Document:

Exhibit 10.29

 

THE
SCHWABPLAN®

DIRECTED
EMPLOYEE BENEFIT TRUST AGREEMENT

 

This TRUST AGREEMENT (“Trust
Agreement” or “Agreement”), entered into this 1st day of January, 2005, by and
between Universal City Development Partners, LTD. d/b/a Universal Orlando (the “Company”)
and THE CHARLES SCHWAB TRUST COMPANY (the “Trustee”).

PURPOSE

 

The Company has adopted a plan called the Universal
Orlando 401(k) Retirement Plan (the “Plan”) for the exclusive purpose of
providing benefits to certain of its employees and their beneficiaries and
defraying reasonable expenses of administering the Plan.  The Plan provides that, from time to time,
cash and other assets may be paid to the Trustee by the Company to be held and
administered as a trust (the “Trust Fund” or “Trust”) for the uses and purposes
of the Plan.  The Company intends that
the Plan shall qualify under section 401 of the Internal Revenue Code of 1986,
as amended (the “Code”), and that the Trust shall constitute a part of the
Plan, as a tax-exempt entity within the meaning of Code section 501(a).

 

Subject to
specific conditions set forth in this Agreement, the Trustee agrees that it
will hold in the Trust and invest cash and other acceptable property received
pursuant to this Agreement and received as contributions from the Company or
transfers from another plan qualified under section 401(a) of the Code and from
such other plans from which such transfers are permitted under the terms of the
Plan and applicable law, rules and regulations, upon the terms and conditions
stated below.

 

ARTICLE 1

TRUST FUND

 

1.1           The Company’s
President or other duly authorized official shall certify in writing to the
Trustee the names and specimen signatures of all those persons who are
authorized to act as or on behalf of the Plan’s named fiduciary, which term
shall include the administrator of the Plan (the “Administrator”) and these
names and specimen signatures shall be updated as necessary by the President or
other duly authorized official.

 

1.2           All
contributions or transfers shall be received by the Trustee in cash or in any
other property acceptable to the Trustee as determined by the Trustee under its
Investment Guidelines, which are incorporated herein and made part of the
Agreement as amended from time to time. 
The Trust Fund shall consist of the contributions and transfers received
by the Trustee, together with the income and earnings from them and any
increments to them.  The Trustee shall
manage and administer the Trust Fund without distinction between principal and
income.  The Trustee shall have no duty
to (i) compute any amount required to be transferred or paid to it by the
Company, (ii) collect any contributions or transfers to the Trust Fund, or
(iii) determine whether any contribution or transfer complies with the terms of
the Plan.

 

If the Company creates or maintains one or more
employee benefit plans qualified under Code section 401(a) in addition to the
Plan, the Company may request the Trustee to hold the assets of the additional
plan or plans in the Trust Fund.  The
Administrator shall keep records showing the interest of the Plan and each
additional plan in the Trust Fund unless the Trustee enters into an agreement
with the Company to keep separate accounts for each such plan.  The Company and the Administrator shall not

 

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permit or cause the
assets of one plan to be used to pay benefits or the administrative expenses of
any other plan with the assets in the Trust Fund.

 

1.3           The
Trustee shall accept a contribution of cash or other property otherwise
acceptable to the Trustee that has been distributed to a participant (or an
eligible employee who is about to become a participant) from another employee
benefit plan qualified under Code section 401(a), from an individual retirement
account or annuity described in Code section 408, and from such other plans,
accounts and annuities with respect to which such contributions are permitted
under the terms of the Plan and applicable law, rules and regulations, at the
direction of the Administrator.  The
Administrator shall be solely responsible for determining that such assets
represent an eligible rollover contribution within the meaning of Code section
402(c)(4) or 408(d)(3).  The Trustee
shall accept a transfer of cash or other property acceptable to the Trustee on
behalf of a participant (or an employee who is about to become a participant)
directly from the trustee of an employee benefit plan qualified under Code
section 401(a) and from such other plans from which such transfers are
permitted under the terms of the Plan and applicable law, rules and regulations
at the direction of the Administrator.

 

ARTICLE 2

INVESTMENTS AND DISTRIBUTIONS

 

2.1           (a)           Except
as provided below, the Administrator shall have all power over and responsibility
for the management, disposition, and investment of the Trust assets, and the
Trustee shall comply with proper written directions of the Administrator
concerning those assets.  The
Administrator shall not issue directions in violation of the terms of the Plan
and Trust or prohibited by the fiduciary responsibility rules of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”).  Except to the extent required by ERISA or
otherwise provided in this Agreement, the Trustee shall have no duty or
responsibility to review, initiate action, or make recommendations regarding
Trust assets and shall retain assets until directed in writing by the
Administrator to dispose of them.

 

The Administrator may delegate to any other person or
persons any of the Administrator’s rights, powers or responsibilities with
respect to the operation and administration of the Trust Fund.  Any such delegation shall be made in writing
and communicated to the Trustee.  The
Administrator shall not be liable for any breach of fiduciary responsibility of
a delegatee that is not proximately caused by the Administrator’s failure to
properly select or supervise such delegatee and in which the Administrator does
not participate.

 

(b)           If
permissible under the Plan, each participant and/or beneficiary may have
investment power over the account maintained for him or her, and may direct the
investment and reinvestment of assets of the account among the options
authorized by the Administrator.  Such
direction shall be furnished to the Trustee in writing under procedures agreed
to by the Trustee and the Administrator. 
To the extent provided under ERISA section 404(c), the Trustee shall not
be liable for any loss, or by reason of any breach, which results from such
participant’s or beneficiary’s exercise of control.  If a participant who has investment authority
under the terms of the Plan fails to provide such directions, the Administrator
shall direct the investment of the participant’s accounts.  The Administrator shall maintain records
showing the interest of each participant and/or beneficiary in the Trust Fund
unless the Trustee enters into an agreement with the Company to keep separate
accounts for each such participant and/or beneficiary.  The Trustee shall have no duty or
responsibility to review or make recommendations regarding investments made at
the direction of the Administrator or participant and shall be required to act
only upon receipt of proper written directions. 
A participant or beneficiary shall not have authority to direct the
investment of assets in his or her account in a loan to any participant,
including himself or herself, or “collectibles” within the meaning of Code
section 408(m)(2).

 

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(c)           The
Administrator may appoint an investment manager or managers within the meaning
of section 3(38) of ERISA to direct, control or manage the investment of all or
a portion of the Trust assets, as provided in sections 3(38) and 403(a)(2) of
ERISA.  The Administrator shall notify
the Trustee in writing of the appointment of each investment manager, and the
assets over which each manager shall exercise control and cause the investment
manager to acknowledge to the Trustee in writing that the investment manager is
a fiduciary with respect to the Plan.  If
the foregoing conditions are met, the investment manager shall have the power
to manage, acquire, or dispose of any Trust assets identified as under such
manager’s control, and the Trustee shall not be liable for acts or omissions of
the investment manager, or be under an obligation to invest or otherwise manage
any asset of the Trust that is subject to the management of such investment
manager.  The Trustee shall act only upon
receipt of proper written directions from a duly appointed investment manager,
and shall have no liability to review or question any such directions.

 

(d)           If
the Plan authorizes loans to Plan participants, the duties of the Trustee and
Administrator may be covered by a separate agreement to be incorporated as part
of this Agreement.

 

2.2           (a)           Subject
to the Investment Guidelines of the Trustee, any general or specific investment
guidelines formulated by the Company or the Administrator and the provisions of
Section 2.1 above, the person with investment responsibility (“Authorized
Person”) may cause the Trust Fund to be invested and reinvested in every kind
of investment including, without limitation, publicly traded equity and debt
interests of all kinds issued by domestic or foreign governments, business
organizations, limited partnerships, investment companies and trusts or other
entities, convertible securities of all kinds, interest-bearing deposits in any
depository institution (including the Trustee or any affiliate of the Trustee),
money market securities of all kinds, collective investments as described in
subsection (b) below and insurance contracts as described in subsection (c)
below.  Notwithstanding anything in the
Trust Agreement to the contrary, the Trustee may hold uninvested and without liability
for interest such part of the Trust Fund as may be reasonably necessary for the
orderly administration of the Trust Fund.

 

(b)           Subject
to the following provisions, the assets of the Trust Fund may be invested and
reinvested, in whole or in part, in any common or collective investment fund
(referred to as the “fund”) maintained by the Trustee or an investment manager
in which the Trust Fund is eligible to participate.  Notwithstanding any other provision of this
Agreement, to the extent Trust Fund assets are invested in any such fund, the
terms of the fund’s governing instrument shall govern the investment
responsibilities and powers of the entity responsible for management of the
fund (referred to as “fund manager”), and the terms of such governing
instrument shall be incorporated into the Trust Agreement.  The value of any interest in a fund held by
the Trust Fund shall be the fair market value of the interest as determined by
the fund manager in accordance with the fund’s governing instrument.  For purposes of valuation of the Trust Fund
assets, the Trustee shall be entitled to rely conclusively on the value
reported by the fund manager.

 

The Trust Fund may be invested in a pooled investment
vehicle funded by contracts issued by an insurance company qualified to do
business in a state (within the meaning of ERISA section 3(10)) including,
without limitation, group annuity and guaranteed investment contracts.  Any such contract may provide for the
allocation of amounts received by the insurance company to its general account,
one or more of its separate accounts (including pooled separate accounts), or
both.  To the extent Trust Fund assets
are allocated to a separate account of an insurance company, the Administrator
shall appoint the insurance company as an investment manager as provided
above.  Notwithstanding any other
provision of the Trust Agreement, the terms of the contract(s) governing the
separate account(s) in which the Trust Fund is invested shall govern the
investment responsibilities and powers of the insurance company and, to the
extent required by law, the terms of such contract(s) shall be incorporated
into the Trust Agreement.

 

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(c)           To
the extent permitted by the Plan, the Authorized Person may direct the Trustee
to apply for and purchase life insurance or annuity contracts (referred to as “contracts”)
from an insurance company, subject to the following provisions:

 

(i)            The
Authorized Person shall be responsible for ensuring that the purchases conform
with the requirements of the Plan and any rules and policies established by the
Administrator regarding the form, value, optional settlement methods and other
provisions of the contracts.  The Trustee
shall not be responsible for the validity or proper execution of any contract
delivered to it, or any act of any persons which renders the contract void or
voidable.  The Trustee shall not be
responsible if the contract held in the Trust Fund fails to meet the
requirements of the Plan, and shall have no duty to inform participants of the
terms and conditions of any such contract.

 

(ii)           The
Administrator shall instruct the Insurer to notify the Administrator of all
premiums becoming due under the contracts. 
The Administrator shall deliver all premium notices to the Trustee,
together with a direction to the Trustee to pay the premiums out of the Trust
Fund.  The Trustee shall have no
responsibility for paying the premium unless the Administrator or the Participant
provides written instructions directing the Trustee to pay the premium and
sufficient assets of the Trust Fund are available for that purpose.

 

(iii)          The
Administrator shall cause the Trustee to be designated as the sole owner of any
such contract, with sole power to exercise all rights, privileges, options and
other incidents of ownership at the Administrator’s direction.  The Administrator from time to time shall
direct the Trustee regarding the designation of a beneficiary of the death
benefit payable under any such contract in accordance with the applicable
provisions of the Plan.

 

(d)           To
the extent permitted by the Plan and ERISA and subject to the applicable
federal and state securities laws, the Authorized Person may direct the Trustee
to invest in qualifying employer securities within the meaning of ERISA section
407(d)(5) (“Employer Securities”).  The
Administrator shall have full responsibility for determining that any such
investment, and the voting rights attributable to such investment, complies
with applicable law.  Notwithstanding any
other provision of the Plan or Trust Agreement, the Administrator shall have
responsibility for voting any shares or directing that such shares shall be
sold, exchanged, or otherwise disposed of except to the extent provided in
Sections 2.3 (q) and (r) herein, or to the extent that such duties are made the
responsibility of another person or persons under the terms of the Plan or
other governing document, and such person performs according to such terms.

