{"id":41031,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/form-of-commercial-paper-dealer-agreement-time-warner.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"form-of-commercial-paper-dealer-agreement-time-warner","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/form-of-commercial-paper-dealer-agreement-time-warner.html","title":{"rendered":"Form of Commercial Paper Dealer Agreement &#8211; Time Warner"},"content":{"rendered":"<p><strong>FORM OF<\/strong><strong>COMMERCIAL PAPER DEALER AGREEMENT <br \/>\n4(2) PROGRAM<\/strong><strong>among<\/strong><strong>Time Warner Inc., <br \/>\nas Issuer<\/strong><strong>Historic TW Inc., <br \/>\nas Note Guarantor<\/strong><strong>Home Box Office, Inc. and Turner Broadcasting<br \/>\nSystem, Inc., <br \/>\nas Supplemental<br \/>\nGuarantors<\/strong><strong>and<\/strong><strong>[<strong><\/strong>], <br \/>\nas Dealer<\/strong><\/p>\n<table style=\"font-size: 10pt\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"18%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"60%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"18%\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><strong>Concerning Notes to be issued pursuant to an Issuing<br \/>\nand Paying Agency Agreement dated as of February  16, 2011, among the Issuer, the<br \/>\nNote Guarantor and JPMorgan Chase Bank, National Association, as Issuing and<br \/>\nPaying Agent<\/strong><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Dated as of<\/strong><strong>February  16, 2011<\/strong><\/p>\n<p align=\"center\">\n<hr>\n<\/p>\n<p><strong>COMMERCIAL PAPER DEALER AGREEMENT <br \/>\n4(2) Program<\/strong><\/p>\n<p>          This agreement (&#8220;Agreement&#8221;) dated February  16, 2011, sets forth the<br \/>\nunderstandings among the Issuer, the Guarantors and the Dealer, each named on<br \/>\nthe cover page hereof, in connection with the issuance and sale by the Issuer of<br \/>\nits short-term promissory notes (the &#8220;Notes&#8221;) through the Dealer.           Historic<br \/>\nTW Inc. (the &#8220;Note Guarantor&#8221;) has agreed unconditionally and irrevocably to<br \/>\nguarantee payment in full of the principal and interest (if any) on all such<br \/>\nNotes of the Issuer, pursuant to a guarantee, dated as of February  16, 2011, in<br \/>\nthe form of Exhibit  C hereto (the &#8220;Note Guarantee&#8221;), and Home Box Office, Inc.<br \/>\nand Turner Broadcasting System, Inc. (the &#8220;Supplemental Guarantors&#8221;) have agreed<br \/>\nunconditionally and irrevocably to guarantee the Note Guarantor&#8217;s guarantee of<br \/>\nthe Notes pursuant to guarantees dated February  16, 2011 in the form of<br \/>\nExhibit  D hereto (the &#8220;Supplemental Guarantees&#8221;). The Note Guarantor and the<br \/>\nSupplemental Guarantors are collectively referred to herein as the &#8220;Guarantors,&#8221;<br \/>\nand the Note Guarantee and the Supplemental Guarantees are collectively referred<br \/>\nto herein as the &#8220;Guarantees&#8221;.           Certain terms used in this Agreement are<br \/>\ndefined in Section  6 hereof.           The Addendum to this Agreement, and any<br \/>\nAnnexes or Exhibits described in this Agreement or such Addendum, are hereby<br \/>\nincorporated into this Agreement and made fully a part hereof. Section  1.<br \/>\n<u>Offers, Sales and Resales of Notes<\/u>           1.1 While (i)  the Issuer has and<br \/>\nshall have no obligation to sell the Notes to the Dealer or to permit the Dealer<br \/>\nto arrange any sale of the Notes for the account of the Issuer, and (ii)  the<br \/>\nDealer has and shall have no obligation to purchase the Notes from the Issuer or<br \/>\nto arrange any sale of the Notes for the account of the Issuer, the parties<br \/>\nhereto agree that in any case where the Dealer purchases Notes from the Issuer,<br \/>\nor arranges for the sale of Notes by the Issuer, such Notes will be purchased or<br \/>\nsold by the Dealer in reliance on the representations, warranties, covenants and<br \/>\nagreements of the Issuer contained herein or made pursuant hereto and on the<br \/>\nterms and conditions and in the manner provided herein.           1.2 So long as this<br \/>\nAgreement shall remain in effect, and in addition to the limitations contained<br \/>\nin Section  1.7 hereof, the Issuer shall not, without the consent of the Dealer,<br \/>\noffer, solicit or accept offers to purchase, or sell, any Notes except (a)  in<br \/>\ntransactions with one or more dealers which may from time to time after the date<br \/>\nhereof become dealers with respect to the Notes by executing with the Issuer one<br \/>\nor more agreements which contain provisions substantially identical to Section  1<br \/>\nof this Agreement, of which the Issuer hereby undertakes to provide the Dealer<br \/>\nprompt notice or (b)  in transactions with the other dealers listed on the<br \/>\nAddendum hereto, which are executing agreements with the Issuer which contain<br \/>\nprovisions substantially identical to Section  1 of this Agreement<br \/>\ncontemporaneously herewith. In no event shall the Issuer offer, solicit or<br \/>\naccept offers to purchase, or sell, any Notes directly on its own behalf in<br \/>\ntransactions with persons other than broker-dealers as specifically permitted in<br \/>\nthis Section  1.2.           1.3 The Notes shall be in a minimum denomination or<br \/>\nminimum amount, whichever is applicable, of $250,000 or integral multiples of<br \/>\n$1,000 in excess thereof, will bear such interest rates, if interest bearing, or<br \/>\nwill be sold at such discount from their face amounts, as shall be agreed upon<br \/>\nby the Dealer and the Issuer at the time of each proposed sale, shall have a<br \/>\nmaturity not exceeding 365  days from the date of issuance (exclusive of days of<br \/>\ngrace) and shall not contain any provision for extension, renewal or automatic<br \/>\n&#8220;rollover.&#8221;<\/p>\n<p align=\"center\">2<\/p>\n<hr>\n<\/p>\n<p>          1.4 The authentication, delivery and payment of the Notes shall be<br \/>\neffected in accordance with the Issuing and Paying Agency Agreement and the<br \/>\nNotes shall be either individual bearer physical certificates or represented by<br \/>\nbook-entry Notes registered in the name of DTC or its nominee in the form or<br \/>\nforms annexed to the Issuing and Paying Agency Agreement.           1.5 If the Issuer<br \/>\nand the Dealer shall agree on the terms of the purchase of any Note by the<br \/>\nDealer or the sale of any Note arranged by the Dealer (including, but not<br \/>\nlimited to, agreement with respect to the date of issue, purchase price,<br \/>\nprincipal amount, maturity and interest rate (in the case of interest-bearing<br \/>\nNotes) or discount thereof (in the case of Notes issued on a discount basis),<br \/>\nand appropriate compensation for the Dealer&#8217;s services hereunder) pursuant to<br \/>\nthis Agreement, the Issuer shall cause such Note to be issued and delivered in<br \/>\naccordance with the terms of the Issuing and Paying Agency Agreement and payment<br \/>\nfor such Note shall be made by the purchaser thereof, either directly or through<br \/>\nthe Dealer, to the Issuing and Paying Agent, for the account of the Issuer.<br \/>\nExcept as otherwise agreed, in the event that the Dealer is acting as an agent<br \/>\nand a purchaser shall either fail to accept delivery of or make payment for a<br \/>\nNote on the date fixed for settlement, the Dealer shall promptly notify the<br \/>\nIssuer, and if the Dealer has theretofore paid the Issuer for the Note, the<br \/>\nIssuer will promptly return such funds to the Dealer against its return of the<br \/>\nNote to the Issuer, in the case of a certificated Note, and upon notice of such<br \/>\nfailure in the case of a book-entry Note.           1.6 All offers and sales of Notes<br \/>\nby the Issuer shall be effected pursuant to the exemption from the registration<br \/>\nrequirements of the Securities Act provided by Section  4(2) thereof, which<br \/>\nexempts transactions by an issuer not involving any public offering. The Dealer<br \/>\nand the Issuer hereby establish and agree to observe the following procedures in<br \/>\nconnection with offers, sales and subsequent resales or other transfers of the<br \/>\nNotes:           (a) Offers and sales of Notes shall be made only to investors<br \/>\nreasonably believed by the Dealer to be: (i)  Institutional Accredited Investors<br \/>\nor Sophisticated Individual Accredited Investors, (ii)  non-bank fiduciaries or<br \/>\nagents that will be purchasing Notes for one or more accounts, each of which is<br \/>\nreasonably believed by the Dealer to be an Institutional Accredited Investor or<br \/>\nSophisticated Individual Accredited Investor and (iii) Qualified Institutional<br \/>\nBuyers (&#8220;QIBs&#8221;).           (b) Resales and other transfers of Notes by the holders<br \/>\nthereof shall be made only in accordance with the restrictions in the legends<br \/>\ndescribed in clause (e)  below.           (c) No general solicitation or general<br \/>\nadvertising shall be used in connection with any offering of the Notes. Without<br \/>\nlimiting the generality of the foregoing, none of the Dealer, the Issuer, or any<br \/>\nGuarantor shall issue any press release or place or publish any &#8220;tombstone&#8221; or<br \/>\nother advertisement relating to the Notes without the prior written approval of<br \/>\nthe other party.           (d) No sale of Notes to any one purchaser shall be for<br \/>\nless than $250,000 principal or face amount, and no Note shall be issued in a<br \/>\nsmaller principal or face amount. If the purchaser is a non-bank fiduciary<br \/>\nacting on behalf of others, each person for whom such purchaser is acting must<br \/>\npurchase at least $250,000 principal or face amount of Notes.           (e) Offers<br \/>\nand sales of the Notes shall be made in accordance with Rule  506 under the<br \/>\nSecurities Act (other than the requirement set forth in Rule  503(a)), and shall<br \/>\nbe subject to the restrictions described in the legend appearing on Exhibit  A<br \/>\nhereto. A legend substantially to the effect of such Exhibit  A shall appear as<br \/>\npart of the Private Placement Memorandum used in connection with offers and<br \/>\nsales of Notes hereunder, as well as on each Note offered and sold pursuant to<br \/>\nthis Agreement.           (f) The Dealer shall furnish or shall have furnished to<br \/>\neach purchaser of Notes for which it has acted as the dealer a copy of the<br \/>\nthen-current Private Placement Memorandum unless such purchaser has previously<br \/>\nreceived a copy of the Private Placement Memorandum as then in<\/p>\n<p align=\"center\">3<\/p>\n<hr>\n<\/p>\n<p>effect. The Private Placement Memorandum shall expressly state that any<br \/>\nperson to whom Notes are offered shall have an opportunity to ask questions of,<br \/>\nand receive information from, the Issuer, the Guarantors and the Dealer and<br \/>\nshall provide the names, addresses and telephone numbers of the persons from<br \/>\nwhom information regarding the Issuer and the Guarantors may be obtained.<br \/>\n          (g) The Issuer agrees, for the benefit of the Dealer and each of the<br \/>\nholders and prospective purchasers from time to time of Notes, that at any time<br \/>\nthat the Issuer shall not be subject to Section  13 or 15(d) of the Exchange Act,<br \/>\nthe Issuer will furnish, upon request and at its expense, to the Dealer and to<br \/>\nholders and prospective purchasers of Notes information as to the Issuer and the<br \/>\nGuarantors required by Rule  144A(d)(4)(i).           (h) In the event that any Note<br \/>\noffered or to be offered by the Dealer would be ineligible for resale under<br \/>\nRule  144A, the Issuer shall promptly notify the Dealer (by telephone, confirmed<br \/>\nin writing) of such fact and shall promptly prepare and deliver to the Dealer an<br \/>\namendment or supplement to the Private Placement Memorandum describing the Notes<br \/>\nthat are ineligible, the reason for such ineligibility and any other relevant<br \/>\ninformation relating thereto.           (i) The Issuer and the Guarantors represent<br \/>\nthat the Guarantors are not presently issuing commercial paper in the United<br \/>\nStates market. In the event that one or more of the Guarantors does issue<br \/>\ncommercial paper in the United States market in reliance upon the exemption<br \/>\nprovided by Section  3(a)(3) of the Securities Act, the Issuer and the Guarantors<br \/>\nagree that (a)  the proceeds from sales of Notes will be segregated from proceeds<br \/>\nof the sale of any such commercial paper by being placed in separate accounts,<br \/>\n(b)  the Issuer and the Guarantors will institute appropriate corporate<br \/>\nprocedures to ensure that offers and sales of commercial paper issued by the<br \/>\nGuarantors are not integrated with offerings and sales of Notes hereunder and<br \/>\n(c)  the Issuer and the Guarantors will comply with the requirements of the<br \/>\nSecurities Act in selling commercial paper or other short-term debt securities<br \/>\nother than the Notes in the United States.           1.7 The Issuer and each<br \/>\nGuarantor hereby represents and warrants to the Dealer, in connection with<br \/>\noffers, sales and resales of Notes, as follows:           (a) The Issuer and the<br \/>\nGuarantors hereby confirm to the Dealer that within the preceding six months<br \/>\nneither the Issuer, nor any Guarantor, nor any person other than the Dealer or<br \/>\nthe other dealers referred to in Section  1.2 hereof acting on behalf of the<br \/>\nIssuer or a Guarantor has offered or sold any Notes, or any substantially<br \/>\nsimilar security of the Issuer (including, without limitation, medium-term notes<br \/>\nissued by the Issuer or a Guarantor with maturities less than 365  days), to, or<br \/>\nsolicited offers to buy any such security from, any person other than the Dealer<br \/>\nor the other dealers referred to in Section 1.2 hereof. The Issuer and the<br \/>\nGuarantors also agree that (except as permitted by Section 1.6(i) hereof), as<br \/>\nlong as the Notes are being offered for sale by the Dealer and the other dealers<br \/>\nreferred to in Section  1.2 hereof as contemplated hereby and until at least six<br \/>\nmonths after the offer of Notes hereunder has been terminated, none of the<br \/>\nIssuer, any Guarantor or any person other than the Dealer or the other dealers<br \/>\nreferred to in Section 1.2 hereof will offer the Notes or any substantially<br \/>\nsimilar security of the Issuer or a Guarantor for sale to, or solicit offers to<br \/>\nbuy any such security from, any person other than the Dealer or the dealers<br \/>\nreferred to in Section  1.2 hereof (except as contemplated by Section  1.2<br \/>\nhereof), it being understood that such agreement is made with a view to bringing<br \/>\nthe offer and sale of the Notes within the exemption provided by Section  4(2) of<br \/>\nthe Securities Act and Rule  506 thereunder and shall survive any termination of<br \/>\nthis Agreement. Each of the Issuer and the Guarantors hereby represents and<br \/>\nwarrants that it has not taken or omitted to take, and will not take or omit to<br \/>\ntake, any action that would cause the offering and sale of Notes hereunder to be<br \/>\nintegrated with any other offering of securities, whether such offering is made<br \/>\nby the Issuer, a Guarantor or some other party or parties.           (b) The Issuer<br \/>\nrepresents and agrees that the proceeds of the sale of the Notes are not<br \/>\ncurrently contemplated to be used for the purpose of buying, carrying or trading<br \/>\nsecurities within the meaning of Regulation  T and the interpretations thereunder<br \/>\nby the Board of Governors<\/p>\n<p align=\"center\">4<\/p>\n<hr>\n<\/p>\n<p>of the Federal Reserve System of the United States of America. In the event<br \/>\nthat the Issuer determines to use such proceeds for the purpose of buying,<br \/>\ncarrying or trading securities, whether in connection with an acquisition of<br \/>\nanother company or otherwise, the Issuer shall give the Dealer at least five<br \/>\nbusiness days&#8217; prior written notice to that effect. Thereafter, in the event<br \/>\nthat the Dealer purchases Notes as principal and does not resell such Notes on<br \/>\nthe day of such purchase, to the extent necessary to comply with Regulation  T<br \/>\nand the interpretations thereunder, the Dealer will sell such Notes only to<br \/>\nofferees it reasonably believes to be QIBs or to QIBs it reasonably believes are<br \/>\nacting for other QIBs, in each case in accordance with Rule  144A. Section  2.<br \/>\n<u>Representations and Warranties of the Issuer and the Guarantors<\/u> The<br \/>\nIssuer, with respect to Sections  2.1 through 2.10 and 2.20, and each Guarantor,<br \/>\nfor itself only, with respect to Sections  2.11 through 2.20, represents and<br \/>\nwarrants that:           2.1 The Issuer is a corporation duly organized, validly<br \/>\nexisting and in good standing under the laws of the jurisdiction of its<br \/>\nincorporation and has all the requisite power and authority to execute, deliver<br \/>\nand perform its obligations under the Notes, this Agreement and the Issuing and<br \/>\nPaying Agency Agreement.           2.2 This Agreement and the Issuing and Paying<br \/>\nAgency Agreement have been duly authorized, executed and delivered by the Issuer<br \/>\nand constitute legal, valid and binding obligations of the Issuer enforceable<br \/>\nagainst the Issuer in accordance with their terms subject to applicable<br \/>\nbankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally,<br \/>\nand subject, as to enforceability, to general principles of equity (regardless<br \/>\nof whether enforcement is sought in a proceeding in equity or at law) and except<br \/>\nas enforceability of the indemnification provisions of this Agreement may be<br \/>\nlimited by federal securities laws.           2.3 The Notes have been duly<br \/>\nauthorized, and when issued and delivered as provided in the Issuing and Paying<br \/>\nAgency Agreement, will be validly issued and delivered and will constitute<br \/>\nlegal, valid and binding obligations of the Issuer enforceable against the<br \/>\nIssuer in accordance with their terms subject to applicable bankruptcy,<br \/>\ninsolvency and similar laws affecting creditors&#8217; rights generally, and subject,<br \/>\nas to enforceability, to general principles of equity (regardless of whether<br \/>\nenforcement is sought in a proceeding in equity or at law).           2.4 The offer<br \/>\nand sale of Notes in the manner contemplated hereby do not require registration<br \/>\nof the Notes under the Securities Act, pursuant to the exemption from<br \/>\nregistration contained in Section  4(2) thereof, and no indenture in respect of<br \/>\nthe Notes is required to be qualified under the Trust Indenture Act of 1939, as<br \/>\namended.           2.5 The Notes will rank at least <u>pari passu<\/u> with all other<br \/>\nunsecured and unsubordinated indebtedness of the Issuer.           