Document:

Exhibit 4.1

 

COMCAST HOLDINGS CORPORATION,

 

Issuer

 

and

 

COMCAST CORPORATION,

 

Guarantor

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

Trustee

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of September 12, 2005

 

to

 

Indenture dated as of June 15, 1999

 

 

THIS FIRST SUPPLEMENTAL INDENTURE (the “Supplemental
Indenture”) is made as of September 12, 2005 among Comcast
Holdings Corporation (formerly known as Comcast Corporation), a Pennsylvania
corporation (the “Issuer”),
Comcast Corporation, a Pennsylvania corporation and the parent of the Issuer
(the “Guarantor”), and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), a New York banking
corporation, as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuer executed and delivered an Indenture providing for
the issuance from time to time of its unsecured debentures, notes or other
evidences of indebtedness to be issued in one or more series, dated as of June 15,
1999 between the Issuer and the Trustee (the “Indenture”);

 

WHEREAS, the Issuer issued 16,079,418 of its 2.0% Exchangeable
Subordinated Debentures due 2029 (the “Notes”)
pursuant to the terms of the Indenture;

 

WHEREAS, the Issuer and the Guarantor desire by this Supplemental
Indenture to add the Guarantor as a party to the Indenture and to provide for
the full and unconditional guarantee by the Guarantor of the due and punctual
payment of the Principal of (and premium, if any) and interest on, the
Outstanding Notes, when and as the same shall become due and payable, whether
at the stated maturity, by acceleration, or call for redemption, or otherwise,
all according to the terms thereof and the terms of the Indenture;

 

WHEREAS, for the avoidance of doubt, although the Issuer issued 2.0%
Exchangeable Subordinated Debentures due November 2029 (the “November Notes”) pursuant to the terms of the
Indenture, the guarantee hereunder shall not extend to any Outstanding November Notes;

 

WHEREAS, Section 7.01 of the Indenture provides that the Indenture
may be amended, subject to certain exceptions specified in such Section 7.01,
without the consent of the Holders of the Outstanding Notes; and

 

WHEREAS, all other conditions and requirements necessary to make this
Supplemental Indenture a valid and binding instrument in accordance with its
terms and the terms of the Indenture have been satisfied.

 

NOW, THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained herein, the Issuer, the Guarantor and the Trustee
hereby covenant and agree, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

 

 

ARTICLE 1

GUARANTEE

 

Section 1.01.  The Guarantee.  Subject to the provisions of this
Article, the Guarantor hereby irrevocably, fully and unconditionally guarantees
the full and punctual payment (whether at maturity, upon redemption, or
otherwise) of the Principal of (and premium, if any) and interest on, and all
other amounts payable under the Notes, and the full and punctual payment of all
other amounts payable by the Issuer to the Holders of the Notes under the
Indenture.  Upon the failure by the
Issuer to pay punctually any such amount, the Guarantor shall forthwith on
demand pay the amount not so paid at the place and in the manner specified in
the Indenture.

 

Section 1.02.  Guarantee Unconditional.  The obligations of the 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 the Notes, by operation of law or otherwise;

 

(b)           any modification or amendment of or
supplement to the Indenture or the Notes;

 

(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 the Notes;

 

(d)           the existence of any claim, set-off
or other rights which the Guarantor may have at any time against the Issuer,
the Trustee or any other Person, whether in connection with the Indenture or an
unrelated transaction, 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 the Notes, or any provision of applicable law or regulation purporting
to prohibit the payment by the Issuer of the Principal of or interest on the
Notes 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 the Guarantor’s
obligations hereunder.

 

Section 1.03.  Subordination.  The obligations of the Guarantor
hereunder are, to the extent and in the manner set forth in Article 2,
subordinated and subject

 

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in right of
payment to the prior payment in full of the principal of (and premium, if any)
and interest on all Senior Indebtedness of the Guarantor and is made subject to
such provisions of this Supplemental Indenture.

 

Section 1.04.  Discharge; Reinstatement.  The Guarantor’s obligations
hereunder will remain in full force and effect until the Principal of (and
premium, if any) and interest on the Notes and all other amounts payable by the
Issuer with respect to the Notes under the Indenture have been paid in
full.  If at any time any payment of the
Principal of (and premium, if any) or interest on the Notes or any other amount
payable by the Issuer with respect to the Notes under the Indenture is
rescinded or must be otherwise restored or returned upon the insolvency,
bankruptcy or reorganization of the Issuer or otherwise, the Guarantor’s
obligations hereunder with respect to such payment will be reinstated as though
such payment had been due but not made at such time.

 

Section 1.05.  Waiver by the Guarantor.  The 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 Issuer or any other Person.

 

Section 1.06.  Stay of Acceleration.  If acceleration of the time for
payment of any amount payable by the Issuer under the Indenture or the Notes 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 Guarantor hereunder forthwith on demand by the
Trustee or the Holders of the Notes.

 

Section 1.07.  Release of Guarantor.  The Guarantor’s obligation under
the guarantee will terminate upon:

 

(a)           a sale or other disposition
(including by way of consolidation or merger) of the Issuer or the sale or
disposition of all or substantially all the assets of the Issuer (in each case
other than to the Guarantor or a Person who, prior to such sale or other
disposition, is an affiliate of the Guarantor); or

 

(b)           defeasance or discharge of the Notes,
as provided in Article 9 of the Indenture.

 

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 Guarantor from its
obligations under the guarantee.