 

2.3           In its
administration of the Trust Fund, the Trustee shall have and exercise whatever
powers are necessary to discharge its obligations and exercise its rights under
the Trust Agreement.  Subject to the
direction of the Administrator, participants, or an investment manager as
provided in Section 2.1, the Trustee shall have full power and authority with
respect to property held in the Trust Fund to do all such acts, take all
proceedings, and exercise all such rights and privileges, whether specifically
referred to or not in this document, as could be done, taken, or exercised by
the absolute owner, including, without limitation, the following:

 

(a)           To
collect income generated by the Trust Fund investments and proceeds realized on
the sale or disposition of assets and to hold the same pending reinvestment or
distribution in accordance with this Agreement;

 

(b)           To
register Trust Fund property in the Trustee’s own name, in the name of a
nominee or in bearer form, provided the Trustee’s records and accounts show
that such property is an asset of the Trust Fund;

 

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(c)           To
deposit securities in a security depository and permit the securities so
deposited to be held in the name of the depository’s nominee, and to deposit
securities issued or guaranteed by the U.S. 
Government or any agency or instrumentality thereof, including
securities evidenced by book entry rather than by certificate, with the
U.S.  Department of the Treasury, a Federal
Reserve Bank or other appropriate custodial entity, in the same account as the
Trustee’s own property, provided the Trustee’s records and accounts show that
such securities are assets of the Trust Fund;

 

(d)           To
retain the property in the Trust;

 

(e)           To
sell Trust assets, at either public or private sale, at such time or times and
on such terms and conditions as it may deem appropriate;

 

(f)            To
consent to or participate in any plan for the reorganization, consolidation, or
merger of any business unit, any security of which is held in the Trust Fund,
to pay calls and assessments imposed upon the owners of such securities as
condition of their participating therein, and to consent to any contract,
lease, mortgage, purchase or sale of property, by or between such business unit
and any other party;

 

(g)           To
exercise or dispose of any right it may have as the holder of any security, to
convert the same into another security, to acquire any additional security or
securities, to make any payments, to exchange any security, or to do any other
act with reference thereto;

 

(h)           To
renew or extend the time of payment of any obligation due or becoming due;

 

(i)            To
grant options to purchase property held in the Trust;

 

(j)            To
compromise, arbitrate, or otherwise adjust or settle claims in favor of or
against the Trust and to deliver or accept consideration in either total or
partial satisfaction of any indebtedness or other obligation, and to continue
to hold property so received for the period of time that the Trustee deems
appropriate;

 

(k)           To
exchange any property for other property upon such terms and conditions as the
Trustee may deem proper, and to give or receive money to effect equality in
price;

 

(l)            To
foreclose any obligation by judicial proceeding or otherwise;

 

(m)          To
sue or defend in connection with any and all securities or property at any time
received or held in the Trust Fund and to charge against the Trust Fund all
reasonable expenses and attorney’s fees in connection therewith;

 

(n)           To
manage any real property in the same manner as if the Trustee were the absolute
owner thereof, including the power to lease the same for such term or terms,
and upon such conditions including, but without limitation, agreements for the
purchase or disposal of buildings on the property or options to the tenant to
renew such lease from time to time or to purchase such property as the Trustee
deems proper; to make ordinary and extraordinary repairs and alterations to any
property that the Trustee deems proper; to make ordinary and extraordinary
repairs and alterations to any building, to raze old buildings, to erect new
buildings, to insure against loss by fire or other casualties, and to employ
agents and confer upon them authority with respect to the management of such
real property as the Trustee deems appropriate;

 

(o)           To
borrow money from any person other than a party in interest of the Plan with or
without giving security;

 

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(p)           To
deposit any security with any protective or reorganization committee, and to
delegate to that committee such power and authority as the Trustee may deem
proper, and to agree to pay out of the Trust Fund that portion of the expenses
and compensation of that committee as the Trustee may deem proper;

 

(q)           To
deliver to the Administrator, or the person or persons identified by the
Administrator, proxies and powers of attorney and related informational
material, for any shares or other property held including Employer Securities
in the Trust.  Subject to the provisions
of Section 2.3 (r), the Administrator shall have responsibility for instructing
the Trustee as to voting such shares and the tendering of such shares, by proxy
or in person, except to the extent such responsibility is delegated to another
person, under the terms of the Plan or Trust Agreement or under an agreement between
the named fiduciary of the Plan and an investment manager, in which case such
persons shall have such responsibility. 
The Trustee may use agents to effect such delivery to the Administrator
or the person or persons identified by the Administrator.  In no event shall the Trustee be responsible
for the voting or tendering of shares of securities held in the Trust or for
ascertaining or monitoring whether, or how, proxies are voted or whether the
proper number of proxies is received;

 

(r)            If
Company Stock is a permissible investment option under the Plan, all voting
rights with respect to shares of Company Stock held in the Trust Fund and
allocated to Participants’ Accounts shall be exercised by the Trustee in such
manner as may be directed by the respective Participant (which term, for
purposes of this subsection (r), shall include the beneficiary of a deceased
Participant and any alternate payee for whom an account has been established
with an interest in Company Stock).  Any
shares of Company Stock in the Trust Fund that are allocated to Participants
who fail to give directions to the Trustee and all Company Stock otherwise
unallocated shall be voted by the Trustee in the same proportion as the shares
for which voting instructions have been received, subject to the power,
responsibility and obligation of the Administrator to direct the Trustee to act
with respect to the voting of such shares in a different manner, if the
Administrator determines that such action is consistent with and/or required by
its fiduciary obligations under ERISA. 
The Company acknowledges that it shall be the responsibility of the
Administrator, and not the Trustee, to determine whether the fiduciary
responsibilities of ERISA require that a direction be provided to the Trustee to
override such proportionate voting.  The
Administrator may establish such rules and guidelines as it deems necessary to
properly effect the provision of this section;

 

(s)           To
appoint agents as necessary or desirable, including legal counsel who may be counsel
for the Company;

 

(t)            To
hold that portion of the Trust Fund as the Trustee may deem necessary for
ordinary administration and for the disbursement of funds in cash, without
liability for interest, by depositing the same in any bank (including deposits
which bear a reasonable rate of interest in a bank or similar financial
institution supervised by the United States or a State, even where a bank or
financial institution is the Trustee, or otherwise is a fiduciary of the Plan,
including The Charles Schwab Trust Company), subject to the rules and
regulations governing such deposits, and without regard to the amount of any
such deposit;

 

(u)           To
retain group or individual insurance contracts of all kinds authorized under
the Plan;

 

(v)           If
directed by the Administrator, participant or investment manager, to acquire,
hold, and administer limited partnership interests, or interests in other
specialized investment vehicles, provided that such Authorized Person signs any
agreement or other necessary documents requested by the Trustee prior to
entering into the transaction;

 

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(w)          To
write covered call options on securities where appropriate for the Trust;
provided that any such transaction is in conformity with the Plan and all
applicable rules, regulations and laws governing the Trustee, the Plan, and
this Trust;

 

(x)            To
the extent permitted under applicable laws, to invest in deposits, long and
short term debt instruments, stocks, and other securities, including those of
the Trustee, The Charles Schwab Corporation (the “Public Company”), Charles
Schwab & Co., Inc.  (the “Broker/Dealer”),
their affiliates and subsidiaries; and

 

(y)           To
lend securities from the Trust on a secured basis in accordance with a separate
written agreement between the Administrator and the Trustee.

 

2.4           The
Trustee is authorized to contract or make other arrangements with The Public
Company, the Broker/Dealer, their affiliates and subsidiaries, successors and
assigns and any other organizations affiliated with or subsidiaries of the
Trustee or related entities, for the provision of services to the Trust or
Plan, except where such arrangements are prohibited by law or regulation.

 

2.5           The
Trustee is authorized to place securities orders, settle securities trades,
hold securities in custody, and other related activities on behalf of the Trust
through or by the Broker/Dealer whenever possible, unless the Authorized Person
specifically instructs the use of another broker/dealer.  Trades (and related activities) conducted
through the Broker/Dealer shall be subject to fees and commissions established
by the Broker/Dealer, which may be paid from the Trust or netted from the
proceeds of trades.

 

Trades shall not be executed through the Broker/Dealer
unless the Administrator and the Authorized Person have received disclosure
concerning the relationship of the Broker/Dealer to the Trustee, and fees and
commissions which may be paid to the Public Company, Broker/Dealer, the Trustee
and/or their affiliates or subsidiaries as a result of using the Broker/Dealer’s
execution or other services.

 

The Trustee is authorized to disclose such information
as is necessary to the operation and administration of the Trust to the Public
Company or any of its affiliates, and to such other persons or organizations
that the Trustee determines have a legitimate business purpose for obtaining
such information.

 

2.6           At the
direction of the Authorized Person, the Trustee may purchase shares of
regulated investment companies (or other investment vehicles) advised by the
Public Company, Broker/Dealer or the Trustee or any affiliate of them (“SchwabFunds®”)
except to the extent prohibited by law or regulation.

 

Uninvested cash of the Trust will be invested in
Schwab Funds designated by the Authorized Person for that purpose, unless the
Authorized Person specifically instructs the use of another fund or account,
except to the extent prohibited by law or regulation.

 

Schwab Fund shares may not be purchased or held by the
Trust unless the Authorized Person has received disclosure concerning the
Public Company’s, Broker/Dealer’s, the Trustee’s and/or their affiliate’s or
subsidiary’s relationship to the Funds, and any fees which may be paid to the
Public Company, Broker/Dealer, Trustee and/or their affiliates or subsidiaries.

 

2.7           The
Administrator shall have responsibility for establishing and carrying out a
funding policy and method, as specified in section 402(b)(1) of ERISA,
consistent with the objectives of the Plan and the requirements of ERISA,
taking into consideration the Plan’s short-term and long-term financial needs.

 

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The Trustee shall not be responsible for proper
diversification of the assets of the Trust Fund.  The Administrator or the person to whom such
responsibility has been properly delegated under the requirements of ERISA
shall be responsible for the funding policy, for diversification of assets held
in trust for the Plan, and for compliance of the Trust Fund with statutory
limitations on the amount of investment in securities or other property of the
Company or its affiliated companies.

 

2.8           No assets
of the Trust Fund shall be invested in the securities of the Company or its
affiliates unless the Administrator determines that the securities are exempt
from registration under the federal Securities Act of 1933, as amended, and are
exempt from registration or qualification under the applicable state law, and
of any other applicable blue sky law, or in the alternative, that the
securities have been so registered and/or qualified.  The Administrator shall also specify what
restrictive legend on transfer, if any, is required to be set forth on the
certificates for the securities and the procedure to be followed by the Trustee
to effectuate a resale of such securities. 
The Administrator shall not direct the investment in “employer
securities” or “employer real property”, within the meaning of section 407 of
ERISA, if such investment would be prohibited by ERISA.  The Administrator shall only direct the
investment of Trust funds into securities of the Company or an affiliate (i) if
those securities are traded on an exchange permitting a readily ascertainable
fair market value, or (ii) if the Administrator shall have obtained a current
valuation by a qualified independent appraiser.

 

2.9           The
Company represents and warrants that it will take all responsibility (and
hereby assumes all liability for the failure) to notify Participants of any
limitations on investment directions necessary or appropriate to comply with
federal securities laws (including the Exchange Act and the 1933 Act),
including but not limited to the frequency of investment changes by certain
officers and shareholder-employees pursuant to Section 16 and, to the extent
applicable, the volume of trading in Company Stock pursuant to Regulation
M.  Consequently the Trustee shall have
no liability to a Participant, and beneficiary, or the Company for carrying out
instructions relating to the acquisition or disposition of Company Stock
regardless of whether those instructions subject such person or the Company to
any liability.

 

The Company represents and warrants that either the
percentage of the issued and outstanding class of equity security registered
under section 12 of the Exchange Act which is Company Stock owned by the Plan
(the “Plan Percentage”) is less than 4.5% or that the Plan and its prior trust
have complied with all notice and filing requirements imposed by federal
securities laws with regard to Company Stock.  The Company covenants that it will (a) notify
the Trustee in writing within 5 business days following any date as of which
the Plan Percentage equals or exceeds 4.5%, (b) monitor the Plan Percentage on
a daily basis so long as the Plan Percentage is at least 4.5%, (c) notify the
Trustee in writing within 5 business days following any date as of which the
Plan Percentage equals or exceeds 5% and, if applicable, 10%, and (d) provide
monthly written reports to the Trustee disclosing the Plan Percentage.  The foregoing monitoring and notification
requirements shall cease during any month when the Plan Percentage is below
4.5% for each day of the month.  The
provisions of this Section 2.9 shall survive the termination of this Trust
Agreement.