2.6 No consent or<br \/>\naction of, or filing or registration with, any governmental or public regulatory<br \/>\nbody or authority, including the SEC, is required to authorize, or is otherwise<br \/>\nrequired in connection with the execution, delivery or performance of, this<br \/>\nAgreement, the Notes or the Issuing and Paying Agency Agreement, except as may<br \/>\nbe required by the securities or Blue Sky laws of the various states in<br \/>\nconnection with the offer and sale of the Notes.           2.7 None of the execution<br \/>\nand delivery of this Agreement and the Issuing and Paying Agency Agreement, the<br \/>\nissuance and delivery of the Notes in accordance with the Issuing and Paying<br \/>\nAgency Agreement, or the fulfillment of or compliance with the terms and<br \/>\nprovisions hereof or thereof by the Issuer, will (i)  result in the creation or<br \/>\nimposition of any mortgage, lien, charge or encumbrance of any nature whatsoever<br \/>\nupon any of the properties or assets of the Issuer or (ii) violate or result in<br \/>\na breach or an event of default under any of the terms of the Issuer&#8217;s charter<br \/>\ndocuments or by-laws, any material contract or instrument to which the Issuer is<br \/>\na party or by which it or its property is bound, or any law or regulation, or<br \/>\nany order, writ, injunction or decree of any court or government<br \/>\ninstrumentality, to which the Issuer is<\/p>\n<p align=\"center\">5<\/p>\n<hr>\n<\/p>\n<p>subject or by which it or its property is bound, which violation, breach or<br \/>\nevent of default is reasonably likely to have a material adverse effect on the<br \/>\nbusiness, operations or financial condition of the Issuer and its subsidiaries<br \/>\ntaken as a whole or the ability of the Issuer to perform its obligations under<br \/>\nthis Agreement, the Notes or the Issuing and Paying Agency Agreement.           2.8<br \/>\nThere is no litigation or governmental proceeding pending, or to the knowledge<br \/>\nof the Issuer threatened, against or affecting the Issuer or any of its<br \/>\nsubsidiaries which is reasonably likely to result in a material adverse change<br \/>\nin the business, operations or financial condition of the Issuer and its<br \/>\nsubsidiaries taken as a whole or the ability of the Issuer to perform its<br \/>\nobligations under this Agreement, the Notes or the Issuing and Paying Agency<br \/>\nAgreement.           2.9 The Issuer is not an &#8220;investment company&#8221; or an entity<br \/>\n&#8220;controlled&#8221; by an &#8220;investment company&#8221; within the meaning of the Investment<br \/>\nCompany Act of 1940, as amended.           2.10 Neither the Private Placement<br \/>\nMemorandum nor the Company Information (excluding Dealer Information) contains<br \/>\nany untrue statement of a material fact or omits to state a material fact<br \/>\nrequired to be stated therein or necessary to make the statements therein, in<br \/>\nlight of the circumstances under which they were made, not misleading.           2.11<br \/>\nSuch Guarantor is duly organized, validly existing and in good standing under<br \/>\nthe laws of the jurisdiction of its formation and has all the requisite power<br \/>\nand authority to execute, deliver and perform its obligations under its<br \/>\nGuarantee, this Agreement and, in the case of the Note Guarantor, the Issuing<br \/>\nand Paying Agency Agreement.           2.12 This Agreement, the Guarantee of such<br \/>\nGuarantor and, in the case of the Note Guarantor, the Issuing and Paying Agency<br \/>\nAgreement, have been duly authorized, executed and delivered by such Guarantor<br \/>\nparty thereto, and constitute legal, valid and binding obligations of such<br \/>\nGuarantor, enforceable against such Guarantor party thereto in accordance with<br \/>\ntheir terms, subject to applicable bankruptcy, insolvency and similar laws<br \/>\naffecting creditors&#8217; rights generally, and subject, as to enforceability, to<br \/>\ngeneral principles of equity (regardless of whether enforcement is sought in a<br \/>\nproceeding in equity or at law) and except as enforceability of the<br \/>\nindemnification provisions of this Agreement may be limited by federal<br \/>\nsecurities laws.           2.13 No consent or action of, or filing or registration<br \/>\nwith, any governmental or public regulatory body or authority, including the<br \/>\nSEC, is required to authorize, or is otherwise required in connection with the<br \/>\nexecution, delivery or performance of, this Agreement, the Guarantees or, in the<br \/>\ncase of the Note Guarantor, the Issuing and Paying Agency Agreement, except as<br \/>\nmay be required by the securities or Blue Sky laws of the various states in<br \/>\nconnection with the offer and sale of the Notes.           2.14 Neither the execution<br \/>\nand delivery by such Guarantor of this Agreement, the Guarantees and, in the<br \/>\ncase of the Note Guarantor, the Issuing and Paying Agency Agreement, nor the<br \/>\nfulfillment of or compliance with the terms and provisions hereof or thereof by<br \/>\nsuch Guarantor party thereto, as applicable, will (i)  result in the creation or<br \/>\nimposition of any mortgage, lien, charge or encumbrance of any nature whatsoever<br \/>\nupon any of the respective properties or assets of such Guarantor or<br \/>\n(ii)  violate or result in a breach or an event of default under any of the terms<br \/>\nof such Guarantor&#8217;s formation documents, any material contract or instrument to<br \/>\nwhich such Guarantor is a party or by which it or its property is bound, or any<br \/>\nlaw or regulation, or any order, writ, injunction or decree of any court or<br \/>\ngovernment instrumentality, to which such Guarantor is subject or by which it or<br \/>\nits property is bound, which violation, breach or event of default is reasonably<br \/>\nlikely to have a material adverse effect on the financial condition of such<br \/>\nGuarantor and its subsidiaries, taken as a whole, or the ability of such<br \/>\nGuarantor to perform its obligations under this Agreement, its respective<br \/>\nGuarantee or, in the case of the Note Guarantor, the Issuing and Paying Agency<br \/>\nAgreement.           2.15 Such Guarantor&#8217;s Guarantee will rank at least <u>pari<br \/>\npassu<\/u> with all other senior unsecured debt of such Guarantor.<\/p>\n<p align=\"center\">6<\/p>\n<hr>\n<\/p>\n<p>          2.16 There is no litigation or governmental proceeding pending, or to<br \/>\nthe knowledge of such Guarantor threatened, against or affecting such Guarantor<br \/>\nor any of its subsidiaries which is reasonably likely to result in a material<br \/>\nadverse change in financial condition of such Guarantor and its subsidiaries<br \/>\ntaken as a whole or the ability of such Guarantor to perform its obligations<br \/>\nunder this Agreement, its Guarantee or, in the case of the Note Guarantor, the<br \/>\nIssuing and Paying Agency Agreement.           2.17 Such Guarantor is not an<br \/>\n&#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company&#8221; within<br \/>\nthe meaning of the Investment Company Act of 1940, as amended.           2.18 The<br \/>\nGuarantor Information does not contain any untrue statement of a material fact<br \/>\nor omit to state a material fact required to be stated therein or necessary to<br \/>\nmake the statements therein, in light of the circumstances under which they were<br \/>\nmade, not misleading.           2.19 The issuance of the Guarantees in the manner<br \/>\ncontemplated hereby does not require registration under the Securities Act,<br \/>\npursuant to the exemption from registration contained in Section  4(2) thereof,<br \/>\nand no indenture in respect of the Guarantees is required to be qualified under<br \/>\nthe Trust Indenture Act of 1939, as amended.           2.20 Each issuance of Notes by<br \/>\nthe Issuer hereunder and each amendment or supplement to the Private Placement<br \/>\nMemorandum shall be deemed a representation and warranty by the Issuer and each<br \/>\nGuarantor, as applicable, to the Dealer, as of the date thereof, that, both<br \/>\nbefore and after giving effect to such issuance and after giving effect to such<br \/>\namendment or supplement, (i)  the representations and warranties given by the<br \/>\nIssuer and such Guarantor set forth above in this Section  2 remain true and<br \/>\ncorrect on and as of such date as if made on and as of such date and (ii) in the<br \/>\ncase of an issuance of Notes, since the date of the most recent Private<br \/>\nPlacement Memorandum, there has been no material adverse change in the business,<br \/>\noperations or financial condition of the Issuer or such Guarantor and its<br \/>\nrespective subsidiaries, taken as a whole, which has not been disclosed to the<br \/>\nDealer. Section  3. <u>Covenants and Agreements of Issuer and Guarantors<\/u> The<br \/>\nIssuer and each Guarantor covenants and agrees, as applicable, that:           3.1<br \/>\nThe Issuer will give the Dealer prompt notice (but in any event prior to any<br \/>\nsubsequent issuance of Notes hereunder) of any amendment to, modification of, or<br \/>\nwaiver with respect to, the Notes, any Guarantee or the Issuing and Paying<br \/>\nAgency Agreement, including a complete copy of any such amendment, modification<br \/>\nor waiver.           3.2 The Issuer shall, whenever there shall occur any change in<br \/>\nthe business, operations or financial condition of the Issuer or a Guarantor or<br \/>\nany development or occurrence in relation to the Issuer or a Guarantor that<br \/>\nwould be materially adverse to holders of the Notes or potential holders of the<br \/>\nNotes, promptly, and in any event prior to any subsequent issuance of Notes<br \/>\nhereunder, notify the Dealer (by telephone, confirmed in writing) of such<br \/>\nchange, development, or occurrence; <u>provided<\/u> that, to the extent any such<br \/>\ndevelopment or occurrence is described in reasonable detail in any periodic or<br \/>\ncurrent report of the Issuer on file with the Securities and Exchange Commission<br \/>\nand available to the Dealer on a timely basis, the Dealer shall be deemed<br \/>\nnotified in accordance herewith.           