Document:

f8k101509a1ex10i_bluegem.htm

    Exhibit 10.1

    
 

    COMMON
STOCK PURCHASE AGREEMENT

    

    Private
and Confidential

    

    THIS
COMMON STOCK PURCHASE AGREEMENT, (the “Agreement”) made as of the last executed
date below (the “Effective Date”), by and among Allan Sepe an entity with a principle
address of 4770 Biscayne Blvd., Suite 1400, Miami, FL 33137 (the “Buyer”) and
Belmont Partners, LLC a Virginia limited liability company with a principal
address of 360 Main Street, Washington Virginia 22747 (“Seller”), and Blue Gem
Enterprises a public vehicle organized in the state of Nevada and traded under
the symbol “BGEM” (the “Company”) and Escrow, LLC (“Escrow Agent”) (Buyer,
Seller and Company each a “Party” and collectively the “Parties”).

    

    W I T N E
S S E T H:

    

    WHEREAS,
the Company currently has six million five hundred twenty thousand (6,520,000)
common stock shares issued and outstanding and no preferred shares issued and
outstanding;

    

    WHEREAS,
Seller owns a majority of the Company’s capital stock consisting of five million
(5,000,000) restricted common stock shares (the “Stock”); and

    

    WHEREAS,
Buyer wishes to purchase the Stock from Seller;

    

    NOW, THEREFORE, in consideration of the
mutual promises, covenants, and representations contained herein, and subject to
the terms and conditions hereof, the Parties agree as follows:

    

    1. Agreement to Purchase and
Sell.  Seller will sell to Buyer and Buyer agrees to purchase
the Stock in exchange for:

    

    a) two
hundred thirty five thousand U.S. dollars ($235,000.00) together with two
hundred U.S. dollars representing Buyer’s half of the Escrow Fees (the “Purchase
Price”), to be paid to Seller according to the terms and conditions set forth in
Section 3 herein.

    

    b) five
percent (5%) of the issued and outstanding common stock of the Company according
to the terms and conditions set forth in Section 3(e) herein (the
“Position”).

    

    2. Closing.  On
or about five (5) business days from the Effective Date (the “Closing”) the
Parties shall perform, in
order:

     
 

    a) Buyer
shall deliver to Seller a copy of this Agreement executed by Buyer;

     

    
    

     

    
      	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 1 of 13	
              Buyer:
      _____

              Seller:
      _____

              Company:
      _____

            

    

    
      
        

      

    

    
    

     

    b) Seller
shall deliver a fully executed copy of this Agreement to Buyer;

    

    c) The
Escrowed Funds (defined in Section 3(a) herein) shall be released to
Seller;

    

    d) The
Company shall execute a resolution approving the terms of this Agreement through
which Buyer, or Buyer’s designee, is appointed as a Director and Officer of the
Company (the “Appointment”);

    

    e) Buyer
shall deliver to Escrow Agent the Proxy (as defined in Paragraph 4(a) herein and
attached as Exhibit 1); and,

    

    f) Seller
shall deliver to Buyer the Appointment;

    

    g) Seller
shall deliver to Buyer, to the extent reasonably available to Seller, and after
the full performance of Section 3(a), true and correct copies of the Company’s
business, financial and corporate records including but not limited to:
correspondence files, bank statements, checkbooks, minutes of shareholder and
directors meetings, financial statements, shareholder listings, stock transfer
records, agreements and contracts; and,

    

    h) Seller
shall deliver to Buyer, as soon as practicable after the full performance of
Sections 2(a) through 2(f) herein, the stock certificate(s) evidencing the
Stock.

    

    3. Payment
Terms.

    

    a) Buyer
shall place a deposit of one hundred thousand U.S. Dollars ($100,000.00) into an
escrow account with the Escrow Agent on behalf of the Seller (the “Deposit”) on
the Closing date.  The balance of the Purchase Price (the “Balance”)
shall be due and payable on the following date (“Maturity Date”):

    

    (i) Payment
in the amount of one hundred thirty five thousand U.S. dollars ($135,000.00) on
or before twenty one (21) days from the Effective Date.

    

    b) Wire
transfer of all payments hereunder shall be made on or before each payment’s
respective Maturity Date by wire transfer of immediately available funds to
Seller’s account as follows:

     

     

    
      	Bank
      Name: 	 	
              Rappahannock
      National Bank

              7 Bank
      Road

              Washington,
      Virginia 22747

            
	Account
      Name:	 	
              Belmont
      Partners, LLC

            
	Account
      Number: 	 	1089129
	Routing
      Number: 	 	051402974

    

    
 

    c) The
Purchase Price may be prepaid in whole or in part at any time, at the option of
Buyer without premium or penalty.

    

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 2 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

        

      

    

     

    d) If at
anytime during the term of this Agreement Buyer shall fail to pay a payment on
or before the payment’s respective Maturity Date, all outstanding principal, any
accrued and unpaid interest and any other amounts due hereunder shall bear an
interest rate of eighteen percent (18%) per annum from the day such interest is
due hereunder through and including the final day of payment of all outstanding
principal, accrued interest and other amounts due hereunder.  The payments
of interest hereunder shall not be required to the extent that receipt of any
such interest by the Seller would be contrary to provisions of law applicable to
the Seller limiting the maximum rate of interest that may be charged or
collected by the Seller.

    

    e) Stock
Position.

    

    (i) In
consideration of the benefits provided to the Company hereby, Company shall
issue and deliver to Seller, such fully paid, non-assessable restricted shares
of the Company’s common stock equal to a five percent (5%) post Merger (as
defined in Section 15 herein) ownership interest in the Company (the
“Position”).  The Position shall be based on the capital structure of
the Company post Merger (taking into account any and all shares issued relating
to the Merger, initial contracts, and initial acquisition of any assets), post
reverse stock split (if any), post initial financing (whether that initial
financing be a single round or in multiple tranches over a period of time), and
after any other initial issuance of stock (including issuance to the Company’s
directors and/or officers).  Buyer shall take all steps necessary to
fully effectuate the provisions of this Section 3.

     

    (ii) Certificate(s)
evidencing the Position shall be issued and delivered to the Seller immediately
following the actions anticipated by Section 3(e)(i) herein (the “Actions”), but
in no case later than eleven (11) months following the Effective Date
hereof.  In the event that all Actions have not been completed by the
eleventh month anniversary of this Agreement, Seller shall transfer to Buyer
shares comprising the Position on that date and shall issue additional shares as
necessary following completion of the Actions.

    

    (iii) The
effective date of all Shares transferred pursuant to this Section 3 shall be the
Effective Date of this Agreement and shall be memorialized on the face of the
certificates evidencing such shares.

    

    f) The
Parties acknowledge and agree that the Position shall be newly issued,
restricted common shares of the Company.  Buyer and Company agree to
accept as valid any legal opinion of Seller’s counsel regarding the removal of
restrictions from the Position.  In the event that, in one year from
the date of the execution of this Agreement, the Position can not be sold in
accordance with Rule 144 of the Securities Act of 1933, the Seller shall have
demand registration rights on such Position at such time. In the event that
Buyer does not provide for the removal of restrictions from the shares
comprising the Position in accordance with Rule 144, does not recognize any
opinion of Seller’s counsel regarding the removal of such restrictions, or does
not register such shares, the Company and the Buyer, jointly and severally,
shall pay to Seller liquidated damages in the amount of the bid price per share
as of the one year anniversary of this Agreement (as reported by the national
market on which the shares trade) multiplied by the number of shares in the
Position.  The Parties agree that the liquidated damages hereunder are
not a penalty.

    

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 3 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

        

      

    

     

    g) In
consideration of the benefits provided to the Company hereby, Company and Buyer
agree to be jointly and severally liable for all amounts due hereunder and all
other obligations of this Stock Purchase Agreement.

    

    4. Non-Dilutable Control
Position.  In order to ensure full and timely performance under
Section 3 herein, Buyer agrees that the Stock shall remain non-dilutable until
full payment of the Purchase Price has been received by Seller or for the life
of the Agreement to Prevent Resale and Dilution and Irrevocable Proxy Coupled
with an Interest (attached hereto as Exhibit 1) (the “Proxy”), whichever is
longer.  Further, Buyer and Company hereby expressly agree and
understand that any issuances of stock of any series or class by the Company to
any individual and/or entity whatsoever shall be subject to the
Proxy.  All such newly issued shares shall prominently bear on their
face a ledger indicating that such shares are subject to the
Proxy.  Buyer and Company hereby expressly agree and understand that
on the Closing date, Buyer, Company and Seller will all jointly and separately
notify the Transfer Agent of the existence of the Proxy and the provisions of
this Agreement pertaining thereto.  Buyer and Company further agree
that should the Company change transfer agents, any new transfer agent will be
promptly notified, prior to initiating the issuance of any new shares, of the
Proxy and the provisions of this Agreement pertaining thereto.

    

    5. Proxy.

    

    a) In order
to ensure performance under Section 3 of this Agreement, the Parties hereby
recognize the Proxy as being legally binding and fully valid.  The
Proxy shall be held in escrow by the Escrow Agent until such time as the Proxy
may be released according to Section 5(c) herein.

    

    b) Escrow
Agent's Rights; Exculpation.  The Proxy shall be held in the
possession of the Escrow Agent. The Escrow Agent shall have the authority and
power to take such actions and to exercise such powers as are specifically
delegated to the Escrow Agent by the terms of this Agreement, together with such
other powers as are reasonably incidental thereto. The Escrow Agent shall be
under no duty with respect to the Proxy except to account therefore in due
course, pursuant to the terms and conditions hereof.

    

    c) Upon
notification of Buyer’s Default (as defined in Section 6 herein), the Escrow
Agent shall release the Proxy to the Transfer Agent with a copy to the Seller
and Company.

    

    d) The
Escrow Agent shall not be liable hereunder in its capacity as Escrow Agent,
agent or bailee for any action taken or omitted by it hereunder except for its
gross negligence or willful breach.

