Exhibit 10.11
MANAGEMENT AGREEMENT
This MANAGEMENT AGREEMENT is between COMCAST CABLE
COMMUNICATIONS, INC., a Delaware corporation ("Cable") and
COMCAST CORPORATION, a Pennsylvania corporation ("Comcast").
BACKGROUND
WHEREAS, subsidiaries of Cable own at least a
majority interest in the cable communications systems listed
on Schedule A attached hereto and may in the future own at
least a majority interest in certain other cable
communications systems (collectively, the "Systems"); and
WHEREAS, Comcast is experienced in the management
and operation of cable communications systems, and Cable, on
behalf and for the benefit of the Systems, has requested
Comcast to render management services in connection with the
management and operation of the Systems' multichannel video
business and any other businesses the Systems are or may be
engaged in, and Comcast is willing to do so on the terms and
conditions hereinafter set forth.
NOW, THEREFORE, the parties hereto, intending to
be legally bound hereby, agree as follows:
1. Comcast will use its best efforts to supervise the
management and operation of the day-to-day activities of the
Systems, including the expansion or rebuilding of the
Systems. Schedule A will be amended by the parties from
time to time to reflect the addition or deletion of Systems
as to which this Agreement will apply. The parties agree
that Cable's subsidiaries listed on Schedule A as owning the
Systems are intended to be third party beneficiaries and
third party obligors of this Agreement with respect to the
System or Systems owned; Comcast agrees that (at the request
of Cable) it will enter into agreements with such
subsidiaries to effect such relationships. Cable agrees
that Comcast may cause one or more of its subsidiaries
(other than Cable and its subsidiaries) to provide services
under this Agreement, and that (at the request of Comcast),
Cable will enter into agreements with such subsidiaries to
effect such relationships.
2. Specifically, and without limiting the generality
of the foregoing, Comcast will provide or arrange for and
supervise the performance of the following functions or
services:
(a) establishing procedures for the maintenance,
construction, expansion and rebuilding of the Systems;
(b) purchasing equipment and materials and providing
labor and other services for the maintenance, construction,
expansion or rebuilding of the Systems;
(c) interviewing, hiring, discharging and training
personnel;
(d) establishing office management procedures and the
administration thereof;
(e) preparing projections including (i) a breakdown of
capital requirements, (ii) annual operating budgets and
(iii) cash flow analyses;
(f) preparing sales and marketing programs,
including newspaper, radio and other advertising, direct
selling and special events activities;
(g) preparing monthly reports regarding operations and
general developments in the cable communications industry;
(h) providing accounting, computer, tax, internal
audit, risk management, finance, treasury, investor
relations, legal and regulatory services;
(i) providing programming; and
(j) hiring and conducting the relationships with
consultants, accountants, lenders, technical advisors,
attorneys, investment bankers and appraisers.
3. As compensation for such services, Comcast will be
paid the following fees:
(a) An annual management fee in an amount equal
to six percent (6%) of gross revenues from all sources of
the Systems.
(b) An annual accounting services fee in the amounts
indicated in Cable's books and records for fiscal years 1992
to 1996, and in an amount of up to one percent (1%) of the
gross revenues from all sources of the Systems for each
fiscal year after 1996. Of such fee, six percent (6%) has
been and will be paid on account of related computer and
information services.
(c) Each such fee will be paid in monthly
installments in arrears based on good faith estimates, and
appropriate adjustments based on actual gross revenues will
be made following completion of the Systems' financial
statements for a fiscal year.
4. Comcast will be entitled to reimbursement from
Cable for Comcast's actual costs in rendering services
hereunder, including without limitation salaries and
benefits (including without limitation health and welfare,
retirement investment plan
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(401K) and restricted stock) of Cable Division divisional, regional and area
employees; rent, leasehold, office and related expenses of Cable Division
divisional, regional and area offices; and insurance (including any
retainages or deductibles paid). Such reimbursement will be made monthly in
arrears.
5. (a) Notwithstanding the provisions of paragraph 4, and in addition
to the payments required to be made pursuant to paragraph 4, Cable will pay
Comcast for programming (other than pay-per-view) provided by Comcast to a
System an amount which will not exceed that which the System would pay in an
arm's-length transaction to the provider of the programming services if such
System were a stand-alone operator of a cable television system with a
subscriber base equal to that of such System. Such payment will be made
monthly in arrears.