3.3 The Issuer and each Guarantor shall<br \/>\nfrom time to time furnish to the Dealer such publicly released information with<br \/>\nrespect to the Issuer or the Guarantors as the Dealer may reasonably request,<br \/>\nincluding, without limitation, any press releases or other publicly released<br \/>\nmaterial provided by the Issuer or any Guarantor to any national securities<br \/>\nexchange or rating agency, regarding (i)  the Issuer&#8217;s and such Guarantor&#8217;s<br \/>\noperations and financial condition, (ii)  the due authorization and execution of<br \/>\nthe Notes or the applicable Guarantee and (iii)  the Issuer&#8217;s ability to pay the<br \/>\nNotes as they mature or such Guarantor&#8217;s ability to make payments under its<br \/>\nGuarantee.           3.4 The Issuer and each Guarantor will take such action as the<br \/>\nDealer may from time to time reasonably request to ensure that each offer and<br \/>\neach sale of the Notes in the manner contemplated hereby<\/p>\n<p align=\"center\">7<\/p>\n<hr>\n<\/p>\n<p>will comply with any applicable state Blue Sky laws; <u>provided<\/u>, that<br \/>\nneither the Issuer nor any of the Guarantors shall be obligated to file any<br \/>\ngeneral consent to service of process or to qualify as a foreign corporation in<br \/>\nany jurisdiction in which it is not so qualified or subject itself to taxation<br \/>\nin respect of doing business in any jurisdiction in which it is not otherwise so<br \/>\nsubject.           3.5 The Issuer shall not issue Notes hereunder until the Dealer<br \/>\nshall have received (a)  an opinion of counsel to the Issuer and the Guarantors,<br \/>\naddressed to the Dealer, reasonably satisfactory in form and substance to the<br \/>\nDealer, (b)  a copy of the executed Guarantees, (c)  a copy of the executed<br \/>\nIssuing and Paying Agency Agreement, (d)  a copy of resolutions adopted by the<br \/>\nBoard of Directors of the Issuer, reasonably satisfactory in form and substance<br \/>\nto the Dealer and certified by the Secretary or similar officer of the Issuer,<br \/>\nauthorizing execution and delivery by the Issuer of this Agreement, the Issuing<br \/>\nand Paying Agency Agreement and the Notes and consummation by the Issuer of the<br \/>\ntransactions contemplated hereby and thereby, (e)  a copy of resolutions adopted<br \/>\nby the Board of Directors of each Guarantor, reasonably satisfactory in form and<br \/>\nsubstance to the Dealer and certified by the Secretary or Assistant Secretary of<br \/>\nthe applicable Guarantor authorizing, as applicable, the execution and delivery<br \/>\nby such Guarantor of this Agreement, its Guarantee and (in the case of the Note<br \/>\nGuarantor) the Issuing and Paying Agency Agreement and consummation by such<br \/>\nGuarantor of the transactions contemplated hereby and thereby, (f)  prior to the<br \/>\nissuance of any Notes represented by a book-entry note registered in the name of<br \/>\nDTC or its nominee, a copy of the executed Letter of Representations among the<br \/>\nIssuer, the Issuing and Paying Agent and DTC dated February  16, 2011 and<br \/>\n(g)  such other certificates, opinions, letters and documents as the Dealer shall<br \/>\nhave reasonably requested.           3.6 The Issuer shall not issue Notes such that<br \/>\nthe aggregate principal amount outstanding at any time would exceed the total<br \/>\namount of the available revolving credit commitments then in effect that may be<br \/>\ndrawn upon to pay the Notes under (a)  the Credit Agreement dated as of<br \/>\nJanuary  19, 2011 (as amended, supplemented, restated or otherwise modified from<br \/>\ntime to time, the &#8220;Revolving Credit Agreement&#8221;), among Time Warner Inc., Time<br \/>\nWarner International Finance Limited, the Lenders party thereto, and Citibank,<br \/>\nN.A., as administrative agent and (b)  any other financing arrangements that<br \/>\nreplace or supplement the Revolving Credit Agreement. Section  4.<br \/>\n<u>Disclosure<\/u>           4.1 The Private Placement Memorandum and its contents<br \/>\n(other than the Dealer Information) shall be the sole responsibility of the<br \/>\nIssuer and the Guarantors. The Private Placement Memorandum shall contain a<br \/>\nstatement expressly offering an opportunity for each prospective purchaser to<br \/>\nask questions of, and receive answers from, the Issuer and the Guarantors<br \/>\nconcerning the offering of Notes and to obtain relevant additional information<br \/>\nwhich the Issuer or the Guarantors possess or can acquire without unreasonable<br \/>\neffort or expense.           4.2 Each of the Issuer and each Guarantor agrees to<br \/>\nfurnish the Dealer with the Company Information and the Guarantor Information<br \/>\npromptly as it becomes available.           4.3 (a)  The Issuer and each Guarantor<br \/>\nfurther agree to notify the Dealer promptly upon the occurrence of any event<br \/>\nrelating to or affecting it that would cause the Company Information or the<br \/>\nGuarantor Information then in existence to include an untrue statement of<br \/>\nmaterial fact or to omit to state a material fact necessary in order to make the<br \/>\nstatements contained therein, in light of the circumstances under which they are<br \/>\nmade, not misleading.                     (b)  In the event that the Issuer or a Guarantor<br \/>\ngives the Dealer notice pursuant to Section 4.3(a) and the Dealer notifies the<br \/>\nIssuer that it then has Notes it is holding in inventory, the Issuer agrees<br \/>\npromptly to supplement or amend the Private Placement Memorandum so that such<br \/>\nPrivate Placement Memorandum, as amended or supplemented, shall not contain an<br \/>\nuntrue statement of a material fact or omit to state a material fact necessary<br \/>\nin order to make the statements therein, in light of the circumstances under<br \/>\nwhich they were made, not misleading, and the Issuer shall make such supplement<br \/>\nor amendment available to the Dealer.<\/p>\n<p align=\"center\">8<\/p>\n<hr>\n<\/p>\n<p>                    (c)  In the event that (i)  the Issuer or a Guarantor gives the<br \/>\nDealer notice pursuant to Section  4.3(a) and (ii)  the Dealer does not notify the<br \/>\nIssuer that it is then holding Notes in inventory and (iii)  the Issuer chooses<br \/>\nnot to promptly amend or supplement the Private Placement Memorandum in the<br \/>\nmanner described in clause (b)  above, then all solicitations and sales of Notes<br \/>\nshall be suspended until such time as the Issuer has so amended or supplemented<br \/>\nthe Private Placement Memorandum, and made such amendment or supplement<br \/>\navailable to the Dealer.           4.4 The Issuer agrees that it shall not have<br \/>\noutstanding at any time Notes issued in an aggregate amount in excess of the<br \/>\nauthorized amount of the respective Guarantees. Section  5. <u>Indemnification<br \/>\nand Contribution<\/u>           5.1 The Issuer and the Guarantors, jointly and<br \/>\nseverally, will indemnify and hold harmless the Dealer, each individual,<br \/>\ncorporation, partnership, trust, association or other entity controlling the<br \/>\nDealer, any affiliate of the Dealer or any such controlling entity and their<br \/>\nrespective directors, officers, employees, partners, incorporators,<br \/>\nshareholders, servants, trustees and agents (hereinafter the &#8220;Indemnitees&#8221;)<br \/>\nagainst any and all liabilities, penalties, suits, causes of action, losses,<br \/>\ndamages, claims, costs and expenses (including, without limitation, reasonable<br \/>\nfees and disbursements of counsel) or judgments of whatever kind or nature (each<br \/>\na &#8220;Claim&#8221;), imposed upon, incurred by or asserted against the Indemnitees<br \/>\narising out of or based upon (i)  any allegation that the Private Placement<br \/>\nMemorandum, the Company Information or, the Guarantor Information included (as<br \/>\nof any relevant time) or includes an untrue statement of a material fact or<br \/>\nomitted (as of any relevant time) or omits to state any material fact necessary<br \/>\nto make the statements therein, in light of the circumstances under which they<br \/>\nwere made, not misleading or (ii)  the breach by the Issuer or a Guarantor of any<br \/>\nagreement, covenant or representation made in or pursuant to this Agreement.<br \/>\nThis indemnification shall not apply to the extent that the Claim arises out of<br \/>\nor is based upon Dealer Information or the gross negligence or willful<br \/>\nmisconduct of the Dealer in the performance, or failure to perform, its<br \/>\nobligations under this Agreement.           5.2 Provisions relating to claims made<br \/>\nfor indemnification under this Section  5 are set forth on Exhibit  B to this<br \/>\nAgreement.           