     

     

     

     

    
 

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 4 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

        

      

    

     

     

    6. Default.  The
following conditions or events shall constitute events of default ("Event(s) of
Default"):

    

    a) if the
Buyer shall default in the performance of or compliance with any term contained
in this Agreement;

    

    b) if the
Buyer shall be in breach or otherwise default in the performance of, or
compliance with, any other term contained herein and such breach or default is
not remedied within three (3) days of either:

    

    (i) an
officer of the Buyer obtaining knowledge of such default;

    

    (ii) Buyer’s
Notification of such default; such notification shall be effective upon the
mailing of such Notification to Buyer’s last address;

    

    c) if any
representation or warranty made in writing by or on behalf of the Buyer herein
or in any instrument furnished in compliance with or in reference hereto or
otherwise in connection with the transactions contemplated hereby shall prove to
have been false or incorrect in any material respect on the date as of which
made;

    

    d) if the
Buyer or any Subsidiary shall be in default (as principal or as guarantor or
other surety) in the payment of any principal of or premium or interest on any
indebtedness with a principal amount in excess of fifty thousand dollars
($50,000.00) (other than this Agreement) or in the performance of or compliance
with any term of any evidence of any such indebtedness or of any mortgage,
indenture or other agreement relating thereto the effect of which is to cause
such indebtedness to become due and payable before its stated maturity or before
its regularly scheduled dates of payment, and such default, event or condition
shall continue for more than the period of grace, if any, specified therein and
shall not have been waived pursuant thereto;

    

    e) if the
Buyer or any Subsidiary shall:

    

    (i) be
generally not paying its debts as they become due;

    

    (ii) file, or
consent by answer or otherwise to the filing against it of, a petition for
relief or reorganization or arrangement or any other petition in bankruptcy, for
liquidation or to take advantage of any bankruptcy or insolvency law of any
jurisdiction;

    

    (iii)  make
an assignment for the benefit of its creditors;

    

    (iv) consent
to the appointment of a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of its
property;

     

    
 

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 5 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

           

        

      

    

    (v) be
adjudicated an insolvent or be liquidated; or,

    

    (vi) take
corporate action for the purpose of any of the foregoing;

    

    f) if a
court or governmental authority of competent jurisdiction shall enter an order
appointing, without consent by the Buyer or any Subsidiary, a custodian,
receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, or constituting an order
for relief or approving a petition for relief or reorganization or any other
petition in bankruptcy or for liquidation or to take advantage of any bankruptcy
or insolvency law of any jurisdiction, or ordering the dissolution, winding-up
or liquidation of the Buyer or any Subsidiary, or if any such petition shall be
filed against the Buyer of any Subsidiary and such petition shall not be
dismissed within thirty (30) days; or,

    

    g) if a
final judgment which, with other outstanding final judgments against the Buyer
and the Subsidiaries, exceeds fifty thousand dollars ($50,000.00) shall be
entered against the Buyer or any Subsidiary and if, within sixty (60) days after
entry thereof, such judgment shall not have been discharged or execution thereof
stayed pending appeal, or if, within sixty (60) days after the expiration of any
such stay, such judgment shall not have been discharged.

    

    7. Remedies on
Default.

    

    a) Upon the
occurrence of any Event of Default, the Seller may proceed to protect and
enforce its rights by suit in equity, action at law and/or other appropriate
proceeding either for specific performance of any covenant, provision or
condition contained in this Agreement, or in aid of the exercise of any power
granted in this Agreement, and (unless there shall have occurred an Event of
Default under Section 6(d) or 6(e), in which case the unpaid balance due
hereunder shall automatically become due and payable) may at its sole option and
with no further notice to the Buyer declare all or any part of the unpaid
principal amount of the Agreement then outstanding to be forthwith due and
payable, and thereupon such unpaid principal amount or part thereof, together
with interest accrued thereon and all other sums, if any, payable under this
Agreement shall become so due and payable without presentation, presentment,
protest or further demand or notice of any kind, all of which are hereby
expressly waived, and the Seller may proceed to enforce payment of such amount
or part thereof in such manner as Seller may elect.

    

    b) Annulment
of Defaults. An Event of Default shall not be deemed to be in existence or to
have occurred for any purpose of this Agreement until the expiration of any and
all grace periods under this Agreement or if the Seller shall have waived such
event in writing or stated in writing that such event has been cured to its
reasonable satisfaction. No waiver or statement of satisfactory cure pursuant to
this Section 7(b) shall extend to or affect any subsequent or other Event of
Default not specifically identified in such waiver or statement of satisfactory
cure or impair any other rights of the Seller herein.

     

     

     

     

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 6 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

        

      

    

     

    c) Discretionary
Release.  Seller may, at Seller’s sole discretion, instruct the Escrow
Agent to release the Proxy in accordance with Section 8 herein if any Event of
Default shall have been in existence for a period of ten (10) days.

    

    8. Proxy
Release.

    

    a) Upon any
Event of Default, and subject to the terms and limitations of Sections 6(c)
herein, the Seller shall instruct the Escrow to release the Proxy to the
Company.

    

    b) Upon any
Event of Default, Seller may at its sole discretion deliver notice of default to
the Escrow Agent and Buyer.  Immediately upon receipt of the Notice of
Default, the Escrow Agent shall deliver the Proxy to the Transfer Agent with a
copy to the Seller and Company, thereby affording Seller all the rights defined
in the Proxy as referenced in Section 5 herein.

    

    9. Transfer
Agent.

    

    a) Buyer
agrees that Pacific Stock Transfer, LLC (the “Transfer Agent”) shall act as the
Company’s sole transfer agency, and Transfer Agent shall have full power and
authority to act on behalf of the Company in connection with the issuance,
transfer, exchange and replacement of all of the Company’s stock
certificates.

    

    b) Transfer
Agent shall have full power and authority to act according to the Irrevocable
Proxy.

    

    10. Collections.  Should
the indebtedness represented by this Agreement or any part thereof be collected
at law or in equity, or in bankruptcy, receivership or any other court
proceedings (whether at the trial or appellate level), or should any amount due
under this Agreement be placed in the hands of attorneys for collection upon
default, Buyer agrees to pay, in addition to the principal, premium and interest
due and payable hereon, all costs of collection, including reasonable attorneys’
fees and expenses.

    

    11. Representations and
Warranties of Seller.  Seller hereby represents and warrants,
for a period of twelve (12) months from the Effective Date, to Buyer that the
statements in the following paragraphs of this Section 11 are all true and
complete as of the date hereof:

    

    a) Title to
Stock.  Seller is the record and beneficial owner and has sole
managerial and dispositive authority with respect to the Stock and has not
granted any person a proxy that has not expired or been validly
withdrawn.  The sale and delivery of the Stock to Buyer pursuant to
this Agreement will vest in Buyer the legal and valid title to the Stock, free
and clear of all liens, security interests, adverse claims or other encumbrances
of any character whatsoever (“Encumbrances”) (other than Encumbrances created by
Buyer and restrictions on resales of the Stock under applicable securities
laws).

     

     

     

     

    
 

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 7 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

           

        

      

    

    b) Liabilities
of the Company. Seller makes no representation as to the existence or
non-existence of liabilities of the Company except as explicitly stated in this
Agreement. Buyer is solely responsible for conducting its own due diligence with
respect to the Company and its liabilities and for gathering enough information
upon which to base an investment decision in the Stock.  Buyer
acknowledges that:

    

    (i) Seller
has made no representations with respect to the Company or its status except as
explicitly stated in this Agreement; and,

     
 

    (ii) the
Company is being sold “as is”.

    

    c) Full
Power and Authority. Seller represents that it has full power and authority to
enter into this Agreement.

    

    12. Representations and
Warranties of Buyer. Buyer hereby represents and warrants to Seller
that the statements in the following paragraphs of this Section 12 are all true
and complete as of the date hereof:

    

    a) Affidavit
of Source of Funds. Prior to each transfer to Seller or
each deposit into
escrow, Buyer shall execute an Affidavit of Source of Funds (attached hereto as
Exhibit 8), which attests that the funds to be transferred are not the proceeds
of nor are intended for or being transferred in the furtherance of any illegal
activity or activity prohibited by federal or state laws. Such activity may
include, but is not limited to: tax evasion; financial misconduct; environmental
crimes; activity involving drugs and other controlled substances;
counterfeiting; espionage; kidnapping; smuggling; copyright infringement; entry
of goods into the United States by means of false statements; terrorism;
terrorist financing or other material support of terrorists or terrorism; arms
dealing; bank fraud; wire fraud; mail fraud; concealment of assets or any effort
by conspiracy or otherwise to defeat, defraud or otherwise evade, any party or
the Court in a bankruptcy proceeding, a receiver, a custodian, a trustee, a
marshal, or any other officer of the court or government or regulatory official;
bribery or any violation of the Foreign Corrupt Practices Act; trading with
enemies of the United States; forgery; or fraud of any kind.  Buyer
further warrants that all transfers of monies will be in accordance with the
Money Laundering Control Act of 1986 as amended.

    

    b) Exempt
Transaction.  Buyer understands that the offering and sale of the
Stock is intended to be exempt from registration under the Securities Act of
1933, as amended (the “Act”) and exempt from registration or qualification under
any state law.

    

    c) Full
Power and Authority.  Buyer represents that it has full power and
authority to enter into this Agreement.

     

     

     

     

    
 

    
      
        
          
            
              	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 8 of 13	
                      Buyer:
      _____

                      Seller:
      _____

                      Company:
      _____

                    

            

            
              
                

              

            

            
              
              

            

          

        

      

    

     

     

    d)  Stock.  The
Stock to be purchased by Buyer hereunder will be acquired for investment for
Buyer’s own account, not as a nominee or agent, and not with a view to the
public resale or distribution thereof, and Buyer has no present intention of
selling, granting any participation in, or otherwise distributing the
same.

    

    e) Information
Concerning the Company.  Buyer has conducted its own due diligence
with respect to the Company and its liabilities and believes it has enough
information upon which to base an investment decision in the
Stock.  Buyer acknowledges that Seller has made no representations
with respect to the Company, its status, or the existence or non-existence of
liabilities in the Company except as explicitly stated in this
Agreement.  Buyer is taking the Company “as is” and acknowledges and
assumes all liabilities of the Company.

    

    f) Investment
Experience.  The Buyer understands that purchase of the Stock involves
substantial risk.  The Buyer:

    

    (i) has
experience as a purchaser in securities of companies in the development stage
and acknowledges that he can bear the economic risk of Buyer’s investment in the
Stock; and,

     
 

    (ii) has such
knowledge and experience in financial, tax, and business matters so as to enable
Buyer to evaluate the merits and risks of an investment in the Stock, to protect
Buyer’s own interests in connection with the investment and to make an informed
investment decision with respect thereto.

    

    g) No Oral
Representations.  No oral or written representations have been made
other than or in addition to those stated in this Agreement. Buyer is not
relying on any oral statements made by Seller, Seller's representatives,
employee’s or affiliates in purchasing the Stock.

    

    h) Restricted
Securities.  Buyer understands that the Stock is characterized as
“restricted securities” under the Act inasmuch as they were acquired from the
Company in a transaction not involving a public offering.

    

    i) Opinion
Necessary.  Buyer acknowledges that if any transfer of the Stock is
proposed to be made in reliance upon an exemption under the Act, the Company may
require an opinion of counsel satisfactory to the Company that such transfer may
be made pursuant to an applicable exemption under the Act.  Buyer
acknowledges that a restrictive legend appears on the Stock and must remain on
the Stock until such time as it may be removed under the Act.

    

    j) Shareholder
Value. Buyer represents that Buyer intends to implement a business plan
designed to return value to the shareholders of the Company.

    

    k) Compliance.  Buyer
shall comply with all applicable securities laws, rules and regulations
regarding this Agreement, the Merger and all related transactions, including but
not limited to filing any forms required by the U.S. Securities and Exchange
Commission.

