Document:

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                           INTEREST PURCHASE AGREEMENT

                                  BY AND AMONG

                               T-MOBILE USA, INC.,

                         OMNIPOINT COMMUNICATIONS, INC.

                              CINGULAR WIRELESS LLC

                                       AND

                                SBC WIRELESS LLC,

                                      DATED

                                  MAY 24, 2004

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                               <C>
ARTICLE I      DEFINITIONS......................................................................   2

ARTICLE II     DISSOLUTION OF FACILITIES; TERMS OF INTEREST PURCHASE............................  13
       2.1     Contribution of Membership Interest to Newco; Appointment of Liquidators.........  13
       2.2     Dissolution of Facilities........................................................  13
       2.3     Liquidating Committee Supervision of Dissolution.................................  13
       2.4     Capital Account True-Up..........................................................  14
       2.5     Purchase and Sale of Transferred Newco Membership Interest; Manner of Payment....  14
       2.6     Purchase Price Adjustment........................................................  15
       2.7     Closing..........................................................................  15
       2.8     Closing Deliveries...............................................................  16
       2.9     Purchase Price Allocation........................................................  18
       2.10    Termination of Existing Agreements...............................................  18

ARTICLE III    REPRESENTATIONS AND WARRANTIES OF SBCW AND CINGULAR AS TO THEMSELVES, NEWCO AND
               THE TRANSFERRED NEWCO MEMBERSHIP INTEREST........................................  18
       3.1     Organization, Corporate Power....................................................  18
       3.2     Authority........................................................................  19
       3.3     No Conflict......................................................................  19
       3.4     The Transferred Newco Membership Interest........................................  20
       3.5     Consents and Approvals...........................................................  20
       3.6     No Litigation....................................................................  20
       3.7     No Brokers.......................................................................  20
       3.8     Newco............................................................................  21
       3.9     Facilities.......................................................................  21

ARTICLE IV     REPRESENTATIONS AND WARRANTIES OF SBCW AND CINGULAR AS TO THE CINGULAR ASSETS
               AND CINGULAR SUB.................................................................  21
       4.1     Organization and Corporate Power.................................................  22
       4.2     No Conflict......................................................................  22
       4.3     Capitalization; Subsidiaries.....................................................  22
       4.4     Financial Statements of Cingular Sub.............................................  23
       4.5     No Undisclosed Liabilities.......................................................  23
       4.6     No Material Adverse Change.......................................................  23
       4.7     Tax Matters......................................................................  24
       4.8     Cingular Assets..................................................................  25
       4.9     Title to Cingular Network Assets.................................................  25
</TABLE>

                                       2

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.
                                                                   EXHIBIT 10.66

<TABLE>
<S>                                                                                               <C>
       4.10    Real Property; Leased Real Property..............................................  26
       4.11    Environmental Matters............................................................  28
       4.12    Litigation.......................................................................  29
       4.13    Employees; Employee Plans........................................................  29
       4.14    Material Contracts; No Violation.................................................  29
       4.15    Compliance with FAA and FCC Tower and Cell Site Requirements.....................  30

ARTICLE V      REPRESENTATIONS AND WARRANTIES OF PURCHASER......................................  31
       5.1     Status and Investment Intent.....................................................  31
       5.2     Organization and Corporate Power.................................................  31
       5.3     Authority........................................................................  31
       5.4     No Conflict......................................................................  32
       5.5     Consents and Approvals...........................................................  32
       5.6     No Litigation....................................................................  32
       5.7     Facilities.......................................................................  33
       5.8     No Brokers.......................................................................  33
       5.9     Financial Capability.............................................................  33

ARTICLE VI     COVENANTS OF THE PARTIES; ADDITIONAL AGREEMENTS..................................  34
       6.1     Conduct of Business..............................................................  34
       6.2     Breach of Representations and Warranties (Cingular and SBCW).....................  35
       6.3     Breach of Representations and Warranties (T-Mobile and Purchaser)................  35
       6.4     Expenses.........................................................................  35
       6.5     Further Assurances...............................................................  35
       6.6     Public Announcements.............................................................  36
       6.7     Certain Taxes....................................................................  36
       6.8     Waiver of Transfer Restrictions..................................................  37
       6.9     HSR Act..........................................................................  37
       6.10    Access to Cingular Employees.....................................................  37
       6.11    Transition Services..............................................................  37
       6.12    Gateway Switching................................................................  37
       6.13    No Opposition....................................................................  37
       6.14    Co-location......................................................................  38
       6.15    Mobile Network Code..............................................................  38
       6.16    Continuing Obligations...........................................................  39
       6.17    Reasonable Access................................................................  40
       6.18    Contesting Governmental Approval.................................................  40
       6.19    Update of Schedule A and Schedule B..............................................  40
       6.20    Property Taxes...................................................................  40
       6.21    Transfer of Contingent Consent Leases............................................  41
       6.22    Contribution of Sites held by a CA/NV Sublessor, as Cingular Affiliate...........  44
       6.23    Building Coverage Sites..........................................................  44
       6.24    Global Lease Consent Acknowledgement.............................................  45
</TABLE>

                                       3

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

<TABLE>
<S>                                                                                               <C>
ARTICLE VII    CLOSING CONDITIONS OF T-MOBILE AND PURCHASER.....................................  46
       7.1     Illegality.......................................................................  46
       7.2     Representations and Warranties of SBCW and Cingular..............................  47
       7.3     Approvals and Consents...........................................................  47
       7.4     Closing Deliveries...............................................................  47
       7.5     AWE Merger.......................................................................  47
       7.6     Cingular and SBCW Compliance with Covenants......................................  48
       7.7     Lease Agreements.................................................................  48

ARTICLE VIII   CLOSING CONDITIONS OF CINGULAR AND SBCW..........................................  48
       8.1     Illegality.......................................................................  48
       8.2     Representations and Warranties of Purchaser and T-Mobile.........................  48
       8.3     Approvals and Consents...........................................................  49
       8.4     Closing Deliveries...............................................................  49
       8.5     Closing of AWE Merger; No Qualifying Divestiture.................................  49
       8.6     T-Mobile and Purchaser Compliance with Covenants.................................  49
       8.7     Lease Agreement..................................................................  49

ARTICLE IX     INDEMNIFICATION..................................................................  49
       9.1     Indemnification by Cingular and SBCW.............................................  49
       9.2     Indemnification by T-Mobile and Purchaser........................................  50
       9.3     Notice of Claims; Calculation of Damages or Expense..............................  50
       9.4     Third Party Claims...............................................................  51
       9.5     No Special Damages...............................................................  53
       9.6     Limitations......................................................................  53
       9.7     Exclusive Remedy.................................................................  54
       9.8     Pending Claims...................................................................  54

ARTICLE X      TERMINATION......................................................................  55
       10.1    Termination Events...............................................................  55
       10.2    Effect of Termination............................................................  56

ARTICLE XI     DISPUTE RESOLUTION...............................................................  56
       11.1    Hierarchy of Dispute Resolution Procedures.......................................  56
       11.2    Arbitration (except as set forth in Section 11.3)................................  57
       11.3    Dispute Resolution Procedures Regarding Disputes under Sections 7.1, 7.2
               and 7.6..........................................................................  59
       11.4    Judicial Procedure...............................................................  59
       11.5    Obligation to Continue Performance Pending Resolution of a Dispute...............  59

ARTICLE XII    GENERAL..........................................................................  59
       12.1    Amendments, Waivers and Consents.................................................  59
       12.2    Governing Law....................................................................  60
       12.3    Section Headings.................................................................  60
       12.4    Counterparts.....................................................................  60
       12.5    Notices and Demands..............................................................  60
</TABLE>

                                       4
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

<TABLE>
<S>                                                                                               <C>
       12.6    Partial Invalidity...............................................................  61
       12.7    Waiver...........................................................................  61
       12.8    Entire Agreement.................................................................  62
       12.9    Interpretation...................................................................  62
       12.10   Assignment.......................................................................  62
       12.11   No Third-Party Beneficiaries.....................................................  63
       12.12   Enforcement of Agreement.........................................................  63
</TABLE>

                                       5
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                                  EXHIBIT LIST

EXHIBIT A - EXCHANGE AGREEMENT

EXHIBIT B - ROAMING AGREEMENT AMENDMENT

EXHIBIT C - WHOLESALE AGREEMENT

EXHIBIT D - TRANSITION SERVICES AGREEMENT

EXHIBIT E - RADIO BAILMENT AGREEMENT

                                       6
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                           INTEREST PURCHASE AGREEMENT

      THIS INTEREST PURCHASE AGREEMENT (this "AGREEMENT") is made and entered
into as of May 24, 2004 by and among Omnipoint Communications, Inc., a Delaware
corporation ("PURCHASER"), SBC Wireless LLC, a Delaware limited liability
company ("SBCW"), T-Mobile USA, Inc., a Delaware corporation (formerly
VoiceStream Wireless Corporation) ("T-MOBILE"), and Cingular Wireless LLC, a
Delaware limited liability company ("CINGULAR") (T-Mobile, Purchaser, Cingular
and SBCW may be individually referred to as a "PARTY" and may be collectively
referred to as the "PARTIES"). Except as otherwise indicated herein, capitalized
terms used herein are defined in Article I.

      WHEREAS, on November 1, 2001 (the "FORMATION DATE"), pursuant to the GSM
Facilities, LLC Formation and Contribution Agreement dated as of October 12,
2001 (the "FORMATION AGREEMENT") Omnipoint Facilities Network 1, LLC, a Delaware
limited liability company ("OMNIPOINT") contributed to GSM Facilities, LLC, a
Delaware limited liability company ("FACILITIES"); all of the membership
interests in Omnipoint Facilities Network 2, LLC ("T-MOBILE SUB") and SBCW
contributed to Facilities all of the membership interests in Pacific Bell
Wireless LLC ("CINGULAR SUB"), each of which possessed wireless network assets,
in each case in exchange for a 50% membership interest in Facilities having the
rights, preferences and obligations set forth in the GSM Facilities LLC
Agreement dated as of November 1, 2001 (the "FACILITIES LLC AGREEMENT");

      WHEREAS, in connection with the Formation Agreement, the parties thereto
executed and delivered the Facilities LLC Agreement, the Technical Services
Agreement, the California System Access and Services Agreement, the New York
System Access and Services Agreement, and the Reciprocal Home Roaming Agreement
(the "EXISTING ANCILLARY AGREEMENTS") and other agreements identified in the
Formation Agreement;

      WHEREAS, on February 17, 2004, Cingular entered into a definitive
agreement to acquire AT&T Wireless Services, Inc. ("AWE") (the "AWE MERGER");

      WHEREAS, the Parties desire to cause the dissolution of Facilities, in
connection with which SBCW will receive a distribution of all of the membership
interests in Cingular Sub,

      WHEREAS, immediately prior to the Closing (as hereinafter defined), SBCW
will contribute all of the membership interests in Cingular Sub to a Delaware
limited liability company wholly owned by SBCW ("NEWCO");

      WHEREAS, Purchaser desires to purchase from SBCW and SBCW desires to sell
to Purchaser, immediately after such distribution, all of SBCW's outstanding
right, title and interest to its membership interest in Newco; and

      WHEREAS, simultaneously with the execution of this Agreement, Affiliates
of T-Mobile and Cingular have entered into the License Purchase Agreement (as
hereinafter defined) providing for the purchase by T-Mobile from Cingular of
certain FCC licenses covering certain markets in California and Nevada and
Cingular, Affiliates of Cingular, T-Mobile, and Affiliate

                                       7

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

of T-Mobile have entered into the Long Term De Facto Transfer Lease Agreement
(as defined herein).

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

      Except as otherwise provided herein, the capitalized terms set forth below
shall have the following meanings. Capitalized terms not defined in this
Agreement shall have the meaning set forth in the Facilities LLC Agreement.

      "ACCOMMODATOR" has the meaning set forth in Section 12.10 hereof.

      "AFFILIATE" means, when used with reference to a specific Person, any
Person that, directly or indirectly, or through one or more intermediaries, Owns
and Controls, is Owned and Controlled by, or is under common Ownership and
common Control with, such specific Person.

      "AGREEMENT" has the meaning set forth in the Preamble hereof.

      "ANCILLARY AGREEMENTS" means the Exchange Agreement, the License Purchase
Agreement, the Long Term De Facto Transfer Lease Agreement, the Transition
Services Agreement, the Wholesale Agreement, the Roaming Agreement Amendment,
and the Radio Bailment Agreement, each as defined herein.

      "ARBITRATION DEMAND" has the meaning set forth in Section 11.2(b) hereof.

      "ARBITRATORS" has the meaning set forth in Section 11.2(c) hereof.

      "AWE" has the meaning set forth in the third recital hereof.

      "AWE MERGER" has the meaning set forth in the third recital hereof.

      "AWE MERGER AGREEMENT" means that certain Agreement and Plan of Merger by
and among AT&T Wireless Services, Inc., Cingular Wireless Corporation, Cingular
Wireless, LLC and Links I Corporation, SBC Communications, Inc. and BellSouth
Corporation dated as of February 17, 2004.

      "BANKRUPTCY" means, with respect to any Person, the happening of any one
or more of the following events: (a) a Person (or, in the case of any Person
that is a partnership, any general partner thereof) (i) makes an assignment for
the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii)
is adjudged to be bankrupt or insolvent, or there has been entered against such
Person (or general partner) an order for relief, in any bankruptcy or insolvency
proceeding; (iv) files a petition or answer seeking in respect of such Person
(or such general partner) any

                                       2
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any Law; (v) files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against such
Person (or such general partner) in any proceeding of a nature described above;
or (vi) seeks, consents or acquiesces in the appointment of a trustee, receiver,
conservator or liquidator of such Person (or such general partner) or of all or
any substantial part of such Person's (or such general partner's) properties; or
(b) 120 days after the commencement of any proceeding against any Person (or
such general partner) seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any Law, if such
proceeding has not been dismissed, or within 90 days after the appointment
without such Person's (or such general partner's) consent or acquiescence of a
trustee, receiver or liquidator of the Person (or such general partner) or of
all or any substantial part of such Person's (or such general partner's)
properties, if such appointment is not vacated or stayed, or within 90 days
after the expiration of any such stay, if such appointment is not vacated.

      "BASE BALANCE SHEET" has the meaning set forth in Section 4.4 hereof.

      "BUILDING COVERAGE SITES" means those Sites where "Pico" cells or similar
cell equipment have been deployed in connection with a commercial services
arrangement (either documented or established through a course of dealing) with
a wireless customer or building owner and identified in Schedule F attached.

      "BUSINESS DAY" means any day other than a Saturday or Sunday or a day on
which the FedWire System operated by the Federal Reserve Bank of New York is
closed.

      "CALIFORNIA/NEVADA" means the Los Angeles-San Diego MTA and the San
Francisco-Oakland-San Jose MTA.

      "CA/NV MASTER LEASE" means that certain Master Sublease Agreement having
SBC Towers Holdings, LLC, as sublessor and CA/NV Sublessor, as sublessee and
governing the terms of the CA/NV Master Sites.

      "CA/NV MASTER SITES" means the Cingular In Service Properties currently
leased to (and by) CA/NV Sublessor subject to CA/NV Master Lease and as set
forth on Schedule E attached.

      "CA/NV MASTER SUBLEASE" means that certain Master Site Agreement having
CA/NV Sublessor, as sublessor and Cingular Sub, as sublessee and governing the
terms of the CA/NV Master Sites and the CA/NV Sites.

      "CA/NV SITES" means the Cingular In Service Properties currently leased to
(and by) CA/NV Sublessor subject to certain primary ground leases and as set
forth on Schedule E-1 attached.

      "CA/NV SUBLESSOR" means CA/NV Tower Holdings, LLC.

                                       3
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "CERCLA" means the Comprehensive Environmental Response Compensation and
Liability Act, as amended, 42 U.S.C. Section 9601 et seq.

      "CERTIFICATE OF CANCELLATION" has the meaning set forth in Section 2.3
hereof.

      "CHANGE NOTICE" has the meaning set forth in Section 6.2 hereof.

      "CINGULAR" has the meaning set forth in the Preamble hereof.

      "CINGULAR ASSETS" means the Cingular Network Assets and the Cingular Real
Property Assets, specifically excluding the Excluded Assets.

      "CINGULAR DISCLOSURE SCHEDULE" has the meaning set forth in the Preamble
of Article III hereof.

      "CINGULAR FEE PROPERTIES" means those Cingular Real Property Assets for
which Cingular Sub has a fee simple possessory interest as set forth on Schedule
B-1 attached.

      "CINGULAR INDEMNIFIED PARTIES" has the meaning set forth in Section 9.2
hereof.

      "CINGULAR IN SERVICE PROPERTIES" means (i) the Cingular Fee Properties and
(ii) Cingular Leased Properties that, in each case, are "on air" and operational
(excepting any voluntary, involuntary or temporary outages in operation), but
excluding Building Coverage Sites and Cingular Leased Permitting Sites.

      "CINGULAR LEASED PERMITTING SITES" means Sites that are subject to a
Cingular Sub Lease for which Permitting is ongoing, including those Sites as set
forth on Schedule D-1 attached.

      "CINGULAR LEASED PROPERTIES" means land and/or improvements comprising
cell sites and switch sites related to the California/Nevada network for which
Cingular Sub holds a leasehold or license interest, leasehold estate, access
right, easement or other non fee simple possessory interest, or derives a
benefit therefrom (other than Excluded Assets), including those real estate and
quasi-real estate interests benefiting Cingular Sub listed on Schedules B, C-1,
C-1-b, D-1, E and E-1 but excluding Schedule C-2.

      "CINGULAR MATERIAL ADVERSE EFFECT" means any change or effect that (i) is
materially adverse to the properties, assets, business, financial condition or
results of operations of Newco or Cingular Sub or (ii) would materially
adversely affect the Transferred Newco Membership Interest or the ability of
SBCW or Cingular to perform its obligations under this Agreement; provided,
however, that effects relating to (w) actions or omissions of Cingular Sub, SBCW
or Cingular taken with the prior written consent of an authorized signatory of
T-Mobile as set forth in Section 12.1 and delivered pursuant to the notice
provisions of Section 12.5 of this Agreement, (x) effects caused by the public
announcement of, and response or reaction of customers, vendors, or licensors of
Cingular Sub to, this Agreement or any of the transactions contemplated hereby,
(y) changes or conditions (including changes in technology, Law, or

                                       4
<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

regulatory or market environment) affecting the wireless telecommunications
industry generally or (z) changes in economic, regulatory or political
conditions generally, shall not be deemed to constitute, and shall not be
considered in determining whether there exists, a material adverse effect.

      "CINGULAR NETWORK ASSETS" means all of the assets of Cingular Sub other
than the Excluded Assets and the Cingular Real Property Assets, including all
assets listed on Schedule A.

      "CINGULAR NON-LEASED PERMITTING SITES" means Sites that are not owned or
leased by Cingular Sub, but for which Permitting is ongoing in advance of
obtaining a Cingular Sub Lease, including those Sites as set forth on Schedule
D-2 attached.

      "CINGULAR PERMITTING SITES" means Cingular Non-Leased Permitting Sites and
Cingular Leased Permitting Sites.

      "CINGULAR REAL PROPERTY ASSETS" means collectively, the Cingular Fee
Property, Cingular Leased Properties, Cingular Permitting Sites and Building
Coverage Sites.

      "CINGULAR SUB" has the meaning set forth in the first recital hereof.

      "CINGULAR SUB LEASES" means the leases, licenses, easements and other
agreements creating Cingular Sub's interests in the Cingular Leased Properties
from which Cingular Sub derives benefit, including, by way of example, the CA/NV
Master Lease and the CA/NV Master Sublease.

      "CINGULAR SUB DISTRIBUTION" has the meaning set forth in Section 2.2
hereof.

      "CINGULAR SWITCH PROPERTIES" means those certain Cingular Leased
Properties all or part of which are used as a switch site in connection with the
California/Nevada network, including those Sites as set forth on Schedule C-1
attached.

      "CLAIM NOTICE" has the meaning set forth in Section 9.3(a) hereof.

      "CLOSING" has the meaning set forth in Section 2.7 hereof.

      "CLOSING CONDITIONS SATISFACTION DATE" has the meaning set forth in
Section 2.7(a) hereof.

      "CLOSING DATE" means the date on which the Closing occurs.

      "CLOSING DATE OMNIPOINT CAPITAL ACCOUNT BALANCE" has the meaning set forth
in Section 2.4(b) hereof.

      "CLOSING DATE TRUE-UP PAYMENT" has the meaning set forth in Section 2.4(a)
hereof.

                                       5
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "CONTINGENT CONSENT LEASE" means a Cingular Sub Lease requiring the
counterparty to consent to the Transfers or waive the breach or default caused
by the Transfers under the Cingular Sub Lease.

      "CONTINGENT CONSENT SITES" means Sites subject to a Contingent Consent
Lease.

      "CONTRACT" means written or oral contracts, arrangements, plans, leases,
licenses, franchises, permits, indentures, authorizations, instruments and other
commitments.

      "CONTROL" and derivations thereof means the direct or indirect power to
direct, or cause the direction of, the management or affairs of a Person.

      "COVENANT CLOSING CLAIM" has the meaning set forth in Section 7.6 hereof.

      "CPR RULES" means the CPR Non-Administered Arbitration Rules as in effect
from time to time, promulgated by the CPR Institute for Dispute Resolution or
successor organization.

      "DAMAGES" means any and all losses, costs, obligations, liabilities,
settlement payments, awards, judgments, fines, penalties, damages or other
charges.

      "DISCOUNTED PURCHASE PRICE" has the meaning set forth in Section 2.7(b)
hereof.

      "DISPUTE" has the meaning set forth in Section 11.1 hereof.

      "DISPUTING PARTY" has the meaning set forth in Section 11.2(a) hereof.

      "DISSOLUTION" has the meaning set forth in Section 2.2 hereof.

      "ENVIRONMENTAL LAWS" means all Laws relating to pollution or protection of
human health or the environment (including ambient air, surface water, ground
water, land surface, or subsurface strata) including CERCLA, RCRA, and other
Laws relating to emissions, discharges, releases, or threatened releases of any
Hazardous Material, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport, or handling of any
Hazardous Material. The term "Environmental Laws" shall include, without
limitation, the environmental rules of the FCC, 47 C.F.R. Sections 1.1301 to
1.1319, which implement the National Environmental Policy Act of 1969, 42 U.S.C.
Section 4321 et seq.

      "ERISA" means the Employee Retirement Income Security Act of 1974.

      "EXISTING ANCILLARY AGREEMENTS" has the meaning set forth in the second
recital.

      "EXCHANGE" has the meaning set forth in Section 12.10 hereof.

      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

      "EXCHANGE AGREEMENT" has the meaning set forth in Section 2.8(a) hereof.

                                       6
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "EXCLUDED ASSETS" has the meaning set forth in Schedule 4.8 hereof.

      "EXPENSES" means any and all reasonable expenses incurred in connection
with investigating, defending or asserting any claim, action, suit or proceeding
incident to any matter indemnified under this Agreement (including court filing
fees, court costs, arbitration fees or costs, witness fees and reasonable fees
and expenses of legal counsel, investigators, expert witnesses, consultants,
accountants and other professionals).

      "FAA" means the Federal Aviation Administration.

      "FACILITIES" has the meaning set forth in the first recital hereof.

      "FACILITIES LLC AGREEMENT" has the meaning set forth in the first recital.

      "FINAL CAPITAL ACCOUNT DETERMINATION" has the meaning set forth in Section
2.4(b) hereof.

      "FINAL ORDER" means an action taken or order issued by the applicable
Governmental Body as to which (a) no request for stay of the action or order is
pending, no such stay is in effect, and any deadline for filing any such request
has passed; (b) no petition for rehearing or reconsideration of the action or
order, or protest of any kind, is pending before the Governmental Body and the
time for filing any such petition or protest is passed; (c) the Governmental
Body does not have the action or order under reconsideration or review on its
own motion and the time for such reconsideration or review has passed; and (d)
the action or order is not then under judicial review, there is no notice of
appeal or other application for judicial review pending, and the deadline for
filing such notice of appeal or other application for judicial review has
passed.

      "FCC" means the Federal Communications Commission or any successor agency.

      "FOLLOW-ON PERIOD" has the meaning set forth in Section 6.15(a) hereof.

      "FORMATION AGREEMENT" has the meaning set forth in the first recital
hereof.

      "FORMATION DATE" has the meaning set forth in the first recital hereof.

      "GAAP" means U.S. generally accepted accounting principles applied on a
consistent basis.

      "GATEWAY SWITCH" means any voice switch in a GSM network that provides
interconnection between master switch controllers and other non-GSM voice
switches or ancillary service platforms (e.g. voice mail, PSAP) but does not
have direct interconnection to base station controllers.

      "GATEWAY SWITCHING" means a specialized mobile switching center that is
used to interface with the fixed network (PSTN/ATM/ISDN) for inbound traffic, as
well as interface for certain service control functions such as long distance
routing, voicemail services and SMS systems.

                                       7

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "GOVERNMENTAL APPROVAL" means any consent, approval or authorization of,
or declaration, filing or registration with, or notice to, or order or action
of, any court, administrative agency or other Governmental Body, provided that
for purposes of only Section 6.18 and the definition of "Qualifying
Divestiture," "Governmental Approval" shall mean any consent, approval or
authorization of, or order or action of, any court, administrative agency or
other Governmental Body, including but not limited to the United States
Department of Justice.

      "GOVERNMENTAL BODY" means any foreign, federal, state or local government
or any division thereof, or any court, tribunal, administrative agency or
commission or governmental or other regulatory authority or agency.

      "HAZARDOUS MATERIAL" means any chemical, substance, waste, material,
pollutant, contaminant, equipment or fixture defined as or deemed hazardous or
toxic or otherwise regulated under any Environmental Law, including RCRA
hazardous wastes and CERCLA hazardous substances, pesticides and other
agricultural chemicals, oil and petroleum products or byproducts and any
constituents thereof, asbestos and polychlorinated biphenyls (PCBs).

      "HSR ACT" means Section 7A of the Clayton Act, as added by Title II of the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules
and regulations promulgated thereunder.

      "INDEMNIFIED PARTY" has the meaning set forth in Section 9.3(a) hereof.

      "INDEMNITOR" has the meaning set forth in Section 9.3(a) hereof.

      "INITIAL PERIOD" has the meaning set forth in Section 6.15(a) hereof.

      "INTERIM BALANCE SHEET" has the meaning set forth in Section 4.4 hereof.

      "IRS" means the U.S. Internal Revenue Service.

      "KNOWLEDGE" and the phrases "to the knowledge of," "is not aware," "has
not received notice," and any other similar phrases, as used with respect to (a)
Cingular or SBCW means those facts that are actually known by Stan Sigman (CEO),
Peter A. Ritcher (CFO), Gregg Hall (Controller), Ralph de la Vega (COO), Joaquin
Carbonell (Executive Vice President and General Counsel), Carol Tacker (Vice
President and Assistant General Counsel), Stephen McGaw (Senior Vice President
Corporate Development), Ed Reynolds (President of Network Operations), Jim Jacot
(Network Operations California), Mike Pietropola (Vice President Network
Operations Support), Alison Hall (Vice President Roaming Strategy and
Realization), David Gallagher (Acting Vice President, Western Region Network
Operations), Adam Gasper (Director Corporate Development), Charles M. Nalbone
(Chief Counsel/Corporate Development); and (b) T-Mobile or Purchaser means those
facts that are actually known by Robert Dotson (CEO), Brian Kirkpatrick (CFO),
Allyn Hebner (Vice President and Controller), David A. Miller (Senior Vice
President and General Counsel), Lauren Venezia (Vice President,

                                       8

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Legal Affairs), Timothy Wong (Executive Vice President, Engineering & Technical
Operations), Cregg Baumbaugh (Executive Vice President of Finance, Strategy &
Development), Dirk Mosa (Vice President-Corporate Development), and Dave Mayo
(Vice President, Engineering, Finance and Planning).

      "LAW" means any code, law (including common law), ordinance, regulation,
reporting or licensing requirement, rule, or statute applicable to a Person or
its assets, liabilities, or business, including those promulgated, interpreted
or enforced by any Governmental Body.

      "LEASE CONSENTS" has the meaning set forth at Section 6.21 hereof.

      "LICENSE PURCHASE AGREEMENT" means that certain FCC License Purchase
Agreement by and between Pacific Telesis Mobile Services, LLC, Cingular and
T-Mobile dated of even date herewith.

      "LIQUIDATING COMMITTEE" has the meaning set forth in Section 2.2 hereof.

      "LIEN" means any conditional sale agreement, default of title, easement,
encroachment, encumbrance, hypothecation, indebtedness, infringement, lien,
mortgage, note, pledge, reservation, security interest, title retention or other
security arrangement, or any adverse right or interest, charge, or claim of any
nature whatsoever of, on, or with respect to any property or property interest.

      "LONG TERM DE FACTO TRANSFER LEASE AGREEMENT" means that certain Long Term
De Facto Lease Agreement by and among the wholly-owned subsidiaries of Cingular
listed in Exhibit A thereto, on the one hand, and T-Mobile and the subsidiary of
T-Mobile named in Exhibit B thereto, on the other hand, dated of even date
herewith.

      "MATERIAL CONTRACTS" has the meaning set forth in Section 4.14(a) hereof.

      "MAXIMUM AMOUNT" has the meaning set forth in Section 9.6(a) hereof.

      "NEGOTIATION PERIOD" has the meaning set forth in Section 9.3(c) hereof.

      "NEWCO" has the meaning set forth in the fifth recital hereof.

      "OMNIPOINT" has the meaning set forth in the first recital hereof.

      "OMNIPOINT TRUE-UP ADJUSTMENT PAYMENT" has the meaning set forth in
Section 2.4(b) hereof.

      "OPERATING STANDARDS" means the Facilities Network Design, Capital
Expenditure, Operating Expense, and Performance Standards in the form attached
to the Facilities LLC Agreement.

                                       9
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.
                                                                   EXHIBIT 10.66

      "ORDER" means any administrative decision or award, decree, injunction,
judgment, order, quasi-judicial decision or award, ruling, or writ of any
federal, state, local or foreign or other court, tribunal, administrative
agency, or other Governmental Body or any arbitrator or mediator.

      "ORDINARY COURSE OF BUSINESS" means the conduct of a business in the
ordinary course consistent with past practice.

      "OTHER PARTY" has the meaning set forth in Section 10.1 hereof.

      "OWN" or "OWNERSHIP" means to own, or the possession of beneficial
ownership of, more than fifty percent (50%) of the equity securities or
interests of a Person.

      "PARTIES" or "PARTY" has the meaning set forth in the Preamble to this
Agreement.

      "PENDING CLAIMS" has the meaning set forth in Section 9.8 hereof.

      "PERMITS" means any federal, state, local or foreign governmental
approval, authorization, certificate, easement, filing, franchise, license,
notice, permit, or right to which any Person is a party or that is or may be
binding upon or inure to the benefit of any Person or its securities, assets, or
business.

      "PERMITTED LIENS" means: (a) statutory liens for current real or personal
property taxes not yet due and payable; (b) worker's, carrier's and
materialmen's liens incurred in the ordinary course of business related to
obligations not yet due and payable; (c) easements, rights of way or similar
grants of rights to a third party for access, installation, maintenance or
repair of or to or across any Cingular Real Property, as applicable, including,
without limitation, rights of way or similar rights granted to any utility or
similar entity in connection with the provision of electric, telephone, water,
sewer, cable, gas or similar services; (d) third party leases where Cingular Sub
is the lessor or sublessor; (e) agreements creating leasehold interests of
Cingular Sub or a landlord of Cingular Sub; (f) liens that are immaterial in
character, amount or extent, or that do not materially detract from the value
and interfere in any material respect with the current use of any Cingular Real
Property Assets or Cingular Assets; (g) restrictions and conditions due to
zoning, land use or building code Laws; (h) private declarations, covenants,
restrictions, and conditions that do not prohibit or materially impair the use
of the Cingular Real Property Assets currently in operation for their current
uses, and (i) any Lien placed upon the underlying interest(s) in a Cingular
Leased Property of the lessor or sublessor of the underlying interest.

      "PERMITTING" means, with respect to any Cingular Real Property Assets, any
ongoing permitting work, site selection and other activities (including zoning
applications, appeals to application denials, zoning permitting, building
permitting and construction permitting) that are preliminary to placing `on air'
and in operation such Cingular Real Property Assets.

      "PERSON" means any general partnership, limited partnership, corporation,
limited liability company, joint venture, trust, business trust, governmental
agency, cooperative,

                                       10
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

association, individual or other entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person as
the context may require.

      "PROMISSORY NOTE" has the meaning set forth in Section 2.7(b) hereof.

      "PURCHASE PRICE" has the meaning set forth in Section 2.5(b) hereof.

      "PURCHASER" has the meaning set forth in the Preamble hereof.

      "QUALIFYING DIVESTITURE" has the meaning set forth in Schedule 6.18(a)
attached hereto.

      "RCRA" means the Resource Conservation and Recovery Act, as amended, 42
U.S.C. Section 6901 et seq.

      "REPRESENTATION CLOSING CLAIM" has the meaning set forth in Section 7.2
hereof.

      "RESTRICTED LIST" has the meaning set forth in Section 6.15(b) hereof.

      "ROAMING AGREEMENT AMENDMENT" has the meaning set forth in Section 2.8(a)
hereof.

      "SBC AFFILIATED SWITCH SITES" means the Cingular Switch Properties that
are co-located on SBC Communications, Inc. premises, being those Sites listed on
Schedule C-1-b attached.

      "SBCW" has the meaning set forth in the Preamble hereof.

      "SBCW CONTRIBUTION" has the meaning set forth in Section 2.1 hereof.

      "SBCW TRUE-UP ADJUSTMENT PAYMENT" has the meaning set forth in Section
2.4(b) hereof.

      "SEC" shall mean the Securities and Exchange Commission, or any successor
agency thereto.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

      "SECURITIES EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

      "SITE" means any cell site or switch site owned, leased or otherwise
utilized by Cingular, T-Mobile, or Facilities and their respective Affiliates,
as applicable.

      "SITE LOSS DAMAGE AMOUNT" has the meaning set forth in Section 6.21
hereof.

      "SITE OPERATING AGREEMENT" has the meaning set forth in Section 6.21
hereof.

      "SPECIAL DAMAGES" has the meaning set forth in Section 9.5 hereof.

                                       11

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "SUBSIDIARY" of any Person means any Person in which such first Person
owns a majority of the equity and voting interests, either directly or through
one or more Subsidiaries.

      "SWITCHING" means the process of connecting appropriate lines and/or
trunks to form a desired communications path between two station sets, or more
generally, any two arbitrary points in a telecommunications network, including
functions such as signaling, monitoring the status of circuits, translating
address to routing instructions, alternate routing, testing circuits for busy
conditions, and detecting and recording troubles.

      "TAIL PERIOD" means a period of twenty-four consecutive months, or such
shorter period as may be mutually agreed upon by Cingular and T-Mobile,
commencing upon a dissolution of Facilities.

      "TAX RETURN" means any return, declaration, report, claim for refund or
information return or statement relating to Taxes, including any schedule or
attachment thereto, and including any amendment thereof.

      "TAXES" means any federal, state, local, foreign or other taxes, including
without limitation income taxes, estimated taxes, excise taxes, sales taxes, use
taxes, gross receipts taxes, franchise taxes, employment and payroll related
taxes, withholding taxes, stamp taxes, transfer taxes and property taxes,
whether or not measured in whole or in part by net income.

      "TERMINATING PARTY" has the meaning set forth in Section 10.1 hereof.

      "THIRD PARTY CLAIM" has the meaning set forth in Section 9.4 hereof.

      "THRESHOLD AMOUNT" has the meaning set forth in Section 9.6(a) hereof.

      "T-MOBILE" has the meaning set forth in the Preamble hereof.

      "T-MOBILE INDEMNIFIED PARTIES" has the meaning set forth in Section 9.1
hereof.

      "T-MOBILE SUB" has the meaning set forth in the first recital hereof.

      "T-MOBILE SUB DISTRIBUTION" has the meaning set forth in Section 2.2
hereof.

      "TRANSFERS" has the meaning set forth in Section 4.10(a) hereof.

      "TRANSFER TAXES" has the meaning set forth in Section 6.7 hereof.

      "TRANSFERRED NEWCO MEMBERSHIP INTEREST" has the meaning set forth in
Section 2.5(a) hereof.

      "TRANSITION SERVICES AGREEMENT" has the meaning set forth in Section
2.8(a).

                                       12

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      "WIRELESS SERVICES" means broadband personal communications services and
any ancillary related services provided pursuant to a license granted by the FCC
under Part 24 or other relevant part of the FCC's rules.

      "WHOLESALE AGREEMENT" has the meaning set forth in Section 2.8(a) hereof.

                                   ARTICLE II

              DISSOLUTION OF FACILITIES; TERMS OF INTEREST PURCHASE

      2.1 CONTRIBUTION OF MEMBERSHIP INTEREST TO NEWCO; APPOINTMENT OF
LIQUIDATORS. Immediately prior to the Closing (as hereinafter defined) and
following the dissolution of Facilities, SBCW shall contribute all of its right,
title and interest to its membership interest in Cingular Sub to Newco (the
"SBCW CONTRIBUTION"), which shall be a newly-formed Delaware limited liability
company wholly-owned by SBCW.

      2.2 DISSOLUTION OF FACILITIES. Immediately prior to the Closing, SBCW and
Omnipoint shall unanimously select SBCW and Omnipoint as the liquidating
committee ("LIQUIDATING COMMITTEE") pursuant to Section 12.2 of the Facilities
LLC Agreement (and indicate the natural persons with authority to act on behalf
of SBCW and Omnipoint, respectively). Immediately thereafter, and immediately
prior to the Closing and prior to the SBCW Contribution, Facilities shall be
dissolved (the "DISSOLUTION") by the Liquidating Committee according to the
provisions of the Facilities LLC Agreement, provided that no Party shall be
required to make any payment to Facilities or to any other Party pursuant to
Section 12.1 of the Facilities LLC Agreement. In the Dissolution, the Parties
shall cause Facilities to distribute (a) to Omnipoint, Facilities' entire
membership interest in T-Mobile Sub, which shall hold all of the network assets
owned by Facilities or any Subsidiary thereof related to the operation of
Facilities in the New York BTA (the "T-MOBILE SUB DISTRIBUTION"), and (b) to
SBCW, Facilities' entire membership interest in Cingular Sub, which shall hold
all of the network assets owned by Facilities or any Subsidiary thereof related
to the operation of Facilities in the Los Angeles-San Diego MTA and the San
Francisco-Oakland-San Jose MTA (the "CINGULAR SUB DISTRIBUTION").
Notwithstanding anything to the contrary herein, any liability for Damages and
Expenses in connection with any claims, demands, actions, suits or proceedings
against Facilities relating to actions, inactions, liabilities or obligations
arising or occurring prior to Closing, any liability of the Members of
Facilities for operating expenses of Facilities and any expense relating to the
Dissolution or winding-up of Facilities shall be allocated between Omnipoint and
SBCW on the same basis as liability would have been allocated between them as
Members of Facilities at the time the matter giving rise to the liability
occurred or arose. T-Mobile shall cause Omnipoint to take all actions set forth
in this Section 2.2.

      2.3 LIQUIDATING COMMITTEE SUPERVISION OF DISSOLUTION. The Parties agree
that at and after the Closing, the Liquidating Committee of Facilities shall
supervise the winding up of Facilities' affairs in accordance with the terms of
the Facilities LLC Agreement and with applicable state Law, and shall endeavor
to cause Facilities, as promptly as practicable following the Closing, to
terminate its existence by filing a Certificate of Cancellation (the
"CERTIFICATE OF

                                       13

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

CANCELLATION") with the Delaware Secretary of State. In winding
up the affairs of Facilities, the Liquidating Committee shall make decisions,
resolve disputes and otherwise conduct its affairs in the manner prescribed in
the Facilities LLC Agreement for the Management Committee.

      2.4 CAPITAL ACCOUNT TRUE-UP.

            (a) The parties estimate that immediately following the Dissolution
and taking into account the T-Mobile Sub Distribution, Omnipoint's Capital
Account in Facilities shall have a positive balance of two hundred million
dollars ($200,000,000), as computed in accordance with the terms of the
Facilities LLC Agreement. The parties estimate that immediately following and
taking into account the Cingular Sub Distribution, SBCW's Capital Account in
Facilities shall have a negative balance of two hundred million dollars
($200,000,000), as determined in accordance with the terms of the Facilities LLC
Agreement. At the Closing, and simultaneously with the T-Mobile Sub Distribution
and Cingular Sub Distribution, Cingular shall cause SBCW to make a cash
contribution to Facilities in the amount of two-hundred million dollars
($200,000,000), in satisfaction of its estimated Capital Account deficit
restoration obligation. Immediately upon receipt of such contribution, the
Parties shall cause Facilities to distribute such amount to Omnipoint in
satisfaction of the estimated Omnipoint Capital Account balance (the "CLOSING
DATE TRUE-UP PAYMENT").

            (b) Within ninety (90) days following the Closing Date (as
hereinafter defined), T-Mobile and Cingular shall jointly determine, in
accordance with the terms of the Facilities LLC Agreement, the actual amount of
the Capital Accounts of Omnipoint (the "CLOSING DATE OMNIPOINT CAPITAL ACCOUNT
BALANCE") and SBCW as of the Closing (taking into account the T-Mobile Sub
Distribution and the Cingular Sub Distribution but without taking into account
the Closing Date True-Up Payment and without taking into account clauses (c) and
(d) of the definition of "GROSS ASSET VALUE" in the Facilities LLC Agreement)
(the "FINAL CAPITAL ACCOUNT DETERMINATION"), it being acknowledged that,
pursuant to the terms of the Facilities LLC Agreement, the sum of the Capital
Account balances of Omnipoint and SBCW following the T-Mobile Sub Distribution
and the Cingular Sub Distribution must equal zero. In the event that the Closing
Date Omnipoint Capital Account Balance exceeds the Closing Date True-Up Payment,
Cingular shall, within ten (10) Business Days following the date of the Final
Capital Account Determination, cause SBCW to make a cash payment to Omnipoint in
the amount of such excess (the "SBCW TRUE-UP ADJUSTMENT PAYMENT"). In the event
that the Closing Date Omnipoint Capital Account Balance is less than the Closing
Date True-Up Payment, T-Mobile shall, within ten (10) Business Days following
the date of the Final Capital Account Determination, cause Omnipoint to make a
cash payment to SBCW in the amount of such excess (the "OMNIPOINT TRUE-UP
ADJUSTMENT PAYMENT").

      2.5 PURCHASE AND SALE OF TRANSFERRED NEWCO MEMBERSHIP INTEREST; MANNER OF
      PAYMENT.

            (a) Subject to the terms and conditions of this Agreement and in
reliance on the representations, warranties and covenants herein set forth, at
the Closing and immediately following the T-Mobile Sub Distribution, the
Cingular Sub Distribution and the SBCW

                                       14
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Contribution, SBCW will sell, transfer, convey, assign and deliver to Purchaser,
and T-Mobile shall cause Purchaser to purchase and acquire from SBCW all of
SBCW's right, title and interest in and to its entire membership interest in
Newco. The membership interest in Newco transferred pursuant to the preceding
sentence is referred to herein as the "TRANSFERRED NEWCO MEMBERSHIP INTEREST."

            (b) In consideration for the Transferred Newco Membership Interest,
T-Mobile shall cause Purchaser to pay, and Purchaser shall pay, to SBCW Two
Billion Five Hundred Million Dollars ($2,500,000,000) (the "PURCHASE PRICE"), to
be adjusted as provided in Section 2.6, payable by wire transfer of immediately
available funds by 12:00 noon New York time on the Closing Date, to such account
as SBCW shall designate to Purchaser in writing ten (10) Business Days prior to
the Closing Date.

      2.6 PURCHASE PRICE ADJUSTMENT. The Purchase Price shall be increased by
the amount of any SBCW True-Up Adjustment Payment made pursuant to Section
2.4(b) of this Agreement and, on the date of such SBCW True-Up Adjustment
Payment, Purchaser shall make a payment to SBCW in the amount of such Purchase
Price increase. The Purchase Price shall be reduced by the amount of any
Omnipoint True-Up Adjustment Payment made pursuant to Section 2.4(b) of this
Agreement and, on the date of such Omnipoint True-Up Adjustment Payment, SBCW
will make a payment to Purchaser in the amount of such Purchase Price reduction.

      2.7 CLOSING.

            (a) The closing of the T-Mobile Sub Distribution and the Cingular
Sub Distribution pursuant to Section 2.2 hereof, the SBCW Contribution and the
subsequent sale and delivery of the Transferred Newco Membership Interest
pursuant to Section 2.5 hereof (the "CLOSING") shall take place at a location
mutually agreed to by the Parties, and the Closing Date shall be at a date
mutually agreed to by the Parties, but in no event later than on the tenth day
following (or in the event such day is not a Business Day, the next Business Day
thereafter) the satisfaction or waiver of all conditions to Closing set forth
herein ("CLOSING CONDITIONS SATISFACTION DATE"); provided that, if the
conditions have been satisfied or waived, T-Mobile may in its sole discretion,
upon written notice to Cingular no later than the fifth day following the
Closing Conditions Satisfaction Date, elect to delay the Closing Date until a
date no later than January 5, 2005.

            (b) Notwithstanding anything to the contrary in this Section 2.7, if
all conditions to Closing set forth herein (other than the AWE Merger) have been
satisfied or waived, then, upon at least ten (10) days' written notice by
Cingular to T-Mobile, Closing shall occur on such date as may be independently
required by a Governmental Body as a condition to the AWE Merger, in which event
such date shall be the "CLOSING DATE" for purposes of this Agreement; provided
that Cingular shall have used commercially reasonable efforts to avoid such
regulatory action and shall have supported in good faith T-Mobile's efforts, if
any, to cause such Governmental Body to permit a later Closing. If the Closing
Date is accelerated in accordance with this Section 2.7(b) and such date is
prior to January 5, 2005, then,

                                       15
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

notwithstanding anything to the contrary herein, at the Closing, rather than
delivering the Purchase Price to SBCW in accordance with Section 2.5(b),
T-Mobile and Purchaser may at their option, either: (i) deliver to SBCW a
promissory note from T-Mobile and Purchaser bearing no interest and providing
for the cash payment of the Purchase Price in immediately available funds by
12:00 noon New York time on January 5, 2005 and in form and substance
satisfactory to Cingular (the "PROMISSORY NOTE") or (ii) deliver to SBCW an
amount in cash at Closing equal to the Purchase Price less a discount of 7% per
annum from the Closing Date to January 5, 2005, prorated for any partial year
(the "DISCOUNTED PURCHASE PRICE"); provided, however, that in the event any
Governmental Body objects to payment in the form of the Promissory Note and
requires payment in cash as a condition to the AWE Merger, T-Mobile and
Purchaser shall pay the Discounted Purchase Price in cash at Closing, payable by
wire transfer in immediately available funds by 12:00 noon New York time on the
Closing Date.

