Exhibit 10.60
EXCHANGE AGREEMENT
DATED AS OF OCTOBER 19, 1997
BY AND AMONG
HSN, INC.,
(to be renamed
USA Networks, Inc.)
UNIVERSAL STUDIOS, INC.
(and certain of its subsidiaries)
AND
LIBERTY MEDIA CORPORATION
(and certain of its subsidiaries)
TABLE OF CONTENTS
Page
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ARTICLE 1 DEFINITIONS........................................... 1
SECTION 1.1 Defined Terms...................................... 1
SECTION 1.2 Additional Defined Terms........................... 6
ARTICLE 2 EXCHANGE OF SHARES; TRANSFER OF SHARES................ 7
SECTION 2.1 Right to Exchange the LLC Shares................... 7
SECTION 2.2 Disputes Concerning Occurrence of an Issuance
Event and Available HSN Amount.................... 10
SECTION 2.3 Mechanics of the Exchange......................... 10
SECTION 2.4 Sale Transaction.................................. 12
SECTION 2.5 Transfer Restrictions............................. 14
ARTICLE 3 EXCHANGE RATE ADJUSTMENTS............................ 15
SECTION 3.1 Exchange Rate Adjustments......................... 15
SECTION 3.2 Notice of Adjustment.............................. 19
SECTION 3.3 Notice of Certain Transactions.................... 19
SECTION 3.4 Exchange Rate Adjustments for Actions of the LLC.. 20
SECTION 3.5 Limitation on Adjustments to Exchange Rate........ 20
ARTICLE 4 GENERAL REPRESENTATIONS AND WARRANTIES OF HSN AND
EACH HOLDER.......................................... 20
SECTION 4.1 Representations and Warranties of HSN............. 20
SECTION 4.2 Repres