 

The Administrator further represents and warrants that
the Company will file all statements and reports required by the Securities and
Exchange Commission that are required on account of the purchase, sale or
ownership of Company Stock by the Trust Fund, including without limitation
Forms 11-K, 13-D, 13-G, and Forms 4 and 5, and that the Trustee shall have no
responsibility for any such filings.

 

2.10         The Trustee
shall make distributions or transfers from the Trust as specified in proper
written directions from the Administrator. 
The Trustee is authorized, to the extent required under applicable law,
to withhold from distributions to any payee an amount that the Trustee
determines is necessary to cover federal and state taxes, and the Trustee is
required to withhold such amounts if so

 

8

 

directed by the Administrator. 
The Trustee shall have no liability for making any distribution or
transfer pursuant to the direction of the Administrator (including amounts
withheld pursuant to the previous sentence) and shall be under no duty to make
inquiry whether any distribution or transfer directed by the Administrator is
made pursuant to the provisions of the Plan. 
The Administrator shall furnish to the Trustee all information necessary
to carry out such withholding, or, if such information is not provided to the
Trustee, the Administrator and the Company shall hold the Trustee harmless from
and indemnify it for any liability and related expenses that arise in
connection with improper withholding.

 

The Trustee shall not be liable for the proper
application of any part of the Plan or Trust if distributions or transfers are
made in accordance with the written directions of the Administrator including
any distribution made pursuant to a domestic relations order which the
Administrator has determined to be qualified within the meaning of section
414(p) of the Code, nor shall the Trustee be responsible for the adequacy of
the Trust Fund to discharge any and all payments and liabilities under the
Plan.

 

2.11         The Trustee
may make any payment required of it under this Agreement by mailing its check
for the amount specified to the recipient at such address last furnished to the
Trustee by the Administrator, or if the Trustee has never received an address,
to the recipient in care of the Administrator.

 

2.12         All persons
dealing with the Trustee are released from inquiring into the decision or
authority of the Trustee and from seeing to the proper application of any
monies paid or securities or other property delivered to the Trustee.

 

2.13         The Trustee
shall bear no liability for acting upon any instruction or document believed by
it to be genuine and to be presented or signed by a party duly authorized to do
so, and the Trustee shall be under no duty to make any investigation or inquiry
about the correctness of such instruction or document.

 

2.14         The Trustee
may consult with legal counsel of its choice, including counsel for the
Company, upon any question or matter arising hereunder and the opinion of such
counsel, when relied upon by the Trustee shall be evidence the Trustee was
acting in good faith.

 

2.15         If as
provided in the Plan, other trustees of separate trusts under the Plan may be appointed,
the Trustee under this Agreement shall have no duties or responsibilities for
Plan assets not held in the Trust by the Trustee, except as required by
applicable law. The Trustee accepts the
appointment as Trustee effective as of the date the assets of the Plan are
received by the Trustee. The Trustee shall assume responsibility for only those
assets of the Plan which are transferred and accepted by the Trustee in
accordance with the terms of this Trust and which have been previously reviewed
and approved by the Trustee.

 

ARTICLE 3

SETTLEMENT OF ACCOUNTS

 

3.1           (a)           The
Trustee shall maintain accurate records and detailed accounts of all
investments, receipts, disbursements, and other transactions related to the
Trust, and those records shall be available at all reasonable times to the
Administrator, the Company, or their authorized representatives.

 

(b)           The
Trustee, at the direction of the Administrator, shall submit to the
Administrator and any other person that the Administrator designates those
valuations, reports, or other

 

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information as the
Administrator may request.  In any case,
the Trust Fund shall be valued by the Trustee at the frequency agreed to by the
Trustee and the Company, but in any event not less than annually at the fair
market value as of the close of business at the end of the last business day of
the fiscal year of the Plan.  Except as
specified below, in the absence of fraud or bad faith, the Trustee’s valuation
of the Trust Fund shall be conclusive.

 

3.2           (a)           Within
sixty days following the close of each fiscal year of the Plan or the close of
any other period as may be agreed upon by the Trustee and the Administrator,
the Trustee shall file with the Administrator a written account setting forth a
description of all securities and other property purchased and sold, all
receipts, disbursements, and other transactions effected by it during that
fiscal year or other designated period, and listing the securities and other
property held by the Trustee at the end of such fiscal year or other designated
period, together with their then fair market values.

 

(b)           The
Administrator may approve an account by written notice of approval delivered to
the Trustee or by failure to deliver to the Trustee express objections to the
account in writing within sixty days from the date upon which the account was
mailed or otherwise delivered to the Administrator.

 

(c)           The
account shall be deemed approved upon receipt by the Trustee of the
Administrator’s written approval of the account or upon the passage of the
sixty day period of time, except for any matters covered by written objections
that have been delivered to the Trustee by the Administrator and for which the
Trustee has not given an explanation or made an adjustment satisfactory to the
Administrator.

 

(d)           If
the account is not settled as provided above, the Trustee, the Company or the
Administrator shall have the right to apply to a court of competent
jurisdiction at the expense of the Trust Fund for a judicial settlement of the
accounting.  Any judgment or decree
entered in such proceedings shall be conclusive on all persons interested in
the Trust Fund.

 

3.3           Notwithstanding
any other provision of this Article 3, if the Trustee shall determine that the
Trust Fund consists in whole or in part of property not traded freely on a
recognized market, or that information necessary to ascertain the fair market
value is not readily available, the Trustee may request instructions from the
Administrator concerning the value of such property for all purposes under the
Plan and this Trust Agreement, and the Administrator shall comply with that
request.  The Trustee shall be entitled
to rely upon the value placed upon such property by the Administrator.  At the Trustee’s option, it may request that
the Administrator hire an independent appraiser that meets the requirements of
Code section 401(a)(28)(C) to value the property.  Alternatively, if the Trustee chooses, or if
the Administrator shall fail or refuse to instruct the Trustee on the value of
such property within a reasonable time after receipt of the Trustee’s request,
the Trustee at its sole discretion may engage an independent appraiser to
determine the fair market value of such property.  Any expenses with respect to such appraisal
shall be paid by the Trustee out of the Trust Fund or, at the option of the
Company, by the Company.

 

ARTICLE 4

INDEMNIFICATION

 

4.1           To the
extent permitted under ERISA, the Company shall indemnify and hold harmless the
Trustee, its officers, employees, and agents from and against all liabilities,
losses, expenses, and claims (including reasonable attorney’s fees and costs of
defense) arising out of (1) the acts or omissions to act with respect to the
Plan or Trust by persons unrelated to the Trustee (“unrelated persons”), (2)
the Trustee’s action or inaction with respect to the Plan or Trust resulting
from reliance on the action or inaction of unrelated persons, including
directions to invest or otherwise deal with Plan assets, or (3) any violation
by any unrelated person of the provisions of ERISA or the regulations
thereunder, unless the

 

10

 

Trustee commits a breach of its duties by reason of its negligence or
willful misconduct.  Expenses incurred by
the Trustee which it believes to be subject to indemnification under this
Agreement shall be paid by the Company upon the Trustee’s request, provided
that the Company may delay payment of any amount in dispute until such dispute
is resolved according to the provisions of Sec. 
8.5 of the Agreement.  Such
resolution may include the award of interest on unpaid amounts determined to be
payable to the Trustee under this Section.

 

4.2           To the extent permitted under ERISA, the
Trustee shall indemnify and hold harmless the Company, its officers, employees
and agents from and against any and all liabilities, losses, expenses and
claims (including reasonable attorney’s fees and costs of defense) as a result
of the Trustee’s breach of its responsibilities under this Agreement due to its
own negligence or willful misconduct and not that of any other party; provided,
however no such indemnification and hold harmless shall be provided by the
Trustee for any losses, claims, liabilities, and expenses (including reasonable
attorney’s fees and costs of defense) which are the subject of indemnification
by the Company to the Trustee as provided in Section 4.1 above.

 

ARTICLE 5

TAXES, EXPENSES AND COMPENSATION
OF TRUSTEE

 

5.1           The
Trustee shall notify the Plan Administrator of any tax levied upon or assessed
against the Trust Fund of which the Trustee has knowledge.  If the Trustee receives no instructions from
the Administrator, the Trustee may pay the tax from the Trust Fund.  If the Plan Administrator wishes to contest
the tax assessment, it shall give appropriate written instructions to the
Trustee.  The Trustee shall not be
required to bring any legal actions or proceedings to contest the validity of
any tax assessments unless the Trustee has been indemnified to its satisfaction
against loss or expense related to such actions or proceedings, including
reasonable attorney’s fees.

 

5.2           The
Company shall quarterly pay the Trustee its expenses in administering the Trust
Fund and reasonable compensation for its services as Trustee as described in
the SchwabPlan® Services Agreement, which may be amended from time to
time.  Trustee reserves the right to
alter this rate of compensation at any time by providing the Company with
written notice of such change at least sixty days prior to its effective
date.  Reasonable compensation shall
include compensation for any extraordinary services or computations required,
such as determination of the value of assets when current market values are not
published, and the covering of overdrafts. 
The Trustee shall have a lien on the Trust Fund for compensation and for
any reasonable expenses including counsel, appraisal, or accounting fees, and
such amounts may be withdrawn from the Trust Fund unless paid by the Company
within thirty days after mailing of the written billing by the Trustee.

 

ARTICLE 6

RESIGNATION OR REMOVAL OF TRUSTEE

 

6.1           The
Trustee may resign as Trustee hereunder or may be removed by the Company.  This resignation or removal may be
accomplished at any time upon the giving of sixty days written notice to the
Trustee or Company, as applicable (or less if the other party agrees to waive
notice).  Upon resignation or removal,
the Company shall appoint a successor trustee who shall then succeed to all the
powers and duties given to the Trustee by this Agreement.  The terminating Trustee shall transfer all
property of the Trust Fund then held by it to such successor Trustee.  The terminating Trustee may require as a
condition of making such transfer that the successor Trustee present evidence
that any bonding requirement under ERISA section 412 has been met and/or may
require that the Company provide a writing indemnifying the Trustee against any
losses arising from the replacement of the Trustee.  If either

 

11

 

party has given notice of termination as provided under this Agreement,
and upon the expiration of the advance notice period no other successor Trustee
has been appointed and has accepted such appointment, this provision shall
serve as (i) notice of appointment of the Chief Executive Officer of the
Company as Trustee and (ii) as acceptance by that person of that
appointment.  The Trustee is authorized
to reserve such sum of money as it may deem advisable for payment of its fees
and expenses in connection with the settlement of its accounts or other proper
Trust expenses, and any balance of such reserve remaining after the payment of
such fees and expenses shall be paid to the successor Trustee.

 

6.2           Within
sixty days of the transfer to the successor Trustee, the terminating Trustee
shall provide the Company with an account in the form and manner prescribed for
the annual account by Article 3.  Unless
the Company files with the Trustee written objections within sixty days after
such account has been mailed or otherwise delivered, the account shall be
deemed to have been approved by the Company.

 

ARTICLE 7

AMENDMENT AND TERMINATION OF
TRUST

 

7.1           It is the
intention of the Company that this Trust and the Plan of which it is a part
shall be permanently administered for the benefit of the Plan’s participants
and their beneficiaries, and defraying reasonable expenses of administering the
Plan.  This Trust is, accordingly,
irrevocable except with respect to Section 8.4; however, this Trust may be
terminated at any time by the Company, and upon such termination, the Trust
Fund shall be distributed by the Trustee as and when directed by the
Administrator in accordance with the provisions of Section 2.10 and the Plan
document.  From the date of termination
of the Plan and until the final distribution of the Trust assets, the Trustee
shall continue to have all the powers provided under this Agreement that are
necessary or desirable for the orderly liquidation and distribution of the
Trust Fund.  In no instance upon any
termination, or discontinuance, and subsequent distribution shall the Trust
Fund or any part of it be used for, or diverted to, purposes other than
providing benefits to participating employees and their beneficiaries, and
defraying the administrative expenses of the Plan until all Plan liabilities
have been satisfied, except in the instance of the failure of the Trust
initially to qualify for tax-exempt status as set forth in Section 8.4.