 

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ARTICLE 2

SUBORDINATION OF GUARANTEE

 

Section 2.01.  Agreement of Subordination.  The Guarantor covenants and
agrees, and each Holder of the Notes by his acceptance thereof likewise
covenants and agrees, that the Notes shall be issued subject to the provisions
of this Article 2; and each Holder of the Notes, whether upon original
issue or upon transfer or assignment thereof, accepts and agrees to be bound by
such provisions.

 

The obligations of the Guarantor to make any payment of the Principal
of (and premium, if any) and interest on the Notes pursuant to Article 1
of this Supplemental Indenture shall, to the extent and in the manner hereinafter
set forth, be subordinated and subject in the right of payment to the prior
payment in full of all Senior Indebtedness of the Guarantor, whether
outstanding at the date of this Supplemental Indenture or thereafter incurred.

 

No provision of this Article 2 shall prevent the occurrence of any
default or Event of Default hereunder.

 

Section 2.02.  Payments to Holders of the Notes.  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 Guarantor continuing
beyond the period of grace, if any, specified in the instrument or lease
evidencing such Senior Indebtedness, 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 Guarantor pursuant to Article 1 of this Supplemental Indenture
with respect to the Principal of, or premium, if any, or interest on the Notes,
except sinking fund payments, if any, made by the acquisition of the Notes
under Section 11.05 of the Indenture prior to the happening of such
default and payments made pursuant to Article 9 of the Indenture from
monies deposited with the Trustee pursuant thereto prior to the happening of
such default.

 

Upon any payment by the Guarantor, or distribution of assets of the
Guarantor 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 Guarantor, 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 Guarantor 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 Principal (and premium, if any) or interest on the
Notes (except payments made pursuant to Article 9 of the Indenture from
the monies deposited with the Trustee pursuant thereto prior to the happening
of such dissolution, winding-up, liquidation or reorganization); and upon any
such dissolution, winding-up or liquidation or reorganization any payment by
the Guarantor, or distribution of assets of the Guarantor of any kind or
character, whether in cash, property or securities, to which the Holders of the
Notes or the Trustee would be entitled pursuant to Article 1 of this
Supplemental Indenture, except for the

 

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provisions of this Article 2, shall
(except as aforesaid) be paid by the Guarantor or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Holders of the Notes or by the Trustee under the
Indenture if received by them or it, directly to the holders of Senior
Indebtedness of the Guarantor (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness of the Guarantor held by such
holders, as calculated by the Guarantor) 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 Guarantor may
have been issued, as their respective interest may appear, to the extent
necessary to pay all Senior Indebtedness of the Guarantor in full, in money or
money’s worth, after giving effect to any concurrent payment or distribution to
or for the holders of Senior Indebtedness of the Guarantor, before any payment
or distribution is made to the Holders of the Notes or to the Trustee.

 

In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Guarantor 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 Notes before all Senior Indebtedness of the
Guarantor 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 Guarantor 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 Guarantor may have been issued, as
their respective interest may appear, as calculated by the Guarantor, for
application to the payment of all Senior Indebtedness of the Guarantor
remaining unpaid to the extent necessary to pay all Senior Indebtedness of the
Guarantor 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 2, the words “cash, property or
securities” shall not be deemed to include shares of stock of the Guarantor as
reorganized or readjusted, or securities of the Guarantor 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 2
with respect to the Notes to the payment of all Senior Indebtedness of the
Guarantor which may at the time be outstanding; provided that (i) the
Senior Indebtedness of the Guarantor is assumed by 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 Guarantor (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 Guarantor with, or
the merger of the Guarantor into, another corporation or the liquidation or
dissolution of the Guarantor 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 of the Indenture
shall not be deemed a dissolution, winding-up,

 

5

 

liquidation or reorganization for the
purposes of this Section 2.02 if such other corporation shall, as part of
such consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article 8 of the Indenture.

 

Section 2.03.  Subrogation of Notes.  Subject to the payment in full of
all Senior Indebtedness of the Guarantor, the rights of the Holders of the
Notes shall be subrogated to the rights of the holders of Senior Indebtedness
of the Guarantor to receive payments or distributions of cash, property or
securities of the Guarantor applicable to the Senior Indebtedness of the
Guarantor until the Principal of (and premium, if any) and interest on the
Notes 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
Guarantor of any cash, property or securities to which the Holders of the Notes
or the Trustee would be entitled except for the provisions of this Article 2,
and no payment pursuant to the provisions of this Article 2, to or for the
benefit of the holders of Senior Indebtedness of the Guarantor, by Holders of
the Notes or the Trustee, shall, as between the Guarantor, its creditors other
than holders of Senior Indebtedness of the Guarantor, and the Holders of the
Notes, be deemed to be a payment by the Guarantor to or on account of the
Senior Indebtedness of the Guarantor.  It
is understood that the provisions of this Article 2 are and are intended
solely for the purpose of defining the relative rights of the Holders of the
Notes, on the one hand, and the holders of the Senior Indebtedness of the
Guarantor, on the other hand.

 

Nothing contained in this Article 2 or elsewhere in this
Supplemental Indenture, in the Indenture or in the Notes is intended to or
shall impair, as between the Guarantor, its creditors other than the holders of
Senior Indebtedness of the Guarantor, and the Holders of the Notes, the
obligation of the Guarantor, which is absolute and unconditional, to pay to the
Holders of the Notes the Principal of (and premium, if any) and interest on the
Notes in accordance with the terms of Article 1 of this Supplemental
Indenture, or is intended to or shall affect the relative rights of the Holders
of the Notes and creditors of the Guarantor other than the holders of the
Senior Indebtedness of the Guarantor, nor shall anything herein or therein
prevent the Trustee or a Holder of the Notes from exercising all remedies
otherwise permitted by applicable law upon default under this Supplemental
Indenture or the Indenture, subject to the rights, if any, under this Article 2
of the holders of Senior Indebtedness of the Guarantor, in respect of cash,
property or securities of the Guarantor received upon the exercise of any such
remedy.