    

    
      
        
           

           

           

          
            
              	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 9 of 13	
                      Buyer:
      _____

                      Seller:
      _____

                      Company:
      _____

                    

            

            
              
                

              

            

            
              
              

            

             

          

        

      

    

    l) Proxy.  Company
and Buyer recognize the Proxy as being legally binding and fully
valid.  Company and Buyer hereby knowingly, and to the fullest extent,
waive any and all objections to the validity or execution of the
Proxy.

    

    13. Covenant Not to Sue;
Indemnification.

    

    a) In
consideration of this Agreement and the consideration to Buyer and Company
granted herein, Buyer and Company covenant and agree, for themselves and for
their agents, employees, legal representatives, heirs, executors or assigns (the
“Buyer Covenantors”), to refrain from making, directly or indirectly, any claim
or demand, or to commence, facilitate commencement or cause to be prosecuted any
action in law or equity against Seller, its members, officers, directors,
agents, employees, attorneys, accountants, consultants subsidiaries, successors,
affiliates and assigns (collectively the “Seller Covenantees”), on account of
any damages, real or imagined, known or unknown, which Buyer Covenantors ever
had, has or which may hereafter arise with respect to any and all disputes,
differences, controversies or claims arising out of or relating to this
Agreement and the transactions contemplated hereby, including but not limited to
any question regarding the existence, content, validity or termination of this
Agreement. The terms and conditions of this Section 13(a) shall be a complete
defense to any action or proceeding that may be brought or instituted by Buyer
Covenantors against the Seller Covenantees, and shall forever be a complete bar
to the commencement or prosecution of any action or proceeding with regard to
this Agreement by Buyer Covenantors against the Seller Covenantees.

    

    b) Indemnification.
Buyer Covenantors shall indemnify and hold harmless the Seller
Covenantees from and against any and all losses, damages, expenses and
liabilities (collectively “Liabilities”) or actions, investigations, inquiries,
arbitrations, claims or other proceedings in respect thereof, including
enforcement of this Agreement (collectively “Actions”) (Liabilities and Actions
are herein collectively referred to as “Losses”).   Losses
include, but are not limited to all reasonable legal fees, court costs and other
expenses incurred in connection with investigating, preparing, defending,
paying, settling or compromising any suit in law or equity arising out of this
Agreement or for any breach of this Agreement notwithstanding the absence of a
final determination as to a Buyer’s  obligation to reimburse any of
Seller Covenantees for such Losses and the possibility that such payments might
later be held to have been improper.

    

    14. Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia, U.S.A. without giving
effect to any other choice or conflict of law provision that would cause the
application of the laws of any other jurisdiction other than the Commonwealth of
Virginia.

     

     

     

    
 

    
      
        
          
            	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 10 of 13	
                    Buyer:
      _____

                    Seller:
      _____

                    Company:
      _____

                  

          

          
            
              

            

          

          
            
            

          

        

      

    

     

    15. Merger and Exchange of
Stock.  Buyer shall, as soon as practicable, and in no case
later than ten (10) days from the Closing, effect a merger (the “Merger”)
between the Company and a target corporation (the “Sub”).  The Company
shall be the surviving corporation of the Merger, and shall continue unimpaired
by the Merger.  Upon Merger, the Company shall succeed to and shall
possess all the assets, properties, rights, privileges, powers, franchises,
immunities and purposes, and be subject to all the debts, liabilities,
obligations, restrictions and duties of the Sub.

    

    16. Term /
Survival.  The terms of this Agreement shall be effective as of
the Effective Date, and continue until such time as the payment of the Purchase
Price and all other amounts due hereunder are fully satisfied, however; the
terms, conditions, and obligations of Sections 11, 12, 13, 14, 27 and 28 hereof
shall survive the termination of this Agreement.

    

    17. Successors and
Assigns.  The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
assigns of the parties, except that Buyer may not assign or transfer any of its
rights or obligations under this Agreement.

    

    18. Counterparts.                                This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
agreement.  A telefaxed copy of this Agreement shall be deemed an
original.

    

    19. Headings.  The
headings used in this Agreement are for convenience of reference only and shall
not be deemed to limit, characterize or in any way affect the interpretation of
any provision of this Agreement.

    

    20. Costs, Expenses. Each
party hereto shall bear its own costs in connection with the preparation,
execution and delivery of this Agreement.

    

    21. Modifications and
Waivers.  No change, modification or waiver of any provision of
this Agreement shall be valid or binding unless it is in writing, dated
subsequent to the Effective Date of this Agreement, and signed by both the Buyer
and Seller. No waiver of any breach, term, condition or remedy of this Agreement
by any party shall constitute a subsequent waiver of the same or any other
breach, term, condition or remedy.  All remedies, either under this
agreement, by law, or otherwise afforded the Buyer shall be cumulative and not
alternative.

    

    22. Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision(s) shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision(s) were so
excluded and shall be enforceable in accordance with its terms.

    

    23. Termination.  Buyer
or Seller may, upon written notice to the other party, terminate this Agreement
upon their own discretion prior to any funds being released from
escrow.  Upon the release of any funds from escrow, this termination
clause is null and void.

    

    24. Entire
Agreement.   This Agreement constitutes the entire
agreement and understanding of the parties with respect to the subject matter
hereof and supersedes any and all prior negotiations, correspondence,
agreements, understandings duties or obligations between the parties with
respect to the subject matter hereof.

     

     

     

     

    
      
        	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 11 of 13	
                Buyer:
      _____

                Seller:
      _____

                Company:
      _____

              

      

      
        
          

        

      

      
      

    

     

     

    25. Further
Assurances.  From and after the date of this Agreement, upon
the request of the Buyer or Seller, Buyer and Seller shall execute and deliver
such instruments, documents or other writings as may be reasonably necessary or
desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Agreement.

    

    26. Notices. All notices
or other communications required or permitted by this Agreement shall be in
writing and shall be deemed to have been duly received:

    

    a) if given
by telecopier, when transmitted and the appropriate telephonic confirmation
received if transmitted on a business day and during normal business hours of
the recipient, and otherwise on the next business day following
transmission,

    

    b) if given
by certified or registered mail, return receipt requested, postage prepaid,
three business days after being deposited in the U.S. mails and

    

    c) if given
by courier or other means, when received or personally delivered, and, in any
such case, addressed as indicated herein, or to such other addresses as may be
specified by any such Person to the other Person pursuant to notice given by
such Person in accordance with the provisions of this Section 26.

    

    27. Insider
Trading.  Seller and Buyer hereby certify that they have not
themselves, nor through any third parties, purchased nor caused to be purchased
in the public marketplace any publicly traded shares of the
Company.  Seller and Buyer further certify they have not communicated
the nature of the transactions contemplated by the Agreement, are not aware of
any disclosure of non public information concerning said transactions, and are
not a party to any insider trading of Company shares.

    

    28. Binding
Arbitration.  In the event of any dispute, claim, question, or
disagreement arising from or relating to this agreement or the breach thereof,
the Parties hereto shall use their best efforts to settle the dispute, claim
question, or disagreement. To this effect, they shall consult and negotiate with
each other in good faith and, recognizing their mutual interests, attempt to
reach a just and equitable solution satisfactory to both parties. If they do not
reach such a solution within a period of sixty (60) days, then, upon notice by
either party to the other, all disputes, claims, questions, or disagreements
shall be settled by arbitration administered by the American Arbitration
Association in accordance with its Commercial Arbitration Rules including the
Optional Rules for Emergency Measures of Protection, and judgment on any award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

    

    [Balance
of Page Intentionally Left Blank]

    [Signature
Page Follows]

     

     

     

     

     

     

    
      
        	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 12 of 13	
                Buyer:
      _____

                Seller:
      _____

                Company:
      _____

              

      

      
        
          

        

      

      
      

    

     

    In Witness
Whereof, the Parties hereto have executed this Agreement as of the last
date written below.

     

    

    SELLER                                                                                                                
BUYER

    

    BELMONT
PARTNERS,
LLC                                                                                                      
Allan Sepe

    
 

    __________________________________                                                                            ______________________________

    By:  Joseph
Meuse, Managing
Member                                                                                     By:
Allan Sepe, _________________

    Date:
______________________                                                                                            
Date: ____________________________

    

    COMPANY

    

    BLUE GEM
ENTERPRISES

    
 

    ______________________________

    By:
Joseph Meuse, Director

    Date:
______________________

    

    

    ESCROW
AGENT

    

    ESCROW,
LLC

    
 

    ____________________________

    By:
_______________, ___________

    Date:
_______________________

    

     

     

    
 

    
      
        
          	Allan
      Sepe/BGEM/Stock Purchase Agreement, Page 13 of 13	
                  Buyer:
      _____

                  Seller:
      _____

                  Company:
      _____ex101.htm

     

    Exhibit
10.1

    
       

      
         

        
          

        

      

      
         

        
          

           

          ASTERISKS
INDICATE MATERIAL THAT HAS BEEN REDACTED, FOR WHICH

           

          CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED.

          

          Execution
Version

          

        

      

    

    

     

    This AMENDMENT TO THE AGREEMENT
(this "Amendment"), dated as
of October 18, 2009 (the "Amendment Date"), is
entered into by and among Steven Spielberg, in his personal capacity, Diamond
Lane Productions, Inc., a California corporation ("DLP" and together
with Steven Spielberg, "Steven"), and
Universal City Development Partners, Ltd., a Florida limited partnership (as
successor in interest to Universal City Florida Partners, the "Partnership"), such
parties to be referenced individually as a "Party" and
collectively as the "Parties".

     

    RECITALS

     

    WHEREAS,
Steven Spielberg and the Partnership are parties to that certain Agreement,
dated as of January 20, 1987, and amended and/or modified as of January 5, 2001,
July 15, 2003 and March 30, 2006 (collectively, the "Agreement"), with
respect to Steven Spielberg rendering certain services to the Partnership as
creative consultant in connection with certain projects;

     

    WHEREAS
Steven Spielberg by letter dated February 27, 1989, has directed that all
payments to him by the Partnership under the Agreement be made to
DLP;

     

    WHEREAS,
DLP is currently receiving payments for the Florida Project and one Comparable
Project in Osaka, Japan;

     

    WHEREAS,
additional projects that could constitute Comparable Projects are currently
contemplated in Singapore, Dubai, *** and ***;

     

    WHEREAS,
subject to the terms and conditions set forth herein, the Parties agree to amend
the Agreement by way of this Amendment; and

     

    WHEREAS,
capitalized terms used but not defined in this Amendment shall have the meanings
ascribed to them in the Agreement.

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby agree as follows:

     

     

    ARTICLE
I

     

    AMENDMENTS TO THE
AGREEMENT

     

    1.1 Amendments to the
Agreement.  Steven and the Partnership each hereby consents and
agrees that the Agreement is hereby amended as follows:

     

    
      	
              (a)  

            	
              The
      first sentence of Paragraph 11(b)
      of the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "Subsequent
to the above three-year period as to the Florida Project and for all years
during the term of this agreement as to the Comparable Project in Osaka, Japan
known as Universal Studios Japan ("USJ"), DLP shall be
paid ***% of 100% of the gross revenues, gross rentals, sales price, etc.
instead of the above provided ***%."

