Document:

Exhibit 4.3

 

UNIVERSAL CITY FLORIDA
HOLDING CO. I

UNIVERSAL CITY FLORIDA
HOLDING CO. II

UCFH I FINANCE, INC.

UCFH II FINANCE, INC.

 

$300,000,000 Floating
Rate Senior Notes due 2010

$150,000,000 83/8%
Senior Notes due 2010

 

REGISTRATION RIGHTS
AGREEMENT

 

December 9, 2004

 

J.P. MORGAN SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

c/o J.P. MORGAN SECURITIES INC.

270 Park Avenue

New York, NY 10017

 

Ladies and Gentlemen:

 

Universal City
Florida Holding Co. I, a Florida general partnership (“Holding I”),
Universal City Florida Holding Co. II, a Florida general partnership (“Holding II”), UCFH I Finance, Inc., a Florida corporation (“Finance I”) and UCFH II Finance, Inc., a Florida corporation
(“Finance II”), as joint and several
obligors (collectively, the “Issuers”), propose to issue and sell to J.P. Morgan Securities Inc. (“JPMorgan”) and Banc of
America Securities LLC (collectively, the “Initial Purchasers”),
upon the terms and subject to the conditions
set forth in a purchase agreement dated December 2, 2004 (the “Purchase Agreement”), which provides
for the sale by the Issuers to the Initial Purchasers of $300,000,000 aggregate
principal amount of the Issuers’ Floating Rate Senior Notes due 2010 (the “Floating Rate Notes”), and $150,000,000 of their 83/8%
Senior Notes due 2010 (the “Fixed Rate Notes”
and together with the Floating Rate Notes, the “Notes”).  Capitalized terms used, but not defined,
herein shall have the meanings given to such terms in the Purchase Agreement.

 

As an inducement
to the Initial Purchasers to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Initial Purchasers
thereunder, the Issuers agree with the Initial Purchasers, for the benefit of
the holders of the Notes, including the Initial Purchasers and their direct and
indirect transferees, and the Exchange Notes (as defined herein) (collectively,
the “Holders”), as follows:

 

 

1.             Registered Exchange Offer. 
Following the date of original issuance of the Notes (the “Issue Date”), the Issuers shall use their reasonable best
efforts to prepare and file with the Commission a registration statement (the “Exchange Offer Registration Statement”) on
Form S-4 (or, if applicable, on another appropriate form) under the Securities
Act with respect to a proposed offer to the Holders of the Notes (the “Registered Exchange Offer”) to
issue and deliver to such Holders, in exchange for the Notes, a like aggregate
principal amount of debt securities of the Issuers (the “Exchange
Notes”) that are identical to the Notes,
except that the Exchange Notes will not be subject to restrictions on transfer
or to any increase in annual interest for failure to comply with this Agreement
and thereafter cause the Exchange Offer Registration Statement to become
effective under the Securities Act and the Registered Exchange Offer to be
completed no later than 180 days after the Issue Date.  The Exchange Notes will be issued under the
Indenture or an indenture (the “Exchange Indenture”) among the Issuers and the Trustee or such other bank or
trust company that is reasonably satisfactory to the Initial Purchasers, as
trustee (the “Exchange Trustee”), such indenture to be identical to the Indenture, except
that such indenture shall not contain any provisions relating to restrictions on
transfer with respect to the Exchange Notes or to any increase in annual
interest for failure to comply with this Agreement.

 

Upon the
effectiveness of the Exchange Offer Registration Statement, the Issuers shall
promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer, to enable each Holder electing to exchange Notes for
Exchange Notes (assuming that such Holder (a) is not an affiliate (as defined
in Rule 405 under the Securities Act) of either of the Issuers or an Exchanging
Dealer (as defined herein) not complying with the requirements of the next
sentence, (b) is not an Initial Purchaser holding Notes that have the status of
an unsold allotment remaining from the initial distribution of the Notes, (c) acquires
the Exchange Notes in the ordinary course of such Holder’s business and (d) has
no arrangements or understandings with any person to participate in the
distribution of the Exchange Notes) and to trade such Exchange Notes from and
after their receipt without any limitations or restrictions under the
Securities Act and without material restrictions under the securities laws of
the several states of the United States. 
The Issuers, the Initial Purchasers and each Exchanging Dealer
acknowledge that, pursuant to current interpretations by the Commission’s staff
of Section 5 of the Securities Act, each Holder that is a broker-dealer
electing to exchange Notes, acquired for its own account as a result of
market-making activities or other trading activities, for Exchange Notes (an “Exchanging Dealer”), may be deemed
to be an “underwriter”, within the meaning of the Securities Act and must
deliver a prospectus meeting the requirements of the Securities Act in
connection with a sale of any such Exchange Notes received by such Exchanging
Dealer pursuant to the Registered Exchange Offer.

 

In connection with
the Registered Exchange Offer, the Issuers shall:

 

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(a)           mail
or cause to be mailed to each Holder a copy of the prospectus forming part of
the Exchange Offer Registration Statement, together with an appropriate letter
of transmittal and related documents;

 

(b)           keep
the Registered Exchange Offer open for not less than 20 business days (or
longer, if required by applicable law) after the date on which notice of the
Registered Exchange Offer is mailed to the Holders;

 

(c)           utilize
the services of a depositary for the Registered Exchange Offer with an address
in the Borough of Manhattan, The City of New York;

 

(d)           permit
Holders to withdraw tendered Notes at any time prior to the close of business,
New York City time, on the last business day on which the Registered Exchange
Offer shall remain open; and

 

(e)           otherwise
comply in all respects with all laws that are applicable to the Registered
Exchange Offer.

 

The Registered
Exchange Offer shall not be subject to any conditions, other than that the
Registered Exchange Offer does not violate any applicable law or applicable
interpretations of the staff of the Commission.

 

As soon as
practicable after the close of the Registered Exchange Offer, the Issuers
shall:

 

(a)           accept
for exchange all Notes tendered and not validly withdrawn pursuant to the
Registered Exchange Offer;

 

(b)           deliver
to the Trustee for cancellation all Notes so accepted for exchange; and

 

(c)           cause
the Trustee or the Exchange Trustee, as the case may be, promptly to
authenticate and deliver to each Holder Exchange Notes equal in principal
amount to the Notes of such Holder so accepted for exchange.

 

The Issuers shall
use their reasonable best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the prospectus contained
therein in order to permit such prospectus to be used by all persons subject to
the prospectus delivery requirements of the Securities Act for such period of
time as such persons must comply with such requirements in order to resell the
Exchange Notes; provided that (i) in the case
where such prospectus and any amendment or supplement thereto must be delivered
by an Exchanging Dealer, such period shall be the lesser of 180 days and the
date on which all

 

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Exchanging
Dealers have sold all Exchange Notes held by them and (ii) the Issuers shall
make such prospectus and any amendment or supplement thereto available to any
broker-dealer for use in connection with any resale of any Exchange Notes for a
period of not less than 180 days after the consummation of the Registered
Exchange Offer (such period being called the “Exchange
Offer Registration Period”).

 

The Indenture or
the Exchange Indenture, as the case may be, shall provide that the Notes and
the Exchange Notes shall vote and consent together on all matters as one class
and that none of the Notes or the Exchange Notes will have the right to vote or
consent as a separate class on any matter.

