Document:

License Agreement dated as of May 25, 2007

 EXHIBIT 10.5 
 ASTERISKS INDICATE MATERIAL THAT HAS BEEN REDACTED, FOR WHICH 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. 
 THEME PARK LICENSE 
 WARNER BROS. CONSUMER PRODUCTS INC. 
 #16246 - HP 
 LICENSE AGREEMENT made May 25, 2007, by and between Warner Bros.
Consumer Products Inc., a Delaware corporation, whose address is 4000 Warner Blvd., Burbank, CA 91522 (hereinafter referred to as “Licensor”) and Universal City Development Partners, Ltd. (“Licensee”), a Florida
limited partnership, whose address is 1000 Universal Studios Plaza, Orlando, FL 32819, Attention: President. 
 The parties hereto mutually
agree as follows: 
  

	1.	DEFINITIONS: As used in this Agreement, the following terms shall have the following respective meanings: 

 (a) “Agreement” means this Theme Park License as the same may be amended from time to time. 
 (b) “Author” means J.K. Rowling, the author of the Books as defined in Section 1(c) below. 
 (c) “Books” means the novels written by the Author entitled “HARRY POTTER AND THE SORCERER’S STONE,”
“HARRY POTTER AND THE CHAMBER OF SECRETS,” “HARRY POTTER AND THE PRISONER OF AZKABAN,” “HARRY POTTER AND THE GOBLET OF FIRE,” “HARRY POTTER AND THE ORDER OF THE PHOENIX,” and “HARRY POTTER AND THE
HALF-BLOOD PRINCE”, and to the extent that, during the Term of this Agreement, Licensor acquires merchandising and theme park rights to the seventh HARRY POTTER book entitled “HARRY POTTER AND THE DEATHLY HALLOWS”
that is anticipated to constitute the final installment in the series of HARRY POTTER books, the elements of such seventh book shall be included within the definition of Books hereunder. 
 (d) “Brand Guidelines” means Licensor’s requirements and guiding principles for all licensees of the Licensed
Property, as set forth in writing and delivered to Licensee, as may be amended by Licensor from time to time, provided that no such amendment shall frustrate Licensee’s ability to utilize the Licensed Property for the Licensed Uses as
contemplated in this Agreement in any material respect. 
 (e) “Business Plan” has the meaning set forth in
Section 3.21 below. 
 (f) “Business Review” has the meaning set forth in Section 3.22 below.

  

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 (g) “Change in Control” has the meaning set forth in Section 11.1
below. 
 (h) “Clips” has the meaning set forth in Section 4.5 below. 
 (i) “Consulting Fee” has the meaning set forth in Section 6.3 below. 
 (j) “Consumables” means products not separately sold and not usually retained by the consumer, such as paper cups and
napkins (specifically excluding souvenir cups that are sold to guests and not intended for immediate disposal after use), which are based upon, utilize or include the Licensed Property. 
 (k) “Grand Opening” means the date on which the Themed Area is fully operational and open to the public, which is targeted
to occur in or about December 15, 2009 but may occur as late as June 30, 2010. 
 (l) “Licensed
Premiums” means products distributed to a consumer in order to promote, publicize or sell Licensed Products or services (relating to the Themed Area, as defined below) at the Themed Area, the Theme Park, as defined below, and/or the Resort,
as defined below, or items distributed in connection with any similar scheme or device (to promote the Themed Area), including, without limitation, traffic or continuity building promotions, purchase-with-purchase promotions (including without
limitation souvenir drink cups), combination sales, sweepstakes or any other giveaways. 
 (m) “Licensed
Products” means merchandise that is based upon, utilizes or includes the Licensed Property (and/or the character likenesses of any of the actors or actresses in the Movies, to the extent that Licensor now has or later acquires the right to
utilize such likenesses in merchandise associated with the Licensed Property) and food and beverages that are described in the Books or the Movies, that are offered for sale at the Theme Park, the Resort, the Resort-themed stores at Orlando
International Airport, the liquidation stores in Orlando at which slow-selling or discontinued Resort merchandise items are sold and in response to unsolicited requests by mail or telephone directly from individual members of the public.
“Licensed Products” shall include food and beverage items to the extent that such food or beverage item is specifically described in the Books (e.g., Butter Beer), but shall not include food and beverage items that are not specifically
described in the Books even if such food or beverage item, with Licensor’s consent, utilizes a name based on the Licensed Property; provided, however, that any food or beverage item that is served or packaged in any cup or other packaging that
utilizes the Licensed Property and that is intended to be retained as a souvenir or given as a gift (e.g., a souvenir sipper cup, a pre-packaged tin of candy or cookies), shall be deemed to be a Licensed Product. 
 (n) “Licensed Property” means: 
 (i) The character names, costumes, environmental settings, plot elements, artwork, logos and other elements depicted in the Movies (as set forth in Section 1(q) below), including all
copyrights and trademarks relating thereto; 
 (ii) The fictional character(s) and/or other element(s) from the Books,
including the representations, names and likenesses of such character(s) and/or other element(s) and all environmental settings, costumes and other indicia associated with such character(s), together with all copyrights and trademarks as exploited
by Licensor relating thereto; and 
  

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 (iii) To the extent that during the Term of this Agreement, Licensor acquires
merchandising and theme park rights to a seventh HARRY POTTER book, entitled “HARRY POTTER AND THE DEATHLY HALLOWS” that is anticipated to constitute the final installment in the series of Books, and releases a seventh
HARRY POTTER motion picture based upon such seventh book, that is anticipated to constitute the final installment in the series of Movies, the elements of such seventh book and seventh movie shall be included within the definition of Licensed
Property hereunder. 
 (o) “Licensed Property Developments” has the meaning set forth in Section 8.2
below. 
 (p) “Licensed Use(s)” means use of the Licensed Property: 
 (i) Within the Themed Area: 
  

	 	(1)	Rides, attractions, signage, facades, atmospheric elements and themed areas; 

  

	 	(2)	Consumables; 

  

	 	(3)	Retail stores, kiosks and other retail stands; 

  

	 	(4)	Themed restaurants, portable food cart locations and other food stands; 

  

	 	(5)	Atmospheric strolling costumed characters (e.g., generic Hogwarts students), ****; 

  

	 	(6)	Clips (subject to Section 4.5 below); 

  

	 	(7)	“Green screen” photographic venues at which images of guests will be incorporated within Clips or Stills (defined below) made available by Licensor to
Licensee for such purpose, each of which may contain images of environments and sets from the Movies, as defined below, and each of which may contain character images of the talent from the Movies (subject to Licensor approval in its sole and
absolute, but good faith, discretion and provided that no image of a guest may touch, gesture at, interact with or be “morphed” into or on, any character image of any talent from the Movies), which “green screen” photographic
images shall be sold to such guests as souvenir merchandise; and 

  

	 	(8)	Street entertainers and movie props (and, if available and if approved by Licensor, in the sole and absolute but good faith discretion of Licensor, sets and costumes)
integrated into the themed environment. 

 (ii) Within the Theme Park (but not within other themed lands or
islands at the Theme Park, other than the “Port of Entry” portion of the Theme Park), the Themed Area and the Resort: 
  

	 	(1)	Licensed Products; 

  

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	 	(2)	Licensed Premiums; 

  

	 	(3)	Printed matter, including but not limited to, tickets, brochures, Theme Park maps, menus and signage; and 

  

	 	(4)	For the press event associated with the Grand Opening and thereafter for private events within the Theme Park (i.e., events that are not open to the general public),
atmospheric strolling costumed characters (e.g., generic Hogwarts students), ****. 

 (iii) Within and
outside the Theme Park, the Themed Area and the Resort: 
  

	 	(1)	In advertising, marketing and promotion for the Theme Park, the Themed Area and/or the Resort, including, without limitation, sweepstakes, signage, brochures,
newspapers, magazines and other print media, billboards, radio and television, in cinema and on the internet; 

  

	 	(2)	Atmospheric strolling costumed characters (e.g., generic Hogwarts students), ****, at trade shows and promotional events that are open to the trade only (e.g.,
travel agency conventions); and 

  

	 	(3)	Display elements at the retail stores located near the main entrance/exit of the Theme Park and the retail stores located at Universal CityWalk Orlando and at
the Universal Orlando on site resort hotels and at Resort-themed stores at Orlando International Airport and at the liquidation stores in Orlando at which a variety of merchandise based on Resort attractions and characters are sold.

 (q) “Movies” means the 2001 release of the theatrical motion picture entitled “HARRY
POTTER AND THE SORCERER’S STONE,” the 2002 release of the theatrical motion picture entitled “HARRY POTTER AND THE CHAMBER OF SECRETS,” the 2004 release of the theatrical motion picture entitled “HARRY POTTER
AND THE PRISONER OF AZKABAN,” the 2005 release of the theatrical motion picture entitled “HARRY POTTER AND THE GOBLET OF FIRE,” and the following two motion pictures provided they are produced and generally released: the
tentatively scheduled to be released in 2007 theatrical motion picture entitled “HARRY POTTER AND THE ORDER OF THE PHOENIX,” and the tentatively scheduled to be released in 2008 theatrical motion picture entitled “HARRY
POTTER AND THE HALF-BLOOD PRINCE”, and to the extent that during the Term of this Agreement, Licensor acquires merchandising and theme park rights to a seventh HARRY POTTER book, entitled “HARRY POTTER AND THE DEATHLY
HALLOWS” that is anticipated to constitute the final installment in the series of Books, and releases a seventh HARRY POTTER motion picture based upon such seventh book, that is anticipated to constitute the final installment in the series
of Movies, the elements of such seventh movie shall be included within the definition of Movies hereunder, provided, however, that the above release dates of the Movies are for identification purposes only and shall not be included or referred to on
or in connection with the Licensed Uses, Licensed Products or any of Licensee’s activities pursuant to this Agreement. 
 (r) “Other Developments” shall have the meaning set forth in Section 8.4 below. 
  

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 (s) “Pass Through Amounts” has the meaning set forth in Section 6.4
below. 
 (t) “Resort” means the Universal Orlando Resort, comprised of the Theme Park, the Universal Studios
Florida theme park, Universal CityWalk Orlando, the three on-site resort hotels existing as of the date of this Agreement (the Portofino Bay Hotel, a Loews Hotel; the Hard Rock Hotel; and the Royal Pacific Resort, a Loews Hotel) and any other
on-site resort hotels or time-share developments that may hereafter be built and operated as part of the Universal Orlando Resort, the parking facilities for the foregoing, and the roadways and waterways that connect the foregoing (and the Universal
Orlando Resort busses, boats and other vehicles that traverse the same). 
 (u) “Royalties” has the meaning set
forth in Section 6.2 below. 
 (v) “Sell-Off” has the meaning set forth in Section 12.2 below.

