EX-4.47



 Exhibit 4.47 

BELLSOUTH, LLC 
 First
Supplemental Indenture 
 This First Supplemental Indenture, dated as of December 1, 2017 (this “First Supplemental
Indenture”), is entered into by and between BellSouth, LLC, a Georgia limited liability company (as successor in interest to both BellSouth Corporation and BellSouth Capital Funding Corporation) and The Bank of New York Mellon Trust
Company, N.A., a national banking association (as successor in interest to The Bank of New York Mellon (formerly known as The Bank of New York), as successor in interest to Wachovia Bank of Georgia, N.A.), as Trustee (the
“Trustee”). 
 W I T N E S S E T H 

WHEREAS, under an indenture, dated as of August 1, 1992, as amended and supplemented hereby (the “Indenture”),
U.S.$359,881,000 of its 7.875% Debentures due 2030 (the “7.875% Debentures”) and U.S.$262,288,000 of its 7.120% Debentures due July 15, 2097 (the “7.120% Debentures” and, together with the 7.875%
Debentures, the “Debentures”); 
 WHEREAS, Section 9.02 of the Indenture provides, among other things, that,
subject to certain exceptions, with the written consent of the Holders of a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (with each Series voting as a class), the Company and the
Trustee may enter into a supplemental indenture to add any provisions to or to change or eliminate any provisions of the Indenture or of any supplemental indenture or to modify, in each case in any manner not covered by Section 9.01 of the
Indenture, the rights of the Securityholders of each such Series; 
 WHEREAS, AT&T Inc., a Delaware corporation
(“AT&T”), has offered to exchange (the “Exchange Offers”) any and all of the outstanding 7.875% Debentures for its new 7.875% Global Notes due 2030 or for a new series of AT&T’s senior
notes due November 15, 2046 (the “New 2046 Notes”) and any and all of the outstanding 7.120% Debentures for its new 7.120% Global Notes due 2097 or for the New 2046 Notes, upon the terms and subject to the conditions set
forth in the offering memorandum, dated as of October 30, 2017 (the “OpCo Offering Memorandum”); 
 WHEREAS, in
connection with the Exchange Offers, AT&T has also solicited consents from the holders of the Debentures to certain proposed amendments (the “Proposed Amendments”) to the Indenture as described in the OpCo Offering
Memorandum and set forth in Section 2 of this First Supplemental Indenture, with the operation of such Proposed Amendments being subject to the satisfaction or waiver, where applicable, by AT&T of the conditions to the applicable Exchange
Offer and the acceptance by AT&T for exchange of the Debentures validly tendered and not withdrawn pursuant to the applicable Exchange Offer; 

WHEREAS, AT&T has received and caused to be delivered to the Trustee evidence of the consents from holders of at least a majority of the
outstanding aggregate principal amount of each of the 7.875% Debentures and the 7.120% Debentures to effect the Proposed Amendments under the Indenture with respect to the Debentures; 

WHEREAS, the Issuer is undertaking to execute and deliver this First Supplemental Indenture to delete or amend, as applicable, certain
provisions and covenants in the Indenture and the Debentures with respect to the Debentures in connection with the Exchange Offers and the related consent solicitations; 

WHEREAS, the Managers of the Issuer have authorized and approved the execution and delivery of this First Supplemental Indenture; 

WHEREAS, the Issuer has requested that the Trustee execute and deliver this First Supplemental Indenture; and 







 WHEREAS, the execution and delivery of this First Supplemental Indenture has been duly authorized
by the parties hereto, and all other acts and requirements necessary to make this First Supplemental Indenture a valid and binding supplement to the Indenture effectively amending the Indenture as set forth herein have been duly taken. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Issuer and the Trustee mutually covenant and agree as follows: 
 Section 1. Definitions. 

(a) As used in this First Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as
therein defined; any capitalized terms used and not defined herein shall have the same respective meanings as assigned to them in the Indenture; and references to Articles or Sections shall, unless the context indicates otherwise, be references to
Articles or Sections of the Indenture. 
 (b) Any definitions used exclusively in the provisions of the Indenture or Debentures that
are deleted pursuant to the amendments set forth under this First Supplemental Indenture, and any definitions used exclusively within such definitions, are hereby deleted in their entirety from the Indenture and the Debentures, and all textual
references in the Indenture and the Debentures exclusively relating to paragraphs, Sections, Clauses or other terms or provisions of the Indenture that have been otherwise deleted pursuant to this First Supplemental Indenture are hereby deleted in
their entirety. The words “herein,” “hereof” and “hereby” and other words of similar import used in this First Supplemental Indenture refer to this First Supplemental Indenture as a whole and not to any particular
Section hereof. 
 Section 2. Amendments to the Indenture. 

(a) The Indenture shall hereby be amended by deleting the following Section of the Indenture and all references and definitions related
thereto in their entirety, and this Section shall be of no further force and effect, and shall no longer apply to the Debentures, and the words “[INTENTIONALLY DELETED]” shall be inserted in place of the deleted text: 

Section 4.02 (Lien on Assets) 

(b) Section 5.01 of the Indenture (When the Company May Merge, etc.) is hereby deleted and replaced in its entirety by the
following: 
 “The Company may not consolidate with, merge into or be merged into any person, unless the person assumes by supplemental
indenture all the obligations of the Company under the Securities and any coupons appertaining thereto and under this Indenture. The surviving corporation shall be the successor to the Company and the Company shall be relieved of all obligations
under this Indenture and the Securities.” 
 (c) The failure to comply with the terms of any of the deleted Sections or Clauses of
the Indenture set forth in clause (a) and (b) above shall no longer constitute a Default or Event of Default under the Indenture with respect to the Debentures and shall no longer have any consequence under the Indenture. 

Section 3. Miscellaneous. 

(a) Ratification of Indenture. All the provisions of this First Supplemental Indenture shall be deemed to be incorporated in,
and made a part of, the Indenture; and the Indenture, as supplemented and amended by this First Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 

(b) Headings. The headings of the Sections of this First Supplemental Indenture are inserted for convenience of information
and reference and shall not be deemed to be a part thereof. 







 (c) Counterparts. This First Supplemental 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. 

(d) Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
which is required to be included in this First Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

(e) Successors and Assigns. All covenants and agreements in this First Supplemental Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 (f) Separability. In case any one or more of the provisions
contained the Indenture or this First Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture
or this First Supplemental Indenture, but the Indenture or this First Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

(g) Benefits of this First Supplemental Indenture. Nothing in this First Supplemental Indenture, express or implied, shall
give to any person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy, or claim under this First Supplemental Indenture. 

(h) Trustee Not Responsible for Recitals. The recitals and statements herein contained are made by the Issuers and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture. 

(i) Governing Law. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State
of New York. 
 (j) Waiver of Jury Trial. THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY. 

******* 







 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed
as of the date first above written. 
  

			
	BELLSOUTH, LLC, as Issuer
		
	By:	 	/s/ George B. Goeke
		 	Name: George B. Goeke
		 	 Title: Senior Vice President,
 Chief
Financial Officer
 and Treasurer



 [Signature Page to the First Supplemental Indenture to the 1992 BellSouth Indenture] 







 
			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

		
	By:	 	/s/ Karen Yu
		 	Name: Karen Yu
		 	Title: Vice President


 [Signature Page to the First Supplemental Indenture to the 1992 BellSouth Indenture]