364-DAY REVOLVING CREDIT AGREEMENT
among
COMCAST CABLE COMMUNICATIONS, INC.
and
The Financial Institutions Party Hereto
BANC OF AMERICA SECURITIES LLC
and
CHASE SECURITIES INC.,
as
Joint Lead Arrangers and Joint Book Managers
BNY CAPITAL MARKETS, INC.
and
▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ INC.,
as Co-Arrangers
BANK OF AMERICA, N.A.,
as Administrative Agent
CHASE SECURITIES INC.,
as Syndication Agent
CITIBANK, N.A.
and
THE BANK OF NEW YORK,
as Co-Documentation Agents
Dated as of August 24, 2000
TABLE OF CONTENTS
Section Page
SECTION 1. - DEFINITIONS AND ACCOUNTING TERMS....................................................................1
1.01 Defined Terms.........................................................................1
1.02 Use of Certain Terms.................................................................13
1.03 Accounting Terms.....................................................................14
1.04 Rounding.............................................................................14
1.05 Exhibits and Schedules...............................................................14
1.06 References to Agreements and Laws....................................................14
1.07 Pro Forma Calculations...............................................................14
SECTION 2. - THE COMMITMENTS AND EXTENSIONS OF CREDIT...........................................................15
2.01 Amount and Terms of Commitments......................................................15
2.02 Borrowings, Conversions and Continuations of Loans...................................16
2.03 Prepayments..........................................................................17
2.04 Reduction or Termination of Commitments..............................................17
2.05 Principal and Interest...............................................................17
2.06 Fees.................................................................................18
2.07 Computation of Interest and Fees.....................................................19
2.08 Making Payments......................................................................19
2.09 Funding Sources......................................................................20
2.10 Extension of Maturity Date...........................................................20
SECTION 3. - TAXES, YIELD PROTECTION AND ILLEGALITY.............................................................21
3.01 Taxes................................................................................21
3.02 Illegality...........................................................................22
3.03 Inability to Determine Eurodollar Rates..............................................23
3.04 Increased Cost and Reduced Return; Capital Adequacy..................................23
3.05 Breakfunding Costs...................................................................24
3.06 Matters Applicable to all Requests for Compensation..................................24
3.07 Survival.............................................................................24
SECTION 4. - CONDITIONS PRECEDENT TO EXTENSIONS OF CREDIT.......................................................24
4.01 Conditions Precedent to Closing Date.................................................24
4.02 Conditions to all Extensions of Credit...............................................26
SECTION 5. - REPRESENTATIONS AND WARRANTIES.....................................................................26
5.01 Existence and Qualification; Power; Compliance with Laws.............................26
5.02 Power; Authorization; Enforceable Obligations........................................26
5.03 No Legal Bar.........................................................................27
5.04 Financial Statements; No Material Adverse Effect.....................................27
5.05 Litigation...........................................................................27
5.06 No Default...........................................................................27
5.07 Authorizations.......................................................................27
5.08 Taxes................................................................................28
364-Day Revolving Credit Agreement
(i)
5.09 Margin Regulations; Investment Company Act; Public Utility Holding
Company Act..........................................................................28
5.10 ERISA Compliance.....................................................................28
5.11 Assets; Liens........................................................................29
5.12 Environmental Compliance.............................................................29
5.13 Use of Proceeds......................................................................29
5.14 Disclosure...........................................................................29
SECTION 6. - AFFIRMATIVE COVENANTS..............................................................................29
6.01 Financial Statements.................................................................29
6.02 Certificates, Notices and Other Information..........................................30
6.03 Payment of Taxes.....................................................................30
6.04 Preservation of Existence............................................................30
6.05 Maintenance of Properties............................................................31
6.06 Maintenance of Insurance.............................................................31
6.07 Compliance With Laws.................................................................31
6.08 Inspection Rights....................................................................31
6.09 Keeping of Records and Books of Account..............................................31
6.10 Compliance with ERISA................................................................31
6.11 Compliance With Agreements...........................................................31
6.12 Use of Proceeds......................................................................31
6.13 Designation of Unrestricted Companies................................................32
SECTION 7. - NEGATIVE COVENANTS.................................................................................32
7.01 Liens................................................................................32
7.02 Subsidiary Indebtedness..............................................................33
7.03 Fundamental Changes..................................................................33
7.04 ERISA................................................................................34
7.05 Limitations on Upstreaming...........................................................34
7.06 Margin Regulations...................................................................34
7.07 Financial Covenants..................................................................34