 

Upon any payment or distribution of assets of the Guarantor referred to
in this Article 2, the Trustee, subject to the provisions of Section 5.01
of the Indenture, and the Holders of the Notes 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 the Holders of

 

6

 

the Notes, for the purpose of ascertaining
the Persons entitled to participate in such distribution, the holders of the
Senior Indebtedness of the Guarantor and other indebtedness of the Guarantor,
the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 2.

 

Section 2.04.  Authorization by Holders of the Notes.  Each Holder of the Notes by his
acceptance thereof authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
provided in this Article 2 and appoints the Trustee his attorney-in-fact
for any and all such purposes.

 

Section 2.05.  Notice to Trustee.  The Guarantor shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the
Guarantor which would prohibit the making of any payment of monies to or by the
Trustee in respect of the Notes pursuant to the provisions of this Article 2.
Notwithstanding the provisions of this Article 2 or any other provision of
this Supplemental Indenture or the 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 Notes pursuant to
the provisions of this Article 2, 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 Guarantor or a holder or holders of the
Senior Indebtedness of the Guarantor or from any trustee therefor; and before
the receipt of any such written notice, the Trustee, subject to the provisions
of Section 5.01 of the Indenture, 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 the Notes) the
Trustee shall not have received, with respect to such monies, the notice
provided for in this Section 2.05, 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.

 

Notwithstanding anything to the contrary hereinbefore set forth,
nothing shall prevent any payment by the Guarantor or the Trustee to the
Holders of the Notes of monies in connection with a redemption of the Notes if (i) notice
of such redemption has been given pursuant to Article 11 or Section 9.01
of the Indenture 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 shall be entitled to conclusively rely on the delivery to
it of a written notice by a Person representing himself to be a holder of
Senior Indebtedness of the Guarantor (or a trustee on behalf of such holder) to
establish that such notice has been given by a holder of Senior Indebtedness of
the Guarantor 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

 

7

 

Guarantor to participate in any payment or
distribution pursuant to this Article 2, 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 Guarantor 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 2, 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 payment.

 

Section 2.06.  Trustee’s Relation to Senior
Indebtedness of the Guarantor.  The
Trustee in its individual capacity shall be entitled to all the rights set
forth in this Article 2 in respect of any Senior Indebtedness of the
Guarantor at any time held by it, to the same extent as any other holder of
Senior Indebtedness of the Guarantor and nothing elsewhere in this Supplemental
Indenture or in the Indenture shall deprive the Trustee of any of its rights as
such holder.

 

With respect to the holders of Senior Indebtedness of the Guarantor,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article 2, and no
implied covenants or obligations with respect to the holders of Senior
Indebtedness of the Guarantor shall be read into this Supplemental Indenture or
the Indenture against the Trustee.  The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness of the Guarantor and the Trustee shall not be liable to any holder
of Senior Indebtedness of the Guarantor if it shall pay over or deliver to the
Holders of the Notes, the Guarantor or any other Person money or assets to
which any holder of Senior Indebtedness of the Guarantor shall be entitled by
virtue of this Article 2 or otherwise.

 

Section 2.07.  No Impairment of Subordination.  No right of any present or future
holder of any Senior Indebtedness of the Guarantor 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 Guarantor or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the
Guarantor with the terms, provisions and covenants of this Supplemental
Indenture, regardless of any knowledge thereof which any such holder may have
or otherwise be charged with.

 

Section 2.08.  Definition of Senior Indebtedness of the Guarantor.  For purposes of this
Supplemental Indenture, “Senior Indebtedness of the Guarantor” 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:

 

8

 

(a) all indebtedness of the Guarantor 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 the Guarantor evidenced by notes, debentures, bonds or other securities sold by the Guarantor for money;
 
(c) all lease obligations of the Guarantor which are capitalized on the books of the Guarantor in accordance with generally accepted accounting principles;
 
(d) all indebtedness of others of the kinds described in either of the preceding clause (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 the Guarantor or in effect guaranteed by the Guarantor 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 clause (c) or (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 Holders of the Notes pursuant to Article 1 of this
Supplemental Indenture.

 

ARTICLE 3

AMENDMENTS TO CERTAIN PROVISIONS OF THE INDENTURE

 

Section 3.01  Amendments to Certain Provisions of the
Indenture.  The following
definition in Section 1.01 is replaced as set forth below:

 

“Corporate Trust Office” means
the office of the Trustee at which the corporate trust business of the Trustee
shall, at any time, be principally administered, which office is, at the date
as of which this Supplemental Indenture is dated, located at 60 Wall Street, 27th
Floor, New York, New York, 10005, Attention: Trust and Securities Services.

 

9

 

ARTICLE 4

MISCELLANEOUS PROVISIONS

 

Section 4.01.  Effect of Supplemental Indenture.  Upon the execution of this
Supplemental Indenture, the Indenture shall be and be deemed to be modified and
amended in accordance herewith and the respective rights, limitations of
rights, obligations, duties and immunities under the Indenture of the Trustee,
the Issuer and the Holders of the Notes affected thereby shall hereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of this
Supplemental Indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

 

Section 4.02.  Indenture Remains in Full Force and Effect.  Except as amended and supplemented
hereby, all provisions in the Indenture shall remain in full force and effect
and are in all respects ratified and confirmed.

 

Section 4.03.  Indenture and Supplemental Indenture
Construed Together.  This
Supplemental Indenture is an indenture supplemental to and in implementation of
the Indenture, and the Indenture and this Supplemental Indenture shall
henceforth be read and construed together.