 

Interest on each
Exchange Note issued pursuant to the Registered Exchange Offer will accrue from
the last interest payment date on which interest was paid on the Note
surrendered in exchange therefor or, if no interest has been paid on the Notes,
from the Issue Date.

 

Each Holder
participating in the Registered Exchange Offer shall be required to represent
to the Issuers that at the time of the consummation of the Registered Exchange
Offer (i) any Exchange Notes to be received by such Holder will be acquired in
the ordinary course of business, (ii) such Holder will have no arrangements or
understanding with any person to participate in the distribution (within the meaning
of the Securities Act) of the Exchange Notes, (iii) such Holder is not an
affiliate (as defined in Rule 405 under the Securities Act) of either of the
Issuers and (iv) if such Holder is an Exchange Dealer, then such Holder will
deliver a prospectus in connection with a sale of any Exchange Notes received
by such Holder pursuant to the Registered Exchange Offer.

 

Notwithstanding
any other provisions hereof, the Issuers will ensure that (i) the Exchange
Offer Registration Statement and any amendment thereto and any prospectus
forming part thereof and any supplement thereto complies in all material
respects with the Securities Act and the rules and regulations of the
Commission thereunder, (ii) the Exchange Offer Registration Statement and
any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of the Exchange Offer Registration Statement,
and any supplement to such prospectus, does not, at any time during the
Exchange Offer Registration Period, include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

 

2.             Shelf Registration. 
If (i) because of any change in law or applicable interpretations
thereof by the Commission’s staff, the Issuers are not permitted to effect the
Registered Exchange Offer as contemplated by Section 1 hereof, or (ii) any
Notes validly

 

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tendered pursuant
to the Registered Exchange Offer are not exchanged for Exchange Notes within 180
days after the Issue Date, or (iii) any Initial Purchaser so requests with
respect to Notes not eligible to be exchanged for Exchange Notes in the
Registered Exchange Offer and held by it following the consummation of the
Registered Exchange Offer, or (iv) any applicable law or interpretations do not
permit any Holder to participate in the Registered Exchange Offer, or (v) any
Holder that participates in the Registered Exchange Offer does not receive
freely transferable Exchange Notes in exchange for tendered Notes, or (vi) the
Issuers so elect, then the following provisions shall apply:

 

(a)           The
Issuers shall use their reasonable best efforts to file as promptly as
practicable with the Commission, and thereafter shall use their reasonable best
efforts to cause to be declared effective, a shelf registration statement on an
appropriate form under the Securities Act relating to the offer and sale of the
Transfer Restricted Notes (as defined below) by the Holders thereof from time
to time in accordance with the methods of distribution set forth in such
registration statement (a “Shelf Registration
Statement” and, together with
any Exchange Offer Registration Statement, a “Registration
Statement”).

 

(b)           The
Issuers shall use their reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus forming part
thereof to be used by Holders of Transfer Restricted Notes for a period ending
on the earlier of (i) two years from the Issue Date or such shorter period that
will terminate when all the Transfer Restricted Notes covered by the Shelf
Registration Statement have been sold pursuant thereto and (ii) the date on
which the Notes become eligible for resale without regard to the volume, manner
of sale and other restrictions contained in Rule 144 under the Securities Act
pursuant to paragraph (k) thereof (in any such case, such period being called
the “Shelf Registration Period”).  The Issuers shall be deemed not to have used
their reasonable best efforts to keep the Shelf Registration Statement
effective during the requisite period if any of them voluntarily take any
action that would result in Holders of Transfer Restricted Notes covered
thereby not being able to offer and sell such Transfer Restricted Notes during that
period, unless (A) such action is required by applicable law or (B) such
action was permitted by Section 2(c).

 

(c)           Notwithstanding
the provisions of Section 2(b) (but subject to the provisions of Section 3(b)),
the Issuers may issue a notice that the Shelf Registration Statement is
unusable pending the announcement of a material corporate transaction and may
issue any notice suspending use of the Shelf Registration Statement required
under applicable securities laws to be issued.

 

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(d)           Notwithstanding
any other provisions hereof, the Issuers will ensure that (i) the Shelf
Registration Statement and any amendment thereto and any prospectus forming
part thereof and any supplement thereto complies in all material respects with
the Securities Act and the rules and regulations of the Commission thereunder,
(ii) the Shelf Registration Statement and any amendment thereto (in either
case, other than with respect to information included therein in reliance upon
or in conformity with written information furnished to the Issuers by or on
behalf of any Holder specifically for use therein (the “Holders’ Information”)) does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of the Shelf Registration Statement, and any
supplement to such prospectus (in either case, other than with respect to
Holders’ Information), does not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

 

3.             Additional Interest. 
(a) The parties hereto agree that the Holders of Transfer Restricted
Notes will suffer damages if the Issuers fail to fulfill their obligations
under Section 1 or Section 2, as applicable, and that it would not be feasible
to ascertain the extent of such damages. 
Accordingly, in the event that either (i) the Registered Exchange Offer
is not completed (other than in the event the Issuers file a Shelf Registration
Statement) or (ii) the Shelf Registration Statement, if required hereby, is not
declared effective, in either case on or prior to 180 days after the Issue Date
(the “Target Registration Date”), the interest
rate on the Notes will be increased by (x) 0.25% per annum for the first 90-day
period immediately following the Target Registration Date and (y) an additional
0.25% per annum thereafter in each case until the Registered Exchange Offer is
completed or the Shelf Registration Statement, if required hereby, is declared
effective by the Commission or the Notes cease to constitute Transfer
Restricted Notes.

 

(b)           If
the Shelf Registration Statement has been declared effective and thereafter
either ceases to be effective, or the prospectus contained therein ceases to be
usable at any time during the Shelf Registration Period (as a result of the
issuance by the Issuers of a notice that the Shelf Registration Statement is
unusable pending the announcement of a material corporate transaction, the
issuance by the Issuers of a notice suspending use of the Shelf Registration
Statement as may be required under applicable securities laws to be issued or
for any other reason), and such failure to remain effective or usable exists
for more than 60 days (whether or not consecutive) in any twelve-month period,
then the interest rate on Notes that constitute Transfer Restricted Notes will
be increased (commencing on the 61st day in such twelve-month period) by (x)
0.25% per annum for the first 90-day period immediately following such 60th day
of ineffectiveness or lack of usability and (y) an additional 0.25% per annum
thereafter, which additional interest shall cease to accrue on such date that
the Shelf

 

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Registration
Statement has again been declared effective or the prospectus contained therein
again becomes usable.  If after any such
cessation of the accrual of additional interest the Shelf Registration
Statement again ceases to be effective or the prospectus contained therein
again ceases to be usable beyond the period permitted above, additional interest
will again accrue pursuant to the foregoing provisions.

