AMENDMENT AND CONFIRMATION OF BORROWER SECURITY
AND PLEDGE AGREEMENT
Amendment and Confirmation of Borrower Security and Pledge Agreement
(this "CONFIRMATION") dated as of October __15th___, 1998, by and between the
Estate of Xxx X. Xxxxxxx ("DEBTOR") and Bankers Trust Company ("BANK").
R E C I T A L S
A. Debtor executed and delivered to Bank a Borrower Security and Pledge
Agreement dated February 9, 1998 (the "Pledge Agreement") pursuant to which
Debtor granted a lien on and security interest in the Collateral (as defined
therein) to secure the Obligations (as defined therein). The Obligations
include those owed by Debtor to Bank under a Secured Promissory Note dated
February 9, 1998 (as it may be amended or extended from time to time, the
"Note").
B. Debtor has requested, among other things, that Bank increase the
maximum principal sum which may be borrowed under the Note from $80,000,000 to
$300,000,000, such increase to be evidenced by an Allonge, First Amendment to
Note of even date herewith (the "Allonge").
C. The Pledge Agreement provides that the Obligations include those due
under any amendment to the Note and that the Collateral includes, among other
things, "all cash, securities, shares, certificates, notes, instruments, rights,
receivables and all other property of Debtor now or hereafter in the possession,
custody or control of Bank" including those credited to account number 280335 at
Bank and those described on Schedule B to the Pledge Agreement. However, as a
condition to Bank's agreement to increase the principal amount of the Note and
to make certain other modifications as set forth in the Allonge, Bank desires
that Debtor, among other things, confirm and ratify the pledge to Bank of
certain securities being delivered to Bank on or about the date hereof and more
particularly described in Schedule A hereto and that Debtor also confirm that
the Pledge Agreement secures the Note as modified by the Allonge.
NOW, THEREFORE, in order to induce Bank to increase the principal sum
available under the Note, and to agree to the other modifications set forth in
the Allonge, Debtor agrees as follows:
1. GRANT. As security for the Obligations (including as increased
pursuant to the Allonge), Debtor hereby ratifies and confirms, and. hereby
restates, Debtor's assignment, pledge and grant to Bank of a continuing security
interest in and lien upon all right, title and interest of Debtor in and to the
Collateral which shall include, without limitation, the securities described on
SCHEDULE A hereto, all as set forth in the Pledge Agreement as amended hereby.
2. COLLATERAL MAINTENANCE. The Collateral Maintenance Requirements set
forth in Schedule C to the Pledge Agreement are hereby amended so that Debtor
shall be required to pledge additional collateral or repay Obligations if at any
time the Obligations as a percentage of market value of the Collateral are
greater than 60%. Accordingly, the figure "65%" appearing in the third line of
paragraph 1 of said SCHEDULE C is hereby deemed deleted and substituted therefor
is the figure "60%". In addition, for clarity sake, the word "Loan" appearing in
the 5th line of said paragraph is deemed deleted and substituted therefor is the
word "Obligations". Finally, for a release of Collateral to occur under
paragraph 2 of said SCHEDULE C, the Collateral Maintenance Requirement to be
satisfied thereunder is the requirement that the Obligations as a percentage of
market value of the Collateral shall be not greater than 50% after giving effect
to any such release.
3. CERTAIN TERMS. The reference to "$80,000,000" in the preface to the
Pledge Agreement is hereby deemed to be "$300,000,000"; the Obligations shall
include all obligations due to Bank under the Allonge; the Collateral shall
include, without limitation, the collateral described in SCHEDULE A hereto; and
the term Note shall mean the Note as modified by the Allonge and as it may be
further modified or extended.
4. REPRESENTATIONS AND WARRANTIES. All terms, provisions,
representations and warranties set forth in the Pledge Agreement are true and
correct as of the date hereof and shall apply to, and are true and correct with
respect to, the Collateral described on SCHEDULE A hereto including the
representations of Borrower set forth in clauses (e) and (f) of Paragraph 2 of
the Pledge Agreement.
5. NO DEFAULT OR OFFSET. Debtor represents and warrants to Bank that
there is currently no default or Event of Default (as defined in the Note) under
the Note or the Pledge Agreement. Debtor acknowledges and agrees that there are
no offsets, defenses, crossclaims or counterclaims to the Obligations, and to
the extent any such offset, defense, crossclaim or counterclaim exists, same are
hereby irrevocably waived.
6. RATIFICATION. Except as amended hereby, all of the terms and
provisions of the Pledge Agreement are hereby ratified and confirmed.
IN WITNESS WHEREOF, Pledgor and Bank have executed this Confirmation as
of the day and year first above written.
DEBTOR:
Estate of Xxx X. Xxxxxxx
BANKERS TRUST COMPANY
By: /s/ Xxx Xxxxxxx
By: ----------------------------------------
-------------------------- Xxx Xxxxxxx, as successor personal
Name: representative
Title:
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Xxxx Xxxxxxx, as successor personal
representative
STATE OF )
) ss.:
COUNTY OF )
On the _____ day of October, 1998, before me personally came XXX
XXXXXXX, to me known to be the individual who executed the foregoing instrument
and, who, being duly sworn by me did depose and say that he is the successor
personal representative of the Estate of Xxx X. Xxxxxxx and that he executed the
foregoing instrument in the name of the Estate of Xxx X. Xxxxxxx and that he had
the authority to sign the same, and acknowledge that he executed the same as the
act and deed of that Estate.
-----------------------------
Notary Public
Name:
STATE OF )
) ss.:
COUNTY OF )
On the _____ day of October, 1998, before me personally came XXXX
XXXXXXX, to me known to be the individual who executed the foregoing instrument
and, who, being duly sworn by me did depose and say that he is the successor
personal representative of the Estate of Xxx X. Xxxxxxx and that he executed the
foregoing instrument in the name of the Estate of Xxx X. Xxxxxxx and that he had
the authority to sign the same, and acknowledge that he executed the same as the
act and deed of that Estate.
-----------------------------
Notary Public
Name:
SCHEDULE A
AMENDMENT AND CONFIRMATION OF
BORROWER SECURITY AND PLEDGE AGREEMENT
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NAME OF SERIES CERTIFICATE NO. OF
NO. SHARES
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Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 154,200
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 500,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 250,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 250,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 250,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 250,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 100,000
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series X XXX Xxxxx Xxxxxx Xxxxx XX0000 17,145
-------------------------------------------------------------------------------------- --------------- --------------
Tele-Communications, Inc. Series B Liberty Media Group Common Stock LB0917 3,818,231
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Tele-Communications, Inc. Series B Liberty Media Group Common Stock LB0630 914,062
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