Document:

<PAGE>

                                                                    Exhibit 10.4

                         REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of this
                                               ---------
____ day of _________, 2000 (the "Effective Date"), by and among America Online
                                  --------------
Latin America, Inc., a Delaware corporation having its principal place of
business at 6600 N. Andrews Avenue, Suite 500, Fort Lauderdale, Florida  33309
(the "Company"),  America Online, Inc., a Delaware corporation having its
      -------
principal place of business at 22000 AOL Way, Dulles, Virginia  20166 ("AOL"),
                                                                        ---
and Riverview Media Corp., a British Virgin Islands corporation having its
principal registered office at P.O. Box 12.128, Blanes Viales 5910, Monteviedo,
Uruguay ("ODC"). AOL and ODC are sometimes hereinafter referred to,
          ---
collectively, as the "Stockholders" and, individually, as a "Stockholder."
                      ------------                           -----------

     WHEREAS, the Company has an authorized capital of _________ shares of
common stock, consisting of ________ shares of Class A Common Stock, par value
$.01 per share (the "Class A Common Stock"), __________ shares of Class B Common
                     --------------------
Stock, par value $.01 per share (the "Class B Common Stock"), __________ shares
                                      --------------------
of Class C Common Stock, par value $.01 per share (the "Class C Common Stock",
                                                        --------------------
and collectively with the Class A Common Stock and the Class B Common Stock, the
"Common Stock"), and _________ shares of Preferred Stock, par value $.01 per
 ------------
share (the "Preferred Stock"), consisting of ________ shares of Series B
            ---------------
Redeemable Convertible Preferred Stock, par value $.01 per share (the "Series B
                                                                       --------
Preferred Stock"), and __________ shares of Series C Redeemable Convertible
---------------
Preferred Stock, par value $.01 per share (the "Series C Preferred Stock");
                                                ------------------------

     WHEREAS, as of the date hereof AOL owns all of the issued and outstanding
shares of Series B Preferred Stock and ODC owns all of the issued and
outstanding shares of Series C Preferred Stock;

     WHEREAS, in connection with the provisions of a Contribution Agreement of
even date herewith by and between the Company, ODC and AOL, the Company has
issued to AOL a warrant (the "Warrant") to purchase shares of Series B Preferred
                              -------
Stock and/or Class B Common Stock and/or Class A Common Stock in an aggregate
amount equal to six percent (6%) of the Company's issued and reserved capital
stock;

     WHEREAS, AOL and ODC may elect to convert any or all of the shares of
Series B Preferred Stock and Series C Preferred Stock into shares of Class B
Common Stock and Class C Common Stock, respectively;

     WHEREAS, AOL and ODC may elect to convert the shares of Class B Common
Stock and Class C Common Stock received upon conversion of the shares of Series
B Preferred Stock and Series C Preferred Stock into shares of Class A Common
Stock;

     WHEREAS, the Company, AOL and ODC have agreed that the Company shall, at
the request of a Holder (as defined herein), register under the Securities Act
(as defined herein) and register or qualify under any applicable state
securities or Blue Sky laws, shares of Class A Common Stock owned from time to
time by such Holder so as to permit the Holder to sell in the
<PAGE>

public markets the shares of Class A Common Stock into which such shares of
Class B Common Stock and Class C Common Stock are converted;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and conditions herein contained, the parties hereto hereby agree as follows:

     Section 1. Definitions
                -----------

     Section 1.1 Capitalized terms used herein without definition have the
meanings assigned to such terms in the Stockholders' Agreement (as defined
herein). As used in this Agreement, the following terms shall have the following
meanings:

     "Advice" shall have the meaning given in Section 6(c).
      ------

     "Agreement" shall have the meaning given in the Preamble.
      ---------

     "AOL" shall have the meaning given in the Preamble.
      ---

     "Business Day" shall mean any day, other than a Saturday or Sunday, on
      ------------
which federally chartered banks in the United States are open for business.

     "Class A Common Stock" shall have the meaning given in the first Whereas
      --------------------
Clause.

     "Class B Common Stock" shall have the meaning given in the first Whereas
      --------------------
Clause.

     "Class C Common Stock" shall have the meaning given in the first Whereas
      --------------------
Clause.

     "Commission" means the Securities and Exchange Commission, or any successor
      ----------
agency performing the functions currently performed by the Securities and
Exchange Commission.

     "Common Stock" shall have the meaning given in the first Whereas Clause.
      ------------

     "Company" shall have the meaning given in the Preamble.
      -------

     "Demand Filing Date" shall have the meaning given in Section 3.2.
      ------------------

     "Demand Holder" shall have the meaning given in Section 3.1.
      -------------

     "Demand Registration" shall have the meaning given in Section 3.1.
      -------------------

     "Demand Request" shall have the meaning given in Section 3.1.
      --------------

     "Effective Date" shall have the meaning given in the Preamble.
      --------------

                                       2
<PAGE>

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
      ------------
the rules and regulations of the Commission promulgated thereunder, as amended.

     "Holder" means, as of any date, AOL, ODC and each other Person to whom
      ------
either of them shall have assigned any rights hereunder in accordance with the
provisions of Section 10.6 and who owns Registrable Securities as of such date.

     "Indemnified Party" shall have the meaning given in Section 8.3.
      -----------------

     "Indemnifying Party" shall have the meaning given in Section 8.3.
      ------------------

     "IPO" means the initial public offering of the Class A Common Stock
      ---
pursuant to an offering registered under the Securities Act.

     "Lock-Up Agreement" means the agreement between each Stockholder and an
      -----------------
underwriter for the IPO, pursuant to which such Stockholder agrees that it will
not, during the Lock-Up Period (as defined below) offer to sell, contract to
sell, or otherwise sell, dispose of, loan, pledge or grant any rights with
respect to any shares of Common Stock, any options or warrants to purchase any
shares of common stock, or any securities convertible into or exchangeable for
any shares of Common Stock now owned or hereafter acquired directly by the
Stockholder or with respect to which the Stockholder has or hereafter acquires
the power of disposition.

     "Lock-Up Period" means the respective period agreed to in a Lock-Up
      --------------
Agreement by each Stockholder and an underwriter for the IPO during which time
such Stockholder agrees that it will not offer to sell, contract to sell, or
otherwise sell, dispose of, loan, pledge or grant any rights with respect to any
shares of Common Stock, any options or warrants to purchase any shares of Common
Stock, or any securities convertible into or exchangeable for any shares of
Common Stock now owned or hereafter acquired directly by the Stockholder or with
respect to which the Stockholder has or hereafter acquires the power of
disposition.

     "Losses" shall have the meaning given in Section 8.1.
      ------

     "ODC" shall have the meaning given in the Preamble.
      ---

     "Preferred Stock" shall have the meaning given in the first Whereas Clause.
      ---------------

     "Proceeding" means an action, claim, suit, investigation or proceeding
      ----------
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

     "Prospectus" means any prospectus included in a Registration Statement
      ----------
(including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective Registration
Statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus

                                       3
<PAGE>

supplement, with respect to the terms of the offering of any portion of the
Registrable Securities covered by any Registration Statement, and all other
amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference in such Prospectus.

     "Register," "Registered" and "Registration," whether or not capitalized,
      --------    ----------       ------------
mean and refer to a registration effected by preparing and filing a Registration
Statement in compliance with the Securities Act and applicable rules and
regulations thereunder, and the declaration or ordering of the effectiveness of
such Registration Statement.

     "Registrable Securities" means any shares of Class A Common Stock issued
      ----------------------
upon conversion of shares of Class B Common Stock or Class C Common Stock
issuable upon conversion of the Series B Preferred Stock and Series C Preferred
Stock, respectively; provided, however, that the shares of Class A Common Stock
that are Registrable Securities shall cease to be Registrable Securities (x)
upon the consummation of any sale of such shares pursuant to (i) an effective
Registration Statement under the Securities Act or (ii) Rule 144, (y) at such
time as such shares of Class A Common Stock (which are issued or which may
become issued upon conversion or exchange of any other security) become eligible
for sale under Rule 144(k) under the Securities Act and (z) with respect to any
Holder, on the first date when all of the Registrable Securities then held by
such Holder are eligible for sale during a single three month period under Rule
144.

     "Registration Expenses" shall have the meaning given in Section 7.
      ---------------------

     "Registration Statement" means any Registration Statement and any
      ----------------------
additional Registration Statement, including (in each case) the Prospectus,
amendments and supplements to such Registration Statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference in such Registration Statement to be filed
pursuant to the terms of this Agreement.

     "Rule 144" means Rule 144 promulgated by the Commission pursuant to the
      --------
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Rule 158" means Rule 158 promulgated by the Commission pursuant to the
      --------
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Rule 415" means Rule 415 promulgated by the Commission pursuant to the
      --------
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Securities Act" means the Securities Act of 1933, as amended, and the
      --------------
rules and regulations of the Commission promulgated thereunder, as amended.

                                       4
<PAGE>

     "Series B Preferred Stock" shall have the meaning given in the first
      ------------------------
Whereas Clause.

     "Series C Preferred Stock" shall have the meaning given in the first
      ------------------------
Whereas Clause.