 

(c)           The
Issuers shall notify the Trustee and the paying agent under the Indenture
promptly upon the happening of each and every event that results in the accrual
of additional interest pursuant to Section 3(a) or 3(b) (any such event being
called a “Registration Default”).  The Issuers shall pay the additional interest
due on the Transfer Restricted Notes by depositing with the paying agent (which
may not be any of the Issuers for these purposes), in trust, for the benefit of
the Holders thereof, prior to 10:00 a.m., New York City time, on the next
interest payment date specified by the Indenture and the Notes, sums sufficient
to pay the additional interest then due. 
The additional interest due shall be payable on each interest payment
date specified by the Indenture and the Notes to the record holder entitled to
receive the interest payment to be made on such date.  Each obligation to pay additional interest
shall be deemed to accrue from and including the date of the applicable
Registration Default.

 

(d)           The
parties hereto agree that the liquidated damages in the form of additional
interest provided for in this Section 3 constitute a reasonable estimate of and
are intended to constitute the sole damages that will be suffered by Holders of
Transfer Restricted Notes by reason of the failure of (i) the Registered
Exchange Offer to be completed, (ii) the Shelf Registration Statement, if
required hereby, to be declared effective or (iii) the Shelf Registration
Statement to remain effective (and the prospectus contained therein to remain
usable), in each case to the extent required by this Agreement.

 

(e)           As
used herein, the term “Transfer Restricted Notes” means (i) each Note until the date on which such Note has
been exchanged for a freely transferable Exchange Note in the Registered
Exchange Offer, (ii) each Note until the date on which it has been registered
under the Securities Act and disposed of in accordance with the Shelf
Registration Statement or (iii) each Note until the date on which it is
distributed to the public pursuant to Rule 144 under the Securities Act or is
saleable pursuant to Rule 144(k) under the Securities Act.  Notwithstanding anything to the contrary in
Sections 3(a) and 3(b) hereof, the Issuers shall not be required to pay
additional interest to a Holder of Transfer Restricted Notes if such Holder
failed to comply with its obligations to make the representations set forth in
the second to last paragraph of Section 1 or failed to provide the information
required to be provided by it, if any, pursuant to Section 4(n).

 

4.             Registration Procedures. 
In connection with any Registration Statement, the following provisions
shall apply:

 

7

 

(a)           The
Issuers shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each
amendment thereof and each supplement, if any, to the prospectus included
therein; and (ii) include substantially the information set forth in Annex A
hereto on the cover, in Annex B hereto in the “Exchange offer procedures”
section and the “Purpose of the exchange offer” section (or comparable
sections, however captioned) and in Annex C hereto in the “Plan of distribution”
section, in each case of the prospectus forming a part of the Exchange Offer
Registration Statement, and include the information set forth in Annex D hereto
in The Letter of Transmittal delivered pursuant to the Registered Exchange Offer.

 

(b)           The
Issuers shall advise each Initial Purchaser and, in the case of clauses (ii),
(iii), (iv) and (v) below, each Exchanging Dealer and the Holders (if
applicable) and, if requested by any such person, confirm such advice in
writing (which advice pursuant to clauses (ii) through (v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the
requisite changes have been made):

 

(i)        when
any Registration Statement and any amendment thereto has been filed with the
Commission and when such Registration Statement or any post-effective amendment
thereto has become effective;

 

(ii)       of
any request by the Commission after the effective date for amendments or
supplements to any Registration Statement or the prospectus included therein or
for additional information;

 

(iii)      of
the issuance by the Commission of any stop order suspending the effectiveness
of any Registration Statement or the initiation of any proceedings for that
purpose;

 

(iv)      of
the receipt by the Issuers of any notification with respect to the suspension
of the qualification of the Notes or the Exchange Notes for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and

 

(v)       of
the happening of any event that requires the making of any changes in any
Registration Statement or the prospectus included herein in order that the
statements therein are not misleading and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.

 

8

 

(c)           The
Issuers will make every reasonable effort to obtain the withdrawal at the
earliest possible time of any order suspending the effectiveness of any
Registration Statement.

 

(d)           The
Issuers will furnish to each Holder of Transfer Restricted Notes included
within the coverage of any Shelf Registration Statement, without charge, at
least one conformed copy of such Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules
and, if any such Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference).

 

(e)           The
Issuers will, during the Shelf Registration Period, promptly deliver to each
Holder of Transfer Restricted Notes included within the coverage of any Shelf
Registration Statement, without charge, as many copies of the prospectus
(including each preliminary prospectus) included in such Shelf Registration
Statement and any amendment or supplement thereto as such Holder may reasonably
request; and the Issuers consent to the use of such prospectus or any amendment
or supplement thereto by each of the selling Holders of Transfer Restricted
Notes in connection with the offer and sale of the Transfer Restricted Notes
covered by such prospectus or any amendment or supplement thereto.

 

(f)            The
Issuers will furnish to each Initial Purchaser and each Exchanging Dealer, and
to any other Holder who so requests, without charge, at least one conformed
copy of the Exchange Offer Registration Statement and any post-effective
amendment thereto, including financial statements and schedules and, if any
Initial Purchaser or Exchanging Dealer or any such Holder so requests in
writing, all exhibits thereto (including those, if any, incorporated by
reference).

 

(g)           The
Issuers will, during the Exchange Offer Registration Period or the Shelf
Registration Period, as applicable, promptly deliver to each Initial Purchaser,
each Exchanging Dealer and such other persons that are required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement or the Shelf Registration Statement and any amendment or supplement
thereto as such Initial Purchaser, Exchanging Dealer or other persons may
reasonably request; and the Issuers consent to the use of such prospectus or
any amendment or supplement thereto by any such Initial Purchaser, Exchanging
Dealer or other persons, as applicable, as aforesaid.

 

(h)           Prior
to the effective date of any Registration Statement, the Issuers will use their
reasonable best efforts to register or qualify, or cooperate with the Holders
of Notes or Exchange Notes covered by such Registration Statement and their
respective 

 

9

 

counsel in
connection with the registration or qualification of, such Notes or Exchange
Notes for offer and sale under the securities or blue sky laws of such
jurisdictions as any such Holder reasonably requests in writing, and do any and
all other acts or things reasonably necessary to enable the offer and sale in
such jurisdictions of the Notes or Exchange Notes covered by such Registration
Statement; provided that none of the Issuers will
be required to qualify generally to do business in any jurisdiction where they
are not then so qualified or to take any action which would subject them to
general service of process or to taxation in any such jurisdiction where they
are not then so subject.

 

(i)            The
Issuers will cooperate with the Holders of Notes or Exchange Notes to
facilitate the timely preparation and delivery of certificates representing
Notes or Exchange Notes to be sold pursuant to any Registration Statement free
of any restrictive legends and in such denominations and registered in such
names as the Holders thereof may request in writing at least three business
days prior to the closing date of any sales of Notes or Exchange Notes pursuant
to such Registration Statement.

 

(j)            If
any event contemplated by Section 4(b)(ii) through (v) occurs during the period
for which the Issuers are required to maintain an effective Registration
Statement (the “Effectiveness Period”), the
Issuers will promptly prepare and file with the Commission a post-effective
amendment to the Registration Statement or a supplement to the related
prospectus or file any other required document so that, as thereafter delivered
to purchasers of the Notes or Exchange Notes from a Holder, the prospectus will
not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

(k)           Not
later than the effective date of the applicable Registration Statement, the
Issuers will provide a CUSIP number and an International Securities
Identification Number (ISIN) for the Notes and the Exchange Notes, as the case
may be, and provide the applicable trustee with printed certificates for the
Notes or the Exchange Notes, as the case may be, in a form eligible for deposit
with The Depository Trust Company any and with the common depositary for
accounts of Euroclear and Clearstream.

