Document:

ex4-26.htm

    Exhibit
4.26

     

    
 

    

    SECOND
SUPPLEMENTAL INDENTURE, dated as of December 5, 1997, among TURNER BROADCASTING
SYSTEM, INC., a Georgia corporation (the “Company”), TIME WARNER COMPANIES,
INC., a Delaware corporation (“TWC”), TIME WARNER INC., a Delaware corporation
formerly known as TW Inc.  (“TWI”), and THE CHASE MANHATTAN 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 (including the Company’s Standard Multiple Series
Indenture Provisions dated May 15, 1993 incorporated therein by reference) (the
“Original Indenture”), as amended by the First Supplemental Indenture, dated as
of October 10, 1996 (the “First Supplemental Indenture”), among the Company, TWI
and the Trustee, and including with respect to each particular 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 “83⁄8%
Notes Certificate”), the Officers’ Certificate, dated as of February 3, 1994,
pursuant to which the Company issued its 7.40% Senior Notes due 2004, in the
principal amount of $250,000,000 (the “7.40% Notes Certificate”) and the
Officers’ Certificate, dated as of February 3, 1994, pursuant to which the
Company issued its 8.40% Senior Debentures due 2024, in the principal amount of
$200,000,000 (the “8.40% Debentures Certificate” and together with the 83⁄8%
Notes Certificate and the 7.40% Notes Certificate, the “Certificates”) (the
Original Indenture as amended by the First Supplemental Indenture and the
Certificates is herein called “the Indenture”);

     

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

     

    WHEREAS
TWI has, by way of the First Supplemental Indenture, unconditionally guaranteed
the obligations of the Company under the Indenture;

     

    WHEREAS
TWC 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;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS
Section 901 of the Indenture provides that the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee may, without the consent of any
Holders, enter into one or more indentures supplemental to the Indenture for the
purposes of, among other things, adding covenants of the Company for the benefit
of Holders of all or any series of Securities and adding any additional Events
of Default with respect to all or any series of Securities;

     

    WHEREAS
Section 902 of the Indenture provides that the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee may, with the consent of the
Holders of not less than a majority in principal amount of the Outstanding
Securities of all series affected by such supplemental indenture (acting as one
class), by Act of said Holders delivered to the Company and the Trustee, enter
into an indenture or indentures supplemental thereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under the Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each outstanding security
affected thereby (1) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable
upon the redemption thereof, or reduce the amount of the principal of an
Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502 of
the Indenture, or change any Place of Payment where, or the coin or currency in
which, any Security or any premium or the interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date) or alter any redemption or repurchase provisions in a manner
which is adverse to any Holder of any Security; (2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of
whose Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions
of the Indenture or certain defaults thereunder and their consequences) with
respect to the Securities of such series provided for in the Indenture; (3)
change any obligation of the Company, with respect to Outstanding Securities of
a series, to maintain an office or agency in the places and for the purposes
specified in Section 1002 of the Indenture for such series; or (4) modify any of
the provisions of Section 902 or 513 of the Indenture except to increase any
such percentage or to provide with respect to any particular series the right to
condition the effectiveness of any supplemental indenture as to that series on
the consent of the Holders of a specified percentage of the aggregate principal
amount of Outstanding Securities of such series (which provision may be made
pursuant to Section 301 of the Indenture without the consent of any Holder) or
to provide that certain other provisions of the Indenture cannot be modified or
waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this
clause (4) shall not be deemed to require the consent of any Holder with respect
to changes in the references to “the Trustee” and concomitant changes in Section
902 of the Indenture, or the deletion of this proviso, in accordance with the
requirements of Sections 612(b) and 901(7) of the Indenture;

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS
the Company desires to eliminate certain provisions of the Indenture as
hereinafter set forth and add certain covenants and events of default to the
Indenture for the benefit of all Securities; and

     

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

     

    NOW,
THEREFORE, this Second Supplemental Indenture witnesseth:

     

    1. Definitions.  Capitalized
terms used herein and not defined herein have the meanings ascribed to such
terms in the Indenture.