 (w) “Stills” has the meaning set forth in Section 4.5 below. 
 (x) “Style Guide” means any materials provided to Licensee by Licensor setting forth the style, format and any
characterization of the Licensed Property for all licensees of the Licensed Property. 
 (y) “Term” has the
meaning set forth in Section 2.2 below. 
 (z) “Territory” means the Theme Park and all areas within a two
hundred fifty (250) mile radius around the Theme Park. 
 (aa) “Text and Verbiage” has the meaning set
forth in Section 3.6 below. 
 (bb) “Theme Park” means Licensee’s “Universal’s Islands of
Adventure” theme park located at the Resort. 
 (cc) “Themed Area” means the separate and distinct
“land” to be developed, constructed and operated by Licensee pursuant to this Agreement with theming based on the Licensed Property within the “Theme Park”, as defined below, to be comprised of a portion of the real estate
currently occupied by “The Lost Continent” land and a portion of currently unoccupied real estate, and to be located between the remainder of the real estate currently occupied by “The Lost Continent” land and the “Jurassic
Park” land. Such new land is to be named “The Wizarding World of Harry Potter” or such other name as may be proposed by Licensee and approved by Licensor in the sole and absolute but good faith discretion of Licensor. The Themed Area
shall be an extensively themed environment no less than 20 acres in size (including the back-of-house areas for the Themed Area and the Themed Area’s proportionate share of the Theme Park’s central lagoon) and shall include, without
limitation, the attractions, facilities and other items set forth in Exhibit 8. 
 (dd) “Wholesale Price” means
the invoiced cost of the product from the supplier excluding artwork, sample cost, tooling, product development charges, freight, duty, insurance and any V.A.T., sales taxes or other goods and services taxes so as to reflect the invoiced cost of the
products from the manufacturer. 
  

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	2.	LICENSE AND OTHER RIGHTS: 

 2.1 Subject to the restrictions, limitations, reservations and conditions and Licensor’s approval rights set forth in this Agreement, Licensor hereby grants to Licensee and Licensee hereby accepts for the Term of this Agreement,
a license to utilize the Licensed Property solely in connection with the development, construction and operation of the Themed Area and for the Licensed Uses. The licenses and rights granted pursuant to this Section 2 shall be exclusive in
relation to use of the Licensed Property in connection with theme parks, amusement parks, water parks and stand-alone themed venues that are smaller than typical theme parks but are extensively themed and contain rides, retail and/or food service,
similar to those found in a theme park (e.g., the “Star Trek: The Experience” attraction at the Las Vegas Hilton), during the Term within the Territory. Notwithstanding the foregoing, Licensor may use, or permit others to use, the Licensed
Property in connection with a traveling museum-quality exhibition that may be presented at museums, convention/exhibition halls and other venues. 
 2.2 The term of this Agreement (the “Term”) consists of the Initial Term (as defined below) and, if the option(s) below are exercised, the First Renewal Term (as defined below) and the
Second Renewal Term (as defined below). 
 (a) “Initial Term” means the period beginning on the date of
complete signing of this Agreement through and including June 30, 2019. 
 (b) Provided that at the time of each
renewal, Licensee is not in material default of any of its obligations provided for in this Agreement, Licensee shall be entitled to two (2) successive options to renew this Agreement for successive five (5) year terms (the “First
Renewal Term” and the “Second Renewal Term”) pursuant to all the same terms, conditions and covenants herein, subject to the payment of the additional Guaranteed Fee set forth in Section 6.1(b) and (c). 
 (i) To exercise each such option to renew, Licensee must give notice of such intent to Licensor in writing not less than twelve
(12) months prior to the end of the then current Initial Term or First Renewal Term. 
 (ii) Upon the exercise of
each such option, the First Renewal Term will begin on July 1, 2019 and expire on June 30, 2024, and the Second Renewal Term will begin on July 1, 2024 and expire on June 30, 2029. 
  

	3.	APPROVALS: 

 3.1
Licensee shall at all times in all respects maintain the general appearance, maintenance, staffing and overall quality of the Theme Park, including without limitation, the rides, attractions, themed areas and all other aspects of the Theme Park at a
first class, world class level for destination theme parks unsurpassed in quality by any other destination theme park worldwide (at a minimum, equivalent to the quality of the Theme Park as of the date of this Agreement) throughout the Term.

 3.2 Licensee shall use the Licensed Property only in a manner that is consistent with the Brand Guidelines and with
the goodwill and legal rights of Licensor in the Licensed Property. 
  

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 3.3 Licensee shall not initiate any use of the Licensed Property hereunder unless
such use is first approved as set forth herein. Any approved use of the Licensed Property is permitted only in accordance with all of the terms and conditions of this Agreement. 
 3.4 It is understood and agreed that all aspects and elements of the Themed Area, whether specifically utilizing the Licensed
Property or otherwise (and, in any event, all attractions and facilities, all atmospheric and scenic elements, all facades and props, all signage, flags and banners, and all other content, readily observable to guests within the Themed Area), that
are observable by patrons at the Themed Area, shall be subject to the prior written approval of Licensor in its sole and absolute, but good faith, discretion. 
 3.5 Licensee and Licensor shall each appoint a contact person to serve as the point person for presentation and review of all items submitted for approval and to facilitate the review and decision
process as set forth herein (provided that Licensee may appoint different point persons for approvals with respect to the Themed Area, with respect to advertising, marketing and promotions, and with respect to Licensed Products, Licensed Premiums
and Consumables). To the extent any items submitted by Licensee hereunder require the approval of ****, Licensor, and only Licensor shall submit such items to **** or **** for approval, and Licensor shall reasonably cooperate with Licensee in
endeavoring to obtain such approval. Licensee shall not directly contact **** or any of ****, including without limitation ****. In the event Licensor determines in its sole and absolute, but good faith, discretion that **** require assistance in
processing the volume of approvals required for Licensee, Licensee shall, upon request of Licensor, reimburse to **** the cost of hiring a designated employee of **** to assist in processing such approvals, provided that such employee (a) shall
not perform any functions other than the processing of approvals required for Licensee, (b) shall be paid salary and provided benefits no greater than those Licensor pays and provides to its own employees who perform similar tasks, and
(c) shall not be employed by **** for more than three (3) months beyond the Grand Opening. Under no circumstances shall such employee be deemed to be Licensee’s employee, and Licensee shall have no responsibility for compliance with
any labor or employment laws, codes or regulations, nor shall Licensee incur or be responsible for any labor or employment liability, in connection with such employee. 
 3.6 Licensee shall submit a written request to Licensor specifying each specific Licensed Use that it wishes to make of the Licensed Property, in such detail as Licensor may require at successive
stages of development as specified by Licensor, for example, at the following stages as indicated for the following uses (as may be applicable in each particular case) or as Licensor may otherwise request in the sole and absolute, but good faith,
discretion of Licensor: 
 (a) Two-Dimensional Licensed Products, Licensed Premiums or Consumables: (i) rough
sketches/layout concepts; (ii) finished artwork or final proofs; (iii) pre-production samples or strike-offs; and (iv) finished products, including packaged samples together with any packaging, hangtags, and wrapping material;

 (b) Three-Dimensional Licensed Products, Licensed Premiums or Consumables including clay sculpts & resin (or
any other composite material) sculpts: (i) rough sketches or layout concepts; (ii) finished artwork; (iii) clay sculpts (or any other composite material); (iv) paint master; (v) pre-production samples or strike-offs; and
(vi) finished products including packaged samples; 
  

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 (c) Food and beverage Licensed Products: successive stages of development for each of
the following: (i) product formulation; (ii) recipe; (iii) nutritional content; (iv) taste; (v) naming; and (vi) menu design and appearance; 
 (d) Rides and attractions: (i) rough sketches/layout concepts, plans, designs and elevations; (ii) scripts and music as applicable; (iii) models, finished artwork, intermediate
stages of construction or development; and (iv) finished construction; 
 (e) Print media: (i) rough sketches
or layout concepts and copy; (ii) finished artwork; and (iii) finished materials; 
 (f) Television and
internet advertising and promotion: (i) initial concept; (ii) storyboard, including written text; (iii) pencil tests and voice-overs for animation, if any (subject to Section 4.6 below), and/or selection of performers for live
action; (iv) rough edit; and (v) a cassette or disc of, or on-line access to, the finished commercial prior to air date; 
 (g) Radio or other audio media or materials: (i) initial concept; (ii) script; (iii) voice recordings; (iv) rough edit; and (v) a cassette or disc of, or on-line access to, the finished commercial prior to
the air date; and 
 (h) All other Licensed Uses not included above at successive stages of development as determined by
Licensor in the sole and absolute, but good faith, discretion of Licensor. 
 In all cases set forth above, Licensor’s
approval may be given or denied in its sole and absolute, but good faith, discretion. Without in any manner limiting the meaning of the foregoing sentence, it is expressly acknowledged and agreed by Licensee that any objection whatsoever by the
Author with regard to any submissions relating to or concerning food and beverage and/or uses of Licensed Property in connection with third party names, logos or other third party elements is sufficient grounds for disapproval by Licensor.

 Licensor shall use reasonable commercial efforts to approve, disapprove or otherwise comment upon any major concepts and
plans for the Themed Area, rides, attractions and architectural designs submitted to it for approval as may be required hereunder for the first time and any items that contain any written text or verbiage other than the pre-approved names of the
characters or other pre-approved names or titles of discrete elements of the Licensed Property (“Text and Verbiage”) within thirty (30) business days after receipt by it of such item(s). Licensor shall use reasonable commercial
efforts to approve, disapprove or otherwise comment upon all other items submitted to it for approval as may be required hereunder within ten (10) business days after receipt by it of such item(s). In the event that Licensor fails to approve,
disapprove or otherwise comment upon the item(s) so submitted within the applicable time period, then Licensee shall have the right to notify Licensor of such failure by the means set forth for giving notice in Section 13.13, below, and
Licensor shall thereafter be required to approve, disapprove or otherwise comment upon the item(s) so submitted within seven (7) business days after receipt by it of said notice and failure to do so shall be deemed approval of any item(s) so
submitted. Any denial of approval shall be accompanied by specific reasons for the denial. All approvals must be in writing in order to be effective. In the event that Licensor approves any artwork, design, logo, slogan, video element, audio element
or other item containing an element of the Licensed Property for a particular limited category of use (e.g., a specific print advertisement or outdoor billboard campaign), Licensee may continue to use such artwork, design, logo, slogan, video
element, audio element or other item for such category of use without need to obtain further approval from Licensor, as

  

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long as Licensor has approved the overall advertising, marketing or promotional campaign in which such artwork, design, logo, slogan, video element, audio element or other item will be used,
including the duration and media plan for such advertising, marketing or promotional campaign. Licensor shall endeavor to approve “key” artwork and “key” video and audio footage that Licensee is permitted to use for several
specifically designated Licensed Uses without need to obtain further approval from Licensor. 
 3.7 All promotion,
publicity, marketing and advertising, and signage, with respect to the Licensed Uses, not otherwise included above, shall also be submitted to Licensor for approval or disapproval in the sole and absolute, but good faith, discretion of Licensor.