     

    
      	
              (b)  

            	
              Paragraph 11(d)
      of the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "DLP will
be entitled to quarterly accountings and payments based thereon within 45 days
from the end of each quarter.  On every June 30th during the term of
this Agreement (or, if not a Business Day (as used herein, "Business Day" means
any day that is not a Saturday, Sunday or other day on which commercial banks in
Orlando, Florida are authorized or required by law to remain closed), on the
next Business Day thereafter), (i) the Partnership will provide DLP with a
three-year projection of the payments projected to be owed to DLP under this
Agreement in respect of the Florida Project and (ii) Universal City Studios LLLP
d/b/a Universal Parks and Resorts ("UPR") will provide
DLP with a three-year projection of the payments projected to be owed to DLP
under this Agreement in respect of each Comparable Project.

     

    Such
projections will be based on management’s reasonable best estimates as to the
future performance of the Florida Project and such Comparable Projects at the
time prepared.  Steven acknowledges and agrees that such projections
are for informational purposes only and actual performance may differ
substantially from such projections.  Neither the Partnership nor UPR,
nor any guarantor of the Partnership’s obligations under this Agreement, shall
incur any liability with respect to such projections.  Steven shall
keep all such projections confidential pursuant to (i) Paragraph 25 of this
Agreement, (ii) that certain Confidentiality Agreement between DLP and UPR,
dated as of May 1, 2009 and (iii) that certain Confidentiality Agreement between
DLP and the Partnership, dated as of October 15, 2009."

     

    
      	
              (c)  

            	
              Paragraph 11(e)
      of the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "Except
as provided in the remainder of this Paragraph 11e, the payment to DLP of ***%
of the Project’s revenues specified above in this Paragraph 11 shall, subject to
Paragraphs 13e and 14e, apply also to Comparable Projects in which Steven
becomes vested hereunder pursuant to Paragraph 12 while Steven has an obligation
to render consulting services hereunder (as the term of his obligation to render
consulting services may be extended pursuant to Paragraph 13).  "Gross
revenues" of a Comparable Project shall be defined as set forth in Exhibit "A",
as if the Partnership was the sole owner and operator of such Comparable
Project.  Notwithstanding the foregoing to the contrary, with respect
to any Comparable Project (other than USJ) in which DLP’s interest is vested
hereunder pursuant to Paragraph 12 while Steven has an obligation to render
consulting services hereunder (as the term of his obligation to render
consulting services may be extended pursuant to Paragraph 13) (and are not
exempted by Paragraphs 13e or 14e) and in which the Partnership and/or any
Affiliate(s) do(es) not own or control at least 50% of the equity thereof, in
lieu of all other sums provided above in this Paragraph 11, DLP shall receive a
participation in 100% of the gross revenues, gross rentals and sales price, etc.
of such Comparable Project equal to the greater of (i) ***% and (ii) the
percentage figure determined by multiplying *** times the ratio that the
Partnership’s (and/or any Affiliate’s) equity in such Comparable Project bears
to 50%.  For example, if the Partnership and/or any Affiliates own 45%
of the equity of a Comparable Project, then DLP shall receive ***% of 100% of
the gross revenues, gross rental, sales price, etc., of such Comparable
Project."

     

    
      	
              (d)  

            	
              Paragraph 12 of
      the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "12.          Vesting.                      Steven
has earned the right to receive ***% of 100% of the gross revenues, gross
rentals, sales price, etc., from the Florida Project and from USJ, each as in
existence on the effectiveness of that certain Amendment to the Agreement (the
"2009
Amendment"), dated October 18, 2009 (such date of effectiveness, the
"2009 Amendment
Date") (which means that such compensation is "vested").  The
term "vest" and "vested" as hereinafter used in this Agreement means Steven
cannot be deprived of payments which are "vested" by reason of Steven’s death or
disability or by reason of Steven’s default.  Steven is also deemed
vested as of the 2009 Amendment Date in his right to receive the amounts set
forth in Paragraph 11e in connection with the Comparable Projects contemplated
as of the 2009 Amendment Date in Singapore, Dubai, *** and *** (the "Contemplated
Projects").  Steven’s right to compensation from any other
Comparable Project (other than USJ and the Contemplated Projects) under
Paragraph 11 shall vest with respect to each such Comparable Project if, on the
date when construction of such Comparable Project commences, as evidenced by
on-site physical work such as demolition, clearing or construction, Steven
continues to have an obligation to render consulting services hereunder, this
Agreement has not been terminated as a result of Steven’s material breach and
Steven is not then deceased or permanently and substantially mentally
disabled.  For the avoidance of doubt, nothing in this Agreement shall
obligate the Partnership or any of its Affiliates, or UPR, to proceed with the
development or opening of any Comparable Project (including but not limited to
the Contemplated Projects).  Also for the avoidance of doubt, the fact
that a Comparable Project has "vested", and therefore Steven cannot be deprived
of payments which are "vested" by reason of the events noted above, shall not in
and of itself mean that Steven has any right to receive compensation in respect
of such Comparable Project pursuant to Paragraph 14b.  Nothing set
forth herein deprives the Partnership of its right to damages (and its offset
and other rights at law or in equity, if any) in the event of Steven's material
breach hereof."

     

    
      	
              (e)  

            	
              Paragraph 13b
      is hereby amended by inserting the following sentence at the end
      thereof:

            

    

     

    "The
Partnership is deemed to have given Steven a timely written notice, pursuant to
and in accordance with Paragraph 13a, pursuant to which the Partnership has
declined to exercise its Extension Option for the Extension Year containing the
2009 Amendment Date, and Steven is deemed to have exercised Steven’s Option for
each year that he has the right to do so, whether or not written notice is given
as herein provided."

     

    
      	
              (f)  

            	
              The
      first sentence of Paragraph 14 of
      the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "The
"Termination Date" is defined to be June 7, 2017."

     

    
      	
              (g)  

            	
              Paragraph 14(b)
      of the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    
      	
               
      

            	
              "(i)

            	
              Subject
      to this Paragraph 14b and Paragraph 14e, the Partnership will pay DLP, in
      accordance with the terms hereof, the fair market value of Steven's
      interest in the Florida Project and in all Comparable Projects which were
      vested pursuant to Paragraph 12 hereunder and open to the general public
      as of the date which is one year prior to the Stop Date (the "Put Payment"),
      which Put Payment will be determined in accordance with Exhibit D
      (Put Payment)
      attached hereto (the "Put Payment
      Formula").

            

    

     

    
      	
              (ii)  

            	
              At
      any time prior to the Stop Date (but in no event later than June 7, 2017)
      and solely with respect to the Florida Project and Comparable Projects
      opened to the general public for greater than one year at the time of
      election (the Florida Project and such Comparable Projects, collectively,
      the "Qualifying
      Projects"), DLP may make a one-time election by written notice (the
      "Interim
      Adjustment Election"), which shall be dated the date of delivery to
      the Partnership, to provide for the calculation of an amount which DLP may
      choose to receive in lieu of the Put Payment (the "Alternative
      Payment") if the Stop Date occurs on or before March 31, 2018;
      provided, however, that the
      calculation as to any such Qualifying Project which shall not have been
      opened to the general public at least three years when the Interim
      Adjustment Election is made (such Qualifying Project, a "Late Qualifying
      Project") shall occur as set forth below on the third anniversary
      of its opening to the general public (the "Late Qualifying
      Adjustment Date").  The Alternative Payment shall be
      calculated by adjusting the Applicable Discount Rate and the Applicable
      Base Payment (as such terms are defined in Exhibit D) set
      forth in the Put Payment Formula (the "Interim
      Adjustments") as of a date (the "Interim Adjustment
      Date") that is (i) for the Qualifying Projects (other than the Late
      Qualifying Projects), 90 days after date of the Interim Adjustment
      Election and (ii) for any Late Qualifying Project, the Late Qualifying
      Adjustment Date.  DLP’s election to receive the Alternative
      Payment in lieu of the Put Payment (the "Payment
      Election") shall be made within 10 Business Days after the amounts
      of the Put Payment and Alternative Payment are determined with respect to
      the Qualifying Projects that are not Late Qualifying Projects, and such
      Payment Election shall be required to apply to all but not less than all
      of the Qualifying Projects (including the Late Qualifying Projects) in
      connection with the calculation of the Put Payment or Alternative Payment,
      as the case may be.

            

    

     

    
      	
              (iii)  

            	
              In
      connection with the Interim Adjustment Election, the Interim Adjustments
      shall be applied to the Put Payment Formula in order to calculate the
      Alternative Payment as follows:

            

    

     

    
      	
               
      

            	
              (A)

            	
              The
      Applicable Discount Rate for the Florida Project (as defined in Exhibit D) and
      the Applicable Discount Rate for a Comparable Project (as defined in Exhibit D) that
      is a Qualifying Project, as the case may be, shall be calculated as
      follows:

            

    

     

    two-thirds
(2/3) multiplied by (x)
the Applicable Discount Rate for the Florida Project on the Interim Adjustment
Date or (y) the Applicable Discount Rate for such Comparable Project on the
Interim Adjustment Date, as the case may be,

     

    plus

     

    one third
(1/3) multiplied by (x)
the Applicable Discount Rate for the Florida Project on the Stop Date or (y) the
Applicable Discount Rate for such Comparable Project on the Stop Date, as the
case may be; and

     

    
      	
               
      

            	
              (B)

            	
              the
      Applicable Base Payment for the Florida Project (as defined in Exhibit D) and
      the Applicable Base Payment for such Comparable Project (as defined in
      Exhibit
      D), as the case may be, shall be calculated as of the Interim
      Adjustment Date, rather than as of the Stop
  Date.

            

    

     

    
      	
              (iv)  

            	
              DLP's
      right to choose to receive, on the Stop Date, the Alternative Payment in
      lieu of the Put Payment shall be inapplicable if the Stop Date does not
      occur on or prior to March 31, 2018.  For the avoidance of
      doubt, in the event DLP receives the Alternative Payment, it is
      acknowledged that the Alternative Payment shall be calculated only with
      respect to the Qualifying Projects (including Late Qualifying Projects, if
      any), and DLP will have no interest of any kind in, or right to receive
      any compensation whatsoever with respect to, any Comparable Projects that
      are not Qualifying Projects or Late Qualifying Projects, nor will Steven
      have any further obligation to render consulting services on any such
      Comparable Project that is not a Qualifying Project or Late Qualifying
      Project (regardless of whether such Comparable Project that is not a
      Qualifying Project or Late Qualifying Project opened to the general public
      more or less than one year before the Stop Date, or opened to the general
      public anytime after the Stop
Date).