     

    2. Guarantee of
TWC.  (a)  TWC irrevocably and unconditionally
guarantees (the “TWC Guarantee”), to each Holder of Securities (including each
Holder of Securities issued under the Indenture after the date of this Second
Supplemental Indenture) and to the Trustee and its successors and assigns, (i)
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 (ii) the full and punctual
performance within applicable grace periods of all other obligations of the
Company under the Indenture and the Securities.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

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

     

    (c) The
obligation of TWC to make any payment hereunder may be satisfied by causing the
Company to make such payment.

     

    (d) TWC 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 TWC Guarantee.

     

    3. Amendments to
Definitions.  (a)  The following definitions are
added in Section 101 of the Indenture; provided, however, that such definitions shall
be applicable only with respect to Sections 1007, 1008, 1009 and paragraphs (h)
through (j) of Section 501 of the Indenture as amended hereby:

     

    “Consolidated
Cash Flow” means, for any period, the net income of TWI and its Subsidiaries, as
determined on a consolidated basis in accordance with GAAP consistently applied,
plus the sum of depreciation, amortization, other noncash charges which reduce
net income, income tax expense and interest expense, in each case to the extent
deducted in determining such net income, and excluding extraordinary gains or
losses.  Notwithstanding the foregoing, for purposes of determining
the Consolidated Cash Flow, there shall be included, in respect of each other
Person that is accounted for by TWI on the equity method (as determined in
accordance with GAAP), TWI’s proportionate amount of such other Person’s and its
Subsidiaries’ consolidated net income, depreciation, amortization, other noncash
charges which reduce net income, income tax expense and interest expense, in
each case to the extent deducted in determining such other Person’s net income,
excluding extraordinary gains and losses.

     

    “Consolidated
Cash Flow Coverage Ratio” means, for any period, the ratio for such period of
Consolidated Cash Flow to Consolidated Interest Expense.  In
determining the Consolidated Cash Flow Coverage Ratio, effect shall be given to
the application of the proceeds of Senior Debt whose incurrence is being tested
to the extent such proceeds are to be used to repay or refinance other Senior
Debt.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    “Consolidated
Interest Expense” means, for any period, the cash interest expense of TWI on
Senior Debt for such period other than the amount amortized during such period
in respect of all fees paid in connection with the incurrence of such Senior
Debt, such expense to be determined in each case on a consolidated basis in
accordance with GAAP consistently applied.  Notwithstanding the
foregoing, for purposes of determining the Consolidated Interest Expense, there
shall be included, in respect of each other Person that is accounted for by TWI
on the equity method (as determined in accordance with GAAP), TWI’s
proportionate amount of the cash interest expense of such other Person and its
Subsidiaries on Senior Debt for the relevant period other than the amount
amortized during such period in respect of all fees paid in connection with the
incurrence of such Senior Debt, such expense to be determined on a consolidated
basis in accordance with GAAP consistently applied.

     

    “Consolidated
Net Worth” means, with respect to a Person, at the date of any determination,
the consolidated stockholders’ equity of such Person and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP consistently
applied.

     

    “GAAP”
means generally accepted accounting principles as such principles are in effect
as of the date of this Second Supplemental Indenture.

     

    “Material
Subsidiary” means, with respect to a Person, any other Person that is a
Subsidiary if at the end of the most recent fiscal quarter of such first Person,
the aggregate amount, determined in accordance with GAAP consistently applied,
of securities of, loans and advances to, and other investments in, such other
Person held by such first Person and its other Subsidiaries exceeded 10% of such
first Person’s Consolidated Net Worth.

     

    “Material
U.S. Subsidiary” means any Material Subsidiary that is organized under the laws
of the United States of America or any political subdivision thereof (including
any State thereof or the District of Columbia).

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    “Senior
Debt” means, with respect to any Person, all indebtedness of such Person in
respect of money borrowed, determined in accordance with GAAP consistently
applied, other than indebtedness as to which the instrument governing such
indebtedness provides that such indebtedness is, or which is in effect,
subordinated or junior in right of payment to any other indebtedness of such
Person.

     

    “Subsidiary”
means, with respect to any Person, any corporation more than 50% of the voting
stock of which is owned directly or indirectly by such Person, and any
partnership, association, joint venture or other entity in which such Person
owns more than 50% of the equity interests or has the power to elect a majority
of the board of directors or other governing body.

