Document:

ex4-5.htm

     

    Exhibit
4.5

     

     

    
      SIXTH SUPPLEMENTAL INDENTURE (this
“Sixth Supplemental
Indenture”) dated as
of _______, 2009, 

      among
TURNER BROADCASTING SYSTEM, INC., a Georgia corporation
(the “Company”), TIME
WARNER INC., a 

      Delaware
corporation (“TWX”), AOL LLC,
a Delaware limited liability company (“AOL”), HISTORIC TW
INC., a Delaware 

      corporation
(“HTW”), and
THE BANK OF NEW YORK MELLON (formerly known as The Bank
of New York) (successor 

      as
trustee to The Chase Manhattan Bank (formerly known as
Chemical Bank) (successor as trustee to The First National 

      Bank of
Boston)), a New
York banking corporation, as trustee (the “Trustee”).

       

      
         

      

      W I T N E
S S E T H

       

      WHEREAS the Company has executed and
delivered to the Trustee an Indenture, dated as of May 15, 1993 (including
the Company’s Standard Multiple Series Indenture Provisions dated May 15,
1993 incorporated therein by reference) (the “Original Indenture”),
as amended from time to time, including by way of the First Supplemental
Indenture, dated as of October 10, 1996, among the Company, HTW (in its own
capacity and not as successor to Time Warner Companies, Inc. (“TWCI”)) and the
Trustee (the “First
Supplemental Indenture”), the Second Supplemental Indenture, dated as of
December 5, 1997, among the Company, HTW (in its own capacity and as
successor to TWCI) and the Trustee (the “Second Supplemental
Indenture”), the Third Supplemental Indenture, dated as of March 17,
1998, among the Company, HTW (in its own capacity and as successor to TWCI) and
the Trustee (the “Third Supplemental
Indenture”), the Fourth Supplemental Indenture, dated as of January 11,
2001, among the Company, TWX, AOL, HTW (in its own capacity and as successor to
TWCI) and the Trustee (the “Fourth Supplemental
Indenture”), the Fifth Supplemental Indenture dated as of February 23,
2009, among the Company, HTW (in its own capacity and as successor to TWCI),
TWX, AOL and the Trustee (the “Fifth Supplemental
Indenture”) and including with respect to the one outstanding series of
securities, the terms of such securities established, as contemplated by Section
301 of the Original Indenture, pursuant to the Officers’ Certificate, dated as
of July 8, 1993, pursuant to which the Company issued its 83⁄8% Senior Notes due
2013 in the principal amount of $300,000,000 (the Original Indenture, as so
amended,  is herein called the “Indenture”),
providing for the issuance and sale by the Company from time to time of its
senior debt securities (the “Securities”, which
term shall include any Securities issued under the Indenture after the date
hereof);

       

      WHEREAS HTW has, by way of the First
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “Initial HTW
Guarantee”);

       

      WHEREAS TWCI had, by way of the Second
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “TWCI
Guarantee”);

       

      WHEREAS HTW has, by way of the Third
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of TWCI under the TWCI Guarantee (the “Additional HTW
Guarantee”);

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      WHEREAS, pursuant to a certificate of
ownership and merger to be filed with the Secretary of State of the State of
Delaware, TWCI merged with and into HTW on February 24, 2009, with HTW being the
surviving corporation, and HTW, by way of the Fifth Supplemental Indenture,
assumed all the obligations of TWCI under the TWCI Guarantee (such assumed TWCI
Guarantee, together with the Initial HTW Guarantee and the Additional HTW
Guarantee, the “HTW
Guarantees”);

       

      WHEREAS AOL has, by way of the Fourth
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of HTW under the Initial HTW Guarantee and the Additional HTW
Guarantee (the “AOL
Guarantee”) and extended to the Holders of Securities certain rights and
privileges in connection with the AOL Guarantee;

       