 3.8 Subsequent to final approval of Licensed Products, Licensed Premiums and Consumables, no fewer than twelve
(12) production samples will be sent to Licensor simultaneously upon distribution to the public. Licensor shall be entitled to purchase any Licensed Products, Licensed Premiums and Consumables in any quantity at Licensee’s cost;

 3.9 All submissions must be approved at each stage in the sole and absolute, but good faith, discretion of Licensor,
with multiple resubmissions, if necessary, before moving to the next stage. Licensee understands that it is Licensee’s responsibility to make all of the above submissions in sufficient time for Licensee to make all revisions which Licensor in
its sole and absolute, but good faith, discretion may require. 
 3.10 No Licensed Use and no other material utilizing
the Licensed Property shall be made available or accessible to the public, manufactured, sold, distributed or promoted by Licensee without prior written approval from Licensor in the sole and absolute, but good faith, discretion of Licensor.

 3.11 All Licensor approvals set forth in this Section 3 shall be in the sole and absolute, but good faith,
discretion of Licensor whether specifically stated as being so or not. Any Licensed Uses not so approved in writing shall be deemed unlicensed and shall not be promoted, accessible or available to the public, manufactured, distributed or sold. Upon
any material failure of Licensee to comply with the requirement set forth in the foregoing sentence, Licensor may, together with other remedies available to it including, but not limited to, termination of this Agreement (subject to Licensee’s
cure rights set forth in Section 11.2 below) require such Licensed Uses to be promptly withdrawn from the market and to be destroyed, such destruction to be attested to in a certificate signed by an officer of Licensee. 
 3.12 Any modification of a Licensed Use must be submitted in advance for Licensor’s written approval as if it were a new
Licensed Use. Subject to the final sentence of the last paragraph of Section 3.6, approval of a Licensed Use which uses particular artwork or any other approved material or elements does not imply approval of such artwork or other material or
elements for use with a different Licensed Use or for use bundled or otherwise combined with any other approved Licensed Use unless specifically approved in writing by Licensor in the sole and absolute, but good faith, discretion of Licensor.

 3.13 Licensed Uses must conform in all respects to the final stage approved by Licensor. If in Licensor’s
reasonable judgment, the quality of a Licensed Use originally approved has deteriorated in later use or later production runs, or if a Licensed Use has otherwise been altered, Licensor may, in addition to other remedies available to it, require that
such Licensed Use be promptly terminated, including but not limited to withdrawal from the market. 
  

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 3.14 Licensee shall provide to Licensor a copy of the environmental, health and
safety policies that are provided to all third parties performing work in the Theme Park, and Licensee shall enforce such policies against all third parties performing work within the Themed Area. Licensee shall permit Licensor to inspect all
construction activities within the Themed Area and shall promptly correct any safety violations or deficiencies that Licensor may detect. In addition, Licensee shall permit Licensor to inspect all locations that are under the control of Licensee or
any of its affiliates at which Licensed Products, Licensed Premiums and Consumables are being manufactured and/or tested, and Licensee shall use commercially reasonable efforts to obtain permission for Licensor to inspect all other locations at
which Licensed Products, Licensed Premiums and Consumables are being manufactured and/or tested (which inspection, in either case, may include a review by Licensor of testing and manufacturing payroll records, with respect to the Licensed Uses), and
Licensee shall use commercially reasonable efforts to cause any supplier or manufacturer approved pursuant to Section 5.2 below to likewise permit Licensor to inspect such supplier’s or manufacturer’s construction and manufacturing
operations, and testing and manufacturing payroll records, with respect to the Licensed Uses. 
 3.15 If any changes or
modifications are required to be made to any material submitted to Licensor for its written approval in order to ensure compliance with Licensor’s specifications or standards of quality, Licensee agrees promptly to make such changes or
modifications, or to withdraw the request for Licensor’s approval thereof and discontinue development of the item for which approval was requested. 
 3.16 To avoid confusion of the public, Licensee agrees not to associate other characters or properties with the Licensed Property or in connection with the Licensed Uses or in any promotional,
advertising, packaging, or display materials unless Licensee receives Licensor’s prior written approval, provided that the name and logo of the Theme Park and/or the Resort may be used with the Licensed Property and in connection with the
Licensed Uses as long as such name and logo are not touching or otherwise co-mingled with the Licensed Property. It is understood and agreed that Licensee may include other characters or properties in promotional materials for the Resort and the
Theme Park that also promote the Themed Area, provided any elements associated with any other character or properties are not touching or otherwise co-mingled with the Licensed Property and subject to all of Licensor’s rights of approval set
forth in this Agreement. Furthermore, Licensee agrees not to use the Licensed Property (or any component thereof) on any business sign, business cards, stationery or forms, nor as part of the name of Licensee’s business or any division thereof.
Licensee shall not otherwise utilize the Licensed Property to promote Licensee and/or its related and affiliated companies except as specifically provided herein to promote the Resort, the Theme Park and the Themed Area. 
 3.17 Licensor will use commercially reasonable efforts to facilitate communications between Licensee and the talent that play the
leading roles in (and, if mutually agreed by Licensor and Licensee, other personnel such as the director(s) and writer(s) of) the feature films “HARRY POTTER AND THE ORDER OF THE PHOENIX” and/or “HARRY POTTER AND THE
HALF-BLOOD PRINCE” ****, provided that Licensee shall be solely responsible for all costs incurred in connection with the production of such new film footage, including amounts to be paid to such personnel and all reuse fees, residuals and
other amounts that may be payable under any guild, union or collective bargaining agreement to which Licensor or Licensee, or any of their respective affiliates, may be a party, or which may otherwise affect the Licensed Property. In addition, if
desired by Licensee, Licensor shall use commercially reasonable efforts to facilitate Licensee access to the sets, props, costumes and other elements of the Movies, for such filming, to the extent available and upon a mutually agreeable schedule,
and at Licensee’s sole expense. 
  

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 3.18 Licensor’s approval of Licensed Uses shall in no way constitute or be
construed as an approval by Licensor of Licensee’s use of any trademark, copyright, right of publicity and/or other proprietary materials not owned by Licensor. 
 3.19 Licensee may be required by Licensor to use certain of Licensor’s proprietary online systems and/or software (the “Proprietary Systems”) and/or other electronic file transfer
systems in connection with the submission to Licensor of samples and materials, the receipt of artwork and/or the exchange of other information or materials pursuant to this Agreement. Subject to the terms of this Agreement, Licensor hereby grants
Licensee a non-exclusive license, during the Term, to use the Proprietary Systems solely in connection with Licensee’s performance under this Agreement and in accordance with and subject to such rules, restrictions, disclaimers and limitations
as may be posted on or provided to Licensee together with the Proprietary Systems. If any Proprietary Systems and/or any other electronic file transfer system(s) are required and approved by Licensor for use in connection herewith, Licensee will:
(a) utilize any file encryption password access functionality made available to Licensee; and (b) maintain a database of all Licensee-authorized users of such system(s). 
 3.20 Licensor shall have the right to enter and inspect the Theme Park at any time during normal business hours, in a manner that
does not interfere with the usual operations of the Theme Park, to ascertain adherence to the quality standards set forth in this Agreement and to insure (a) that any use of the Licensed Property is in compliance with the use that has been
approved by Licensor, and (b) that such use is being maintained so as to insure that the quality thereof is not less than that approved. In the event of any deterioration in the overall quality of the Theme Park below that specified in
Section 3.1 above or any deterioration of a specific approved use, Licensee shall promptly (in no event later than within ten (10) business days upon written notice from Licensor) repair or remediate as necessary to rectify any such
deterioration to the satisfaction of Licensor, provided that if such repair or remediation cannot reasonably be completed within such ten (10) business day period, Licensee shall commence such repair or remediation within such ten
(10) business day period and thereafter shall at all times prosecute such repair or remediation with due diligence until such repair or remediation is completed. Absent such repair or remediation, this Agreement shall terminate subject to the
notice and cure provisions set forth in Section 11.2. 
 3.21 Licensee shall, no later than July 15, 2007 (and
quarterly thereafter through the opening of the Themed Area as set forth in Section 3.22, and thereafter annually), submit to Licensor for Licensor’s written approval, a business plan (the “Business Plan”) setting forth
Licensee’s plans with respect to its activities during the Term in connection with this Agreement. The Business Plan shall, without limitation, address the following matters, to the extent that Licensee has, at the time that any particular
Business Plan is required to be submitted, formulated plans with respect to such matters: 
 (a) Proposed rides and
attractions for the Themed Area; 
 (b) Projected attendance, on a consolidated basis, for the theme parks within the
Resort; 
 (c) Projected capital expenditures for the Themed Area; 
 (d) Retail areas at which Licensed Products will be sold, including Wholesale Price, retail sales and volume or quantities of
Licensed Products projected to be sold; 
  

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 (e) Food service facilities within the Themed Area, including without limitation, all
proposed food and beverage to be sold in the Themed Area, the Wholesale Price of Consumables and Licensed Products that constitute food and beverages, retail sales and volume or quantities of food and beverage projected to be sold; 
 (f) Themed Area theming and signage; 
 (g) Entertainment within the Themed Area; 
 (h) Plans for
distribution of any Licensed Premiums, including Wholesale Price and volume or quantities of Licensed Premiums projected to be distributed; 
 (i) Advertising, promotional and publicity plans and strategies for the Licensed Uses; and 
 (j) A summary of Licensee’s staffing plan and staff training program for the Themed Area including (i) adjustments for level of staffing based upon variations in demand due to
seasonality, special events, weather conditions and overall tourism trends, and (ii) specifications of the minimum level of education with respect to the Licensed Property to be provided to each employee based upon the tasks to be performed by
each such employee and the extent to which each such employee is reasonably expected to interact with guests and/or receive questions from guests regarding the Licensed Property. 
 3.22 Licensee shall meet with Licensor at business review meetings (“Business Reviews”), and at such other mutually
convenient times as reasonably requested by Licensor, to discuss the implementation of the Business Plan and the results of Licensee’s operation and business relating to this Agreement. Prior to the opening of the Themed Area, the Business
Reviews shall be held quarterly and shall occur on (or as close as reasonably practical to) January 15, April 15, July 15 and October 15 of each year (or on such other dates as the parties hereto may mutually agree).
After the opening of the Themed Area, for the remainder of the Term, the Business Reviews shall be held annually and shall occur on (or as close as reasonably practical to) January 15 of each year (or on such other dates as the parties hereto
may mutually agree). At the Business Reviews, Licensee shall present an updated Business Plan for Licensor’s review and approval. Licensee’s and Licensor’s respective point persons specified in relationship to Section 3.5 above
shall also serve as point persons for Business Reviews unless Licensee or Licensor shall designate another person for such purpose. Business Reviews may occur in person, or by audio conference or video conference, provided that, while the Themed
Area is under construction, the Business Reviews shall occur at the Resort or at such other location as may be mutually agreed by Licensor and Licensee. 
  