 

(l)            The
Issuers will comply in all material respects with all applicable rules and
regulations of the Commission, and the Issuers will make generally available to
its security holders, as soon as practicable after the effective date of the applicable
Registration Statement, an earning statement satisfying the provisions of
Section 11(a) of the Securities Act.

 

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(m)          The
Issuers will cause the Indenture or the Exchange Indenture, as the case may be,
to be qualified under the Trust Indenture Act of 1939 as required by applicable
law in a timely manner.

 

(n)           The
Issuers may require each Holder of Transfer Restricted Notes to be registered
pursuant to any Shelf Registration Statement to furnish to the Issuers such
information concerning the Holder and the distribution of such Transfer
Restricted Notes as the Issuers may from time to time reasonably request for
inclusion in such Shelf Registration Statement, and the Issuers may exclude
from such registration the Transfer Restricted Notes of any Holder that fails
to furnish such information within a reasonable time after receiving such
request.

 

(o)           In
the case of a Shelf Registration Statement, each Holder of Transfer Restricted
Notes to be registered pursuant thereto agrees by acquisition of such Transfer
Restricted Notes that, upon receipt of any notice from the Issuers pursuant to
Sections 2(c), 3(c) or 4(b)(ii) through (v), such Holder will discontinue
disposition of such Transfer Restricted Notes until such Holder’s receipt of
copies of the supplemental or amended prospectus contemplated by Section 4(j)
or until advised in writing by the Issuers that the use of the applicable
prospectus may be resumed (the “Advice”).  If the Issuers shall give any notice under
Sections 2(c), 3(b) or 4(b)(ii) through (v) during the Effectiveness Period,
such Effectiveness Period shall be “extended by the number of days during such
period from and including the date of the giving of such notice to and
including the date when each seller of Transfer Restricted Notes covered by
such Registration Statement shall have received (x) the copies of the
supplemental or amended prospectus contemplated by Section 4(j) (if an amended
or supplemental prospectus is required) or (y) the Advice (if no amended or
supplemental prospectus is required).

 

(p)           In
the case of a Shelf Registration Statement, the Issuers shall enter into such
customary agreements (including, if requested by the Holders of a majority in
aggregate principal amount of the Notes being registered thereunder, an
underwriting agreement in customary form) and take all such other action, if
any, as Holders of a majority in aggregate principal amount of the Notes being
registered thereunder, or the managing underwriters (if any), shall reasonably
request in order to facilitate any disposition of the Notes pursuant to such
Shelf Registration Statement.

 

(q)           In
the case of a Shelf Registration Statement, the Issuers shall (i) make
reasonably available for inspection at the location where they are normally
kept and during normal business hours by a representative of, and Special
Counsel (as defined below) acting for, Holders of a majority in aggregate
principal amount of the Notes being registered thereunder and any underwriter
participating in any disposition of the

 

11

 

Notes pursuant to
such Shelf Registration Statement, all relevant financial and other records,
pertinent corporate documents and properties of each of the Issuers and their
subsidiaries and (ii) use their reasonable best efforts to have each of their
officers, directors, employees, accountants and counsel supply all relevant
information reasonably requested by such representative, Special Counsel or any
such underwriter (each, an “Inspector”) in connection with such Shelf Registration
Statement; provided, however, that such Inspector shall first agree in writing with the
Issuers that any information that is reasonably and in good faith designated by
the Issuers in writing as confidential at the time of delivery of such
information shall be kept confidential by such Inspector, unless (i) disclosure
of such information is required by court or administrative order or is
necessary to respond to inquiries of regulatory authorities,
(ii) disclosure of such information is required by law (including any
connection with the filing of such Registration Statement or the use of any
prospectus), (iii) such information becomes generally available to the public
other than as a result of a disclosure or failure to safeguard such information
by such Inspector or (iv) such information becomes available to such Inspector
from a source other than the Issuers and their subsidiaries and such source is
not known, after due inquiry, by the relevant Holder to be bound by a
confidentiality agreement; provided, further, that the foregoing investigation shall be coordinated on behalf
of the Holders by one representative designated by and on behalf of such
Holders, and any such confidential information shall be available from such
representative to such Holders so long as any Holder agrees to be bound by such
confidentiality agreement.

 

(r)            In
the case of a Shelf Registration Statement, the Issuers shall, if requested by
Holders of a majority in aggregate principal amount of the Notes being
registered thereunder, their Special Counsel or the managing underwriters (if
any) in connection with such Shelf Registration Statement, use their reasonable
best efforts to cause (i) their counsel to deliver an opinion relating to the
Shelf Registration Statement and the Notes in customary form and substance,
(ii) their officers to execute and deliver all customary documents and
certificates requested by Holders of a majority in aggregate principal amount
of the Notes being registered thereunder, their Special Counsel or the managing
underwriters (if any) and (iii) their independent public accountants to
provide a comfort letter or letters in customary form and substance, subject to
receipt of appropriate documentation as contemplated, and only if permitted, by
Statement of Auditing Standards No. 72.

 

5.             Registration Expenses. 
The Issuers will jointly and severally bear all expenses incurred in
connection with the performance of its obligations under Sections 1, 2, 3 and 4
and, in connection with the Shelf Registration Statement, the Issuers will
reimburse the Initial Purchasers and the Holders for the reasonable fees and
disbursements of one firm of attorneys (in addition to any local counsel)
chosen by the Holders of a majority in aggregate

 

12

 

principal amount
of the Notes being registered thereunder (the “Special
Counsel”) acting for the
Initial Purchasers or Holders in connection therewith, which counsel shall be
approved by the Issuers (such approval to not be unreasonably withheld).  Each Initial Purchaser and Holder shall pay
all expenses of its counsel (other than as set forth in the preceding
sentence), underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Initial Purchaser’s or Holder’s
Notes pursuant to the Shelf Registration Statement.

 

6.             Indemnification.  (a)
In the event of a Shelf Registration Statement or in connection with any
prospectus delivery pursuant to the Exchange Offer Registration Statement by an
Initial Purchaser or Exchanging Dealer, as applicable, the Issuers shall
jointly and severally indemnify and hold harmless each Holder (including,
without limitation, any such Initial Purchaser or Exchanging Dealer), its
affiliates, their respective officers, directors, employees, representatives
and agents, and each person, if any, who controls such Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively
referred to for purposes of this Section 6 and Section 7 as a “Holder”) from
and against any loss, claim, damage or liability, joint or several, or any
action in respect thereof (including, without limitation, any loss, claim,
damage, liability or action relating to purchases and sales of Notes or
Exchange Notes), to which that Holder may become subject, whether commenced or
threatened, under the Securities Act, the Exchange Act, any other federal,
state or foreign statutory law or regulation, at common law or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is
based upon, (i) any untrue statement or alleged untrue statement of a material
fact contained in any such Registration Statement or any prospectus forming
part thereof or in any amendment or supplement thereto or (ii) the omissions or
alleged omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and shall reimburse
each Holder promptly upon demand for any legal or other expenses reasonably
incurred by that Holder in connection with investigating or defending or
preparing to defend against or appearing as a third party witness in connection
with any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the Issuers shall not be liable in any such case to
the extent that any such loss, claim, damage, liability or action arises out
of, or is based upon, an untrue statement or alleged untrue statement in or
omission or alleged omission from any of such documents in reliance upon and in
conformity with any Holders’ Information; and provided, further, that with
respect to any such untrue statement in or omission from any related
preliminary prospectus, the indemnity agreement contained in this Section 6(a)
shall not inure to the benefit of any Holder from whom the person asserting any
such loss, claim, damage, liability or action received Notes or Exchange Notes
to the extent that such loss, claim, damage, liability or action of or with
respect to such Holder results from the fact that both (A) a copy of the final
prospectus was not sent or given to such person at or prior to the written
confirmation of the sale of such Notes or Exchange Notes to such person and (B)
the untrue

 

13

 

statement in or
omission from the related preliminary prospectus was corrected in the final prospectus,
unless such failure to deliver the final prospectus was a result of
non-compliance by the Issuers with Section 4(d), 4(e), 4(f) or 4(g).