5.3 In order to provide for just and equitable contribution in<br \/>\ncircumstances in which the indemnification provided for in this Section  5 is<br \/>\nheld to be unavailable or insufficient to hold harmless the Indemnitees,<br \/>\nalthough applicable in accordance with the terms of this Section  5, the Issuer<br \/>\nand the Guarantors, jointly and severally shall contribute to the aggregate<br \/>\ncosts incurred by the Dealer in connection with any Claim in the proportion of<br \/>\nthe respective economic interests of the Issuer and the Guarantors, on the one<br \/>\nhand, and the Dealer, on the other hand; <u>provided<\/u>, however, that such<br \/>\ncontribution by the Issuer and the Guarantors shall be in an amount such that<br \/>\nthe aggregate costs incurred by the Dealer do not exceed the aggregate of the<br \/>\ncommissions and fees earned by the Dealer hereunder with respect to the issue or<br \/>\nissues of Notes to which such Claim relates. The respective economic interests<br \/>\nshall be calculated by reference to the aggregate proceeds to the Issuer of the<br \/>\nNotes issued hereunder and the aggregate commissions and fees earned by the<br \/>\nDealer hereunder. Section  6. <u>Definitions<\/u>           6.1 &#8220;Claim&#8221; shall have the<br \/>\nmeaning set forth in Section  5.1.           6.2 &#8220;Company Information&#8221; at any given<br \/>\ntime shall mean the Private Placement Memorandum together with, to the extent<br \/>\napplicable, (i)  the Issuer&#8217;s most recent report on Form 10-K filed with the SEC<br \/>\nand each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the<br \/>\nmost recent Form 10-K, in each case as amended and\/or restated from time to<br \/>\ntime, (ii)  any other publicly available recent reports of the Issuer, including,<br \/>\nbut not limited to, any publicly available filings or reports provided to its<br \/>\nshareholders, (iii)  any other information or disclosure prepared pursuant to<br \/>\nSection  4.3 hereof and (iv)  any information prepared or approved by the Issuer<br \/>\nfor dissemination to investors or potential investors in the Notes.<\/p>\n<p align=\"center\">9<\/p>\n<hr>\n<\/p>\n<p>          6.3 &#8220;Dealer&#8221; shall mean the Dealer named on the cover page of this<br \/>\nAgreement.           6.4 &#8220;Dealer Information&#8221; shall mean material concerning the<br \/>\nDealer and provided by the Dealer in writing expressly for inclusion in the<br \/>\nPrivate Placement Memorandum.           6.5 &#8220;DTC&#8221; shall mean The Depository Trust<br \/>\nCompany.           6.6 &#8220;Exchange Act&#8221; shall mean the U.S. Securities Exchange Act of<br \/>\n1934, as amended.           6.7 &#8220;Guarantor Information&#8221; at any given time shall mean<br \/>\ninformation with respect to a Guarantor or the Guarantors contained in the<br \/>\nPrivate Placement Memorandum together with, (i)  to the extent prepared and<br \/>\npublicly filed by the applicable Guarantor, the respective Guarantor&#8217;s most<br \/>\nrecent annual audited financial statements and each interim financial statement<br \/>\nor report prepared subsequent thereto, (ii)  the Guarantor&#8217;s other publicly<br \/>\navailable recent reports, including, but not limited to, any publicly available<br \/>\nfilings or reports provided to its shareholders, (iii)  any other information or<br \/>\ndisclosure prepared pursuant to Section  4.3 hereof and (iv)  any information<br \/>\nprepared or approved by the respective Guarantor for dissemination to investors<br \/>\nor potential investors in the Notes.           6.8 &#8220;Indemnitee&#8221; shall have the<br \/>\nmeaning set forth in Section  5.1.           6.9 &#8220;Institutional Accredited Investor&#8221;<br \/>\nshall mean an institutional investor that is an accredited investor within the<br \/>\nmeaning of Rule  501 under the Securities Act and that has such knowledge and<br \/>\nexperience in financial and business matters that it is capable of evaluating<br \/>\nand bearing the economic risk of an investment in the Notes, including, but not<br \/>\nlimited to, a bank, as defined in Section  3(a)(2) of the Securities Act, or a<br \/>\nsavings and loan association or other institution, as defined in<br \/>\nSection  3(a)(5)(A) of the Securities Act, whether acting in its individual or<br \/>\nfiduciary capacity.           6.10 &#8220;Issuing and Paying Agency Agreement&#8221; shall mean<br \/>\nthe issuing and paying agency agreement described on the cover page of this<br \/>\nAgreement, as such agreement may be amended or supplemented from time to time.<br \/>\n          6.11 &#8220;Issuing and Paying Agent&#8221; shall mean the party designated as such on<br \/>\nthe cover page of this Agreement, as issuing and paying agent under the Issuing<br \/>\nand Paying Agency Agreement.           6.12 &#8220;Non-bank fiduciary or agent&#8221; shall mean<br \/>\na fiduciary or agent other than (a)  a bank, as defined in Section  3(a)(2) of the<br \/>\nSecurities Act, or (b)  a savings and loan association, as defined in<br \/>\nSection  3(a)(5)(A) of the Securities Act.           6.13 &#8220;Private Placement<br \/>\nMemorandum&#8221; shall mean offering materials prepared in accordance with Section  4<br \/>\n(including materials referred to therein or incorporated by reference therein)<br \/>\nprovided to purchasers and prospective purchasers of the Notes, and shall<br \/>\ninclude amendments and supplements thereto which may be prepared from time to<br \/>\ntime in accordance with this Agreement (other than any amendment or supplement<br \/>\nthat has been completely superseded by a later amendment or supplement).<br \/>\n          6.14 &#8220;Qualified Institutional Buyer&#8221; shall have the meaning assigned to<br \/>\nthat term in Rule  144A under the Securities Act.           6.15 &#8220;Revolving Credit<br \/>\nAgreement&#8221; shall have the meaning set forth in Section  3.6.           6.16<br \/>\n&#8220;Rule  144A&#8221; shall mean Rule  144A under the Securities Act.           6.17 &#8220;SEC&#8221; shall<br \/>\nmean the U.S. Securities and Exchange Commission.           6.18 &#8220;Securities Act&#8221;<br \/>\nshall mean the U.S. Securities Act of 1933, as amended.<\/p>\n<p align=\"center\">10<\/p>\n<hr>\n<\/p>\n<p>          6.19 &#8220;Sophisticated Individual Accredited Investor&#8221; shall mean an<br \/>\nindividual who (a)  is an accredited investor within the meaning of Regulation  D<br \/>\nunder the Securities Act and (b)  based on his or her pre-existing relationship<br \/>\nwith the Dealer, is reasonably believed by the Dealer to be a sophisticated<br \/>\ninvestor (i)  possessing such knowledge and experience (or represented by a<br \/>\nfiduciary or agent possessing such knowledge and experience) in financial and<br \/>\nbusiness matters that he or she is capable of evaluating and bearing the<br \/>\neconomic risk of an investment in the Notes and (ii) having not less than<br \/>\n$5  million in investments (as defined, for purposes of this section, in Rule<br \/>\n2a51-1 under the Investment Company Act of 1940, as amended). Section  7.<br \/>\n<u>General<\/u>           7.1 Unless otherwise expressly provided herein, all notices<br \/>\nunder this Agreement to parties hereto shall be in writing and shall be<br \/>\neffective when received at the address of the respective party set forth in the<br \/>\nAddendum to this Agreement.           7.2 This Agreement shall be governed by and<br \/>\nconstrued in accordance with the laws of the State of New York, without regard<br \/>\nto its conflict of laws provisions.           7.3 The Issuer, each Guarantor and the<br \/>\nDealer agree that any suit, action or proceeding brought by any of them against<br \/>\nanother in connection with or arising out of this Agreement or the Notes or the<br \/>\noffer and sale of the Notes shall be brought solely in the United States federal<br \/>\ncourts located in the borough of Manhattan or the courts of the State of New<br \/>\nYork located in the Borough of Manhattan. EACH OF THE DEALER, THE ISSUER AND<br \/>\nEACH GUARANTOR WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR<br \/>\nPROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED<br \/>\nHEREBY.           7.4 This Agreement may be terminated, at any time, by the Issuer,<br \/>\nupon four business day&#8217;s prior notice to such effect to the Dealer, or by the<br \/>\nDealer upon four business day&#8217;s prior notice to such effect to the Issuer. Any<br \/>\nsuch termination, however, shall not affect the obligations of the Issuer or the<br \/>\nGuarantors under Sections  5 and 7.3 hereof or the respective representations,<br \/>\nwarranties, agreements, covenants, rights or responsibilities of the parties<br \/>\nmade or arising prior to the termination of this Agreement.           7.5 This<br \/>\nAgreement is not assignable by any party hereto without the written consent of<br \/>\nthe other parties, which consent shall not be unreasonably withheld, except that<br \/>\nsuch consent shall not be required in connection with an assignment by the<br \/>\nDealer of its rights and obligations under this Agreement to an entity<br \/>\n(&#8220;Successor Entity&#8221;) in which the Dealer merges or which acquires all or<br \/>\nsubstantially all of the Dealer&#8217;s assets (including its rights and obligations<br \/>\nunder this Agreement) if the debt rating given by each of Standard &amp; Poor&#8217;s<br \/>\nand Moody&#8217;s to the long-term senior unsecured debt of the Successor Entity is<br \/>\nnot lower than the debt rating given by Standard &amp; Poor&#8217;s or Moody&#8217;s, as<br \/>\napplicable, to the long-term senior unsecured debt of the Dealer.           7.6 This<br \/>\nAgreement may be signed in any number of counterparts, each of which shall be an<br \/>\noriginal, with the same effect as if the signatures thereto and hereto were upon<br \/>\nthe same instrument.           