Document:

EX-10.3 LETTER AGREEMENT DATED APRIL 18, 2007

 

Exhibit 10.3

TIME WARNER CABLE INC.

290 Harbor Drive

Stamford, CT 06902

April 18, 2007

	 	 	 
	Comcast Cable Communications
Holdings, Inc.

	 	Comcast Corporation
	1500 Market Street

	 	1500 Market Street
	Philadelphia, PA 19102-2184

	 	Philadelphia, PA 19102-2184
	ATTN: General Counsel

	 	ATTN: General Counsel
	 
	 	 
	MOC Holdco I, LLC

	 	Comcast of Louisiana/Mississippi/Texas, LLC
	1201 N. Market Street

	 	1500 Market Street
	Suite 1405

	 	Philadelphia, PA 19102-2184
	Wilmington, DE 19801

	 	ATTN: General Counsel

Ladies and Gentlemen:

          Reference is made to that certain Redemption Agreement, dated as of April 20, 2005, as amended
from time to time (as amended, the “TWE Redemption Agreement”), by and among Comcast Cable
Communications Holdings, Inc., a Delaware corporation (“Comcast Cable”), MOC Holdco I, LLC,
a Delaware limited liability company (“MOC Holdco I”) and successor to TWE Holdings I
Trust, a Delaware statutory trust, Comcast of Louisiana/Mississippi/Texas, LLC (f/k/a Cable Holdco
III LLC), a Delaware limited liability company (“Holdco III”), Time Warner Entertainment
Company, L.P., a Delaware limited partnership (“TWE”), and, for certain limited purposes,
Comcast Corporation (“Comcast Parent”), Time Warner Cable Inc. (“TWC”) and Time
Warner Inc., a Delaware corporation (“Time Warner”).

          Capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the TWE Redemption Agreement.

          WHEREAS, the Closing under the TWE Redemption Agreement took place on July 31, 2006; and

          WHEREAS, the relevant parties hereto desire to amend the TWE Redemption Agreement, pursuant to
Section 13.5 of such agreement.

          NOW, THEREFORE, in consideration of the foregoing:

     A.  The relevant parties hereto, intending to be legally bound, hereby agree (on behalf of
themselves and their respective Affiliates) that the TWE Redemption Agreement is hereby amended as
follows:

 

 

2

          Section 8.1 of the TWE Redemption Agreement shall be deleted and replaced with the following:

          “All items of TWE’s income, gain, loss, deduction and other tax items with respect to the
portion of the partnership taxable year ending on the Closing Date shall be allocated for Income
Tax purposes pro rata on the basis of the number of days in such portion of the partnership taxable
year as a percentage of the number of days in the entire partnership taxable year.”

     B.  For the avoidance of doubt, the relevant parties hereto further acknowledge and agree (on
behalf of themselves and their respective Affiliates) as follows:

          1. Section 7.25 of TWE Redemption Agreement shall be applied on the basis of the pro rata
method of allocation as provided in Section 8.1 of the TWE Redemption Agreement, as amended herein.

          2. Pursuant to Section 8.1 of the TWE Redemption Agreement, as amended herein, TWE shall
allocate income, gain, loss, deduction and other tax items for Fiscal Year 2006 according to a pro
rata method of allocation, and, pursuant to Section 10.2 of the TWE Partnership Agreement, the
requirement, pursuant to Section 3.4 of the Partnership Agreement, of an interim closing of TWE’s
books upon any change in the relative interests of the Partners (as defined in the TWE Partnership
Agreement) is hereby waived with respect to the change in the relative interests of the Partners
resulting from the Closing.

* * * * *

          Except as specifically amended by this letter agreement, the TWE Redemption Agreement shall
remain in full force and effect and is hereby ratified and confirmed to the extent applicable to
the parties hereto. This letter agreement shall be construed as one with the TWE Redemption
Agreement, and the TWE Redemption Agreement shall, where the context requires, be read and
construed to incorporate the amendments reflected in this letter agreement.

          This letter agreement shall not be deemed to amend the TWE Partnership Agreement and, except
as to any provision specifically waived by this letter agreement, the TWE Partnership Agreement
shall remain in full force and effect and is hereby ratified and confirmed to the extent applicable
to the Partners as parties hereto.

          This letter agreement shall be governed by and construed in accordance with the TWE Redemption
Agreement and the TWE Partnership Agreement, as applicable.