 

7.2           This Trust
Agreement, other than Section 7.1, may be amended at any time by written
agreement of the Company and the Trustee, provided, that such amendment shall
not operate:

 

(i)            to
cause any part of the Trust Fund to revert to or be recoverable by the Company
or to be used for or diverted to purposes other than the exclusive benefit of
participants and their beneficiaries, except to the extent permitted by law and
the Plan; or

 

(ii)           to
reduce the then accrued benefits or the amounts then held for the benefit of
any participant or beneficiary of the Plan.

 

7.3           The
Trustee may condition the transfer or distribution of any assets of the Trust
Fund upon termination of the Trust on receipt of a favorable determination
letter from the Internal Revenue Service confirming that the termination of the
Plan does not adversely affect the tax-exempt status of the Trust Fund.  Alternatively, the Trustee, in its sole
discretion, may accept the indemnification of the Trustee against any liability
arising from such transfer or distribution that is provided by the Company or
may require the Company to post a bond sufficient to protect the Trustee
against such liability until such time as a favorable determination letter is
received.

 

12

 

ARTICLE 8

MISCELLANEOUS

 

8.1           The Trust
will be administered in the State of California, and its validity,
construction, and all rights hereunder shall be governed by ERISA and, to the
extent not preempted, by the laws of California.  If any provisions of this Agreement shall be
invalid or unenforceable, the remaining provisions shall continue to be fully
effective.

 

8.2           The
headings in this instrument have been inserted for convenience of reference
only, and are to be ignored in any construction of the provisions of this
Agreement.

 

8.3           No person
entitled to any benefit under this Trust and the Plan shall have any right to
assign, alienate, hypothecate, or encumber his interest in any benefits under
this Agreement (except as to any loans under the Plan) and those benefits shall
not in any way be subject to claim of his creditors or liable to attachment,
execution, or other process of law except to the extent required under a
qualified domestic relations order within the meaning of section 414(p) of the
Code.

 

8.4           It is
intended that this Trust shall be tax exempt under section 501 of the Code and
that the Plan referred to herein shall qualify under section 401(a) of the
Code.  However, notwithstanding any other
provisions of the Trust, if the Internal Revenue Service is requested to issue
to the Company a favorable written determination or ruling with respect to the
initial qualification of the Plan and exemption of the Trust from tax and such
request is denied, the Trustee shall, after receiving a written direction from
the Administrator, pay to each participant that portion of the Trust Fund applicable
to said participant’s voluntary contributions, if any, and provided the Plan so
states, pay to the Company any part of the Trust Fund attributable to Company
contributions then remaining in the Trustee’s possession.  As a condition to such repayment, the Company
must execute, acknowledge, and deliver to the Trustee its written undertaking,
in form satisfactory to the Trustee, to indemnify, defend, and hold the Trustee
harmless from all claims, actions, demands, or liabilities arising in connection
with such repayment, and provided further that such repayment will occur within
one year after the date the request for qualification is denied.

 

8.5           (i) With regard to any material disputes
between Schwab and Employer, the parties agree to work together in good faith
to resolve all disputes promptly. Either party may demand in writing that each
parties’ management representatives meet at such place as the parties may agree
upon to resolve the dispute.  Upon
receipt of this demand, each party will promptly comply and will negotiate in
good faith to resolve the dispute.  If
the parties do not resolve the dispute within fourteen (14) days of the date of
the first meeting between management representatives, Schwab and Employer agree
to mediate the dispute with a mutually agreed upon mediator.  If the parties cannot agree upon the
selection of a mediator, the mediator will be chosen from the list of certified
mediators maintained by the American Arbitration Association. The parties agree
to share the cost of any independent mediator engaged to assist the parties in
resolving their differences.

 

(ii)Any
dispute under this Agreement, which cannot be settled in accordance with
subparagraph (i) above, shall be resolved by submission of the issue to
a member of the American Arbitration Association who is chosen by the Company
and the Trustee.  If the Company and the
Trustee cannot agree on such a choice, each shall nominate a member of the
American Arbitration Association, and the two nominees will then select an
arbitrator.  Expenses of the arbitration
shall be paid as decided by the arbitrator.

 

8.6           This Trust
Agreement is incorporated into and is a part of the Plan.  Anything in any other part of the Plan that
is inconsistent with this Trust Agreement is overridden, and in the case of
such conflict, the terms of this Trust Agreement shall govern.

 

13

 

8.7           The duties
and responsibilities of the Trustee shall be solely those set forth in this
document.  The Trustee shall not be a
named fiduciary under the Plan and shall not have the authority to interpret
the Plan.

 

8.8           To the
extent permitted by statutory or administrative exemption, the Trustee may
engage in actions that otherwise would violate section 406 of ERISA.

 

8.9           Each
fiduciary shall be solely responsible for the fiduciary’s own acts or omissions
under the Plan or the Trust.  Except to
the extent otherwise provided by ERISA, the parties specifically intend that no
fiduciary shall be liable for any breach of fiduciary responsibility of another
fiduciary.

 

8.10         The Trustee
is authorized to tape record conversations between the Trustee and persons
acting on behalf of the Plan or a participant in the Plan to verify data on
transactions.

 

14

 

IN WITNESS WHEREOF, Universal City Development
Partners, LTD. d/b/a Universal Orlando and THE CHARLES SCHWAB TRUST
COMPANY, have caused this Agreement to be executed by their respective officers
thereunto duly authorized as of the day and year first above written.

 

 

Universal City Development
Partners, LTD. d/b/a Universal Orlando Company

 

 

	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  John Sprouls

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  EVP, Human Resources,
  Legal & Business Affairs 

  	
   

  
							

 

 

THE CHARLES SCHWAB TRUST COMPANY

Trustee

 

 

	
   

  	
  By:

  	
  /s/ William Dallas

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  William Dallas

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Trust Officer

  	
   

  
						

 

15

 

THE
CHARLES SCHWAB TRUST COMPANY

INVESTMENT GUIDELINES

FOR TRUST AND CUSTODY ACCOUNTS

 

INVESTMENT GUIDELINES

 

Acceptable Assets.  Assets are considered to be Acceptable Assets
depending on the adequacy of CSTC’s ability to support and administer the
asset, CSTC’s powers and duties over the asset, the type of account, business
risk, and other factors.  Because CSTC
does not exercise investment management powers over the Account, CSTC does not
ordinarily make judgments about whether a particular investment decision made
by the Account Holder or the Investment Manager fits the investment objectives
of the Account or is otherwise appropriate for the Account.  Subject to the foregoing subjective criteria,
and to other policies and procedures that may be issued, the following types of
assets are ordinarily acceptable in CSTC accounts:

 

1.         Cash.

 

2.         Publicly
traded stock listed on a U.S.  stock
exchange or regularly quoted over-the-counter.

 

3.         Publicly
traded bonds listed on a U.S.  bond
exchange or regularly quoted over-the-counter.

 

4.         Mutual
funds available through the Charles Schwab & Co., Inc.  Mutual Fund Marketplace.

 

5.         Registered
limited partnership interests, REITs and similar investments listed on a
U.S.  stock exchange or regularly quoted
over-the-counter.

 

6.         Commercial
paper, bankers acceptances eligible for rediscounting at the Federal Reserve,
repurchase and reverse repurchase agreements and other “money market”
instruments for which trading and custodial facilities are readily available.

 

7.         U.S.  Government and U.S.  Government Agency issues.

 

8.         Municipal
securities whose bid and asked values are readily available.

 

9.         Federally
insured savings accounts, Certificates of Deposit and Bank Investment
Contracts.  The party directing such
investments is responsible for determining Federal insurance coverage and
limits and for diversifying Account assets in accordance with those limits.

 

10.       American
Depository Receipts, Eurobonds and similar instruments listed on a U.S.  exchange or regularly quoted domestically
over-the-counter for which trading and custodial facilities are readily available.

 

11.       Life
insurance, annuities, and Guaranteed Investment Contracts issued by insurance
companies licensed to do business in one or more states in the U.S.  (Note: 
The party directing such investments is responsible for determining the
safety of such investments, the economic viability of the underwriter and for
diversifying Account assets accordingly.)

 

The Account Holder
understands that in certain circumstances a particular investment may be
determined by CSTC to be unacceptable, even though it would be acceptable in
other instances.

 

 

Unacceptable Assets.  CSTC generally cannot acquire or hold the
following assets:

 

1.         General
partnerships or undivided interests in real property.

 

2.         Tangible
personal property (e.g., precious metals, gems, works of art, stamps, coins,
furniture and other household items, motor vehicles, etc.).

 

3.         Foreign
currency and bank accounts.

 

4.         Short
sales.

 

5.         Commodity
futures and forward contracts.

 

6.         Oil,
gas and mineral interests.

 

7.         Intangible
personal property (e.g., patents and rights).

 

8.         Real
property.

 

9.         Unsecured
loans.

 

Conditionally Acceptable Assets.  CSTC will follow the directions of the
Account Holder or the Investment Manager to acquire or hold Conditionally
Acceptable Assets only after analysis of CSTC’s administrative capabilities and
the business risk involved in holding the particular assets in question.  The Account Holder understands that CSTC
reserves the right in its sole discretion to refuse to purchase or hold any
particular issue or asset described below. 
In addition, the purchase and holding of any such assets may be subject
to certain conditions, including additional fees.

 

1.         Unregistered
Limited Partnerships.

 

2.         Other
unregistered securities, closely held stock and other securities for which
there is no readily available market.

 

3.         Loans
secured by First Deeds of Trust.

 

4.         Other
secured loans.

 

5.         The
securities of the Charles Schwab Corporation, its affiliates and
subsidiaries.  These securities may be
subject to legal and regulatory prohibitions or restrictions.  In any event, no Trust account may acquire
and hold securities of the Charles Schwab Corporation securities unless
specifically authorized by the underlying Trust agreement.

 

6.         Foreign
securities for which trading and custodial facilities are readily available.

 

7.         Options.

 

Specific Indemnity.  Notwithstanding any general indemnity given
elsewhere, CSTC reserves the right to seek specific indemnity from the Account
Holder or other appropriate parties where CSTC determines in its sole
discretion that the acquisition or holding of a particular asset or class of
asset involves unusual business risk.Exhibit 10.31

 

 

TRANSACTION AGREEMENT

 

by and among

 

BLACKSTONE UTP CAPITAL PARTNERS L.P.,

 

BLACKSTONE UTP CAPITAL PARTNERS A L.P.,

 

BLACKSTONE UTP OFFSHORE CAPITAL PARTNERS
L.P.,

 

BLACKSTONE FAMILY MEDIA PARTNERSHIP III L.P.,

 

UNIVERSAL CITY PROPERTY MANAGEMENT II LLC,

 

USI ENTERTAINMENT INC.,

 

VIVENDI UNIVERSAL ENTERTAINMENT LLLP,

 

UNIVERSAL STUDIOS, INC.,

 

NBC UNIVERSAL, INC.,

 

UNIVERSAL CITY FLORIDA HOLDING CO. I

 

and

 

UNIVERSAL CITY FLORIDA HOLDING CO. II

 

Dated as of December 9, 2004

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I AGREEMENTS

  	
   

  
	
   

  	
   

  
	
  1.1 Partners’ Agreement Amendment

  	
   

  
	
  1.2 Financing Transactions

  	
   

  
	
  1.3 Use of Proceeds

  	
   

  
	
  1.4 Loan.

  	
   

  
	
  1.5 Fee Balance

  	
   

  
	
  1.6 IOA/USF Fees.

  	
   

  
	
  1.7 Post-Closing Covenants.

  	
   

  
	
  1.8 Special Fee Advance Agreement

  	
   

  
	
  1.9 Cross-Ownership of Debt Side Letter

  	
   

  
	
  1.10 Efforts

  	
   

  
	
  1.11 Borrowers

  	
   

  
	
   

  	
   

  
	
  ARTICLE II THE
  CLOSING

  	
   

  
	
   

  	
   

  
	