7.7 This Agreement shall inure to the benefit of and<br \/>\nbe binding upon the Issuer, each Guarantor and the Dealer and their respective<br \/>\nsuccessors. Nothing expressed or mentioned in this Agreement is intended or<br \/>\nshall be construed to give any person, firm or corporation, other than the<br \/>\nparties hereto and their respective successors any legal or equitable right,<br \/>\nremedy or claim under or in respect of this Agreement or any provision herein<br \/>\ncontained. This Agreement and all conditions and provisions hereof are intended<br \/>\nto be for the sole and exclusive benefit of the parties hereto and their<br \/>\nrespective successors, and for the benefit of no other person, firm or<br \/>\ncorporation. No purchaser of Notes shall be deemed to be a successor by reason<br \/>\nmerely of such purchase.           7.8 The parties acknowledge and agree that<br \/>\neffective upon the execution and delivery of this Agreement, the Commercial<br \/>\nPaper Dealer Agreement among the Issuer, Historic TW Inc., TW AOL<\/p>\n<p align=\"center\">11<\/p>\n<hr>\n<\/p>\n<p>Holdings Inc., the Supplemental Guarantors and the Dealer, dated as of<br \/>\nJanuary  25, 2007, relating to the sale and placement of short-term promissory<br \/>\nnotes within the United States (the &#8220;Prior Agreement&#8221;) shall terminate (other<br \/>\nthan those provisions which are expressed in the Prior Agreement to survive<br \/>\ntermination) and the parties waive the required notice period in Section  7.3 of<br \/>\nthe Prior Agreement.           7.9 The Issuer and Guarantors acknowledge and agree<br \/>\nthat in connection with the purchase and sale of the Notes or any other services<br \/>\nthe Dealer may be deemed to be providing hereunder, notwithstanding any<br \/>\npreexisting relationship, advisory or otherwise, between the parties or any oral<br \/>\nrepresentations or assurances previously or subsequently made by the Dealer:<br \/>\n(i)  except to the extent explicitly set forth herein, no fiduciary or agency<br \/>\nrelationship between the Issuer and Guarantors, on the one hand, and the Dealer,<br \/>\non the other, exists in respect of this Agreement or the purchase and sale of<br \/>\nthe Notes; (ii)  the Dealer is not acting as advisor, expert or otherwise, to<br \/>\neither the Issuer or any of the Guarantors, including, without limitation, with<br \/>\nrespect to the determination of the offering price of the Notes, and such<br \/>\nrelationship between the Issuer and the Guarantors, on the one hand, and the<br \/>\nDealer, on the other, is entirely and solely commercial, based on arms-length<br \/>\nnegotiations; and (iii)  the Dealer and its affiliates may have interests that<br \/>\ndiffer from those of the Issuer or the Guarantors.           7.10 Upon the release of<br \/>\na Guarantee and of the applicable Guarantor from its obligations under such<br \/>\nGuarantee in accordance with such Guarantee, such Guarantor shall cease to be a<br \/>\nparty to this Agreement, without any notice or action being required.<\/p>\n<p align=\"center\">12<\/p>\n<hr>\n<\/p>\n<p>IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be<br \/>\nexecuted as of the date and year first above written.<\/p>\n<table style=\"font-size: 10pt\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"35%\"><\/td>\n<td width=\"15%\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\"><strong>Time Warner Inc.<\/strong><\/p>\n<p>, as Issuer<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Name:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Edward B. Ruggiero  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Title:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Senior Vice President and Treasurer  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\"><strong>Historic TW Inc.<\/strong><\/p>\n<p>, as Note Guarantor<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Name:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Edward B. Ruggiero  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Title:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Senior Vice President and Treasurer  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\"><strong>Home Box Office, Inc.<\/strong><\/p>\n<p>, as Supplemental Guarantor<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Name:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Edward B. Ruggiero  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Title:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Senior Vice President and Assistant Treasurer  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\"><strong>Turner Broadcasting System, Inc.<\/strong><\/p>\n<p>, as Supplemental <br \/>\nGuarantor<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Name:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Edward B. Ruggiero  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Title:    <\/p>\n<\/td>\n<td colspan=\"2\">\n<p>Senior Vice President and Assistant Treasurer  <\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\"><strong>[<strong><\/strong>]<\/strong><\/p>\n<p>, as Dealer<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Name:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>Title:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">13<\/p>\n<hr>\n<\/p>\n<p>ADDENDUM<\/p>\n<table style=\"font-size: 10pt\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"1%\">\n<p>1.<\/p>\n<\/td>\n<td width=\"2%\"><\/td>\n<td>\n<p>The dealers referred to in clause (b)  of Section  1.2 of the Agreement are:<br \/>\n<strong>[<strong><\/strong>]<\/strong>.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<\/tr>\n<tr>\n<td width=\"1%\">\n<p>2.<\/p>\n<\/td>\n<td width=\"2%\"><\/td>\n<td>\n<p>The addresses of the respective parties for purposes of notices under<br \/>\nSection  7.1 are as follows:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"font-size: 10pt\" width=\"93%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"9%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"5%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"80%\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\"><strong>For the Issuer<\/strong><\/p>\n<p>:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Address:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Time Warner Inc.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>One Time Warner Center<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>New York, NY 10019<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Treasurer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone: (212) 484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td colspan=\"3\" valign=\"top\">\n<p>With a copy to the same address:<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Assistant Treasurer, Treasury Operations<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone: (212) 484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\"><strong>For the Guarantors<\/strong><\/p>\n<p>:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Address:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Historic TW Inc.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>One Time Warner Center<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>New York, NY 10019<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Treasurer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone: (212) 484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td colspan=\"3\" valign=\"top\">\n<p>With a copy to the same address:<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Assistant Treasurer, Treasury Operations<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone: (212) 484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Address:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Home Box Office, Inc.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>1100 Avenue of the Americas<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>New York, NY 10036<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Assistant Treasurer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone number: (212)  484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td colspan=\"3\" valign=\"top\">\n<p>With a copy to Time Warner at its address set forth above.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Address:<\/p>\n<\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Turner Broadcasting System, Inc.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>One CNN Center<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Atlanta, GA 30303<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Attention: Assistant Treasurer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone number: (212)  484-8378<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td colspan=\"3\" valign=\"top\">\n<p>With a copy to Time Warner at its address set forth above.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">14<\/p>\n<hr>\n<\/p>\n<table style=\"font-size: 10pt\" width=\"93%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"9%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"5%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"80%\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\"><strong>For the Dealer:<\/strong><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Address: <strong>[<strong><\/strong>]<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Telephone number: <strong>[<strong><\/strong>]<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\"><\/td>\n<td><\/td>\n<td valign=\"top\">\n<p>Fax number: <strong>[<strong><\/strong>]<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">15<\/p>\n<hr>\n<\/p>\n<p><strong>EXHIBIT A<\/strong><\/p>\n<p>FORM OF LEGEND FOR <br \/>\nPRIVATE PLACEMENT MEMORANDUM AND NOTES THE NOTES AND THE GUARANTEES OFFERED<br \/>\nHEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED<br \/>\n(THE &#8220;ACT&#8221;), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES<br \/>\nTHEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE<br \/>\nREGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.