America Online 2009 Annual Report Download - page 181
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Exhibit 10.97
EXECUTION COPY
CREDIT SUPPORT AGREEMENT dated as of December 9 , 2009 (this "Agreement"), between TIME WARNER INC.,
a Delaware corporation ("Time Warner"), and AOL INC., a Delaware corporation ("AOL").
W I T N E S S E T H:
WHEREAS Time Warner intends to effect a complete legal and structural separation (the "Spin-Off") of AOL from Time Warner on
substantially the terms and conditions described in the Registration Statement on Form 10, file no. 011-34419, filed with the Securities and Exchange
Commission on July 27, 2009, as amended from time to time;
WHEREAS in furtherance of the Spin-Off, AOL has requested that Time Warner provide, and Time Warner has agreed to provide, (a) credit
support in respect of certain of AOL's lease and trade obligations for a period not to exceed two years as more fully set forth herein and (b) a guarantee (as
amended, supplemented or otherwise modified from time to time, the "Guarantee") of AOL's obligations under the new $250,000,000 364-day senior secured
revolving credit agreement (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement") to be entered into by AOL prior to
the Spin-Off; and
WHEREAS in order to induce Time Warner to enter into this Agreement and the Guarantee and to perform its obligations hereunder and
thereunder, AOL desires to undertake certain obligations as more fully set forth below;
NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Time Warner and AOL hereby agree as follows:
SECTION 1. (a) Defined Terms. For the purpose of this Agreement, the following terms shall have the following meanings:
"Additional AOL Primary Obligation" has the meaning set forth in Section 4.
"Additional TW Support Obligation" has the meaning set forth in Section 4.
"Agreement" has the meaning set forth in the preamble.
"AOL" has the meaning set forth in the preamble.
"AOL Primary Obligations" shall mean the obligations of AOL set forth on Schedule 1 hereto.