  2.1 The Closing

  	
   

  
	
  2.2 Closing Deliveries.

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  III
  REPRESENTATIONS AND WARRANTIES OF THE BLACKSTONE ENTITIES

  	
   

  
	
   

  	
   

  
	
  3.1 Capitalization

  	
   

  
	
  3.2 Authority; No Conflict

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV REPRESENTATIONS
  AND WARRANTIES OF THE NBCU ENTITIES

  	
   

  
	
   

  	
   

  
	
  4.1 Capitalization

  	
   

  
	
  4.2 Authority; No Conflict

  	
   

  
	
   

  	
   

  
	
  ARTICLE V CLOSING CONDITIONS

  	
   

  
	
   

  	
   

  
	
  5.1 Conditions to Obligations of the NBCU
  Entities and the Blackstone Entities

  	
   

  

 

 

	
  5.2 Conditions to Obligations of the NBCU
  Entities

  	
   

  
	
  5.3 Conditions to Obligations of the
  Blackstone Entities

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI TERMINATION AND
  ABANDONMENT

  	
   

  
	
   

  	
   

  
	
  6.1 Termination

  	
   

  
	
  6.2 Effect of Termination

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  VII INDEMNIFICATION

  	
   

  
	
   

  	
   

  
	
  7.1 Survival of Representations and
  Warranties

  	
   

  
	
  7.2 Indemnification by the NBCU Entity

  	
   

  
	
  7.3 Indemnification by the Blackstone
  Entities

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  VIII
  MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  
	
  8.1 Amendment and Modification

  	
   

  
	
  8.2 Waiver

  	
   

  
	
  8.3 Notices

  	
   

  
	
  8.4 Assignment

  	
   

  
	
  8.5 Counterparts

  	
   

  
	
  8.6 Entire Agreement

  	
   

  
	
  8.7 Fees and Expenses

  	
   

  
	
  8.8 Public Announcements

  	
   

  
	
  8.9 Severability

  	
   

  
	
  8.10 Enforcement

  	
   

  
	
  8.11 Choice of Forum

  	
   

  
	
  8.12 Waiver of Jury Trial

  	
   

  
	
  8.13 Governing Law

  	
   

  

 

 

TRANSACTION AGREEMENT

 

TRANSACTION
AGREEMENT, dated as of December 9, 2004 (this “Agreement”), by and
between Blackstone UTP Capital Partners L.P., a Delaware limited partnership (“Blackstone
UTP”), Blackstone UTP Capital Partners A L.P., a Delaware limited
partnership (“Blackstone UTP A”), Blackstone UTP Offshore Capital
Partners L.P., a Cayman Islands exempted limited partnership (“Blackstone
Offshore”), and Blackstone Family Media Partnership III L.P., a Delaware
limited partnership (“Blackstone FMP” and, together with Blackstone
Offshore, Blackstone UTP A and Blackstone UTP, the “Blackstone Entities”),
Universal City Property Management II LLC, a Delaware limited liability company
(“UniCo II”), Vivendi Universal Entertainment LLLP, a Delaware limited
liability limited partnership (“VUE”), USI Entertainment Inc., a
Delaware corporation (“USI”), Universal Studios, Inc., a Delaware
corporation (“Universal”), NBC Universal, Inc., a Delaware corporation (“NBC
Universal,” together with UniCo II, VUE, USI and Universal, the “NBCU
Entities”), Universal City Florida Holding Co. I, a general partnership
organized under the laws of the State of Florida (“Holding I”) and
Universal City Florida Holding Co. II, a general partnership organized under
the laws of the State of Florida (“Holding II”).

 

W I T N E S S E T H:

 

WHEREAS, (a)
the Blackstone Entities hold a general partnership interest (the “Blackstone
Holding I Interest”) and (b) UniCo II holds a general partnership interest
(the “NBCU Holding I Interest”) in Holding I, governed by the Second
Amended and Restated Agreement of General Partnership of Holding I, dated as of
July 27, 2000 (as amended, the “Holding I Partnership Agreement”), by and
among the Blackstone Entities and UniCo II;

 

WHEREAS, (a)
the Blackstone Entities hold a general partnership interest (the “Blackstone
Holding II Interest”) and (b) UniCo II holds a general partnership interest
(the “NBCU Holding II Interest”) in Holding II. governed by the Second
Amended and Restated Agreement of General Partnership of Holding II, dated as
of July 27, 2000 (as amended, the “Holding II Partnership Agreement”),
by and among the Blackstone Entities and UniCo II;

 

WHEREAS, in
connection with the Closing (as such term is defined below), the Blackstone
Entities will contribute the Blackstone Holding I Interest and the Blackstone
Holding II Interest to certain affiliates of the Blackstone Entities (which
contributions shall be structured to be disregarded for U.S. federal income tax
purposes);

 

WHEREAS,
Holding I is the sole limited partner and Holding II is the sole general
partner of Universal City Development Partners, Ltd., a limited partnership
organized under the laws of the State of Florida (“UCDP”) and governed
by the Amended and Restated Agreement of Limited Partnership of Universal City
Development Partners, Ltd., dated as of June 5, 20012 (as amended, the “UCDP
Partnership Agreement,” and together with the Holding I Partnerships Agreement
and the

 

 

Holding II
Partnership Agreement, the “Partnership Agreements”), by and between
Holding I and Holding II;

 

WHEREAS, the
Blackstone Entities and the NBCU Entities desire to amend and restate the
Amended and Restated Partners’ Agreement, dated as of July 27, 2000 (as
amended, the “Partners’ Agreement”), by and among the Blackstone
Entities, UniCo II and Universal; and

 

WHEREAS, the
Blackstone Entities and the NBCU Entities desire to cause Holding I and Holding
II to issue the Holdings Notes (as such term is defined herein) and to complete
the refinancing of the Credit Agreement (as such term is defined herein).

 

NOW,
THEREFORE, in consideration of the mutual covenants, representations,
warranties and agreements hereinafter set forth, and intending to be legally
bound hereby, the parties hereto agree as follows:

 

ARTICLE I

 

AGREEMENTS

 

1.1                                 Partners’ Agreement Amendment. The
Blackstone Entities and the NBCU Entities hereby agree that the amendment and
restatement of the Partners’ Agreement, substantially in the form attached
hereto as Exhibit A will be executed and become effective as of the Closing
Date (as such term is defined herein).

 

1.2                                 Financing Transactions. The Blackstone
Entities and the NBCU Entities hereby agree to use their commercially
reasonable efforts to cause Holding I and Holding II to (a) consummate the
issuance of $450 million of senior fixed and floating rate notes due 2010 (the “Holdings
Notes”) as contemplated by the offering memorandum attached hereto as
Exhibit B-1 (the “Holdings Offering Memorandum”) and (b) cause UCDP to
consolidate, restate and renew (i) the Amended and Restated Credit Agreement,
dated as of November 5, 1999, as amended as of July 25, 2000, December 19,
2001, March 28, 2002 and March 28, 2003 (the “Term Credit Agreement”),
and (ii) the Credit Agreement, dated as of March 28, 2003 (the “Revolving
Credit Agreement” and together with the Term Credit Agreement, the “Credit
Agreement”), each among UCDP, the banks listed therein and JPMorgan Chase
Bank, N.A. (“JPMorgan”), as administrative agent and collateral agent,
as contemplated by the commitment letter attached hereto as Exhibit B-2 (the “Credit
Agreement Commitment Letter”). The issuance of the Holdings Notes and the
refinancing of the Credit Agreement will hereinafter be referred to
collectively as the “Financing.” The Blackstone Entities and the NBCU
Entities hereby agree to cause Holding I and Holding II and their respective
affiliates and representatives to provide all reasonably necessary cooperation
in connection with the foregoing, including, without limitation, the execution
and delivery of any underwriting or placement agreements, indentures or other
definitive financing documents or other requested certificates, documents or
financial information as may be requested in connection with the Financing.

 

1.3                                 Use of Proceeds. The Blackstone Entities and
the NBCU Entities hereby agree that they will cause Holding I and Holding II to
use a portion of the proceeds from the Financing to: (i) make aggregate partnership
distributions of $225 million on a pro-rata basis to each of the Blackstone
Entities, (ii) make partnership distributions of $225 million to UniCo II,
(iii) make the Fee Payment (as such term is defined herein) and (iv) pay
transaction fees and expenses associated with the Financing and the
transactions contemplated by this Agreement.

 

1.4                                 Loan.

 

(a)                                  On
the Closing Date, NBC Universal and the Blackstone Entities agree to use their
commercially reasonable efforts to cause JPMorgan and/or one or more other
lenders to make a loan (the “Loan”) to Blackstone UTP Capital LLC,
Blackstone UTP Capital A LLC, Blackstone UTP Offshore Capital LLC and
Blackstone Family Media III LLC (collectively, the “Borrowers”) in the
original aggregate principal amount of One Hundred Seventy-Eight Million
Dollars ($178,000,000) (the “Loan Proceeds”) substantially on the terms
and conditions set forth in definitive loan documentation attached hereto as
Exhibit C-1 (the “Loan Agreement”), with such modifications as have been
agreed upon by each of the parties thereto, in their sole discretion, prior to
the Closing Date. The loan made pursuant to the Loan Agreement shall be
non-recourse to the Blackstone Entities (other than the Borrowers) and secured
by a first priority pledge of the Blackstone Entities’ ownership interests in
Holding I and Holding II. NBC Universal hereby agrees to guarantee (the “Guarantee”)
the Loan substantially on the terms and conditions set forth in the guarantee
attached hereto as Exhibit C-2 (the “Guarantee Agreement”).
Notwithstanding anything to the contrary contained in this Agreement, the Loan
Agreement, the Guarantee or any other document related thereto (the “Loan
Documents”), whether expressly stated, implied or otherwise interpreted or
construed, each of the NBCU Entities agrees for itself and its respective
successors and assigns that: (i) recourse of such parties with respect to the
obligations of any Borrower under the Loan Documents and with respect to any
and all claims, demands, causes of action, and liabilities of any kind
whatsoever (upon any legal or equitable theory, whether contractual,
common-law, statutory, decisional, federal, state, local or otherwise), whether
known or unknown, in any way relating to any of the Loan Documents or any of
the transactions contemplated thereby or any other document related thereto are
limited solely to such Borrower and to the Collateral (as such term is defined
in the Loan Agreement) that secures such Borrower’s Secured Obligations (as
such term is defined in the Loan Agreement), and (ii) such parties shall not
have any recourse or other rights or remedies at law or in equity against any
of the respective officers, equity interest holders, members, agents, employees
and representatives of any Borrower (collectively, the “Non-Recourse Parties”),
and hereby forever unconditionally waive, release and discharge each of such
Non-Recourse Parties from any and all claims, demands, causes of action, and
liabilities of any kind whatsoever (upon any legal or equitable theory, whether
contractual, common-law, statutory, decisional, federal, state, local or
otherwise), whether known or unknown, in each case in any way relating to any
of the Loan Documents or any of the transactions contemplated thereby or any
other document related thereto. The NBCU Entities hereby acknowledge that (i)
the Borrowers are newly-formed entities whose sole assets consist of the
Collateral, and (ii) immediately

 

upon receipt of the Loan
Proceeds, the Borrowers will distribute the Loan Proceeds to their respective
equity holders; provided, however, that notwithstanding the
foregoing, nothing in this Section 1.4(a) shall limit or affect or be construed
to limit or affect the obligations and liabilities of any Non-Recourse Party
(i) in accordance with the terms of any agreement related to or entered into in
connection with the Financing, other than the Loan Documents, to which such
Non-Recourse Party is a party or (ii) arising from liability pursuant to
applicable law for such Non-Recourse Party’s fraudulent actions.