      2.8 CLOSING DELIVERIES. At the Closing, and subject to the terms and
conditions herein contained:

            (a)DELIVERIES BY SBCW. SBCW shall cause Newco to deliver to
Facilities the Closing Date True-Up Payment and SBCW shall deliver to Purchaser:

                  (i) The certificate of SBCW and Cingular required to be
delivered pursuant to Section 7.2 and Section 7.6;

                  (ii) A certificate of an officer of SBCW and Cingular, in a
form reasonably satisfactory to Purchaser and its counsel, setting forth the
resolutions required by SBCW's and Cingular's organizational documents
authorizing the execution of this Agreement and all agreements, documents and
instruments to be executed and delivered by SBCW and Cingular in connection
herewith and the taking by SBCW and Cingular of any and all actions deemed
necessary or advisable to consummate the transactions contemplated herein or
therein;

                  (iii) A written resignation of each of SBCW's two current
members of the Management Committee from such individuals' positions as Managers
of Facilities, effective upon filing of the Certificate of Cancellation;

                  (iv) The Exchange Agreement, in the form attached hereto as
Exhibit A (the "EXCHANGE AGREEMENT"), duly executed by SBCW and Cingular or an
Affiliate, as applicable;

                  (v) The Amendment to the GSM Roaming Agreement between
T-Mobile and Cingular dated May 1, 2003, in the form attached hereto as Exhibit
B (the "ROAMING AGREEMENT AMENDMENT"), duly executed by Cingular;

                  (vi) The Wholesale Agreement in the form attached hereto as
Exhibit C (the "WHOLESALE AGREEMENT"), duly executed by Cingular or its
designee;

                                       16

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  (vii) The Transition Services Agreement in the form attached
hereto as Exhibit D (the "TRANSITION SERVICES AGREEMENT"), duly executed by
Cingular or its designee;

                  (viii) The Radio Bailment Agreement in the form attached
hereto as Exhibit E (the "RADIO BAILMENT AGREEMENT"), duly executed by Cingular
or its designee; and

                  (ix) Such other instruments or documents reasonably necessary
or desirable to complete the transactions contemplated herein, all reasonably
satisfactory in form and substance to Purchaser.

            (b)DELIVERIES BY PURCHASER AND T-MOBILE. T-Mobile and Purchaser
shall deliver to SBCW:

                  (i) The Purchase Price (which shall be made on the date and in
the manner set forth in Section 2.5(b)) or, if the Closing Date has been
accelerated pursuant to Section 2.7(b), the Promissory Note or Discounted
Purchase Price;

                  (ii) The certificate of Purchaser and T-Mobile required to be
delivered pursuant to Section 8.2 and Section 8.6;

                  (iii) A certificate of an officer of Purchaser and T-Mobile,
in a form reasonably satisfactory to SBCW and its counsel, setting forth the
resolutions required by Purchaser's and T-Mobile's organizational documents
authorizing the execution of this Agreement and all agreements, documents and
instruments to be executed and delivered by Purchaser and T-Mobile in connection
herewith and the taking by Purchaser and T-Mobile of any and all actions deemed
necessary or advisable to consummate the transactions contemplated herein or
therein;

                  (iv) The Exchange Agreement, duly executed by T-Mobile or its
Affiliate, as such signatories are set forth therein;

                  (v) The Roaming Agreement Amendment, duly executed by T-Mobile
or its Affiliate, as such signatories are set forth therein;

                  (vi) The Transition Services Agreement, duly executed by
T-Mobile or its Affiliate, as such signatories are set forth therein;

                  (vii) The Wholesale Agreement, duly executed by T-Mobile or
its Affiliate, as such signatories are set forth therein;

                  (viii) The Radio Bailment Agreement, duly executed by T-Mobile
or its Affiliate, as such signatories are set forth therein; and

                                       17

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  (ix) Such other instruments or documents reasonably necessary
or desirable to complete the transactions contemplated herein, all reasonably
satisfactory in form and substance to SBCW.

      2.9 PURCHASE PRICE ALLOCATION. The Parties acknowledge that solely for
income tax purposes, the purchase of the Transferred Newco Membership Interest
shall be treated as a purchase of the assets of Cingular Sub. For this purpose,
within ninety (90) days following the Closing, T-Mobile and Cingular and their
respective Affiliates shall discuss the preparation of an allocation of the
Purchase Price among the assets of Cingular Sub and other items in accordance
with Section 1060 of the Code and the Treasury Regulations thereunder (and any
similar provision of Law).

      2.10 TERMINATION OF EXISTING AGREEMENTS. At the Closing, all other prior
agreements between the Parties, written or unwritten, relating to the operations
and dissolution of Facilities (except the Facilities LLC Agreement which shall
be governed by its own provisions triggered by Section 12.1(a) dealing with
dissolution upon the unanimous vote of members to dissolve and wind up and for
clarification, the dispute resolution provisions of the Facilities LLC Agreement
survive dissolution of Facilities) shall terminate in accordance with their own
terms with such termination being deemed to be by written agreement of all
parties thereto (and the Parties hereto shall cause Facilities to agree in
writing to such terminations as required in connection with agreements to which
it is a party), including the Exchange Agreement dated November 1, 2001, between
T-Mobile and Cingular, the California System Access and Services Agreement dated
November 1, 2001, among Facilities, T-Mobile and Cingular, the New York System
Access and Services Agreement dated November 1, 2001, among Facilities, T-Mobile
and Cingular, the Technical Services Agreement dated November 1, 2001, among
Facilities, T-Mobile and Cingular, and the Reciprocal Home Roaming Agreement
dated November 1, 2001 by and between Cingular and T-Mobile.

                                   ARTICLE III

           REPRESENTATIONS AND WARRANTIES OF SBCW AND CINGULAR AS TO
             THEMSELVES, NEWCO AND THE TRANSFERRED NEWCO MEMBERSHIP
                                    INTEREST

      Except as set forth in the disclosure schedule to this Agreement (the
"CINGULAR DISCLOSURE SCHEDULE") (it being agreed that Cingular will use
commercially reasonable efforts to identify on the Cingular Disclosure Schedule
by section number the section to which such disclosure relates, provided that
disclosure of any item in such schedules shall be deemed disclosure with respect
to any section of this Agreement to which the relevance of such item is
reasonably apparent), Cingular and SBCW hereby jointly and severally represent
and warrant to T-Mobile and Purchaser as follows:

      3.1 ORGANIZATION, CORPORATE POWER. Cingular is a limited liability company
duly organized, validly existing and in good standing under the laws of Delaware
and SBCW is a limited liability company validly existing and in good standing
under the laws of Delaware.

                                       18

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Each of SBCW and Cingular (i) has the limited liability company power and
authority to own, lease and operate all of its assets and to carry on its
business as it is now being conducted and (ii) is duly licensed or qualified to
do business in each jurisdiction in which the nature of the business conducted
by it or the character or location of the assets owned or leased by it makes
such licensing or qualification necessary for the performance of its obligations
under this Agreement and any Ancillary Agreement to which it is a party, except
where the failure to be so licensed or qualified will not have, individually or
in the aggregate, a Cingular Material Adverse Effect.

      3.2 AUTHORITY. Each of Cingular and SBCW has the full limited liability
company power and authority to execute, deliver and perform this Agreement and
each of the Ancillary Agreements to which it will be a party and to perform its
obligations hereunder and thereunder. At the time of the execution and delivery
of any such Ancillary Agreement to which it is a party, each of Cingular and
SBCW will have the full limited liability company power and authority to
execute, deliver and perform such agreement. The execution, delivery and
performance of this Agreement and each of the Ancillary Agreements to which
Cingular and/or SBCW, as applicable, is or will be a party have been duly
authorized and approved by all necessary limited liability company action on
Cingular's or SBCW's part, as applicable, and no additional authorization or
action is required in connection with the execution, delivery and performance by
Cingular and SBCW of this Agreement or such Ancillary Agreements. This Agreement
has been duly executed and delivered by Cingular and SBCW and is, and each
Ancillary Agreement to which Cingular or SBCW will be a party will be, duly
executed and delivered by Cingular and/or SBCW, as applicable, and will be the
legal, valid and binding obligation of Cingular and/or SBCW, as applicable,
enforceable against Cingular and/or SBCW, as applicable, in accordance with its
terms, except to the extent that enforcement may be limited by applicable
bankruptcy, insolvency and other Laws of general applicability affecting
creditors' rights and by general equity principles.

      3.3 NO CONFLICT. Neither the execution and delivery of this Agreement and
any of the Ancillary Agreements to which Cingular and/or SBCW is or will be a
party nor the performance of any of the transactions contemplated hereby or
thereby nor compliance with or fulfillment of the terms, conditions and
provisions hereof or thereof will (i) violate any provision of the certificate
of formation, limited liability company operating agreement or other charter
documents of Cingular, SBCW or Newco, (ii) except as would not individually or
in the aggregate have a Cingular Material Adverse Effect, violate, contravene,
conflict with, or result in a breach of, constitute a default or event of
default under, or constitute (or with the passage of time without further action
will constitute) a mandatory prepayment or redemption event under, or result in
the termination, cancellation or acceleration (whether after the filing of
notice or lapse of time or both) of any right or obligation of Cingular, SBCW or
any of their respective Affiliates under, or a loss of any benefit to which
Cingular, SBCW or any of their respective Affiliates is entitled under, any
Contract, lease, agreement, mortgage, covenant, loan, indenture, license,
permit, instrument or undertaking to which Cingular, SBCW or any of their
respective Affiliates is a party or by which Cingular, SBCW or any of their
respective Affiliates is bound, (iii) result in the creation of any Lien upon
the Transferred Newco Membership Interest or result in the creation of any Lien,
except for Permitted Liens and except as would not individually or in

                                       19

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

the aggregate have a Cingular Material Adverse Effect, upon the Cingular Assets,
or (iv) except as would not individually or in the aggregate have a Cingular
Material Adverse Effect, violate or result in a breach of or constitute a
default under any Law or Order or other restriction of any Governmental Body to
which Cingular, SBCW, Newco, Cingular Sub or Facilities is subject.

      3.4 THE TRANSFERRED NEWCO MEMBERSHIP INTEREST. At Closing, SBCW will be
the lawful and beneficial owner of the Transferred Newco Membership Interest and
will have valid title thereto, free and clear of all Liens. The Transferred
Newco Membership Interest will represent SBCW's entire ownership interest in
Newco. There are no outstanding options, warrants, calls, conversion rights,
commitments, agreements, contracts, understandings, restrictions, arrangements
or rights of any character to which SBCW (or its Affiliates) is a party or by
which SBCW (or its Affiliates) may be bound obligating SBCW (or any of its
Affiliates) to deliver or sell, or cause to be delivered or sold, such
Transferred Newco Membership Interest, or obligating such SBCW (or any of its
Affiliates) to grant, extend, or enter into any such option, warrant, call,
conversion right, conversion payment, commitment, agreement, contract,
understanding, restriction, arrangement or right. There are no Liens with
respect to the Transferred Newco Membership Interest and such interest shall be
transferred free and clear of any Liens.

      3.5 CONSENTS AND APPROVALS. To the Knowledge of SBCW or Cingular, except
for the filing required under the HSR Act and any approvals of the FCC set forth
in the Ancillary Agreements, and except for any consents required pursuant to
any Cingular Leased Properties where a Governmental Body is lessor, no
Governmental Approval is required to be made or obtained by SBCW or Cingular in
connection with the execution and delivery by SBCW or Cingular, as applicable,
of this Agreement or any Ancillary Agreement to which it is or will become a
party, the consummation by SBCW or Cingular, as applicable, of the transactions
contemplated hereby or thereby or the performance by SBCW or Cingular, as
applicable, of its obligations contained herein or therein.

      3.6 NO LITIGATION. There is no litigation, claim, cause of action, or
proceeding instituted or pending, or, to the Knowledge of SBCW or Cingular,
threatened (or unasserted but considered probable of assertion and which if
asserted would have at least a reasonable possibility of an unfavorable outcome)
by any Person or Governmental Body against SBCW, Cingular or any of their
Affiliates, or against any director, employee or employee benefit plan of SBCW,
Cingular or any of their Affiliates, or against any asset, interest, or right of
any of them which, if adversely determined, would be reasonably likely to have a
Cingular Material Adverse Effect, nor are there any Orders outstanding against
SBCW, Cingular, or any of their Affiliates, that are reasonably likely to have a
Cingular Material Adverse Effect.

      3.7 NO BROKERS. No broker, investment banker, financial advisor or other
person is entitled to any broker's, finder's, financial advisor's or other
similar fee or commission in connection with the transactions contemplated by
this Agreement or any of the Ancillary Agreements based upon arrangements made
by or on behalf of SBCW, Cingular or Cingular Sub.

                                       20

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      3.8 NEWCO. SBCW shall form Newco as a Delaware limited liability company
prior to the Closing solely for the purpose of holding the membership interest
in Facilities and Newco will not conduct any other activities. At the time of
Closing, Newco will be a limited liability company duly organized, validly
existing and in good standing under the laws of Delaware (i) with the power and
authority to own, lease and operate all of its assets and to carry on its
business as it is intended to be conducted and (ii) will be duly licensed or
qualified to do business in each jurisdiction in which the nature of the
business intended to be conducted by it or the character or location of the
assets owned or leased by it makes such licensing or qualification necessary for
the carrying out of its business. At all times prior to and at Closing, Newco
will not (i) hold any assets other than the membership interest of Cingular Sub,
(ii) conduct any operations other than receiving the SBCW Contribution, and
(iii) have any liabilities other than those associated with the membership
interest of Cingular Sub. At Closing, Newco will own the entire membership
interest in Cingular Sub.

      3.9 FACILITIES. To the Knowledge of SBCW or Cingular, there is no
litigation, claim, cause of action, or proceeding instituted, pending, or,
threatened (or unasserted but considered probable of assertion and which if
asserted would have at least a reasonable possibility of an unfavorable outcome)
by any Person or Governmental Body against Facilities which, if adversely
determined, would be reasonably likely to have a material adverse effect on
Facilities. Neither SBCW nor Cingular is aware of any material liability of
Facilities that is not set forth in the audited consolidated balance sheet as of
December 31, 2003 and the unaudited consolidated balance sheet as of December
31, 2002 and, in each case, the related consolidated statements of operations,
cash flows and changes in members' capital for the fiscal years then ended of
Facilities. To the Knowledge of Cingular and SBCW, the only assets and
liabilities of Facilities are the membership interests in T-Mobile Sub and
Cingular Sub. To the Knowledge of SBCW or Cingular, Facilities does not have,
and since its formation has never had, any employees and is not a party to any
union contract, collective bargaining agreement or any employment contract or
arrangement. To the Knowledge of SBCW or Cingular, Facilities does not have, and
since its formation has never had, any plan or Contract which is sponsored,
maintained, contributed to or otherwise used by Facilities for the benefit of
any current or former employees, officers or directors of Cingular Sub, which
plan is: (i) an "employee benefit plan," as such term is defined in Section 3(3)
of ERISA (including employee benefit plans, such as foreign plans, which are not
subject to the provisions of ERISA), or (ii) a stock option plan, bonus plan or
arrangement, incentive award plan or arrangement, change in control or severance
pay plan or policy, deferred compensation arrangement, executive compensation or
supplemental income arrangement, and each other employee benefit plan or program
which is not described in clause (i) of this sentence.

                                   ARTICLE IV

          REPRESENTATIONS AND WARRANTIES OF SBCW AND CINGULAR AS TO THE
                        CINGULAR ASSETS AND CINGULAR SUB

      Except as set forth in the Cingular Disclosure Schedule (it being agreed
that Cingular will use commercially reasonable efforts to identify on the
Cingular Disclosure Schedule by section number the section to which such
disclosure relates, provided that disclosure of any item in such

                                       21

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

schedules shall be deemed disclosure with respect to any section of this
Agreement to which the relevance of such item is reasonably apparent), Cingular
and SBCW hereby jointly and severally represent and warrant to T-Mobile and
Purchaser as follows:

      4.1 ORGANIZATION AND CORPORATE POWER. Cingular Sub is a limited liability
company duly organized, validly existing and in good standing under the laws of
Delaware. Cingular Sub (i) has the limited liability company power and authority
to own, lease and operate all of its assets and to carry on its business as it
is now being conducted and (ii) is duly licensed or qualified to do business in
each jurisdiction in which the nature of the business conducted by it or the
character or location of the assets owned or leased by it makes such licensing
or qualification necessary for the carrying out of its business, except where
the failure to be so licensed or qualified will not have, individually or in the
aggregate, a Cingular Material Adverse Effect.

      4.2 NO CONFLICT. Neither the execution and delivery of this Agreement and
any of the Ancillary Agreements to which Cingular Sub is or will be a party nor
the performance of any of the transactions contemplated hereby or thereby nor
compliance with or fulfillment of the terms, conditions and provisions hereof or
thereof will (i) violate any provision of the certificate of formation, limited
liability company operating agreement or other charter documents of Cingular
Sub, (ii) except as would not individually or in the aggregate have a Cingular
Material Adverse Effect, violate, contravene, conflict with, or result in a
breach of, constitute a default or event of default under, or constitute (or
with the passage of time without further action will constitute) a mandatory
prepayment or redemption event under, or result in the termination, cancellation
or acceleration (whether after the filing of notice or lapse of time or both) of
any right or obligation of Cingular Sub under, or a loss of any benefit to which
Cingular Sub is entitled under, any Contract, lease, agreement, mortgage,
covenant, loan, indenture, license, permit, instrument or undertaking to which
Cingular Sub is a party or by which Cingular Sub is bound, (iii) except as would
not individually or in the aggregate have a Cingular Material Adverse Effect,
result in the creation of any Lien, except for Permitted Liens, upon the
Cingular Assets, or (iv) except as would not individually or in the aggregate
have a Cingular Material Adverse Effect, violate or result in a breach of or
constitute a default under any Law or Order or other restriction of any
Governmental Body to which Cingular Sub is subject. Except as would not
individually or in the aggregate have a Cingular Material Adverse Effect,
Cingular Sub has complied in all material respects with all Permits, Laws and
Orders applicable to it and there are no violations or claimed violations known
by Cingular Sub of any Permit, Law or Order.

      4.3 CAPITALIZATION; SUBSIDIARIES. Facilities is the sole member of
Cingular Sub. There are no outstanding options, warrants, calls, conversion
rights, commitments, agreements, contracts, understandings, restrictions,
arrangements or rights of any character for or relating to the issuance, or sale
of, or outstanding securities convertible into or exchangeable for, any
membership interests of any class or other equity interests of Cingular Sub.
Cingular Sub has no obligation to purchase, redeem, or otherwise acquire any of
its membership interests or any other interests therein. All of the outstanding
membership interests in Cingular Sub are duly and validly authorized and issued
and are fully paid and non-assessable and not subject to any preemptive rights.
There are no preemptive rights, rights of first refusal, put or call rights or

                                       22

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

obligations or anti-dilution rights with respect to the issuance, sale or
redemption of the membership interests of Cingular Sub.

      4.4 FINANCIAL STATEMENTS OF CINGULAR SUB. SBCW has previously made
available to Purchaser copies of the following financial statements of Cingular
Sub: (a) audited balance sheets as of December 31, 2003 and 2002 and the related
statements of operations, cash flows and changes in member's capital for the
fiscal years then ended, certified by the independent certified public
accountants of Cingular Sub (the audited balance sheet as of December 31, 2003
is attached hereto in Section 4.4 of the Cingular Disclosure Schedule and is
hereafter referred to as the "BASE BALANCE SHEET" and the related statements of
operations, cash flows and changes in member's capital are attached hereto in
Section 4.4 of the Cingular Disclosure Schedule); and (b) an unaudited balance
sheet (the "INTERIM BALANCE SHEET") and the related statements of operations and
cash flows and member's equity for the three months ended March 31, 2004
(attached hereto in Section 4.4 of the Cingular Disclosure Schedule). All of
such financial statements referred to above were prepared in accordance with
GAAP (subject to the absence of footnotes and normal year-end adjustments, none
of which are material individually or in the aggregate, in the case of the
unaudited statements), are prepared from and are consistent in all material
respects with the books and records of Cingular Sub and fairly present in all
material respects the financial position of Cingular Sub as of the dates thereof
and the results of operations and cash flows of Cingular Sub for the periods
shown therein.

      4.5 NO UNDISCLOSED LIABILITIES. Except as set forth in Section 4.5
of the Cingular Disclosure Schedule, there are no liabilities or other
obligations of Cingular Sub of a type required pursuant to GAAP to be reflected
on a balance sheet that would reasonably be expected to have, individually or in
the aggregate, a Cingular Material Adverse Effect other than: (i) liabilities
accrued or reserved against on the Interim Balance Sheet or included in the
Cingular Sub financial statements delivered prior to the date of this Agreement
or reflected in the notes thereto; or (ii) liabilities incurred since the date
of the Interim Balance Sheet that have been incurred in the Ordinary Course of
Business of Cingular Sub.

      4.6 NO MATERIAL ADVERSE CHANGE. (a) Since the date of the Base Balance
Sheet, Cingular Sub has conducted its business in the Ordinary Course of
Business and, except as set forth in Section 4.6 of the Cingular Disclosure
Schedule, there has not been any change in the financial condition, properties,
assets, liabilities, business or operations of Cingular Sub, which change by
itself, has had or is reasonably likely to have a Cingular Material Adverse
Effect. Without limiting the generality of the foregoing, except as set forth in
Section 4.6 of the Cingular Disclosure Schedule, or as specifically approved by
the Management Committee of Facilities, since the date of the Base Balance
Sheet:

            (a) Cingular Sub has not sold, leased, licensed, transferred, or
      assigned any of its assets, tangible or intangible outside the Ordinary
      Course of Business or, in the aggregate, in excess of $500,000;

                                       23

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

            (b) Cingular Sub has not entered into any Contract (or series of
      related Contracts) outside the Ordinary Course of Business or in excess of
      $500,000 to which Cingular Sub is a party or by which it is bound;

            (c) No Person (including Cingular Sub) has accelerated, terminated,
      modified, or cancelled any Contract (or series of Contracts), or
      threatened in writing to do any of the above, outside the Ordinary Course
      of Business or involving more than $500,000 to which Cingular Sub is a
      party or by which it is bound;

            (d) Cingular Sub has not made any expenditure (or series of related
      expenditures) of more than $500,000 or outside the Ordinary Course of
      Business;

            (e) Cingular Sub has not made any capital investment in, any loan
      to, or any acquisition of the securities or assets of, any other Person
      (or series of related capital investments, loans, and acquisitions) of
      more than $500,000 or outside the Ordinary Course of Business;

            (f) Cingular Sub has not created, incurred, assumed, or guaranteed
      more than $500,000 in aggregate indebtedness for borrowed money and
      capitalized lease obligations, or outside the Ordinary Course of Business;

            (g) Cingular Sub has not delayed or postponed the payment of
      accounts payable and other liabilities outside the Ordinary Course of
      Business;

            (h) Cingular Sub has not cancelled, compromised, waived, or released
      any right or claim (or series of related rights and claims) either
      involving more than $500,000 or outside the Ordinary Course of Business;

            (i) Cingular Sub has not experienced any damage, destruction, or
      loss to its property or assets having a value of $500,000 in the
      aggregate;

            (j) Cingular Sub has not decommissioned or disabled a Site; and

            (k) Cingular Sub has not committed to do any of the foregoing.

      4.7 TAX MATTERS. Cingular Sub has timely and properly filed (taking into
account extensions of time to file validly requested) all material Tax Returns
required to be filed by it through the date hereof, and such Tax Returns are
true, complete and correct in all material respects. Cingular Sub has paid or
caused to be paid all Taxes shown as due and owing by it on such Tax Returns.
All Taxes which Cingular Sub was or is required to withhold or collect have been
withheld and collected and have been paid over to the proper governmental
authorities. Since the Formation Date, neither Cingular nor Cingular Sub has
received notice of any audit or of any proposed deficiencies from the IRS or any
other taxing authority relating to Cingular Sub (other than routine audits
undertaken in the ordinary course and which have been resolved on or prior to
the date hereof. There are in effect no waivers of applicable statutes of
limitations with respect to any Taxes owed by Cingular Sub for any year. Neither
the IRS nor any other taxing

                                       24
<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

authority has asserted in writing or, to SBCW's or Cingular's Knowledge,
threatened to assert against Cingular Sub any deficiency or claim for additional
Taxes or interest thereon or penalties in connection therewith. Cingular Sub has
no liability for Taxes of any other Person, including as a transferee or
successor entity or under Treasury Regulation Section 1.1502-6. Cingular Sub is
not a party to any Tax allocation or sharing arrangement. Cingular Sub is and at
all times since the Formation Date has been properly classified as a disregarded
entity for federal income tax purposes. Since the Formation Date, no claim has
been made by an authority in a jurisdiction where Cingular Sub does not file Tax
Returns that it is or may be subject to taxation by that jurisdiction

      4.8 CINGULAR ASSETS. Cingular and SBCW have: (i) complied with their
obligations to contribute the Cingular Assets (as such term is defined, for
purposes of this sentence only, in the Formation Agreement) to Cingular Sub
pursuant to the Formation Agreement, (ii) retained all such Cingular Assets in
Cingular Sub other than in the Ordinary Course of Business or as permitted by
the Facilities LLC Agreement, and (iii) complied with their obligations pursuant
to the Facilities LLC Agreement, including the obligation to provision the
network in accordance with the Operating Standards (as defined in the Facilities
LLC Agreement), in each case except as would not have a Cingular Material
Adverse Effect. As of the Closing, the Cingular Assets, (a) from a technical
standpoint, will be adequate to provide Wireless Services in accordance with the
Operating Standards, except as would not have a Cingular Material Adverse
Effect, and (b) except as otherwise provided in Section 4.10 include all assets,
including towers, software licenses and leases materially necessary to provide
such Wireless Services in substantially the same manner provided to subscribers
as of the date hereof; provided that the Cingular Assets do not include (x) the
assets set forth on Section 4.8 to the Cingular Disclosure Schedule (the
"EXCLUDED ASSETS"), (y) related FCC licenses, or (z) the service, technical, and
support functions necessary to provide such Wireless Services as provided
pursuant to the Technical Services Agreement. Certain services will be provided
by Cingular pursuant to the Transition Services Agreement, and no representation
or warranty is made in this Section 4.8 about such services. Cingular Sub owns
no assets other than the Cingular Assets, except for certain of the Excluded
Assets. The Cingular Assets include an inventory of spare parts in a quantity
that Cingular Sub has maintained in the Ordinary Course of Business. Any prepaid
service agreements and warranties will continue to be effective and will not be
adversely affected by the transfer of the Transferred Newco Membership Interest,
except as would not, individually or in the aggregate, have a Cingular Material
Adverse Effect. No software that has been developed by Cingular Sub, Cingular or
any Affiliate is materially necessary to provide Wireless Services in
substantially the same manner as provided to subscribers as of the Closing.

      4.9 TITLE TO CINGULAR NETWORK ASSETS. Cingular Sub has good and marketable
title to all of the owned Cingular Network Assets, and good, valid interests in
the non-owned Cingular Network Assets, free and clear of all Liens other than
Permitted Liens, except as would not have a Cingular Material Adverse Effect. To
the Knowledge of Cingular and SBCW, the Cingular Network Assets will not be
materially adversely affected by the transfer of the Transferred Newco
Membership Interest. Upon transfer of the Newco Membership Interest, the

                                       25

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Cingular Network Assets shall be free and clear of all Liens, other than
Permitted Liens, except as would not have a Cingular Material Adverse Effect.

      4.10 REAL PROPERTY; LEASED REAL PROPERTY.

            (a) None of the Cingular Sub Distribution, the SBCW Distribution nor
the transfer of the Transferred Newco Membership Interest (collectively, the
"TRANSFERS") would result in a breach or default (including an event or
circumstance which, with the passage of time or giving of notice, would
constitute a default) of (i) more than fifteen percent (15%) of the Cingular Sub
Leases for the Cingular In Service Properties or (ii) any of the Cingular Sub
Leases for the Cingular Switch Properties.

            (b) The material economic and legal provisions of the Cingular Sub
Leases, taken as a whole, are customary for wireless telecommunications
companies.

            (c) Except where failure to so identify would not have a Cingular
Material Adverse Effect, to the Knowledge of Cingular or SBCW, Section 4.10(b)
to the Cingular Disclosure Schedule sets forth all of the material Cingular Fee
Properties and the Cingular Leased Properties and shows with respect to each
Cingular Leased Property, in all material respects, the expiration date of the
current term, expiration date of the maximum available renewal term(s) and
current annual lease payments amount; provided, however, that no commencement
date is shown for Cingular Leased Permitting Sites where the lease term has not
yet commenced.

            (d) Except as disclosed in Section 4.10(d) of the Cingular
Disclosure Schedule, to the Knowledge of SBCW and Cingular, none of Cingular
Sub, SBCW or Cingular has received written notice from any lessor or sublessor
(or representative, affiliate, predecessor, assignee, senior lienor or other
party claiming by, through or under Cingular Sub, SBCW or Cingular) under any of
the Cingular Sub Leases or with respect to any of the Cingular Leased Properties
of a default by Cingular Sub which default remains uncured or of an event which,
with notice, the passage of time or both, would be a default, to the extent that
the existence of such default, individually or in the aggregate with all such
defaults, would not have a Cingular Material Adverse Effect.

            (e) Cingular Sub has good title to the Cingular Fee Properties, free
and clear of any Liens, other than Permitted Liens. To the Knowledge of Cingular
or SBCW, Cingular Sub (or, on the date hereof, a Cingular Affiliate, who on or
prior to Closing will transfer its interest in any Cingular Sub Lease to
Cingular Sub) holds the leasehold or other beneficial interest in or license to
all of the Cingular Leased Properties, which Cingular Leased Properties, to the
Knowledge of Cingular are free and clear of any Liens other than Permitted
Liens.

            (f) Except where failure to so identify would not have a Cingular
Material Adverse Effect, to the Knowledge of Cingular or SBCW, (i) Schedule C-1
lists all of the Cingular Switch Sites, and (ii) Schedule D-1 and Schedule D-2
to the Cingular Disclosure Schedule lists, respectively, (A) all Cingular Owned
Permitting Sites and (B) all Cingular Non-

                                       26

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Owned Permitting Sites. The parties agree that Cingular Non- Owned Permitting
Sites may be added or deleted by Cingular Sub for valid business purposes
reasonably related to the operation of the California/Nevada network, and not in
anticipation of the AWE Merger.

            (g) To the Knowledge of Cingular or SBCW, and other than the
Cingular Permitting Sites, or as otherwise disclosed on Section 4.10(g) to the
Cingular Disclosure Schedule, all improvements owned by Cingular Sub or its
Affiliates at the Cingular In Service Properties conform in all material
respects to all applicable Laws and to all restrictions or encumbrances included
within the definition of Permitted Liens, except to the extent noncompliance
with Laws or such restrictions or encumbrances would not, individually or in the
aggregate, have a Cingular Material Adverse Effect.

            (h) Neither Cingular Sub nor any of its Affiliates has received any
written notice of any pending or, to the Knowledge of Cingular or SBCW,
threatened condemnations, planned public improvements, annexation, special
assessments, zoning or subdivision changes, or other adverse actions that would
have, individually or in the aggregate, a Cingular Material Adverse Effect on
Cingular Sub's or any Cingular Affiliate's interests in the Cingular In Service
Properties.

            (i) To the Knowledge of Cingular or SBCW, other than as to any
Cingular Permitting Site and subject to Permitted Liens (excluding clause (g) of
the definition thereof), there is no private restrictive covenant or
governmental use restriction (including zoning) on all or any portion of the
Cingular In Service Properties that prohibits the current use by Cingular Sub as
contemplated by the applicable Cingular Sub Lease of any Cingular In Service
Properties, except such restrictions as would not have, individually or in the
aggregate, a Cingular Material Adverse Effect.

            (j) To the Knowledge of Cingular or SBCW, other than Cingular
Permitting Sites, (i) all licenses, permits and approvals required by any
Governmental Authority for the occupancy and operation in accordance with the
applicable Cingular Sub Lease of the Cingular In Service Properties have been
obtained and are in full force and effect; and (ii) neither Cingular Sub nor any
of its Affiliates has received any written notices of violations in connection
with Cingular In Service Properties that remain uncured, or unaddressed, except
as would not have, individually or in the aggregate, a Cingular Material Adverse
Effect.

            (k) To the Knowledge of Cingular or SBCW, none of Cingular Sub,
Cingular, SBCW or a Cingular Affiliate has in its possession any studies or
reports that indicate any uncorrected defects or deficiencies in the design or
construction of any of the improvements on the Cingular Real Property Assets,
individually or in the aggregate, except for such defects as would not have,
individually or in the aggregate, a Cingular Material Adverse Effect and
expressly excluding the Cingular Permitting Sites.

            (l) Except for Permitted Liens (excluding clause (a) of the
definition thereof) and to the Knowledge of Cingular or SBCW, Cingular Sub has
not failed to pay when due any taxes, assessments, or other charges owed by
Cingular Sub in respect of any Cingular Fee

                                       27

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Property or owed by Cingular Sub as to any Cingular Leased Property (or any
Cingular Affiliate, as a lessee, with respect to any Cingular Leased Property,
as of the date hereof) such that the ability to use the Cingular Real Property
Assets is or would be adversely affected, except as would not, individually or
in the aggregate, have a Cingular Material Adverse Effect.

            (m) To the Knowledge of Cingular or SBCW, (other than in connection
with casualty and condemnation and except for termination rights as may be
required by Law), no Person has any right, interest, commitment, option, right
of first refusal or any other agreement, whether oral or written, with respect
to the purchase, assignment, transfer or termination of all or any portion of
Cingular Sub's or any Cingular Affiliate's interest in the Cingular In Service
Properties, except as would not, individually or in the aggregate, have a
Cingular Material Adverse Effect.

            (n) Following the Closing, Purchaser shall be able to access in all
material respects the SBC Affiliated Switch Sites (and any cell sites comprising
a part thereof) that are co-located on SBC Communications, Inc. premises and
enjoy all the material benefits that Cingular Sub received while co-locating at
those Sites; provided that Affiliate billing and related Affiliate conveniences
shall not be provided. Access rights to the Affiliated Switch Sites will be
granted either by assignment or, at Cingular's election, by providing
replacement agreement(s) on materially the same terms as contained in the
existing applicable Site documents, including a base rental rate of $ 8.50 psf
per annum with operating expenses (including taxes and insurance) paid and
handled as provided in the existing applicable Site documents and an initial
lease term of 5 years with four 5 year renewals (escalated to current market
rate upon renewal). Notwithstanding the absence of Affiliate billing and related
Affiliate conveniences in such replacement agreement(s), all provisions of the
agreements for such Sites shall be commercially reasonable and industry standard
for similarly-situated switch facilities.

            (o) Any representation or warranty made by Cingular Sub in this
Section 4.10 as to Cingular Real Property Assets that are held, on the date
hereof, by a Cingular Affiliate shall be deemed made by Cingular on behalf of
the correct party in interest.

      4.11 ENVIRONMENTAL MATTERS. To the Knowledge of Cingular or SBCW, except
for such matters that, individually or in the aggregate, would not have a
Cingular Material Adverse Effect:

            (a) The Cingular Assets are, and have been, in compliance with all
Environmental Laws. With respect to such Cingular Assets, there is no litigation
pending or threatened before any Governmental Body in which Facilities or any of
the Cingular Assets (or Cingular or SBCW) have been or, with respect to
threatened litigation, may be named as a defendant (A) for alleged noncompliance
(including by any predecessor) with or liability under any Environmental Law or
(B) relating to the release, discharge, spillage, or disposal into the
environment of any Hazardous Material, whether or not occurring at, on, under,
adjacent to, or affecting (or potentially affecting) any of the Cingular Assets,
nor is there any reasonable basis for any litigation of a type described in this
sentence.

                                       28
<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

            (b) During the period of Cingular Sub's ownership or operation of
the Cingular Assets, there have been no releases, discharges, spillages, or
disposals of Hazardous Material in, on, or under such properties. Prior to the
period of Cingular Sub's ownership or operation of any of the Cingular Assets,
there were no releases, discharges, spillages, or disposals of Hazardous
Material in, on, or under any of the Cingular Assets.

      4.12 LITIGATION. There is no litigation, claim, cause of action, or
proceeding instituted or pending, or, to the Knowledge of SBCW or Cingular,
threatened (or unasserted but considered probable of assertion and which if
asserted would have at least a reasonable possibility of an unfavorable outcome)
by any Person or Governmental Body against Cingular Sub, or against any Cingular
Asset which, if adversely determined, would be reasonably likely to have a
Cingular Material Adverse Effect, nor are there any Orders outstanding against
Cingular Sub that are reasonably likely to have a Cingular Material Adverse
Effect. Except as set forth in Section 4.4, Section 4.5, Section 4.9 or Section
4.10, to the Knowledge of SBC or Cingular, there are no claims with respect to
the Cingular Assets or Cingular Sub and there are no acts that may give rise to
claims by third parties with respect to Cingular Sub for acts or omissions that
occurred prior to Closing, which, with respect to any Claim, if adversely
determined would be reasonably likely to have a Cingular Material Adverse
Effect.

      4.13 EMPLOYEES; EMPLOYEE PLANS. Cingular Sub does not have, and since its
formation has never had, any employees and is not a party to any union contract,
collective bargaining agreement or any employment contract or arrangement.
However, Cingular has a collective bargaining agreement with the Communications
Workers of America which presently covers the employees who provide functions
related to the development, operations and maintenance of the Cingular Assets.
Except as disclosed on Section 4.13 of the Cingular Disclosure Schedule,
Cingular Sub does not have, and since its formation has never had, any plan
which is sponsored, maintained or contributed to Cingular Sub for the benefit of
any current or former employees, officers or directors of Cingular Sub, which
plan is: (i) an "employee benefit plan," as such term is defined in Section 3(3)
of ERISA (including employee benefit plans, such as foreign plans, which are not
subject to the provisions of ERISA), or (ii) a stock option plan, bonus plan or
arrangement, incentive award plan or arrangement, change in control or severance
pay plan or policy, deferred compensation arrangement, executive compensation or
supplemental income arrangement, and each other employee benefit plan or program
which is not described in clause (i) of this sentence. However, individuals who
provide functions related to the development, operations and maintenance of the
Cingular Assets do receive benefits from "plans" (as defined above) from
Cingular or an Affiliate of Cingular.

      4.14 MATERIAL CONTRACTS; NO VIOLATION.

            (a) Section 4.14 of the Cingular Disclosure Schedule lists each
Contract to which Cingular Sub is a party, or by which the Cingular Assets are
bound, affected or benefited, with any Person or Governmental Body that (i) has
aggregate future liability or anticipated receipts in excess of $500,000, (ii)
is not terminable without penalty on one hundred twenty (120) or fewer days'
notice, or (iii) restricts the ability of Cingular Sub to compete or do business
in any market. The Contracts listed in Section 4.14 of the Cingular Disclosure
Schedule are

                                       29

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

referred to herein as the "MATERIAL CONTRACTS"; provided, however, that Section
4.14 of the Cingular Disclosure Schedule does not list contracts for Excluded
Assets.

            (b) To the Knowledge of Cingular and SBCW, all Material Contracts
are valid, binding, and in full force and effect and are enforceable by Cingular
Sub in accordance with their terms subject to applicable bankruptcy, insolvency,
moratorium, fraudulent conveyance, reorganization or other similar Laws relating
to creditors' rights and general principles of equity, whether at equity or at
law. Cingular Sub has performed all obligations required to be performed by it
to date under the Material Contracts and it is not (with or without the lapse of
time or the giving of notice, or both) in breach or default thereunder, except
where any such failure, breach or default has not and would not reasonably be
expected to result in a Cingular Material Adverse Effect. To the Knowledge of
Cingular and SBCW, no other party to any of the Material Contracts is (with or
without the lapse of time or the giving of notice, or both) in breach or default
in any material respect thereunder. At Closing, Cingular shall have provided to
Purchaser a copy of each Material Contract and such copies shall be true,
complete and correct in all material respects.

      4.15 COMPLIANCE WITH FAA AND FCC TOWER AND CELL SITE REQUIREMENTS.

            (a) All required filings with the FCC and the FAA relating to all of
the Sites and microwave paths of Cingular Sub, including but not limited to
those necessary to comply with all FAA and FCC Tower Registration filing
requirements under FCC Rule Part 17 and the FCC's NEPA regulations (FCC Rule
Part 1.1307-11), have been made and all such sites and path facilities were
constructed and are currently operated in all respects as represented to the FCC
or the FAA in currently effective filings. Modifications to such Sites and
microwave paths have been preceded by the submission to the FCC or the FAA of
all required filings, in each case, except as would not, individually or in the
aggregate, reasonably be expected to have a Cingular Material Adverse Effect.

            (b) All transmission towers located on property owned or leased by
Cingular Sub are obstruction-marked and lighted to the extent required by, and
in accordance with, the rules and regulations of the FAA, including but not
limited to FAA Advisory Circular No: 70/7460-1K and any applicable conditions of
any FAA Determination of No Hazard to Air Navigation. Appropriate notification
to the FAA has been made for each transmission tower located on property owned
or leased by Cingular Sub, in each case, except as would not, individually or in
the aggregate, reasonably be expected to have a Cingular Material Adverse
Effect.

            (c) To the extent that any Site or microwave path is not in full
compliance with any applicable FAA or FCC rule or requirement, Cingular shall
inform T-Mobile at the earliest practicable date of the identity and location of
the site and the particularities of the compliance abnormality.

            (d) For Sites and microwave paths not yet constructed at the Closing
Date, Cingular shall provide to T-Mobile all information available relating to
FAA and FCC

                                       30

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

requirements, including the Tower Registration filing requirements
under FCC Rule Part 17 and the FCC's NEPA regulations (FCC Rule Part 1.1307-11).

                                    ARTICLE V

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

      Purchaser and T-Mobile hereby jointly and severally represent and warrant
to Cingular and SBCW as follows:

      5.1 STATUS AND INVESTMENT INTENT. Purchaser is acquiring the Transferred
Newco Membership Interest for its own account for investment purposes only and
not with a view to, or with any present intention of, resale, distribution or
other disposition thereof. Purchaser has sufficient knowledge and experience in
financial and business matters so as to be capable of evaluating the merits and
risks of its investment in Newco and is capable of bearing the economic risks of
such investment, including a complete loss of its investment in Newco.

      5.2 ORGANIZATION AND CORPORATE POWER. T-Mobile is a corporation duly
organized, validly existing and in good standing under the laws of Delaware and
Purchaser is a corporation validly existing and in good standing under the laws
of Delaware. Each of T-Mobile and Purchaser (i) has the power and authority to
own, lease and operate all of its assets and to carry on its business as it is
now being conducted and (ii) is duly licensed or qualified to do business in
each jurisdiction in which the nature of the business conducted by it or the
character or location of the assets owned or leased by it makes such licensing
or qualification necessary for the performance of its obligations under this
Agreement and any Ancillary Agreement to which it is a party, except where the
failure to be so licensed or qualified will not have, individually or in the
aggregate, a material adverse effect on such Party's ability to perform its
obligations hereunder or thereunder.

      5.3 AUTHORITY. Each of T-Mobile and Purchaser has the full power and
authority to execute, deliver and perform this Agreement and each of the
Ancillary Agreements to which it will be a party and to perform its obligations
hereunder and thereunder. At the Closing, each of T-Mobile and Purchaser shall
have the full power and authority to perform this Agreement and each of the
Ancillary Agreements to which it will be a party and to perform its obligations
hereunder and thereunder. At the time of the execution and delivery of any such
Ancillary Agreement to which it is a party, each of T-Mobile and Purchaser will
have the full power and authority to execute, deliver and perform such
agreement. The execution, delivery and performance of this Agreement and each of
the Ancillary Agreements to which T-Mobile and/or Purchaser, as applicable, is
or will be a party have been duly authorized and approved by all necessary
action on T-Mobile's or Purchaser's part, as applicable, and no additional
authorization or action is required in connection with the execution, delivery
and performance by T-Mobile or Purchaser of this Agreement or such Ancillary
Agreements. At the Closing, the execution, delivery and performance of this
Agreement and each of the Ancillary Agreements to which T-Mobile and/or
Purchaser, as applicable, is or will be a party shall be duly authorized and
approved by all necessary action on T-Mobile's or Purchaser's part, as
applicable, and no additional authorization or action shall be required in
connection with the execution, delivery and

                                       31

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

performance by T-Mobile or Purchaser of this Agreement or such Ancillary
Agreements. This Agreement has been duly executed and delivered by T-Mobile and
Purchaser and is (and each Ancillary Agreement to which T-Mobile or Purchaser
will be a party will be, duly executed and delivered by T-Mobile and/or
Purchaser, as applicable, and will be) the legal, valid and binding obligation
of T-Mobile and/or Purchaser, as applicable, enforceable against T-Mobile and/or
Purchaser, as applicable, in accordance with its terms, except to the extent
that enforcement may be limited by applicable bankruptcy, insolvency and other
Laws of general applicability affecting creditors' rights and by general equity
principles.

      5.4 NO CONFLICT. Neither the execution and delivery of this Agreement and
any of the Ancillary Agreements to which T-Mobile and/or Purchaser is or will be
a party nor the performance of any of the transactions contemplated hereby or
thereby nor compliance with or fulfillment of the terms, conditions and
provisions hereof or thereof will (i) violate any provision of the certificate
of formation, limited liability company operating agreement or other charter
documents of T-Mobile or Purchaser, (ii) except as would not individually or in
the aggregate have a material adverse effect on such party's ability to perform
its obligations hereunder, violate, contravene, conflict with, or result in a
breach of, constitute a default or event of default under, or constitute (or
with the passage of time without further action will constitute) a mandatory
prepayment or redemption event under, or result in the termination, cancellation
or acceleration (whether after the filing of notice or lapse of time or both) of
any right or obligation of T-Mobile, Purchaser or any of their respective
Affiliates under, or a loss of any benefit to which T-Mobile, Purchaser or any
of their respective Affiliates is entitled under, any Contract, lease,
agreement, mortgage, covenant, loan, indenture, license, permit, instrument or
undertaking to which T-Mobile, Purchaser or any of their respective Affiliates
is a party or by which T-Mobile, Purchaser or any of their respective Affiliates
is bound, or (iii) except as would not individually or in the aggregate have a
material adverse effect on such Party's ability to perform its obligations
hereunder or thereunder, violate or result in a breach of or constitute a
default under any Law or Order or other restriction of any Governmental Body to
which T-Mobile, Purchaser or Facilities is subject.

      5.5 CONSENTS AND APPROVALS. To the Knowledge of Purchaser or T-Mobile,
except for the filing required under the HSR Act and any approvals of the FCC
set forth in the Ancillary Agreements, no Governmental Approval is required to
be made or obtained by Purchaser or T-Mobile in connection with the execution
and delivery by Purchaser or T-Mobile of this Agreement or any Ancillary
Agreement to which it is or will become a party, the consummation by Purchaser
or T-Mobile of the transactions contemplated hereby or thereby or the
performance by Purchaser or T-Mobile of its obligations contained herein or
therein.

      5.6 NO LITIGATION. There is no litigation instituted or pending, or, to
the Knowledge of Purchaser or T-Mobile, threatened (or unasserted but considered
probable of assertion and which if asserted would have at least a reasonable
possibility of an unfavorable outcome) against Purchaser, T-Mobile or any of
their Affiliates, or against any director, employee or employee benefit plan of
Purchaser, T-Mobile or any of their Affiliates, or against any asset, interest,
or right of any of them which, if adversely determined, would be reasonably
likely to have a material adverse effect on the ability of Purchaser or T-Mobile
to consummate the transactions

                                       32

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

contemplated by this Agreement, nor are there any Orders outstanding against
Purchaser, T-Mobile, or any of their Affiliates, that are reasonably likely to
have a material adverse effect on the ability of Purchaser or T-Mobile to
consummate the transactions contemplated by this Agreement.