     

    “Test
Period” means, with respect to any date, the period consisting of the most
recent four full fiscal quarters for which financial information is generally
available.

     

    “TWC”
means Time Warner Companies, Inc., a Delaware corporation formerly known as Time
Warner Inc.

     

    “TWI”
means Time Warner Inc., a Delaware corporation formerly known as TW
Inc.

     

    “Works”
means motion pictures, video, television, interactive or multi-media
programming, audio-visual works, sound recordings, books and other literary or
written material, any software, copyright or other intellectual property related
thereto, acquired directly or indirectly after the date of this Second
Supplemental Indenture by purchase, business combination, production, creation
or otherwise, any component of the foregoing or rights with respect thereto, and
all improvements thereon, products and proceeds thereof and revenues derived
therefrom.

     

    4. Amendments to
Covenants.  The Additional Covenants, with respect to each
particular series of Securities as established pursuant to paragraph (3)(i) of
the 83⁄8%
Notes Certificate, paragraph (3) (j) of the 7.40% Notes Certificate and
paragraph (3)(j) of the 8.40% Debentures Certificate, are hereby deleted in
their entirety and Article X of the Indenture is hereby amended by adding the
following Sections 1007, 1008 and 1009:

     

    SECTION
1007.  Limitation on
Liens.  Neither the Company nor any Material Subsidiary of the
Company shall incur, create, issue, assume, guarantee or otherwise become liable
for any indebtedness for money borrowed that is secured by a Lien on any asset
now owned or hereafter acquired by it unless the Company makes or causes to be
made effective provision whereby the Securities issued under the Indenture will
be secured by such Lien equally and ratably with (or prior to) all other
indebtedness thereby secured so long as any such indebtedness shall be
secured.  The foregoing restriction does not apply to the
following:

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (i)  
Liens
existing as of the date of this Second Supplemental Indenture;

     

    (ii)
 Liens
created by Subsidiaries of the Company to secure indebtedness of such
Subsidiaries to the Company or to one or more other Subsidiaries of the
Company;

     

    (iii) 
Liens
affecting property of a Person existing at the time it becomes a Subsidiary of
the Company or at the time it merges into or consolidates with the Company or a
Subsidiary of the Company or at the time of a sale, lease or other disposition
of all or substantially all of the properties of such Person to the Company or
its Subsidiaries;

     

    (iv)
 Liens on
property existing at the time of the acquisition thereof or incurred to secure
payment of all or a part of the purchase price thereof or to secure indebtedness
incurred prior to, at the time of, or within one year after the acquisition
thereof for the purpose of financing all or part of the purchase price
thereof;

     

    (v) 
Liens on
any property to secure all or part of the cost of improvements or construction
thereon or indebtedness incurred to provide funds for such purpose in a
principal amount not exceeding the cost of such improvements or
construction;

     

    (vi) 
Liens
consisting of or relating to the sale, transfer or financing of motion pictures,
video and television programs, sound recordings, books or rights with respect
thereto to or with so-called tax shelter groups or other third-party investors
in connection with the financing of such motion pictures, video and television
programming, sound recordings or books in the ordinary course of business and
the granting to the Company or any of its Subsidiaries of rights to distribute
such motion pictures, video and television programming, sound recordings or
books; provided, however, that no such lien shall
attach to any asset or right of the Company or its Subsidiaries (other than the
motion pictures, video and television programming, sound recordings, books or
rights which were sold, transferred to or financed by the tax shelter group or
third-party investors in question or the proceeds arising
therefrom);

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    (vii) 
Liens on
shares of stock, indebtedness or other securities of a Person that is not a
Subsidiary;

     

    (viii) 
other
Liens arising in connection with indebtedness of the Company and its
Subsidiaries in an aggregate principal amount for the Company and its
Subsidiaries not exceeding at the time such lien is issued, created or assumed
the greater of (A) 10% of the Consolidated Net Worth of the Company and (B) $500
million;

     