            

    

     

    
      	
              (v)  

            	
              If
      DLP receives the Put Payment (and not the Alternative Payment) set forth
      in clause (i) above, and on the Stop Date any Comparable Project
      (including any Contemplated Project) which has vested hereunder, has been
      opened to the general public as of the date which is one year prior to the
      Stop Date, and has not then been opened to the general public for at least
      3 years prior to the Stop Date, the Put Payment with respect to such
      Comparable Project shall occur within 10 Business Days following the date,
      if any, that such Comparable Project has been opened to the general public
      for 3 years (it being understood that the Applicable Base Payment and the
      Applicable Discount Rate for any such Comparable Project shall be
      calculated as of the date that such Comparable Project has been opened to
      the general public for 3 years, and not as of the Stop Date), and DLP
      shall continue to receive its quarterly compensation payments pursuant to
      Paragraph 11 hereunder on such Comparable Project until such Put Payment
      is made."

            

    

     

    
      	
              (h)  

            	
              The
      last two sentences of Paragraph 15 of
      the Agreement are hereby amended and restated in their entirety to read as
      follows:

            

    

     

    "If the
Partnership and/or its Affiliates transfer ownership of their equity interests,
if any, in the Florida Project and any then-existing Comparable Projects as a
unit to a new owner, provided that as of the date of such change of ownership,
the financial condition of the new owner reasonably appears to Steven to be
sufficiently strong to enable the new owner to comply with its obligations to
Steven and such new owner assumes for Steven’s benefit all of the Partnership’s
obligations to Steven in writing, Steven will look solely to the new owner for
any obligations accruing or arising after said date and the guarantees by MCA
Inc. and Cineplex Odeon Corporation, as well as, in the event the transfer
occurs after June 7, 2017, the guarantee by NBC Universal, Inc. ("NBCU"), referred to
in Paragraph 22 will terminate.  Except as set forth above, no
transfer of ownership shall affect the rights and obligations of the
parties."

     

    
      	
              (i)  

            	
              The
      reference to "Paragraph 14b" in the seventh sentence of Paragraph 16 of
      the Agreement is hereby deleted and replaced with "Paragraph
      20".

            

    

     

    
      	
              (j)  

            	
              Paragraph 20 of
      the Agreement is hereby amended by inserting the following sentence at the
      end thereof:

            

    

     

    "In the
event either Steven or the Partnership commences any such arbitration against
the other party with respect to this Agreement, the parties agree that the
prevailing party (as determined by the arbitral panel before whom such
proceeding is commenced) shall be entitled to recover reasonable attorneys' fees
and costs as may be incurred in connection therewith in addition to any such
other relief or award as may be granted."

     

    
      	
              (k)  

            	
              Paragraph 22 of
      the Agreement is hereby amended and restated in its entirety to read as
      follows:

            

    

     

    "22.           Guarantees and Security;
Powers of Attorney; Costs of Perfection.

     

    a.           Guarantees.  Credit
support for the Partnership's obligations hereunder will be provided (i) by a
joint and several Guarantee, dated November 4, 1988, of MCA, Inc. and Cineplex
Odeon Corporation and (ii) by the Guarantee (the "NBCU Guarantee"),
dated October 18, 2009, of NBCU attached as Appendix B to the
2009 Amendment.

     

    b.           Security.  Credit
support for the Partnership's obligations hereunder will also be provided
pursuant to security documentation executed and delivered in conformity with
Paragraphs 3.1(b) and (c) to the 2009 Amendment, by which, among other things,
the Partnership's obligations arising in respect of the Florida Project shall be
secured by a perfected junior security interest and mortgage lien on the
Partnership's tangible personal and real property included in the Florida
Project, which security interest and mortgage lien will apply to the property
described in, and shall have the terms and be subordinated and junior to the
extent set forth in, Paragraphs 3.1(b) and (c) of the 2009
Amendment.

     

    The
security documentation securing the Partnership's obligations arising in respect
of the Florida Project will not restrict the Partnership's ability to operate,
manage, alter or sell any or all of the property representing collateral or
contain any covenants or obligations, other than to grant and perfect for
Steven's benefit a security interest in the enumerated classes of
property.

     

    The
parties agree that the security interest and mortgage lien with respect to the
Florida Project granted to Steven pursuant to Paragraphs 3.1(b) and (c) of the
2009 Amendment will by their terms terminate and be released in full at such
time that the senior liens contemplated by such Paragraphs 3.1(b) and (c) of the
2009 Amendment is released, provided that at that time no other security
interest and mortgage lien in the Florida Project shall have been granted by the
Partnership to any other lender.  The security interest and mortgage
lien would not be released under circumstances where Steven is seeking to
realize against the collateral and the senior lien contemplated by such
Paragraphs 3.1(b) and (c) of the 2009 Amendment is released as a result of the
application of proceeds of realization against the collateral.  Under
such circumstances, the junior security interest and mortgage lien will be
released on the collateral foreclosed upon, but not on collateral that is not
foreclosed upon (and not on any proceeds of foreclosure remaining after payment
in full of any prior obligations).

     

    If after
the release of the liens granted to Steven, the Partnership subsequently grants
to any lender a security interest with respect to property included in the
Florida Project, the Partnership will at that time grant to Steven a junior
security interest and mortgage lien with respect to such property to the extent
it includes the tangible personal and real property of the type included in the
previously released junior security interest and mortgage lien as described and
subject to the terms set forth above and in Paragraphs 3.1(b) and (c) of the
2009 Amendment; provided, however, that if the
subsequent security interest and mortgage lien is a purchase money lien limited
to the property being purchased, then no such junior security interest shall be
required.  For the avoidance of doubt, such terms include those set
forth in Appendix
C to the 2009 Amendment.  Also, it is agreed that any existing
or subsequent senior secured debt may not exceed in the aggregate the greater of
$975 million and an amount equal to the product of 3.75 times the EBITDA of the
Partnership (determined at the time of the incurrence of any term loans or at
the time of increasing any revolving commitments or at the time of incurring any
other senior secured debt, as the case may be, with "EBITDA" being defined in
and calculated pursuant to the relevant provisions of the senior secured credit
facilities referenced in Paragraph 3.1(c) of the 2009 Amendment).

     

    The
parties agree that the security interest and mortgage lien with respect to the
Florida Project granted to Steven pursuant to Paragraphs 3.1(b) and (c) of the
2009 Amendment will contain self-executing provisions that state that, in the
event of the release of any collateral from the lien of any security interest
and/or mortgage securing the Partnership’s then-existing senior secured credit
facilities, the same collateral, if encumbered by any security interest and/or
mortgage lien with respect to the Florida Project granted to Steven pursuant to
Paragraphs 3.1(b) and (c) of the 2009 Amendment, will automatically be deemed to
be released therefrom.  Such self-executing automatic release
provisions shall be in addition to, not in lieu of, the powers of attorney
described in Paragraph 3.1(c) of the 2009 Amendment, and shall not derogate from
the powers of the attorneys-in-fact under such powers of attorney.  In
the event the Partnership determines to issue Incremental Obligations (as
defined in the Appendix C to the
2009 Amendment), then Steven will enter into an intercreditor agreement and
provide a power of attorney with respect to such Incremental Obligations having
substantive terms comparable to and based on those set forth in Appendix C to the
2009 Amendment and Paragraph 22c below.

     

    c.           Powers of
Attorney.                                Referring
to the General Power of Attorney described in Appendix C to the
2009 Amendment, Steven shall, from time to time, as applicable, provide a power
of attorney having similar terms for any agent which shall succeed any agent
acting for the benefit of the first lien secured parties and for any such agent
in any subsequent senior financing described above, within 10 days of being
furnished with a form of power of attorney for execution.

     

    Furthermore,
in addition to the General Power of Attorney described in Appendix C to the
2009 Amendment, Steven shall provide, on or before the 2009 Amendment Date, and
from time to time thereafter (within 10 days of being furnished with a form of
power of attorney for execution), as applicable in the case off successors, an
irrevocable, unconditional and recordable General Power of Attorney in favor of
NBCU (and its successors as guarantors under the NBCU Guarantee), pursuant to
which Steven shall authorize NBCU (and its successors as guarantors under the
NBCU Guarantee) to execute and record, in the name and on behalf of Steven, (i)
a release (x) each time that the first lien secured parties execute and record a
similar such release or (y) in connection with any sale or transfer, in whole or
in part, of any or all of the real or personal property in which a collateral
interest is granted pursuant to this Paragraph 22, and (ii) a subordination (x)
each time that the first lien secured parties execute and record a similar such
subordination or (y) in connection with any refinancing, in whole or part, of
the senior security interests and mortgage liens encumbering the Florida Project
or any portion thereof or interest therein.

     

    d.           Costs of
Perfection.                                The
Partnership shall bear the cost to perfect the security interest and mortgage
lien granted pursuant to this Paragraph 22b, including, without limitation,
mortgage recording taxes and other filing fees, but the parties shall otherwise
be obligated, subject to Paragraph 20, for their own costs and expenses,
including without limitation, legal fees and expenses."

     

    
      	
              (l)  

            	
              The
      Agreement is hereby amended by inserting the following Paragraph 26
      after Paragraph
      25 of the Agreement as
follows:

            

    

     

    "26.           Notices.  All
notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or
registered mail, or sent by telecopy, as follows:

     

    (i) if to
the Partnership, to it at Universal City Development Partners, Ltd., 1000
Universal Studios Plaza, Orlando, Florida 32819, Attention: Chief Financial
Officer, Telecopier No.: (407) 224-6740, with a copy to
Universal City Development Partners, Ltd., 1000 Universal Studios Plaza,
Orlando, Florida 32819, Attention: Vice President, Legal Affairs, Telecopier
No.: (407) 363-8219, with a copy to NBC
Universal, Inc., 30 Rockefeller Plaza, New York, NY 10012, Attention of Christy
Rupert Shibata, Executive Vice President, Financial Planning and Analysis,
Telecopier No.: (212) 664-5251), with a copy to NBC
Universal, Inc., 30 Rockefeller Plaza, New York, NY  10112, Attention
of Scott Seeley, Senior Vice President, Corporate & Transactions Law,
Telecopier No.: (212) 664-2147); and

     

    (ii) if
to Steven, at Gang Tyre Ramer and Brown, Inc., 132 S Rodeo Dr., Beverly Hills,
CA 90212, Attention of Bruce Ramer and Harold Brown, Telecopier Nos. (telecopy
to be sent to both numbers): (310) 777-7000 and (310) 777-7005, with a copy to
Breslauer, Rutman and Anderson, 11400 West Olympic Blvd, Suite 550, Los Angeles,
CA 90064-1551, Attention of Gerald Breslauer and Mickey Rutman, Telecopier Nos.
(telecopy to be sent to both numbers): (310) 481-3601 and (310)
481-3615.

     

    Each
party hereto may change its address or telecopier number for notices and other
communications hereunder by notice to the other party.  All notices
and other communications given in accordance with the provisions of this
Agreement will be deemed to have been given on the date of
receipt."