 

(b)                                 The
Blackstone Entities and NBC Universal agree, and they agree to cause their
respective affiliates and representatives, to provide all reasonably necessary
cooperation in connection with the arrangement of the Loan and the Guarantee,
including, without limitation, the execution and delivery of the Loan
Agreement, the Guarantee Agreement and other related documentation. On the
Closing Date, the Blackstone Entities shall make a payment to NBC Universal in
the amount of the estimated “Guarantee Fee” calculated in accordance,
with the method set forth on Exhibit C-3 hereto. Within ten (10) days of the
date of repayment (the “Repayment Date”) in full of the loan made
pursuant to the Loan Agreement, the Blackstone Entities shall provide written
notice (the “Repayment Notice”) of such repayment to NBC Universal, and
such notice shall include a recalculation of the guarantee fee (the “Actual,
Fee”) in accordance with the method set forth on Exhibit C-3, substituting
the actual amortization, applied interest rates and repayment schedule of such
loan. In the event that (a) the Actual Fee is greater than the Guarantee Fee,
then the Blackstone Entities shall, as soon as reasonably, practicable after
delivery of the Repayment Notice (but in no event more than 10 days after
delivery of the Repayment Notice), deliver to NBC Universal, in immediately
available funds, an amount equal to the Actual Fee less the Guarantee Fee or
(b) the Guarantee Fee is greater than the Actual Fee, then NBC Universal shall,
as soon as reasonably practicable after delivery of the Repayment Notice (but
in no event more than 10 days after receipt of the Repayment Notice), deliver
to an account designated by the Blackstone Entities in the Repayment Notice, an
amount equal to the Guarantee Fee less the Actual Fee. In the event that at
maturity of the loan under the Loan Agreement (a) aggregate partnership
distributions to the Blackstone Entities (including distributions paid to
JPMorgan in accordance with Section 1.7(c)) from Holding I and Holding II have
not been made in an amount sufficient to repay the loan in its entirety and (b)
there has been no default under the Loan Agreement which is continuing (other
than a default that is the result of the failure to pay interest and principal
on the loan at maturity of the loan under the Loan Agreement), NBC Universal
and the Blackstone Entities will use their respective commercially reasonable
efforts and shall cooperate in obtaining refinancing of the then outstanding
balance of the loan under the Loan Agreement (the “Loan Refinancing”)
with a third-party lender or otherwise (which shall not be the Blackstone
Entities), with substantially similar terms as those currently represented by
the Loan Agreement, the Guarantee and the Guarantee Fee. NBC Universal shall
provide the credit enhancement necessary, for up to an additional five (5) year
term following the maturity of the loan under the Loan Agreement, to obtain the
Loan Refinancing. The credit enhancement shall be a guarantee of NBC Universal,
similar to the Guarantee, or, if required by the lenders in the Loan
Refinancing, the form of credit enhancement required (which may include other
guarantees, cash collateral or a letter of credit) for the lenders to
consummate the Loan Refinancing. For the avoidance of doubt, any Loan
Refinancing

 

(i) will be non-recourse to the
Blackstone Entities (other than the Borrowers), (ii) shall bear interest that
is payable in kind, or entirely serviceable through partnership distributions to
the Blackstone Entities from Holding I and Holding II or a concurrent revolving
credit facility, and (iii) will have default and acceleration provisions
substantially similar to those in the Loan Agreement.

 

1.5                                 Fee Balance. Schedule A attached hereto sets forth,
as of September 26, 2004, the balance, both prior to and after giving pro forma
effect to the Fee Payment and the Universal Fee Forgiveness (as such term is
defined herein), of the outstanding: (i) Special Fee (as such term is defined
in the UCDP Partnership Agreement) relating to the Gate 2 Gross (as such term
is defined in the UCDP Partnership Agreement) (the “IOA Fee”) owed by
UCDP to an entity designated by USI, VUE or Universal, as applicable, pursuant
to Section 20(b) of the UCDP Partnership Agreement (the “Fee Payee”) and
(ii) Special Fee relating to the Project 1 Gross (as such term is defined in
the UCDP Partnership Agreement) (the “USF Fee,” and together with the
IOA Fee, the “Universal Fees”) owed by UCDP to the Fee Payee, in each
case, in accordance with Section 20 of the UCDP Partnership Agreement.

 

1.6                                 IOA/USF Fees.

 

(a)                                  The
Blackstone Entities and the NBCU Entities agree that, concurrent with the
Closing, they will cause Holding I and Holding II to pay $70 million to the Fee
Payee to purchase the $70 million most recently accrued but unpaid receivables
resulting from the IOA Fee owed to the Fee Payee (the “Fee Payment”).

 

(b)                                 The
parties hereto acknowledge that, concurrent with the Closing, the next most
recently accrued $50 million of unpaid deferred Universal Fees will be forgiven
(the “Universal Fee Forgiveness”).

 

(c)                                  Except
to the extent required by a change in law, the Blackstone Entities, the NBCU
Entities, Holding I and Holding II each agree to treat (and cause each of their
affiliates to treat) the transactions effected pursuant to Section 1.6(b) as
giving rise to a $50 million deduction to UniCo II and an equal amount of
taxable income to UCDP, which taxable income will be allocated by UCDP to
Holding I and Holding II and then allocated by Holding I and Holding II, 50% to
the Blackstone Entities, on the one hand, and 50% to UniCo II, on the other
hand, for U.S. federal income tax purposes, and the capital accounts of the
partners will be adjusted accordingly for accounting purposes.

 

1.7                                 Post-Closing Covenants.

 

(a)                                  From
and after the Closing, subject to the restrictions contained in the Credit
Agreement (as amended as contemplated by the Credit Agreement Commitment
Letter), the UCDP Notes (as such term is defined herein) and applicable law,
but in addition to the tax distributions required by Section 19(b) of the UCDP
Partnership Agreement, the Blackstone Entities and the NBCU Entities hereby
agree to

 

 

cause Holding I and Holding II,
and they agree ‘to cause their respective affiliates and representatives, to:

 

(i)                         first, cause UCDP to make
partnership distributions to Holding I and Holding II in amounts sufficient to
enable Holding I and Holding II to pay all accrued and unpaid interest on the
Holdings Notes as such interest becomes due in accordance with the terms of the
Holdings Notes, and

 

(ii)                      second, cause UCDP to make
partnership distributions to Holding I and Holding II in amounts sufficient:
(A) to fund any cash needs of Holding I or Holding II, (B) at the option of the
NBCU Entities, for Holding I and Holding II to purchase from time to time any
accrued but unpaid receivables owed to the Fee Payee in connection with the
Universal Fees, (C) to make partnership distributions to the partners of
Holding I and Holding II and (D) for such other uses as may be determined by
Holding I and Holding II, respectively; provided, that no distribution
contemplated by this Section 1.7(a)(ii) shall be made unless, after giving
effect to such distribution (1) UCDP would be permitted, in accordance with
Section 4.11 of the Indenture, dated March 28, 2003 (as amended, the “Indenture”)
by and among UCDP, UCDP Finance, Inc. (“UCDP Finance”) and the Bank of
New York, as trustee, to make at least $50 million in additional distributions
to Holding I and Holding II, in the aggregate and (2) UCDP would hold at least
$20 million in cash after payment of all interest due, and payable on the UCDP
Notes at the time of the distribution.

 

(b)                                 The
Blackstone Entities and the NBCU Entities hereby agree: (i) that, as of the
Closing Date, the requirement set forth in the fourth paragraph of Section
20(b) of the UCDP Partnership Agreement (the “Deferral Provision”) that
the Blackstone Entities, as general partners of Holding II, shall receive an
amount equal to $234,700,000 by way of distributions from Holding II prior to
payment of the IOA Fee, shall have been satisfied, and the deferred, current
and future IOA Fees will no longer be subject to the Deferral Provision and
shall be paid as and when permitted by the other terms of Section 20 of the
UCDP Partnership Agreement and the terms of the Indenture and (ii) not to
impose, on or after the Closing Date, any restrictions or limitations on the
payment of the Universal Fees after the Closing, including upon the refinancing,
if any, of the 113%% Senior Notes due 2010 (the “UCDP Notes”) issued by
UCDP and UCDP Finance (the “UCDP Note Refinancing”). Effective as of the
Closing Date, the Blackstone Entities agree to permanently waive all of their
respective rights pursuant to Section 19(i) of the UCDP Partnership Agreement
to cause UCDP to incur additional indebtedness (or refinance its existing
indebtedness). In the event of a UCDP Note Refinancing, the Blackstone Entities
and the NBCU Entities agree that the UCDP Partnership Agreement shall be
amended to delete Section 19(i) and the fourth paragraph of Section 20(b) of
such agreement.

 

(c)                                  The
Blackstone Entities agree that, from and after the Closing, each of them shall
assign and direct that all amounts that would otherwise be paid to the
Blackstone Entities by Holding I or Holding II as a distribution pursuant to
the Holding I Partnership Agreement and the Holding II Partnership Agreement
(other than

 

 

Adjusted Tax Distributions, as
defined below) shall instead be paid directly to JPMorgan and applied as
payments of interest and/or principal on the loan contemplated by the Loan
Agreement until such time as all amounts owing to the lenders pursuant to the
Loan Agreement have been fully satisfied and discharged and all obligations
under the Guarantee have been released. For the purposes of this Subsection 1.7(c),
“Adjusted Tax Distributions” shall mean a Tax Distribution that, but for
this Section 1.7(c), would have been made to the Blackstone Entities pursuant
to Section 19(b) of the Holding I Partnership Agreement and Section 19(b) of
the Holding II Partnership Agreement, reduced by (without duplication) the
product of (i) the amount of interest, expenses and guarantee fees in respect
of the Loan or the Guarantee that are deductible for U.S. federal income tax
purposes, as reasonably determined by the Blackstone Entities and (ii) the
combined tax rate described in the definition of Hypothetical Income Tax in
Section 19(b) of the Holding II Partnership Agreement for the period in which
such amounts are deductible. For the avoidance of doubt, so long as payments
are required to be made to JP Morgan pursuant to this Section 1.7(c), the
Blackstone Entities shall be entitled to receive Adjusted Tax Distributions at
the time and in the manner determined under Section 19(b) of the Holding I
Partnership Agreement and the Holding II Partnership Agreement, respectively,
and this Section 1.7(c), in lieu of Tax Distributions.

 

(d)                                 The
Blackstone Entities agree that, from and after the Closing, until such time as
the loan outstanding under the Loan Agreement has been fully satisfied and
discharged and all obligations under the Guarantee have been released, none of
the Blackstone Entities shall (i) transfer, directly or indirectly, all or any
part of its interest in UCDP, Holding I or Holding II (other than to an
affiliate of a Blackstone Entity as permitted under the applicable Partnership
Agreement), (ii) allow or suffer any lien on its interests in Holding I or
Holding II, other than the lien arising under the Loan Agreement, or (iii)
directly or indirectly capitalize any of the Borrowers unless each Borrower is
capitalized pro-rata with the other Borrowers according to its Percentage
Interest (as defined in the Loan Agreement).

 

(e)                                  The
Blackstone Entities and the NBCU Entities hereby agree to cause Holding I and
Holding II to hold any receivables purchased from the Fee Payee, without
attempting collection of payment, until such time as the Blackstone Entities
and the NBCU Entities mutually agree in writing to cause Holding I and Holding
II to pursue payment of such receivables from UCDP.

 

(f)                                    The
Blackstone Entities agree that, from and after the Closing, none of such
entities shall transfer, directly or indirectly, all or any part of its
interest in UCDP, Holding I or Holding II (other than to a Blackstone Entity),
unless and until the transferee of such interest affirmatively agrees in
writing to succeed to all of the obligations and agreements of the Blackstone
Entities set forth in this Section 1.7 (other than, in a transfer to a
non-affiliate of the Blackstone Entities, Sections 1.7(c) and 1.7(d) which will
be satisfied by their terms prior to such transfer).

 

(g)                                 The
Blackstone Entities agree and acknowledge that, from and after the Closing, in
the event that the NBCU Entities sell their interest, directly or

 

 

indirectly, in UCDP, (i) the
Blackstone Entities shall continue to perform all of their respective
obligations pursuant to Sections 1.7(a), 1.7(b), 1.7(c), 1.7(d) and 1.7(f)
hereof and (ii) the Blackstone Entities shall, on a timely basis, provide NBC
Universal with a copy of all financial information required to be provided from
time to time to the lenders that are parties to the Credit Agreement, in each
case until such time as the Loan Agreement shall have been fully satisfied and
discharged and all obligations under the Guarantee have been released.