      5.7 FACILITIES. To the Knowledge of T-Mobile or Purchaser, there is no
litigation, claim, cause of action, or proceeding instituted, pending, or,
threatened (or unasserted but considered probable of assertion and which if
asserted would have at least a reasonable possibility of an unfavorable outcome)
by any Person or Governmental Body against Facilities which, if adversely
determined, would be reasonably likely to have a material adverse effect on
Facilities. Neither T-Mobile nor Purchaser is aware of any material liability of
Facilities that is not set forth in the audited consolidated balance sheet as of
December 31, 2003 and unaudited consolidated balance sheet as of December 31,
2002 and, in each case, the related consolidated statements of operations, cash
flows and changes in members' capital for the fiscal years then ended of
Facilities. To the Knowledge of T-Mobile and Purchaser, the only assets and
liabilities of Facilities are the membership interests in T-Mobile Sub and
Cingular Sub. To the Knowledge of T-Mobile or Purchaser, Facilities does not
have, and since its formation has never had, any employees and is not a party to
any union contract, collective bargaining agreement or any employment contract
or arrangement. To the Knowledge of T-Mobile or Purchaser, Facilities does not
have, and since its formation has never had, any plan or Contract which is
sponsored, maintained, contributed to or otherwise used by Facilities for the
benefit of any current or former employees, officers or directors of Cingular
Sub, which plan is: (i) an "employee benefit plan," as such term is defined in
Section 3(3) of ERISA (including employee benefit plans, such as foreign plans,
which are not subject to the provisions of ERISA), or (ii) a stock option plan,
bonus plan or arrangement, incentive award plan or arrangement, change in
control or severance pay plan or policy, deferred compensation arrangement,
executive compensation or supplemental income arrangement, and each other
employee benefit plan or program which is not described in clause (i) of this
sentence.

      5.8 NO BROKERS. No broker, investment banker, financial advisor or other
person is entitled to any broker's, finder's, financial advisor's or other
similar fee or commission in connection with the transactions contemplated by
this Agreement or any of the Ancillary Agreements based upon arrangements made
by or on behalf of T-Mobile or Purchaser.

      5.9 FINANCIAL CAPABILITY. Each of T-Mobile and Purchaser will have, as of
the Closing, requisite cash, cash equivalents, equity commitments or other
sources of financing available to consummate the transactions and perform the
obligations contemplated by this Agreement and the Ancillary Agreements.

                                       33

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                                   ARTICLE VI

                 COVENANTS OF THE PARTIES; ADDITIONAL AGREEMENTS

      6.1 CONDUCT OF BUSINESS.

            (a) Each of Cingular and SBCW shall, between the date hereof and the
Closing Date, cause Cingular Sub to carry on its business in the Ordinary Course
of Business. Cingular and SBCW shall, and shall cause Cingular Sub to, except as
specifically approved by the Management Committee of Facilities:

                  (i) make and fund all capital or operating expenses as defined
in the Operating Standards of the Facilities LLC Agreement in accordance with
the terms of the Facilities LLC Agreement (including the continuing obligations
set forth in Section 6.17); and maintain, improve and operate the Cingular
Assets consistent with past practice as may be reasonably necessary to maintain
the reliability and quality standards, footprint coverage and network capacity
of the Cingular Assets;

                  (ii) the extent consistent with the Ordinary Course of
Business, to preserve intact its present business organization and preserve its
relationships with customers, suppliers, distributors, and others having
business dealings with it;

                  (iii) keep in full force and effect the material insurance
policies covering Cingular Sub and the Cingular Assets (or replacement policies
providing substantially the same coverage) to the extent consistent with the
Ordinary Course of Business; and

                  (iv) make all payments in a timely manner with respect to all
Cingular Sub Leases and renew all Cingular Sub Leases as they become due in the
Ordinary Course of Business.

Notwithstanding the foregoing, Cingular and SBCW may transfer out of Cingular
Sub any or all of the Excluded Assets as may be permitted by the Facilities LLC
Agreement, and immediately prior to the Closing, may transfer out of Cingular
Sub any remaining Excluded Assets.

            (b) Prior to the Closing, Cingular shall take all actions reasonably
requested by Purchaser to ensure that Purchaser and its Affiliates have access
to the BSC/Switching facilities and cell sites in California/Nevada co-located
on SBC Communications, Inc. premises, to the extent and as permitted by the
Cingular Sub Leases subject to reasonable advance notice and reasonable security
measures.

            (c) Prior to the Closing, except as set forth in the following
sentence, each Party covenants and agrees not to (and shall cause its Affiliates
not to) enter voluntarily into any contract, instrument or agreement with any
third party which would require any consent to close the transactions
contemplated hereby, or reasonably be expected to result in any Governmental
Body requiring any such contract, instrument or agreement. Cingular agrees that,
to the extent

                                       34

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

further agreements are required by any Governmental Body, Cingular shall use
commercially reasonable efforts to ensure that any contract, instrument or
agreement entered into by Cingular with a Governmental Body will not require any
additional third party consent to close the transactions contemplated hereby.

      6.2 BREACH OF REPRESENTATIONS AND WARRANTIES (CINGULAR AND SBCW). Except
as specifically permitted by this Agreement, neither Cingular nor SBCW will
knowingly take any action that would cause or constitute a breach of any of the
respective representations or warranties set forth in Articles III and IV or
that would cause any of such representations or warranties to be inaccurate in
any material respect. In the event of, and promptly after becoming aware (after
the date of this Agreement) of, the occurrence after the date of this Agreement
of or the pending or threatened occurrence of any event that would cause or
constitute such a breach or inaccuracy, Cingular and SBCW will give detailed
notice thereof (a "CHANGE NOTICE") to Purchaser and will use their reasonable
best efforts to prevent or remedy promptly such breach or inaccuracy. Delivery
to Purchaser before Closing of any such Change Notice shall not affect
Purchaser's rights under this Agreement, including termination rights under
Article X and indemnification rights under Article IX.

      6.3 BREACH OF REPRESENTATIONS AND WARRANTIES (T-MOBILE AND PURCHASER).
Except as specifically permitted by this Agreement, neither T-Mobile nor
Purchaser will knowingly take any action that would cause or constitute a breach
of any of the representations or warranties set forth in Article V or that would
cause any of such representations or warranties to be inaccurate in any material
respect. In the event of, and promptly after becoming aware of, the occurrence
of or the pending or threatened occurrence of any event that would cause or
constitute such a breach or inaccuracy, T-Mobile and Purchaser will give
detailed notice thereof to SBCW and Cingular and will use their reasonable best
efforts to prevent or remedy promptly such breach or inaccuracy. Delivery to
SBCW and Cingular before Closing of any such notice shall not affect SBCW's and
Cingular's rights under this Agreement, including termination rights under
Article X and indemnification rights under Article IX.

      6.4 EXPENSES. All costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby, including expenses of legal
counsel, accountants, brokers, finders and other advisors, which have acted on
its behalf in connection therewith, shall be paid by the Party incurring such
expense.

      6.5 FURTHER ASSURANCES. In case at any time after the Closing Date any
further action is reasonably necessary or desirable to carry out the purposes of
this Agreement or to vest Purchaser with full title to the Transferred Newco
Membership Interest or any of the Cingular Assets, each Party shall take all
such reasonably necessary action at the request of the other Party hereto.
T-Mobile and Purchaser acknowledge that the Cingular Assets do not include the
Excluded Assets. To the extent title in the Excluded Assets is transferred to
T-Mobile or Purchaser along with the Transferred Newco Membership Interest at
Closing, T-Mobile and Purchaser agree to, at any time after the Closing Date,
take any action reasonably necessary or desirable to transfer title in the
Excluded Assets to Cingular, SBCW or one of their Affiliates. Following Closing,
Cingular shall cooperate with and provide reasonable assistance to T-Mobile

                                       35

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

in effecting any transfer of the Permitting to T-Mobile. Prior to the Closing,
Cingular shall, at its expense, obtain for Purchaser the right to use any copies
of software included in the Cingular Assets that are materially necessary to
provide Wireless Services in the same manner as provided to subscribers as of
the Closing. Purchaser shall be responsible for all fees and obligations to a
third party for rights beyond those obtained for Purchaser by Cingular in the
preceding sentence (including without limitation fees associated with continuing
use rights, maintenance, support, modifications, updates, and new releases of
such software that are obtained following the Closing); provided, further, that
Purchaser shall have no obligation to pay or reimburse any amounts or fees for
rights in such software paid by Cingular prior to the Closing. Cingular may not
make any commitments on behalf of Purchaser in obtaining the necessary rights
referenced in this Section 6.5.

      6.6 PUBLIC ANNOUNCEMENTS. Each Party shall not, without the approval of
the other Parties, (i) make any press release or other public announcement
concerning the transactions contemplated by this Agreement or any Ancillary
Agreement and (ii) shall keep confidential and not disclose, and shall cause
their respective Affiliates and directors, officers and employees of such Party
and its Affiliates to (and shall instruct any of its other agents, advisors,
consultants, other than counsel or auditors who are bound by an ethical
obligation of confidentiality, and independent contractors to whom disclosure
may be made in connection with the negotiation and performance of this Agreement
or any Ancillary Agreement to) keep confidential and not disclose, any of the
terms and conditions of this Agreement or any Ancillary Agreement to any third
party, in each case except as and to the extent that any such Party shall be so
obligated by Law or the rules of any stock exchange or automated securities
quotation system, judicial process, taxing authority or regulatory requirements
(including any filing required by the Securities Act, the Securities Exchange
Act or German securities laws), in which case the other Parties shall be so
advised and the Parties shall use their reasonable best efforts to cause a
mutually agreeable release or announcement to be issued. Nothing contained in
the foregoing shall preclude communications or disclosures necessary to
implement the provisions of this Agreement or any Ancillary Agreement, or to
comply with applicable accounting, Securities Act, Securities Exchange Act,
German securities laws, and other regulatory disclosure obligations; provided
that the disclosing Party shall to the extent practicable provide the other
Parties with reasonable advance notice of such regulatory disclosure and comply
with reasonable instructions (so long as provided in a timely manner) from the
non-disclosing Party designed to obtain confidential treatment for such
materials. Moreover, nothing in this Agreement shall preclude (i) disclosure of
the existence or copies of this Agreement or any Ancillary Agreement to the
Department of Justice, or (ii) the disclosure of the existence of this
Agreement, any Ancillary Agreement or the transactions contemplated hereby to
the FCC, in each instance as may be reasonably necessary to implement the
provisions of this Agreement or any Ancillary Agreement or to comply with
regulatory disclosure obligations; or (iii) disclosure of the existence or
copies of this Agreement or the Ancillary Agreements to AWE, provided that AWE
shall have agreed to maintain such information in confidence pursuant to the
terms of a written agreement.

      6.7 CERTAIN TAXES. Purchaser and SBCW shall each pay or cause to be paid
at the Closing or, if due thereafter, promptly when due, one-half of all gross
receipts taxes, transfer taxes (including any real estate excise or similar
tax), sales taxes, stamp taxes, and any similar

                                       36

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Taxes, but excluding any Federal, State or local income taxes, payable in
connection with the consummation of the transactions as contemplated by this
Agreement (the "TRANSFER TAXES"). The Parties agree to cooperate so as to
minimize the Transfer Taxes and also in the execution and filing of any Tax
Returns with respect to Transfer Taxes, including, but not limited to, providing
any and all information and signatures as may be required.

      6.8 WAIVER OF TRANSFER RESTRICTIONS. T-Mobile and SBCW hereby waive, and
T-Mobile shall cause Omnipoint to waive, to the extent necessary to effect the
transactions described herein, the transfer restrictions applicable to the
Facilities LLC Agreement.

      6.9 HSR ACT. Each Party shall (i) file, or cause to be filed, as promptly
as practicable but in no event later than the fifteenth (15th) Business Day
after the date of this Agreement, (A) all reports and other documents required
to be filed by such Party under the HSR Act with the Federal Trade Commission
and the United States Department of Justice concerning the transactions
contemplated hereby, and (ii) promptly comply with or cause to be complied with
any requests by the Federal Trade Commission or the United States Department of
Justice for additional information concerning such transactions. Each Party
agrees to request, and to cooperate with the other Party in requesting, early
termination of any applicable waiting period under the HSR Act. The Parties
shall share equally the costs of all HSR Act filings.

      6.10 ACCESS TO CINGULAR EMPLOYEES. Beginning on the date of this Agreement
until the Closing, Cingular will provide access to T-Mobile to interview and, in
its sole discretion, to hire, (with such hiring effective no sooner than upon
the termination of the applicable Transition Service (as defined in the
Transition Services Agreement) under the Transition Services Agreement)
employees of Cingular or its Affiliates who provide functions related to the
development, operations and maintenance of the Cingular Assets. Cingular shall
identify the employees who may be contacted by T-Mobile, provided access to such
employees shall be coordinated through a designated Cingular contact.

      6.11 TRANSITION SERVICES. Cingular shall provide or shall cause its
Affiliates to provide to T-Mobile and its Affiliates the transition services as
set forth in the Transition Services Agreement.

      6.12 GATEWAY SWITCHING. As soon as reasonably possible following the
Closing, but in no event later than six (6) months following the Closing,
Cingular shall implement Gateway Switching functionality in California/Nevada
(in a manner substantially the same as that which it has done in the New York
BTA). Cingular hereby agrees that, following such implementation, Cingular long
distance and voice mail services will be routed through such Gateway Switches.

      6.13 NO OPPOSITION. T-Mobile, on behalf of itself and its Affiliates,
agrees not to object to or oppose the AWE Merger, provided that T-Mobile or its
Affiliates may respond to requests for information from and otherwise cooperate
with any Governmental Body, provided that in connection with any such response
or cooperation, neither T-Mobile nor any Affiliate shall object to or oppose the
AWE Merger. The parties hereto further acknowledge and agree that no party has
received or will receive any compensation or consideration pursuant to this

                                       37

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Agreement or any other Ancillary Agreement, or otherwise, in exchange for
forbearance from filing a petition to deny the AWE Merger at the FCC.

      6.14 CO-LOCATION. T-Mobile agrees to use commercially reasonable efforts
to provide Cingular co-location on Facilities' Sites (California/Nevada and New
York BTAs), to the extent permitted by any leases to which such Facilities Sites
are subject. Cingular agrees to use commercially reasonable efforts to provide
T-Mobile co-location on Cingular Sites (which shall include the AWE sites
following the closing of the AWE Merger) in California/Nevada if the Closing of
this Agreement does not occur as a result of a Qualifying Divestiture, to the
extent permitted by any leases to which such Cingular Sites are subject.

      6.15 MOBILE NETWORK CODE.

            (a) T-Mobile will broadcast MNC 170 only on the California/Nevada
network beginning at Closing and ending on the earlier of Cingular using 60
billion minutes of airtime (measured on the same basis as contemplated to be
measured in the Wholesale Agreement) on the California/Nevada network or two (2)
years from the Closing (the "INITIAL PERIOD"). T-Mobile will have the option to
broadcast MNC 170 for up to one more year following this Initial Period (the
"FOLLOW-ON PERIOD"). T-Mobile shall notify Cingular no later than sixty (60)
days prior to the end of the Initial Period of T-Mobile's intent regarding the
option.

            (b) No later than six (6) months following the Closing, Cingular
will cease broadcasting the MNC 170 code in the Seattle market (and any other
market where it broadcasts MNC 170) during the period when T-Mobile will
broadcast MNC 170 in California/Nevada. During the period following Closing
through the time when Cingular ceases broadcasting MNC 170 in the Seattle (and
any other) market, in such markets Cingular will LAC-restrict for international
roaming traffic a minimum of 25 countries (the "RESTRICTED LIST") specified by
T-Mobile as set forth on Section 6.15(b) to the Cingular Disclosure Schedule.
Cingular will use commercially reasonable efforts to add more countries to the
Restricted List in the order specified in the Restricted List.

            (c) During the Initial Period and any Follow-on Period, Cingular
will take all actions reasonably requested by T-Mobile in order to ensure that
T-Mobile has the right to the benefits of owning MNC 170, including the right to
offer third-party roaming and obtain all revenues associated with broadcasting
MNC 170 in California/Nevada, including, without limitation, communicating with
any roaming data clearinghouse, any financial clearinghouse, and any third party
roaming service provider.

            (d) Also during the Initial Period and any Follow-on Period, (i)
T-Mobile will continue to broadcast Cingular's alpha code with the MNC 170 as
currently in operation in California/Nevada and (ii) T-Mobile and Cingular will
use commercially reasonable efforts to optimize T-Mobile's customers experience
regarding the alpha display.

            (e) T-Mobile will not sell SIM cards with the MNC 170 as the home
network.

                                       38

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

            (f) Subject to compliance with applicable laws and Section 6.15(c),
T-Mobile will have the right to represent MNC 170 and negotiate rates for MNC
170 on a serve only basis. Subject to compliance with applicable laws and
Section 6.15(c), Cingular will have the right to negotiate rates for all
Cingular customers having MNC 170 as their home network and acknowledges that
all incollect charges associated with Cingular subscribers having MNC 170 as
their home network will be the responsibility of Cingular. Cingular and T-Mobile
shall jointly inform the roaming data clearinghouses and financial
clearinghouses as necessary of the rights of the parties in this Section
6.15(f).

            (g) Notwithstanding Section 6.15(f), in the event that T-Mobile
cannot re-associate the visitor roaming traffic for MNC 170 to a T-Mobile
specific PLMN code for visitor roaming partner settlement purposes, T-Mobile
will have the right to represent PLMN code USAPB and direct the necessary
incollect files to Cingular through a mutually agreed upon settlement and/or
clearinghouse procedures.

            (h) Cingular acknowledges that all incollect charges associated with
Cingular subscribers having MNC170 as their home network will be the
responsibility of Cingular regardless of the mechanism for transferring the
incollect traffic files to Cingular.

            (i) Cingular and T-Mobile shall work together to test and approve
all processes established under this Section 6.15 among Cingular, T-Mobile and
any clearinghouse (e.g. roaming data or financial) prior to implementation in a
production environment.

      6.16 CONTINUING OBLIGATIONS. During the period before the Closing, the
Parties will continue to perform their respective obligations under the
Facilities LLC Agreement and the Existing Ancillary Agreements, including but
not limited to each of the parties satisfying their obligations for the
construction of network and other assets as contained in the 2004 capital
expenditure budgets in both the New York BTA and California/Nevada. Cingular,
through SBCW, in its capacity as the incumbent operator of the California/Nevada
network, acknowledges that pursuant to such obligation it will cause the
incurrence of capital expenditures for the California/Nevada network for
projects in 2004 in an amount that is not less than that set forth in the
budget, which the Parties agree call for aggregate expenditures of no less than
*. T-Mobile, through OmniPoint, in its capacity as the incumbent operator of the
New York BTA network, shall cause the incurrence of capital expenditures for the
New York BTA network in 2004 in an amount that is not more than that set forth
in the Cingular approved budget for the New York BTA reduced for new Site
development costs in Fairfield, Middlesex, Monmouth and Ocean Counties. These
obligations, from the date of this Agreement until Closing, include all
expenditures and operational activities relating to search ring release
activities, leasing, permitting, and Site design and construction activities
which shall be conducted at a level and in a manner consistent with past
practice, and without regard to the prospective Closing. The obligations of the
Parties, as members of Facilities, to fund the capital expenditures and
operating expenses of Facilities through the Closing shall be shared in the
manner required by the Facilities LLC Operating Agreement and the Existing
Ancillary Agreements and must be settled in cash in the normal course until the
Closing and thereafter any

*Omitted information is the subject of a request for confidential treatment
 pursuant to Rule 24b-2 of the Securities Exchange Act of 1934 and has been
 filed separately with the Securities and Exchange Commission.

                                       39

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

such obligations must be settled in accordance with the unwind provisions of the
Facilities LLC Agreement.

      6.17 REASONABLE ACCESS. Prior to Closing, Cingular will provide T-Mobile
reasonable access to the Cingular Assets during normal business hours and
information with respect thereto, including all Material Contracts, subject to
reasonable confidentiality and reasonable security measures and as may be
permitted by any Contracts to which the Cingular Assets may be bound. For a
period of 4 years following the Closing, Purchaser shall provide Cingular and
its Affiliates with reasonable access, both physical and electronic (through
Cingular's own network), to certain facilities for the sole purpose of
maintaining equipment and leased property located in such facilities on a 24/7
basis and subject to reasonable confidentiality and reasonable security measures
and as may be permitted by any Contracts to which such facilities may be bound.
Cingular and its Affiliates shall exercise normal and ordinary care in
connection with its access to such facilities.

      6.18 CONTESTING GOVERNMENTAL APPROVAL. Cingular agrees to use commercially
reasonable efforts to take the actions set forth in Schedule 6.18(b) attached
hereto.

      6.19 UPDATE OF SCHEDULE A AND SCHEDULE B. Prior to the Closing Date,
Cingular and SBCW will supplement or amend Schedule A and Schedule B to reflect
changes in the Cingular Assets.

      6.20 PROPERTY TAXES.

            (a) On or prior to June 30, 2004, T-Mobile and Cingular shall
jointly prepare and agree to a schedule setting forth, with respect to each
fiscal year of Facilities through 2003, (i) the total amount of property taxes
accrued by each of Cingular Sub and T-Mobile Sub, (ii) the total amount of
property taxes actually paid with respect to each of Cingular Sub and T-Mobile
Sub, and (iii) the amount of property tax adjustment required as evidenced by
contrasting (i) with (ii). The amounts so determined in accordance with clause
(iii) shall be accounted for in the books and records of T-Mobile Sub and
Cingular Sub, and shall then be allocated between the members (and their
respective Affiliates) in the same manner as operating costs in proper
proportion to their MOU's for each respective fiscal year. These cumulative
adjustments shall be treated as adjustments to the next subsequent allocation of
monthly operating expenses in accordance with the Operating Standards.

            (b) Upon Closing the property tax payable shall be paid or settled
by the members in accordance with the standard procedures for operating expenses
pursuant to the Facilities LLC Agreement. As soon as practicable following the
Closing, the Parties shall prepare a schedule similar to that described in
subsection (a) above and shall undergo a similar process with respect to
property taxes for all periods from January 1, 2004 through the Closing,
prorating the cost of any taxes payable with respect to the year that includes
Closing such that T-Mobile and its Affiliates bear all of the cost of such taxes
for the portion of the year occurring post-Closing, and the Parties bear the
cost of such taxes for the portion of the year pre-Closing in proper proportion
to their MOUs. Based on such information and as soon as practicable after the

                                       40

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

completion of such schedule, the Party who, on a net basis, has funded (or
Affiliate has funded) less property taxes than its allocable share shall make a
cash payment to the Party who, on a net basis, has funded (or whose Affiliate
has funded) property taxes in excess of its allocable share, to the extent of
such excess. The period used for the cash true-up contemplated under this
Section 6.20 shall be consistent with the period used for the accrual for
accounting purposes.

      SECTION 6.21 TRANSFER OF CONTINGENT CONSENT LEASES.

            (a) Cingular covenants to use commercially reasonable efforts to
obtain any consents or default waivers required under Cingular Sub Leases in
connection with the Transfers (each a "LEASE CONSENT") prior to Closing,
commencing within a reasonably prompt period following the mutual execution of
this Agreement. Purchaser and Cingular shall cooperate and reasonably agree in
advance upon the form of the consent letter(s) and the general process for
obtaining Lease Consents. In addition, Cingular covenants to keep Purchaser
reasonably well-informed of Cingular efforts to obtain Lease Consents, provide a
monthly status report and, on request of Purchaser in writing, deliver copies of
material correspondence under the Contingent Consent Leases and other material
documentation sent or received with respect to such consent request, but not
more frequently than monthly.

            (b) "Commercially reasonable efforts" is defined and described in
Schedule 6.21 attached.

            (c) If Cingular cannot obtain a Lease Consent after using
commercially reasonable efforts, then Cingular shall, unless Cingular elects to
include the applicable Site in the Site Operating Agreement as provided in
clause (d) below, for any such Contingent Consent Lease:

                  (i) provided a sublease is permitted under such Contingent
Consent Lease without Cingular obtaining a Lease Consent, enter into a
commercially reasonable, industry-standard, sublease with Purchaser passing
through all the beneficial use rights and the same material and economic terms
as the applicable Contingent Consent Lease, and the Parties shall act in good
faith in agreeing upon the form of such sublease; or

                  (ii) grant to Purchaser co-location on a site or sites
sufficient to provide at least the same coverage as Purchaser would have
received had the Contingent Consent Lease been transferred to Purchaser.
Cingular will be solely responsible for the cost of relocating and installing
any equipment and the net present value (computed at the discount rate of *) of
all payments associated with the co-location site(s) (through the initial and
all extension terms of the applicable lease, with appropriate reimbursement to
Cingular if Purchaser does not elect to exercise all such extension terms) to
the extent such amount exceeds the net present value (computed at the discount
rate of *) of all payments associated with the initial and all extension terms
of the Contingent Consent Lease. The co-location agreement shall be, with
respect to non-economic terms, on industry standard terms and conditions; or

*Omitted information is the subject of a request for confidential treatment
 pursuant to Rule 24b-2 of the Securities Exchange Act of 1934 and has been
 filed separately with the Securities and Exchange Commission.

                                       41

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  (iii) (propose to Purchaser some other mutually acceptable
arrangement or structure transferring the benefits of the Contingent Consent
Lease that Purchaser accepts in its sole discretion.

            (d) Immediately prior to the Closing, Cingular Sub (or its
Affiliates, as applicable) shall (i) transfer to SBCW (or an Affiliate)
("CONTINGENT SITE SUB") its entire interest in any such Contingent Consent Lease
for which it has not received a Lease Consent unless Cingular has elected to and
has satisfied its obligation to transfer the benefits of such Contingent Consent
Lease pursuant to clause (c) and (ii) the parties will enter into an operating
agreement (the "SITE OPERATING AGREEMENT") to provide Purchaser the benefits of
such Contingent Consent Lease (including all existing rights to access, use,
operate, maintain, repair and replace equipment and all other personal property
at such Contingent Consent Site and any associated utilities and grounding
systems) following the Closing. The Site Operating Agreement shall also include
such other commercially reasonably terms as may be appropriate in addition to
those set forth herein; provided, however, that Purchaser shall not be entitled
to more rights than as are expressly set forth in the Contingent Consent Leases.
The Site Operating Agreement will provide that (1) Contingent Site Sub will
comply in all material respects with the Contingent Consent Leases and exercise
all currently existing extension options under the Contingent Consent Lease for
so long as Purchaser shall desire, up to the maximum terms available, (2)
Contingent Site Sub will assign to Purchaser all revenues derived from the
Contingent Consent Leases (from collocation or subleases, for example, with
Purchaser undertaking to perform all obligations related thereto), (3) Purchaser
will pay all fees, costs, charges, rent or other amounts (including the premium
on any bonds) as provided in such Contingent Consent Lease (but excluding
charges due to Contingent Site Sub's negligence, willful misconduct or late
rental payment, but only to the extent of such negligence, willful misconduct or
late payment), (4) Purchaser shall conduct its operations on the Contingent
Consent Site in compliance with, and subject to all of the terms, conditions and
covenants of, the applicable Contingent Consent Lease, (5) the Parties may not
assign or transfer their respective rights in the Site Operating Agreement
without the reasonable consent of the other, provided that each may, upon
written notice, assign its rights in whole or in part to any person or business
entity that (w) controls or is controlled by or under common control with the
assigning party; (x) is merged or consolidated with the assigning party; or (y)
acquires all or substantially all of the ownership interest or FCC licenses of
the assigning party with respect to the California/Nevada network, provided such
assignee agrees to assume all of the assigned obligations under this Agreement
and further provided that the assigning party shall not be released in
connection with any such obligation; (6) Contingent Site Sub and Cingular will
use their commercially reasonable efforts to support the validity of the
relevant Contingent Consent Leases and (7) mutual indemnities as hereafter
described. Purchaser shall indemnify and save Contingent Site Sub and its
Affiliates harmless from and against any Damages and Expenses associated with or
in anyway arising out of or resulting from any breach of this Site Operating
Agreement by Purchaser or Purchaser's activities with respect to such Contingent
Consent Site and/or the Contingent Consent Lease (but excluding Contingent Site
Sub's failure to perform its obligations thereunder). Contingent Site Sub shall
indemnify and save Purchaser and its Affiliates harmless from and against any
and all Damages and Expenses associated with or in anyway arising out of or
resulting from any breach of the Site Operating Agreement by

                                       42

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Contingent Site Sub or Contingent Site Sub's activities with respect to such
Contingent Consent Site and/or the Contingent Consent Lease (but excluding
Purchaser's failure to perform its obligations thereunder). In the event either
party fails to perform its obligations under the Site Operating Agreement,
following ten (10) Business Days written notice (except in emergencies, which
shall mean imminent personal injury, property damage or inability to operate the
network equipment at the Site), the non-defaulting party shall, at its option,
have the right to self-help with a right to reimbursement for the actual cost
thereof from the other party. The Parties' indemnification obligations under
this Section 6.21 are subject to Article IX hereof.

            (e) From and after Closing, Cingular agrees to continue to use its
commercially reasonable efforts to obtain Lease Consents not previously obtained
and, if and upon receiving such Lease Consent, shall transfer and assign, for no
further consideration, the relevant Contingent Consent Site to Purchaser or its
designee. In the event that:

                  (i) at any time Cingular has a credible threat of an imminent
loss of the use of any Contingent Consent Site pursuant to the terms of the
Contingent Consent Lease or to incur any Damages related to its position as a
lessee or otherwise pursuant to such Contingent Consent Lease (other than due to
Contingent Site Sub's breach or default of such Contingent Consent Lease or a
material breach of the Site Operating Agreement, in either event not caused by
Purchaser, provided that Cingular's efforts to obtain any Lease Consent pursuant
to this Section shall in no event be deemed a breach or default of such
Contingent Consent Lease) and Cingular notifies Purchaser of Cingular's election
to remove the Contingent Consent Site from the terms of the Site Operating
Agreement; or

                  (ii) the benefits of such Contingent Consent Site cease to be
available to Purchaser in any material respect (other than due to Purchaser's
breach or default of the applicable Contingent Consent Lease or a material
breach of the Site Operating Agreement, in either event not caused by Cingular)
and Purchaser notifies Cingular of Purchaser's election to remove the Contingent
Consent Site from the terms of the Site Operating Agreement;

      then, unless Cingular can provide uninterrupted benefits for such
Contingent Consent Lease pursuant to any of the alternatives set forth in
clauses (a), (c) or (d) above, Cingular shall, pay to Purchaser, as Purchaser's
sole remedy under this Agreement for such failure to make the Contingent Consent
Site available pursuant to the terms of this Section 6.21, an amount for each
such Contingent Consent Site set forth on Schedule 6.21 hereto (the "SITE LOSS
DAMAGE AMOUNT"), less any Damages and Expenses incurred by Cingular that are
acknowledged, but not previously funded, by Purchaser. Upon payment of such
amount, the Contingent Consent Site shall be removed from the Site Operating
Agreement or an arrangement referenced in clause (c) (as applicable) and
thereafter Purchaser shall have no further rights with respect to such
Contingent Consent Site and Cingular shall have no further liability or
obligations hereunder with respect to the loss of the economic benefits under
the Contingent Consent Lease or the loss of the use of the applicable Contingent
Consent Site, except for any indemnification or other obligations in this
Agreement or the other Ancillary Agreements that expressly survive or any other
indemnification obligations set forth in the Site Operating Agreement or any
applicable site occupancy documents that expressly survive (other than Damages
and Expenses for the loss of

                                       43

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

the economic benefits under the Contingent Consent Lease or the loss of the use
of the applicable Contingent Consent Site). Purchaser shall have the right, at
its expense, to remove all equipment and other personal property from any such
Contingent Consent Site (unless otherwise prohibited by the terms of the
Contingent Consent Lease). Notwithstanding anything to the contrary contained in
this Agreement, no Site Loss Damage Amount shall be subject to the Threshold
Amount or any separate threshold or count against the Maximum Amount or any
other cap, except the aggregate Purchase Price shall apply as set forth in
Section 9.6.

            (f) Nothing in this Agreement shall be construed as an attempt to
assign any Contingent Consent Lease that is by its terms non-assignable without
the consent of the other party.

      6.22 CONTRIBUTION OF SITES HELD BY A CA/NV SUBLESSOR, AS CINGULAR
AFFILIATE. CONTRIBUTION OF CA/NV SITES.

            (a) The CA/NV Master Sites and CA/NV Sites collectively are all of
the Cingular Real Property Assets that are currently subject to the CA/NV Master
Sublease having CA/NV Sublessor, a wholly owned subsidiary of Cingular, as
sublessor. With respect to CA/NV Master Sites and CA/NV Sites and subject to
Permitted Liens (including, the CA/NV Master Lease and/or underlying primary
leases, as applicable), on or prior to Closing, Cingular, Cingular Sub and/or
SBCW (as applicable) shall, at Cingular's cost and expense, cause Cingular Sub
(or Newco, as applicable) to acquire the interest of CA/NV Sublessor in the
Cingular Real Property Assets subject to the CA/NV Master Sublease.

            (b) Cingular covenants that, after the contribution of the CA/NV
Sublessor's interest in the CA/NV Master Sites as contemplated above, the lease
terms applicable to the CA/NV Master Sites shall be as set forth on the Schedule
of Cingular Leased Properties attached hereto and that such terms shall not be
materially less favorable than the lease terms applicable to such CA/NV Master
Sites on the date hereof

      SECTION 6.23 BUILDING COVERAGE SITES.

            (a) With respect to Building Coverage Sites, the parties acknowledge
that cell equipment (commonly "picos") located in the Building Coverage Sites
may be for the benefit of Cingular customers, Purchaser's customers or both. In
that regard, prior to Closing, Cingular and Purchaser each agrees to use
commercially reasonable efforts to identify and agree upon all Building Coverage
Sites and investigate and procure documentation reasonably acceptable to both
parties evidencing Building Coverage Site arrangements. Each of the Parties will
bear its own costs in connection with this effort. From and after Closing, the
terms of the Wholesale Agreement will govern the transition of the Building
Coverage Sites.

            (b) In connection with Section 6.23(a), pursuant to the Wholesale
Agreement, to the extent it is determined (either before or after Closing during
the transition period thereunder) that the cell and related equipment located at
a Building Coverage Site is an Excluded Asset, Purchaser will be obligated under
the Wholesale Agreement to assist Cingular

                                       44

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

in transitioning such Building Coverage Site, and Purchaser shall thereafter
have no further rights and obligations with respect thereto (other than to
assign any rights or interest it may have in such Building Coverage Site with
respect to such Excluded Asset to Cingular (or its designee affiliate). Likewise
if it is determined that the cell or related equipment located at such Building
Coverage Site is not an Excluded Asset hereunder and is for the benefit of
Purchaser's customers, then the parties shall use commercially reasonable
efforts to transition such Building Coverage Sites to Purchaser; provided that,
if it is determined that a Building Coverage Site is not an Excluded Asset but
is also used for the benefit of Cingular, Purchaser agrees, to the extent
reasonably practicable, also to maintain the Building Coverage Site for the
benefit of Cingular, and the treatment and transitioning of such Building
Coverage Site shall be handled as described in the Wholesale Agreement.

            (c) Cingular and SBCW hereby jointly and severally represent and
warrant to T-Mobile and Purchaser that, to the Knowledge of Cingular or SBCW,
(i) except where failure to so identify would not have a Cingular Material
Adverse Effect, there are no sites that would be a Building Coverage Site other
than those sites set forth on Schedule F to this Agreement; (ii) except as
disclosed in Section 4.10(d) of the Cingular Disclosure Schedule, none of
Cingular Sub, SBCW or Cingular has received, in connection with a Building
Coverage Site, written notice of violations that remain uncured or of a default
by Cingular Sub which default remains uncured (or of an event which, with
notice, the passage of time or both, would be a default), to the extent that the
existence of such violations or default, individually or in the aggregate with
all such defaults, would have a Cingular Material Adverse Effect; and (iii) none
of Cingular Sub, Cingular, SBCW or a Cingular Affiliate has in its possession
any studies or reports that indicate any uncorrected defects or deficiencies in
the design or construction of any improvements on Building Coverage Sites,
except for such defects as would not have, individually or in the aggregate, a
Cingular Material Adverse Effect.

      SECTION 6.24 GLOBAL LEASE CONSENT ACKNOWLEDGMENT.

      Notwithstanding anything contained herein to the contrary but subject to
Section 4.10(a) above, the parties acknowledge that the Cingular Sub Leases may
not be transferable without first obtaining a Lease Consent and, further, that
effecting the Transfers as contemplated under this Agreement in the absence of
such Lease Consents would or could result in a default or breach under the
Contingent Consent Leases. Accordingly and subject to Sections 4.10(a) and 6.21,
the parties agree that (1) if, on the date hereof, Cingular's failure to obtain
Lease Consents is the cause of a breach of any representation or default in the
performance of its obligations under this Agreement, Cingular shall be deemed
not to be in breach of such representation or in default of such obligation, and
(2) to the extent, from and after the date hereof and as of the Closing Date,
Cingular's failure to obtain Lease Consents is the cause of a breach of any
representation or a default in the performance of its obligations under this
Agreement, but Cingular has satisfied such representation or obligations
pursuant to Section 6.21, then Cingular shall be deemed not to be in breach of
such representation or in default in performance of such obligations.

                                       45

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      SECTION 6.25 CINGULAR LEASED PERMITTING SITES. Cingular covenants that it
will not interfere with Cingular Leased Permitting Sites that have been released
in connection with the 2002, 2003, or 2004 budget. Cingular specifically
represents that prior to and after Closing, it will not in any way seek to stop
working, or transfer work that has been performed in connection with Cingular
Leased Permitting Sites (including but not limited to landlord relationship,
lease drafts, zoning applications, and building permit applications).

                                   ARTICLE VII

                  CLOSING CONDITIONS OF T-MOBILE AND PURCHASER

      The obligations of T-Mobile and Purchaser to consummate the purchase of
the Transferred Newco Membership Interest shall be subject to compliance by SBCW
and Cingular, as applicable, with the following conditions, all or any of which
may be waived in writing by the Purchaser or T-Mobile.

      7.1 ILLEGALITY. No Governmental Body of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any Law or Order (whether
temporary, preliminary or permanent) or taken any other action that, in the
reasonable opinion of Purchaser, based on the reasonable written opinion of its
counsel, would (i) prohibit, prevent, enjoin or make illegal consummation of the
transactions contemplated herein or in any Ancillary Agreement or (ii) impose a
regulatory condition or regulatory expense on T-Mobile or Purchaser which, but
for the consummation of the transactions contemplated herein or in any Ancillary
Agreement, would not be imposed on T-Mobile or Purchaser (and excluding any
imposition affecting the wireless telecommunications industry generally), and
that would have a material adverse effect on, the operations of T-Mobile
following the Closing (a "REGULATORY CLOSING CONDITION"); provided that in the
event that a Regulatory Closing Condition described in clause (ii) above is in
effect at the time of Closing, T-Mobile shall, at Cingular's election, be
required to continue to Closing without regard to such Regulatory Closing
Condition to the extent, such Regulatory Closing Condition can be cured or
satisfied by a monetary payment, bond or other action to be taken by either
T-Mobile and Purchaser, on the one hand, or Cingular and SBCW, on the other
hand, following the Closing. Any Damages or Expenses incurred by the Parties as
a result of satisfying or curing any Regulatory Closing Condition, shall be
shared equally by Cingular and SBCW, on the one hand, and T-Mobile and
Purchaser, on the other hand, and T-Mobile and Purchaser shall have a claim for
indemnification from Cingular for recovery of Cingular's share of such Damages
and Expenses pursuant to the provisions of Article IX; provided that and the
Parties' indemnification obligations with respect to such claims will not be
subject to the Threshold Amount or the Maximum Amount, and will not be taken
into account for purposes of determining whether the Threshold Amount and
Maximum Amount have been satisfied and provided, further, that if the recovery
of Special Damages would be necessary to make T-Mobile and Purchaser whole,
T-Mobile and Purchaser shall not be required to continue to the Closing without
regard to such Regulatory Closing Condition unless Cingular and SBCW agree that
T-Mobile and Purchaser, on the one hand, or Cingular and Seller, on the other
hand, shall share

                                       46

<PAGE>

CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

equally all Damages or Expenses incurred by the Parties as a result of
satisfying or curing any Regulatory Closing Condition without the application of
Section 9.5 hereof..

      7.2 REPRESENTATIONS AND WARRANTIES OF SBCW AND CINGULAR. The
representations and warranties of SBCW and Cingular shall be true and correct in
all material respects as of the date of this Agreement and as of the Closing
Date as though made on and as of the Closing Date (except as otherwise
contemplated by this Agreement), except to the extent that any failure of any
such representation or warranty to be true and correct would not have a Cingular
Material Adverse Effect; provided that in the event at the Closing any failure
of the representations and warranties of SBCW and Cingular to be true and
correct in all material respects shall cause a Cingular Material Adverse Effect
(a "REPRESENTATION CLOSING CLAIM"), T-Mobile shall, at Cingular's election, be
required to continue to Closing without regard to such Representation Closing
Claim to the extent such failure(s) can be cured or satisfied by a claim for
damages by T-Mobile or Purchaser or other action to be reasonably taken by SBCW
or Cingular following the Closing. Cingular and Seller's indemnification
obligation with respect to such Representation Closing Claim will be subject to
the indemnification provisions of Article IX; provided, that Cingular's and
SBCW's indemnification obligations with respect to any such Representation
Closing Claims will not be subject to the Threshold Amount or the Maximum
Amount, and will not be taken into account for purposes of determining whether
the Threshold Amount and Maximum Amount have been satisfied and, provided,
further, that in the event that the recovery of Special Damages would be
necessary to make T-Mobile and Purchaser whole as a result of such failure of
the representations and warranties of Cingular or SBCW to be true and correct as
described above, T-Mobile and Purchaser shall not be required to continue to the
Closing without regard to any such Representation Closing Claim unless Cingular
and SBCW shall agree that their indemnification obligations shall not be subject
to the provisions of Section 9.5. T-Mobile and Purchaser shall have received a
certificate of SBCW and Cingular signed by an officer of each of SBCW and
Cingular to such effect on the Closing Date.

      7.3 APPROVALS AND CONSENTS. SBCW and Cingular, as applicable, shall have
made all filings with and notifications of any Governmental Body required to be
made by them in connection with the execution and delivery of this Agreement and
the Ancillary Agreements, as applicable, and the performance by them of the
transactions contemplated hereby and thereby, except for those filings and
notifications which, if not made, would have no Cingular Material Adverse
Effect. SBCW and Cingular, as applicable, shall have obtained all required
authorizations, waivers, consents and permits (including the expiration of any
waiting period (or obtaining of any approval required) under the HSR Act) to
permit the consummation of the transactions contemplated by this Agreement, from
all Governmental Bodies, other than authorizations, waivers, consents and
permits of which the failure to obtain would have no Cingular Material Adverse
Effect.

      7.4 CLOSING DELIVERIES. SBCW shall have made all of the deliveries set
forth in Section 2.8(a).

      7.5 AWE MERGER. The AWE Merger shall have been consummated.

                                       47

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

      7.6 CINGULAR AND SBCW COMPLIANCE WITH COVENANTS. Cingular and SBCW shall
have duly performed in all material respects all of the covenants, agreements,
and conditions contained in this Agreement to be performed by Cingular and SBCW
on or prior to the Closing Date, except as would not have a Cingular Material
Adverse Effect; provided that in the event at the Closing any failure to perform
in all material respects all of the covenants, agreements and conditions
contained in this Agreement shall cause a Cingular Material Adverse Effect (a
"COVENANT CLOSING CLAIM"), T-Mobile shall, at Cingular's election, be required
to continue to Closing without regard to such Covenant Closing Claim to the
extent such failure(s) can be cured or satisfied by a claim for damages by
T-Mobile or Purchaser or other action to be reasonably taken by SBCW or Cingular
following the Closing. Cingular and SBCW's indemnification obligation with
respect to any such Covenant Closing Claim will be subject to the
indemnification provisions of Article IX; provided, that Cingular's and SBCW's
indemnification obligations with respect to any such Covenant Closing Claims
will not be subject to the Threshold Amount or the Maximum Amount, and will not
be taken into account for purposes of determining whether the Threshold Amount
and Maximum Amount have been satisfied, but will otherwise be subject to the
indemnification provisions of Article IX; provided, further, that in the event
that the recovery of Special Damages would be necessary to make T-Mobile and
Purchaser whole as a result of such failure of Cingular or SBCW to perform and
comply with covenants and agreements as described above, T-Mobile and Purchaser
shall not be required to continue to the Closing without regard to any such
Covenant Closing Claim unless Cingular and SBCW shall agree that their
indemnification obligations shall not be subject to the provisions of Section
9.5. T-Mobile and Purchaser shall have received a certificate of SBCW and
Cingular signed by an officer of each of SBCW and Cingular to such effect on the
Closing Date.

      7.7 LEASE AGREEMENT. The closing conditions of T-Mobile set forth in the
Long Term De Facto Transfer Lease Agreement shall have been satisfied or waived
(other than any closing condition or condition to effectiveness tied to the
Closing hereof).

                                  ARTICLE VIII

                     CLOSING CONDITIONS OF CINGULAR AND SBCW

      The obligations of Cingular and SBCW to consummate the transfer of the
Transferred Newco Membership Interest shall be subject to compliance by
Purchaser and T-Mobile, as applicable, with the following conditions, any or all
of which may be waived by SBCW or Cingular.

      8.1 ILLEGALITY. No Governmental Body of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any Law or Order (whether
temporary, preliminary or permanent) or taken any other action that, in the
reasonable opinion of SBCW based on the reasonable written opinion of its
counsel, would prohibit, prevent, enjoin or make illegal consummation of the
transactions contemplated herein or in any Ancillary Agreement.

      8.2 REPRESENTATIONS AND WARRANTIES OF PURCHASER AND T-MOBILE. The
representations and warranties of Purchaser and T-Mobile shall be true and
correct in all material

                                       48

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

respects as of the date of this Agreement and as of the Closing Date as though
made on and as of the Closing Date (except as otherwise contemplated by this
Agreement), except to the extent that any failure of any such representation or
warranty to be true and correct would not have a material adverse effect on the
consummation of the transactions contemplated hereunder. SBCW shall have
received a certificate of Purchaser and T-Mobile signed by an officer of
Purchaser and T-Mobile to such effect on the Closing Date.

      8.3 APPROVALS AND CONSENTS. Purchaser and T-Mobile shall have made all
filings with and notifications of governmental authorities, regulatory agencies
and other entities required to be made by it in connection with the execution
and delivery of this Agreement and the Ancillary Agreements, as applicable, and
the performance by them of the transactions contemplated hereby and thereby,
except for those filings and notifications which, if not made, would have no
material adverse effect on the consummation of the transactions contemplated by
this Agreement. T-Mobile and Purchaser, as applicable, shall have obtained all
required authorizations, waivers, consents and permits (including the expiration
of any waiting period (or obtaining of any approval required) under the HSR Act)
to permit the consummation of the transactions contemplated by this Agreement,
from all third parties, other than authorizations, waivers, consents and permits
of which the failure to obtain would have no material adverse effect on the
consummation of the transactions contemplated by this Agreement.

      8.4 CLOSING DELIVERIES. Purchaser shall have made all deliveries set forth
in Section 2.8(b).

      8.5 CLOSING OF AWE MERGER; NO QUALIFYING DIVESTITURE. The AWE Merger shall
have been consummated and in connection therewith no Qualifying Divestiture
shall have occurred.

      8.6 T-MOBILE AND PURCHASER COMPLIANCE WITH COVENANTS. T-Mobile and
Purchaser shall have duly performed in all material respects all of the
covenants, agreements, and conditions contained in this Agreement to be
performed by T-Mobile or Purchaser on or prior to the Closing Date. SBCW shall
have received a certificate of each of T-Mobile and Purchaser signed by an
officer of T-Mobile and Purchaser to such effect on the Closing Date.

      8.7 LEASE AGREEMENT. The closing conditions of Cingular or any Affiliate
set forth in the Long Term De Facto Lease Agreement shall have been satisfied or
waived (other than any closing condition or condition to effectiveness tied to
the Closing hereof).