 

Section 4.04.  Incorporators, Stockholders, Officers and
Directors of Guarantor Exempt from Individual Liability.  No recourse under or upon any obligation,
covenant or agreement contained in this Supplemental Indenture or the
Indenture, or in the Notes, 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 Guarantor or
of any successor, either directly or through the Guarantor or any successor,
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 Notes by the Holders thereof and as part of the consideration
for the issue of the Notes.

 

Section 4.05.  Notices and Demands on Guarantor.  Any notice or demand which by any provision of
this Supplemental Indenture or the Indenture is required or permitted to be
given or served by the Trustee or by the Holders of the Notes to or on the
Guarantor 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 Guarantor is filed by the Guarantor with the
Trustee) to Comcast Corporation at 1500 Market Street, Philadelphia,
Pennsylvania 19102-2148, attention: General Counsel. Any notice, direction,
request or demand by the Guarantor 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.

 

10

 

Section 4.06.  Officers’ Certificates and Opinions of
Counsel; Statements to Be Contained Therein. 
Upon any application or demand by the Guarantor to the
Trustee to take any action under any of the provisions of this Supplemental
Indenture or the Indenture, the Guarantor shall furnish to the Trustee an
Officers’ Certificate stating that all conditions precedent provided for in
this Supplemental Indenture or the 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
Supplemental Indenture or the Indenture relating to such particular application
or demand, no additional certificate or opinion need be furnished.

 

Each certificate or opinion provided for in
this Supplemental Indenture or the Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this
Supplemental Indenture or the 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 Guarantor 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 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 Guarantor, upon the certificate, statement or
opinion of or representations by an officer of officers of the Guarantor,
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 Guarantor 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 Guarantor, 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

 

11

 

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 4.07.  Provisions of Supplemental Indenture and
Indenture for the Sole Benefit of Parties and Holders of the Notes.  Nothing in the Indenture, this
Supplemental Indenture or in the Notes, express or implied, shall give or be
construed to give to any person, firm or corporation, other than the parties
thereto and hereto and their successors thereunder and hereunder and the
Holders of the Notes, any legal or equitable right, remedy or claim under the
Indenture, this Supplemental Indenture or under any covenant or provision
therein and herein contained, all such covenants and provisions being for the
sole benefit of the parties thereto and hereto and their successors thereunder
and hereunder and of the Holders of the Notes.

 

Section 4.08.  Successors and Assigns of Issuer and
Guarantor Bound by Supplemental Indenture. 
All the covenants, stipulations, promises and agreements in
this Supplemental Indenture contained by or in behalf of the Issuer or the
Guarantor shall bind its successors and assigns, whether so expressed or not.

 

Section 4.09.  Conflict of Any Provision of Supplemental
Indenture with Trust Indenture Act of 1939. 
If and to the extent that any provision of this Supplemental
Indenture limits, qualifies or conflicts with another provision included in
this Supplemental Indenture or the Indenture by operation of Sections 310
to 317, inclusive, of the Trust Indenture Act of 1939, as amended (an “incorporated provision”), such incorporated provision shall
control.

 

Section 4.10.  Separability Clause.  In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

Section 4.11.  New York Law to
Govern.  This Supplemental
Indenture 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, except as may otherwise be required by mandatory provisions of law.

 

Section 4.12.  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.

 

Section 4.13.  Terms Defined in the Indenture.  All capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Indenture.

 

12

 

Section 4.14.  Effect of Headings.  The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

 

13

 

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

 

	
   

  	
  COMCAST
  HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  E. Dordelman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  William E.
  Dordelman

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President Finance and

  
	
   

  	
   

  	
   

  	
  Assistant
  Treasurer

  
						

 

 

	
  Attest:

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Arthur
  R. Block

  	
   

  
	
   

  	
  Name:

  	
  Arthur R.
  Block

  
	
   

  	
  Title:

  	
  Senior Vice
  President, General

  
	
   

  	
   

  	
  Counsel and
  Secretary

  
					

 

 

	
   

  	
  COMCAST
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  E. Dordelman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  William E.
  Dordelman

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President Finance and

  
	
   

  	
   

  	
   

  	
  Assistant
  Treasurer

  
						

 

 

	
  Attest:

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Arthur
  R. Block

  	
   

  
	
   

  	
  Name:

  	
  Arthur R.
  Block

  
	
   

  	
  Title:

  	
  Senior Vice
  President, General

  
	
   

  	
   

  	
  Counsel and
  Secretary

  
					

 

 

	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY

  
	
   

  	
  AMERICAS, as
  Trustee,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Irina
  Golovashchuk

  	
   

  
	
   

  	
   

  	
  Name:  Irina Golovashchuk

  	
   

  
	
   

  	
   

  	
  Title:  AssociateExhibit 4.2

 

COMCAST HOLDINGS CORPORATION,

 

Company

 

and

 

COMCAST CORPORATION,

 

Guarantor

 

and

 

THE BANK OF NEW YORK,

 

Trustee

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of September 12, 2005

 

to

 

Indenture dated as of October 17, 1991

 

 

THIS FIRST SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”) is made as of September 12, 2005
among Comcast Holdings Corporation (formerly known as Comcast Corporation), a
Pennsylvania corporation (the “Company”),
Comcast Corporation, a Pennsylvania corporation and the parent of the Company
(the “Guarantor”), and The Bank of
New York, a New York banking corporation, as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company executed and delivered an Indenture providing for
the issuance from time to time of its debentures, notes or other evidences of
indebtedness to be issued in one or more series (the “Debentures”), dated as of October 17,
1991 between the Company and the Trustee’s predecessor, Morgan Guaranty Trust
Company of New York (the “Indenture”);