(b) Comcast will remit to Cable or its
subsidiaries promptly following its receipt by Comcast, any
amount received by Comcast on or for the account of the
Systems (including without limitation any commissions on
sales of merchandise by a home shopping service to the
Systems' subscribers) to which Comcast is not entitled to be
paid hereunder.
6. Notwithstanding the provisions of paragraph 4, and
in addition to the payments required to be made pursuant to
paragraph 4, Cable will pay Comcast in respect of income
taxes of Comcast or any of its other subsidiaries as Comcast
directs, provided that the cumulative sum of such payments
will not exceed the cumulative sum of income taxes which
Cable and its subsidiaries would have paid: (a) in respect
of federal and state income taxes if Cable and its
subsidiaries had at all times (including at all times prior
to the date hereof) filed a separate consolidated federal
income tax return, with Cable as the "common parent" (within
the meaning of Section 1504 of the Internal Revenue Code);
and (b) taking into account all net operating loss
carryforwards pursuant to Section 172 of the Internal
Revenue Code that would have been available to Cable and its
subsidiaries had they filed a separate return.
7. (a) The parties acknowledge that Comcast or a
subsidiary has entered into the agreements listed on
Schedule B attached hereto (the "Other Agreements") pursuant
to which Comcast or the subsidiary provides management,
programming, tax sharing and other services to the
subsidiary of Cable indicated on Schedule B. The parties
agree that the terms and conditions of this Agreement
supercede and supplement the terms and conditions of the
Other Agreements to the extent that they are not
inconsistent or in conflict with, or limited, restricted or
prohibited by, the terms and conditions of the Other
Agreements, or to the extent that their application requires
a consent of a third party under the Other Agreements or any
other agreement (in which case the terms and conditions of
the Other Agreements will prevail).
(b) The parties acknowledge that certain
subsidiaries of Cable have entered into, or may in the
future enter into, agreements with lenders to the Systems
which limit, restrict or prohibit such subsidiaries from
providing funds to Cable for
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Cable's use in its making payments to Comcast hereunder. The parties
acknowledge that for so long as they remain in effect, the terms and
conditions of such agreements will be complied with by such subsidiaries but
such compliance will not relieve Cable of any of its obligations under this
Agreement.
(c) Any amounts which are not paid when they
otherwise would have been paid as a result of the operation
of this paragraph 7 will be paid (without interest thereon)
as soon as the provision which prohibited payment lapses,
expires or terminates.
8. Comcast may, in connection with the management and
operation of the Systems, be requested to render services or
furnish facilities or equipment beyond the services to be
performed under this Agreement. In such case, if Comcast
agrees to perform as requested, it will be entitled to be
paid for such services, facilities or equipment in addition
to the compensation or reimbursement to be paid pursuant to
this Agreement, at rates to be agreed by Comcast and Cable.
9. Comcast will not, under any circumstances, be held
liable for the results of operations or liabilities of the
Systems, so long as Comcast performs its duties hereunder in
good faith. Comcast will not be held to have incurred any
liability to Cable, any of Cable's subsidiaries or any third
party by virtue of any action taken or omitted to be taken
in good faith by Comcast in discharge of its duties
hereunder, and Cable agrees to indemnify Comcast and hold
Comcast harmless with respect to any and all claims that may
be made against Comcast in respect thereof.
10. Cable acknowledges that Comcast is engaged
directly or through subsidiaries and affiliates in various
other businesses. Nothing herein will be construed to
prevent the continued involvement of Comcast or any of its
subsidiaries or affiliates in other businesses, whether such
involvement now exists or occurs in the future.
11. This Agreement will be deemed effective as of
January 1, 1992 and will terminate on such date as Comcast
no longer directly or indirectly owns at least a majority
interest in Cable.
IN WITNESS WHEREOF, the parties hereto have executed and
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delivered this Management Agreement on April 24, 1997.
COMCAST CABLE COMMUNICATIONS, INC.