      WHEREAS TWX has, by way of the Fourth
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of (a) AOL under the AOL Guarantee and (b) HTW under the Initial HTW
Guarantee and the Additional HTW Guarantee (together, the “TWX Guarantee”) and
extended to the Holders of Securities certain rights and privileges in
connection with the TWX Guarantee;

       

      WHEREAS clauses (a) and (b) of Section
1009 of the Indenture provide that AOL is, by virtue of the AOL Guarantee,
restricted under the Indenture from conveying or transferring its properties and
assets substantially as an entirety, except under certain limited
circumstances;

       

      WHEREAS TWX, acting on behalf of the
Company, has solicited consents from the Holders of Securities (the “Solicitation”) for
the purpose of adopting certain proposed amendments to the Indenture which
provide that the provisions of clauses (a) and (b) of Section 1009 of Article 10
shall not apply to a conveyance or transfer by AOL of its properties and assets
substantially as an entirety unless such conveyance or transfer constitutes a
conveyance or transfer of the properties and assets of the Company, TWX, AOL and
HTW and their respective subsidiaries, taken as a whole, substantially as an
entirety (the “Proposed
Amendments”);

       

      WHEREAS Section 902 of the Indenture
permits the Company, when authorized by a resolution of the Board of Directors
of the Company, and with the consent of the Holders of not less than a majority
of the outstanding principal amount of all series of Securities issued under the
Indenture voting together as a single class, to enter into one or more
indentures supplemental to the Indenture, in form satisfactory to the Trustee,
for the purpose of modifying in any manner the rights of the Holders of the
Securities;

       

      WHEREAS TWX, acting on behalf of the
Company, has obtained and delivered to the Trustee evidence of the requisite
consents of Holders of the Securities to effect the Proposed Amendments under
the Indenture;

       

      WHEREAS, pursuant to the adoption of
the Proposed Amendments, TWX has agreed that, in connection with (and only in
connection with), the conveyance or transfer by AOL of its properties and assets
substantially as an entirety, TWX shall cause its wholly owned subsidiary, Home
Box Office, Inc., a Delaware corporation (“HBO”), to issue an
unconditional and irrevocable guarantee of all the monetary obligations of HTW
under the HTW Guarantees (including obligations to the Trustee thereunder) and
of the full and punctual performance within applicable grace periods of all
other obligations of HTW under the HTW Guarantees (the “HBO Guarantee”);

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS Section 901(9) of the Indenture
permits the Company, when authorized by a resolution of the Board of Directors
of the Company, and the Trustee, at any time and from time to time, to enter
into one or more indentures supplemental to the Indenture, in form satisfactory
to the Trustee, for the purpose of adding to the rights of the Holders of the
Securities;

       

      WHEREAS the Company, TWX, AOL and HTW
have duly authorized the execution and delivery of this Sixth Supplemental
Indenture, subject to the terms and conditions described herein;
and

       

      WHEREAS the Company, TWX, AOL and HTW
have requested that the Trustee execute and deliver this Sixth Supplemental
Indenture, and all requirements necessary to make this Sixth Supplemental
Indenture a valid instrument in accordance with its terms and to give effect to
the Proposed Amendments and the execution and delivery of this Sixth
Supplemental Indenture have been duly authorized in all respects.

       

      NOW, THEREFORE, the Company, TWX, AOL,
HTW and the Trustee hereby agree that the following Sections of this Sixth
Supplemental Indenture supplement the Indenture with respect to Securities
issued thereunder:

       

      SECTION 1.  Definitions.  (a)
Unless otherwise provided herein, the capitalized terms used and not defined
herein have the meanings ascribed to such terms in the Indenture.

       

      (b) Section 101 of the Indenture is
hereby supplemented to add the following definitions:

       

      ““AOL” means AOL LLC
(formerly known as America Online, Inc.), a Delaware limited liability company,
defined in the Fifth Supplemental Indenture as “AOL” and formerly defined in the
Fourth Supplemental Indenture as “America Online”. All references to “America
Online” under the Indenture are deemed to be references to AOL.”