	4.	CONDITIONS, LIMITATIONS AND RESTRICTIONS: 

 4.1 It is specifically understood and agreed that, except for the Licensed Property, no television, motion picture, video, cartoon, animation (whether hand drawn, computer generated or otherwise
produced), if any (subject to Section 4.6 below), comic book or literary properties may be used at the Themed Area without the prior written approval of Licensor in the sole and absolute, but good faith, discretion of Licensor. 
 4.2 Use of the Licensed Property is limited to the Licensed Uses and any other uses that have been approved in writing by Licensor in
accordance with the terms of this Agreement, and all rights in,

  

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to or associated with any and all other uses are excluded from this license. Moreover, all uses in, to or associated with the Licensed Property, including without limitation, the following
elements are included in this license only to the extent specifically approved in writing by Licensor and then only to the extent rights in and to such uses and elements are owned or controlled by Licensor and subject to any applicable guild or
union agreement, regulations, restrictions or requirements and to any applicable laws: 
 (a) film clips (live action or
computer generated), stills, sound bites, voices, music or other audio clips; 
 (b) the names, likenesses, autographs,
signatures, visual representations, audio recordings or voices of any and all actor(s), author(s), creator(s), director(s) and/or other individuals represented in, or otherwise attached to or connected with, the Licensed Property. Elements of or
related to the Licensed Property that are not owned or controlled by Licensor are specifically excluded from the Licensed Property. Licensor will endeavor in good faith to timely inform Licensee of the extent of its merchandising or other relevant
rights in and to any of the foregoing uses and elements as requested by Licensee. To the extent that Licensor does not confirm the existence of its merchandising or other relevant rights in and to such uses or elements, Licensee may with the
approval of Licensor attempt to itself obtain such rights. If Licensee does obtain such rights, Licensee shall demonstrate same to Licensor by production of proper documentation. Any rights clearance or related fees arising from same shall be at
Licensee’s sole expense and shall not offset any other amounts referred to herein. In the event that Licensee uses any such elements referenced above without obtaining a specific representation from Licensor that it owns or controls the
specific merchandising or other theme park rights to be exploited, such use shall be at Licensee’s sole risk and is subject to Licensee’s indemnification hereinbelow. 
 Licensor acknowledges that Licensee may use any Clips in the Themed Area, that are made available by Licensor to Licensee, and Licensor
acknowledges that such usage is intended to promote the Movies from which such Clips originate, provided that such usage is explicitly tied by means of a specific message to the viewer, such as an announcement, to encourage attendance, at theatrical
exhibition within the Territory, or viewership via television, cable or satellite distribution within the Territory, or purchase of DVDs, at the Theme Park, of the Movies from which such Clip may originate, provided further that Licensee indemnify
and defend Licensor from any and all loss, liability, damage, cost or expense, arising out of any claims or suits which may be brought or made against Licensor Related Parties (as defined in Section 9.1(b), below) relating to Licensee’s
use of such materials, pursuant to the procedures set forth in Section 9.1(b) below. 
 4.3 Licensor reserves all
rights in and to the Licensed Property not expressly conveyed to Licensee hereunder. 
 4.4 Licensee specifically
understands and agrees that no rights are granted herein with respect to the Warner Bros. “shield” logo or trademark, or any other trademark(s), logo(s) or copyrights owned by Licensor other than those specifically approved hereunder, it
being understood that all rights in and to said intellectual properties are reserved exclusively to Licensor for use by Licensor and/or licensing as Licensor deems appropriate to third party(s) of its choice, subject to Licensee’s right of
exclusivity set forth in Section 2.1 above. 
  

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 4.5 Film, video or sound clips (“Clips”) and stills (“Stills”)
from the Movies may be provided to Licensee by Licensor (or by one of Licensor’s affiliates, agents or designees) subject to the following terms and conditions. 
 (a) Licensee shall not make any reproduction of or from the Clips or Stills whatsoever, in whole or in part, except for use in connection with the Licensed Uses, and Licensee will not have the
right to edit or otherwise alter the Clips or Stills, or any portion thereof, except as specifically approved in writing by Licensor (provided that Clips and Stills in which images of guests are to be incorporated through “green screen”
technology and then sold to such guests as souvenir merchandise, as set forth in Section 1(p)(i)(7), above, may be cropped or “touched up” to enhance the quality of such merchandise to such guests). 
 (b) The Clips and Stills as utilized by Licensee in the Licensed Uses must be submitted by Licensee to Licensor for approval in
accordance with Section 3 above. 
 (c) Licensor will use reasonable commercial efforts to inform Licensee of its
rights to use of the name and likeness of the talent appearing in the Clips and Stills and to inform Licensee of other relevant information of which it is aware affecting use and clearance of the Clips and Stills. Except to the extent that Licensor
has informed Licensee in writing of its rights to use the Clips and Stills (e.g., control of merchandising rights related to the use of the name and likeness of talent appearing therein), Licensee shall be responsible for and will obtain all
authorizations, consents and releases that may be necessary for use of the Clips and Stills by Licensee. 
 (d) Licensee
will pay any reuse fees and other compensation as may be required by applicable collective bargaining agreements (if any), personal services agreements, or otherwise with respect to the use of any Clips and Stills, provided that nothing herein shall
preclude Licensee from claiming that its usage of the Clips and Stills is intended to promote the Movies from which such Clips and Stills originate, provided that such usage is explicitly tied by means of a specific message to the viewer, such as an
announcement to encourage attendance at theatrical exhibition within the Territory, or viewership via television, cable or satellite distribution within the Territory, or purchase of DVDs at the Theme Park, of the Movies from which such Clips and
Stills originate, provided further that Licensee indemnify and defend Licensor from any and all loss, liability, damage, cost or expense, arising out of any claims or suits which may be brought or made against Licensor Related Parties relating to
Licensee’s use of such Clips and Stills, pursuant to the procedures set forth in Section 9.1(b) below. 
 (e)
Any payment made or payable to any third party with respect to the use of any Clips and Stills, and any Royalties to be paid to Licensor with respect to Clips and Stills in which images of guests are incorporated through “green screen”
technology and then sold to such guests as souvenir merchandise (as provided in Sections 6.2(b)), will be in addition to and will not offset any other amounts required to be paid by Licensee hereunder. 
 (f) Without limiting the foregoing, if any music is included in the Clips and Stills as utilized hereunder, Licensee will obtain all
necessary composition and master clearances, including synchronization and performance rights from the copyright proprietors of such music and such other persons or entities, including performing rights societies, as may own or control the rights
thereto, and will obtain all necessary master recording licenses required in connection with any music included in the soundtrack of any Clips and Stills (although Licensor and Licensee acknowledge that master recording licenses will not be required
if Licensee arranges for the applicable music to be re-recorded, subject to

  

 - 14 - 

 
approval or disapproval by Licensor in the sole and absolute but good faith discretion of Licensor). Licensee’s use of the Clips and Stills will not affect Licensor’s continued and
separate copyright ownership of the Clips and Stills or the production from which the Clips and Stills were taken, or Licensor’s continued ownership of the trademarks and any other intellectual property rights associated with any characters or
other elements appearing or embodied in the Clips and Stills or such production. Licensee will hold any copyrights in trust for Licensor insofar as the Clips and Stills are concerned (and, upon Licensor’s request, subject to Section 8.8,
the Licensed Uses will bear a specific copyright notice for the Clips and Stills in a form required by Licensor). Notwithstanding anything in this Section 4.5(f) to the contrary, however, in the event that Licensor or any of its affiliates owns
any of the rights to any music included in a Clip or Still that is approved for use pursuant to this Agreement by Licensor, **** Licensee shall be required to pay any composer, performer or other third party **** (to the extent that any such
composer, performer or other third party is entitled to be compensated beyond the compensation that may be provided pursuant to the blanket licenses from the ASCAP, BMI and SESAC performing rights societies that Licensee holds with respect to the
Theme Park). ****. Such good faith consideration shall include whether the music is used as a featured element and how much music is used, with the final decision being in the sole and absolute, but good faith, discretion of Licensor. 
 (g) Licensor shall not charge Licensee its customary clip or still licensing fee for use by Licensee of a reasonable number of Clips
and Stills, provided that Licensee shall reimburse Licensor for all actual and direct laboratory and other reproduction charges and all other direct costs and expenses incurred by Licensor in making the Clips and Stills available. Such reimbursement
shall be made promptly on receipt of Licensor’s invoice therefor. 
 4.6 It is understood and agreed that the Author
has retained certain rights, including without limitation certain print and audiobook publishing rights and stage performance rights, relating to the Books (provided that Licensor has the right to license the Licensed Uses to Licensee as set forth
in this Agreement). All such rights retained by the Author, and animation and non-Author written sequel rights, are specifically excluded from the grant of rights to Licensee hereunder, subject to approval by the Author to be sought if at all only
by Licensor. Licensee may not publish, conduct a live reading from, re-enact, or reproduce extracts from the Books. **** retains the specific right to approve all Text and Verbiage used by licensees of the Licensed Property, including, without
limitation, Text and Verbiage included on products, product packaging, rides and attractions, voice recordings, promotional materials, advertising and signage. Licensee shall comply with Licensor’s procedure for approval of Text and Verbiage,
as set forth in the Brand Guidelines. Upon receipt from Licensee of a request for Text and Verbiage approval in connection with the Licensed Uses, Licensor shall diligently endeavor to obtain such approval ****. 
 4.7 Licensee shall not, without the prior written consent of Licensor, use, display or promote, at the Themed Area, or in
advertising, promotion or publicity for the Themed Area (or for the Resort or the Theme Park if such materials refer to the Themed Area, except as specifically set forth in Section 3.16 above), any logo, trademark, service mark, trade name or
other mark or name except for those associated with the Licensed Property and approved by Licensor for such use pursuant to Section 3 above, and except for (a) the name and logo of the Theme Park and/or the Resort, (b) the logos
and/or marks of manufacturers of the following guest convenience items and such other guest convenience items as may be approved by Licensor on a case by case basis in the sole and absolute but good faith discretion of Licensor: bottled water,
sunblock, film and batteries, and hand cleaning solutions that are sold in the Themed Area, as such logos and/or marks appear on the guest convenience items themselves (except, especially in the case of bottled water, no name or logo that is
associated with candy, confection, soft drinks, or other products perceived by the public as being high in sugar content, may

  

 - 15 - 

 
appear prominently on such guest convenience items), (c) at or near points of sale within the Themed Area, discretely placed logos of credit card companies whose payment service products are
accepted for payment at such points of sale, and (d) within restrooms within the Themed Area, a discretely placed logo of Licensee’s soap and cleaning agent provider. 
  

