Nasdaq National
Market under the ticker symbols CMCSA and
CMCSK. On March 27, 2006, the reported last sale
prices on The Nasdaq National Market for our Class A Common Stock and our Class A Special Common
Stock were $26.72 and $26.64.
We will describe in a prospectus supplement, which must accompany this prospectus, the
securities we are offering and selling, as well as the specific terms of the securities. Those
terms may include:
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Maturity
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Redemption terms
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Liquidation amount |
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Interest rate
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Listing on a securities
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Subsidiary guarantees |
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Sinking fund terms
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exchange |
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Currency of payments
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Amount payable at maturity |
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Dividends
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Conversion or exchange
rights |
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Investing
in these securities involves certain risks. See
Item 1ARisk Factors beginning on
page 18 of our annual report on Form 10-K for the year ended December 31, 2005 which is
incorporated by reference herein.
The Securities and Exchange Commission and state securities regulators have not approved or
disapproved of these securities, or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
We may offer the securities in amounts, at prices and on terms determined at the time of
offering. We may sell the securities directly to you, through agents we select, or through
underwriters and dealers we select. If we use agents, underwriters or dealers to sell the
securities, we will name them and describe their compensation in a prospectus supplement.
The date
of this prospectus is March 27, 2006
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Comcast Corporation, referred to as Comcast. |
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Comcast Cable Communications, LLC (formerly known as Comcast
Cable Communications, Inc.), referred to as Comcast Cable. |
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Comcast Cable Communications Holdings, Inc. (formerly known as AT&T Broadband Corp.), referred to as Comcast Cable Communications Holdings or Broadband. |
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Comcast MO Group, Inc. (formerly known as MediaOne Group,
Inc.), referred to as Comcast MO Group. |
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Comcast Cable Holdings, LLC (formerly known as AT&T
Broadband, LLC and Tele-Communications, Inc.), referred to as Comcast Cable Holdings. |
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Comcast MO of Delaware, LLC (formerly known as Media One of Delaware, Inc. and Continental Cablevision, Inc.), referred to as Comcast MO of Delaware. |
Table of Contents
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You should rely only on the information contained in or incorporated by reference in this
prospectus. We have not authorized anyone to provide you with different information. We are not
making an offer of these securities in any state where the offer is not permitted. You should not
assume that the information contained in or incorporated by reference in this prospectus is
accurate as of any date other than the date on the front of this prospectus.
We refer to Comcast Corporation in this prospectus as Comcast or we, us, our or
comparable terms and to Comcast Holdings Corporation as Comcast Holdings. We refer to Comcast
Cable Communications, LLC, Comcast Cable Communications Holdings, Inc., Comcast Cable Holdings,
LLC, Comcast MO Group, Inc. and Comcast MO of Delaware, LLC collectively as the Cable Guarantors.
THE COMPANIES
Comcast Corporation
We are the largest broadband cable provider in the United States and offer a wide variety of
consumer entertainment and communication products and services. As of December 31, 2005, we served
more than 21 million video subscribers, 8 million high-speed Internet subscribers and 1 million
phone subscribers. We were incorporated under the laws of Pennsylvania in December 2001. Through
our predecessors (including our immediate predecessor Comcast Holdings), we have developed, managed
and operated broadband cable systems since 1963.
We manage our operations through two reportable segments, Cable and Content. The Cable
segment generates approximately 95% of our consolidated revenues.
Our Cable segment develops, manages and operates our broadband cable systems, including video,
high-speed Internet and phone services.
Our Content segment includes our six national cable networks: E! Entertainment Television,
Style Network, The Golf Channel, OLN, G4, and AZN Television.
Our other business interests include Comcast Spectacor, which owns the Philadelphia Flyers,
the Philadelphia 76ers and two large multipurpose arenas in Philadelphia, and manages other
facilities for sporting events, concerts and other events.
For a description of our business, financial condition, results of operations and other
important information regarding us, see our filings with the SEC
incorporated by reference in this prospectus. For instructions on how to find copies of these and our other filings
incorporated by reference in this prospectus, see Available Information in the
accompanying prospectus.
Cable Guarantors
Our obligations, including the payment of principal, premium, if any, and interest on the debt
securities issued pursuant to this prospectus will be fully and unconditionally guaranteed by each
of Comcast Cable, Comcast Cable Communications Holdings, Comcast Cable Holdings, Comcast MO Group
and Comcast MO of Delaware. In this prospectus, we refer to these guarantors as the cable
guarantors and to these guarantees as the cable guarantees. We have numerous other subsidiaries
that will not be guarantors on the debt securities. If indicated in the relevant prospectus
supplement, our obligations under the other securities we are offering and selling may be fully and
unconditionally guaranteed by specified cable guarantors.
The cable guarantees will not contain any restrictions on the ability of any cable guarantor
to:
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pay dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of that cable guarantors capital stock; or |
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make any payment of principal, interest or premium, if any, on or repay, repurchase
or redeem any debt securities of that cable guarantor. |
Comcast Cable Communications, LLC
Comcast Cable, which was incorporated in 1981 as a Delaware corporation, became a Delaware
limited liability company in 2003 and is an indirect wholly-owned subsidiary of ours.
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Comcast Cable Communications Holdings, Inc.
Comcast Cable Communications Holdings is a Delaware corporation (formerly known as AT&T
Broadband Corp.) incorporated in 2001 and a wholly-owned subsidiary of ours.
Comcast Cable Holdings, LLC
Comcast Cable Holdings is a Delaware limited liability company (formerly known as AT&T
Broadband, LLC) formed in 1994. Comcast Cable Holdings is a wholly-owned subsidiary of Comcast
Cable Communications Holdings.
Comcast MO Group, Inc.
Comcast MO Group is a Delaware corporation (formerly known as MediaOne Group, Inc.)
incorporated in 1999. Comcast MO Group is a wholly-owned subsidiary of Comcast Cable
Communications Holdings.
Comcast MO of Delaware, LLC
Comcast MO of Delaware, which was incorporated in 1996 as a Delaware corporation, became a
Delaware limited liability company in 2003. Comcast MO of Delaware is an indirect wholly-owned
subsidiary of Comcast MO Group.
Our principal executive offices are located at 1500 Market Street, Philadelphia, Pennsylvania
19102-2148, and our telephone number is (215) 665-1700. We maintain a website at
http://www.comcast.com where general information about us is available. We are not incorporating
the contents of the website into this prospectus.
Each cable guarantors principal place of business is 1500 Market Street, Philadelphia,
Pennsylvania 19102-2148.
3
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Our businesses may be affected by, among other things, the following:
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All of the services offered by our cable systems face a wide range of competition
that could adversely affect our future results of operations. |
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Programming costs are increasing, which could adversely affect our future results of
operations. |
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We are subject to regulation by federal, state and local governments, which may
change and cause increased costs and restrictions. |
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We may face increased competition because of technological advances and changing
regulatory requirements, which could adversely affect our future results of operations. |
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We face risks arising from the outcome of various litigation matters, including
litigation associated with our acquisition of AT&Ts Broadband operations. |
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Our Chairman and CEO has considerable influence over our operations. |
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Acquisitions and other strategic transactions present many risks, and we may not
realize the financial and strategic goals that were contemplated at the time of any
transaction. |
In this prospectus and in the documents we incorporate by reference, we state our expectations
of future events and our future financial performance. In some cases, you can identify those
so-called forward-looking statements by words such as may, will, should, expects,
plans, anticipates, believes, estimates, predicts, potential, or continue or the
negative of those words and other comparable words. You should be aware that those statements are
only our predictions. Actual events or results may differ materially. In evaluating those
statements, you should specifically consider various factors, including the risks outlined under
Item 1ARisk Factors in our Annual Report on Form 10-K for the year ended December 31, 2005
incorporated herein by reference. Those factors may cause our actual results to differ materially
from any of our forward-looking statements.
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USE OF PROCEEDS
We intend to use the net proceeds from the sale of the securities for working capital and
general corporate purposes. We may also invest the proceeds in certificates of deposit, United
States government securities or certain other interest-bearing securities. If we decide to use the
net proceeds from a particular offering of securities for a specific purpose, we will describe that
in the related prospectus supplement.
DIVIDEND POLICY
We do not intend to pay dividends on our common stock for the foreseeable future.
RATIOS OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges was as follows for the respective periods indicated:
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For the Years Ended December 31, |
2005 |
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2.01x |
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1.97x |
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1.33x |
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For the years ended December 31, 2003 and 2002, we had a $76 million and $490 million
deficiency, respectively, of earnings to fixed charges. |
For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount
resulting from (1) adding (a) pretax income from continuing operations before adjustment for
minority interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed
charges, (c) amortization of capitalized interest, (d) distributed income of equity investees and
(e) our share of pre-tax losses of equity investees for which charges arising from guarantees are
included in fixed charges and (2) subtracting (i) interest capitalized, (ii) preference security
dividend requirements of consolidated subsidiaries and (iii) the minority interest in pre-tax
income of subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w)
interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses
related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference
security dividend requirements of our consolidated subsidiaries. Preferred security dividend is
the amount of pre-tax earnings that is required to pay the dividends on outstanding preference
securities.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
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For the Years Ended December 31, |
2005 |
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2.01x |
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1.97x |
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1.33x |
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For the years ended December 31, 2003 and 2002, we had a $76 million and $490 million
deficiency, respectively, of earnings to combined fixed charges and
preferred dividends. |
For purposes of calculating the ratio of earnings to combined fixed charges and preferred
dividends, earnings is the amount resulting from (1) adding (a) pretax income from continuing
operations before adjustment for minority interests in consolidated subsidiaries or income or loss
from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed
income of equity investees and (e) our share of pre-tax losses of equity investees for which
charges arising from guarantees are included in fixed charges and (2) subtracting (i) interest
capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii)
the minority interest in pre-tax income of subsidiaries that have not incurred fixed charges.
Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums,
discounts and capitalized expenses related to indebtedness, (y) an estimate of the interest within
rental expense and (z) preference security dividend requirements of our consolidated subsidiaries.
Preferred security dividend is the amount of pre-tax earnings that is required to pay the dividends
on outstanding preference securities.
5
DESCRIPTION OF DEBT SECURITIES AND CABLE GUARANTEES
Our debt securities, consisting of notes, debentures or other evidences of indebtedness, may
be issued from time to time in one or more series:
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in the case of senior debt securities, under a senior indenture dated January 7,
2003, as amended by a supplemental indenture dated March 25, 2003, entered into among
us, the cable guarantors and The Bank of New York, as trustee; and |
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in the case of subordinated debt securities, under a subordinated indenture to be
entered into among us, the cable guarantors and The Bank of New York, as trustee. |
The senior indenture and supplemental indenture are included, and the subordinated indenture
will be substantially in the form included, as exhibits to the registration statement of which this
prospectus is a part.
Because the following is only a summary of the indentures and the debt securities, it does not
contain all information that you may find useful. For further information about the indentures and
the debt securities, you should read the indentures. As used in this section of the prospectus and
under the caption Description of Common Stock, the terms we, us and our refer solely to
Comcast Corporation and such references do not include any subsidiaries of Comcast Corporation.
General
The senior debt securities will constitute our unsecured and unsubordinated obligations and
the subordinated debt securities will constitute our unsecured and subordinated obligations. A
detailed description of the subordination provisions is provided below under the caption Certain
Terms of the Subordinated Debt SecuritiesSubordination. In general, however, if we declare
bankruptcy, holders of the senior debt securities will be paid in full before the holders of
subordinated debt securities will receive anything. The debt securities will be fully and
unconditionally guaranteed by the cable guarantors, as described below. The debt securities will
not be guaranteed by any of our other subsidiaries.
We are a holding company and conduct all of our operations through subsidiaries.
Consequently, our ability to pay our obligations, including our obligation to pay interest on the
debt securities, to repay the principal amount of the debt securities at maturity or upon
redemption or to buy back the debt securities will depend upon our subsidiaries earnings and their
distribution of those earnings to us and upon our subsidiaries repaying investments and advances we
have made to them. Our subsidiaries are separate and distinct legal entities and, except for the
cable guarantors with respect to the cable guarantees, have no obligation, contingent or otherwise,
to pay any amounts due on the debt securities or to make funds available to us to do so. Our
subsidiaries ability to pay dividends or make other payments or advances to us will depend upon
their operating results and will be subject to applicable laws and contractual restrictions. Our
indentures will not limit our subsidiaries ability to enter into other agreements that prohibit or
restrict dividends or other payments or advances to us.
You should look in the applicable prospectus supplement for the following terms of the debt
securities being offered:
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the designation of the debt securities; |
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the aggregate principal amount of the debt securities; |
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the percentage of their principal amount (i.e., price) at which the debt securities will be issued; |
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the date or dates on which the debt securities will mature and the right, if any, to
extend such date or dates; |
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the rate or rates, if any, per year, at which the debt securities will bear
interest, or the method of determining such rate or rates; |
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the date or dates from which such interest will accrue, the interest payment dates
on which such interest will be payable or the manner of determination of such interest
payment dates and the record dates for the determination of holders to whom interest is
payable on any interest payment dates; |
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the right, if any, to extend the interest payment periods and the duration of that extension; |
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provisions for a sinking fund purchase or other analogous fund, if any; |
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the period or periods, if any, within which, the price or prices of which, and the
terms and conditions upon which the debt securities may be redeemed, in whole or in
part, at our option or at your option; |
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the form of the debt securities; |
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any provisions for payment of additional amounts for taxes and any provision for
redemption, if we must pay such additional amounts in respect of any debt security; |
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the terms and conditions, if any, upon which we may have to repay the debt
securities early at your option and the price or prices in the currency or currency
unit in which the debt securities are payable; |
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the currency, currencies or currency units for which you may purchase the debt
securities and the currency, currencies or currency units in which principal and
interest, if any, on the debt securities may be payable; |
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the terms and conditions, if any, pursuant to which the debt securities may be
converted or exchanged for the cash value of other securities issued by us or by a
third party; |
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the right, if any, to reopen a series of the debt securities and issue additional
debt securities of such series; and |
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any other terms of the debt securities, including any additional events of default
or covenants provided for with respect to the debt securities, and any terms which may
be required by or advisable under applicable laws or regulations. |
You may present debt securities for exchange and for transfer in the manner, at the places and
subject to the restrictions set forth in the debt securities and the prospectus supplement. We
will provide you those services without charge, although you may have to pay any tax or other
governmental charge payable in connection with any exchange or transfer, as set forth in the
indenture.
Debt securities will bear interest at a fixed rate or a floating rate. Debt securities
bearing no interest or interest at a rate that at the time of issuance is below the prevailing
market rate may be sold at a discount below their stated principal amount. Special United States
federal income tax considerations applicable to any such discounted debt securities or to certain
debt securities issued at par which are treated as having been issued at a discount for United
States federal income tax purposes will be described in the relevant prospectus supplement.
We may issue debt securities with the principal amount payable on any principal payment date,
or the amount of interest payable on any interest payment date, to be determined by reference to
one or more currency exchange rates, securities or baskets of securities, commodity prices or
indices. You may receive a payment of principal on any principal payment date, or a payment of
interest on any interest payment date, that is greater than or less than the amount of principal or
interest otherwise payable on such dates, depending upon the value on such dates of the applicable
currency, security or basket of securities, commodity or index. Information as to the methods for
determining the amount of principal or interest payable on any date, the currencies, securities or
baskets of securities, commodities or indices to which the amount payable on such date is linked
and certain additional tax considerations will be set forth in the applicable prospectus
supplement.
7
Certain Terms of the Senior Debt Securities
Cable Guarantees
Our obligations under the senior debt securities, including the payment of principal, premium,
if any, and interest, will be fully and unconditionally guaranteed by each of the cable guarantors.
The cable guarantees will rank equally with all other general unsecured and unsubordinated
obligations of the cable guarantors.
The cable guarantees will not contain any restrictions on the ability of any cable guarantor
to:
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pay dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of that cable guarantors capital stock or |
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make any payment of principal, interest or premium, if any, on or repay, repurchase
or redeem any debt securities of that cable guarantor. |
Certain Covenants
We and the cable guarantors have agreed to some restrictions on our activities for the benefit
of holders of all series of senior debt securities issued under the senior indenture. The
restrictive covenants summarized below will apply, unless the covenants are waived or amended, so
long as any of the senior debt securities are outstanding.
The senior indenture does not contain any financial covenants other than those summarized
below and does not restrict us or our subsidiaries from paying dividends or incurring additional
debt. In addition, the senior indenture will not protect holders of notes issued under it in the
event of a highly leveraged transaction or a change in control.
Limitation on Liens Securing Indebtedness. Neither we nor any cable guarantor shall create,
incur or assume any Lien (other than any Permitted Lien) on such persons assets, including the
Capital Stock of such persons wholly-owned subsidiaries, to secure the payment of our Indebtedness
or that of any cable guarantor, unless we secure the outstanding senior debt securities equally and
ratably with (or prior to) all Indebtedness secured by such Lien, so long as such Indebtedness
shall be so secured.
Limitation on Sale and Leaseback Transactions. Neither we nor any cable guarantor shall enter
into any Sale and Leaseback Transaction involving any of such persons assets, including the
Capital Stock of such persons wholly-owned subsidiaries.
The restriction in the foregoing paragraph shall not apply to any Sale and Leaseback Transaction if:
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the lease is for a period not in excess of three years, including renewal of rights; |
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the lease secures or relates to industrial revenue or similar financing; |
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the transaction is solely between us and a cable guarantor or between or among cable guarantors; or |
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we or the applicable cable guarantor, within 270 days after the sale is completed,
applies an amount equal to or greater than (a) the net proceeds of the sale of the
assets or part thereof leased or (b) the fair market value of the assets or part
thereof leased (as determined in good faith by our Board of Directors) either to: |
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the retirement (or open market purchase) of senior debt securities, our other
long-term Indebtedness ranking on a parity with or senior to the senior debt
securities or long-term Indebtedness of a cable guarantor; or |
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the purchase by us or any cable guarantor of other property, plant or equipment
related to our business or the business of any cable guarantor having a value at
least equal to the value of the assets or part thereof leased. |
This provision and the provision described under Limitation on Liens Securing Indebtedness
do not apply to any of our subsidiaries other than the cable guarantors.
Capitalized Lease means, as applied to any person, any lease of any property (whether real,
personal, or mixed) of which the discounted present value of the rental obligations of such person
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
person; and Capitalized Lease Obligation is defined to mean the rental obligations, as aforesaid,
under such lease.
Capital Stock means, with respect to any person, any and all shares, interests,
participations, or other equivalents (however designated, whether voting or nonvoting) of such
persons capital stock or other ownership interests, whether
outstanding as of, or issued after, the
date of the senior indenture, including, without limitation, all common stock and preferred stock.
Currency Agreement means any foreign exchange contract, currency swap agreement, or other
similar agreement or arrangement designed to protect against the fluctuation in currency values.
GAAP means generally accepted accounting principles in the United States of America as in
effect as of the date of determination, including, without limitation, those set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by a significant
segment of the accounting profession. All ratios and computations contained in the senior
indenture shall be computed in conformity with GAAP applied on a consistent basis.
Guarantee means any obligation, contingent or otherwise, of any person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such person:
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to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation of such other person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities, or services, to take-or-pay, or to maintain financial statement conditions
or otherwise); or |
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entered into for purposes of assuring in any other manner the obligee of such
Indebtedness or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); |
provided that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. The term Guarantee used as a verb has a corresponding meaning.
Indebtedness means, with respect to any person at any date of determination (without duplication):
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all indebtedness of such person for borrowed money; |
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all obligations of such person evidenced by bonds, debentures, notes, or other similar instruments; |
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all obligations of such person in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto); |
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all obligations of such person to pay the deferred and unpaid purchase price of
property or services (but excluding trade accounts payable or accrued liabilities
arising in the ordinary course of business); |
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all obligations of such person as lessee under Capitalized Leases; |
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all Indebtedness of other persons secured by a Lien on any asset of such person,
whether or not such Indebtedness is assumed by such person; provided that the amount of
such Indebtedness shall be the lesser of: |
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the fair market value of such asset at such date of determination; and |
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the amount of such Indebtedness; |
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all Indebtedness of other persons to the extent Guaranteed by such person; |
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to the extent not otherwise included in this definition, obligations under Currency
Agreements and Interest Rate Agreements. |
Notwithstanding the foregoing, in no event will the term Indebtedness be deemed to include
letters of credit or bonds that secure performance or surety bonds or similar instruments that are
issued in the ordinary course of business.
The amount of Indebtedness of any person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation; provided:
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that the amount outstanding at any time of any Indebtedness issued with original
issue discount is the face amount of such Indebtedness less the remaining unamortized
portion of the original issue discount of such Indebtedness at such time as determined
in conformity with GAAP; and |
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that Indebtedness shall not include any liability for federal, state, local, or
other taxes. |
Interest Rate Agreements means any obligations of any person pursuant to any interest rate
swaps, caps, collars, and similar arrangements providing protection against fluctuations in
interest rates. For purposes of the senior indenture, the amount of such obligations shall be the
amount determined in respect thereof as of the end of the then most recently ended fiscal quarter
of such person, based on the assumption that such obligation had terminated at the end of such
fiscal quarter, and in making such determination, if any agreement relating to such obligation
provides for the netting of amounts payable by and to such person thereunder or if any such
agreement provides for the simultaneous payment of amounts by and to such person, then in each such
case, the amount of such obligations shall be the net amount so determined, plus any premium due
upon default by such person.
Lien means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any other type of preferential arrangement that has the practical
effect of creating a security interest, in respect of such asset. For the purposes of the senior
indenture, we or any cable guarantor shall be deemed to own subject to a Lien any asset acquired or
held subject to the interest of a vendor or lessor under any conditional sale agreement, capital
lease or other title retention agreement relating to such asset.
Permitted Liens means:
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any Lien on any asset incurred prior to the date of the senior indenture; |
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any Lien on any assets acquired after the date of the senior indenture (including by
way of merger or consolidation) by us or any cable guarantor, which Lien is created,
incurred or assumed contemporaneously with such acquisition, or within 270 days
thereafter, to secure or provide for the payment or financing of any part of the
purchase price thereof, or any Lien upon any assets acquired after the date of the
senior indenture existing at the time of such acquisition (whether or not assumed by us
or any cable guarantor), provided that any such Lien shall attach only to the assets so
acquired; |
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any Lien on any assets in favor of us or any cable guarantor; |
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any Lien on assets incurred in connection with the issuance of tax-exempt
governmental obligations (including, without limitation, industrial revenue bonds and
similar financing); |
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any Lien granted by any cable guarantor on assets to the extent limitations on the
incurrence of such Liens are prohibited by any agreement to which such cable guarantor
is subject as of the date of the senior indenture; and |
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any renewal of or substitution for any Lien permitted by any of the preceding bullet
points, including any Lien securing reborrowing of amounts previously secured within
270 days of the repayment thereof, provided that no such renewal or substitution shall
extend to any assets other than the assets covered by the Lien being renewed or
substituted. |
Sale and Leaseback Transaction means any direct or indirect arrangement with any person or
to which any such person is a party, providing for the leasing to us or a cable guarantor of any
property, whether owned by us or such cable guarantor at the date of the original issuance of the
debt securities or later acquired, which has been or is to be sold or transferred by us or such
cable guarantor to such person or to any other person by whom funds have been or are to be advanced
on the security of such property.
Financial Information. We will file, whether or not required to do so under applicable law,
with the trustee, within 15 days after being required to file the same under the Securities
Exchange Act of 1934 (hereinafter, the Exchange Act), copies of the annual reports and the
information, documents and other reports to be filed pursuant to Section 13 or 15(d) of the
Exchange Act. We intend to file all such reports, information and documents with the SEC, whether
or not required by Section 13 or 15(d), and will send copies to the trustee within such 15-day
period.
Consolidation, Merger and Sale of Assets. The senior indenture restricts our ability to
consolidate with, merge with or into, or sell, convey, transfer, lease, or otherwise dispose of all
or substantially all of our property and assets to any person (other than a consolidation with or
merger with or into or a sale, conveyance, transfer, lease or other disposition to a wholly-owned
subsidiary with a positive net worth; provided that, in connection with any merger of us and a
wholly-owned subsidiary, no consideration other than common stock in the surviving person shall be
issued or distributed to our stockholders) unless:
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we are the continuing person or the person formed by such consolidation or into
which we are merged or that acquired all or substantially all of our assets shall be a
corporation or limited liability company organized and validly existing under the laws
of the United States of America or any jurisdiction thereof and shall expressly assume,
by a supplemental indenture, executed and delivered to the trustee, all of our
obligations on all of the senior debt securities and under the senior indenture; |
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immediately after giving effect to such transaction, no default or event of default
shall have occurred and be continuing; and |
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we deliver to the trustee an officers certificate and opinion of counsel, in each
case stating that such consolidation, merger, or transfer and such supplemental
indenture complies with this provision and that all conditions precedent provided for
in the senior indenture and notes relating to such transaction have been complied with; |
provided, however, that the foregoing limitations will not apply if, in the good faith
determination of our board of directors set forth in a board resolution, the principal purpose of
such transaction is to change our state of incorporation; and provided further that any such
transaction shall not have as one of its purposes the evasion of the foregoing limitations.
Upon any express assumption of our obligations as described above, we will be released and
discharged from all obligations and covenants under the senior indenture and all the senior debt
securities.
The senior indenture and the cable guarantees do not limit the ability of any cable guarantor
to consolidate with or merge into or sell all or substantially all its assets. Upon the sale or
disposition of any cable guarantor (whether by merger, consolidation, the sale of its capital stock
or the sale of all or substantially all of its assets) to
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any person, that cable guarantor will be deemed released from all its obligations under the
senior indenture and its cable guarantee.
Events of Default
For purposes of this section, the term Obligor shall mean each of us, Comcast Cable, Comcast
Cable Communications Holdings, Comcast Cable Holdings, Comcast MO Group and Comcast MO of Delaware,
in each case excluding such entitys subsidiaries.
An event of default for a series of senior debt securities is defined under the senior
indenture as being:
(1) a default by any Obligor in the payment of principal or premium, if any, on the senior
debt securities of such series when the same becomes due and payable, whether at maturity, upon
redemption, by declaration or otherwise;
(2) a default by any Obligor in the payment of interest on the senior debt securities of such
series when the same becomes due and payable, if that default continues for a period of 30 days;
(3) default by any Obligor in the performance of or breach by any Obligor of any of its other
covenants or agreements in the senior indenture applicable to the senior debt securities of such
series and that default or breach continues for a period of 30 consecutive days after written
notice is received from the trustee or from the holders of 25% or more in aggregate principal
amount of the senior debt securities of all affected series;
(4) any cable guarantee is not (or is claimed by any cable guarantor not to be) in full force
and effect;
(5) a court having jurisdiction enters a decree or order for:
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relief in respect of any Obligor in an involuntary case under
any applicable bankruptcy, insolvency, or other similar law now or hereafter in
effect; |
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the appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of any Obligor for any substantial
part of such partys property and assets; or |
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the winding up or liquidation of any Obligors affairs and such
decree or order shall remain unstayed and in effect for a period of 180
consecutive days; or |
(6) any Obligor:
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commences a voluntary case under any applicable bankruptcy,
insolvency, or other similar law now or hereafter in effect, or consents to the
entry of an order for relief in an involuntary case under any such law; |
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consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar
official of such party or for any substantial part of such partys property; or |
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effects any general assignment for the benefit of creditors. |
A default under any Obligors other indebtedness is not a default under the senior indenture.
If an event of default other than an event of default specified in clauses (5) and (6) above
occurs with respect to an issue of senior debt securities and is continuing under the senior
indenture, then, and in each and every such case, either the trustee or the holders of not less
than 25% in aggregate principal amount of such senior debt securities then outstanding under the
senior indenture by written notice to us (and to the trustee, if such notice is given by the
holders), may declare the principal amount of and accrued interest, if any, on such senior debt
securities to be immediately due and payable and upon any such declaration, the same shall become
immediately due and
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payable. The amount due upon acceleration shall include only the original issue price of the
senior debt securities and accrued interest to the date of acceleration, if any.
If an event of default specified in clauses (5) and (6) above occurs with respect to any
Obligor, the principal amount of and accrued interest, if any, on each issue of senior debt
securities then outstanding shall be and become immediately due and payable without any notice or
other action on the part of the trustee or any holder. Upon certain conditions declarations of
acceleration may be rescinded and annulled and past defaults may be waived by the holders of a
majority in aggregate principal amount of an issue of senior debt securities that has been
accelerated. Furthermore, subject to various provisions in the senior indenture, the holders of at
least a majority in aggregate principal amount of an issue of senior debt securities by notice to
the trustee may waive an existing default or event of default with respect to such senior debt
securities and its consequences, except a default in the payment of principal of or interest on
such senior debt securities or in respect of a covenant or provision of the senior indenture which
cannot be modified or amended without the consent of the holders of each such senior debt security.
Upon any such waiver, such default shall cease to exist, and any event of default with respect to
such senior debt securities shall be deemed to have been cured, for every purpose of the senior
indenture; but no such waiver shall extend to any subsequent or other default or event of default
or impair any right consequent thereto. For information as to the waiver of defaults, see
Modification and Waiver.
The holders of at least a majority in aggregate principal amount of an issue of senior debt
securities may direct the time, method, and place of conducting any proceeding for any remedy
available to the trustee or exercising any trust or power conferred on the trustee with respect to
such senior debt securities. However, the trustee may refuse to follow any direction that
conflicts with law or the senior indenture, that may involve the trustee in personal liability, or
that the trustee determines in good faith would be unduly prejudicial to the rights of holders of
such issue of senior debt securities not joining in the giving of such direction and may take any
other action it deems proper that is not inconsistent with any such direction received from holders
of such issue of senior debt securities. A holder may not pursue any remedy with respect to the
senior indenture or any series of senior debt securities unless:
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the holder gives the trustee written notice of a continuing event of default; |
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the holders of at least 25% in aggregate principal amount of such series of senior
debt securities make a written request to the trustee to pursue the remedy in respect
of such event of default; |
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the requesting holder or holders offer the trustee indemnity satisfactory to the
trustee against any costs, liability, or expense; and |
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the trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity. |
These limitations, however, do not apply to the right of any holder of a senior debt security
to receive payment of the principal of, premium, if any, or interest on such senior debt security,
or to bring suit for the enforcement of any such payment, on or after the due date for the senior
debt securities, which right shall not be impaired or affected without the consent of the holder.
The senior indenture requires certain of our officers to certify, on or before a date not more than
120 days after the end of each fiscal year, as to their knowledge of our compliance with all
conditions and covenants under the senior indenture, such compliance to be determined without
regard to any period of grace or requirement of notice provided under the senior indenture.
Discharge and Defeasance
The senior indenture provides that, except as otherwise provided in this paragraph, we may
discharge our obligations with respect to an issue of senior debt securities and the senior
indenture with respect to that series of senior debt securities if:
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the senior debt securities of the affected series previously authenticated and
delivered with certain exceptions, have been delivered to the trustee for cancellation
and we have paid all sums payable under the senior indenture; or |
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the senior debt securities of the affected series mature within one year or all of
them are to be called for redemption within one year under arrangements satisfactory to
the trustee for giving the notice of redemption and: |
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we irrevocably deposit in trust with the trustee, as trust funds solely for the
benefit of the holders of the senior debt securities of the affected series, for
that purpose, money or U.S. government obligations or a combination thereof
sufficient (unless such funds consist solely of money, in the opinion of a
nationally recognized form of independent public accountants expressed in a written
certification thereof delivered to the trustee), without consideration of any
reinvestment and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof payable by the trustee, to pay principal
of and interest on the senior debt securities of the affected series to maturity or
redemption, as the case may be, and to pay all other sums payable by it under the
senior indenture; and |
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we deliver to the trustee an officers certificate and an opinion of counsel, in
each case stating that all conditions precedent provided for in the senior
indenture relating to the satisfaction and discharge of the senior indenture with
respect to the senior debt securities of the affected series have been complied
with. |
With respect to all senior debt securities which have been delivered to the trustee for
cancellation and for which have been paid all sums payable by us under the senior indenture, only
our obligations to compensate and indemnify the trustee and our right to recover excess money held
by the trustee under the senior indenture shall survive. With respect to senior debt securities
which mature within one year or are to be called for redemption within one year under redemption
arrangements satisfactory to the trustee, only our obligations with respect to the issue of
defeased senior debt securities, to execute and deliver such senior debt securities for
authentication, to set the terms of such senior debt securities, to maintain an office or agency in
respect of such senior debt securities, to have moneys held for payment in trust, to register the
transfer or exchange of such senior debt securities, to deliver such senior debt securities for
replacement or cancellation, to compensate and indemnify the trustee and to appoint a successor
trustee, and our right to recover excess money held by the trustee shall survive until such senior
debt securities are no longer outstanding. Thereafter, only our obligations to compensate and
indemnify the trustee, and our right to recover excess money held by the trustee shall survive.
The senior indenture also provides that, except as otherwise provided in this paragraph, we:
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will be deemed to have paid and will be discharged from any and all obligations in
respect of a series of senior debt securities, and the provisions of the senior
indenture and the cable guarantees will no longer be in effect with respect to those
senior debt securities (legal defeasance); and |
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may omit to comply with any term, provision or condition of the senior indenture
described above under Certain Covenants and such omission shall be deemed not to be
an event of default under the third clause of the first paragraph of Events of
Default with respect to that series of senior debt securities (covenant defeasance); |
provided that the following conditions shall have been satisfied:
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we have irrevocably deposited in trust with the trustee as trust funds solely for
the benefit of the holders of the senior debt securities of such series, for payment of
the principal of and interest on the senior debt securities of such series, money or
U.S. government obligations or a combination thereof sufficient (unless such funds
consist solely of money, in the opinion of a nationally recognized form of independent
public accountants expressed in a written certification thereof delivered to the
trustee) without consideration of any reinvestment and after payment of all federal,
state and local taxes or other charges and assessments in respect thereof payable by
the trustee, to pay and discharge the principal of and accrued interest on the senior
debt securities of such series to maturity or earlier redemption (irrevocably provided
for under arrangements satisfactory to the trustee), as the case may be; |
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such deposit will not result in a breach or violation of, or constitute a default
under, the senior indenture, the cable guarantees or any other material agreement or
instrument to which we are a party or by which we are bound; |
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no default or event of default with respect to the senior debt securities of such
series shall have occurred and be continuing on the date of such deposit; |
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we shall have delivered to the trustee: |
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either an opinion of counsel that the holders of the senior debt securities of
such series will not recognize income, gain or loss for federal income tax purposes
as a result of our exercising our option under this provision of the senior
indenture and will be subject to federal income tax on the same amount and in the
same manner and at the same times as would have been the case if such deposit and
defeasance had not occurred (which opinion, in the case of a legal defeasance,
shall be based upon a change in law) or a ruling directed to the trustee received
from the Internal Revenue Service to the same effect; and |
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an opinion of counsel that the holders of the senior debt securities of such
series have a valid security interest in the trust funds subject to no prior liens
under the Uniform Commercial Code; and |
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we have delivered to the trustee an officers certificate and an opinion of counsel,
in each case stating that all conditions precedent provided for in the senior indenture
relating to the defeasance contemplated of the senior debt securities of such series
have been complied with. |
Subsequent to legal defeasance under the first bullet point above, our obligations with
respect to the issue of defeased senior debt securities to execute and deliver such senior debt
securities for authentication, to set the terms of such senior debt securities, to maintain an
office or agency in respect of such senior debt securities, to have moneys held for payment in
trust, to register the transfer or exchange of such senior debt securities, to deliver such senior
debt securities for replacement or cancellation, to compensate and indemnify the trustee and to
appoint a successor trustee, and our right to recover excess money held by the trustee shall
survive until such senior debt securities are no longer outstanding. After such senior debt
securities are no longer outstanding, in the case of legal defeasance under the first bullet point
above, only our obligations to compensate and indemnify the trustee and our right to recover excess
money held by the trustee shall survive.
Modification and Waiver
We and the trustee may amend or supplement the senior indenture or the senior debt securities
without notice to or the consent of any holder:
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to cure any ambiguity, defect, or inconsistency in the senior indenture; provided
that such amendments or supplements shall not adversely affect the interests of the
holders in any material respect; |
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to comply with the provisions described under Certain CovenantsConsolidation,
Merger and Sale of Assets; |
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to comply with any requirements of the SEC in connection with the qualification of
the senior indenture under the Trust Indenture Act; |
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to evidence and provide for the acceptance of appointment by a successor trustee; |
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to establish the form or forms or terms of the senior debt securities as permitted
by the senior indenture; |
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to provide for uncertificated notes and to make all appropriate changes for such purpose; |
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to make any change that does not adversely affect the rights of any holder; |
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to add to its covenants such new covenants, restrictions, conditions or provisions
for the protection of the holders, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions, conditions or
provisions an event of default; or |
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to make any change so long as no senior debt securities are outstanding. |
Subject to certain conditions, without prior notice to any holder of senior debt securities,
modifications and amendments of the senior indenture may be made by us and the trustee with respect
to any series of senior debt securities with the written consent of the holders of a majority in
principal amount of the affected series of senior debt securities, and our compliance with any
provision of the senior indenture with respect to any series of senior debt securities may be
waived by written notice to the trustee by the holders of a majority in principal amount of the
affected series of senior debt securities outstanding; provided, however, that each affected holder
must consent to any modification, amendment or waiver that:
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changes the stated maturity of the principal of, or any sinking fund obligation or
any installment of interest on, the senior debt securities of the affected series; |
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reduces the principal amount of, or premium, if any, or interest on, the senior debt
securities of the affected series; |
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changes the place or currency of payment of principal of, or premium, if any, or
interest on, the senior debt securities of the affected series; |
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changes the provisions for calculating the optional redemption price, including the
definitions relating thereto; |
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changes the provisions relating to the waiver of past defaults or changes or impairs
the right of holders to receive payment or to institute suit for the enforcement of any
payment of the senior debt securities of the affected series on or after the due date
therefor; |
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reduces the above-stated percentage of outstanding senior debt securities of the
affected series the consent of whose holders is necessary to modify or amend or to
waive certain provisions of or defaults under the senior indenture; |
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alters or impairs the right of holders to convert the senior debt securities of the
affected series at the rate and upon the terms provided in the senior indenture; |
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waives a default in the payment of principal of, premium, if any, or interest on the
senior debt securities; |
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adversely affects the rights of such holder under any mandatory redemption or
repurchase provision or any right of redemption or repurchase that such holder has; |
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modifies any of the provisions of this paragraph, except to increase any required
percentage or to provide that certain other provisions cannot be modified or waived
without the consent of the holder of each senior debt security of the series affected
by the modification; or |
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changes or waives any provision in the senior indenture that, pursuant to a board
resolution or supplemental indenture establishing the terms of one or more series of
senior debt securities, is prohibited from being so changed or waived. |
It is not necessary for the consent of the holders under the senior indenture to approve the
particular form of any note amendment, supplement or waiver, but it shall be sufficient if such
consent approves the substance thereof. After an amendment, supplement or waiver under the senior
indenture becomes effective, notice must be given to
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the holders affected thereby briefly describing the amendment, supplement, or waiver.
Supplemental indentures will be mailed to holders upon request. Any failure to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture or waiver.
No Personal Liability of Incorporators, Stockholders, Officers, Directors, or Employees
The senior indenture provides that no recourse shall be had under or upon any obligation,
covenant, or agreement of ours or the cable guarantors in the senior indenture or any supplemental
indenture, or in any of the senior debt securities or because of the creation of any indebtedness
represented thereby, against any incorporator, stockholder, officer, director, employee of ours or
any cable guarantor or of any successor person thereof under any law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise. Each holder, by accepting the senior debt securities, waives and releases all such
liability.
Concerning the Trustee
The senior indenture provides that, except during the continuance of a default, the trustee
will not be liable, except for the performance of such duties as are specifically set forth in the
senior indenture. If an event of default has occurred and is continuing, the trustee will exercise
such rights and powers vested in it under the senior indenture and will use the same degree of care
and skill in its exercise as a prudent person would exercise under the circumstances in the conduct
of such persons own affairs.
Governing Law
The senior indenture and the debt securities will be governed by, and construed in accordance
with, the internal laws of the State of New York.
The Trustees
We may have normal banking relationships with the trustee under the senior indenture in the
ordinary course of business.
Brian L. Roberts, our director, President and Chief Executive Officer and a director of
Comcast Holdings, is a member of the board of directors of the Trustee.
John R. Alchin, our Executive Vice President, Co-Chief Financial Officer and Treasurer, is a
member of the board of directors of BNY Hamilton Funds, Inc., an affiliate of the Trustee.
Certain Terms of the Subordinated Debt Securities
Other than the terms of the subordinated indenture and subordinated debt securities relating
to subordination, or otherwise as described in the prospectus supplement relating to a particular
series of subordinated debt securities, the terms of the subordinated indenture and subordinated
debt securities are identical in all material respects to the terms of the senior indenture and
senior debt securities.
Subordination
The indebtedness evidenced by the subordinated debt securities is subordinate to the prior
payment in full of all our Senior Indebtedness, as defined in the subordinated indenture. During
the continuance beyond any applicable grace period of any default in the payment of principal,
premium, interest or any other payment due on any of our Senior Indebtedness, we may not make any
payment of principal of, or premium, if any, or interest on the subordinated debt securities. In
addition, upon any payment or distribution of our assets upon any dissolution, winding up,
liquidation or reorganization, the payment of the principal of, or premium, if any, and interest on
the subordinated debt securities will be subordinated to the extent provided in the subordinated
indenture in right of payment to the prior payment in full of all our Senior Indebtedness. Because
of this subordination, if we dissolve or otherwise liquidate, holders of our subordinated debt
securities may receive less, ratably, than holders of our Senior Indebtedness. The subordination
provisions do not prevent the occurrence of an event of default under the subordinated indenture.
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The subordination provisions also apply in the same way to each cable guarantor with respect
to the Senior Indebtedness of such cable guarantor.
The term Senior Indebtedness of a person means with respect to such person the principal of,
premium, if any, interest on, and any other payment due pursuant to any of the following, whether
outstanding on the date of the subordinated indenture or incurred by that person in the future:
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all of the indebtedness of that person for money borrowed, including any
indebtedness secured by a mortgage or other lien which is (1) given to secure all or
part of the purchase price of property subject to the mortgage or lien, whether given
to the vendor of that property or to another lender, or (2) existing on property at the
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all of the indebtedness of that person evidenced by notes, debentures, bonds or
other securities sold by that person for money; |
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all of the lease obligations which are capitalized on the books of that person in
accordance with generally accepted accounting principles; |
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all indebtedness of others of the kinds described in the first two bullet points
above and all lease obligations of others of the kind described in the third bullet
point above that the person, in any manner, assumes or guarantees or that the person in
effect guarantees through an agreement to purchase, whether that agreement is
contingent or otherwise; and |
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all renewals, extensions or refundings of indebtedness of the kinds described in the
first, second or fourth bullet point above and all renewals or extensions of leases of
the kinds described in the third or fourth bullet point above; |
unless, in the case of any particular indebtedness, lease, renewal, extension or refunding, the
instrument or lease creating or evidencing it or the assumption or guarantee relating to it
expressly provides that such indebtedness, lease, renewal, extension or refunding is not superior
in right of payment to the subordinated debt securities. Our senior debt securities, and any
unsubordinated guarantee obligations of ours or any cable guarantor to which we and the cable
guarantors are a party, including our and the cable guarantors, guarantees of each others debt
securities and other indebtedness for borrowed money, constitute Senior Indebtedness for purposes
of the subordinated debt indenture.
Convertible Debt Securities
The terms, if any, on which debt securities being offered may be exchanged for or converted
into other debt securities or shares of preferred stock, Class A Common Stock or Class A Special
Common Stock or other securities or rights of ours (including rights to receive payments in cash or
securities based on the value, rate or price of one or more specified commodities, currencies or
indices) or securities of other issuers or any combination of the foregoing will be set forth in
the prospectus supplement for such debt securities being offered.
Unless otherwise indicated in the prospectus supplement, the following provisions will apply
to debt securities being offered that may be exchanged for or converted into capital stock:
The holder of any debt securities convertible into capital stock will have the right
exercisable at any time during the time period specified in the prospectus supplement, unless
previously redeemed by us, to convert such debt securities into shares of capital stock, which may
include preferred stock, Class A Common Stock or Class A Special Common Stock, as specified in the
prospectus supplement, at the conversion rate for each $1,000 principal amount of debt securities
set forth in the prospectus supplement, subject to adjustment.
The holder of a convertible debt security may convert a portion thereof which is $1,000 or any
integral multiple of $1,000. In the case of debt securities called for redemption, conversion
rights will expire at the close of business on the business day prior to the date fixed for the
redemption as may be specified in the prospectus supplement, except that in the case of redemption
at the option of the debt security holder, if applicable, such right will terminate upon receipt of
written notice of the exercise of such option.
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Unless the terms of the specific debt securities being offered provide otherwise, in certain
events, the conversion rate will be subject to adjustment as set forth in the indentures. Such
events include:
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the issuance of shares of any class of capital stock of ours as a dividend on the
class of capital stock into which the debt securities of such series are convertible; |
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subdivisions, combinations and reclassifications of the class of capital stock into
which debt securities of such series are convertible; |
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the issuance to all holders of the class of capital stock into which debt securities
of such series are convertible or rights or warrants entitling the debt security
holders (for a period not exceeding 45 days) to subscribe for or purchase shares of
such class of capital stock at a price per share less than the current market price per
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the distribution to all holders of the class of capital stock into which debt
securities of such series are convertible of evidences of indebtedness of ours or of
assets or subscription rights or warrants (other than those referred to above); and |
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distributions of cash in excess of certain threshold amounts. |
In the case of cash dividends in excess of threshold amounts, we may, at our option, choose to
set aside the amount of such distribution in cash for distribution to the holder upon conversion
rather than adjust the conversion rate; we do not intend to pay interest on the cash set aside.
No adjustment of the conversion rate will be required unless an adjustment would require a
cumulative increase or decrease of at least 1% in such rate. Fractional shares of capital stock
will not be issued upon conversion but, in lieu thereof, we will pay a cash adjustment.
Convertible debt securities surrendered for conversion between the record date for an interest
payment, if any, and the interest payment date, except convertible debt securities called for
redemption on a redemption date during such period, must be accompanied by payment of an amount
equal to the interest thereon which the registered holder is to receive.
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GLOBAL SECURITIES
We may issue the debt securities, warrants, purchase contracts and units of any series in the
form of one or more fully registered global securities that will be deposited with a depositary or
with a nominee for a depositary identified in the prospectus supplement relating to such series and
registered in the name of the depositary or its nominee. In that case, one or more global
securities will be issued in a denomination or aggregate denominations equal to the portion of the
aggregate principal or face amount of outstanding registered securities of the series to be
represented by such global securities. Unless and until the depositary exchanges a global security
in whole for securities in definitive registered form, the global security may not be transferred
except as a whole by the depositary to a nominee of the depositary or by a nominee of the
depositary to the depositary or another nominee of the depositary or by the depositary or any of
its nominees to a successor of the depositary or a nominee of such successor.
The specific terms of the depositary arrangement with respect to any portion of a series of
securities to be represented by a global security will be described in the prospectus supplement
relating to such series. We anticipate that the following provisions will apply to all depositary
arrangements.
Ownership of beneficial interests in a global security will be limited to persons that have
accounts with the depositary for such global security known as participants or persons that may
hold interests through such participants. Upon the issuance of a global security, the depositary
for such global security will credit, on its book-entry registration and transfer system, the
participants accounts with the respective principal or face amounts of the securities represented
by such global security beneficially owned by such participants. The accounts to be credited shall
be designated by any dealers, underwriters or agents participating in the distribution of such
securities. Ownership of beneficial interests in such global security will be shown on, and the
transfer of such ownership interests will be effected only through, records maintained by the
depositary for such global security (with respect to interests of participants) and on the records
of participants (with respect to interests of persons holding through participants). The laws of
some states may require that certain purchasers of securities take physical delivery of such
securities in definitive form. Such limits and such laws may impair the ability to own, transfer
or pledge beneficial interests in global securities.