       

      ““HBO” means Home Box
Office, Inc., a Delaware corporation.”

       

      ““HTW” means Historic
TW Inc. (formerly known as Time Warner Inc.), a Delaware corporation, formerly
defined as “TWI”. All references to “TWI” under the Indenture are deemed to be
references to HTW.”

       

      ““TWX” means Time
Warner Inc. (formerly known as AOL Time Warner Inc.), a Delaware corporation,
defined in the Fifth Supplemental Indenture as “TWX” and formerly defined in the
Fourth Supplemental Indenture as “AOL Time Warner”. All references to “AOL Time
Warner” in the Indenture are deemed to be references to TWX.”

       

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

       

      SECTION 2.  Amendment to
Covenants.  Section 1009 of Article 10 of the Indenture is
hereby supplemented and amended by adding thereto at the end thereof the
following clause (c):

       

      “(c)
Certain AOL
Conveyances or Transfers.  Notwithstanding the foregoing,
subject to the prior or concurrent issuance of the HBO Guarantee as set forth
elsewhere herein, the provisions of clauses (a) and (b) of this Section 1009
shall not apply to a conveyance or transfer by AOL of its properties and assets
substantially as an entirety unless such conveyance or transfer constitutes a
conveyance or transfer of the properties and assets of the Company, TWX, AOL and
HTW and their respective Subsidiaries, taken as a whole, substantially as an
entirety.”

       

      SECTION 3.  HBO
Guarantee.  TWX hereby undertakes that, in connection with (and
only in connection with), the conveyance or transfer by AOL of its properties
and assets substantially as an entirety, TWX shall cause HBO to issue an
unconditional and irrevocable guarantee of all the monetary obligations of HTW
under the HTW Guarantees (including obligations to the Trustee thereunder) and
of the full and punctual performance within applicable grace periods of all
other obligations of HTW under the HTW Guarantees pursuant to a supplemental
indenture to be executed by the parties thereto prior to, or concurrently with,
the conveyance or transfer by AOL of its properties and assets substantially as
an entirety, which supplemental indenture shall be substantially in the form set
forth in Annex
A to this Sixth Supplemental Indenture, with such technical modifications
as are satisfactory to the Trustee.

       

      SECTION 4.  This Sixth Supplemental
Indenture.  This Sixth Supplemental Indenture shall be
construed as supplemental to the Indenture and shall form a part of it, and the
Indenture is hereby incorporated by reference herein and each is hereby
ratified, approved and confirmed.

       

      SECTION 5.  GOVERNING
LAW.  THIS SIXTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

       

      SECTION 6.  Counterparts.  This
Sixth Supplemental Indenture may be executed in two or more counterparts, each
of which shall constitute an original, but all of which when taken together
shall constitute but one instrument.

       

      SECTION 7.  Headings.  The
headings of this Sixth Supplemental Indenture are for reference only and shall
not limit or otherwise affect the meaning hereof.

       

      SECTION 8.  Trustee Not Responsible for
Recitals.  The recitals herein contained are made by the
Company, TWX, AOL and HTW and not by the Trustee, and the Trustee assumes no
responsibility for the correctness thereof. The Trustee shall not be responsible
in any manner whatsoever for or in respect of the validity or sufficiency of
this Sixth Supplemental Indenture.

       

      SECTION 9.  Separability.  In
case any one or more of the provisions contained in this Sixth Supplemental
Indenture or in the Securities shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Sixth
Supplemental Indenture or of the Securities, but this Sixth Supplemental
Indenture and the Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

       

       

       

      [Remainder
of Page Intentionally Left Blank]

       

       

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      

      IN WITNESS WHEREOF, the parties hereto
have caused this Sixth Supplemental Indenture to be duly executed by their
respective authorized officers as of the date first written above.