By: /s/ Arthur R. Block
------------------------------
Title: VICE PRESIDENT
---------------------------
COMCAST CORPORATION
By: /s/ Arthur R. Block
-------------------------------
Title: VICE PRESIDENT
----------------------------
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Schedule A
SYSTEM NAME SYSTEM ID ENTITY NAME REGION
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Baltimore County (MD) 105 Comcast Cablevision of Maryland Limited Partnership Cable--Mid-Atlantic
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Bartow/Sebring (FL) 473 Storer Communications, Inc. Cable--Southeast
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Broward County (FL) 440 Comcast Cablevision of Hallandale, Inc. Cable--Southeast
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Broward County (FL) 440 Comcast Cablevision of Broward County, Inc. Cable--Southeast
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Burlington County (NJ) 825 Comcast Cablevision of Burlington County, Inc. Cable--Northeast
- ----------------------------------------------------------------------------------------------------------------------------------
Central (NJ) 830 Comcast Cablevision of Central Cable--Northeast
New Jersey, Inc.
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Charleston (SC) 485 Comcast Cablevision of Carolina, Inc. Cable--Southeast
- ----------------------------------------------------------------------------------------------------------------------------------
Chattanooga (GA/TN) 425 Comcast Cablevision of the South Cable--Southeast
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Chesterfield (VA) 180 Comcast Cablevision of Cable--Mid-Atlantic
Chesterfield County, Inc.
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Clinton (CT) 340 New England Microwave, Inc. Cable--East/West
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Clinton (CT) 340 Comcast Cablevision of Clinton, Inc. Cable--East/West
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Colorado (CO) 425 Comcast SCH Holdings, Inc. Cable--East/West
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Corinth (MS/TN) 520 Comcast Cable Investors, Inc. Cable--South Central
- ----------------------------------------------------------------------------------------------------------------------------------
Danbury (CT) 361 Comcast Cablevision of Danbury, Inc. Cable--East/West
- ----------------------------------------------------------------------------------------------------------------------------------
Detroit (MI) 245 Comcast Cablevision of Detroit Cable--Midwest
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Dothan/Marianna (AL/FL) 455 Comcast Cablevision of Marianna, Inc. Cable--South Central
- ----------------------------------------------------------------------------------------------------------------------------------
Dothan/Marianna (FL) 455 Comcast Cablevision of Dothan, Inc. Cable--South Central
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Dover (DE) 150 Comcast Cablevision of Delmarva, Inc. Cable--Mid-Atlantic
- ----------------------------------------------------------------------------------------------------------------------------------
Downriver/Taylor (MI) 240 Comcast Cablevision of Inkster Cable--Midwest
Limited Partnership
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Downriver/Taylor (MI) 240 Comcast Cablevision of Taylor, Inc. Cable--Midwest
SYSTEM NAME SYSTEM ID ENTITY NAME REGION
- -------------------------------- ------------- ---------------------------------------------------------------------------------
Flint/Hillsdale (MI) 211 Comcast Cablevision of Flint, Inc. Cable--Midwest
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Flint/Hillsdale (MI) 230 Comcast Cablevision of Flint, Inc. Cable--Midwest
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Florence (The Shoals) (AL) 503 Comcast Cablevision of the Cable--South Central
Shoals, Inc.
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Fort Wayne (IN/OH) 250 Comcast Cablevision of Fort Cable--Mid-Atlantic
Wayne Limited Partnership
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Gadsden (AL) 505 Comcast Cablevision of Gadsden, Inc. Cable--South Central
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Gloucester County (NJ) 835 Comcast Cablevision of Cable--Northeast
Gloucester County, Inc.
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Grosse Pointe (MI) 215 Comcast Cablevision of Grosse Cable--Midwest
Pointe, Inc.
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Groton (CT) 343 Coastal Cable TV, Inc. Cable--East/West
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Groton (CT) 343 Comcast Cablevision of Groton, Inc. Cable--East/West
- -----------------------------------------------------------------------------------------------------------------------------------
Harford County (MD) 120 Comcast Cablevision of Harford Cable--Mid-Atlantic
County, Inc.
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Howard County (MD) 160 Comcast Cablevision of Howard Cable--Mid-Atlantic
County, Inc.
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Huntsville (AL) 507 Comcast Cablevision of Cable--South Central
Huntsville, Inc.