So long as the depositary for a global security, or its nominee, is the registered owner of
such global security, such depositary or such nominee, as the case may be, will be considered the
sole owner or holder of the securities represented by such global security for all purposes under
the applicable indenture, warrant agreement, purchase contract or unit agreement. Except as set
forth below, owners of beneficial interests in a global security will not be entitled to have the
securities represented by such global security registered in their names, will not receive or be
entitled to receive physical delivery of such securities in definitive form and will not be
considered the owners or holders thereof under the applicable indenture, warrant agreement,
purchase contract or unit agreement. Accordingly, each person owning a beneficial interest in a
global security must rely on the procedures of the depositary for such global security and, if such
person is not a participant, on the procedures of the participant through which such person owns
its interest, to exercise any rights of a holder under the applicable indenture, warrant agreement,
purchase contract or unit agreement. We understand that under existing industry practices, if we
request any action of holders or if an owner of a beneficial interest in a global security desires
to give or take any action which a holder is entitled to give or take under the applicable
indenture, warrant agreement, purchase contract or unit agreement, the depositary for such global
security would authorize the participants holding the relevant beneficial interests to give or take
such action, and such participants would authorize beneficial owners owning through such
participants to give or take such action or would otherwise act upon the instructions of beneficial
owners holding through them.
Principal, premium, if any, and interest payments on debt securities, and any payments to
holders with respect to warrants, purchase contracts or units represented by a global security
registered in the name of a depositary or its nominee will be made to such depositary or its
nominee, as the case may be, as the registered owner of such global security. None of us, the
trustees, the warrant agents, the unit agents or any of our other agents, agent of the trustees or
agent of the warrant agents or unit agents will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership interests in such
global security or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.
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We expect that the depositary for any securities represented by a global security, upon
receipt of any payment of principal, premium, interest or other distribution of underlying
securities or commodities to holders in respect of such global security, will immediately credit
participants accounts in amounts proportionate to their respective beneficial interests in such
global security as shown on the records of such depositary. We also expect that payments by
participants to owners of beneficial interests in such global security held through such
participants will be governed by standing customer instructions and customary practices, as is now
the case with the securities held for the accounts of customers in bearer form or registered in
street name, and will be the responsibility of such participants.
If the depositary for any securities represented by a global security is at any time unwilling
or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange
Act, and we do not appoint a successor depositary registered as a clearing agency under the
Exchange Act within 90 days, we will issue such securities in definitive form in exchange for such
global security. In addition, we may at any time and in our sole discretion determine not to have
any of the securities of a series represented by one or more global securities and, in such event,
will issue securities of such series in definitive form in exchange for all of the global security
or securities representing such securities. Any securities issued in definitive form in exchange
for a global security will be registered in such name or names as the depositary shall instruct the
relevant trustee, warrant agent or other relevant agent of ours. We expect that such instructions
will be based upon directions received by the depositary from participants with respect to
ownership of beneficial interests in such global security.
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DESCRIPTION OF CAPITAL STOCK
The statements made under this caption include summaries of certain provisions contained in
our articles of incorporation and by-laws. These statements do not purport to be complete and are
qualified in their entirety by reference to such articles of incorporation and by-laws.
We have three classes of common stock outstanding: Class A Common Stock, $0.01 par value per
share; Class A Special Common Stock, $0.01 par value per share; and Class B Common Stock, $0.01 par
value per share. There are currently authorized 7.5 billion shares of Class A Common Stock, 7.5
billion shares of Class A Special Common Stock and 75 million shares of Class B Common Stock.
Dividends
Subject to the preferential rights of any preferred stock then outstanding, Holders of our
Class A Common Stock, Class A Special Common Stock, and Class B Common Stock are entitled to
receive, from time to time, when, as and if declared, in the discretion of our Board, such cash
dividends as our Board may from time to time determine, out of such funds as are legally available
therefor, in proportion to the number of shares held by them, respectively, without regard to
class.
Holders of our Class A Common Stock, Class A Special Common Stock, and Class B Common Stock
will also be entitled to receive, from time to time, when, as and if declared by our Board, such
dividends of our stock or other property as our Board may determine, out of such funds as are
legally available therefor. However, stock dividends on, or stock splits of, any class of common
stock will not be paid or issued unless paid or issued on all classes of our common stock, in which
case they will be paid or issued only in shares of that class; provided, however, that stock
dividends on, or stock splits of, our Class B Common Stock may also be paid or issued in shares of
our Class A Special Common Stock.
We do not intend to pay dividends on our common stock for the foreseeable future.
Voting Rights
Except as required by law, holders of our Class A Special Common Stock are not entitled to
vote. When holders of our Class A Special Common Stock are entitled to vote by applicable law,
each share of our Class A Special Common Stock has the same number of votes as each share of our
Class A Common Stock.
On all matters submitted for a vote of holders of all classes of our voting stock, holders of
our Class A Common Stock in the aggregate hold
662/3
% of the aggregate voting power of our capital
stock as of February 28, 2006.
Each share of our Class A Common Stock has the number of votes equal to a quotient the
numerator of which is the excess of (1) the Total Number of Votes (as defined below in this
paragraph) over (2) the sum of (A) the Total Number of B Votes (as defined below in this paragraph)
and (B) the Total Number of Other Votes (as defined below in this paragraph) and the denominator of
which is the number of outstanding shares of our Class A Common Stock. Total Number of Votes on
any record date is equal to a quotient the numerator of which is the Total Number of B Votes on
such record date and the denominator of which is the B Voting Percentage (as defined below in this
paragraph) on such record date. Total Number of B Votes on any record date is equal to the
product of (1) 15 and (2) the number of outstanding shares of our Class B Common Stock on such
record date. Total Number of Other Votes on any record date means the aggregate number of votes
to which holders of all classes of our capital stock other than holders of our Class A Common Stock
and our Class B Common Stock are entitled to cast on such record date in an election of directors.
B Voting Percentage on any record date means the portion (expressed as a percentage) of the total
number of votes to which all holders of our Class B Common Stock are entitled to cast on such
record date in an election of directors. Initially, the B Voting Percentage will be 331/3%, subject
to reduction as described below.
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Subject to the next sentence, on all matters submitted for a vote of holders of one or more
classes of our voting stock, holders of our Class B Common Stock
in the aggregate will hold
331/3% of
the aggregate voting power of our capital stock, regardless of the number of shares of our Class A
Common Stock or any other class of our capital stock outstanding at any time. If the number of
shares of our Class B Common Stock outstanding is reduced for any reason (e.g., by repurchase or
conversion), the aggregate voting power of our Class B Common Stock will be proportionately
reduced.
Each share of our Class B Common Stock has 15 votes.
Approval Rights
Except as required by law, holders of Class A Special Common Stock and Class A Common Stock
have no specific approval rights over any corporate actions. Holders of our Class B Common Stock
have an approval right over (1) any merger of us with another company or any other transaction, in
each case that requires our shareholders approval under applicable law, or any other transaction
that would result in any person or group owning shares representing in excess of 10% of the
aggregate voting power of the resulting or surviving corporation, or any issuance of securities
(other than pursuant to director or officer stock option or purchase plans) requiring our
shareholders approval under the rules and regulations of any stock exchange or quotation system;
(2) any issuance of our Class B Common Stock or any securities exercisable or exchangeable for or
convertible into our Class B Common Stock; and (3) charter or bylaw amendments (such as a charter
amendment to opt in to any of the Pennsylvania antitakeover statutes) and other actions (such as
the adoption, amendment or redemption of a shareholder rights plan) that limit the rights of
holders of our Class B Common Stock or any subsequent transferee of our Class B Common Stock to
transfer, vote or otherwise exercise rights with respect to our capital stock.
Principal Shareholder
Brian L. Roberts, our President and CEO, through his control of BRCC Holdings LLC and certain
trusts, which own all outstanding shares of our Class B Common
Stock, holds a nondilutable 331/3% of
the combined voting power of our stock and also has separate approval rights over certain material
transactions involving us, as described above under Approval Rights. The Class B Common Stock
is convertible on a share-for-share basis into Class A Common Stock or Class A Special Common
Stock. As of February 28, 2006, if BRCC Holdings LLC, the trusts and Mr. Roberts were to convert
the Class B Common Stock which they are deemed to beneficially own into Class A Common Stock, Mr.
Roberts would beneficially own 10,170,995 shares of Class A Common Stock, which is less than 1% of
the Class A Common Stock that would be outstanding after the conversion.
Conversion of Class B Common Stock
The Class B Common Stock is convertible share for share into either the Class A Common Stock
or the Class A Special Common Stock.
Preference on Liquidation
In the event of our liquidation, dissolution or winding up, either voluntary or involuntary,
the holders of Class A Special Common Stock, Class A Common Stock and Class B Common Stock are
entitled to receive, subject to any liquidation preference of any preferred stock then outstanding,
our remaining assets, if any, in proportion to the number of shares held by them without regard to
class.
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Mergers, Consolidations, Etc.
Our charter provides that if in a transaction such as a merger, consolidation, share exchange
or recapitalization holders of each class of our common stock outstanding do not receive the same
consideration for each of their shares of our common stock (i.e., the same amount of cash or the
same number of shares of each class of stock issued in the transaction in proportion to the number
of shares of our common stock held by them, respectively, without regard to class), holders of each
such class of our common stock will receive mirror securities (i.e., shares of a class of stock
having substantially equivalent rights as the applicable class of our common stock).
Miscellaneous
The holders of Class A Common Stock, Class A Special Common Stock and Class B Common Stock do
not have any preemptive rights. All shares of Class A Common Stock, Class A Special Common Stock
and Class B Common Stock presently outstanding are, and all shares of the Class A Common Stock and
Class A Special Common Stock offered hereby, or issuable upon conversion, exchange or exercise of
securities offered hereby, will, when issued, be, fully paid and non-assessable. We have been
advised that the Class A Common Stock and Class A Special Common Stock are exempt from existing
Pennsylvania personal property tax.
The transfer agent and registrar for our Class A Special Common Stock and Class A Common Stock
is Computershare, 250 Royall Street, Canton, Massachusetts 02021. Their telephone number is (888)
883-8903.
Shareholder Rights Plan
The following description of the material terms of a rights agreement with respect to a
shareholder rights plan is qualified by reference to the terms of the rights agreement, which is
included as an exhibit to the registration statement of which this prospectus is a part.
The Rights. Pursuant to the rights agreement, our board declared on November 18, 2002 a
dividend of one preferred stock purchase right (the Rights) for each outstanding share of our
Class A Common Stock, Class A Special Common Stock and Class B Common Stock payable to holders of
record on November 18, 2002. Shares of Common Stock issued after the record date and prior to the
Distribution Date will be issued with a Right attached so that all shares of Common Stock
outstanding prior to the Distribution Date will have Rights attached. 2.5 million shares of
Preferred Stock have been reserved for issuance upon exercise of the Rights.
Rights holders have no rights as a shareholder of the Company, including the right to vote or
to receive dividends.
The rights agreement includes antidilution provisions designed to prevent efforts to diminish
the effectiveness of the Rights.
The transferability and exercisability of the Rights will depend on whether a Distribution
Date has occurred. A Distribution Date generally means the earlier of (1) the close of business
on the tenth day after a public announcement that any person or group has become an Acquiring
Person and (2) the close of business on the tenth business day after the date of the commencement
of a tender or exchange offer by any person that could result in such person becoming an Acquiring
Person. An Acquiring Person generally means any person or group (other than any holder of our
Class B common stock or any of such holders affiliates) who becomes the beneficial owner of our
voting capital stock that represents 10% or more of the total number of votes that holders of our
capital stock are entitled to cast with respect to any matter presented for a shareholder vote.
Transferability. Prior to the Distribution Date, (1) the Rights will be evidenced by the
certificates of the relevant underlying common stock and the registered holders of the common stock
shall be deemed the registered holders of the associated Rights and (2) the Rights will be
transferable only in connection with transfers of shares of the underlying common stock. After the
Distribution Date, the rights agent will mail separate certificates evidencing the Rights to each
holder of the relevant underlying common stock as of the close of business on the Distribution
Date. Thereafter, the Rights will be transferable separately from the common stock.
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Exercisability. The Rights will not be exercisable prior to the Distribution Date. After the
Distribution Date, but prior to the occurrence of an event described below under Flip In
Feature or Flip Over Feature, each Right will be exercisable to purchase for $125 one
one-thousandth of a share of our Series A Participating Cumulative Preferred Stock.
Flip In Feature. If any person becomes an Acquiring Person, each holder of a Right, except
for the Acquiring Person or certain affiliated persons, will have the right to acquire, instead of
one one-thousandth of a share of our Series A Participating Cumulative Preferred Stock, a number of
shares of our Class A common stock, in each case having a market value equal to twice the exercise
price of the Right. For example, if an initial purchase price of $125 was in effect on the date
that the flip in feature of the Rights was exercised, any holder of a Right, except for the person
that has become an Acquiring Person or certain affiliated persons, could exercise his or her Right
by paying to us $125 in order to receive shares of our Class A common stock having a value equal to
$250.
Exchange Feature. At any time after a person becomes an Acquiring Person (but before any
person becomes the beneficial owner of our voting capital stock representing 50% or more of the
total number of votes which holders of our capital stock are entitled to cast with respect to any
matter presented for a shareholder vote), our Board may exchange all or some of the Rights, except
for those held by any Acquiring Person or certain affiliated persons, for our Class A common stock
at an exchange ratio of one share of our Class A common stock for each Right. Use of this exchange
feature means that eligible Rights holders would not have to pay cash before receiving shares of
our Class A common stock.
Flip Over Feature. If, after a person becomes an Acquiring Person, (1) we are involved in a
merger or other business combination in which we are not the surviving corporation or any of our
common stock is exchanged for other securities or assets or (2) we and/or one or more of our
subsidiaries sell or transfer assets or earning power aggregating 50% or more of the assets or
earning power of us and/or our subsidiaries, then each Right will entitle the holder, except for
any Acquiring Person or certain affiliated persons, to purchase a number of shares of common stock
of the other party to the transaction having a value equal to twice the exercise price of the
Right.
Redemption of Rights. Our Board may redeem all of the Rights at a price of $0.001 per Right
at any time prior to the time that any person becomes an Acquiring Person. The right to exercise
will terminate upon redemption, and at that time, holders of the Rights will have the right to
receive only the redemption price for each Right they hold.
Amendment of Rights. For so long as the Rights are redeemable, the rights agreement may be
amended in any respect. At any time when the Rights are no longer redeemable, the rights agreement
may be amended in any respect that does not adversely affect Rights holders (other than any
Acquiring Person and certain affiliated persons), cause the rights agreement to become amendable
except as set forth in this sentence or cause the Rights again to become redeemable.
Expiration of Rights. If not previously exercised or redeemed, the Rights will expire on
November 18, 2012, unless earlier exchanged.
Anti-Takeover Effects. The Rights have certain anti-takeover effects. The Rights may cause
substantial dilution to a person that attempts to acquire us without a condition to such an offer
that a substantial number of the Rights be acquired or that the Rights be redeemed or declared
invalid. The Rights should not interfere with any merger or other business combination approved by
our Board since the Rights may be redeemed by us as described above.
Taxation. While the dividend of the Rights was not taxable to stockholders or to us,
stockholders or we may, depending upon the circumstances, recognize taxable income in the event
that the Rights become exercisable as set forth above.
Series A Preferred Stock. In connection with the creation of the Rights, our Board authorized
the issuance of shares of our preferred stock designated as our Series A Participating Cumulative
Preferred Stock. The dividend, liquidation, voting and redemption features of our Series A
Participating Cumulative Preferred Stock have been designed so that the value of one-thousandth of
a share of our Series A Participating Cumulative Preferred Stock approximates the value of one
share of our Class A common stock. Shares of our Series A Participating Cumulative
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Preferred Stock will be purchasable only after the Rights have become exercisable. The rights
of our Series A Participating Cumulative Preferred Stock as to dividends, liquidation and voting,
and in the event of mergers or consolidations, are protected by customary antidilution provisions.
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PLAN OF DISTRIBUTION
We may sell the securities being offered hereby in four ways:
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directly to purchasers; |
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through agents; |
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through underwriters; and |
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through dealers. |
We may directly solicit offers to purchase securities, or we may designate agents to solicit
such offers. We will, in the prospectus supplement relating to such offering, name any agent that
could be viewed as an underwriter under the Securities Act of 1933 (hereinafter, the Securities
Act) and describe any commissions we or our trust subsidiaries must pay. Any such agent will be
acting on a best efforts basis for the period of its appointment or, if indicated in the applicable
prospectus supplement, on a firm commitment basis. Agents, dealers and underwriters may be
customers of, engage in transactions with, or perform services for us in the ordinary course of
business.
If any underwriters are utilized in the sale of the securities in respect of which this
prospectus is delivered, we will enter into an underwriting agreement with them at the time of sale
to them, and we will set forth in the prospectus supplement relating to such offering their names
and the terms of our agreement with them.
If a dealer is utilized in the sale of the securities in respect of which the prospectus is
delivered, we will sell such securities to the dealer, as principal. The dealer may then resell
such securities to the public at varying prices to be determined by such dealer at the time of
resale.
Remarketing firms, agents, underwriters and dealers may be entitled under agreements which
they may enter into with us to indemnification by us against certain civil liabilities, including
liabilities under the Securities Act, and may be customers of, engage in transactions with or
perform services for us in the ordinary course of business.
In order to facilitate the offering of the securities, any underwriters may engage in
transactions that stabilize, maintain or otherwise affect the price of the securities or any other
securities the prices of which may be used to determine payments on such securities. Specifically,
any underwriters may overallot in connection with the offering, creating a short position for their
own accounts. In addition, to cover overallotments or to stabilize the price of the securities or
of any such other securities, the underwriters may bid for, and purchase, the securities or any
such other securities in the open market. Finally, in any offering of the securities through a
syndicate of underwriters, the underwriting syndicate may reclaim selling concessions allowed to an
underwriter or a dealer for distributing the securities in the offering if the syndicate
repurchases previously distributed securities in transactions to cover syndicate short positions,
in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the
market price of the securities above independent market levels. Any such underwriters are not
required to engage in these activities and may end any of these activities at any time.
Any underwriter, agent or dealer utilized in the initial offering of securities will not
confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.
27
LEGAL MATTERS
As to matters governed by Pennsylvania law, Arthur R. Block, Esquire, Senior Vice President,
General Counsel and Secretary of Comcast, and as to matters governed by New York and Delaware law,
Davis Polk & Wardwell, will pass upon the validity of the securities on our behalf and on behalf of
the cable guarantors, although we may use other counsel, including our employees, to do so. Unless
otherwise indicated in the accompanying prospectus supplement, Cahill Gordon & Reindel will
represent the underwriters.
EXPERTS
The financial statements, the related financial statement schedule, and managements report on
the effectiveness of internal control over financial reporting, incorporated in this prospectus by
reference from Comcast Corporations Annual Report on Form 10-K, have been audited by Deloitte &
Touche LLP, an independent registered public accounting firm, as stated in their reports, which are
incorporated herein by reference, and have been so incorporated in reliance upon the reports of
such firm given upon their authority as experts in accounting and auditing.
AVAILABLE INFORMATION
We, along with the cable guarantors, have filed this prospectus as part of a combined
registration statement on Form S-3 with the SEC. The registration statement contains exhibits and
other information that are not contained in this prospectus. In particular, the registration
statement includes as exhibits forms of our underwriting agreements, copies of our senior indenture
and subordinated indenture, forms of our senior debt security and subordinated debt security, a
form of preferred security, a form of unit agreement, a form of purchase contract agreement, a form
of pledge agreement, a form of warrant agreement for warrants sold separately, a form of warrant
for warrants sold separately, a form of warrant agreement for warrants sold attached to securities,
a form of warrant for warrants sold attached to securities, a form of deposit agreement and a form
of depositary share. Our descriptions in this prospectus of the provisions of documents filed as
exhibits to the registration statement or otherwise filed with the SEC are only summaries of the
documents material terms. If you want a complete description of the content of the documents, you
should obtain the documents by following the procedures described below.
We file annual, quarterly and special reports and other information with the SEC. Comcast
Cable Communications Holdings, Comcast Cable, Comcast Cable Holdings, Comcast MO Group and Comcast
MO of Delaware do not currently file information with the SEC. Although the cable guarantors would
normally be required to file information with the SEC on an ongoing basis, we expect that the cable
guarantors will be exempt from this filing obligation for as long as we continue to file our
information with the SEC. You may read and copy any document we file at the SECs public reference
room located at 100 F Street, NE, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms. Our SEC filings, including the complete
registration statement and all of the exhibits to it are available through the SECs web site at
http://www.sec.gov.
You should rely only on the information contained in this prospectus, in the accompanying
prospectus supplement and in material we file with the SEC and incorporate by reference herein. We
have not authorized anyone to provide you with information that is different. We are offering to
sell, and seeking offers to buy, the securities described in the prospectus only where offers and
sales are permitted. The information contained in this prospectus, the prospectus supplement and
our filings with the SEC is accurate only as of its date, regardless of the time of delivery of
this prospectus and the prospectus supplement or of any sale of the securities.
28
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to incorporate by reference the information we file with them, which means
that we can disclose important information to you by referring you directly to those documents.
The information incorporated by reference is considered to be part of this prospectus. In
addition, information we file with the SEC in the future will automatically update and supersede
information contained in this prospectus and any accompanying prospectus supplement.
This prospectus incorporates by reference the documents set forth below that we have
previously filed with the SEC:
|
|
|
Annual Report on Form 10-K for the year ended December 31, 2005, filed on February 22, 2006. |
|
|
|
|
The section of the Definitive Proxy Statement on
Schedule 14A for the 2006 annual meeting of stockholders
incorporated by reference in the Annual Report on Form 10-K for
the year ended December 31, 2005. |
|
|
|
|
Current Reports on Form 8-K filed on January 26, 2006, February 28, 2006 and March 6, 2006. |
|
|
|
|
The description of our capital stock incorporated in our Current Report on Form
8-K12G3 and Registration Statement on Form 8-A12G, each filed on November 18, 2002, as
the same may be amended from time to time. |
We also incorporate by reference into this prospectus additional documents that we may file
with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act until we sell all of the
securities we are offering. Any statements contained in a previously filed document incorporated
by reference into this prospectus is deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained in this prospectus, or in a subsequently filed
document also incorporated by reference herein, modifies or supersedes that statement. We will
provide free copies of any of those documents, if you write or telephone us at: 1500 Market Street,
Philadelphia, Pennsylvania 19102-2148, (215) 665-1700.
29
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth the estimated costs and expenses payable by the Registrant in
connection with this Registration Statement.
|
|
|
|
|
|
|
Amount to be |
|
|
|
Paid |
|
Registration fee |
|
$ |
0 |
* |
Legal fees and expenses |
|
|
50,000 |
|
Printing and engraving fees |
|
|
50,000 |
|
Accounting fees and expenses |
|
|
20,000 |
|
Miscellaneous |
|
|
30,000 |
|
|
|
|
|
TOTAL |
|
$ |
150,000 |
|
|
|
|
|
|
|
|
* |
|
Omitted because the registration fee is being deferred pursuant to Rule 456(b). |
Item 15. Indemnification of Directors and Officers
Comcast Corporation
Indemnification under Pennsylvania Law and Comcast Charter and Bylaws. Sections 1741 through
1750 of Subchapter D, Chapter 17, of the Pennsylvania Business Corporation Law (PBCL) contain
provisions for mandatory and discretionary indemnification of a corporations directors, officers
and other personnel, and related matters.
Under Section 1741 of the PBCL, subject to certain limitations, a corporation has the power to
indemnify directors and officers under certain prescribed circumstances against expenses (including
attorneys fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
in connection with an action or proceeding, whether civil, criminal, administrative or
investigative (other than derivative actions), to which any such officer or director is a party or
is threatened to be made a party by reason of such person being a representative of the corporation
or serving at the request of the corporation as a representative of another domestic or foreign
corporation for profit or not-for-profit, partnership, joint venture, trust or other enterprise, so
long as the director or officer acted in good faith and in a manner reasonably believed to be in,
or not opposed to, the best interests of the corporation and, with respect to any criminal
proceeding, such officer or director had no reasonable cause to believe his/her conduct was
unlawful.
Section 1742 of the PBCL permits indemnification in derivative and corporate actions if the
director or officer acted in good faith and in a manner he reasonably believed to be in, or not
opposed to, the best interests of the corporation, except in respect of any claim, issue or matter
as to which the person has been adjudged to be liable to the corporation unless and only to the
extent that the proper court determines upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, the person is fairly and reasonably
entitled to indemnity for the expenses that the court deems proper.
Under Section 1743 of the PBCL, indemnification is mandatory to the extent that the officer or
director has been successful on the merits or otherwise in defense of any action or proceeding
referred to in Section 1741 or 1742 of the PBCL.
II-1
Section 1744 of the PBCL provides that, unless ordered by a court, any indemnification under
Section 1741 or 1742 of the PBCL shall be made by the corporation only as authorized in the
specific case upon a determination that the representative met the applicable standard of conduct,
and such determination must be made by (i) the board of directors by a majority vote of a quorum of
directors not parties to the action or proceeding, (ii) if a quorum is not obtainable, or if
obtainable and a majority of disinterested directors so directs, by independent legal counsel in a
written opinion, or (iii) by the shareholders.
Section 1745 of the PBCL provides that expenses (including attorneys fees) incurred by a
director or officer in defending any action or proceeding referred to in Subchapter D of Chapter 17
of the PBCL may be paid by the corporation in advance of the final disposition of such action or
proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it
shall ultimately be determined that he is not entitled to be indemnified by the corporation.
Except as otherwise provided in the corporations bylaws, advancement of expenses must be
authorized by the board of directors.
Section 1746 of the PBCL provides generally that the indemnification and advancement of
expenses provided by Subchapter D of Chapter 17 of the PBCL shall not be deemed exclusive of any
other rights to which a person seeking indemnification or advancement of expenses may be entitled
under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as
to action in his official capacity and as to action in another capacity while holding that office.
In no event may indemnification be made in any case where the act or failure to act giving rise to
the claim for indemnification is determined by a court to have constituted willful misconduct or
recklessness.
Section 1747 of the PBCL grants a corporation the power to purchase and maintain insurance on
behalf of any director or officer against any liability incurred by him in his capacity as officer
or director, whether or not the corporation would have the power to indemnify him against that
liability under Subchapter D of Chapter 17 of the PBCL.
Sections 1748 and 1749 of the PBCL extend the indemnification and advancement of expenses
provisions contained in Subchapter D of Chapter 17 of the PBCL to successor corporations in
fundamental changes and to representatives serving as fiduciaries of employee benefit plans.
Section 1750 of the PBCL provides that the indemnification and advancement of expenses
provided by, or granted pursuant to, Subchapter D of Chapter 17 of the PBCL shall, unless otherwise
provided when authorized or ratified, continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of the heirs and personal representatives
of such person.
Article Eleventh of the Comcast charter and Article 7 of the Comcast bylaws provide that no
director of Comcast will be personally liable, as such, for monetary damages (other than under
criminal statutes and under laws imposing such liability on directors or officers for the payment
of taxes) unless such persons conduct constitutes self-dealing, willful misconduct or
recklessness. Article Twelfth of the Comcast charter also extends such protection to officers.
Article 7 of the Comcast bylaws provides that each officer and director of Comcast will be
indemnified and held harmless by Comcast for all actions taken by him or her and for all failures
to take action (regardless of the date of any such action or failure to take action) to the fullest
extent permitted by Pennsylvania law against all expense, liability and loss (including, without
limitation, attorneys fees, judgments, fines, taxes, penalties and amounts paid or to be paid in
settlement) reasonably incurred or suffered by such officer or director in connection with any
threatened, pending or completed action, suit or proceeding (including, without limitation, an
II-2
action, suit or proceeding by or in the right of Comcast), whether civil, criminal, administrative
or investigative (a Proceeding). No indemnification will be made, however, in any case where the
act or failure to act giving rise to the claim for indemnification is determined by a court to have
constituted willful misconduct or recklessness. The right to indemnification includes the right to
have the expenses incurred by such director or officer in defending any Proceeding paid by Comcast
in advance of the final disposition of the Proceeding to the fullest extent permitted by
Pennsylvania law, provided that, if Pennsylvania law requires, the payment of expenses incurred by
such director or officer in advance of the final disposition of a Proceeding shall only be made
upon delivery to Comcast of an undertaking, by or on behalf of the director or officer, to repay
all advanced amounts if it is ultimately determined that the director or officer is not entitled to
be so indemnified.
Article 7 of the Comcast bylaws also provides that Comcast may purchase and maintain
insurance, at its expense, for the benefit of any person on behalf of whom insurance is permitted
to be purchased by Pennsylvania law against any expense, liability or loss, whether or not Comcast
would have the power to indemnify such person under Pennsylvania or any other law. Comcast may
also purchase and maintain insurance to insure its indemnification obligations.
The foregoing statements are subject to the detailed provisions of the PBCL and to the
applicable provisions of the Comcast charter and bylaws.
Merger Agreement Provision Relating to AT&T and Comcast Holdings Directors and Officers
Comcast has agreed in connection with the completion of its acquisition of the broadband
business of AT&T Corp. (the Broadband acquisition) to indemnify the present and former officers
and directors of AT&T, the AT&T subsidiaries, Comcast Cable Communications Holdings, the Comcast
Cable Communications Holdings subsidiaries, Comcast Holdings and the Comcast Holdings
subsidiaries, and each individual who prior to the completion of the Broadband acquisition
became such an officer or director, from their acts or omissions in those capacities occurring at
or prior to the completion of such transaction to the maximum extent permitted by law; provided,
however, no such indemnification will be required for officers or directors acting in a capacity
for AT&T and its subsidiaries other than in connection with either AT&Ts broadband business or the
merger agreement for the Broadband acquisition and the transactions contemplated by the merger
agreement.
AT&T (and not Comcast Cable Communications Holdings) will indemnify and hold harmless Comcast
for 50% of any losses described in the preceding paragraph arising out of acts or omissions of the
AT&T officers and directors in connection with the merger agreement and the transactions
contemplated by the merger agreement.
For six years after completion of the Broadband acquisition, Comcast will provide officers
and directors liability insurance in respect of acts or omissions occurring prior to completion of
the transactions covering each officer and director identified in the second preceding paragraph
(for officers and directors of AT&T and its subsidiaries, only for acts or omissions of such person
acting in connection with either AT&Ts broadband business or the merger agreement and the
transactions contemplated by the merger agreement) covered by the officers and directors
liability insurance policy of AT&T or Comcast Holdings, as the case may be, on terms no less
favorable than those of such policy in effect on December 19, 2001, except that Comcast will only
be obligated to pay up to 300% of the annual premium paid for such insurance by either AT&T or
Comcast Holdings as of December 19, 2001.
II-3
Comcast Cable Communications Holdings, Inc.
Comcast Cable Communications Holdings is a corporation organized under the laws of the State
of Delaware. Subsection (a) of Section 145 of the General Corporation Law of the State of Delaware
empowers a corporation to indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that he is or was a director, employee or agent of the corporation or is or was
serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorneys fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had no cause to believe his conduct was unlawful.
Subsection (b) of Section 145 empowers a corporation to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that
such person acted in any of the capacities set forth above, against expenses (including attorneys
fees) actually and reasonably incurred by him in connection with the defense or settlement of such
action or suit if he acted in good faith and in a manner such person reasonably believed to be in
or not opposed to the best interests of the corporation and except that no indemnification may be
made in respect to any claim, issue or matter as to which such person shall have been adjudged to
be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine that despite the adjudication of liability
but in view of all the circumstances of the case such person is fairly and reasonably entitled to
indemnify for such expenses which the court shall deem proper.
Section 145 further provides that to the extent a director, officer, employee or agent of a
corporation has been successful in the defense of any action, suit or proceeding referred to in
subsections (a) or (b) or in the defense of any claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys fees) actually and reasonably incurred by him in
connection therewith; that indemnification or advancement of expenses provided for by Section 145
shall not be deemed exclusive of any other rights to which the indemnified party may be entitled;
and empowers the corporation to purchase and maintain insurance on behalf of a director, officer,
employee or agent of the corporation against any liability asserted against him or incurred by him
in any such capacity or arising out of his status as such, whether or not the corporation would
have the power to indemnify him against such liabilities under Section 145.
Article VIII of Comcast Cable Communications Holdings Certificate of Incorporation provides
that a director of Comcast Cable Communications Holdings will not be personally liable to Comcast
Cable Communications Holdings or its stockholders for monetary damages for breach of fiduciary duty
as a director, except that a director will not be exempt from liability (i) for any breach of the
directors duty of loyalty to Comcast Cable Communications Holdings or its stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 of the General Corporation Law of the State of Delaware or (iv) for
any transaction which a director derived an improper personal benefit. If there is any change in
Delaware law which expands the liability of directors, the limited liability of Comcast Cable
Communications Holdings directors
shall continue to the extent permitted by law and if there is any change in Delaware law which
permits a corporation, without the requirement of any further action by the stockholders or
directors of such corporation, to limit further the liability of directors, then the liability of
Comcast Cable Communications Holdings directors will be limited to the extent permitted by law.
II-4
Comcast Cable Communications, LLC
Comcast Cable is a limited liability company organized under the laws of the State of
Delaware. Section 18-108 of the Delaware Limited Liability Company Act permits a limited liability
company, subject to any restrictions that may be set forth in its limited liability company
agreement, to indemnify its members and managers from and against any and all claims and demands.
Section 18.1 of Comcast Cables Limited Liability Company Agreement (LLC Agreement) provides
that Comcast Cable will indemnify the member, Comcast Holdings Corporation, any officer of Comcast
Cable and any officer of Comcast Cable who is or was serving as a director, officer, employee or
agent of another entity at Comcast Cables request (each, an Indemnified Person) against expenses
(including attorneys fees), judgments, fines and amounts paid in settlement, actually and
reasonably incurred by such Indemnified Person, to the fullest extent permitted by law in
connection with any threatened, pending or contemplated action, suit or proceeding, whether civil,
criminal, administrative or investigative (hereinafter, a proceeding), brought or threatened to
be brought against such Indemnified Person by reason of the fact that he or she is or was serving
in any such capacity or in any capacity on behalf of Comcast Cable. In addition, the member may,
by resolution, indemnify any other person (hereinafter, an Other Person) for similar liabilities
incurred by him or her in connection with services rendered by him or her for or at the request of
Comcast Cable, the member or any of Comcast Cables subsidiaries.
Section 18.2 of Comcast Cables LLC Agreement provides that expenses (including attorneys
fees) incurred by any Indemnified Person in defending a proceeding will be paid by Comcast Cable in
advance of the final disposition of such proceeding as authorized by the member upon receipt of an
undertaking, by or on behalf of such Indemnified Person, to repay such amount if it is ultimately
determined that he or she is not entitled to be indemnified by Comcast Cable as authorized by law.
Advance expenses (including attorneys fees) incurred by Other Persons may be paid by Comcast Cable
if the member deems appropriate and upon such terms and conditions, including the giving of an
undertaking, as the member deems appropriate.
Section 18.4 of Comcast Cables LLC Agreement provides that Comcast Cable may purchase and
maintain insurance on behalf of any person who is or was an Indemnified Person or Other Person
against any liability asserted against him or her and incurred by him or her in any such capacity,
or arising out of his or her status as such.
Comcast Cable Holdings, LLC
Comcast Cable Holdings is a limited liability company organized under the laws of the State of
Delaware. The indemnification of officers and other persons provided for by Comcast Cable
Holdings LLC Agreement and the Delaware Limited Liability Company Act is identical to the
indemnification provisions described under Comcast Cable Communications, LLC, except that the
member of Comcast Cable Holdings is Comcast Cable Communications Holdings.
Comcast MO Group, Inc.
Comcast MO Group is a corporation organized under the laws of the State of Delaware. The
indemnification of officers and directors provided for by the General Corporation Law of the State
of Delaware is identical to the provisions described above under Comcast Cable Communications
Holdings, Inc.
II-5
Article VIII, Section 1 of Comcast MO Groups Certificate of Incorporation provides that a
director of Comcast MO Group will not be personally liable to Comcast MO Group or its stockholders
for monetary damages for breach of fiduciary duty as director, except to the extent this exemption
is not permitted by the General Corporation Law of the State of Delaware. Any repeal or
modification of this provision will not affect the rights of a director of Comcast MO Group prior
to such repeal or modification.
Article VIII, Section 2 of Comcast MO Groups Certificate of Incorporation provides that each
person who was or is made a party or is threatened to be made a party to or is otherwise in any way
involved in any action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a proceeding), by reason of the fact that he, or the person of whom he
is legal representative, is or was a director or officer of Comcast MO Group or is or was serving
at its request as a director, officer or employee or agent of another corporation or of a
partnership, joint venture, trust or other enterprise, including service with respect to
an employee benefit plan (hereinafter an indemnitee), whether the basis of the proceeding is
alleged action in an official capacity or in any other capacity while serving as a director,
officer or employee, will be indemnified and held harmless by Comcast MO Group to the fullest
extent authorized by the General Corporation Law of the State of Delaware against all expense,
liability and loss (including attorneys fees, judgments, fines, amounts paid or to be paid in
settlement and Employee Retirement Income Security Act of 1974 excise taxes or penalties)
reasonably incurred or suffered by the indemnitee in connection with the proceeding. However,
except in the case of proceedings to enforce rights to indemnification, Comcast MO Group will
indemnify an indemnitee in connection with a proceeding (or part thereof) initiated by the
indemnitee only if the proceeding was authorized by the Board of Directors of Comcast MO Group.
The right to indemnification includes the right to be paid by Comcast MO Group the advancement of
expenses incurred in defending any proceeding in advance of its final disposition; provided,
however, that, if the General Corporation Law of the State of Delaware requires, an advancement of
expenses incurred by an indemnitee in his capacity as a director or officer will be made only upon
delivery to Comcast MO Group of an undertaking, by or on behalf of the indemnitee, to repay all
amounts so advanced if it is ultimately determined that the indemnitee is not entitled to be
indemnified for the expenses. Also, the Board of Directors of Comcast MO Group may grant rights to
indemnification as described above to any of Comcast MO Groups employees and agents.
If a claim for indemnification is not paid in full within 30 days after a written claim is
received by Comcast MO Group, the indemnitee may bring suit to recover the unpaid amount of the
claim, and if successful in whole or in part, the indemnitee will be entitled to be paid also the
expense of prosecuting the suit. It shall be a defense to any such action (other than an action
brought to enforce a claim for expenses incurred in defending any proceeding in advance of its
final disposition where the required undertaking, if any is required, has been tendered) that the
claimant has not met the standards of conduct which make it permissible under the General
Corporation Law of the State of Delaware for Comcast MO Group to indemnify the claimant for the
amount claimed, but Comcast MO Group would bear the burden of proving this defense.
Comcast MO Group may maintain insurance, at its expense, to protect itself and any director,
officer, employee or agent of Comcast MO Group or another corporation, partnership, joint venture,
trust or other enterprise against any expense, liability or loss, whether or not Comcast MO Group
would have the power to indemnify such person under the General Corporation Law of the State of
Delaware.
Comcast MO of Delaware, LLC
Comcast MO of Delaware is a limited liability company organized under the laws of the State of
Delaware. The indemnification of officers and other persons provided for by Comcast MO of
Delawares LLC Agreement and the Delaware Limited Liability Company Act is identical
II-6
to the
indemnification provisions described under Comcast Cable Communications, LLC, except that the
member of Comcast MO of Delaware is Comcast of Georgia, Inc.
Item 16. Exhibits and Financial Statement Schedules
|
(a) |
|
The following exhibits are filed as part of this Registration Statement: |
|
|
|
Exhibit No. |
|
Document |
|
1.1
|
|
Form of Underwriting Agreement (Debt Securities, Warrants, Purchase Contracts and Units)* |
|
|
|
1.2
|
|
Form of Underwriting Agreement (Preferred Stock, Depositary Shares, Common Stock)* |
|
|
|
4.1
|
|
Specimen Class A Common Stock Certificate1 |
|
|
|
4.2
|
|
Specimen Class A Special Common Stock Certificate1 |
|
|
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4.3
|
|
Rights Agreement dated as of November 18, 2002, between Comcast Corporation and
EquiServe Trust Company, N.A., as Rights Agent, which includes the Form of Certificate
of Designation of Series A Participants Cumulative Preferred Stock as Exhibit A and the
Form of Right Certificate as Exhibit B (incorporated by reference to our registration
statement on Form 8-A12G filed on November 18, 2002)2 |
|
|
|
4.4
|
|
Form of Senior Indenture among the Company, the cable guarantors party thereto and The
Bank of New York, as Trustee3 |
|
|
|
4.5
|
|
Form of Amendment to Senior Indenture among the Company, Comcast MO of Delaware, Inc.
(formerly known as MediaOne of Delaware, Inc.) the other cable guarantors party thereto
and The Bank of New York, as Trustee4 |
|
|
|
4.6
|
|
Form of Subordinated Indenture among the Company, the cable guarantors party thereto and
The Bank of New York, as Trustee* |
|
|
|
4.7
|
|
Form of Senior Debt Security3 |
|
|
|
4.8
|
|
Form of Subordinated Debt Security3 |
|
|
|
4.9
|
|
Form of Purchase Contract Agreement relating to Purchase Contracts (included in Exhibit
4.10) |
|
|
|
4.10
|
|
Form of Unit Agreement5 |
|
|
|
4.11
|
|
Form of Warrant Agreement for Warrants sold separately6 |
|
|
|
4.12
|
|
Form of Warrant for Warrants sold separately (included in Exhibit 4.11) |
|
|
|
4.13
|
|
Form of Warrant Agreement for Warrants sold attached to other Securities6 |
|
|
|
4.14
|
|
Form of Warrant for Warrants sold attached to other Securities (included in Exhibit 4.13) |
|
|
|
4.15
|
|
Form of Pledge Agreement6 |
|
|
|
4.16
|
|
Form of Deposit Agreement3 |
|
|
|
4.17
|
|
Form of Depositary Share (included in Exhibit 4.16) |
|
|
|
4.18
|
|
Form of Guarantee (Warrants, Purchase Contracts and Units)6 |
|
|
|
5.1
|
|
Opinion of Arthur R. Block, Esquire* |
II-7
|
|
|
Exhibit No. |
|
Document |
|
5.1
|
|
Opinion of Davis Polk & Wardwell* |
|
|
|
12.1
|
|
Statement Regarding Computation of Ratio of Earnings to Fixed Charges of Comcast
Corporation* |
|
|
|
12.2
|
|
Statement Regarding Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends of Comcast Corporation* |
|
|
|
23.1
|
|
Consent of Deloitte & Touche LLP* |
|
|
|
23.2
|
|
Consent of Arthur R. Block, Esquire (included in Exhibit 5.1) |
|
|
|
23.3
|
|
Consent of Davis Polk & Wardwell (included in Exhibit 5.2) |
|
|
|
24.1
|
|
Powers of Attorney (included on the signature pages hereof)
|
|
|
|
25.1
|
|
Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York, as Trustee under the
Senior Indenture* |
|
|
|
25.2
|
|
Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York, as Trustee under the Subordinated Indenture* |
|
|
|
* |
|
Filed herewith. |
|
1. |
|
Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31,
2002, filed on March 20, 2003. |
|
2. |
|
Incorporated by reference to our Registration Statement on Form 8-A12G filed on November 18,
2002. |
|
3. |
|
Incorporated by reference to our Registration Statement on Form S-3, filed on December 16,
2002. |
|
4. |
|
Incorporated by reference to our Registration Statement on Form S-3 filed on March 26, 2003. |
|
5. |
|
To be filed by Current Report on Form 8-K. |
|
6. |
|
Incorporated by reference to our Amended Registration Statement on Form S-3/A, filed on
December 23, 2002. |
Item 17. Undertakings
|
(a) |
|
The undersigned Registrants hereby undertake: |
(1) To file, during any period in which offers or sales are being made of securities
registered hereby, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered
II-8
would not
exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Securities
and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price
set forth in the Calculation of Registration Fee table in the effective registration
statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information
in the registration statement;
provided, however, that paragraphs (i), (ii) and (iii) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Securities and Exchange Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in this registration statement, or is contained in a form of prospectus filed
pursuant to Rule 424(b) that is part of the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the Securities Act to any
purchaser:
(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be
deemed to be part of the registration statement as of the date the filed prospectus was
deemed part of and included in the registration statement; and
(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) as part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing
the information required by Section 10(a) of the Securities Act shall be deemed to be
part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date an
underwriter, such date shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof. Provided, however, that no statement made in
a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately prior to such
effective date.
(5) That, for the purpose of determining liability of the registrant under the Securities
Act to any purchaser in the initial distribution of the securities:
II-9
The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to
the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of
the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
|
(b) |
|
The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrants annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof. |
|
|
(c) |
|
Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrants pursuant to the
foregoing provisions, or otherwise, the registrants have been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
registrants will, unless in the opinion of their counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue. |
II-10
SIGNATURES AND POWER OF ATTORNEY FOR COMCAST CORPORATION
Pursuant to the requirements of the Securities Act of 1933, Comcast Corporation certifies that
it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on March 27, 2006.
|
|
|
|
|
|
COMCAST CORPORATION
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
|
Chairman and CEO; Director
|
|
March 27, 2006 |
Brian L. Roberts |
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ Ralph J. Roberts
Ralph J. Roberts
|
|
Chairman of the Executive and
Finance Committee of the Board
of Directors; Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Julian A. Brodsky
Julian A. Brodsky
|
|
Non-Executive Vice Chairman;
Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence S. Smith
Lawrence S. Smith
|
|
Executive Vice President
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ John R. Alchin
John R. Alchin
|
|
Executive Vice President and Treasurer
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence J. Salva
Lawrence J. Salva
|
|
Senior Vice President, Chief
Accounting Officer and Controller
(Principal Accounting Officer)
|
|
March 27, 2006 |
II-11
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
/s/ S. Decker Anstrom
|
|
Director
|
|
March 22, 2006 |
|
|
|
|
|
S. Decker Anstrom |
|
|
|
|
|
|
|
|
|
/s/ Edward D. Breen
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Edward D. Breen |
|
|
|
|
|
|
|
|
|
/s/ Kenneth J. Bacon
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Kenneth J. Bacon |
|
|
|
|
|
|
|
|
|
/s/ Sheldon M. Bonovitz
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Sheldon M. Bonovitz |
|
|
|
|
|
|
|
|
|
/s/ Joseph J. Collins
|
|
Director
|
|
March 21, 2006 |
|
|
|
|
|
Joseph J. Collins |
|
|
|
|
|
|
|
|
|
/s/ J. Michael Cook
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
J. Michael Cook |
|
|
|
|
|
|
|
|
|
/s/ Jeffrey A. Honickman
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Jeffrey A. Honickman |
|
|
|
|
|
|
|
|
|
/s/ Dr. Judith Rodin
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Dr. Judith Rodin |
|
|
|
|
|
|
|
|
|
/s/ Michael I. Sovern
|
|
Director
|
|
March 27, 2006 |
|
|
|
|
|
Michael I. Sovern |
|
|
|
|
II-12
SIGNATURES AND POWER OF ATTORNEY FOR
COMCAST CABLE COMMUNICATIONS, LLC
Pursuant to the requirements of the Securities Act of 1933, Comcast Cable Communications, LLC
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on
March 27, 2006.
|
|
|
|
|
|
COMCAST CABLE COMMUNICATIONS, LLC
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
/s/ Brian L. Roberts
|
|
Chairman |
|
|
|
|
|
|
|
Brian L. Roberts
|
|
(Principal Executive Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence S. Smith
|
|
Executive Vice President |
|
|
|
|
|
|
|
Lawrence S. Smith
|
|
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ John R. Alchin
|
|
Executive Vice President |
|
|
|
|
|
|
|
John R. Alchin
|
|
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence J. Salva
|
|
Senior Vice President (Principal |
|
|
|
|
|
|
|
Lawrence J. Salva
|
|
Accounting Officer)
|
|
March 27, 2006 |
|
|
|
|
|
COMCAST HOLDINGS
CORPORATION |
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Arthur R. Block
|
|
Sole Member
|
|
March 27, 2006 |
|
|
Arthur. R. Block
|
|
|
|
|
|
|
Senior Vice President |
|
|
|
|
II-13
SIGNATURES AND POWER OF ATTORNEY FOR
COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.
Pursuant to the requirements of the Securities Act of 1933, Comcast Cable Communications
Holdings, Inc. certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, State of
Pennsylvania, on March 27, 2006.
|
|
|
|
|
|
COMCAST CABLE COMMUNICATIONS
HOLDINGS, INC.