       

      

      
        
          	
                  TURNER
      BROADCASTING SYSTEM, INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  HISTORIC
      TW INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  TIME
      WARNER INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  AOL
      LLC

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  THE
      BANK OF NEW YORK MELLON, as Trustee

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

       

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
 

      Annex A

       

      
 

      ______ SUPPLEMENTAL INDENTURE (this
“                 
Supplemental  Indenture”) dated as of _________, 20__, among
TURNER BROADCASTING SYSTEM, INC., a Georgia corporation (the “Company”), TIME
WARNER INC., a Delaware corporation (“TWX”), AOL LLC, a
Delaware limited liability company (“AOL”), HISTORIC TW
INC., a Delaware corporation (“HTW”), HOME BOX
OFFICE, INC., a Delaware corporation (“HBO”), and THE BANK OF NEW YORK MELLON
(formerly known as The Bank of New York) (successor as trustee to The Chase
Manhattan Bank (formerly known as Chemical Bank) (successor as trustee to The
First National Bank of Boston)), a New York banking corporation, as trustee (the
“Trustee”).

       

      W I T N E
S S E T H

       

      WHEREAS the Company has executed and
delivered to the Trustee an Indenture, dated as of May 15, 1993 (including
the Company’s Standard Multiple Series Indenture Provisions dated May 15,
1993 incorporated therein by reference) (the “Original Indenture”),
as amended from time to time, including by way of the First Supplemental
Indenture, dated as of October 10, 1996, among the Company, HTW (in its own
capacity and not as successor to Time Warner Companies, Inc. (“TWCI”)) and the
Trustee (the “First
Supplemental Indenture”), the Second Supplemental Indenture, dated as of
December 5, 1997, among the Company, HTW (in its own capacity and as
successor to TWCI) and the Trustee (the “Second Supplemental
Indenture”), the Third Supplemental Indenture, dated as of March 17,
1998, among the Company, HTW (in its own capacity and as successor to TWCI) and
the Trustee (the “Third Supplemental
Indenture”), the Fourth Supplemental Indenture, dated as of January 11,
2001, among the Company, TWX, AOL, HTW (in its own capacity and as successor to
TWCI) and the Trustee (the “Fourth Supplemental
Indenture”), the Fifth Supplemental Indenture dated as of February 23,
2009, among the Company, HTW (in its own capacity and as successor to TWCI),
TWX, AOL and the Trustee (the “Fifth Supplemental
Indenture”), the Sixth Supplemental Indenture, dated as of _______, 2009,
among the Company, TWX, AOL, HTW (in its own capacity and as successor to TWCI)
and the Trustee (the “Sixth Supplemental
Indenture”) [DESCRIBE ADDITIONAL SUPPLEMENTAL INDENTURES (IF ANY)] and
including with respect to the one outstanding series of securities, the terms of
such securities established, as contemplated by Section 301 of the Original
Indenture, pursuant to the Officers’ Certificate, dated as of July 8, 1993,
pursuant to which the Company issued its 83⁄8% Senior Notes due 2013 in the
principal amount of $300,000,000 (the Original Indenture, as so
amended,  is herein called the “Indenture”),
providing for the issuance and sale by the Company from time to time of its
senior debt securities (the “Securities”, which
term shall include any Securities issued under the Indenture after the date
hereof);

       

      WHEREAS HTW has, by way of the First
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “Initial HTW
Guarantee”);

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS TWCI had, by way of the Second
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “TWCI
Guarantee”);

       

      WHEREAS HTW has, by way of the Third
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of TWCI under the TWCI Guarantee (the “Additional HTW
Guarantee”);

       

      WHEREAS, pursuant to a certificate of
ownership and merger to be filed with the Secretary of State of the State of
Delaware, TWCI merged with and into HTW on February 24, 2009, with HTW being the
surviving corporation, and HTW, by way of the Fifth Supplemental Indenture,
assumed all the obligations of TWCI under the TWCI Guarantee (such assumed TWCI
Guarantee together with the Initial HTW Guarantee and the Additional HTW
Guarantee, the “HTW
Guarantees”);