    (ix) 
Liens on
Works which either (1) existed in such Works before the time of their
acquisition and were not created in anticipation thereof, or (2) were created
solely for the purpose of securing obligations to financiers, producers,
distributors, exhibitors, completion guarantors, inventors, copyright holders,
financial institutions or other participants incurred in the ordinary course of
business in connection with the acquisition, financing, production, completion,
distribution or exhibition of Works;

     

    (x) 
any Lien
on the office building and hotel complex located in Atlanta, Georgia known as
the CNN Center Complex, including the parking decks for such complex (to the
extent such parking decks are owned or leased by the Company or its
Subsidiaries), or any portion thereof and all property rights therein and the
products, revenues and proceeds therefrom created as part of any mortgage
financing or sale-leaseback of the CNN Center Complex;

     

    (xi) 
Liens on
satellite transponders and all property rights therein and the products,
revenues and proceeds therefrom which secure obligations incurred in connection
with the acquisition, utilization or operation of such satellite transponders or
the refinancing of any such obligations;

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    (xii) 
restrictions
on the Atlanta National League Baseball Club, Inc. and Atlanta Hawks,
Ltd. and their respective assets imposed by Major League Baseball or the
Commissioner of Baseball, and the National Basketball Association, respectively,
including, without limitation, restrictions on the transferability of the
Company’s or any of its Subsidiaries’
interests therein;

     

    (xiii) 
Liens on
capital leases entered into after the date of this Second Supplemental Indenture
provided that such Liens extend only to the property or assets that are the
subject of such capital leases;

     

    (xiv) 
Liens
resulting from progress payments or partial payments under United States
government contracts or subcontracts; and

     

    (xv) 
any
extensions, renewal or replacement of any Lien referred to in the foregoing
clauses (i) through (xiv) inclusive, or of any indebtedness secured thereby;
provided, however, that the
principal amount of indebtedness secured thereby shall not exceed the principal
amount of indebtedness so secured at the time of such extension, renewal or
replacement, or at the time the Lien was issued, created or assumed or otherwise
permitted, and that such extension, renewal or replacement Lien shall be limited
to all or part of substantially the same property which secured the Lien
extended, renewed or replaced (plus improvements on such property).

     

    SECTION
1008.  Limitations on Senior
Debt.  The Company will not, and will not permit any of its
Subsidiaries to, incur, create, issue, assume, guarantee or otherwise become
directly or indirectly liable for (collectively, “incur”) any Senior Debt, if,
after giving effect to such incurrence of Senior Debt, determined on a pro forma
basis as if such incurrence had occurred on the first day of the Test Period,
the Consolidated Cash Flow Coverage Ratio for TWI and its Subsidiaries for the
Test Period would be less than 1.5 to 1.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    SECTION
1009.  Consolidation, Merger,
Conveyance  or Transfer by TWI or TWC on Certain
Terms.  (a)  Neither TWI nor TWC 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 TWI or TWC is merged or
the Person which acquires by conveyance or transfer the properties and assets of
TWI or TWC 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 any indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the
performance of (i) in the case of TWI, the obligations of TWI set forth in
Sections 2 and 3 of the First Supplemental Indenture and this Section 1009 or
(ii) in the case of TWC, the obligations of TWC under Sections 2 and 3 of the
Second Supplemental Indenture and this Section 1009, as applicable;

     

    (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 TWI or TWC, 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 TWI or TWC, 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 TWI or TWC, as applicable under
the Indenture with the same effect as if such successor had been named as TWI or
TWC, 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.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    5. Additional Events of
Default.  Section 501 of the Indenture is amended by adding the
following clauses (h) , (i) and (j) :

     

    (h)  the
entry of an order for relief against TWI or any Material U.S. Subsidiary thereof
under Title 11, United States Code (the “Federal Bankruptcy Act”) by a court
having jurisdiction in the premises or a decree or order by a court having
jurisdiction in the premises adjudging TWI or any Material U.S. Subsidiary
thereof a bankrupt or insolvent under any other applicable Federal or State law,
or the entry of a decree or order approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of TWI
or any Material U.S. Subsidiary thereof under the Federal Bankruptcy Act or any
other applicable Federal or State law, or appointing a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of TWI or any
Material U.S. Subsidiary thereof or of any substantial part of its properties,
or ordering the winding up or liquidation of their respective affairs, and the
continuance of any such decree or order unstayed and in effect for a period of
90 consecutive days; or