                                   ARTICLE IX

                                 INDEMNIFICATION

      9.1 INDEMNIFICATION BY CINGULAR AND SBCW. Cingular and SBCW, jointly and
severally, shall indemnify, protect and hold harmless T-Mobile, Purchaser, and
their Affiliates and their respective directors, officers, agents, and employees
(collectively "T-MOBILE INDEMNIFIED PARTIES") from and against any and all
Damages and Expenses (including Third Party Claims (as defined in Section 9.4),
whether in contract or in tort), whether or not litigation

                                       49

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

is commenced, imposed in any manner upon, incurred by or asserted against such
T-Mobile Indemnified Parties to the extent such Damages or Expenses are in
connection with or arising from:

                  (i)   any breach of any representation or warranty of Cingular
                        or SBCW contained in this Agreement; provided that, for
                        purposes of this provision, those representations and
                        warranties (other than the representations and
                        warranties contained in Section 3.9) that are qualified
                        by reference as "material," "material adverse effect" or
                        "CINGULAR MATERIAL ADVERSE EFFECT" or to the "Knowledge"
                        of any Person shall be deemed not to include such
                        qualifications; or

                  (ii)  any breach of any covenant or agreement of Cingular or
                        SBCW contained in this Agreement; provided that, for
                        purposes of this provision, those covenants or
                        agreements that are qualified by reference to "material"
                        compliance or "CINGULAR MATERIAL ADVERSE EFFECT" shall
                        be deemed not to include such qualifications.

      9.2 INDEMNIFICATION BY T-MOBILE AND PURCHASER. T-Mobile and Purchaser,
jointly and severally, shall indemnify, protect and hold harmless Cingular,
SBCW, and their Affiliates, and their respective directors, officers, agents,
and employees (collectively "CINGULAR INDEMNIFIED PARTIES") from and against any
and all Damages and Expenses (including Third Party Claims, whether in contract
or in tort), whether or not litigation is commenced, imposed in any manner upon,
incurred by or asserted against such Cingular Indemnified Parties to the extent
such Damages or Expenses are in connection with or arising from:

                  (i)   any breach of any representation or warranty of T-Mobile
                        or Purchaser contained in this Agreement; provided that,
                        for purposes of this provision, those representations
                        and warranties (other than the representations and
                        warranties contained in Section 5.7) that are qualified
                        by reference as "material" or "material adverse effect"
                        or to the "Knowledge" of any Person shall be deemed not
                        to include such qualifications; or

                  (ii)  any breach of any covenant or agreement of T-Mobile or
                        Purchaser contained in this Agreement; provided that,
                        for purposes of this provision, those covenants or
                        agreements that are qualified by reference to "material"
                        compliance or "material adverse effect" shall be deemed
                        not to include such qualifications.

      9.3 NOTICE OF CLAIMS; CALCULATION OF DAMAGES OR EXPENSE.

            (a) Any Cingular Indemnified Party or T-Mobile Indemnified Party
(the "INDEMNIFIED PARTY") seeking indemnification under this Article IX shall
give promptly to the Party (or Parties) obligated to provide indemnification to
such Indemnified Party (the

                                       50

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

"INDEMNITOR") a notice (a "CLAIM NOTICE") describing in reasonable detail the
facts giving rise to any claim for indemnification under this Article IX and
shall include in such Claim Notice the amount (if then known) or an estimate
thereof, and the method of computation of the amount of such claim, and a
reference to the provision of this Agreement upon which such claim is based, and
any other material and relevant written information the Indemnified Party may
have regarding such claim.

            (b) If the indemnification claim involves a Third Party Claim, the
procedures set forth in Section 9.4 shall be observed by the Indemnified Party
and the Indemnitor.

            (c) If the indemnification claim involves a matter other than a
Third Party Claim, the Indemnitor shall have thirty (30) Business Days from
receipt of the Claim Notice to object to such indemnification claim by delivery
of a written notice of such objection to the Indemnified Party specifying in
reasonable detail the basis for such objection. Failure to timely so object
shall constitute a final and binding acceptance of the indemnification claim by
the Indemnitor and the indemnification claim shall be paid in accordance with
Section 9.3(d). If an objection is timely interposed by the Indemnitor, then the
Indemnified Party and the Indemnitor shall negotiate in good faith for a period
of twenty (20) Business Days from the date (such period is hereinafter referred
to as the "NEGOTIATION PERIOD") the Indemnified Party receives such objection.
After the Negotiation Period, if the Indemnitor and the Indemnified Party still
cannot agree on an indemnification claim, the Indemnitor and Indemnified Party
shall jointly submit the dispute concerning such indemnification claim for
resolution as provided in Article XI below.

            (d) Upon determination of the amount of an indemnification claim
that is binding on both the Indemnitor and the Indemnified Party, the Indemnitor
shall pay the amount of such indemnification claim by wire transfer to the
Indemnified Party within ten (10) Business Days of the date such amount is
determined.

      9.4 THIRD PARTY CLAIMS.

            (a) In the event a claim, suit or proceeding by a third party that
is not an Affiliate of a Party to this Agreement is made or filed against any
Indemnified Party as to which the Indemnified Party may seek indemnification
hereunder (a "THIRD PARTY CLAIM"), such Indemnified Party shall promptly after
the receipt of written notice of such Third Party Claim notify the Indemnitor in
writing of such Third Party Claim and provide copies of all information provided
by such claimant in connection therewith, and thereafter the Indemnified Party
shall promptly deliver to the Indemnitor copies of all notices and documents
(including court papers) received by the Indemnified Party relating to the Third
Party Claim; provided, that the failure of the Indemnified Party to give timely
notice of any such claim, suit or proceeding or to make timely delivery of any
such notices or documents shall not relieve the Indemnitor of its
indemnification obligations with respect to such claim, suit or proceeding
except to the extent that such Indemnitor has been prejudiced thereby.

            (b) In the event of the initiation of any legal proceeding, claim or
demand against the Indemnified Party by a third party for which indemnification
is sought under this

                                       51

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Article IX, the Indemnitor shall have the sole and absolute right after the
receipt of notice, pursuant to Section 9.4(a) at its option and at its own
expense, to be represented by counsel of its choice and to control, defend
against, negotiate, settle or otherwise deal with such proceeding, claim or
demand (subject only to any limitation or condition set forth in this Section
9.4); provided, however, that the Indemnified Party may, at its election,
participate in the defense of any such proceeding, claim or demand through
counsel of its own choice, but the fees and expenses of such counsel shall be at
the expense of the Indemnified Party, unless the Indemnified Party shall have
been advised by such counsel that there may be one or more legal defenses
available to it that are different from or in addition to those available to the
Indemnitor (in which case, if the Indemnified Party notifies the Indemnitor in
writing that it elects separate counsel at the expense of the Indemnitor with
respect to such defenses (which different or additional defenses must be
identified with specificity to the Indemnitor), the Indemnitor shall not have
the right to assume the defense of such action on behalf of the Indemnified
Party with respect to such defenses), further provided, however, that the
Indemnitor has the right to object to such an election by the Indemnified Party
and seek a determination pursuant to Article XI concerning that issue.

                  (i) The Parties hereto agree to cooperate fully with each
other in connection with the defense, negotiation or settlement of any such
legal proceeding, claim or demand.

                  (ii) To the extent the Indemnitor fails to assume the defense
of a Third-Party Claim within ten (10) days of the Indemnitor's receipt of
notice of such claim by the Indemnified Party, and the Indemnified Party defends
against or otherwise deals with any such proceeding, claim or demand, the
Indemnified Party may retain counsel, at the expense of the Indemnitor, and
control the defense of such proceeding, claim or demand, and any amount for
which indemnification may be sought shall be governed by Section 9.3 hereof,
subject to the rights of the Indemnitor to seek a determination pursuant to
Article XI that it has no obligation of indemnification with respect to the
Third Party Claim at issue. Either Party has the option to submit the dispute
concerning the liability for indemnification for the Third Party Claim for
resolution as provided in Article XI below, but such submission shall not delay
or impede the Indemnified Party's right to defend the Third Party Claim (or the
Indemnitor's right to defend such Third Party Claim pending resolution of any
dispute concerning the liability for such Third Party Claim) so as not to
prejudice the Indemnified Party.

                  (iii) No Indemnitor shall, without the prior written consent
of the Indemnified Party (which shall not be unreasonably withheld), effect any
settlement or compromise of, or consent to the entry of judgment with respect
to, any pending or threatened action in respect of which the Indemnified Party
is or could have been a party and indemnity may be or could have been sought
under this Article IX by the Indemnified Party, unless such settlement,
compromise or judgment (x) includes an unconditional release of the Indemnified
Party from all liability on claims that are or could have been the subject
matter of such action and (y) does not include a statement as to or an admission
of fault, culpability or a failure to act, by or on behalf of the Indemnified
Party.

                                       52

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  (iv) Within thirty (30) days after (A) any final judgment or
award shall have been rendered by a Governmental Body of competent jurisdiction
and the time in which to appeal therefrom has expired, (B) a settlement shall
have been consummated, or (C) the Indemnified Party and the Indemnitor shall
arrive at a mutually binding agreement with respect to each separate matter
alleged by the Indemnified Party to be indemnified, the Indemnified Party shall
forward to the Indemnitor notice of any sums due and owing by the Indemnitor
with respect to such matter, and the Indemnitor shall promptly pay all
undisputed sums so owing to the Indemnified Party. The Indemnified Party shall
(x) provide to the Indemnitor all information, assistance and authority
reasonably requested including access to all properties, books, records,
contracts or commitments and copies thereof (provided that the Indemnitor shall
preserve the confidentiality of any information provided to the same extent it
protects its own confidential information) and (y) cause its officers,
directors, employees and agents (including legal counsel and accountants) to
cooperate with the Indemnitor in order to evaluate any Third Party Claim, or
effect any defense, compromise or settlement.

            (c) The Indemnified Party shall have the burden of proof in
establishing the amount of Damages and Expense suffered by it.

      9.5 NO SPECIAL DAMAGES. Except as provided in this Section 9.5, the
Parties will not be liable to each other for any indirect, incidental,
consequential, reliance, or special damages (including lost revenues, lost
savings, or lost profits suffered by such other Party) arising under or in
connection with this Agreement, regardless of the form of action, whether in
contract, warranty, strict liability, or tort, including negligence of any kind
whether active or passive, and regardless of whether the Party knew of the
possibility that such damages could result (collectively, "SPECIAL DAMAGES").
The Parties hereby release each other, their Affiliates and their respective
officers, directors, employees, and agents from any such claim. Nothing
contained in this Section 9.5 will limit one Party's liability to the other
Party for willful or intentional misconduct. In addition, nothing contained in
this Section 9.5 will limit the Parties' indemnification obligations under this
Article IX in the case of the indemnification of a Party for Special Damages
awarded in connection with a Third Party Claim.

      9.6 LIMITATIONS.

            (a) The Indemnitor shall be obligated to indemnify the Indemnified
Party only when the aggregate of all Damages and Expenses suffered or incurred
by the Indemnified Party as to which a right of indemnification is provided
under this Article IX exceeds Five Million Dollars ($5,000,000) (the "THRESHOLD
AMOUNT"). After the aggregate of all Damages and Expenses suffered or incurred
by the Indemnified Party exceeds the Threshold Amount, the Indemnitor shall be
obligated to indemnify the Indemnified Party for all such Damages and Expenses
without reduction by the Threshold Amount. In no event shall the aggregate
liability of either T-Mobile and Purchaser, on the one hand, and Cingular and
SBCW, on the other hand, under this Article IX exceed Two Hundred and Fifty
Million Dollars ($250,000,000) (the "MAXIMUM AMOUNT"), provided, however, that
the aggregate liability of Cingular and SBCW, taken together, for any actions
taken or amounts paid pursuant to Section 6.21, Section 7.1, 7.2, 7.6 or any
other indemnification obligations contained in this Article IX, shall in no
event, taken

                                       53

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

together, exceed the aggregate Purchase Price. Notwithstanding the above,
neither the Threshold Amount nor the Maximum Amount will apply to one Party's
liability to any other Indemnified Parties for willful or intentional
misconduct, provided that in no event will the liability of Cingular and SBCW,
taken together, exceed the aggregate Purchase Price. For purposes of
clarification, nothing contained in this Section 9.6 shall limit any Party's
specific obligation under this Agreement to pay or fund monetary amounts to any
other Party hereto, including pursuant to Sections 2.2, 2.4, 2.5, 2.6 and 6.16
hereof. In addition, nothing contained in this Section will limit the Parties'
indemnification obligations under this Article IX in the case of consequential
or other such damages awarded in connection with a Third Party Claim; provided
that such claims shall be subject to the Threshold Amount, and provided further
that in no event will the liability of Cingular and SBCW, taken together, exceed
the aggregate Purchase Price.

            (b) The Indemnitor shall not be liable for Damages and Expenses in
excess of the actual Damages and Expenses suffered by the Indemnified Party as a
result of the act, circumstance, or condition for which indemnification is
sought net of any insurance proceeds received by the Indemnified Party and
indemnification awards received by the Indemnified Party under an Ancillary
Agreement or any Existing Ancillary Agreement as a result of the same act,
circumstance or condition.

            (c) No Indemnified Party shall be entitled to indemnification under
this Article IX unless such Indemnified Party has delivered written notice of
the indemnification claim or demand to the Indemnitor within eighteen (18)
months of the Closing Date. The indemnification obligations for such claims or
demands for which written notice is given within eighteen (18) months of the
Closing Date shall continue until the final resolution of each such claim or
demand.

      9.7 EXCLUSIVE REMEDY. The exclusive remedy available to an Indemnified
Party in respect of the matters covered by Sections 9.1 or 9.2 hereof shall be
to proceed in the manner and subject to the limitations contained in this
Article IX. Notwithstanding anything herein to the contrary, the indemnification
rights set forth in this Article IX shall in no way limit the indemnification
rights of any Indemnified Party as set forth in the Existing Ancillary
Agreements. Notwithstanding anything in this Article IX to the contrary, in the
event of a breach of the representation set forth in the last sentence of
Section 4.8 hereof, Cingular or an Affiliate shall grant to Purchaser an
eighteen (18) month, royalty-free license on commercially reasonable terms to
use with the Cingular Assets the software that has been developed by Cingular
Sub, Cingular or any Affiliate that is materially necessary to provide Wireless
Services in substantially the same manner as provided to subscribers as of the
Closing.

      9.8 PENDING CLAIMS. Notwithstanding anything herein to the contrary,
Cingular expressly assumes and retains all liabilities relating to all pending
or threatened claims, including lawsuits and other proceedings relating to the
Cingular Assets or Cingular Sub (as evidenced by written notice of such claim to
Cingular prior to the Closing Date) and all matters described or set forth on
Section 9.8 to the Cingular Disclosure Schedule (the "PENDING CLAIMS"). Cingular
agrees to indemnify, protect and hold harmless, the T-Mobile Indemnified Parties
from and against any and all Damages and Expenses (including Third Party Claims,
whether in contract or

                                       54

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

in tort), whether or not litigation is commenced, imposed in any manner upon,
incurred by or asserted against such T-Mobile Indemnified Parties to the extent
such Damages or Expenses are in connection with or arising from the Pending
Claims. Cingular's indemnification obligation with respect to the Pending Claims
will not be subject to the Threshold Amount or the Maximum Amount, and will not
be taken into account for purposes of determining whether the Threshold Amount
and Maximum Amount have been satisfied, but the other provisions of this Article
IX shall apply to any claim for which indemnification is sought. Cingular agrees
that it will (i) provide T-Mobile ten (10) Business Days notice of any
settlement or other compromise that includes any equitable relief, including
injunctive relief, that would affect the Cingular Assets after Closing, and (ii)
will not agree to any settlement or other compromise without the consent of
T-Mobile (not to be unreasonably withheld) that includes any equitable relief,
including injunctive relief, which would have any material adverse affect on the
Cingular Assets after Closing.

                                    ARTICLE X

                                   TERMINATION

      10.1 TERMINATION EVENTS. (a) For purposes of this Article X, T-Mobile and
Purchaser will be treated as a single Party and Cingular and SBCW will be
treated as a single Party. This Agreement may be terminated by any Party
("TERMINATING PARTY") hereto at any time prior to Closing, upon written notice
to the other Party hereto ("OTHER PARTY"), upon the occurrence of any of the
following events:

            (i) the Bankruptcy of T-Mobile or any entity that, directly or
      indirectly Controls T-Mobile or Purchaser (in which case this Agreement
      may be terminated by Cingular or SBCW) or the Bankruptcy of Cingular or
      any entity that directly or indirectly Controls Cingular or SBCW (in which
      case this Agreement may be terminated by T-Mobile or Purchaser);

            (ii) the Other Party shall materially breach any of its
      representations, warranties or covenants contained in this Agreement and
      (i) such breach shall not be capable of being remedied within sixty (60)
      days after the occurrence of such breach or (ii) a written notice
      specifying the nature of such breach and requesting that it be remedied is
      given by the Terminating Party to the Other Party and such breach shall
      not have been remedied within sixty (60) days after the occurrence of such
      breach, except that T-Mobile shall have no right of termination with
      regard to such breach of Cingular's or SBCW's representations, warranties
      and covenants where such breach(es) can be cured or satisfied by a claim
      for damages or other action to be reasonably taken by SBCW or Cingular
      following the Closing, pursuant to Section 7.2 or 7.6 hereof;

            (iii) any consent of any Governmental Body required for consummation
      of the transactions contemplated hereby shall have been denied by final
      action of such Governmental Body that is either nonappealable or which has
      not been appealed within the time limit for appeal;

                                       55

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  (iv) any Law or Order permanently restraining, enjoining or
         otherwise prohibiting the consummation of the transactions contemplated
         by this Agreement or any of the Ancillary Agreements shall have become
         final and nonappealable; or

                  (v) the termination of the AWE Merger Agreement.

      10.2 EFFECT OF TERMINATION. In the event that this Agreement shall be
terminated pursuant to Section 10.1, this Agreement shall become void and have
no effect, except that (a) Section 6.14, this Section 10.2, Section 6.4, Section
6.6, Article IX, Article XI and Article XII shall survive any such termination
and (b) no such termination shall relieve the breaching Party, if any, from any
liability resulting from any breach by that Party of this Agreement. In the
event that Closing does not occur, Facilities shall not be dissolved pursuant to
this Agreement and all existing agreements among the Parties relating to the
ownership and operation of Facilities shall continue in full force and effect;
provided, that if Closing does not occur as a result of a Qualifying
Divestiture, the Tail Period shall be automatically extended for an additional
twelve (12) months, such that the total Tail Period shall be thirty six (36)
consecutive months commencing upon a dissolution of Facilities, as set forth in
the Facilities LLC Agreement, and each of the California System Access and
Services Agreement, the New York System Access and Services Agreement, and the
Reciprocal Home Roaming Agreement shall be deemed to be amended to reflect such
extension. Notwithstanding the foregoing sentence, in connection with such
automatic extension and amendment, each Party shall and shall cause its
Affiliates to, at the reasonable request of the other Party, execute and deliver
any additional agreements, documents and instruments and perform any additional
acts that may be reasonably necessary or appropriate to further evidence the
foregoing extension and amendments.

                                   ARTICLE XI

                               DISPUTE RESOLUTION

      11.1 HIERARCHY OF DISPUTE RESOLUTION PROCEDURES. For purposes of this
Article XI, Cingular and SBCW will be treated as a single Party and T-Mobile and
Purchaser will be treated as a single Party. Except as otherwise expressly set
forth in this Article XI or in any Ancillary Agreement, any dispute, controversy
or claim, other than a dispute or controversy concerning whether the condition
described in Section 8.5 has been satisfied (a "DISPUTE"), whether based on
contract, tort, statute, fraud, misrepresentation or any other legal theory
between a Party and/or any Affiliate thereof, on the one hand, and any other
Party and/or any Affiliate thereof on the other hand, that arises out of or
relates to this Agreement or any Ancillary Agreement or any obligations or
related services to be provided hereunder or thereunder shall be resolved in
accordance with the procedures described in this Article XI. Except as provided
in Section 11.3, in the case of a Dispute, the Parties agree to establish an
internal hierarchy to facilitate resolution of any such Dispute as set forth
below:

            (a) Upon written request of any Party, each Party shall appoint a
designated representative whose task it will be to meet for the purpose of
endeavoring to resolve such

                                       56

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Dispute. Such written request shall constitute notice to the other Party of the
Dispute. The written notice shall include a description of the Dispute and shall
be sent to the other Party via facsimile and first class mail. The designated
representatives shall meet as often as the Parties reasonably deem necessary to
discuss the Dispute in an effort to resolve the Dispute without the necessity of
any formal proceeding. The Parties' designated representatives shall have their
first meeting, pursuant to this subsection, within five (5) Business Days from
receipt of the written request for such meeting.

            (b) In the event that such representatives are unable to resolve the
Dispute within twenty (20) Business Days after the Dispute is submitted to them,
as described above in Section 11.1(a), or if after at least two (2) meetings and
ten (10) Business Days following the submission either Party determines in good
faith that such representatives are unlikely to be able to resolve such matter,
the Dispute shall be immediately referred by written notice to an executive
officer of each of such Parties for consideration. In the event that such
executive officers are unable to resolve such Dispute within ten (10) Business
Days after the Dispute is submitted to them, then the Dispute shall be submitted
to the chief executive officer of Cingular and the chief executive officer of
T-Mobile. If the chief executive officers are unable to resolve such Dispute
within ten (10) Business Days after the Dispute is submitted to them, then the
Dispute shall be submitted to arbitration in accordance with Section 11.2.
Notwithstanding the ten (10) Business Day and twenty (20) Business Day periods
specified above for attempts to resolve a Dispute by the applicable
representatives or officers of the Parties at a particular level, if one Party
at any time wishes to accelerate the interparty dispute resolution process by
referring the Dispute to a higher level prior to the end of such stated time
period, the other Party shall endeavor in good faith to accommodate such request
so long as its interests are not materially prejudiced by such acceleration.

      11.2 ARBITRATION.

            (a) Except as set forth in Section 11.3, if the Parties are unable
to resolve any Dispute as contemplated by Section 11.1, such Dispute shall be
submitted to mandatory and binding arbitration at the election of either Party,
for itself or its related Affiliate (the "DISPUTING PARTY"). Except as otherwise
provided in this Section 11.2, the arbitration shall be conducted pursuant to
the CPR Rules. The arbitration will be governed by the United States Arbitration
Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the
Arbitrators (as hereinafter defined) may be entered by any court having
jurisdiction thereof.

            (b) To initiate the arbitration, the Disputing Party shall notify
the other Party(ies) in writing (the "ARBITRATION DEMAND"), which Arbitration
Demand shall (i) describe in reasonable detail the nature of the Dispute, (ii)
state the amount of the claim, and (iii) specify the requested relief. Within
fifteen (15) days after the other Party's receipt of the Arbitration Demand,
such other Party shall file, and serve on the Disputing Party, a written
statement (x) answering the claims set forth in the Arbitration Demand and
setting forth any affirmative defenses of such Party, and (y) if the other Party
elects to do so, asserting a counterclaim or counterclaims, which shall (A)
describe in reasonable detail the nature of the Dispute relating to the
counterclaim, (B) state the amount of the counterclaim, and (C) specify the
requested relief.

                                       57

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Within fifteen (15) days after the Disputing Party's receipt of the other
Party's written statement, the Disputing Party shall file, and serve on the
other Party, a written statement responding to the other Party's responses,
counterclaim and affirmative defenses, if any.

            (c) The arbitration will be heard by a panel of three (3)
arbitrators chosen pursuant to the CPR Rules (the "ARBITRATORS"). The
Arbitrators shall be impartial as evidenced, for example, by the fact that they
shall not have been employed by or affiliated with any of the Parties or any of
their respective Affiliates, and shall possess substantial accounting, legal,
telecommunications, business or other professional experience relevant to the
issues in dispute in the arbitration as stated in the Arbitration Demand. Within
forty-five (45) days - except as modified by order of the Arbitrators after
selection of all of the Arbitrators, a hearing shall be held on such date in
Chicago, Illinois. In the event that the Parties cannot agree on a date or a
location for the hearing, the Arbitrators shall make those choices. The
Arbitrators shall rule on the Dispute within twenty (20) days after the hearing
and shall prepare and distribute to the Parties by that deadline a writing
setting forth the Arbitrators' finding of facts and conclusions of law relating
to the Dispute, including the reasons for the giving or denial of any award. The
findings and conclusions and the award, if any, shall be deemed to be
information subject to the confidentiality provisions set forth in Section 6.6
of this Agreement. The Arbitrators shall have the authority and jurisdiction to
decide any and all issues, including whether such issue falls within the ambit
of this Article XI. The arbitration shall be governed by the CPR Rules, except
as modified by agreement of the Parties in this Agreement or otherwise. The
Parties consent and submit to the jurisdiction of the state and federal courts
located in Delaware for enforcement of any arbitration award or other
order/ruling by the Arbitrators.

            (d) The arbitration proceedings and all evidence, testimony,
filings, documents and information relating to or presented during the
arbitration proceedings shall be deemed to be information subject to the
confidentiality provisions set forth in Section 6.6 of this Agreement. The
Arbitrators will have no power or authority, under the CPR Rules or otherwise,
to relieve the Parties from their agreement hereunder to arbitrate or otherwise
to amend or disregard any provision of this Agreement, including the provisions
of this Article XI.

            (e) The Arbitrators are instructed to schedule promptly all
discovery and other procedural steps and otherwise to assume case management
initiative and control to effect an efficient and expeditious resolution of the
Dispute. The Arbitrators are authorized to issue monetary sanctions against
either Party if, upon a showing of good cause, such Party is acting in bad faith
and unreasonably delaying the proceeding.

            (f) Any award rendered by the Arbitrators will be final, conclusive
and binding upon the Parties and any judgment hereon may be entered and enforced
in any court of competent jurisdiction.

            (g) In connection with any arbitration pursuant to this Agreement or
to confirm, vacate or enforce any award rendered by the Arbitrators, the
prevailing Party in such a proceeding will be entitled to recover reasonable
attorneys' fees and expenses incurred in

                                       58

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

connection with such proceeding in such amount as the Arbitrators deem
equitable, in addition to any other relief to which it may be entitled.

      11.3 DISPUTE RESOLUTION PROCEDURES REGARDING DISPUTES UNDER SECTIONS 7.1,
7.2 AND 7.6.

      Any dispute between the parties regarding Sections 7.1, 7.2, or 7.6 shall
be submitted to mandatory and binding arbitration as set forth in Section 11.2,
except as otherwise provided in this Section 11.3. The time periods in Section
11.2 shall be accelerated as follows for disputes submitted to arbitration
pursuant to this Section 11.3:

      (i) The fifteen (15) days referenced in the second sentence of Section
11.2(b) shall be accelerated to ten (10) days. The fifteen (15) days referenced
in the last sentence of Section 11.2(b) shall be accelerated to ten (10) days.

      (ii) The forty-five (45) days referenced in the third sentence of Section
11.2(c) shall be accelerated to twenty (20) days. The twenty (20) days
referenced in the fourth sentence of Section 11.2(c) shall be accelerated to ten
(10) days.

      11.4 JUDICIAL PROCEDURE. Nothing in Section 11.1, 11.2 or 11.3 shall be
construed to prevent any Party from seeking from a court a temporary restraining
order or other temporary or preliminary injunctive or other provisional relief
pending final resolution of a Dispute pursuant to such Sections. In addition,
nothing in this Article XI shall be construed to prevent a Party from
instituting judicial proceedings at any time to avoid the expiration of any
applicable limitations period or to preserve a superior position with respect to
other creditors.

      11.5 OBLIGATION TO CONTINUE PERFORMANCE PENDING RESOLUTION OF A DISPUTE.
Notwithstanding the foregoing provisions of this Article, the Parties agree to
the extent reasonably practicable to continue performing, and to cause their
respective Affiliates to continue performing, their respective obligations under
this Agreement and the Ancillary Agreements to the extent reasonably practicable
pending the resolution of any Dispute that is being resolved under this Article
XI unless and until such obligations are terminated or expire in accordance with
the provisions of this Agreement or such Ancillary Agreements, unless such
continued performance shall be forbidden or restricted by a court, arbitrator or
other tribunal.

                                   ARTICLE XII

                                     GENERAL

      12.1 AMENDMENTS. This Agreement may be amended only in writing and in
compliance with the following: (i) the only Persons authorized to sign any
amendment or modifications on behalf of T-Mobile or Purchaser are the Chief
Financial Officer or General Counsel of T-Mobile; (ii) the only Persons
authorized to sign any amendment or modifications on behalf of Cingular or SBCW
are the Chief Financial Officer, Senior Vice President -

                                       59

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

Corporate Development, or General Counsel of Cingular, and any signature by any
other Person on behalf of T-Mobile or Cingular is null and void and of no force
or effect whatsoever.

      12.2 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO ITS
CONFLICTS OF LAW DOCTRINE. THE PARTIES TO THIS AGREEMENT CONSENT AND SUBMIT TO
THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN DELAWARE
FOR ANY ACTION OR PROCEEDING IN RESPECT OF ANY CLAIM ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND AGREE THAT SUCH
COURTS SHALL BE AN APPROPRIATE FORUM WITH RESPECT TO ANY SUCH ACTION OR
PROCEEDING.

      12.3 SECTION HEADINGS. The descriptive headings in this Agreement have
been inserted for convenience only and shall not be deemed to limit or otherwise
affect the construction of any provision thereof or hereof.

      12.4 COUNTERPARTS. This Agreement may be executed simultaneously in any
number of counterparts, each of which when so executed and delivered shall be
taken to be an original, but such counterparts shall together constitute but one
and the same document.

      12.5 NOTICES AND DEMANDS. All notices or other communications required or
permitted hereunder shall be in writing and shall be deemed given or delivered
when delivered personally, by courier or facsimile transmission to the Parties
at the addresses or facsimile numbers set forth below:

             If to T-Mobile or Purchaser, to:

             T-Mobile USA, Inc.
             12920 SE 38th St.
             Bellevue, WA  98006
             Attention:  General Counsel
             Telephone Number: (425)-378-4000
             Telecopy Number:  (425) 378-6380

             with a copy to (which shall not constitute notice):

             Preston Gates & Ellis LLP
             925 Fourth Avenue, Suite 2900
             Seattle, WA  98104
             Attention:  Richard B. Dodd
             Telephone Number: (206) 623-7580
             Telecopy Number:  (206) 623-7022

                                       60

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

             If to Cingular or SBCW, to:

             Cingular Wireless LLC
             5565 Glenridge Connector
             Suite 2000
             Atlanta, GA 30342
             Attention: General Counsel
             Telephone Number: (404) 236-6140
             Telecopy Number:  (404) 236-6145

             With a copy to (which shall not constitute notice):

             Alston & Bird LLP
             1201 West Peachtree Street
             Atlanta, GA  30309-3424
             Attention:        Pinney L. Allen
                               Janine Brown
             Telephone Number:  (404) 881-7000
             Telecopy Number:  (404) 881-4777

All such notices and other communications will (a) if delivered personally or by
courier to the address provided in this Section 12.5, be deemed given upon
delivery and (b) if delivered by facsimile transmission to the facsimile number
provided in this Section 12.5, be deemed given when receipt of transmission has
been orally confirmed by the receiving Party (in each case regardless of whether
such notice, request or other communication is received by any other Person to
whom a copy of such notice is to be delivered pursuant to this Section 12.5).
Any notice of breach shall be prominently labeled as "Notice of Breach of
Contract." Any Party from time to time may change its address, facsimile number
or other information for the purpose of notices to that Party by giving notice
specifying such change to the other Party.

      12.6 PARTIAL INVALIDITY. Wherever possible, each provision hereof shall be
interpreted in such manner as to be effective and valid under applicable Law,
but in case any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such
provision shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder of
such invalid, illegal or unenforceable provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable. If the
Agreement or any portion thereof cannot be reasonably saved by rendering the
contested provision(s) or portions thereof ineffective, the Parties shall use
their commercially reasonable efforts to negotiate and agree upon a cure to the
problem if reasonably possible. Notwithstanding the foregoing, this Section 12.6
shall not apply to Section 8.5 (Closing of AWE Merger; No Qualifying
Divestiture) or Section 10.1 (a)(iv) (Termination Events).

      12.7 WAIVER. Any term or provision of this Agreement may be waived, or the
time for its performance may be extended, by the Party or Parties entitled to
the benefit thereof. Any

                                       61

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

such waiver shall be validly and sufficiently authorized for the purposes of
this Agreement if, as to any Party, it is authorized in writing by an authorized
representative of such Party, it being agreed that the only Persons authorized
to sign any waiver or extension on behalf of T-Mobile and Purchaser are the
Chief Financial Officer or General Counsel of T-Mobile, and the only Persons
authorized to sign any waiver or extension on behalf of Cingular and SBCW are
the Chief Financial Officer, General Counsel or Senior Vice President -
Corporate Development of Cingular and any signature by any other Person on
behalf of such parties is null and void and of no force or effect whatsoever.
The failure of any Party hereto to enforce at any time any provision of this
Agreement shall not be construed to be a waiver of such provision, nor in any
way to affect the validity of this Agreement or any part hereof or the right of
any Party thereafter to enforce each and every such provision. No waiver of any
breach of this Agreement shall be held to constitute a waiver of any other or
subsequent breach.

      12.8 ENTIRE AGREEMENT. This Agreement and the Ancillary Agreements and the
Exhibits and Schedules hereto and thereto constitute the entire agreement among
the Parties with respect to the subject matter hereof and thereof. This
Agreement and the Ancillary Agreements and the Exhibits and Schedules hereto and
thereto supersede any and all other agreements, either oral or written, between
such Parties with respect to the subject matter hereof and thereof.

      12.9 INTERPRETATION. When a reference is made in this Agreement to
Sections, Exhibits or Schedules, such reference shall be to a Section, Exhibit
or Schedule to this Agreement unless otherwise indicated. The words "include,"
"includes," and "including" when used therein shall be deemed in each case to be
followed by the words "without limitation."

      12.10 ASSIGNMENT. Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any of the Parties hereto without
the prior written consent of the other Parties; provided, however, that
Purchaser may assign its rights and obligations to one or more Affiliates
without the consent of SBCW or Cingular. Subject to the preceding sentence, this
Agreement shall be binding upon, inure to the benefit of, and be enforceable by,
the Parties and their respective successors and assigns. Notwithstanding the
foregoing at its option, SBCW may structure its disposition of the interest in
Newco as a tax-deferred, like-kind exchange ("EXCHANGE") pursuant to Section
1031 of the Internal Revenue Code of 1986, as amended. If SBCW elects to
undertake an Exchange, SBCW, at its option, may assign its right in, and
delegate its duties (in part or in whole) under this Agreement, as well as the
transfer of its interest in Newco, to an exchange accommodator ("ACCOMMODATOR")
selected by SBCW (which Accommodator shall be reasonably acceptable to
T-Mobile). In such event, T-Mobile and Purchaser agree to cooperate with
Cingular and SBCW in connection with the Exchange, including the execution of
documents (including, but not limited to, escrow instructions and amendments to
escrow instructions) in connection therewith, provided that T-Mobile shall in no
way be obligated to pay any charges incurred with respect to SBCW's replacement
property in the Exchange or to take title to SBCW's replacement property.
T-Mobile and Purchaser shall not be required to make any representations or
warranties, assume any obligations, spend any out-of-pocket sum, or acquire
title to any other property in connection with the Exchange. All
representations, warranties, covenants, and indemnification obligations of the
parties to one another, whether set forth in this Agreement or otherwise, shall
not be

                                       62

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

affected by the Exchange or the assignment to the Accommodator and Cingular and
SBCW shall execute such documents as may be reasonably requested by T-Mobile to
further evidence (but neither diminish or expand) such agreement in the first
clause of this sentence. Cingular shall indemnify, protect, defend, and hold
T-Mobile and Purchaser harmless from and against any and all causes of action,
claims, demands, liabilities, costs, and expenses, including attorneys' fees and
costs, incurred by T-Mobile and Purchaser in connection with any third-party
claims that may arise as a result of, or in connection with, the Exchange.

      12.11 NO THIRD-PARTY BENEFICIARIES. Except as otherwise expressly
contemplated by this Agreement, this Agreement is entered into solely for the
benefit of the Parties hereto, and their permitted assigns, and shall not confer
any rights upon any person or entity not a party to this Agreement.

      12.12 ENFORCEMENT OF AGREEMENT. Notwithstanding anything herein to the
contrary or in any other agreement between the Parties, the Parties expressly
agree that this Section 12.12 shall apply to any breach of this Agreement. Each
of the Parties acknowledges and agrees that the Transferred Newco Membership
Interest is unique and that the breach of this Agreement by either Party will
cause the non-breaching Party to suffer substantial and irreparable harm. The
Parties further acknowledge and agree that the non-breaching Party could not be
reasonably or adequately compensated in money damages in an action at law and
that remedies other than injunctive relief or specific performance could not
fully compensate the non-breaching Party in the event of a breach by the other
Party in the performance of its obligations under this Agreement. Accordingly,
the Parties agree that, in the event of any such breach, the non-breaching Party
shall be entitled to injunctive relief to prevent such breach or to cure and
compel cessation of a breach, among other forms of relief that the Parties
acknowledge would be appropriate including a decree of specific performance
pursuant to which the breaching Party is ordered to affirmatively carry out its
obligations under this Agreement, subject to the conditions of this Agreement.
The foregoing shall not be deemed to be or construed as a waiver or election of
remedies by the non-breaching Party and the non-breaching Party expressly
reserves any and all rights and remedies available to the non-breaching Party at
law or in equity in the event of a breach or default by the breaching Party
under this Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                       63

<PAGE>
CINGULAR WIRELESS LLC

EXHIBITS - Interest Purchase Agreement by and among T-Mobile USA, Inc.,
           Omnipoint Communications, Inc., Cingular Wireless LLC and SBC
           Wireless LLC dated as of May 24, 2004.

                                                                   EXHIBIT 10.66

                  SIGNATURE PAGE - INTEREST PURCHASE AGREEMENT

      IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
day and year first above written.

<TABLE>
<S>                                                      <S>
PURCHASER:                                               SBCW:
OMNIPOINT COMMUNICATIONS, INC.                           SBC WIRELESS LLC

/s/ Robert P. Dotson                                     /s/ Stephen A. McGaw
----------------------------                             --------------------

Name: Robert P. Dotson                                   Name: Stephen A. McGaw

Title: President and Chief Executive Officer             Title: Senior Vice President

T-MOBILE:                                                CINGULAR:

T-MOBILE USA, INC.                                       CINGULAR WIRELESS LLC

/s/ Robert P. Dotson                                     /s/ Stephen A. McGaw
---------------------------                              --------------------

Name :  Robert P. Dotson                                 Name: Stephen A. McGaw

Title : President and Chief Executive Officer            Title: Senior Vice President
</TABLE><PAGE>
                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

================================================================================

                      AMENDED AND RESTATED CREDIT AGREEMENT

             Dated as of July 8, 2002 and amended and restated as of

                                  June 30, 2004

                                      Among

                                TIME WARNER INC.

                                       and

                          TIME WARNER FINANCE IRELAND,
                                  as Borrowers,

                            The Lenders Party Hereto,

                              JPMORGAN CHASE BANK,
                            as Administrative Agent,

                    BANK OF AMERICA, N.A. AND CITIBANK, N.A.,
                            as Co-Syndication Agents,

                                       and

                       ABN AMRO BANK N.V. AND BNP PARIBAS,
                           as Co-Documentation Agents

               $7,000,000,000 FIVE-YEAR REVOLVING CREDIT FACILITY

================================================================================

      J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC,
                  as Joint-Lead Arrangers and Joint Bookrunners

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  PAGE
<S>                                                                               <C>
ARTICLE I Definitions...........................................................    1

     SECTION 1.01. Defined Terms................................................    1
     SECTION 1.02. Classification of Loans and Borrowings.......................   22
     SECTION 1.03. Terms Generally..............................................   22
     SECTION 1.04. Accounting Terms; GAAP.......................................   22

ARTICLE II The Credits..........................................................   23

     SECTION 2.01. Commitments..................................................   23
     SECTION 2.02. Loans and Borrowings.........................................   24
     SECTION 2.03. Requests for Revolving Borrowings............................   25
     SECTION 2.04. Swingline Loans..............................................   26
     SECTION 2.05. Letters of Credit............................................   27
     SECTION 2.06. Funding of Borrowings........................................   30
     SECTION 2.07. Interest Elections...........................................   31
     SECTION 2.08. Termination and Reduction of Commitments.....................   32
     SECTION 2.09. Repayment of Loans; Evidence of Debt.........................   33
     SECTION 2.10. Prepayment of Loans..........................................   33
     SECTION 2.11. Fees ........................................................   34
     SECTION 2.12. Interest.....................................................   35
     SECTION 2.13. Alternate Rate of Interest...................................   36
     SECTION 2.14. Increased Costs..............................................   37
     SECTION 2.15. Break Funding Payments.......................................   38
     SECTION 2.16. Taxes........................................................   38
     SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Setoffs...   40
     SECTION 2.18. Mitigation Obligations; Replacement of Lenders...............   41
     SECTION 2.19. Prepayments Required Due to Currency Fluctuation.............   42
     SECTION 2.20. Adoption of the Euro.........................................   42

ARTICLE III Representations and Warranties......................................   43

     SECTION 3.01. Organization; Powers.........................................   43
     SECTION 3.02. Authorization; Enforceability................................   43
     SECTION 3.03. Governmental Approvals; No Conflicts.........................   43
     SECTION 3.04. Financial Condition; No Material Adverse Change..............   44
     SECTION 3.05. Properties...................................................   44
     SECTION 3.06. Litigation and Environmental Matters.........................   44
     SECTION 3.07. Compliance with Laws and Agreements..........................   45
     SECTION 3.08. Government Regulation........................................   45
     SECTION 3.09. Taxes........................................................   45
     SECTION 3.10. ERISA........................................................   45
     SECTION 3.11. Disclosure...................................................   45
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                               <C>
ARTICLE IV Conditions...........................................................   46

     SECTION 4.01. Amendment Effective Date.....................................   46
     SECTION 4.02. Each Credit Event............................................   46

ARTICLE V Affirmative Covenants.................................................   47

     SECTION 5.01. Financial Statements and Other Information...................   47
     SECTION 5.02. Notices of Material Events...................................   49
     SECTION 5.03. Existence; Conduct of Business...............................   49
     SECTION 5.04. Payment of Obligations.......................................   49
     SECTION 5.05. Maintenance of Properties; Insurance.........................   49
     SECTION 5.06. Books and Records; Inspection Rights.........................   50
     SECTION 5.07. Compliance with Laws.........................................   50
     SECTION 5.08. Use of Proceeds..............................................   50
     SECTION 5.09. Fiscal Periods; Accounting...................................   50

ARTICLE VI Negative Covenants...................................................   50

     SECTION 6.01. Financial Covenants..........................................   50
     SECTION 6.02. Indebtedness.................................................   51
     SECTION 6.03. Liens........................................................   51
     SECTION 6.04. Mergers, Etc.................................................   53
     SECTION 6.05. Investments..................................................   53
     SECTION 6.06. Restricted Payments..........................................   53
     SECTION 6.07. Transactions with Affiliates.................................   53
     SECTION 6.08. Unrestricted Subsidiaries....................................   53

ARTICLE VII Events of Default...................................................   54

ARTICLE VIII The Agents.........................................................   57

ARTICLE IX Miscellaneous........................................................   59

     SECTION 9.01. Notices......................................................   59
     SECTION 9.02. Waivers; Amendments..........................................   60
     SECTION 9.03. Expenses; Indemnity; Damage Waiver...........................   61
     SECTION 9.04. Successors and Assigns.......................................   62
     SECTION 9.05. Survival.....................................................   64
     SECTION 9.06. Counterparts; Integration; Effectiveness.....................   64
     SECTION 9.07. Severability.................................................   65
     SECTION 9.08. Right of Setoff..............................................   65
     SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process...   65
     SECTION 9.10. WAIVER OF JURY TRIAL.........................................   66
     SECTION 9.11. Headings.....................................................   66
     SECTION 9.12. Confidentiality..............................................   66
     SECTION 9.13. Acknowledgements.............................................   67
     SECTION 9.14. Judgment Currency............................................   67
     SECTION 9.15. USA Patriot Act..............................................   67
</TABLE>

                                       ii

<PAGE>

SCHEDULES:

Schedule 1.01 - Mandatory Cost Rate

Schedule 2.01 - Commitments

Schedule 2.03(A) - Borrowing Notice/Interest Election Notice/Prepayment Notice

Schedule 2.03(B) - Authorized Account Numbers & Locations

Schedule 6.08 - Unrestricted Subsidiaries

Schedule 8 - List of Proper Persons

EXHIBITS:

Exhibit A - Form of Assignment and Acceptance

Exhibit B - Form of Guarantee

                                      iii

<PAGE>

            AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT (as further amended,
supplemented or otherwise modified from time to time, this "Agreement") dated as
of July 8, 2002, and amended and restated as of June 30, 2004, among TIME WARNER
INC., a Delaware corporation ("Time Warner"), and TIME WARNER FINANCE IRELAND, a
corporation of the Republic of Ireland ("TWFI"), the several banks and other
financial institutions from time to time parties to this Agreement (the
"Lenders"), BANK OF AMERICA, N.A. and CITIBANK, N.A., as co-syndication agents
(in such capacity, the "Co-Syndication Agents"), ABN AMRO BANK N.V. and BNP
PARIBAS, as co-documentation agents (in such capacity, the "Co-Documentation
Agents") and JPMORGAN CHASE BANK, as administrative agent (in such capacity, the
"Administrative Agent").

                              W I T N E S S E T H:

            WHEREAS, Time Warner, TWFI, the Lenders, the Co-Syndication Agents,
the Co-Documentation Agents and the Administrative Agent are parties to a
Five-Year Credit Agreement, dated as of July 8, 2002 (as amended, supplemented
or otherwise modified prior to the date hereof, the "Existing Five-Year Credit
Agreement");

            WHEREAS, the Borrowers have requested that the Existing Five-Year
Credit Agreement be amended and restated in its entirety as set forth herein;

            WHEREAS, the Borrowers have requested the Lenders to make loans and
other extensions of credit to them in an aggregate amount of up to
$7,000,000,000 as more particularly described herein;

            WHEREAS, the Lenders are willing to make such loans and other
extensions of credit on the terms and conditions contained herein;

            NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein, the Existing Five-Year Credit Agreement is hereby amended and
restated in its entirety as follows:

                                   ARTICLE I

                                  DEFINITIONS

            SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:

            "ABR" when used in reference to any Loan or Borrowing, refers to a
Loan, or the Loans comprising such Borrowing, bearing interest at a rate
determined by reference to the Alternate Base Rate.

            "Adjusted Financial Statements" means, for any period, (a) the
balance sheet of Time Warner and the Restricted Subsidiaries (treating
Unrestricted Subsidiaries as equity investments of Time Warner to the extent
that such Unrestricted Subsidiaries would not otherwise be treated as equity
investments of Time Warner in accordance with GAAP) as of the end of such period
and (b) the related statements of operations and stockholders equity for such
period and, if such period is not a fiscal year, for the then elapsed portion of
the fiscal year (treating Unrestricted Subsidiaries as equity investments of
Time Warner to the extent that such

<PAGE>

Unrestricted Subsidiaries would not otherwise be treated as equity investments
of Time Warner in accordance with GAAP).

            "Adjusted LIBO Rate" means, with respect to any Eurocurrency
Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next Basis Point) equal to (a) the LIBO Rate for such
Interest Period multiplied by (b) the Statutory Reserve Rate.

            "Administrative Agent" means JPMorgan Chase Bank, together with its
affiliates, as an arranger of the Commitments and as administrative agent for
the Lenders hereunder, together with any of its successors pursuant to Article
VIII.