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
/s/ Brian L. Roberts
Brian L. Roberts
|
|
Chairman
(Principal Executive Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence S. Smith
Lawrence S. Smith
|
|
Executive Vice President
(Co-Principal Financial Officer);
Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ John R. Alchin
John R. Alchin
|
|
Executive Vice President
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ David L. Cohen
David L. Cohen
|
|
Executive Vice President; Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Arthur R. Block
Arthur R. Block
|
|
Senior Vice President; Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence J. Salva
Lawrence J. Salva
|
|
Senior Vice President
(Principal Accounting Officer)
|
|
March 27, 2006 |
II-14
SIGNATURES AND POWER OF ATTORNEY FOR
COMCAST CABLE HOLDINGS, LLC
Pursuant to the requirements of the Securities Act of 1933, Comcast Cable Holdings, LLC
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on
March 27, 2006.
|
|
|
|
|
|
COMCAST CABLE HOLDINGS, LLC
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
|
Chairman
(Principal Executive Officer)
|
|
March 27, 2006 |
Brian L. Roberts |
|
|
|
|
|
|
|
|
|
|
|
Executive Vice President
(Co-Principal Financial
Officer)
|
|
March 27, 2006 |
Lawrence S. Smith |
|
|
|
|
|
|
|
|
|
|
|
Executive Vice President
(Co-Principal Financial
Officer)
|
|
March 27, 2006 |
John R. Alchin |
|
|
|
|
|
|
|
|
|
|
|
Senior Vice President
(Principal Accounting Officer)
|
|
March 27, 2006 |
Lawrence J. Salva |
|
|
|
|
COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.
|
|
|
|
|
|
|
|
By:
|
|
/s/ Arthur R. Block
|
|
Sole Member
|
|
March 27, 2006 |
|
|
Arthur. R. Block
|
|
|
|
|
|
|
Senior Vice President |
|
|
|
|
II-15
SIGNATURES AND POWER OF ATTORNEY FOR COMCAST MO GROUP, INC.
Pursuant to the requirements of the Securities Act of 1933, Comcast MO Group, Inc. certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on March 27, 2006.
|
|
|
|
|
|
COMCAST MO GROUP, INC.
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
/s/ Brian L. Roberts
Brian L. Roberts
|
|
Chairman
(Principal Executive Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence S. Smith
Lawrence S. Smith
|
|
Executive Vice President
(Co-Principal Financial Officer);
Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ John R. Alchin
John R. Alchin
|
|
Executive Vice President
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ David L. Cohen
David L. Cohen
|
|
Executive Vice President; Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Arthur R. Block
Arthur R. Block
|
|
Senior Vice President; Director
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence J. Salva
Lawrence J. Salva
|
|
Senior Vice President
(Principal Accounting Officer)
|
|
March 27, 2006 |
II-16
SIGNATURES AND POWER OF ATTORNEY FOR
COMCAST MO OF DELAWARE, LLC
Pursuant to the requirements of the Securities Act of 1933, Comcast MO of Delaware, LLC
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on
March 27, 2006.
|
|
|
|
|
|
COMCAST MO OF DELAWARE, LLC
|
|
|
By: |
/s/ Arthur R. Block
|
|
|
|
Name: |
Arthur R. Block |
|
|
|
Title: |
Senior Vice President |
|
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Brian L. Roberts, Lawrence S. Smith, John R. Alchin, David L. Cohen,
Lawrence J. Salva and Arthur R. Block and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
to this Registration Statement (including post-effective amendments), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
/s/ Brian L. Roberts
|
|
Chairman |
|
|
|
|
|
|
|
Brian L. Roberts
|
|
(Principal Executive Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence S. Smith
|
|
Executive Vice President |
|
|
|
|
|
|
|
Lawrence S. Smith
|
|
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ John R. Alchin
|
|
Executive Vice President |
|
|
|
|
|
|
|
John R. Alchin
|
|
(Co-Principal Financial Officer)
|
|
March 27, 2006 |
|
|
|
|
|
/s/ Lawrence J. Salva
|
|
Senior Vice President |
|
|
|
|
|
|
|
Lawrence J. Salva
|
|
(Principal Accounting Officer)
|
|
March 27, 2006 |
|
|
|
|
|
COMCAST OF GEORGIA, INC. |
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Arthur R. Block
|
|
Sole Member
|
|
March 27, 2006 |
|
|
Arthur. R. Block
|
|
|
|
|
|
|
Senior Vice President |
|
|
|
|
II-17
EXHIBIT INDEX
|
|
|
Exhibit No. |
|
Document |
|
1.1
|
|
Form of Underwriting Agreement (Debt Securities, Warrants, Purchase Contracts and Units)* |
|
|
|
1.2
|
|
Form of Underwriting Agreement (Preferred Stock, Depositary Shares, Common Stock)* |
|
|
|
4.1
|
|
Specimen Class A Common Stock Certificate1 |
|
|
|
4.2
|
|
Specimen Class A Special Common Stock Certificate1 |
|
|
|
4.3
|
|
Rights Agreement dated as of November 18, 2002, between Comcast Corporation and
EquiServe Trust Company, N.A., as Rights Agent, which includes the Form of Certificate
of Designation of Series A Participants Cumulative Preferred Stock as Exhibit A and the
Form of Right Certificate as Exhibit B (incorporated by reference to our registration
statement on Form 8-A12G filed on November 18, 2002)2 |
|
|
|
4.4
|
|
Form of Senior Indenture among the Company, the cable guarantors party thereto and The
Bank of New York, as Trustee3 |
|
|
|
4.5
|
|
Form of Amendment to Senior Indenture among the Company, Comcast MO of Delaware, Inc.
(formerly known as MediaOne of Delaware, Inc.) the other cable guarantors party thereto
and The Bank of New York, as Trustee4 |
|
|
|
4.6
|
|
Form of Subordinated Indenture among the Company, the cable guarantors party thereto and
The Bank of New York, as Trustee* |
|
|
|
4.7
|
|
Form of Senior Debt Security3 |
|
|
|
4.8
|
|
Form of Subordinated Debt Security3 |
|
|
|
4.9
|
|
Form of Purchase Contract Agreement relating to Purchase Contracts (included in Exhibit
4.10) |
|
|
|
4.10
|
|
Form of Unit Agreement5 |
|
|
|
4.11
|
|
Form of Warrant Agreement for Warrants sold separately6 |
|
|
|
4.12
|
|
Form of Warrant for Warrants sold separately (included in Exhibit 4.11) |
|
|
|
4.13
|
|
Form of Warrant Agreement for Warrants sold attached to other Securities6 |
|
|
|
4.14
|
|
Form of Warrant for Warrants sold attached to other Securities (included in Exhibit 4.13) |
|
|
|
4.15
|
|
Form of Pledge Agreement6 |
|
|
|
4.16
|
|
Form of Deposit Agreement3 |
|
|
|
4.17
|
|
Form of Depositary Share (included in Exhibit 4.16) |
|
|
|
4.18
|
|
Form of Guarantee (Warrants, Purchase Contracts and Units)6 |
|
|
|
5.1
|
|
Opinion of Arthur R. Block, Esquire* |
|
|
|
5.2
|
|
Opinion of Davis Polk & Wardwell* |
|
|
|
12.1
|
|
Statement Regarding Computation of Ratio of Earnings to Fixed Charges of Comcast
Corporation* |
II-18
|
|
|
Exhibit No. |
|
Document |
|
12.2
|
|
Statement Regarding Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends of Comcast Corporation* |
|
|
|
23.1
|
|
Consent of Deloitte & Touche LLP* |
|
|
|
23.2
|
|
Consent of Arthur R. Block, Esquire (included in Exhibit 5.1) |
|
|
|
23.3
|
|
Consent of Davis Polk & Wardwell (included in Exhibit 5.2) |
|
|
|
24.1
|
|
Powers of Attorney (included on the signature pages hereof)
|
|
|
|
25.1
|
|
Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York, as Trustee under the Senior Indenture* |
|
|
|
25.2
|
|
Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank
of New York, as Trustee under the Subordinated Indenture* |
1. |
|
Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31,
2002, filed on March 20, 2003. |
2. |
|
Incorporated by reference to our Registration Statement on Form 8-A12G, filed on November 18,
2002. |
3. |
|
Incorporated by reference to our Registration Statement on Form S-3, filed on December 16,
2002. |
|
4. |
|
Incorporated by reference to our Registration Statement on Form S-3 filed on March 26, 2003. |
|
5. |
|
To be filed by Current Report on Form 8-K. |
6. |
|
Incorporated by reference to our Amended Registration Statement on Form S-3/A, filed on
December 23, 2002. |
II-19
exv1w1
EXHIBIT
1.1
UNDERWRITING AGREEMENT
(Debt Securities)
[ ]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Dear Sirs:
We (the Manager) are acting on behalf of the underwriter or underwriters (including
ourselves) named below (such underwriter or underwriters being herein called the Underwriters),
and we understand that Comcast Corporation, a Pennsylvania corporation (the Company), proposes to
issue and sell $[ ] aggregate principal amount of [ ]% Notes Due [ ]
(the Offered Securities). The Offered Securities are to be issued pursuant to the provisions
of the [specify the indenture] and guaranteed on an unsecured and [unsubordinated] [subordinated]
basis by Comcast Cable Communications, LLC, Comcast Cable Communications Holdings, Inc., Comcast
Cable Holdings, LLC, Comcast MO Group, Inc. and Comcast MO of Delaware, LLC (the Cable
Guarantors).
Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell and the Underwriters agree to purchase, severally and not jointly, the
aggregate principal amount of the Offered Securities set forth below opposite their names at a
purchase price of [ ], plus accrued interest, if any, from [ ]
to the date of payment and delivery (the Purchase Price).
|
|
|
|
|
|
|
Number of |
|
|
|
Offered Securities |
|
Underwriter |
|
To Be Purchased |
|
|
|
|
|
|
[Insert syndicate list] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
For purposes of the Underwriting Agreement, Applicable Time means [ ] (New York time)
on the date hereof.
The Underwriters will pay for the Offered Securities upon delivery thereof at the offices of
Davis Polk & Wardwell, 1600 El Camino Real, Menlo Park, California at 10:00 a.m. (New York time) on
[ ], or at such other time, not later than 5:00 p.m. (New York time)
on [ ] as shall be designated in writing by the Underwriters and the Company. The time and
date of such payment and delivery are hereinafter referred to as the Closing Date.
The Offered Securities shall have the terms set forth in the Prospectus dated [ ],
2006 and the Prospectus Supplement dated [ ], including the following:
Terms of Offered Securities
Maturity Date:
Interest Rate:
Redemption Provisions:
Interest Payment Dates: [ ], commencing [ ]
(Interest accrues from [ ])
Form and Denomination:
Ranking:
Conversion Provisions:
Other Terms:
Capitalized terms used above and not defined herein shall have the meanings set forth in the
Prospectus and Prospectus Supplement referred to above.
All communications hereunder shall be in writing and effective only upon receipt and (a) if to
the Underwriters, shall be delivered, mailed or sent via facsimile in care of [ ],
facsimile number [ ], Attention: [ ], or (b) if to the Company, shall
be delivered, mailed or sent via facsimile to 1500 Market Street, Philadelphia, Pennsylvania 19102,
facsimile number [ ], Attention: [ ].
The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of
an arms length contractual counterparty to the Company with respect to the offering of Offered
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, none of the Underwriters is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction with respect to the offering
of Offered Securities contemplated hereby. The Company shall consult with its own advisors
concerning such matters and shall be responsible for making their own independent investigation and
appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of
the Company, the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Underwriters and shall not be on behalf of the
Company.
2
Except as set forth below, all provisions contained in the document entitled Comcast
Corporation Underwriting Agreement Standard Provisions (Debt Securities, Warrants, Purchase
Contracts, Units and Guarantees) dated [ ], (the Standard Provisions), a copy of
which is attached hereto, are herein incorporated by reference in their entirety and shall be
deemed to be a part of this Agreement to the same extent as if such provisions had been set forth
in full herein, except that (i) if any term defined in such document is otherwise defined herein,
the definition set forth herein shall control, (ii) all references in such document to a type of
security that is not an Offered Security shall not be deemed to be a part of this Agreement and
(iii) all references in such document to a type of agreement that has not been entered into in
connection with the transactions contemplated hereby shall not be deemed to be a part of this
Agreement.
3
Please confirm your agreement by having an authorized officer sign a copy of this Agreement in
the space set forth below.
|
|
|
|
|
|
|
|
|
|
|
Very truly yours, |
|
|
|
|
|
|
|
|
|
|
|
|
|
[Name of Lead Managers] |
|
|
|
|
|
|
|
|
|
|
|
|
|
On behalf of themselves and the other |
|
|
|
|
Underwriters named herein |
|
|
|
|
|
|
|
|
|
|
|
|
|
By
|
|
[
|
|
|
|
] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
|
|
Title: |
|
|
|
|
|
|
|
Accepted: |
|
|
|
|
|
|
|
COMCAST CORPORATION |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
COMCAST CABLE COMMUNICATIONS, LLC |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
COMCAST CABLE COMMUNICATIONS HOLDINGS, INC. |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
COMCAST CABLE HOLDINGS, LLC |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
4
|
|
|
|
|
COMCAST MO GROUP, INC. |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
COMCAST MO OF DELAWARE, LLC |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
5
SCHEDULE I
TIME OF SALE PROSPECTUS
1. Base Prospectus dated [ ] relating to the Offered Securities and included in the
Registration Statement (File No. [ ])
2. Final term sheet containing the final terms of the Offered Securities as set forth in Schedule
II hereto and filed with the Commission under Rule 433
SCHEDULE II
FINAL PRICING TERMS
UNDERWRITING AGREEMENT
(Warrants)
[ ]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Dear Sirs:
We (the Manager) are acting on behalf of the underwriter or underwriters (including
ourselves) named below (such underwriter or underwriters being herein called the Underwriters),
and we understand that Comcast Corporation, a Pennsylvania corporation (the Company), proposes to
issue and sell [number and title of warrants] Warrants (the Offered [Company] Securities). The
Offered [Company] Securities are to be issued pursuant to the provisions of a Warrant Agreement
(the Warrant Agreement) dated as of [ ] between the Company and [name of Warrant
Agent], as Warrant Agent.
[It is understood that substantially contemporaneously with the closing of the sale of the
Offered Company Securities to the Underwriters contemplated hereby, [Comcast Cable Communications,
LLC,] [Comcast Cable Communications Holdings, Inc.,] [Comcast Cable Holdings, LLC,] [Comcast MO
Group, Inc. and] [Comcast MO of Delaware, LLC] (collectively, the Cable Guarantors) and [ ], as Guarantee Trustee, shall enter into a Guarantee Agreement in substantially
the form of the Form of the Guarantee Agreement attached as Exhibit 4.18 of the Registration
Statement referred to below (the Additional Guarantee) for the benefit of the holders from time
to time of the Offered Company Securities. The Offered Company Securities and the Additional
Guarantee are hereinafter collectively referred to as the Offered Securities.]
Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell and the Underwriters agree to purchase, severally and not jointly, the
aggregate number of Offered [Company] Securities set forth below opposite their names at a purchase
price of $[ ] per Offered Company Security, (the Purchase Price).
|
|
|
|
|
|
|
Number of |
|
|
|
Offered [Company] Securities |
|
Underwriter |
|
To Be Purchased |
|
[Insert syndicate list] |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
8
For purposes of the Underwriting Agreement, Applicable Time means [ ] (New York time)
on the date hereof.
The Underwriters will pay for the Offered [Company] Securities upon delivery thereof at the
offices of Davis Polk & Wardwell, 1600 El Camino Real, Menlo Park, CA at 10:00 a.m. (New York time)
on [ ], or at such other time, not later than 5:00 p.m. (New York time) on [ ], as shall be designated in writing by the Underwriters and the Company. The time and date
of such payment and delivery are hereinafter referred to as the Closing Date.
The Offered Securities shall have the terms set forth in the Prospectus dated December[ ], 2006, and the Prospectus Supplement dated [ ], including the following:
Terms of Offered [Company] Securities
Designation of the Series of Warrants: [Call] [Put] Warrants
Warrant Property:
Aggregate Number of Warrants:
Price to Public:
Warrant Exercise Price:
Dates upon which Warrants may be exercised:
Expiration Date:
Form:
Currency in which exercise payments shall be made:
Minimum number of Warrants exercisable by any holder on any day:
Maximum number of Warrants exercisable on any day:
Formula for determining Cash Settlement Value:
Exchange Rate (or method of calculation):
Exchange on which Warrants are to be listed:
Other Terms:
Capitalized terms used above and not defined herein shall have the meanings set forth in the
Prospectus and Prospectus Supplement referred to above.
9
All communications hereunder shall be in writing and effective only upon receipt and (a) if to
the Underwriters, shall be delivered, mailed or sent via facsimile in
care of [ ], facsimile number [ ], Attention: [ ], or (b) if to the Company,
shall be delivered, mailed or sent via facsimile to 1500 Market Street, Philadelphia, Pennsylvania
19102, facsimile number [ ], Attention: [ ].
The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of
an arms length contractual counterparty to the Company with respect to the offering of Offered
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, none of the Underwriters is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction with respect to the offering
of Offered Securities contemplated hereby. The Company shall consult with its own advisors
concerning such matters and shall be responsible for making their own independent investigation and
appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of
the Company, the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Underwriters and shall not be on behalf of the
Company.
Except as set forth below, all provisions contained in the document entitled Comcast
Corporation Underwriting Agreement Standard Provisions (Debt Securities, Warrants, Purchase
Contracts, Units and Guarantees) dated [ ], (the Standard Provisions), a copy of
which is attached hereto, are herein incorporated by reference in their entirety and shall be
deemed to be a part of this Agreement to the same extent as if such provisions had been set forth
in full herein, except that (i) if any term defined in such document is otherwise defined herein,
the definition set forth herein shall control, (ii) all references in such document to a type of
security that is not an Offered Security shall not be deemed to be a part of this Agreement and
(iii) all references in such document to a type of agreement that has not been entered into in
connection with the transactions contemplated hereby shall not be deemed to be a part of this
Agreement.
10
Please confirm your agreement by having an authorized officer sign a copy of this Agreement in
the space set forth below.
|
|
|
|
|
|
|
|
|
Very truly yours, |
|
|
|
|
|
|
|
|
|
|
|
[Name of Lead Managers] |
|
|
|
|
|
|
|
|
|
|
|
On behalf of themselves and the other
Underwriters named herein |
|
|
|
|
|
|
|
|
|
|
|
By
|
[ |
|
] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
|
|
Title: |
|
|
|
|
|
|
|
Accepted: |
|
|
|
|
|
|
|
COMCAST CORPORATION |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
[COMCAST CABLE COMMUNICATIONS, LLC] |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
[COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.] |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
[COMCAST CABLE HOLDINGS, LLC] |
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Title: |
|
|
|
|
|
|
|
[COMCAST MO GROUP, INC.] |
|
|
|
|
|
|
|
By: |
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|
|
|
|
|
|
|
|
|
|
Name: |
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|
|
Title: |
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|
11
|
|
|
|
|
[COMCAST MO OF DELAWARE, LLC] |
|
|
|
|
|
|
|
By: |
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|
Name: |
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Title: |
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|
12
SCHEDULE I
TIME OF SALE PROSPECTUS
1. Base Prospectus dated [ ] relating to the Offered Securities and included in the
Registration Statement (File No. [ ])
2. Final term sheet containing the final terms of the Offered Securities as set forth in Schedule
II hereto and filed with the Commission under Rule 433
SCHEDULE II
FINAL PRICING TERMS
UNDERWRITING AGREEMENT
(Prepaid Purchase Contracts)
[ ]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Dear Sirs:
We (the Manager) are acting on behalf of the underwriter or underwriters (including
ourselves) named below (such underwriter or underwriters being herein called the Underwriters),
and we understand that Comcast Corporation, a Pennsylvania corporation (the Company), proposes to
issue and sell [number and title of purchase contracts] Purchase Contracts (the Offered
Securities). The Offered Securities are to be issued pursuant to the provisions of the [Senior
Indenture] [Subordinated Indenture] and guaranteed on a[n] [unsubordinated] [subordinated] basis by
Comcast Cable Communications, LLC, Comcast Cable Communications Holdings, Inc., Comcast Cable
Holdings, LLC, Comcast MO Group, Inc. and Comcast MO of Delaware, LLC.
Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell and the Underwriters agree to purchase, severally and not jointly, the
aggregate number of Offered Securities set forth below opposite their names at a purchase price of
per Offered Security, (the Purchase Price).
|
|
|
|
|
Number of |
|
|
Offered Company |
|
|
Securities |
Underwriter |
|
To Be Purchased |
|
|
|
[Insert syndicate list] |
|
|
|
|
|
|
|
|
Total. |
|
|
|
|
|
For purposes of the Underwriting Agreement, Applicable Time means [ ] (New York
time) on the date hereof.
The Underwriters will pay for the Offered Securities upon delivery thereof at the offices of
Davis Polk & Wardwell, 1600 El Camino Real, Menlo Park, CA at 10:00 a.m. (New York time) on [
], or at such other time, not later than 5:00 p.m. (New York time) on [ ], as
shall be designated in writing by the Underwriters and the Company. The time and date of such
payment and delivery are hereinafter referred to as the Closing Date.
15
The Offered Securities shall have the terms set forth in the Prospectus dated [ ],
2006 and the Prospectus Supplement dated [ ], including the following:
Terms of Offered Securities
Designation of the Series of Purchase Contracts: [Purchase][Sale]
Purchase Contracts
Purchase Contract Property:
Aggregate Number of Purchase Contracts:
Price to Public:
Settlement Date:
[Purchase/Sale] Price of Purchase Contract Property
Form:
Other Terms:
Capitalized terms used above and not defined herein shall have the meanings set forth in the
Prospectus and Prospectus Supplement referred to above.
All communications hereunder shall be in writing and effective only upon receipt and (a) if to
the Underwriters, shall be delivered, mailed or sent via facsimile in care of [ ],
facsimile number [ ], Attention: [ ], or (b) if to the Company, shall
be delivered, mailed or sent via facsimile to 1500 Market Street, Philadelphia, Pennsylvania 19102,
facsimile number [ ], Attention: [ ].
The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of
an arms length contractual counterparty to the Company with respect to the offering of Offered
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, none of the Underwriters is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction with respect to the offering
of Offered Securities contemplated hereby. The Company shall consult with its own advisors
concerning such matters and shall be responsible for making their own independent investigation and
appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of
the Company, the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Underwriters and shall not be on behalf of the
Company.
Except as set forth below, all provisions contained in the document entitled Comcast
Corporation Underwriting Agreement Standard Provisions (Debt Securities, Warrants, Purchase
Contracts, Units and Guarantees) dated [ ] (the Standard Provisions), a copy
of which is attached hereto, are herein incorporated by reference in their entirety and shall be
deemed to be a part of this Agreement to the same extent as if such provisions had been set forth
in full herein, except that (i) if any term defined in such document is otherwise defined herein,
the definition set forth herein shall control, (ii) all references in such document to a type of
security that is not an Offered Security shall not be deemed to be a part of this Agreement and
(iii) all references in such document to a type of agreement that has not been entered into in
connection with the transactions contemplated hereby shall not be deemed to be a part of this
Agreement.
17
Please confirm your agreement by having an authorized officer sign a copy of this Agreement in
the space set forth below.
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Very truly yours, |
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[Name of Lead Managers] |
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On behalf of themselves and the other
Underwriters named herein |
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COMCAST CORPORATION |
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COMCAST CABLE COMMUNICATIONS, LLC |
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COMCAST CABLE COMMUNICATIONS HOLDINGS, INC. |
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COMCAST CABLE HOLDINGS, LLC |
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COMCAST MO GROUP, INC. |
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COMCAST MO OF DELAWARE, LLC |
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19
SCHEDULE I
TIME OF SALE PROSPECTUS
1. Base Prospectus dated [ ] relating to the Offered Securities and included in the
Registration Statement (File No. [ ])
2. Final term sheet containing the final terms of the Offered Securities as set forth in Schedule
II hereto and filed with the Commission under Rule 433
SCHEDULE II
FINAL PRICING TERMS
UNDERWRITING AGREEMENT
(Units)
[ ]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Dear Sirs:
We (the Manager) are acting on behalf of the underwriter or underwriters (including
ourselves) named below (such underwriter or underwriters being herein called the Underwriters),
and we understand that Comcast Corporation, a Pennsylvania corporation (the Company), proposes to
issue and sell [number and title of units] Units (the Offered [Company] Securities) consisting of
[$___aggregate principal amount of ___% Notes Due ___] [number and title of Warrants] [number
and title of Purchase Contracts]. The Offered [Company] Securities are to be issued pursuant to
the provisions of a Unit Agreement (the Unit Agreement) dated as of [ ] among the
Company, [ ], as Agent, and the holders from time to time of the Units. [The Debt
Securities included in the Offered [Company] Securities will be issued pursuant to the [specify the
indenture].] [The Warrants included in the Offered [Company] Securities will be issued pursuant to
the [specify the warrant agreement.]] [The Purchase Contracts included in the Offered [Company]
Securities will be issued pursuant to the Unit Agreement.]
[It is understood that substantially contemporaneously with the closing of the sale of the
Offered Company Securities to the Underwriters contemplated hereby, [Comcast Cable Communications,
LLC,] [Comcast Cable Communications Holdings, Inc.,] [Comcast Cable Holdings, LLC,] [Comcast MO
Group, Inc. and] [Comcast MO of Delaware, LLC] (collectively, the Cable Guarantors) and [
], as Guarantee Trustee, shall enter into a Guarantee Agreement in substantially
the form of the Form of the Guarantee Agreement attached as Exhibit 4.18 of the Registration
Statement referred to below (the Additional Guarantee) for the benefit of the holders from time
to time of the Offered Company Securities. The Offered Company Securities and the Additional
Guarantee are hereinafter collectively referred to as the Offered Securities.]
Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell and the Underwriters agree to purchase, severally and not jointly, the
aggregate number of Offered [Company] Securities set forth below opposite their names at a purchase
price of $[ ], plus accrued interest, if any, from [ ] to the date of
payment and delivery (the Purchase Price).
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Offered [Company] Securities |
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Total. |
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For purposes of the Underwriting Agreement, Applicable Time means [ ] (New York
time) on the date hereof.
The Underwriters will pay for the Offered [Company] Securities upon delivery thereof at the
offices of Davis Polk & Wardwell, 1600 El Camino Real, Menlo Park, CA at 10:00 a.m. (New York time)
on ___, ___, or at such other time, not later than 5:00 p.m. (New York time) on ___,
___, as shall be designated in writing by the Underwriters and the Company. The time and date of
such payment and delivery are hereinafter referred to as the Closing Date.
The Offered Securities shall have the terms set forth in the Prospectus dated December [
], 2006, and the Prospectus Supplement dated [ ], including the following:
Terms of Debt Securities
Maturity Date:
Interest Rate:
Redemption Provisions:
Interest Payment Dates: ___,
commencing ___(Interest accrues from ___)
Form and Denomination:
Ranking:
Other Terms:
Terms of Warrants
Designation of the Series of Warrants: [Call] [Put] Warrants
Warrant Property:
Aggregate Number of Warrants:
Warrant Exercise Price:
Dates upon which Warrants may be exercised:
Expiration Date:
Currency in which exercise payments shall be made:
[Maximum number of Warrants exercisable on any day:]
Formula for determining Cash Settlement Value:
Exchange Rate (or method of calculation):
Other Terms:
Terms of Purchase Contracts
Designation of the Series of Purchase Contracts: [Purchase][Sale]
Purchase Contracts
Purchase Contract Property:
Aggregate Number of Purchase Contracts:
Price to Public:
Settlement Date:
[Purchase/Sale] Price of Purchase Contract Property
Form:
Other Terms:
Capitalized terms used above and not defined herein shall have the meanings set forth in the
Prospectus and Prospectus Supplement referred to above.
All communications hereunder shall be in writing and effective only upon receipt and (a) if to
the Underwriters, shall be delivered, mailed or sent via facsimile in care of [ ],
facsimile number [ ], Attention: [ ], or (b) if to the Company, shall
be delivered, mailed or sent via facsimile to 1500 Market Street, Philadelphia, Pennsylvania 19102,
facsimile number [ ], Attention: [ ].
The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of
an arms length contractual counterparty to the Company with respect to the offering of Offered
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or
any other person. Additionally, none of the Underwriters is advising the Company or any other
person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction with
respect to the offering of Offered Securities contemplated hereby. The Company shall consult with
its own advisors concerning such matters and shall be responsible for making their own independent
investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall
have no responsibility or liability to the Company with respect thereto. Any review by the
Underwriters of the Company, the transactions contemplated hereby or other matters relating to such
transactions will be performed solely for the benefit of the Underwriters and shall not be on
behalf of the Company.
Except as set forth below, all provisions contained in the document entitled Comcast
Corporation Underwriting Agreement Standard Provisions (Debt Securities, Warrants, Purchase
Contracts, Units and Guarantees) dated [ ], (the Standard Provisions), a copy of
which is attached hereto, are herein incorporated by reference in their entirety and shall be
deemed to be a part of this Agreement to the same extent as if such provisions had been set forth
in full herein, except that (i) if any term defined in such document is otherwise defined herein,
the definition set forth herein shall control, (ii) all references in such document to a type of
security that is not an Offered Security shall not be deemed to be a part of this Agreement and
(iii) all references in such document to a type of agreement that has not been entered into in
connection with the transactions contemplated hereby shall not be deemed to be a part of this
Agreement.
Please confirm your agreement by having an authorized officer sign a copy of this Agreement in
the space set forth below.
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Very truly yours,
[Name of Lead Managers]
On behalf of themselves and the other
Underwriters named herein
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Accepted:
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COMCAST CORPORATION
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[COMCAST CABLE COMMUNICATIONS, LLC]
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[COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.]
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[COMCAST CABLE HOLDINGS, LLC]
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[COMCAST MO GROUP, INC.]
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[COMCAST MO OF DELAWARE, LLC]
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SCHEDULE I
TIME OF SALE PROSPECTUS
1. Base Prospectus dated [ ] relating to the Offered Securities and included in the
Registration Statement (File No. [ ])
2. Final term sheet containing the final terms of the Offered Securities as set forth in Schedule
II hereto and filed with the Commission under Rule 433
SCHEDULE II
FINAL PRICING TERMS
COMCAST CORPORATION
UNDERWRITING AGREEMENT
STANDARD PROVISIONS
(DEBT SECURITIES, WARRANTS, PURCHASE CONTRACTS, UNITS AND GUARANTEES)
[ , ___]
From time to time, Comcast Corporation, a Pennsylvania corporation (the Company), may, alone
or together with Comcast Cable Communications, LLC (formerly known as Comcast Cable Communications,
Inc.), Comcast Cable Communications Holdings, Inc., Comcast Cable Holdings, LLC, Comcast MO Group,
Inc. and Comcast MO of Delaware, LLC (formerly known as Comcast MO of Delaware, Inc.)
(collectively, the Cable Guarantors), enter into one or more underwriting agreements that provide
for the sale of designated securities to the several underwriters named therein. The standard
provisions set forth herein may be incorporated by reference in any such underwriting agreement (an
Underwriting Agreement). The Underwriting Agreement, including the provisions incorporated
therein by reference, is herein referred to as this Agreement. Terms defined in the Underwriting
Agreement are used herein as therein defined.
The Company proposes to issue from time to time (a) its senior debt securities (Senior Debt
Securities), (b) its subordinated debt securities (Subordinated Debt Securities and with the
Senior Debt Securities, the Debt Securities), (c) warrants (Warrants) and (d) purchase
contracts (Purchase Contracts) requiring the holders thereof to purchase or sell (i) securities
of an entity unaffiliated with the Company, a basket of such securities, an index or indices of
such securities or any combination of the above, (ii) currencies or composite currencies or (iii)
commodities. Debt Securities, Purchase Contracts and Warrants or any combination thereof may be
offered in the form of Units (Units). As used herein, the term Debt Securities includes
prepaid Purchase Contracts. The Debt Securities are to be guaranteed (the Cable Guarantees) on
an unsecured basis by the Cable Guarantors. The Warrants, Purchase Contracts and Units may be
guaranteed on an unsecured basis by the Cable Guarantors to the extent described in the Prospectus
(as defined below) pursuant to a Guarantee Agreement to be dated as of a date specified in the
Underwriting Agreement and executed and delivered by the Cable Guarantors and a trustee to be named
in the relevant prospectus supplement, as trustee (the Guarantee Trustee) for the benefit of the
holders from time to time of the Offered Company Securities (the Additional Guarantee).
The Company and the Cable Guarantors have filed with the Securities and Exchange Commission
(the Commission) a registration statement including a prospectus relating to the Debt Securities,
Warrants, Purchase Contracts, Units, Cable Guarantees and Additional Guarantees (collectively, the
Securities) and have filed with, or transmitted for filing to, or shall promptly after the date
of the Underwriting Agreement file with or transmit for filing to, the Commission a prospectus
supplement (the Prospectus Supplement) pursuant to Rule 424 under the Securities Act of 1933, as
amended (the Securities Act), specifically relating to the Securities offered pursuant to this
Agreement (the Offered Company Securities and the Offered Guarantees, if any, and, together,
the Offered Securities). The term Registration Statement means the registration statement as
amended to the date of the Underwriting Agreement including any additional registration statement
filed by the Company pursuant to Rule 462(b). The term Base Prospectus means the prospectus
included in the Registration Statement. The term Prospectus means the Base Prospectus together
with the Prospectus Supplement. The term preliminary prospectus means a preliminary prospectus
supplement specifically relating to the Offered Securities, together with the Base Prospectus. The
term free writing prospectus has the meaning set forth in Rule 405 under the Securities Act. The
term issuer free writing prospectus has the meaning set forth in Rule 433 under the Securities Act.
The term Time of Sale Prospectus means the Base Prospectus and preliminary prospectus, if any,
together with any additional documents or other information identified in Schedule I to the
Underwriting Agreement. As used herein, the terms Base Prospectus, Prospectus, preliminary
prospectus and Time of Sale Prospectus shall include in each case the documents, if any,
incorporated by reference therein. As used herein, the term Applicable Time means the time and
date set forth in the Underwriting Agreement or such other time as agreed in writing by the Company
and the Managers. The terms supplement, amendment and amend as used herein shall include all
documents deemed to be incorporated by reference in the Prospectus that are filed subsequent to the
date of the Base Prospectus by the Company with the Commission pursuant to the Securities Exchange
Act of 1934, as amended (the Exchange Act). For purposes of this Agreement, Issuers means the
Company and includes the Cable Guarantors if Cable Guarantees or an Additional Guarantee are
offered pursuant to this Agreement.
1. Representations and Warranties. The Issuers, jointly and severally, represent and warrant
to each of the Underwriters as of the date of the Underwriting Agreement that:
(i) The Registration Statement has become effective; no stop order
suspending the effectiveness of the Registration Statement is in effect,
and no proceedings for such purpose are pending before or threatened by
the Commission.
(ii) Each document filed or to be filed pursuant to the Exchange Act
and incorporated by reference in the Time of Sale Prospectus or the
Prospectus complied or will comply when so filed
in all material respects with the Exchange Act and the rules and
regulations of the Commission thereunder.
(iii) The Registration Statement, the Time of Sale Prospectus and the
Prospectus comply in all material respects with the Securities Act and the
rules and regulations of the Commission thereunder and do not contain any
untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein
not misleading, except that the foregoing representations and warranties
do not apply to (a) that part of the Registration Statement which shall
constitute the Statement of Eligibility of the Trustee on Form T-1 (the
Form T-1) or (b) statements or omissions in the Registration Statement,
the Time of Sale Prospectus or the Prospectus or any amendment or
supplement thereto based upon information furnished to the Issuers in
writing by any Underwriter through the Managers expressly for use therein.
(iv) The Company is not an ineligible issuer in connection with the
offering pursuant to Rules 164, 405 and 433 under the Securities Act.
The Company has not made, used, prepared, authorized, approved or
referred to any offer relating to the Offered Securities that would
constitute a free writing prospectus other than (a) any written
communications furnished in advance to the Managers; (b) an electronic
road show, if any, furnished to the Managers before first use; or (c) free
writing prospectuses identified on Schedule I to the Underwriting
Agreement, including the term sheet as set forth in Schedule II to the
Underwriting Agreement. Any such free writing prospectus as of its issue
date complied in all material respects with the requirements of the
Securities Act and the rules and regulations thereunder and was filed with
the Commission in accordance with the Securities Act (to the extent
required pursuant to Rule 433(d) thereunder).
(v) The execution and delivery by the Company of, and the performance
by the Company of its obligations under, this Agreement, the Senior Debt
Indenture, the Subordinated Debt Indenture, the Offered Securities, any
Warrants, any Purchase Contracts and any Units will not contravene any
provision of applicable law or the articles of incorporation or by-laws of
the Company or any agreement or other instrument binding upon the Company
or any of its subsidiaries that is material to the Company and its
consolidated subsidiaries, taken as a whole, or any judgment,
order or decree of any governmental body, agency or court having
jurisdiction over the Company or any of its consolidated subsidiaries, and
no consent, approval, authorization or order of, or qualification with,
any governmental body or agency is required for the performance by the
Company of its obligations under this Agreement, the Senior Debt
Indenture, the Subordinated Debt Indenture, the Offered Securities or any
Warrants, except such as may be required by the securities or blue sky
laws of the various states in connection with the offer and sale of the
Offered Securities; provided, however, that no representation is made as
to whether the purchase of the Offered Securities constitutes a
prohibited transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended, or Section 4975 of the Internal
Revenue Code of 1986, as amended.
(vi) Neither the Company nor any of its subsidiaries is (a) in
violation of its articles of incorporation or by-laws (or similar
organizational documents) or (b) in default in the performance or
observance of any obligation, covenant or condition contained in any
contract, except to the extent such default would not have a material
adverse effect.
(vii) There has not occurred any material adverse change, or any
development involving a prospective material adverse change, in the
condition, financial or otherwise, or in the earnings, business or
operations of the Company and its subsidiaries, taken as a whole, from
that set forth in the Time of Sale Prospectus (exclusive of any amendments
or supplements thereto effected subsequent to the date of the Agreement).
(viii) There are no legal or governmental proceedings pending or
threatened to which the Company or any of its consolidated subsidiaries is
a party or to which any of the properties of the Company or any of its
consolidated subsidiaries is subject that are required to be described in
the Registration Statement or the Time of Sale Prospectus and are not so
described or any statutes, regulations, contracts or other documents that
are required to be described in the Registration Statement or the Time of
Sale Prospectus or to be filed or incorporated by reference as exhibits to
the Registration Statement that are not described, filed or incorporated
as required.
(ix) Each of the Company and its consolidated subsidiaries has all
necessary consents, authorizations, approvals, orders, certificates and
permits of and from, and has made all declarations and filings with, all
federal, state, local and other governmental authorities, all
self-regulatory organizations and all courts and other tribunals, to own,
lease, license and use its properties and assets and to conduct its
business in the manner described in the Time of Sale Prospectus, except to
the extent that the failure to obtain or file would not have a material
adverse effect on the Company and its consolidated subsidiaries, taken as
a whole.
2. Public Offering. The Issuers are advised by the Managers that the Underwriters propose to
make a public offering of their respective portions of the Offered Securities as soon after this
Agreement has been entered into as in the Managers judgment is advisable. The terms of the public
offering of the Offered Securities are set forth in the Time of Sale Prospectus and the Prospectus.
3. Purchase and Delivery. Except as otherwise provided in this Section 3, payment for the
Offered Securities shall be made to the Company in Federal or other funds immediately available in
New York City at the time and place set forth in the Underwriting Agreement, upon delivery to the
Managers for the respective accounts of the several Underwriters of the Offered Securities
registered in such names and in such denominations as the Managers shall request in writing not
less than one full business day prior to the date of delivery, with any transfer taxes payable in
connection with the transfer of the Offered Securities to the Underwriters duly paid.
4. Conditions to Closing. The several obligations of the Underwriters hereunder are subject
to the following conditions:
(a) Subsequent to the Applicable Time and prior to the Closing Date, there shall
not have occurred any downgrading, nor shall any notice have been given of any intended
or potential downgrading or of any review for a possible change that does not indicate
the direction of the possible change, in the rating accorded any Issuer or any of the
securities of any Issuer by any nationally recognized statistical rating
organization, as such term is defined for purposes of Rule 436(g)(2) under the
Securities Act.
(b) No stop order suspending the effectiveness of the Registration Statement shall
be in effect, and no proceedings for such purpose shall be pending before or threatened
by the Commission, and there shall not have occurred any change, or any development
involving a prospective change, in the condition, financial or otherwise, or in the
earnings, business or operations of the Company
and its consolidated subsidiaries, taken as a whole, from that set forth in the
Time of Sale Prospectus, that, in the judgment of the Managers, is material and adverse
and that makes it, in the judgment of the Managers, impracticable to market the Offered
Securities on the terms and in the manner contemplated in the Time of Sale Prospectus;
and the Managers shall have received, on the Closing Date, a certificate, dated the
Closing Date and signed by an executive officer of the Company, to the foregoing
effect. Such certificate will also provide that the representations and warranties of
the Company contained herein are true and correct as of the Closing Date. The officer
making such certificate may rely upon the best of his knowledge as to proceedings
threatened.
(c) The Managers shall have received on the Closing Date an opinion of Arthur R.
Block, Esquire, Senior Vice President, General Counsel and Secretary of the Company (or
another lawyer of the Company reasonably satisfactory to the Underwriters), dated the
Closing Date, to the effect (as applicable) that:
(i) the Company has been duly incorporated, is validly existing as a
corporation subsisting under the laws of the Commonwealth of Pennsylvania
and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification (except where the failure
to so qualify would not have a material adverse effect upon the business
or financial condition of the Company and its subsidiaries, as a whole);
(ii) all of the issued shares of capital stock of each Cable
Guarantor have been duly and validly authorized and issued, are fully paid
and non-assessable, and (except for directors qualifying shares and
except as otherwise set forth in the Time of Sale Prospectus) are owned
directly and indirectly by the Company, free and clear of all liens,
encumbrances, equities or claims (such counsel being entitled to rely in
respect of the opinion in this clause upon opinions of local counsel and
in respect of matters of fact upon certificates of officers of the Company
or its subsidiaries, provided that such counsel shall state that he
believes that both the Managers and he are justified in relying upon such
opinions and certificates);
(iii) the Company has an authorized capitalization as set forth in
the Time of Sale Prospectus, and all of the issued shares of capital stock
of the Company have been duly and validly authorized and issued and are
fully paid and non-assessable;
(iv) each of the Senior Indenture dated as of January 7, 2003 among
the Company, the Cable Guarantors (other than Comcast MO of Delaware, LLC)
and The Bank of New York, as trustee (the Trustee), as amended by the
First Supplemental Indenture dated as of March 25, 2003 among the Company,
the Cable Guarantors and the Trustee (the Senior Indenture), and the
Subordinated Indenture to be dated as of a date indicated in a relevant
prospectus supplement (the Subordinated Indenture) among the Company and
the Cable Guarantors and The Bank of New York, as trustee, has been duly
authorized, executed and delivered by the Company;
(v) the Warrant Agreement, if any, has been duly authorized, executed
and delivered by the Company;
(vi) the Unit Agreement, if any, has been duly authorized, executed
and delivered by the Company;
(vii) the Offered Company Securities have been duly authorized by the
Company;
(viii) this Agreement has been duly authorized, executed and
delivered by the Company;
(ix) except as rights to indemnity and contribution under this
Agreement may be limited under applicable law, the execution and delivery
by each Issuer of, and the performance by each Issuer of its obligations
under, this Agreement, the Senior Indenture, the Subordinated Indenture,
the Offered Securities, the Warrant Agreement, the Unit Agreement and the
Additional Guarantee, if any, will not contravene any provision of
applicable law of the United States (except with respect to laws relating
specifically to the cable communications industry, as to which such
counsel is not called upon to express any opinion), Pennsylvania, or, to
the best knowledge of such counsel, of any other state or jurisdiction of
the United States, or the articles of incorporation or by-laws (or similar
organizational document) of any Issuer or, to the best knowledge of such
counsel, any material agreement or other material instrument binding upon
such Issuer, and, except for the orders of the Commission making the
Registration Statement effective and the Senior Indenture and the
Subordinated Indenture qualified under the Trust Indenture Act of 1939, as
amended (the Trust Indenture Act) (which have been obtained) and such
permits or similar authorizations required under
the securities or Blue Sky laws of certain states or foreign
jurisdictions (as to which such counsel is not called upon to express any
opinion), no consent, approval or authorization of any governmental body
or agency of the United States (except with respect to consents, approvals
and authorizations relating specifically to the cable communications
industry, as to which such counsel is not called upon to express any
opinion), Pennsylvania, or, to the best knowledge of such counsel, of any
other state or jurisdiction of the United States or of any foreign
jurisdiction is required for the performance by any Issuer of its
obligations under this Agreement, the Senior Indenture, the Subordinated
Indenture, the Offered Securities, the Warrant Agreement, the Unit
Agreement and the Additional Guarantee, if any;
(x) subject to such qualification as may be set forth in the Time of
Sale Prospectus, the Company and its subsidiaries have, and are in
material compliance with, such franchises, and to the best knowledge of
such counsel after reasonable investigation, such licenses and
authorizations, as are necessary to own their cable communications
properties and to conduct their cable communications business in the
manner described in the Time of Sale Prospectus, except where the failure
to have, or comply with, such franchises, licenses and authorizations
would not have a material adverse effect on the business or financial
condition of the Company and its subsidiaries, as a whole, and such
franchises, licenses and authorizations contain no materially burdensome
restrictions not adequately described in the Time of Sale Prospectus,
which restrictions would have a material adverse effect on the business or
financial condition of the Company and its subsidiaries, as a whole;
(xi) the statements (A) in Item 3 of the Companys most recent Annual
Report on Form 10-K incorporated by reference in the Time of Sale
Prospectus, (B) in Part II, Item 1 under the caption Legal Proceedings
of the Companys most recent Quarterly Report on Form 10-Q incorporated by
reference in the Time of Sale Prospectus and (C) in the Registration
Statement in Item 15, insofar as such statements constitute a summary of
the legal matters, documents or proceedings referred to therein, fairly
present the information called for with respect to such legal matters,
documents and proceedings;
(xii) such counsel does not know of any legal or governmental
proceeding pending or threatened to which the Company or any of its
subsidiaries is a party or to which any of the properties of the Company
or any of its subsidiaries is subject which is required to be described in
the Registration Statement or the Time of Sale Prospectus and is not so
described or of any contract or other document which is required to be
described in the Registration Statement or the Time of Sale Prospectus or
to be filed as an exhibit to the Registration Statement which is not
described or filed as required;
(xiii) the securities into which the Offered Company Securities are
convertible, initially reserved for issuance upon conversion of the
Offered Company Securities (the Underlying Securities), have been duly
authorized and reserved for issuance; and
(xiv) when the Underlying Securities are issued upon conversion of
the Offered Company Securities in accordance with the terms of the Offered
Company Securities, such Underlying Securities will be validly issued,
fully paid and non-assessable and will not be subject to any preemptive or
other right to subscribe for or purchase such Underlying Securities.
Such counsel shall also state that no facts have come to his attention that lead him to
believe (1) that the Registration Statement or any amendments thereto (except for the financial
statements and other financial or statistical data included or incorporated by reference therein or
omitted therefrom and the Form T-1, as to which such counsel is not called upon to express any
belief), on the date on which it became effective or the date of filing of the most recent
subsequent Annual Report on Form 10-K, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; (2) that the Time of Sale Prospectus (except for the financial statements and other
financial or statistical data included or incorporated by reference therein or omitted therefrom,
as to which such counsel is not called upon to express any belief), at the Applicable Time or as
amended or supplemented, if applicable, as of the Closing Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they are made, not
misleading; (3) that the Prospectus (except for the financial statements and other financial or
statistical data included or incorporated by reference therein or omitted therefrom, as to which
such counsel is not called upon to express any belief), at the date of the Underwriting Agreement
or as amended or supplemented, if applicable, at the Closing Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make
statements therein, in the light of the circumstances under which they are made, not
misleading; or (4) that the documents incorporated by reference in the Prospectus (except for the
financial statements and other financial or statistical data included or incorporated by reference
therein or omitted therefrom, as to which such counsel is not called upon to express any belief),
as of the dates they were filed with the Commission, contained an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they are made, not misleading.
With respect to the preceding paragraph, such counsel may state that his opinion and belief is
based upon his participation in the preparation of the Registration Statement, Time of Sale
Prospectus, Prospectus (as amended or supplemented) and the documents incorporated therein by
reference and review and discussion of the contents thereof, but is without independent check or
verification except as specified.
