Document:

EXHIBIT
10.01.2

 

MANAGEMENT
AGREEMENT

 

 

AGREEMENT dated as of June 8, 2001, by and
between Praxis Capital Management, LLC, a Delaware limited liability company
(the “Management Company”), and Praxis Capital Partners, a Delaware limited
liability company (the “General Partner”).

 

1.                          Definitions.  The capitalized terms used without definition in
this Agreement have the respective meanings specified in the Limited
Partnership Agreement of Praxis Capital Ventures, L.P. (the “Fund”), dated as
of the date hereof (the “Fund Agreement”), the Limited Liability Company
Operating Agreement of the General Partner, dated as of the date hereof (the “GP
Agreement”) and the Limited Liability Company Operating Agreement of the
Management Company, dated as of the date hereof (the “Management Company
Agreement”), as each may be amended from time to time.

 

2.                                   Payment
of Expenses. The Management Company agrees to assume and pay all of its own
costs and expenses incurred by it in providing the Services described in Section 4
below. However, the Management Company shall be entitled to be reimbursed for
certain Fund Expenses, incurred at the request of the General Partner, subject
to and in accordance with the terms of Sections 2.4 and 4.3 of the Fund
Agreement. The payment by the Fund of Fund Expenses as provided for in Section 4.2
shall be due and payable on a regular basis as billed. All Fund Expenses paid
by the Fund shall be made against appropriate supporting documentation.

 

3.                                   Portfolio Company
Remuneration. Any directors fees or other remuneration (whether cash or
otherwise) received from a Portfolio Company by the Management Company or the
General Partner or any of the members, officers, directors, agents or
affiliates thereof shall be remitted to or retained by the Management Company,
but 50% of such fees or remuneration shall be credited
against the Management Fee.

 

4.                                   Management
Company Duties.

 

(a)                              The Management Company
shall manage the day-to-day business and affairs of the Fund, including identifying
companies which present attractive investment opportunities, structuring and
negotiating the terms and conditions of each investment or acquisition,
arranging for all necessary financing and after consummation, monitoring the
progress of and providing managerial assistance and/or strategic advice to the
investments (the “Portfolio Companies”).

 

(b)                             The Management Company
shall also perform the following investment advisory and administrative
services (the “Services”) in connection with the operation of the Fund:

 

(i)                                Maintaining accounting
records for the Fund and the General Partner;

 

 

(ii)                             Annual financial and tax
reporting for the Fund and tax reporting for the General Partner (provided that
the audit expenses shall be paid by the Fund as Fund Expenses as set forth in Section 4.2
of the Fund Agreement);

 

(iii)                          Managing capital
contributions and cash flow requirements for the Fund, including short-term
investing (commercial paper);

 

(iv)                         Investor relations with
respect to the Limited Partners;

 

(v)                           Consulting
with the General Partner or Investment Committee on matters relating to the
Fund or investment management on a reasonable basis;

 

(vi)                        Monitoring
the performance of the Portfolio Companies;

 

(vii)                     Retaining files pertaining to the
Portfolio Companies and certificates and other evidences of ownership of the
Portfolio Securities as may be necessary to enable the Fund to comply with its
reporting and other obligations to its Limited Partners; and

 

(viii)                   Providing other administrative and
support services customarily provided by a management company to a private
equity fund.

 

(c)             The
Management Company agrees not to engage in any activities that would cause the
Fund to violate its obligations under the Fund Agreement.

 

(d)            Notwithstanding
the services provided by the Management Company hereunder, the Management
Company acknowledges that it shall not be authorized to manage the affairs of,
act in the name of or bind the Fund. The management, policies and operations of
the Fund shall be the responsibility of the General Partner of the Fund acting
pursuant to and in accordance with the Fund Agreement and all decisions
relating to Fund matters, including the selection and management of the Fund’s
investments, shall be made by the General Partner acting pursuant to and in
accordance with the Fund Agreement.

 

5.                 Services
Fee. As set forth in the Fund Agreement, the Management Company, as
compensation for services rendered in the management of the Fund, shall earn
the Management Fee, payable quarterly in advance, and equal to 2.0% per annum
of the aggregate Subscriptions of all Limited Partners for each fiscal year (or
portion thereof), and as set forth in Section 4.3 of the Fund Agreement.

 

6.                  Representations
and Warranties of the Management Company. The Management Company, by
execution of this Agreement, hereby represents to the Fund as follows:

 

(a)             The
Management Company is a limited liability company, and is duly organized,
validly existing, and in good standing under the laws of the State of Delaware
and has the

 

 

authority to carry on its business as now being conducted and the authority
to execute, deliver, and perform this Agreement. The Management Company is duly
qualified to transact business and is in good standing in every jurisdiction in
which the character of the business conducted by it or permitted to be
conducted by it makes such qualification necessary, except where the failure to
be so qualified would not have a material adverse effect on the business,
operations or financial condition of the Management Company.

 

(b)            The
Management Company has taken all actions necessary to authorize the execution,
delivery, and performance of this Agreement, and this Agreement is a valid and
binding obligation of the Management Company enforceable against it in
accordance with its terms, except as may be limited by federal and state laws
affecting the rights of creditors generally, and except.as may be limited by
legal or equitable remedies.

 

(c)             The
Management Company has made, obtained, and performed all registration, filings,
approvals, authorizations, consents, licenses, or examinations required by any
government or governmental authority, domestic or foreign, in order to execute,
deliver and perform this Agreement.

 

(d)            Neither
the execution, delivery, nor performance of this Agreement by the Management
Company will violate any law, statute, order, rule or regulation or judgment,
order or decree by any federal, state, local or foreign court or governmental
authority, domestic or foreign, to which the Management Company is subject, nor
will the same constitute a breach of, or default under, provisions of any
agreement or contract to which it is a party or by which it is bound.

 

(e)          The
execution, delivery and performance of the Management Agreement by the
Management Company will not (i) violate the organizational documents of the
Management Company, (ii) result in a breach of any of the terms, conditions or
provisions of, or constitute a default under, any material contract by which it
is bound, (iii) violate any court order by which the Management Company is
bound or affected, (iv) violate any applicable laws that could have a material
adverse effect on the Management Company or the performance of the Management Company’s
duties and obligations under this Agreement, or (v) require the filing or
registration with, or the approval, authorization, license or consent of, any
court or governmental department, agency or authority which has not already
been duly and validly obtained.

 

7.                                  Standard
of Care.

 

(a)                             The
Management Company agrees to discharge its duties, with respect to any
Portfolio Company and the activities of the General Partner and the Fund (i) in
a manner which it believes to be in the best interest of the General Partner
and the Fund and their respective partners or members, and (ii) with the
reasonable care, skill and diligence customary to investment advisors in the U.S. venture
capital industry. The Management Company further agrees that at all times
during the term of this Agreement it will comply with all laws, rules, and regulations
of any governmental authority or agency having applicability to its activities
and the

 

 

transactions contemplated by this Agreement, and that it will perform
such activities in accordance with the standards of care set forth in this Section 7.

 

(b)                            The
Management Company hereby covenants and agrees that it shall immediately notify
the General Partner: (i) if it fails to comply with, or will for any reason be
unable to comply with, any material term or provision of this Agreement; (ii) of
any change in the Management Company’s officers, directors, employees, or
agents who are providing services under this Agreement or to any material
adverse change in the Management Company’s condition, financial or otherwise,
or in its business, organization, or any change which is or might be materially
adverse to the Management Company, or its ability to provide services
hereunder; and (iii) following the occurrence of any happening or event which
would cause any representation or warranty of the Management Company in Section 6
hereof, to be no longer true and correct in all respects provided that nothing
in the preceding sentence shall detract from or modify any representation or
warranty made by the Management Company in Section 6 hereof.