 

WHEREAS, the Company issued $300,000,000 aggregate principal amount of
10 5/8% Senior Subordinated Debentures due 2012 (the “Notes”) pursuant to the terms of the
Indenture;

 

WHEREAS, the Company and the Guarantor desire by this Supplemental
Indenture to add the Guarantor as a party to the Indenture and to provide for
the full and unconditional guarantee by the Guarantor of the due and punctual
payment of the Principal of (and premium, if any) and interest on, all of the
Debentures, including the Notes, Outstanding, when and as the same shall become
due and payable, whether at the stated maturity, by acceleration, or call for
redemption, or otherwise, all according to the terms thereof and the terms of
the Indenture;

 

WHEREAS, Section 12.1 of the Indenture provides that the Indenture
may be amended, subject to certain exceptions specified in such Section 12.1,
without the consent of the holders of the Outstanding Debentures; and

 

WHEREAS, all other conditions and requirements necessary to make this
Supplemental Indenture a valid and binding instrument in accordance with its
terms and the terms of the Indenture have been satisfied.

 

NOW, THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained herein, the Company, the Guarantor and the Trustee
hereby covenant and agree, for the equal and proportionate benefit of all
holders from time to time of the Debentures, as follows:

 

ARTICLE 1

GUARANTEE

 

Section 1.01.  The
guarantee.  Subject to the
provisions of this Article, the Guarantor hereby irrevocably, fully and
unconditionally guarantees the full and

 

 

punctual payment (whether at maturity, upon
redemption, or otherwise) of the Principal of (and premium, if any) and
interest on, and all other amounts payable under, each Debenture, and the full
and punctual payment of all other amounts payable by the Company under the
Indenture.  Upon the failure by the
Company to pay punctually any such amount, the Guarantor shall forthwith on
demand pay the amount not so paid at the place and in the manner specified in
the Indenture.

 

Section 1.02.  Guarantee
unconditional.  The
obligations of the 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 Company under
the Indenture or any Debenture, by operation of law or otherwise;

 

(b)           any modification or amendment of or
supplement to the Indenture or any Debenture;

 

(c)           any change in the corporate
existence, structure or ownership of the Company, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting the Company or
its assets or any resulting release or discharge of any obligation of the
Company contained in the Indenture or any Debenture;

 

(d)           the existence of any claim, set-off
or other rights which the Guarantor may have at any time against the Company,
the Trustee or any other Person, whether in connection with the Indenture or an
unrelated transaction, 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 Company for any reason of the
Indenture or any Debenture, or any provision of applicable law or regulation
purporting to prohibit the payment by the Company of the Principal of or
interest on any Debenture or any other amount payable by the Company under the
Indenture; or

 

(f)            any other act or omission to act or
delay of any kind by the Company, 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 the Guarantor’s
obligations hereunder.

 

Section 1.03. 
Subordination.  The
obligations of the Guarantor hereunder are, to the extent and in the manner set
forth in Article 2, subordinated and subject in right of payment to the
prior payment in full of the principal of (and premium, if any) and interest on
all Senior Indebtedness of the Guarantor and is made subject to such provisions
of this Supplemental Indenture.

 

2

 

Section 1.04.  Discharge;
reinstatement.  The Guarantor’s
obligations hereunder will remain in full force and effect until the Principal
of (and premium, if any) and interest on the Debentures of each series and all
other amounts payable by the Company under the Indenture have been paid in
full.  If at any time any payment of the
Principal of (and premium, if any) or interest on any Debenture or any other
amount payable by the Company with respect to any Debenture under the Indenture
is rescinded or must be otherwise restored or returned upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the Guarantor’s
obligations hereunder with respect to such payment will be reinstated as though
such payment had been due but not made at such time.

 

Section 1.05.  Waiver by
the Guarantor.  The 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 1.06.  Stay of
acceleration.  If acceleration
of the time for payment of any amount payable by the Company under the
Indenture or the Debentures is stayed upon the insolvency, bankruptcy or
reorganization of the Company, all such amounts otherwise subject to acceleration
under the terms of the Indenture are nonetheless payable by the Guarantor
hereunder forthwith on demand by the Trustee or the holders of Debentures.

 

Section 1.07.  Release of
Guarantor.  The Guarantor’s
obligation under the guarantee will terminate upon:

 

(a)           a sale or other disposition
(including by way of consolidation or merger) of the Company or the sale or
disposition of all or substantially all the assets of the Company (in each case
other than to the Guarantor or a Person who, prior to such sale or other
disposition, is an Affiliate of the Guarantor); or

 

(b)           defeasance, satisfaction or discharge
of the Debentures, as provided in Article VI of the Indenture.

 

Upon delivery
by the Company 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 Guarantor from its
obligations under the guarantee.

 

ARTICLE 2

SUBORDINATION OF GUARANTEE

 

Section 2.01.  Agreement of
subordination.  The Guarantor
covenants and agrees, and each holder of the Debentures by his acceptance
thereof likewise covenants and agrees, that the Debentures shall be issued
subject to the provisions of this Article 2; and each holder of the Debentures,
whether upon original issue

 

3

 

or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions.

 

The obligations of the Guarantor to make any payment of the Principal
of (and premium, if any) and interest on the Debentures pursuant to Article 1
of this Supplemental Indenture shall, to the extent and in the manner
hereinafter set forth, be subordinated and subject in the right of payment to
the prior payment in full of all Senior Indebtedness of the Guarantor, whether
outstanding at the date of this Supplemental Indenture or thereafter incurred.