     "Stockholder" shall have the meaning given in the Preamble.
      -----------

     "Stockholders' Agreement" means that certain Stockholders' Agreement of
      -----------------------
even date herewith by and among the Company, AOL and ODC.

     "Subsidiary" shall have the meaning given in the Registration Rights
      ----------
Agreement.

     "Underwritten Registration or Underwritten Offering" means a registration
      --------------------------------------------------
in connection with which securities of the Company are sold to an underwriter
for reoffering to the public pursuant to an effective Registration Statement.

     "Warrant" shall have the meaning given in the third Whereas Clause.
      -------

     Section 2. "Piggy-Back" Registrations
                --------------------------

     Section 2.1  If at any time after the IPO the Company shall determine to
register for its own account or the account of others under the Securities Act
(including (i) in connection with a public offering by the Company other than
the IPO or (ii) a demand for registration made by any stockholder of the Company
including any of the parties hereto) any of its equity securities (other than on
Form S-4 or Form S-8 or their then equivalents relating to shares of Common
Stock to be issued solely in connection with any acquisition of an entity or
business or shares of Common Stock issuable in connection with stock option or
other employee benefit plans) it shall send to each Holder written notice of
such determination and if, within 30 days after receipt of such notice, such
Holder shall so request in writing, the Company shall use its best efforts to
include in such Registration Statement all or any part of the Registrable
Securities such Holder requests to be registered.

     Section 2.2  If, in connection with any offering described in Section 2.1
of this Agreement involving an underwriting of common stock to be issued by the
Company, the managing underwriter shall impose a limitation on the number of
shares of such common stock which may be included in the Registration Statement
because in its judgment, such limitation is necessary to effect an orderly
public distribution, then, in the discretion of such managing underwriter, the
Company shall include in such Registration Statements only such portion of the
Registrable Securities with respect to which such Holders have requested
inclusion pursuant hereto as such limitation permits after the inclusion of all
shares of common stock to be registered by the Company for its own account. Any
exclusion of Registrable Securities shall be made pro rata among such Holders
seeking to include such shares, in proportion to the number of such shares
sought to be included by such Holders.

     Section 3. "Demand" Registrations
                ----------------------

                                       5
<PAGE>

     Section 3.1 At any time commencing at least 180 days after the effective
date of any registration statement covering the IPO, each Holder (a "Demand
                                                                     ------
Holder") may, from time to time, make a written request (each a "Demand
------                                                           ------
Request") for registration under the Securities Act (a "Demand Registration") of
                                                        -------------------
all or part of the Registrable Securities held by such Holder; provided,
however, that the Registrable Securities requested to be registered shall, on
the date that the Demand Request is delivered, (i) constitute at least one
percent (1%) of the shares of Common Stock outstanding, which shall include all
shares of Common Stock issuable upon conversion or exchange of all then
outstanding Preferred Stock, or (ii) have an aggregate minimum market value of
at least $50,000,000 before calculation of underwriting discounts and
commissions. Each Demand Request shall specify the number of Registrable Shares
proposed to be sold by such Demand Stockholder.

     Section 3.2 Within 15 days after receipt of each Demand Request, the
Company shall give written notice of such Demand Request to all non-requesting
Holders and shall use its best efforts to cause a Registration Statement
covering such of the Registrable Securities as may be requested by any Holders
thereof (including the Holder or Holders giving the initial notice of intent to
offer) to be filed with the Commission not later than 120 days after receipt of
a Demand Request (the "Demand Filing Date") and shall use all commercially
                       ------------------
reasonable efforts to cause the same to be declared effective by the Commission
as promptly as practicable after such filing. Both the Demand Request and any
request to join in such Demand Request shall be considered a single Demand
Request.

     Section 3.3 Notwithstanding any other provision set forth in this Section
3, no Holder shall be entitled to deliver a Demand Request within 90 days after
the effectiveness of any Registration Statement filed (i) by the Company
pursuant to an Underwritten Offering by the Company other than the IPO or (ii)
on behalf of any Demand Holder or any other Holder of demand registration rights
with respect to the Common Stock.

     Section 3.4  The Company may defer the filing (but not the preparation) of
a Registration Statement required by this Section 3 until a date not later than
120 days after the Demand Filing Date if:

          (a) at the time the Company receives the Demand Request, there is (i)
     material non-public information regarding the Company which the Board
     reasonably determines not to be in the Company's best interest to disclose
     and which the Company is not otherwise required to disclose, or (ii) there
     is a significant business opportunity (including but not limited to the
     acquisition or disposition of assets (other than in the ordinary course of
     business) or any merger, consolidation, tender offer or other similar
     transaction) available to the Company which the Board reasonably determines
     not to be in the Company's best interest to disclose; or

          (b) prior to receiving the Demand Request, the Board had determined to
     effect an Underwritten Offering and the Company had taken substantial steps
     and is proceeding with reasonable diligence to effect such offering.

                                       6
<PAGE>

A deferral of the filing of a Registration Statement pursuant to this Section
3.5 shall be lifted, and the requested Registration Statement shall be filed
forthwith, if, (x) in the case of a deferral pursuant to clause (a)(i), the
material non-public information is made public by the Company, (y) in the case
of a deferral pursuant to clause (a)(ii), the significant business opportunity
is disclosed by the Company or is terminated, or (z) in the case of a deferral
pursuant to clause (b), the proposed registration for the Company's account is
abandoned. In order to defer the filing of a registration statement pursuant to
this Section 3.5, the Company shall promptly (but in any event within 10 days),
upon determining to seek such deferral, deliver to each Demand Holder a
certificate signed by an executive officer of the Company stating that the
Company is deferring such filing pursuant to this Section 3.5 and an
approximation of the anticipated delay. Within 20 days after receiving such
certificate, the holders of a majority of the Registrable Securities held by the
Demand Holder and each other Holder and for which registration was previously
requested may withdraw such Demand Request by giving written notice to the
Company.

     Section 4. Registration Procedures
                -----------------------

     Whenever any Holder has requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall use its best efforts to
effect the registration of such Registrable Securities and in furtherance
thereof the Company shall:

          (a) prepare and file with the Commission on any appropriate form under
     the Securities Act with respect to such Registrable Securities and use its
     best efforts to cause such Registration Statement to become effective;

          (b)(i) prepare and file with the Commission such amendments, including
     post-effective amendments and supplements to the Registration Statement as
     may be necessary to keep the Registration Statement continuously effective
     as to the applicable Registrable Securities for a period of not less than
     180 days (or (1) such lesser period as is necessary for the underwriters in
     an underwritten offering to sell unsold allotments or (2) such longer
     period as may be commercially reasonable if such Registration Statement is
     for a shelf registration conducted pursuant to the provisions of Rule 415
     (or any similar provisions then in force) promulgated under the Securities
     Act); (ii) cause the related Prospectus to be amended or supplemented by
     any required Prospectus supplement, and, as so supplemented or amended, to
     be filed pursuant to Rule 424 (or any similar provisions then in force)
     promulgated under the Securities Act; (iii) respond as promptly as possible
     to any comments received from the Commission with respect to the
     Registration Statement or any amendment thereto and, as promptly as
     possible, provide the Holders true and complete copies of all
     correspondence from and to the Commission relating to the Registration
     Statement; and (iv) comply in all material respects with the provisions of
     the Securities Act and the Exchange Act with respect to the disposition of
     all Registrable Securities covered by the Registration Statement during the
     applicable period in accordance with the intended methods of disposition by
     the Stockholders thereof set forth in the Registration Statement as so
     amended or in such Prospectus as so supplemented;

                                       7
<PAGE>

          (c) (i) furnish to the Holders of Registrable Securities to be sold,
     their counsel and any managing underwriters, copies of all such documents
     proposed to be filed, which documents (other than those incorporated by
     reference) will be subject to the review of such Stockholders, their
     counsel and such managing underwriters, and (ii) cause its officers and
     directors, counsel and independent certified public accountants to respond
     to such inquiries as shall be necessary, in the reasonable opinion of
     respective counsel to such Holders and such underwriters, to conduct a
     reasonable investigation within the meaning of the Securities Act;

          (d) notify the Holders of Registrable Securities to be sold, their
     counsel and any managing underwriters as promptly as possible (and in the
     case of (i), below, not less than five (5) days prior to such filing) and
     confirm such notice in writing no later than one (1) Business Day following
     the day:

               (i) when a Prospectus or any Prospectus supplement or post-
          effective amendment to the Registration Statement is proposed to be
          filed;

               (ii) when the Commission notifies the Company whether there will
          be a "review" of such Registration Statement and whenever the
          Commission comments in writing on such Registration Statement;

               (iii) when the Registration Statement or any post-effective
          amendment thereto has become effective;

               (iv) of any request by the Commission or any other Federal or
          state governmental authority for amendments or supplements to the
          Registration Statement or Prospectus or for additional information;

               (v) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement covering
          any or all of the Registrable Securities or the initiation of any
          Proceedings for that purpose;

               (vi) when any of the representations and warranties of the
          Company contained in any agreement (including any underwriting
          agreement) contemplated hereby shall cease to be true and correct in
          all material respects;