<br \/>\nBY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT<br \/>\nHAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER<br \/>\nAND THE NOTES AND THE GUARANTEES AND THE GUARANTORS, THAT IT IS NOT ACQUIRING<br \/>\nSUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A)  AN<br \/>\nINSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN<br \/>\nACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH,<br \/>\nIN THE CASE OF AN INDIVIDUAL, (i)  POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN<br \/>\nFINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND<br \/>\nBEARING THE ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii)  HAS NOT LESS<br \/>\nTHAN $5 MILLION IN INVESTMENTS (AS DEFINED, FOR PURPOSES OF THIS PARAGRAPH, IN<br \/>\nRULE 2A51-1 UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED) (AN<br \/>\n&#8220;INSTITUTIONAL ACCREDITED INVESTOR&#8221; OR &#8220;SOPHISTICATED INDIVIDUAL ACCREDITED<br \/>\nINVESTOR&#8221;, RESPECTIVELY) AND THAT EITHER IS PURCHASING NOTES FOR ITS OWN<br \/>\nACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS<br \/>\nAND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF<br \/>\nTHE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR<br \/>\nAGENT (OTHER THAN SUCH A BANK OR SAVINGS AND LOAN ASSOCIATION OR OTHER<br \/>\nINSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN<br \/>\nINSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED<br \/>\nINVESTOR (i)  WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii)  WITH<br \/>\nRESPECT TO WHICH SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B)  A<br \/>\nQUALIFIED INSTITUTIONAL BUYER (&#8220;QIB&#8221;) WITHIN THE MEANING OF RULE 144A UNDER THE<br \/>\nACT WHICH IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS,<br \/>\nEACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE<br \/>\nINVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE<br \/>\nSELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5<br \/>\nOF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER<br \/>\nTHEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF<br \/>\nWILL BE MADE ONLY (A)  IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT,<br \/>\nEITHER (i)  TO THE ISSUER OR TO __________________________ OR ANOTHER PERSON<br \/>\nDESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE<br \/>\n&#8220;PLACEMENT AGENTS&#8221;), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH<br \/>\nNOTE, (ii)  THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR<br \/>\nSOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB BY A PLACEMENT AGENT OR<br \/>\n(iii)  TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND<br \/>\n(B)  IN MINIMUM AMOUNTS OF $250,000.<\/p>\n<p align=\"center\">16<\/p>\n<hr>\n<\/p>\n<p><strong>EXHIBIT B<\/strong><\/p>\n<p>FURTHER PROVISIONS RELATING <br \/>\nTO INDEMNIFICATION           (a)  The Issuer and the Guarantors, jointly and severally<br \/>\nagree to reimburse each Indemnitee for all expenses (including reasonable fees<br \/>\nand disbursements of external counsel) as they are incurred by it in connection<br \/>\nwith investigating or defending any loss, claim, damage, liability or action in<br \/>\nrespect of which indemnification may be sought under Section  5 of the Agreement<br \/>\n(whether or not it is a party to any such proceedings).           (b)  Promptly after<br \/>\nreceipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee<br \/>\nwill, if a claim in respect thereof is to be made against the Issuer or any<br \/>\nGuarantor, notify the Issuer and such Guarantor in writing of the existence<br \/>\nthereof; provided that (i)  the omission so to notify either or both the Issuer<br \/>\nor such Guarantor will not relieve either of them from any liability which it<br \/>\nmay have hereunder unless and except to the extent it did not otherwise learn of<br \/>\nsuch Claim and such failure results in the forfeiture by each of them of<br \/>\nsubstantial rights and defenses and (ii)  the omission so to notify the Issuer or<br \/>\nsuch Guarantor will not relieve it from liability which it may have to an<br \/>\nIndemnitee otherwise than on account of this indemnity agreement. In case any<br \/>\nsuch Claim is made against any Indemnitee and it notifies the Issuer and the<br \/>\nGuarantors of the existence thereof, the Issuer and the Guarantors will be<br \/>\nentitled to participate therein, and to the extent that any of them may elect by<br \/>\nwritten notice delivered to the Indemnitee, to assume the defense thereof, with<br \/>\ncounsel reasonably satisfactory to such Indemnitee; provided that if the<br \/>\ndefendants in any such Claim include both the Indemnitee and the Issuer or any<br \/>\nGuarantor and the Indemnitee shall have concluded that there may be legal<br \/>\ndefenses available to it which are different from or additional to those<br \/>\navailable to the Issuer or such Guarantor(s), neither the Issuer nor such<br \/>\nGuarantor(s) shall have the right to direct the defense of such Claim on behalf<br \/>\nof such Indemnitee, and the Indemnitee shall have the right to select separate<br \/>\ncounsel reasonably satisfactory to the Issuer to assert such legal defenses on<br \/>\nbehalf of such Indemnitee. Upon receipt of notice from the Issuer or a Guarantor<br \/>\nto such Indemnitee of the election of the Issuer or such Guarantor(s) so to<br \/>\nassume the defense of such Claim and approval by the Indemnitee of counsel, the<br \/>\nIssuer and such Guarantor(s) will not be liable to such Indemnitee for expenses<br \/>\nincurred thereafter by the Indemnitee in connection with the defense thereof<br \/>\n(other than reasonable costs of investigation) unless (i)  the Indemnitee shall<br \/>\nhave employed separate counsel in connection with the assertion of legal<br \/>\ndefenses in accordance with the proviso to the next preceding sentence (it being<br \/>\nunderstood, however, that the Issuer and the Guarantors shall not be liable for<br \/>\nthe expenses of more than one separate counsel (in addition to any local counsel<br \/>\nin the jurisdiction in which any Claim is brought), approved by the Dealer,<br \/>\nrepresenting the Indemnitee who is party to such Claim), (ii)  the Issuer or such<br \/>\nGuarantor(s) shall not have employed counsel reasonably satisfactory to the<br \/>\nIndemnitee to represent the Indemnitee within a reasonable time after notice of<br \/>\nexistence of the Claim or (iii)  the Issuer or any Guarantor has authorized in<br \/>\nwriting the employment of counsel for the Indemnitee. The indemnity,<br \/>\nreimbursement and contribution obligations of the Issuer and the Guarantors<br \/>\nhereunder shall be in addition to any other liability the Issuer and the<br \/>\nGuarantors may otherwise have to an Indemnitee and shall be binding upon and<br \/>\ninure to the benefit of any successors, assigns, heirs and personal<br \/>\nrepresentatives of the Issuer, the Guarantors and any Indemnitee. The Issuer and<br \/>\neach Guarantor agrees that without the Dealer&#8217;s prior written consent it will<br \/>\nnot settle, compromise or consent to the entry of any judgment in any Claim in<br \/>\nrespect of which any Indemnitee is or could have been a party and<br \/>\nindemnification may be sought under the indemnification provision of the<br \/>\nAgreement, unless such settlement, compromise or consent (i)  includes an<br \/>\nunconditional release of each Indemnitee from all liability arising out of such<br \/>\nClaim and (ii)  does not include a statement as to or an admission of fault,<br \/>\nculpability or failure to act, buy or on behalf of any Indemnitee; provided,<br \/>\nthat if the conditions set forth in clauses (i)  and (ii)  are satisfied, the<br \/>\nDealer shall not unreasonably without or delay its consent to a settlement,<br \/>\ncompromise or consent to the entry of a judgment in respect of such a Claim.\n<\/p>\n<p align=\"center\">17<\/p>\n<hr>\n<\/p>\n<p><strong>EXHIBIT C<\/strong><strong>FORM OF<br \/>\nGUARANTEE<\/strong><strong>GUARANTEE<\/strong><\/p>\n<p>, dated as of February  16, 2011 (this &#8220;Guarantee&#8221;), of HISTORIC TW INC., a<br \/>\nDelaware corporation (the &#8220;Note Guarantor&#8221;).           The Note Guarantor, for value<br \/>\nreceived, hereby irrevocably guarantees payment in full, as and when the same<br \/>\nbecomes due and payable, of the principal of and interest, if any, on the<br \/>\npromissory notes (the &#8220;Notes&#8221;) issued by TIME WARNER INC., a Delaware<br \/>\ncorporation (the &#8220;Company&#8221;), from time to time pursuant to the Issuing and<br \/>\nPaying Agency Agreement, dated as of February  16, 2011, as the same may be<br \/>\namended, supplemented or modified from time to time (the &#8220;Agreement&#8221;), among the<br \/>\nCompany, the Note Guarantor and JPMorgan Chase Bank, National Association<br \/>\n(&#8220;JPMorgan&#8221;) in the form of (i)  certificated notes or (ii)  book-entry<br \/>\nobligations evidenced by a master note payable to The Depository Trust Company<br \/>\nor its nominee. The Note Guarantor&#8217;s obligations under this Guarantee shall be<br \/>\nunconditional, irrespective of the validity or enforceability of any provision<br \/>\nof the Agreement or the Notes.           