       

      WHEREAS AOL has, by way of the Fourth
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of HTW under the Initial HTW Guarantee and the Additional HTW
Guarantee (the “AOL
Guarantee”) and extended to the Holders of Securities certain rights and
privileges in connection with the AOL Guarantee;

       

      WHEREAS TWX has, by way of the Fourth
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of (a) AOL under the AOL Guarantee and (b) HTW under the Initial HTW
Guarantee and the Additional HTW Guarantee (together, the “TWX Guarantee”) and
extended to the Holders of Securities certain rights and privileges in
connection with the TWX Guarantee;

       

      WHEREAS clause (c) of Section 1009 of
Article 10 of the Indenture provides that clauses (a) and (b) of Section 1009 of
Article 10 shall not apply to a conveyance or transfer by AOL of its properties
and assets substantially as an entirety unless such conveyance or transfer
constitutes a conveyance or transfer of the properties and assets of the
Company, TWX, AOL and HTW and their respective Subsidiaries, taken as a whole,
substantially as an entirety;

       

      WHEREAS TWX has, by way of Section 3 of
the Sixth Supplemental Indenture, agreed that, in connection with (and only in
connection with), the conveyance or transfer by AOL of its properties and assets
substantially as an entirety, TWX shall cause HBO, its wholly owned subsidiary,
to issue an unconditional and irrevocable guarantee of all the monetary
obligations of HTW under the HTW Guarantees (including obligations to the
Trustee thereunder) and of the full and punctual performance within applicable
grace periods of all other obligations of HTW under the HTW Guarantees (the
“HBO
Guarantee”);

       

      WHEREAS AOL has conveyed or
transferred, or intends to convey or transfer, its properties and assets
substantially as an entirety;

       

      WHEREAS HBO desires to issue the HBO
Guarantee, subject to the terms and conditions set forth in this ______
Supplemental Indenture;

       

      WHEREAS Section 901(3) of the Indenture
permits the Company, when authorized by a resolution of the Board of Directors
of the Company, and the Trustee, at any time and from time to time, to enter
into one or more indentures supplemental to the Indenture, in form satisfactory
to the Trustee, for the purpose of adding additional Events of Default in
respect of the Securities;

       

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS Section 901(9) of the Indenture
permits the Company, when authorized by a resolution of the Board of Directors
of the Company, and the Trustee, at any time and from time to time, to enter
into one or more indentures supplemental to the Indenture, in form satisfactory
to the Trustee, for the purpose of adding to the rights of the Holders of the
Securities;

       

      WHEREAS the Company, TWX, AOL, HTW and
HBO have duly authorized the execution and delivery of this ______ Supplemental
Indenture, subject to the terms and conditions described herein;
and

       

      WHEREAS the Company, TWX, AOL, HTW and
HBO have requested that the Trustee execute and deliver this ______ Supplemental
Indenture, and all requirements necessary to make this ______ Supplemental
Indenture a valid instrument in accordance with its terms and to make the HBO
Guarantee a valid obligation of HBO, and the execution and delivery of this
______ Supplemental Indenture, have been duly authorized in all
respects.

       

      NOW, THEREFORE, the Company, TWX, AOL,
HTW, HBO and the Trustee hereby agree that this ______ Supplemental Indenture
supplements the Indenture with respect to Securities issued
thereunder:

       

      SECTION 1.  Definitions.  Unless
otherwise provided herein, the capitalized terms used and not defined herein
have the meanings ascribed to such terms in the Indenture.