In expressing his opinion as to questions of the law of jurisdictions other than the
Commonwealth of Pennsylvania and the United States, such counsel may rely to the extent reasonable
on such counsel as may be reasonably acceptable to counsel to the Underwriters. In addition, such
counsel may reasonably rely as to questions of fact on certificates of responsible officers of the
Company.
(d) The Managers shall have received on the Closing Date an opinion of Davis Polk
& Wardwell, special counsel for the Company, dated the Closing Date, to the effect
that:
(i) each Cable Guarantor is a corporation or limited liability
company duly incorporated or duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or
formation;
(ii) each of the Senior Indenture and the Subordinated Indenture has
been duly authorized, executed and delivered by each Cable Guarantor and
assuming each of the Senior Indenture and the Subordinated Indenture has
been duly authorized, executed and delivered by the Company and duly
executed and delivered by the respective trustee thereto, each of the
Senior Indenture and the Subordinated Indenture is a valid and binding
agreement of each Issuer, enforceable against each Issuer in accordance
with its terms (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, fraudulent transfer, moratorium or
other similar laws affecting creditors rights generally from time to time
in effect and to general equity principles);
(iii) assuming the Warrant Agreement, if any, has been duly
authorized, executed and delivered by the Company and duly executed and
delivered by the Warrant Agent, the Warrant Agreement, if any, is a valid
and binding agreement of the Company, enforceable in accordance with its
terms (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other similar laws affecting
creditors rights generally from time to time in effect and to general
equity principles);
(iv) assuming the Unit Agreement, if any, has been duly authorized,
executed and delivered by the Company and duly executed and delivered by
the Agent, the Unit Agreement, if any, is a valid and binding agreement of
the Company, enforceable in accordance with its terms (subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other similar laws affecting creditors rights
generally from time to time in effect and to general equity principles);
(v) the Additional Guarantee, if any, has been duly authorized,
executed and delivered by each Cable Guarantor and is a valid and binding
agreement of each Cable Guarantor, enforceable in accordance with its
terms (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, fraudulent transfer, moratorium or other
similar laws affecting creditors rights generally from time to time in
effect and to general equity principles);
(vi) the Cable Guarantees have been duly authorized, and, assuming
the Offered Company Securities have been authorized by the Company, when
the Offered Company Securities have been duly executed and authenticated
in accordance with the provisions of the relevant Senior Indenture or
Subordinated Indenture, the Offered Securities and the Debt Securities
will be valid and binding obligations of the Issuers, enforceable against
them in accordance with their terms (subject, as to enforcement or
remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent
transfer, moratorium or other similar laws affecting creditors rights
generally from time to time in effect and to general equity principles),
and will be entitled to the benefits of the relevant Senior Indenture or
Subordinated Indenture.
(vii) this Agreement has been duly authorized, executed and delivered
by each Cable Guarantor party hereto;
(viii) each of the Senior Indenture and the Subordinated Indenture
has been duly qualified under the Trust Indenture Act;
(ix) except as rights to indemnity and contribution under this
Agreement may be limited under applicable law, the execution and delivery
by each Issuer of, and the performance by each Issuer of its obligations
under, this Agreement, the Senior Indenture, the Subordinated Indenture,
the Offered Securities, the Warrant Agreement, the Unit Agreement and the
Additional Guarantee, if any, will not contravene any provision of
applicable law of the United States (except with respect to laws relating
specifically to the cable communications industry, as to which such
counsel is not called upon to express any opinion) or New York, or the
certificate of incorporation or bylaws or equivalent organizational
documents of any Cable Guarantor and, except for the orders of the
Commission making the Registration Statement effective and the Senior
Indenture and the Subordinated Indenture qualified under the Trust
Indenture Act (which have been obtained) and such permits or similar
authorizations required under the securities or Blue Sky laws of certain
states or foreign jurisdictions (as to which such counsel is not called
upon to express any opinion), no consent, approval or authorization of any
governmental body or agency of the United States (except with respect to
consents, approvals and authorizations relating specifically to the cable
communications industry, as to which such counsel is not called upon to
express any opinion) or New York is required for the performance by any
Issuer of its obligations under this Agreement, the Senior Indenture, the
Subordinated Indenture, the Offered Securities, the Warrant Agreement, the
Unit Agreement and the Additional Guarantee, if any, and
(x) the statements in the Prospectus Supplement under Description of
[the Offered Securities], Certain U.S. Tax Considerations and
Underwriting and in the Base Prospectus under Description of Debt
Securities and Cable Guarantees and Plan of Distribution, insofar as
such statements constitute a summary of the legal matters or documents
referred to therein, fairly present the information called for with
respect to such legal matters and documents.
Such counsel shall also state that no facts have come to the attention of such counsel that
lead them to believe (1) that the Registration Statement and the Prospectus and any supplements or
amendments thereto or the documents incorporated by reference in the
Registration Statement and Prospectus (except for financial statements and other financial or
statistical data included or incorporated by reference therein and the Form T-1, as to which such
counsel is not called upon to express any belief) did not comply as to form in all material
respects with the Securities Act and the rules and regulations of the Commission thereunder; (2)
that the Registration Statement or any amendment thereto (except for the financial statements and
other financial or statistical data included or incorporated by reference therein or omitted
therefrom and the Form T-1, as to which such counsel is not called upon to express any belief) at
the date of the Underwriting Agreement contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; (3) that the Time of Sale Prospectus (except for the financial statements and other
financial or statistical data included or incorporated by reference therein or omitted therefrom,
as to which such counsel is not called upon to express any belief), at the Applicable Time or as
amended or supplemented, if applicable, as of the Closing Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they are made, not
misleading; or (4) that the Prospectus (except for the financial statements and other financial or
statistical data included or incorporated by reference therein or omitted therefrom, as to which
such counsel is not called upon to express any belief), at the date of the Underwriting Agreement
or as amended or supplemented, if applicable, at the Closing Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make statements therein, in the light of the circumstances under which they are made, not
misleading.
With respect to the preceding paragraph, Davis Polk & Wardwell may state that their opinion
and belief is based upon their participation in the preparation of the Registration Statement, Time
of Sale Prospectus and Prospectus and any amendments or supplements thereto (but not including
documents incorporated therein by reference) and review and discussion of the contents thereof
(including documents incorporated therein by reference), but is without independent check or
verification except as specified.
(e) The Managers shall have received on the Closing Date an opinion of regulatory
counsel for the Company, dated the Closing Date, to the effect that:
(i) no approval of the Federal Communications Commission (the FCC)
is required in connection with the issuance and sale of the Offered
Securities,
(ii) the execution and delivery of this Agreement, the Senior
Indenture, the Subordinated Indenture, the Warrant Agreement, the Unit
Agreement and the Additional Guarantee, if any, by each Issuer, the
fulfillment of the terms set forth herein and therein by each Issuer and
the consummation of the transactions
contemplated hereby and thereby by each Issuer do not violate any
statute, regulation or other law of the United States relating
specifically to the cable communications industry (except as otherwise
explicitly set forth in the Time of Sale Prospectus) or, to the knowledge
of such counsel, any order, judgment or decree of any court or
governmental body of the United States relating specifically to the cable
communications industry and applicable to such Issuer or any subsidiary,
and which violation would have a material adverse effect on the business
or financial condition of such Issuer and its subsidiaries, as a whole,
(iii) the statements in the Companys most recent Annual Report on
Form 10-K incorporated by reference in the Registration Statement, the
Time of Sale Prospectus and Prospectus relating to cable regulatory
matters, as updated by the Companys most recent Quarterly Reports on Form
10-Q incorporated in the Registration Statement, the Time of Sale
Prospectus and the Prospectus and as updated by the Time of Sale
Prospectus, insofar as they are, or refer to, statements of federal law or
legal conclusions, have been reviewed by such counsel and present in all
material respects the information called for with respect to such
statements of federal law or legal conclusions, and
(iv) such counsel does not know of any proceeding pending before the
FCC to which the Company or any of its subsidiaries is a party or
involving the cable communications properties, licenses or authorizations
of the Company and its subsidiaries, or of any cable communications law or
regulation relevant thereto required to be described in the Registration
Statement or the Time of Sale Prospectus pursuant to Regulation S-K
promulgated under the Securities Act, which is not described as required.
(f) The Managers shall have received on the Closing Date an opinion of Cahill
Gordon & Reindel llp, counsel for the Underwriters, dated the Closing Date,
covering the matters requested by and in form and substance reasonably satisfactory to
the Managers.
(g) The Managers shall have received on the date hereof a letter dated such date
and on the Closing Date a letter dated such date, in each case in form and substance
satisfactory to the Managers, from Deloitte & Touche LLP, independent public
accountants, containing statements and information of the type ordinarily included in
accountants comfort letters to underwriters with respect
to the financial statements and certain financial information reviewed by them
contained in or incorporated by reference in the Registration Statement, the Time of
Sale Prospectus and the Prospectus and each other firm of independent accountants, if
any, who audited or reviewed financial statements contained in or incorporated by
reference in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, containing statements and information of the type ordinarily included in
accountants comfort letters to underwriters with respect to such financial
statements and financial information.
(h) The Managers shall have received on the date hereof or on the Closing Date, as
applicable, such additional documents as the Managers shall have reasonably requested
to confirm compliance with the conditions to Closing listed herein.
5. Covenants of the Company. In further consideration of the agreements of the Underwriters
herein contained, the Issuers covenant as follows:
(a) To furnish to the Managers, without charge, a copy of the Registration
Statement and two signed copies of any post-effective amendment thereto specifically
relating to the Offered Securities (including exhibits thereto and documents
incorporated therein by reference) and, during the period mentioned in paragraph (c)
below, as many copies of the Time of Sale Prospectus, the Prospectus, any documents
incorporated therein by reference and any supplements and amendments thereto as the
Managers may reasonably request.
(b) Before amending or supplementing the Registration Statement, the Time of Sale
Prospectus or the Prospectus, to furnish the Managers a copy of each such proposed
amendment or supplement.
(c) Before filing, using or referring to any free writing prospectus relating to
the Offered Securities, to furnish the Managers a copy of each such free writing
prospectus.
(d) Not to take any action that would result in an Underwriter being required to
file with the Commission pursuant to Rule 433(d) under the Securities Act a free
writing prospectus prepared by or on behalf of the Underwriter that the Underwriter
otherwise would not have been required to file thereunder.
(e) If the Time of Sale Prospectus is being used to solicit offers to buy the
Offered Securities at a time when the Prospectus is not yet available to prospective
purchasers and any event shall occur as a result of which it is necessary to amend or
supplement the Time of Sale Prospectus in order to make
the statements therein, in the light of the circumstances existing at the time,
not misleading, or if any event shall occur as a result of which any free writing
prospectus included as part of the Time of Sale Prospectus conflicts with the
information contained in the Registration Statement then on file, the Company shall
forthwith prepare and furnish, at its expense, to the Underwriters and to the dealers
(whose names and addresses the Managers will furnish to the Company), either amendments
or supplements to the Time of Sale Prospectus so that the statements in the Time of
Sale Prospectus as so amended or supplemented will not, in the light of the
circumstances existing at the time, be misleading or so that any free writing
prospectus which is included as part of the Time of Sale Prospectus, as amended or
supplemented, will no longer conflict with the Registration Statement.
(f) If, during such period after the first date of the public offering of the
Offered Securities during which in the opinion of counsel to the Managers the
Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the
Securities Act) is required by law to be delivered in connection with sales by an
Underwriter or dealer, any event shall occur as a result of which it is necessary to
amend or supplement the Prospectus in order to make the statements therein, in the
light of the circumstances existing at the time, not misleading, forthwith to prepare
and furnish, at its expense, to the Underwriters and to the dealers (whose names and
addresses the Managers will furnish to the Company) to which Offered Securities may
have been sold by the Managers on behalf of the Underwriters and to any other dealers
on request, either amendments or supplements to the Prospectus so that the statements
in the Prospectus as so amended or supplemented will not, in the light of the
circumstances existing at the time, be misleading.
(g) To endeavor to qualify the Offered Securities for offer and sale under the
securities or Blue Sky laws of such U.S. jurisdictions as the Managers shall reasonably
request.
(h) To make generally available to the Companys security holders as soon as
practicable an earnings statement covering the twelve month period beginning on the
first day of the first fiscal quarter commencing after the date hereof, which shall
satisfy the provisions of Section 11(a) of the Securities Act and the rules and
regulations of the Commission thereunder (which may be accomplished by making generally
available the Companys financial statements in the manner provided for by Rule 158 of
the Securities Act).
6. Covenants of the Underwriters. In further consideration of the agreements of the Issuers
herein contained, each Underwriter severally covenants as follows:
(a) Not to take any action that would result in the Company being required to file
with the Commission under Rule 433(d) a free writing prospectus prepared by or on
behalf of such Underwriter that otherwise would not be required to be filed by the
Company thereunder, but for the action of the Underwriter.
(b) Not to use, refer to or distribute any free writing prospectus except:
(i) a free writing prospectus that (a) is not an issuer free writing
prospectus and (b) contains only information describing the preliminary
terms of the Offered Securities or the offering thereof, which information
is limited to the categories of terms referenced on Schedule II to the
Underwriting Agreement or otherwise permitted under Rule 134 of the
Securities Act;
(ii) a free writing prospectus as shall be agreed in writing with the
Company that is not distributed, used or referred to by such Underwriter
in a manner reasonably designed to lead to its broad unrestricted
dissemination (unless the Company consents in writing to such
dissemination); or
(iii) a free writing prospectus identified in Schedule I to the
Underwriting Agreement as forming part of the Time of Sale Prospectus.
7. Indemnification and Contribution. The Issuers, jointly and severally, agree to indemnify
and hold harmless each Underwriter and each person, if any, who controls each Underwriter within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and
against any and all losses, claims, damages and liabilities caused by any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus (as amended or supplemented), any issuer free
writing prospectus that the Issuers have filed or are required to file under Rule 433(d) under the
Securities Act or the Prospectus (as amended or supplemented), or caused by any omission or alleged
omission to state therein a material fact necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages or liabilities are caused by any such untrue
statement or omission or alleged untrue statement or omission based upon information furnished to
any Issuer in writing by such Underwriter through the Managers expressly for use therein; provided,
however, that the foregoing indemnity with respect to any preliminary prospectus, any issuer free
writing prospectus, the Time of Sale Prospectus or the Prospectus shall not inure to the benefit of
any Underwriter from whom the person asserting any such losses, claims, damages or liabilities
purchased Offered Securities, or any person controlling any such Underwriter, if a copy of the
preliminary prospectus, any issuer free writing prospectus, the Time of Sale Prospectus or the
Prospectus (as then amended or supplemented if the Company shall have furnished any amendments or
supplements thereto) was not sent or given by or on behalf of such Underwriter to such person, if
required by law so to have been delivered, at or prior to the entry into the contract of sale of
Offered Securities with such person, and if the preliminary prospectus, any issuer free writing
prospectus, the Time of Sale Prospectus or the Prospectus (as so amended or supplemented but
without reference to documents incorporated by reference therein) would have cured the defect
giving rise to such loss, claim, damage or liability.
Each Underwriter agrees to indemnify and hold harmless each Issuer, their respective directors
and officers who sign the Registration Statement and each person, if any, who controls an Issuer
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to
the same extent as the foregoing indemnity from the Issuers to such Underwriter, but only with
reference to information relating to such Underwriter furnished to any Issuer in writing by such
Underwriter through the Managers expressly for use in the Registration Statement, any preliminary
prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, the Prospectus or any
amendment or supplement thereto.
In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such person (hereinafter called the indemnified party) shall promptly
notify the person against whom such indemnity may be sought (hereinafter called the indemnifying
party) in writing and the indemnifying party, upon request of the indemnified party, shall retain
counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified
party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any impleaded parties) include both the indemnifying
party and the indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that
the indemnifying party shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm
(in addition to any local counsel) for all such indemnified parties and that all such fees and
expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the
Underwriters and such control persons of the Underwriters, such firm shall be designated in writing
by the Managers. In the case of any such separate firm for the Issuers and such directors,
officers and controlling persons of the Issuers, such firm shall be designated in writing by the
Issuers. The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify, to the extent provided in the two immediately preceding paragraphs, the indemnified
party from and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.
If the indemnification provided for in the second or third paragraph of this Section 7 is
unavailable to an indemnified party in respect of any losses, claims, damages or liabilities for
which indemnification is provided herein, then the indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to
reflect the relative benefits received by the Issuers on the one hand and the Underwriters on the
other from the offering of the Offered Securities or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) above but also the relative fault of the Issuers on
the one hand and of the Underwriters on the other in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Issuers and the Underwriters shall
be deemed to be in the same respective proportions as the net proceeds from the offering (before
deducting expenses) received by the Issuers bear to the total underwriting discounts and
commissions received by the Underwriters in respect thereof. The relative fault of the Issuers and
the Underwriters shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Issuers or by the Underwriters and the parties
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.
The Issuers and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 7, the Underwriters shall not be required to
contribute any amount in excess of the
amount by which the total price at which the Offered Securities underwritten by them and
distributed to the public were offered to the public exceeds the amount of any damages which the
Underwriters have otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.
The indemnity and contribution agreement contained in this Section 7 and the representations
and warranties of the Company contained in this Agreement shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or
on behalf of the Underwriters or any person controlling the Underwriters or by or on behalf of the
Issuers, their respective officers or directors or any other person controlling an Issuer and (iii)
acceptance of and payment for any of the Offered Securities.
8. Termination. This Agreement shall be subject to termination in the absolute discretion of
the Managers by notice given by the Managers to the Issuers, if (a) after the Applicable Time and
prior to the Closing Date (i) trading generally shall have been suspended or materially limited on
or by, as the case may be, the New York Stock Exchange, the American Stock Exchange, or the
National Association of Securities Dealers, Inc., (ii) trading of any securities of the Company
shall have been suspended on the Nasdaq National Market, (iii) a general moratorium on commercial
banking activities in New York shall have been declared by either Federal or New York State
authorities, or (iv) there shall have occurred any outbreak or escalation of hostilities or any
change in financial markets or any calamity or crisis that, in the judgment of the Managers, is
material and adverse and (b) in the case of any of the events specified in clauses (a)(i) through
(iv), such event, singly or together with any other such event, makes it, in the judgment of the
Managers, impracticable to market the Offered Securities on the terms and in the manner
contemplated in the Time of Sale Prospectus.
The Issuers will pay and bear all costs and expenses incident to the performance of its
obligations under this Agreement, including (a) the preparation, printing and filing of the
Registration Statement (including financial statements and exhibits), as originally filed and as
amended, the preliminary prospectuses, the Time of Sale Prospectus, any free writing prospectus and
the Prospectus and any amendments or supplements thereto, and the cost of furnishing copies thereto
to the Underwriters, (b) the preparation, printing and distribution of this Agreement, the Senior
Indenture, the Subordinated Indenture, the Warrant Agreement, the Unit Agreement and the Additional
Guarantee, if any, and Blue Sky Memorandum, (c) the delivery of the Offered Securities to the
Underwriters, (d) the reasonable fees and disbursements of the Issuers counsel and accountants,
(e) the qualification of the Offered Securities under the applicable state securities or Blue Sky
laws in accordance with Section 5, including filing fees and reasonable fees and disbursements of
counsel for the Underwriters in
connection therewith and in connection with any Blue Sky survey and any legal investment
survey, (f) all fees payable to the National Association of Securities Dealers, Inc. in connection
with the review, if any, of the offering of the Securities, (g) any fees charged by rating agencies
for rating the Offered Securities and (h) the fees and expenses of the Trustee, including the fees
and disbursements of counsel for the Trustee, in connection with the Senior Indenture, the
Subordinated Indenture and the Offered Securities. Except as specifically provided elsewhere
herein, the Underwriters will pay all of their own costs and expenses, including without limitation
the fees and expenses of their counsel and the expenses of selling presentations.
If this Agreement shall be terminated by the Underwriters because of any failure or refusal on
the part of the Issuers to comply with the terms or to fulfill any of the conditions of this
Agreement, or if for any reason the Issuers shall be unable to perform their obligations under this
Agreement, the Company will reimburse the Underwriters for all out-of-pocket expenses (including
the fees and disbursements of their counsel) reasonably incurred by the Underwriters in connection
with this Agreement or the offering contemplated hereunder. This provision shall survive the
termination or cancellation of this Agreement.
9. Defaulting Underwriters. If on the Closing Date any one or more of the Underwriters shall
fail or refuse to purchase Offered Securities that it has or they have agreed to purchase on such
date, and the aggregate amount of Offered Securities which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate
amount of the Offered Securities to be purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the amount of Offered Securities set forth opposite
their respective names bears to the aggregate amount of Offered Securities set forth opposite the
names of all such non-defaulting Underwriters, or in such other proportions as the Managers may
specify, to purchase the Offered Securities which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase on such date; provided that in no event shall the amount
of Offered Securities that any Underwriter has agreed to purchase pursuant to this Agreement be
increased pursuant to this Section 9 by an amount in excess of one-ninth of such amount of Offered
Securities without the written consent of such Underwriter. If on the Closing Date any Underwriter
or Underwriters shall fail or refuse to purchase Offered Securities and the aggregate amount of
Offered Securities with respect to which such default occurs is more than one-tenth of the
aggregate amount of Offered Securities to be purchased on such date, and arrangements satisfactory
to the Managers and the Issuers for the purchase of such Offered Securities are not made within 36
hours after such default, this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter or the Issuers. In any such case either the Managers or the Issuers
shall have the right to postpone the Closing Date but in no event for longer than seven days, in
order that the required changes, if any, in the Registration Statement and in the Prospectus or in
any other documents or arrangements may be effected. Any action taken under this
paragraph shall not relieve any defaulting Underwriter from liability in respect of any
default of such Underwriter under this Agreement.
10. Counterparts. The Underwriting Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.
11. Applicable Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York.
12. Headings. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
exv1w2
EXHIBIT 1.2
UNDERWRITING AGREEMENT
(Preferred Stock, Depositary Shares, Common Stock)
[ ]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Dear Sirs:
We (the Manager) are acting on behalf of the underwriter or underwriters (including
ourselves) named below (such underwriter or underwriters being herein called the Underwriters),
and we understand that Comcast Corporation, a Pennsylvania corporation (the Company), proposes to
issue and sell the number of shares of its securities identified as Firm Securities herein (the
"Firm Securities). The Company also proposes to issue and sell not more than the number of shares
of its securities, if any, identified as Additional Securities herein (the Additional
Securities), if and to the extent that we, as Manager of this offering, shall have determined to
exercise, on behalf of the Underwriters, the right to purchase such Additional Securities granted
to the Underwriters herein. The Firm Securities and the Additional Securities are hereinafter
collectively referred to as the Offered Securities.
Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell and the Underwriters agree to purchase, severally and not jointly, the
aggregate principal amount of the Firm Securities set forth below opposite their names at a
purchase price of $[ ], per Firm Security (the Purchase Price).
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Subject to the terms and conditions set forth or incorporated by reference herein, the Company
hereby agrees to sell to the Underwriters the Additional Securities, and the Underwriters shall
have a one-time right to purchase, severally and not jointly, up to the number of Additional
Securities set forth below at the Purchase Price [plus accrued dividends, if any, from [ ] to
the date of payment and delivery]. Additional Securities may be purchased as
provided herein solely for the purpose of covering over-allotments made in connection with the
offering of the Firm Securities. If any Additional Securities are to be
purchased, each Underwriter agrees, severally and not jointly, to purchase the number of
Additional Securities (subject to such adjustments to eliminate fractional Offered Securities as
you may determine) that bears the same proportion to the total number of Additional Securities to
be purchased as the amount of Firm Securities set forth opposite the name of such Underwriter above
bears to the total amount of Firm Securities.
For purposes of the Underwriting Agreement, Applicable Time means [ ] (New York
time) on the date hereof.
The Underwriters will pay for the Firm Securities upon delivery thereof at the offices of
Davis Polk & Wardwell, 1600 El Camino Real, Menlo Park, California at 10:00 a.m. (New York time) on
[ ], or at such other time, not later than 5:00 p.m. (New York time) on [ ], as
shall be designated in writing by the Underwriters and the Company. The time
and date of such payment and delivery are hereinafter referred to as the Closing Date.
Payment for any Additional Securities shall be made at the offices referred to above at 10:00
a.m. (New York time), on such date (which may be the same as the Closing Date but shall in no event
be earlier than the Closing Date nor later than ten business days after the giving of the notice
hereinafter referred to) as shall be designated in a written notice from us to the Company of our
determination, on behalf of the Underwriters, to purchase an amount, specified in said notice, of
Additional Securities, as shall be designated in writing by us. The time and date of such payment
are hereinafter referred to as the Option Closing Date. The notice of the determination to
exercise the option to purchase Additional Securities and of the Option Closing Date may be given
at any time within 30 days after the date of the Underwriting Agreement.
The Offered Securities shall have the terms set forth in the Prospectus dated [ ], 2006,
and the Prospectus Supplement dated [ ], including the following:
Terms of Offered Securities
Securities:
Aggregate Number of Firm Securities:
Aggregate Number of Additional Securities:
Redemption Provisions:
Conversion Provisions:
Exchange Provisions:
Lock-Up Securities:
Lock-Up Period:
Additional Provisions:
[If depositary shares are offered, list beneficial ownership of preferred stock that each
depositary share represents and list Deposit Agreement.]
Capitalized terms used above and not defined herein shall have the meanings set forth in the
Prospectus and Prospectus Supplement referred to above.
All communications hereunder shall be in writing and effective only upon receipt and (a) if to
the Underwriters, shall be delivered, mailed or sent via facsimile in care of [ ],
facsimile number [ ], Attention: [ ], or (b) if to the Company, shall
be delivered, mailed or sent via facsimile to 1500 Market Street, Philadelphia, Pennsylvania 19102,
facsimile number [ ], Attention: [ ].
The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of
an arms length contractual counterparty to the Company with respect to the offering of Offered
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, none of the Underwriters is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction with respect to the offering
of Offered Securities contemplated hereby. The Company shall consult with its own advisors
concerning such matters and shall be responsible for making their own independent investigation and
appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of
the Company, the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Underwriters and shall not be on behalf of the
Company.
Except as set forth below, all provisions contained in the document entitled Comcast
Corporation Underwriting Agreement Standard Provisions (Preferred Stock, Depositary Shares, Common
Stock) dated [ ], (the Standard Provisions), a copy of which is attached hereto,
are herein incorporated by reference in their entirety and shall be deemed to be a part of this
Agreement to the same extent as if such provisions had been set forth in full herein, except that
(i) if any term defined in such document is otherwise defined herein, the definition set forth
herein shall control, (ii) all references in such document to a type of security that is not an
Offered Security shall not be deemed to be a part of this Agreement and (iii) all references in
such document to a type of agreement that has not been entered into in connection with the
transactions contemplated hereby shall not be deemed to be a part of this Agreement.
Please confirm your agreement by having an authorized officer sign a copy of this Agreement in
the space set forth below.
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Very truly yours,
[Name of Lead Managers]
On behalf of themselves and the other
Underwriters named herein
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COMCAST CORPORATION |
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SCHEDULE I
TIME OF SALE PROSPECTUS
1. Base Prospectus dated [ ] relating to the Offered Securities and included in the
Registration Statement (File No. [ ])
2. Final term sheet containing the final terms of the Offered Securities as set forth in Schedule
II hereto and filed with the Commission under Rule 433
SCHEDULE II
FINAL PRICING TERMS
COMCAST CORPORATION
UNDERWRITING AGREEMENT
STANDARD PROVISIONS
(PREFERRED STOCK, DEPOSITARY SHARES, COMMON STOCK)
[ , ]
From time to time, Comcast Corporation, a Pennsylvania corporation (the Company), may enter
into one or more underwriting agreements that provide for the sale of designated securities to the
several underwriters named therein. The standard provisions set forth herein may be incorporated
by reference in any such underwriting agreement (an Underwriting Agreement). The Underwriting
Agreement, including the provisions incorporated therein by reference, is herein referred to as
this Agreement. Terms defined in the Underwriting Agreement are used herein as therein defined.
The Company proposes to issue from time to time (a) its preferred stock, without par value
(the Preferred Stock), (b) depositary shares representing its Preferred Stock (the Depositary
Shares) and (c) its Class A common stock, $0.01 par value (the Class A Common Stock) and its
Class A Special common stock, $0.01 par value (the Class A Special Common Stock, and together
with the Class A Common Stock, the Common Stock).
The Company has filed with the Securities and Exchange Commission (the Commission) a
registration statement including a prospectus relating to the Preferred Stock, Depositary Shares
and Common Stock (collectively, the Securities) and has filed with, or transmitted for filing to,
or shall promptly after the date of the Underwriting Agreement file with or transmit for filing to,
the Commission a prospectus supplement (the Prospectus Supplement) pursuant to Rule 424 under the
Securities Act of 1933, as amended (the Securities Act), specifically relating to the Securities
offered pursuant to this Agreement (the Offered Securities). The term Registration Statement
means the registration statement as amended to the date of the Underwriting Agreement including any
additional registration statement filed by the Company pursuant to Rule 462(b). The term Base
Prospectus means the prospectus included in the Registration Statement. The term Prospectus means
the Base Prospectus together with the Prospectus Supplement. The term preliminary prospectus means
a preliminary prospectus supplement specifically relating to the Offered Securities, together with
the Base Prospectus. The term issuer free writing prospectus has the meaning set forth in Rule 433
under the Securities Act. The term Time of Sale Prospectus means the Base Prospectus and
preliminary prospectus, if any, together with any additional documents or other information
identified in Schedule I to the Underwriting Agreement. As used herein, the terms Base
Prospectus, Prospectus, preliminary prospectus and Time of Sale Prospectus shall include in
each case the documents, if any, incorporated by reference therein. As used herein, the term
Applicable Time means the time and date set forth in the Underwriting Agreement or such other
time as agreed in writing by the Company and the Managers. The terms supplement, amendment and
amend as used herein shall include all documents deemed to be incorporated by reference in the
Prospectus that are filed subsequent to the date of the Base
Prospectus by the Company with the Commission pursuant to the Securities Exchange Act of 1934,
as amended (the Exchange Act).
The Company hereby agrees that, without the prior written consent of the Manager, it will not
offer, sell, contract to sell or grant any option to purchase or otherwise dispose of any shares of
the Lock-Up Securities, or any securities convertible into or exchangeable for Lock-Up Securities,
for the Lock-Up Period, other than (i) the Offered Securities to be sold hereunder, (ii) any
Lock-Up Securities sold upon the exercise of an option or warrant or the conversion of a security
outstanding on the date hereof or (iii) any Lock-Up Securities issued pursuant to any stock option
or similar employee compensation plan in effect on the date hereof.
1. Representations and Warranties. The Company represents and warrants to each of the
Underwriters as of the date of the Underwriting Agreement that:
(i) The Registration Statement has become effective; no stop order suspending
the effectiveness of the Registration Statement is in effect, and no proceedings
for such purpose are pending before or threatened by the Commission.
(ii) Each document filed or to be filed pursuant to the Exchange Act and
incorporated by reference in the Time of Sale Prospectus or the Prospectus complied
or will comply when so filed in all material respects with the Exchange Act and the
rules and regulations of the Commission thereunder.
(iii) The Registration Statement, the Time of Sale Prospectus and the
Prospectus comply in all material respects with the Securities Act and the rules
and regulations of the Commission thereunder and do not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, except
that the foregoing representations and warranties do not apply to statements or
omissions in the Registration Statement, the Time of Sale Prospectus or the
Prospectus or any amendment or supplement thereto based upon information furnished
to the Issuers in writing by any Underwriter through the Manager expressly for use
therein.
(iv) The Company is not an ineligible issuer in connection with the offering
pursuant to Rules 164, 405 and 433 under the Securities Act. The Company has not
made, used, prepared, authorized, approved or referred to any offer relating to the
Offered Securities that would constitute a free writing prospectus other than (a)
any written communications furnished in advance to the Managers; (b) an electronic
road show, if any, furnished to the Managers before first use; or (c) free writing
prospectuses identified on Schedule I to the Underwriting Agreement, including the
term sheet as set forth in Schedule II to the Underwriting Agreement. Any such
free writing prospectus as of its issue date complied in all material respects with
the requirements of the Securities Act and the rules and regulations thereunder and
was filed with the Commission in
accordance with the Securities Act (to the extent required pursuant to Rule
433(d) thereunder).
(v) The execution and delivery by the Company of, and the performance by the
Company of its obligations under this Agreement will not contravene any provision
of applicable law or the articles of incorporation or by-laws of the Company or any
agreement or other instrument binding upon the Company or any of its subsidiaries
that is material to the Company and its consolidated subsidiaries, taken as a
whole, or any judgment, order or decree of any governmental body, agency or court
having jurisdiction over the Company or any of its consolidated subsidiaries, and
no consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by the Company of its
obligations under this Agreement, except such as may be required by the securities
or blue sky laws of the various states in connection with the offer and sale of the
Offered Securities; provided, however, that no representation is made as to whether
the purchase of the Offered Securities constitutes a prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, or
Section 4975 of the Internal Revenue Code of 1986, as amended.
(vi) Neither the Company nor any of its subsidiaries is (a) in violation of
its articles of incorporation or by-laws (or similar organizational documents) or
(b) in default in the performance or observance of any obligation, covenant or
condition contained in any contract, except to the extent such default would not
have a material adverse effect.
(vii) There has not occurred any material adverse change, or any development
involving a prospective material adverse change, in the condition, financial or
otherwise, or in the earnings, business or operations of the Company and its
subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus
(exclusive of any amendments or supplements thereto effected subsequent to the date
of the Agreement).
(viii) There are no legal or governmental proceedings pending or threatened to
which the Company or any of its consolidated subsidiaries is a party or to which
any of the properties of the Company or any of its consolidated subsidiaries is
subject that are required to be described in the Registration Statement or the Time
of Sale Prospectus and are not so described or any statutes, regulations, contracts
or other documents that are required to be described in the Registration Statement
or the Time of Sale Prospectus or to be filed or incorporated by reference as
exhibits to the Registration Statement that are not described, filed or
incorporated as required.
(ix) Each of the Company and its consolidated subsidiaries has all necessary
consents, authorizations, approvals, orders, certificates and permits of and from,
and has made all declarations and filings with, all federal, state, local and other
governmental authorities, all self-regulatory organizations and all
courts and other tribunals, to own, lease, license and use its properties and
assets and to conduct its business in the manner described in the Time of Sale
Prospectus, except to the extent that the failure to obtain or file would not have
a material adverse effect on the Company and its consolidated subsidiaries, taken
as a whole.
2. Public Offering. The Company is advised by the Manager that the Underwriters propose to
make a public offering of their respective portions of the Offered Securities as soon after this
Agreement has been entered into as in the Managers judgment is advisable. The terms of the public
offering of the Offered Securities are set forth in the Time of Sale Prospectus and the Prospectus.
3. Purchase and Delivery. Except as otherwise provided in this Section 3, payment for the
Offered Securities shall be made to the Company in Federal or other funds immediately available in
New York City at the time and place set forth in the Underwriting Agreement, upon delivery to the
Manager for the respective accounts of the several Underwriters of the Offered Securities.
Certificates representing the Offered Securities shall be in definitive form and registered in such
names and in such denominations as the Manager shall request in writing not less than one full
business day prior to the date of delivery, with any transfer taxes payable in connection with the
transfer of the Offered Securities to the Underwriters duly paid.
4. Conditions to Closing. The several obligations of the Underwriters hereunder are subject
to the following conditions:
(a) Subsequent to the Applicable Time and prior to the Closing Date, there shall not
have occurred any downgrading, nor shall any notice have been given of any intended or
potential downgrading or of any review for a possible change that does not indicate the
direction of the possible change, in the rating accorded the Company or any of the
securities of the Company by any nationally recognized statistical rating organization, as
such term is defined for purposes of Rule 436(g)(2) under the Securities Act.
(b) No stop order suspending the effectiveness of the Registration Statement shall be
in effect, and no proceedings for such purpose shall be pending before or threatened by the
Commission, and there shall not have occurred any change, or any development involving a
prospective change, in the condition, financial or otherwise, or in the earnings, business
or operations of the Company and its consolidated subsidiaries, taken as a whole, from that
set forth in the Time of Sale Prospectus, that, in the judgment of the Managers, is material
and adverse and that makes it, in the judgment of the Managers, impracticable to market the
Offered Securities on the terms and in the manner contemplated in the Time of Sale
Prospectus; and the Managers shall have received, on the Closing Date, a certificate, dated
the Closing Date and signed by an executive officer of the Company, to the foregoing effect.
Such certificate will also provide that the representations and warranties of the Company
contained herein are true and correct as of the Closing Date. The officer making such
certificate may rely upon the best of his knowledge as to proceedings threatened.
(c) The Manager shall have received on the Closing Date an opinion of Arthur R. Block,
Esquire, Senior Vice President, General Counsel and Secretary of the Company (or another
lawyer of the Company reasonably satisfactory to the Underwriters), dated the Closing Date,
to the effect (as applicable) that:
(i) the Company has been duly incorporated, is validly existing as a
corporation subsisting under the laws of the Commonwealth of Pennsylvania and is
duly qualified to transact business and is in good standing in each jurisdiction in
which the conduct of its business or its ownership or leasing of property requires
such qualification (except where the failure to so qualify would not have a
material adverse effect upon the business or financial condition of the Company and
its subsidiaries, as a whole),
(ii) the Company has an authorized capitalization as set forth in the Time of
Sale Prospectus, and all of the issued shares of capital stock of the Company have
been duly and validly authorized and issued and are fully paid and non-assessable;
(iii) the Offered Securities have been duly authorized, and when executed and
delivered to and paid for by the Underwriters in accordance with the terms of this
Agreement, will be validly issued, fully paid and non-assessable,
(iv) this Agreement has been duly authorized, executed and delivered by the
Company,
(v) except as rights to indemnity and contribution under this Agreement may be
limited under applicable law, the execution, delivery and performance of this
Agreement by the Company and the issuance and sale of the Offered Securities by the
Company will not contravene any provision of applicable law of the United States
(except with respect to laws relating specifically to the cable communications
industry, as to which such counsel is not called upon to express any opinion),
Pennsylvania, or, to the best knowledge of such counsel, of any other state or
jurisdiction of the United States, or the articles of incorporation or by-laws (or
similar organizational document) of the Company or, to the best knowledge of such
counsel, any material agreement or other material instrument binding upon the
Company, and, except for the orders of the Commission making the Registration
Statement effective (which have been obtained) and such permits or similar
authorizations required under the securities or Blue Sky laws of certain states or
foreign jurisdictions (as to which such counsel is not called upon to express any
opinion), no consent, approval or authorization of any governmental body or agency
of the United States (except with respect to consents, approvals and authorizations
relating specifically to the cable communications industry, as to which such
counsel is not called upon to express any opinion), Pennsylvania, or, to the best
knowledge of such counsel, of any other state or jurisdiction of the United States
or of any foreign jurisdiction is required for the performance of this Agreement by
the Company, or the issuance and sale of the Offered Securities by the Company,
(vi) subject to such qualification as may be set forth in the Time of Sale
Prospectus, the Company and its subsidiaries have, and are in material compliance
with, such franchises, and to the best knowledge of such counsel after reasonable
investigation, such licenses and authorizations, as are necessary to own their
cable communications properties and to conduct their cable communications business
in the manner described in the Time of Sale Prospectus, except where the failure to
have, or comply with, such franchises, licenses and authorizations would not have a
material adverse effect on the business or financial condition of the Company and
its subsidiaries, as a whole, and such franchises, licenses and authorizations
contain no materially burdensome restrictions not adequately described in the Time
of Sale Prospectus, which restrictions would have a material adverse effect on the
business or financial condition of the Company and its subsidiaries, as a whole,
(vii) the statements (A) in Item 3 of the Companys most recent Annual Report
on Form 10-K incorporated by reference in the Time of Sale Prospectus, (B) in Part
II, Item 1 under the caption Legal Proceedings of the Companys most recent
Quarterly Report on Form 10-Q incorporated by reference in the Time of Sale
Prospectus and (C) in the Registration Statement in Item 15, insofar as such
statements constitute a summary of the legal matters, documents or proceedings
referred to therein, fairly present the information called for with respect to such
legal matters, documents and proceedings,
(viii) such counsel does not know of any legal or governmental proceeding
pending or threatened to which the Company or any of its subsidiaries is a party or
to which any of the properties of the Company or any of its subsidiaries is subject
which is required to be described in the Registration Statement or the Time of Sale
Prospectus and is not so described or of any contract or other document which is
required to be described in the Registration Statement or the Prospectus or to be
filed as an exhibit to the Registration Statement which is not described or filed
as required,
(ix) the securities into which the Offered Securities are convertible,
initially reserved for issuance upon conversion of the Offered Securities (the
Underlying Securities) have been duly authorized and reserved for issuance, and
(x) when the Underlying Securities are issued upon conversion of the Offered
Securities in accordance with the terms of the Offered Securities, such Underlying
Securities will be validly issued, fully paid and non-assessable and will not be
subject to any preemptive or other right to subscribe for or purchase such
Underlying Securities.
Such counsel shall also state that no facts have come to his attention that lead him to
believe (1) that the Registration Statement or any amendments thereto (except for the financial
statements and other financial or statistical data included or incorporated by reference therein or
omitted therefrom, as to which such counsel is not called upon to express any belief), on the date
on which it became effective or the date of filing of the most recent subsequent Annual Report
on Form 10-K, contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not misleading; (2) that
the Time of Sale Prospectus (except for the financial statements and other financial or statistical
data included or incorporated by reference therein or omitted therefrom, as to which such counsel
is not called upon to express any belief), at the Applicable Time or as amended or supplemented, if
applicable, as of the Closing Date, contained or contains an untrue statement of a material fact or
omitted or omits to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they are made, not misleading; (3) that the Prospectus, as
amended or supplemented, if applicable (except for the financial statements and other financial or
statistical data included or incorporated by reference therein or omitted therefrom, as to which
such counsel is not called upon to express any belief), at the date of the Underwriting Agreement
or as amended, or supplemented, if applicable, at the Closing Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make statements therein, in the light of the circumstances under which they are made, not
misleading; or (4) that the documents incorporated by reference in the Prospectus (except for the
financial statements and other financial or statistical data included or incorporated by reference
therein or omitted therefrom, as to which such counsel is not called upon to express any belief),
as of the dates they were filed with the Commission, contained an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they are made, not misleading.
With respect to the preceding paragraph, such counsel may state that his opinion and belief is
based upon his participation in the preparation of the Registration Statement, Time of Sale
Prospectus, Prospectus (as amended or supplemented) and the documents incorporated therein by
reference and review and discussion of the contents thereof, but is without independent check or
verification except as specified.
In expressing his opinion as to questions of the law of jurisdictions other than the
Commonwealth of Pennsylvania and the United States, such counsel may rely to the extent reasonable
on such counsel as may be reasonably acceptable to counsel to the Underwriters. In addition, such
counsel may reasonably rely as to questions of fact on certificates of responsible officers of the
Company.
(d) The Manager shall have received on the Closing Date an opinion of Davis Polk &
Wardwell, special counsel for the Company, dated the Closing Date, to the effect that:
(i) except as rights to indemnity and contribution under this Agreement may be
limited under applicable law, the execution, delivery and performance of this
Agreement by the Company and the issuance and sale of the Offered Securities by the
Company will not contravene any provision of applicable law of the United States
(except with respect to laws relating specifically to the cable communications
industry, as to which such counsel is not called upon to express any opinion), or
New York and, except for the orders of the Commission making the Registration
Statement effective (which have
been obtained) and such permits or similar authorizations required under the
securities or Blue Sky laws of certain states or foreign jurisdictions (as to which
such counsel is not called upon to express any opinion), no consent, approval or
authorization of any governmental body or agency of the United States (except with
respect to consents, approvals and authorizations relating specifically to the
cable communications industry, as to which such counsel is not called upon to
express any opinion), or New York is required for the performance of this Agreement
by the Company, or the issuance and sale of the Offered Securities by the Company,
and
(ii) the statements in the Prospectus Supplement under Description of [the
Offered Securities], Certain U.S. Tax Considerations and Underwriting and in
the Base Prospectus under Description of Capital Stock and Plan of
Distribution, insofar as such statements constitute a summary of the legal matters
or documents referred to therein, fairly present the information called for with
respect to such legal matters and documents.
Such counsel shall also state that no facts have come to the attention of such counsel that
lead them to believe (1) that the Registration Statement and the Prospectus and any supplements or
amendments thereto or the documents incorporated by reference in the Registration Statement and
Prospectus (except for financial statements and other financial or statistical data included or
incorporated by reference therein, as to which such counsel is not called upon to express any
belief) did not comply as to form in all material respects with the Securities Act and the rules
and regulations of the Commission thereunder; (2) that the Registration Statement or any amendment
thereto (except for the financial statements and other financial or statistical data included or
incorporated by reference therein or omitted therefrom, as to which such counsel is not called upon
to express any belief) at the date of the Underwriting Agreement contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; (3) that the Time of Sale Prospectus (except for the
financial statements and other financial or statistical data included or incorporated by reference
therein or omitted therefrom, as to which such counsel is not called upon to express any belief),
at the Applicable Time or as amended or supplemented, if applicable, as of the Closing Date,
contained or contains an untrue statement of a material fact or omitted or omits to state a
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they are made, not misleading; or (4) that the Prospectus (except for the financial
statements and other financial or statistical data included or incorporated by reference therein or
omitted therefrom, as to which such counsel is not called upon to express any belief), at the date
of the Underwriting Agreement or as amended or supplemented, if applicable, at the Closing Date,
contained or contains an untrue statement of a material fact or omitted or omits to state a
material fact necessary in order to make statements therein, in the light of the circumstances
under which they are made, not misleading.
With respect to the preceding paragraph, Davis Polk & Wardwell may state that their opinion
and belief is based upon their participation in the preparation of the Registration Statement, Time
of Sale Prospectus and Prospectus and any amendments or supplements thereto (but not including
documents incorporated therein by reference) and review and discussion of the
contents thereof (including documents incorporated therein by reference), but is without
independent check or verification except as specified.
(e) The Manager shall have received on the Closing Date an opinion of [ ],
regulatory counsel for the Company, dated the Closing Date, to the effect that:
(i) no approval of the Federal Communications Commission (the FCC) is
required in connection with the issuance and sale of the Offered Securities,
(ii) the execution and delivery of this Agreement, by the Company, the
fulfillment of the terms set forth herein by the Company and the consummation of
the transactions contemplated hereby by the Company do not violate any statute,
regulation or other law of the United States relating specifically to the cable
communications industry (except as otherwise explicitly set forth in the Time of
Sale Prospectus) or, to the knowledge of such counsel, any order, judgment or
decree of any court or governmental body of the United States relating specifically
to the cable communications industry and applicable to the Company or any
subsidiary, and which violation would have a material adverse effect on the
business or financial condition of the Company and its subsidiaries, as a whole,
(iii) the statements in the Companys most recent Annual Report on Form 10-K
incorporated by reference in the Registration Statement, the Time of Sale
Prospectus and the Prospectus relating to cable regulatory matters, as updated by
the Companys most recent Quarterly Reports on Form 10-Q incorporated in the
Registration Statement, the Time of Sale Prospectus and the Prospectus and as
updated by the Time of Sale Prospectus, insofar as they are, or refer to,
statements of federal law or legal conclusions, have been reviewed by such counsel
and present in all material respects the information called for with respect to
such statements of federal law or legal conclusions, and
(iv) such counsel does not know of any proceeding pending before the FCC to
which the Company or any of its subsidiaries is a party or involving the cable
communications properties, licenses or authorizations of the Company and its
subsidiaries, or of any cable communications law or regulation relevant thereto
required to be described in the Registration Statement or the Time of Sale
Prospectus pursuant to Regulation S-K promulgated under the Securities Act, which
is not described as required.
(f) The Manager shall have received on the Closing Date an opinion of Cahill Gordon &
Reindel LLP, counsel for the Underwriters, dated the Closing Date, covering the matters
requested by and in form and substance reasonably satisfactory to the Manager.