This Guarantee is a guaranty of the due and<br \/>\npunctual payment (and not collectibility) of all obligations of the Company in<br \/>\nrespect of the Notes and, unless the Note Guarantor is released from its<br \/>\nobligations hereunder as provided below, shall remain in full force and effect<br \/>\nuntil all amounts have been validly, finally and irrevocably paid in full, and<br \/>\nshall not be affected in any way by any circumstance or condition whatsoever,<br \/>\nincluding without limitation (a)  the absence of any action to obtain such<br \/>\namounts from the Company, (b)  any variation, extension, waiver, compromise or<br \/>\nrelease of any or all of the obligations of the Company under the Agreement or<br \/>\nthe Notes or of any collateral security therefor or (c)  any change in the<br \/>\nexistence or structure of, or the bankruptcy or insolvency of, the Company or by<br \/>\nany other circumstance (other than by complete, irrevocable payment) that might<br \/>\notherwise constitute a legal or equitable discharge or defense of a guarantor.<br \/>\nThe Note Guarantor waives all requirements as to promptness, diligence,<br \/>\npresentment, demand for payment, protest and notice of any kind with respect to<br \/>\nthe Agreement and the Notes.           Any term or provision of this Guarantee to the<br \/>\ncontrary notwithstanding, the maximum aggregate amount of the Note Guarantor&#8217;s<br \/>\nobligations hereunder shall not exceed the maximum amount that can be hereby<br \/>\nguaranteed without rendering this Guarantee voidable under applicable law<br \/>\nrelating to fraudulent conveyance or fraudulent transfer or similar laws<br \/>\naffecting the rights of creditors generally.           Any term or provision of this<br \/>\nGuarantee to the contrary notwithstanding, the Note Guarantor shall be<br \/>\nautomatically released from its obligations under this Guarantee, and the<br \/>\nguaranty of the Note Guarantor shall be automatically released, upon receipt by<br \/>\nJPMorgan of a certificate of a Responsible Officer of the Company certifying<br \/>\nthat the Note Guarantor has no outstanding Indebtedness for Borrowed Money as of<br \/>\nthe date of such certificate, other than any other guarantee of Indebtedness for<br \/>\nBorrowed Money that will be released concurrently with the release of this<br \/>\nGuarantee. Capitalized terms used in this paragraph but not defined herein have<br \/>\nthe meaning assigned to them in the Credit Agreement, dated as of January  19,<br \/>\n2011 among the Company, Time Warner International Finance Limited, the lenders<br \/>\nparty thereto and Citibank, N.A., as Administrative Agent).           This Guarantee<br \/>\nshall remain in full force and effect or shall be reinstated (as the case may<br \/>\nbe) if at any time any payment of the Company, in whole or in part, is rescinded<br \/>\nor must otherwise be returned by the holder upon the insolvency, bankruptcy or<br \/>\nreorganization of the Company or otherwise, all as though such payment had not<br \/>\nbeen made; provided that this Guarantee shall not be so reinstated if released<br \/>\nas provided above.           This Guarantee shall be governed by and construed in<br \/>\naccordance with the law of the State of New York.<\/p>\n<table style=\"font-size: 10pt\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"35%\"><\/td>\n<td width=\"15%\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\">\n<p>HISTORIC TW INC.<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">18<\/p>\n<hr>\n<\/p>\n<p><strong>EXHIBIT D<\/strong><strong>FORM OF SUPPLEMENTAL<br \/>\nGUARANTEE<\/strong><strong>SUPPLEMENTAL GUARANTEE<\/strong><\/p>\n<p>, dated as of February  16, 2011 (this &#8220;Supplemental Guarantee&#8221;), of<br \/>\n<strong>[Name of Supplemental Guarantor]<\/strong>, a corporation organized under<br \/>\nthe laws of ___________ (the &#8220;Supplemental Guarantor&#8221;).           The Supplemental<br \/>\nGuarantor, for value received, hereby irrevocably guarantees the full payment of<br \/>\nall monetary obligations of Historic TW Inc., a Delaware corporation (&#8220;HTW&#8221;),<br \/>\nunder the Guarantee (the &#8220;HTW Guarantee&#8221;) dated the date hereof given by HTW<br \/>\nwith respect to the payment of principal and interest on promissory notes the<br \/>\n(&#8220;Notes&#8221;) issued by Time Warner Inc., a Delaware corporation (the &#8220;Issuer&#8221;),<br \/>\nfrom time to time pursuant to the Issuing and Paying Agency Agreement, dated as<br \/>\nof February  16, 2011, as the same may be amended, supplemented or modified from<br \/>\ntime to time (the &#8220;Agreement&#8221;), among the Issuer, HTW and JPMorgan Chase Bank,<br \/>\nNational Association (&#8220;JPMorgan&#8221;), in the form of (i)  certificated notes or<br \/>\n(ii)  book-entry obligations evidenced by a master note payable to The Depository<br \/>\nTrust Company or its nominee, as and when the same becomes due and payable. The<br \/>\nSupplemental Guarantor&#8217;s obligations under this Supplemental Guarantee shall be<br \/>\nunconditional, irrespective of the validity or enforceability of any provision<br \/>\nof the Agreement, the Notes or the HTW Guarantee.           This Supplemental<br \/>\nGuarantee is a guaranty of the due and punctual payment (and not collectibility)<br \/>\nof all obligations of HTW in respect of the HTW Guarantee and, unless the<br \/>\nSupplemental Guarantor is released from its obligations hereunder as provided<br \/>\nbelow, shall remain in full force and effect until all amounts have been<br \/>\nvalidly, finally and irrevocably paid in full, and shall not be affected in any<br \/>\nway by any circumstance or condition whatsoever, including without limitation<br \/>\n(a)  the absence of any action to obtain such amounts from HTW or the Issuer,<br \/>\n(b)  any variation, extension, waiver, compromise or release of any or all of the<br \/>\nobligations of HTW under the HTW Guarantee or the Issuer under the Agreement or<br \/>\nthe Notes or of any collateral security therefor, or (c)  any change in the<br \/>\nexistence or structure of, or the bankruptcy or insolvency of, HTW or the Issuer<br \/>\nor by any other circumstance (other than by complete, irrevocable payment) that<br \/>\nmight otherwise constitute a legal or equitable discharge or defense of a<br \/>\nguarantor. The Supplemental Guarantor waives all requirements as to promptness,<br \/>\ndiligence, presentment, demand for payment, protest and notice of any kind with<br \/>\nrespect to the HTW Guarantee, the Agreement or the Notes.           Any term or<br \/>\nprovision of this Supplemental Guarantee to the contrary notwithstanding, the<br \/>\nmaximum aggregate amount of the Supplemental Guarantor&#8217;s obligations hereunder<br \/>\nshall not exceed the maximum amount that can be hereby guaranteed without<br \/>\nrendering this Supplemental Guarantee voidable under applicable law relating to<br \/>\nfraudulent conveyance or fraudulent transfer or similar laws affecting the<br \/>\nrights of creditors generally.           Any term or provision of this Supplemental<br \/>\nGuarantee to the contrary notwithstanding, the Supplemental Guarantor shall be<br \/>\nautomatically released from its obligations under this Supplemental Guarantee,<br \/>\nand the guaranty of the Supplemental Guarantor shall be automatically released,<br \/>\nupon receipt by JPMorgan of a certificate of a Responsible Officer of the<br \/>\nCompany certifying that the Supplemental Guarantor has no outstanding<br \/>\nIndebtedness for Borrowed Money as of the date of such certificate, other than<br \/>\nany other guarantee of Indebtedness for Borrowed Money that will be released<br \/>\nconcurrently with the release of this Supplemental Guarantee. Capitalized terms<br \/>\nused used in this paragraph but not defined herein have the meaning assigned to<br \/>\nthem in the Credit Agreement, dated as of January  19, 2011 among the Company,<br \/>\nTime Warner International Finance Limited, the lenders party thereto and<br \/>\nCitibank, N.A., as Administrative Agent).           This Supplemental Guarantee shall<br \/>\nremain in full force and effect or shall be reinstated (as the case may be) if<br \/>\nat any time any payment of HTW, in whole or in part, is rescinded or must<br \/>\notherwise be returned by the holder upon the insolvency, bankruptcy or<br \/>\nreorganization of HTW or otherwise, all as though such<\/p>\n<p align=\"center\">19<\/p>\n<hr>\n<\/p>\n<p>payment had not been made; provided that this Supplemental Guarantee shall<br \/>\nnot be so reinstated if released as provided above.           This Supplemental<br \/>\nGuarantee shall be governed by and construed in accordance with the law of the<br \/>\nState of New York.<\/p>\n<table style=\"font-size: 10pt\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"1%\"><\/td>\n<td width=\"35%\"><\/td>\n<td width=\"15%\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td colspan=\"3\">\n<p>[NAME OF SUPPLEMENTAL GUARANTOR]<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td valign=\"top\">\n<p>By:    <\/p>\n<\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<blockquote>\n<p>20<\/p>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n<\/blockquote>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6713],"corporate_contracts_industries":[9510],"corporate_contracts_types":[9560,9569],"class_list":["post-41031","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-aol-time-warner-inc","corporate_contracts_industries-technology__programming","corporate_contracts_types-finance","corporate_contracts_types-finance__notpur"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41031"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41031"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41031"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}