 

(c)                            The
Management Company agrees to establish, maintain and use its reasonable best
efforts to enforce for its officers, directors, employees and agents policies
against disclosure of confidential information and trading on “inside information”
in violation of federal and state securities laws.

 

8.                                 Arbitration.

 

(a)                            Any
dispute, controversy or claim arising out of or relating to this Agreement or
the breach thereof or concerning the provisions of this Agreement or their
application to any state of facts or the rights or equities of any
of the parties hereto shall be resolved by final and binding arbitration
conducted by one arbitrator in New York, New York, in accordance with the
then-current AAA Rules as modified by this Section 8 and the provisions of
the other provisions of this Agreement under which such arbitration is invoked.

 

(b)                           The
arbitrator shall be selected by mutual agreement of the Management Company and
the Managers of the Fund or, failing such agreement, in accordance with the AAA
Rules. The arbitrator shall be reasonably familiar with the operations of private investment
fluids similar to the Fund. The parties shall bear
the costs of the arbitration equally, subject to the proviso of Section 8(d)
below.

 

(c)                            The
parties shall have the right of limited pre-hearing discovery, in
accordance with the U.S. Federal Rules of Civil Procedure, as then in effect, for a period not to exceed sixty
(60) days.

 

(d)                            As
soon as the discovery is concluded, but in any event within thirty (30) days
thereafter, the arbitrator shall hold a hearing in accordance with the
aforesaid AAA Rules. Thereafter, the arbitrator shall promptly render a written
decision, together with a written opinion setting forth in reasonable detail
the grounds for such decision. Any award by the arbitrator in connection with
such decision may also provide that the prevailing party shall recover its

 

 

reasonable attorneys’ fees and other costs incurred in the proceedings,
in addition to any other relief which may be granted.

 

(e)                             Judgment
may be entered in any court of competent jurisdiction to enforce the award
entered by the arbitrator.

 

9.                                  Amendment.
This Agreement can be modified or amended only by a writing signed by the
parties hereto, provided, however, that
the parties shall not amend this Agreement in a manner that is inconsistent
with, or would result in a breach of, the Fund Agreement or the Management
Company Operating Agreement.

 

10.                           Term
of Agreement. Commencing on the date hereof, services will be performed
hereunder until the earliest to occur of (a) the expiration of the term of the
Fund as set forth in the Fund Agreement (including any extensions thereof) plus
one year from the end of said term or (b) such time as liquidation of the Fund
is completed. However, if the Fund is dissolved prior to expiration of its
specified term, this Agreement shall terminate one year from the date of such
dissolution or upon completion of the liquidation of the Fund, whichever is
sooner.

 

11.                           Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

12.                           Sole Agreements. This
Agreement and the Fund Agreement
reflect the sole understanding of the parties hereto with respect to the subject matter hereof and supersedes and replaces all agreements or understandings between the Fund and the
Management Company with respect to the subject matter hereof.

 

[The Remainder of this Page has
been Intentionally Left Blank]

 

 

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

 

 

	
   

  	
  PRAXIS CAPITAL MANAGEMENT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter L. Venetis

  
	
   

  	
   

  	
   Peter L. Venetis

  
	
   

  	
   

  	
   Managing Director

  
	
   

  	
   

  
	
   

  	
  PRAXIS CAPITAL PARTNERS,  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter L. Venetis

  
	
   

  	
   

  	
   Peter L. Venetis

  
	
   

  	
   

  	
   Managing DirectorEXHIBIT 10.01.3  

AMENDED AND RESTATED

MANAGEMENT AGREEMENT

AND

JOINT VENTURE AGREEMENT

OF CENTURY/ML CABLE VENTURE  

January 1, 1994  

        The parties to this agreement (referred to as the "Venturers") are Century Communications Corp., a Texas corporation ("Century"), and ML Media Partners, L. P., a
Delaware limited partnership ("ML Media"). 

RECITALS  

        A.    Pursuant
to an agreement dated July 2, 1986, Century and ML Media formed a joint venture (the "Joint Venture") for the purpose of acquiring at least ninety percent
of the outstanding shares of common stock of Cable Television Company of Greater San Juan, Inc. (the "Company"), a California corporation that owned and operated a cable television system (the
"Original System") in San Juan, Puerto Rico. The Joint Venture, in turn, organized as a wholly-owned subsidiary Century-ML Cable Corporation, a Delaware corporation (the "Subsidiary"). 

        B.    Pursuant
to a Management Agreement and Joint Venture Agreement dated December 16, 1986 (the "1986 Agreement"), the Venturers provided for the continuance and
governance of the Joint Venture, the contributions to the Joint Venture that were required for the acquisition by the Subsidiary of the Company's shares, the liquidation of the Company into the
Subsidiary, and the ownership and operation of the Original System by the Subsidiary, including the appointment of Century as manager of the Original System. 

        C.    On
September 21, 1987, the Joint Venture acquired cable television systems serving Toa Alta, Catano and Toa Baja, Puerto Rico (together with the Original System,
the "Systems") and amended the 1986 Agreement to appoint Century as the manager of those systems. 

        D.    On
February 15, 1989, Century and ML Media formed a joint venture known as Century-ML Radio Venture (the "Radio Venture") to acquire Acosta
Broadcasting Corp. ("Acosta"), Fidelity Broadcasting Corp. ("FideLity") and Broadcasting & Background Systems Consultants, Corporation ("Broadcasting"), which were subsequently liquidated into
the Radio Venture. Acosta owned radio station WUNO (AM), San Juan, Puerto Rico ("WUNO") and NotiUno News and distributed NotiUno News to the NotiUno News Network (the "News Network"), Fidelity owned
radio station WFID (FM), Rio Piedras, Puerto Rico ("WFID"), and Broadcasting owned "Beautiful Music Services". WUNO and WFID are sometimes referred to as the "Stations" and WUNO, WFID, the News
Network and Beautiful Music Services are sometimes referred to as the "Radio Businesses". 

        E.    Pursuant
to a Management Agreement and Joint Venture Agreement dated as of February l5, 1989 (the "Radio Venture Agreement"), the Venturers provided for the
formation and governance of the Radio Venture, the contributions to the Radio Venture necessary for the acquisition of Acosta, Fidelity and Broadcasting, and the ownership and operation of the
Stations and Radio Businesses by the Radio Venture, including the appointment of ML Media as manager of the Stations and the Radio Businesses. 

        F.     The
Joint Venture and the Subsidiary are parties to separate Note Agreements, each dated as of December 1, 1992, which provided for the issuance and sale to
certain purchasers of the Subsidiary's $100,000,000 9.47% Senior Secured Notes due November 30, 2002 (the "Note Agreements"), and a Second Restated Credit Agreement dated as of
December 1, 1992 with Citibank, N.A. as agent, and the banks named therein, which provided to the Subsidiary a revolving and term loan credit facility in a principal amount not to exceed
$20,000,000 (the "Credit Facility"). Under the Note Agreements, the Credit Facility and certain related documents, the Radio Venture is required to transfer all of its assets 

 

to
the Joint Venture and the Joint Venture is required to assume all of the liabilities of the Radio Venture (the "Asset Transfer"). 