     

     

    ARTICLE
II                                

     

    REPRESENTATIONS AND
WARRANTIES

     

    2.1 Representations and
Warranties of DLP.  DLP represents and warrants to the
Partnership as follows:

     

    
      	
              (a)  

            	
              DLP
      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
      Amendment;

            

    

     

    
      	
              (b)  

            	
              this
      Amendment constitutes the legal, valid and binding obligation of Steven,
      enforceable in accordance with its terms, subject to applicable
      bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting the rights of creditors generally and subject to the general
      powers of a court of equity; and

            

    

     

    
      	
              (c)  

            	
              the
      execution and performance of this Amendment by DLP does not and will not
      violate any provision of, or constitute a default under or breach of, any
      agreement or instrument, order, arbitration award, judgment or decree to
      which DLP, as applicable, is a party or by which any of  DLP’s
      assets is bound.

            

    

     

    2.2 Representations and
Warranties of the Partnership.  The Partnership represents and
warrants to Steven as follows:

     

    
      	
              (a)  

            	
              the
      Partnership 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 Amendment;

            

    

     

    
      	
              (b)  

            	
              this
      Amendment constitutes the legal, valid and binding obligation of the
      Partnership, enforceable in accordance with its terms, subject to
      applicable bankruptcy, insolvency, reorganization, moratorium or similar
      laws affecting the rights of creditors generally and subject to the
      general powers of a court of equity;
and

            

    

     

    
      	
              (c)  

            	
              the
      execution and performance of this Amendment by the Partnership does not
      and will not violate any provision of, or constitute a default under or
      breach of, any agreement or instrument, order, arbitration award, judgment
      or decree to which the Partnership is a party or by which any of its
      assets is bound.

            

    

     

     

    ARTICLE
III

     

    CONDITIONS
TO EFFECTIVENESS

    

    3.1 Conditions.  This
Amendment and the Guarantee dated as of the date hereof attached hereto in the
form of Appendix
B hereto (the "NBCU Guarantee") made
by NBC Universal, Inc. ("NBCU") for the
benefit of Steven, shall not become effective until the following conditions are
satisfied:

     

    
      	
              (a)  

            	
              Each
      of the parties to this Amendment and the NBCU Guarantee (or their counsel)
      shall have received counterparts of this Amendment and the NBCU Guarantee
      executed by the other parties thereto. Delivery of an executed counterpart
      of a signature page of this Amendment or the NBCU Guarantee by facsimile
      or electronic transmission will be effective as delivery of a manually
      executed counterpart thereof.

            

    

     

    
      	
              (b)  

            	
              In
      order to secure the Partnership's obligations in respect of the Florida
      Project, the Partnership and Steven shall have executed and delivered (i)
      documentation granting Steven a security interest in, and a mortgage lien
      on, the tangible personal and real property assets of the Partnership
      included in the Florida Project, which documentation and security
      interests and mortgage liens shall have the terms contemplated by the
      Intercreditor Agreement referred to below and (ii) Steven shall have
      provided the powers of attorney referred to in Paragraph 22c of the
      Agreement (as amended) and Appendix C
      attached hereto.

            

    

     

    
      	
              (c)  

            	
              Steven
      and the agent for the Partnership’s senior secured credit facilities shall
      have executed and delivered an intercreditor agreement on terms as
      provided in Appendix C to
      this Amendment (the "Intercreditor
      Agreement").

            

    

     

    
      	
              (d)  

            	
              Either
      (i) the requisite lenders under the Partnership’s senior secured credit
      facilities shall have consented to permit the transactions contemplated
      above and any related transactions or (ii) the Partnership’s senior
      secured credit facilities shall be amended on terms that permit the
      transactions contemplated above and any related
    transactions.

            

    

     

    3.2 Agreement to
Facilitate. Each of the parties hereto hereby agrees to exercise all
commercially reasonable efforts to cause the conditions set forth in Paragraph
3.1 above to be satisfied as promptly as possible, it being understood that the
Partnership has no obligation to satisfy the condition set forth in Paragraph
3.1(b) or Paragraph 3.1(d) above on terms that are not acceptable to
it.

     

     

    ARTICLE
IV

     

    MISCELLANEOUS

     

    4.1 Governing
Law.  THIS
AMENDMENT SHALL BE
INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

     

    4.2 Paragraph
Headings.  The paragraph titles contained in this Amendment are
included for convenience only and are without substantive meaning or content and
are not a part of the agreement between the Parties hereto.

     

    4.3 Counterparts.  This
Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     

    [Remainder of page intentionally left
blank. Signature pages to follow.]

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their duly
authorized officers as of the Amendment Date first above written.

     

    

    /s/
Steven Spielberg

    STEVEN
SPIELBERG

    

    

    DIAMOND LANE PRODUCTIONS,
INC.

    

    

    
      	
               
      

            	
              By:  /s/
      Steven Spielberg

            

    

    
      	
               
      

            	
              Name: 
      Steven Spielberg

            

    

    
      	
               
      

            	
              Title:
      President

            

    

    

    

    
      
        
          SIGNATURE
PAGE TO

          AMENDMENT
TO THE AGREEMENT

          (STEVEN
SPIELBERG)

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    UNIVERSAL
CITY DEVELOPMENT PARTNERS, LTD.

    

    

    
      	
               
      

            	
              By:

            	
              Universal
      City Florida Holding Co. II, General
Partner

            

    

    

    
      	
               
      

            	
              By:

            	
              Universal
      City Property Management II LLC, General
Partner

            

    

    

    
      	
               
      

            	
              By:  /s/
      Thomas Williams

            

    

    
      	
               
      

            	
              Name:
      Thomas Williams

            

    

    
      	
               
      

            	
              Title:
      Chairman and CEO

            

    

    

    
      	
               
      

            	
              By:

            	
              Blackstone
      UTP Capital LLC, General Partner

            

    

    

    
      	
               
      

            	
              By:  /s/
      Peter Wallace

            

    

    
      	
               
      

            	
              Name:
      Peter Wallace

            

    

    
      	
               
      

            	
              Title:
      President and Treasurer

            

    

    

    
      	
               
      

            	
              By:

            	
              Blackstone
      UTP Capital A LLC, General Partner

            

    

    

    
      	
               
      

            	
              By:  /s/
      Peter Wallace

            

    

    
      	
               
      

            	
              Name:
      Peter Wallace

            

    

    
      	
               
      

            	
              Title:
      President and Treasurer

            

    

    

    

    
      	
               
      

            	
              By:

            	
              Blackstone
      UTP Offshore Capital LLC, General
Partner

            

    

    

    
      	
               
      

            	
              By:  /s/
      Peter Wallace

            

    

    
      	
               
      

            	
              Name:
      Peter Wallace

            

    

    
      	
               
      

            	
              Title:
      President and Treasurer

            

    

    

    
      	
               
      

            	
              By:

            	
              Blackstone
      Family Media III LLC, General
Partner

            

    

    

    
      	
               
      

            	
              By:  /s/
      Peter Wallace

            

    

    
      	
               
      

            	
              Name:
      Peter Wallace

            

    

    
      	
               
      

            	
              Title:
      President and Treasurer

            

    

    

    

    We agree
to provide the reports to be provided by us pursuant to Paragraph 11d of the
Agreement.

    

    

    UNIVERSAL
CITY STUDIOS LLLP

    d/b/a
Universal Parks and Resorts ("UPR")

    

    

    By:  /s/
Thomas Williams

    Name:
Thomas Williams

    Title:
Chairman and CEO

    
      
        
          SIGNATURE
PAGE TO

          AMENDMENT
TO THE AGREEMENT

          (STEVEN
SPIELBERG)

        

         

      

      
         

        
          

        

      

      
         

      

    

    Universal
Studios, Inc., as successor-in-interest to MCA Inc., reaffirms, as of October
__, 2009, its obligations under the Guarantee, dated November 4, 1988, executed
by MCA Inc. and Cineplex Odeon Corporation.

    

    

    UNIVERSAL
STUDIOS, INC.

    

    

    
      By:  /s/
Lynn Calpeter

      Name:
Lynn Calpeter
Title:
Executive Vice President and Chief Financial Officer

    

    
      
        
          SIGNATURE
PAGE TO

          AMENDMENT
TO THE AGREEMENT

          (STEVEN
SPIELBERG)

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
A

    to
the Amendment

    

    
      	
               
      

            	
              Exhibit
      D to the Agreement

            

    

    Put
Payment

    

    The Put
Payment will be calculated based on the following formula.  There will
be a separate Put Payment calculation for the Florida Project and for each
eligible Comparable Project.  The total Put Payment will equal the sum
of the Put Payments for the Florida Project and for each eligible Comparable
Project:

    

    Formula:

    

    
      	
              Put
      Payment =

            	
              Applicable

              Base
      Payment

            	
              X

            	
              Cap
      Rate

            

    

    

    where

     

    

    
      	
              Cap
      Rate =

            	
              (1+
      Applicable Growth Rate)

            
	
              (Applicable
      Discount Rate – Applicable Growth
Rate)

            

    

    

     

    Definitions:

    

    Applicable Base
Payment for the Florida Project:  The Applicable Base
Payment for the Florida Project will equal the higher of (a) the sum of the
amounts paid to DLP under the Agreement in respect of the Florida Project over
the last *** quarters prior to the Stop Date, divided by ***, and (b) the sum of
the amounts paid to DLP under the Agreement in respect of the Florida Project
over the last *** quarters prior to the Stop Date, divided by ***.

    

    Applicable
Discount Rate for the Florida Project: The Applicable Discount
Rate for the Florida Project will equal the most recent yield, prior to the Stop
Date, on the Stripped Principal of U.S. Treasury Bonds with a maturity closest
to 10 years, as quoted by Bloomberg, or if unavailable, a similar source, plus a
risk premium of 6.5 percent.

    

    Applicable Growth
Rate for the Florida Project:  The Applicable Growth Rate for
the Florida Project will equal ***%.

    

    Applicable Base
Payment for a Comparable Project:  The Applicable Base Payment
for a Comparable Project will equal the higher of (a) the sum of the amounts
paid to DLP under the Agreement in U.S. Dollars in respect of such Comparable
Project over the last *** quarters prior to the Stop Date, divided by ***, or
(b) the sum of the amounts paid to DLP under the Agreement in U.S. Dollars in
respect of such Comparable Project over the last *** quarters prior to the Stop
Date, divided by ***.  Comparable Projects which were vested pursuant
to Paragraph 12 of the Agreement, but not opened to the general public, as of
the date which is three years prior to the Stop Date, will be valued at the date
that is three years after the opening date thereof, and the calculation of the
Applicable Base Payment with respect to such a Comparable Project will be made
as of such date, in an amount equal to the sum of the amounts paid to DLP under
the Agreement in U.S. Dollars in respect of such Comparable Project over the
last *** quarters prior to such date, divided by ***.  DLP shall
continue to receive its quarterly compensation payments pursuant to Paragraph 11
of the Agreement on such Comparable Project until the Put Payment is made with
respect to such Comparable Project.  DLP will not be entitled to any
further payments under the Agreement after the Put Payment.

    

    Applicable
Discount Rate for a Comparable Project:  The Applicable
Discount Rate for a Comparable Project will equal the most recent yield, prior
to the Stop Date, on the senior-most notes with a maturity closest to 10 years,
issued directly by the national government of the country where the Comparable
Project is located, as quoted by Bloomberg, or if unavailable, a similar source,
plus a risk premium of (i) *** percent if such Comparable Project is located
outside the United States or (ii) *** percent if such Comparable Project is
located in the United States.