(g) The Manager shall have received on the date of the Underwriting Agreement a letter
dated such date and on the Closing Date a letter dated such date, in
each case in form and substance satisfactory to the Manager, from Deloitte & Touche
LLP, independent public accountants, containing statements and information of the type
ordinarily included in accountants comfort letters to underwriters with respect to the
financial statements and certain financial information reviewed by them contained in or
incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the
Prospectus and each other firm of independent accountants, if any, who audited or reviewed
financial statements contained in or incorporated by reference in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, containing statements and
information of the type ordinarily included in accountants comfort letters to
underwriters with respect to such financial statements and financial information.
(h) The Manager shall have received on the date hereof or on the Closing Date, as
applicable, such additional documents as the Manager shall have reasonably requested to
confirm compliance with the conditions to Closing listed herein.
The several obligations of the Underwriters to purchase Additional Securities hereunder are
subject to the delivery to the Manager on the Option Closing Date of such opinions, certificates
and documents as are contemplated for the Closing of the Firm Securities in this Section 4.
5. Covenants of the Company. In further consideration of the agreements of the Underwriters
herein contained, the Company covenants as follows:
(a) To furnish to the Manager, without charge, a copy of the Registration Statement and
two signed copies of any post-effective amendment thereto specifically relating to the
Offered Securities (including exhibits thereto and documents incorporated therein by
reference) and, during the period mentioned in paragraph (c) below, as many copies of the
Time of Sale Prospectus, the Prospectus, any documents incorporated therein by reference and
any supplements and amendments thereto as the Manager may reasonably request.
(b) Before amending or supplementing the Registration Statement, the Time of Sale
Prospectus or the Prospectus, to furnish the Manager a copy of each such proposed amendment
or supplement.
(c) Before filing, using or referring to any free writing prospectus relating to the
Offered Securities, to furnish the Managers a copy of each such free writing prospectus.
(d) Not to take any action that would result in an Underwriter being required to file
with the Commission pursuant to Rule 433(d) under the Securities Act a free writing
prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would
not have been required to file thereunder.
(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Offered
Securities at a time when the Prospectus is not yet available to prospective purchasers and
any event shall occur as a result of which it is necessary to amend or
supplement the Time of Sale Prospectus in order to make the statements therein, in the
light of the circumstances existing at the time, not misleading, or if any event shall occur
as a result of which any free writing prospectus included as part of the Time of Sale
Prospectus conflicts with the information contained in the Registration Statement then on
file, the Company shall forthwith prepare and furnish, at its expense, to the Underwriters
and to the dealers (whose names and ad-dresses the Managers will furnish to the Company),
either amendments or supplements to the Time of Sale Prospectus so that the statements in
the Time of Sale Prospectus as so amended or supplemented will not, in the light of the
circum-stances existing at the time, be misleading or so that any free writing prospectus
which is included as part of the Time of Sale Prospectus, as amended or supplemented, will
no longer conflict with the Registration Statement.
(f) If, during such period after the first date of the public offering of the Offered
Securities during which in the opinion of counsel to the Manager the Prospectus (or in lieu
thereof the notice referred to in Rule 173(a) under the Securities Act) is required by law
to be delivered in connection with sales by an Underwriter or dealer, any event shall occur
as a result of which it is necessary to amend or supplement the Prospectus in order to make
the statements therein, in the light of the circumstances existing at the time, not
misleading, forthwith to prepare and furnish, at its expense, to the Underwriters and to the
dealers (whose names and addresses the Manager will furnish to the Company) to which Offered
Securities may have been sold by the Manager on behalf of the Underwriters and to any other
dealers on request, either amendments or supplements to the Prospectus so that the
statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances existing at the time, be misleading.
(g) To endeavor to qualify the Offered Securities for offer and sale under the
securities or Blue Sky laws of such U.S. jurisdictions as the Manager shall reasonably
request.
(h) To make generally available to the Companys security holders as soon as
practicable an earnings statement covering the twelve month period beginning on the first
day of the first fiscal quarter commencing after the date hereof, which shall satisfy the
provisions of Section 11(a) of the Securities Act and the rules and regulations of the
Commission thereunder (which may be accomplished by making generally available the Companys
financial statements in the manner provided for by Rule 158 of the Securities Act).
6. Covenants of the Underwriters. In further consideration of the agreements of the Issuers
herein contained, each Underwriter severally covenants as follows:
(a) Not to take any action that would result in the Company being required to file with
the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such
Underwriter that otherwise would not be required to be filed by the Company thereunder, but
for the action of the Underwriter.
(b) Not to use, refer to or distribute any free writing prospectus except:
(i) a free writing prospectus that (a) is not an issuer free writing
prospectus and (b) contains only information describing the preliminary terms of
the Offered Securities or the offering thereof, which information is limited to the
categories of terms referenced on Schedule II to the Underwriting Agreement or
otherwise permitted under Rule 134 of the Securities Act;
(ii) a free writing prospectus as shall be agreed in writing with the Company
that is not distributed, used or referred to by such Underwriter in a manner
reasonably designed to lead to its broad unrestricted dissemination (unless the
Company consents in writing to such dissemination); or
(iii) a free writing prospectus identified in Schedule I to the Underwriting
Agreement as forming part of the Time of Sale Prospectus.
7. Indemnification and Contribution. The Company agrees to indemnify and hold harmless each
Underwriter and each person, if any, who controls each Underwriter within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all
losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement any preliminary prospectus, the Time of
Sale Prospectus (as amended or supplemented), any issuer free writing prospectus that the Issuers
have filed or are required to file under Rule 433(d) under the Securities Act or the Prospectus (as
amended or supplemented), or caused by any omission or alleged omission to state therein a material
fact necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information furnished to the Company in writing by such
Underwriter through the Manager expressly for use therein; provided, however, that the foregoing
indemnity with respect to any preliminary prospectus, any issuer free writing prospectus, the Time
of Sale Prospectus or the Prospectus shall not inure to the benefit of any Underwriter from whom
the person asserting any such losses, claims, damages or liabilities purchased Offered Securities,
or any person controlling any such Underwriter, if a copy of the preliminary prospectus, any issuer
free writing prospectus, the Time of Sale Prospectus or the Prospectus (as then amended or
supplemented if the Company shall have furnished any amendments or supplements thereto) was not
sent or given by or on behalf of such Underwriter to such person, if required by law so to have
been delivered, at or prior to the entry into the contract of sale of the Offered Securities with
such person, and if the preliminary prospectus, any issuer free writing prospectus, the Time of
Sale Prospectus or the Prospectus (as so amended or supplemented but without reference to documents
incorporated by reference therein) would have cured the defect giving rise to such loss, claim,
damage or liability.
Each Underwriter agrees to indemnify and hold harmless the Company, its directors, its
officers who sign the Registration Statement and each person, if any, who controls the Company
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to
the same extent as the foregoing indemnity from the Company to such Underwriter, but only with
reference to information relating to such Underwriter furnished to the Company in writing by such
Underwriter through the Manager expressly for use in the Registration Statement, any preliminary
prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, the Prospectus or any
amendment or supplement thereto.
In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such person (hereinafter called the indemnified party) shall promptly
notify the person against whom such indemnity may be sought (hereinafter called the indemnifying
party) in writing and the indemnifying party, upon request of the indemnified party, shall retain
counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified
party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any impleaded parties) include both the indemnifying
party and the indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that
the indemnifying party shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm
(in addition to any local counsel) for all such indemnified parties and that all such fees and
expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the
Underwriters and such control persons of the Underwriters, such firm shall be designated in writing
by the Manager. In the case of any such separate firm for the Company and such directors, officers
and controlling persons of the Company, such firm shall be designated in writing by the Company.
The indemnifying party shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the indemnifying party agrees to indemnify, to the extent provided in the two
immediately preceding paragraphs, the indemnified party from and against any loss or liability by
reason of such settlement or judgment. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such
proceeding.
If the indemnification provided for in the second or third paragraph of this Section 7 is
unavailable to an indemnified party in respect of any losses, claims, damages or liabilities for
which indemnification is provided herein, then the indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company and the Underwriters from the offering of the
Offered Securities or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company and of the Underwriters
in connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Underwriters shall be deemed to be in the same respective
proportions as the net proceeds from the offering (before deducting expenses) received by the
Company bear to the total underwriting discounts and commissions received by the Underwriters in
respect thereof. The relative fault of the Company and the Underwriters shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company or by the Underwriters and the parties relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The Company and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 7, the Underwriters shall not be required to
contribute any amount in excess of the amount by which the total price at which the Offered
Securities underwritten by them and distributed to the public were offered to the public exceeds
the amount of any damages which the Underwriters have otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The indemnity and contribution agreement contained in this Section 7 and the representations
and warranties of the Company contained in this Agreement shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or
on behalf of the Underwriters or any person controlling the Underwriters or by or on behalf of the
Company, its officers or directors or any other person controlling the Company and (iii) acceptance
of and payment for any of the Offered Securities.
8. Termination. This Agreement shall be subject to termination in the absolute discretion of
the Manager by notice given by the Manager to the Company, if (a) after the Applicable Time and
prior to the Closing Date [or the Option Closing Date, as the case may be,] (i) trading generally
shall have been suspended or materially limited on or by, as the case may be, the New York Stock
Exchange, the American Stock Exchange, or the National Association of Securities Dealers, Inc.,
(ii) trading of any securities of the Company shall have been suspended on the Nasdaq National
Market, (iii) a general moratorium on commercial banking activities in New York shall have been
declared by either Federal or New York State authorities, or (iv) there shall have occurred any
outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis
that, in the judgment of the Manager, is material and adverse and (b) in the case of any of the
events specified in clauses (a)(i) through (iv), such event, singly or together with any other such
event, makes it, in the judgment of the Manager, impracticable to market the Offered Securities on
the terms and in the manner contemplated in the Time of Sale Prospectus.
The Company will pay and bear all costs and expenses incident to the performance of its
obligations under this Agreement, including (a) the preparation, printing and filing of the
Registration Statement (including financial statements and exhibits), as originally filed and as
amended, the preliminary prospectuses, the Time of Sale Prospectus, any free writing
prospectus and the Prospectus and any amendments or supplements thereto, and the cost of furnishing
copies thereto to the Underwriters, (b) the preparation, printing and distribution of this
Agreement and Blue Sky Memorandum, (c) the delivery of the Offered Securities to the Underwriters,
(d) the reasonable fees and disbursements of the Companys counsel and accountants, (e) the
qualification of the Offered Securities under the applicable state securities or Blue Sky laws in
accordance with Section 5, including filing fees and reasonable fees and disbursements of counsel
for the Underwriters in connection therewith and in connection with any Blue Sky survey and any
legal investment survey, (f) all fees payable to the National Association of Securities Dealers,
Inc. in connection with the review, if any, of the offering of the Securities and (g) any fees
charged by rating agencies for the rating of the Offered Securities. Except as specifically
provided elsewhere herein, the Underwriters will pay all of their own costs and expenses, including
without limitation the fees and expenses of their counsel and the expenses of selling
presentations.
If this Agreement shall be terminated by the Underwriters because of any failure or refusal on
the part of the Company to comply with the terms or to fulfill any of the conditions of this
Agreement, or if for any reason the Company shall be unable to perform its obligations under this
Agreement, the Company will reimburse the Underwriters for all out-of-pocket expenses (including
the fees and disbursements of their counsel) reasonably incurred by the Underwriters in connection
with this Agreement or the offering contemplated hereunder. This provision shall survive the
termination or cancellation of this Agreement.
9. Defaulting Underwriters. If on the Closing Date [or the Option Closing Date, as the case
may be,] any one or more of the Underwriters shall fail or refuse to purchase Offered Securities
that it has or they have agreed to purchase on such date, and the aggregate amount of Offered
Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to
purchase is not more than one-tenth of the aggregate amount of the Offered Securities to be
purchased on such date, the other Underwriters shall be obligated severally in the proportions that
the amount of Offered Securities set forth opposite their respective names bears to the aggregate
amount of Offered Securities set forth opposite the names of all such non-defaulting Underwriters,
or in such other proportions as the Manager may specify, to purchase the Offered Securities which
such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date;
provided that in no event shall the amount of Offered Securities that any Underwriter has agreed to
purchase pursuant to this Agreement be increased pursuant to this Section 9 by an amount in excess
of one-ninth of such amount of Offered Securities without the written consent of such Underwriter.
If on the Closing Date [or the Option Closing Date, as the case may be,] any Underwriter or
Underwriters shall fail or refuse to purchase Offered Securities and the aggregate amount of
Offered Securities with respect to which such default occurs is more than one-tenth of the
aggregate amount of Offered Securities to be purchased on such date, and arrangements satisfactory
to the Manager and the Company for the purchase of such Offered Securities are not made within 36
hours after such default, this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter or the Company. In any such case either the Manager or the Company
shall have the right to postpone the Closing Date [or the Option Closing Date, as the case may be,]
but in no event for longer than seven days, in order that the required changes, if any, in the
Registration Statement and in the Prospectus or in any other documents or arrangements may be
effected. Any action taken
under this paragraph shall not relieve any defaulting Underwriter from liability in respect of
any default of such Underwriter under this Agreement.
10. Counterparts. The Underwriting Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.
11. Applicable Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York.
12. Headings. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
exv4w6
Exhibit 4.6
COMCAST CORPORATION, as Issuer
THE CABLE GUARANTORS PARTY HERETO
and
THE BANK OF NEW YORK, as Trustee
INDENTURE
Dated as of [ ]
Subordinated Debt Securities
TABLE OF CONTENTS
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ARTICLE 1
Definitions |
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Section 1.01. Certain Terms Defined
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1 |
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ARTICLE 2
Securities |
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Section 2.01. Forms Generally
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12 |
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Section 2.02. Form of Trustees Certification of Authentication
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12 |
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Section 2.03. Amount Unlimited; Issuable in Series
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13 |
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Section 2.04. Authentication and Delivery of Securities
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14 |
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Section 2.05. Execution of Securities
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16 |
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Section 2.06. Certificate of Authentication
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16 |
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Section 2.07. Denomination and Date of Securities; Payments of Interest
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16 |
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Section 2.08. Registration, Transfer and Exchange
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17 |
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Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities
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20 |
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Section 2.10. Cancellation of Securities; Destruction Thereof
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21 |
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Section 2.11. Temporary Securities
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22 |
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Section 2.12. Computation of Interest
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22 |
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Section 2.13. Cusip Numbers
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22 |
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ARTICLE 3
Covenants of the Issuer, the Cable Guarantors and the Trustee |
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Section 3.01. Payment of Principal and Interest
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22 |
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Section 3.02. Offices for Payments, etc
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23 |
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Section 3.03. Paying Agents
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24 |
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Section 3.04. Certificate of the Issuer
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25 |
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Section 3.05. Securityholders Lists
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25 |
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Section 3.06. Reports by the Issuer
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26 |
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Section 3.07. Corporate Existence
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26 |
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Section 3.08. Restrictions on Mergers, Sales and Consolidations
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26 |
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Section 3.09. Further Assurances
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27 |
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Section 3.10. Limitation on Liens
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27 |
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Section 3.11. Limitation on Sale and Leaseback Transactions
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27 |
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ARTICLE 4
Remedies of the Trustee and Securityholders on Event of Default |
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Section 4.01. Event of Default Defined; Acceleration of Maturity; Waiver of Default
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27 |
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Section 4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt
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30 |
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Section 4.03. Application of Proceeds
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32 |
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Section 4.04. Suits for Enforcement
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33 |
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Section 4.05. Restoration of Rights on Abandonment of Proceedings
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33 |
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Section 4.06. Limitations on Suits by Securityholder
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34 |
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Section 4.07. Unconditional Right of Securityholders to Institute Certain Suits
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34 |
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Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
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34 |
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Section 4.09. Control by Securityholders
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35 |
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Section 4.10. Waiver of Past Defaults
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35 |
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Section 4.11. Trustee to Give Notice of Default, But May Withhold in Certain Circumstances
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36 |
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Section 4.12. Right of Court to Require Filing of Undertaking to Pay Costs
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36 |
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ARTICLE 5
Concerning the Trustee |
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Section 5.01. Duties and Responsibilities of the Trustee; During Default; Prior to Default36 |
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Section 5.02. Certain Rights of the Trustee
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38 |
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Section 5.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof
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40 |
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Section 5.04. Trustee and Agents May Hold Securities; Collections, etc
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40 |
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Section 5.05. Moneys Held by Trustee
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40 |
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Section 5.06. Compensation and Indemnification of Trustee and Its Prior Claim
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40 |
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Section 5.07. Right of Trustee to Rely on Officers Certificate, etc
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41 |
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Section 5.08. Persons Eligible for Appointment as Trustee
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41 |
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Section 5.09. Resignation and Removal; Appointment of Successor Trustee
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42 |
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Section 5.10. Acceptance of Appointment by Successor
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43 |
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Section 5.11. Merger, Conversion, Consolidation or Succession to Business of Trustee
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44 |
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Section 5.12. Reports to the Trustee
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44 |
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ARTICLE 6
Concerning the Securityholders |
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Section 6.01. Evidence of Action Taken by Securityholders
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45 |
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ii
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Page |
Section 6.02. Proof of Execution of Instruments and of Holding of Securities; Record Date
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45 |
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Section 6.03. Holders to Be Treated as Owners
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46 |
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Section 6.04. Securities Owned by Issuer Deemed Not Outstanding
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46 |
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Section 6.05. Right of Revocation of Action Taken
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47 |
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ARTICLE 7
Supplemental Indentures |
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Section 7.01. Supplemental Indentures Without Consent of Securityholders
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47 |
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Section 7.02. Supplemental Indentures With Consent of Securityholders
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49 |
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Section 7.03. Effect of Supplemental Indenture
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50 |
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Section 7.04. Documents to Be Given to Trustee
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51 |
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Section 7.05. Notation on Securities in Respect of Supplemental Indentures
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51 |
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ARTICLE 8
Consolidation, Merger, Sale or Conveyance |
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Section 8.01. Issuer May Consolidate, etc., on Certain Terms
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51 |
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Section 8.02. Successor Corporation Substituted
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52 |
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ARTICLE 9
Discharge of Indenture |
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Section 9.01. Defeasance Within One Year of Payment
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52 |
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Section 9.02. Defeasance
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53 |
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Section 9.03. Covenant Defeasance
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55 |
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Section 9.04. Application of Trust Money
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56 |
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Section 9.05. Repayment to Issuer
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56 |
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ARTICLE 10
Miscellaneous Provisions |
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Section 10.01. Incorporators, Stockholders, Officers and Directors Exempt from Individual Liability
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57 |
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Section 10.02. Provisions of Indenture for the Sole Benefit of Parties and Securityholders
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57 |
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Section 10.03. Successors and Assigns of Issuer Bound by Indenture
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57 |
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Section 10.04. Notices and Demands on Issuer, Trustee and Securityholders
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57 |
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Section 10.05. Officers Certificates and Opinions of Counsel; Statements to Be Contained Therein
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58 |
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Section 10.06. Payments Due on Saturdays, Sundays and Holidays
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59 |
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Section 10.07. Conflict of Any Provision of Indenture with Trust Indenture Act of 1939
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59 |
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Section 10.08. New York Law to Govern
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59 |
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iii
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Page |
Section 10.09. Counterparts
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59 |
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Section 10.10. Effect of Headings
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60 |
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ARTICLE 11
Redemption of Securities and Sinking Funds |
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Section 11.01. Applicability of Article
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60 |
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Section 11.02. Notice of Redemption; Partial Redemptions
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60 |
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Section 11.03. Payment of Securities Called for Redemption
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61 |
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Section 11.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption
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62 |
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Section 11.05. Mandatory and Optional Sinking Funds
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62 |
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Section 11.06. Conversion Arrangement on Call for Redemption
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65 |
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ARTICLE 12
Subordination of Securities |
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Section 12.01. Agreement of Subordination
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66 |
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Section 12.02. Payments to Securityholders
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66 |
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Section 12.03. Subrogation of Securities
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68 |
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Section 12.04. Authorization by Securityholders
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69 |
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Section 12.05. Notice to Trustee
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69 |
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Section 12.06. Trustees Relation to Senior Indebtedness
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70 |
|
Section 12.07. No Impairment of Subordination
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70 |
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Section 12.08. Rights of Trustee
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71 |
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ARTICLE 13
Conversion of Securities |
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Section 13.01. Applicability of Article
|
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71 |
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Section 13.02. Right of Securityholders to Convert Securities
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71 |
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Section 13.03. Issuance of Shares of Capital Stock on Conversion
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72 |
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Section 13.04. No Payment or Adjustment for Interest or Dividends
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73 |
|
Section 13.05. Adjustment of Conversion Rate
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73 |
|
Section 13.06. No Fractional Shares to Be Issued
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78 |
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Section 13.07. Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance
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78 |
|
Section 13.08. Notice to Security Holders of a Series Prior to Taking Certain Types of Action
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79 |
|
Section 13.09. Covenant to Reserve Shares for Issuance on Conversion of Securities
|
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80 |
|
Section 13.10. Compliance with Governmental Requirements
|
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80 |
|
Section 13.11. Payment of Taxes Upon Certificates for Shares Issued Upon Conversion
|
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80 |
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Section 13.12. Trustees Duties with Respect to Conversion Provisions
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|
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81 |
|
iv
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Page |
ARTICLE 14
Guarantees |
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Section 14.01. The Cable Guarantees
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81 |
|
Section 14.02. Guarantee Unconditional
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82 |
|
Section 14.03. Discharge; Reinstatement
|
|
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82 |
|
Section 14.04. Waiver by the Cable Guarantors
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83 |
|
Section 14.05. Subrogation and Contribution
|
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83 |
|
Section 14.06. Stay of Acceleration
|
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83 |
|
Section 14.07. Limitation on Amount of Cable Guarantee
|
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83 |
|
Section 14.08. Execution and Delivery of Cable Guarantee
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83 |
|
Section 14.09. Release of Cable Guarantee
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84 |
|
v
THIS INDENTURE, dated as of [ ], among COMCAST CORPORATION, a Pennsylvania corporation
(the Issuer), the Cable Guarantors party hereto and THE BANK OF NEW YORK, a New York banking
corporation, as trustee (the Trustee).
W I T N E S S E T H:
WHEREAS, the Issuer has duly authorized the issue from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more series (the
Securities) up to such principal amount or amounts as may from time to time be authorized in
accordance with the terms of this Indenture and to provide, among other things, for the
authentication, delivery and administration thereof, the Issuer has duly authorized the execution
and delivery of this Indenture;
WHEREAS, the Cable Guarantors party hereto have duly authorized the execution and delivery of
the Indenture as guarantors of the Securities, and each Cable Guarantor has done all things
necessary to make the Cable Guarantees, when the Securities are executed by the Issuer and
authenticated and delivered by the Trustee and duly issued by the Issuer, the valid obligations of
such Cable Guarantor as hereinafter provided; and
WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been done.
NOW, THEREFORE:
In consideration of the premises and the purchases of the Securities by the holders thereof,
the Issuer, the Cable Guarantors and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the respective holders from time to time of the Securities as follows:
ARTICLE 1
Definitions
Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly
provided or unless the context otherwise clearly requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective meanings specified in this Section.
All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the
definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act of
1939, as amended, including terms defined therein by reference to the Securities Act of 1933, as
amended, (except as herein otherwise expressly provided or unless the context otherwise clearly
requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of this Indenture. All accounting terms used herein and not
expressly defined
shall have the meanings assigned to such terms in accordance with GAAP. The words herein,
hereof and hereunder and other words of similar import refer to this Indenture as a whole and
not to any particular Article, Section or other subdivision. The terms defined in this Article
have the meanings assigned to them in this Article and include the plural as well as the singular.
Authorized Newspaper means a newspaper in the English language or in an official language of
the country of publication, customarily printed on each Business Day, whether or not published on
Saturdays, Sundays or holidays, and of general circulation in the place in connection with which
the term is used or in the financial community of such place. If, because of temporary suspension
of publication or general circulation of any newspaper or for any other reason, it is impossible or
impracticable to make any publication of any notice required by this Indenture in the manner herein
provided, such publication or other notice in lieu thereof which is made at the written direction
of the Issuer by the Trustee shall constitute a sufficient publication of such notice.
Board of Directors means either the Board of Directors of the Issuer or any committee of
such Board duly authorized to act hereunder.
Business Day means, with respect to any Security, a day that in the city (or in all of the
cities, if more than one) in which amounts are payable, as specified in the form of such Security,
is not a day on which banking institutions are authorized by law or regulation to close.
Cable Guarantee means the guarantee of the Securities by a Cable Guarantor pursuant to this
Indenture.
Cable Guarantor means each of Comcast Cable Communications, LLC, Comcast Cable
Communications Holdings, Inc., Comcast Cable Holdings, LLC, Comcast MO Group, Inc. and Comcast MO
of Delaware, LLC in each case excluding such entities Subsidiaries and unless and until such Cable
Guarantor is released from its Cable Guarantee pursuant to this Indenture.
Capitalized Lease means, as applied to any Person, any lease of any property (whether real,
personal, or mixed) of which the discounted present value of the rental obligations of such Person
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
Person; and Capitalized Lease Obligation is defined to mean the rental obligations, as aforesaid,
under such lease.
Capital Stock means, with respect to any Person, including the Issuer, any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting)
of such Persons capital stock or other
2
ownership interests, whether now outstanding or issued after the date of this Indenture,
including, without limitation, all Common Stock and Preferred Stock.
Class A Common Stock means the Class A Common Stock, $0.01 par value, of the Issuer.
Class A Special Common Stock means the Class A Special Common Stock, $0.01 par value, of the
Issuer.
Closing Price on any day when used with respect to any class of Capital Stock means (i) if
the stock is then listed or admitted to trading on a national securities exchange in the United
States, the last reported sale price, regular way, for the stock as reported in the consolidated
transaction or other reporting system for securities listed or traded on such exchange, or (ii) if
the stock is listed on the National Association of Securities Dealers, Inc. Automated Quotations
System National Market System (the NASDAQ National Market System), the last reported sale price,
regular way, for the stock, as reported on such list, or (iii) if the stock is not so admitted for
trading on any national securities exchange or the NASDAQ National Market System, the average of
the last reported closing bid and asked prices reported by the National Association of Securities
Dealers, Inc. Automated Quotations System as furnished by any member in good standing of the
National Association of Securities Dealers, Inc., selected from time to time by the Issuer for that
purpose or as quoted by the National Quotation Bureau Incorporated. In the event that no such
quotation is available for any day, the Board of Directors shall be entitled to determine in good
faith the current market price on the basis of such quotations as it considers appropriate.
Commission means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or if at any time after the execution and
delivery of this Indenture such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties on such date.
Common Stock means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Persons common stock, whether now outstanding or issued after the date of this Indenture,
including, without limitation, all series and classes of such common stock.
Corporate Trust Office means the office of the Trustee at which the corporate trust business
of the Trustee shall, at any particular time, be principally administered, which office is, at the
date as of which this Indenture is dated, located at 101 Barclay Street, Floor 8W, New York, NY
10286, Attention: Corporate Trust Administration.
3
Currency Agreement means any foreign exchange contract, currency swap agreement, or other
similar agreement or arrangement designed to protect against the fluctuation in currency values.
Default means any Event of Default as defined in Section 4.01 and any event that is, or
after notice or passage of time or both would be, an Event of Default.
Depositary means, with respect to the Securities of any series issuable or issued in the
form of one or more Registered Global Securities, the Person designated as Depositary by the Issuer
pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter Depositary shall mean or include each
Person who is then a Depositary hereunder, and if at any time there is more than one such Person,
Depositary as used with respect to the Securities of any such series shall mean the Depositary
with respect to the Registered Global Securities of that series.
Event of Default means any event or condition specified as such in Section 4.01.
GAAP means generally accepted accounting principles in the United States of America as in
effect as of the date of determination, including, without limitation, those set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by a significant
segment of the accounting profession. All ratios and computations contained in this Indenture
shall be computed in conformity with GAAP applied on a consistent basis.
Guarantee means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person:
(a) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities, or services, to take-or-pay, or to maintain financial statement conditions or
otherwise); or
(b) entered into for purposes of assuring in any other manner the obligee of such
Indebtedness or other obligation of the payment
4
thereof or to protect such obligee against loss in respect thereof (in whole or in
part);
Provided that the term Guarantee shall not include endorsements for collection or deposit in
the ordinary course of business. The term Guarantee used as a verb has a corresponding meaning.
Holder, holder of Securities, Securityholder or other similar terms mean the registered
holder of any Security.
Indebtedness means, with respect to any Person at any date of determination (without
duplication):
(a) all indebtedness of such Person for borrowed money;
(b) all obligations of such Person evidenced by bonds, debentures, notes, or other
similar instruments, in each case, for value received or settlement of claims;
(c) all obligations of such Person in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto);
(d) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services (but excluding trade accounts payable or accrued liabilities arising
in the ordinary course of business);
(e) all obligations of such Person as lessee under Capitalized Leases;
(f) all Indebtedness of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided that the amount of
such Indebtedness shall be the lesser of:
(i) the fair market value of such asset at such date of determination; and
(ii) the amount of such Indebtedness;
(g) all Indebtedness of other Persons to the extent Guaranteed by such Person; and
(h) to the extent not otherwise included in this definition, obligations under
Currency Agreements and Interest Rate Agreements.
5
Notwithstanding the foregoing, in no event shall the term Indebtedness be deemed to include
letters of credit or bonds that secure performance or surety bonds or similar instruments that are
issued in the ordinary course of business.
The amount of Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation; provided:
(a) that the amount outstanding at any time of any Indebtedness issued with original
issue discount is the face amount of such Indebtedness less the remaining unamortized
portion of the original issue discount of such Indebtedness at such time as determined in
conformity with GAAP; and
(b) that Indebtedness shall not include any liability for federal, state, local, or
other taxes.
Indenture means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, and shall include the forms
and terms of particular series of Securities established as contemplated hereunder.
Interest means, when used with respect to non-interest bearing Securities, interest payable
after maturity.
Interest Rate Agreements means any obligations of any Person pursuant to any interest rate
swaps, caps, collars, and similar arrangements providing protection against fluctuations in
interest rates. For purposes of the Indenture, the amount of such obligations shall be the amount
determined in respect thereof as of the end of the then most recently ended fiscal quarter of such
Person, based on the assumption that such obligation had terminated at the end of such fiscal
quarter, and in making such determination, if any agreement relating to such obligation provides
for the netting of amounts payable by and to such Person thereunder or if any such agreement
provides for the simultaneous payment of amounts by and to such Person, then in each such case, the
amount of such obligations shall be the net amount so determined, plus any premium due upon default
by such Person.
Issuer means (except as otherwise provided in Article 5) Comcast Corporation, a Pennsylvania
corporation, and, subject to Article 8, its successors and assigns.
Lien means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any other type of
6
preferential arrangement that has the practical effect of creating a security interest, in
respect of such asset. For the purposes of this Indenture, the Issuer or any Cable Guarantor shall
be deemed to own subject to a Lien any asset that it has acquired or holds subject to the interest
of a vendor or lessor under any conditional sale agreement, capital lease or other title retention
agreement relating to such asset.
Obligor means each of the Issuer and each Cable Guarantor, in each case excluding such
entities Subsidiaries (other than the Issuer and the Cable Guarantors).
Officers Certificate means a certificate signed by the chairman of the Board of Directors
or the president or any vice president and by the treasurer or the secretary or any assistant
secretary of the Issuer and delivered to the Trustee. Each such certificate shall comply with
Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section
10.05.
Opinion of Counsel means an opinion in writing signed by legal counsel who may be an
employee of or counsel to the Issuer and who shall be satisfactory to the Trustee. Each such
opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements
provided for in Section 10.05, if and to the extent required hereby.
Original issue date of any Security (or portion thereof) means the earlier of (a) the date
of such Security or (b) the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
Original Issue Discount Security means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Section 4.01.
Outstanding, when used with reference to Securities, shall, subject to the provisions of
Section 6.04, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
(a) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;
(b) Securities, or portions thereof, for the payment or redemption of which moneys in
the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the holders of such Securities (if the Issuer shall act as its own
paying agent), provided that if such Securities, or portions thereof, are to
7
be redeemed prior to the maturity thereof, notice of such redemption shall have been
given as herein provided, or provision satisfactory to the Trustee shall have been made
for giving such notice; and
(c) Securities in substitution for which other Securities shall have been
authenticated and delivered, or which shall have been paid, pursuant to the terms of
Section 2.09 (except with respect to any such Security as to which proof satisfactory to
the Trustee is presented that such Security is held by a person in whose hands such
Security is a legal, valid and binding obligation of the Issuer).
In determining whether the holders of the requisite principal amount of Outstanding Securities
of any or all series have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding for such purposes shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon a declaration of acceleration of the maturity
thereof pursuant to Section 4.01.
Permitted Liens means (a) any Lien on any asset incurred prior to the date of this
Indenture; (b) any Lien on any assets acquired after the date of this Indenture (including by way
of merger or consolidation) by the Issuer or any Cable Guarantor, which Lien is created, incurred
or assumed contemporaneously with such acquisition, or within 270 days thereafter, to secure or
provide for the payment or financing of any part of the purchase price thereof, or any Lien upon
any assets acquired after the date of this Indenture existing at the time of such acquisition
(whether or not assumed by the Issuer or any Cable Guarantor), provided that any such Lien shall
attach only to the assets so acquired; (c) any Lien on any assets in favor of the Issuer or any
Cable Guarantor; (d) any Lien on assets incurred in connection with the issuance of tax-exempt
governmental obligations (including, without limitation, industrial revenue bonds and similar
financing); (e) any Lien granted by any Cable Guarantor on assets to the extent limitations on the
incurrence of such Liens are prohibited by any agreement to which such Cable Guarantor is subject
as of the date of this Indenture; and (f) any renewal of or substitution for any Lien permitted by
any of the preceding clauses, including any Lien securing reborrowing of amounts previously secured
within 270 days of the repayment thereof, provided that no such renewal or substitution shall
extend to any assets other than the assets covered by the Lien being renewed or substituted.
Person means any individual, corporation, partnership, limited liability company, joint
venture, association, joint stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof or any other entity.
8
"Preferred Stock means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Persons preferred or preference stock, whether now outstanding or issued after the date of the
Indenture, including, without limitation, all series and classes of such preferred or preference
stock.
"Principal whenever used with reference to the Securities or any Security or any portion
thereof, shall be deemed to include and premium, if any.
"Registered Global Security means a Security evidencing all or a part of a series of
Registered Securities, issued to the Depositary for such series in accordance with Section 2.04,
and bearing the legend prescribed in Section 2.04.
"Registered Security means any Security registered on the register maintained by the Issuer
pursuant to Section 2.08.
"Responsible Officer when used with respect to the Trustee means any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such
persons knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.
"Sale and Leaseback Transaction means any direct or indirect arrangement with any Person or
to which any such Person is a party, providing for the leasing to the Issuer or a Cable Guarantor
of any property, whether owned by the Issuer or such Cable Guarantor at the date of the original
issuance of any series of Securities or later acquired, which has been or is to be sold or
transferred by the Issuer or such Cable Guarantor to such Person or to any other Person by whom
funds have been or are to be advanced on the security of such property. Notwithstanding the
foregoing no arrangement shall be deemed a Sale and Leaseback Transaction if (a) the lease is for
a period of not in excess of three years, including renewal of rights; (b) the lease secures or
relates to industrial revenue or similar financing; (c) the transaction is solely between the
Issuer and a Cable Guarantor or between or among Cable Guarantors; or (d) the Issuer or such Cable
Guarantor, within 270 days after the sale is completed, applies an amount equal to or greater than
(i) the net proceeds of the sale of the assets or part thereof leased or (ii) the fair market value
of the assets or part thereof leased (as determined in good faith by Board of Directors) either to
(A) the retirement (or open market purchase) of Securities, other long-term Indebtedness of the
Issuer ranking on a parity with or senior to each series of Securities or long-term Indebtedness of
a Cable Guarantor; or (B) the purchase by the Issuer or any Cable Guarantor of other property,
plant or equipment related to the business of the
9
Issuer or any Cable Guarantor having a value at
least equal to the value of the assets or part thereof leased.
"Security or Securities has the meaning stated in the first recital of this Indenture, or,
as the case may be, Securities that have been authenticated and delivered under this Indenture.
"Senior Indebtedness of the Issuer or a Cable Guarantor, as the case may be, means the
principal of, premium, if any, interest on, and any other payment due pursuant to any of the
following, whether outstanding at the date hereof or hereafter incurred or created:
(a) all indebtedness of such Person for money borrowed (including any indebtedness
secured by a mortgage, conditional sales contract or other lien which is (i) given to
secure all or part of the purchase price of property subject thereto, whether given to the
vendor of such property or to another or (ii) existing on property at the time of
acquisition thereof);
(b) all indebtedness of such Person evidenced by notes, debentures, bonds or other
securities sold by such Person for money;
(c) all lease obligations of such Person which are capitalized on the books of such
Person in accordance with generally accepted accounting principles;
(d) all indebtedness of others of the kinds described in either of the preceding
clauses (a) or (b) and all lease obligations of others of the kind described in the
preceding clause (c) assumed by or guaranteed in any manner by such Person or in effect
guaranteed by such Person through an agreement to purchase, contingent or otherwise; and
(e) all renewals, extensions or refundings of indebtedness of the kinds described in
any of the preceding clauses (a), (b) and (d) and all renewals or extensions of lease
obligations of the kinds described in either of the preceding clauses (c) and (d);
unless, in the case of any particular indebtedness, lease, renewal, extension or refunding, the
instrument or lease creating or evidencing the same or the assumption or guarantee of the same
expressly provides that such indebtedness, lease, renewal, extension or refunding is not superior
in right of payment to the Securities or the Cable Guarantees, as the case may be.
"Subsidiary means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of all votes
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represented by all classes of outstanding Voting Stock
is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person.
"Trustee means the Person identified as Trustee in the first paragraph hereof and, subject
to the provisions of Article 5, shall also include any successor trustee.
"Trust Indenture Act of 1939 (except as otherwise provided in Sections 7.01 and 7.02) means
the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was originally
executed.
"UCC means the Uniform Commercial Code, as in effect in each applicable jurisdiction.
"Unregistered Security means any Security other than a Registered Security.
"U.S. Government Obligations means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of an agency or instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America,
and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of
any such U.S. Government Obligation held by such custodian for the account of the holder of a
depository receipt; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of
interest on or principal of the U.S. Government Obligation evidenced by such depository receipt.
"Vice president when used with respect to the Issuer or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
of vice president.
"Voting Stock means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.
"Wholly-Owned is defined to mean, with respect to any Subsidiary of any person, such
Subsidiary if all of the outstanding common stock or other similar equity ownership interests (but
not including preferred stock) in such Subsidiary (other than any directors qualifying shares or
investments by foreign
11
nationals mandated by applicable law) is owned directly or indirectly by
such person.
"Yield to Maturity means the yield to maturity on a series of securities, calculated at the
time of issuance of such series, or, if applicable, at the most
recent redetermination of interest on such series, and calculated in accordance with accepted
financial practice.
ARTICLE 2
Securities
Section 2.01. Forms Generally. The Securities of each series shall be substantially in such
form (not inconsistent with this Indenture) as shall be established by or pursuant to a resolution
of the Board of Directors or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends,
not inconsistent with the provisions of this Indenture, as may be required to comply with any law
or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or
to conform to general usage, all as may be determined by the officers executing such Securities, as
evidenced by their execution of the Securities. The Issuer shall furnish any such legends to the
Trustee in writing.
The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.
Section 2.02. Form of Trustees Certification of Authentication. The Trustees certificate
of authentication on all Securities shall be in substantially the following form:
This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture.
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THE BANK OF NEW YORK,
as Trustee
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By: |
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Authorized Signatory |
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Section 2.03. Amount Unlimited; Issuable in Series. The aggregate
principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited.
The Securities may be issued in one or more series. There shall be established in or pursuant
to a resolution of the Board of Directors and set forth in an Officers Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:
(a) the title of the Securities of the series (which shall distinguish the Securities
of the series from all other Securities);
(b) any limit upon the aggregate principal amount of the Securities of the series
that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11 or 13.03);
(c) the date or dates on which the principal of the Securities of the series is
payable;
(d) the rate or rates at which the Securities of the series shall bear interest, if
any, or the method by which such rate shall be determined, the date or dates from which
such interest shall accrue, the interest payment dates on which such interest shall be
payable and the record dates for the determination of Holders to whom interest is payable;
(e) the place or places where the principal of and any interest on Securities of the
series shall be payable (if other than as provided in Section 3.02);
(f) the price or prices at which, the period or periods within which and the terms
and conditions upon which Securities of the series may be redeemed, in whole or in part,
at the option of the Issuer, pursuant to any sinking fund or otherwise;
(g) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series pursuant to any sinking fund or analogous provisions or at the option of a
Holder thereof and the price or prices at which and the period or periods within which and
the terms and conditions upon which Securities of the series shall be redeemed, purchased
or repaid, in whole or in part, pursuant to such obligation;
(h) the obligation, if any, of the Issuer to permit the conversion of the Securities
of such series into Class A Common Stock or Class A
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Special Common Stock, or a combination
thereof, and the terms and conditions upon which such conversion shall be effected
(including, without limitation, the initial conversion price or rate, the conversion
period and any other provision in addition to or in lieu of those set forth in this
Indenture relative to such obligation);
(i) if other than denominations of $1,000 and any multiple thereof, the denominations
in which Securities of the series shall be issuable;
(j) if other than the principal amount thereof, the portion of the principal amount
of Securities of the series which shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section
4.02;
(k) if the Securities of the series are issuable in whole or in part as one or more
Registered Global Securities, the identity of the Depositary for such Registered Global
Security or Securities;
(l) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture); and
(m) any trustees, authenticating or paying agents, transfer agents or registrar or
any other agents with respect to the Securities of such series.
All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors
or in any such indenture supplemental hereto.
Section 2.04. Authentication and Delivery of Securities. At any time and from time to time
after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series
executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver such Securities to or upon the written order of the Issuer, such order to
be signed by both (a) the chairman of its Board of Directors, or any vice chairman of its Board of
Directors, or its president or any vice president and (b) by its treasurer or any assistant
treasurer, without any further action by the Issuer. In authenticating such Securities and
accepting the additional responsibilities under this Indenture in relation to such Securities the
Trustee shall receive, and (subject to Section 5.01) shall be fully protected in relying upon:
(a) a certified copy of any resolution or resolutions of the Board of Directors
authorizing the action taken pursuant to the resolution or resolutions delivered under
clause Section 2.04(b) below;
14
(b) a copy of any resolution or resolutions of the Board of Directors relating to
such series, in each case certified by the secretary or an assistant secretary of the
Issuer;
(c) an executed supplemental indenture, if any, and the documentation required to be
delivered pursuant to Section 7.04;
(d) an Officers Certificate setting forth the form and terms of the Securities as
required pursuant to Section 2.01 and 2.03, respectively and prepared in accordance with
Section 10.05;
(e) an Opinion of Counsel, prepared in accordance with Section 10.05, to the effect
(i) that the form or forms and terms of such Securities have been
established by or pursuant to a resolution of the Board of Directors or by a
supplemental indenture as permitted by Section 2.01 and 2.03 in conformity with
the provisions of this Indenture; and
(ii) that such Securities, when authenticated and delivered by the Trustee
and issued by the Issuer in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute legal, valid and binding obligations of
the Issuer enforceable against the Issuer in accordance with their terms.
The Trustee shall have the right to decline to authenticate and deliver any Securities under
this section if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken by the Issuer or if the Trustee in good faith by its board of directors or board of
trustees, executive committee, or a trust committee of directors or trustees or Responsible
Officers shall determine that such action would expose the Trustee to personal liability.
If the Issuer shall establish pursuant to Section 2.03 that the Securities of a series or a
portion thereof are to be issued in the form of one or more Registered Global Securities, then the
Issuer shall execute (in accordance with Section 2.05) and the Trustee shall authenticate and make
available for delivery one or more Registered Global Securities that (i) shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series issued in such form and not yet canceled, (ii) shall be registered in the name of the
Depositary for such Registered Global Security or Securities or the nominee of such Depositary,
(iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such
Depositarys instructions and (iv) shall bear a legend substantially to the following effect:
Unless and until it is exchanged in whole or in part for Securities in definitive registered form,
this
15
Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary.
Section 2.05. Execution of Securities. The Securities shall be signed on behalf of the
Issuer by the chairman of its Board of Directors or any vice chairman of its Board of Directors or
its president or any vice president or its treasurer or any assistant treasurer, under its
corporate seal and attested by its secretary or any assistant secretary. Such signatures may be
the manual or facsimile signatures of the present or any future such officers. The seal of the
Issuer may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or
otherwise reproduced on the Securities. Typographical and other
minor errors or defects in any such reproduction of the seal or any such signature shall not
affect the validity or enforceability of any Security that has been duly authenticated and
delivered by the Trustee.
In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
Section 2.06. Certificate of Authentication. Only such Securities as shall bear thereon a
certificate of authentication substantially in the form hereinbefore recited, executed by the
Trustee by the manual signature of one of its authorized signatories, shall be entitled to the
benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.
Section 2.07. Denomination and Date of Securities; Payments of Interest. The Securities
shall be issuable as registered securities without coupons and in denominations as shall be
specified as contemplated by Section 2.03. In the absence of any such specification with respect
to the Securities of any series, the Securities of such series shall be issuable in denominations
of $1,000 and any multiple thereof. The Securities shall be numbered, lettered, or otherwise
distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine as evidenced by the execution and authentication thereof.
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Each Security shall be dated the date of its authentication, shall bear interest, if any, from
the date and shall be payable on the dates, in each case, which shall be specified as contemplated
by Section 2.03.
The person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the persons in whose names Outstanding Securities for such
series are registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of
payment of such defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the holders of Securities not less than 15 days preceding such subsequent record date.
The term record date as used with respect to any interest payment date (except a date for payment
of defaulted interest) shall mean the date specified as such in the terms of the Securities of any
particular series, or, if no such date is so specified, if such interest payment date is the first
day of a calendar month, the fifteenth day of the next preceding calendar month or, if such
interest payment date is the fifteenth day of a calendar month, the first day of such calendar
month, whether or not such record date is a Business Day.
Section 2.08. Registration, Transfer and Exchange. The Issuer will keep or cause to be kept
at each office or agency to be maintained for the purpose as provided in Section 3.02 a register or
registers in which, subject to such reasonable regulations as it may prescribe, it will register,
and will register the transfer of, Securities as in this Article provided. Such register shall be
in written form in the English language or in any other form capable of being converted into such
form within a reasonable time. At all reasonable times such register or registers shall be open
for inspection by the Trustee.
At the option of the Holder thereof, Registered Securities of any series (other than a
Registered Global Security, except as set forth below) may be exchanged for a Registered Security
or Registered Securities of such series and tenor having authorized denominations and an equal
aggregate principal amount, upon surrender of such Registered Securities to be exchanged at the
agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and
upon payment, if the Issuer shall so require, of the charges hereinafter provided. If the
Securities of any series are issued in both registered and unregistered form, except as otherwise
established pursuant to Section 2.03, at the option of the Holder thereof, Unregistered Securities
of any series may be exchanged for Registered Securities of such series and tenor having authorized
denominations and an equal aggregate principal amount, upon surrender of such
17
Unregistered
Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges
hereinafter provided. At the option of the Holder thereof, if Unregistered Securities of any
series, maturity date, interest rate and original issue date are issued in more than one authorized
denomination, except as otherwise established pursuant to Section 2.03, such Unregistered
Securities may be exchanged for Unregistered Securities of such series and tenor having authorized
denominations and an equal aggregate principal amount, upon surrender of such Unregistered
Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges
hereinafter provided. Registered Securities of any series may not be exchanged for Unregistered
Securities of such series. Whenever any Securities are so surrendered for exchange, the Issuer
shall execute, and the Trustee shall
authenticate and make available for delivery, the Securities which the Holder making the
exchange is entitled to receive.
All Registered Securities presented for registration of transfer, exchange, redemption,
conversion or payment shall be duly endorsed by, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the
holder or his attorney duly authorized in writing.
The Issuer may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any exchange or registration of transfer of
Securities. No service charge shall be made for any such transaction.
Notwithstanding any other provision of this Section 2.08, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Registered Global Security
representing all or a portion of the Securities of a series may not be transferred except as a
whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor Depositary for such series or a nominee of such successor Depositary.