 

No provision
of this Article 2 shall prevent the occurrence of any default or Event of
Default hereunder.

 

Section 2.02.  Payments to
holders of the Debentures.  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 Guarantor continuing
beyond the period of grace, if any, specified in the instrument or lease
evidencing such Senior Indebtedness, 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 Guarantor pursuant to Article 1 of this Supplemental Indenture
with respect to the Principal of, or premium, if any, or interest on the
Debentures, except sinking fund payments, if any, made by the acquisition of
the Debentures under Section 5.5 of the Indenture prior to the happening
of such default and payments made pursuant to Article VI of the Indenture
from monies deposited with the Trustee pursuant thereto prior to the happening
of such default.

 

Upon any
payment by the Guarantor, or distribution of assets of the Guarantor 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
Guarantor, 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 Guarantor 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 Principal (and premium, if any) or interest on the
Debentures (except payments made pursuant to Article VI of the Indenture
from the monies deposited with the Trustee pursuant thereto prior to the
happening of such dissolution, winding-up, liquidation or reorganization); and
upon any such dissolution, winding-up or liquidation or reorganization any
payment by the Guarantor, or distribution of assets of the Guarantor of any
kind or character, whether in cash, property or securities, to which the
holders of the Debentures or the Trustee would be entitled pursuant to Article 1
of this Supplemental Indenture, except for the provisions of this Article 2,
shall (except as aforesaid) be paid by the Guarantor or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the holders of the Debentures or by the Trustee
under the Indenture if received by them or it, directly to the holders of
Senior Indebtedness of the Guarantor (pro rata to such holders on the basis of
the respective amounts of Senior Indebtedness

 

4

 

of the Guarantor held by such holders, as
calculated by the Guarantor) 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 Guarantor may have been issued, as
their respective interest may appear, to the extent necessary to pay all Senior
Indebtedness of the Guarantor in full, in money or money’s worth, after giving
effect to any concurrent payment or distribution to or for the holders of
Senior Indebtedness of the Guarantor, before any payment or distribution is
made to the holders of the Debentures or to the Trustee.

 

In the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Guarantor 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 Debentures before all Senior Indebtedness of the Guarantor
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 Guarantor 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 Guarantor may have been issued, as
their respective interest may appear, as calculated by the Guarantor, for
application to the payment of all Senior Indebtedness of the Guarantor
remaining unpaid to the extent necessary to pay all Senior Indebtedness of the
Guarantor 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 2, the words “cash, property or securities” shall not be
deemed to include shares of stock of the Guarantor as reorganized or
readjusted, or securities of the Guarantor 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 2 with
respect to the Debentures to the payment of all Senior Indebtedness of the
Guarantor which may at the time be outstanding; provided that (i) the
Senior Indebtedness of the Guarantor is assumed by 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 Guarantor (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 Guarantor with, or
the merger of the Guarantor into, another corporation or the liquidation or
dissolution of the Guarantor 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 X of the
Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 2.02 if such other
corporation shall, as part of such consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article X of the Indenture.

 

Section 2.03.  Subrogation of Debentures.  Subject to the payment in full of
all Senior Indebtedness of the Guarantor, the rights of the holders of the

 

5

 

Debentures shall be subrogated to the rights
of the holders of Senior Indebtedness of the Guarantor to receive payments or
distributions of cash, property or securities of the Guarantor applicable to
the Senior Indebtedness of the Guarantor until the Principal of (and premium,
if any) and interest on the Debentures 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 Guarantor of any cash, property or securities to
which the holders of the Debentures or the Trustee would be entitled except for
the provisions of this Article 2, and no payment pursuant to the
provisions of this Article 2, to or for the benefit of the holders of
Senior Indebtedness of the Guarantor, by holders of the Debentures or the
Trustee, shall, as between the Guarantor, its creditors other than holders of
Senior Indebtedness of the Guarantor, and the holders of the Debentures, be
deemed to be a payment by the Guarantor to or on account of the Senior Indebtedness
of the Guarantor.  It is understood that
the provisions of this Article 2 are and are intended solely for the
purpose of defining the relative rights of the holders of the Debentures, on
the one hand, and the holders of the Senior Indebtedness of the Guarantor, on
the other hand.

 

Nothing contained in this Article 2 or elsewhere in this
Supplemental Indenture, in the Indenture or in the Debentures is intended to or
shall impair, as between the Guarantor, its creditors other than the holders of
Senior Indebtedness of the Guarantor, and the holders of the Debentures, the
obligation of the Guarantor, which is absolute and unconditional, to pay to the
holders of the Debentures the Principal of (and premium, if any) and interest
on the Debentures in accordance with the terms of Article 1 of this
Supplemental Indenture, or is intended to or shall affect the relative rights
of the holders of the Debentures and creditors of the Guarantor other than the
holders of the Senior Indebtedness of the Guarantor, nor shall anything herein
or therein prevent the Trustee or a holder of the Debentures from exercising
all remedies otherwise permitted by applicable law upon default under this
Supplemental Indenture or the Indenture, subject to the rights, if any, under
this Article 2 of the holders of Senior Indebtedness of the Guarantor, in
respect of cash, property or securities of the Guarantor received upon the
exercise of any such remedy.

 

Upon any payment or distribution of assets of the Guarantor referred to
in this Article 2, the Trustee, subject to the provisions of Section 11.1
of the Indenture, and the holders of the Debentures 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 the holders of the Debentures, for the purpose of
ascertaining the Persons entitled to participate in such distribution, the
holders of the Senior Indebtedness of the Guarantor and other indebtedness of
the Guarantor, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this Article 2.