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Indianapolis (IN) 255 Comcast Cablevision of Cable--Mid-Atlantic
Indianapolis, L.P.
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Inland Empire (CA) 383 Comcast Cablevision of San Cable--East/West
Bernardino, Inc.
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Inland Empire (CA) 383 Comcast Cablevision of Inland Cable--East/West
Valley, Inc.
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Jersey City (NJ) 850 Comcast Cablevision of Jersey Cable--Northeast
City, Inc.
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Knoxville (TN) 420 Comcast Cablevision of the South Cable--Southeast
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Lake County (FL) 450 Comcast SCH Holdings, Inc. Cable--Southeast
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Laurel (MS) 523 Comcast Cablevision of Laurel, Inc. Cable--South Central
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Little Rock (AR) 555 Comcast Cablevision of Arkansas, Inc. Cable--Midwest
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Little Rock (AR) 545 Comcast Cablevision of Bryant, Inc. Cable--Midwest
SYSTEM NAME SYSTEM ID ENTITY NAME REGION
- -------------------------------- ------------- -------------------------------- -----------------------
Little Rock (AR) 550 Comcast Cablevision of Little Cable--Midwest
Rock, Inc.
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Lompoc (CA) 385 Comcast Cablevision of Lompoc, Inc. Cable--East/West
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Lower Merion (PA) 810 Comcast Cablevision of Lower Cable--Northeast
Merion, Inc.
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Meadowlands (NJ) 375 Comcast Cablevision of the Cable--Northeast
Meadowlands, Inc.
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Meridian (MS) 525 Comcast Cablevision of Meridian, Inc. Cable--South Central
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Middletown (CT) 363 Comcast Cablevision of Cable--East/West
Middletown, Inc.
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Mobile (AL) 528 Comcast Cablevision of Mobile, Inc. Cable--South Central
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Monmouth (NJ) 310 Comcast Cablevision of Monmouth Cable--Northeast
County, Inc.
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N. Dekalb (FL/GA/SC/TN) 540 Comcast Cablevision of the South Cable--South Central
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New Haven (CT) 346 Comcast Cablevision of New Cable--East/West
Haven, Inc.
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Northwest (NJ) 315 Comcast Cablevision of Northwest Cable--Northeast
New Jersey, Inc.
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Ocean County (NJ) 320 Comcast Cablevision of Ocean Cable--Northeast
County, Inc.
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Orange County (CA) 381 Comcast Cablevision of North Cable--East/West
Orange, Inc.
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Orange County (CA) 381 Comcast Cablevision of Newport Cable--East/West
Beach, Inc.
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Orange County (CA) 381 Comcast Cablevision of Fontana, Inc. Cable--East/West
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Orange County (CA) 381 Comcast Cablevision of Seal Cable--East/West
Beach, Inc.
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Orange County (CA) 381 Comcast Cablevision of Santa Cable--East/West
Ana, Inc.
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Paducah (IL/KY) 515 Comcast Cablevision of Paducah, Inc. Cable--South Central
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Palm Beach County/Boca (FL) 435 Comcast Cablevision of Boca Cable--Southeast
Raton, Inc.
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Palm Beach County/Boca (FL) 435 Comcast Cablevision of West Palm Cable--Southeast
Beach, Inc.
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SYSTEM NAME SYSTEM ID ENTITY NAME REGION
- -------------------------------- ------------- -------------------------------- ----------------------
Panama City (FL) 410 Comcast Cablevision of Panama Cable--South Central
City, Inc.
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Philadelphia III/IV (PA) 815 Comcast Cablevision of Cable--Northeast
Philadelphia, L.P.
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Plainfield (NJ) 318 Comcast Cablevision of Cable--Northeast
Plainfield, Inc.
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Pontiac/Waterford (MI) 222 Comcast Cable Investors, Inc. Cable--Midwest
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Rehoboth Beach (DE) 185 Comcast Cablevision of Delmarva, Inc. Cable--Mid-Atlantic
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Rome (GA) 543 Comcast Cablevision of the South Cable--South Central
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Sacramento (CA) 379 Comcast Cablevision of Cable--Northeast
Sacramento
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Salisbury (DE/MD) 165 Comcast Cablevision of Delmarva, Inc. Cable--Mid-Atlantic
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Santa Maria (CA) 386 Comcast Cablevision of Santa Cable--East/West
Maria, Inc.