               (vii) of the receipt by the Company of any notification with
          respect to the suspension of the qualification or exemption from
          qualification of any of the Registrable Securities for sale in any
          jurisdiction, or the initiation or threatening of any Proceeding for
          such purpose; and

               (viii) of the occurrence of any event that makes any statement
          made in the Registration Statement or Prospectus or any document
          incorporated or deemed to be incorporated therein by reference untrue
          in any material respect or that requires any revisions to the
          Registration Statement, Prospectus or other documents so

                                       8
<PAGE>

          that, in the case of the Registration Statement or the Prospectus, as
          the case may be, it will not contain any untrue statement of a
          material fact or omit to state any material fact required to be stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading;

          (e) use its best efforts to avoid the issuance of, or, if issued,
     obtain the withdrawal of (i) any order suspending the effectiveness of the
     Registration Statement or (ii) any suspension of the qualification (or
     exemption from qualification) of any of the Registrable Securities for sale
     in any jurisdiction, at the earliest practicable moment;

          (f) if requested by any managing underwriter, if any Registrable
     Securities are to be sold in connection with an Underwritten Offering, (i)
     promptly incorporate in a Prospectus supplement or post-effective amendment
     to the Registration Statement such information as the Company reasonably
     agrees should be included therein and (ii) thereafter make all required
     filings of such Prospectus supplement or such post-effective amendment as
     soon as practicable;

          (g) furnish to each Holder of Registrable Securities to be sold, their
     counsel and any managing underwriters, without charge, at least one
     conformed copy of each Registration Statement and each amendment thereto,
     including financial statements and schedules, all documents incorporated or
     deemed to be incorporated therein by reference, and all exhibits to the
     extent requested by such Person (including those previously furnished or
     incorporated by reference) promptly after the filing of such documents with
     the Commission;

          (h) promptly deliver to each Holder of Registrable Securities to be
     sold, their counsel, and any underwriters, without charge, as many copies
     of the Prospectus or Prospectuses (including each form of Prospectus) and
     each amendment or supplement thereto as such Persons may reasonably
     request; and the Company hereby consents to the use of such Prospectus and
     each amendment or supplement thereto by each of the selling Stockholders
     and any underwriters in connection with the offering and sale of the
     Registrable Securities covered by such Prospectus and any amendment or
     supplement thereto;

          (i) prior to any public offering of Registrable Securities, use its
     best efforts to register or qualify or cooperate with the selling Holders,
     any underwriters and their counsel in connection with the registration or
     qualification (or exemption from such registration or qualification) of
     such Registrable Securities for offer and sale under the securities or Blue
     Sky laws of such jurisdictions within the United States as any selling
     Holder or underwriter requests in writing, to keep each such registration
     or qualification (or exemption therefrom) effective for at least 180 days
     (or such shorter period as the applicable Registration Statement shall be
     effective)and to do any and all other acts or things necessary or advisable
     to enable the disposition in such jurisdictions of the Registrable
     Securities covered by a Registration Statement; provided, however, that the

                                       9
<PAGE>

     Company shall not be required to qualify generally to do business in any
     jurisdiction where it is not then so qualified or to take any action that
     would subject it to general service of process in any such jurisdiction
     where it is not then so subject or subject the Company to any material tax
     in any such jurisdiction where it is not then so subject;

          (j) cooperate with the selling Holders and any managing underwriters
     to facilitate the timely preparation and delivery of certificates
     representing Registrable Securities to be sold pursuant to a Registration
     Statement, which certificates shall be free, to the extent permitted by
     applicable law, of all restrictive legends, and to enable such Registrable
     Securities to be in such denominations and registered in such names as any
     such managing underwriters or Stockholders may request at least two
     Business Days prior to any sale of Registrable Securities;

          (k) upon the occurrence of any event contemplated by Section
     4(d)(viii) of this Agreement, as promptly as possible, prepare a supplement
     or amendment, including a post-effective amendment, to the Registration
     Statement or a supplement to the related Prospectus or any document
     incorporated or deemed to be incorporated therein by reference, and file
     all other required documents so that, as thereafter delivered, neither the
     Registration Statement nor such Prospectus will contain an untrue statement
     of a material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein, in light of the
     circumstances under which they were made, not misleading;

          (l) use its best efforts to cause all Registrable Securities relating
     to such Registration Statement to be listed on the securities exchange,
     quotation system, market or over-the-counter bulletin board on which
     similar securities issued by the Company are then listed;

          (m) enter into such agreements (including an underwriting agreement in
     form, scope and substance as is customary in Underwritten Offerings) and
     take all such other actions in connection therewith (including those
     reasonably requested by any managing underwriters in order to expedite or
     facilitate the disposition of such Registrable Securities, and those
     reasonably requested by the selling Holders whether or not an underwriting
     agreement is entered into):

               (i) make such representations and warranties to such selling
          Holders and such underwriters as are customarily made by issuers to
          underwriters in underwritten public offerings, and confirm the same if
          and when requested;

               (ii) in the case of an Underwritten Offering, obtain and deliver
          copies thereof to the managing underwriters, if any, of opinions of
          counsel to the Company and updates thereof addressed to each such
          underwriter, in form, scope and substance reasonably satisfactory to
          any such managing underwriters and counsel to the selling Stockholders
          covering the matters customarily covered in

                                       10
<PAGE>

          opinions requested in Underwritten Offerings and such other matters as
          may be reasonably requested by such counsel and underwriters;

               (iii) immediately prior to the effectiveness of the Registration
          Statement, and, in the case of an Underwritten Offering, at the time
          of delivery of any Registrable Securities sold pursuant thereto,
          obtain and deliver copies to the selling Holders and the managing
          underwriters, if any, of "cold comfort" letters and updates thereof
          from the independent certified public accountants of the Company (and,
          if necessary, any other independent certified public accountants of
          any Subsidiary (as defined in the Stockholders' Agreement) of the
          Company or of any business acquired by the Company for which financial
          statements and financial data is, or is required to be, included in
          the Registration Statement), addressed to each selling Holder and each
          of the underwriters, if any, in form and substance as are customary in
          connection with Underwritten Offerings;

               (iv) if an underwriting agreement is entered into, the same shall
          contain indemnification provisions and procedures no less favorable to
          the selling Holders and the underwriters than those set forth in
          Section 8 of this Agreement (or such other provisions and procedures
          acceptable to the managing underwriters and such selling Holders); and

               (v) deliver such documents and certificates as may be reasonably
          requested by the selling Holders, their counsel and any managing
          underwriters to evidence the continued validity of the representations
          and warranties made pursuant to clause (i) above and to evidence
          compliance with any customary conditions contained in the underwriting
          agreement or other agreement entered into by the Company;

          (n) make available for inspection by the selling Holders, any
     representative of such Holders, any underwriter participating in any
     disposition of Registrable Securities, and any attorney or accountant
     retained by such selling Holder or underwriters, at the offices where
     normally kept, during reasonable business hours, all financial and other
     records, pertinent corporate documents and properties of the Company and
     its subsidiaries, and cause the officers, directors, agents and employees
     of the Company and its subsidiaries to supply all information in each case
     reasonably requested by any such Holder, representative, underwriter,
     attorney or accountant in connection with the Registration Statement;
     provided, however, that any information that is determined in good faith by
     the Company to be of a confidential nature at the time of delivery of such
     information shall be kept confidential by such Persons, unless (i)
     disclosure of such information is required by court or administrative order
     or is necessary to respond to inquiries of regulatory authorities; (ii)
     disclosure of such information, in the opinion of counsel to such Person,
     is required by law; (iii) such information becomes generally available to
     the public other than as a result of a disclosure or failure to safeguard
     by such Person; or (iv) such information becomes available to such Person
     from a source other

                                       11
<PAGE>

     than the Company and such source is not known by such Person to be bound by
     a confidentiality agreement with the Company;

          (o) comply in all material respects with all applicable rules and
     regulations of the Commission and make generally available to its security
     holders earnings statements satisfying the provisions of Section 11(a) of
     the Securities Act and Rule 158 not later than 45 days after the end of any
     12-month period (or 90 days after the end of any 12-month period if such
     period is a fiscal year) (i) commencing at the end of any fiscal quarter in
     which Registrable Securities are sold to underwriters in a firm commitment
     or best efforts Underwritten Offering and (ii) if not sold to underwriters
     in such an offering, commencing on the first day of the first fiscal
     quarter of the Company after the effective date of the Registration
     Statement, which statement shall conform to the requirements of Rule 158;

          (p) require each selling Holder to furnish to the Company information
     regarding such Holder and the distribution of such Registrable Securities
     as is required by law to be disclosed in the Registration Statement, and
     the Company may exclude from such registration the Registrable Securities
     of any such selling Holder who unreasonably fails to furnish such
     information within a reasonable time after receiving such request. If the
     Registration Statement refers to any such Holder by name or otherwise as
     the holder of any securities of the Company, then such Holder shall have
     the right to require (if such reference to such Holder by name or otherwise
     is not required by the Securities Act or any similar Federal statute then
     in force) the deletion of the reference to such Holder in any amendment or
     supplement to the Registration Statement filed or prepared subsequent to
     the time that such reference ceases to be required; and

          (q) not file a Registration Statement to which the Holder of a
     majority of the Registrable Securities covered thereby or its counsel or
     any managing underwriter shall reasonably object in writing within three
     (3) Business Days of their receipt thereof

     Section 5. Lock-Up Agreement
                -----------------

     Each Holder agrees, if such Holder is so requested by the managing
underwriter in the IPO, to enter into a Lock-Up Agreement, provided that the
Lock-Up Period required therein shall not exceed 180 days.