          Any amendment of this letter agreement must be in writing. This letter agreement may be
executed in one or more counterparts, each of which shall be deemed to constitute an original, and
all of which, when taken together, shall constitute one agreement. Each party hereto confirms that
any facsimile copy of such party’s executed

 

 

3

counterpart of this letter agreement (or its signature page thereof) shall be deemed to be an
executed original thereof.

          THE VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS LETTER AGREEMENT SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH
STATE.

[Remainder of page intentionally left blank.]

 

 

          IN
WITNESS WHEREOF, each of the undersigned has executed this letter agreement as of the day and year first above written.

	 	 	 	 	 
	 

	 	COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	COMCAST OF LOUISIANA/ MISSISSIPPI/TEXAS, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	COMCAST CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	On behalf of itself and as successor to TWE
Holdings I Trust:
	 
	 	 	 	 
	 

	 	MOC HOLDCO I, LLC

By: Comcast Capital Corporation, its Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James P. McCue
	 

	 	 	 	 
	 

	 	 	 	Name: James P. McCue

Title:   President

 

 

	 	 	 	 	 
	 

	 	TIME WARNER CABLE INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Satish Adige
	 

	 	 	 	 
	 

	 	 	 	Name: Satish Adige

Title:   SVP, Investments
	 
	 	 	 	 
	 

	 	TIME WARNER ENTERTAINMENT COMPANY, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Satish Adige
	 

	 	 	 	 
	 

	 	 	 	Name: Satish Adige

Title:   SVP, Investments
	 
	 	 	 	 
	 

	 	TIME WARNER INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Annaliese Kambour
	 

	 	 	 	 
	 

	 	 	 	Name: Annaliese Kambour

Title:   Sr. V.P. Tax
	 
	 	 	 	 
	Acknowledged and Agreed:
	 	 
	 
	 	 	 	 
	TIME WARNER NY CABLE LLC
	 	 
	 

	By:
	/s/ Satish Adige
	 	 
	 	Name: Satish Adige

Title:   SVP, InvestmentsEX-10.2 LETTER AGREEMENT DATED APRIL 18, 2007

 

Exhibit 10.2

TIME WARNER CABLE INC.

290 Harbor Drive

Stamford, CT 06902

April 18, 2007

	 	 	 
	Comcast Cable Communications
Holdings, Inc.

	 	Comcast Corporation
	1500 Market Street

	 	1500 Market Street
	Philadelphia, PA 19102-2184

	 	Philadelphia, PA 19102-2184
	ATTN: General Counsel

	 	ATTN: General Counsel
	 
	 	 
	MOC Holdco I, LLC

	 	Comcast of Louisiana/Mississippi/Texas, LLC
	1201 N. Market Street

	 	1500 Market Street
	Suite 1405

	 	Philadelphia, PA 19102-2184
	Wilmington, DE 19801

	 	ATTN: General Counsel

Ladies and Gentlemen:

          Reference is made to that certain Redemption Agreement, dated as of April 20, 2005, as amended
from time to time (as amended, the “TWE Redemption Agreement”), by and among Comcast Cable
Communications Holdings, Inc., a Delaware corporation (“Comcast Cable”), MOC Holdco I, LLC,
a Delaware limited liability company (“MOC Holdco I”) and successor to TWE Holdings I
Trust, a Delaware statutory trust, Comcast of Louisiana/Mississippi/Texas, LLC (f/k/a Cable Holdco
III LLC), a Delaware limited liability company (“Holdco III”), Time Warner Entertainment
Company, L.P., a Delaware limited partnership (“TWE”), and, for certain limited purposes,
Comcast Corporation (“Comcast Parent”), Time Warner Cable Inc. (“TWC”) and Time
Warner Inc., a Delaware corporation (“Time Warner”).

          Capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the TWE Redemption Agreement.

          WHEREAS, the Closing under the TWE Redemption Agreement took place on July 31, 2006; and

          WHEREAS, the relevant parties hereto desire to amend the TWE Redemption Agreement, pursuant to
Section 13.5 of such agreement.