     

    (i)  the
consent by TWI or any Material U.S. Subsidiary thereof to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under the Federal
Bankruptcy Act or any other applicable Federal or State law, or the consent by
it to the filing of any such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of TWI
or any Material U.S. Subsidiary thereof or of any substantial part of its
properties, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as
they become due, or the taking of corporate action by TWI or any Material U.S.
Subsidiary thereof in furtherance of any such action; or

     

    (j)  default
under any bond, debenture, note, guarantee or other evidence of indebtedness for
money borrowed by TWI or TWC (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 TWI or TWC, 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 TWI or TWC 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.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    6. Effect on
Indenture.  Except as expressly modified by this Second
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.

     

    7. 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
Second Supplemental Indenture.

     

    8. Governing
Law.  THIS SECOND 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.

     

    9. Counterparts.  This
Second 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.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    10. Trustee Not Responsible for
Recitals.  The recitals therein contained are made by the
Company, TWC and TWI 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 Second Supplemental Indenture.

     

    IN
WITNESS WHEREOF, the parties thereto have caused this Second 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

                          	 
      	 
      
	 	 
      	
                            Name:

                          	 
      
	 	 
      	
                            Title:

                          	 
      

                  

                

              

            

          

        

      

    

    

    
      
        
          	 	
                  TIME
      WARNER COMPANIES, INC.,

                
	 	
                  by

                	 
      	 
      
	 	 
      	
                  Name:

                	 
      
	 	 
      	
                  Title:

                	 
      

        

      

    

    

    
      
        
          	 	
                  TIME
      WARNER INC.,

                
	 	
                  by

                	 
      	 
      
	 	 
      	
                  Name:

                	 
      
	 	 
      	
                  Title:

                	 
      

        

      

    

    

    
      
        
          	 	
                  THE
      CHASE MANHATTAN BANK, as Trustee,

                
	 	
                  by

                	 
      	 
      
	 	 
      	
                  Name:

                	 
      
	 	 
      	
                  Title:

                	 
      

        

      

    

     

     

    
 

    
      13ex4-27.htm

    
      Exhibit
4.27

       

      
 

      

      THIRD
SUPPLEMENTAL INDENTURE, dated as of March 17, 1998, among TURNER BROADCASTING
SYSTEM, INC., a Georgia corporation (the “Company”), TIME WARNER COMPANIES,
INC., a Delaware corporation (“TWC”), TIME WARNER INC., a Delaware corporation
formerly known as TW Inc. (“TWI”), and THE CHASE MANHATTAN BANK, as successor
Trustee (the “Trustee”).

       

      WHEREAS
the Company has executed and delivered to the Trustee a Senior Debt Securities
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 (the
“First Supplemental Indenture”), among the Company, TWI and the Trustee, the
Second Supplemental Indenture, dated as of December 5, 1997 (the “Second
Supplemental Indenture”) among the Company, TWC, TWI and the Trustee, and
including with respect to each particular 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 “83⁄8% Notes Certificate”), the Officers’
Certificate, dated as of February 3, 1994, pursuant to which the Company issued
its 7.40% Senior Notes due 2004, in the principal amount of $250,000,000 (the
“7.40% Notes Certificate”) and the Officers’ Certificate, dated as of February
3, 1994, pursuant to which the Company issued its 8.40% Senior Debentures due
2024, in the principal amount of $200,000,000 (the “8.40% Debentures
Certificate” and together with the 83⁄8% Notes Certificate and the 7.40% Notes
Certificate, the “Certificates”) (the Original Indenture as amended by the First
Supplemental Indenture, the Second Supplemental Indenture and the Certificates
is herein called “the Indenture”);

       

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

       

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

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS
Section 901 (9) of the Indenture provides that the Company, when authorized by
or pursuant to a Board Resolution, and the Trustee may, without the consent of
any Holders, enter into one or more indentures supplemental to the Indenture for
the purposes of, among other things, making any provision with respect to
matters or questions arising under the Indenture provided that no such change
shall adversely affect the interests of the Holders of Securities of any
series;