If at any time the Depositary for any Registered Global Securities of any series notifies the
Issuer that it is unwilling or unable to continue as Depositary for such Registered Global
Securities or if at any time the Depositary for such Registered Global Securities shall no longer
be eligible under applicable law, the Issuer shall appoint a successor Depositary eligible under
applicable law with respect to such Registered Global Securities. If a successor Depositary
eligible under applicable law for such Registered Global Securities is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of
18
such ineligibility, the
Issuer will execute, and the Trustee, upon receipt of the Issuers order for the authentication and
delivery of definitive Registered Securities of such series and tenor, will authenticate and make
available for delivery Registered Securities of such series and tenor, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of such Registered
Global Securities, in exchange for such Registered Global Securities.
The Issuer may at any time and in its sole discretion determine that any Registered Global
Securities of any series shall no longer be maintained in global form. In such event, or in the
event that there shall have occurred and be continuing an Event of Default with respect to a series
of Securities, the Issuer will, upon the request of any Holder, execute, and the Trustee, upon
receipt of the Issuers order for the authentication and delivery of definitive Registered
Securities of such series and tenor, will authenticate and make available for delivery, Registered
Securities of such series and tenor in any authorized
denominations, in an aggregate principal amount equal to the principal amount of such
Registered Global Securities, in exchange for such Registered Global Securities.
Any time the Registered Securities of any series are not in the form of Registered Global
Securities pursuant to the preceding two paragraphs, the Issuer agrees to supply the Trustee with a
reasonable supply of certificated Registered Securities without the legend required by Section 2.04
and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and
delivered pursuant to the terms of this Indenture.
If established by the Issuer pursuant to Section 2.03 with respect to any Registered Global
Security, the Depositary for such Registered Global Security may surrender such Registered Global
Security in exchange in whole or in part for Registered Securities of the same series and tenor in
definitive registered form on such terms as are acceptable to the Issuer and such Depositary.
Thereupon, the Issuer shall execute, and the Trustee shall authenticate and make available for
delivery, without service charge,
(i) to the Person specified by such Depositary new Registered Securities of the same
series and tenor, of any authorized denominations as requested by such Person, in an
aggregate principal amount equal to and in exchange for such Persons beneficial interest
in the Registered Global Security; and
(ii) to such Depositary a new Registered Global Security in a denomination equal to
the difference, if any, between the principal amount of the surrendered Registered Global
Security and the aggregate principal
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amount of Registered Securities authenticated and
delivered pursuant to clause (i) above.
Registered Securities issued in exchange for a Registered Global Security pursuant to this
Section 2.08 shall be registered in such names and in such authorized denominations as the
Depositary for such Registered Global Security, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee or an agent of the Issuer or the
Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the Persons
in whose names such Securities are so registered.
All Securities issued upon any transfer or exchange of Securities shall be valid obligations
of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as
the Securities surrendered upon such transfer or exchange.
Notwithstanding anything herein or in the forms or terms of any Securities to the contrary,
none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be required to
exchange any Unregistered Security for a Registered
Security if such exchange would result in adverse Federal income tax consequences to the
Issuer (such as, for example, the inability of the Issuer to deduct from its income, as computed
for Federal income tax purposes, the interest payable on the Unregistered Securities) under then
applicable United States Federal income tax laws. The Trustee and any such agent shall be entitled
to rely on an Officers Certificate or an Opinion of Counsel in determining such result.
Neither the Registrar nor the Issuer shall be required (i) to issue, authenticate, register
the transfer of or exchange Securities of any series for a period of 15 days before the mailing of
a notice of redemption of such Securities to be redeemed or (ii) to register the transfer of or
exchange any Security selected for redemption in whole or in part.
Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any
temporary or definitive Security shall become mutilated or defaced and shall be surrendered to the
Trustee, the Issuer shall execute, and the Trustee shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security. If the Holder of any Security claims that the
Security has been lost, destroyed or wrongfully taken, the Issuer shall execute, and the Trustee
shall authenticate and deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the lost, destroyed or wrongfully
taken Security, if the applicant so requests before the Issuer has notice that the Security has
been acquired by a protected purchaser, and the applicant furnishes to the Issuer and to the
Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
20
required by
them to indemnify and defend and to save each of them harmless and the applicant satisfies other
reasonable requirements imposed by the Issuer.
Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee and its counsel) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to save each of them harmless, and, in every
case of destruction, loss or wrongful taking, the applicant shall also furnish to the Issuer and
the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the
destruction, loss or wrongful taking of such Security and of the ownership thereof.
Every substitute Security of any series issued pursuant to the provisions of this section by
virtue of the fact that any such Security is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Issuer, whether or not the
destroyed, lost or wrongfully taken Security shall be at any time enforceable by anyone and shall
be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth
in) this Indenture equally and proportionately with any and all other Securities of such series
duly authenticated and delivered hereunder. All Securities shall be held and owned upon the
express condition that, to the extent permitted by law, the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, defaced or destroyed, lost or wrongfully taken
Securities and shall preclude any and all other rights or remedies.
Section 2.10. Cancellation of Securities; Destruction Thereof. All Securities surrendered
for payment, redemption, conversion, registration of transfer or exchange, or for credit against
any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of
the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to
the Trustee, shall be canceled by it; and no Securities shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of
canceled Securities held by it in accordance with the record retention policies of the Trustee in
effect from time to time and, if such canceled certificates are destroyed, shall deliver a
certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are delivered to the Trustee for cancellation.
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Section 2.11. Temporary Securities. Pending the preparation of definitive Securities for
any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary
Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each
case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as
registered Securities without coupons, of any authorized denomination, and substantially in the
form of the definitive Securities of such series but with such omissions, insertions and variations
as may be appropriate for temporary Securities, all as may be determined by the Issuer with the
concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of
this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and
be authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall
execute and shall furnish definitive Securities of such series and thereupon temporary Securities
of such series may be surrendered in exchange therefor without charge at each office or agency to
be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall
authenticate and deliver in exchange for such temporary Securities of such series a like aggregate
principal amount of definitive Securities of the same series of authorized denominations. Until so
exchanged, the temporary
Securities of any series shall be entitled to the same benefits under this Indenture as
definitive Securities of such series.
Section 2.12. Computation of Interest. Except as otherwise specified in the Securities of a
series, interest shall be computed on the basis of a 360-day year of twelve 30-day months.
Section 2.13. Cusip Numbers. The Issuer in issuing the Securities may use CUSIP numbers
(if then generally in use), and, if so, the Trustee shall use CUSIP numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or
as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Issuer will notify the Trustee of any change in the
CUSIP numbers.
ARTICLE 2
Covenants of the Issuer, the Cable Guarantors and the Trustee
Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay or cause to be paid the
principal of, and interest on, each of the Securities of such series at the place or places, at the
respective times and in the
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manner provided in such Securities. Each installment of interest on
the Securities of any series may be paid by mailing checks for such interest payable to or upon the
written order of the holders of Securities entitled thereto as they shall appear on the registry
books of the Issuer.
Notwithstanding any provisions of this Indenture and the Securities of any series to the
contrary, if the Issuer and a Holder of any Registered Security so agree or if expressly provided
pursuant to Section 2.03, payments of interest on, and any portion of the Principal of, such
Holders Registered Security (other than interest payable at maturity or on any redemption or
repayment date or the final payment of Principal on such Security) shall be made by the paying
agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City
time (or such other time as may be agreed to between the Issuer and the paying agent) or the
Issuer, directly to the Holder of such Security (by wire transfer of Federal funds or immediately
available funds or otherwise) if the Holder has delivered written instructions to the Trustee 15
days prior to such payment date requesting that such payment will be so made and designating the
bank account to which such payments shall be so made and, in the case of payments of Principal,
surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same
principal amount as the unredeemed principal amount of the Securities surrendered. The Trustee
shall be entitled to rely on the last instruction delivered by the Holder pursuant to this Section
3.01 unless a new instruction is delivered 15 days prior to a payment date. The Issuer will
indemnify and hold each of the Trustee and any paying agent harmless against any loss, liability or
expense (including attorneys fees and expenses) resulting from any act or omission to act on the
part of the Issuer or any such Holder in connection with any such agreement or from making any
payment in accordance with any such agreement.
Section 3.02. Offices for Payments, etc. So long as any of the Securities remain
outstanding, the Issuer will maintain in the Borough of Manhattan, The City of New York an office
or agency (a) where the Securities may be presented for payment, (b) where the Securities may be
presented for registration of transfer and for exchange as in this Indenture provided, (c) where
notices and demands to or upon the Issuer in respect of the Securities or of this Indenture may be
served and (d) for Securities of each series that is convertible, where such Securities may be
presented for conversion. The Issuer will give to the Trustee written notice of the location of
any such office or agency and of any change of location thereof. Unless otherwise specified in
accordance with Section 2.03, the Issuer hereby initially designates the Corporate Trust Office of
Trustee as the office to be maintained by it for each such purpose. In case the Issuer shall fail
to so designate or maintain any such office or agency or shall fail to give such notice of the
location or of any change in the location thereof, presentations and demands may be made and
notices may be served at the Corporate Trust Office.
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Section 3.03. Paying Agents. Whenever the Issuer shall appoint a paying agent other than
the Trustee with respect to the Securities of any series, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section,
(a) that it will hold all sums received by it as such agent for the payment of the
principal of or interest on the Securities of such series (whether such sums have been
paid to it by the Issuer or by any other obligor on the Securities of such series) in
trust for the benefit of the holders of the Securities of such series or of the Trustee,
(b) that it will give the Trustee notice of any failure by the Issuer (or by any
other obligor on the Securities of such series) to make any payment of the principal of or
interest on the Securities of such series when the same shall be due and payable, and
(c) that it will pay any such sums so held in trust by it to the Trustee upon the
Trustees written request at any time during the continuance of the failure referred to in
clause 3.03(b) above.
The Issuer will, on or prior to each due date of the principal of or interest on the
Securities of such series, deposit with the paying agent a sum sufficient to pay such principal or
interest so becoming due, and (unless such paying agent is
the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action.
If the Issuer shall act as its own paying agent with respect to the Securities of any Series,
it will, on or before each due date of the principal of or interest on the Securities of such
series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of
such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will
promptly notify the Trustee of any failure to take such action.
Whenever the Issuer shall have one or more paying agents for any series of Securities, it
will, on or before each due date of the principal of or interest on any Securities of such series,
deposit with the paying agent or agents for the Securities of such series a sum, by 10:00 a.m. New
York City time in immediately available funds on the payment date, sufficient to pay the principal
or interest so becoming due with respect to the Securities of such series, and (unless such paying
agent is the Trustee) the Issuer will promptly notify the Trustee in writing of any failure so to
act.
Anything in this section to the contrary notwithstanding, the Issuer may at any time, for the
purpose of obtaining a satisfaction and discharge with respect to
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one or more or all series of
Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held
in trust for any such series by the Issuer or any paying agent hereunder, as required by this
Section, such sums to be held by the Trustee upon the trusts herein contained.
Anything in this section to the contrary notwithstanding, the agreement to hold sums in trust
as provided in this section is subject to the provisions of Section 9.05.
Section 3.04. Certificate of the Issuer. Within 120 days after the close of the fiscal year
ended December 31, 2002, and within 120 days after the close of each fiscal year thereafter, the
Issuer will furnish to the Trustee a brief certificate (which need not comply with Section 10.05)
from the principal executive, financial or accounting officer of the Issuer as to his or her
knowledge of the Issuers compliance with all conditions and covenants under the Indenture (such
compliance to be determined without regard to any period of grace or requirement of notice provided
under the Indenture).
At the time such certificate is filed, the Issuer will also file with the Trustee a letter or
statement of the independent accountants who shall have certified the financial statements of the
Issuer for its preceding fiscal year to the effect that, in making the examination necessary for
certification of such financial statements, they have obtained no knowledge of any default by the
Issuer in the performance or fulfillment of any covenant, agreement or condition contained in this
Indenture, which default remains uncured at the date of such letter or statement, or, if they shall
have obtained knowledge of any such uncured default,
specifying in such letter or statement such default or defaults and the nature and status
thereof, it being understood that such accountants shall not be liable directly or indirectly for
failure to obtain knowledge of any such default or defaults, and that nothing contained in this
Section 3.04 shall be construed to require such accountants to make any investigation beyond the
scope required in connection with such examination.
Section 3.05. Securityholders Lists. If and so long as the Trustee shall not be the
Security registrar for the Securities of any series, the Issuer will furnish or cause to be
furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and
addresses of the holders of the Securities of such series pursuant to Section 312 of the Trust
Indenture Act of 1939 (a) semi-annually not more than 10 days after each record date for the
payment of interest on such Securities, as hereinabove specified, as of such record date and on
dates to be determined pursuant to Section 2.03 for non-interest bearing Securities in each year,
and (b) at such other times as the Trustee may request in writing, within thirty days after receipt
by the Issuer of any such request as of a date not more than 10 days prior to the time such
information is furnished.
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Section 3.06. Reports by the Issuer. The Issuer covenants to:
(a) file, whether or not required to do so by applicable law, with the Trustee, within 15 days
after the Issuer is required to file the same with the Commission, copies of the annual reports and
of the information, documents, and other reports which the Issuer may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if
the Issuer is not required to file with the Commission, annual reports, information, documents and
other reports pursuant to either Section 13 or Section 15(d) of the Securities Exchange Act of
1934, then the Issuer will file with the Trustee and will file with the Commission, in accordance
with rules and regulations prescribed by the Commission, such of the supplementary and periodic
information, documents and reports required pursuant to Section 13 of the Securities Exchange Act
of 1934 in respect of a security listed and registered on a national securities exchange as may be
prescribed in such rules and regulations;
(b) file with the Trustee and the Commission, in accordance with the rules and regulations
prescribed from time to time by the Securities and Exchange Commission, such additional
information, documents and reports with respect to compliance by the Issuer with the conditions and
covenants provided for in this Indenture as may be required by such rules and regulations;
(c) transmit to the Securityholders, in the manner and to the extent provided in Section
10.04, such summaries of any information, documents and reports required to be filed with the
Trustee pursuant to the provisions of subdivisions (a) and (b) of this Section 3.06 as may be
required by the rules and regulations of the Commission.
Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustees receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Issuers compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers Certificates).
Section 3.07. Corporate Existence. So long as any of the Securities remain unpaid, the
Issuer will at all times (except as otherwise provided or permitted elsewhere in this Indenture) do
or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence.
Section 3.08. Restrictions on Mergers, Sales and Consolidations. So long as any of the
Securities remain unpaid, the Issuer will not consolidate or merge with or sell, convey or lease
all or substantially all of its property to any other corporation except as permitted in Article 8
hereof.
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Section 3.09. Further Assurances. From time to time whenever requested by the Trustee, the
Issuer will execute and deliver such further instruments and assurances and do such further acts as
may be reasonably necessary or proper to carry out more effectually the purposes of this Indenture
or to secure the rights and remedies hereunder of the holders of the Securities of any series.
Section 3.10. Limitation on Liens. Neither the Issuer nor any Cable Guarantor shall create,
incur or assume any Lien (other than any Permitted Lien) on such Persons assets, including the
Capital Stock of its Wholly Owned Subsidiaries, to secure the payment of Indebtedness of the Issuer
or any Cable Guarantor that are pari passu with or subordinated in right of payment to the
Securities or the Cable Guarantees, unless the Issuer secures the Outstanding Securities equally
and ratably with (or prior to) all Indebtedness secured by such Lien, so long as such Indebtedness
shall be so secured.
Section 3.11. Limitation on Sale and Leaseback Transactions. Neither the Issuer nor any
Cable Guarantor shall enter into any Sale and Leaseback Transaction involving any of such Persons
assets, including the Capital Stock of its Wholly Owned Subsidiaries.
ARTICLE 3
Remedies of the Trustee and Securityholders on Event of Default
Section 4.01. Event of Default Defined; Acceleration of Maturity; Waiver
of Default. Event of Default with respect to Securities of any series wherever used herein,
means each one of the following events which shall have occurred and be continuing (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(a) default by any Obligor in the payment of any installment of interest upon any of
the Securities of such series as and when the same shall become due and payable, and
continuance of such default for a period of 30 days; or
(b) default by an Obligor in the payment of all or any part of the principal on any
of the Securities of such series as and when the same shall become due and payable either
at maturity, upon redemption, by declaration or otherwise; or
(c) default by an Obligor in the performance, or breach by any Obligor, of any of its
covenants or agreements in respect of the Securities of such series (other than a covenant
or agreement in respect of the
27
Securities of such series a default in whose performance or
whose breach is elsewhere in this section specifically dealt with), and continuance of
such default or breach for a period of 30 consecutive days after there has been given, by
registered or certified mail, to the Issuer by the Trustee or to the Issuer and the
Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of all series affected thereby, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a Notice of Default
hereunder; or
(d) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of any Obligor in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official) of any
Obligor or for any substantial part of such partys property and assets or ordering the
winding up or liquidation of any Obligors affairs, and such decree or order shall remain
unstayed and in effect for a period of 180 consecutive days; or
(e) any Obligor shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or consent to the entry of an
order for relief in an involuntary case under any such law, or consent to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee or
sequestrator (or similar official) of such party or for any substantial part of such
partys property, or make any general assignment for the benefit of creditors; or
(f) any Cable Guarantee shall not be (or claimed by any Cable Guarantor not to be) in
full force and effect; or
(g) any other Event of Default provided in the supplemental indenture or resolution
of the Board of Directors under which such series of Securities is issued or in the form
of Security for such series.
If an Event of Default described in clauses 4.01(a), 4.01(b), 4.01(c), 4.01(f), or 4.01(g)
occurs and is continuing, then, and in each and every such case, unless the principal of all of the
Securities of such series shall have already become due and payable, either the Trustee or the
holders of not less than 25% in aggregate principal amount of the Securities of any affected series
then Outstanding hereunder (each such series voting as a separate class) by notice in writing to
the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or,
if the Securities of such series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of such series) of all Securities of such series
and the interest accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same
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shall become immediately due and payable. If an Event of Default described in clauses 4.01(d)
or 4.01(e) occurs and is continuing, then the principal amount of all the Securities then
outstanding and interest accrued thereon, if any, shall be and become immediately due and payable,
without any notice or other action by any Holder or the Trustee, to the full extent permitted by
applicable law.
The foregoing provisions, however, are subject to the condition that if, at any time after the
principal (or, if the Securities are Original Issue Discount Securities, such portion of the
principal as may be specified in the terms thereof) of the Securities of any series (or of all the
Securities, as the case may be) shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to
pay all matured installments of interest upon all the Securities of such series (or of all the
Securities, as the case may be) and the principal of any and all Securities of such series (or of
all the Securities, as the case may be) which shall have become due otherwise than by acceleration
(with interest upon such principal and, to the extent that payment of such interest is enforceable
under applicable law, on overdue installments of interest, at the same rate as the rate of interest
or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the
Securities of such series (or at the respective rates of interest or Yields to Maturity of all the
Securities, as the case may be) to the date of such payment or deposit) and such amount as shall be
sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the Trustee except as a
result of negligence or bad faith, and if any and all Events of Default under the Indenture, other
than the non-payment of the principal of Securities which shall have become due by acceleration,
shall have been cured, waived or otherwise remedied as provided hereinCthen and in every such
case the holders of a majority in aggregate principal amount of all the then outstanding Securities
of all such series that have been accelerated, each such series voting as a separate class, by
written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series
(or with respect to all the Securities, as the case may be) and rescind and annul such declaration
and its consequences, but no such waiver or rescission and annulment shall extend to or shall
affect any subsequent default or shall impair any right consequent thereon.
For all purposes under this Indenture, if a portion of the principal of any Original Issue
Discount Securities shall have been accelerated and declared due and payable pursuant to the
provisions hereof, then, from and after such declaration, unless such declaration has been
rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be
deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and
payable as a result of such acceleration, and payment of such portion of the
29
principal thereof as
shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall
constitute payment in full of such Original Issue Discount Securities.
Section 4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer
covenants that (a) in case default shall be made in the payment of any installment of interest on
any of the Securities of any series when such interest shall have become due and payable, and such
default shall have continued for a period of 30 days or (b) in case default shall be made in the
payment of all or any part of the principal of any of the Securities of any series when the same
shall have become due and payable, whether upon maturity of the Securities of such series or upon
any redemption or by declaration or otherwiseCthen upon demand of the Trustee, the Issuer
will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole
amount that then shall have become due and payable on all Securities of such series for principal
or interest, as the case may be (with interest to the date of such payment upon the overdue
principal and, to the extent that payment of such interest is enforceable under applicable law, on
overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) specified in the Securities of such series); and in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable compensation to the Trustee and each predecessor Trustee, their
respective agents and counsel, and any expenses and liabilities incurred, and all advances made, by
the Trustee and each predecessor Trustee except as a result of its negligence or bad faith.
Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on
the Securities of any series to the registered holders, whether or not the principal of and
interest on the Securities of such series be overdue.
In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in
its own name and as trustee of an express trust, shall be entitled and empowered to institute any
action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceedings to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or other obligor upon such Securities and collect in
the manner provided by law out of the property of the Issuer or other obligor upon such Securities,
wherever situated, the moneys adjudged or decreed to be payable.
In case there shall be pending proceedings relative to the Issuer or any other obligor upon
the Securities under Title 11 of the United States Code or any other applicable Federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator,
30
sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other obligor, or in case
of any other comparable judicial proceedings relative to the Issuer or other obligor upon the
Securities of any series, or to the creditors or property of the Issuer or such other obligor,
the Trustee, irrespective of whether the principal of any Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such proceedings or otherwise:
(a) to file and prove a claim or claims for the whole amount of principal and
interest (or, if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) owing and
unpaid in respect of the Securities of any series, and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for reasonable compensation to the Trustee and each predecessor
Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all
expenses and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee, except as a result of negligence or bad faith) and of the
Securityholders allowed in any judicial proceedings relative to the Issuer or other
obligor upon the Securities of any series, or to the creditors or property of the Issuer
or such other obligor,
(b) unless prohibited by applicable law and regulations, to vote on behalf of the
holders of the Securities of any series in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings
or person performing similar functions in comparable proceedings, and
(c) to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute all amounts received with respect to the claims of the
Securityholders and of the Trustee on their behalf; and any trustee, receiver, or
liquidator, custodian or other similar official is hereby authorized by each of the
Securityholders to make payments to the Trustee, and, in the event that the Trustee shall
consent to the making of payments directly to the Securityholders, to pay to the Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each
predecessor Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee except as a result of negligence or bad faith and all other amounts
due to the Trustee or any predecessor Trustee pursuant to Section 5.06.
31
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or vote for or accept or adopt on behalf of any Securityholder any plan or reorganization,
arrangement, adjustment or composition affecting the Securities of any series or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding except, as aforesaid, to vote for the election of a
trustee in bankruptcy or similar person.
All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities or the
production thereof on any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the holders of the Securities in respect of which such action
was taken.
In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party) the
Trustee shall be held to represent all the holders of the Securities in respect to which such
action was taken, and it shall not be necessary to make any holders of such Securities parties to
any such proceedings.
Section 4.03. Application of Proceeds. Any moneys collected by the Trustee pursuant to this
Article in respect of any series shall be applied in the following order at the date or dates fixed
by the Trustee and, in case of the distribution of such moneys on account of principal or interest,
upon presentation of the several Securities in respect of which monies have been collected and
stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced
principal amounts in exchange for the presented Securities of like series if only partially paid,
or upon surrender thereof if fully paid:
FIRST: To the payment of costs and expenses applicable to such series in respect of
which monies have been collected, including reasonable compensation to the Trustee and
each predecessor Trustee and their respective agents and attorneys and of all expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of negligence or bad faith, and all other amounts due to the Trustee or
any predecessor Trustee pursuant to Section 5.06;
SECOND: In case the principal of the Securities of such series in respect of which
moneys have been collected shall not have become and be then due and payable, to the
payment of interest on the Securities of such series in default in the order of the
maturity of the installments of
32
such interest, with interest (to the extent that such
interest has been collected by the Trustee) upon the overdue installments of interest at
the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in such Securities, such payments to be made ratably to the
persons entitled thereto, without discrimination or preference;
THIRD: In case the principal of the Securities of such series in respect of which
moneys have been collected shall have become and shall be then due and payable, to the
payment of the whole amount then owing and unpaid upon all the Securities of such series
for principal and interest, with interest upon the overdue principal, and (to the extent
that such interest has been collected by the Trustee) upon overdue installments of
interest at the same rate as the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) specified in the Securities of such series; and in
case such moneys shall be insufficient to pay in full the whole amount so due and unpaid
upon the Securities of such series, then to the payment of such principal and interest or
yield to maturity, without preference or priority of principal over interest or yield to
maturity, or of interest or yield to maturity over principal, or of any installment of
interest over any other installment of interest, or of any Security of such series over
any other Security of such series, ratably to the aggregate of such principal and accrued
and unpaid interest or yield to maturity; and
FOURTH: To the payment of the remainder, if any, to the Issuer or any other person
lawfully entitled thereto.
Section 4.04. Suits for Enforcement. In case an Event of Default has occurred, has not been
waived and is continuing, the Trustee may proceed to protect and enforce the rights vested in it by
this Indenture, either at law or in equity or in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
Section 4.05. Restoration of Rights on Abandonment of Proceedings. In case the Trustee shall
have proceeded to enforce any right under this Indenture and such proceedings shall have been
discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee,
then and in every such case the Issuer, any Cable Guarantors and the Trustee shall be restored
respectively to their former positions and rights hereunder, and all rights, remedies and powers of
the Issuer, any Cable Guarantors, the Trustee and the Securityholders shall continue as though no
such proceedings had been taken.
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Section 4.06. Limitations on Suits by Securityholder. No holder of any Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to
institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under
or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator,
custodian or other similar official or for any other remedy hereunder, unless such holder
previously shall have given to the Trustee written notice of an Event of Default and of the
continuance thereof, as hereinbefore provided, and unless also the holders of not less than 25% in
aggregate principal amount of the Securities of such series then outstanding shall have made
written request upon the Trustee to institute such action or proceedings in respect of such Event of Default in its own name as trustee hereunder
and shall have offered to the Trustee indemnity satisfactory to the Trustee against the costs,
expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to institute any such
action or proceeding and no direction inconsistent with such written request shall have been given
to the Trustee pursuant to Section 4.09; it being understood and intended, and being expressly
covenanted by the Holder of every Security with every other Holder and the Trustee, that no one or
more Holders of Securities of any series shall have any right in any manner whatever by virtue or
by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any
other such Holder of Securities, or to obtain or seek to obtain priority over or preference to any
other such Holder or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all Holders of Securities of the
applicable series. For the protection and enforcement of the provisions of this Section, each and
every Securityholder and the Trustee shall be entitled to such relief as can be given either at law
or in equity.
Section 4.07. Unconditional Right of Securityholders to Institute Certain Suits.
Notwithstanding any other provision in this Indenture and any provision of any Security, the right
of any Holder of any Security to receive payment of the principal of, premium, if any, or interest
on such Security on or after the respective due dates expressed in such Security, or to institute
suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.
Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.
Except as provided in Section 4.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.
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No delay or omission of the Trustee or of any Securityholder to exercise any right or power
accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such
right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence
therein; and, subject to Section 4.06, every power and remedy given by this Indenture or by law to
the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.
Section 4.09. Control by Securityholders. The Holders of a majority in aggregate principal
amount of the Securities of each series affected (with each series voting as a separate class) at
the time outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series by this Indenture; provided that such direction shall not be otherwise
than in accordance with law and the provisions of this Indenture and provided further that (subject
to the provisions of Section 5.01) the Trustee shall have the right to decline to follow any such
direction if the Trustee, being advised by counsel, shall determine that the action or proceeding
so directed may not lawfully be taken or if the Trustee in good faith by its board of directors,
the executive committee, or a trust committee of directors or Responsible Officers of the Trustee
shall determine that the action or proceedings so directed would involve the Trustee in personal
liability or if the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders
of the Securities of all series so affected not joining in the giving of said direction.
Nothing in this Indenture shall impair the right of the Trustee to take any action which is
not inconsistent with such direction or directions by Securityholders.
Section 4.10. Waiver of Past Defaults. Prior to a declaration of the acceleration of the
maturity of the Securities of any series as provided in Section 4.01, the Holders of a majority in
aggregate principal amount of the Securities of such series at the time Outstanding (each such
series voting as a separate class) may on behalf of the Holders of all the Securities of such
series waive an existing default or Event of Default, except a default in the payment of Principal
of or interest on any Security as specified in clauses (a) or (b) of Section 4.01 or in respect of
a covenant or provision hereof which cannot be modified or amended without the consent of each
Holder affected as provided in . In the case of any such waiver, the Issuer, the Trustee and the
Holders of the Securities of each series affected shall be restored to their former positions and
rights hereunder, respectively.
Upon any such waiver, such default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising
35
therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any right consequent
thereon.
Section 4.11. Trustee to Give Notice of Default, But May Withhold in Certain Circumstances.
The Trustee shall give to the Securityholders of any series, as the names and addresses of such
Holders appear on the registry books, notice by mail of all defaults known to Responsible Officers
of the Trustee which have occurred with respect to such series, such notice to be transmitted
within 90 days after the occurrence thereof, unless such defaults shall have been cured before the
giving of such notice (the term default or defaults for the purposes of this section being
hereby defined to mean any event or condition which is, or with notice or lapse of time or both
would become, an Event of Default); provided that, except in the case of default in the payment of the principal of or interest on any of
the Securities of such series, or in the payment of any sinking or purchase fund installment with
respect to the Securities of such series, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee, or a trust committee of
directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Securityholders of such series.
Section 4.12. Right of Court to Require Filing of Undertaking to Pay Costs. All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series
holding in the aggregate more than 10% in aggregate principal amount of the Securities of such
series, or, to any suit instituted by a Holder pursuant to Section 4.07.
ARTICLE 5
Concerning the Trustee
Section 5.01. Duties and Responsibilities of the Trustee; During Default; Prior to Default.
With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the
occurrence of an Event of Default with respect to the Securities of a particular series and after
the curing or waiving of all Events of Default which may have occurred with respect to such series,
undertakes to
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perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default with respect to the Securities of a series has occurred
(which has not been cured or waived) the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such persons own
affairs.
(a) Prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
(i) the duties and obligations of the Trustee with respect to the Securities
of any Series shall be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and
(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such statements, certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture;
(b) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:
(i) this subsection (b) shall not be construed to limit the effect of
subsection (a) of this Section;
(ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers of the Trustee, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent
facts; and
(iii) the Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with the
direction of the holders relating to the time,
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method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture.
None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
The provisions of this Section 5.01 are in furtherance of and subject to Sections 315 and 316
of the Trust Indenture Act of 1939.
Whether or not therein expressly provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be subject to
the provisions of this Section 5.01.
Section 5.02. Certain Rights of the Trustee. In furtherance of and subject to the Trust
Indenture Act of 1939, and subject to Section 5.01:
(a) the Trustee may conclusively rely and shall be protected in acting or refraining
from acting upon any resolution, Officers Certificate or any other certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon, security or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;
(b) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers Certificate (unless other evidence in respect
thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a copy thereof certified by the secretary or an
assistant secretary of the Issuer;
(c) the Trustee may consult with counsel of its selection and any advice or Opinion
of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted to be taken by it hereunder in good faith and in
accordance with such advice or Opinion of Counsel;
(d) the Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture at the request, order or direction of any of the
Securityholders pursuant to the provisions of this Indenture, unless such Securityholders
shall have offered to the Trustee
38
reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in connection with such request,
order or direction;
(e) the Trustee shall not be liable for any action taken or omitted by it in good
faith and believed by it to be authorized or within the discretion, rights or powers
conferred upon it by this Indenture;
(f) prior to the occurrence of an Event of Default hereunder and after the curing or
waiving of all Events of Default, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture,
note, coupon, security, or other paper or document unless requested in writing so to do by
the holders of not less than a majority in aggregate principal amount of the Securities of
all series affected then outstanding; provided that, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in
the making of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity satisfactory to it against such expenses or liabilities
as a condition to proceeding; the reasonable expenses of every such investigation shall be
paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid
by the Issuer upon demand;
(g) the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys not regularly in its
employ and the Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent or attorney appointed with due care by it hereunder;
(h) the Trustee shall not be liable for any action taken, suffered or omitted in good
faith and believed by it to be authorized or within the discretion, rights or powers
conferred upon it by this Indenture;
(i) the Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities and this
Indenture;
(j) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in
39
each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder; and
(k) the Trustee may request that the Issuer deliver an Officers Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officers Certificate may be signed by
any person authorized to sign an Officers Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded.
Section 5.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustees
certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representation as
to the validity or sufficiency of this Indenture, the Securities or the Cable Guarantees. The
Trustee shall not be accountable for the use or application by the Issuer of any of the Securities
or of the proceeds thereof.
Section 5.04. Trustee and Agents May Hold Securities; Collections, etc. The Trustee or any
agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner
or pledgee of Securities with the same rights it would have if it were not the Trustee or such
agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same
rights it would have if it were not the Trustee or such agent.
Section 5.05. Moneys Held by Trustee. All moneys received by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by mandatory provisions of
law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability
for interest on any moneys received by it hereunder.
Section 5.06. Compensation and Indemnification of Trustee and Its Prior Claim. The Issuer
covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to,
such compensation as shall be agreed in writing from time to time by the Issuer and the Trustee
(which shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each
predecessor Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its counsel and of all
agents and other persons not regularly in its employ) except to the extent any such expense,
disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants and
agrees to indemnify the Trustee and each predecessor
40
Trustee for, and to hold it harmless against,
any loss, liability or expense arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder and the performance of its duties
hereunder, including the costs and expenses of defending itself against or investigating any claim
of liability (whether asserted by the Issuer, a Cable Guarantor, a Holder or any other Person) in
the premises, except to the extent such loss, liability or expense is due to the negligence or bad
faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this section
to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the satisfaction and discharge of this
Indenture or the resignation or removal of the Trustee. Such additional indebtedness shall be a
senior claim and lien to that of the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the benefit of the holders of particular
Securities, and the Securities are hereby subordinated to such senior claim. The parties agree
that if the Trustee renders services following an Event of Default under Section 4.01(d) or (e),
compensation for such services is intended to constitute administrative expense under any
bankruptcy law.
Section 5.07. Right of Trustee to Rely on Officers Certificate, etc. Subject to Sections
5.01 and 5.02, whenever in the administration of the trusts of this Indenture the Trustee shall
deem it necessary or desirable that a matter be proved or established prior to taking or suffering
or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officers Certificate delivered
to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
the provisions of this Indenture upon the faith thereof.
Section 5.08. Persons Eligible for Appointment as Trustee. The Trustee for each series of
Securities hereunder shall at all times be a corporation which is eligible in accordance with the
provisions of Section 310(a) of the Trust Indenture Act of 1939 and which has, or is a Wholly-Owned
Subsidiary, directly or indirectly of a bank holding company which has, a combined capital and
surplus of $50,000,000. If such corporation or holding company publishes reports of condition at
least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia
supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation or holding company shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.
41
Section 5.09. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or
any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or
all series of Securities by giving written notice of resignation to the Issuer. Upon receiving
such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with
respect to the applicable series by written instrument in duplicate, executed by authority of the
Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and
one copy to the successor trustee or trustees. If no successor Trustee shall have been so
appointed with respect to any series and have accepted appointment within 30 days after the mailing
of such notice of resignation, the resigning Trustee may petition, at the expense of the Issuer,
any court of competent jurisdiction for the appointment of a successor Trustee, or any
Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section 4.12, on behalf of himself and
all others similarly situated, petition any such court for the appointment of a successor Trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor Trustee.
(b) In case at any time any of the following shall occur:
(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the
Trust Indenture Act of 1939 with respect to any series of Securities after written request
therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a
Security or Securities of such series for at least six months; or
(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written
request therefor by the Issuer or by any Securityholder; or
(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of
the Trustee or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
then, in any case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to Section
315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide Holder of a
42
Security or Securities of such series for at least six months may on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee with respect to such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.
(c) The Holders of a majority in aggregate principal amount of the Securities of each series
at the time outstanding may at any time remove the Trustee with respect to Securities of such
series and appoint a successor Trustee with respect to the Securities of such series by delivering
to the Trustee so removed, to the successor Trustee so appointed and to the Issuer the evidence
provided in Section 6.01 of the action in that regard taken by the Securityholders.
(d) Any resignation or removal of the Trustee with respect to any series and any appointment
of a successor trustee with respect to such series pursuant to any of the provisions of this
Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section 5.10.
Section 5.10. Acceptance of Appointment by Successor. Any successor Trustee appointed as
provided in Section 5.09 shall execute and deliver to the Issuer and to its predecessor Trustee an
instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor Trustee with respect to all or any applicable series shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all
rights, powers, duties and obligations with respect to such series of its predecessor hereunder,
with like effect as if originally named as Trustee for such series hereunder; but, nevertheless, on
the written request of the Issuer or of the successor Trustee, upon payment of its charges then
unpaid, the Trustee ceasing to act shall, subject to Section 5.06, pay over to the successor Trustee all moneys at
the time held by it hereunder and shall execute and deliver an instrument transferring to such
successor Trustee all such rights, powers, duties and obligations. Upon request of any such
successor Trustee, the Issuer shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor Trustee all such rights and powers. Any
Trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or
collected by such Trustee to secure any amounts then due it pursuant to the provisions of Section
5.06.
If a successor Trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor Trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any
43
series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust
or trusts under separate indentures.
Upon acceptance of appointment by any successor Trustee as provided in this Section 5.10, the
Issuer shall mail notice thereof by first-class mail to the Holders of Securities of any series for
which such successor Trustee is acting as Trustee at their last addresses as they shall appear in
the Security register. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice
called for by Section 5.09. If the Issuer fails to mail such notice within ten days after
acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice
to be mailed at the expense of the Issuer.
Section 5.11. Merger, Conversion, Consolidation or Succession to Business of Trustee. Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be eligible under the provisions of Section 5.08, without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities of any series shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so
authenticated; and, in case at that time any of the Securities of any series shall not have been
authenticated, any successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor Trustee; and in all such cases such
certificate shall have the full force which it is anywhere in the Securities of such series or in
this Indenture provided that the certificate of the Trustee shall have; provided, that the right to
adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of
any series in the name of any predecessor Trustee shall apply only to its successor or successors
by merger, conversion or consolidation.
Section 5.12. Reports to the Trustee. The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the
44
manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15
following the date of the initial issuance of Securities under this Indenture deliver to Holders a
brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).
A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission
and with the Issuer. The Issuer will promptly notify the Trustee when the Securities are listed on
any stock exchange and of any delisting thereof.
ARTICLE 6
Concerning the Securityholders
Section 6.01. Evidence of Action Taken by Securityholders. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by a specified percentage in principal amount of the Securityholders of any or all
series may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such specified percentage of Securityholders in person or by agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee. Proof of execution of any
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee and the
Issuer, if made in the manner provided in this Article.
Section 6.02. Proof of Execution of Instruments and of Holding of Securities; Record Date.
Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent
or proxy may be proved by the certificate of any notary public or other officer authorized to take
acknowledgment of deeds, that the Person executing such instrument acknowledged to such notary
public or other such officer the execution thereof, or by an affidavit of a witness to such
execution sworn to before any such notary public or other officer. Where such execution is by an
officer of a corporation or association or a member of a partnership on behalf of such corporation,
association or partnership, as the case may be, or by any other Person acting in a representative
capacity, such certificate or affidavit shall also constitute sufficient proof of such Persons
authority. The holding of Securities shall be proved by the Security register or by a certificate
of the registrar thereof. The Issuer may set a record date for purposes of determining the
identity of holders of Securities of any series entitled to vote or consent to any action referred
to in Section 6.01, which record date may be set at any time or from time to time by notice to the
Trustee,
45
for any date or dates (in the case of any adjournment or reconsideration) not more than 60
days nor less than five days prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, only holders of Securities of such series of record on
such record date shall be entitled to so vote or give such consent or revoke such vote or consent.
Section 6.03. Holders to Be Treated as Owners. Prior to due presentment of a Security for
registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
deem and treat the person in whose name any Security shall be registered upon the Security register
for such series as the absolute owner of such Security (whether or not such Security shall be
overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of
receiving payment of or on account of the principal of and, subject to the provisions of this
Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
All such payments so made to any such person, or upon his order, shall be valid, and, to the
extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon any such Security.
Section 6.04. Securities Owned by Issuer Deemed Not Outstanding. In determining whether the
Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series
have concurred in any direction, consent or waiver under this Indenture, Securities which are owned
by the Issuer or any other obligor on the Securities with respect to which such determination is
being made or by any person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Issuer or any other obligor on the Securities with respect to
which such determination is being made shall be disregarded and deemed not to be Outstanding for
the purpose of any such determination, except that for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver only Securities as
to which the Trustee has received written notice are so owned shall be so disregarded. Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgees right so to act with respect to such Securities and that the pledgee
is not the Issuer or any other obligor upon the Securities or any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Issuer or any
other obligor on the Securities. In case of a dispute as to such right, the advice of counsel
shall be full protection in respect of any decision made by the Trustee in accordance with such
advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers
Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held
by or for the account of any of the above-described persons; and, subject to Sections 5.01 and
5.02, the Trustee shall be entitled to accept such Officers Certificate as conclusive evidence of
the facts therein set forth and of
46
the fact that all Securities not listed therein are Outstanding
for the purpose of any such determination.
Section 6.05. Right of Revocation of Action Taken. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the Holders
of the percentage in aggregate principal amount of the Securities of any or all series, as the case
may be, specified in this Indenture in connection with such action, any Holder of a Security the
serial number of which is shown by the evidence to be included among the serial numbers of the
Securities the Holders of which have consented to such action may, by filing written notice at the
Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so
far as concerns such Security. Except as aforesaid any such action taken by the Holder of any
Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of
such Security and of any Securities issued in exchange or substitution therefor, irrespective of
whether or not any notation in regard thereto is made upon any such Security. Any action taken by
the Holders of the percentage in aggregate principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action shall be
conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by
such action.
ARTICLE 7
Supplemental Indentures
Section 7.01. Supplemental Indentures Without Consent of Securityholders. The Issuer, when
authorized by a resolution of its Board of Directors certified to the Trustee, and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto for one
or more of the following purposes:
(a) to evidence the succession of another corporation to the Issuer, or successive
successions, and the assumption by the successor corporation of the covenants, agreements and
obligations of the Issuer pursuant to Article 8;
(b) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture; or to make such other provisions in regard to matters or
questions arising under this Indenture or under any supplemental indenture as the Board of
Directors may deem necessary or desirable and which shall not adversely affect the interests of the
Holders of the Securities in any material respect;
47
(c) to establish the form or terms of Securities of any series as permitted by Sections 2.01
and 2.03;
(d) to evidence and provide for the acceptance of appointment hereunder by a successor trustee
with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.10;
(e) to comply with any requirements of the Commission in connection with the qualification of
this Indenture under the Trust Indenture Act of 1939;
(f) to provide for uncertificated or Unregistered Securities and to make all appropriate
changes for such purpose;
(g) to make any change that does not adversely affect the rights of any Holder;
(h) as provided by or pursuant to a Board Resolution or indenture supplemental hereto
establishing the terms of one or more series of Securities;
(i) to add to the covenants of the Issuer such new covenants, restrictions, conditions or
provisions as its Board of Directors shall consider to be for the protection of the Holders of
Securities, and with respect to which the Trustee has received an Opinion of Counsel to a similar
effect, and to make the occurrence, or the occurrence and continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default; provided, that in
respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter
or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon
such an Event of Default or may limit the right of the Holders of a majority in aggregate principal
amount of the Securities of such series to waive such an Event of Default; or
(j) to make any change so long as no Securities are Outstanding.
The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustees own rights, duties or immunities under this Indenture or
otherwise.
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Any supplemental indenture authorized by the provisions of this section may be executed
without the consent of the Holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of Section 7.02.
Section 7.02. Supplemental Indentures With Consent of Securityholders. With the consent
(evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series affected by such
supplemental indenture (voting as one class), the Issuer, when authorized by a resolution of its
Board of Directors, and the Trustee may, from time to time and at any time, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or
of modifying in any manner the rights of the Holders of the Securities of each such series;
provided, that no such supplemental indenture shall without the consent of each Holder affected
thereby:
(i) change the stated maturity of the Principal of, or any sinking fund obligation or
any installment of interest on, such Holders Security;
(ii) reduce the Principal thereof or the rate of interest thereon, or any premium
payable with respect thereto;
(iii) change any place of payment where, or the currency in which, any Security or
any premium or the interest thereon is payable;
(iv) change the provisions for calculating the optional redemption price, including
the definitions relating thereto;
(v) make any change to Section 4.07 or 4.10 (except to include other provisions
subject to Section 4.10);
(vi) reduce the percentage in principal amount of outstanding Securities of the
relevant series the consent of whose Holders is required for any such supplemental
indenture, for any waiver of compliance with any provisions of this Indenture or any
defaults and their consequences provided for in this Indenture;
(vii) alter or impair the right to convert any Security at the rate and upon the
terms provided in Article 13;
(viii) waive a default in the payment of Principal of or interest on any Security of
such Holder (except pursuant to a rescission of acceleration pursuant to Section 4.01);
49
(ix) adversely affect the rights of such Holder under any mandatory redemption or
repurchase provision or any right of redemption or repurchase at the option of such
Holder;
(x) modify any of the provisions of this Section 7.02, except to increase any such
percentage or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each outstanding Security affected
thereby; or
(xi) change or waive any provision that, pursuant to a board resolution or indenture
supplemental hereto establishing the terms of one or more series of Securities, is
prohibited to be so changed or waived.
Upon the written request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01,
the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustees own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.
It shall not be necessary for the consent of the Securityholders under this section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such
consent shall approve the substance thereof.
Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class
mail to the Holders of Securities of each series affected thereby at their addresses as they shall
appear on the registry books of the Issuer, setting forth in general terms the substance of such
supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.
Section 7.03. Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of Securities
of each series affected thereby shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of
any such supplemental indenture shall be and be
50
deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 7.04. Documents to Be Given to Trustee. The Trustee, subject to the provisions of
Sections 5.01 and 5.02, may receive an Officers Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies
with the applicable provisions of this Indenture.
Section 7.05. Notation on Securities in Respect of Supplemental Indentures. Securities of
any series authenticated and delivered after the execution of any supplemental indenture pursuant
to the provisions of this Article may bear a notation in form approved by the Trustee for such
series as to any matter provided for by such supplemental indenture or as to any action taken at
any such meeting. If the Issuer or the Trustee shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the
Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series
then outstanding.
ARTICLE 8
Consolidation, Merger, Sale or Conveyance
Section 8.01. Issuer May Consolidate, etc., on Certain Terms. The Issuer covenants that it
will not merge or consolidate with any other Person or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets to any Person (other than a
consolidation with or merger with or into or a sale, conveyance, transfer, lease or other
disposition to a Wholly-Owned Subsidiary with a positive net worth; provided that, in connection
with any such merger of the Issuer with a Wholly-Owned Subsidiary, no consideration (other than
common stock) in the surviving person or the Issuer shall be issued or distributed to the
stockholders of the Issuer), unless (i) either (x) the Issuer shall be the continuing corporation,
or the successor corporation or (y) the Person formed by such consolidation or into which the
Issuer is merged or that acquires by sale or conveyance substantially all the assets of the Issuer
(if other than the Issuer) shall be a corporation or limited liability company organized and
validly existing under the laws of the United States of America or any jurisdiction thereof and
shall expressly assume the due and punctual payment of the principal of and interest on all the
Securities, according to their tenor, and the due and punctual performance and observance of all of
the covenants and conditions of this Indenture to be performed or observed by the Issuer, by
supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such
Person, (ii) immediately after giving effect to such transaction, no default or Event of
51
Default shall have occurred and be continuing and (iii) the Issuer delivers to the Trustee an
Officers Certificate and Opinion of Counsel, in each case stating that such consolidation, merger
or transfer and such supplemental indenture complies with this Section 8.01 and that all conditions
precedent provided for herein relating to such transaction have been complied with; provided,
however, that the foregoing limitations shall not apply if, in the good faith determination of the
Board of Directors, whose determination shall be evidenced by a board resolution certified to the
Trustee, the principal purpose of such transaction is to change the state of incorporation of the
Issuer; and provided further that any such transaction shall not have as one of its purposes the
evasion of the foregoing limitations.