            "Administrative Questionnaire" means, with respect to each Lender,
an Administrative Questionnaire in a form supplied by the Administrative Agent.

            "Affiliate" means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified;
provided, that two or more Persons shall not be deemed Affiliates because an
individual is a director and/or officer of each such Person.

            "Agents" means the Co-Syndication Agents, the Co-Documentation
Agents and the Administrative Agent.

            "Alternate Base Rate" means, for any day, a rate per annum equal to
the greater of (a) the Prime Rate in effect on such day and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

            "Amendment Effective Date" means the date on which the conditions
specified in Section 4.01 are satisfied (or waived in accordance with Section
9.02), which date is [June 30], 2004.

            "America Online" means America Online, Inc., a Delaware corporation.

            "Applicable Percentage" means, with respect to any Lender, the
percentage of the sum total of the Commitments which is represented by such
Lender's Commitment. If all the Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Commitments most
recently in effect, giving effect to any assignments.

            "Applicable Rate" means, for any day, with respect to the Facility
Fee payable hereunder the applicable rate per annum set forth below expressed in
Basis Points under the caption "Facility Fee Rate" based upon the senior
unsecured long-term debt credit rating assigned by Moody's and S&P,
respectively, applicable on such date to Time Warner, and with respect to any
Loan (other than an ABR Loan), the applicable rate per annum set forth below
expressed in Basis Points under the caption "Loan (other than ABR Loans) Spread"
based upon the senior unsecured long-term debt credit rating (or an equivalent
thereof) (in each case, a "Rating") assigned by Moody's and S&P, respectively,
applicable on such date to Time Warner:

                                       2
<PAGE>

<TABLE>
<CAPTION>
                         LOAN (OTHER
                          THAN ABR
    RATINGS                LOANS)                    FACILITY FEE
 S&P / MOODY'S             SPREAD                        RATE
 -------------             ------                        ----
<S>                      <C>                         <C>
 Category A
   A / A2                    22.0                        8.0

 Category B
   A- / A3                   28.5                        9.0

 Category C
 BBB+ / Baa1                 39.0                       11.0

 Category D
 BBB / Baa2                  50.0                       12.5

 Category E
 BBB- / Baa3                 57.5                       17.5

 Category F
Lower than BBB- /Baa3        62.5                       25.0
</TABLE>

            For purposes of determining the Applicable Rate, (a) if either
Moody's or S&P shall not have in effect a relevant Rating (other than by reason
of the circumstances referred to in clause (c) of this definition), then the
Rating assigned by the other rating agency shall be used; (b) if the relevant
Ratings assigned by Moody's and S&P shall fall within different Categories, the
Applicable Rate shall be based on the higher of the two Ratings unless one of
the two Ratings is two or more Categories lower than the other, in which case
the Applicable Rate shall be determined by reference to the Category next below
that of the higher of the two ratings; (c) if either rating agency shall cease
to assign a relevant Rating solely because Time Warner elects not to participate
or otherwise cooperate in the ratings process of such rating agency, the
Applicable Rate shall not be less than that in effect immediately before such
rating agency's Rating for Time Warner became unavailable; and (d) if the
relevant Ratings assigned by Moody's or S&P shall be changed (other than as a
result of a change in the rating system of Moody's or S&P), such change shall be
effective as of the date on which it is first announced by the applicable rating
agency. Each change in the Applicable Rate shall apply during the period
commencing on the effective date of such change and ending on the date
immediately preceding the effective date of the next such change. If the rating
system of Moody's or S&P shall change, or if either such rating agency shall
cease to be in the business of rating corporate debt obligations, Time Warner
and the Lenders shall negotiate in good faith to amend this definition to
reflect such changed rating system or the unavailability of ratings from such
rating agency, and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating most recently in
effect prior to such change or cessation.

                                       3
<PAGE>

            "Arrangers" means J.P. Morgan Securities Inc. and Banc of America
Securities LLC.

            "Assignment and Acceptance" means an assignment and acceptance
entered into by a Lender and an assignee (with the consent of any party whose
consent is required by Section 9.04), and accepted by the Administrative Agent,
in substantially the form of Exhibit A.

            "Availability Period" means the period from and including the
Amendment Effective Date to but excluding the Commitment Termination Date.

            "Basis Point" means 1/100th of 1%.

            "Base Rate" means (a) with respect to Dollar denominated Loans, the
Alternative Base Rate, (b) with respect to Pound Sterling denominated Loans, the
Pound Sterling Overnight Rate or Pound Sterling Quoted Rate, and (c) with
respect to Euro denominated Loans, the Euro Overnight Rate or Euro Quoted Rate.

            "Board" means the Board of Governors of the Federal Reserve System
of the United States.

            "Borrower" means each of Time Warner and TWFI.

            "Borrowing" means (a) Revolving Loans of the same Type, made,
converted or continued on the same date and, in the case of Eurocurrency Loans
or TIBOR Loans, as to which a single Interest Period is in effect or (b) a
Swingline Loan.

            "Borrowing Request" means a request by a Borrower for a Borrowing in
accordance with Section 2.03.

            "Business Day" means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law
to remain closed; provided that, (a) when used in connection with a Eurocurrency
Loan or a Base Rate Loan (other than an ABR Loan), the term "Business Day" shall
also exclude any day on which banks are not open for dealings in deposits in the
applicable currency in the London interbank market, (b) when used in connection
with any Loan denominated in Euro, the term "Business Day" shall also exclude
any day on which the TARGET payment system is not open for the settlement of
payment in Euro and (c) when used in connection with any Loan denominated in
Yen, the term "Business Day" shall also exclude any day on which banks are not
open for dealings in deposits in Yen in the interbank market in Tokyo.

            "Capital Lease Obligations" of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP.

            "Capital Stock" means, with respect to any Person, any and all
shares, partnership interests or other equivalents (however designated and
whether voting or non-voting) of such Person's equity, whether outstanding on
the date hereof or hereafter issued, and any and all

                                       4
<PAGE>

equivalent ownership interests in a Person (other than a corporation) and any
and all rights, warrants or options to purchase or acquire or exchangeable for
or convertible into such shares, partnership interests or other equivalents.

            "Cash Equivalents" means (a) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged
in support thereof) that (i) have maturities of not more than six months from
the date of acquisition thereof or (ii) are subject to a repurchase agreement
with an institution described in clause (b)(i) or (ii) below exercisable within
six months from the date of acquisition thereof, (b) U.S. Dollar-denominated and
Eurocurrency time deposits, certificates of deposit and bankers' acceptances of
(i) any domestic commercial bank of recognized standing having capital and
surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial
paper rating from S&P is at least A-2 or the equivalent thereof, from Moody's is
at least P-2 or the equivalent thereof or from Fitch is at least F-2 or the
equivalent thereof (any such bank, an "Approved Lender"), in each case with
maturities of not more than six months from the date of acquisition thereof, (c)
commercial paper and variable and fixed rate notes issued by any Lender or
Approved Lender or by the parent company of any Lender or Approved Lender and
commercial paper, auction rate notes and variable rate notes issued by, or
guaranteed by, any industrial or financial company with a short-term commercial
paper rating of at least A-2 or the equivalent thereof by S&P or at least P-2 or
the equivalent thereof by Moody's or at least F-2 or the equivalent thereof by
Fitch, and in each case maturing within six months after the date of acquisition
thereof, (d) securities with maturities of one year or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any
such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A
by S&P or A by Moody's, (e) securities with maturities of six months or less
from the date of acquisition backed by standby letters of credit issued by any
Lender or any commercial bank satisfying the requirements of clause (b) of this
definition, (f) tax-exempt commercial paper of U.S. municipal, state or local
governments rated at least A-2 or the equivalent thereof by S&P or at least P-2
or the equivalent thereof by Moody's or at least F-2 or the equivalent thereof
by Fitch and maturing within six months after the date of acquisition thereof,
(g) shares of money market mutual or similar funds sponsored by any registered
broker dealer or mutual fund distributor, (h) repurchase obligations entered
into with any bank meeting the qualifications of clause (b) above or any
registered broker dealer whose short-term commercial paper rating from S&P is at
least A-2 or the equivalent thereof or from Moody's is at least P-2 or the
equivalent thereof or from Fitch is at least F-2 or the equivalent thereof,
having a term of not more than 30 days, with respect to securities issued or
fully guaranteed or insured by the United States government or residential whole
loan mortgages, and (i) demand deposit accounts maintained in the ordinary
course of business.

            "Change in Control" means either (a) a Person or "group" (within the
meaning of Section 13(d) and 14(d) of the Exchange Act) acquiring or having
beneficial ownership (it being understood that a tender of shares or other
equity interests shall not be deemed acquired or giving beneficial ownership
until such shares or other equity interests shall have been accepted for
payment) of securities (or options to purchase securities) having a majority or
more of the ordinary voting power of Time Warner (including options to acquire
such voting power) or (b) persons who are directors of Time Warner as of the
date hereof or persons designated or

                                       5
<PAGE>

approved by such directors ceasing to constitute a majority of the board of
directors of Time Warner.

            "Change in Law" means (a) the adoption of any law, rule or
regulation after the date of this Agreement, (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender (or,
for purposes of Section 2.14(b), by any lending office of such Lender or by such
Lender's holding company, if any) with any request, guideline or directive of
any Governmental Authority made or issued after the date of this Agreement.

            "Co-Documentation Agents" has the meaning set forth in the preamble
hereto.

            "Co-Syndication Agents" has the meaning set forth in the preamble
hereto.

            "Code" means the Internal Revenue Code of 1986, as amended from time
to time.

            "Commitment" means, with respect to each Lender, the commitment of
such Lender to make Revolving Loans, to acquire participations in Yen Loans
and/or to acquire participations in Swingline Loans and Letters of Credit
hereunder, expressed as an amount representing the maximum aggregate permitted
amount of such Lender's Revolving Credit Exposure hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.08 or Section 2.18
and (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 9.04. The amount of each Lender's Commitment as
of the Amendment Effective Date is set forth on Schedule 2.01, or in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its
Commitment, as applicable.

            "Commitment Termination Date" means the earlier of (a) the fifth
anniversary of the Amendment Effective Date; provided that if such day is not a
Business Day, then the immediately preceding Business Day and (b) the date on
which the Commitments shall terminate in their entirety in accordance with the
provisions of this Agreement.

            "Commitment Utilization Percentage" means on any day the percentage
equivalent to a fraction (a) the numerator of which is the sum of the aggregate
outstanding Revolving Credit Exposures of the Lenders then in effect, and (b)
the denominator of which is the sum of the aggregate amount of the Commitments
of the Lenders then in effect.

            "Companies" means each of the Credit Parties and their respective
Restricted Subsidiaries, collectively; and "Company" means any of them.

            "Conduit Lender" means any special purpose corporation organized and
administered by any Lender for the purpose of making Loans otherwise required to
be made by such Lender and designated by such Lender in a written instrument,
subject to the consent of Time Warner (which consent shall not be unreasonably
withheld); provided, that the designation by any Lender of a Conduit Lender
shall not relieve the designating Lender of any of its obligations to fund a
Loan under this Agreement if, for any reason, its Conduit Lender fails to fund
any such Loan, and the designating Lender (and not the Conduit Lender) shall
have the sole right and responsibility to deliver all consents and waivers
required or requested under this Agreement with respect to its Conduit Lender,
and provided, further, that no Conduit Lender shall (a) be entitled to receive
any greater amount pursuant to Section 2.14, 2.15, 2.16 or 9.03

                                       6
<PAGE>

than the designating Lender would have been entitled to receive in respect of
the Loans made by such Conduit Lender or (b) be deemed to have any Commitment.
The making of a Loan by a Conduit Lender hereunder shall utilize the Commitment
of a designating Lender to the same extent, and as if, such Loan were made by
such designating Lender.

            "Consolidated EBITDA" means, for any period, Consolidated Net Income
of Time Warner and the Restricted Subsidiaries for such period plus, without
duplication and to the extent reflected as a charge in the statement of such
Consolidated Net Income of Time Warner and the Restricted Subsidiaries for such
period, the sum of (a) income tax expense, (b) interest expense, amortization or
writeoff of debt discount and debt issuance costs and commissions, discounts and
other fees and charges associated with Indebtedness (including the Loans), (c)
depreciation and amortization expense (excluding amortization of film inventory
that does not constitute amortization of purchase price amortization), (d)
amortization of intangibles (including, but not limited to, goodwill) and
organization costs (excluding amortization of film inventory that does not
constitute amortization of purchase price amortization), (e) any extraordinary,
unusual or non-recurring non-cash expenses or losses (including, whether or not
otherwise includable as a separate item in the statement of such Consolidated
Net Income for such period, non-cash losses on sales of assets outside of the
ordinary course of business), and (f) minority interest expense in respect of
preferred stock of Subsidiaries of Time Warner, and minus, to the extent
included in the statement of such Consolidated Net Income for such period, the
sum of (a) interest income and (b) any extraordinary, unusual or non-recurring
income or gains (including, whether or not otherwise includable as a separate
item in the statement of such Consolidated Net Income for such period, gains on
the sales of assets outside of the ordinary course of business), all as
determined on a consolidated basis.

            "Consolidated Interest Coverage Ratio" means, for any period, the
ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest
Expense for such period.

            "Consolidated Interest Expense" means, for any period, total cash
interest expense (including that attributable to Capital Lease Obligations) of
Time Warner and the Restricted Subsidiaries for such period with respect to all
outstanding Indebtedness of Time Warner and the Restricted Subsidiaries (other
than the amount amortized during such period in respect of all fees paid in
connection with the incurrence of such Indebtedness), such expense to be
determined on a consolidated basis in accordance with GAAP.

            "Consolidated Leverage Ratio" means, as at the last day of any
period, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated
EBITDA for such period.

            "Consolidated Net Income" means, for any period, the consolidated
net income (or loss) of Time Warner and its consolidated Subsidiaries,
determined on a consolidated basis in accordance with GAAP; provided that there
shall be excluded, without duplication (a) the income (or deficit) of any Person
accrued prior to the date it becomes a Subsidiary of Time Warner or is merged
into or consolidated with Time Warner or any of its Subsidiaries or that such
other Person's assets are acquired by Time Warner or any of its Subsidiaries,
(b) the income (or deficit) of any Person (other than a Restricted Subsidiary)
in which Time Warner or any of its Subsidiaries has an ownership interest,
except to the extent that any such income is actually received by Time Warner or
its Restricted Subsidiaries in the form of dividends or similar distributions
and (c) the undistributed earnings of any Subsidiary of Time Warner to the
extent that the declaration or payment of dividends or similar distributions by
such Subsidiary is not at

                                       7
<PAGE>

the time permitted by the terms of its charter or any agreement or instrument
(other than any Credit Document), judgment, decree, order, statute, rule,
governmental regulation or other requirement of law applicable to such
Subsidiary; provided that the income of any Subsidiary of Time Warner shall not
be excluded by reason of this clause (c) so long as such Subsidiary guarantees
the Obligations.

            "Consolidated Total Assets" means at any date, all amounts that
would, in conformity with GAAP, be included on a consolidated balance sheet of
Time Warner and its Subsidiaries under total assets at such date; provided that
such amounts shall be calculated in accordance with Section 1.04.

            "Consolidated Total Debt" means, at any date, the aggregate
principal amount of Indebtedness of Time Warner and the Restricted Subsidiaries
minus (a) the aggregate principal amount of any such Indebtedness that is
payable either by its terms or at the election of the obligor in equity
securities of Time Warner or the proceeds of options in respect of such equity
securities, (b) the aggregate amount of any Stock Option Loans, (c) the
aggregate principal amount of Film Financings and (d) the aggregate amount of
cash and Cash Equivalents held by Time Warner or any of the Restricted
Subsidiaries in excess of $200,000,000, all determined on a consolidated basis
in accordance with GAAP.

            "Control" means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.
"Controlling" and "Controlled" have meanings correlative thereto.

            "Copyright Liens" means any Liens granted by any Borrower or any of
its Subsidiaries on copyrights relating to movies or other programming, which
movies or other programming are subject to one or more contracts entitling such
Borrower or such Subsidiary to future payments in respect of such movies or
other programming and which contractual rights to future payments are to be
transferred by such Borrower or Subsidiary to a special purpose Subsidiary of
such Borrower or Subsidiary organized for the purpose of monetizing such rights
to future payments, provided that such Liens (a) are granted directly or
indirectly for the benefit of the special purpose Subsidiary and/or the Persons
who purchase such contractual rights to future payments from such special
purpose Subsidiary and (b) extend only to the copyrights for the movies or other
programming subject to such contracts for the purpose of permitting the
completion, distribution and exhibition of such movies or other programming.

            "Credit Documents" means this Agreement, the Guarantee and each
Note.

            "Credit Parties" means the Borrowers and the Guarantors; and "Credit
Party" means any of them.

            "Currency" means Dollars or any Optional Currency.

            "Default" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

                                       8
<PAGE>

            "Defaulting Lender" means any Lender which fails to make any Loan or
issue any Letter of Credit required to be made or issued by it in accordance
with the terms and conditions of this Agreement.

            "Dollar Equivalent" means, on any date of determination, (a) with
respect to any amount denominated in Dollars, such amount, and (b) with respect
to an amount denominated in any Optional Currency, the equivalent in Dollars of
such amount determined by the Administrative Agent in accordance with normal
banking industry practice using the Exchange Rate on the date of determination
of such equivalent. In making any determination of the Dollar Equivalent (for
purposes of calculating the amount of Loans to be borrowed from the respective
Lenders on any date or for any other purpose), the Administrative Agent shall
use the relevant Exchange Rate in effect on the date on which the applicable
Borrower delivers a Borrowing Request (which, in accordance with Section 2.03,
may be telephonic) for Loans or on such other date upon which a Dollar
Equivalent is required to be determined pursuant to the provisions of this
Agreement. As appropriate, amounts specified herein as amounts in Dollars shall
be or include any relevant Dollar Equivalent amount.

            "Dollars" or "$" refers to lawful money of the United States.

            "EMU" means the Economic and Monetary Union as contemplated in the
Treaty.

            "EMU Legislation" means the legislative measures of the European
Council (including without limitation the European Council regulations) for the
introduction of, changeover to or operation of the Euro in one or more member
states.

            "Environmental Law" means all applicable and binding laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions, or
agreements issued, promulgated or entered into by any Governmental Authority,
relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters.

            "Environmental Liability" means any liability, contingent or
otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Borrower or any of its
Subsidiaries directly or indirectly resulting from or based upon (a) a violation
of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) the exposure to
any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

            "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended from time to time.

            "ERISA Affiliate" means, with respect to any Borrower, any trade or
business (whether or not incorporated) that, together with such Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely
for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as
a single employer under Section 414 of the Code.

            "ERISA Event" means (a) any "reportable event," as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a
Plan (other than an event for which

                                       9
<PAGE>

the 30-day notice period is waived); (b) the existence with respect to any Plan
of an "accumulated funding deficiency" (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section
412(d) of the Code or in Section 303(d) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) the incurrence by
any Credit Party or any of its ERISA Affiliates of any unfunded liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt
by any Credit Party or any ERISA Affiliate from the PBGC or a Plan administrator
of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by any Credit Party
or any of its ERISA Affiliates of any liability with respect to the withdrawal
or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by
any Credit Party or any ERISA Affiliate of any notice concerning the imposition
on such entity of Withdrawal Liability or a determination that a Multiemployer
Plan with respect to which such entity is obligated to contribute or is
otherwise liable is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA; or (h) the occurrence, with respect to
a Plan or a Multiemployer Plan, of a nonexempt "prohibited transaction" (within
the meaning of Section 4975 of the Code or Section 406 of ERISA) which could
reasonably be expected to result in liability to a Credit Party.

            "Euro" and "E" means the single currency of Participating Member
States introduced in accordance with the provision of Article 123 of the Treaty
and, in respect of all payments to be made under this Agreement in Euro, means
immediately available, freely transferable funds in such currency.

            "Eurocurrency" when used in reference to any Loan or Borrowing,
refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a
rate determined by reference to the Adjusted LIBO Rate.

            "Euro Overnight Rate" means, for any day, the sum of (a) the average
of the rates per annum quoted at approximately 11:00 a.m., London time, to
leading banks in the European interbank market by the Reference Banks for the
offering of overnight deposits in Euro plus (b) the Applicable Rate. The
Administrative Agent shall determine the Euro Overnight Rate by obtaining quotes
from the Reference Banks, and if any such Reference Bank fails to timely provide
such quote for any day, then the Euro Overnight Rate for such day shall be
determined by the average based on the quotes from the Reference Banks that
provided quotes on that day.

            "Euro Quoted Rate" means, for any day for any Swingline Loan, the
rate per annum quoted by the Swingline Lender to the applicable Borrower in
response to a Borrowing Request for a Swingline Borrowing as its overnight offer
rate in effect for such Swingline Loan at its principal office in London, plus
the Applicable Rate.

            "Event of Default" has the meaning assigned to such term in Article
VII.

            "Exchange Act" means the Securities and Exchange Act of 1934, as
amended.

            "Exchange Rate" means, with respect to any Optional Currency on a
particular date, the rate at which such Optional Currency may be exchanged into
Dollars, as set forth at 11:00 a.m. London time on such date on the applicable
Reuters Screen page with respect to such Optional Currency. In the event that
such rate does not appear on the applicable Reuters currency page, the Exchange
Rate with respect to such Optional Currency shall be determined by reference to
such other publicly available service for displaying exchange rates as may be
agreed

                                       10
<PAGE>

upon by the Administrative Agent and Time Warner or, in the absence of such
agreement, such Exchange Rate shall instead be the spot rate of exchange of the
Administrative Agent in the London interbank or other market where its foreign
currency exchange operations in respect of such Optional Currency are then being
conducted, at or about 11:00 a.m., London time, at such date for the purchase of
Dollars with such Optional Currency, for delivery two Business Days later;
provided, however, that if at the time of any such determination, for any
reason, no such spot rate is being quoted, the Administrative Agent may use any
reasonable method it deems appropriate to determine such rate, and such
determination shall be conclusive absent manifest error.

            "Excluded Taxes" means, with respect to the Administrative Agent,
the Issuing Bank, any Lender or any other recipient of any payment to be made by
or on account of any obligation of any Credit Party hereunder, (a) income or
franchise taxes imposed on (or measured by) its net income by the United States,
or by the jurisdiction under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which
its applicable lending office is located, (b) any branch profits taxes imposed
by the United States or any similar tax imposed by any other jurisdiction
described in clause (a) above, (c) in the case of a Foreign Lender (other than
an assignee pursuant to a request by Time Warner under Section 2.18(b)), any
withholding tax that (i) is imposed on amounts payable to such Foreign Lender at
the time such Foreign Lender becomes a party to this Agreement or designates a
new lending office or (ii) is attributable to such Foreign Lender's failure or
inability to comply with Section 2.16(e), except to the extent that such Foreign
Lender (or its assignor, if any) was entitled, at the time of such designation
of a new lending office or assignment, to receive additional amounts from such
Credit Party with respect to such withholding tax pursuant to Section 2.16(a)
and (d) in the case of a Lender that is a U.S. Person, any withholding tax that
is attributable to the Lender's failure to comply with Section 2.16(f).

            "Existing Five-Year Credit Agreement" has the meaning assigned to
such term in the recitals to this Agreement.

            "Existing 364-Day Credit Agreement" means (a) the 364-Day Credit
Agreement, dated as of July 7, 2003, among Time Warner, TWFI, the lenders
referred to therein, Bank of America, N.A. and Citibank, N.A., as co-syndication
agents, ABN AMRO Bank N.V. and BNP Paribas, as co-documentation agents and
JPMorgan Chase Bank, as administrative agent.

            "Facility Fee" has the meaning assigned to such term in Section
2.11(a).

            "Federal Funds Effective Rate" means, for any day, the weighted
average (rounded upwards, if necessary, to the next Basis Point) of the rates on
overnight Federal funds transactions with members of the United States Federal
Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next Basis Point) of the quotations for
such day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it.

            "Film Financing" means, without duplication, monetary obligations
arising out of transactions in which so-called tax-based financing groups or
other third-party investors provide financing for the acquisition, production or
distribution of motion pictures, television programs,

                                       11
<PAGE>

sound recordings or books or rights with respect thereto in exchange, in part,
for certain tax or other benefits which are derived from such motion pictures,
television programs, sound recordings, books or rights; provided that no such
monetary obligations shall have, directly or indirectly, recourse (including by
way of setoff) to any Borrower or any Restricted Subsidiary or any of its assets
other than to the profits or distribution rights related to such motion
pictures, television programs, sound recordings, books or rights and other than
to a Subsidiary of Warner Communications Inc. or TBS substantially all of the
assets of which consist of the motion pictures, television programs, sound
recordings, books or rights which are the subject of such transaction and
related cash and Cash Equivalents.

            "Financial Officer" means, with respect to any Person, the chief
financial officer, principal accounting officer, treasurer or controller of such
Person.

            "Fitch" means Fitch, Inc.

            "Foreign Lender" means any Lender that is organized under the laws
of a jurisdiction other than that in which the applicable Borrower is located.
For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction.

            "Franchise" means, with respect to any Person, a franchise, license,
authorization or right to construct, own, operate, manage, promote, extend or
otherwise utilize any cable television distribution system operated or to be
operated by such Person or any of its Subsidiaries granted by any Governmental
Authority, but shall not include any such franchise, license, authorization or
right that is incidentally required for the purpose of installing, constructing
or extending a cable television system.

            "GAAP" means generally accepted accounting principles in the United
States.

            "Governmental Authority" means the government of the United States,
any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank
or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

            "Guarantee" means a guarantee by the Guarantors, substantially in
the form of Exhibit B.

            "Guarantee Obligations" of or by any Person (the "guarantor") means
any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness of any other Person (the
"primary obligor") in any manner, whether directly or indirectly, and including
any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or to
purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness of the payment
thereof, (c) to maintain working capital, equity capital or any other financial
statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such
Indebtedness; provided, that the

                                       12
<PAGE>

term Guarantee Obligations shall not include endorsements for collection or
deposit in the ordinary course of business.

            "Guarantors" means (a) with respect to the Obligations of Time
Warner, (i) directly, America Online and Historic TW, (ii) indirectly, TBS and
TWCI who shall guarantee the guarantee obligations of Historic TW and (iii) any
other Person that becomes and remains a party to the Guarantee after the
Amendment Effective Date, and (b) with respect to the Obligations of TWFI, Time
Warner and the Guarantors listed in clause (a) above.

            "Hazardous Materials" means all explosive or radioactive substances
or wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any
Environmental Law.

            "Historic TW" means, Historic TW Inc. (f/k/a Time Warner Inc.) a
Delaware Corporation.

            "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d)
all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person (but not including
operating leases), (e) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding current accounts payable
incurred in the ordinary course of business and payment obligations of such
Person pursuant to agreements entered into in the ordinary course of business,
which payment obligations are contingent on another Person's satisfactory
provision of services or products), (f) all Indebtedness of others secured by
(or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien (other than Copyright Liens or Liens on
interests or Investments in Unrestricted Subsidiaries) on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has
been assumed (but only to the extent of the lesser of the fair market value of
the property subject to such Lien and the amount of such Indebtedness), (g) all
Guarantee Obligations of such Person with respect to Indebtedness of others
(except to the extent that such Guarantee Obligation guarantees Indebtedness of
a Restricted Subsidiary), (h) all Capital Lease Obligations of such Person, (i)
all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit (but only to the extent of all drafts drawn
thereunder) and (j) all obligations, contingent or otherwise, of such Person in
respect of bankers' acceptances. Notwithstanding the foregoing, Indebtedness
shall not include (i) any obligation of such Person to guarantee performance of,
or enter into indemnification agreements with respect to, obligations, entered
into in the ordinary course of business, under any and all Franchises, leases,
performance bonds, franchise bonds and obligations to reimburse drawings under
letters of credit issued in lieu of performance or franchise bonds, (ii)
completion bonds or guarantees or indemnities of a similar nature issued in the
ordinary course of business in connection with the production of motion pictures
and video and television programming or (iii) obligations to make Tax
Distributions. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such
Person's ownership interest in or other contractual

                                       13
<PAGE>

relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor.

            "Indemnified Taxes" means Taxes other than Excluded Taxes.

            "Interest Election Request" means a request by a Borrower to convert
or continue a Revolving Borrowing in accordance with Section 2.07.

            "Interest Payment Date" means (a) with respect to any Base Rate
Loan, the last day of each March, June, September and December and (b) with
respect to any Eurocurrency Loan or TIBOR Loan, as the case may be, the last day
of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Eurocurrency Borrowing or TIBOR Borrowing, as the case may
be, with an Interest Period of more than three months' duration, each day that
is three months, or a whole multiple thereof, after the first day of such
Interest Period and the last day of such Interest Period.

            "Interest Period" means with respect to any Eurocurrency Borrowing
or TIBOR Borrowing, as the case may be, the period commencing on the date of
such Borrowing and ending on the numerically corresponding day in the calendar
month that is (a) one, two, three or six months (or, with the consent of each
Lender, a shorter period or nine or twelve months if available from all Lenders)
thereafter, as the applicable Borrower may elect or (b) one month thereafter, if
the applicable Borrower has made no election, provided, that (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day and (ii) any Interest Period
pertaining to such a Borrowing that commences on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period. For purposes
hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be
the effective date of the most recent conversion or continuation of such
Borrowing.

            "Investment" by any Person means any direct or indirect (a) loan,
advance or other extension of credit or contribution to any other Person (by
means of transfer of cash or other property to others, payments for property or
services for the account or use of others, mergers or otherwise), (b) purchase
or acquisition of Capital Stock, bonds, notes, debentures or other securities
(including any option, warrant or other right to acquire any of the foregoing)
or evidences of Indebtedness issued by any other Person (whether by merger,
consolidation, amalgamation or otherwise and whether or not purchased directly
from the issuer of such securities or evidences of Indebtedness), (c) purchase
or acquisition (in one transaction or a series of transactions) of any assets of
any other Person constituting a business unit and (d) all other items that would
be classified as investments on a balance sheet of such Person prepared in
accordance with GAAP. Investments shall exclude extension of trade credit and
advances to customers and suppliers to the extent made in the ordinary course of
business and in accordance with customary industry practice.

            "Issuing Bank" means JPMorgan Chase Bank or any Lender or Affiliate
of any Lender designated by Time Warner that agrees to be an Issuing Bank
hereunder and any other

                                       14
<PAGE>

bank reasonably acceptable to the Required Lenders and designated as an Issuing
Bank by Time Warner, in its capacity as an issuer of Letters of Credit
hereunder; provided that TWFI shall only be entitled to request an Issuing Bank
that is a bank or credit institution licensed in a member state of the European
Communities to issue a Letter of Credit hereunder. Any Issuing Bank may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the Issuing Bank, in which case the term "Issuing Bank" shall include any
such Affiliate with respect to Letters of Credit issued by such Affiliate. Any
Issuing Bank shall become a party to this Agreement by execution and delivery of
a supplemental signature page to this Agreement. Initially, JPMorgan Chase Bank,
BNP Paribas, Bank of America, N.A. ABN AMRO Bank N.V. and Citibank, N.A. shall
be the Issuing Banks.

            "LC Disbursement" means a payment made by the Issuing Bank pursuant
to a drawing made on any Letter of Credit.

            "LC Exposure" means, at any time, the sum of (a) the aggregate
undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or
on behalf of any Borrower at such time. The LC Exposure of any Lender at any
time shall be its Applicable Percentage of the total LC Exposure at such time.

            "L/C Sublimit" means $500,000,000.

            "Lender Affiliate" means, (a) with respect to any Lender, (i) an
Affiliate of such Lender or (ii) any entity (whether a corporation, partnership,
trust or otherwise) that is engaged in making, purchasing, holding or otherwise
investing in bank loans and similar extensions of credit in the ordinary course
of its business and is administered or managed by a Lender or an Affiliate of
such Lender and (b) with respect to any Lender that is a fund which invests in
bank loans and similar extensions of credit, any other fund that invests in bank
loans and similar extensions of credit and is managed by the same investment
advisor as such Lender or by an Affiliate of such investment advisor.

            "Lenders" means the Persons listed on Schedule 2.01 and any other
Person that shall have become a party hereto pursuant to an Assignment and
Acceptance, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Acceptance. Unless the context otherwise requires, the term
"Lenders" includes the Swingline Lender.

            "Letter of Credit" means any letter of credit issued pursuant to
Section 2.05 of this Agreement.

            "LIBO Rate" means, (a) with respect to any Eurocurrency Borrowing
denominated in Pounds or Dollars for any Interest Period, the rate appearing on
Page 3740 or Page 3750, as the case may be, of the Telerate Service (or on any
successor or substitute page of such Service, or any successor to or substitute
for such Service, providing rate quotations comparable to those currently
provided on such page of such Service, as determined by the Administrative Agent
from time to time for purposes of providing quotations of interest rates
applicable to Pound or Dollar deposits (as applicable) in the London interbank
market) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period (or, in the case of Pounds, on the first
day of such Interest Period), as the rate for Pound or Dollar deposits, as
applicable, with a maturity comparable to such Interest Period and (b) with
respect to any Eurocurrency Borrowing denominated in Euro for any Interest
Period, the

                                       15
<PAGE>

rate appearing on Page 248 of the Telerate Service (it being understood that
this rate is the Euro interbank offered rate (known as the "EURIBOR Rate")
sponsored by the Banking Federation of the European Union (known as the "FBE")
and the Financial Markets Association (known as the "ACI")) at approximately
10:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period, as the rate for deposits in Euro with a maturity comparable to
such Interest Period. In the event that such rate is not available at such time
for any reason, then the "LIBO Rate" with respect to such Eurocurrency Borrowing
for such Interest Period shall be the rate per annum (rounded upwards, if
necessary, to the next Basis Point) equal to the arithmetic average of the rates
at which deposits in Dollars or the applicable Optional Currency approximately
equal in principal amount to the Dollar Equivalent of $5,000,000 and for a
maturity comparable to such Interest Period are offered with respect to any
Eurocurrency Borrowing to the principal London offices of the Reference Banks
(or, if any Reference Bank does not at the time maintain a London office, the
principal London office of any Affiliate of such Reference Bank) in immediately
available funds in the London interbank market at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period
(or, in the case of Pounds, on the first day of such Interest Period) and;
provided, however, that, if only two Reference Banks notify the Administrative
Agent of the rates offered to such Reference Banks (or any Affiliates of such
Reference Banks) as aforesaid, the LIBO Rate with respect to such Eurocurrency
Borrowing shall be equal to the arithmetic average of the rates so offered to
such Reference Banks (or any such Affiliates).

            "Lien" means, with respect to any asset, (a) any mortgage, deed of
trust, lien, pledge, hypothecation, encumbrance, charge or security interest in
(including sales of accounts), on or of such asset, (b) the interest of a vendor
or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing, but excluding any operating leases)
relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities.

            "Loans" means the loans (including Swingline Loans) made by the
Lenders to any Borrower pursuant to this Agreement.

            "Local Time" means, for payments and disbursements (a) in respect of
Dollars, New York time, (b) in respect of Euros or Pounds, London time and (c)
in respect of Yen, Tokyo time.

            "Mandatory Cost" means, with respect to any Lender, the cost imputed
to such Lender of compliance with the requirements of the Bank of England or the
Financial Services Authority during the relevant Interest Period, determined in
accordance with Schedule 1.01.

            "Material Adverse Effect" means a material adverse effect on (a) the
financial condition, business, results of operations, properties or liabilities
of Time Warner and the Restricted Subsidiaries taken as a whole, (b) the ability
of any Credit Party to perform any of its material obligations to the Lenders
under any Credit Document to which it is or will be a party or (c) the rights of
or benefits available to the Lenders under any Credit Document.

            "Material Indebtedness" means Indebtedness (other than the Loans and
Letters of Credit), of any one or more of Time Warner and the Restricted
Subsidiaries in an aggregate principal amount exceeding $200,000,000.

                                       16
<PAGE>

            "Material Subsidiary" means, at any date, each Subsidiary of Time
Warner which, either alone or together with the Subsidiaries of such Subsidiary,
meets any of the following conditions:

            (a) as of the last day of Time Warner's most recently ended fiscal
quarter for which financial statements have been filed with the SEC the
investments of Time Warner and its Subsidiaries in, or their proportionate share
(based on their equity interests) of the book value of the total assets (after
intercompany eliminations) of, the Subsidiary in question exceeds 10% of the
book value of the total assets of Time Warner and its consolidated Subsidiaries;

            (b) for the period of four consecutive fiscal quarters ended on the
last day of Time Warner's most recently ended fiscal quarter for which financial
statements have been filed with the SEC, the equity of Time Warner and its
Subsidiaries in the revenues from continuing operations of the Subsidiary in
question exceeds 10% of the revenues from continuing operations of Time Warner
and its consolidated Subsidiaries; or

            (c) for the period of four consecutive fiscal quarters ended on the
last day of Time Warner's most recently ended fiscal quarter for which financial
statements have been filed with the SEC, the equity of Time Warner and its
Subsidiaries in the Consolidated EBITDA of the Subsidiary in question exceeds
10% of the Consolidated EBITDA of Time Warner.

            "Maturity Date" means the fifth anniversary of the Amendment
Effective Date.

            "Moody's" means Moody's Investors Service, Inc.

            "Multiemployer Plan" means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.

            "National Currency Unit" means the unit of currency (other than the
Euro) of a Participating Member State.

            "Note" means any promissory note evidencing Loans issued pursuant to
Section 2.09(e).

            "Obligations" has the meaning assigned to such term in the
Guarantee.

            "Officer's Certificate" means, a certificate executed by the Chief
Financial Officer, the Treasurer or the Controller of Time Warner or such other
officer of Time Warner reasonably acceptable to the Administrative Agent and
designated as such in writing to the Administrative Agent by Time Warner.

            "Optional Currency" means, at any time, Pounds, Euros and Yen, so
long as such currency is freely traded and convertible into Dollars in the
United States market and a Dollar Equivalent thereof can be calculated.

            "Other Taxes" means any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement.

                                       17
<PAGE>

            "Participating Member State" means a member of the European
Communities that adopts or has adopted the Euro as its currency in accordance
with EMU Legislation.

            "PBGC" means the Pension Benefit Guaranty Corporation referred to
and defined in ERISA and any successor entity thereto.

            "Person" means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

            "Plan" means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or
any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.

            "Pounds" or "L" or "Pound Sterling" refer to lawful money of the
United Kingdom.

            "Pound Sterling Overnight Rate" means, for any day, a rate per annum
equal to the rate on overnight Pound Sterling deposits in the London interbank
market as such rates are quoted on Page 3750 of the Telerate Service (or on any
successor or substitute page of such Service, or any successor to or substitute
for such Service, providing rate quotations comparable to those currently
provided on such page of such Service, as determined by the Administrative Agent
from time to time for purposes of providing quotations of interest rates
applicable to Pound Sterling deposits in the London interbank market), plus the
Mandatory Cost, plus the Applicable Rate.

            "Pound Sterling Quoted Rate" means, for any day for any Swingline
Loan, a rate per annum quoted by the Swingline Lender to the applicable Borrower
in response to a Borrowing Request for a Swingline Borrowing as its overnight
offer rate in effect for such Swingline Loan at its principal office in London,
plus the Mandatory Cost, plus the Applicable Rate.

            "Prime Rate" means the rate of interest per annum publicly announced
from time to time by the Administrative Agent as its prime rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

            "Rating" has the meaning assigned to such term in the definition of
"Applicable Rate".

            "Reference Banks" means JPMorgan Chase Bank, Bank of America, N.A.
and Citibank, N.A. and their respective Affiliates.

            "Register" has the meaning set forth in Section 9.04(c).

            "Related Parties" means, with respect to any specified Person, such
Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person's Affiliates.

                                       18
<PAGE>

            "Required Lenders" means, at any time, Lenders having Commitments
representing more than 50% of the sum total of the Commitments at such time, or
after the Commitment Termination Date, Lenders having Revolving Credit Exposures
representing more than 50% of the sum of the total Revolving Credit Exposures at
such time.

            "Responsible Officer" means, any of the Chief Executive Officer,
Chief Legal Officer, Chief Financial Officer, Treasurer or Controller (or any
equivalent of the foregoing officers) of Time Warner.

            "Restricted Payment" means, as to any Person, any dividend or other
distribution (whether in cash, securities or other property) with respect to any
shares of any class of capital stock or other equity interests of such Person,
or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such shares of
capital stock or other equity interests of such Person or any option, warrant or
other right to acquire any such shares of capital stock or other equity
interests of such Person.

            "Restricted Subsidiaries" means, as of any date, all Subsidiaries of
Time Warner that have not been designated as Unrestricted Subsidiaries by Time
Warner pursuant to Section 6.08 or have been so designated as Unrestricted
Subsidiaries by Time Warner but prior to such date have been (or have been
deemed to be) re-designated by Time Warner as Restricted Subsidiaries pursuant
to Section 6.08.

            "Revolving Borrowing" means a Borrowing of Revolving Loans.

            "Revolving Credit Exposure" means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender's Revolving
Loans, its Yen Exposure, its LC Exposure and its Swingline Exposure at such
time.

            "Revolving Loan" means a Loan made pursuant to Section 2.03.

            "S&P" means Standard & Poor's Rating Services.

            "SEC" means the Securities and Exchange Commission, any successor
thereto and any analogous Governmental Authority.

            "Statutory Reserve Rate" means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentage (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject for
eurocurrency funding (currently referred to as "Eurocurrency Liabilities" in
Regulation D of the Board). Such reserve percentage shall include those imposed
pursuant to such Regulation D. Eurocurrency Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

            "Stock Option Loans" means (a) borrowings under that certain Credit
Agreement dated as of March 13, 1998, as amended, among Historic TW, The Chase
Manhattan Bank, as

                                       19
<PAGE>

administrative agent thereunder, and the lenders party thereto; provided the
lenders thereunder shall not have the benefit of any Lien other than on the
Capital Stock of Time Warner and proceeds therefrom or (b) borrowings under
substantially similar facilities.

            "Subsequent Participant" means any member state that adopts the Euro
as its lawful currency after the date hereof.

            "Subsidiary" means, with respect to any Person (the "parent") at any
date, any corporation, limited liability company, partnership, association or
other entity the accounts of which would be consolidated with those of the
parent in the parent's consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any
other corporation, limited liability company, partnership, association or other
entity of which securities or other ownership interests representing more than
50% of the equity or more than 50% of the ordinary voting power or, in the case
of a partnership, more than 50% of the general partnership interests are, as of
such date, owned, controlled or held. Unless otherwise qualified, all references
to a "Subsidiary" or "Subsidiaries" in this Agreement shall refer to a
Subsidiary or Subsidiaries of Time Warner.

            "Swingline Borrowing" means a Borrowing of Swingline Loans.

            "Swingline Exposure" means, at any time, the aggregate principal
amount of all Swingline Loans outstanding at such time. The Swingline Exposure
of any Lender at any time shall be its Applicable Percentage of the total
Swingline Exposure at such time.

            "Swingline Lender" means JPMorgan Chase Bank (or any other Lender
selected by Time Warner with such Lender's consent), in its capacity as lender
of Swingline Loans hereunder.

            "Swingline Loan" means a Loan made pursuant to Section 2.04.

            "Tax Distribution" means, with respect to any period, distributions
made to any Person by a Subsidiary of such Person on or with respect to income
and other taxes, which distributions are not in excess of the tax liabilities
that, (i) in the case of a Subsidiary that is a corporation, would have been
payable by such Subsidiary on a standalone basis, and (ii) in the case of a
Subsidiary that is a partnership, would have been distributed by such Subsidiary
to its owners with respect to taxes, and in each case which are calculated in
accordance with, and made no earlier than 10 days prior to the date required by,
the terms of the applicable organizational document which requires such
distribution.

            "Taxes" means any and all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental
Authority.

            "TBS" means Turner Broadcasting System, Inc., a Georgia corporation.

            "TIBOR" means, when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the TIBOR Rate.

            "TIBOR Rate" means, with respect to any TIBOR Borrowing for any
Interest Period, the rate per annum appearing on the TIBM Page under the caption
"Average of 10

                                       20
<PAGE>

Banks" of Reuters (or on any successor or substitute page of such service, or
any successor to or substitute for such service, providing rate quotations
comparable to those currently provided on such page of such service, as
determined by the Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to Yen deposits in the Tokyo
interbank market) at approximately 11:00 a.m., Tokyo time, two Business Days
prior to the commencement of such Interest Period, as the rate applicable to
deposits in Yen with a maturity comparable to such Interest Period, plus any
costs incurred by making or funding such TIBOR Borrowing hereunder, if such
costs result directly from any applicable banking law or regulation or from any
applicable requirement or directive of any Governmental Authority, including the
imposition of any reserve requirement.

            "Time Warner" has the meaning assigned to such term in the preamble
to this Agreement.

            "Time Warner Cable" means Time Warner Cable Inc., a Delaware
corporation.

            "Transactions" means (a) the execution, delivery and performance by
(i) each of the Borrowers of this Agreement and (ii) each of the Guarantors of
the Guarantee, and (b) the borrowing of Loans.

            "Treaty" means the Treaty establishing the European Economic
Community, being the Treaty of Rome of March 25, 1957, as amended by the Single
European Act 1987, the Maastricht Treaty (which was signed at Maastricht on
February 7, 1992 and came into force on November 1, 1993), the Amsterdam Treaty
(which was signed at Amsterdam on October 2, 1997 and came into force on May 1,
1999) and the Nice Treaty (which was signed on February 26, 2001), each as
amended from time to time and as referred to in legislative measures of the
European Union for the introduction of, changeover to or operating of the Euro
in one or more member states.

            "TWCI" means Time Warner Companies, Inc., a Delaware corporation.

            "TWFI" has the meaning assigned to such term in the preamble hereto.

            "Type", when used in reference to any Loan or Borrowing, refers to
whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate
Base Rate, the Pound Sterling Overnight Rate, the Pound Sterling Quoted Rate,
the Euro Overnight Rate, the Euro Quoted Rate or the TIBOR Rate.

            "United States" means the United States of America.

            "U.S. Person" means a person who is a citizen or resident of the
United States and any corporation or other entity created or organized in or
under the laws of the United States.

            "Unrestricted Subsidiary" means, as of any time, all Subsidiaries of
Time Warner that have been designated as Unrestricted Subsidiaries by Time
Warner pursuant to Section 6.08.

            "Utilization Fee" has the meaning assigned to such term in Section
2.11(b).

                                       21
<PAGE>

            "Withdrawal Liability" means liability to a Multiemployer Plan as a
result of a complete or partial withdrawal from such Multiemployer Plan, as such
terms are defined in Part I of Subtitle E of Title IV of ERISA.

            "Yen" and "Y" refer to lawful money of Japan.

            "Yen Commitment" means, with respect to each Yen Fronting Lender,
the commitment of such Yen Fronting Lender to make Yen Loans hereunder, as such
commitment may be (a) reduced from time to time pursuant to Section 2.08 or
Section 2.18 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The amount of each
Yen Fronting Lender's Yen Commitment as of the Amendment Effective Date is set
forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which
such Lender shall have assumed its Yen Commitment, as applicable.

            "Yen Exposure" means, at any time, the aggregate principal amount of
all Yen Loans outstanding at such time. The Yen Exposure of any Lender at any
time shall be its Applicable Percentage of the total Yen Exposure at such time.

            "Yen Fronting Lenders" means JPMorgan Chase Bank, Bank of America,
N.A., Citibank, N.A., BNP Paribas and ABN AMRO Bank N.V., in their capacity as
Lenders of Yen Loans hereunder.

            "Yen Loans" means a Loan denominated in Yen.

            "Yen Sublimit" means $500,000,000.