	5.	CONSUMABLES, LICENSED PRODUCTS AND LICENSED PREMIUMS: 

 5.1 Licensee shall have the right, subject to Licensor’s prior written approval, in the sole and absolute but good faith discretion of Licensor, to manufacture (or cause to be manufactured by
third party manufacturers) Licensed Products, Consumables and Licensed Premiums for approved Licensed Uses. 
 5.2
Licensor shall have the right to approve in writing any and all such manufacturers referenced in Section 5.1 above (provided that Licensor shall not unreasonably withhold its approval of any manufacturer that Licensee has previously used to
manufacture merchandise, except for food/beverage manufacturers, offered for sale or distributed as premiums at the Theme Park or the Resort), and, subject to Section 6.2, Licensor shall receive Royalties from Licensee with respect to all such
Licensed Products (including food/beverage items to the extent included within the definition of “Licensed Products”) and Licensed Premiums as specified in Section 6.2(a). All such manufacturers shall execute a letter in the form of
Exhibit 1 attached hereto (or an agreement that is, in all material respects, in the form of Licensee’s standard form of Merchandise Vendor Agreement, as set forth in Exhibit 4 attached hereto). 
 5.3 Licensee may not sell or distribute at the Themed Area any products other than the Licensed Products, the Licensed Premiums and
Consumables, without the prior written approval of Licensor in each and every instance, such approval to be granted or denied in the sole and absolute but good faith discretion of Licensor. Notwithstanding the foregoing, Licensee may also sell and
distribute at the Themed Area, the guest convenience items referenced in Section 4.7 above, provided that (a) there shall be no advertising or promotional signage or other identification bearing the names or logos of the manufacturers of
such guest convenience items within the Themed Area, except as may be set forth on the guest convenience items themselves, (b) guest convenience items shall not constitute more than **** of the total merchandise and food/beverage items offered
for sale or distribution within the Themed Area, and (c) no food/beverage item other than bottled water shall be considered a guest convenience item unless approved by Licensor in its sole and absolute discretion. Licensee may not utilize the
names or logos of any third parties in advertising, publicity or promotion for the Themed Area (or for the Resort or the Theme Park if such materials refer to the Themed Area, except as specifically set forth in Section 3.16 above), without the
prior written approval of Licensor in each and every instance, such approval to be granted or denied in the sole and absolute discretion of Licensor. In no event shall Licensee have the right to utilize the Licensed Property in any manner in
connection with any third party joint promotional use, advertising or sponsorship arrangements of any kind, including without limitation, any use which could in any way be construed as a commercial tie-up, without the prior written approval of
Licensor in each and every instance, such approval to be granted or denied in the sole and absolute discretion of Licensor. 
  

 - 16 - 

	6.	CONSIDERATION: 

 6.1 Guaranteed Fee. 
 (a) Initial Term. Licensee shall pay to Licensor a nonrefundable,
non-recoupable fee (the “Guaranteed Fee”) in the amount of **** for the Initial Term, payable as follows and subject to increases pursuant to Section 6.1(d): 
 **** payable within fifteen (15) days after the execution of this Agreement; 
 **** payable on the earlier of (i) the Grand Opening of the Themed Area, or (ii) July 1, 2009; 
 ****
payable on or before July 1, 2010; 
 **** payable on or before July 1, 2011; 
 **** payable on or before July 1, 2012; 
 **** payable on or before July 1, 2013; 
 **** payable on or before
July 1, 2014; 
 **** payable on or before July 1, 2015; 
 **** payable on or before July 1, 2016; 
 **** payable on or before July 1, 2017; and 
 **** payable on or before
July 1, 2018. 
 (b) First Renewal Term. In the event Licensee exercises its option to renew this Agreement for the
First Renewal Term, Licensee shall pay to Licensor an additional Guaranteed Fee amount of ****, payable as follows and subject to increases pursuant to Section 6.1(d): 
 **** payable on or before July 1, 2019; 
 **** payable on or before
July 1, 2020; 
 **** payable on or before July 1, 2021; 
 **** payable on or before July 1, 2022; and 
 **** payable on or before July 1, 2023. 
 (c) Second Renewal Term. In
the event Licensee exercises its option to renew this Agreement for the Second Renewal Term, Licensee shall pay to Licensor an additional Guaranteed Fee amount of ****, payable as follows and subject to increases pursuant to Section 6.1(d):

 **** payable on or before July 1, 2024; 
 **** payable on or before July 1, 2025; 
 **** payable on or before
July 1, 2026; 
 **** payable on or before July 1, 2027; and 
 **** payable on or before July 1, 2028. 
 (d) The Guaranteed Fee payments set forth above, commencing with the Guaranteed Fee payment due on or before July 1, 2012, are subject to increase every three years, by a percentage

  

 - 17 - 

 
equal to the percentage increase in the Consumer Price Index (all urban customers), U.S. City Average, All Items, published by the United States Department of Labor, Bureau of Labor Statistics,
1982-84 = 100 (or any successor or replacement index) (the “CPI”), from the month of May 2006 through the month of May in the year that is the first year of each such three-year period. For example, the Guaranteed Fee payment due on
July 1, 2012 shall be increased by a percentage equal to the percentage increase in the CPI from May 2006 through May 2012. The Guaranteed Fee payments due on July 1, 2013 and July 1, 2014 shall likewise be increased by a percentage
equal to the percentage increase in the CPI from May 2006 through May 2012, but the Guaranteed Fee payment due on July 1, 2015 shall be increased by a percentage equal to the percentage increase in the CPI from May 2006 through May 2015 (and
similarly for the Guaranteed Fee payments due on July 1, 2016 and July 1, 2017), and so on and so forth. 
 6.2
Royalties. Licensee shall pay Licensor royalties (“Royalties) as follows: 
 (a) Licensed Product and
Licensed Premium Royalties. Subject to Section 6.2(d), Licensee shall pay royalties to Licensor with regard to sales of Licensed Products and Licensed Premiums at the rate of **** of the Wholesale Price. It is understood and agreed that
Licensee shall be entitled to purchase Licensed Products and Licensed Premiums from other licensees of Licensor and, in such cases, if the other licensee of Licensor is required to pay a royalty to Licensor in connection with such sale, Licensee
shall have no liability to pay Licensed Product or Licensed Premium Royalties to Licensor in connection with the purchase or sale of same. Licensor shall supply Licensee, upon Licensee’s request, with a list of Licensor’s other licensees
that produce Licensed Products and Licensed Premiums (including a list of the categories of Licensed Products and Licensed Premiums that such other licensees are authorized to produce). 
 (b) Other Royalties. Subject to Section 6.2(c) and Section 6.2(d), for sales of merchandise other than Licensed
Products and Licensed Premiums, such as photographs taken by Licensee (or by Licensee’s concessionaire) of patrons on themed rides or in themed areas of the Themed Area, that are based upon, derived from or include any element of the Licensed
Property, as well as Clips and Stills in which images of guests are incorporated through “green screen” technology and then sold to such guests as souvenir merchandise, Licensee shall pay Royalties to Licensor at the rate of ****. No
royalties shall be payable to Licensor in connection with photographs or video or audio recordings that guests take or record in the Licensed Area on their own. 
 (c) Consumables. ****. 
 (d) Park Compilation
Merchandise. Subject to Licensor’s approval as provided in Section 3, Licensee shall have the right to include Licensed Property elements and photographs, audio recordings, video recordings, and digital images and recordings of the
Themed Area and of rides, attractions, merchandise venues, food/beverage venues, entertainers and other elements of the Themed Area in DVD’s, videocassettes, and other merchandise that may be approved on a case by case basis in the sole and
absolute but good faith discretion of Licensor, that contain a wide variety of the different attractions, characters and other intellectual properties used at the Theme Park or the Resort (“Park Compilation Merchandise”). Royalties and
Consulting Fees shall be paid to Licensor with respect to Park Compilation Merchandise, at the rates specified in Sections 6.2(a) and 6.3 for Licensed Products and Licensed Premiums, provided that the Royalties and Consulting Fees for Park
Compilation Merchandise items shall be equitably apportioned on a pro-rata basis, such that Licensor shall receive a portion of its usual Royalties and Consulting Fees equal to the proportion that the Licensed Property elements and photographs,
audio recordings, video recordings, and digital images and recordings of the

  

 - 18 - 

 
Themed Area and of rides, attractions, merchandise venues, food/beverage venues, entertainers and other elements of the Themed Area used, depicted, contained in and/or referenced in such Park
Compilation Merchandise item bear to the total number of all intellectual property elements used, depicted, contained in and/or referenced in such Park Compilation Merchandise item. 
 6.3 Consulting Fee. Consistent with its normal business practices, Licensor will reasonably cooperate with Licensee in making
available to Licensee, at Licensor’s actual out-of-pocket cost, including actual duplication and shipping costs (but without any markup), information, artwork, Clips, Stills, music, voice tracks and other relevant materials in order that
Licensee can creatively develop the Themed Area, the Licensed Products, the Licensed Premiums, the Consumables, and advertising, marketing and promotional materials in connection therewith. Among other things, Licensor shall supply to Licensee, free
of charge, master artwork and Style Guides with respect to the Licensed Property (and updates thereof from time to time), to assist Licensee in correctly depicting the Licensed Property in the Themed Area, the Licensed Products, the Licensed
Premiums, the Consumables, and the advertising, marketing and promotional materials in connection therewith. Licensor shall also consult with Licensee in connection with the development of the Themed Area, the Licensed Products, the Licensed
Premiums, the Consumables, and the advertising, marketing and promotional materials in connection therewith, and, as more specifically set forth in Section 3, Licensor shall review and shall approve or disapprove all such items. For all of such
services to be provided by Licensor, subject to Section 6.2(d), Licensee shall pay Licensor a consulting fee of ****. 
 6.4 Pass Through Amounts. Licensee shall reimburse Licensor, without markup, for 100% of amounts (“Pass Through Amounts”) that Licensor may be required to pay to third parties for the exercise of the exploitation of
any of the rights granted to Licensee herein (e.g., payment of a participation for use of a performer’s name and likeness, guild mandated fees, etc.). To the best of Licensor’s knowledge as of the date hereof, Exhibit 3 attached hereto
contains a list of all third parties who may be due Pass Through Amounts by reason of contract with Licensor (excluding obligations pursuant to collective bargaining agreements) in order for Licensee to use the Licensed Property for the Licensed
Uses, and the Pass Through Amounts payable in connection therewith. In the event that, after the date of this Agreement, Licensor acquires knowledge of any other third parties to whom Pass Through Amounts may be due by reason of contract with
Licensor (excluding obligations pursuant to collective bargaining agreements) in order for Licensee to use the Licensed Property for the Licensed Uses, Licensor will provide prompt written notice thereof to Licensee which notice shall include the
Pass Through Amounts payable in connection therewith. 
 6.5 Capital Expenditure. Licensee shall spend on the
initial capital expenditure to build out the Themed Area such sums as may be necessary to create a first class, world class level themed area unsurpassed by any other themed area in any destination theme park worldwide (at a minimum, equivalent to
the quality of the Theme Park as of the date of this Agreement). Such capital expenditure shall in no event be less than ****. After the opening of the Themed Area, Licensee shall continue to expend on the Themed Area such sums as are necessary to
maintain the Themed Area as a first class, world class level themed area unsurpassed by any other themed area in any destination theme park worldwide (at a minimum, equivalent to the quality of the Theme Park as of the date of this Agreement) ****
Licensee shall pay particular attention to incorporating within the Themed Area elements from the final two Movies, and shall implement such elements into the Themed Area such that elements from the final two Movies are represented in the Themed
Area in a generally similar per-Movie proportion as elements from the first five Movies. All capital improvements to the Themed Area shall be developed through a collaborative process between Licensor and Licensee, and shall be subject to
Licensor’s approval as provided in Section 3. 
  