Section 8.02. Successor Corporation Substituted. In case of any such consolidation, merger,
sale, conveyance, transfer, lease or other disposition, and following such an assumption by the
successor Person, such successor Person shall succeed to and be substituted for the Issuer, with
the same effect as if it had been named herein. Such successor Person may cause to be signed, and
may issue either in its own name or in the name of the Issuer prior to such succession any or all
of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and
delivered to the Trustee; and, upon the order of such successor Person instead of the Issuer and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee,
pursuant to the terms hereof, shall authenticate and shall deliver any Securities which previously
shall have been signed and delivered by the officers of the Issuer to the Trustee for
authentication, and any Securities which such successor Person thereafter shall cause to be signed
and delivered to the Trustee for that purpose. All of the Securities so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Securities theretofore or
thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.
In case of any such consolidation, merger, sale, conveyance transfer, lease or other
disposition, such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.
Upon the assumption by the successor Person in the manner described in this Article, the
Issuer shall be discharged from all obligations and covenants under this Indenture and the
Securities.
ARTICLE 9
Discharge of Indenture
Section 9.01. Defeasance Within One Year of Payment. Except as otherwise provided in this
Section 9.01, the Issuer may terminate its obligations and the obligations of the Cable Guarantors
under the Securities of any series, the
52
Cable Guarantees with respect to Securities of such series and this Indenture with respect to
Securities of such series if:
(i) all Securities of such series previously authenticated and delivered (other than
destroyed, lost or wrongfully taken Securities of such series that have been replaced or
Securities of such series that are paid pursuant to Section 3.01 or Securities of such
series for whose payment money or securities have theretofore been held in trust and
thereafter repaid to the Issuer, as provided in Section 9.05) have been delivered to the
Trustee for cancellation and the Issuer has paid all sums payable by it hereunder; or
(ii) (A) the Securities of such series mature within one year or all of them are to
be called for redemption within one year under arrangements satisfactory to the Trustee
for giving the notice of redemption, (B) the Issuer irrevocably deposits in trust with the
Trustee, as trust funds solely for the benefit of the Holders of such Securities for that
purpose, money or U.S. Government Obligations or a combination thereof sufficient (unless
such funds consist solely of money, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to
the Trustee), without consideration of any reinvestment and after payment of all Federal,
state and local taxes or other charges and assessments in respect thereof payable by the
Trustee, to pay Principal of and interest on the Securities of such series to maturity or
redemption, as the case may be, and to pay all other sums payable by it hereunder, and (C)
the Issuer delivers to the Trustee an Officers Certificate and an Opinion of Counsel, in
each case stating that all conditions precedent provided for herein relating to the
satisfaction and discharge of this Indenture with respect to the Securities of such series
have been complied with.
With respect to the foregoing clause (i), only the Issuers obligations under Sections 5.06
and 9.05 in respect of the Securities of such series shall survive. With respect to the foregoing
clause (ii), only the Issuers obligations in Sections 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05
in respect of the Securities of such series shall survive until such Securities of such series are
no longer outstanding. Thereafter, only the Issuers obligations in Sections 5.06 and 9.05 in
respect of the Securities of such series shall survive. After any such irrevocable deposit, the
Trustee shall acknowledge in writing the discharge of the Issuers obligations under the Securities
of such series and this Indenture with respect to the Securities of such series except for those
surviving obligations specified above.
Section 9.02. Defeasance. Except as provided below, the Issuer will be deemed to have paid
and will be discharged from any and all obligations in respect of the Securities of any series and
the provisions of this Indenture and the
53
Cable Guarantees will no longer be in effect with respect to the Securities of such series
(and the Trustee, at the expense of the Issuer, shall execute instruments in form and substance
satisfactory to the Issuer and the Trustee acknowledging the same); provided that the following
conditions shall have been satisfied:
(i) the Issuer has irrevocably deposited in trust with the Trustee as trust funds
specifically pledged as security for, and dedicated solely to, Holders of the Securities
of such series, for payment of the Principal of and interest on the Securities of such
series, money or U.S. Government Obligations or a combination thereof sufficient (unless
such funds consist solely of money, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to
the Trustee) without consideration of any reinvestment and after payment of all Federal,
state and local taxes or other charges and assessments in respect thereof payable by the
Trustee, to pay and discharge the Principal of and accrued interest on the outstanding
Securities of such series to maturity or earlier redemption (irrevocably provided for
under arrangements satisfactory to the Trustee), as the case may be;
(ii) such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture, the Cable Guarantees or any other material agreement or
instrument to which the Issuer is a party or by which it is bound;
(iii) no default or Event of Default with respect to the Securities of such series
shall have occurred and be continuing on the date of such deposit;
(iv) the Issuer shall have delivered to the Trustee (1) either (x) a ruling directed
to the Trustee received from the Internal Revenue Service to the effect that the Holders
of the Securities of such series will not recognize income, gain or loss for Federal
income tax purposes as a result of the Issuers exercise of its option under this Section
9.02 and will be subject to federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit and defeasance had not
occurred or (y) an Opinion of Counsel to the same effect as the ruling described in clause
(x) above and based upon a change in law and (2) an Opinion of Counsel to the effect that
the Holders of the Securities of such series have a valid security interest in the trust
funds subject to no prior liens under the UCC; and
(v) the Issuer has delivered to the Trustee an Officers Certificate and an Opinion
of Counsel, in each case stating that all conditions precedent provided for herein
relating to the defeasance
54
contemplated by this Section 9.02 of the Securities of such series have been complied
with.
The Issuers obligations in Sections 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05 with respect
to the Securities of such series shall survive until such Securities are no longer outstanding.
Thereafter, only the Issuers obligations in Sections 5.06 and 9.05 shall survive.
Section 9.03. Covenant Defeasance. The Issuer may omit to comply with any term, provision
or condition set forth in Sections 3.04, 3.08, 3.10 or 3.11 (or any other specific covenant
relating to the Securities of any series provided for in a Board Resolution or supplemental
indenture pursuant to Section 2.03 which may by its terms be defeased pursuant to this Section
9.03), and such omission shall be deemed not to be an Event of Default under clause (c) of Section
4.01, respect to the outstanding Securities of such series if:
(i) the Issuer has irrevocably deposited in trust with the Trustee as trust funds
solely for the benefit of the Holders of the Securities of such series, for payment of the
Principal of and interest, if any, on the Securities of such series, money or U.S.
Government Obligations or a combination thereof in an amount sufficient (unless such funds
consist solely of money, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee)
without consideration of any reinvestment and after payment of all Federal, state and
local taxes or other charges and assessments in respect thereof payable by the Trustee, to
pay and discharge the Principal of and interest on the outstanding Securities of such
series to maturity or earlier redemption (irrevocably provided for under arrangements
satisfactory to the Trustee), as the case may be;
(ii) such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture, the Cable Guarantees or any other material agreement or
instrument to which the Issuer is a party or by which it is bound;
(iii) no default or Event of Default with respect to the Securities of such series
shall have occurred and be continuing on the date of such deposit;
(iv) the Issuer has delivered to the Trustee an Opinion of Counsel to the effect that
(A) the Holders of the Securities of such series have a valid security interest in the
trust funds subject to no prior liens under the UCC and (B) such Holders will not
recognize income, gain or loss for Federal income tax purposes as a result of such deposit
and covenant defeasance and will be subject to Federal income tax on the same
55
amount and in the same manner and at the same times as would have been the case if
such deposit and defeasance had not occurred; and
(v) the Issuer has delivered to the Trustee an Officers Certificate and an Opinion
of Counsel, in each case stating that all conditions precedent provided for herein
relating to the covenant defeasance contemplated by this Section 9.03 of the Securities of
such series have been complied with.
Section 9.04. Application of Trust Money. Subject to Section 9.05, the Trustee or Paying
Agent shall hold in trust money or U.S. Government Obligations deposited with it pursuant to
Section 9.01, 9.02 or 9.03, as the case may be, in respect of the Securities of any series and
shall apply the deposited money and the proceeds from deposited U.S. Government Obligations in
accordance with the Securities of such series and this Indenture to the payment of Principal of and
interest on the Securities of such series; but such money need not be segregated from other funds
except to the extent required by law. The Issuer shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 9.01, 9.02 or 9.03, as the case may be, or the principal and interest received
in respect thereof, other than any such tax, fee or other charge that by law is for the account of
the Holders.
Section 9.05. Repayment to Issuer. Subject to Sections 5.06, 9.01, 9.02 and 9.03, the
Trustee and the Paying Agent shall promptly pay to the Issuer upon request set forth in an
Officers Certificate any money held by them at any time and not required to make payments
hereunder and thereupon shall be relieved from all liability with respect to such money. Subject
to applicable escheat or abandoned property laws, the Trustee and the Paying Agent shall pay to the
Issuer upon written request any money held by them and required to make payments hereunder under
this Indenture that remains unclaimed for two years; provided that the Trustee or such Paying Agent
before being required to make any payment shall cause to be published at the expense of the Issuer
once in an Authorized Newspaper or mail to each Holder entitled to such money at such Holders
address (as set forth in the register) notice that such money remains unclaimed and that after a
date specified therein (which shall be at least 30 days from the date of such publication or
mailing) any unclaimed balance of such money then remaining will be repaid to the Issuer. After
payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as
unsecured general creditors unless an abandoned property law designates another Person, and all
liability of the Trustee and such Paying Agent with respect to such money shall cease.
56
ARTICLE 10
Miscellaneous Provisions
Section 10.01. Incorporators, Stockholders, Officers and Directors Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or agreement contained in this
Indenture, the Cable Guarantees or in any Security, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, as such, or against any past, present or future
stockholder, officer, director or employee, as such, of the Issuer, any Cable Guarantor or of any
successor Person thereof, either directly or through the Issuer or any Cable Guarantor or any
successor Person thereof, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities by the holders
thereof and as part of the consideration for the issue of the Securities.
Section 10.02. Provisions of Indenture for the Sole Benefit of Parties and Securityholders.
Nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed to
give to any person, firm or corporation, other than the parties hereto and their successors and the
Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such covenants and provisions being for the
sole benefit of the parties hereto and their successors and of the Holders of the Securities.
Section 10.03. Successors and Assigns of Issuer Bound by Indenture. All the covenants,
stipulations, promises and agreements in this Indenture contained by or in behalf of the Issuer
shall bind its successors and assigns, whether so expressed or not.
Section 10.04. Notices and Demands on Issuer, Trustee and Securityholders. Any notice or
demand which by any provision of this Indenture is required or permitted to be given or served by
the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being
deposited postage prepaid, first-class mail (except as otherwise specifically provided herein)
addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Comcast
Corporation at 1500 Market Street, Philadelphia, Pennsylvania 19102-2148, Attention: Treasurer.
Any notice, direction, request or demand by the Issuer or any Securityholder to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the
Corporate Trust Office.
Where this Indenture provides for notice to Holders, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to each Holder entitled thereto, at his last
57
address as it appears in the Security register. In any case where notice to Holders is given
by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the
person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.
In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer and Securityholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.
Section 10.05. Officers Certificates and Opinions of Counsel; Statements to Be Contained
Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any
of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers
Certificate stating that all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include (a)
a statement that the person making such certificate or opinion has read such covenant or condition,
(b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based, (c) a statement that, in
the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been
complied with and (d) a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with.
Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise
58
of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, information with respect
to which is in the possession of the Issuer, upon the certificate, statement or opinion of or
representations by an officer of officers of the Issuer, unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel,
as the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous.
Any certificate or opinion of any independent firm of public accountants filed with the
Trustee shall contain a statement that such firm is independent.
Section 10.06. Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of
interest on or principal of the Securities of any series or the date fixed for redemption or
repayment of any such Security shall not be a Business Day, then payment of interest or principal
need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date of maturity or the date fixed for redemption, and no
interest shall accrue for the period after such date.
Section 10.07. Conflict of Any Provision of Indenture with Trust Indenture Act of 1939. If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with another
provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust
Indenture Act of 1939 (an incorporated provision), such incorporated provision shall control.
Section 10.08. New York Law to Govern. This Indenture, including any Cable Guarantee, and
each Security shall be deemed to be a contract under the laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of such State.
Section 10.09. Counterparts. This Indenture may be executed in any number of counterparts,
each of which shall be an original; but such counterparts shall together constitute but one and the
same instrument.
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Section 10.10. Effect of Headings. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.
ARTICLE 11
Redemption of Securities and Sinking Funds
Section 11.01. Applicability of Article. The provisions of this Article shall be applicable
to the Securities of any series which are redeemable before their maturity or to any sinking fund
for the retirement of Securities of a series except as otherwise specified as contemplated by
Section 2.03 for Securities of such series.
Section 11.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the
Holders of Securities of any series to be redeemed as a whole or in part at the option of the
Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at
least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the registry books.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or
any defect in the notice to the Holder of any Security of a series designated for redemption as a
whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series.
The notice of redemption to each such Holder shall specify the CUSIP numbers of such
Securities to be redeemed, the principal amount of each Security of such series held by such Holder
to be redeemed, the date fixed for redemption, the redemption price, the place or places of
payment, that payment will be made upon presentation and surrender of such Securities, that such
redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case,
that interest accrued to the date fixed for redemption will be paid as specified in such notice and
that on and after said date interest thereon or on the portions thereof to be redeemed will cease
to accrue. In case any Security of a series is to be redeemed in part only the notice of
redemption shall state the portion of the principal amount thereof to be redeemed, the method the
Trustee shall use to determine such Securities to be redeemed as specified in the last paragraph of
this Section 11.02, if applicable, and shall state that on and after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued.
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The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuers written request, by the Trustee in the name
and at the expense of the Issuer.
By 10:00 a.m. (New York City time) on the redemption date specified in the notice of
redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one
or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate
and hold in trust as provided in Section 3.03) an amount of money sufficient to redeem on the
redemption date all the Securities of such series so called for redemption at the appropriate
redemption price, together with accrued interest to the date fixed for redemption. If less than
all the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the
Trustee at least 70 days (unless a shorter period shall be satisfactory to the Trustee) prior to
the date fixed for redemption an Officers Certificate stating the aggregate principal amount of
Securities to be redeemed.
In the case of the redemption of all of the Securities of a series outstanding, the Issuer
shall notify the Trustee in writing of the redemption date 45 days (unless a shorter period shall
be satisfactory to the Trustee) prior to the redemption date.
If less than all the Securities of a series are to be redeemed, the Trustee shall select, pro
rata or by lot or in such manner as it shall deem appropriate and fair, Securities of such series
to be redeemed in whole or in part. Securities of a series may be redeemed in part in multiples
equal to the minimum authorized denomination for Securities of such series or any multiple thereof.
The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected
for redemption and, in the case of any Securities of such series selected for partial redemption,
the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities of any series
shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion
of the principal amount of such Security which has been or is to be redeemed.
Section 11.03. Payment of Securities Called for Redemption. If notice of redemption has
been given as above provided, the Securities or portions of Securities specified in such notice
shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after
said date (unless the Issuer shall default in the payment of such Securities at the redemption
price, together with interest accrued to said date) interest on the Securities or portions of
Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05
and 9.04, such Securities shall cease from and after the date fixed for redemption to be entitled
to any benefit or security under this Indenture, and the Holders thereof shall have no right in
respect of such Securities
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except the right to receive the redemption price thereof and unpaid interest to the date fixed
for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the
Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed
for redemption; provided that any semiannual payment of interest becoming due on the date fixed for
redemption shall be payable to the Holders of such Securities registered as such on the relevant
record date subject to the terms and provisions of Section 2.07 hereof.
If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed
for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue
Discount Security) borne by the Security.
Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, of authorized denominations, in principal
amount equal to the unredeemed portion of the Security so presented pursuant to Sections 2.04, 2.05
and 2.06.
Section 11.04. Exclusion of Certain Securities from Eligibility for Selection for
Redemption. Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in a written statement signed by an authorized
officer of the Issuer and delivered to the Trustee at least 40 days prior to the last date on which
notice of redemption may be given as being owned of record and beneficially by, and not pledged or
hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written
statement directly or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer.
Section 11.05. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a mandatory
sinking fund payment, and any payment in excess of such minimum amount provided for by the terms
of Securities of any series is herein referred to as an optional sinking fund payment. The date
on which a sinking fund payment is to be made is herein referred to as the sinking fund payment
date.
In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a) deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited)
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theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered
to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking
fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for
Securities of such series (not previously so credited) redeemed by the Issuer through any optional
redemption provision contained in the terms of such series. Securities so delivered or credited
shall be received or credited by the Trustee at the sinking fund redemption price specified in such
Securities.
On or before the sixtieth day next preceding each sinking fund payment date for any series,
the Issuer will deliver to the Trustee an Officers Certificate (a) specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series, (b) stating that none of the Securities of such series has
theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of
Default with respect to such series have occurred (which have not been waived or cured) and are
continuing and (d) stating whether or not the Issuer intends to exercise its right to make an
optional sinking fund payment with respect to such series and, if so, specifying the amount of such
optional sinking fund payment which the Issuer intends to pay on or before the next succeeding
sinking fund payment date. Any Securities of such series to be credited and required to be
delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid
which have not theretofore been delivered to the Trustee shall be delivered for cancellation
pursuant to Section 2.10 to the Trustee with such written statement (or reasonably promptly
thereafter if acceptable to the Trustee). Such Officers Certificate shall be irrevocable and upon
its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash
payments or payments therein referred to, if any, on or before the next succeeding sinking fund
payment date. Failure of the Issuer, on or before any such sixtieth day, to deliver such written
statement and Securities specified in this paragraph, if any, shall not constitute a default but
shall constitute, on and as of such date, the irrevocable election of the Issuer (i) that the
mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date
shall be paid entirely in cash without the option to deliver or credit Securities of such series in
respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to
such series as provided in this Section.
If any sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request in
writing) with respect to the Securities of any particular series, such cash shall be applied on the
next succeeding sinking fund payment date to the redemption of Securities of such series at the
sinking fund redemption price together with accrued interest to the date fixed for redemption. If
such amount shall be $50,000 or less and the
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Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 is
available together with accrued interest to the date fixed for redemption. The Trustee shall
select, in the manner provided in Section 11.02, for redemption on such sinking fund payment date a
sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be,
and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the
Securities of such series (or portions thereof) so selected. Securities of any series which are
identified in an Officers Certificate at least 60 days prior to the sinking fund payment date as
being beneficially owned by, and not pledged or hypothecated by, the Issuer or an entity directly
or indirectly controlling or controlled by or under direct or indirect common control with the
Issuer shall be excluded from Securities of such series eligible for selection for redemption. The
Issuer or the Trustee, in the name and at the expense of the Issuer (if the Issuer shall so request
the Trustee in writing) shall cause notice of redemption of the Securities of such series to be
given in the manner provided in Section 11.02 (and with the effect provided in Section 11.03) for
the redemption of Securities of such series in part at the option of the Issuer. The amount of any
sinking fund payments not so applied or allocated to the redemption of Securities of such series
shall be added to the next cash sinking fund payment for such series and, together with such
payment, shall be applied in accordance with the provisions of this Section. Any and all sinking
fund moneys held on the stated maturity date of the Securities of any particular series (or
earlier, if such maturity is accelerated), which are not held for the payment or redemption of
particular Securities of such series shall be applied, together with other moneys, if necessary,
sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of
such series at maturity.
At least one Business Day before each sinking fund payment date, the Issuer shall pay to the
Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date
fixed for redemption on Securities to be redeemed on the next following sinking fund payment date.
The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or mail any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default if the Trustee has received written notice thereof at least three Business
Days prior to any payment hereunder except that, where the mailing of notice of redemption of any
Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such
Securities, provided that it shall have received from the Issuer a sum sufficient for such
redemption. Except as aforesaid, if the Trustee has received written notice of such default or
Event of Default at least three Business Days prior to any payment hereunder, any moneys in the
sinking fund for such series at the time when any such default or Event of Default shall occur, and
any moneys thereafter paid into the sinking fund, shall, during the
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continuance of such default or Event of Default, be deemed to have been collected under
Article 4 and held for the payment of all such Securities. In case such Event of Default shall
have been waived as provided in Section 4.10 or the default cured on or before the sixtieth day
preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the
next succeeding sinking fund payment date in accordance with this section to the redemption of such
Securities.
Section 11.06. Conversion Arrangement on Call for Redemption. In connection with any
redemption of Securities, the Issuer shall deposit the amount due in connection with such
redemption as required by Section 11.02 or it may arrange for the purchase and conversion of any
Securities called for redemption by an agreement with one or more investment bankers or other
purchasers to purchase such Securities and to make the deposit required of it by Section 11.02 on
its behalf by paying to the Trustee or the Paying Agent in trust for the Securityholders, on or
before 10:00 a.m. New York time on the redemption date, an amount no less than the redemption
price, together with interest, if any, accrued to the redemption date of such Securities, in
immediately available funds. Notwithstanding anytime to the contrary contained in this Article 11,
the obligation of the Issuer to pay the redemption price of such Securities, including all accrued
interest, if any, shall be deemed to be satisfied and discharged to the extent such amount is so
paid by such purchasers. If such an agreement is entered into, any Securities not duly surrendered
for conversion by the holders thereof may, at the option of the Issuer, be deemed, to the fullest
extent permitted by law, acquired by such purchasers from such holders and (notwithstanding
anything to the contrary contained in Article 13) surrendered by such purchasers for conversion,
all as of immediately prior to the close of business on the last day on which Securities of such
series called for redemption may be converted in accordance with this Indenture and the terms of
such Securities, subject to payment of the above amount aforesaid. The Trustee or the Paying Agent
shall hold and pay to the Securityholders whose Securities are selected for redemption any such
amount paid to it in the same manner as it would moneys deposited with it by the Issuer for the
redemption of Securities. Without the Trustees and the Paying Agents prior written consent, no
arrangement between the Issuer and such purchasers for the purchase and conversion of any
Securities shall increase or otherwise affect any of the powers, duties, responsibilities or
obligations of the Trustee as set forth in this Indenture, and the Issuer agrees to indemnify the
Trustee from, and hold it harmless against, any loss, liability or expense arising out of or in
connection with any such arrangement for the purchase and conversion of any Securities between the
Issuer and such purchasers, including the costs and expenses incurred by the Trustee and the Paying
Agent in the defense of any claim or liability arising out of or in connection with the exercise or
performance of any of its powers, duties, responsibilities or obligations under this Indenture.
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ARTICLE 12
Subordination of Securities
Section 12.01. Agreement of Subordination. The Issuer covenants and agrees, and each holder
of Securities issued hereunder by his acceptance thereof likewise covenants and agrees, that all
Securities shall be issued subject to the provisions of this Article 12; and each Securityholder,
whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound
by such provisions.
The payment of the principal of, premium, if any, and interest on all Securities issued
hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and subject
in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at
the date of this Indenture or thereafter incurred.
The provisions of this Article 12 define the subordination of the Securities, as obligations
of the Company, with respect to Senior Indebtedness of the Company, as defined for the Company.
All such provisions shall also be deemed to apply in the same way (mutatis mutandis) to each Cable
Guarantor, with appropriate corresponding references to the Senior Indebtedness of such Cable
Guarantor.
No provision of this Article 12 shall prevent the occurrence of any default or Event of
Default hereunder.
Section 12.02. Payments to Securityholders. In the event and during the continuation of any
default in the payment of principal, premium, interest or any other payment due on any Senior
Indebtedness of the Issuer continuing beyond the period of grace, if any, specified in the
instrument or lease evidencing such Senior Indebtedness of the Issuer, then, unless and until such
default shall have been cured or waived or shall have ceased to exist, no payment shall be made by
the Issuer with respect to the principal of, or premium, if any, or interest on the Securities,
except sinking fund payments made by the acquisition of Securities under Section 11.05 prior to the
happening of such default and payments made pursuant to Article 9 hereof from monies deposited with
the Trustee pursuant thereto prior to the happening of such default.
Upon any payment by the Issuer, or distribution of assets of the Issuer of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Issuer, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior
Indebtedness of the Issuer shall first be paid in full, or payment thereof provided for in money in
accordance with its terms, before any payment is made on account of the
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principal (and premium, if any) or interest on the Securities (except payments made pursuant
to Article 9 hereof from monies deposited with the Trustee pursuant thereto prior to the happening
of such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution or
winding-up or liquidation or reorganization any payment by the Issuer, or distribution of assets of
the Issuer of and kind or character, whether in cash, property or securities, to which the holders
of the Securities or the Trustee would be entitled, except for the provisions of this Article 12,
shall (except as aforesaid) be paid by the Issuer or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution, or by the holders
of the Securities or by the Trustee under this Indenture if received by them or it, directly to the
holders of Senior Indebtedness of the Issuer (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness of the Issuer held by such holders, as calculated by the
Issuer) or their representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any Senior Indebtedness of the Issuer may
have been issued, as their respective interests may appear, to the extent necessary to pay all
Senior Indebtedness of the Issuer in full, in money or moneys worth, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Indebtedness of the Issuer,
before any payment or distribution is made to the holders of the Securities or to the Trustee.
In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Issuer of any kind or character, whether in cash, property or securities, prohibited by the
foregoing, shall be received by the Trustee or the holders of the Securities before all Senior
Indebtedness of the Issuer is paid in full, or provision is made for such payment in money in
accordance with its terms, such payment or distribution shall be held in trust for the benefit of
and shall be paid over or delivered to the holders of Senior Indebtedness of the Issuer or their
representative or representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any Senior Indebtedness of the Issuer may have been issued, as
their respective interests may appear, as calculated by the Issuer, for application to the payment
of all Senior Indebtedness of the Issuer remaining unpaid to the extent necessary to pay all Senior
Indebtedness of the Issuer in full in money in accordance with its terms, after giving effect to
any concurrent payment or distribution to or for the holders of such Senior Indebtedness.
For purposes of this Article 12, the words, cash, property or securities shall not be deemed
to include shares of stock of the Issuer as reorganized or readjusted, or securities of the Issuer
or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this Article 12 with respect to the
Securities to the payment of all Senior Indebtedness of the Issuer which may at the time be
outstanding; provided that (i) the Senior Indebtedness of the Issuer is assumed by
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the new corporation, if any, resulting from any such reorganization or readjustment, and (ii)
the rights of the holders of the Senior Indebtedness of the Issuer (other than leases) and of
leases which are assumed are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Issuer with, or the merger of the Issuer
into, another corporation or the liquidation or dissolution of the Issuer following the conveyance
or transfer of its property as an entirety, or substantially as an entirety, to another corporation
upon the terms and conditions provided for in Article 8 hereof shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 12.02 if such other
corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article 8 hereof. Nothing in this Section 12.02 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 5.06.
Section 12.03. Subrogation of Securities. Subject to the payment in full of all Senior
Indebtedness of the Issuer, the rights of the holders of the Securities shall be subrogated to the
rights of the holders of Senior Indebtedness of the Issuer to receive payments or distributions of
cash, property or securities of the Issuer applicable to the Senior Indebtedness of the Issuer
until the principal of (and premium, if any) and interest on the Securities shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions to the holders of the
Senior Indebtedness of the Issuer of any cash, property or securities to which the holders of the
Securities or the Trustee would be entitled except for the provisions of this Article 12 no payment
over pursuant to the provisions of this Article 12, to or for the benefit of the holders of Senior
Indebtedness of the Issuer by holders of the Securities or the Trustee, shall, as between the
Issuer, its creditors other than holders of Senior Indebtedness of the Issuer, and the holders of
the Securities, be deemed to be a payment by the Issuer to or on account of the Senior Indebtedness
of the Issuer. It is understood that the provisions of this Article 12 are and are intended solely
for the purpose of defining the relative rights of the holders of the Securities, on the one hand,
and the holders of the Senior Indebtedness of the Issuer, on the other hand.
Nothing contained in this Article 12 or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Issuer, its creditors other than the holders of its
Senior Indebtedness, and the holders of the Securities, the obligation of the Issuer, which is
absolute and unconditional, to pay to the holders of the Securities the principal of (and premium,
if any) and interest on the Securities as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative rights of the holders
of the Securities and creditors of the Issuer other than the holders of its Senior Indebtedness,
nor shall anything herein or therein prevent the Trustee or the holder of any Security from
exercising all remedies otherwise permitted by applicable law upon default under this Indenture,
subject to the rights, if any, under this Article 12 of the holders of Senior Indebtedness of the
Issuer in respect
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of cash, property or securities of the Issuer received upon the exercise of any such remedy.
Upon any payment or distribution of assets of the Issuer referred to in this Article 12, the
Trustee, subject to the provisions of Section 5.01, and the holders of the Securities shall be
entitled to rely upon any order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of
the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment
or distribution, delivered to the Trustee or to the holders of the Securities, for the purpose of
ascertaining the Persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of the Issuer, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 12.
Section 12.04. Authorization by Securityholders. Each holder of a Security by his
acceptance thereof authorizes and directs the Trustee in his behalf to take such action as may be
necessary or appropriate to effectuate the subordination provided in this Article 12 appoints the
Trustee his attorney-in-fact for any and all such purposes.
Section 12.05. Notice to Trustee. The Issuer shall give promptly written notice to a
Responsible Officer of the Trustee of any fact known to the Issuer which would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article 12. Notwithstanding the provisions of this Article 12 or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of monies to or by the Trustee in respect
of the Securities pursuant to the provisions of this Article 12, unless and until a Responsible
Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of
the Trustee from the Issuer or a holder or holders of Senior Indebtedness or from any trustee
therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions
of Section 5.01, shall be entitled in all respects to assume that no such facts exist; provided
that if on a date not fewer than three Business Days prior to the date upon which by the terms
hereof any such monies may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Security) the Trustee shall not
have received, with respect to such monies, the notice provided for in this Section 12.05, then,
anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such monies and to apply the same to the purpose for which they were received,
and shall not be affected by any notice to the contrary which may be received by it on or after
such prior date.
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Notwithstanding anything to the contrary hereinbefore set forth, nothing shall prevent any
payment by the Issuer or the Trustee to the Securityholders of monies in connection with a
redemption of Securities if (i) notice of such redemption has been given pursuant to Article 11 or
Section 9.01 hereof prior to the receipt by the Trustee of written notice as aforesaid, and (ii)
such notice of redemption is given not earlier than 60 days before the redemption date.
The Trustee conclusively shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Senior Indebtedness of the Issuer (or a trustee
on behalf of such holder) to establish that such notice has been given by a holder of Senior
Indebtedness of the Issuer or a trustee on behalf of any such holder or holders. In the event that
the Trustee determines in good faith that further evidence is required with respect to the right of
any Person as a holder of Senior Indebtedness of the Issuer to participate in any payment or
distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence
to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of the Issuer
held by such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this Article 12, and
if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.
Section 12.06. Trustees Relation to Senior Indebtedness. The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article 12 in respect of any Senior
Indebtedness of the Issuer at any time held by it, to the same extent as any other holder of Senior
Indebtedness of the Issuer and nothing elsewhere in this Indenture shall deprive the Trustee of any
of its rights as such holder.
With respect to the holders of Senior Indebtedness of the Issuer, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article 12, and no implied covenants or obligations with respect to the holders of Senior
Indebtedness of the Issuer shall be read into this Indenture against the Trustee. The Trustee
shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Issuer
and the Trustee shall not be liable to any holder of Senior Indebtedness of the Issuer if it shall
pay over or deliver to holders of Securities, the Issuer or any other Person money or assets to
which any holder of Senior Indebtedness of the Issuer shall be entitled by virtue of this Article
12 or otherwise.
Section 12.07. No Impairment of Subordination. No right of any present or future holder of
any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or
failure to act, in good faith,
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by any such holder, or by any noncompliance by the Issuer with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or
otherwise be charge with.
Section 12.08. Rights of Trustee. Nothing in this Article 12 shall apply to claims of or
payments to, the Trustee pursuant to Section 5.06 or 9.04.
ARTICLE 13
Conversion of Securities
Section 13.01. Applicability of Article. Securities of any series which
are convertible into Capital Stock at the option of the Securityholder shall be convertible in
accordance with their terms and (unless otherwise specified as contemplated by Section 2.03 for
Securities of any series) in accordance with this Article. Each reference in this Article 13 to a
Security or the Securities refers to the Securities of the particular series that is convertible
into Capital Stock. Each reference in this Article to Capital Stock into which Securities of any
series are convertible refers to the class of Capital Stock into which the Securities of such
series are convertible in accordance with their terms (as specified as contemplated by Section
2.03). If more than one series of Securities with conversion privileges are outstanding at any
time, the provisions of this Article 13 shall be applied separately to each such series.
Section 13.02. Right of Securityholders to Convert Securities. Subject to
and upon compliance with the terms of the Securities and the provisions of Section 11.06 and this
Article 13, at the option of the holder thereof, any Security of any series of any authorized
denomination, or any portion of the principal amount thereof which is $1,000 or any integral
multiple of $1,000, may, at any time during the period specified in the Securities of such series,
or in case such Security or portion thereof shall have been called for redemption, then in respect
of such Security or portion thereof until and including, but not after (unless the Issuer shall
default in payment due upon the redemption thereof) the close of business on the Business Day prior
to the date fixed for redemption except that in the case of redemption at the option of the
Securityholder, if specified in the terms of such Securities, such right shall terminate upon
receipt of written notice of the exercise of such option, be converted into duly authorized,
validly issued, fully paid and nonassessable shares of the class of Class A Common Stock and Class
A Special Common Stock, or combination thereof, as specified in such Security, at the conversion
rate for each $1,000 principal amount of Securities (such initial conversion rate reflecting an
initial conversion price specified in such Security) in effect on the conversion date, or, in case
an adjustment in the conversion rate has taken place pursuant to the provisions of Section 13.05,
then at the applicable conversion rate as so adjusted, upon surrender of the Security or
Securities, the principal amount of which is so to be converted, to the Issuer at any time during
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usual business hours at the office or agency to be maintained by it in accordance with the
provisions of Section 3.02, accompanied by a written notice of election to convert as provided in
Section 13.03 and, if so required by the Issuer and the Trustee, by a written instrument or
instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by the
registered holder or his attorney duly authorized in writing. All Securities surrendered for
conversion shall, if surrendered to the Issuer or any conversion agent, be delivered to the Trustee
for cancellation and cancelled by it, or shall, if surrendered to the Trustee, be cancelled by it,
as provided in Section 2.10.
The initial conversion price or conversion rate in respect of a series of Securities shall be
as specified in the Securities of such series. The conversion price or conversion rate will be
subject to adjustment on the terms set forth in Section 13.05 or such other or different terms, if
any, as may be specified by Section 2.03 for Securities of such series. Provisions of this
Indenture that apply to conversion of all of a Security also apply to conversion of a portion of
it.
Section 13.03. Issuance of Shares of Capital Stock on Conversion. As
promptly as practicable after the surrender, as herein provided, of any Security or Securities for
conversion, the Issuer shall deliver or cause to be delivered at its said office or agency to or
upon the written order of the holder of the Security or Securities so surrendered a certificate or
certificates representing the number of duly authorized, validly issued, fully paid and
nonassessable shares of Capital Stock into which such Security or Securities may be converted in
accordance with the terms thereof and the provisions of this Article 13. Prior to delivery of such
certificate or certificates, the Issuer shall require a written notice at its said office or agency
from the holder of the Security or Securities so surrendered stating that the holder irrevocably
elects to convert such Security or Securities, or, if less than the entire principal amount thereof
is to be converted, stating the portion thereof to be converted. Such notice shall also state the
name or names (with address and social security or other taxpayer identification number) in which
said certificate or certificates are to be issued. Such conversion shall be deemed to have been
made at the time that such Security or Securities shall have been surrendered for conversion and
such notice shall have been received by the Issuer or the Trustee, the rights of the holder of such
Security or Securities as a Securityholder shall cease at such time, the person or persons entitled
to receive the shares of Capital Stock upon conversion of such Security or Securities shall be
treated for all purposes as having become the record holder or holders of such shares of Capital
Stock at such time and such conversion shall be at the conversion rate in effect at such time. In
the case of any Security of any series which is converted in part only, upon such conversion, the
Issuer shall execute and the Trustee shall authenticate and deliver to the holder thereof, as
requested by such holder, a new Security or Securities of such series of authorized denominations
in aggregate principal amount equal to the unconverted portion of such Security.
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If the last day on which a Security may be converted is not a Business Day in a place where a
conversion agent is located, the Security may be surrendered to that conversion agent on the next
succeeding day that is a Business Day.
The Issuer will not be required to deliver certificates for shares of Capital Stock upon
conversion while its stock transfer books are closed for a meeting of shareholders or for the
payment of dividends or for any other purpose, but certificates for shares of Capital Stock shall
be delivered as soon as the stock transfer books shall again be opened.
Section 13.04 . No Payment or Adjustment for Interest or Dividends. Unless
otherwise specified as contemplated by Section 2.03 for Securities of such series, Securities
surrendered for conversion during the period from the close of business on any regular record date
(or special record date for payment of defaulted interest) next preceding any interest payment date
to the opening of business on such interest payment date (except Securities called for redemption
on a redemption date within such period) when surrendered for conversion must be accompanied by
payment of an amount equal to the interest thereon which the registered holder is to receive on
such interest payment date. Payment of interest shall be made, as of such interest payment date or
such date, as the case may be, to the holder of record of the Securities as of such regular, or
special record date, as applicable. Except where Securities surrendered for conversion must be
accompanied by payment as described above, no interest on converted Securities will be payable by
the Issuer on any interest payment date subsequent to the date of conversion. No other payment or
adjustment for interest or dividends is to be made upon conversion. Notwithstanding the foregoing,
upon conversion of any Security with original issue discount, the fixed number of shares of Capital
Stock into which such Security is convertible delivered by the Issuer to the holder thereof shall
be applied, first, to pay the accrued original issue discount attributable to the period from the
date of issuance to the date of conversion of such Security, and, second, to pay the balance of the
principal amount of such Security.
Section 13.05. Adjustment of Conversion Rate. Unless otherwise specified
as contemplated by Section 2.03 for Securities of such series, the conversion rate for Securities
in effect at any time shall be subject to adjustment as follows:
(a) In case the Issuer shall (i) declare a dividend or make a distribution on the class of
Capital Stock into which Securities of such series are convertible in shares of its Capital Stock,
(ii) subdivide the outstanding shares of the class of Capital Stock into which Securities of such
series are convertible into a greater number of shares, (iii) combine the outstanding shares of the
class of Capital Stock into which Securities of such series are convertible into a smaller number
of shares, or (iv) issue by reclassification of the shares, of the class of Capital Stock
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into which Securities of such series are convertible (including any such reclassification in
connection with a consolidation or merger in which the Issuer is the continuing corporation) any
shares, the conversion rate for the Securities of such series in effect at the time of the record
date for such dividend or distribution, or the effective date of such subdivision, combination or
reclassification, shall be proportionately adjusted so that the holder of any Security of such
series surrendered for conversion after such time shall be entitled to receive the number and kind
of shares which he would have owned or have been entitled to receive had such Security been
converted immediately prior to such time. Similar adjustments shall be made whenever any event
listed above shall occur.
(b) In case the Issuer shall fix a record date for the issuance of rights or warrants to all
holders of the class of Capital Stock into which Securities of such series are convertible
entitling them (for a period expiring within 45 days after such record date) to subscribe for or
purchase shares of such class of Capital Stock (or securities convertible into shares of such class
of Capital Stock) at a price per share (or, in the case of a right or warrant to purchase
securities convertible into such class of Capital Stock, having a conversion price per share, after
adding thereto the exercise price, computed on the basis of the maximum number of shares of such
class of Capital Stock issuable upon conversion of such convertible securities, per share of such
class of Capital Stock, so issuable) less than the current market price per share of such class of
Capital Stock (as defined in subsection (e) below) on the date on which such issuance was declared
or otherwise announced by the Issuer (the Determination Date), the number of shares of such class
of Capital Stock into which each $1,000 principal amount of Securities shall be convertible after
such record date shall be determined by multiplying the number of shares of such class of Capital
Stock into which such principal amount of Securities was convertible immediately prior to such
record date by a fraction, of which the numerator shall be the number of shares of such class of
Capital Stock outstanding on the Determination Date plus the number of additional shares of such
class of Capital Stock offered for subscription or purchase (or in the case of a right or warrant
to purchase securities convertible into such class of Capital Stock, the aggregate number of
additional shares of such class of Capital Stock into which the convertible securities so offered
are initially convertible), and of which the denominator shall be the number of shares of such
class of Capital Stock outstanding on the Determination Date plus the number of shares of such
class of Capital Stock obtained by dividing the aggregate offering price of the total number of
shares so offered (or, in the case of a right or warrant to purchase securities convertible into
such class of Capital Stock, the aggregate initial conversion price of the convertible securities
so offered, after adding thereto the aggregate exercise price of such rights or warrants computed
on the basis of the maximum number of shares of such class of Capital Stock issuable upon
conversion of such convertible securities) by such current market price.
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Shares of such class of Capital Stock of the Issuer owned by or held for the account of the
Issuer shall not be deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed; and to the extent that shares of
such class of Capital Stock are not delivered (or securities convertible into shares of such class
of Capital Stock are not delivered) after the expiration of such rights or warrants (or, in the
case of rights or warrants to purchase securities convertible into such class of Capital Stock once
exercised, the expiration of the conversion right of such securities) the conversion rate shall be
readjusted to the conversion rate which would then be in effect had the adjustments made upon the
issuance of such rights or warrants (or securities convertible into shares) been made upon the
basis of delivery of only the number of shares actually delivered. In the event that such rights or
warrants are not so issued, the conversion rate shall again be adjusted to be the conversion rate
which would then be in effect if such record date had not been fixed.
(c) In case the Issuer shall fix a record date for the making of a distribution to all holders
of the class of Capital Stock into which Securities of such series are convertible (including any
such distribution made in connection with a consolidation or merger in which the Issuer is the
continuing corporation) of evidences of its indebtedness or assets (excluding any cash dividends
paid from retained earnings and dividends payable in Capital Stock for which adjustment is made
pursuant to subsection (a) above or (d) below) or subscription rights or warrants (excluding
subscription rights or warrants to purchase the class of Capital Stock into which Securities of
such series are convertible), the number of shares of such class of Capital Stock into which each
$1,000 principal amount of Securities of such series shall be convertible after such record date
shall be determined by multiplying the number of shares of such class of Capital Stock into which
such principal amount of Securities was convertible immediately prior to such record date by a
fraction, of which the numerator shall be the fair market value of the assets of the Issuer, after
deducting therefrom all liabilities of the Issuer and all preferences (including accrued but unpaid
dividends) in respect of classes of Capital Stock having a preference with respect to the assets of
the Issuer over such class of Capital Stock (all as determined by the Board of Directors, whose
determination shall be conclusive, and described in a certificate signed by any vice chairmen of
the board, vice president or assistant vice president and treasurer of the Issuer, filed with the
Trustee and each conversion agent) on such record date, and of which the denominator shall be such
fair market value after deducting therefrom such liabilities and preferences, less the fair market
value (as determined by the Board of Directors, whose determination shall be conclusive, and
described in a statement filed with the Trustee and each conversion agent) of the assets or
evidences of indebtedness, so distributed or of such subscription rights or warrants applicable, so
distributed. Such adjustment shall be made successively whenever such a record date is fixed; and
in the event that such distribution is not so made, the conversion rate shall again be adjusted to
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the conversion rate which would then be in effect if such record date had not been fixed.
(d) In case the Issuer shall, by dividend or otherwise, distribute to all holders of its
Capital Stock cash (excluding (x) any quarterly cash dividend on the Capital Stock to the extent
the aggregate cash dividend per share of Capital Stock in any fiscal quarter does not exceed the
greater of (A) the amount per share of Capital Stock of the next preceding quarterly cash dividend
on the Capital Stock to the extent such preceding quarterly dividend did not require any adjustment
of the conversion rate pursuant to this Section 13.05(d) (as adjusted to reflect subdivisions or
combinations of the Capital Stock), and (B) 3.75% of the current market price of the Capital Stock
(determined as provided in Section 13.05(e)) on the date of declaration of such dividend and (y)
any dividend or distribution in connection with the liquidation, dissolution or winding up of the
Issuer, whether voluntary or involuntary), then, in such case, unless the Issuer elects to reserve
such cash for distribution to the holders of the Securities upon the conversion of the Securities
so that any such holder converting Securities will receive upon such conversion, in addition to the
shares of Capital Stock to which such holder is entitled, the amount of cash which such holder
would have received if such holder had, immediately prior to the record date for such distribution
of cash, converted its Securities into Capital Stock, the conversion rate shall be adjusted so that
the same shall equal the rate determined by multiplying the conversion rate in effect immediately
prior to the record date by a fraction of which the denominator shall be the current market price
of the Capital Stock (determined as provided in Section 13.05(e)) on the record date less the
amount of cash so distributed (and not excluded as provided above) applicable to one share of
Capital Stock and the numerator shall be such current market price of the Capital Stock (determined
as provided in Section 13.05(e)), such adjusted to be effective immediately prior to the opening of
business on the day following the record date; provided, however, that in the event the portion of
the cash so distributed applicable to one share of Capital Stock is equal to or greater than the
current market price of the Capital Stock (determined as provided in Section 13.05(e)) on the
record date, in lieu of the foregoing adjustment, adequate provision shall be made so that each
Securityholder shall have the right to receive upon conversion the amount of cash such holder would
have received had such holder converted each Security on the record date. If such dividend or
distribution is not so paid or made, the conversion rate shall again be adjusted to be the
conversion rate which would then be in effect if such dividend or distribution had not been
declared.
(e) For the purpose of any computation under subsections (b) and (d) above and Section 13.06,
the current market price per share of the Capital Stock on any date as of which such price is to be
computed shall mean the average of the Closing Prices for the 30 consecutive Business Days
commencing 45 Business Days before such date.
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(f) No adjustment in the conversion rate shall be required unless such adjustment would
require a cumulative increase or decrease of at least 1% in such rate; provided, however, that any
adjustments which by reason of this subsection (e) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment, and provided, further, that
adjustments shall be required and made in accordance with the provisions of this Article 13 (other
than this subsection (e)) not later than such time as may be required in order to preserve the
tax-free nature of a distribution for United States income tax purposes to the holders of
Securities or the class of Capital Stock into which such Securities are convertible. All
calculations under this Article 13 shall be made to the nearest cent or to the nearest
one-thousandth of a share, as the case may be. Anything in this Section 13.05 to the contrary
notwithstanding, the Issuer shall be entitled to make such adjustments in the conversion rate, in
addition to those required by this Section 13.05, as it in its discretion shall determine to be
advisable in order that any stock dividend, subdivision of shares, distribution of rights to
purchase stock or securities, or distribution of securities convertible into or exchangeable for
stock hereafter made by the Issuer to its shareholders shall not be taxable for United States
income tax purposes.
(g) Whenever the conversion rate is adjusted, as herein provided, the Issuer shall promptly
file with the Trustee and with the office or agency maintained by the Issuer for the conversion of
Securities of such series pursuant to Section 3.02, a certificate of a firm of independent public
accountants of recognized national standing selected by the Board of Directors (who may be the
regular accountants employed by the Issuer) setting forth the conversion rate after such adjustment
and setting forth a brief statement of the facts requiring such adjustment and a computation
thereof. Such certificate shall be conclusive evidence of the correctness of such adjustment.
Neither the Trustee nor any conversion agent shall be under any duty or responsibility with respect
to any such certificate or any facts or computations set forth therein, except to exhibit said
certificate from time to time to any Securityholder of such series desiring to inspect the same.
The Issuer shall promptly cause a notice setting forth the adjusted conversion rate to be mailed to
the holders of Securities of such series, as their names and addresses appear upon the register of
the Issuer.
(h) In the event that at any time, as a result of shares of any other class of Capital Stock
becoming issuable in exchange or substitution for or in lieu of shares of the class of Capital
Stock into which such Securities are convertible or as a result of an adjustment made pursuant to
subsection (a) above, the holder of any Security of such series thereafter surrendered for
conversion shall become entitled to receive any shares of the Issuer other than shares of the class
of Capital Stock into which the Issuer of such series are convertible, thereafter the number of
such other shares so receivable upon conversion of any Security shall be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to the class of Capital Stock into which
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the Securities of such series are convertible contained in subsections (a) to (f), inclusive,
above, and the provisions of this Article 13 with respect to the class of Capital Stock into which
the Securities of such series are convertible shall apply on like terms to any such other shares.
(i) The conversion rate with respect to any Securities with original issue discount, the terms
of which provide for convertibility, shall not be adjusted during the term of such Original Issue
Discount Security for accrued original issue discount.
(j) In the event that the Securities of any series are convertible into more than one class of
Capital Stock, the provisions of this Section 13.05 shall apply separately to events affecting each
such class.