 

(b)           In
the event of a Shelf Registration Statement, each Holder shall indemnify and
hold harmless the Issuers and their respective affiliates, officers, directors,
employees, representatives and agents, and each person, if any, who controls
the Issuers within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act (collectively referred to for purposes of this Section
6(b) and Section 7 as the “Issuers”), from and against any loss, claim, damage
or liability, joint or several, or any action in respect thereof, to which the
Issuers may become subject, whether commenced. or threatened, under the
Securities Act, the Exchange Act, any other federal, state or foreign statutory
law or regulation, at common law or otherwise, insofar as such loss, claim,
damage, liability or action arises out of, or is based upon, (i) any untrue
statement or alleged untrue statement of a material fact contained in any such
Registration Statement or any prospectus forming part thereof or in any
amendment or supplement thereto or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, but in each case only to the extent that
the untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with any Holders’
Information furnished to the Issuers by such Holder, and shall reimburse the
Issuers for any legal or other expenses reasonably incurred by the Issuers in
connection with investigating or defending or preparing to defend against or
appearing as a third party witness in connection with any such loss, claim,
damage, liability or action as such expenses are incurred; provided, however, that no such
Holder shall be liable for any indemnity claims hereunder in excess of the
amount of net proceeds received by such Holder from the sale of Notes pursuant
to such Shelf Registration Statement.

 

(c)           Promptly
after receipt by an indemnified party under this Section 6 of notice of any
claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party pursuant
to Section 6(a) or 6(b), notify the indemnifying party in writing of the claim
or the commencement of that action; provided, however, that the
failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 6 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided further, that the failure to notify the indemnifying party shall not
relieve it from any liability which it may have to an indemnified party
otherwise than under this Section 6. If any such claim or action shall be brought
against an indemnified party, and it shall notify the indemnifying party
thereof, the indemnifying party shall be entitled to participate therein and,
to the extent that it wishes, jointly with any other similarly notified
indemnifying party, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party.

 

14

 

After
notice from the indemnifying party to the indemnified party of its election to
assume the defense of such claim or action, the indemnifying party shall not be
liable to the indemnified party under this Section 6 for any legal or other
expenses subsequently incurred by the indemnified party in connection with the
defense thereof other than the reasonable costs of investigation; provided, however, that an indemnified party shall have the right to employ
its own counsel in any such action, but the fees, expenses and other charges of
such counsel for the indemnified party will be at the expense of such
indemnified party unless (1) the employment of counsel by the indemnified party
has been authorized in writing by the indemnifying party, (2) the indemnified
party has reasonably concluded (based upon advice of counsel to the indemnified
party) that there may be legal defenses available to it or other indemnified
parties that are different from or in addition to those available to the
indemnifying party, (3) a conflict or potential conflict exists (based upon
advice of counsel to the indemnified party) between the indemnified party and
the indemnifying party (in which case the indemnifying party will not have the
right to direct the defense of such action on behalf of the indemnified party)
or (4) the indemnifying party has not in fact employed counsel reasonably
satisfactory to the indemnified party to assume the defense of such action
within a reasonable time after receiving notice of the commencement of the
action, in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the indemnifying party or
parties.  It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the fees, disbursements
and other charges of more than one separate firm of attorneys (in addition to
any local counsel) at any one time for all such indemnified party or
parties.  Each indemnified party, as a
condition of the indemnity agreements contained in Sections 6(a) and 6(b),
shall use all reasonable efforts to cooperate
with the indemnifying party in the defense of any such action or claim.  No indemnifying party shall be liable for any
settlement of any such action effected without its written consent (which
consent shall not be unreasonably withheld), but if settled with its written
consent or if there be a final judgment for the plaintiff in any such action,
the indemnifying party agrees to indemnify and hold harmless any indemnified
party from and against any loss or liability by reason of such settlement or
judgment.  No indemnifying party shall,
without the prior written consent of the indemnified party (which consent shall
not be unreasonably withheld), effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could
have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter
of such proceeding.

 

7.             Contribution.  If the
indemnification provided for in Section 6 is unavailable or insufficient to
hold harmless an indemnified party under Section 6(a) or 6(b) otherwise than as
a result of the limitations therein contained, then each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim,
damage or liability, or action in

 

15

 

respect thereof,
(i) in such proportion as shall be appropriate to reflect the relative benefits
received by the Issuers from the offering and sale of the Notes, on the one
hand, and a Holder with respect to the resale by such Holder of Notes or Exchange
Notes, on the other, or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Issuers, on the one hand, and such Holder, on the
other, with respect to the statements or omissions that resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other
relevant equitable considerations.  The
relative benefits received by the Issuers, on the one hand, and a Holder, on
the other, with respect to such offering and such sale shall be deemed to be in
the same proportion as the total net proceeds from the offering of the Notes
(before deducting expenses) received by or on behalf of the Issuers, on the one
hand, bear to the total proceeds received by such Holder with respect to its
sale of Notes or Exchange Notes, on the other. 
The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to the Issuers or
information supplied by the Issuers, on the one hand, or to any Holders’
Information supplied by such Holder, on the other, the intent of the parties,
and their relative knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. 
The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 7 were to be determined by pro rata allocation or by any other method of allocation
that does not take into account the equitable considerations referred to
herein.  The amount paid or payable by an
indemnified party as a result of the loss, claim, damage or liability, or
action in respect thereof, referred to above in this Section 7 shall be deemed
to include, for purposes of this Section 7, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending or preparing to defend any such action or claim.  Notwithstanding the provisions of this
Section 7, an indemnifying party that is a Holder of Notes or Exchange Notes
shall not be required to contribute any amount in excess of the amount by which
the total price at which the Notes or Exchange Notes sold by such indemnifying
party to any purchaser exceeds the amount of any damages which such
indemnifying party has otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.  The
remedies provided in this Section 7 and in Section 6 are not exclusive and
shall not limit any rights or remedies that may otherwise be available to any
indemnified person at law or in equity. 
The indemnity and contribution provisions contained in this Section 7
and in Section 6 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on
behalf of the Initial Purchasers or any Holder, their respective affiliates or
any person controlling any Initial Purchaser or any Holder, or by or on behalf
of the Issuers, their respective affiliates or the

 

16

 

officers or
directors of or any person controlling the Issuers, (iii) acceptance of any of
the Exchange Notes and (iv) any sale of Notes pursuant to a Shelf Registration
Statement.