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 6.6 No Offset. None of the types of consideration set forth in this
Section 6 shall offset against any other type of consideration set forth in this Section 6. Each is an independent obligation without any recoupment or offset of any kind. By way of example, and without limiting the generality of the
foregoing, the Licensed Product Royalties payable pursuant to Section 6.2 shall be in addition to and shall not offset or accrue against the Guaranteed Fee payable pursuant to Section 6.1. 
 6.7 **** Likewise, the provisions of this Section 6.7 are inapplicable to any agreement that may have been entered into by any
entity, portfolio company or fund affiliated with The Blackstone Group (other than Licensee), if such agreement is not in connection with the Resort or any portion thereof. In addition, the provisions of this Section 6.7 are inapplicable to the
“special fee” that is paid by Licensee under the Amended and Restated Agreement of Limited Partnership of Universal City Development Partners, Ltd., as such agreement may be amended from time to time, and to any amounts that may be payable
by Licensee, or by its successor or assign, under any license agreement referenced in Section 13.7(a). 
  

	7.	STATEMENTS AND PAYMENTS: 

 7.1 Periodic Statements. Within thirty (30) days after the end of the first calendar quarter after the date of this Agreement and promptly on the thirtieth (30th) day after the end of each calendar quarter thereafter,
Licensee will furnish to Licensor complete and accurate statements, certified as such, in writing, by an officer or other authorized principal representative of Licensee. Accompanying each statement will be the indicated payment. Each statement
shall show: 
 (a) For Guaranteed Fee, Royalties, **** and other calculation purposes: 
 (i) with respect to all Licensed Products, Licensed Premiums and Consumables manufactured on behalf of Licensee or that Licensee has
purchased royalty-free from other licensees or designees of Licensor during the preceding calendar quarter: 
 (1) the
total number of units of each Licensed Product, Licensed Premium and Consumable manufactured, purchased or received by Licensee during the preceding calendar quarter; 
 (2) the country or countries where such Licensed Products, Licensed Premiums and Consumables were manufactured, purchased and received; 
 (3) a Description (as such term is defined below) of such Licensed Products, Licensed Premiums and Consumables; 
 (4) the Wholesale Price for all such Licensed Products, Licensed Premiums and Consumables; 
  

	 	(ii)	**** but that is not included in Licensed Products, Licensed Premiums or Consumables (as set forth in Section 6.2(b) above), ****; and 

  

	 	(iii)	a calculation of the Royalties and Consulting Fees. 

  

 - 20 - 

 (b) Such other information as Licensor may reasonably require to verify the accuracy
of the payments accompanying each periodic statement. 
 7.2 Such statements will be in a format required by Licensor (as
may be periodically revised by Licensor), or such other format as may be proposed by Licensee and approved by Licensor in the reasonable discretion of Licensor. Receipt or acceptance by Licensor of any of the statements furnished pursuant to this
Agreement or of any sums paid hereunder will not preclude Licensor from questioning the correctness thereof at any time within five (5) years after the end of the calendar year in which such statements were prepared, or such sums were paid, and
in the event that any inconsistencies or mistakes are discovered in such statements or payments, they will promptly be rectified and the appropriate payments made by Licensee. For purposes of this Agreement, the term “Description” means a
detailed description of the Licensed Products, Licensed Premiums and Consumables including the nature of each of the Licensed Products, any and all names, voices, and likenesses, of either live actors or animated characters, from the Licensed
Property utilized on the Licensed Products, Licensed Premiums and Consumables and/or any related packaging and/or wrapping material, and any other components of the Licensed Property utilized on the Licensed Products, Licensed Premiums and
Consumables and/or any related packaging and/or wrapping material. In the event Licensor is responsible for the payment of any additional third party participations based on Licensee not reporting by character name, voice and likeness or by other
components of the Licensed Property as requested by Licensor, Licensee will be responsible for reimbursing Licensor for the full amount of all such third party claims, including without limitation, the participation itself, audit and attorneys’
fees (in each case, to the extent actually required to be paid by Licensor to the third party) and interest. Licensee understands and agrees that the inclusion of the Description on all statements by Licensee is a material term and condition of this
Agreement. 
 7.3 Delivery Information for Statements and Payments. Licensee will deliver all statements and
payments to Licensor pursuant to instructions given to Licensee by Licensor in writing. On all statements and payments required hereunder, Licensee will reference the contract number(s) set forth on the first page of this Agreement (and/or such
other contract number(s) designated by Licensor in a written notice to Licensee). Methods for delivery of statements may include United States mail, express courier service, e-mail, facsimile, or wire transfer. 
 7.4 Books and Records; Right to Audit. Licensee shall keep, maintain and preserve, in Licensee’s principal place of
business, complete and accurate records relating to Licensee’s performance under this Agreement, including, without limitation, purchase orders, inventory records, invoices, correspondence, banking and financial and other relevant records, for
no less than five (5) years and six (6) months after the end of the year with respect to which such records pertain, including any such time period that may occur after the expiration or termination of the Term. Such records shall be
available for inspection and audit during any such times during reasonable business hours and upon reasonable notice by Licensor or its nominees. Licensee agrees not to cause or permit any interference with Licensor or nominees of Licensor in the
performance of their duties, and Licensor agrees that Licensor and its nominees shall minimize the disruption and interference that they cause to Licensee’s business operations. During such inspections and audits, Licensor will have the right
to take extracts and/or make copies of Licensee’s records as it deems necessary. Further, upon Licensor’s request and in connection with any inspection and audit conducted by Licensor pursuant to this Agreement, Licensee shall use
commercially reasonable efforts to provide Licensor with access to the records of Licensee’s affiliates, third party distributors, vendors and customers relating to purchases and sales of Licensed Products, Licensed Premiums, Consumables and
any services provided in connection with the performance of this Agreement. 
  

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 7.5 No Waiver of Rights. The exercise by Licensor in whole or in part, at any
time of the right to audit records and accounts or of any other right herein granted, or the acceptance by Licensor of any statement or statements or the receipt and/or deposit by Licensor, of any payment tendered by or on behalf of Licensee will be
without prejudice to any rights or remedies of Licensor and such acceptance, receipt and/or deposit will not preclude or prevent Licensor from thereafter disputing the accuracy of any such statement or payment. 
 7.6 Deficiencies. If pursuant to its right hereunder Licensor causes an audit and inspection to be instituted which thereafter
discloses a deficiency between the amount found to be due to Licensor and the amount actually received or credited to Licensor (the “Deficiency”), then, Licensee will, upon Licensor’s demand, promptly pay the Deficiency, together with
interest thereon at a rate equal to the “prime” rate, as quoted by the Wall Street Journal (New York Edition) from time to time, plus 3% (or the maximum rate permissible by law, if less), from the date such Deficiency was due to the date
of payment. In addition, if the Deficiency is more than five percent (5%) of all Royalties paid by Licensee during the period covered by such audit and inspection, then Licensee will reimburse Licensor for the reasonable costs and expenses of
such audit and inspection. 
 7.7 Exchange Rates. All payments of the Guaranteed Fee, Royalties and Consulting Fee
and any other amounts payable to Licensor hereunder will be paid to Licensor in U.S. Dollars. If applicable, each such payment will be converted to U.S. Dollars at the applicable exchange rate quoted by the Wall Street Journal (New York Edition)
published as of the date such payment is actually paid to Licensor; provided, however, that if the amount converted to U.S. Dollars is less than the stated U.S. Dollar amounts specified in Section 6 due to the conversion of any payment to
Licensor being made after the applicable due date for such payment or otherwise, Licensee will be solely responsible for any shortfall and will pay to Licensor the difference in U.S. Dollars (together with any required interest) when the payment is
remitted. Licensee will bear all costs for such conversion. Further, Licensee will indicate on each statement related to any converted payment the amount of the payment in the original currency before conversion, the actual exchange rate used to
convert the payment and the amount of the payment in U.S. Dollars. 
  

	8.	USE, OWNERSHIP AND PROTECTION OF INTELLECTUAL PROPERTY: 

 8.1 Use and Ownership 
 (a) Licensee covenants and agrees
that, as between Licensee and Licensor, Licensor retains all right, title, interest and copyright in and to the Licensed Property. 
 (b) Licensor and Licensee agree that Licensee’s use of the Licensed Property is conditional upon Licensor obtaining the rights and goodwill resulting from such use. Licensee recognizes the value of the publicity and goodwill
associated with the Licensed Property and acknowledges that such goodwill shall inure exclusively to the benefit of Licensor. Licensee further recognizes and acknowledges that the Licensed Property has acquired a secondary meaning as Licensor’s
trademarks and/or identifications in the mind of the public. Licensee further recognizes and acknowledges that a breach by Licensee of any of its covenants, agreements or undertakings hereunder with respect to the Licensed Property will cause
Licensor irreparable damage, which cannot be readily

  