        G.    Contemporaneously
with the execution of this agreement, the Venturers are causing the Asset Transfer to occur. The Venturers wish to provide in this agreement for the
continuation of the Joint Venture and their respective rights and obligations under the 1986 Agreement, as amended, and the Radio Venture Agreement (each of which is being superseded by this
agreement), including the continuation of the appointment of Century as manager of the Systems and of ML Media as manager of the Stations and Radio Businesses. Accordingly, it is the intention of the
Venturers that (1) the assets and business of the Systems shall constitute the "Cable Division" of the Joint Venture and the Subsidiary, (ii) the assets and business of the Stations and
Radio Businesses shall constitute the "Radio Division" of the Joint Venture, (iii) the Cable Division and the Radio Division (each of which is sometimes referred to as a "Division") shall be
operated and managed as though each was a separate business under separate management, and (iv) Century shall be the manager of the Cable Division and ML Media shall be the manager of the Radio
Division, with the rights and obligations as manager of those businesses that each possessed prior to the Asset Transfer and as are set forth herein. 

        It
is therefore agreed as follows: 

        1.    Continuation of Joint Venture; Interests in the Joint Venture.    The Venturers shall continue the Joint Venture
in accordance with the terms of this agreement. The name of the Joint Venture shall continue to be Century/ML Cable Venture and the Joint Venture from time to time may adopt and conduct business under
such fictitious or trade names as the management board of the Joint Venture (created pursuant to section 7.1) determines appropriate. The Joint Venture shall have such places of business as the
management board of the Joint Venture from time to time may establish. Interests in the Joint Venture shall be evidenced by a certificate in the form of Exhibit A, which shall bear a legend
evidencing the restrictions on transfer in section 9. 

        2.    Purpose of the Joint Venture.    The purposes of the Joint Venture are to (a) own and operate, and
subsequently dispose of, the Systems, (b) own and operate, and subsequently dispose of, the Stations and the Radio Businesses, and (c) conduct all activities incidental to the ownership
and operation of the Systems, the Stations and the Radio Businesses. The Joint Venture may also engage in such other business activity as the management board may determine. Each of the Venturers
shall cause the Joint Venture and the Subsidiary to perform any remaining obligations for which they may be responsible under the purchase agreements pursuant to which the assets of the Joint Venture,
the Radio Venture or the Subsidiary were acquired. Each of the Venturers confirms its guaranty of any remaining obligations of the purchaser heretofore undertaken and to be undertaken under the
purchase agreement relating to the acquisition of the Original System. 

        3.    Term of Joint Venture.    The Joint Venture shall continue until the earlier of (a) December 31,
2035 and (b) the date the Joint Venture is dissolved in accordance with section 10. 

        4.    Capital Contributions.    

        4.1    Capital Contributions; Reimbursement.    Each of the Venturers has contributed its required percentage of the
amount required, together with the proceeds of any bank financing obtained by the Joint Venture or the Subsidiary, to consummate the acquisition of the assets of the Joint Venture and the Subsidiary
and to pay all expenses relating to the acquisition of those assets, including, but not limited to, brokers' fees. If ML Media or Century (the "Paying Party") pays (or has paid) more than fifty
percent of any liability, cost or expense arising in connection with the acquisition of those assets, or in connection with the operations of the Systems, the Station or the Radio Businesses or the
management of the Cable Division or the Radio Division, the other Venturer promptly shall reimburse the Paying Party for the excess, together with interest on the 

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excess
at the rate of interest equal to the reference rate of Citibank, N.A., in effect from time to time, from the date the payment by the Paying Party was made. 

        4.2    No Other Mandatory Contributions; No Withdrawals.    Except as provided in section 4.1, neither Venturer
shall be required to make any capital contribution to the Joint Venture. Neither Venturer shall be entitled to withdraw any part of its capital contributions or to receive any distributions from the
Joint Venture, except as expressly provided in this agreement. 

        4.3    No Liability for Capital Contributions.    Neither Venturer shall be personally liable for the return of any
portion of the capital contribution of either of the Venturers; the return of those capital contributions shall be made solely from the Joint Venture's assets. Neither Venturer shall have the right to
demand or receive property other than cash for its interest in the Joint Venture or to receive cash for that interest otherwise than as expressly provided in this agreement. 

        4.4    No Interest.    Neither Venturer shall receive any interest on its capital contributions. 

        4.5    No Additional Venturers.    No additional venturers shall be admitted to the Joint Venture. 

        5.    Cash Distributions.    

        5.1    Time of Distributions.    Distributions of cash from any source (other than pursuant to section 10)
shall be made at the time or times determined by the management board. 

        5.2    Allocations of Cash Distributions.    All distributions of cash shall be allocated equally between the
Venturers. 

        6.    Tax Allocations.    For federal income tax purposes, all items of income, gain, loss, deduction and credit shall
be allocated equally between the Venturers. 

        7.    Management.    

        7.1    Management Board.    The business and affairs of the Joint Venture shall be under the general supervision of a
management board consisting initially of Dr. Leonard Tow ("Tow") and one other designee of Century and two members designated from time to time by ML Media. Upon the death, insolvency,
adjudication of incompetence or disability of Tow (but only during the period of Tow's disability or incompetence), the management board shall consist of two members designated from time to time by
each of Century and ML Media. The management board shall hold regular meetings not less frequently than quarterly, shall act by unanimous vote of its members (except as otherwise provided in this
agreement), and shall adopt such rules of procedure as it may from time to time determine. The Joint Venture shall vote the stock of the Subsidiary in accordance with the determination of the
management board. All matters relating to the purchase agreements under which the Joint Venture, the Radio Venture or the Subsidiary acquired its assets shall be determined by the management board. As
used in this agreement, the term "disability" means the inability, by reason of physical or mental illness, to perform substantially all of the duties of chief executive officer of Century for a
period of 180 consecutive days, it being understood and agreed that Tow shall once again be entitled to membership on such board on the termination of his incompetence or disability. 

        7.2    Board of Directors of the Subsidiary.    Subject to the provisions of section 7.3, the board of
directors of the Subsidiary shall consist of the four members of the management board of the Joint Venture, and the Joint Venture shall vote the stock of the Subsidiary to elect those persons as
directors. In addition to supervising the management of the Original System, before the beginning of each year the board of directors of the Subsidiary shall establish for the following year an
operations budget, a capital expense budget, a cash management budget and such other budgets and operational objectives as it shall determine appropriate. The Subsidiary's certificate of 

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incorporation
and bylaws shall provide for unanimous vote of the directors with respect to the matters referred to in section 7.4. 

        7.3    Manager of the Systems.    

        (a)   Century
shall be engaged by the Joint Venture and the Subsidiary as the manager of the Systems in perpetuity, subject to termination as provided herein or upon the sale
of the Systems, and, subject to the general supervision of the management board of the Joint Venture and the board of directors of the Subsidiary and to the provisions of this section 7.3 and
the provisions of section 7.4, Century shall be responsible for the day-to-day operations of the Systems and for the supervision of the Subsidiary's business. Century
shall provide to the Joint Venture and the Subsidiary the services of Tow (so long as he is employed by Century and is not disabled or incompetent) and any other officers or employees of Century that
Century may reasonably determine are required to perform its obligations as manager of the Systems. Century shall perform its responsibilities as manager of the Systems diligently, to the best of its
ability and in the best interests of the Joint Venture and the Subsidiary. If Century is removed (as provided in section 7.3(d)) as manager of the Systems, ML Media shall become the manager of
the Systems, with the duties and responsibilities previously held by Century, and shall be entitled to a management fee in the same amount (or equal to its out-of-pocket
expenses in managing the Systems, if greater) and payable in the same manner as the management fee payable to Century. 