     Section 6. Stockholder Covenants
                ---------------------

     Each Holder hereby covenants and agrees that:

          (a) it will not sell any Registrable Securities under the Registration
     Statement until it has received notice from the Company that such
     Registration Statement and any post-effective amendments thereto have
     become effective;

                                       12
<PAGE>

          (b) it and its officers, directors or Affiliates (as defined in the
     Stockholders' Agreement), if any, will comply with the Prospectus delivery
     requirements of the Securities Act as applicable to them in connection with
     sales of Registrable Securities pursuant to a Registration Statement;

          (c) upon receipt of a notice from the Company of the occurrence of any
     event of the kind described in Section 4(d)(iv), (v), (vi), (vii) and
     (viii) of this Agreement, such Holder will forthwith discontinue
     disposition of such Registrable Securities under the Registration Statement
     until such Holder's receipt of the copies of the supplemented Prospectus
     and/or amended Registration Statement or until it is advised in writing
     (the "Advice") by the Company that the use of the applicable Prospectus may
           ------
     be resumed, and, in either case, has received copies of any additional or
     supplemental filings that are incorporated or deemed to be incorporated by
     reference in such Prospectus or Registration Statement.

     Section 7. Registration Expenses
                ---------------------

     Except to the extent limited by the applicable state law, all fees and
expenses incident to the performance of or compliance with this Agreement by the
Company shall be borne by the Company whether or not pursuant to an Underwritten
Offering and whether or not any Registration Statement is filed or becomes
effective and whether or not any Registrable Securities are sold pursuant to any
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with any securities exchange or market on which Registrable
Securities are required hereunder to be listed, and (B) in compliance with state
securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel for the Stockholders in connection with Blue Sky
qualifications of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such
jurisdictions as the managing underwriters, if any, determine)); (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing Prospectuses if the printing of
Prospectuses is requested by the managing underwriters, if any; (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company; (v) Securities Act liability insurance, if the Company desires such
insurance; (vi) fees and expenses of all other Persons retained by the Company
in connection with the consummation of the transactions contemplated by this
Agreement; and (vii) all of the internal expenses of the Company incurred in
connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties, the expense of any
annual audit, the fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange as required hereunder (all
such expenses being referred to herein as "Registration Expenses"); provided,
                                           ---------------------
however, that except as expressly set forth herein, in no event shall
Registration Expenses include any underwriting discounts, commissions, or fees
attributable to the sale of the Registrable Securities or any counsel,
accountants or other persons retained by the Holders incurred in connection with
the consummation of the transactions contemplated by this Agreement.

                                       13
<PAGE>

     Section 8. Indemnification and Contribution
                --------------------------------

     Section 8.1 Indemnification by the Company. The Company shall,
                 ------------------------------
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder and their agents, brokers, investment advisors and employees of each
of them and each underwriter of the Registrable Securities and their officers,
directors, affiliates, partners and any broker or dealer through whom such
shares may be sold and each Person, if any, who controls (within the meaning of
Section 15 of the Securities Act) such Holder or any such underwriter, to the
fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, costs of
preparation and reasonable attorneys' fees) and expenses (collectively,

"Losses"), as incurred, arising out of or relating to any untrue or alleged
 ------
untrue statement of a material fact contained in any Registration Statement, any
Prospectus or any form of Prospectus or in any amendment or supplement thereto
or in any preliminary Prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus or form
of Prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading (in the case of any Prospectus or form of
Prospectus or supplement thereto, in light of the circumstances under which they
were made), except to the extent, but only to the extent, that such untrue
statements or omissions are based solely upon information regarding such Holder
furnished in writing to the Company by such Holder expressly for use therein,
which information was reasonably relied on by the Company for use therein or to
the extent that such information relates to such Holder or such Holder's
proposed method of distribution of Registrable Securities and was reviewed and
expressly approved in writing by such Holder expressly for use in any
Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto. The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding of which the Company
is aware in connection with the transactions contemplated by this Agreement.

     Section 8.2 Indemnification by Holders. Each Holder shall, severally and
                 --------------------------
not jointly, indemnify and hold harmless the Company, the directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses (as
determined by a court of competent jurisdiction in a final judgment not subject
to appeal or review) arising solely out of or based solely upon any untrue
statement of a material fact contained in any Registration Statement, any
Prospectus, or any form of Prospectus, or arising solely out of or based solely
upon any untrue statement or omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading to the
extent, but only to the extent, that such untrue statement or omission is
contained or omitted, as the case may be, in any information so furnished in
writing by such Holder to the Company specifically for inclusion in the
Registration Statement or such Prospectus and that such information was
reasonably relied upon by the Company for use in the Registration Statement,
such Prospectus or such form of Prospectus or to the extent that such
information relates to such Holder or such

                                       14
<PAGE>

Holder's proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto. In no event shall the liability of any selling
Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise
to such indemnification obligation.

     Section 8.3 Conduct of Indemnification Proceedings.
                 --------------------------------------

          (a) If any Proceeding shall be brought or asserted against any Person
     entitled to indemnity hereunder (an "Indemnified Party"), such Indemnified
                                          -----------------
     Party promptly shall notify the Person from whom indemnity is sought (the
     "Indemnifying Party") in writing, and the Indemnifying Party shall assume
     -------------------
     the defense thereof, including the employment of counsel reasonably
     satisfactory to the Indemnified Party and the payment of all fees and
     expenses incurred in connection with defense thereof; provided, that the
     failure of any Indemnified Party to give such notice shall not relieve the
     Indemnifying Party of its obligations or liabilities pursuant to this
     Agreement, except (and only) to the extent that it shall be finally
     determined by a court of competent jurisdiction (which determination is not
     subject to appeal or further review) that such failure shall have
     proximately and materially adversely prejudiced the Indemnifying Party.

          (b) An Indemnified Party shall have the right to employ separate
     counsel in any such Proceeding and to participate in the defense thereof,
     provided, however, the fees and expenses of such counsel shall be at the
     expense of such Indemnified Party or Parties unless: (1) the Indemnifying
     Party has agreed in writing to pay such fees and expenses; or (2) the
     Indemnifying Party shall have failed promptly to assume the defense of such
     Proceeding and to employ counsel reasonably satisfactory to such
     Indemnified Party in any such Proceeding; or (3) the named parties to any
     such Proceeding (including any impleaded parties) include both such
     Indemnified Party and the Indemnifying Party, and such Indemnified Party
     shall have been advised by counsel that a conflict of interest is likely to
     exist if the same counsel were to represent such Indemnified Party and the
     Indemnifying Party (in which case, if such Indemnified Party notifies the
     Indemnifying Party in writing that it elects to employ separate counsel at
     the reasonable expense of the Indemnifying Party, the Indemnifying Party
     shall not have the right to assume the defense thereof and such counsel
     shall be at the reasonable expense of the Indemnifying Party). The
     Indemnifying Party shall not be liable for any settlement of any such
     Proceeding effected without its written consent, which consent shall not be
     unreasonably withheld. No Indemnifying Party shall, without the prior
     written consent of the Indemnified Party, effect any settlement of any
     pending Proceeding in respect of which any Indemnified Party is a party,
     unless such settlement includes an unconditional release of such
     Indemnified Party from all liability on claims that are the subject matter
     of such Proceeding.

          (c) All fees and expenses of the Indemnified Party (including
     reasonable fees and expenses to the extent incurred in connection with
     investigating or preparing to defend

                                       15
<PAGE>

     such Proceeding in a manner not inconsistent with this Section) shall be
     paid to the Indemnified Party, as incurred, within ten (10) Business Days
     of written notice thereof to the Indemnifying Party (regardless of whether
     it is ultimately determined that an Indemnified Party is not entitled to
     indemnification hereunder; provided, that the Indemnifying Party may
     require such Indemnified Party to undertake to reimburse all such fees and
     expenses to the extent it is finally judicially determined that such
     Indemnified Party is not entitled to indemnification hereunder).