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remedied in damages in an action at law, and may, in addition thereto, constitute an infringement of Licensor’s copyrights, trademarks and/other proprietary rights in, and to the Licensed
Property, thereby entitling Licensor to equitable remedies and costs. 
 8.2 Artwork, Copyright and Trademark
Notices. Subject to Sections 8.3 and 8.4 below, Licensee further agrees and acknowledges that all intellectual property rights in any uses of the Licensed Property hereunder, including without limitation, additional material that uses, exploits
or derives from the Licensed Property, new versions of the Licensed Property, and translations, adaptations, rearrangements of or other changes in or relating to the Licensed Property (collectively, the “Licensed Property Developments”),
which are created by or for Licensee, as between Licensor and Licensee, shall be and will remain the exclusive property of Licensor, and the same shall be and will remain a part of the Licensed Property, as the case may be, under the terms and
conditions of this Agreement. Notwithstanding the foregoing, the parties agree that the Licensed Property Developments do not include any elements created by Licensee, solely or jointly with any third party, or licensed to Licensee from a third
party, that do not use, exploit or derive from the Licensed Property, nor any intellectual property rights related thereto; for avoidance of doubt, the Licensed Property Developments do not include the Other Developments. Accordingly, Licensee
agrees that any and all Licensed Property Developments will be deemed, to the extent possible, a “work made for hire” for Licensor under the U.S. Copyright Act (or a “commissioned work” or other designated type of work under any
other applicable similar laws of other jurisdictions that provide that such work is owned by the party that commissions or otherwise directs another party to create such work). Licensor will be deemed the author and the exclusive owner of such
Licensed Property Developments, and all copyrights, trademark rights and other intellectual property rights therein (to the extent any such rights exist), in perpetuity and throughout the universe, in all media now known and, to the extent permitted
under applicable law, any and all media later devised. To the extent any such Licensed Property Developments cannot be deemed a “work made for hire” as set forth above, Licensee hereby assigns to Licensor all right, title and interest in
and to such Licensed Property Developments, including all copyrights, trademark rights and other intellectual property rights therein (to the extent any such rights exist), in perpetuity and throughout the universe, and all extensions, renewals and
reversions of the same. Licensee will execute, at Licensor’s request and expense, all documents and other instruments necessary or desirable to confirm such assignment. Licensee hereby irrevocably appoints Licensor as Licensee’s
attorney-in-fact for the purpose of executing such documents on Licensee’s behalf, which appointment is coupled with an interest. If Licensee has any rights, including without limitation “artist’s rights” or “moral
rights,” in such Licensed Property Developments that cannot be assigned, Licensee hereby waives any such rights and agrees that it will not seek to enforce such rights against Licensor in any location and, further, agrees that Licensor will
have the right to revise, condense, abridge, expand, adapt, change, modify, add to, subtract from, re-title, re-draw, re-color, translate and otherwise modify such Licensed Property Developments without the consent of Licensee. In the event that any
of the above-referenced rights cannot be assigned or waived, Licensee hereby grants to Licensor, an exclusive (but not exclusive of Licensee’s rights under this Agreement), worldwide, irrevocable, perpetual, fully-paid, royalty-free, freely
transferable license to use, reproduce, distribute, create derivative works of, publicly perform, publicly display and digitally transmit such Licensed Property Developments for any purpose in any and all media now known and, to the extent permitted
under applicable law, any and all media later devised (including, without limitation, all paper, canvas, transparencies and other two dimensional media used to depict drawings, designs, written information and the like, all metal, plastic, wood and
other three dimensional media used to create sculptures, molds, models and the like, and all cassettes, computer hard drives, DVDs, CD-ROMs and other electronic storage media used to store voice-recordings, software programs, digital, optical,
numerical, magnetic data and the like). Licensee reserves no intellectual property rights whatsoever in or to any such Licensed Property Developments. Licensee acknowledges that Licensor will have the right,

  

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without limitation of any other rights and remedies to which Licensor may be entitled, at law, in equity or otherwise, but subject to Licensee’s cure rights as set forth below, to terminate
this Agreement in the event Licensee asserts any intellectual property rights (other than those specifically granted pursuant to this Agreement) in or to such Licensed Property Developments or any of the other Licensed Property. In no event will
Licensor be required to attribute to Licensee, any of Licensee’s employees or any third party recognition or otherwise identify any such party as an author, creator or contributor to any Licensed Property Developments created by Licensee,
solely or jointly with Licensor or any third party, in connection with this Agreement, provided that Licensee may request, subject to the sole and absolute, but good faith, discretion of Licensor, on a case by case basis, that Licensee’s and
Licensor’s respective employees, vendors and independent contractors who conceive, create, design, construct and/or otherwise contribute to the Themed Area receive appropriate credit for such matters in connection with any applicable trade or
industry awards (e.g., the Themed Entertainment Association awards). 
 8.3 In no event may any third party commence work
on anything to be created in connection with this Agreement unless Licensee obtains Licensor’s specific written approval of such third party pursuant to a fully executed Contributor’s Agreement in the form attached hereto as Exhibit 2 or
such other form as may be required by Licensor (except that Licensee may, without Licensor’s consent, use designers, manufacturers and vendors of ride and show equipment, engineers and other technical personnel, general contractors, specialty
subcontractors, film and video producers, special effects developers, and other consultants that Licensee has used in the past (except in the area of food and beverage where all such persons or entities are subject to the approval or disapproval of
Licensor in the sole and absolute discretion of Licensor), as long as each such party signs an appropriate agreement with Licensee based upon a standard form agreement that has been approved by Licensor (or an agreement that conforms in all material
respects to such approved standard form agreement), under which such party acknowledges that it has no rights in, or claims upon, the Licensed Property, the Licensed Property Developments, any Other Developments (other than any patented or
proprietary portion thereof as to which such party owns any rights that do not use, exploit or derive from the Licensed Property), or any other item created or work performed by such party under such agreement; provided, however, that, pursuant to
Licensee’s pre-existing agreement with Amec Structural Devices Limited (together with its successors and assigns, “Amec”), such entity has the right, under certain circumstances, to license from Licensee the technology developed
pursuant to such agreement for any purpose other than an amusement ride in the State of Florida containing more than **** (Licensee represents and warrants that such technology does not constitute a Licensed Property Development and that Amec has no
rights with respect to the Licensed Property or any Licensed Property Development). Licensor may, however, in the sole and absolute but good faith discretion of Licensor, require Licensee to hire specific consultants to advise Licensee with regard
to specific uses of the Licensed Property in connection with the Licensed Uses in order to ensure that the execution of such Licensed Uses is consistent with Licensor’s requirements, provided that (i) Licensee, acting in good faith, is
able to reach an agreement with each such consultant as to the compensation to be paid and benefits to be provided by Licensee to such consultant, (ii) Licensor designates the specific consultants to be hired by Licensee sufficiently in advance
of the time that the services to be rendered by such consultants are required to be rendered, as set forth in Licensee’s then-current Licensor approved Business Plan, and (iii) such consultants are available to render the services required
by Licensee in accordance with the schedule and budget set forth in the then-current Licensor approved Business Plan. Such consultants shall include **** and may include others, for example, without limitation, pertaining to the area of food and
beverages to be sold at the Themed Area, scripting of ride narration, ride design and general theming of the Themed Area. In the case of ****, it is understood and agreed that Licensee shall pay **** the sum of ****, within fifteen (15) days
after the execution of this Agreement, for consultation with regard to the design and development of the Themed Area, Licensed Products and Licensed Premiums, including specifically,

  

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food and beverages to be sold at the Themed Area, scripting of ride narration, ride design and general theming of the Themed Area. Licensor and Licensee understand and agree that, except to the
extent stated to the contrary in Section 3.5, above, under no circumstances will Licensee be required to pay any additional compensation to **** or ****, it being understood that all other payments to **** and to **** with respect to the rights
granted to Licensee under this Agreement and with respect to any other consulting services provided by **** or by **** with respect to this Agreement will be the sole responsibility of Licensor, unless Licensee, at its sole and absolute discretion,
wishes to engage **** or **** for additional services and comes to further agreement with either or both of them. 
 8.4
Reproduction. Without in any manner restricting any of the rights of Licensor set forth in this Agreement, it is specifically understood and agreed that Licensor shall have the right to reproduce, and use any reproductions of, the Licensed
Property Developments and anything else developed by Licensee pursuant to this Agreement, for use at the Themed Area or elsewhere, to the extent that it uses, exploits or derives from the Licensed Property (such developments including but not
limited to product formulations of food and beverage, graphics and scripts), in any other theme park or outside of a theme park, subject only to Licensee’s right of exclusivity set forth in Section 2.1 above. Notwithstanding the preceding
sentence, for the avoidance of doubt, the parties expressly agree that Licensor is not granted, by virtue of this Agreement, any right to reproduce, or use any reproductions of, any patented elements, trade secrets, proprietary technology,
proprietary methods or other proprietary items of Licensee or of any third party that may be incorporated or utilized in conjunction with any Licensed Property Developments or Licensed Uses, except any portion of the foregoing solely to the extent
that such portion uses, exploits or derives from the Licensed Property (such patented elements, trade secrets, proprietary technology, proprietary methods and other proprietary items of Licensee or of any third party that may be incorporated or
utilized in conjunction with any Licensed Property Developments or Licensed Uses, except any portion of the foregoing solely to the extent that such portion uses, exploits or derives from the Licensed Property, are collectively referred to herein as
the “Other Developments”). By way of examples, (a) if Licensee develops a portion of a ride vehicle that contains images of Licensed Property characters, or that is in the shape of any such character, Licensor will own the
intellectual property rights in, and will have the right to reproduce, and use any reproductions of, such image or shape, which intellectual property rights shall be considered to be Licensed Property Developments, but Licensor shall not own, and
shall not have the right to reproduce, or use any reproductions of, any of the patented elements, trade secrets, proprietary technology, proprietary methods or other proprietary items used in connection therewith (unless Licensor otherwise obtains
such rights from Licensee or relevant third party), which patented elements, trade secrets, proprietary technology, proprietary methods and other proprietary items used in connection therewith shall be considered to be Other Developments, and
(b) if Licensee creates a special effect that depicts any Licensed Property character, such as a pyrotechnic effect in the shape of a Licensed Property character or a pyrotechnic effect that embodies a “wizard magic” element contained
within the Licensed Property, Licensor will own the intellectual property rights in, and will have the right to reproduce, and use any reproductions of, such character depiction or shape or such “wizard magic” element, as applicable, which
intellectual property rights shall be considered to be Licensed Property Developments, but Licensor shall not own, and shall not have the right to reproduce, or use any reproductions of, any of the patented elements, trade secrets, proprietary
technology, proprietary methods or other proprietary items used in connection therewith (unless Licensor otherwise obtains such rights from Licensee or relevant third party), which patented elements, trade secrets, proprietary technology,
proprietary methods and other proprietary items used in connection therewith shall be considered to be Other Developments. 
 8.5 If Licensee desires to use depictions of the Licensed Property that vary from those set forth in the Style Guide(s), Licensee will make a request to Licensor to such effect, and if such request is

  

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approved, in the sole and absolute but good faith discretion of Licensor, Licensor will approve Licensee going forward with development of artwork based upon the Licensed Property or, if
requested by Licensee and approved by Licensor, prepare and deliver appropriate artwork to Licensee. Where Licensor furnishes artwork to Licensee at Licensee’s request, Licensee will, within thirty (30) days of receiving an invoice
therefor, pay Licensor for such artwork at Licensor’s prevailing commercial art rates. Any such fees are in addition to, and will not be offset by, any Guaranteed Fee or other consideration required hereunder. 
 8.6 If Licensor expressly consents, as set forth in Section 8.5 above, to permit Licensee to develop artwork based upon the
Licensed Property, Licensor may prescribe such conditions as Licensor may elect in its sole and absolute but good faith discretion. In any event, Licensee shall assign or procure the assignment in writing of all rights, copyright and otherwise, in
and to any artwork or other material referring to, pertaining, derived from or otherwise relating to the Licensed Property, including any and all newly created elements which may be marketed in connection with the Licensed Property and the Licensed
Uses, and it is intended that this provision shall take effect as an assignment of prospective copyrights in works yet to be created by or for Licensee referring to, displaying, derived from or otherwise relating to the Licensed Property. Licensee
further undertakes to take all and any steps necessary for the recordal or registration of the assignment(s) referred to hereinabove. Any artwork created by or for Licensee pursuant to this Section 8.6 shall constitute a Licensed Property
Development. 
 8.7 Protection. 
 (a) Licensee shall assist Licensor and/or Licensor’s designees, at no out-of-pocket cost to Licensee, as requested by Licensor in obtaining and maintaining in the name of Licensor any and all
available protection of its rights in and to the Licensed Property. Licensee agrees, at no out-of-pocket cost to Licensee, to sign documents, give testimony, provide exhibits, provide facts, give notices and otherwise cooperate with Licensor or any
of its affiliates, agents or representatives in obtaining registrations, assignments, certificates and the like evidencing the rights of Licensor or its affiliates in the Licensed Property, including without limitation, any Licensed Uses.