 

8.             Rules 144 and 144A. 
The Issuers shall use their reasonable best efforts to file the reports
required to be filed by them under the Securities Act and the Exchange Act in a
timely manner and, if at any time the Issuers are not required to file such
reports, they will, upon the written request of any Holder of Transfer
Restricted Notes, make publicly available other information so long as
necessary to permit sales of such Holder’s securities pursuant to Rules 144 and
144A.  The Issuers covenant that they
will take such further action as any Holder of Transfer Restricted Notes may
reasonably request, all to the extent required from time to time to enable such
Holder to sell Transfer Restricted Notes without registration under the
Securities Act within the limitation of the exemptions provided by Rules 144
and 144A (including, without limitation, the requirements of Rule 144A(d)(4)).  Upon the written request of any Holder of
Transfer Restricted Notes, the Issuers shall deliver to such Holder a written
statement as to whether they have complied with such requirements.  Notwithstanding the foregoing, nothing in
this Section 8 shall be deemed to require any of the Issuers to register any of
its securities pursuant to the Exchange Act.

 

9.             Underwritten Registrations. 
If any of the Transfer Restricted Notes covered by any Shelf
Registration Statement are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will
administer the offering will be selected by the Holders of a majority in
aggregate principal amount of such Transfer Restricted Notes included in such
offering, subject to the consent of the Issuers (which shall not be
unreasonably withheld or delayed), and such Holders shall be responsible for
the payment of all underwriting commissions and discounts and related expenses
incurred in connection therewith.

 

No person may participate
in any underwritten registration hereunder unless such person (i) agrees to
sell such person’s Transfer Restricted Notes on the basis reasonably provided
in any underwriting arrangements approved by the persons entitled hereunder to
approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements.

 

10.           Miscellaneous. 
(a)  Amendments
and Waivers.  The provisions
of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
Issuers so agree and have obtained the written consent of Holders of a majority
in aggregate principal amount of the Notes and the Exchange Notes, taken as a
single class.  Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders whose
Notes or Exchange Notes are being sold pursuant

 

17

 

to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of a majority in aggregate principal amount of
the Notes and the Exchange Notes being sold by such Holders pursuant to such
Registration Statement.

 

(b)           Notices.  All notices
and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, first-class mail, telecopier or air courier
guaranteeing next-day delivery:

 

(1)           if
to a Holder, at the most current address given by such Holder to the Issuers in
accordance with the provisions of this Section 10(b), which address initially
is, with respect to each Holder, the address of such Holder maintained by the
Registrar under the Indenture, with a copy in like manner to each Initial
Purchaser;

 

(2)           if
to an Initial Purchaser, initially at its address set forth in the Purchase
Agreement; and

 

(3)           if
to the Issuers, initially at the address of the Issuers set forth in the
Purchase Agreement.

 

All such notices
and communications shall be deemed to have been duly given: when delivered by
hand, if personally delivered; one business day after being delivered to a
next-day air courier; five business days after being deposited in the mail; and
when receipt is acknowledged by the recipient’s telecopier machine, if sent by
telecopier.

 

(c)           Successors And Assigns. 
This Agreement shall be binding upon the Issuers and their respective
successors and assigns.

 

(d)           Counterparts.  This
Agreement may be executed in any number of counterparts (which may be delivered
in original form or by telecopier) and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

(e)           Definition of Terms. 
For purposes of this Agreement, (a) the term “business day” means any
day on which bond markets are generally open for trading in New York City, (b)
the term “subsidiary” has the meaning set forth in Rule 405 under the
Securities Act and (c) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act.

 

(f)            Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

 

18

 

(g)           GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(h)           No Inconsistent Agreements. 
Each Issuer represents, warrants and agrees that (i) it has not entered
into, and shall not, on or after the date of this Agreement, enter into any
agreement that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof, (ii) it has not
previously entered into any agreement which remains in effect granting any
registration rights with respect to any of its debt securities to any person
and (iii) (with respect to such Issuer) without limiting the generality of the
foregoing, without the written consent of the Holders of a majority in
aggregate principal amount of the then outstanding Transfer Restricted Notes,
it shall not grant to any person the right to request such Issuer to register
any debt securities of such Issuer under the Securities Act unless the rights
so granted are not in conflict or inconsistent with the provisions of this
Agreement.

 

(i)            No Piggyback on Registrations.  None of the Issuers nor any of their security
holders (other than the Holders of Transfer Restricted Notes in such capacity)
shall have the right to include any securities of the Issuers in any Shelf Registration
or Registered Exchange Offer other than Transfer Restricted Notes.

 

(j)            Severability.  The
remedies provided herein are cumulative and not exclusive of any remedies
provided by law.  If any term, provision,
covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their reasonable best efforts to
find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction.  It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(k)           Third Party Beneficiaries.  Each
Holder shall be a third party beneficiary to the agreements made hereunder
between the Issuers, on the one hand, and the Initial Purchasers, on the other
hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights
or the rights of other Holders hereunder.

 

19

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written
above.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. I,

  
	
   

  	
   

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title: 

  	
  President/Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II,

  
	
   

  	
   

  	
   

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title: 

  	
  President/Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH I FINANCE, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  a Florida corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title: 

  	
  President/Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH II FINANCE, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  a Florida corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title: 

  	
  President/Chief
  Executive Officer

  
					

 

20

 

	
  Accepted and
  agreed:

  	
   

  
	
   

  	
   

  
	
  J.P. MORGAN SECURITIES INC.

  	
   

  
	
  BANC OF AMERICA SECURITIES LLC

  	
   

  
	
   

  	
   

  
	
  J.P. MORGAN SECURITIES INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ KATHERINE L. FLYNN

  	
   

  
	
   

  	
   Name: KATHERINE L. FLYNN

  	
   

  
	
   

  	
   Title:       VICE PRESIDENT

  	
   

  
	
   

  	
   

  
	
  For itself and on behalf of the several Initial
  Purchasers.

  	
   

  
				

 

21

 

ANNEX A

 

Each broker-dealer
that receives Exchange Notes for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Notes. 
The Letter of Transmittal states that by so acknowledging and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an “underwriter” within the meaning of the Securities Act.  This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Notes received in exchange for Notes where such Notes
were acquired by such broker-dealer as a result of market-making activities or other
trading activities.  The Issuers have
agreed that, for a period of 180 days after the consummation of the Registered
Exchange Offer (the “Expiration Date”), they will make this Prospectus
available to any broker-dealer for use in connection with any such resale.  See “Plan of distribution.”

 

 

ANNEX B

 

Each broker-dealer
that receives Exchange Notes for its own account in exchange for Notes, where
such Notes were acquired by such broker-dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes.  See “Plan of distribution.”

 

 

ANNEX C

 

PLAN OF
DISTRIBUTION

 

Each broker-dealer
that receives Exchange Notes for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Notes. 
This prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer in connection with resales of Exchange Notes
received in exchange for Notes where such Notes were acquired as a result of
market-making activities or other trading activities.  The Issuers have agreed that, for a period of
180 days after the consummation of the Registered Exchange Offer, they will
make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale.  In addition, until [DATE], all dealers
effecting transactions in the Exchange Notes may be required to deliver a
prospectus.