        Century's
responsibilities as manager of the Systems shall include, without limitation, the following, and Century shall have the power and authority, subject to the general supervision
of the management board of the Joint Venture and the board of directors of the Subsidiary, to take any acts and execute any instruments necessary to perform the following: 

        (1)   Causing
the Systems to purchase, or enter into purchase agreements with respect to, any and all materials, supplies, machinery and equipment necessary for the operation
and maintenance of the Systems and for the construction or installation of any additions to or replacements thereof; 

        (2)   Causing
the Systems to enter into any and all agreements with third parties to supply services required for the operation, maintenance, construction, expansion or
replacement of the Systems, including, but not limited to, agreements with program suppliers, data processing organizations, advertising agencies, marketing and/or sales persons or organizations,
installers, general and other contractors, subcontractors, or others as are deemed by Century to be necessary for the proper operation, maintenance or improvement of the Systems, and overseeing all
performances under such agreements; 

        (3)   Keeping
or causing to be kept all necessary books and records; 

        (4)   Causing
to be timely filed all Federal, state and local reports as may be required, including, without limitation, all reports and returns for income taxes, unemployment
compensation, workmen's compensation, copyright fees, and property taxes and all other FCC and Puerto Rico Public Service Commission ("PSC") and other regulatory reports; 

        (5)   Selecting,
employing, instructing, discharging, and otherwise supervising the General Manager of the Systems, and, acting through and with the General Manager of the
Systems, selecting and employing,
supervising, instructing, discharging, and otherwise managing all employees of the Systems and any agents or independent contractors considered by Century or the General Manager to be necessary for
the proper operation, maintenance or improvement of the Systems; 

        (6)   Causing
the Systems to be maintained and serviced at all times in conformance with applicable franchises; 

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        (7)   Causing
to be purchased and maintained in effect such policies of insurance as is customary in the cable television industry; 

        (8)   To
the full extent it is able to do so, making available to the Systems its buying power upon any purchase which may be made or contracts which may be entered into by
Century as agent for or otherwise on behalf of the Systems; 

        (9)   With
the assistance of the General Manager and other employees of the Systems, developing and submitting to the management board of the Joint Venture and the board of
directors of the Subsidiary for its approval operating and capital improvements budgets (the "Budgets") covering the System's next fiscal year; 

        (10) Providing
programming services, such as: 

        (a)   periodic
evaluation of the programming activities of the Systems and recommendations for the improvement or modification of program offerings or alignments; and 

        (b)   programming
contract administration, including the authority and responsibility (i) to negotiate with program suppliers the terms of programming contracts for
programming to be supplied to and telecast over the Systems, (ii) to enter into programming contracts on behalf of the Systems, (iii) for the billing of subscribers for programming
services, (iv) for the processing of programming billings of programming suppliers and (v) for acting as agent for the Systems with respect to programming matters; 

        (11) Carrying
out all negotiations with unions, whether relating to elections, contracts, grievances or other matters and assisting the attorneys for the Joint Venture and
the Subsidiary in the preparation of union contracts if any are required; 

        (12) Representing
the Joint Venture and the Subsidiary before all governmental authorities with respect to any matter necessary or desirable and relating to the Systems
(such representation to be made jointly with ML Media if the relevant matter also relates to the Stations or the Radio Businesses); 

        (13) Performing
all other management services which Century may deem necessary or desirable for the efficient operation of the Systems; and 

        (14) Preparing
and delivering all reports required of the Cable Division, the Joint Venture and the Subsidiary pursuant to the Note Agreements, the Credit Facility and all
related agreements, it being understood and agreed that ML Media shall cooperate in furnishing all this information. 

        (b)   Century
shall be entitled to receive from the Subsidiary for its services as manager of the Systems a management fee in an amount equal to five percent of the total Net
Gross Revenues of the Systems. The following provisions shall apply with respect to the management fee: 

          (i)  The
term "Net Gross Revenues" means the gross revenues of the Systems from all sources less the aggregate amount paid by the Systems to suppliers of pay television
product (e.g., HBO, Cinemax, Disney and Showtime). 

         (ii)  Payments
with respect to the management fee shall be made monthly in arrears, not more than 30 days after the end of each month, based on a determination by the
chief financial officer of the Cable Division of the Net Gross Revenues for that month. 

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        (iii)  Net
Gross Revenues for each month shall be determined by the chief financial officer of the Cable Division, subject to adjustment based on the accountants'
determination described below. Copies of the determination by the chief financial officer of the Cable Division shall be prepared as soon as practicable after the end of each month and shall be
delivered to and reviewed by the management board of the Joint Venture and the board of directors of the Subsidiary. Within 120 days after the end of each calendar year, the Joint Venture and
the Subsidiary shall cause their independent public accountants to determine the Net Gross Revenues of the Systems for that year and the management fee payable to Century for that year and to deliver
a copy to Century. Within 10 days after receipt by the Joint Venture and the Subsidiary of the accountants' determination (which shall be final and binding on the Joint Venture, the Subsidiary
and Century), the Joint Venture and the Subsidiary shall pay to Century (or Century shall repay to the Joint Venture and the Subsidiary pro rata in proportion to the number of subscribers served by
their respective Systems) the amount by which the management
fee for the year payable to Century as determined by the accountants exceeds (or is less than) the amount paid to Century for that year. 

        (iv)  If
the terms of any financing to which the Joint Venture or the Subsidiary is a party require that Century subordinate its rights to receive payment of any management
fees, Century shall subordinate its right but only to the extent required by any lender and shall execute any instrument to evidence that subordination that the lender may reasonably request; Century
shall not be required to subordinate such deferred management fees to any other distributions. 

         (v)  The
management fee shall not be payable, but shall be deferred, to the extent cash is not available to pay the fee or payment of the fee would result in a default under
any credit agreement to which the Joint Venture or the Subsidiary is a party (including, but not limited to, the Note Agreements and the Credit Facility). 

        (vi)  If
in any year Century acts as manager of one or more of the Systems for less than a full year, the management fee for that year shall be determined by the chief
financial officer of the Cable Division based on the Net Gross Revenues of the respective Systems for the period during which Century was manager of those Systems. 

        (c)   The
Joint Venture and the Subsidiary shall reimburse Century (pro rata in proportion to the number of subscribers served by their respective Systems) for
out-of-pocket expenses for travel, hotels and meals for Century's personnel and for out-of-pocket fees and expenses to third parties
(e.g., accountants and attorneys) and similar expenses, but Century shall bear all other expenses, including personnel and overhead costs incurred in
performing its services as manager of the Systems. 

        (d)   The
designees of ML Media on the management board of the Joint Venture and the board of directors of the Subsidiary may elect to remove Century as manager of the Systems
if Century breaches in any material respect any material provision of this agreement and the breach is not cured within 30 days after notice of breach from ML Media (or if not curable within
such time then within a reasonable time thereafter) or if Tow sells his entire interest in Century. 

        (e)   If
the designees of ML Media on the management board of the Joint Venture and the board of directors of the Subsidiary elect to remove Century as manager of the Systems
in accordance with section 7.3(d), the Joint Venture shall take all such action as may be necessary to cause the Joint Venture and the Subsidiary to effect the removal. 

6

 

        (f)    Century
shall use its best efforts to obtain the same rates for programming for the Systems as it obtains for other systems owned or managed by Century or an affiliate
of Century, based on the number of subscribers of all cable systems owned or managed by Century or an affiliate of Century. 

        (g)   The
Joint Venture shall cause the Subsidiary to carry out the provisions of this section 7.3 to the extent that those provisions apply to the Subsidiary. 