 

1.8                                 Special Fee Advance Agreement. The
Blackstone Entities, VUE, UniCo II, Holding I and Holding II each agree, as of
the Closing, that the Special Fee Advance Agreement (the “Special Fee
Advance Agreement”), dated as of March 28, 2003, by and among the
Blackstone Entities, VUE, UniCo II, Holding I and Holding II shall be
terminated and of no further force and effect. On the Closing Date, the NBCU
Entities shall cause a payment to be made to the Blackstone Parties, in
proportion to their ownership interests in Holding I and Holding II, in an
aggregate amount of $7.5 million plus interest to the Closing Date (the “Fee
Loan”), with such interest calculated in accordance with the provisions of the
Special Fee Advance Agreement.

 

1.9                                 Cross-Ownership of Debt Side Letter.
The Blackstone Entities and the NBCU Entities hereby agree that, upon
consummation of the Closing, each of the Blackstone Entities, Universal, UniCo
II and General Electric Company, a New York corporation, will enter into a side
letter (the “Side Letter”) substantially on the terms set forth in the
side letter attached hereto as Exhibit D regarding the acquisition or ownership
by any of the Blackstone Entities, directly or indirectly, of any interest in
any indebtedness issued by Holding I, Holding II or UCDP.

 

1.10                           Efforts. Subject to the terms and conditions of this
Agreement, each of the parties hereto will use its commercially reasonable
efforts to take, or cause to be taken, all action, and to do, or cause to be
done, all things necessary, proper and advisable under applicable laws and
regulations to consummate and make effective the transactions contemplated by this
Agreement.

 

1.11                           Borrowers. At such time as the ownership interests
of the Blackstone Entities in Holding I and Holding II are transferred to the
Borrowers, each of the parties hereto shall, and the Blackstone Entities shall
cause each of the Borrowers to, execute a joinder to this Agreement in the form
attached hereto as Exhibit E whereby, as of the date of such transfer, each
such Borrower shall become a party to this Agreement and shall have all of the
obligations of, and shall be treated for all purposes as, a “Blackstone Entity”
pursuant to the terms of this Agreement.

 

ARTICLE II

 

THE CLOSING

 

2.1                                 The Closing. Unless this Agreement shall have been
terminated and the transactions contemplated hereby shall have been abandoned
pursuant to Article VI, and subject to the satisfaction or waiver of the
conditions set forth in Article V, the

 

 

transactions contemplated
hereby (the “Closing”) will take place at 10:00 a.m. on the second
business day (the “Closing Date”), following the satisfaction or waiver
of each of the conditions set forth in Article VI (other than those conditions
that by their nature are to be satisfied at the Closing (but subject to the
satisfaction or waiver thereof)), at the offices of Skadden, Arps, Slate,
Meagher & Flom LLP, Four Times Square, New York, NY 10036, unless another
date, time or place is agreed to in writing by the parties hereto. The Closing
shall be deemed effective as of 12:01 a.m., New York City time, on the Closing
Date.

 

2.2                                 Closing Deliveries.

 

(a)                                  At
the Closing, the Blackstone Entities shall deliver or cause to be delivered to
the NBCU Entities:

 

(i)                         duly executed counterparts of
the Partners’ Agreement, substantially in the form attached hereto as Exhibit
A;

 

(ii)                      duly executed counterparts of the
Loan Agreement, substantially in the forms attached hereto as Exhibits C-1;

 

(iii)                   the certificates contemplated by
Section 5.2(a)(iii);

 

(iv)                  payment by wire transfer, to an
account designated by NBC Universal in writing no less than three days prior to
the Closing Date, of the Guarantee Fee; and

 

(v)                     all other documents, instruments
and writings required to be delivered by the Blackstone Entities pursuant to
this Agreement and such other documents, instruments and writings as counsel
for the Blackstone Entities and the NBCU Entities mutually agree to be
reasonably necessary to consummate the transactions described herein.

 

(b)                                 At
the Closing, the NBCU Entities shall deliver or cause to be delivered to the
Blackstone Entities:

 

(i)                         duly executed counterparts of
the Partners’ Agreement, substantially in the forms attached hereto as Exhibit
A;

 

(ii)                      counterparts of the Loan
Agreement, as duly executed by JP Morgan, and the Guarantee Agreement, as duly
executed by NBC Universal, substantially in the forms attached hereto as
Exhibits C-1 and C-2;

 

(iii)                   the certificates contemplated by
Section 5.3(a)(iii);

 

(iv)                  payment by wire transfer, to (A)
accounts designated by and (B) in the proportion designated by, the Blackstone
Entities in writing no less than three days prior to the Closing Date, of the
Fee Loan; and

 

 

(v)                     all other documents, instruments
and writings required to be delivered by the NBCU Entities pursuant to this
Agreement and such other documents, instruments and writings as counsel for the
Blackstone Entities and the NBCU Entities mutually agree to be reasonably
necessary to consummate the transactions described herein.

 

ARTICLE III

 

REPRESENTATIONS
AND WARRANTIES OF THE BLACKSTONE ENTITIES

 

Each of the
Blackstone Entities, jointly and severally, represents and warrants to the NBCU
Entities as follows:

 

3.1                                 Capitalization. The Blackstone Holding I
Interest represents a 50% general partnership interest in Holding I. The
Blackstone Holding II Interest represents a 50% general partnership interest in
Holding II. The Blackstone Entities directly own and immediately prior to the
Closing will own the Blackstone Holding II Interest and the Blackstone Holding
I Interest, in each case, free and clear of all Liens, and there are no voting
trusts, stockholder agreements, proxies or other agreements in effect with
respect to the voting or transfer of the Blackstone Holding I Interest or the
Blackstone Holding II Interest.

 

3.2                                 Authority; No Conflict. Each of the
Blackstone Entities is duly organized and existing in good standing under the
laws of the state of its organization with full power and authority to enter
into this Agreement; this Agreement constitutes the legal, valid and binding
obligation of such Blackstone Entity enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights or creditors generally and subject to the
general powers of a court of equity; the execution and performance of this
Agreement by such Blackstone Entity does not and will not violate any provision
of, or constitute a default under, or breach of any agreement or other
instrument, order, arbitration award, judgment or decree to which such
Blackstone Entity is a party or by which any of its assets is bound.

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES OF THE NBCU ENTITIES

 

Each of the
NBCU Entities, jointly and severally, represents and warrants the Blackstone
Entities as follows:

 

4.1                              Capitalization. The NBCU Holding I
Interest represents a 50% general partnership interest of UniCo II in Holding
I. The NBCU Holding II Interest represents a 50% general partnership interest
of UniCo II in Holding II. The NBCU Entities indirectly own through UniCo II
and immediately prior to the Closing will indirectly own through UniCo II the
NBCU Holding II Interest and the NBCU Holding I Interest, in each case, free
and clear of all Liens, and there are no voting trusts,

 

 

stockholder agreements, proxies
or other agreements in effect with respect to the voting or transfer of the
NBCU Holding I Interest or the NBCU Holding II Interest.

 

4.2                                 Authority; No Conflict. Each of
the NBCU Entities is duly organized and existing in good standing under the
laws of the state of its organization with full power and authority to enter
into this Agreement; this Agreement constitutes the legal, valid and binding
obligation of such NBCU Entity enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights or creditors generally and subject to the
general powers of a court of equity; the execution and performance of this
Agreement by such NBCU Entity does not and will not violate any provision of,
or constitute a default under, or breach of any agreement or other instrument,
order, arbitration award, judgment or decree to which such NBCU Entity is a
party or by which any of its assets is bound.

 

ARTICLE V

 

CLOSING
CONDITIONS

 

5.1                                 Conditions to Obligations of the
NBCU Entities and the Blackstone Entities. The obligations of the NBCU
Entities and the Blackstone Entities to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment (or written
waiver), at or prior to the Closing, of each of the following conditions:

 

(a)                                  Litigation.
No action, suit, proceeding, statute, rule, regulation, order, decree,
judgment, injunction, restraining order or investigation by or before any
court, administrative agency or other governmental authority shall have been
enacted, issued, enforced or commenced: (i) which has the effect of
restraining, prohibiting or invalidating or otherwise materially interfering
with the transactions contemplated by this Agreement; (ii) involving any
challenge to, or which seeks damages or other relief in connection with, the
transactions contemplated by this Agreement; or (iii) which may materially
affect the right of either party to own, operate or control, directly or
indirectly, after the Closing, its respective partnership interests in Holding
I, Holding II and/or UCDP, as applicable.

 

(b)                                 Amendment
to the Partners’ Agreement. The amendment to the Partners’ Agreement,
substantially in the form attached hereto as Exhibit A will have been executed.

 

(c)                                  Financing
Transactions. (i) Holding I and Holding II will have issued the Moldings
Notes as contemplated by the Holdings Offering Memorandum attached hereto as
Exhibit B-1, and UCDP shall have entered into the Amended and Restated Credit
Agreement as contemplated by the Credit Agreement Commitment Letter attached
hereto as Exhibit B-2 and (ii) the Blackstone Entities, on the other hand, and
the NBCU Entities, on the other hand, shall have received the partnership
distributions contemplated by Section 1.3 hereof.

 

 

(d)                                 Loan.
The Loan Agreement, substantially in the form attached hereto as Exhibit C-1,
with such modifications that have been agreed upon by each of the parties, in
their sole discretion, prior to the Closing Date, and the Guarantee Agreement,
substantially in the form attached hereto as Exhibit C-2, will have been
executed by the parties thereto, along with any other documentation required to
be executed in connection with the Loan and the Guarantee.

 

(e)                                  Side
Letter. The Side Letter, substantially in the form attached hereto as
Exhibit D, shall have been executed and delivered by each of the parties
thereto.

 

5.2                                 Conditions to Obligations of the NBCU Entities.
The obligations of the NBCU Entities to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment (or written
waiver), at or prior to the Closing, of each of the following additional
conditions:

 

(a)                                  Representations,
Warranties and Covenants. (i) The representations and warranties of each of
the Blackstone Entities contained in this Agreement shall be true and correct as
of the date hereof and as of the Closing Date as if made at the Closing, other
than representations and warranties made as of another date, which
representations and warranties shall have been true and correct as of such
date; (ii) the agreements contained in this Agreement to be complied with by
the Blackstone Entities on or before the Closing shall have been complied with
in all material respects; and (iii) the NBCU Entities shall have received a
certificate from each of the Blackstone Entities to such effect signed by a
duly authorized executive officer of each Blackstone Entity.

 

(b)                                 Consents
and Approvals. The Blackstone Entities shall have obtained any and all
permits, authorizations, consents or approvals of any public body or authority
which are required for the lawful consummation by the Blackstone Entities of
the transactions contemplated hereby.

 

(c)                                  Guarantee
Fee. The Blackstone Entities shall have paid the Guarantee Fee in
accordance with Sections 1.4 and 2.2(a)(iv).

 

(d)                                 Fee
Payment. The Fee Payee shall have received the Fee Payment in accordance
with Section 1.6.

 

(e)                                  Amendment.
The amendment contemplated by Section 1.11 shall have been executed and
delivered by each of the Borrowers.

 

5.3                                 Conditions to Obligations of the Blackstone
Entities. The obligations of the Blackstone Entities to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment
(or written waiver), at or prior to the Closing, of each of the following
additional conditions:

 

(a)                                  Representations,
Warranties and Covenants. (i) The representations and warranties of the
NBCU Entities contained in this Agreement shall be

 

 

true and correct as of the date
hereof and as of the Closing Date as if made at the Closing, other than
representations and warranties made as of another date, which representations
and warranties shall have been true and correct as of such date; (ii) the
covenants contained in this Agreement to be complied with by the NBCU Entities
on or before the Closing shall have been complied with in all material
respects; and (iii) the Blackstone Entities shall have received a certificate
from each of the NBCU Entities to such effect signed by a duly authorized
executive officer of each NBCU Entity.

 

(b)                                 Consents
and Approvals. The NBCU Entities shall have obtained any and all permits,
authorizations, consents or approvals of any public body or authority which are
required for the lawful consummation by the NBCU Entities of the transactions
contemplated hereby.

 

(c)                               Fee
Loan. The NBCU Entities shall have paid the Fee Loan in accordance with
Sections 1.8 and 2.2(b)(iv).