 

The Issuers will
not receive any proceeds from any exchange of Notes for Exchange Notes or from
any sale of Exchange Notes by broker-dealers. 
Exchange Notes received by broker-dealers for their own account pursuant
to the Registered Exchange Offer may be sold from time to time in one or more
transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the Exchange Notes or a combination of such
methods of resale, at market prices prevailing at the time of resale, at prices
related to such prevailing market prices or at negotiated prices.  Any such resale may be made directly to
purchasers or to or through brokers or dealers who may receive compensation in
the form of commissions or concessions from any such broker-dealer or the
purchasers of any such Exchange Notes. 
Any broker-dealer that resells Exchange Notes that were received by it
for its own account pursuant to the Registered Exchange Offer and any broker or
dealer that participates in a distribution of such Exchange Notes may be deemed
to be an “underwriter” within the meaning of the Securities Act and any profit
on any such resale of Exchange Notes and any commission or concessions received
by any such persons may be deemed to be underwriting compensation under the
Securities Act.  The Letter of
Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an “underwriter’ within the meaning of the Securities Act.

 

For a period of
180 days after the consummation of the Registered Exchange Offer the Issuers
will promptly send additional copies of this prospectus and any amendment or
supplement to this prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal.  The
Issuers have agreed to pay all expenses incident to the Registered Exchange
Offer other than commissions or concessions of any broker-dealers and will

 

 

indemnify
the Holders of the Notes (including any broker-dealers) against certain
liabilities, including liabilities under the Securities Act.

 

 

ANNEX D

 

o            CHECK HERE IF YOU ARE
A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND
10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

 

Name:

 

Address:

 

 

If the undersigned
is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Notes.  If the undersigned is a broker-dealer that
will receive Exchange Notes for its own account in exchange for Notes that were
acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale
of such Exchange Notes; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.Exhibit 4.10

 

CALCULATION AGENCY
AGREEMENT

BETWEEN

 

UNIVERSAL CITY FLORIDA HOLDING CO. I

UCFH I FINANCE, INC.

UNIVERSAL CITY FLORIDA HOLDING CO. II

UCFH I FINANCE, INC.

 

AND

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

 

$300,000,000 Senior Floating Rate Notes due 2010

 

THIS AGREEMENT is
made as of December 9, 2004, between Universal City Florida Holding Co. I, a
Florida general partnership (“Holding I”), UCFH I Finance, Inc., a Florida
corporation (“UCFH I Finance”), Universal City Florida Holding Co. II, a Florida
general partnership (“Holding II”), UCFH II Finance, Inc., a Florida
corporation (“UCFH II Finance”) (together, the “Issuers”), whose principal
executive offices are at 1000 Universal Studios Plaza, Orlando, FL 32819-7610,
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a New York banking corporation,
whose principal corporate trust office is at 101 Barclay Street, New York, New
York 10286 (together with any successor, called the “Calculation Agent”).

 

W  I  T  N  E
S  S  E  T  H :

 

WHEREAS, the Issuers
propose to issue and sell certain of their securities designated as $300,000,000
Senior Floating Rate Notes due 2010 (the “Notes”) and $150,000,000 83/8%
Senior Notes due 2010.  The Notes will be
sold by the Issuers to J.P. Morgan Securities, Inc. and Banc of America
Securities LLC, as intial purchasers (the “Initial Purchasers”).  The Notes are to be issued under an Indenture
dated as of December 9 2004, between the Issuers and The Bank of New York Trust
Company, N.A., as Trustee (the “Trustee”) (the “Indenture”).  Terms used but not defined herein shall have
the meanings assigned to them in the Offering Memorandum, dated December 2,
2004, relating to the Notes (the “Offering Memorandum”).

 

For the purpose of
appointing an agent to calculate the interest rate based on the CD Rate, the
Commercial Paper Rate, the Federal Funds Rate, LIBOR, the Prime Rate or the
Treasury Rate, as applicable, on the Notes bearing interest at a rate
calculated with reference to such Base Rates (the “Floating Rate Notes”), the Issuers
and The Bank of New York Trust Company, N.A. agree as follows:

 

 

1.             Upon the terms and subject to the conditions
contained herein, the Issuers hereby appoint the Calculation Agent as its
Calculation Agent and Calculation Agent hereby accepts such appointment as the Issuers’
agent for the purpose of calculating the interest rates on the Notes in the
manner and at the times provided in the Offering Memorandum.

 

2.             The Calculation Agent shall exercise due care to
determine the interest rates on the Floating Rate Notes and shall communicate
the same to the Issuers, the Trustee, The Depository Trust Company and any
paying agent identified to it in writing as soon as practicable after each
determination.  The Calculation Agent
will, upon the request of the holder of any Floating Rate Note, provide the
interest rate then in effect with respect to such Floating Rate Note and, if
determined, the interest rate with respect to such Floating Rate Note which
will become effective on the next Interest Reset Date.  [The Calculation Agent and the Issuers agree
to comply with the Administrative Procedures attached hereto as Exhibit
A.]  No amendment to the provisions of
the [Floating Rate Notes] [Administrative Procedures] relating to the duties or
obligations of the Calculation Agent hereunder may become effective without the
prior written consent of the Calculation Agent, which consent shall not be
unreasonably withheld.

 

3.             The Calculation Agent accepts its obligations set
forth herein, upon the terms and subject to the conditions hereof, including
the following, to all of which the Issuers agree:

 

(a)           The
Calculation Agent shall be entitled to such compensation as may be agreed upon
with the Issuers for all services rendered by the Calculation Agent, and the Issuers
promise to pay such compensation and to reimburse the Calculation Agent for the
out-of-pocket expenses (including attorneys’ and other professionals’ fees and
expenses) incurred by it in connection with the services rendered by it
hereunder upon receipt of such invoices as the Issuers shall reasonably
require.  The Issuers also agrees to
indemnify the Calculation Agent for, and to hold it harmless against, any and
all loss, liability, damage, claim or expense (including the costs and expenses
of defending against any claim (regardless of who asserts such claim) of
liability) incurred by the Calculation Agent that arises out of or in
connection with its accepting appointment as, or acting as, Calculation Agent
hereunder, except such as may result from the gross negligence, willful
misconduct or bad faith of the Calculation Agent or any of its agents or
employees.  The Calculation Agent shall
incur no liability and shall be indemnified and held harmless by the Issuers for,
or in respect of, any actions taken, omitted to be taken or suffered to be
taken in good faith by the Calculation Agent in reliance upon (i) the opinion
or advice of legal or other professional advisors satisfactory to it or (ii)
written instructions from the Issuers. 
The Calculation Agent shall not be liable for any error resulting from
the use of or reliance on a source of information used in good

 

2

 

faith and with due care
to calculate any interest rate hereunder. 
The provisions of this section shall survive the termination of this
Agreement.

 

(b)           In
acting under this Agreement and in connection with the Floating Rate Notes, the
Calculation Agent is acting solely as agent of the Issuers and does not assume
any obligations to or relationship of agency or trust for or with any of the
owners or holders of the Notes.