        7.4    Participation of Management Board and Board of Directors of Subsidiary.    The limited partnership agreement of
ML Media requires that ML Media maintain "significant control" over any media property in which it has less than 100 percent interest, which would include the Systems. Accordingly, although
Century, as the manager of the Systems, shall have responsibility for the day-to-day operations of the Systems, it is intended that the manager will consult with, and obtain
the approval of, the designees of ML Media on the management board of the Joint Venture and the board of directors of the Subsidiary on all significant matters relating to the Systems. Without
limiting the overall authority of the board of directors of the Subsidiary, the following actions may be taken after the date of this agreement only with the unanimous consent of the members of the
management board of the Joint Venture and the board of directors of the Subsidiary: 

        (a)   the
entry into any business activity other than the ownership and operation of the Systems; 

        (b)   the
sale or other disposition of the Systems or the sales of assets in any 12 month period with an aggregate market value in excess of $100,000; 

        (c)   any
borrowing in excess of $100,000, any refinancing of any borrowing in excess of $100,000, or any voluntary prepayment of any borrowing; 

        (d)   any
capital expenditures in excess of $50,000 that are not contemplated by the capital expense budget established as provided in section 7.2; 

        (e)   the
creation of any pledge or encumbrance on, or the grant of any security interest in, any of the assets of the Subsidiary, other than in connection with a capitalized
lease with aggregate rentals or sales (including conditional sales) of less than $50,000; 

        (f)    the
entering into of any lease, agreement or other commitment that involves more than $50,000 per year, other than any commitment consistent with the capital expense
budget established as provided in section 7.2; 

        (g)   any
other material transaction not in the ordinary course of business; and 

        (h)   any
other proposed transaction that, in the good faith judgment of the manager, would be material to the assets, business or prospects of the Systems. 

        7.5    Manager of the Radio Businesses and Stations.    

        (a)   ML
Media shall be engaged by the Joint Venture as the manager of the Radio Businesses and the Stations in perpetuity, subject to termination as provided herein or upon
the sale of the Radio Businesses and the Stations, and, subject to the general supervision of the management board of the Joint Venture and the provisions of this section 7.5 and
section 7.6, ML Media shall be responsible for the day-to-day operations of the Radio Businesses and the Stations. ML Media shall provide to the Stations and the Radio
Businesses the services of I. Martin Pompadur ("Pompadur") (so long as he maintains an interest in ML Media and is not disabled or incompetent) and any other officers or employees of ML Media
that ML Media may reasonably determine are required to perform its obligations as manager of the Radio Businesses and the Stations. ML Media shall perform its responsibilities as manager of the Radio
Businesses and the stations diligently, to the best of its ability and in 

7

 

the
best interests of the Joint Venture. If ML Media is removed (as provided in section 7.5(d)) as manager of the Radio Businesses and the Stations, Century shall become the manager of the
Radio Businesses and the Stations, with the duties and responsibilities previously held by ML Media, and shall be entitled to a management fee in the same amount (or equal to its
out-of-pocket expenses in managing the Radio Businesses and Stations, if greater) and payable in the same manner as the management fee payable to ML Media. 

        ML
Media's responsibilities as manager of the Radio Businesses and Stations shall include, without limitation, the following, and ML Media shall have the power and authority, subject to
the general supervision of the management board of the Joint Venture, to take any acts and execute any instruments necessary to perform the following: 

        (1)   Causing
the Stations and the Radio Businesses to purchase, or enter into purchase agreements with respect to, any and all materials, supplies, machinery and equipment
necessary for the operation and maintenance of the Stations and the Radio Businesses and for any construction or additions or replacements thereof; 

        (2)   Causing
the Stations and the Radio Businesses to enter into any and all agreements with third parties to supply services required for the operation and maintenance of
the Stations and the Radio Businesses, including, but not limited to, agreements with program suppliers, data processing organizations, advertising agencies, marketing and/or sales persons or
organizations or others as are deemed by ML Media to be necessary for the proper operation and maintenance of the Stations and the Radio Businesses, and overseeing all performances under such
agreements; 

        (3)   Keeping
or causing to be kept all necessary books and records; 

        (4)   Causing
to be timely filed with respect to the Stations and the Radio Businesses all federal, state and local reports as may be required, including, without limitation,
all reports and returns for income taxes, unemployment compensation, workmen's compensation, and property taxes and all other Federal Communications Commission ("FCC") and other regulatory reports; 

        (5)   Selecting,
employing, instructing, discharging, and otherwise supervising the General Manager of each of the Stations and, acting through and with the General Manager of
each of the Stations, selecting and employing, supervising, instructing, discharging, and otherwise managing all employees of the Stations and any agents or independent contractors considered by ML
Media or the General Manager to be necessary for the proper operation of the Stations; 

        (6)   Causing
the Stations to be operated at all times in conformance with applicable regulations; 

        (7)   Causing
to be purchased and maintained in effect such policies of insurance as is customary in the radio industry; 

        (8)   With
the assistance of the General Manager and other employees of each of the Stations and of the Radio Businesses, developing and submitting to the management board for
approval operating and capital improvements budgets covering the next fiscal year for the Stations and the Radio Businesses; 

        (9)   Providing
format and applicable programming services, such as: 

          (i)  periodic
evaluation of the formats and the programming activities of the Stations and the Radio Businesses and recommendations for the improvement or modification of
the formats and the program offerings or alignments; and 

8

  

         (ii)  programming
contract administration, as applicable, including the authority and responsibility (A) to negotiate with program suppliers the terms of programming
contracts for programming to be supplied to and broadcast over the Stations, as applicable, (B) to enter into programming contracts on behalf of the Stations and the Radio Businesses and
(C) for acting as agent for the Stations and the Radio Businesses with respect to format and applicable programming matters; 

        (10) Carrying
out all negotiations with unions relating to the Radio Businesses and the Stations, whether relating to elections, contracts, grievances or other matters and
assisting the Joint Venture's attorneys in the preparation of union contracts if any are required; 

        (11) Representing
the Joint Venture before all governmental authorities with respect to any matter necessary or desirable and relating to the Stations or the Radio
Businesses (such representation to be made jointly with Century if the relevant matter also relates to the Systems); 

        (12) Performing
all other management services that ML Media may deem necessary or desirable for the efficient operation of the Stations and the Radio Businesses; and 

        (13) Providing
to Century such reports and other information in connection with the Stations and the Radio Businesses as Century may require in preparing and delivering all
reports required pursuant to the Note Agreements and the Credit Facility. 

        (b)   ML
Media shall be entitled to receive from the Joint Venture for its services as manager of the Stations and the Radio Businesses a management fee in an amount equal to
five percent of the total Gross Revenues of the Stations and the Radio Businesses. The following provisions shall apply with respect to the management fee: 

        (1)   The
term "Gross Revenues" means the gross revenues of the Stations and the Radio Businesses from all sources, after agency commissions, rebates or discounts and
excluding revenues from barter transactions of any kind. 

        (2)   Payments
with respect to the management fee shall be made monthly in arrears, not more than 30 days after the end of each month, based on a determination by the
chief financial officer of the Radio Division of the Gross Revenues for that month. 

        (3)   Gross
Revenues for each month shall be determined by the chief financial officer of the Radio Division, subject to adjustment based on the accountants' determination
described below. Copies of the determination by the chief financial officer of the Radio Division shall be prepared as soon as practicable after the end of each month and shall be delivered to and
reviewed by the management board of the Joint Venture. Within 120 days after the end of each calendar year, the Joint Venture shall cause its independent public accountants to determine the
Gross Revenues of the Stations and the Radio Businesses for that year and the management fee payable to ML Media for that year and to deliver a copy to ML Media. Within 10 days after receipt by
the Joint Venture of the accountants' determination (which shall be final and binding on the Joint Venture and ML Media), the Joint Venture shall pay to ML Media (or ML Media shall repay to the Joint
Venture) the amount by which the management fee for the year payable to ML Media as determined by the accountants exceeds (or is less than) the amount paid to ML Media for that year. 