       

      SECTION 2.  The HBO
Guarantee.  (a)  HBO irrevocably and unconditionally
guarantees, to each Holder of Securities (including each Holder of Securities
issued under the Indenture after the date of this ______ Supplemental Indenture)
and to the Trustee and its successors and assigns, (i) the full and
punctual payment of all monetary obligations of HTW under the HTW Guarantees
(including obligations to the Trustee) and (ii) the full and punctual
performance within applicable grace periods of all other obligations of HTW
under the HTW Guarantees.  HBO further agrees that its obligations
hereunder shall be unconditional irrespective of the absence or existence of any
action to enforce the same, the recovery of any judgment against the Company,
TWX, AOL, HTW or HBO (except to the extent such judgment is paid) or any waiver
or amendment of the provisions of the Indenture or the Securities to the extent
that any such action or any similar action would otherwise constitute a legal or
equitable discharge or defense of a guarantor (except that such waiver or
amendment shall be effective in accordance with its terms).

       

      (b) HBO further agrees that the HBO
Guarantee constitutes a guarantee of payment, performance and compliance and not
merely of collection.

       

      (c) HBO further agrees to waive
presentment to, demand of payment from and protest to the Company of any of the
TWX Guarantee, the AOL Guarantee, the HTW Guarantees or the HBO Guarantee, and
also waives diligence, notice of acceptance of the HBO Guarantee, presentment,
demand for payment, notice of protest for nonpayment, the filing of claims with
a court in the event of merger or bankruptcy of the Company and any right to
require a proceeding first against the Company or any other
Person.  The obligations of HBO shall not be affected by any failure
or policy on the part of the Trustee to exercise any right or remedy under the
Indenture or the Securities of any series.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

       

      (d) The obligation of HBO to make any
payment under the HBO Guarantee may be satisfied by causing the Company, TWX,
AOL or HTW to make such payment.  If any Holder of any Security or the
Trustee is required by any court or otherwise to return to the Company, TWX,
AOL, HBO or HTW, or any custodian, trustee, liquidator or other similar official
acting in relation to any of the Company, TWX, AOL, HBO or HTW, any amount paid
by any of the foregoing to the Trustee or such Holder, the HBO Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and
effect.

       

      (e) HBO also agrees to pay any and all
costs and expenses (including reasonable attorneys’ fees) incurred by the
Trustee or any Holder of Securities in enforcing any of their respective rights
under the HBO Guarantee.

       

      (f) Any term or provision of this
______ Supplemental Indenture to the contrary notwithstanding, the maximum
aggregate amount of the HBO Guarantee shall not exceed the maximum amount that
can be hereby guaranteed without rendering this ______ Supplemental Indenture,
as it relates to HBO, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of
creditors generally.

       

      SECTION 3.  Additional Events of
Default.  Clause (j) of Section 501 of the Indenture
is hereby supplemented and amended to read in its entirety as
follows:

       

      “(j)
default under any bond, debenture, note, guarantee or other evidence of
indebtedness for money borrowed by TWX, AOL, HTW or HBO (including a default
with respect to a guarantee of the Securities of any series) or under any
mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any indebtedness for money borrowed by TWX,
AOL, HTW or HBO, whether such indebtedness now exists or shall hereafter be
created, which default (i) shall constitute a failure to pay the principal
of such indebtedness having an outstanding principal amount in excess of
$50 million in the aggregate when due and payable at the final (but not any
interim) maturity thereof after the expiration of any applicable grace period
with respect thereto and the holders of such indebtedness shall not have waived
such default or (ii) shall have resulted in such indebtedness having an
outstanding principal amount in excess of $50 million in the aggregate
becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, in either case without such indebtedness
having been discharged, or such acceleration having been rescinded or annulled,
within a period of 60 days after there shall have been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of such series, a written notice specifying such default and
requiring TWX, AOL, HTW or HBO to cause such indebtedness to be discharged or
cause such acceleration to be rescinded or annulled and stating that such notice
is a ‘Notice of Default’ hereunder.”