Section 13.06 . No Fractional Shares to Be Issued. No fractional shares of
Capital Stock shall be issued upon conversions of Securities. If more than one Security of any
series shall be surrendered for conversion at one time by the same holder, the number of full
shares which shall be issuable upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Securities of such series (or specified portions thereof to the
extent permitted hereby) so surrendered. Instead of a fraction of a share of Capital Stock which
would otherwise be issuable upon conversion of any Security or Securities (or specified portions
thereof), the Issuer shall pay a cash adjustment in respect of such fraction of a share in an
amount equal to the same fractional interest of the current market price (as defined in Section
13.05) per share of Capital Stock on the Business Day next preceding the day of conversion.
Section 13.07 . Preservation of Conversion Rights Upon Consolidation,
Merger, Sale or Conveyance. In case of any consolidation of the Issuer with, or merger of the
Issuer into, any other corporation (other than a consolidation or merger in which the Issuer is the
continuing corporation), or in the case of any sale or transfer of all or substantially all of the
assets of the Issuer, the corporation formed by such consolidation or the corporation into which
the Issuer shall have been merged or the corporation which shall have acquired such assets, as the
case may be, shall execute and deliver to the Trustee, a supplemental indenture, subject to the
provisions of Articles 7 and 8 as they relate to supplemental indentures, providing that the holder
of each Security then Outstanding of a series which was convertible into Capital Stock shall have
the right thereafter to convert such Security into the kind and amount of shares of stock and other
securities and property, including cash, receivable upon such consolidation, merger, sale or
transfer by a holder of the number of shares of Capital Stock of the Issuer into which such
Securities might have been converted immediately prior to such consolidation, merger, sale or
transfer. Such supplemental indenture shall conform to the provisions of the Trust Indenture Act of
1939 as then in effect and shall provide for adjustments which shall be as nearly equivalent as may
be
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practicable to the adjustments provided for in this Article 13. Neither the Trustee nor any
conversion agent shall be under any responsibility to determine the correctness of any provision
contained in any such supplemental indenture relating either to the kind or amount of shares of
stock or other securities or property receivable by Securityholders upon the conversion of their
Securities after any such consolidation, merger, sale or transfer, or to any adjustment to be made
with respect there to and, subject to the provisions of Article 5, may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in relying upon, an
Opinion of Counsel with respect thereto. If in the case of any such consolidation, merger, sale or
transfer, the stock or other securities and property receivable by a holder of the Securities
includes stock or other securities and property of a corporation other than the successor or
purchasing corporation, then such supplemental indenture shall also be executed by such other
corporation and shall contain such additional provisions to protect the interests of the holders of
the Securities as the Board of Directors shall reasonably consider necessary. The above provisions
of this Section 13.07 shall similarly apply to successive consolidations, mergers, sales or
transfers.
Section 13.08 . Notice to Security Holders of a Series Prior to Taking
Certain Types of Action. With respect to the Securities of any series, in case:
(a) the Issuer shall authorize the issuance to all holders of the class of Capital Stock into
which Securities of such series are convertible of rights or warrants to subscribe for or purchase
shares of its Capital Stock or of any other right;
(b) the Issuer shall authorize the distribution to all holders of the class of Capital Stock
into which Securities of such series are convertible of evidences of its indebtedness or assets
(except for the exclusions with respect to certain dividends set forth in Section 13.05(c));
(c) of any subdivision, combination or reclassification of the class of Capital Stock into
which Securities of such series are convertible or of any consolidation or merger to which the
Issuer is a party and for which approval by the shareholders of the Issuer is required, or of the
sale or transfer of all or substantially all of the assets of the Issuer; or
(d) of the voluntary or involuntary dissolution, liquidation or winding up of the Issuer; then
the Issuer shall cause to be filed with the Trustee and at the office or agency maintained for the
purpose of conversion of Securities of such series pursuant to Section 3.02, and shall cause to be
mailed to the holders of Securities of such series, at their last addresses as they shall appear
upon the register of the Issuer, at least ten days prior to the applicable record date hereinafter
specified, a notice stating (i) the date as of which the holders of such class of Capital Stock to
be entitled to receive any such rights, warrants or
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distribution are to be determined, or (ii) the date on which any such subdivision,
combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation,
winding up or other action is expected to become effective, and the date as of which it is expected
that holders of record of such class of Capital Stock shall be entitled to exchange their Capital
Stock of such class for securities or other property, if any, deliverable upon such subdivision,
combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation,
winding up or other action. The failure to give the notice required by this Section 13.08 or any
defect therein shall not affect the legality or validity of any distribution, right, warrant,
subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation, winding up or other action, or the vote upon any of the foregoing. Such notice shall
also be published by and at the expense of the Issuer not later than the aforesaid filing date at
least once in an Authorized Newspaper.
Section 13.09 . Covenant to Reserve Shares for Issuance on Conversion of
Securities. The Issuer covenants that at all times it will reserve and keep available out of each
class of its authorized Capital Stock, free from preemptive rights, solely for the purpose of issue
upon conversion of Securities of any series as herein provided, such number of shares of Capital
Stock of such class as shall then be issuable upon the conversion of all Outstanding Securities of
such series. The Issuer covenants that an shares of Capital Stock which shall be so issuable shall,
when issued or delivered, be duly and validly issued shares of the class of authorized Capital
Stock into which Securities of such series are convertible, and shall be fully paid and
nonassessable, free of all liens and charges and not subject to preemptive rights and that, upon
conversion, the appropriate capital stock accounts of the Issuer will be duly credited.
Section 13.10 . Compliance with Governmental Requirements. The Issuer
covenants that if any shares of Capital Stock required to be reserved for purposes of conversion of
Securities hereunder require registration or listing with or approval of any governmental authority
under any Federal or State law, pursuant to the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended, or any national or regional securities exchange on
which such Capital Stock is listed at the time of delivery of any shares of such Capital Stock,
before such shares may be issued upon conversion, the Issuer will use its best efforts to cause
such shares to be duly registered, listed or approved, as the case may be.
Section 13.11 . Payment of Taxes Upon Certificates for Shares Issued Upon
Conversion. The issuance of certificates for shares of Capital Stock upon the conversion of
Securities shall be made without charge to the converting Securityholders for any tax (including,
without limitation, all documentary and stamp taxes) in respect of the issuance and delivery of
such certificates, and such certificates shall be issued in the respective names of, or in such
names as may be
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directed by, the holders of the Securities converted; provided, however, that the Issuer shall
not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any such certificate in a name other than that of the holder of the
Security converted, and the Issuer shall not be required to issue or deliver such certificates
unless or until the person or persons requesting the issuance thereof shall have paid to the Issuer
the amount of such tax or shall have established to the satisfaction of the Issuer that such tax
has been paid.
Section 13.12 . Trustees Duties with Respect to Conversion Provisions.
The Trustee and any conversion agent shall not at any time be under any duty or responsibility to
any Securityholder to determine whether any facts exist which may require any adjustment of the
conversion rate or conversion price, or with respect to the nature or extent of any such adjustment
when made, or with respect to the method employed, or herein or in any supplemental indenture
provided to be employed, in making the same. Neither the Trustee nor any conversion agent shall be
accountable with respect to the registration under securities laws, listing, validity or value (or
the kind or amount) of any shares of Capital Stock, or of any other securities or property, which
may at any time be issued or delivered upon the conversion of any Security; and neither the Trustee
nor any conversion agent makes any representation with respect thereto. Neither the Trustee nor any
conversion agent shall be responsible for any failure of the Issuer to make any cash payment or to
issue, transfer or deliver any shares of stock or stock certificates or other securities or
property upon the surrender of any Security for the purpose of conversion; and the Trustee, subject
to the provisions of Article 5, and any conversion agent shall not be responsible for any failure
of the Issuer to comply with any of the covenants of the Issuer contained in this Article 13.
ARTICLE 14
Guarantees
Section 14.01. The Cable Guarantees. Subject to the provisions of this Article, each Cable
Guarantor hereby irrevocably, fully and unconditionally guarantees, jointly and severally, on an
unsecured subordinated basis, the full and punctual payment (whether at maturity, upon redemption,
or otherwise) of the Principal of and interest on, and all other amounts payable under, each
Security, and the full and punctual payment of all other amounts payable by the Issuer under the
Indenture. Upon failure by the Issuer to pay punctually any such amount, each Cable Guarantor
shall forthwith on demand pay the amount not so paid at the place and in the manner specified in
the Indenture. The obligations of each Cable Guarantor under its Cable Guarantee are junior and
subordinated in right of payment to the Senior Indebtedness of such Cable Guarantor in the same
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manner and to the same extent as the Securities are subordinated to the Senior Indebtedness of
the Issuer.
Section 14.02. Guarantee Unconditional. The obligations of each Cable Guarantor hereunder
are unconditional and absolute and, without limiting the generality of the foregoing, will not be
released, discharged or otherwise affected by
(a) any extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of the Issuer under the Indenture or any Security, by operation of law or otherwise;
(b) any modification or amendment of or supplement to the Indenture or any Security;
(c) any change in the corporate existence, structure or ownership of the Issuer, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the Issuer or its
assets or any resulting release or discharge of any obligation of the Issuer contained in the
Indenture or any Security;
(d) the existence of any claim, set-off or other rights which any Cable Guarantor may have at
any time against the Issuer, the Trustee, any other Cable Guarantor or any other Person, whether in
connection with the Indenture or an unrelated transactions, provided that nothing herein prevents
the assertion of any such claim by separate suit or compulsory counterclaim;
(e) any invalidity, irregularity or unenforceability relating to or against the Issuer for any
reason of the Indenture or any Security, or any provision of applicable law or regulation
purporting to prohibit the payment by the Issuer of the principal of or interest on any Security or
any other amount payable by the Issuer under the Indenture; or
(f) any other act or omission to act or delay of any kind by the Issuer, the Trustee or any
other Person or any other circumstance whatsoever which might, but for the provisions of this
paragraph, constitute a legal or equitable discharge of or defense to such Cable Guarantors
obligations hereunder.
Section 14.03. Discharge; Reinstatement. Each Cable Guarantors obligations hereunder will
remain in full force and effect until the Principal of and interest on the Securities of each
series and all other amounts payable by the Issuer under the Indenture have been paid in full. If
at any time any payment of the Principal of or interest on any Security or any other amount payable
by the Issuer under the Indenture is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of the Issuer or otherwise, each
82
Cable Guarantors obligations hereunder with respect to such payment will be reinstated as
though such payment had been due but not made at such time.
Section 14.04. Waiver by the Cable Guarantors. Each Cable Guarantor irrevocably waives
acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as
any requirement that at any time any action be taken by any Person against the Company or any other
Person.
Section 14.05. Subrogation and Contribution. Upon making any payment with respect to any
obligation of the Issuer under this Article, the Cable Guarantor making such payment will be
subrogated to the rights of the payee against the Issuer with respect to such obligation, provided
that the Cable Guarantor may not enforce either any right of subrogation, or any right to receive
payment in the nature of contribution, or otherwise, from any other Cable Guarantor, with respect
to such payment so long as any amount payable by the Issuer hereunder or under the Securities
remains unpaid.
Section 14.06. Stay of Acceleration. If acceleration of the time for payment of any amount
payable by the Issuer under the Indenture or the Securities is stayed upon the insolvency,
bankruptcy or reorganization of the Issuer, all such amounts otherwise subject to acceleration
under the terms of the Indenture are nonetheless payable by the Cable Guarantors hereunder
forthwith on demand by the Trustee or the Holders.
Section 14.07. Limitation on Amount of Cable Guarantee. Notwithstanding anything to the
contrary in this Article, each Cable Guarantor, and by its acceptance of Securities, each Holder,
hereby confirms that it is the intention of all such parties that the Cable Guarantee of such Cable
Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions
of the United States Bankruptcy Code or any comparable provision of other U.S. and non-U.S. law.
To effectuate that intention, the Trustee, the Holders and the Cable Guarantors hereby irrevocably
agree that the obligations of each Cable Guarantor under its Cable Guarantee are limited to the
maximum amount that would not render the Cable Guarantors obligations subject to avoidance under
applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable
provision of other U.S. and non-U.S. law.
Section 14.08. Execution and Delivery of Cable Guarantee. The execution by each Cable
Guarantor of the Indenture evidences the Cable Guarantee of such Cable Guarantor, whether or not
the person signing as an officer of the Cable Guarantor still holds that office at the time of
authentication of any Security. The delivery of any Security by the Trustee after authentication
constitutes due delivery of the Cable Guarantee set forth in the Indenture on behalf of each Cable
Guarantor.
83
Section 14.09. Release of Cable Guarantee. This Cable Guarantee of a Cable Guarantor will
terminate upon
(a) A sale or other disposition (including by way of consolidation or merger) of the Cable
Guarantor or the sale or disposition of all or substantially all the assets of the Cable Guarantor
(in each case other than to the Issuer or a Cable Guarantor or a Person who, prior to such sale or
other disposition, is an affiliate of the Issuer or a Cable Guarantor); or
(b) Defeasance or discharge of the Securities, as provided in Article 9.
Upon delivery by the Issuer to the Trustee of an Officers Certificate and an Opinion of
Counsel to the foregoing effect, the Trustee will execute any documents reasonably required in
order to evidence the release of the Cable Guarantor from its obligations under its Cable
Guarantee.
84
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the first date
written above.
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COMCAST CORPORATION, as Issuer |
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[CORPORATE SEAL] |
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THE BANK OF NEW YORK, as Trustee |
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[CORPORATE SEAL] |
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COMCAST CABLE COMMUNICATIONS, LLC |
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COMCAST CABLE COMMUNICATIONS, HOLDINGS, INC. |
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COMCAST CABLE HOLDINGS, LLC |
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[CORPORATE SEAL] |
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COMCAST MO GROUP, INC. |
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COMCAST MO OF DELAWARE, LLC |
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87
exv5w1
EXHIBIT 5.1
[LETTERHEAD OF COMCAST CORPORATION]
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Ladies and Gentlemen:
I am Senior Vice President, General Counsel and Secretary of Comcast Corporation, a
Pennsylvania corporation (the Company), and have acted for the Company in connection with the
Companys Registration Statement on Form S-3 (the Registration Statement) filed on the date
hereof with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended, for the registration of the sale from time to time of the Companys (i) senior debt
securities and subordinated debt securities (together, the Debt Securities), that shall be fully
and unconditionally guaranteed by each of Comcast Cable Communications, LLC, Comcast Cable
Communications Holdings, Inc., Comcast Cable Holdings, LLC, Comcast MO Group, Inc. and Comcast MO
of Delaware, LLC (together, the Cable Guarantors), (ii) shares of preferred stock, without par
value (the Preferred Stock), (iii) shares of Class A Common Stock, $0.01 par value (the Class A
Common Stock), (iv) shares of Class A Special Common Stock, $0.01 par value (the Class A Special
Common Stock), (v) warrants to purchase Debt Securities, Preferred Stock, Class A Common Stock,
Class A Special Common Stock or other securities or rights (the Warrants), (vi) purchase
contracts (the Purchase Contracts) requiring the holders thereof to purchase or sell (A) the
Companys securities or securities of an entity unaffiliated or affiliated with the Company, a
basket of such securities, an index or indices of such securities or any combination of the above,
(B) currencies or composite currencies or (C) commodities, (vii) units (the Units) consisting of
Debt Securities, Warrants, Purchase Contracts, Preferred Stock, Class A Common Stock or Class A
Special Common Stock or any combination of the foregoing,
2
(viii) guarantees (the Cable Guarantees) of the Debt Securities by the Cable Guarantors and (ix)
guarantees (the Additional Guarantees) of Warrants, Purchase Contracts and Units or any
combination of the foregoing by the Cable Guarantors. The Debt Securities, Preferred Stock, Class
A Common Stock, Class A Special Common Stock, Warrants, Purchase Contracts, Units, Cable Guarantees
and Additional Guarantees are herein collectively referred to as the Securities. The Debt
Securities and the Preferred Stock may be convertible and/or exchangeable for Securities or other
securities or rights. The senior Debt Securities are to be issued pursuant to an Indenture dated
January 7, 2003, as amended by that First Supplemental Indenture, dated as of March 26, 2003
(together, the Senior Indenture), among the Company, the Cable Guarantors and The Bank of New
York, as Trustee, substantially in the form included as exhibits to the Registration Statement.
The subordinated Debt Securities are to be issued pursuant to an Indenture (the Subordinated
Indenture) among the Company, the Cable Guarantors and The Bank of New York, as Trustee,
substantially in the form incorporated as an exhibit to the Registration Statement. The Senior
Indenture and the Subordinated Indenture are hereinafter referred to individually as an Indenture
and collectively as the Indentures. The Company may offer Depositary Shares (the Depositary
Shares) representing interests in Preferred Stock deposited with a Depositary and evidenced by
Depositary Receipts, and such Depositary Shares are also covered by
the Registration Statement. The Class A Common Stock and
Class A Special Common Stock may be issued with associated
rights under the Rights Agreement dated as of November 18, 2002,
between the Company and EquiServe Trust Company, N.A., as Rights
Agent.
I have examined originals or copies, certified or otherwise identified to my satisfaction, of
such documents, corporate records, certificates of public officials and other instruments as I have
deemed necessary or advisable for the purpose of rendering this opinion.
On the basis of the foregoing, I am of the opinion that:
1. Upon designation of the preferences and relative, participating, optional and other special
rights, and qualifications, limitations or restrictions, of any series of Preferred Stock by the
Board of Directors of the Company and proper filing with the Secretary of State of the Commonwealth
of Pennsylvania of a Certificate of Designations relating to such series of Preferred Stock, all
necessary corporate action on the part of the Company will have been taken to authorize the
issuance and sale of such series of Preferred Stock proposed to be sold by the Company, and when
such shares of Preferred Stock are issued and delivered against payment therefor in accordance with
the applicable underwriting or other agreement or upon conversion in accordance with the terms of
any other Security that has been duly authorized, issued, paid for and delivered, such shares will
be validly issued, fully paid and non-assessable.
3
2. When the specific terms of any offering or offerings of Class A Special Common Stock have
been duly established by the Board of Directors of the Company and in accordance with provisions of
any applicable underwriting agreement so as not to violate any applicable law or agreement or
instrument then binding on the Company, and shares of the Class A Special Common Stock have been
issued and sold against payment therefor in accordance with the applicable underwriting or other
agreement or upon exchange in accordance with the terms of any Security that has been duly
authorized, issued, paid for and delivered, such shares will be validly issued, fully paid and
non-assessable.
3. When the specific terms of any offering or offerings of Class A Common Stock have been duly
established by the Board of Directors of the Company and in accordance with provisions of any
applicable underwriting agreement so as not to violate any applicable law or agreement or
instrument then binding on the Company, and shares of the Class A Common Stock have been issued and
sold against payment therefor in accordance with the applicable underwriting or other agreement or
upon exchange in accordance with the terms of any other Security that has been duly authorized,
issued, paid for and delivered, such shares will be validly issued, fully paid and non-assessable.
4. When Depositary Shares evidenced by Depositary Receipts are issued and delivered in
accordance with the terms of a Deposit Agreement against the deposit of duly authorized, validly
issued, fully paid and non-assessable shares of Preferred Stock, such Depositary Shares will
entitle the holders thereof to the rights specified in the Deposit Agreement.
In connection with my opinions expressed above, I have assumed that, at or prior to the time
of the delivery of any such Security, (i) the Board of Directors shall have duly established the
terms of such Security, (ii) the Registration Statement shall have been deemed or declared
effective and such effectiveness shall not have been terminated or rescinded and (iii) there shall
not have occurred any change in law affecting the validity or enforceability of such Security. I
have also assumed that none of the terms of any Security to be established subsequent to the date
hereof, nor the issuance and delivery of such Security, nor the compliance by the Company with the
terms of such Security will violate any applicable law or will result in a violation of any
provision of any instrument or agreement then binding upon the Company, or any restriction imposed
by any court or governmental body having jurisdiction over the Company.
I am a member of the Bar of the Commonwealth of Pennsylvania and the foregoing opinion is
limited to the laws of the Commonwealth of Pennsylvania and the federal laws of the United States
of America.
4
I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In addition, I consent to the reference to me under the caption Legal Matters in the prospectus,
which is a part of the Registration Statement.
This opinion is rendered solely to you in connection with the above matter. This opinion may
not be relied upon by you for any other purpose or relied upon by or furnished to any other person
without my prior written consent.
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Very truly yours, |
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/s/ Arthur R. Block |
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Arthur R. Block |
exv5w2
EXHIBIT
5.2
450 LEXINGTON AVENUE 1600 El Camino Real MESSETURM
NEW YORK, N.Y. 10017 Menlo Park, CA 94025 60308 FRANKFURT AM MAIN
1300 I STREET, N.W. 650 752 2000 MARQUÉS DE LA ENSENADA, 2
WASHINGTON, D.C. 20005 FAX 650 752 2111 28004 MADRID ESPAÑA
99 GRESHAM STREET 1-6-1 ROPPONGI
LONDON EC2V 7NG WRITERS DIRECT MINATO-KU, TOKYO 106-6033
15, AVENUE MATIGNON 3A CHATER ROAD
75008 PARIS HONG KONG |
March 27, 2006
Comcast Corporation
1500 Market Street
Philadelphia, Pennsylvania 19102-2148
Ladies and Gentlemen:
We have acted as your counsel in connection with the Registration Statement on Form S-3 (the
Registration Statement) of Comcast Corporation, a Pennsylvania corporation (the Company), filed
on the date hereof with the Securities and Exchange Commission pursuant to the Securities Act of
1933, as amended, for the registration of the sale from time to time of the Companys (i) senior
debt securities and subordinated debt securities (together, the Debt Securities) that shall be
fully and unconditionally guaranteed by each of Comcast Cable Communications, LLC, Comcast Cable
Communications Holdings, Inc., Comcast Cable Holdings, LLC, Comcast MO Group, Inc., and Comcast MO
of Delaware, LLC. (collectively, the Cable Guarantors), (ii) shares of preferred stock, without
par value (the Preferred Stock), (iii) shares of Class A Common Stock, $0.01 par value (the
Class A Common Stock), (iv) shares of Class A Special Common Stock, $0.01 par value (the Class A
Special Common Stock), (v) warrants to purchase Debt Securities, Preferred Stock, Class A Common
Stock, Class A Special Common Stock or other securities or rights (the Warrants), (vi) purchase
contracts (the Purchase Contracts) requiring the holders thereof to purchase or sell (A) the
Companys securities or securities of an entity unaffiliated or affiliated with the Company, a
basket of such securities, an index or indices of such securities or any combination of the above,
(B) currencies or composite currencies or (C) commodities, (vii) units (the Units) consisting of
Debt Securities, Warrants, Purchase Contracts, Preferred Stock, Class A Common Stock or Class A
Special Common Stock or any combination of the foregoing, (viii) guarantees (the Cable
Guarantees) of the Debt Securities by the Cable Guarantors and (ix) guarantees (the
Additional Guarantees) of Warrants, Purchase Contracts and Units or any combination of the foregoing by the
Cable Guarantors. The Debt Securities, Preferred Stock, Class A Common Stock, Class A Special
Common Stock, Warrants, Purchase Contracts, Units, Cable Guarantees and Additional Guarantees are
herein collectively referred to as the Securities. The Debt Securities and the Preferred Stock
may be convertible and/or exchangeable for Securities or other
securities or rights. The senior Debt Securities are to be issued pursuant to an Indenture, dated as of January 7, 2003, as
amended by that First Supplemental Indenture, dated as of March 26, 2003 (together, the Senior
Indenture), among the Company, the Cable Guarantors and The Bank of New York, as Trustee. The
subordinated Debt Securities are to be issued pursuant to an Indenture (the Subordinated
Indenture) among the Company, the Cable Guarantors and The Bank of New York, as Trustee,
substantially in the form attached as an exhibit to the Registration Statement. The Senior
Indenture and the Subordinated Indenture are hereinafter referred to individually as an Indenture
and collectively as the Indentures. The Company may offer Depositary Shares (the Depositary
Shares) representing interests in Preferred Stock deposited with a Depositary and evidenced by
Depositary Receipts, and such Depositary Shares are also covered by the Registration Statement.
The Class A Common Stock and Class A Special Common Stock may be issued with associated rights
under the Rights Agreement dated as of November 18, 2002, between the Company and EquiServe Trust
Company, N.A., as Rights Agent.
We have examined originals or copies, certified or otherwise identified to our satisfaction,
of such documents, corporate records, certificates of public officials and other instruments as we
have deemed necessary for the purposes of rendering this opinion.
On the basis of the foregoing, we are of the opinion that:
1. When the Indentures have been duly authorized, executed and delivered (or with
respect to the Senior Indenture, assuming the Senior Indenture has been duly authorized,
executed and delivered by the Trustee and the Company) by the Trustee, the Company and the
Cable Guarantors, the specific terms of a particular Debt Security have been duly
authorized and established in accordance with the applicable Indenture and such Debt
Security has been duly authorized, executed, authenticated, issued and delivered in
accordance with the applicable Indenture and the applicable underwriting or other
agreement, such Debt Security will constitute a valid and binding obligation of the Company
enforceable in accordance with its terms (subject, as to enforcement of remedies, to
applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws
affecting creditors rights generally from time to time in effect and to general equity
principles).
2. When the Indentures have been duly authorized, executed and delivered (or with
respect to the Senior Indenture, assuming the Senior Indenture has been duly authorized,
executed and delivered by the Trustee and the Company) by the Trustee, the Company and the
Cable Guarantors, the specific
terms of a particular Debt Security have been authorized and
established in accordance with the applicable Indenture and such Debt Security has been
duly authorized, executed, authenticated, issued and delivered in accordance with the
applicable Indenture and the applicable underwriting or other agreement, the Cable
Guarantees relating to such Debt Security will be valid and binding obligations of the
Cable Guarantors, enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, fraudulent conveyance, moratorium or other similar law affecting creditors
rights generally from time to time in effect and to general equity principles).
3. When the Warrant Agreement to be entered into in connection with the issuance of
any Warrants has been duly authorized, executed and delivered by the Warrant Agent and the
Company, the specific terms of the Warrants have been duly authorized and established in
accordance with the Warrant Agreement, and such Warrants have been duly authorized,
executed, issued and delivered in accordance with the Warrant Agreement and the applicable
underwriting or other agreement, such Warrants will constitute valid and binding
obligations of the Company, enforceable in accordance with their terms (subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
or other similar laws affecting creditors rights generally from time to time in effect and
to general equity principles).
4. When the Guarantee Agreement to be entered into in connection with the issuance of
any Additional Guarantees has been duly authorized, executed and delivered by the Guarantee
Trustee and the Cable Guarantors, the Additional Guarantees have been duly authorized and
established in accordance with the Guarantee Agreement, and such Additional Guarantees have
been duly authorized, executed, issued and delivered in accordance with the Guarantee
Agreement and the applicable underwriting or other agreement, such Additional Guarantees
will constitute valid and binding obligations of the Cable Guarantors, enforceable in
accordance with their terms (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar
laws affecting creditors rights generally from time to time in effect and to general
equity principles).
5. When the Unit Agreement to be entered into in connection with the issuance of any
Units has been duly authorized, executed and delivered, the Units have been duly authorized
and established in accordance with the Unit Agreement, and such Units have been duly
authorized, executed, issued and delivered in accordance with the Unit Agreement and the
applicable underwriting or other agreement, such Units will constitute valid and binding
obligations of the Company, enforceable in accordance with their terms (subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
or other similar laws affecting creditors rights generally from time to time in effect and
to general equity principles).
6. When the Purchase Contract Agreement to be entered into in connection with the
issuance of any Purchase Contracts has been duly authorized, executed and delivered, the
Purchase Contracts have been duly authorized and established in accordance with the
Purchase Contract Agreement, and such Purchase Contracts have been duly authorized,
executed, issued and delivered in accordance with the Purchase Contract Agreement and the applicable
underwriting or other agreement, such Purchase Contracts will constitute valid and binding
obligations of the company, enforceable in accordance with their terms (subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
or other similar laws affecting creditors rights generally from time to time in effect and
to general equity principles).
In connection with the opinions expressed above, we have assumed that, at or prior to the time
of the delivery of any such Security, (i) the Board of Directors or, in the case of a limited
liability company, the managing member shall have duly established the terms of such Security and
duly authorized the issuance and sale of such Security and such authorization shall not have been
modified or rescinded, (ii) the Registration Statement shall have been deemed or declared effective
and such effectiveness shall not have been terminated or rescinded and (iii) there shall not have
occurred any change in law affecting the validity or enforceability of such Security. We have also
assumed that none of the terms of any Security to be established subsequent to the date hereof, nor
the issuance and delivery of such Security, nor the compliance by the Company or the Cable
Guarantors with the terms of such Security will violate any applicable law or will result in a
violation of any provision of any instrument or agreement then binding upon the Company or the
Cable Guarantors, or any restriction imposed by any court or governmental body having jurisdiction
over the Company or the Cable Guarantors.
We are members of the Bars of the State of New York and California and the foregoing opinion
is limited to the laws of the State of New York, the federal laws of the United States of America
and the General Corporation Law of the State of Delaware (including the statutory provisions, all
applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the
foregoing).
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In addition, we consent to the reference to us under the caption Legal Matters in the prospectus,
which is a part of the Registration Statement.
This opinion is rendered solely to you in connection with the above matter. This opinion may
not be relied upon by you for any other purpose or relied upon by or furnished to any other person
without our prior written consent.
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Very truly yours, |
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/s/ Davis Polk & Wardwell |
exv12w1
EXHIBIT 12.1
COMCAST CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
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|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
Earnings (loss) before fixed charges (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
before cumulative effect of accounting
change |
|
$ |
928 |
|
|
$ |
970 |
|
|
|
($218 |
) |
|
|
($469 |
) |
|
$ |
4 |
|
Minority Interest |
|
|
19 |
|
|
|
14 |
|
|
|
97 |
|
|
|
43 |
|
|
|
7 |
|
Income tax (benefit) expense |
|
|
933 |
|
|
|
826 |
|
|
|
(16 |
) |
|
|
(128 |
) |
|
|
216 |
|
Equity in net losses of affiliates |
|
|
47 |
|
|
|
88 |
|
|
|
60 |
|
|
|
63 |
|
|
|
16 |
|
Fixed charges |
|
|
1,872 |
|
|
|
1,941 |
|
|
|
2,121 |
|
|
|
933 |
|
|
|
739 |
|
Distributed income of equity investees |
|
|
4 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
Less: minority interest |
|
|
(37 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,766 |
|
|
$ |
3,833 |
|
|
$ |
2,045 |
|
|
$ |
443 |
|
|
$ |
982 |
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,796 |
|
|
|
1,876 |
|
|
|
2,018 |
|
|
|
870 |
|
|
|
708 |
|
Est. int. exp. component of rent expense |
|
|
73 |
|
|
|
64 |
|
|
|
52 |
|
|
|
46 |
|
|
|
31 |
|
Preference security dividend requirements
of consolidated subsidiaries |
|
|
3 |
|
|
|
1 |
|
|
|
51 |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
$ |
1,872 |
|
|
$ |
1,941 |
|
|
$ |
2,121 |
|
|
$ |
933 |
|
|
$ |
739 |
|
|
|
|
Ratio of earnings to fixed charges (1) |
|
|
2.01 |
|
|
|
1.97 |
|
|
|
|
(2) |
|
|
|
(2) |
|
|
1.33 |
|
|
|
|
(1) |
|
For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before
adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed
income of equity investees and (e) our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2) subtracting (i)
interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the minority interest in pre-tax income of subsidiaries that have not
incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses related to indebtedness, (y) an
estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred security dividend is the amount of
pre-tax earnings that is required to pay the dividends on outstanding preference securities. |
|
(2) |
|
For the years ended December 31, 2003 and 2002, we had a $76 million and $490 million deficiency, respectively, of earnings to fixed charges. |
exv12w2
EXHIBIT 12.2
COMCAST CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
Earnings (loss) before fixed charges (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
before cumulative effect of accounting
change |
|
$ |
928 |
|
|
$ |
970 |
|
|
|
($218 |
) |
|
|
($469 |
) |
|
$ |
4 |
|
Minority Interest |
|
|
19 |
|
|
|
14 |
|
|
|
97 |
|
|
|
43 |
|
|
|
7 |
|
Income tax (benefit) expense |
|
|
933 |
|
|
|
826 |
|
|
|
(16 |
) |
|
|
(128 |
) |
|
|
216 |
|
Equity in net loss of affiliates |
|
|
47 |
|
|
|
88 |
|
|
|
60 |
|
|
|
63 |
|
|
|
16 |
|
Fixed charges |
|
|
1,872 |
|
|
|
1,941 |
|
|
|
2,121 |
|
|
|
933 |
|
|
|
739 |
|
Distributed income of equity investees |
|
|
4 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
Less: minority interest |
|
|
(37 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,766 |
|
|
$ |
3,833 |
|
|
$ |
2,045 |
|
|
$ |
443 |
|
|
$ |
982 |
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,796 |
|
|
|
1,876 |
|
|
|
2,018 |
|
|
|
870 |
|
|
|
708 |
|
Est. int. exp. component of rent expense |
|
|
73 |
|
|
|
64 |
|
|
|
52 |
|
|
|
46 |
|
|
|
31 |
|
Preference security dividend requirements
of consolidated subsidiaries |
|
|
3 |
|
|
|
1 |
|
|
|
51 |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
$ |
1,872 |
|
|
$ |
1,941 |
|
|
$ |
2,121 |
|
|
$ |
933 |
|
|
$ |
739 |
|
|
|
|
Ratio of earnings to fixed charges (1) |
|
|
2.01 |
|
|
|
1.97 |
|
|
|
|
(2) |
|
|
|
(2) |
|
|
1.33 |
|
|
|
|
(1) |
|
For purposes of calculating the ratio of earnings to combined
fixed charges and preferred dividends, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before
adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d)
distributed income of equity investees and (e) our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2)
subtracting (i) interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the minority interest in pre-tax income of
subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses
related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred
security dividend is the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities. |
|
(2) |
|
For the years ended December 31, 2003 and 2002, we had a
$76 million and $490 million deficiency, respectively, of
earnings to combined fixed charges and preferred dividends. |
exv23w1
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-3 of our
reports dated February 21, 2006, relating to (a) the financial statements of Comcast Corporation
and managements report on the effectiveness of internal control over financial reporting appearing
in the 2005 Annual Report to Shareholders and incorporated by reference in the Annual Report on
Form 10-K of Comcast Corporation for the year ended December 31, 2005, and (b) the financial
statement schedule of Comcast Corporation appearing in the Annual Report on Form 10-K of Comcast
Corporation for the year ended December 31, 2005, and to the reference to us under the heading
Experts in the Prospectus, which is part of this Registration Statement.
/s/ Deloitte & Touche LLP
Philadelphia, Pennsylvania
March 27, 2006
exv25w1
EXHIBIT 25.1
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) o
THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
|
|
|
New York
|
|
13-5160382 |
(State of incorporation
|
|
(I.R.S. employer |
if not a U.S. national bank)
|
|
identification no.) |
|
|
|
One Wall Street, New York, N.Y.
|
|
10286 |
(Address of principal executive offices)
|
|
(Zip code) |
Comcast Corporation
(Exact name of obligor as specified in its charter)
|
|
|
Pennsylvania
|
|
27-0000798 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Communications, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
23-2175755 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Communications Holdings, Inc.
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
04-3592397 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Holdings, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
84-1260157 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast MO Group, Inc.
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
91-2047743 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast MO of Delaware, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
84-1372033 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
|
|
|
1500 Market Street |
|
|
Philadelphia, Pennsylvania
|
|
19102-2148 |
(Address of principal executive offices)
|
|
(Zip code) |
Senior Debt Securities
(Title of the indenture securities)
- 2 -
1. |
|
General information. Furnish the following information as to the Trustee: |
|
(a) |
|
Name and address of each examining or supervising authority to which it is
subject. |
|
|
|
|
|
Name |
|
Address |
|
|
|
|
|
|
|
|
Superintendent of Banks of the State
of New York
|
|
One State Street, New
York, N.Y. 10004-1417,
and Albany, N.Y. 12223 |
|
|
|
|
|
|
|
Federal Reserve Bank of New York
|
|
33 Liberty Street, New
York, N.Y. 10045 |
|
|
|
|
|
|
|
Federal Deposit Insurance Corporation
|
|
Washington, D.C. 20429 |
|
|
|
|
|
|
|
New York Clearing House Association
|
|
New York, New York 10005 |
|
|
|
(b) |
|
Whether it is authorized to exercise corporate trust powers. |
2. |
|
Affiliations with Obligor. |
|
|
|
If the obligor is an affiliate of the trustee, describe each such affiliation. |
|
|
|
None. |
|
16. |
|
List of Exhibits. |
|
|
|
Exhibits identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture
Act of 1939 (the Act) and 17 C.F.R. 229.10(d). |
|
1. |
|
A copy of the Organization Certificate of The Bank of New York (formerly
Irving Trust Company) as now in effect, which contains the authority to commence
business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to
Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a
and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form
T-1 filed with Registration Statement No. 33-29637 and Exhibit 1 to Form
T-1 filed with Registration Statement No. 333-121195.) |
|
|
4. |
|
A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed
with Registration Statement No. 333-121195.) |
- 3 -
|
6. |
|
The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6
to Form T-1 filed with Registration Statement No. 333-106702.) |
|
|
7. |
|
A copy of the latest report of condition of the Trustee published pursuant to
law or to the requirements of its supervising or examining authority. |
- 4 -
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York, a corporation
organized and existing under the laws of the State of New York, has duly caused this statement of
eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The
City of New York, and State of New York, on the 24th day of March, 2006.
|
|
|
|
|
|
THE BANK OF NEW YORK
|
|
|
By: |
/S/ VAN K. BROWN
|
|
|
|
Name: |
VAN K. BROWN |
|
|
|
Title: |
VICE PRESIDENT |
|
|
- 5 -
EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31, 2005, published in
accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve Act.
|
|
|
|
|
|
|
Dollar Amounts |
|
|
|
In Thousands |
|
ASSETS |
|
|
|
|
Cash and balances due from depository institutions: |
|
|
|
|
Noninterest-bearing balances and currency and coin |
|
$ |
3,361,000 |
|
Interest-bearing balances |
|
|
7,528,000 |
|
Securities: |
|
|
|
|
Held-to-maturity securities |
|
|
1,977,000 |
|
Available-for-sale securities |
|
|
22,664,000 |
|
Federal funds sold and securities purchased under
agreements to resell
Federal funds sold in domestic offices |
|
|
809,000 |
|
Securities purchased under agreements to
resell |
|
|
309,000 |
|
Loans and lease financing receivables: |
|
|
|
|
Loans and leases held for sale |
|
|
0 |
|
Loans and leases, net of unearned
income |
|
|
33,263,000 |
|
LESS: Allowance for loan and
lease losses |
|
|
408,000 |
|
Loans and leases, net of unearned
income and allowance |
|
|
32,855,000 |
|
Trading assets |
|
|
5,625,000 |
|
Premises and fixed assets (including capitalized
leases) |
|
|
821,000 |
|
Other real estate owned |
|
|
0 |
|
Investments in unconsolidated subsidiaries and
associated companies |
|
|
283,000 |
|
Customers liability to this bank on acceptances
outstanding |
|
|
117,000 |
|
|
|
|
|
|
|
|
Dollar Amounts |
|
|
|
In Thousands |
|
Intangible assets: |
|
|
|
|
Goodwill |
|
|
2,138,000 |
|
Other intangible assets |
|
|
764,000 |
|
Other assets |
|
|
6,617,000 |
|
|
|
|
|
Total assets |
|
$ |
85,868,000 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
In domestic offices |
|
$ |
38,100,000 |
|
Noninterest-bearing |
|
|
18,123,000 |
|
Interest-bearing |
|
|
19,977,000 |
|
In foreign offices, Edge and Agreement
subsidiaries, and IBFs |
|
|
27,218,000 |
|
Noninterest-bearing |
|
|
383,000 |
|
Interest-bearing |
|
|
26,835,000 |
|
Federal funds purchased and securities sold under
agreements to repurchase
Federal funds purchased in domestic
offices |
|
|
844,000 |
|
Securities sold under agreements to
repurchase |
|
|
118,000 |
|
Trading liabilities |
|
|
2,555,000 |
|
Other borrowed money: |
|
|
|
|
(includes mortgage indebtedness and obligations under
capitalized leases) |
|
|
1,327,000 |
|
Not applicable
Banks liability on acceptances executed and
outstanding |
|
|
119,000 |
|
Subordinated notes and debentures |
|
|
1,955,000 |
|
Other liabilities |
|
|
5,119,000 |
|
|
|
|
|
Total liabilities |
|
$ |
77,355,000 |
|
|
|
|
|
|
|
|
|
|
Minority interest in consolidated subsidiaries |
|
|
139,000 |
|
|
|
|
|
|
EQUITY CAPITAL |
|
|
|
|
Perpetual preferred stock and related
surplus |
|
|
0 |
|
Common stock |
|
|
1,135,000 |
|
Surplus (exclude all surplus related to preferred
stock) |
|
|
2,097,000 |
|
Retained earnings |
|
|
5,256,000 |
|
Accumulated other comprehensive income |
|
|
-114,000 |
|
Other equity capital components |
|
|
0 |
|
- 2 -
|
|
|
|
|
|
|
Dollar Amounts |
|
|
|
In Thousands |
|
Total equity capital |
|
|
8,374,000 |
|
|
|
|
|
Total liabilities, minority interest, and equity
capital |
|
$ |
85,868,000 |
|
|
|
|
|
I, Thomas J. Mastro, Executive Vice President and Comptroller of the above-named bank do
hereby declare that this Report of Condition is true and correct to the best of my knowledge and
belief.
Thomas J. Mastro,
Executive Vice President and Comptroller
We, the undersigned directors, attest to the correctness of this statement of resources and
liabilities. We declare that it has been examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the instructions and is true and correct.
|
|
|
|
|
Thomas A. Renyi
Gerald L. Hassell
|
|
]
|
|
Directors |
- 3 -
exv25w2
EXHIBIT 25.2
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) o
THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
|
|
|
New York
|
|
13-5160382 |
(State of incorporation
|
|
(I.R.S. employer |
if not a U.S. national bank)
|
|
identification no.) |
|
|
|
One Wall Street, New York, N.Y.
|
|
10286 |
(Address of principal executive offices)
|
|
(Zip code) |
Comcast Corporation
(Exact name of obligor as specified in its charter)
|
|
|
Pennsylvania
|
|
27-0000798 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Communications, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
23-2175755 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Communications Holdings, Inc.
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
04-3592397 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast Cable Holdings, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
84-1260157 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast MO Group, Inc.
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
91-2047743 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
|
|
identification no.) |
Comcast MO of Delaware, LLC
(Exact name of obligor as specified in its charter)
|
|
|
Delaware
|
|
84-1372033 |
(State or other jurisdiction of
|
|
(I.R.S. employer |
incorporation or organization)
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identification no.) |
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1500 Market Street |
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Philadelphia, Pennsylvania
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19102-2148 |
(Address of principal executive offices)
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(Zip code) |
Subordinated Debt Securities
(Title of the indenture securities)
-1-
1. |
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General information. Furnish the following information as to the Trustee: |
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(a) |
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Name and address of each examining or supervising authority to which it is
subject. |
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Name |
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Address |
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Superintendent of Banks of the State of New York
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One State Street, New York, N.Y.
10004-1417, and Albany, N.Y.
12223 |
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Federal Reserve Bank of New York
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33 Liberty Street, New York, N.Y. 10045 |
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Federal Deposit Insurance Corporation
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Washington, D.C. 20429 |
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New York Clearing House Association
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New York, New York 10005 |
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(b) |
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Whether it is authorized to exercise corporate trust powers. |
Yes.
2. |
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Affiliations with Obligor. |
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If the obligor is an affiliate of the trustee, describe each such affiliation. |
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None. |
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16. |
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List of Exhibits. |
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Exhibits identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture
Act of 1939 (the Act) and 17 C.F.R. 229.10(d). |
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1. |
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A copy of the Organization Certificate of The Bank of New York (formerly
Irving Trust Company) as now in effect, which contains the authority to commence
business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to
Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a
and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form
T-1 filed with Registration Statement No. 33-29637 and Exhibit 1 to Form
T-1 filed with Registration Statement No. 333-121195.) |
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4. |
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A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed
with Registration Statement No. 333-121195.) |
-2-
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6. |
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The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6
to Form T-1 filed with Registration Statement No. 333-106702.) |
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7. |
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A copy of the latest report of condition of the Trustee published pursuant to
law or to the requirements of its supervising or examining authority. |
-3-
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York, a corporation
organized and existing under the laws of the State of New York, has duly caused this statement of
eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The
City of New York, and State of New York, on the 24th day of March, 2006.
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THE BANK OF NEW YORK
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By: |
/S/ VAN K. BROWN
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Name: |
VAN K. BROWN |
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Title: |
VICE PRESIDENT |
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-4-
EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31, 2005, published in
accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve Act.
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Dollar Amounts |
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In Thousands |
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ASSETS |
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Cash and balances due from depository institutions: |
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Noninterest-bearing balances and currency and coin |
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$ |
3,361,000 |
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Interest-bearing balances |
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7,528,000 |
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Securities: |
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Held-to-maturity securities |
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1,977,000 |
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Available-for-sale securities |
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22,664,000 |
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Federal funds sold and securities purchased under
agreements to resell |
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Federal funds sold in domestic offices |
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809,000 |
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Securities purchased under agreements to
resell |
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309,000 |
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Loans and lease financing receivables: |
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Loans and leases held for sale |
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0 |
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Loans and leases, net of unearned
income |
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33,263,000 |
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LESS: Allowance for loan and
lease losses |
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408,000 |
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Loans and leases, net of unearned
income and allowance |
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32,855,000 |
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Trading assets |
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5,625,000 |
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Premises and fixed assets (including capitalized leases) |
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821,000 |
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Other real estate owned |
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0 |
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Investments in unconsolidated subsidiaries and
associated companies |
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283,000 |
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Customers liability to this bank on acceptances
outstanding |
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117,000 |
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Dollar Amounts |
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In Thousands |
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Intangible assets: |
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Goodwill |
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2,138,000 |
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Other intangible assets |
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764,000 |
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Other assets |
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6,617,000 |
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Total assets |
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$ |
85,868,000 |
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LIABILITIES |
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Deposits: |
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In domestic offices |
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$ |
38,100,000 |
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Noninterest-bearing |
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18,123,000 |
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Interest-bearing |
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19,977,000 |
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In foreign offices, Edge and Agreement subsidiaries,
and IBFs |
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27,218,000 |
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Noninterest-bearing |
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383,000 |
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Interest-bearing |
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26,835,000 |
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Federal funds purchased and securities sold under
agreements to repurchase
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Federal funds purchased in domestic
offices |
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844,000 |
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Securities sold under agreements to
repurchase |
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118,000 |
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Trading liabilities |
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2,555,000 |
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Other
borrowed money: (includes mortgage indebtedness and obligations under
capitalized leases) |
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1,327,000 |
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Not applicable
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Banks liability on acceptances executed and outstanding |
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119,000 |
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Subordinated notes and debentures |
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1,955,000 |
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Other liabilities |
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5,119,000 |
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Total liabilities |
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$ |
77,355,000 |
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Minority interest in consolidated subsidiaries |
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139,000 |
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EQUITY CAPITAL |
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Perpetual preferred stock and related
surplus |
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0 |
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Common stock |
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1,135,000 |
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Surplus (exclude all surplus related to preferred stock) |
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2,097,000 |
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Retained earnings |
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5,256,000 |
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Accumulated other comprehensive income |
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-114,000 |
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Other equity capital components |
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0 |
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-2-
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Dollar Amounts |
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In Thousands |
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Total equity capital |
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8,374,000 |
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Total liabilities, minority interest, and equity capital |
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$ |
85,868,000 |
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I, Thomas J. Mastro, Executive Vice President and Comptroller of the above-named bank do
hereby declare that this Report of Condition is true and correct to the best of my knowledge and
belief.
Thomas J. Mastro,
Executive Vice President and Comptroller
We, the undersigned directors, attest to the correctness of this statement of resources and
liabilities. We declare that it has been examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the instructions and is true and correct.
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Thomas A. Renyi
Gerald L. Hassell
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]
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Directors |
-3-