     Section 8.4 Contribution.
                 ------------

          (a) If a claim for indemnification under Section 8.1 or 8.2 is
     unavailable to an Indemnified Party because of a failure or refusal of a
     governmental authority to enforce such indemnification in accordance with
     its terms (by reason of public policy or otherwise), then each Indemnifying
     Party, in lieu of indemnifying such Indemnified Party, shall contribute to
     the amount paid or payable by such Indemnified Party as a result of such
     Losses, in such proportion as is appropriate to reflect the relative fault
     of the Indemnifying Party and Indemnified Party in connection with the
     actions, statements or omissions that resulted in such Losses as well as
     any other relevant equitable considerations. The relative fault of such
     Indemnifying Party and Indemnified Party shall be determined by reference
     to, among other things, whether any action in question, including any
     untrue or alleged untrue statement of a material fact or omission or
     alleged omission of a material fact, has been taken or made by, or relates
     to information supplied by, such Indemnifying Party or Indemnified Party,
     and the parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such action, statement or omission. The
     amount paid or payable by a party as a result of any Losses shall be deemed
     to include, subject to the limitations set forth herein, any reasonable
     attorneys' or other reasonable fees or expenses incurred by such party in
     connection with any Proceeding to the extent such party would have been
     indemnified for such fees or expenses if the indemnification provided for
     in this Section was available to such party in accordance with its terms.
     In no event shall the liability of any selling Holder hereunder be greater
     in amount than the dollar amount of the net proceeds received by such
     Holder upon the sale of the Registrable Securities giving rise to such
     indemnification obligation.

          (b) The parties hereto agree that it would not be just and equitable
     if contribution pursuant to this Section 8 were determined by pro rata
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the immediately
     preceding paragraph. Notwithstanding the provisions of this Section 8, no
     Stockholder shall be required to contribute, in the aggregate, any amount
     in excess of the amount by which the proceeds actually received by such
     Stockholder from the sale of the Registrable Securities subject to the
     Proceeding exceeds the amount of any damages that such Stockholder has
     otherwise been required to pay by reason of such untrue or alleged untrue
     statement or omission or alleged omission. No Person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the Securities
     Act) shall be entitled to contribution from any Person who was not guilty
     of such fraudulent misrepresentation.

                                       16
<PAGE>

          (c) The indemnity and contribution agreements contained in this
     Section 8 are in addition to any liability that the Indemnifying Parties
     may have to the Indemnified Parties.

     Section 8.5 Rule 144. Following the IPO, the Company covenants that:
                 --------

          (a) it will file the reports required to be filed by the Company under
     the Securities Act and the Exchange Act, so as to enable the Holders to
     sell Registrable Securities pursuant to Rule 144 under the Securities Act;

          (b) it shall cooperate with any Holder in connection with any sale,
     transfer or other disposition by such Holder of any Registrable Securities
     pursuant to Rule 144 under the Securities Act;

          (c) it will take such action as any Holder may reasonably request, all
     to the extent required from time to time to enable such Holder to sell its
     Common Stock without registration under the Securities Act within the
     limitation of the exemptions provided by Rule 144 promulgated under the
     Securities Act, including providing any legal opinions; and

          (d) upon the request of any Holder, it shall deliver to such Holder a
     written certification of a duly authorized officer as to whether it has
     complied with such requirements.

     Section 9. Term of Registration Rights.
                ---------------------------

     The rights of Holders with respect to the registration rights granted
pursuant to this Agreement shall remain in effect, subject to the terms hereof,
so long as there are Registrable Securities or securities which are directly or
indirectly convertible or exchangable for Registrable Securities issued and
outstanding.

     Section 10. Miscellaneous.
                 -------------

     Section 10.1 Entire Agreement; Amendments. This Agreement contains the
                  ----------------------------
entire understanding of the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with
respect to such matters.

     Section 10.2 Notices. Any and all notices or other communications or
                  -------
deliveries required or permitted to be provided pursuant to this Agreement shall
be in writing and shall be deemed to have been received (a) upon hand delivery
(receipt acknowledged) or delivery by telex (with correct answer back received),
telecopy or facsimile (with transmission confirmation report) at the address or
number designated below (if delivered on a Business Day during normal business
hours where such notice is to be received), or the first Business Day following
such delivery (if delivered on a Business Day after normal business hours where
such notice is to be received) or

                                       17
<PAGE>

(b) on the second Business Day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of
such mailing, whichever shall first occur. The address for the Company shall be:
America Online Latin America, Inc., 6600 N. Andrews Avenue, Suite 500, Fort
Lauderdale, FL 33309, USA; Attention: Chief Executive Officer; fax: (954) 772-
7089. The addresses for each Holder shall be maintained by the Company. Copies
of all notices shall be sent to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,
P.C., One Financial Center, Boston, Massachusetts 02111, Attn: Peter S.
Lawrence, Esq.; fax: (617) 542-2241, or such other address as may be designated
in writing hereafter, in the same manner, by such person.

     Section 10.3 Remedies. In the event of a breach by the Company or by a
                  --------
Holder of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

     Section 10.4 No Inconsistent Agreements. Neither the Company nor any of its
                  --------------------------
Subsidiaries has, as of the date hereof, nor shall the Company or any of its
Subsidiaries, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Company nor any of its Subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person. Without limiting the generality of the foregoing, the Company
shall not grant to any Person the right to request the Company to register any
securities of the Company under the Securities Act unless the rights so granted
are subject in all respects to the prior rights in full of the Holders, and are
not otherwise in conflict or inconsistent with the provisions of this Agreement.

     Section 10.5 Amendments and Waivers. No provision of this Agreement may be
                  ----------------------
waived or amended except in a written instrument signed, in the case of an
amendment, by the Company and the Holders; or, in the case of a waiver, by the
party against whom enforcement of any such waiver is sought. No waiver of any
default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or
omission of either party to exercise any right hereunder in any manner impair
the exercise of any such right accruing to it thereafter. Notwithstanding the
foregoing, no such amendment shall be effective to the extent that it applies to
less than all of the Holders. The Company shall not offer or pay any
consideration to a Holder for consenting to such an amendment or waiver unless
the same consideration is offered to each Holder and the same consideration is
paid to each Holder which consents to such amendment or waiver.

                                       18
<PAGE>

     Section 10.6 Successors and Assigns. This Agreement shall inure to the
                  ----------------------
benefit of and be binding upon the successors and permitted assigns of each of
the parties. The rights of each Holder hereunder, including the right to have
the Company register for resale Registrable Securities in accordance with the
terms of this Agreement, shall be automatically assignable by each Holder
together with the Registrable Security, or the securities into which such
Registrable Securities are convertible or exchangeable into, to which such
rights relate if: (a) the Holder agrees in writing with the transferee or
assignee to assign such rights, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment, (b) the Company is,
within a reasonable time after such transfer or assignment, furnished with
written notice of (i) the name and address of such transferee or assignee, and
(ii) the securities with respect to which such registration rights are being
transferred or assigned, (c) following such transfer or assignment the further
disposition of such securities by the transferee or assignee is restricted under
the Securities Act and applicable state securities laws, (d) the transferee or
assignee agrees in writing with the Company to be bound by all of the provisions
of this Agreement, and (e) such transfer shall have been made in accordance with
the applicable requirements of any agreement applicable to the transfer of such
shares, including, without limitation, the Stockholders' Agreement. The rights
to assignment shall apply to the Holders (and to subsequent) successors and
assigns.

     Section 10.7 No Third-Party Beneficiaries. This Agreement is intended for
                  ----------------------------
the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

     Section 10.8 Cumulative Remedies. The remedies provided herein are
                  -------------------
cumulative and not exclusive of any remedies provided by law.

     Section 10.9 Severability. If any term, provision, covenant or restriction
                  ------------
of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

                                       19
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                              AMERICA ONLINE LATIN AMERICA, INC.

                              By: /s/ Charles M. Herington
                                 -------------------------------
                              Name: Charles M. Herington
                                   -----------------------------
                              Title: Chief Executive Officer
                                    ----------------------------

                              AMERICA ONLINE, INC.

                              By: /s/ Gerald Sokol, Jr.
                                 -------------------------------
                              Name: Gerald Sokol, Jr.
                                   -----------------------------
                              Title: Senior Vice President and
                                     General Manager International
                                     -----------------------------

                              RIVERVIEW MEDIA CORP.

                              By: /s/ Cristina Pieretti
                                 -------------------------------
                              Name: Cristina Pieretti
                                   -----------------------------
                              Title: Attorney-in-Fact
                                    ----------------------------

                                       20<PAGE>

                                                                    Exhibit 10.7

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR
TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH LAWS, OR IF, IN
THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO AMERICA ONLINE LATIN AMERICA,
INC., AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS LEGEND SHALL BE
ENDORSED UPON ANY WARRANT ISSUED IN EXCHANGE FOR THIS WARRANT.

                WARRANT TO PURCHASE UP TO ______ SHARES OF STOCK
                     OF AMERICA ONLINE LATIN AMERICA, INC.

No.: W-1                                              ____________ __, 2000

     THIS CERTIFIES THAT, America Online, Inc. ("Holder") or its registered
assigns, for value received, is entitled to purchase, on the terms and subject
to the conditions hereinafter set forth, from America Online Latin America,
Inc., a Delaware corporation (the "Company"), at any time, and from time to
time, during the period beginning on the date hereof and ending at 5:00 p.m.
local Miami, Florida time on the tenth anniversary of the date hereof (the
"Expiration Date"), that number of shares (the "Warrant Shares") of Series B
redeemable convertible preferred stock, par value one cent ($0.01) per share, of
the Company (the "Series B Preferred Stock"), as determined in accordance with
the provisions of Section 2 hereof.