       

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      SECTION 4.  Amendments to
Covenants.  Clauses (a) and (b) of Section 1009 of the
Indenture are hereby supplemented and amended to read in their entirety as
follows:

       

      “SECTION 1009.  Consolidation, Merger,
Conveyance or Transfer by TWX, AOL, HTW or HBO on Certain
Terms.  (a)  None of TWX, AOL, HTW or HBO shall
consolidate with or merge into any other corporation or convey or transfer its
properties and assets substantially as an entirety to any Person,
unless:

      

      (1) the corporation formed by such
consolidation or into which TWX, AOL, HTW or HBO is merged or the Person which
acquires by conveyance or transfer the properties and assets of TWX, AOL, HTW or
HBO substantially as an entirety shall be organized and existing under the laws
of the United States of America or any State or the District of Columbia, and
shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the performance
of the obligations of TWX, AOL, HTW or HBO, as the case may be, under this
Indenture;

      

      (2) immediately after giving
effect to such transaction, no Event of Default, and no event which, after
notice or lapse of time, or both, would become an Event of Default, shall have
happened and be continuing; and

      

      (3) the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
such consolidation, merger, conveyance or transfer and such supplemental
indenture comply with this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with.

      

      (b)  Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of TWX, AOL,
HTW or HBO, as the case may be, substantially as an entirety in accordance with
paragraph (a) of this Section, the successor Person formed by such
consolidation or into which TWX, AOL, HTW or HBO, as the case may be, is merged
or to which such conveyance or transfer is made shall succeed to, and be
substituted for, and may exercise every right and power of TWX, AOL, HTW or HBO,
as applicable under the Indenture with the same effect as if such successor had
been named as TWX, AOL, HTW or HBO, as applicable herein.  In the
event of any such conveyance or transfer, the predecessor shall be discharged
from all obligations and covenants under the Indenture and the Securities and
may be dissolved, wound up or liquidated at any time thereafter.”

      

      SECTION 5.  Supplemental
Indentures. Clauses (1) and (2) of Section 901 of the Indenture are
hereby supplemented and amended to read in their entirety as
follows:

       

      “(1) to
evidence the succession of another corporation or Person to the Company, TWX,
AOL, HTW or HBO, and the assumption by any such successor of the respective
covenants of the Company, TWX, AOL, HTW or HBO herein and in the Securities
contained;

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      (2) to
add to the covenants of the Company, TWX, AOL, HTW or HBO or to surrender any
right or power herein conferred upon the Company, TWX, AOL, HTW or HBO, for the
benefit of the Holders of the Securities of any or all series (and if such
covenants or the surrender of such right or power are to be for the benefit of
less than all series of Securities, stating that such covenants are expressly
being included or such surrenders are expressly being made solely for the
benefit of one or more specified series);”.

      

      SECTION 6.  This ______
 Supplemental
Indenture.  This
______ Supplemental Indenture shall be construed as supplemental to the
Indenture and shall form a part of it, and the Indenture is hereby incorporated
by reference herein and each is hereby ratified, approved and
confirmed.

       

      SECTION 7.  GOVERNING
LAW.  THIS ______ SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

       

      SECTION 8.  Counterparts.  This
______ Supplemental Indenture may be executed in two or more counterparts, each
of which shall constitute an original, but all of which when taken together
shall constitute but one instrument.

       

      SECTION 9.  Headings.  The
headings of this ______ Supplemental Indenture are for reference only and shall
not limit or otherwise affect the meaning hereof.

       

      SECTION 10.  Trustee Not Responsible for
Recitals.  The recitals herein contained are made by the
Company, TWX, AOL, HBO and HTW and not by the Trustee, and the Trustee assumes
no responsibility for the correctness thereof. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this ______ Supplemental Indenture.

       

      SECTION 11.  Separability.  In
case any one or more of the provisions contained in this ______ Supplemental
Indenture or in the Securities shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this ______
Supplemental Indenture or of the Securities, but this ______ Supplemental
Indenture and the Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

       

      

      [Remainder
of Page Intentionally Left Blank]

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      

      IN WITNESS WHEREOF, the parties hereto
have caused this ______ Supplemental Indenture to be duly executed by their
respective authorized officers as of the date first written above.