    

    Applicable Growth
Rate for a Comparable Project:  The Applicable Growth Rate for
a Comparable Project will equal ***%.

    

    Example Calculation –
Florida Project:

    

    
      	
              Hypothetical
      Calculation Date

            	
              10/9/2009

            
	 
      
	
              Applicable
      Base Payment:

            	 
      
	
              Last
      *** Quarters Payments to Diamond Lane

            	
              [$***]

            
	
              Divided
      by ***

            	
              ***

            
	
              Applicable
      Base Payment for the Florida Project

            	
              [$***]

            
	 
      
	
              Applicable
      Discount Rate:

            	 
      
	
              Yield
      on 10-Year U.S. Treasury Bond

            	
              [***%]

            
	
              Risk
      Premium

            	
              6.5%

            
	
                   Applicable
      Discount Rate

            	
              ***%

            
	 
      
	
              Applicable
      Growth Rate:

            	
              ***%

            
	
               

            	 
      
	 
      
	
              Put
      Payment Value:

            
	
              [$

              ***]     *

            	
              (1+
      ***)

            	
              =
      [$

              ***]

            
	
              (***
      – ***)

            
	 
      	 
      
	 
      	 
      

    

    

    

    Example Calculation –
Japan:

    

    
      	
              Hypothetical
      Calculation Date

            	
              10/9/2009

            
	 
      
	
              Applicable
      Base Payment:

            	 
      
	
               

              Last
      *** Quarters Payments to Diamond Lane in U.S. Dollars

            	
               

              [$***]

            
	
               

               Divided
      by ***

            	
              ***

            
	
               

              Applicable
      Base Payment for Japan

            	
               

              [$***]

            
	 
      
	
              Applicable
      Discount Rate:

            	 
      
	
               

              Yield
      on 10-year Japanese Government Bond

            	
              ***%

            
	
              Risk
      Premium

            	
              ***%

            
	
                   Applicable
      Discount Rate

            	
              ***%

            
	 
      
	
              Applicable
      Growth Rate:

            	
              ***%

            
	 
      	 
      
	 
      
	
              Put
      Payment Value:

            
	
              [$

              ***]     *

            	
              (1+
      ***)

            	
              =
      [$

              ***]

            
	
              (***
      – ***)

            
	 
      	 
      
	 
      	 
      

    

    

    

    
      
        
          

          -Appendix
A- -

          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
B

    to
the Amendment

    

       

      GUARANTEE

       

       

      GUARANTEE
(this “Guarantee”), dated as of October 18, 2009, by NBC UNIVERSAL, INC., a
Delaware corporation (with its successors, the “Guarantor”) for the benefit of
Steven Spielberg, in his personal capacity, and Diamond Lane Productions, Inc.,
a California corporation ("DLP" and, together with Steven Spielberg, "Steven" or
the "Beneficiary").

       

       

      WHEREAS,
under an Agreement, dated as of January 20, 1987, between Universal City
Development Partners, Ltd., a Florida limited partnership (as successor in
interest to Universal City Florida Partners, "UCDP") and Steven Spielberg, as
amended and/or modified as of February 5, 2001, July 15, 2003 and March 30,
2006, and as being amended on the date hereof (collectively, the "Agreement"),
UCDP has certain payment obligations to DLP; and

       

       

      WHEREAS,
Steven Spielberg is obligated to provide his personal services to the
Partnership pursuant to the Agreement and, by letter dated January 27, 1989, has
directed that all payments to him by the Partnership under the Agreement be made
to DLP.

       

       

      NOW,
THEREFORE, for consideration, the receipt and sufficiency of which is hereby
acknowledged, the Guarantor is willing to enter into this Guarantee, and
therefore agrees as follows:

       

       

      1. The
Guarantee. The Guarantor hereby guarantees, in accordance with the terms hereof,
to Steven the full and punctual payment when due under the Agreement of each
Guaranteed Obligation, as hereinafter defined. “Guaranteed Obligations” means
all amounts payable by UCDP to Steven pursuant to the terms of the
Agreement.

       

       

      2.
Guarantee Terms. The Guarantor waives acceptance, demand, notice of acceptance,
and all other notices to which it may be entitled. No modification of the
Agreement and no indulgence or change in terms of performance under the
Agreement shall release the Guarantor from this guarantee. Steven may fail to
obtain or continue or perfect or continue the perfection of any security
interest or lien in any collateral or release any collateral from any lien or
any security interest without reducing or affecting the liability of the
Guarantor. Steven may proceed against it for payment of the Guaranteed
Obligations under the Agreement without taking any action against UCDP or any
other party, or proceeding against or applying any security Steven may hold. The
Guarantor consents to be joined as party to any arbitration conducted pursuant
to the Agreement and that judgment on any award in any such arbitration may be
enforced against the Guarantor in any court of competent
jurisdiction.

       

       

      3. Demand
for Payment under Guarantee. Notwithstanding anything to the contrary herein, a
demand for payment against the Guarantor hereunder shall be made pursuant to the
following sequence of events and subject to the following procedures and
requirements:

       

       

      (i)
First, 5 Business Days shall have expired after demand for payment upon UCDP is
made by Steven with notice to the Guarantor; the payment by UCDP shall then be
due under the Agreement and such payment shall not have been made by UCDP within
such 5- Business Day period;

       

       

      (ii)
Second, after the expiration of the foregoing 5- Business Day period, an
additional 20 Business Days shall have expired after demand for payment upon
each of (i) Universal Studios, Inc. (as successor to MCA Inc. (in such capacity,
“Universal Studios”) under the Guarantee dated as of November 4, 1988 (the
“Original Guarantee”) executed by MCA Inc. and Cineplex Odeon Corporation
("Cineplex")), and (ii) Cineplex, is made by Steven, in each case, with notice
to the Guarantor; the payment by each of Universal Studios and Cineplex shall
then be due under the Original Guarantee, and such payment shall not have been
made by Universal Studios and/or Cineplex within such 20- Business Day period;
and

       

       

      (iii)
Third, upon failure by UCDP, Universal Studios and/or Cineplex to pay amounts
equal to the Guaranteed Obligation in accordance with the foregoing clauses (i)
and (ii) and the expiration of the foregoing periods, the Guarantor shall,
within 20 Business Days after a subsequent written demand by Steven identifying
(x) the amount not so paid, (y) the applicable provisions of the Agreement which
provide for the payment and (z) the expiration of the time periods and
satisfaction of the requirements set forth in clauses (i) and (ii) above, pay
any such unpaid amounts to Steven at the place and in the manner specified in
the written demand.

       

       

      As used
in this Section 3, "Business Day" means any day that is not a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or
required by law to remain closed.

       

       

      4. Steven
Agreement. Steven will give the Guarantor not less than 10 days’ prior written
notice of any written amendment to the Agreement which increases or advances
UCDP's payment obligations thereunder, provided that (a) the failure to give
such notice shall not void Guarantor’s obligation and (b) if Steven does not
give such notice, Guarantor’s Guaranteed Obligations hereunder shall not be
greater than its Guaranteed Obligations were without such
amendment.

       

       

      5.
Subrogation. Upon Steven receiving payment in full of the Guaranteed Obligations
hereunder, the Guarantor shall be subrogated to, and Steven hereby assigns to
the Guarantor (without recourse or warranty, express or implied), Steven's
rights against UCDP and against any other party which shall have provided to
Steven a guaranty with respect to such Guaranteed Obligations, and Steven will,
at the sole expense of the Guarantor, execute and deliver to the Guarantor such
documents as the Guarantor shall reasonably request to evidence such subrogation
and assignment.

       

       

      6.
Representations and Warranties. The Guarantor represents and warrants to the
Beneficiary that:

       

       

      (a) the
Guarantor is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization;

       

       

      (b) the
execution, delivery and performance by the Guarantor of this Guarantee are
within the Guarantor’s corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action;

       

       

      (c) this
Guarantee has been duly executed and delivered by the Guarantor and constitutes
a legal, valid and binding obligation of the Guarantor, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law;

       

       

      (d) the
execution, delivery and performance of this Guarantee (i) do not require any
consent or approval of, registration or filing with, or other action by, any
governmental authority, except such as have been obtained and are in full force
and effect, and (ii) will not violate any applicable law or regulation or the
charter, by-laws or other organizational documents of the Guarantor or any order
of any court or governmental authority.

       

       

      7.
Notices. All notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail, or sent by telecopy, as follows: (i) if to the
Guarantor, to it at NBC Universal, Inc., 30 Rockefeller Plaza, New York, NY
10012, Attention of Christy Rupert Shibata, Executive Vice President, Financial
Planning and Analysis (Telecopier No. (212) 664-5251), with a copy to NBC
Universal, Inc., 30 Rockefeller Plaza, New York, NY 10112, Attention of Scott
Seeley, Senior Vice President, Corporate & Transactions Law (Telecopier No.
(212) 664-2147) and (ii) if to Steven, at Gang Tyre Ramer and Brown, Inc., 132 S
Rodeo Dr., Beverly Hills, CA 90212, Attention of Bruce Ramer and Harold Brown,
Telecopier Nos. (telecopy to be sent to both numbers): (310) 777-7000 and (310)
777-7005, with a copy to Breslauer, Rutman and Anderson, 11400 West Olympic
Blvd, Suite 550, Los Angeles, CA 90064-1551, Attention of Gerald Breslauer and
Mickey Rutman, Telecopier Nos. (telecopy to be sent to both numbers): (310)
481-3601 and (310) 481-3615. Each party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to
the other party. All notices and other communications given in accordance with
the provisions of this Guarantee will be deemed to have been given on the date
of receipt.

       

       

      8. No
Waiver. No failure or delay by either party in exercising any right, power or
privilege under this Guarantee shall operate as a waiver thereof by such party
nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or
privilege.

       

       

      9.
Amendments and Waivers. Any provision of this Guarantee may be amended or waived
if, but only if, such amendment or waiver is in writing and is signed by the
Beneficiary and the Guarantor.

       

       

      10.
Successors and Assigns. This Guarantee shall be binding upon the Guarantor and
its successors and assigns, for the benefit of Steven and its successors and
permitted assigns, except that the Guarantor may not transfer or assign any or
all of its rights or obligations hereunder without the prior written consent of
Steven.

       

       

      11.
Governing Law. This Guarantee shall be construed in accordance with and governed
by the law of the State of New York.

       

       

      12.
Attorneys Fees. In the event either Steven or the Guarantor commences any
proceeding against the other party with respect to this Guarantee, the parties
agree that the prevailing party (as determined by the authority before whom such
proceeding is commenced) shall be entitled to recover reasonable attorneys' fees
and costs as may be incurred in connection therewith in addition to any such
other relief as may be granted.

       

       

      13.
Counterparts. This Guarantee may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

       

       

      [Remainder
of Page Intentionally Left Blank]

       

       

      

       

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Guarantee to be duly
executed by their respective authorized officers as of the day and year first
above written.