     SECTION 1. EXERCISE PRICE.  The exercise price per Warrant Share at which
this Warrant (the "Warrant") may be exercised shall be [equal to the initial
public offering price of the Class A Common Stock] ________ Dollars ($_____)
(the "Exercise Price"), as adjusted from time to time in accordance with the
provisions of Section 4 hereof.   If this Warrant is exercised for Warrant
Securities (as defined below) other than the Series B Preferred Stock, the
Exercise Price for each share of such other Warrant Securities shall be
calculated by dividing the then current Exercise Price per share of Series B
Preferred Stock by the then effective Series B Conversion Ratio (as such term is
defined in the Company's Certificate of Incorporation, as the same may be
amended and restated from time to time).

     SECTION 2. EXERCISE OF WARRANT.

     2.1.  Number of Warrant Shares for Which Warrant is Exercisable.
           ---------------------------------------------------------

          (a) Number and Type of Shares.  The number of Warrant Shares for which
              -------------------------
this Warrant may be exercised at any time prior to its expiration shall be equal
to _________________  (_________) [6% of the Company's outstanding Class A
Common Stock as of the date of this Warrant, including any shares that may be
issued upon exercise of an over-allotment option in the initial public offering
and the total number of shares of Class A Common Stock reserved for issuance
upon conversion of outstanding capital stock and up to 5% of such number of
outstanding and reserved shares to be reserved for issuance under the Company's
employee stock option plan], as adjusted and in effect at the
<PAGE>

date of any partial or full exercise of this Warrant. If any over-allotment
option is exercised by the Company's underwriters in connection with the
Company's initial public offering after the number of shares into which this
Warrant is exercisable is established, the number of shares into which this
Warrant is exercisable shall be increased appropriately. At the option of the
Holder, in its sole discretion, the Holder may exercise this Warrant for Warrant
Shares consisting of (i) shares of Series B Preferred Stock, and/or (ii) shares
of the Company's Class B common stock, par value one cent ($0.01) per share (the
"Class B Common Stock"), and/or (iii) shares of the Company's Class A common
stock, par value one cent ($0.01) per share (the "Class A Common Stock", and
collectively with the Series B Preferred Stock and the Class B Common Stock, the
"Warrant Securities"). At any time that the Holder elects to exercise this
Warrant for shares of Class B Common Stock or Class A Common Stock, the maximum
number of shares of each such class that the Holder shall be entitled to receive
shall be equal to (y) in the case of Class B Common Stock, up to that number of
shares of Class B Common Stock then issuable upon conversion of the maximum
number of shares of Series B Preferred Stock then issuable upon exercise of this
Warrant, and (z) in the case of Class A Common Stock, up to that number of
shares of Class A Common Stock then issuable upon conversion of the maximum
number of shares of Class B Common Stock then issuable upon conversion of the
maximum number of shares of Series B Preferred Stock then issuable upon exercise
of this Warrant.

           2.2.  Procedure for Exercise of Warrant.
                 ---------------------------------

                 (a) To exercise this Warrant in whole or in part, the Holder
shall deliver to the Company, at its principal executive office (or such other
office of the Company in the United States as the Company may designate by
notice in writing to the Holder) on or prior to 5:00 p.m. local Miami, Florida
time on the Expiration Date, (i) the Warrant Certificate attached hereto
completed to specify the type and number of Warrant Securities as to which the
Holder is electing to exercise under this Warrant, (ii) consideration in an
amount equal to the aggregate Exercise Price of the Warrant Securities being
purchased, consisting of (A) cash or a certified or official bank check, payable
to the order of the Company, (B) cancellation by the Holder of indebtedness of
the Company to the Holder, or (C) a combination of (A) and (B) above, and (iii)
if this Warrant is being exercised in whole or the last fraction of this Warrant
is being exercised, this Warrant.

                 (b) Notwithstanding any provisions herein to the contrary, if
the fair market value of one share of the Warrant Securities for which this
Warrant is being exercised is greater than the Exercise Price for one share of
such Warrant Securities (determined at the date of calculation, as set forth
below), in lieu of exercising this Warrant for cash, the Holder may elect to
receive shares of such Warrant Securities equal to the value (as determined
below) of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the principal office of the Company, together with the properly
endorsed Warrant Certificate, substantially in the form as attached hereto, in
which event the Company shall issue to the Holder that number of shares of such
Warrant Securities computed using the following formula:
                              WS = WSP x (FMV-EP)
                                   --------------
                                      FMV

                                       2
<PAGE>

WHERE:

WS  equals the number of shares of the applicable Warrant Securities to be
issued to the Holder;

WSP  equals the number of shares of the applicable Warrant Securities
purchasable under the Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised (at the date of such
calculation);

FMV  equals the fair market value of one share of the applicable Warrant
Securities being exercised (at the date of such calculation); and

EP  equals the per share Exercise Price of the applicable Warrant Securities (as
adjusted to the date of such calculation) of the Warrant.

For purposes of the above calculation, the fair market value ("FMV") of one
share of the Warrant Securities shall be determined in accordance with the
provisions of Section 2.3 hereof. Notwithstanding the foregoing, where there
exists a public market for the Class A Common Stock at the time of such
exercise, the FMV per share of (i) Class A Common Stock or Class B Common Stock
shall be equal to the average of the closing bid and asked prices of the Class A
Common Stock quoted in the Over-The-Counter Market Summary or the average of the
last reported sale price of the Class A Common Stock or the closing price quoted
on the Nasdaq National Market System or on any exchange on which the Class A
Common Stock is listed, whichever is applicable, as published in The Wall Street
Journal for the five (5) trading days prior to the date of determination of the
FMV, and (ii) Series B Preferred Stock shall be equal to the FMV of one share of
Class B Common Stock, calculated as set forth in clause (i) above, multiplied by
the then effective Series B Conversion Ratio.  Upon receipt of the Warrant
Certificate, the consideration, if any, and the Warrant, as applicable, the
Holder shall be deemed to be the holder of record of the Warrant Securities
issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such Warrant
Securities shall not then be actually delivered to the Holder, and the Company
shall, as promptly as practicable, and in any event within five (5) business
days thereafter, execute or cause to be executed and delivered to the Holder, or
as the Holder may direct, a certificate or certificates representing the
aggregate number of shares of Warrant Securities specified in said Warrant
Certificate.  Each stock certificate so delivered shall be in such denomination
as may be requested by the Holder.  If this Warrant shall have been exercised
only in part, the Company shall, at the time of delivery of said stock
certificate or certificates, deliver to the Holder a certificate evidencing the
fraction of this Warrant which remains exercisable.  The Company shall pay all
expenses, taxes and other charges payable in connection with the preparation,
execution and delivery of stock certificates pursuant to this Section 2.2,
except that, in case such stock certificates shall be registered in a name or
names other than the name of the Holder, funds sufficient to pay all stock
transfer taxes, which shall be payable upon the execution and delivery of such
stock certificate or certificates, shall be paid by the Holder to the Company at
the time of delivering this Warrant to the Company as mentioned above.

                                       3
<PAGE>

          2.3  Fair Market Value.  Except as set forth above, for determining
               -----------------
the FMV of one share of Warrant Securities in connection with a "net exercise"
pursuant to the provisions of Section 2.2 hereof, the following shall apply:

          (a) Agreement of the Company and the Holder.  If the Company and the
              ---------------------------------------
Holder can agree in writing as to the FMV, such agreed value shall be the FMV.
If no agreement on the FMV can be reached within five (5) days from the date of
the exercise of this Warrant, then the FMV shall be determined pursuant to
subsection (b) below.

          (b) Third Party Appraisal.  If the FMV is not agreed upon as provided
              ---------------------
in subsection (a) above within the period therein stated, then five (5) days
thereafter, an appraiser or appraisers shall be jointly selected by the Company
and the Holder, and the determination of such jointly selected appraiser or
appraisers as to the FMV shall be binding and conclusive upon all parties.  If
the Company and the Holder are unable to reach an agreement as to an appraiser,
the provisions of subsection (c) below shall apply.  For purposes of this
subsection (b), the FMV shall take into account, among other things, earnings
and book value of the Company, but shall not take into account any minority
stockholder, marketability or other such discount.

          (c) Additional Appraiser.  If the Company and the Holder do not agree
              --------------------
upon the selection of an appraiser or appraisers, as provided in subsection (b)
within the period therein stated, then, within three (3) days after the
expiration of the five (5) day period provided for in subsection (b) above, each
of the Company and the Holder shall deliver, by written notice to the other, a
list of three appraisers and each of the Company and the Holder shall select one
(1) appraiser from the list delivered by the other.  If either party falls to
deliver a list of appraisers or to select an appraiser from such list within
said three (3) day period, the other party may select an appraiser from its list
and such appraiser shall serve as the sole appraiser.  Each of the appraisers so
selected shall, within ten (10) days of being selected, determine the FMV.  If
the lower of the two (2) appraisals is at least ninety percent (90%) of the
higher appraisal, then the FMV shall be equal to the average of the two (2)
appraisals.  If the lower of the two (2) appraisals is less than ninety percent
(90%) of the higher appraisal, then the two (2) appraisers shall appoint a third
appraiser within three (3) days after the end of said ten (10) day period, and
such third appraiser shall, within ten (10) days of being selected, determine
the FMV.  The FMV shall be equal to (A) the average of (x) the third appraisal
and (y) whichever of the first two appraisals is closest in dollars to the third
appraisal or (B) the third appraisal, if such appraisal is exactly mid-way
between the first two appraisals.  The determination of such appraiser shall be
determinative of the FMV and shall be binding, final and conclusive on the
Company and the Holder.