          NOW, THEREFORE, in consideration of the foregoing:

     A.  The relevant parties hereto, intending to be legally bound, hereby agree (on behalf of
themselves and their respective Affiliates) that the TWE Redemption Agreement is hereby amended as
follows:

 

 

2

          Section 8.1 of the TWE Redemption Agreement shall be deleted and replaced with the following:

          “All items of TWE’s income, gain, loss, deduction and other tax items with respect to the
portion of the partnership taxable year ending on the Closing Date shall be allocated for Income
Tax purposes pro rata on the basis of the number of days in such portion of the partnership taxable
year as a percentage of the number of days in the entire partnership taxable year.”

     B.  For the avoidance of doubt, the relevant parties hereto further acknowledge and agree (on
behalf of themselves and their respective Affiliates) as follows:

          1. Section 7.25 of TWE Redemption Agreement shall be applied on the basis of the pro rata
method of allocation as provided in Section 8.1 of the TWE Redemption Agreement, as amended herein.

          2. Pursuant to Section 8.1 of the TWE Redemption Agreement, as amended herein, TWE shall
allocate income, gain, loss, deduction and other tax items for Fiscal Year 2006 according to a pro
rata method of allocation, and, pursuant to Section 10.2 of the TWE Partnership Agreement, the
requirement, pursuant to Section 3.4 of the Partnership Agreement, of an interim closing of TWE’s
books upon any change in the relative interests of the Partners (as defined in the TWE Partnership
Agreement) is hereby waived with respect to the change in the relative interests of the Partners
resulting from the Closing.

* * * * *

          Except as specifically amended by this letter agreement, the TWE Redemption Agreement shall
remain in full force and effect and is hereby ratified and confirmed to the extent applicable to
the parties hereto. This letter agreement shall be construed as one with the TWE Redemption
Agreement, and the TWE Redemption Agreement shall, where the context requires, be read and
construed to incorporate the amendments reflected in this letter agreement.

          This letter agreement shall not be deemed to amend the TWE Partnership Agreement and, except
as to any provision specifically waived by this letter agreement, the TWE Partnership Agreement
shall remain in full force and effect and is hereby ratified and confirmed to the extent applicable
to the Partners as parties hereto.

          This letter agreement shall be governed by and construed in accordance with the TWE Redemption
Agreement and the TWE Partnership Agreement, as applicable.

          Any amendment of this letter agreement must be in writing. This letter agreement may be
executed in one or more counterparts, each of which shall be deemed to constitute an original, and
all of which, when taken together, shall constitute one agreement. Each party hereto confirms that
any facsimile copy of such party’s executed

 

 

3

counterpart of this letter agreement (or its signature page thereof) shall be deemed to be an
executed original thereof.

          THE VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS LETTER AGREEMENT SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH
STATE.

[Remainder of page intentionally left blank.]

 

 

          IN
WITNESS WHEREOF, each of the undersigned has executed this letter agreement as of the day and year first above written.

	 	 	 	 	 
	 

	 	COMCAST CABLE COMMUNICATIONS HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	COMCAST OF LOUISIANA/ MISSISSIPPI/TEXAS, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	COMCAST CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Pick
	 

	 	 	 	 
	 

	 	 	 	Name: Robert S. Pick

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	On behalf of itself and as successor to TWE
Holdings I Trust:
	 
	 	 	 	 
	 

	 	MOC HOLDCO I, LLC

By: Comcast Capital Corporation, its Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James P. McCue
	 

	 	 	 	 
	 

	 	 	 	Name: James P. McCue

Title:   President

 

 

	 	 	 	 	 
	 

	 	TIME WARNER CABLE INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Satish Adige
	 

	 	 	 	 
	 

	 	 	 	Name: Satish Adige

Title:   SVP, Investments
	 
	 	 	 	 
	 

	 	TIME WARNER ENTERTAINMENT COMPANY, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Satish Adige
	 

	 	 	 	 
	 

	 	 	 	Name: Satish Adige

Title:   SVP, Investments
	 
	 	 	 	 
	 

	 	TIME WARNER INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Annaliese Kambour
	 

	 	 	 	 
	 

	 	 	 	Name: Annaliese Kambour

Title:   Sr. V.P. Tax
	 
	 	 	 	 
	Acknowledged and Agreed:
	 	 
	 
	 	 	 	 
	TIME WARNER NY CABLE LLC
	 	 
	 

	By:
	/s/ Satish Adige
	 	 
	 	Name: Satish Adige

Title:   SVP, Investments

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