        (4)   If
the terms of any financing to which the Joint Venture or the Subsidiary is a party require that ML Media subordinate its rights to receive payment of any management
fees, ML Media shall subordinate its right but only to the extent required by 

9

 

any
lender and shall execute any instrument to evidence that subordination that the lender may reasonably request; ML Media shall not be required to subordinate such deferred management fees to any
other distributions. 

        (5)   The
management fee payable pursuant to this section 7.5 shall not be payable, but shall be deferred, to the extent cash from the operation of the Stations and the
Radio Businesses is not available to pay the fee or payment of the fee would result in a default under any credit agreement to which the Joint Venture or the Subsidiary is a party. 

        (6)   If
in any year ML Media acts as manager of the Stations and the Radio Businesses for less than a full year, the management fee for that year shall be determined by the
chief financial officer of the Radio Division based on the Gross Revenues of the Stations and the Radio Businesses for the period during which ML Media was manager of the Stations and the Radio
Businesses. 

        (c)   The
Joint Venture shall reimburse ML Media for out-of-pocket expenses for travel, hotels and meals for its personnel and for
out-of-pocket fees and expenses to third parties (e.g., accountants and attorneys) and similar expenses, but ML Media shall bear
all other expenses, including personnel and overhead costs incurred in performing its services as manager of the Stations and the Radio Businesses. 

        (d)   The
designees of Century on the management board of the Joint Venture may elect to remove ML Media as manager of the Stations and the Radio Businesses if ML Media
breaches in any material respect any material provision of this agreement and the breach is not cured within 30 days after notice of breach from Century (or if not curable within such time then
within a reasonable time thereafter) or if Pompadur sells his entire interest in ML Media. 

        (e)   If
the designees of Century on the management board of the Joint Venture elect to remove ML Media as manager of the Stations and the Radio Businesses in accordance with
section 7.5(d), the Joint Venture shall take all such action as may be necessary to effect the removal. 

        7.6    Participation of Management Board.    Although ML Media, as manager of the Stations and the Radio Businesses,
shall have responsibility for the day-to-day operations of the Stations and the Radio Businesses, it is intended that the manager will consult with, and obtain the approval of,
the designees of Century on the management board of the Joint Venture on all significant matters relating to the Stations and the Radio Businesses. The following actions may be taken after the date of
this agreement only with the unanimous consent of the members of the management board of the Joint Venture: 

        (a)   the
entry into any business activity other than the ownership and operation of the Stations and the Radio Businesses; 

        (b)   the
sale or other disposition of the Stations or the Radio Businesses or the sales of assets in any 12 month period with an aggregate market value in excess of
$100,000; 

        (c)   any
borrowing in excess of $100,000, any refinancing of any borrowing in excess of $100,000, or any voluntary prepayment of any borrowing; 

        (d)   any
capital expenditure in excess of $50,000 that is not contemplated by the capital expense budget established as provided in section 7.5; 

        (e)   the
creation of any pledge or encumbrance on, or the grant of any security interest in, any of the assets of the Stations or the Radio Businesses, other than in
connection with a 

10

 

capitalized
lease with aggregate rentals or sales (including conditional sales) of less than $50,000; 

        (f)    the
entering into of any lease, agreement or other commitment that involves more than $50,000 per year, other than any commitment consistent with the capital expense
budget established as provided in section 7.5; 

        (g)   any
other material transaction not in the ordinary course of business; and 

        (h)   any
other proposed transaction that, in the good faith judgment of the manager, would be material to the assets, business or prospects of the Stations and the Radio
Businesses. 

        7.7    Other Activities.    Either Venturer may have an interest in other business ventures of any kind, independently
or with others, including the ownership and operation of other cable television systems, radio stations or radio businesses, and neither the Joint Venture nor the other Venturer shall have any rights
in or to those independent ventures. 

        7.8    No Partition, Sale or Appraisal.    Neither Venturer shall have the right to (a) require partition of
any of the Joint Venture's property or (b) compel any sale of the Joint Venture's assets, except as provided in section 12. 

        7.9    Joint Venture Funds.    The Joint Venture's funds shall be deposited or invested in one or more bank accounts,
money market funds, treasury bills, certificates of deposit or other short-term interest bearing obligations. The Joint Venture's funds shall be used only for the business of the Joint
Venture. Funds not belonging to the Joint Venture shall not be commingled with the Joint Venture's funds. 

        7.10    Transactions with Affiliates.    Neither the Joint Venture nor the Subsidiary shall engage in any transactions
with any affiliate of a Venturer without the unanimous consent of the management board, except for the management of the Systems by Century and the management of the Stations and the Radio Businesses
by ML Media (in each case as provided in this agreement) and except for legal representation by Leavy Rosensweig & Hyman or another law firm in which David Z. Rosensweig is a partner. 

        7.11    No Right to Bind the Joint Venture.    Neither Venturer shall have any right or authority to assume or create
any obligation or responsibility, express or implied, on behalf of the Joint Venture or the other Venturer, or to bind the other Venturer or the Joint Venture in any respect, except for obligations or
responsibilities of the Joint Venture that have been expressly authorized by the management board of the Joint Venture in accordance with the terms of this agreement. 

        8.    Fiscal Year; Reports.    

        8.1    Fiscal Year.    The Joint Venture's fiscal year shall be the calendar year unless changed by the management
board of the Joint Venture. 

        8.2    Books of Account.    Complete and accurate books of account shall be kept by the Joint Venture at the principal
office of the Joint Venture (or at such other office as the management board may designate). The determinations of the management board with respect to the treatment of any item or its allocation for
federal, state or local income tax purposes shall be binding upon the Venturers so long as that determination is not inconsistent with any express provision of this agreement. Each of the Venturers
shall have full access to all books and records of the Joint Venture. 

        8.3    Reports.    Within 90 days after the end of each fiscal year the Joint Venture shall furnish to each
Venturer audited financial statements of the Joint Venture and the Subsidiary, together with the opinions of independent certified public accountants with respect to those financial 

11

 

statements.
The audited financial statements shall be prepared in compliance with Regulations S-X under the Securities Act of 1933 and any other regulations applicable to ML Media as a
publicly held partnership or Century as a publicly held company. The audited financial statements shall include a balance sheet of the Joint Venture and the Subsidiary as of the end of the year and a
statement of income and a statement of cash flow of the Joint Venture and the Subsidiary for the year, setting forth in each case in comparative form the figures as of the end of and for the previous
fiscal year. Within 45 days after the end of each of the first three fiscal quarters, the Joint Venture shall furnish to each Venturer unaudited financial statements, including a balance sheet
of the Joint Venture and the Subsidiary as of the end of the quarter and a statement of income and a statement of cash flow of the Joint Venture and the Subsidiary for the quarter and for the year to
date, setting forth in each case in comparative form the figures as of the end of and for the comparable periods in the previous fiscal year. 

        8.4    K-1 Reports.    Within 60 days after the end of each calendar year, the Joint Venture shall
furnish to each Venturer a copy of schedule K-1 to the Joint Venture's federal income tax return for that year and any other information reasonably requested by a Venturer in
connection with the preparation of its federal income tax return. 