          (d) Costs of Appraisals.  The parties shall share equally the entire
              -------------------
cost of any appraisals hereunder.

          2.4  Transfer Restriction Legend.  This Warrant and each certificate
               ---------------------------
for Warrant Securities initially issued upon exercise of this Warrant, unless at
the time of exercise such Warrant Securities are registered under the Securities
Act of 1933, as amended (the "Act"), shall bear the following legend (and any
additional legend required by any securities exchange upon

                                       4
<PAGE>

which such Warrant Securities may, at the time of such exercise, be listed and
any applicable state securities administration or commission) on the face
thereof:

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED, OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD
     OR TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH LAWS,
     OR IF, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO AMERICA ONLINE
     LATIN AMERICA, INC., AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

          2.5  Acknowledgment of Continuing Obligation.  The Company will, at
               ---------------------------------------
the time of the exercise of this Warrant, in whole or in part, upon request of
the Holder, acknowledge in writing its continuing obligation to the Holder in
respect of any rights to which the Holder shall continue to be entitled after
such exercise in accordance with this Warrant, provided, that the failure of the
Holder to make any such request shall not affect the continuing obligation of
the Company to the Holder in respect of such rights.

          2.6  Investment Representation.  The Holder of this Warrant, by
               -------------------------
acceptance hereof, acknowledges that (i) the Holder is an accredited investor
within the definition of Regulation D of the Act, (ii) this Warrant and, upon
exercise, the Warrant Securities, are being acquired solely for the Holder's own
account and not as a nominee for any other party, and for investment, and (iii)
the Holder will not offer, sell, transfer, assign or otherwise dispose of this
Warrant or the Warrant Securities issued upon exercise hereof, unless registered
under the Act and applicable state securities laws or pursuant to an opinion of
counsel reasonably satisfactory to the Company that an exemption from
registration under such laws is available.  Upon exercise of this Warrant, the
Holder shall, if requested by the Company, confirm, in writing, in a form
reasonably satisfactory to the Company, that the Warrant Securities so purchased
are being acquired solely for the Holder's own account and not as a nominee for
any party for investment.

          2.7  Fractional Shares.  No fractional shares or scrip representing
               -----------------
fractional shares shall be issued upon the exercise of this Warrant.  With
respect to any fraction of a share called for upon any exercise hereof, the
Company shall pay to the Holder an amount in cash equal to such fraction
multiplied by the current FMV of a share, determined in accordance with the
provisions of Sections 2.2 and 2.3 hereof.

          2.8  Registration Rights.  The shares of Class A Common Stock issuable
               -------------------
upon exercise of this Warrant or upon the conversion of the Class B Common Stock
that is issuable upon conversion of the Series B Preferred Stock that is
issuable upon exercise of this Warrant are entitled to registration rights
granted in and pursuant to that Registration Rights Agreement of even date
herewith by and between the Company, the Holder and the other parties named
therein.

                                       5
<PAGE>

     SECTION 3. OWNERSHIP, TRANSFER.

          3.1  Ownership of this Warrant.  The Company may deem and treat the
               -------------------------
person in whose name this Warrant is registered as the Holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in this Section 3.

          3.2  Exchange, Transfer and Replacement.  This Warrant is exchangeable
               ----------------------------------
upon the surrender hereof by the Holder to the Company at its office or agency
for new Warrants of like tenor and date representing in the aggregate the right
to purchase the number of Warrant Shares purchasable hereunder, each of such new
Warrants to represent the portion of this Warrant exchanged as shall be
designated by the Holder at the time of such surrender.  Subject to the terms of
this Warrant, this Warrant and all rights hereunder are transferable in whole or
in part upon the books of the Company by the Holder in person or by duly
authorized attorney, and a new Warrant shall be made and delivered by the
Company, of the same tenor as this Warrant but registered in the name of the
transferee, upon surrender of this Warrant duly endorsed at said office or
agency of the Company.  Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and, in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will make and deliver a new Warrant of like
tenor, in lieu of this Warrant.  This Warrant shall be promptly canceled by the
Company upon the surrender hereof in connection with any exchange, transfer or
replacement.  The Company shall pay all expenses, taxes (other than stock
transfer taxes and income taxes) and other charges payable in connection with
the preparation, execution and delivery of Warrant Securities pursuant to this
Section 3.  Notwithstanding the foregoing, this Warrant may not be transferred
to any Person other than a Wholly Owned Affiliate (as such terms are defined in
the Certificate of Incorporation) of America Online, Inc.

          SECTION 4. ADJUSTMENT OF EXERCISE PRICE.

          4.1  Adjustment of Exercise Price.
               ----------------------------

          (a) Subdivision or Combination of Shares.  If the Company, at any time
              ------------------------------------
while this Warrant is outstanding, shall subdivide or combine any of its Warrant
Securities, the Exercise Price shall be proportionately reduced, in case of
subdivision of shares, to reflect the increase in the total number of shares of
such Warrant Securities outstanding as a result of such subdivision, as at the
effective date of such subdivision, or shall be proportionately increased, in
the case of combination of shares, to reflect the reduction in the total number
of shares of such Warrant Securities outstanding as a result of such
combination, as at the effective date of such combination.

          (b) Stock Dividends.  If the Company, at any time while this Warrant
              ---------------
is outstanding, shall pay a dividend in, or make any other distribution of, any
of its Warrant Securities, the Exercise Price shall be adjusted (as at the date
of such payment or other distribution) to that price determined by multiplying
the Exercise Price in effect immediately prior such payment or other
distribution, by a fraction (i) the numerator of which shall be the total number
of shares of such Warrant Securities outstanding immediately prior to such

                                       6
<PAGE>

dividend or distribution, and (ii) the denominator of which shall be the total
number of shares of such Warrant Securities outstanding immediately after such
dividend or distribution (plus if the Company paid cash for fractional shares,
the number of additional shares which would have been outstanding had the
Company issued fractional shares in connection with said dividends).

          (c) Adjustment of the Warrant Securities.  Upon any adjustment in the
              ------------------------------------
Exercise Price as the result of the provisions of this Section 4, the number of
Warrant Securities purchasable pursuant to this Warrant shall be adjusted so
that the adjusted number of Warrant Securities shall be equal to the number of
Warrant Securities then purchasable hereunder multiplied by a fraction (i) the
numerator of which shall be the Exercise Price immediately prior to such
adjustment, and (ii) the denominator of which shall be the Exercise Price
immediately after such adjustment.

          (d) No adjustment in the Exercise Price shall be required pursuant to
Section 2.1 or this Section 4 unless such adjustment would require an increase
or decrease of at least $.05 in such price; provided, however, that any
adjustments which by reason of this subsection are not required to be made shall
be carried forward and taken into account in any subsequent adjustment required
to be made hereunder.

          (e)  Whenever the Exercise Price is adjusted, as herein provided, the
Company shall promptly cause a notice setting forth the adjusted Exercise Price
and adjusted number of Warrant Shares issuable upon exercise of each Warrant to
be mailed to the Holder, at its address appearing in the Warrant Register, and
shall cause a certified copy thereof to be mailed to its transfer agent, if any.

          (f) All calculations under Section 2.1 or this Section 4 shall be made
to the nearest cent or to the nearest share of Warrant Securities, as the case
may be.

          (g) Irrespective of any adjustments in the Exercise Price or the
number or kind of Warrant Securities purchasable upon exercise of this Warrant,
Warrants theretofore or thereafter issued may continue to express the same price
and number and kind of shares as are stated in the similar Warrants initially
issuable pursuant to this Warrant.

     (h)  If the Company shall admit any "Strategic Partner" (i.e., any Person
                                                              ----
who acquires 25% or more of the equity of the Company and who provides a
strategic benefit to the Company in the form of a contractual relationship or
contribution of material, in-kind assets) the number of Warrant Securities
purchasable pursuant to this Warrant shall be increased by an amount equal to
the number of Warrant Securities issued to the Strategic Partner multiplied by
                                                                 -------------
six percent (6%).  The Exercise Price will not be adjusted in such event.