            SECTION 1.02. Classification of Loans and Borrowings. For purposes
of this Agreement, Loans may be classified and referred to by Type (e.g., a
"Eurocurrency Loan"). Borrowings also may be classified and referred to by Type
(e.g., a "Eurocurrency Borrowing").

            SECTION 1.03 Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words, "include," "includes" and "including"
shall be deemed to be followed by the phrase "without limitation." The word
"will" shall be construed to have the same meaning and effect as the word
"shall." Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such
Person's successors and assigns, (c) the words "herein," "hereof" and
"hereunder," and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words "asset" and "property" shall, except where the
context dictates otherwise, be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

            SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly
provided herein, all terms of an accounting or financial nature shall be
construed in accordance

                                       22
<PAGE>

with GAAP, as in effect from time to time; provided that, if Time Warner
notifies the Administrative Agent that Time Warner requests an amendment to any
provision hereof to eliminate the effect of any change occurring after the date
hereof in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies Time Warner that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of
GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended
in accordance herewith.

                                   ARTICLE II

                                   THE CREDITS

            SECTION 2.01. Commitments. (a) Subject to the terms and conditions
set forth herein, each Lender agrees to make Revolving Loans to each Borrower in
Dollars or any Optional Currency other than Yen from time to time during the
Availability Period so long as, after giving effect thereto, (i) such Lender's
Revolving Credit Exposure will not exceed such Lender's Commitment, and (ii) the
sum of the total Revolving Credit Exposures will not exceed the sum total of the
Commitments. Within the foregoing limits and subject to the terms and conditions
set forth herein, each Borrower may borrow, prepay and reborrow Revolving Loans.
The Revolving Loans made in Dollars may from time to time be Eurocurrency Loans
or Alternate Base Rate Loans; the Revolving Loans made in Pounds may from time
to time be Eurocurrency Loans or Pound Sterling Overnight Rate Loans; and the
Revolving Loans made in Euros may from time to time be Eurocurrency Loans or
Euro Overnight Rate Loans, in each case as determined by the applicable Borrower
and notified to the Administrative Agent in accordance with Sections 2.03 and
2.07.

            (b) (i) Subject to the terms and conditions set forth herein, the
Yen Fronting Lenders agree to make Yen Loans, ratably in accordance with their
Yen Commitments, to each Borrower from time to time during the Availability
Period so long as, after giving effect thereto, (A) the aggregate principal
amount of outstanding Yen Loans will not exceed the Yen Sublimit, (B) the sum of
the total Revolving Credit Exposures will not exceed the sum total of the
Commitments, (C) such Yen Fronting Lender's Revolving Credit Exposure will not
exceed such Yen Fronting Lender's Commitment and (D) the aggregate principal
amount of the outstanding Yen Loans made by any Yen Fronting Lender will not
exceed such Yen Fronting Lender's Yen Commitment. Within the foregoing limits
and subject to the terms and conditions set forth herein, each Borrower may
borrow, prepay and reborrow Yen Loans.

            (ii) If any Event of Default shall occur and be continuing, any Yen
Fronting Lender may by written notice to the Administrative Agent not later than
11:00 am, New York time, on any Business Day require the Lenders to acquire
participations on such Business Day in all or a portion of the Yen Loans
outstanding. Such notice shall specify the aggregate amount of Yen Loans in
which Lenders will participate. Promptly upon receipt of such notice, the
Administrative Agent will give notice thereof to each Lender, specifying in such
notice such Lender's Applicable Percentage of the Dollar Equivalent Amount of
such Yen Loan or Loans. Each Lender hereby absolutely and unconditionally
agrees, upon receipt of notice as provided above, to pay to the Administrative
Agent, for the account of the Yen Fronting Lender, such Lender's Applicable
Percentage of such Yen Loan or Loans in Dollars. Each Lender

                                       23
<PAGE>

acknowledges and agrees that its obligation to acquire participations in Yen
Loans pursuant to this paragraph is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each Lender shall comply with its obligation under this
paragraph by wire transfer of immediately available funds, in the same manner as
provided in Section 2.06 with respect to Loans made by such Lender (and Section
2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Yen Fronting Lenders pro
rata according to their Yen Exposures the amounts so received by it from the
Lenders. The Administrative Agent shall notify the applicable Borrower of any
participations in any Yen Loan to it acquired pursuant to this paragraph. Any
amounts received by the Administrative Agent from the applicable Borrower (or
other party on behalf of the applicable Borrower) in respect of such Loan after
receipt by the Yen Fronting Lender of the proceeds of a sale of participations
therein shall be promptly remitted by the Administrative Agent to the Lenders
that shall have made their payments pursuant to this paragraph and to the Yen
Fronting Lenders, pro rata as their interests may appear. The purchase of
participations in a Yen Loan pursuant to this paragraph shall not relieve the
applicable Borrower of its obligations in respect of the payment thereof. From
and after such purchase, (A) the outstanding Yen Loans in which the Lenders have
purchased such participations shall be deemed to have been converted into
Alternate Base Rate Loans denominated in Dollars (with such conversion
constituting, for purposes of Section 2.15, a prepayment of such Yen Loans
before the last day of the Interest Period with respect thereto) and (B) all
amounts from time to time accruing, and all amounts from time to time payable,
on account of such Loans (including, without limitation, any interest and other
amounts which were accrued but unpaid on the date of such purchase) shall be
payable in Dollars as if such Loan had originally been made in Dollars.
Notwithstanding the foregoing, a Lender shall not have any obligation to acquire
a participation in a Yen Loan pursuant to this paragraph if an Event of Default
shall have occurred and be continuing at the time such Yen Loan was made and
such Lender shall have notified the Yen Fronting Lenders in writing, at least
one Business Day prior to the time such Yen Loan was made, that such Event of
Default has occurred and that such Lender will not acquire participations in Yen
Loans made while such Event of Default is continuing.

            SECTION 2.02. Loans and Borrowings. (a) Each Borrowing of Revolving
Loans (other than Yen Loans) shall consist of Revolving Loans made by the
Lenders ratably in accordance with their respective Commitments. Each Yen Loan
shall be made as part of a Borrowing consisting of Yen Loans made by the Yen
Fronting Lenders ratably in accordance with their respective Yen Commitments.
The failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder; provided that the
Commitments and Yen Commitments of the Lenders are several and no Lender shall
be responsible for any other Lender's failure to make Loans as required.

            (b) Subject to Section 2.13, each Revolving Borrowing shall be
comprised entirely of Base Rate Loans, Eurocurrency Loans or TIBOR Loans as the
applicable Borrower may request in accordance herewith. Each Swingline Loan
shall be, if denominated in Dollars, an ABR Loan, if denominated in Pounds
Sterling, a Pound Sterling Overnight Rate Loan or a Pound Sterling Quoted Rate
Loan, or if denominated in Euros, a Euro Overnight Rate Loan or a Euro Quoted
Rate Loan, at the option of the applicable Borrower. Each Lender at its option
may make any Eurocurrency Loan or TIBOR Loan, as applicable, by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option

                                       24
<PAGE>

shall (i) subject to following clause (ii), not affect the obligation of the
Borrower thereof to repay such Loan in accordance with the terms of this
Agreement and (ii) not create any additional liability of the Borrowers in
respect of Sections 2.14 or 2.16.

            (c) At the commencement of each Interest Period for any Eurocurrency
or TIBOR Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of 1,000,000 units of the relevant Currency and not
less than an amount which is the Dollar Equivalent to $20,000,000. At the time
that any Base Rate Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of 1,000,000 units and not less than an
amount which is the Dollar Equivalent to $20,000,000; provided that any Base
Rate Borrowing may be in an aggregate amount that is equal to the entire unused
balance of the sum total of the Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Each
Swingline Loan shall be in an amount that is an integral multiple of 1,000,000
units and not less than $5,000,000. Borrowings of more than one Type may be
outstanding at the same time; provided that there shall not at any time be more
than a total of 20 Eurocurrency Revolving Borrowings outstanding nor more than
five TIBOR Borrowings outstanding.

            (d) Notwithstanding any other provision of this Agreement, no
Borrower shall be entitled to request or elect any Interest Period in respect of
any Borrowing that would end after the Maturity Date.

            SECTION 2.03. Requests for Revolving Borrowings. To request a
Revolving Borrowing, a Borrower shall notify the Administrative Agent of such
request by telephone in accordance with Schedule 2.03(A); provided that no more
than the Dollar Equivalent of $2,000,000,000 of Revolving Loans denominated in
Euros shall be outstanding at any time as to which the Administrative Agent was
notified the same day as the Revolving Borrowing. Each such telephonic Borrowing
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
facsimile to the Administrative Agent of a written Borrowing Request in a form
approved by the Administrative Agent and signed by such Borrower. Each such
telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.02:

            (a) the aggregate amount and Currency of the requested Borrowing,
and, in the case of an Optional Currency Borrowing, the Dollar Equivalent of the
requested Borrowing, as calculated using the Exchange Rate on the date of the
request;

            (b) the date of such Borrowing, which shall be a Business Day;

            (c) whether such Borrowing is to be an ABR Borrowing, a Pound
Sterling Overnight Rate Borrowing, a Euro Overnight Rate Borrowing, a
Eurocurrency Borrowing or a TIBOR Borrowing;

            (d) in the case of a Eurocurrency or TIBOR Borrowing, the initial
Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term "Interest Period"; and

            (e) the location and number of the applicable Borrower's account to
which funds are to be disbursed, which shall comply with the requirements of
Section 2.06.

                                       25
<PAGE>

Notwithstanding anything to the contrary above in this Section 2.03, no such
notice shall alter the information set forth on Schedule 2.03(B) unless such
notice shall be written. If no election as to the Type of Revolving Borrowing is
specified, then the requested Revolving Borrowing shall be deemed a Base Rate
Borrowing. If no Interest Period is specified with respect to any requested
Eurocurrency or TIBOR Revolving Borrowing, then the applicable Borrower shall be
deemed to have selected an Interest Period of one month's duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender's Loan to be made as part of the requested Borrowing.

            SECTION 2.04. Swingline Loans. (a) Subject to the terms and
conditions set forth herein, the Swingline Lender agrees to make Swingline Loans
to each Borrower from time to time during the Availability Period, so long as,
after giving effect thereto, (i) the aggregate principal amount of outstanding
Swingline Loans will not exceed $250,000,000, and (ii) the sum of the total
Revolving Credit Exposures will not exceed the sum total of the Commitments;
provided that the Swingline Lender shall not be required to make a Swingline
Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and
subject to the terms and conditions set forth herein, each Borrower may borrow,
prepay and reborrow Swingline Loans. Swingline Loans shall be made in Dollars,
Pounds or Euros only.

            (b) To request a Swingline Loan, the applicable Borrower shall
notify the Administrative Agent of such request by telephone (confirmed by
facsimile) in accordance with Schedule 2.03(A). Each such notice shall be
irrevocable and shall specify the requested currency, the requested date (which
shall be a Business Day), the requested interest rate and amount of the
requested Swingline Loan. The Administrative Agent will promptly advise the
Swingline Lender of any such notice received from a Borrower. The Swingline
Lender shall make each Swingline Loan available to the applicable Borrower by
means of a credit to the general deposit account (as more specifically set forth
on Schedule 2.03(B), and changed from time to time only by a written notice) of
the applicable Borrower with the Swingline Lender by 4:00 p.m., Local Time, on
the requested date of such Swingline Loan.

            (c) The Swingline Lender may by written notice given to the
Administrative Agent not later than 11:00 am, Local Time on any Business Day, on
one Business Day's notice to the Lenders, require the Lenders to acquire
participations on such Business Day in all or a portion of the Swingline Loans
outstanding. Such notice shall specify the aggregate amount of Swingline Loans
in which Lenders will participate. Promptly upon receipt of such notice, the
Administrative Agent will give notice thereof to each Lender, specifying in such
notice such Lender's Applicable Percentage of such Swingline Loan or Loans. Each
Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent, for the account of the
Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan or
Loans. Each Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and
unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Lender shall
comply with its obligation under this paragraph by wire transfer of immediately
available funds, in the same manner as provided in Section 2.06 with respect to
Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to
the payment obligations of the Lenders), and the Administrative Agent shall
promptly pay to the Swingline

                                       26
<PAGE>

Lender the amounts so received by it from the Lenders, whereafter such Swingline
Loan shall be deemed converted to a Base Rate Revolving Loan to the extent of
such amounts for all purposes of this Agreement. The Administrative Agent shall
notify the applicable Borrower of any participations in any Swingline Loan to it
acquired pursuant to this paragraph. Any amounts received by the Administrative
Agent from the applicable Borrower (or other party on behalf of the applicable
Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender
of the proceeds of a sale of participations therein shall be promptly remitted
by the Administrative Agent to the Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, pro rata as their
interests may appear. The purchase of participations in a Swingline Loan
pursuant to this paragraph shall not relieve the applicable Borrower of any of
its obligations in respect of the payment thereof. Notwithstanding the
foregoing, a Lender shall not have any obligation to acquire a participation in
a Swingline Loan pursuant to this paragraph if an Event of Default shall have
occurred and be continuing at the time such Swingline Loan was made and such
Lender shall have notified the Swingline Lender in writing, at least one
Business Day prior to the time such Swingline Loan was made, that such Event of
Default has occurred and that such Lender will not acquire participations in
Swingline Loans made while such Event of Default is continuing.

            SECTION 2.05. Letters of Credit. (a) General. Subject to the terms
and conditions set forth herein, a Borrower may request the issuance of one or
more Letters of Credit in support of obligations of such Borrower and its
Subsidiaries, in a form reasonably acceptable to such Borrower and the Issuing
Bank, at any time and from time to time during the Availability Period. Each
Letter of Credit shall be issued in Dollars or in an Optional Currency other
than Yen. In the event of any inconsistency between the terms and conditions of
this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the applicable Borrower to, or
entered into by such Borrower with, the Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control.

            (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), a Borrower shall
deliver by hand or facsimile (or transmit by other electronic communication, if
arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank (reasonably in advance of the requested date of such issuance, amendment,
renewal or extension and no later than 12:00 noon Local Time one Business Day
prior to such date) a notice requesting the issuance of a Letter of Credit, or
identifying the Letter of Credit to be amended, renewed or extended, and
specifying the date of issuance, amendment, renewal or extension (which shall be
a Business Day), the date on which such Letter of Credit is to expire (which
shall comply with paragraph (c) of this Section), the amount and Currency of
such Letter of Credit, the name and address of the beneficiary thereof and such
other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit, as the case may be. If requested by the Issuing Bank, the
applicable Borrower also shall submit a letter of credit application on the
Issuing Bank's standard form in connection with any request for a Letter of
Credit. A Letter of Credit shall be issued, amended, renewed or extended on the
requested date only if (and upon issuance, amendment, renewal or extension of
each Letter of Credit the applicable Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the LC Exposure shall not exceed the L/C Sublimit, (ii) the sum of
the total Revolving Credit Exposures shall not exceed the sum total of the
Commitments, and (iii) the requirements of paragraph (c) of this Section shall
be satisfied.

                                       27
<PAGE>

            (c) Expiration Date. Each Letter of Credit shall expire at or prior
to the close of business on the earlier of (i) the date one year after the date
of the issuance of such Letter of Credit (or, in the case of any renewal or
extension thereof, one year after such renewal or extension) and (ii) the
Maturity Date unless such Letter of Credit is cash collateralized in an amount
equal to its face amount prior to 12:00 noon, Local Time on the Maturity Date;
provided that any Letter of Credit with a one-year tenor may provide for the
renewal thereof for additional one-year periods (which shall in no event extend
beyond the date referred to in clause (ii) above).

            (d) Participations. By the issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank
hereby grants to each Lender, and each Lender hereby acquires from the Issuing
Bank, a participation in such Letter of Credit equal to such Lender's Applicable
Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees to pay to the Issuing Bank, such Lender's
Applicable Percentage of each LC Disbursement made by the Issuing Bank and not
reimbursed by the applicable Borrower on the date due as provided in paragraph
(e) of this Section, or of any reimbursement payment required to be refunded to
the applicable Borrower for any reason. Each Lender acknowledges and agrees that
its obligation to acquire participations pursuant to this paragraph in respect
of Letters of Credit is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including any amendment, renewal or extension of
any Letter of Credit or the occurrence and continuance of a Default or reduction
or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever.

            (e) Reimbursement. If the Issuing Bank shall make any LC
Disbursement in respect of a Letter of Credit, the applicable Borrower shall
reimburse such LC Disbursement in the same Currency as such LC Disbursement by
paying to the Issuing Bank an amount equal to such LC Disbursement not later
than 2:00 p.m., Local Time, on the Business Day immediately following the day
that such Borrower receives notice of such LC Disbursement; provided that, if
such Borrower fails to reimburse the Issuing Bank on such date, the Borrower
shall be deemed to have requested a Base Rate Borrowing in the principal amount
and Currency of the LC Disbursement, without regard to the minimum amounts and
multiples set forth in Section 2.02, but subject to the unutilized portion of
the Commitments. If the Borrower elects, or is deemed, to finance amounts due
under any Letter of Credit in such a manner, the Borrower's obligation to pay an
amount equal to the LC Disbursement to the Issuing Bank shall be discharged and
replaced by the resulting Base Rate Borrowing, and the Issuing Bank shall notify
the Administrative Agent, who shall notify each Lender of the applicable LC
Disbursement and corresponding Base Rate Borrowing and such Lender's Applicable
Percentage thereof. Promptly following receipt of such notice, each Lender shall
pay to the Issuing Bank its Applicable Percentage of such Base Rate Borrowing,
in the same manner as provided in Section 2.06 with respect to Loans made by
such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment
obligations of the Lenders). Promptly following receipt of any payment from a
Borrower pursuant to this paragraph, such payment shall be distributed to the
Issuing Bank (and the participating Lenders as their interests may appear) or,
to the extent that Lenders have made payments pursuant to this paragraph to fund
any Base Rate Loan made to reimburse the Issuing Bank, to such Lenders and the
Issuing Bank (and the participating Lenders as their interests may appear) pro
rata as their interests may appear.

                                       28
<PAGE>

            (f) Obligations Absolute. The applicable Borrower's obligation to
reimburse LC Disbursements as provided in paragraph (e) of this Section shall be
absolute, unconditional and irrevocable, and shall be performed strictly in
accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any
draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of
Credit against presentation of a draft or other document that does not strictly
comply with the terms of such Letter of Credit, or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section, constitute a legal or equitable
discharge of, or provide a right of setoff against, such Borrower's obligations
hereunder, the respective Issuing Bank's only obligation to the applicable
Borrower in respect of any drawing made on any Letter of Credit being to confirm
that any documents required to be delivered under such Letter of Credit appear
to have been delivered and appear to substantially comply on their face with the
requirements of such Letter of Credit. Neither the Administrative Agent, nor any
of the Lenders nor the Issuing Bank, nor any of their Related Parties, shall
have any liability or responsibility by reason of or in connection with the
issuance or transfer of any Letter of Credit or any payment or failure to make
any payment thereunder (irrespective of any of the circumstances referred to in
the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or
relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of the Issuing Bank; provided
that the foregoing shall not be construed to excuse the Issuing Bank from
liability to such Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by such
Borrower to the extent permitted by applicable law) suffered by such Borrower
that are caused by the Issuing Bank's gross negligence or willful misconduct in
connection with any of the foregoing circumstances. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that,
with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, the Issuing Bank
may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

            (g) Disbursement Procedures. The Issuing Bank shall, promptly
following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly
notify the Lenders and the applicable Borrower by telephone (confirmed by
facsimile) of such demand for payment and whether the Issuing Bank has made or
will make an LC Disbursement thereunder; provided that any failure to give or
delay in giving such notice shall not relieve the applicable Borrower of its
obligation to reimburse the Issuing Bank and/or the Lenders with respect to any
such LC Disbursement.

            (h) Interim Interest. If the Issuing Bank shall make any LC
Disbursement, then, unless the applicable Borrower shall reimburse such LC
Disbursement in full on the date such LC Disbursement is made, the unpaid amount
thereof shall bear interest, for each day from and including the date such LC
Disbursement is made to but excluding the date that such Borrower reimburses
such LC Disbursement, at the rate per annum then applicable to Base Rate Loans
in the applicable Currency; provided that, if such LC Disbursement cannot be
reimbursed with the

                                       29
<PAGE>

proceeds of a Revolving Loan pursuant to Section 2.05(e) and the applicable
Borrower fails to reimburse such LC Disbursement within three Business Days,
then Section 2.12(g) shall apply. Interest accrued pursuant to this paragraph
shall be for the account of the Issuing Bank, except that interest accrued on
and after the date of payment by any Lender pursuant to paragraph (e) of this
Section to reimburse the Issuing Bank shall be for the account of such Lender to
the extent of such payment.

            (i) Replacement of the Issuing Bank. The Issuing Bank may be
replaced at any time by written agreement among Time Warner, the replaced
Issuing Bank and the successor Issuing Bank. Time Warner shall notify the
Administrative Agent, who will notify the Lenders of any such replacement of the
Issuing Bank. At the time any such replacement shall become effective, the
applicable Borrowers shall pay all unpaid fees accrued for the account of the
replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective
date of any such replacement, (i) the successor Issuing Bank shall have all the
rights and obligations of the Issuing Bank under this Agreement with respect to
Letters of Credit to be issued thereafter and (ii) references herein to the term
"Issuing Bank" shall be deemed to refer to such successor or to any previous
Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all
the rights and obligations of an Issuing Bank under this Agreement with respect
to Letters of Credit issued by it prior to such replacement, but shall not be
required to issue additional Letters of Credit.

            (j) Existing Letters of Credit. Notwithstanding anything to the
contrary above in this Section 2.05, including, without limitation, the
procedural requirements of clause (b) hereof, each letter of credit issued under
the Existing Five-Year Credit Agreement which is outstanding on the Amendment
Effective Date (including any extension thereof) shall constitute a "Letter of
Credit" for all purposes of this Agreement and shall be deemed issued, including
for purposes of this Section 2.05 and Section 2.11(c), on the Amendment
Effective Date. Thereafter, each such Letter of Credit deemed issued pursuant to
this Section 2.05(j) shall be governed by, and shall be subject to the
provisions of, this Section 2.05, and Time Warner and the respective Issuing
Banks with respect to such Letters of Credit deemed issued pursuant to this
Section 2.05 agree that any reimbursement agreement, credit agreement or other
document (excluding such Letter of Credit itself) previously governing such
Letter of Credit shall be deemed terminated and replaced with the provisions of
this Section 2.05 and the other applicable terms of this Agreement (it being
understood that any fees or other amounts payable to such Issuing Bank accrued
prior to the Amendment Effective Date in respect of any such Letter of Credit,
shall be payable to such Issuing Bank in accordance with the provisions of such
prior agreement).

            SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, Local Time for the applicable
Currency, to the account of the Administrative Agent most recently designated by
it for such purpose by notice to the Lenders; provided that Swingline Loans
shall be made as provided in Section 2.04. The Administrative Agent will make
such Loans available to the applicable Borrower by promptly crediting the
amounts so received, in like funds, to an account of the applicable Borrower
specified on Schedule 2.03(B) or designated by the applicable Borrower in the
applicable Borrowing Request.

                                       30
<PAGE>

            (b) Unless the Administrative Agent shall have received notice from
a Lender prior to the time of any Borrowing that such Lender will not make
available to the Administrative Agent such Lender's share of such Borrowing, the
Administrative Agent may assume that such Lender has made such share available
on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the
Administrative Agent shall have the right to demand payment from the applicable
Lender and/or the applicable Borrower and they each severally agree to pay to
the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made
available to the applicable Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, (A) in the case of
Borrowings denominated in Dollars, the Alternative Base Rate, and (B) in the
case of Borrowings denominated in any Optional Currency, the interest rate
reasonably determined by the Administrative Agent as the rate applicable to
overnight settlements between banks for the amount advanced by the
Administrative Agent on behalf of such Lender or (ii) in the case of the
applicable Borrower, the interest rate that would otherwise apply to such
Borrowing. If such Lender pays such amount to the Administrative Agent, then
such amount shall constitute such Lender's Loan included in such Borrowing and
such payment shall absolve any obligation of the applicable Borrower in respect
of any demand made under this Section in respect of such Loan.

            SECTION 2.07. Interest Elections. (a) Each Revolving Borrowing
initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a Eurocurrency or TIBOR Revolving Borrowing, shall have an
initial Interest Period as specified in such Borrowing Request. Thereafter, the
applicable Borrower may elect to convert such Borrowing to a different Type (but
of the same currency) or to continue such Borrowing and, in the case of a
Eurocurrency or TIBOR Revolving Borrowing, may elect Interest Periods therefor,
all as provided in this Section. The applicable Borrower may elect different
options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the
Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to
Swingline Borrowings, which may be made and maintained only as Base Rate Loans.

            (b) To make an election pursuant to this Section, the applicable
Borrower shall notify the Administrative Agent of such election by telephone by
the time that a Borrowing Request would be required under Section 2.03 if such
Borrower were requesting a Revolving Borrowing of the Type resulting from such
election to be made on the effective date of such election (as more specifically
set forth in Schedule 2.03(A)). Each such telephonic Interest Election Request
shall be irrevocable and shall be confirmed promptly by hand delivery or
facsimile to the Administrative Agent of a written Interest Election Request in
a form approved by the Administrative Agent and signed by the applicable
Borrower.

            (c) Each telephonic and written Interest Election Request shall
specify the following information in compliance with Section 2.02:

            (i)   the Borrowing to which such Interest Election Request applies
      and, if different options are being elected with respect to different
      portions thereof, the portions thereof to be allocated to each resulting
      Borrowing (in which case the information to be

                                       31
<PAGE>

      specified pursuant to clauses (iii) and (iv) below shall be specified for
      each resulting Borrowing);

            (ii)  the effective date of the election made pursuant to such
      Interest Election Request, which shall be a Business Day;

            (iii) whether the resulting Borrowing is to be a Base Rate Borrowing
      or a Eurocurrency or a TIBOR Borrowing;

            (iv)  if the resulting Borrowing is a Eurocurrency or TIBOR
      Borrowing, the Interest Period to be applicable thereto after giving
      effect to such election, which shall be a period contemplated by the
      definition of the term "Interest Period".

If any such Interest Election Request requests a Eurocurrency Borrowing or TIBOR
Borrowing but does not specify an Interest Period, then the applicable Borrower
shall be deemed to have selected an Interest Period of one month's duration. All
Loans denominated in Yen in each case shall be TIBOR Loans.

            (d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such
Lender's portion of each resulting Borrowing.

            (e) If the applicable Borrower fails to deliver a timely Interest
Election Request with respect to a Eurocurrency or TIBOR Revolving Borrowing
prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period, such
Borrowing shall be continued as a Eurocurrency or TIBOR Revolving Borrowing, as
the case may be, having a one month Interest Period. Notwithstanding any
contrary provision hereof, if an Event of Default has occurred and is continuing
and the Administrative Agent, at the request of the Required Lenders, so
notifies the applicable Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or
continued as a Eurocurrency or TIBOR Borrowing and (ii) unless repaid, each
Eurocurrency and TIBOR Revolving Borrowing shall be converted to a Base Rate
Borrowing at the end of the Interest Period applicable thereto.

            SECTION 2.08. Termination and Reduction of Commitments. The
Commitments shall terminate on the Commitment Termination Date.

            (a) Time Warner may at any time terminate, or from time to time
reduce, the Commitments; provided that (i) each reduction of the Commitments
shall be in an amount that is an integral multiple of $1,000,000 and not less
than $25,000,000 and (ii) Time Warner shall not terminate or reduce the
Commitments if, after giving effect thereto and to any concurrent prepayment of
the Loans in accordance with Section 2.10, the sum of the Revolving Credit
Exposures would exceed the total Commitments.

            (b) Time Warner shall notify the Administrative Agent of any
election to terminate or reduce the Commitments under paragraph (a) of this
Section at least one Business Day prior to the effective date of such
termination or reduction, specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by Time
Warner pursuant to this Section shall be irrevocable; provided that a notice of
termination of the Commitments

                                       32
<PAGE>

delivered by Time Warner may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be
revoked by Time Warner (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the
Commitments shall be made ratably among the Lenders in accordance with their
respective Commitments.

            SECTION 2.09. Repayment of Loans; Evidence of Debt. (a) Each
Borrower hereby unconditionally promises to pay (i) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each
Revolving Loan made to such Borrower on the Maturity Date, (ii) to the
Administrative Agent for the account of each Yen Fronting Lender and the
participating Lenders as their interests may appear the then unpaid principal
amount of each Yen Loan owed by such Borrower on the Maturity Date and (iii) to
the Administrative Agent the then unpaid principal amount of each Swingline Loan
owed by such Borrower on the earlier of the Maturity Date and the first date
after such Swingline Loan is made that a Revolving Borrowing is made by such
Borrower.

            (b) Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of each Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of
principal and interest payable and paid to such Lender from time to time
hereunder.

            (c) The Administrative Agent shall maintain accounts in which it
shall record (i) the amount and Currency of each Loan made hereunder, the Type
thereof and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from each
Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each
Lender's share thereof.

            (d) The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligation of the
applicable Borrower to repay the Loans in accordance with the terms of this
Agreement.

            (e) Any Lender may request that Loans made by it be evidenced by a
Note. In such event, each Borrower shall execute and deliver to such Lender a
Note payable to the order of such Lender (or, if requested by such Lender, to
such Lender and its registered assigns) and in a form approved by the
Administrative Agent and reasonably acceptable to the applicable Borrower.
Thereafter, the Loans evidenced by such Note and interest thereon shall at all
times (including after assignment pursuant to Section 9.04) be represented by
one or more Notes in such form payable to the order of the payee named therein
(or, if such promissory note is a registered note, to such payee and its
registered assigns).

            SECTION 2.10. Prepayment of Loans. (a) Each Borrower shall have the
right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with paragraph (b) of this Section.

            (b) The Borrower that desires to make a prepayment shall notify the
Administrative Agent by telephone (confirmed by facsimile) of any prepayment
hereunder in

                                       33
<PAGE>

accordance with Schedule 2.03(A). Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid; provided that, if a notice of prepayment is given
in connection with a conditional notice of termination of the Commitments as
contemplated by Section 2.08, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.08. Promptly
following receipt of any such notice relating to (i) a Revolving Borrowing, the
Administrative Agent shall advise the Lenders of the contents thereof and (ii) a
Swingline Borrowing, the Administrative Agent shall advise the Swingline Lender
of the contents thereof. Each partial prepayment of any Revolving Borrowing
shall be in an amount that would be permitted in the case of an advance of a
Revolving Borrowing of the same Type as provided in Section 2.02. Each
prepayment of a Revolving Borrowing hereunder shall be applied ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.12.

            SECTION 2.11. Fees. (a) The Borrowers agree, jointly and severally,
to pay to the Administrative Agent for the account of each Lender a facility fee
(a "Facility Fee") which shall accrue at the Applicable Rate on the average
daily amount of the Commitment of such Lender (whether used or unused) during
the period from and including the Amendment Effective Date to but excluding the
date on which such Commitment terminates; provided that, if such Lender
continues to have any Revolving Credit Exposure after its Commitment terminates,
then such Facility Fee shall continue to accrue on the average daily amount of
such Lender's Revolving Credit Exposure from and including the date on which its
Commitment terminates to but excluding the date on which such Lender ceases to
have any Revolving Credit Exposure. Accrued Facility Fees shall be payable in
arrears on the last day of March, June, September and December of each year and
on the Maturity Date (or such earlier date after the Commitment Termination Date
on which the Loans are repaid in full), commencing on the first such date to
occur after the date hereof. All Facility Fees shall be computed on the basis of
a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

            (b) The Borrowers agree, jointly and severally, to pay to the
Administrative Agent, for the account of each Lender, during the period from and
including the Amendment Effective Date to but excluding the date on which the
Commitments terminate and the Revolving Credit Exposures of all the Lenders are
paid or extinguished in full, a utilization fee (a "Utilization Fee") which
shall accrue, with respect to any day, that the Commitment Utilization
Percentage is greater than 50%, at the rate of 0.10% per annum on such Lender's
Revolving Credit Exposure. Accrued Utilization Fees shall be payable in arrears
on the last day of March, June, September and December of each year, on the
Maturity Date and on any date thereafter on which the Revolving Credit Exposures
of all the Lenders are paid or extinguished in full, commencing on the first
such date to occur after the date hereof. All Utilization Fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day).

            (c) The applicable Borrower agrees to pay (i) to each Lender a
letter of credit fee (a "Letter of Credit Fee") with respect to its
participations in Letters of Credit, which shall accrue at the Applicable Rate
for Eurocurrency Revolving Loans on the average daily amount of such Lender's LC
Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Amendment Effective Date
to but excluding the later of the date on which such Lender's Commitment
terminates and the date on

                                       34
<PAGE>

which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a
fronting fee (a "Fronting Fee"), which shall accrue at the rate of 0.125% per
annum of the face amount of each Letter of Credit (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and
including the Amendment Effective Date to but excluding the later of the date of
termination of the Commitments and the date on which there ceases to be any LC
Exposure. Letter of Credit Fees and Fronting Fees accrued through and including
the last day of March, June, September and December of each year shall be
payable on the third Business Day following such last day, commencing on the
first such date to occur after the Amendment Effective Date; provided that all
such fees shall be payable on the date on which the Commitments terminate and
any such fees accruing after the date on which the Commitments terminate shall
be payable on demand. All Letter of Credit Fees and Fronting Fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

            (d) The Borrowers agree, jointly and severally, to pay to the
Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between Time Warner and the Administrative
Agent.

            (e) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in
the case of Facility Fees, Utilization Fees, Letter of Credit Fees and Fronting
Fees, to the Lenders entitled thereto or, in the case of Fronting Fees, to the
Issuing Bank. Fees paid shall not be refundable under any circumstances absent
manifest error in the calculation and/or payment thereof.

            SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing
shall bear interest at a rate per annum equal to the Alternate Base Rate.

            (b) The Loans comprising each Eurocurrency Borrowing shall bear
interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Rate.

            (c) The Loans comprising each Pound Sterling Overnight Rate
Borrowing shall bear interest at a rate per annum equal to the Pound Sterling
Overnight Rate.

            (d) The Loans comprising each Euro Overnight Rate Borrowing shall
bear interest at a rate per annum equal to the Euro Overnight Rate.

            (e) The Loans comprising each TIBOR Borrowing shall bear interest at
a rate per annum equal to the TIBOR Rate plus the Applicable Rate.

            (f) The Loans comprising each Swingline Borrowing shall bear
interest at a rate per annum equal to (i) in the case of Swingline Loans
denominated in Dollars, the Alternative Base Rate, (ii) in the case of Swingline
Loans denominated in Pounds, the Pound Sterling Overnight Rate or the Pound
Sterling Quoted Rate, as applicable, and (iii) in the case of Swingline Loans
denominated in Euros, the Euro Overnight Rate or the Euro Quoted Rate, as
applicable.

            (g) Notwithstanding the foregoing, if any principal of or interest
on any Loan or any fee or other amount payable by any Borrower hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as

                                       35

<PAGE>

well as before judgment, at a rate per annum equal to (i) in the case of overdue
principal of any Loan, 2% plus the rate otherwise applicable to such Loan as
provided above or (ii) in the case of any other amount, 2% plus the rate
applicable to Loans in the Base Rate of the relevant Currency as provided above.

            (h) Accrued interest on each Loan shall be payable in arrears on
each Interest Payment Date for such Loan; provided that (i) interest accrued
pursuant to paragraph (g) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan (other than a prepayment of
an ABR Revolving Loan prior to the end of the Availability Period), accrued
interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment, (iii) in the event of any conversion of any
Eurocurrency Revolving Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date
of such conversion and (iv) all accrued interest shall be payable upon the
Commitment Termination Date.

            (i) All interest hereunder shall be computed on the basis of a year
of 360 days, except that (i) interest computed by reference to the Alternate
Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall
be computed on the basis of a year of 365 days (or 366 days in a leap year), and
(ii) with respect to Loans denominated in Pounds, the interest rate thereon
shall be computed on the basis of a 365-day year, and in each case shall be
payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Base Rate, TIBOR Rate, Adjusted LIBO
Rate and LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error.

            SECTION 2.13. Alternate Rate of Interest. If prior to the
commencement of any Interest Period for a Eurocurrency Borrowing or TIBOR
Borrowing:

            (a) the Administrative Agent determines (which determination shall
      be conclusive absent manifest error) that adequate and reasonable means do
      not exist for ascertaining for such Interest Period the Adjusted LIBO Rate
      for the relevant Currency or the TIBOR Rate; or

            (b) the Administrative Agent is advised by the Required Lenders that
      for such Interest Period the Adjusted LIBO Rate for the relevant Currency
      or the TIBOR Rate will not adequately and fairly reflect the cost to such
      Lenders of making or maintaining their Loans included in such Borrowing
      for such Interest Period;

then the Administrative Agent shall give notice thereof to the applicable
Borrowers and the Lenders by telephone or facsimile as promptly as practicable
thereafter and, until the Administrative Agent notifies the applicable Borrowers
and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any
Revolving Borrowing to, or continuation of any Revolving Borrowing as, a
Eurocurrency Borrowing or TIBOR Borrowing, as applicable, shall be ineffective
and any such Borrowing referred to in such Interest Election Request shall,
unless repaid by the applicable Borrower, be converted to (as of the last day of
the then current Interest Period), or maintained as, a Base Rate Borrowing, as
the case may be (to the extent, in the Administrative Agent's reasonable
determination, it is practicable to do so), and (ii) if any Borrowing Request
requests a Eurocurrency Revolving Borrowing or TIBOR Revolving Borrowing, such
Borrowing shall, unless otherwise rescinded by the applicable Borrower, be made
as a Base Rate Loan in the

                                       36

<PAGE>

applicable Currency (to the extent, in the Administrative Agent's reasonable
determination, it is practicable to do so), and if the circumstances giving rise
to such notice affect fewer than all Types of Borrowings, then the other Types
of Borrowings shall be permitted.

            SECTION 2.14. Increased Costs. (a) If any Change in Law shall:

            (i) impose, modify or deem applicable any reserve, special deposit
      or similar requirement against assets of, deposits with or for the account
      of, or credit extended by, any Lender (except any such reserve requirement
      reflected in the Adjusted LIBO Rate) or the Issuing Bank; or

            (ii) impose on any Lender or the Issuing Bank or the London
      interbank market or the Tokyo interbank market any other condition
      affecting this Agreement or Eurocurrency or TIBOR Loans made by such
      Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurocurrency or TIBOR Loan (or of
maintaining its obligation to make any such Loan) or to increase the cost to
such Lender or the Issuing Bank of participating in, issuing or maintaining any
Letter of Credit or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or
otherwise), then the applicable Borrower will pay to such Lender or the Issuing
Bank, as the case may be, such additional amount or amounts as will compensate
such Lender or the Issuing Bank, as the case may be, for such additional costs
actually incurred or reduction actually suffered.

            (b) If any Lender or the Issuing Bank determines that any Change in
Law regarding capital requirements has or would have the effect of reducing the
rate of return on such Lender's or the Issuing Bank's capital or on the capital
of such Lender's or the Issuing Bank's holding company, if any, as a consequence
of the Commitment or the Loans made by, or participation in Letters of Credit
held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a
level below that which such Lender or the Issuing Bank or such Lender's or the
Issuing Bank's holding company could have achieved but for such Change in Law
(taking into consideration such Lender's or the Issuing Bank's policies and the
policies of such Lender's or the Issuing Bank's holding company with respect to
capital adequacy), then from time to time the applicable Borrowers will pay to
such Lender or the Issuing Bank, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Bank or such Lender's or
the Issuing Bank's holding company for any such reduction actually suffered in
respect of the Commitment or Loans made by, or participation in Letters of
Credit held by, such Lender hereunder.

            (c) A certificate of a Lender or the Issuing Bank setting forth in
reasonable detail the amount or amounts necessary to compensate such Lender or
the Issuing Bank or its holding company, as the case may be, as specified in
paragraph (a) or (b) of this Section shall be delivered to the applicable
Borrowers and shall be conclusive absent manifest error. The applicable
Borrowers shall pay such Lender or the Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 days after receipt
thereof.

            (d) Failure or delay on the part of any Lender or the Issuing Bank
to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender's or the Issuing Bank's right to demand such compensation; provided
that the applicable Borrowers shall

                                       37

<PAGE>

not be required to compensate a Lender or the Issuing Bank pursuant to this
Section for any increased costs or reductions unless a Lender or the Issuing
Bank gives notice to the applicable Borrowers that they are obligated to pay an
amount under this Section within six months after the later of (i) the date the
Lender or the Issuing Bank incurs such increased costs, reduction in amounts
received or receivable or reduction in return on capital or (ii) the date such
Lender or the Issuing Bank has actual knowledge of its incurrence of such
increased cost, reduction in amounts received or receivable or reduction in
return on capital; provided further that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect
thereof.

            Notwithstanding any other provision of this Section 2.14, no Lender
nor Issuing Bank shall demand compensation for any increased costs or reduction
referred to above if it shall not be the general policy or practice of such
Lender or the Issuing Bank to demand such compensation in similar circumstances
under comparable provisions of other credit agreements, if any (it being
understood that this sentence shall not in any way limit the discretion of any
Lender or the Issuing Bank to waive the right to demand such compensation in any
given case).

            SECTION 2.15. Break Funding Payments. In the event of (a) the
payment of any principal of any Eurocurrency or TIBOR Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an
Event of Default), (b) the conversion of any Eurocurrency or TIBOR Loan other
than on the last day of the Interest Period applicable thereto, (c) the failure
to borrow, convert, continue or prepay any Revolving Loan on the date specified
in any notice delivered pursuant hereto (regardless of whether such notice is
permitted to be revocable under Section 2.10(b) and is revoked in accordance
herewith), or (d) the assignment of any Eurocurrency or TIBOR Loan other than on
the last day of the Interest Period applicable thereto as a result of a request
by a Borrower pursuant to Section 2.18, then, in any such event, the applicable
Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurocurrency or TIBOR Loan, the
loss to any Lender attributable to any such event shall be deemed to include an
amount determined by such Lender to be equal to the excess, if any, of (i) the
amount of interest that such Lender would pay for a deposit in the applicable
Currency equal to the principal amount of such Loan for the period from the date
of such payment, conversion, failure or assignment to the last day of the then
current Interest Period for such Loan (or, in the case of a failure to borrow,
convert or continue, the duration of the Interest Period that would have
resulted from such borrowing, conversion or continuation) if the interest rate
payable on such deposit were equal to the Adjusted LIBO Rate or the TIBOR Rate,
as applicable, for such Interest Period, over (ii) the amount of interest that
such Lender would earn on such principal amount for such period if such Lender
were to invest such principal amount for such period at the interest rate that
would be bid by such Lender (or an affiliate of such Lender) for deposits in the
applicable Currency from other banks in the Eurocurrency market at the
commencement of such period. A certificate of any Lender setting forth in
reasonable detail any amount or amounts that such Lender is entitled to receive
pursuant to this Section shall be delivered to the applicable Borrower and shall
be conclusive absent manifest error. The applicable Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

            SECTION 2.16. Taxes. (a) Any and all payments by or on account of
any obligation of each Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if
such Borrower shall be required to deduct any Indemnified Taxes or Other Taxes
from such payments, then (i) the sum payable

                                       38

<PAGE>

shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section)
the Administrative Agent, Lender or the Issuing Bank (as the case may be)
receives an amount equal to the sum it would have received had no such
deductions been made, (ii) such Borrower shall make such deductions and (iii)
such Borrower shall pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law.

            (b) Each Borrower shall indemnify the Administrative Agent, the
Issuing Bank and each Lender, within 10 days after written demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
by such Borrower under this Section unless such amounts have been included in
any amount paid pursuant to the proviso to Section 2.16(a)) paid by the
Administrative Agent, the Issuing Bank or such Lender, as the case may be, and
any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to such
Borrower by a Lender, or by the Administrative Agent or the Issuing Bank on its
own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

            (c) If a Lender or the Administrative Agent or the Issuing Bank
receives a refund in respect of any Indemnified Taxes or Other Taxes as to which
it has been indemnified by a Borrower or with respect to which a Borrower has
paid additional amounts pursuant to this Section 2.16, it shall within 30 days
from the date of such receipt pay over such refund to such Borrower (but only to
the extent of indemnity payments made, or additional amounts paid, by such
Borrower under this Section 2.16 with respect to the Indemnified Taxes or Other
Taxes giving rise to such refund, as determined by such Lender in its reasonable
discretion), net of all out-of-pocket expenses of such Lender or the
Administrative Agent or the Issuing Bank and without interest (other than
interest paid by the relevant taxation authority with respect to such refund);
provided that such Borrower, upon the request of such Lender or the
Administrative Agent or the Issuing Bank, agrees to repay the amount paid over
to such Borrower (plus penalties, interest or other charges) to such Lender or
the Administrative Agent or the Issuing Bank in the event such Lender or the
Administrative Agent or the Issuing Bank is required to repay such refund to
such taxation authority.

            (d) As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by any Borrower to a Governmental Authority, such Borrower shall
deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

            (e) Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which any
Borrower is located, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement shall deliver to such Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable
law or reasonably requested by such Borrower, such properly completed and
executed documentation prescribed by applicable law as will permit such payments
to be made without withholding or at a reduced rate.

                                       39

<PAGE>

            (f) Any Lender that is a U.S. Person shall deliver to Time Warner
(with a copy to the Administrative Agent) a statement signed by an authorized
signatory of the Lender that it is a U.S. Person and, if necessary to avoid
United States backup withholding, a duly completed and signed Internal Revenue
Service Form W-9 (or successor form) establishing that such Lender is organized
under the laws of the United States and is not subject to United States backup
withholding.

            (g) Nothing in this Section shall be construed to require any Lender
to disclose any confidential information regarding its tax returns or affairs.

            SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of
Setoffs. (a) Each Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest, fees or reimbursements of LC
Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, or
otherwise) prior to 1:00 p.m., Local Time, on the date when due, in immediately
available funds, without setoff or counterclaim. Any amounts received after such
time on any date shall, unless the Administrative Agent is able to distribute
such amounts to the applicable Lenders on such date, be deemed to have been
received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent
(i) in New York, for payments in Dollars, (ii) in London, for payments in Euros
or Pounds and (iii) in Tokyo, for payments in Yen, in each case, at the offices
for the Administrative Agent set forth in Section 9.01, except payments to be
made directly to an Issuing Bank as expressly provided herein, and except that
payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly
to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the
appropriate recipient in like funds promptly following receipt thereof. If any
payment hereunder shall be due on a day that is not a Business Day, the date for
payment shall be extended to the next succeeding Business Day, and, in the case
of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments hereunder, whether such payments are made
in respect of principal, interest or fees, shall be made in the Currency in
which the applicable payment obligation is due; provided, that payments in
respect of Facility Fees pursuant to Section 2.11 and any other payments (not in
respect of principal, interest or fees) or reimbursements shall be payable in
Dollars.

            (b) If at any time insufficient funds are received by and available
to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due from any Borrower hereunder, such
funds shall be applied (i) first, to pay interest and fees then due from such
Borrower hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest and fees then due to such parties, and (ii) second,
to pay principal and unreimbursed LC Disbursements, then due from such Borrower
hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed LC Disbursements then due to such parties.

            (c) If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Revolving Loans, participations in LC Disbursements or
Swingline Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Revolving Loans, participations in LC
Disbursements and Swingline Loans and accrued interest thereon owing by any
Borrower than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value)
participations in the Revolving Loans,

                                       40

<PAGE>

participations in LC Disbursements and Swingline Loans of other Lenders owing
from such Borrower to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of principal of and accrued interest on their respective Revolving Loans,
participations in LC Disbursements and Swingline Loans; provided that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any
payment made by such Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans, participations
in LC Disbursements to any assignee or participant, other than to any Borrower
or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). Each Borrower consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise
against such Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower
in the amount of such participation.