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Simi Valley (CA) 387 Comcast Cablevision of Simi Cable--East/West
Valley, Inc.
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Southeast Michigan (MI) 220 Comcast Cablevision of Utica, Inc. Cable--Midwest
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Southeast Michigan (MI) 228 Comcast Cablevision of Sterling Cable--Midwest
Heights, Inc.
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Southeast Michigan (MI) 208 Comcast Cablevision of Clinton Cable--Midwest
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Southeast Michigan (MI) 220 Comcast Cablevision of Macomb, Inc. Cable--Midwest
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Southeast Michigan (MI) 233 Comcast Cablevision of Warren Cable--Midwest
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Southeast Michigan (MI) 225 Comcast Cable Investors, Inc. Cable--Midwest
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Southeast Michigan (MI) 218 Comcast Cablevision of Mt. Cable--Midwest
Clemens
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Southeast Michigan (MI) 220 Comcast Cablevision of Shelby, Inc. Cable--Midwest
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Suburban/Union (NJ) 845 Comcast Cablevision of New Cable--Northeast
Jersey, Inc.
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Tallahassee/Quincy/Perry (FL) 426 Comcast Cablevision of Cable--Southeast
Tallahassee, Inc.
SYSTEM NAME SYSTEM ID ENTITY NAME REGION
- -------------------------------- ------------- -------------------------------- ----------------------
Tallahassee/Quincy/Perry (FL) 426 Comcast Cablevision of Quincy, Inc. Cable--Southeast
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Tallahassee/Quincy/Perry (FL) 426 Comcast Cablevision of Perry, Inc. Cable--Southeast
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Trenton (NJ) 840 Comcast Cablevision of Lawrence, Inc. Cable--Northeast
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Trenton (NJ) 840 Comcast Cablevision of Mercer Cable--Northeast
County, Inc.
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Trenton (NJ) 840 Comcast Cablevision of Hopewell Valley, Inc. Cable--Northeast
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Tupelo (MS) 530 Comcast Cablevision of Tupelo, Inc. Cable--South Central
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Tuscaloosa (AL) 509 Comcast Cablevision of Cable--South Central
Tuscaloosa, Inc.
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W. Kentucky (IN/KY/TN) 518 Comcast Cablevision of the South Cable--South Central
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W. Virginia (TN/WV) 560 Comcast Cablevision of the South Cable--South Central
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West Florida Cluster (FL) 470 Comcast Cablevision of West Cable--Southeast
Florida, Inc.
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Westmoreland (PA) 260 Comcast Cablevision of Cable--Midwest
Westmoreland, Inc.
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Willow Grove (PA) 820 Comcast Cablevision of Willow Cable--Northeast
Grove, Inc.
SCHEDULE B
1. Management Agreements
a. Comcast Cablevision of Indiana Limited Partnership (now named Comcast
Cablevision of Fort Wayne Limited Partnership) - June 2, 1986
b. Comcast Storer, Inc. - December 2, 1992
c. Comcast Cable Tri-Holdings, Inc. - September 14, 1994
d. Comcast MH Holdings, Inc. - December 22, 1994 (amended August 18,
1995)
e. MH Lighnet, Inc. - December 23, 1994 (amended August 18, 1995)
f. MH Lightnet of Florida, Inc. - December 23, 1994 (amended August 18,
1995); assumed by Comcast Communications Properties, Inc. as the
successor by merger to MH Lightnet of Florida, Inc. on December 29,
1995
g. Comcast Holdings, Inc. - September 19, 1995
h. Comcast SCH Holdings, Inc. - November 15, 1996
2. Programming Agreement
a. Comcast MH Holdings, Inc. - December 22, 1994
3. Tax Sharing Agreements
a. Comcast Storer, Inc. - December 2, 1992
b. Comcast Cable Tri-Holdings, Inc. - September 14, 1994
c. Comcast MH Holdings, Inc. - December 22, 1994
d. Comcast Holdings, Inc. - September 19, 1995
e. Comcast SCH Holdings, Inc. - November 15, 1996