       

      

      
        
          	
                  TURNER
      BROADCASTING SYSTEM, INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  HISTORIC
      TW INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  TIME
      WARNER INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  HOME
      BOX OFFICE, INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      

      

      
        
          	
                  AOL
      LLC

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

       

       

       

       

      
 

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

       

      
 

      
        
          	
                  THE
      BANK OF NEW YORK MELLON, as Trustee

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

      
 

       

       

       

       8ex4-25.htm

    Exhibit
4.25

     

     

     

     

    
      FIRST
SUPPLEMENTAL INDENTURE

       

      FIRST
SUPPLEMENTAL INDENTURE, dated as of October 10, 1996, among Tuner Broadcasting
System, Inc. (the “Company”), TW Inc. (the “Guarantor”) (which will be renamed
“Time Warner Inc.” immediately following consummation of the transactions
contemplated by the Merger Agreement (as defined below)) and The Chase Manhattan
Bank (formerly known as Chemical Bank), as successor Trustee (the
“Trustee”).

       

      WHEREAS,
the Company and the Trustee are parties to a Senior Debt Securities Indenture,
dated as of May 15, 1993 (the “Indenture”);

       

      WHEREAS,
the Company proposes in and by this First Supplemental Indenture to supplement
and amend the Indenture in certain respects as it applies to Securities issued
thereunder;

       

      WHEREAS,
the Company and the Guarantor are parties to an Agreement and Plan of Merger,
dated as of September
22, 1995 among Time Warner Inc. (“Time Warner”), the Guarantor, Time Warner
Acquisition Corp., TW Acquisition Corp. and the Company, as amended by Amendment
No. 1 thereto, dated as of August 8, 1996 (the “Merger Agreement”);

       

      WHEREAS,
upon consummation of the transactions contemplated by the Merger Agreement, the
Company and Time Warner will each become a wholly owned subsidiary of the
Guarantor;

       

      WHEREAS,
the Guarantor desires to unconditionally and irrevocably guarantee the full and
punctual payment of principal of and interest on the Securities when due,
whether at maturity, by acceleration, by redemption or otherwise, and all other
monetary obligations of the Company under the Indenture (including obligations
to the Trustee) and the Securities, and the full and punctual performance within
applicable grace periods of all other obligations of the Company under the
Indenture and the Securities; and

       

      WHEREAS,
all conditions precedent to the execution and delivery of this First
Supplemental Indenture pursuant to the terms of the Indenture have been
satisfied.

       

      1.           Effect on Indenture.
Except as expressly modified by this First Supplemental Indenture, the Indenture
and the Securities issued thereunder are in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force
and effect.

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      2.           Form of Securities.
The Company shall not be required to prepare and execute, and the Trustee shall
not be required to authenticate and deliver in exchange for Outstanding
Securities, any new Securities to conform to this First Supplemental
Indenture.

       

      3.           Governing Law. THIS
FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS, BUT NOT THE LAWS AS TO CONFLICTS OR CHOICE OF LAW, OF
THE STATE OF NEW YORK.

       

      4.           Counterparts. This
First Supplemental Indenture may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same
instrument.

       

      5.           Trustee Not Responsible for
Recitals. The recitals herein contained are made by the Company and the
Guarantor, and not by the Trustee, and the Trustee assumes no responsibility for
the correctness thereof. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this First
Supplemental Indenture.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      IN
WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the day and year first above
written.

       

       

      
        
          	 	TURNER BROADCASTING SYSTEM,
      INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ 	 
	 	 	Name: 
      	 
	 	 	Title:   
      	 
	 	 	 	 

        

      

       

       

      
        
          	 	TW INC., as
      Guarantor	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/	 
	 	 	Name:	 
	 	 	Title: 	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	THE CHASE MANHATTAN BANK,
      Trustee	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ 	 
	 	 	Name: 	 
	 	 	Title:

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