 

(d)                                 Loan
Proceeds. The Borrowers shall have received the Loan Proceeds in accordance
with the terms of the Loan Agreement substantially in the form attached hereto
as Exhibit C-1, with such modifications that have been agreed upon by each of
the parties, in their sole discretion, prior to the Closing Date.

 

ARTICLE VI

 

TERMINATION
AND ABANDONMENT

 

6.1                                 Termination. This Agreement may be terminated at
any time prior to the Closing by:

 

(a)                                  either
the NBCU Entities, on the one hand, or the Blackstone Entities, on the other
hand, if the Closing shall not have occurred by December 31, 2004; provided, however,
that the right to terminate this Agreement under this Section 8.1(a) shall not
be available to any party whose failure to fulfill any obligation under this
Agreement shall have been the cause of, or shall have resulted in, the failure
of the Closing to occur on or prior to such date.

 

(b)                                 the
mutual written consent of the NBCU Entities, on the one hand, and the
Blackstone Entities, on the other hand.

 

6.2                                 Effect of Termination. In the event of
termination of this Agreement as provided in Section 6.1, this Agreement shall
forthwith become void, and there shall be no liability on the part of either
party hereto except nothing herein shall relieve any party from liability for
any fraud or for an intentional breach of this Agreement.

 

 

ARTICLE VII

 

INDEMNIFICATION

 

7.1                                 Survival of Representations and
Warranties. The representations and warranties of the NBCU Entities and
the Blackstone Entities contained in this Agreement shall survive the Closing.

 

7.2                                 Indemnification by the NBCU Entity.
The NBCU Entities shall indemnify and hold harmless the Blackstone Entities and
their affiliates and each of their respective officers, directors, agents,
employees, subsidiaries, partners and controlling persons from and against all
liabilities, losses or damages, together with all reasonable costs and expenses
related thereto (including reasonable legal fees and expenses) (“Liabilities”),
relating to or arising from the breach of any of the representations,
warranties, covenants or agreements of the NBCU Entities contained in this
Agreement.

 

7.3                                 Indemnification by the Blackstone
Entities. The Blackstone Entities shall indemnify and hold harmless the
NBCU Entities and its affiliates and each of their respective officers,
directors, agents, employees, subsidiaries, partners and controlling persons
from and against all Liabilities, relating to or arising from the breach of any
of the representations, warranties, covenants or agreements of the Blackstone
Entities contained in this Agreement.

 

ARTICLE
VIII

 

MISCELLANEOUS
PROVISIONS

 

8.1                                 Amendment and Modification. Subject to
applicable law, this Agreement may be amended, modified or supplemented only by
written agreement of each of the parties hereto at any time with respect to any
of the terms contained herein.

 

8.2                                 Waiver. No waiver by any party hereto of any of the
provisions hereof or any default, misrepresentation or breach of warranty or
covenant hereunder, whether intentional or not, shall be effective and valid
unless explicitly set forth in writing and executed by the party hereto
waiving. Except as provided in the preceding sentence, no action taken pursuant
to this Agreement; including any investigation by or on behalf of any party
hereto, shall be deemed to constitute a waiver by the party hereto taking such
action of compliance with any representations, warranties, covenants or
agreements contained herein and in any documents delivered or to be delivered
pursuant to this Agreement and in connection with the Closing hereunder. The
waiver by any party hereto of any default, misrepresentation or breach of
warranty or covenant hereunder shall not operate or be construed as a waiver of
any other prior or subsequent default, misrepresentation or breach of warranty
or covenant hereunder or affect in any way any rights arising by virtue of any
prior or subsequent such occurrence.

 

8.3                                 Notices. All notices, requests, demands, waivers and
other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered
personally or mailed,

 

 

certified or registered mail
with postage prepaid or sent by telegram or facsimile, as follows:

 

(a)                                  if
to the Blackstone Entities, to it at:

 

c/o Blackstone Media Management Associates III L.L.C.

345 Park Avenue

New York, NY 10154

Facsimile: (212) 583-5703

Attention: Howard A. Lipson

 

with a copy (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square

New York, NY 10036

Facsimile: (212) 735-2000

Attention: Mark C. Smith, Esq.

Allison R. Schneirov, Esq.

 

(b)                                 if
to the NBCU Entities, to it at:

 

NBC Universal, Inc.

30 Rockefeller Plaza

New York, NY 10112

Facsimile: 212-664-4733 

Attention: General Counsel

 

with a copy (which shall not constitute notice) to:

 

Dewey Ballantine LLP

1301 Avenue of the Americas

New York, NY 10019

Facsimile: 212-259-6333

Attention: Steven R. Loeshelle, Esq.

 

or to such
other person or address as a party hereto shall specify by notice in writing to
the other parties hereto. All such notices, requests, demands, waivers and
communications shall be deemed to have been received on the date of personal
delivery or on the third business day after the mailing thereof or, in the case
of notice by facsimile, when receipt thereof is confirmed by telephone.

 

8.4                                 Assignment. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns, but neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by
any of the parties hereto without the prior written consent of the other
parties, nor is this Agreement intended to confer

 

 

upon any other person except
the parties hereto (or their respective successors and permitted assigns) any
rights (whether legal or equitable), benefits, obligations, liabilities or
remedies of any nature whatsoever under or by reason of this Agreement; provided,
however, that: (i) each Blackstone Entity may assign its rights,
interests and obligations to an affiliate of such Blackstone Entity, without
the consent of the NBCU Entities, but no such assignment shall relieve such
Blackstone Entity of its obligations hereunder and (ii) each NBCU Entity may
assign its rights, interests and obligations to an affiliate of such NBCU
Entity, without the consent of the Blackstone Entities, but no such assignment
shall relieve such NBCU Entity of its obligations hereunder.

 

8.5                                 Counterparts. This Agreement may be executed in
any number of counterparts (including by means of facsimile), each of which
shall be deemed to be an original, and all of which together shall be deemed to
be one and the same instrument.

 

8.6                                 Entire Agreement. This Agreement, including the
exhibits hereto, constitutes the entire agreement and understanding of the
parties hereto in respect of the transactions contemplated by this Agreement.
This Agreement supersedes all prior agreements and understandings, oral and
written between the parties with respect to the subject matter hereof.

 

8.7                                 Fees and Expenses. Whether or not the
transactions contemplated hereby are consummated, except as expressly provided
herein, each of the Parties shall pay its own fees and expenses incident to the
negotiation, preparation, execution and performance of this Agreement,
including attorneys’, accountants’ and other advisors’ fees and the fees and
expenses of any agent, broker, finder, investment banker, financial advisor or
agent retained by such party hereto in connection with the transactions
contemplated by this Agreement; provided, that $180,000 of fees and
expenses relating to the transactions contemplated by this Agreement (other
than the Loan and the Guarantee) of each of, the Blackstone Entities on the one
hand, and the NBCU Entities on the other hand, shall be paid by Holding I and
Holding II in proportion to their respective ownership interests in UCDP.

 

8.8                                 Public Announcements. Unless otherwise
required by applicable law, prior to the Closing Date, no press release or
other public announcement pertaining to the transactions contemplated by this
Agreement will be made by or on behalf of any party hereto, without the prior
written approval of the other parties hereto. Prior to issuing a press release
or other public announcement required by applicable law, the Blackstone
Entities and the NBCU Entities shall consult with each other and each party
hereto shall have reasonable opportunity to comment on such press release and
prior to issuing a press release or other public announcement with respect to
the Closing, the Blackstone Entities and the NBCU Entities shall mutually agree
on the form of such press release or other public announcement.

 

8.9                                 Severability. If any term or provision of this
Agreement shall be declared by any court of competent jurisdiction to be
invalid, illegal, void or unenforceable, all other terms and provisions of this
Agreement shall not be affected and

 

 

shall remain in full force and
effect, and the validity and enforceability of the offending term or provision
shall not be affected in any other situation or in any other jurisdiction.

 

8.10                           Enforcement. The parties hereto agree that
irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties hereto shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement in any court of
the United States located in the State of New York, this being in addition to
any other remedy to which they are entitled at law or in equity. In addition,
each of the parties hereto: (a) consents to submit itself to the personal
jurisdiction of the United States District Court for the Southern District of
New York or any court of the State of New York located in such district in the
event any dispute arises out of this Agreement or any of the transactions
contemplated by this Agreement, (b) agrees that it will not attempt to deny or
defeat such personal jurisdiction or venue by motion or other request for leave
from any such court and (c) agrees that it will not bring any action relating
to this Agreement or any of the transactions contemplated by this Agreement in
any court other than such courts sitting in the State of New York.

 

8.11                           Choice of Forum. Each party hereto: (a) consents
to submit itself to the personal jurisdiction of the U.S. District Court for
the Southern District of New York or any court of the State of New York located
in such district in the event any dispute arises out of this Agreement or any
of the transactions contemplated hereby, (b) agrees that it will not attempt to
deny or defeat such personal jurisdiction or venue by motion or other request
for leave from any such court and (c) agrees that it will not bring any action relating
to this Agreement or any of the transactions contemplated hereby in any court
other than such courts sitting in the State of New York.

 

8.12                           Waiver of Jury Trial. THE PARTIES HERETO
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY,
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE. THE PARTIES HERETO AGREE THAT ANY OF THEM MAY FILE A COPY OF
THIS SECTION 8.12 WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY
AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY
JURY AND THAT ANY ACTION OR PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY SHALL INSTEAD BE TRIED IN A
COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

8.13                           Governing Law. This Agreement and the rights and
duties of the parties hereto hereunder shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

[Remainder of page left blank intentionally]

 

 

IN WITNESS
WHEREOF, the each of the parties hereto has duly executed and delivered this
Agreement as of the date first above written.

 

	
   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS A L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE UTP OFFSHORE

  CAPITAL PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
  Title:

  	
  Member

  

 

 

	
   

  	
  BLACKSTONE FAMILY MEDIA

  PARTNERSHIP III L.P.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C.

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  	 

	
   

  	
  Name:

  	
  Howard A. Lipson

  	 

	
   

  	
  Title:

  	
  Member

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  UNIVERSAL CITY PROPERTY

  MANAGEMENT II LLC

  	 

	
   

  	
   

  	 

	
   

  	
  By: 

  	
  /s/ Tom Williams

  	 

	
   

  	
  Name:

  	
  Tom Williams

  	 

	
   

  	
  Title:

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  VIVENDI UNIVERSAL

  ENTERTAINMENT LLLP

  	 

	
   

  	
   

  	 

	
   

  	
  By: 

  	
  /s/ Lynn Calpeter

  	 

	
   

  	
  Name:

  	 

	
   

  	
  Title:

  	 

	
   

  	
   

  	 

	
   

  	
  USI ENTERTAINMENT, INC.

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Lynn Calpeter

  	 

	
   

  	
  Name:

  	 

	
   

  	
  Title:

  	 

	
   

  	
   

  	 

	
   

  	
  UNIVERSAL STUDIOS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lynn Calpeter

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

 

	
   

  	
  NBC UNIVERSAL, INC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lynn Calpeter

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING

  CO. I

  
	
   

  	
   

  
	
   

  	
  By:   

  	
  UNIVERSAL CITY PROPERTY

  MANAGEMENT II LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tom Williams

  
	
   

  	
   

  	
  Name: 

  	
  Tom Williams

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS A L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   /s/ Howard A. Lipson

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Member

  

 

	
   

  	
  By:   

  	
  BLACKSTONE UTP OFFSHORE

  CAPITAL PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE FAMILY MEDIA

  PARTNERSHIP III L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  UNIVERSAL CITY PROPERTY

  MANAGEMENT II LLC

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tom Williams

  
	
   

  	
   

  	
  Name: 

  	
  Tom Williams

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
    /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

  

 

	
   

  	
  By:   

  	
  BLACKSTONE UTP CAPITAL

  PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name:

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE UTP OFFSHORE

  CAPITAL PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name: 

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  
	
   

  	
  By:   

  	
  BLACKSTONE FAMILY MEDIA

  PARTNERSHIP III L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BLACKSTONE MEDIA

  MANAGEMENT

  ASSOCIATES III L.L.C

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Howard A. Lipson

  
	
   

  	
   

  	
  Name: 

  	
  Howard A. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Member

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