 

(c)           The
Calculation Agent shall be protected and shall incur no liability for or in
respect of any action taken or omitted to be taken or anything suffered by it
in reliance upon the terms of the Notes, any notice, direction, certificate,
affidavit, statement or other paper, document or communication reasonably
believed by it to be genuine and to have been approved or signed by the proper
party or parties.

 

(d)           The
Calculation Agent, its officers, directors, employees and shareholders may
become the owners of, or acquire any interest in, any Notes, with the same
rights that it or they would have if it were not the Calculation Agent, and may
engage or be interested in any financial or other transaction with the Issuers as
freely as if it were not the Calculation Agent.

 

(e)           Neither
the Calculation Agent nor its officers, directors, employees, agents or
attorneys shall be liable to the Issuers for any act or omission hereunder, or
for any error of judgment made in good faith by it or them, except in the case
of its or their gross negligence or willful misconduct.

 

(f)            The
Calculation Agent may consult with counsel of its selection and the advice of
such counsel or any opinion of counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon.

 

(g)           The
Calculation Agent shall be obligated to perform such duties and only such
duties as are herein specifically set forth, and no implied duties or
obligations shall be read into this Agreement against the Calculation Agent.

 

(h)           Unless
herein otherwise specifically provided, any order, certificate, notice,
request, direction or other communication from the Issuers made or given by it
under any provision of this Agreement shall be sufficient if signed by any
officer of any of the Issuers.

 

(i)            The
Calculation Agent may perform any duties hereunder either directly or by or
through agents or attorneys, and the Calculation Agent shall not be

 

3

 

responsible for any
misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder.

 

(j)            In
no event shall the Calculation Agent be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever the
(including, but not limited to, loss of profit) irrespective of whether the
Calculation Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action.

 

(k)           In
no event shall the Calculation Agent be responsible or liable for any failure
or delay in the performance of its obligations under this Agreement arising out
of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services.

 

4.             (a)           The Calculation Agent may at any time resign as
Calculation Agent by giving written notice to the Issuers of such intention on
its part, specifying the date on which its desired resignation shall become
effective; provided, however, that such date shall never be
earlier than 30 days after the receipt of such notice by the Issuers, unless
the Issuers agree to accept less notice. 
The Calculation Agent may be removed at any time by the filing with it
of any instrument in writing signed on behalf of the Issuers and specifying
such removal and the date when it is intended to become effective.  Such resignation or removal shall take effect
upon the date of the appointment by the Issuers, as hereinafter provided, of a
successor Calculation Agent.  If within
30 days after notice of resignation or removal has been given, a successor
Calculation Agent has not been appointed, the Calculation Agent may, at the expense
of the Issuers, petition a court of competent jurisdiction to appoint a
successor Calculation Agent.  A successor
Calculation Agent shall be appointed by the Issuers by an instrument in writing
signed on behalf of the Issuers and the successor Calculation Agent.  Upon the appointment of a successor
Calculation Agent and acceptance by it of such appointment, the Calculation
Agent so succeeded shall cease to be such Calculation Agent hereunder.  Upon its resignation or removal, the
Calculation Agent shall be entitled to the payment by the Issuers of its
compensation, if any is owed to it, for services rendered hereunder and to the
reimbursement of all out-of-pocket expenses incurred in connection with the
services rendered by it hereunder and to the payment of all other amounts owed
to it hereunder.

 

(b)           Any
successor Calculation Agent appointed hereunder shall execute and deliver to
its predecessor and to the Issuers an instrument accepting such appointment
hereunder, and thereupon such successor Calculation Agent, without any

 

4

 

further act, deed or
conveyance, shall become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of such predecessor with like effect as if
originally named as such Calculation Agent hereunder, and such predecessor,
upon payment of its charges and disbursements then unpaid, shall thereupon
become obliged to transfer and deliver, and such successor Calculation Agent
shall be entitled to receive, copies of any relevant records maintained by such
predecessor Calculation Agent.

 

(c)           Any
corporation into which the Calculation Agent may be merged, or any corporation
with which the Calculation Agent may be consolidated, or any corporation
resulting from any merger or consolidation or to which the Calculation Agent
shall sell or otherwise transfer all or substantially all of its corporate
trust assets or business shall, to the extent permitted by applicable law, be
the successor Calculation Agent under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties
hereto.  Notice of any such merger,
consolidation or sale shall forthwith be given to the Issuers and the Trustee.

 

5.             Any notice required to be given hereunder shall be
delivered in person, sent by letter or telecopy or communicated by telephone
(subject, in the case of communication by telephone, to confirmation dispatched
within twenty-four hours by letter or by telecopy), in the case of the Issuers,
c/o Holding II, 1000 Universal Studios Plaza, Orlando, FL 32819-7610,
telephone: (407) 363-8000, telecopy: (407) 363-8219, Attention: President/Chief
Executive Officer, in the case of The Bank of New York Trust Company, N.A., to
Corporate Trust Administration, 10161 Centurion Parkway, Jacksonville, FL 32256,
telephone: (904) 998-4717, telecopy: (904) 645-1921 and, in the case of The
Depository Trust Company, to Manager Announcements, Dividend Department, The
Depository Trust Company, 55 Water Street - 25th Floor, New York, New
York 10041, telecopy: (212) 855-4555 or (212) 709-1263, or to any
other address of which any party shall have notified the others in writing as
herein provided.  Any notice hereunder
given by telephone, telecopy or letter shall be deemed to be received when in
the ordinary course of transmission or post, as the case may be, it would be
received.

 

6.             This Agreement and the Calculation Agent’s
appointment as Calculation Agent hereunder shall be construed and enforced in
accordance with the laws of the State of New York applicable to agreements made
and to be performed entirely within such state, and without regard to conflicts
of laws principles, and shall inure to the benefit of, and the obligations
created hereby shall be binding upon, the successors and assigns of each of the
parties hereto.

 

7.             This Agreement may be executed by each of the
parties hereto in any number of counterparts, each of which counterparts, when
so executed and delivered,

 

5

 

shall
be deemed to be an original and all such counterparts shall together constitute
one and the same agreement.

 

8.             In the event of any conflict relating to the
rights or obligations of the Calculation Agent in connection with the
calculation of the interest rate on the Floating Rate Notes, the relevant terms
of this Agreement shall govern such rights and obligations.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written.

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Derek Kettel

  
	
   

  	
   

  	
  Name: Derek Kettel

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  TRUST

  
	
   

  	
  COMPANY, N.A.,

  
	
   

  	
  as Calculation Agent

  

 

6

 

	
   

  	
  UNIVERSAL CITY FLORIDA
  HOLDING CO. I,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  a Florida general
  partnership.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title:

  	
  President/Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II,

  
	
   

  	
   

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title:

  	
  President/Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  UCFH I FINANCE, INC.,

  
	
   

  	
   

  
	
   

  	
  a Florida corporation.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title:

  	
  President/Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  UCFH II FINANCE, INC.,

  
	
   

  	
   

  
	
   

  	
  a Florida corporation.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Sprouls

  
	
   

  	
   

  	
  Title:

  	
  President/Chief Executive Officer

  
					

 

7

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