            (d) Unless the Administrative Agent shall have received notice from
a Borrower prior to the date on which any payment is due from such Borrower to
the Administrative Agent for the account of the Lenders hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that
such Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders, the amount due. In
such event, if such Borrower has not in fact made such payment, then each of the
Lenders, severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Lender with interest thereon, for each
day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, (i) if the relevant
amount is denominated in Pounds Sterling, at the Pound Sterling Overnight Rate
(ii) if the relevant amount is denominated in Dollars, at the Federal Funds
Effective Rate and (iii) if the relevant amount is denominated in any other
Currency, at the interest rate reasonably determined by the Administrative Agent
as the rate applicable for overnight settlements between banks for the amount
paid by the Administrative Agent on behalf of such Borrower.

            (e) If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(c), 2.06(b) or 2.17(d), then the Administrative
Agent may, in its discretion (notwithstanding any contrary provision hereof),
apply any amounts thereafter received by the Administrative Agent for the
account of such Lender from or on behalf of any Credit Party or otherwise in
respect of the Obligations to satisfy such Lender's obligations under such
Sections until all such unsatisfied obligations are fully paid.

            SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If
any Lender requests compensation under Section 2.14, or if any Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, then such
Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be materially disadvantageous to

                                       41

<PAGE>

such Lender. Such Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or
assignment.

            (b) If any Lender requests compensation under Section 2.14, or if
any Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.16,
or if any Lender becomes a Defaulting Lender hereunder, then Time Warner may, at
its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all
its interests, rights and obligations under this Agreement to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (i) Time Warner shall have received the
prior written consent of the Administrative Agent (and, if a Commitment is being
assigned, the Swingline Lender and the Issuing Bank), which consent shall, in
each case, not unreasonably be withheld, (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans,
participations in LC Disbursements and Swingline Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrowers (in the case of all other amounts) and (iii) in the case
of any such assignment resulting from a claim for compensation under Section
2.14 or payments required to be made pursuant to Section 2.16, such assignment
will be made to a Lender reasonably expected to result in a reduction in the
compensation or payments to be paid by the Borrowers pursuant to such sections.
A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling Time Warner to require such assignment and delegation
cease to apply.

            SECTION 2.19. Prepayments Required Due to Currency Fluctuation. (a)
Not later than 1:00 p.m., New York City time, on the last Business Day of each
fiscal quarter of Time Warner or at such other time as is reasonably determined
by the Administrative Agent (the "Calculation Time"), the Administrative Agent
shall determine the Dollar Equivalent of the total Revolving Credit Exposures
outstanding as of such date.

            (b) If at the Calculation Time, the Dollar Equivalent of the total
Revolving Credit Exposures exceeds the total Commitments then in effect by 5% or
more, then within five Business Days of notice to the Borrowers thereof, the
applicable Borrowers shall prepay Swingline Loans or Revolving Loans or cash
collateralize the outstanding Letters of Credit in an aggregate principal amount
at least equal to such excess. Nothing set forth in this Section 2.19(b) shall
be construed to require the Administrative Agent to calculate compliance under
this Section 2.19(b) other than at the times set forth in Section 2.19(a).

            (c) If at the Calculation Time, the Dollar Equivalent of the total
Yen Loans exceeds the total Yen Commitments then in effect by 5% or more, then
within five Business Days of notice to the Borrowers thereof, the applicable
Borrowers shall prepay Yen Loans in an aggregate principal amount at least equal
to such excess. Nothing set forth in this Section 2.19(c) shall be construed to
require the Administrative Agent to calculate compliance under this Section
2.19(c) other than at the times set forth in Section 2.19(a).

            SECTION 2.20. Adoption of the Euro. Each provision of this Agreement
shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time specify to be appropriate to reflect
the adoption of the Euro in any Participating

                                       42

<PAGE>

Member State and any relevant market conventions or practices relating to the
Euro. Each obligation under this Agreement of a party to this Agreement which
has been denominated in the National Currency Unit of a Subsequent Participant
shall be redenominated into the Euro in accordance with EMU Legislation
immediately upon such Subsequent Participant becoming a Participating Member
State (but otherwise in accordance with EMU Legislation). If, in relation to the
currency of any Subsequent Participant, the basis of accrual of interest or fees
expressed in this Agreement with respect to such currency shall be inconsistent
with any convention or practice in the interbank market for the basis of accrual
of interest or fees in respect of the Euro, such convention or practice shall
replace such expressed basis effective as of and from the date on which such
Subsequent Participant becomes a Participating Member State; provided, that if
any Loan in the currency of such Subsequent Participant which is subject to an
Interest Period is outstanding immediately prior to such date, such replacement
shall take effect, with respect to such Loan, at the end of the then current
Interest Period.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

            Each Borrower represents and warrants (as to itself and the
Restricted Subsidiaries) to the Lenders that:

            SECTION 3.01. Organization; Powers. Each Credit Party and each of
the Restricted Subsidiaries is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and,
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to
do business in, and is in good standing in, every jurisdiction where such
qualification is required.

            SECTION 3.02. Authorization; Enforceability. The Transactions are
within the Credit Parties' corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action of such Credit Parties.
Each Credit Document (other than each Note) has been, and each Note when
delivered hereunder will have been, duly executed and delivered by the Credit
Parties party thereto. Each Credit Document (other than each Note) constitutes,
and each Note when delivered hereunder will be, a legal, valid and binding
obligation of each such Credit Party, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors' rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity
or at law.

            SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions
(a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect, (b) will not violate (i) any
applicable law or regulation or (ii) the charter, by-laws or other
organizational documents of such Borrower or any of the Restricted Subsidiaries
or any order of any Governmental Authority, (c) will not violate or result in a
default under any indenture, agreement or other instrument binding upon such
Borrower or any of the Restricted Subsidiaries or its assets, or give rise to a
right thereunder to require any payment to be made by such Borrower or any of
the Restricted Subsidiaries and (d) will not result in the creation or
imposition of any Lien on any asset of such Borrower or any of the Restricted
Subsidiaries;

                                       43

<PAGE>

except, in each case (other than clause (b)(ii) with respect to any Credit
Party), such as could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect.

            SECTION 3.04. Financial Condition; No Material Adverse Change. (a)
The consolidated balance sheet and statements of operations, stockholders equity
and cash flows (including the notes thereto) of Time Warner as of and for the
fiscal year ended December 31, 2003, reported on by Ernst & Young LLP,
independent public accountants, copies of which have heretofore been furnished
to each Lender, when combined with all public filings with the SEC by any Credit
Party since December 31, 2003 and prior to the Amendment Effective Date, present
fairly, in all material respects, the financial position and results of
operations and cash flows of Time Warner and its consolidated Subsidiaries, as
of such date and for such period, in accordance with GAAP.

            (b) The unaudited consolidated balance sheets and statements of
operations, stockholders equity and cash flows of Time Warner and its
consolidated Subsidiaries as of and for the three months ended March 31, 2004,
copies of which have heretofore been furnished to each Lender, when combined
with all public filings with the SEC by any Credit Party since December 31, 2003
and prior to the Amendment Effective Date, present fairly, in all material
respects, the financial position and results of operations and cash flows of
Time Warner and its consolidated Subsidiaries, as of such date and for such
period, in accordance with GAAP.

            (c) Since December 31, 2003, there has been no material adverse
change in the business, assets, operations or financial condition of Time Warner
and its consolidated Subsidiaries, taken as a whole.

            SECTION 3.05. Properties. (a) Such Borrower and each of the
Restricted Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property, except for defects in title or interests that
could not reasonably be expected to result in a Material Adverse Effect.

            (b) Such Borrower and each of the Restricted Subsidiaries owns, or
is licensed to use, all trademarks, trade names, copyrights, patents and other
intellectual property material to its business, and the use thereof by such
Borrower or any of the Restricted Subsidiaries does not infringe upon the rights
of any other Person, except for any such infringements that, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

            SECTION 3.06. Litigation and Environmental Matters. (a) There are no
actions, suits, investigations or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of such Borrower,
threatened against or affecting such Borrower or any of the Restricted
Subsidiaries (i) which could reasonably be expected to be adversely determined
and that, if adversely determined, could reasonably be expected, individually or
in the aggregate, to result in a Material Adverse Effect or (ii) that involve
this Agreement or the Transactions.

            (b) Except with respect to any matters that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect, (x) neither such Borrower nor any of the Restricted Subsidiaries (i) has
failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law,
(ii) has become subject to any Environmental Liability or (iii) has received
notice of any claim with respect to any Environmental Liability and (y) such
Borrower has no

                                       44

<PAGE>

knowledge of any basis for any Environmental Liability on the part of any of the
Restricted Subsidiaries.

            SECTION 3.07. Compliance with Laws and Agreements. Such Borrower and
each of the Restricted Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property and
all indentures, agreements and other instruments binding upon it or its
property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No
Event of Default has occurred and is continuing.

            SECTION 3.08. Government Regulation. Neither such Borrower nor any
of the Restricted Subsidiaries is (a) an "investment company" as defined in, or
subject to regulation under, the Investment Company Act of 1940, (b) a "holding
company" as defined in, or subject to regulation under, the Public Utility
Holding Company Act of 1935, or (c) is subject to any other statute or
regulation which regulates the incurrence of indebtedness for borrowed money,
other than, in the case of this clause (c), Federal and state securities laws
and as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect.

            SECTION 3.09. Taxes. Such Borrower and each of its Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have
been filed and has paid or caused to be paid all Taxes required to have been
paid by it or as part of the consolidated group of which it is a member, except
(a) Taxes that are being contested in good faith by appropriate proceedings and
for which such Borrower or such Subsidiary, as applicable, has set aside on its
books adequate reserves in accordance with GAAP or (b) to the extent that the
failure to do so could not reasonably be expected to result in a Material
Adverse Effect.

            SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect.

            SECTION 3.11. Disclosure. As of the date hereof and the Amendment
Effective Date, all information heretofore or contemporaneously furnished by or
on behalf of such Borrower or any of the Restricted Subsidiaries (including all
information contained in the Credit Documents and the annexes, schedules and
other attachments to the Credit Documents, but not including any projected
financial statements), when taken together with the reports and other filings
with the SEC made under the Exchange Act by any Credit Party since December 31,
2003, is, and all other such information hereafter furnished, including all
information contained in any of the Credit Documents, including any annexes or
schedules thereto, by or on behalf of such Borrower or any of the Restricted
Subsidiaries to or on behalf of any Lender is and will be (as of their
respective dates and the Amendment Effective Date), true and accurate in all
material respects and not incomplete by omitting to state a material fact to
make such information not misleading at such time. There is no fact of which
such Borrower is aware which has not been disclosed to the Lenders in writing
pursuant to the terms of this Agreement prior to the date hereof and which,
singly or in the aggregate with all such other facts of which such Borrower is
aware, could reasonably be expected to result in a Material Adverse Effect. All
statements of fact and representation concerning the present business,
operations and assets of such Borrower or any of its Subsidiaries, the Credit
Documents and the transactions referred to therein are true and correct in all
material respects.

                                       45

<PAGE>

                                   ARTICLE IV

                                   CONDITIONS

            SECTION 4.01. Amendment Effective Date. The effectiveness of this
Agreement and the obligations of the Lenders to make Loans and of the Issuing
Bank to issue Letters of Credit hereunder shall not become effective until the
date on which each of the following conditions is satisfied (or waived in
accordance with Section 9.02):

            (a) Credit Documents. The Administrative Agent (or its counsel)
      shall have received (i) this Agreement executed and delivered by each
      party hereto and (ii) the Guarantee, executed and delivered by each of the
      Guarantors.

            (b) Opinion of Counsel. The Administrative Agent shall have received
      the favorable written opinions (addressed to the Administrative Agent and
      the Lenders and dated the Amendment Effective Date) of (i) Cravath, Swaine
      & Moore LLP, counsel for the Credit Parties, (ii) in-house counsel to the
      Credit Parties, and (iii) Arthur Cox, counsel to TWFI, in each case in
      form and substance reasonably satisfactory to the Administrative Agent.
      The Credit Parties hereby request each such counsel to deliver such
      opinions.

            (c) Closing Certificate. The Administrative Agent shall have
      received a certificate from each Credit Party, in form and substance
      reasonably satisfactory to the Administrative Agent, dated the Amendment
      Effective Date and signed by the president, a vice president, a financial
      officer or an equivalent officer of such Credit Party, including, in the
      case of any Borrower, confirmation of compliance with the conditions set
      forth in paragraphs (a) and (b) of Section 4.02.

            (d) Fees. The Borrowers shall have paid all fees required to be paid
      on or before the Amendment Effective Date by the Borrowers in connection
      with the revolving credit facilities provided for in this Agreement.

            (e) Termination of the Existing 364-Day Credit Agreement. All
      Indebtedness outstanding under the Existing 364-Day Credit Agreement shall
      have been repaid or concurrently repaid with proceeds of Loans on the
      Amendment Effective Date, together with all interest thereon and other
      amounts owing in respect thereof, all commitments thereunder shall have
      been cancelled and such agreement shall have been terminated.

            (f) Authorizations, etc. The Administrative Agent shall have
      received such documents and certificates as the Administrative Agent or
      its counsel may reasonably request relating to the organization, existence
      and good standing of the Credit Parties, the authorization of the
      Transactions and any other legal matters relating to the Credit Parties,
      this Agreement or the Transactions, all in form and substance satisfactory
      to the Administrative Agent and its counsel.

            SECTION 4.02. Each Credit Event. The obligation of each Lender to
make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue,
amend, renew or extend any Letter of Credit, is subject to the satisfaction of
the following conditions:

                                       46

<PAGE>

            (a) The representations and warranties of the Credit Parties set
      forth in the Credit Documents (other than those set forth in Sections
      3.04(c), 3.06 and 3.10 on any date other than the Amendment Effective
      Date) shall be true and correct in all material respects on and as of the
      date of such Borrowing or the date of issuance, amendment, renewal or
      extension of such Letter of Credit, as applicable.

            (b) At the time of and immediately after giving effect to such
      Borrowing or the issuance, amendment, renewal or extension of such Letter
      of Credit, as applicable, no Default or Event of Default shall have
      occurred and be continuing.

Each Borrowing and each issuance, amendment, renewal, or extension of a Letter
of Credit shall be deemed to constitute a representation and warranty by the
Credit Parties on the date thereof as to the applicable matters specified in
paragraphs (a) and (b) of this Section.

                                   ARTICLE V

                              AFFIRMATIVE COVENANTS

            Until all the Commitments have expired or been terminated and the
principal of and interest on each Loan, all fees payable hereunder and all other
Obligations shall have been paid in full (but with respect to such other
Obligations only to the extent that actual amounts hereunder are owing at the
time the Loans, together with interest and fees, have been paid in full) and all
Letters of Credit shall have expired or terminated and all LC Disbursements
shall have been reimbursed, each Borrower (for itself and the Restricted
Subsidiaries) covenants and agrees with the Lenders that:

            SECTION 5.01. Financial Statements and Other Information. Time
Warner will furnish to the Administrative Agent at its New York office (who will
distribute copies to each Lender):

            (a) within 105 days after the end of each fiscal year of Time
      Warner, its audited consolidated balance sheet and related statements of
      operations, stockholders' equity and cash flows as of the end of and for
      such year and its unaudited Adjusted Financial Statements for such fiscal
      year, setting forth in each case in comparative form the figures for the
      previous fiscal year, and, (i) in the case of the audited financial
      statements, reported on by Ernst & Young LLP or other independent public
      accountants of recognized national standing (without a "going concern" or
      like qualification or exception and without any qualification or exception
      as to the scope of such audit) to the effect that such consolidated
      financial statements present fairly in all material respects the financial
      condition and results of operations of Time Warner and the consolidated
      Subsidiaries on a consolidated basis in accordance with GAAP consistently
      applied and (ii) in the case of the Adjusted Financial Statements,
      certified by one of Time Warner's Financial Officers as presenting fairly
      in all material respects the financial condition and results of operations
      of Time Warner and the consolidated Restricted Subsidiaries on a
      consolidated basis in accordance with GAAP consistently applied; provided
      that, so long as no Event of Default has occurred and is continuing, Time
      Warner shall not be required to furnish Adjusted Financial Statements for
      any fiscal year if all Unrestricted Subsidiaries (other than any such
      Unrestricted Subsidiaries that are already treated as

                                       47

<PAGE>

      equity investments on Time Warner's financial statements) on a combined
      basis would not have constituted a Material Subsidiary for such fiscal
      year;

            (b) within 60 days after the end of each of the first three fiscal
      quarters of each fiscal year of Time Warner (including the fiscal quarter
      ending June 30, 2004), its consolidated balance sheet and related
      statements of operations, stockholders' equity and cash flows and its
      unaudited Adjusted Financial Statements as of the end of and for such
      fiscal quarter and the then elapsed portion of the fiscal year, setting
      forth in each case in comparative form the figures for the corresponding
      period or periods of (or, in the case of the balance sheet, as of the end
      of) the previous fiscal year, all certified by one of Time Warner's
      Financial Officers as presenting fairly in all material respects the
      financial condition and results of operations of Time Warner and its
      consolidated Subsidiaries on a consolidated basis in accordance with GAAP
      consistently applied, subject to normal year-end audit adjustments and the
      absence of footnotes; provided that, so long as no Event of Default has
      occurred and is continuing, Time Warner shall not be required to furnish
      Adjusted Financial Statements for any fiscal quarter if all Unrestricted
      Subsidiaries (other than any such Unrestricted Subsidiaries that are
      already treated as equity investments on Time Warner's financial
      statements) on a combined basis would not have constituted a Material
      Subsidiary for such fiscal quarter;

            (c) concurrently with any delivery of financial statements under
      clause (a) or (b) above, a certificate of a Financial Officer of Time
      Warner (i) certifying as to whether a Default has occurred and, if a
      Default has occurred, specifying the details thereof and any action taken
      or proposed to be taken with respect thereto, (ii) setting forth
      reasonably detailed calculations demonstrating compliance with Sections
      6.01, 6.02(a) and 6.03(a) and (k) and (iii) stating whether any change in
      GAAP or in the application thereof has occurred since the date of the
      audited financial statements referred to in Section 3.04, which has not
      been previously disclosed by Time Warner pursuant to this paragraph (c),
      and, if any such change has occurred, specifying the effect of such change
      on the financial statements accompanying such certificate;

            (d) promptly after the same become publicly available, copies of all
      periodic and other reports, proxy statements and other materials filed by
      any Company with the SEC or with any national securities exchange, or
      distributed by any Company to its security holders generally, as the case
      may be (other than registration statements on Form S-8, filings under
      Sections 16(a) or 13(d) of the Exchange Act and routine filings related to
      employee benefit plans); and

            (e) promptly following any request therefor, such other information
      regarding the operations, business affairs and financial condition of Time
      Warner or any of its Subsidiaries, or compliance with the terms of this
      Agreement, as the Administrative Agent or any Lender may reasonably
      request (it being understood that Time Warner and such Subsidiaries shall
      not be required to provide any information or documents which are subject
      to confidentiality provisions the nature of which prohibit such
      disclosure).

            Information required to be delivered pursuant to paragraphs (a), (b)
and (d) shall be deemed to have been delivered on the date on which Time Warner
provides notice to the Administrative Agent, or as the case may be the
Administrative Agent gives notice to the Lenders, that such information has been
posted on Time Warner's website on the internet at the

                                       48

<PAGE>

website address listed on the signature pages of such notice, at www.sec.gov or
at another website identified in such notice and accessible by the Lenders
without charge; provided that Time Warner shall deliver paper copies of the
reports and financial statements referred to in paragraphs (a), (b) and (d) of
this Section 5.01 to the Administrative Agent or any Lender who requests Time
Warner to deliver such paper copies until written notice to cease delivering
paper copies is given by the Administrative Agent or such Lender.

            SECTION 5.02. Notices of Material Events. Such Borrower will furnish
to the Administrative Agent (who will distribute copies to the Lenders) prompt
written notice of the following, upon any such event becoming known to any
Responsible Officer of such Borrower:

            (a) the occurrence of any Default;

            (b) the filing or commencement of any action, suit or proceeding by
      or before any arbitrator or Governmental Authority against or affecting
      such Borrower or Affiliate thereof that, if adversely determined, could
      reasonably be expected to result in a Material Adverse Effect;

            (c) the occurrence of any ERISA Event that, alone or together with
      any other ERISA Events that have occurred, could reasonably be expected to
      result in liability to Time Warner and its Subsidiaries in an aggregate
      amount exceeding $200,000,000; and

            (d) any other development that results in, or could reasonably be
      expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of
a Financial Officer or other executive officer of such Borrower setting forth
the details of the event or development requiring such notice and any action
taken or proposed to be taken with respect thereto.

            SECTION 5.03. Existence; Conduct of Business. Such Borrower will,
and will cause each of the Restricted Subsidiaries which are Material
Subsidiaries to, do or cause to be done all things necessary to preserve, renew
and keep in full force and effect its legal existence and the rights, licenses,
permits, privileges and franchises material to the conduct of its business;
provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.04.

            SECTION 5.04. Payment of Obligations. Such Borrower will, and will
cause each of the Restricted Subsidiaries to, pay its obligations, including Tax
liabilities, that, if not paid, could reasonably be expected to result in a
Material Adverse Effect, before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good faith
by appropriate proceedings, (b) such Borrower or such Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP and
(c) the failure to make payment pending such contest could not reasonably be
expected to result in a Material Adverse Effect.

            SECTION 5.05. Maintenance of Properties; Insurance. Such Borrower
will, and will cause each of the Restricted Subsidiaries to, (a) keep and
maintain all property material to the conduct of its business (taken as a whole)
in good working order and condition, ordinary wear and tear excepted, and (b)
maintain, with financially sound and reputable insurance

                                       49

<PAGE>

companies, insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in
the same or similar locations (it being understood that, to the extent
consistent with prudent business practice, a program of self-insurance for first
or other loss layers may be utilized).

            SECTION 5.06. Books and Records; Inspection Rights. Such Borrower
will, and will cause each of the Restricted Subsidiaries to, keep proper books
of record and account in which full, true and correct entries are made of all
dealings and transactions in relation to its business and activities. Such
Borrower will, and will cause each of the Restricted Subsidiaries to, permit any
representatives designated by the Administrative Agent or any Lender, upon
reasonable prior notice, to visit and inspect its properties, to examine its
books and records, and to discuss its affairs, finances and condition with its
officers and, so long as a representative of such Borrower is present, or such
Borrower has consented to the absence of such a representative, independent
accountants (in each case subject to such Borrower's or the Restricted
Subsidiaries' obligations under applicable confidentiality provisions), all at
such reasonable times and as often as reasonably requested.

            SECTION 5.07. Compliance with Laws. Such Borrower will, and will
cause each of the Restricted Subsidiaries to, comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its
property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

            SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be
used only for general corporate purposes, including the repayment of
indebtedness of existing and future Subsidiaries of any of the Borrowers and for
commercial paper backup. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any
of the Regulations of the Board, including Regulations U and X.

            SECTION 5.09. Fiscal Periods; Accounting. Such Borrower will keep
the same financial reporting periods as are in effect on the date hereof.

                                   ARTICLE VI

                              NEGATIVE CONVENANTS

            Until all the Commitments have expired or terminated and the
principal of and interest on each Loan, all fees payable hereunder and all other
Obligations have been paid in full (but with respect to such other Obligations
only to the extent that actual amounts hereunder are owing at the time the
Loans, together with interest and fees, have been paid in full) and all Letters
of Credit shall have expired or terminated and all LC Disbursements shall have
been reimbursed, each Borrower covenants and agrees (for itself and the
Restricted Subsidiaries) with the Lenders that:

            SECTION 6.01. Financial Covenants.

            (a) The Consolidated Leverage Ratio as of the last day of any period
      of four consecutive fiscal quarters of Time Warner (including the fiscal
      quarter ending June 30, 2004) will not exceed 4.50 to 1.00.

                                       50

<PAGE>

            (b) The Consolidated Interest Coverage Ratio for any period of four
      consecutive fiscal quarters of Time Warner (including the fiscal quarter
      ending June 30, 2004) will not be less than 2.00 to 1.00.

            SECTION 6.02. Indebtedness. Time Warner will not permit any of the
      Restricted Subsidiaries (other than a Credit Party, Time Warner Cable or
      the consolidated Subsidiaries of Time Warner Cable) to, create, incur,
      assume or permit to exist any Indebtedness, except:

            (a) with respect to all such Restricted Subsidiaries, Indebtedness
      of up to an aggregate principal amount of $1,500,000,000 at any time
      outstanding;

            (b) Indebtedness of any such Restricted Subsidiary to a Borrower or
      any Subsidiary;

            (c) Guarantee Obligations of any such Restricted Subsidiary with
      respect to Indebtedness of a Borrower or any wholly owned Restricted
      Subsidiary;

            (d) Indebtedness of any such Restricted Subsidiary incurred to
      finance the acquisition, construction or improvement of any property,
      including Capital Lease Obligations and any Indebtedness assumed in
      connection with the acquisition of any such property or secured by a Lien
      on any such property prior to the acquisition thereof, and extensions,
      renewals and replacements of any such Indebtedness that do not increase
      the outstanding principal amount thereof; provided that the aggregate
      principal amount of Indebtedness permitted by this clause (d) with respect
      to any such property shall not exceed 110% of the purchase price for, or
      the cost of construction or improvement of, such property;

            (e) Indebtedness of any Person that becomes a Restricted Subsidiary
      after the date hereof; provided that (x) such Indebtedness exists at the
      time such Person becomes a Subsidiary and is not created in contemplation
      of or in connection with such Person becoming a Subsidiary and (y) such
      Indebtedness does not, directly or indirectly, have recourse (including by
      way of setoff) to Time Warner or any of the Restricted Subsidiaries or any
      asset thereof other than to the Person so acquired and its Subsidiaries
      and the assets of the Person so acquired and its Subsidiaries; and

            (f) Film Financings.

            SECTION 6.03. Liens. Such Borrower will not, and will not permit any
of the Restricted Subsidiaries, to create, incur, assume or permit to exist any
Lien on any property or asset now owned or hereafter acquired by it, except:

            (a) any Lien on any property or asset of Time Warner or any
      Subsidiary existing on the date hereof; provided, that such Lien shall
      secure only those obligations which it secures on the date hereof and
      extensions, renewal and replacements thereof that do not increase the
      outstanding principal amount thereof and such Liens do not secure an
      aggregate principal amount of Indebtedness in excess of $200,000,000 or
      apply to property or assets of Time Warner and the Restricted Subsidiaries
      in excess of $200,000,000;

                                       51

<PAGE>

            (b) any Lien existing on any property or asset prior to the
      acquisition thereof by any Borrower or any Subsidiary or existing on any
      property or asset of any Person that becomes a Subsidiary after the date
      hereof prior to the time such Person becomes a Subsidiary; provided that
      (i) such Lien is not created in contemplation of or in connection with
      such acquisition or such Person becoming a Subsidiary, as the case may be,
      (ii) such Lien shall not apply to any other property or assets of any
      Borrower or any Subsidiary and (iii) such Lien shall secure only those
      obligations which it secures on the date of such acquisition or the date
      such Person becomes a Subsidiary, as the case may be and extensions,
      renewals and replacements thereof that do not increase the outstanding
      principal amount thereof;

            (c) Liens on property acquired, constructed or improved by any
      Borrower or any Subsidiary; provided that (i) such security interests
      secure Indebtedness permitted by clause (d) of Section 6.02, (ii) the
      Indebtedness secured thereby does not exceed 110% of the cost of
      acquiring, constructing or improving such property and (iii) such security
      interests shall not apply to any other property or assets of the any
      Borrower or any of its Subsidiaries;

            (d) Liens to secure Film Financings; provided that such Liens shall
      extend only to the property or assets acquired with such Film Financing;

            (e) Liens on Capital Stock of Time Warner and proceeds therefrom
      supporting Stock Option Loans to the extent contemplated by the definition
      thereof;

            (f) any Copyright Liens securing obligations specified in the
      definition thereof;

            (g) Liens securing Indebtedness of any Borrower or any Restricted
      Subsidiary and owing to such Borrower or to a Restricted Subsidiary of
      such Borrower;

            (h) Liens on interests in or investments in any Unrestricted
      Subsidiary or in any other Person that is not a Subsidiary of Time Warner
      securing Indebtedness of such Unrestricted Subsidiary or such other
      Person;

            (i) Liens for taxes, assessments or governmental charges or levies
      not yet due and payable or which are being contested in good faith by
      appropriate proceedings;

            (j) Liens incidental to the ordinary conduct of such Borrower's
      business or the ownership of its assets which were not incurred in
      connection with the borrowing of money, such as carrier's, warehousemen's,
      materialmen's, landlord's and mechanic's liens, and which do not in the
      aggregate materially detract from the value of its assets or materially
      impair the use thereof in the ordinary course of its business; and

            (k) other Liens in respect of property or assets of Time Warner or
      any Restricted Subsidiary so long as at the time of the securing of any
      obligations related thereto, the aggregate principal amount of all such
      secured obligations does not exceed 5% of the Consolidated Total Assets of
      Time Warner at such time (it being understood that any Lien permitted
      under any other clause in this Section 6.03 shall not be included in the
      computation described in this paragraph).

                                       52

<PAGE>

            SECTION 6.04. Mergers, Etc. Such Borrower will not, and will not
permit any of the Restricted Subsidiaries to, merge into or consolidate with any
other Person, or permit any other Person to merge into or consolidate with it,
or sell, transfer, lease or otherwise dispose of (in one transaction or in a
series of transactions) all or a substantial portion of such Borrower's
consolidated assets, or all or a substantial portion of the stock of all of the
Restricted Subsidiaries, taken as a whole (in each case, whether now owned or
hereafter acquired), or liquidate or dissolve, unless (a) at the time thereof
and immediately after giving effect thereto no Event of Default shall have
occurred and be continuing and (b) after giving effect to any such transaction,
the business, taken as a whole, of such Borrower and the Restricted Subsidiaries
shall not have been altered in a fundamental and substantial manner from that
conducted by them, taken as a whole, immediately prior to the Amendment
Effective Date, provided that (i) a Borrower shall not merge into or consolidate
with such other Person, unless such Borrower shall survive such consolidation or
merger, and (ii) a Borrower shall not liquidate or dissolve or permit any
Guarantor to liquidate or dissolve except into such Borrower or another
Guarantor.

            SECTION 6.05. Investments. Such Borrower will not, and will not
cause or permit any of the Restricted Subsidiaries to, make any Investment
(other than any Investment in the ordinary course of the operation of its
business) if, before or after giving effect to the commitment thereto on a pro
forma basis, an Event of Default shall have occurred and be continuing.

            SECTION 6.06. Restricted Payments. Such Borrower will not declare or
make, or agree to pay or make, directly or indirectly, any Restricted Payment,
except such Borrower may (a) declare and pay dividends with respect to its
capital stock payable solely in additional shares of its common stock and (b)
make Restricted Payments so long as after giving effect to the making of such
Restricted Payment, no Event of Default shall have occurred and be continuing on
a pro forma basis.

            SECTION 6.07. Transactions with Affiliates. Such Borrower will not,
and will not permit any of the Restricted Subsidiaries to, directly or
indirectly, enter into any material transaction with any of its Affiliates,
except (a) transactions entered into prior to the date hereof or contemplated by
any agreement entered into prior to the date hereof, (b) in the ordinary course
of business or at prices and on terms and conditions not less favorable to such
Borrower or such Subsidiary than could be obtained on an arm's-length basis from
unrelated third parties, (c) transactions between or among the Borrowers,
between or among such Borrower and the Restricted Subsidiaries or between or
among Restricted Subsidiaries, (d) any arrangements with officers, directors,
representatives or other employees of such Borrower and its Subsidiaries
relating specifically to employment as such and (e) transactions that are
otherwise permitted by this Agreement.

            SECTION 6.08. Unrestricted Subsidiaries. (a) Schedule 6.08 sets
forth those Subsidiaries that have been designated as Unrestricted Subsidiaries
as of the date hereof, which Subsidiaries do not include any Guarantor or a
Borrower. A Borrower may designate any other of its Subsidiaries (other than a
Borrower or a Guarantor) as Unrestricted Subsidiaries from time to time in
compliance with the provisions of this Section 6.08. Such Borrower will not
designate any of its Subsidiaries as an Unrestricted Subsidiary unless at the
time such Subsidiary is designated as an Unrestricted Subsidiary, before and
after giving effect to such designation on a pro forma basis, no Event of
Default shall have occurred and be continuing, as certified in an Officers'
Certificate delivered to the Administrative Agent at the time of such
designation. Such

                                       53

<PAGE>

Officers' Certificate also shall state the specific purpose for which such
designation is being made. All Subsidiaries of Unrestricted Subsidiaries shall
be Unrestricted Subsidiaries.

            (b) A Borrower may designate or re-designate any Unrestricted
Subsidiary as a Restricted Subsidiary from time to time in compliance with the
provisions of this Section 6.08. Such Borrower will not designate or
re-designate any Unrestricted Subsidiary as a Restricted Subsidiary, unless at
the time such Unrestricted Subsidiary is so designated or re-designated as a
Restricted Subsidiary, after giving effect to such designation or re-designation
on a pro forma basis, no Event of Default shall have occurred and be continuing,
as certified in an Officer's Certificate delivered to the Administrative Agent
at the time of such designation or re-designation.

                                  ARTICLE VII

                                EVENTS OF DEFAULT

            If any of the following events ("Events of Default") shall occur:

            (a) any Borrower shall fail to pay any principal of any Loan or any
      reimbursement obligation in respect of any LC Disbursement when and as the
      same shall become due and payable, whether at the due date thereof or at a
      date fixed for prepayment thereof or otherwise;

            (b) any Borrower shall fail to pay any interest on any Loan or any
      fee or any other amount (other than an amount referred to in clause (a) of
      this Article) payable under this Agreement, when and as the same shall
      become due and payable, and such failure shall continue unremedied for a
      period of five days;

            (c) any representation or warranty made or deemed made by or on
      behalf of any Credit Party in any Credit Document or any amendment or
      modification thereof, or in any report, certificate, financial statement
      or other document furnished pursuant to or in connection with any Credit
      Document or any amendment or modification thereof, shall prove to have
      been incorrect in any material respect when made or deemed made;

            (d) any Borrower shall fail to observe or perform any covenant,
      condition or agreement contained in Section 5.02 or 5.03 (with respect to
      such Borrower's existence) or in Article VI;

            (e) any Credit Party shall fail to observe or perform any covenant,
      condition or agreement contained in the Credit Documents (other than those
      specified in clause (a), (b) or (d) of this Article), and such failure
      shall continue unremedied for a period of 30 days after notice thereof
      from the Administrative Agent (given at the request of any Lender) to any
      Borrower;

            (f) any Borrower or any Restricted Subsidiary shall fail to make any
      payment (whether of principal or interest and regardless of amount) in
      respect of any Material Indebtedness, when and as the same shall become
      due and payable after giving effect to any applicable grace periods;

                                       54

<PAGE>

            (g) any event or condition occurs that results in any Material
      Indebtedness becoming due prior to its scheduled maturity or that enables
      or permits (after giving effect to any applicable grace periods) the
      holder or holders of any Material Indebtedness or any trustee or agent on
      its or their behalf to cause any Material Indebtedness to become due, or
      to require the prepayment, repurchase, redemption or defeasance thereof,
      prior to its scheduled maturity; provided that this clause (g) shall not
      apply to secured Indebtedness that becomes due as a result of the
      voluntary sale or transfer of the property or assets securing such
      Indebtedness;

            (h) an involuntary proceeding shall be commenced or an involuntary
      petition shall be filed seeking (i) liquidation, reorganization or other
      relief in respect of any Borrower or any Material Subsidiary or its debts,
      or of a substantial part of its assets, under any Federal, state or
      foreign bankruptcy, insolvency, receivership or similar law now or
      hereafter in effect or (ii) the appointment of a receiver, trustee,
      custodian, sequestrator, conservator or similar official for any Borrower
      or any Material Subsidiary or for a substantial part of its assets, and,
      in any such case, such proceeding or petition shall continue undismissed
      for 60 days or an order or decree approving or ordering any of the
      foregoing shall be entered;

            (i) any Borrower or any Material Subsidiary shall (i) voluntarily
      commence any proceeding or file any petition seeking liquidation,
      reorganization or other relief under any Federal, state or foreign
      bankruptcy, insolvency, receivership or similar law now or hereafter in
      effect, (ii) consent to the institution of, or fail to contest in a timely
      and appropriate manner, any proceeding or petition described in clause (h)
      of this Article, (iii) apply for or consent to the appointment of a
      receiver, trustee, custodian, sequestrator, conservator or similar
      official for any Borrower or any Material Subsidiary or for a substantial
      part of its assets, (iv) file an answer admitting the material allegations
      of a petition filed against it in any such proceeding, (v) make a general
      assignment for the benefit of creditors or (vi) take any action for the
      purpose of effecting any of the foregoing;

            (j) any Borrower or any Material Subsidiary shall become unable,
      admit in writing or fail generally to pay its debts as they become due;

            (k) one or more judgments for the payment of money in an aggregate
      amount in excess of $200,000,000 shall be rendered against any Borrower,
      any Material Subsidiary or any combination thereof or any action shall be
      legally taken by a judgment creditor (whose liquidated judgment, along
      with those of any other judgment creditor's, exceeds $200,000,000) to
      attach or levy upon any assets of any Borrower or any Material Subsidiary
      to enforce any such judgment, and the same shall remain undischarged for a
      period of 60 consecutive days during which execution shall not be
      effectively stayed, vacated or bonded pending appeal;

            (l) an ERISA Event shall have occurred that, when taken together
      with all other ERISA Events (with respect to which a Borrower has a
      liability which has not yet been satisfied) that have occurred, could
      reasonably be expected to result in a Material Adverse Effect;

                                       55

<PAGE>

            (m) except as otherwise permitted by this Agreement, the Guarantee
      shall cease, for any reason, to be in full force and effect with respect
      to any Guarantor or any Credit Party shall so assert; or

            (n) a Change in Control shall occur;

then, and in every such event (other than an event with respect to a Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the
request of the Required Lenders shall, by notice to Time Warner, take either or
both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of any Borrower accrued hereunder (including all
amounts of LC Exposure, whether or not the beneficiary of the then outstanding
Letters of Credit shall have presented the documents required therein), shall
become due and payable immediately, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by each Borrower; and
in case of any event with respect to any Borrower described in clause (h) or (i)
of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding, together with accrued interest thereon and all
fees and other obligations of any Borrower accrued hereunder (including all
amounts of LC Exposure, whether or not the beneficiary of the then outstanding
Letters of Credit shall have presented the documents required therein), shall
automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by each Borrower. With
respect to all Letters of Credit with respect to which presentment for honor
shall not have occurred at the time of an acceleration pursuant to this
paragraph, the applicable Borrower shall at such time deposit in a cash
collateral account opened by the Administrative Agent an amount equal to the
aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts
held in such cash collateral account shall be applied by the Administrative
Agent to the payment of drafts drawn under such Letters of Credit, and the
unused portion thereof after all such Letters of Credit shall have expired or
been fully drawn upon, if any, shall be applied to repay other obligations of
the Borrowers hereunder and under the other Credit Documents, if any. The
Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned
on the investment of such deposits, which investments shall be made in Cash
Equivalents, or upon mutual consent of the Borrowers and the Administrative
Agent, any other investment (in each case at the Borrowers' risk and expense),
such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. After all such Letters of Credit
shall have expired or been fully drawn upon, all reimbursement obligations shall
have been satisfied and all other obligations of the Borrowers hereunder and
other the other Credit Documents shall have been paid in full, the balance, if
any, in such cash collateral account shall be returned to the Borrowers (or such
other Person as may be lawfully entitled thereto).

                                       56
<PAGE>

                                  ARTICLE VIII

                                   THE AGENTS

            Each of the Lenders hereby irrevocably appoints the Administrative
Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof, together with such actions and powers as are
reasonably incidental thereto.

            Each bank serving as an Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not an Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with
any Company or Affiliate thereof as if it were not an Agent hereunder.

            The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is
continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that the Administrative Agent is
required to exercise in writing by the Required Lenders (or, if so specified by
this Agreement, all the Lenders), and (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to any Company that
is communicated to or obtained by the bank serving as Administrative Agent or
any of its Affiliates in any capacity. The Administrative Agent shall not be
liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or, if so specified by this Agreement, all the
Lenders) or in the absence of its own gross negligence or willful misconduct.
The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until written notice thereof is given to the Administrative Agent by
any Borrower or a Lender, and the Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Credit
Document, (ii) the contents of any certificate, report or other document
delivered under any Credit Document or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or
conditions set forth in the Credit Document, (iv) the validity, enforceability,
effectiveness or genuineness of any Credit Document or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

            The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be
genuine and to have been signed or sent by a proper Person. An initial list of
the proper Persons with respect to the Borrowers appears on Schedule 8. Schedule
8 shall not be altered except in writing by a Person appearing thereon (or by a
successor to such Person occupying the equivalent office). The Administrative
Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any
liability for relying thereon so long as such statement, in the case of a
Borrowing Request, complies with the requirements of Section 2.03 in all

                                       57
<PAGE>

material respects (it being understood that oral notices of borrowing will be
confirmed in writing by such Borrower in accordance with Section 2.03). The
Administrative Agent may consult with legal counsel (who may be counsel for the
Borrowers), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts.

            The Administrative Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

            Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders and the Borrowers. Upon any such
resignation, the Required Lenders shall have the right, in consultation with the
Borrowers, to appoint a successor which, so long as no Event of Default is
continuing, shall be reasonably acceptable to the Borrowers. If no successor
shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, on behalf
of the Lenders, appoint a successor Administrative Agent which shall be a bank
with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrowers and such successor. After the Administrative Agent's
resignation hereunder, the provisions of this Article and Section 9.03 shall
continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by it while it was acting as Administrative Agent.

            The Lenders agree to indemnify each Agent in its capacity as such
(to the extent not reimbursed by the Borrowers and without limiting the
obligation of the Borrowers to do so), ratably according to their Commitments in
effect (or at any time after the Commitments have terminated, their Revolving
Credit Exposures) on the date on which indemnification is sought under this
Article VIII (or, if indemnification is sought after the date upon which the
Commitments shall have terminated and the Loans shall have been paid in full,
ratably in accordance with their Commitments (or, if the Commitments have
terminated earlier, their Revolving Credit Exposures) immediately prior to such
date), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind whatsoever that may at any time (whether before or after the payment of the
Loans) be imposed on, incurred by or asserted against such Agent in any way
relating to or arising out of, the Commitments, this Agreement, any of the other
Credit Documents or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken
or omitted by such Agent under or in connection with any

                                       58
<PAGE>

of the foregoing; provided that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted
from such Agent's gross negligence or willful misconduct. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable
hereunder.

            Each Lender acknowledges that it has, independently and without
reliance upon any Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently and without reliance upon any Agent or any other Lender and
based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any related agreement or any document
furnished hereunder or thereunder.

            The Co-Syndication Agents and Co-Documentation Agents shall not have
any duties or responsibilities under any Credit Document in their capacity as
such.

                                   ARTICLE IX

                                  MISCELLANEOUS

            SECTION 9.01. Notices. Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile, as follows:

            (a) if to Time Warner, to it at One Time Warner Center, New York,
      New York 10019, Attention of Chief Financial Officer (Facsimile No. (212)
      484-7175), with copies to its General Counsel (Facsimile No. (212)
      484-7167), and its Treasurer (Facsimile No. (212) 484-7151);

            (b) if to TWFI, to it at 1 North Wall Quay, Dublin 1 Ireland,
      Attention of Gillian Connolly (Facsimile No. 353-1-622-2222), with copies
      to Time Warner as specified above;

            (c) if to the Administrative Agent, to JPMorgan Chase Bank, Agent
      Bank Services Group, 9709 Bellaire Boulevard, Houston, TX 77036, Attention
      of Christine Tran (Facsimile No. 713-219-1601), with a copy to (i)
      JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017, Attention
      of Joan Fitzgibbon (Facsimile No. 212-270-4584); (ii) in the case of a
      Eurocurrency Borrowing, JPMorgan Chase Bank, London Branch, 125 London
      Wall, London, EC2Y 5AJ, Attention of Steve Clarke (Facsimile No.
      44-20-7777-2360); and (iii) in the case of a Yen Loan, JPMorgan Chase
      Bank, Tokyo Branch, 5-2-20, Akasaka, Minato-ku, Tokyo 107-6151 Japan,
      Attention of Naoko Morimoto, Banking Service Operations (Facsimile No.
      813-5570-7539);

            (d) if to a Swingline Lender, to it as may be provided by such
      Swingline Lender from time to time;

                                       59
<PAGE>

            (e) if to an Issuing Bank, to it as may be provided by such Issuing
      Bank from time to time; and

            (f) if to any other Lender, to it at its address (or facsimile
      number) set forth in its Administrative Questionnaire.

Any party hereto may change its address or facsimile number for notices and
other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement shall be deemed to have been given on the date
of receipt.

            SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights
and remedies of the Administrative Agent, the Issuing Bank and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by any Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section,
and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan or issuance of a Letter of Credit shall not be
construed as a waiver of any Default, regardless of whether the Administrative
Agent, the Issuing Bank or any Lender may have had notice or knowledge of such
Default at the time.

            (b) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing
entered into by the Borrowers and the Required Lenders or by the Borrowers and
the Administrative Agent with the consent of the Required Lenders; provided that
no such agreement shall (i) increase the Commitment of any Lender without the
written consent of such Lender, (ii) reduce the principal amount of any Loan or
reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender affected thereby, (iii) postpone the
scheduled date of payment of the principal amount of any Loan, or any interest
thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse
any such payment, or postpone the scheduled date of expiration of any
Commitment, without the written consent of each Lender affected thereby, (iv)
amend, waive, modify or otherwise change Section 2.17(b) or (c) in a manner that
would alter the pro rata sharing of payments required thereby, without the
written consent of each Lender, (v) release any Guarantor under the Guarantee
without the written consent of each Lender, or (vi) change any of the provisions
of this Section or the definition of "Required Lenders" or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend
or modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender; provided further that no
such agreement shall amend, modify or otherwise affect the rights or duties of
the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder
without the prior written consent of the Administrative Agent, the Issuing Bank
or the Swingline Lender, as the case may be.

                                       60
<PAGE>

            SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrowers
shall pay (i) all reasonable out-of-pocket expenses incurred by the Arrangers,
the Administrative Agent and its Affiliates, including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent in connection
with the syndication of the credit facilities provided for herein, the
preparation and administration of the Credit Documents or any amendments,
modifications or waivers of the provisions thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), and (ii) all
out-of-pocket expenses incurred by the Agents, the Issuing Bank or the Lenders,
including the reasonable fees, charges and disbursements of any counsel for the
Agents, the Issuing Bank or the Lenders in connection with the enforcement or
protection of its rights in connection with any Credit Document, including its
rights under this Section, or in connection with the Loans made or Letters of
Credit issued hereunder, including in connection with any workout, restructuring
or negotiations in respect thereof, it being understood that the Agents, the
Issuing Bank and the Lenders shall use, and the Borrowers shall only be required
to pay such fees, charges and disbursements of, a single counsel, unless (and to
the extent) conflicts of interests require the use of more than one counsel.

            (b) The Borrowers shall indemnify each Agent, each Issuing Bank and
each Lender, and each Related Party of any of the foregoing Persons (each such
Person being called an "Indemnitee") against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of any Credit
Documents or any agreement or instrument contemplated thereby, the performance
by the parties hereto of their respective obligations hereunder or the
consummation of the Transactions or any other transactions contemplated hereby,
(ii) any Loan or Letter of Credit or the use of, or the proposed use of, the
proceeds therefrom (including any refusal by the Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or release of Hazardous Materials
on or from any property owned or operated by any Company, or any Environmental
Liability related in any way to any Company, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses resulted from the gross negligence or willful
misconduct of such Indemnitee (or a Related Party of such Indemnitee).