     4.2  Reorganization, Reclassification, Recapitalization, Consolidation,
          ------------------------------------------------------------------
Merger or Sale.  If any capital reorganization, reclassification or
--------------
recapitalization of the capital stock of the Company, or consolidation or merger
of the Company, or sales of all or substantially all of its assets to another
entity, shall be effected in such a way that holders of any of the Warrant
Securities shall be entitled to receive stock, securities, cash or assets with
respect to or in exchange for any of the Warrant Securities, then, as a
condition of such reorganization,

                                       7
<PAGE>

reclassification, recapitalization, consolidation, sale or merger, lawful and
adequate provisions shall be made whereby each holder of Warrants shall
thereupon be entitled to receive, upon the basis and upon the terms and
conditions specified herein and in lieu of the Warrant Securities, such shares
of stock, securities, cash or assets as may be issued or payable with respect to
or in exchange for a number of outstanding shares of any of the Warrant
Securities equal to the number of shares of Warrant Securities as would have
been received upon exercise of the Warrants at the Exercise Price then in effect
immediately before such reorganization, reclassification, recapitalization,
consolidation, sale or merger, and in any such case appropriate provisions shall
be made with respect to the rights and interests of the holders to the end that
the provisions hereof (including without limitation provisions for adjustments
of the applicable Exercise Price) shall thereafter be applicable, as nearly as
may be practicable, in relation to any rights to acquire or shares of stock or
securities delivered to holders in connection with such reorganization,
reclassification, recapitalization, consolidation, sale or merger. Prior to the
consummation of any consolidation or merger or sale of assets of the Company,
the successor corporation resulting from such consolidation or merger, or the
purchaser of such assets, shall agree in writing to be bound by the provisions
hereof. Before taking any action that would cause an adjustment reducing the
Exercise Price below the then-existing par value of the shares of any of the
Warrant Securities issuable upon exercise of this Warrant, the Company shall
take any corporate action that may, in the opinion of its counsel, be necessary
in order that the Company may validly and legally issue fully paid and
nonassessable shares of such Warrant Securities at such adjusted Exercise Price.

     SECTION 5.  COVENANTS OF THE COMPANY.  The Company hereby covenants and
agrees that:

     5.1. Reservation of Shares.  The Company will reserve and set apart and
          ---------------------
have at all times, free from pre-emptive rights, (i) a number of shares of
authorized but unissued Series B Preferred Stock deliverable upon the exercise
of the Warrant, (ii) a number of shares of authorized but unissued Class B
Common Stock deliverable upon the conversion of the Series B Preferred Stock,
and (iii) a number of shares of authorized but unissued Class A Common Stock
deliverable upon the conversion of the Class B Common Stock issuable upon
conversion of the Series B Preferred Stock, and, in each case, any other rights
or privileges provided for herein sufficient to enable it at any time to fulfill
all its obligations hereunder.

     5.2. Avoidance of Certain Actions. The Company will not, by amendment
          ----------------------------
of its

organizational documents or through any reorganization, transfer of assets,
consolidation, merger, issue or sale of securities or otherwise, avoid or take
any action which would have the effect of avoiding the observance or performance
of any of the terms to be observed or performed hereunder by the Company, but
will at all times in good faith assist in carrying out all of the provisions of
this Warrant and in taking of all such action as may be necessary or appropriate
in order to protect the rights of the Holder of this Warrant against dilution or
other impairment.

     5.3. Governmental Approvals.  If any shares of any of the Warrant
          ----------------------
Securities required to be reserved for the purposes of exercise of this Warrant
require registration with or approval of any governmental authority under any
Federal law (other than the Act) or under any state law

                                       8
<PAGE>

before such shares may be issued upon exercise of this Warrant, the Company
will, at its expense, as expeditiously as possible, use its best efforts to
cause such shares to be duly registered or approved, as the case may be.

     5.4. Binding on Successors.  This Warrant shall be binding upon any entity
          ---------------------
succeeding to the Company by merger, consolidation or acquisition of all or
substantially all of the Company's assets.

     SECTION 6.  NOTIFICATIONS BY THE COMPANY.  In case at any time:

          (a) the Company shall declare any dividend payable in stock upon any
of the Warrant Securities or make any distribution (other than cash dividends
which are not in a greater amount per share than the most recent cash dividend
or, with respect to the Series B Preferred Stock, the stated dividend rate
thereof) to the holders of any of the Warrant Securities;

          (b) the Company shall propose to make an offer for subscription pro
rata to the holders of any of its Warrant Securities of any additional shares of
stock of any class or other rights;

          (c) there shall be proposed any other transaction of a type referred
to in Section 4 hereof, and

          (d) there shall be proposed a voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

then, in any one or more of such cases, the Company shall give written notice to
the Holder of the date on which (i) the books of the Company shall close or a
record shall be taken for such dividend, distribution, subscription rights, or
other transaction, and (ii) such reorganization, reclassification,
consolidation, merger, sale, dissolution, other transaction, liquidation or
winding-up shall take place, as the case may be.  Such notice shall also specify
the date as of which the holders of record of such shares of Warrant Securities
shall participate in such dividend, distribution or subscription rights, or
shall be entitled to exchange their Warrant Securities for, or receive in
respect of their Warrant Securities, securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, sale,
dissolution, other transaction, liquidation, or winding-up, as the case may be.
Such written notice shall be given not less than five (5) Business days prior to
the taking of the action in question.

     SECTION 7. NOTICES.  Any notice or other document required or permitted to
be given or delivered to the Holder shall be delivered at, or sent by certified
or registered mail to the Holder at the address listed in the stock records of
the Company or to such other address as shall have been furnished to the Company
in writing by such Holder in accordance herewith.  Any notice or other document
required or permitted to be given or delivered to the Company shall be delivered
at, or sent by certified or registered mail to, the principal office of the
Company, at 6600 N. Andrews Avenue, Suite 500, Fort Lauderdale, Florida 33309,
Attention: Chief Executive Officer or such other name or address as shall have
been furnished to the Holder by the Company in accordance herewith.

                                       9
<PAGE>

     SECTION 8. LIMITATION OF LIABILITY.  No provision hereof, in the absence of
affirmative action by the Holder to purchase shares of Warrant Securities, and
no mere enumeration herein of the rights or privileges of the Holder, shall (a)
give rise to any rights of the Holder as a stockholder of the Company, or (b)
give rise to any liability of the Holder for the Exercise Price or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

     SECTION 9.  GOVERNING LAW.  This Warrant shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware,
without giving effect to its conflicts of laws provisions.

     SECTION 10.  MISCELLANEOUS.  No term of this Warrant may be amended, except
with the joint written consent of the Holder and the Company.  The headings in
this Warrant are for purposes of reference only and shall not affect the meaning
or construction of any of the provisions hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

     IN WITNESS WHEREOF, America Online Latin America, Inc. has caused this
Warrant to be signed by its duly authorized officer on the date first written
above.

                              AMERICA ONLINE LATIN AMERICA, INC.

                              By: /s/ Charles M. Herington
                                  --------------------------
                              Name: Charles M. Herington
                              Title: Chief Executive Officer

                                       11
<PAGE>

                                   ASSIGNMENT

           TO BE EXECUTED BY THE REGISTERED HOLDER IF IT DESIRES AND
                 IS PERMITTED TO TRANSFER THE WITHIN WARRANT OF

                       AMERICA ONLINE LATIN AMERICA, INC.

     FOR VALUE RECEIVED, ____________________ hereby sells, assigns and
transfers unto ______________________ the right to purchase ___________ of the
number of shares of Warrant Securities covered by the within Warrant, and does
hereby irrevocably constitute and appoint ___________________, attorney to
transfer the Warrant on the books of the Company with full power of
substitution.  All capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to them in the Warrant to which this Assignment is
attached.

Signature:________________________________(SEAL)
Address: _________________________________
         _________________________________

Dated:_________________

In the presence of:           [Name of Wholly-Owned Affiliate]

_________________             By:________________________

                                    NOTICE:

     The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       12
<PAGE>

                              WARRANT CERTIFICATE

                    TO BE EXECUTED BY THE REGISTERED HOLDER
                IF IT DESIRES TO EXERCISE THE WITHIN WARRANT OF

                       AMERICA ONLINE LATIN AMERICA, INC.

     The undersigned hereby irrevocably exercises the right to purchase:

     (i)   __________ shares of Series B Preferred Stock, and/or

     (ii)  __________ shares of Class B Common Stock, and/or

     (iii) __________ shares of Class A Common Stock,

     obtainable by exercise of the within Warrant, according to the conditions
thereof and (y) herewith makes payment of the Exercise Price in the amount of
$___________ for such shares in full, or (z) elects to utilize its "net
exercise" option under Section 2.2(b) of the Warrant, in which case the
calculation of such net exercise is set forth below.  All capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to them in the
Warrant to which this Warrant Certificate is attached.

     Net Exercise (see page 3 of the Warrant for an explanation of the formula):
     ------------

For Series B Preferred Stock:

     WS = WSP x (FMV-EP) results in _____________= ____________ shares of Series
          --------------                                       B Preferred Stock
             FMV

For Class B Common Stock:

     WS = WSP x (FMV-EP) results in _____________= ___________ shares of Class B
          --------------                                       Common Stock
             FMV

For Class A Common Stock:

     WS = WSP x (FMV-EP) results in _____________= ___________ shares of Class A
          --------------                                       Common Stock
             FMV

                                       13
<PAGE>

                              Signature:___________________(SEAL)
                              Address:_____________________
                                      _____________________

Dated:_____________________

In the presence of :                     [Name of Wholly-Owned Affiliate]

___________________________               By:____________________

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]