        8.5    Operating Reports and Monthly Financial Statements.    

        (a)   Century
shall furnish the following reports with respect to the Systems to the board of directors of the Subsidiary and to the Joint Venture, which shall furnish those
reports to each of the Venturers: 

        1.     Monthly
subscriber connection reports. 

        2.     Monthly
operating statements. 

        3.     Quarterly
financial plans and budgets. 

        4.     Quarterly
analysis of actual operating results. 

        In
addition, Century as manager of the Systems shall maintain all books and records required to prepare the financial statements of the Subsidiary or to assist in the preparation of the
financial statements of the Joint Venture referred to in section 8.3 or otherwise required for the Systems and the Subsidiary to comply with all applicable law and the franchises for the
Systems. 

        (b)   ML
Media shall furnish the following reports with respect to the Stations and the Radio Businesses to the Joint Venture, which shall furnish those reports to each of the
Venturers: 

        1.     Monthly
operating statements. 

        2.     Quarterly
financial plans and budgets. 

        3.     Quarterly
analysis of actual operating results. 

        In
addition, ML Media as manager of the Stations and the Radio Businesses shall maintain all books and records required to assist in the preparation of the financial statements of the
Joint Venture referred to in section 8.3 or otherwise required for the Stations and the Radio Businesses to comply with all applicable law. 

        9.    No Transfers of Joint Venture Interests.    Except as contemplated or permitted by section 12 and for the
pledge to Citibank, N.A., as collateral agent for itself and the banks under the Credit Facility and for the purchasers of the Subsidiary's notes under the Note Agreements, no Venturer may sell,
transfer, assign or otherwise dispose of all or any portion of its interest in the Joint Venture, or enter into any agreement as a result of which any person shall have an interest in, or right to
receive 

12

 

distributions
from, the Joint Venture, without the consent of the management board of the Joint Venture. Any attempted sale, transfer or assignment of an interest in, or the right to receive
distributions from, the Joint Venture otherwise than pursuant to those pledge agreements, the Credit Facility or the Note Agreements or in accordance with section 12 shall be void. 

        10.    Dissolution; Liquidation; Termination of Management Agreement.    

        10.1    Dissolution Prior to Expiration of Term.    The Joint Venture shall be dissolved prior to the expiration of
its term only upon the occurrence of one of the following events: 

        (a)   the
Venturers' election to dissolve the Joint Venture; or 

        (b)   termination
of the operations of the Joint Venture and the Subsidiary or the sale or other disposition by the Joint Venture and the Subsidiary of all of their assets. 

        10.2    Liquidation and Distribution of Assets.    Upon dissolution of the Joint Venture, the management board shall
proceed to sell or dispose of any assets not previously sold or disposed of (to the extent feasible) within a reasonable time and, after paying or making provisions for all liabilities to creditors of
the Joint Venture, shall distribute the Joint Venture's cash and other assets among the Venturers in accordance with the provisions for distributions set forth in section 5.2 of this agreement. 

        10.3    Termination.    The Joint Venture shall terminate when all property owned by the Joint Venture and the
Subsidiary has been disposed of and the assets, after payment of or provisions for liabilities to the Joint Venture's creditors, have been distributed among the Venturers as provided in
section 10.2. 

        10.4    Termination of Management Agreement.    At such time as management services are no longer provided by ML Media
or Century pursuant to this agreement, the Management Agreement portion of this Amended and Restated Management Agreement and Joint Venture Agreement shall terminate. 

        11.    Tax Matters.    

        11.1    Elections.    To the extent that the Joint Venture may be or is required to make elections for federal, state
or local income tax purposes, the elections shall be made in a manner best calculated in the opinion of the management board, to minimize the cash requirements of the Joint Venture item on its
federal, state or local income tax returns in a manner inconsistent with the treatment of the Joint Venture item on the Joint Venture's federal, state or local income tax return. 

        11.2    Tax Matters Partner.    Century shall be the Tax Matters Partner (as that term is defined in
section 6231 of the Internal Revenue Code of 1986 (the "Code")) for the Joint Venture. 

        11.3    Additional Provisions Relating to Tax Matters Partner.    

        (a)   The
Tax Matters Partner shall exercise the duties and responsibilities provided in Subchapter C of Chapter 63 of Subtitle F of the Code and this agreement. The
Tax Matters Partner shall be reimbursed by the Joint Venture for reasonable expenses incurred as a result of acting in that capacity, including fees of outside counsel and public accountants. The Tax
Matters Partner shall keep the other Venturer informed of all administrative and judicial proceedings for the adjustment at the Joint Venture level of Joint Venture items and shall promptly provide to
the other Venturer copies of any notices or communications received from the Internal Revenue Service or any state or local tax authority. The other Venturer shall promptly provide to the Tax Matters
Partner copies of all correspondence to or from, or summaries of any other communications with, the Internal Revenue Service or any state or local tax authority regarding any aspect of the Joint
Venture and Joint Venture items. 

13

 

        (b)   Neither
Venturer shall enter into settlement negotiations with the Internal Revenue Service or the Departments of the Treasury or Justice or any state or local tax
authority with respect to the federal income tax treatment of Joint Venture items until completion of settlement negotiations by the Tax Matters Partner on behalf of the Joint Venture. However, the
Tax Matters Partner shall not bind the other Venturer to a settlement agreement unless that Venturer has given its written consent to the agreement, which consent shall not be unreasonably withheld. 

        (c)   The
Tax Matters Partner shall not file a (i) request for an administrative adjustment of any Joint Venture item under section 6227(b) of the Code,
(ii) petition for readjustment of Joint Venture items under section 6226(a) of the Code, or (iii) petition for an adjustment with respect to Joint Venture items under
section 6228(a) of the Code without first notifying the other Venturer of the intended action (including the proposed treatment of the Joint Venture item(s) and the proposed court, if
applicable). Neither Venturer shall file a (1) request for an administrative adjustment of Joint Venture items under
section 6227(a) of the Code, (2) petition for readjustment of Joint Venture items under section 6226(b) of the Code, or (3) civil action for refund under
section 6228(b)(2) of the Code without first giving reasonable advance notice of the intended action (including the proposed treatment of the Joint Venture item(s) and the proposed court, if
applicable) to the Tax Matters Partner. 

        (d)   The
provisions of this section regarding the Tax Matters Partner shall survive the termination of this agreement or the termination of either Venturer's interest under
this agreement and shall remain binding on the Venturers for a period of time necessary to resolve with the Internal Revenue Service or any state or local tax authority all matters regarding the
taxation of the Joint Venture. The terms used in this section 11 shall have the meaning accorded them in sections 6221 through 6232 of the Code. 

        12.    Right to Require Sale.    

        (a)   Notwithstanding
anything in this agreement to the contrary, at any time or times ML Media may request, by notice to Century, that (i) Century purchase ML Media's
interest in the Joint Venture, (ii) the Joint Venture and the Subsidiary sell all of the assets and business of the Cable Division, or (iii) the Joint Venture sell all of the assets and
business of the Radio Division. ML Media may deliver a request under any one of clauses (i), (ii) or (iii) or under both clauses (ii) and (iii). 

        (b)   If
ML Media makes a request under section 12(a)(i) or under both sections 12(a)(ii) and 12(a)(iii), the following shall apply: 

          (i)  Century
shall elect, by notice given to ML Media within 15 days after the notice from ML Media, to either (x) cause the Joint Venture and the Subsidiary
to sell all of the assets and business of the Cable Division and the Radio Division for prices and at times consistent with prudent business practice (and approved by ML Media), or
(y) purchase, or cause the Joint Venture to purchase (ML Media concurring in such purchase), all of ML Media's interest in the Joint Venture for a purchase price equal to the fair market value
of the interest, payable in cash at the closing of the purchase. If Century elects to sell all of the assets and business of the Cable Division and the Radio Division then ML Media may elect, by
notice given to Century within 20 days after the notice to Century, to purchase (or designate a purchaser of) Century's interest in the Joint Venture for a purchase price equal to the fair
market value of the interest payable in cash at the closing. If ML Media does not so elect the management board of the Joint Venture and the board of directors of the Subsidiary shall diligently
proceed to locate one or more purchasers and to consummate the sale of the assets and business of the Cable Division and the Radio Division as provided above. 