SECTION 8. - EVENTS OF DEFAULT AND REMEDIES ....................................................................35
8.01 Events of Default....................................................................35
8.02 Remedies Upon Event of Default.......................................................36
SECTION 9. - ADMINISTRATIVE AGENT...............................................................................37
9.01 Appointment and Authorization of Administrative Agent................................37
9.02 Delegation of Duties.................................................................37
9.03 Liability of Administrative Agent....................................................37
9.04 Reliance by Administrative Agent.....................................................38
9.05 Notice of Default....................................................................38
9.06 Credit Decision; Disclosure of Information by Administrative Agent...................38
9.07 Indemnification of Administrative Agent..............................................39
9.08 Administrative Agent in Individual Capacity..........................................39
9.09 Resignation by Administrative Agent..................................................40
9.10 Other Agents.........................................................................40
364-Day Revolving Credit Agreement
(ii)
SECTION 10. - MISCELLANEOUS.....................................................................................40
10.01 Amendments; Consents.................................................................40
10.02 Requisite Notice; Effectiveness of Signatures and Electronic Mail....................41
10.03 Attorney Costs, Expenses and Taxes...................................................42
10.04 Binding Effect; Assignment...........................................................43
10.05 Set-off..............................................................................44
10.06 Sharing of Payments..................................................................44
10.07 No Waiver; Cumulative Remedies.......................................................45
10.08 Usury................................................................................45
10.09 Counterparts.........................................................................45
10.10 Integration..........................................................................45
10.11 Nature of Lenders' Obligations.......................................................46
10.12 Survival of Representations and Warranties...........................................46
10.13 Indemnity by Borrower................................................................46
10.14 Nonliability of Lenders..............................................................47
10.15 No Third Parties Benefitted..........................................................47
10.16 Severability.........................................................................47
10.17 Confidentiality......................................................................48
10.18 Headings.............................................................................48
10.19 Time of the Essence..................................................................48
10.20 Foreign Lenders......................................................................48
10.21 Removal and Replacement of Lenders...................................................49
10.22 Governing Law........................................................................49
10.23 Waiver of Right to Trial by Jury.....................................................50
364-Day Revolving Credit Agreement
(iii)
EXHIBITS
Form of
A Request for Extension of Credit
B Compliance Certificate
C Note
D Assignment and Acceptance
E Opinion of Counsel
SCHEDULES
2.01 Commitments and Pro Rata Shares
4.01 Indebtedness to be Repaid
7.01 Existing Liens
7.02 Existing Subsidiary Indebtedness
364-Day Revolving Credit Agreement
(iv)
364-DAY REVOLVING CREDIT AGREEMENT
This 364-DAY REVOLVING CREDIT AGREEMENT is entered into as of August
24, 2000, by and among COMCAST CABLE COMMUNICATIONS, INC., a Delaware
corporation ("Borrower"), each lender from time to time party hereto
(collectively, "Lenders" and individually, a "Lender") and BANK OF AMERICA,
N.A., as Administrative Agent.
RECITAL
Borrower has requested that Lenders provide a revolving line of credit,
and Lenders and Administrative Agent are willing to do so on the terms and
conditions set forth herein.
In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows:
SECTION 1.
DEFINITIONS AND ACCOUNTING TERMS
1.01 Defined Terms. As used in this Agreement, the following terms
shall have the meanings set forth below:
"Acquisition" means (a) any purchase or other acquisition of assets or
series of related purchases or other acquisitions of assets by Borrower or any
Restricted Subsidiary (including by way of asset or stock purchase, swap or
merger) other than from Borrower or any Restricted Subsidiary or (b) the
designation by Borrower of an Unrestricted Subsidiary as a Restricted
Subsidiary.
"Administrative Agent" means Bank of America, N.A., in its capacity as
administrative agent under any of the Loan Documents, or any successor
administrative agent permitted under the Loan Documents.
"Administrative Agent's Office" means Administrative Agent's address
and, as appropriate, account set forth below its signature to this Agreement, or
such other address or account as Administrative Agent hereafter may designate by
written notice to Borrower and Lenders.
"Administrative Agent-Related Persons" means Administrative Agent
(including any successor agent), together with its Affiliates and the officers,
directors, employees, agents and attorneys-in-fact of such Persons and
Affiliates.
"Administrative Questionnaire" means, with respect to each Lender, an
administrative questionnaire in the form prepared by Administrative Agent and
submitted to Administrative Agent (with a copy to Borrower) duly completed by
such Lender.
"Affiliate" means any Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, another Person.
"Agreement" means this 364-Day Revolving Credit Agreement, as amended,
restated, extended, supplemented or otherwise modified in writing from time to
time.
364-Day Revolving Credit Agreement
1
"Annualized EBITDA" means, at any date of determination, EBITDA for the
two fiscal quarter periods then most recently ended times two (2).
"Annualized Interest Expense" means, at any date of determination,
Interest Expense for the two fiscal quarter periods then most recently ended
times two (2).
"Applicable Amount" means the following applicable amount per annum,
based upon the applicable Debt Ratings:
Applicable Amount (in basis points per annum)
Pricing Debt Ratings Utilization
Level S&P/▇▇▇▇▇'▇ Facility Fee Eurodollar Rate Fee
----- ----------- ------------ --------------- ---
1 >A/A2 6.5 21.0 7.5
2 A-/A3 8.0 29.5 7.5
3 BBB+/Baa1 10.0 35.0 10.0
4 BBB/Baa2 12.5 47.5 10.0
5 BBB-/Baa3 15.0 60.0 12.5
6