 

6

 

Section 2.04.  Authorization by holders of the
Debentures.  Each holder of
the Debentures by his acceptance thereof authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to effectuate
the subordination provided in this Article 2 and appoints the Trustee his
attorney-in-fact for any and all such purposes.

 

Section 2.05.  Notice to Trustee.  The Guarantor shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the
Guarantor which would prohibit the making of any payment of monies to or by the
Trustee in respect of the Debentures pursuant to the provisions of this Article 2.  Notwithstanding the provisions of this Article 2
or any other provision of this Supplemental Indenture or the 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 Debentures pursuant to the provisions of this Article 2,
unless and until a Responsible Officer of the Trustee shall have received
written notice thereof from the Guarantor or a holder or holders of the Senior
Indebtedness of the Guarantor or from any trustee therefor; and before the
receipt of any such written notice, the Trustee, subject to the provisions of Section 11.1
of the Indenture, 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 the Debentures) the Trustee shall not have
received, with respect to such monies, the notice provided for in this Section 2.05,
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.

 

Notwithstanding anything to the contrary hereinbefore set forth,
nothing shall prevent any payment by the Guarantor or the Trustee to the
holders of the Debentures of monies in connection with a redemption of the
Debentures if (i) notice of such redemption has been given pursuant to Article V
of the Indenture 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 shall be entitled to rely conclusively on the delivery to
it of a written notice by a Person representing himself to be a holder of
Senior Indebtedness of the Guarantor (or a trustee on behalf of such holder) to
establish that such notice has been given by a holder of Senior Indebtedness of
the Guarantor 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 Guarantor to participate in
any payment or distribution pursuant to this Article 2, 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 Guarantor held by such

 

7

 

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 2, 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
payment.

 

Section 2.06.  Trustee’s
relation to Senior Indebtedness of the Guarantor.  The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article 2
in respect of any Senior Indebtedness of the Guarantor at any time held by it,
to the same extent as any other holder of Senior Indebtedness of the Guarantor
and nothing elsewhere in this Supplemental Indenture or in the Indenture shall
deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Indebtedness of the Guarantor,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article 2, and no
implied covenants or obligations with respect to the holders of Senior
Indebtedness of the Guarantor shall be read into this Supplemental Indenture or
the Indenture against the Trustee.  The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness of the Guarantor and the Trustee shall not be liable to any holder
of Senior Indebtedness of the Guarantor if it shall pay over or deliver to the
holders of the Debentures, the Guarantor or any other Person money or assets to
which any holder of Senior Indebtedness of the Guarantor shall be entitled by
virtue of this Article 2 or otherwise.

 

Section 2.07.  No impairment of subordination.  No right of any present or future
holder of any Senior Indebtedness of the Guarantor 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 Guarantor or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the
Guarantor with the terms, provisions and covenants of this Supplemental
Indenture, regardless of any knowledge thereof which any such holder may have
or otherwise be charged with.

 

Section 2.08.  Definition of Senior Indebtedness of the
Guarantor.  For
the purposes of this Supplemental Indenture, “Senior Indebtedness of the
Guarantor” 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 the Guarantor 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);

 

8

 

(b)           all indebtedness of the Guarantor
evidenced by notes, debentures, bonds or other securities sold by the Guarantor
for money;

 

(c)           all lease obligations of the
Guarantor which are capitalized on the books of the Guarantor in accordance
with generally accepted accounting principles;

 

(d)           all indebtedness of others of the
kinds described in either of the preceding clause (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 the Guarantor or in effect guaranteed by the
Guarantor 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 clause (c) or
(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
holders of the Debentures pursuant to Article 1 of this Supplemental
Indenture.

 

ARTICLE 3

MISCELLANEOUS PROVISIONS

 

Section 3.01.  Effect of Supplemental Indenture.  Upon the execution of this
Supplemental Indenture, the Indenture shall be and be deemed to be modified and
amended in accordance herewith and the respective rights, limitations of
rights, obligations, duties and immunities under the Indenture of the Trustee,
the Company and the holders of Debentures shall hereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of this Supplemental Indenture
shall be and be deemed to be part of the terms and conditions of the Indenture
for any and all purposes.

 

Section 3.02.  Indenture remains in full force and
effect.  Except as amended and
supplemented hereby, all provisions in the Indenture shall remain in full force
and effect and are in all respects ratified and confirmed.

 

Section 3.03.  Indenture and Supplemental Indenture
construed together.  This
Supplemental Indenture is an indenture supplemental to and in implementation of
the Indenture, and the Indenture and this Supplemental Indenture shall
henceforth be read and construed together.

 

9

 

Section 3.04.  Remaining provisions not affected by
invalidity of any other provisions – required provisions of Trust Indenture Act
of 1939 to control.  In case
one or more of the provisions contained in this 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 this Supplemental Indenture or the Indenture, but this
Supplemental Indenture shall be construed as if such invalid, illegal or
unenforceable provisions had never been contained herewith.

 

If any provisions of this Supplemental Indenture limits, qualifies or
conflicts with any other provision of this Supplemental Indenture and the
Indenture which is required to be included in an indenture qualified under the
Trust Indenture Act of 1939, as amended, such provision which is so required to
be included shall control.

 

Section 3.05.  Guarantor released from Indenture
requirements if entitled to have Indenture cancelled.  Whenever by the terms of this
Supplemental Indenture or the Indenture the Guarantor shall be required to do
or not to do anything so long as any of the Debentures shall be Outstanding of
any series, the Guarantor shall, notwithstanding any such provision, not be
required to comply with such provision with respect to such series if the
Company shall be entitled to have the Indenture satisfied and discharged
pursuant to the provisions thereof, even though in either case the holders of
any of the Debentures of such series shall have failed to present and surrender
such Debentures for payment pursuant to the terms of the Indenture.