14

 

         (ii)  If
ML Media makes a request under Section 12(a)(ii) or section 12(a)(iii) (but not both) Century shall elect, by notice given to ML Media within
15 days after the notice from ML Media, to either
(x) cause the Joint Venture and, in the case of a request under section 12(a)(ii), the Subsidiary to sell all of the assets and business of the Division to which the request relates for
prices and at time consistent with prudent business practice (and approved by ML Media), or (y) purchase all of ML Media's interest in the Division to which the request relates for a purchase
price equal to the fair market value of the interest, payable in cash at the closing of the purchase. If Century elects to sell all of the assets and business of either the Cable Division or the Radio
Division pursuant to this section 12(b)(ii), then ML Media may elect, by notice given to Century within 20 days after the notice to Century, to purchase (or designate a purchaser of)
Century's interest in that Division for a purchase price equal to the fair market value of the interest payable in cash at the closing. If ML Media does not so elect the management board of the Joint
Venture and, in the case of a request under section 12(a)(ii), the board of directors of the Subsidiary shall diligently proceed to locate one or more purchasers and to consummate the sale of
the assets and business of the Cable Division or the Radio Division (as the case may be) as provided above. 

        (c)   The
fair market value of the interest of Century or ML Media in the Joint Venture or in the Cable Division or the Radio Division, as the case may be, shall be an amount
equal to 50% of the fair market value, as of the date of the seller's notice, of (i) in the case of the Joint Venture, all of the assets and business of the Cable Division and the Radio
Division (and of any cash and cash equivalents held by the Joint Venture) and (ii) in the case of the Cable Division or the Radio Division, all of the assets and business of that division (and
of any cash and cash equivalents of that Division). The fair market value of all of the assets and business of the Cable Division or the Radio Division shall be an amount equal to the sum of the
aggregate purchase price that an unrelated third party or parties would pay for all of the assets and business of that Division, other than cash and cash equivalents and accounts receivable, subject
to all of the liabilities of that Division, plus the amount of cash and cash equivalents and the amount of accounts receivable (less a reserve for uncollectible accounts determined in accordance with
generally accepted accounting principles consistently applied), as determined by an appraiser selected by Century and ML Media within 15 days after Century's or ML Media's notice of election to
purchase (or, if they are unable to agree upon the selection of an appraiser within that period, Century shall select one appraiser, ML Media shall select one appraiser and the two appraisers shall
select a third appraiser and the fair market value shall be the arithmetic average of the fair market value determined by each of the three appraisers), except that any appraiser making a
determination of the fair market value of ML Media's interest (but not Century's interest), in the Joint Venture, the Cable Division or the radio Division shall not include as a liability of the Joint
Venture, the Cable Division or the Radio Division the amount of any Make-Whole Amount (as defined in the Note Agreements) or other prepayment premium or penalty that may be due under the
Note Agreements or any of the documents delivered in connection with the Note Agreements. The Joint Venture shall instruct the appraiser or appraisers to determine the fair market value within
30 days. The Joint Venture shall bear the fees and expenses of the appraiser or appraisers. 

        (d)   If
the interest of a Venturer in the Joint Venture or either Division is to be purchased pursuant to this section 12 by the other Venturer the closing of the
purchase shall be held on a date specified by the purchaser (not later than 30 days after receipt of the appraisal and after obtaining all necessary final regulatory approvals, including final
approval by the FCC and, in the case of the Cable Division, the Puerto Rico Public Service Commission). At the closing, the seller shall assign its interest in the Joint Venture or the applicable
Division to the purchaser, its designee or the Joint Venture, as the case may be, and the purchaser shall pay the amount determined by the appraiser, in cash. In addition to the foregoing, if the
interest of a Venturer in only one Division is being sold at the closing, the purchaser shall agree to indemnify and hold 

15

 

harmless
the seller against all liabilities relating to or arising out of that Division and the parties shall amend the allocation and distribution provisions of this agreement to provide the
purchaser with all income, gain and loss and all cash distributions arising from or relating to the operations of that Division. 

        (e)   Upon
the purchase by a Venturer of the interest of the other Venturer in the Joint Venture or the Division managed by the selling Venturer, the management by the selling
Venturer of the Division for which it previously had management responsibility shall terminate. 

        (f)    Upon
the sale of the assets of the Cable Division or the Radio Division, the management board shall, after paying or making provision for all liabilities to creditors of
the Joint Venture, distribute the cash and other assets of the Division between the Venturers in accordance with the provisions for distributions set forth in section 5.2 of this agreement. 

        13.    Limitation of Rights.    Notwithstanding any other provision of this agreement, any sale, transfer or other
disposition of any of the interests in the Joint Venture as provided in section 12 of this agreement or any other action taken or proposed to be taken by the Venturers under this agreement that
would affect the operational, voting or any other form of control of the Joint Venture, the Subsidiary, the Systems, the Stations or the Radio Businesses shall be pursuant to Section 310(d) of
the Communications Act of 1934, as amended, and, with respect to the Joint Venture, the Subsidiary and the Systems, the Puerto Rico Public Service Laws, and the applicable rules and regulations under
that Act and Laws and, to the extent required by that Act and Laws, subject to the explicit prior approval of the FCC or the PSC. 

        14.    Other Action.    Each Venturer shall take all such action, and execute and deliver all such additional
documents and instruments, including, but not limited to, certificates required in connection with the formation of the Joint Venture or the operation of its business in any jurisdiction, as may be
necessary or appropriate to carry out this agreement. 

        15.    Miscellaneous.    

        15.1    Entire Agreement; Amendment.    This agreement contains a complete statement of the arrangements between the
Venturers with respect to the Joint Venture and supersedes all prior agreements and understandings among them with respect to the Joint Venture. This agreement cannot be changed or terminated orally. 

        15.2    Notices.    Any notice or other communication under this agreement shall be in writing and shall be considered
given when delivered in person or mailed by registered mail, postage prepaid and return receipt requested, addressed to the party intended as the recipient at the address listed below or at such other
address as that party may designate by written notice to the other: 

If
to Century, to it at:

        50 Locust Avenue

        New Canaan, Connecticut 06840 

If
to ML Media, to it at:

        350 Park Avenue, 16th Floor

        New York, New York 10022 

        15.3    Governing Law.    This agreement shall be governed by, and construed in accordance with, the law of the State
of New York applicable to agreements made and to be performed in New York. 

        15.4    No Recourse.    No person shall have recourse to, or assert any liability against, any limited partner of ML
Media with respect to any of the obligations or liabilities of ML Media 

16

 

under
this agreement, but any such person shall look solely to the assets of ML Media and of the general partner of ML Media. 

        15.5    Counterparts.    This agreement may be executed in one or more counterparts, all of which together shall
constitute this agreement. 

	 	 	ML MEDIA PARTNERS, L.P.
	

 	
 	

 	
 	

By	
 	

Media Management Partners
	

 	
 	

 	
 	

By	
 	

RP Media Management
	

 	
 	

 	
 	

By	
 	

IMP Media Management, Inc.
	

 	
 	

 	
 	

By	
 	

/s/ I. Martin Pompadour
	 	 	 	 	 	 	

	

 	
 	

CENTURY COMMUNICATIONS CORP.
	

 	
 	

By	
 	

/s/ Bernard P. Gallagher
	 	 	 	 	

17

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