       

       

      NBC
UNIVERSAL, INC.

       

       

      By: /s/
Lynn Calpeter

       

       

      Name:
Lynn Calpeter

       

       

      Title:
Executive Vice President and Chief Financial Officer

       

       

      Agreed to
and accepted as of the date

       

       

      first
written above by:

       

       

      /s/
Steven Spielberg

       

       

      STEVEN
SPIELBERG

       

       

      DIAMOND
LANE PRODUCTIONS, INC.

       

       

      By:_/s/
Steven Spielberg

       

       

      Name:
Steven Spielberg

       

       

      Title:
President 

       

       

      

       

       

      Appendix
C to the Amendment

       

       

      Universal
City Development Partners, Ltd.

       

       

      Intercreditor
Agreement

       

       

      Summary
of Principal Terms and Conditions

       

      
        	
                Certain
      Definitions:

              	
                “Company”
      means Universal City Development Partners, Ltd.

              
	 
      	
                “First
      Lien Obligations” means all obligations of the Company and any subsidiary
      guarantor (a “Guarantor”) in respect of the Amended and Restated Credit
      Agreement dated as of [_], 2009(the "Credit Agreement") together with any
      interest swap agreement, letter of credit reimbursement agreement, cash
      management agreement or other agreement related to customary bank products
      (if and to the extent permitted under such Credit Agreement to be pari
      passu therewith), and (subject to the limitations specified below) any
      amendment, restatement or other modification thereof and any refinancing
      thereof or replacement therefor (collectively, the “Senior Credit
      Facility”)

              
	 
      	
                “First
      Lien Secured Parties” means the holders of the First Lien
      Obligations.

              
	 
      	
                “Second
      Lien Obligations” means all obligations of the Company in respect of the
      Florida Project, as defined in, and arising under the consulting agreement
      dated as of January 20, 1987 between the Company and Steven Spielberg (as
      amended and in effect from time to time, subject to the limitations
      specified below).

              
	 
      	
                “Second
      Lien Secured Parties” means the payee or payees of the Second Lien
      Obligations from time to time.

              
	 
      	
                “Secured
      Parties” means the First Lien Secured Parties and Second Lien Secured
      Parties, collectively, and “Secured Party” means any one of
      them.

              
	
                Priority
      of Liens/Prohibition on Contesting Liens:

              	
                So
      long as any of the First Lien Obligations are outstanding, the liens
      securing the Second Lien Obligations shall be junior and subordinated in
      all respects to the liens securing the First Lien Obligations. No Secured
      Party shall contest the priority, validity or enforceability of any lien
      held by or on behalf of any other Secured Party. The Intercreditor
      Agreement shall recite that the liens securing the Second Lien Obligations
      shall be subordinated only to (i) the liens securing the First Lien
      Obligations, (ii) liens permitted by and prior to the First Lien
      Obligations, (iii) liens permitted under the Senior Credit Facility as
      incremental secured debt with respect to all outstanding term loans, first
      lien notes and indebtedness pursuant to any second lien facility
      (collectively, the "Incremental Obligations") and (iv) liens that have
      priority by law, and to no other liens. The Intercreditor Agreement will
      provide that the First Lien Obligations and the Incremental Obligations
      will not be incurred in an aggregate amount in excess of the Secured Debt
      Limit (as defined below).

              
	
                No
      New Liens/Similar Liens:

              	
                The
      Collateral securing the First Lien Obligations and the Collateral securing
      the Second Lien Obligations shall be identical insofar as such Collateral
      is comprised of tangible personal and real property owned by the Company,
      but the Collateral for the Second Lien Obligations excludes other types or
      forms of Collateral granted to secure the First Lien Obligations,
      including the Company's intellectual property. The liens with respect to
      the Collateral securing the First Lien Obligations and the Second Lien
      Obligations shall be granted pursuant to separate security documentation.
      So long as any of the First Lien Obligations are outstanding, neither the
      Company nor any of its subsidiaries shall (i) grant or permit any
      additional liens on any asset or property to secure the Second Lien
      Obligations unless it has granted a senior lien on such assets or property
      to secure the First Lien Obligations, or (ii) grant or permit any
      additional liens on any asset or property in the applicable asset classes
      to secure the First Lien Obligations unless it has granted a junior lien
      on such assets or property to secure the Second Lien Obligations, other
      than with respect to assets or property as to which the Company may be
      prohibited from granting a junior lien to secure the Second Lien
      Obligations.

              
	
                Enforcement:

              	
                After
      the expiration of the Standstill Period (180 days from the date of a
      default under the First Lien Obligations and the Second Lien Obligations
      which has continued beyond the expiration of all applicable grace or cure
      periods, if any), the Second Lien Secured Parties may exercise any of
      their rights or remedies with respect to the Collateral unless the First
      Lien Secured Parties shall have commenced and be diligently pursuing the
      exercise of any of their rights or remedies with respect to the
      Collateral.

              
	
                Application
      of Proceeds/Turn-over:

              	
                So
      long as any of the First Lien Obligations are outstanding, any Collateral
      or the proceeds thereof received in connection with the sale or other
      disposition of such Collateral in connection with the exercise of remedies
      shall be applied to the First Lien Obligations, and any Collateral and the
      proceeds thereof received by any Second Lien Secured Party in
      contravention of the Intercreditor Agreement shall be segregated and held
      in trust and shall be applied to the First Lien Obligations. To the extent
      permitted by law, once proceeds received in connection with the sale or
      other disposition of such Collateral in connection with the exercise of
      remedies have been applied to fully satisfy any prior obligations, any
      excess proceeds (if any) received in connection therewith shall be applied
      to the Second Lien Obligations, up to the amount of such Second Lien
      Obligations.

              
	
                Releases
      and Subordination:

              	
                In
      the event that the First Lien Secured Parties release their lien on all or
      any portion of Collateral (each, a “Release”) in connection with (i) the
      enforcement or exercise of any rights or remedies on behalf of the First
      Lien Secured Parties in respect of the Collateral or (ii) any sale or
      other disposition of any Collateral permitted under the Senior Credit
      Facility, the comparable lien in respect of the Second Lien Obligations
      shall be automatically released.

                In
      addition, in the event that the First Lien Secured Parties release or
      subordinate their lien on all or any portion of Collateral in connection
      with any other transaction (including any third party capital lease
      financing) permitted under the Senior Credit Facility, the comparable lien
      in respect of the Second Lien Obligations shall be automatically released
      or subordinated, as applicable.

                The
      security documentation executed in connection with the Second Lien
      Obligations shall state that, in the event of the refinancing of any of
      the First Lien Obligations, the lien of such security documentation
      executed in connection with such Second Lien Obligations shall
      automatically be subordinated to the lien of any new security
      documentation executed in connection with such refinanced First Lien
      Obligations. The Second Lien Secured Parties shall execute a subordination
      agreement confirming such subordination (but no failure to execute such a
      subordination agreement shall affect the validity or enforceability of
      such subordination) as well as an Intercreditor Agreement with the new
      First Lien Secured Parties similar to the Intercreditor Agreement
      contemplated hereby.

                The
      Second Lien Secured Parties shall execute an irrevocable, unconditional
      and recordable General Power of Attorney in favor of the First Lien
      Secured Parties (or in favor of their Agent), pursuant to which the Second
      Lien Secured Parties shall authorize the First Lien Secured Parties (or
      their Agent) to execute and record, in the name and on behalf of the
      Second Lien Secured Parties, such a release and/or subordination each time
      that the First Lien Secured Parties execute and record a similar such
      release and/or subordination.

              
	
                Amendments
      to Loan Documents:

              	
                The
      Intercreditor Agreement will restrict amendments to (i) the Senior Credit
      Facility, but only if the same would result in the maximum principal
      amount of term loans and revolving commitments thereunder and any
      Incremental Obligations permitted thereunder exceeding an amount equal to
      the greater of $975 million and an amount equal to the product of 3.75
      times the EBITDA of the Company (determined at the time of incurrence of
      any such term loans or at the time of increasing any such revolving
      commitments, or at the time of incurring any such Incremental Obligations,
      as the case may be, with "EBITDA" being defined in and calculated pursuant
      to the relevant provisions of Senior Credit Facility) (such requirement,
      the "Secured Debt Limit"), and (ii) the Second Lien Obligations which
      would increase amounts payable thereunder, accelerate the time for payment
      of amounts due thereunder or otherwise materially increase the obligations
      of the Loan Parties thereunder or disadvantage the holders of the First
      Lien Obligations, except as specifically permitted. Amendments to the
      Second Lien Obligations that affect payments due or potentially due more
      than six months after the maturity of the loans under the Senior Credit
      Facility would be permitted and any amendments to or waivers of the
      security documentation for the First Lien Obligations would automatically
      apply to any parallel provisions of the security documentation for the
      Second Lien Obligations, subject to customary
  exceptions.

              
	
                Rights
      As Unsecured Creditors:

              	
                Except
      as otherwise set forth in “Enforcement” above, the Second Lien Secured
      Parties may exercise rights and remedies as unsecured creditors against
      the Company.

              
	
                Bankruptcy:

              	
                DIP
      Financing: In the event of an insolvency or liquidation proceeding of the
      Company or any Guarantor, whether voluntary or involuntary, if the First
      Lien Secured Parties desire to permit the use of cash collateral or to
      permit the Company to obtain any post-petition financing (a “DIP
      Financing”), then the Second Lien Secured Parties will not object to such
      use of such cash collateral or any liens securing a DIP Financing and, to
      the extent the liens securing the First Lien Obligations are subordinated
      or pari passu with such DIP Financing, the liens securing the Second Lien
      Obligations shall be subordinated to the liens securing such DIP Financing
      (and all obligations relating thereto). The Second Lien Secured Parties do
      not otherwise waive any of their rights under applicable insolvency or
      liquidation law.

                Automatic
      Stay: So long as any of the First Lien Obligations are outstanding, the
      Second Lien Secured Parties shall not seek relief from the automatic stay
      or any other stay in any bankruptcy proceeding in respect of the
      Collateral, without the prior written consent of the First Lien Secured
      Parties.

                Adequate
      Protection: The Second Lien Secured Parties shall not contest (or support
      any other person contesting) (a) any request by the First Lien Secured
      Parties for adequate protection or (b) any objection by the First Lien
      Secured Parties to any motion, relief, action or proceeding based on the
      First Lien Secured Parties or the Agent on their behalf claiming a lack of
      adequate protection; provided, that if the First Lien Secured Parties are
      granted adequate protection in the form of additional collateral in
      connection with any DIP Financing or use of cash collateral, then the
      Second Lien Secured Parties or the Agent on their behalf may seek or
      request adequate protection in the form of a lien on such additional
      collateral, which lien will be subordinated to the liens securing the
      First Lien Obligations and such DIP Financing.

                Voting
      for Plan of Reorganization: The First Lien Secured Parties and the Second
      Lien Secured Parties shall be entitled to vote as a separate class on any
      plan of reorganization in connection with any bankruptcy
      proceeding.

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