            (c) To the extent that any of the Borrowers fail to pay any amount
required to be paid by them to the Administrative Agent, the Issuing Bank or the
Swingline Lender under paragraph (a) or (b) of this Section, each Lender
severally agrees to pay to the Administrative Agent, the Issuing Bank or the
Swingline Lender, as the case may be, such Lender's Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent, the
Issuing Bank or the Swingline Lender in its capacity as such.

            (d) To the extent permitted by applicable law, no Borrower shall
assert, and each Borrower hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages)

                                       61
<PAGE>

arising out of, in connection with, or as a result of, this Agreement or any
agreement or instrument contemplated hereby, the Transactions, any Loan or the
use of the proceeds thereof.

            (e) All amounts due under this Section shall be payable promptly
after written demand therefor.

            SECTION 9.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that no
Credit Party may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender except in accordance
with Section 6.04 (and any attempted assignment or transfer by such Credit Party
without such consent shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Bank that issues any Letter of Credit)
and, to the extent expressly contemplated hereby, the Related Parties of each of
the Administrative Agent, the Issuing Bank and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

            (b) Any Lender other than a Conduit Lender may assign to one or more
assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to
it); provided that (i) except in the case of an assignment to a Lender or a
Lender Affiliate, each of Time Warner and the Administrative Agent and (a) the
Swingline Lender (but only in the case of an assignment of all or a portion of a
Commitment in respect of Swingline Exposure) or (b) each Issuing Bank that has
issued Letters of Credit hereunder having an aggregate face amount in excess of
$10,000,000 at the time of such assignment (but only in the case of an
assignment of all or a portion of a Commitment in respect of LC Exposure) must
give its prior written consent to such assignment (which consent shall not be
unreasonably withheld or delayed), (ii) except in the case of an assignment to a
Lender or an Affiliate of a Lender or an assignment of the entire remaining
balance of the assigning Lender's Commitment, each assignment shall not be less
than an aggregate principal amount of $15,000,000, (iii) except in the case of
an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining balance of the assigning Lender's Commitment, the remaining
amount of the Commitment of the assigning Lender after giving effect to such
assignment shall not be less than $15,000,000 unless, in the case of clauses
(ii) or (iii), each of Time Warner and the Administrative Agent otherwise
consents, (iv) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender's rights and obligations under
this Agreement, (v) except in the case of an assignment to an Affiliate of the
assigning Lender on or about the Amendment Effective Date, the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance, together with a processing and recordation fee of $3,500, and
(vi) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire; provided further that any
consent of Time Warner otherwise required under this paragraph shall not be
required if an Event of Default under clause (h) or (i) of Article VII has
occurred and is continuing. Upon acceptance and recording pursuant to paragraph
(d) of this Section, from and after the effective date specified in each
Assignment and Acceptance, the assignee thereunder shall be a party hereto and,
to the extent of the interest assigned by such Assignment and Acceptance, have
the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from

                                       62
<PAGE>

its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lender's rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall (i)
continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03)
and (ii) continue to be subject to the confidentiality provisions hereof. Any
assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (e) of this Section. Notwithstanding
the foregoing, any Conduit Lender may assign at any time to its designating
Lender hereunder without the consent of any Borrower or the Administrative Agent
any or all of the Loans it may have funded hereunder and pursuant to its
designation agreement and without regard to the limitations set forth in the
first sentence of this Section.

            (c) The Administrative Agent, acting for this purpose as an agent of
the Borrowers, shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the "Register"). The entries in
the Register shall be conclusive, and the Borrowers, the Administrative Agent,
the Issuing Bank and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary.

            (d) Upon its receipt of a duly completed Assignment and Acceptance
executed by an assigning Lender and an assignee, the assignee's completed
Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph
(b) of this Section, the Administrative Agent shall accept such Assignment and
Acceptance and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

            (e) Any Lender other than a Conduit Lender may, without the consent
of any Borrower, the Administrative Agent or the Swingline Lender, sell
participations to one or more banks or other entities (a "Participant") in all
or a portion of such Lender's rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it);
provided that (i) such Lender's obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers, the
Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement. Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 9.02(b) that affects such Participant.
Subject to paragraph (f) of this Section, each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to
the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section.

                                       63
<PAGE>

            (f) A Participant shall not be entitled to receive any greater
payment under Section 2.14 or 2.16 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the
Borrowers' prior written consent. A Participant that would be a Foreign Lender
if it were a Lender shall not be entitled to the benefits of Section 2.16 unless
the Borrowers are notified of the participation sold to such Participant and
such Participant agrees, for the benefit of the Borrowers, to comply with
Section 2.16(e) as though it were a Lender.

            (g) Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any such pledge or assignment to a Federal Reserve
Bank, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or
substitute any such assignee for such Lender as a party hereto.

            (h) Each Borrower, upon receipt of written notice from the relevant
Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in paragraph (g) above.

            (i) Each Borrower, each Lender and the Administrative Agent hereby
confirms that it will not institute against a Conduit Lender or join any other
Person in instituting against a Conduit Lender any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding under any state bankruptcy or
similar law, for one year and one day after the payment in full of the latest
maturing commercial paper note issued by such Conduit Lender; provided, however,
that each Lender designating any Conduit Lender hereby agrees to indemnify, save
and hold harmless each other party hereto for any loss, cost, damage or expense
arising out of its inability to institute such a proceeding against such Conduit
Lender during such period of forbearance.

            SECTION 9.05. Survival. All covenants, agreements, representations
and warranties made by the Credit Parties herein and in the certificates or
other instruments delivered in connection with or pursuant to this Agreement
shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any
Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.14,
2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Loans, the expiration or termination of the Commitments or
the termination of this Agreement or any provision hereof.

            SECTION 9.06. Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Agreement and
any separate letter agreements with respect to fees payable to the

                                       64
<PAGE>

Lenders constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile shall be effective as delivery of a manually
executed counterpart of this Agreement.

            SECTION 9.07. Severability. Any provision of this Agreement held to
be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

            SECTION 9.08. Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Lender is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held by such Lender or any Affiliate of such Lender that is
primarily engaged in commercial banking activities and other indebtedness at any
time owing by such Lender to or for the credit or the account of any of the
Credit Parties (other than indebtedness related to commercial advertising and
marketing arrangements entered into in the ordinary course of business) against
any of and all the obligations of any of the Credit Parties now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or
not such Lender shall have made any demand under this Agreement and although
such obligations may be unmatured. The rights of each Lender under this Section
are in addition to other rights and remedies (including other rights of setoff)
which such Lender may have.

            SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of
Process. (a) This Agreement shall be construed in accordance with and governed
by the law of the State of New York.

            (b) Each Credit Party hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to the Credit Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding shall be
heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by
law.

            (c) Each Credit Party hereby irrevocably and unconditionally waives,
to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any court referred to
in paragraph (b) of this Section. Each of the parties hereto

                                       65
<PAGE>

hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

            (d) Each party to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

            SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

            SECTION 9.11. Headings. Article and Section headings and the Table
of Contents used herein are for convenience of reference only, are not part of
this Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

            SECTION 9.12. Confidentiality. Each of the Administrative Agent and
the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its and its
Affiliates' directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the
extent requested by any regulatory authority, (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process,
provided that in connection with any such requirement by a subpoena or similar
legal process, Time Warner is given prior notice to the extent such prior notice
is permissible under the circumstances and an opportunity to object to such
disclosure, (d) to any other party to this Agreement, (e) in connection with the
exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (f) subject to an express
agreement for the benefit of the Borrowers containing provisions substantially
the same as those of this Section, to any (i) assignee (or Conduit Lender) of or
Participant in, or any prospective assignee (or Conduit Lender) of or
Participant in, any of its rights or obligations under this Agreement or (ii)
hedging agreement counterparty (or such contractual counterparty's professional
advisor), (g) with the consent of Time Warner or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to the Administrative Agent or any Lender
on a nonconfidential basis from a source other than the Borrowers. For the
purposes of this Section, "Information" means all information received from one
or more of the Borrowers, whether oral or written, relating to the Borrowers or
their business, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by one or more of the Borrowers; provided that, in the case of
information received from one or more of the Borrowers after the date hereof,
such information is clearly identified at

                                       66
<PAGE>

the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information, including in accordance
with Regulation FD as promulgated by the SEC.

            SECTION 9.13. Acknowledgements. Each Borrower hereby acknowledges
that:

            (a) it has been advised by counsel in the negotiation, execution and
      delivery of this Agreement and the other Credit Documents;

            (b) neither the Administrative Agent nor any Lender has any
      fiduciary relationship with or fiduciary duty to any Borrower arising out
      of or in connection with this Agreement or any of the other Credit
      Documents, and the relationship between Administrative Agent and Lenders,
      on one hand, and the Borrowers, on the other hand, in connection herewith
      or therewith is solely that of debtor and creditor; and

            (c) no joint venture is created hereby or by the other Credit
      Documents or otherwise exists by virtue of the transactions contemplated
      hereby among the Lenders or among the Borrowers and the Lenders.

            SECTION 9.14. Judgment Currency. If, for the purposes of obtaining
judgment in any court, it is necessary to convert a sum due hereunder or under
any other Credit Document in one currency into another currency, the rate of
exchange used shall be that at which in accordance with normal banking
procedures the Administrative Agent could purchase the first currency with such
other currency on the Business Day preceding that on which final judgment is
given. The obligation of each of the applicable Borrowers in respect of any such
sum due from it to either the Administrative Agent or any Lender hereunder or
under any other Credit Document shall, notwithstanding any judgment in a
currency (the "Judgment Currency") other than that in which such sum is
denominated in accordance with the applicable provisions of this Agreement (the
"Agreement Currency"), be discharged only to the extent that on the Business Day
following receipt by the Administrative Agent or such Lender of any sum adjudged
to be so due in the Judgment Currency, the Administrative Agent or such Lender
may in accordance with normal banking procedures in the relevant jurisdiction
purchase the Agreement Currency with the Judgment Currency; if the amount of the
Agreement Currency so purchased is less than the sum originally adjudged to be
due to the Administrative Agent or such Lender in the Agreement Currency (as
converted on the date of final judgment), the Borrowers agree, jointly and
severally, as a separate obligation and notwithstanding any such judgment, to
indemnify the Administrative Agent or such Lender against such loss. If the
amount of the Agreement Currency so purchased is greater than the sum originally
adjudged to be due to the Administrative Agent or such Lender in such currency,
the Administrative Agent or such Lender agrees to return the amount of any
excess to the Borrowers (or to any other Person who may be entitled thereto
under applicable law). The obligations of the Borrowers contained in this
Section 9.14 shall survive the termination of this Agreement and the payment of
all other amounts owing hereunder.

            SECTION 9.15. USA Patriot Act. Each Lender hereby notifies the
Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it is required
to obtain, verify and record information that

                                       67
<PAGE>

identifies the Borrowers, which information includes the name and address of
each Borrower and other information that will allow such Lender to identify the
Borrowers in accordance with the Act.

                                       68
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and year
first above written.

                                                 TIME WARNER INC.

                                                 By_____________________________
                                                    Name:
                                                    Title

                                                 TIME WARNER FINANCE IRELAND

                                                 By_____________________________
                                                    Name:
                                                    Title:

<PAGE>

                                     JPMORGAN CHASE BANK,
                                        as Administrative Agent and as a Lender,

                                     By_________________________________________
                                        Name:
                                        Title:

                                     BANK OF AMERICA, N.A.,
                                       as Co-Syndication Agent and as a Lender,

                                     By_________________________________________
                                        Name:
                                        Title:

                                     CITIBANK, N.A.,
                                       as Co-Syndication Agent and as a Lender,

                                     By_________________________________________
                                        Name:
                                        Title:

                                     ABN AMRO BANK N.V.,
                                      as Co-Documentation Agent and as a Lender,

                                     By_________________________________________
                                        Name:
                                        Title:

                                     BNP PARIBAS,
                                      as Co-Documentation Agent and as a Lender,

                                     By_________________________________________
                                        Name:
                                        Title:

<PAGE>

                                                                   SCHEDULE 1.01

                         CALCULATION OF MANDATORY COST

The mandatory cost rate referred to in the definition of "Pound Sterling
Overnight Rate" and the "Pound Sterling Quoted Rate" in Section 1.01 of the
Credit Agreement will be the rate determined by the Administrative Agent
(rounded upward, if necessary, to four decimal places) in accordance with the
following formula (expressed as a percentage per annum):

                             CL + S(L - Z) + 0.01F
                             -----------------------
                                 100 - (C + S)

Where on the day of application of the formula:

C           The amount required to be held as a non-interest bearing cash ratio
            deposit with the Bank of England expressed as a percentage of each
            of the Reference Bank's Eligible Liabilities (above any stated
            minimum).

F           The amount of Pound Sterling per (pound)1,000,000 of the fee base of
            each Reference Bank payable to the Financial Services Authority per
            annum (disregarding any minimum fee payable under the Fees
            Regulations).

L           The rate of interest per annum at which Pound Sterling deposits of
            an amount comparable to the Borrowing or other amount are offered by
            each Reference Bank to leading banks in the London interbank market
            at or about 11:00 a.m. on the date of calculation for a period
            comparable to the period for which the Mandatory Cost is to be
            calculated; or

            The Pound Sterling Overnight Rate for the relevant day as calculated
            without taking into account the Mandatory Cost is the rate of
            interest (less margin and the Mandatory Cost) payable on that day on
            the related Borrowing pursuant to clause Section 2.12 of this
            Agreement.

S           The amount required to be placed as Special Deposits with the Bank
            of England, expressed as a percentage of each of the Reference
            Bank's Eligible Liabilities (above any stated minimum).

Z           The lower of L and the rate of interest per annum paid by the Bank
            of England on Special Deposits at or about 11:00 a.m. on the date of
            calculation.

<PAGE>

For the purposes of calculating the Mandatory Cost:

(i)         C, L, S and Z are included in the formula as numbers and not as
            percentages, e.g. if C = 0.15 percent and L = 7 percent, CL is
            calculated at 0.15 x 7;

(ii)        the formula is applied on the first day of each period for which it
            falls to be calculated (and the result shall apply for the duration
            of such period);

(iii)       each amount is rounded up to the nearest four decimal places; and

(iv)        if the formula produces a negative percentage, the percentage shall
            be taken as zero.

If alternative or additional financial requirements are imposed by the Bank of
England, the Financial Services Authority or any other fiscal, monetary or
governmental authority or agency (including the European Central Bank) which in
the Administrative Agent's reasonable opinion make the above formula (or any
element thereof, or any defined term used therein) no longer appropriate, the
Administrative Agent (following consultation with the Borrowers and the Required
Lenders) shall be entitled by notice to the Borrowers to stipulate such other
formula as shall be suitable to apply in substitution for the above formulae.
Any such variation shall, in the absence of manifest error, be conclusive and
binding on all parties and shall apply from the date specified in such notice.

For the purposes of this Schedule:

            "Bank of England Act" means the Bank of England Act 1998;

            "Eligible Liabilities" has the meaning given to that term in the
            Cash Ratio Deposits (Eligible Liabilities) Order 1998 or the
            applicable substitute order made under the Bank of England Act as in
            force on the date of application of the formula;

            "Fee Base" has the meaning given to that term in the Fees
            Regulations;

            "Fees Regulations" means the Banking Supervision (Fees) Regulations
            2001 or the applicable substitute regulations made under the Bank of
            England Act as are in force on the date of application of the
            formula; and

            "Special Deposits" has the meaning given to that term by the Bank of
            England on the date of application of the formula.

Any reference to a provision of any statute, directive, order or regulation
herein is a reference to that provision as amended or re-enacted from time to
time.
<PAGE>

                                                                   SCHEDULE 2.01

                                   COMMITMENTS

<TABLE>
<CAPTION>
                 Lender                         Commitment      Yen Commitment
                 ------                         ----------      --------------
<S>                                          <C>               <C>
JPMorgan Chase Bank                          $625,000,000.00   $104,511,278.20
Bank of America, N.A.                        $525,000,000.00   $104,511,278.20
Citibank, N.A.                               $385,000,000.00   $ 96,992,481.20
ABN AMRO Bank N.V.                           $385,000,000.00   $ 96,992,481.20
BNP Paribas                                  $385,000,000.00   $ 96,992,481.20
Deutsche Bank AG New York Branch             $300,000,000.00   $          0.00
Royal Bank of Scotland plc                   $300,000,000.00   $          0.00
Barclays Bank PLC                            $300,000,000.00   $          0.00
Westdeutsche Landesbank Girozentrale, New
  York Branch                                $300,000,000.00   $          0.00
Wachovia Bank, National Association          $300,000,000.00   $          0.00
HSBC Bank USA                                $300,000,000.00   $          0.00
The Bank of Nova Scotia                      $220,000,000.00   $          0.00
Sumitomo Mitsui Banking Corporation          $220,000,000.00   $          0.00
The Bank of Tokyo Mitsubishi Trust Company   $220,000,000.00   $          0.00
Dresdner Bank AG, New York and Grand
  Cayman Branches                            $220,000,000.00   $          0.00
Mizuho Corporate Bank, Limited               $220,000,000.00   $          0.00
Calyon New York Branch                       $220,000,000.00   $          0.00
</TABLE>

<PAGE>

<TABLE>
<S>                                          <C>               <C>
Morgan Stanley Bank                          $150,000,000.00   $          0.00
Bear Stearns Corporate Lending Inc.          $150,000,000.00   $          0.00
Lehman Brothers Bank, FSB                    $150,000,000.00   $          0.00
Merrill Lynch Bank USA                       $150,000,000.00   $          0.00
William Street Credit Corporation            $150,000,000.00   $          0.00
Credit Suisse First Boston, acting through
  its Cayman Islands Branch                  $150,000,000.00   $          0.00
Societe Generale                             $150,000,000.00   $          0.00
Commerzbank AG, New York and Grand Cayman
  Branches                                   $150,000,000.00   $          0.00
Mellon Bank, N.A.                            $ 75,000,000.00   $          0.00
The Bank of New York                         $ 75,000,000.00   $          0.00
Lloyds TSB Bank plc                          $ 75,000,000.00   $          0.00
UFJ Bank Limited New York Branch             $ 75,000,000.00   $          0.00
National Australia Bank Limited, A.C.N.      $ 75,000,000.00   $          0.00
</TABLE>

<PAGE>

                                                                SCHEDULE 2.03(A)

<TABLE>
<CAPTION>
                             A BORROWING NOTICE (PURSUANT AND SUBJECT TO
                           SECTION 2.03 OR SECTION 2.04, AS APPLICABLE) OR         PREPAYMENT NOTICE (PURSUANT TO
                           AN INTEREST ELECTION (PURSUANT TO SECTION 2.07)         SECTION 2.10) MUST BE GIVEN NOT
   LOAN TYPE:                       MUST BE GIVEN NOT LATER THAN:                            LATER THAN:
----------------           -----------------------------------------------      --------------------------------------
<S>                        <C>                                                  <C>
REVOLVING LOANS

Any Eurocurrency           11:00 am New York City time                          12:00 pm New York City time three (3)
Borrowing                  three (3) Business Days before the date of the       Business Days before the date of
                           proposed Borrowing.                                  prepayment.

Alternative Base Rate      10:00 am New York City time on the day of the        12:00 pm New York City time one (1)
Borrowing                  proposed Borrowing.                                  Business Day before the date of
                                                                                prepayment.

Pound Sterling Overnight   10:00 am London time one (1) Business Day            12:00 pm London time one (1)
Rate Borrowing             before the date of the proposed Borrowing.           Business Day before the date of
                                                                                prepayment.

Euro Overnight Rate        10:00 am London time on the day of the proposed      12:00 pm London time one (1)
Borrowing                  Borrowing (subject to the limitation in Section      Business Day before the date of
                           2.03).                                               prepayment.

TIBOR Borrowing            11:00 am Tokyo time three (3) Business Days          12:00 pm Tokyo time three (3)
                           before the date of the proposed Borrowing.           Business Days before the date of
                                                                                prepayment.

SWINGLINE LOANS

Alternative Base Rate      2:00 pm New York City time on the day of the
Borrowing                  proposed Borrowing.

Pound Sterling Overnight   10:00 am London time on the day of the proposed      12:00 pm London time one (1)
Rate or Euro Overnight     Borrowing                                            Business Day before the
Borrowing.                                                                      date of  prepayment.

Pound Sterling Quoted      3:00 pm London time on the day of the proposed       12:00 pm London time one (1)
Rate or Euro Quoted Rate   Borrowing.                                           Business Day before the date of
Borrowing                                                                       prepayment.
</TABLE>

<PAGE>

                                                                SCHEDULE 2.03(B)

                     AUTHORIZED ACCOUNT NUMBERS & LOCATIONS

TIME WARNER INC.

Currency:                  Dollar

Bank:                      JP Morgan Chase

Address:                   1 Chase Manhattan Plaza
                           New York, NY 10005

ABA:                       021000021

Account Name:              Time Warner Inc.

Account Number:            323 231098

Currency:                  Euro

Bank:                      Barclays Bank

Address:                   Hanover Square
                           London

Sort Code:                 20-30-19

SWIFT:                     BARCGB22

Account Name:              Time Warner Inc.

Account Number:            43447544

<PAGE>

Currency:                  Pounds

Bank:                      Barclays Bank

Address:                   Hanover Square
                           London

Sort Code:                 20-36-47

SWIFT:                     BARCGB22

Account Name:              Time Warner Inc.

Account Number:            60039616

TIME WARNER FINANCE IRELAND

Currency:                  Dollar

Bank:                      Citibank N.A., New York

Address:                   CITIUS33

Account Name:              Citibank N.A. Dublin (CITIIE2X)

Account Number:            10994598

For further credit to Time Warner Finance Ireland account number 8859 019

Currency:                  Euro

Bank:                      Citibank N.A., Dublin

SWIFT:                     CITIIEZX

Account Name:              Time Warner Finance Ireland

Account Number:            8859.027

<PAGE>

Currency:                  Pounds

Bank:                      Citibank N.A., London

Sort Code:                 18-50-08

SWIFT:                     CITGB2L

Account Name:              Citibank N.A.Dublin (CITIIE2X)

Account Number:            603872

For further credit to Time Warner Finance Ireland account number 8859 035

<PAGE>

                                                                   SCHEDULE 2.05

<TABLE>
<CAPTION>
                                                                       L/C            FACE AMOUNT
ISSUER         ACCOUNT PARTY        BENEFICIARY       MATURITY       NUMBER      AVAILABLE TO BE DRAWN
------         -------------        -----------       --------       ------      ---------------------
<S>            <C>                  <C>               <C>            <C>         <C>

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</TABLE>

<PAGE>

                                                                   SCHEDULE 6.08

                            UNRESTRICTED SUBSIDIARIES

1. AOL Canada, Inc.
2. AP Financing, Inc.
3. Astronaut Financing, Inc.
4. Atlanta Hawks, L. P.
5. Blade Financing, Inc.
6. Blast Financing, Inc.
7. Corruptor Financing, Inc.
8. DRC Financing, Inc.
9. Frequency Financing, Inc.
10. Invisible Financing, Inc.
11. LIS Financing, Inc.
12. LN Financing, Inc.
13. LOR Financing, Inc.
14. LS Financing, Inc.
15. Magnolia Avenue Financing, Inc.
16. NL Receivables LLC
17. Pleasantville Financing, Inc.
18. POG Financing, Inc.
19. Rush Hour Financing, Inc.
20. TAC Financing, Inc.
21. TBS Funding Corp.
22. Time Receivables Company LLC
23. TWE-NL Receivables LLC
24. TWE Receivable Trust I
25. TW Receivables, Inc.
26. Turner Arena Operations, Inc.
27. WAG Financing, Inc.
28. TWEAN Subsidiary, LLC
<PAGE>
                                                                      SCHEDULE 8

                             LIST OF PROPER PERSONS

                Name                                  Title

Wayne H. Pace                           Exec. Vice President and CFO
Raymond G. Murphy                       Vice President and Treasurer
Edward B. Ruggiero                      Vice President - Corporate Finance
Matthew A. Siegel*                      Asst. Treasurer
Eric Schott*                            Asst. Treasurer

---------------------------

*     The Administrative Agent may act upon verbal instructions from Mr. Schott
      or Mr. Siegel which will be followed by written confirmation from one of
      the other above named officers.

<PAGE>
                                                                  EXECUTION COPY

                                     FORM OF
                         AMENDED AND RESTATED GUARANTEE

            AMENDED AND RESTATED GUARANTEE, dated as of July 8, 2002 and amended
and restated as of June 30, 2004, made by TIME WARNER INC., a Delaware
corporation ("Time Warner") (f/k/a AOL Time Warner Inc.), AMERICA ONLINE, INC.,
a Delaware corporation ("AOL"), HISTORIC TW INC., a Delaware Corporation
("Historic TW") (f/k/a Time Warner Inc.), TURNER BROADCASTING SYSTEM, INC., a
Georgia corporation ("TBS"), and TIME WARNER COMPANIES, INC., a Delaware
corporation ("TWCI") (each, a "Guarantor", and collectively, the "Guarantors"),
in favor of JPMORGAN CHASE BANK, as administrative agent (in such capacity, the
"Administrative Agent") for the lenders (the "Lenders") parties to the Amended
and Restated Five-Year Credit Agreement, dated as of July 8, 2002 and amended
and restated as of June 30, 2004 (as amended, supplemented or otherwise modified
from time to time, the "Credit Agreement"), among Time Warner, Time Warner
Finance Ireland ("TWFI"), the Lenders, Bank of America, N.A. and Citibank, N.A.,
as co-syndication agents (in such capacity, the "Co-Syndication Agents"), ABN
AMRO Bank N.V. and BNP Paribas, as co-documentation agents (in such capacity,
the "Co-Documentation Agents") and the Administrative Agent.

                              W I T N E S S E T H:

            WHEREAS, the Guarantors are party to the Guarantee, dated as of July
8, 2002, made by each Guarantor in favor of the Administrative Agent (the
"Existing Guarantee");

            WHEREAS, the parties hereto have agreed to amend and restate the
Existing Guarantee as provided herein;

            WHEREAS, pursuant to the Credit Agreement, the Lenders have
severally agreed to make Loans and other extensions of credit to the Borrowers
upon the terms and subject to the conditions set forth therein;

            WHEREAS, it is a condition precedent to the obligation of the
Lenders to make their respective Loans and other extensions of credit to the
Borrowers under the Credit Agreement that the Guarantors shall have executed and
delivered this Guarantee to the Administrative Agent for the ratable benefit of
the Lenders; and

            WHEREAS, each Guarantor is an affiliate of one or more of the
Borrowers under the Credit Agreement, and it is to the advantage of each
Guarantor that the Lenders make the Loans and other extensions of credit to the
Borrowers under the Credit Agreement.

            NOW, THEREFORE, in consideration of the premises and to induce the
Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective loans and other extensions of credit
to the Borrowers under the

<PAGE>

Credit Agreement, each Guarantor hereby agrees with the Administrative Agent,
for the ratable benefit of the Lenders, that the Existing Guarantee shall be
amended and restated in its entirety as follows:

      1. Defined Terms. (a) Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

      (b) As used herein, "Designated Borrowers" means Time Warner and TWFI.

      (c) As used herein, "Guarantee" means this Amended and Restated Guarantee.

      (d) As used herein, "Obligations" means the collective reference to the
unpaid principal of and interest on the Loans and Reimbursement Obligations and
all other obligations and liabilities of each Designated Borrower to the
Administrative Agent and the Lenders (including, without limitation, interest
accruing at the then applicable rate provided in the Credit Agreement after the
maturity of the Loans and Reimbursement Obligations and interest accruing at the
then applicable rate provided in the Credit Agreement after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or
like proceeding, relating to either one or both of the Designated Borrowers
whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding), whether direct or indirect, absolute or contingent, due or to
become due, or now existing or hereafter incurred, which may arise under, out
of, or in connection with, the Credit Agreement, any Letter of Credit or any
other Credit Document, in each case whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to the
Administrative Agent or to the Lenders that are required to be paid by either
one or both of the Designated Borrowers pursuant to the terms of the Credit
Agreement or any other Credit Document).

      (e) As used herein, "Reimbursement Obligations" means the obligation of a
Designated Borrower to reimburse the Issuing Bank pursuant to Section 2.05(e) of
the Credit Agreement for amounts drawn under Letters of Credit.

      (f) As used herein, "Historic TW Obligations" has the meaning assigned to
such term in Section 2(c) of this Guarantee.

      (g) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Guarantee shall refer to this Guarantee as a whole and
not to any particular provision of this Guarantee, and section and paragraph
references are to this Guarantee unless otherwise specified.

      (h) The meanings given to terms defined herein shall be equally applicable
to both the singular and plural forms of such terms.

      2. Guarantees. (a) Each of AOL and Historic TW hereby, jointly and
severally, unconditionally and irrevocably guarantees to the Administrative
Agent, for the ratable benefit of the Lenders and their respective successors,
indorsees, transferees and assigns, the prompt and complete payment and
performance by the Designated Borrowers when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

                                       2
<PAGE>

      (b) Time Warner hereby unconditionally and irrevocably guarantees to the
Administrative Agent, for the ratable benefit of the Lenders and their
respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by TWFI when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations of TWFI.

      (c) Each of TBS and TWCI hereby, jointly and severally, unconditionally
and irrevocably guarantees to the Administrative Agent, for the ratable benefit
of the Lenders and their respective successors, indorsees, transferees and
assigns, the prompt and complete payment and performance by Historic TW when due
(whether at the stated maturity, by acceleration or otherwise) of its
obligations and liabilities under this Guarantee (the "Historic TW Obligations")
including under Section 2(a) hereof.

      (d) This Guarantee shall remain in full force and effect until the
Obligations are paid in full, no Letter of Credit shall be outstanding (unless
such Letter of Credit is cash collateralized in accordance with Section 2.05(c)
of the Credit Agreement) and the Commitments are terminated, notwithstanding
that from time to time prior thereto either one or both of the Designated
Borrowers may be free from any Obligations.

      (e) Each Guarantor agrees that whenever, at any time, or from time to
time, it shall make any payment to the Administrative Agent or any Lender on
account of its liability hereunder, it will notify the Administrative Agent and
such Lender in writing that such payment is made under this Guarantee for such
purpose.

      (f) Anything herein or in any other Credit Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the
other Credit Documents shall in no event exceed the amount which can be
guaranteed by such Guarantor under applicable federal and state laws relating to
the insolvency of debtors (after giving effect to the right of contribution
established in Section 3 hereof).

      (g) No payment or payments made by either of the Designated Borrowers, any
of the Guarantors, any other guarantor or any other Person or received or
collected by the Administrative Agent or any Lender from either of the
Designated Borrowers, any of the Guarantors, any other guarantor or any other
Person by virtue of any action or proceeding or any setoff or appropriation or
payment of the Obligations shall be deemed to modify, reduce, release or
otherwise affect the liability of any Guarantor hereunder who shall,
notwithstanding any such payment or payments (other than payments made by such
Guarantor in respect of the Obligations or payments received or collected from
such Guarantor in respect of the Obligations), remain liable for the Obligations
and, in the case of TBS and TWCI, the Historic TW Obligations, up to the maximum
liability of such Guarantor hereunder until the Obligations are paid in full, no
Letter of Credit shall be outstanding (unless such Letter of Credit is cash
collaterized in accordance with Section 2.05(c) of the Credit Agreement) and the
Commitments are terminated.

      3. Right of Contribution. Each Guarantor hereby agrees that to the extent
that a Guarantor shall have paid more than its proportionate share of any
payment made hereunder, such Guarantor shall be entitled to seek and receive
contribution from and against any other Guarantor hereunder who has not paid its
proportionate share of such payment. Each

                                       3
<PAGE>

Guarantor's right of contribution shall be subject to the terms and conditions
of Section 5 hereof. The provisions of this Section shall in no respect limit
the obligations and liabilities of any Guarantor to the Administrative Agent and
the Lenders, and each Guarantor shall remain liable to the Administrative Agent
and the Lenders for the full amount guaranteed by such Guarantor hereunder.

      4. Right of Setoff. (a) Each of AOL and Historic TW hereby authorizes each
Lender at any time and from time to time when any amounts owed by either one or
both of the Designated Borrowers under the Credit Agreement are due and payable
and have not been paid (taking into account any applicable grace periods), to
the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final), at any time held and
other indebtedness at any time owing by such Lender to or for the credit or the
account of either AOL or Historic TW (other than indebtedness related to
commercial advertising and marketing arrangements entered into in the ordinary
course of business) against any of and all of the obligations of AOL or Historic
TW, as applicable, to such Lender hereunder now or hereafter existing under the
Credit Agreement or any other Credit Document whether or not such Lender has
made any demand for payment. Each Lender shall notify AOL and/or Historic TW, as
the case may be, promptly of any such setoff and the application made by such
Lender of the proceeds thereof; provided that the failure to give such notice
shall not affect the validity of such setoff and application. The rights of each
Lender under this paragraph are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

      (b) Time Warner hereby authorizes each Lender at any time and from time to
time when any amounts owed by TWFI under the Credit Agreement are due and
payable and have not been paid (taking into account any applicable grace
periods), to the fullest extent permitted by law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final), at any
time held and other indebtedness at any time owing by such Lender to or for the
credit or the account of Time Warner (other than indebtedness related to
commercial advertising and marketing arrangements entered into in the ordinary
course of business) against any of and all of the obligations of Time Warner to
such Lender hereunder now or hereafter existing under the Credit Agreement or
any other Credit Document whether or not such Lender has made any demand for
payment. Each Lender shall notify Time Warner promptly of any such setoff and
the application made by such Lender of the proceeds thereof; provided that the
failure to give such notice shall not affect the validity of such setoff and
application. The rights of each Lender under this paragraph are in addition to
other rights and remedies (including other rights of setoff) which such Lender
may have.

      (c) Each of TBS and TWCI hereby authorizes each Lender at any time and
from time to time when any amounts owed by Historic TW under this Guarantee are
due and payable and have not been paid (taking into account any applicable grace
periods), to the fullest extent permitted by law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final), at any
time held and other indebtedness at any time owing by such Lender to or for the
credit or the account of either TBS or TWCI (other than indebtedness related to
commercial advertising and marketing arrangements entered into in the ordinary
course of business) against any of and all of the obligations of TBS or TWCI, as
applicable, to such Lender hereunder now or hereafter existing under the Credit
Agreement or any other Credit Document whether or not such Lender has made any
demand for payment. Each Lender shall notify TBS

                                       4
<PAGE>

and/or TWCI, as the case may be, promptly of any such setoff and the application
made by such Lender of the proceeds thereof; provided that the failure to give
such notice shall not affect the validity of such setoff and application. The
rights of each Lender under this paragraph are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have.

      5. No Subrogation. Notwithstanding any payment or payments made by any
Guarantor hereunder, or any setoff or application of funds of any Guarantor by
any Lender, no Guarantor shall be entitled to be subrogated to any of the rights
of the Administrative Agent or any Lender against either one or both of the
Designated Borrowers or against any collateral security or guarantee or right of
offset held by the Administrative Agent or any Lender for the payment of the
Obligations or the Historic TW Obligations, nor shall any Guarantor seek or be
entitled to seek any contribution or reimbursement from either one or both of
the Designated Borrowers in respect of payments made by such Guarantor
hereunder, until all amounts owing to the Administrative Agent and the Lenders
by the Borrowers on account of the Obligations are paid in full, no Letter of
Credit shall be outstanding (unless such Letter of Credit is cash collateralized
in accordance with Section 2.05(c) of the Credit Agreement) and the Commitments
are terminated. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Obligations shall not have been
paid in full, such amount shall be held by such Guarantor in trust for the
Administrative Agent and the Lenders, segregated from other funds of such
Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Administrative Agent in the exact form received by such Guarantor (duly
indorsed by such Guarantor to the Administrative Agent, if required), to be
applied against the Obligations, whether matured or unmatured, in such order as
the Administrative Agent may determine.

      6. Amendments, etc. with Respect to the Obligations; Waiver of Rights.
Each Guarantor shall remain obligated hereunder notwithstanding that, without
any reservation of rights against any Guarantor, and without notice to or
further assent by any Guarantor, (a) any demand for payment of any of the
Obligations and any of the Historic TW Obligations made by the Administrative
Agent or any Lender may be rescinded by the Administrative Agent or such Lender,
and any of the Obligations and any of the Historic TW Obligations continued, (b)
the Obligations and/or the Historic TW Obligations, or the liability of any
other Person upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to
time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Administrative Agent or any
Lender, (c) the Credit Agreement and any other Credit Document may be amended,
modified, supplemented or terminated, in whole or in part, and (d) any
collateral security, guarantee or right of offset at any time held by the
Administrative Agent or any Lender for the payment of the Obligations and/or the
Historic TW Obligations may be sold, exchanged, waived, surrendered or released.
Neither the Administrative Agent nor any Lender shall have any obligation to
protect, secure, perfect or insure any Lien at any time held by it as security
for the Obligations or for this Guarantee or any property subject thereto.

      7. Guarantee Absolute and Unconditional. Each Guarantor waives any and all
notice of the creation, renewal, extension or accrual of any of the Obligations
and/or any of the Historic TW Obligations and notice of or proof of reliance by
the Administrative Agent or any Lender upon this Guarantee or acceptance of this
Guarantee; the Obligations, and any of them, shall

                                       5
<PAGE>

conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon this Guarantee; and all dealings
between either one or both of the Designated Borrowers or any of the Guarantors,
on the one hand, and the Administrative Agent and the Lenders, on the other,
shall likewise be conclusively presumed to have been had or consummated in
reliance upon this Guarantee. Each Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon
either one or both of the Designated Borrowers or any Guarantor with respect to
the Obligations or the Historic TW Obligations. This Guarantee shall be
construed as a continuing, absolute and unconditional guarantee of payment
without regard to (a) the validity, regularity or enforceability of the Credit
Agreement or any other Credit Document, any of the Obligations or the Historic
TW Obligations or any other collateral security therefor or guarantee or right
of offset with respect thereto at any time or from time to time held by the
Administrative Agent or any Lender, (b) any defense, setoff or counterclaim
(other than a defense of payment or performance) which may at any time be
available to or be asserted by either one or both of the Designated Borrowers or
any other Person against the Administrative Agent or any Lender, or (c) any
other circumstance whatsoever (with or without notice to or knowledge of either
one or both of the Designated Borrowers or any Guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of either one
or both of the Designated Borrowers from the Obligations or of Historic TW from
the Historic TW Obligations, or of such Guarantor under this Guarantee, in
bankruptcy or in any other instance. When making a demand hereunder or otherwise
pursuing its rights and remedies hereunder against any Guarantor, the
Administrative Agent and any Lender may, but shall be under no obligation to,
make a similar demand on or otherwise pursue such rights and remedies as it may
have against either Designated Borrower, any other Guarantor or any other Person
or against any collateral security or guarantee for the Obligations or the
Historic TW Obligations or any right of offset with respect thereto, and any
failure by the Administrative Agent or any Lender to make any such demand, to
pursue such other rights or remedies or to collect any payments from either
Designated Borrower, any such other Guarantor or any such other Person or to
realize upon any such collateral security or guarantee or to exercise any such
right of offset, or any release of either Designated Borrower, any such other
Guarantor or any such other Person or of any such collateral security, guarantee
or right of offset, shall not relieve any Guarantor of any liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied
or available as a matter of law, of the Administrative Agent or any Lender
against any Guarantor. For the purposes hereof "demand" shall include the
commencement and continuance of any legal proceedings.

      8. Reinstatement. This Guarantee shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Obligations or any of the Historic TW Obligations is rescinded or
must otherwise be restored or returned by the Administrative Agent or any Lender
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
either one or both of the Designated Borrowers or Historic TW or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or
trustee or similar officer for, either one or both of the Designated Borrowers
or Historic TW or any substantial part of either Designated Borrower's or
Historic TW's property, or otherwise, all as though such payments had not been
made.

      9. Payments. Each Guarantor hereby agrees that payments hereunder will be
paid to the Administrative Agent without setoff or counterclaim in the
applicable Currency at the office of

                                       6
<PAGE>

the Administrative Agent located at One Chase Manhattan Plaza, New York, New
York 10081 or to such other office as designated by the Administrative Agent.

      10. Representations and Warranties. To induce the Administrative Agent and
the Lenders to enter into the Credit Agreement and to induce the Lenders to make
their respective extensions of credit to the Borrowers thereunder, each
Guarantor hereby represents and warrants to the Administrative Agent and each
Lender that the representations and warranties set forth in Article III of the
Credit Agreement (other than those set forth in Sections 3.04(c), 3.06 and 3.10
on any date other than the Amendment Effective Date) as they relate to such
Guarantor or to the Credit Documents to which such Guarantor is a party, each of
which is hereby incorporated herein by reference, are true and correct, and the
Administrative Agent and each Lender shall be entitled to rely on each of them
as if they were fully set forth herein (it being understood that any
representation or warranty set forth in Article III of the Credit Agreement that
is qualified by a reference to a certain Borrower thereunder and its
Subsidiaries taken as a whole shall not be deemed to apply to the Guarantor
individually).

      The Guarantors agree that the foregoing representation and warranty shall
be deemed to have been made by each Guarantor and shall be true and correct in
all material respects on the date of each borrowing by a Borrower under the
Credit Agreement on and as of such date of borrowing as though made hereunder on
and as of such date.

      11. Authority of Administrative Agent. Each Guarantor acknowledges that
the rights and responsibilities of the Administrative Agent under this Guarantee
with respect to any action taken by the Administrative Agent or the exercise or
non-exercise by the Administrative Agent of any option, right, request, judgment
or other right or remedy provided for herein or resulting or arising out of this
Guarantee shall, as between the Administrative Agent and the Lenders, be
governed by the Credit Agreement and by such other agreements with respect
thereto as may exist from time to time among them, but, as between the
Administrative Agent and any or all of the Guarantors, the Administrative Agent
shall be conclusively presumed to be acting as agent for the Lenders with full
and valid authority so to act or refrain from acting, and no Guarantor shall be
under any obligation, or entitlement, to make any inquiry respecting such
authority.

      12. Notices. All notices, requests and demands to or upon the
Administrative Agent, any Lender or any Guarantor shall be effected in the
manner provided in Section 9.01 of the Credit Agreement; any such notice,
request or demand to or upon any Guarantor shall be addressed to such Guarantor
at its notice address set forth on Schedule 1 hereto.

      13. Severability. Any provision of this Guarantee which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

      14. Integration. This Guarantee and the other Credit Documents represent
the agreement of each Guarantor with respect to the subject matter hereof and
there are no promises or representations by the Guarantor, the Administrative
Agent or any Lender relative to the subject matter hereof not reflected herein
or in the other Credit Documents.

                                       7
<PAGE>

      15. Amendments in Writing. None of the terms or provisions of this
Guarantee may be waived, amended, supplemented or otherwise modified except by a
written instrument executed by the applicable Guarantor and the Administrative
Agent, provided that any right, power or privilege of the Administrative Agent
or the Lenders arising under this Guarantee may be waived by the Administrative
Agent and the Lenders in a letter or agreement executed by the Administrative
Agent; provided, further, that no such amendment or waiver shall release any
material Guarantor from its obligations hereunder without the written consent of
each Lender.

      16. No Waiver; Cumulative Remedies. Neither the Administrative Agent nor
any Lender shall by any act (except by a written instrument pursuant to
paragraph 15 hereof), delay, indulgence, omission or otherwise be deemed to have
waived any right or remedy hereunder or to have acquiesced in any Default or
Event of Default or in any breach of any of the terms and conditions hereof. No
failure to exercise, nor any delay in exercising, on the part of the
Administrative Agent or any Lender, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by the
Administrative Agent or any Lender of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the
Administrative Agent or such Lender would otherwise have on any future occasion.
The rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any other rights or remedies provided
by law.

      17. Section Headings. The section headings used in this Guarantee are for
convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof.

      18. Successors and Assigns. This Guarantee shall be binding upon the
successors and assigns of each Guarantor and shall inure to the benefit of the
Administrative Agent and the Lenders and their successors and assigns; provided
that no Guarantor may assign, transfer or delegate any of its rights or
obligations under this Guarantee without the prior written consent of the
Administrative Agent.

      19. Enforcement Expenses. Each Guarantor agrees, jointly and severally, to
pay or reimburse each Lender and the Administrative Agent for all its costs and
expenses incurred in collecting against such Guarantor under this Guarantee or
otherwise enforcing or protecting any rights under this Guarantee and the other
Credit Documents to which such Guarantor is a party, including, without
limitation, the fees and disbursements of counsel to each Lender and of counsel
to the Administrative Agent.

      20. Counterparts. This Guarantee may be executed by one or more of the
Guarantors on any number of separate counterparts (including by facsimile
transmission), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

      21. Acknowledgements.

      Each Guarantor hereby acknowledges that:

                                       8
<PAGE>

      (a) it has been advised by counsel in the negotiation, execution and
delivery of this Guarantee;

      (b) neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to any Guarantor arising out of or in connection with
this Guarantee or any other Credit Document, and the relationship between any or
all of the Guarantors, on the one hand, and the Administrative Agent and
Lenders, on the other hand, in connection herewith or therewith is solely that
of debtor and creditor; and

      (c) no joint venture is created hereby or by the other Credit Documents or
otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Guarantors and the Lenders.

      22. GOVERNING LAW. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

      23. Jurisdiction; Consent to Service of Process. (a) Each Guarantor hereby
irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the Supreme Court of the State of New York sitting in
New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Guarantee, or for recognition or
enforcement of any judgment, and each Guarantor hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding shall be heard and determined in such New York State court or, to the
extent permitted by law, in such Federal court. Each Guarantor agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

      (b) Each Guarantor hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Guarantee in any court referred to in
paragraph (a) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

      (c) Each Guarantor irrevocably consents to service of process in the
manner provided for notices in paragraph 12 of this Guarantee. Nothing in this
Guarantee will affect the right of any party to this Guarantee to serve process
in any other manner permitted by law.

      24. WAIVER OF JURY TRIAL. EACH GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS GUARANTEE OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

                                       9
<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly
executed and delivered by its duly authorized officer as of the day and year
first above written.

                                    TIME WARNER INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    AMERICA ONLINE, INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    HISTORIC TW INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    TURNER BROADCASTING SYSTEM, INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    TIME WARNER COMPANIES, INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                                                      Schedule I
                                                                    to Guarantee

                               Address for Notices

TIME WARNER INC.
One Time Warner Center
New York, NY  10019
Attention:  Chief Financial Officer
Facsimile No. 212-484-7175
Attention:  General Counsel
Facsimile No. 212-484-7167

AMERICA ONLINE, INC.
2200 AOL Way
Dulles, VA  20166
Attention:  Chief Financial Officer
Facsimile No. 703-265-6481
Attention:  General Counsel
Facsimile No. 703-265-3992

HISTORIC TW INC.
One Time Warner Center
New York, NY 10019
Attention:  Treasurer
Facsimile No. 212-484-7151
Attention:  General Counsel
Facsimile No. 212-484-7167

TURNER BROADCASTING SYSTEM, INC.

1 CNN Center
Atlanta, GA  30348
Attention:  Chief Financial Officer
Facsimile No. 404-827-4069
Attention:  General Counsel
Facsimile No. 404-827-2381

TIME WARNER COMPANIES, INC.
One Time Warner Center
New York, NY 10019
Attention:  Treasurer
Facsimile No. 212-484-7151
Attention:  General Counsel
Facsimile No. 212-484-7167

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