 

Section 3.06.  Date of execution.  Although this Supplemental
Indenture, for convenience and for the purpose of reference, is dated as of the
date first above written, the actual date of execution by the Company, by the
Guarantor and by the Trustee is as indicated by their respective
acknowledgements hereto annexed.

 

Section 3.07.  Execution of documents furnished under the
Supplemental Indenture and the Indenture. 
Unless otherwise expressly provided, any order, notice,
request, demand, certificate or statement of the Guarantor required or
permitted to be made or given under any provision hereof shall be sufficiently
executed if signed by its Chairman of the Board, President, any Vice Chairman
of the Board, or any Vice President, and by its Treasurer, any Assistant
Treasurer, Secretary or any Assistant Secretary.

 

Section 3.08.  Officers’ Certificates and Opinions of Counsel to be furnished
Trustee.  Upon any
application, demand or request by the Guarantor to the Trustee to take any
action under any of the provisions of this Supplemental Indenture or the
Indenture, the Guarantor shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent, if any, provided for in this
Supplemental Indenture and the Indenture relating to the proposed action have
been complied with, and an Opinion of Counsel stating that in the opinion of
such

 

10

 

counsel all such conditions precedent have
been complied with and that such action is in compliance with applicable law.

 

Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Supplemental Indenture or the 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 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 Guarantor
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 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 Guarantor, upon
the certificate, statement or opinion of or representations by an officer or
officers of the Guarantor, 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 Guarantor 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 Guarantor, 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 3.09.  Presentation of notices and demands.  Any notice to or demand upon the Guarantor
shall be deemed to have been sufficiently given or served by the Trustee or the
Debentureholders, for all purposes, by being mailed by first class mail
addressed to the Guarantor at 1500 Market Street, Philadelphia, Pennsylvania
19102-2148, attention: General Counsel, or at such other address or to such
other counsel, as may be filed in writing by the Guarantor with the Trustee.

 

11

 

Section 3.10.  Separability clause.  In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

Section 3.11.  Terms defined in the Indenture.  All capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the
Indenture.

 

Section 3.12.  Rights under Indenture limited to the parties
and holders of Debentures.  Except
as provided in Article III of the Indenture and Article 2 of this
Supplemental Indenture, nothing in the Indenture, this Supplemental Indenture
or the Debentures, express or implied, is intended or shall be construed to
confer upon, or to give to, any person or corporation, other than the parties
hereto, their successors and assigns, and the holders of the Debentures, any
right, remedy or claim under or by reason of the Indenture, this Supplemental
Indenture or any provisions thereof and hereof; and the provisions of the
Indenture and the Supplemental Indenture are for the exclusive benefit of the
parties hereto, their successors and assigns, and the holders of the
Debentures.

 

Section 3.13.  Successors and assigns bound by Supplemental
Indenture.  All the covenants,
promises and agreements in this Supplemental Indenture contained by or on
behalf of the Company, or by or on behalf of the Guarantor, or by or on behalf
of the Trustee, shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed or not.

 

Section 3.14.  Descriptive headings for convenience
only.  The descriptive
headings of the several Articles of this Supplemental Indenture are inserted
for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

 

Section 3.15. Pennsylvania law
to govern.  This Supplemental
Indenture shall be deemed to be a contract under the laws of the Commonwealth
of Pennsylvania, and for all purposes shall be construed in accordance with the
laws of said jurisdiction, except that the rights, obligations, duties,
immunities and limitations of rights of the Trustee shall be construed in
accordance with the laws of the State of New York.

 

Section 3.16.  Supplemental Indenture may be executed in
counterparts.  This
Supplemental Indenture may be simultaneously executed in any number of
counterparts, each of which when so executed and delivered shall be an
original; but such counterparts shall together constitute but one and the same
instrument.  The Bank of New York, as
Trustee, hereby accepts the trusts in this Supplemental Indenture declared and
provided upon the terms and conditions set forth in the Indenture and this
Supplemental Indenture.

 

12

 

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

 

	
   

  	
   

  	
  COMCAST
  HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William
  E. Dordelman

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  William E. Dordelman

  
	
   

  	
   

  	
   

  	
  Title: Vice
  President Finance and

  
	
   

  	
   

  	
   

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Arthur
  R. Block

  	
   

  	
   

  	
   

  
	
   

  	
  Name: Arthur
  R. Block

  	
   

  	
   

  
	
   

  	
  Title:
  Senior Vice President, General

  	
   

  	
   

  
	
   

  	
  Counsel and Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  COMCAST
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William
  E. Dordelman

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  William E. Dordelman

  
	
   

  	
   

  	
   

  	
  Title: Vice
  President Finance and

  
	
   

  	
   

  	
   

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Arthur
  R. Block

  	
   

  	
   

  	
   

  
	
   

  	
  Name: Arthur
  R. Block

  	
   

  	
   

  
	
   

  	
  Title:
  Senior Vice President, General

  	
   

  	
   

  
	
   

  	
  Counsel and Secretary

  	
   

  	
   

  
							

 

 

 

	
   

  	
   

  	
  THE BANK OF
  NEW YORK, as Trustee,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mary
  LaGumina

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Mary
  LaGumina

  
	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Patricia
  Gallagher

  	
   

  	
   

  	
   

  
	
   

  	
  Name:
  Patricia Gallagher

  	
   

  	
   

  
	
   

  	
  Title: Vice
  President

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