       

      WHEREAS
the Company proposes in and by this Third Supplemental Indenture to supplement
and amend the Indenture in certain respects as it applies to Securities issued
thereunder and TWI desires to unconditionally and
irrevocably guarantee all monetary obligations of TWC under the TWC Guarantee
(including obligations to the Trustee) and the full and punctual performance
within applicable grace periods of all other obligations of TWC under the TWC
Guarantee (the “Additional TWI Guarantee”); and

       

      WHEREAS
the Company, TWI and TWC have requested that the Trustee execute and deliver
this Third Supplemental Indenture and all requirements necessary to make this
Third Supplemental Indenture a valid instrument in accordance with its terms and
to make the Additional TWI Guarantee the valid and binding obligation of TWI,
and the execution and delivery of this Third Supplemental Indenture has been
duly authorized in all respects.

       

      NOW,
THEREFORE, the Company, TWI, TWC and the Trustee hereby agree that the following
Sections of this Third Supplemental Indenture supplement the Indenture with
respect to Securities issued thereunder:

       

      SECTION
1.    Definitions.  Capitalized
terms used herein and not defined herein have the meanings ascribed to such
terms in the Indenture.

       

      SECTION
2.    The Additional TWI
Guarantee.  (a)  TWI irrevocably and unconditionally
guarantees, to each Holder of Securities (including each Holder of Securities
issued under the Indenture after the date of this Third Supplemental Indenture)
and to the Trustee and its successors and assigns, (i) the full and punctual
payment of all monetary obligations of TWC under the TWC Guarantee (including
obligations to the Trustee) and (ii) the full and punctual performance within
applicable grace periods of all other obligations of TWC under the TWC
Guarantee.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

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

       

      (c)    The
obligation of TWI to make any payment hereunder may be satisfied by causing the
Company or TWC to make such payment.

       

      (d)    TWI
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 Additional TWI
Guarantee.

       

      SECTION
3.   Effect on
Indenture.  Except as expressly modified by this Third
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.

       

      SECTION
4.   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 Third
Supplemental Indenture.

       

      SECTION
5.   Governing
Law.  THIS THIRD 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.

       

      SECTION
6.   Counterparts.  This
Third 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.

       

      SECTION
7.   Trustee Not Responsible for
Recitals.  The recitals therein contained are made by the
Company, TWC and TWI 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 Third Supplemental Indenture.

       

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

       

      SECTION
9.   Separability.  In
case any one or more of the provisions contained in this Third 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 Third
Supplemental Indenture or of the Securities, but this Third Supplemental
Indenture and the Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

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

       

       

      
        
          
            	 	TURNER
      BROADCASTING SYSTEM, INC.,	 
	 	 	 	 
	
                     

                  	
                    by:
      

                  	
/s/ 
      Thomas McEnerney	 
	 	 	Name: 
      Thomas McEnerney	 
	 	 	Title: 
      Vice President	 
	 	 	 	 

          

        

      

       

       

      
         

        
          
            
              	 	TIME
      WARNER COMPANIES, INC.,	 
	 	 	 	 
	
                       

                    	
                      by:
      

                    	 
/s/ 
      Thomas McEnerney	 
	 	 	Name: 
      Thomas McEnerney	 
	 	 	Title: 
      Vice President	 
	 	 	 	 

            

          

        

         

      

       

      
         

        
          
            
              	 	TIME
      WARNER INC.,	 
	 	 	 	 
	
                       

                    	
                      by:
      

                    	
/s/ 
      Thomas McEnerney 	 
	 	 	Name: 
      Thomas McEnerney	 
	 	 	Title: 
      Vice President	 
	 	 	 	 

            

          

        

         

         

        
           

          
            
              
                	 	THE
      CHASE MANHATTAN BANK, 
as Trustee,	 
	 	 	 	 
	
                         

                      	
                        by:
      

                      	 
/s/ 
      Richard Lorenzen	 
	 	 	Name: 
      Richard Lorenzen	 
	 	 	Title: 
      Senior Trust Officer	 
	 	 	 	 

              

            

          

           

        

       

       

       

      
        

      

      4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]