 (b) Licensor may, if it so desires, commence or prosecute any actions, claims, suits or proceedings in respect of
infringement of rights in the Licensed Property and may, if it so desires, join Licensee as a party in such suit (provided that Licensee shall not incur any out-of-pocket costs in connection with any such suit, and Licensor shall defend, indemnify
and hold harmless Licensee from and against any and all loss, cost, expense, damage and liability that Licensee may incur in connection with such suit). Licensee shall notify Licensor in writing of any activities which Licensee believes to be
infringements or utilization by others of any of the Licensed Property. Licensor shall have the sole and absolute right to determine whether or not any such action, claim, suit or proceeding shall be undertaken by Licensor and shall have absolute
discretion in the accommodation or settlement of any controversy relating thereto. Licensee shall not institute any such action, claim, suit or proceeding or take any other action with respect to any such infringement or activity without first
obtaining the written consent of Licensor to do so. 
 (c) As more particularly set forth in Section 8.8, Licensee
shall cause to be imprinted, irremovably and legibly in relation to each Licensed Use of the Licensed Property (in tangible form), including without limitation, any signage, printed materials, advertising, Licensed Products and any other use, the
copyright and/or trademark notice(s) (or such other notice as may be approved by Licensor) including if Licensor so directs specified copyright and trademark symbols, the name of Licensor affiliate or division that owns the intellectual property and
the year date. 
  

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 (d) In no event shall Licensee use, in respect to the Licensed Uses or any other
approved use of the Licensed Property hereunder and/or in relation to any advertising, promotional, packaging or wrapping material, any copyright or trademark notices which shall conflict with, be confusing with, or negate, any notices required
hereunder by Licensor. Licensee may, however, in respect to the Licensed Uses or any other approved use of the Licensed Property hereunder and/or in relation to any advertising, promotional, packaging or wrapping material, use Licensee’s house
mark (e.g., the Universal Studios globe logo), the name and logo of the Theme Park and/or the Resort, and Licensee’s own copyright and trademark notices, as long as (i) none of the foregoing are touching or otherwise co-mingled with any
Licensed Property, (ii) it is clear that Licensee’s copyright and trademark notices refer only to Licensee’s house mark, the name and logo of the Theme Park and/or the Resort, and/or other elements supplied by Licensee, and not to the
Licensed Property or any part thereof, and (iii) it is clear that Licensee is not making any claim of ownership in or to the Licensed Property or any part thereof. Moreover, Licensor acknowledges that the Licensed Property may, in Theme Park
maps, brochures and advertising and marketing materials, and in Park Compilation Merchandise, be used in conjunction with trademarks and copyrighted material of third parties from whom Licensee licenses intellectual property rights used at the Theme
Park, subject to Licensor’s approval in its sole and absolute, but good faith, discretion, provided that (i) the Licensed Property shall not touch or be commingled with such third party trademarks or copyrighted material, and
(ii) proper copyright and trademark notices for the Licensed Property and for the third party trademarks and/or copyrighted material shall be used in the Theme Park maps, brochures and advertising and marketing materials, and in the Park
Compilation Merchandise, so that it is clear that Licensor is the owner of the Licensed Property and that the third party is the owner of the third party trademarks or copyrighted material. 
 8.8 Trademark Registration; Copyright and Trademark Notices. 
 (a) At Licensee’s request, Licensor shall apply to register such trademarks and service marks relating to the Licensed Property
as Licensee may request, in such countries and categories, and for such products and services, as Licensee shall request, provided that Licensee shall be solely responsible for the payment of all fees and expenses, including reasonable
attorneys’ fees, incurred by Licensor in connection with such registrations that are requested by Licensee. In all such cases, Licensor shall be both the legal and beneficial owner of all such applications and registrations. 
 (b) Licensee agrees that when utilizing the Licensed Property or any portion thereof in any Licensed Product, Licensed Premium,
Consumable (including packaging, wrapping, hangtags and/or sewn-in labels for any such Licensed Product, Licensed Premium or Consumable), or for any advertising, marketing or promotional materials, Licensee shall include the following copyright and
trademark notice, or such other copyright or trademark notice of which Licensor gives notice to Licensee in writing, with respect thereof (the year designation in each of the following copyright and trademark notices shall change to reflect the year
of manufacture of such Licensed Product, Licensed Premium or Consumable, or the year of public dissemination of such advertising, marketing or promotional materials): 
 For all HARRY POTTER product and sewn-in labels: 
 TM & © Warner Bros. Entertainment Inc. 
 (s09) 
  

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 For all HARRY POTTER packaging, advertising and promotional materials where BILLING BLOCK (credits for the
film) appears, the following author legal notice must be included: 
 TM & © Warner Bros. Entertainment Inc. Harry Potter Publishing Rights © J.K. Rowling. 
 (s09) 

For all HARRY POTTER packaging, advertising and promotional materials, where NO BILLING BLOCK (credits for the film) appears, the following author legal
notice must be included: 
 TM & © Warner Bros. Entertainment Inc. Harry Potter Publishing Rights © JKR. 
 (s09) 
 When necessary to avoid confusion, the following extended notices shall be used instead: 
 For all HARRY POTTER product and sewn-in labels: 
 HARRY POTTER, characters, names and related indicia are trademarks of and © Warner Bros. Entertainment Inc. 
 (s09)

 For all HARRY POTTER packaging, advertising and promotional materials where BILLING BLOCK (credits for the film) appears, an author legal
notice must be included: 
 HARRY POTTER, characters, names and related indicia are trademarks of and © Warner Bros. Entertainment Inc. Harry Potter Publishing Rights © J.K. Rowling. 
 (s09) 

For all HARRY POTTER packaging, advertising and promotional materials, where NO BILLING BLOCK (credits for the film) is used: 
 HARRY POTTER, characters, names and related indicia are trademarks of and © Warner Bros. Entertainment Inc. Harry Potter Publishing Rights © JKR. 
 (s09) 
 If there is insufficient space in the Licensed Product, Licensed Premium or Consumable, or the advertising marketing or promotional
material, for the foregoing copyright and trademark notices, shorter notices may be utilized subject to the sole and absolute, but good faith, discretion of Licensor. 
 (c) Except as stated above, and subject to all the terms and conditions of this Agreement, Licensor and Licensee agree that there are no other copyright or trademark notices, or other credits for
Licensor, presently required in the Themed Area. 
  

	9.	INDEMNITY & INSURANCE: 

 9.1 Indemnity. 
 (a) During the Term, and continuing after the expiration or termination of this
Agreement, Licensor shall indemnify Licensee and its parent companies, subsidiaries and affiliates, and the officers, directors, employees, agents and constituent general and limited partners of each of them and all persons connected with and/or
employed by them or any of them (including, without limitation, Steven Spielberg and any entity in which he owns a controlling interest), and the successors and assigns of each of the foregoing (the “Licensee Related Parties”), and shall
hold Licensee Related Parties harmless from any loss, liability, damage, cost or expense, arising out of any claims or suits which may

  

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be brought or made against any Licensee Related Party based upon, arising out of, or otherwise attributable to: (i) any breach or violation of this Agreement by Licensor, including any
breach of Licensor’s warranties or representations as set forth in Section 10.1 hereof; or (ii) Licensor’s non-compliance with any applicable federal, state or local laws or with any other applicable regulations. With respect to
the foregoing indemnity, Licensor shall defend and hold harmless the Licensee Related Parties and each of them at no cost or expense to them whatsoever, including, without limitation, legal fees and expenses and court costs. Licensee shall give
prompt written notice, and full cooperation and assistance, to Licensor relative to the conduct and defense of any such claim or suit, and/or proceedings related thereto, at no out-of-pocket cost to Licensee. Licensee shall not, however, be entitled
to recover for lost profits. Licensee shall have the right but not the obligation to be represented in any such action or proceeding with counsel of its own choice, at its sole cost and expense. In no event will Licensor agree to any settlement of
any such action or proceeding if such settlement involves an admission of guilt, wrongdoing, intentional misconduct or negligence on the part of any Licensee Related Party. 
 (b) During the Term, and continuing after the expiration or termination of this Agreement, Licensee shall indemnify Licensor and its
parent companies, subsidiaries and affiliates, and the officers, directors, employees, constituent general and limited partners, and the Author, and agents of each of the foregoing, including without limitation the Christopher Little Literary
Agency, the publishers of the Books, and all persons connected with and/or employed by them or any of them, and the successors and assigns of each of the foregoing (the “Licensor Related Parties”), and shall hold Licensor Related Parties
harmless from any loss, liability, damage, cost or expense, arising out of any claims or suits which may be brought or made against any Licensor Related Party based upon, arising out of, or otherwise attributable to: (i) any breach or violation
of this Agreement by Licensee, including any breach of Licensee’s warranties or representations set forth in Section 10.2 hereof; (ii) any use of the Licensed Property other than in accordance with the terms and provisions of this
Agreement; (iii) any breach of any duty, failure to perform, or any alleged defect (whether obvious or hidden) in or use of, any product sold, or in any ride or attraction, or connected to any other service, at the Themed Area, the Theme Park
or anywhere at the Resort; (iv) any injury to property or persons (including, without limitation, bodily injury or death) arising out of or in connection with the Themed Area, the Theme Park, the Resort, or any of Licensee’s activities or
operations relating to the Themed Area, the Theme Park, or the Resort, including, without limitation, promotion, advertising and publicity activities; (v) Licensee’s non-compliance with any applicable federal, state or local laws or with
any other applicable regulations; or (vi) any infringement or breach of any copyright, design, trade name, trade mark, service mark, patent or other proprietary or equitable right of any person or entity, or any libel or invasion of the right
of privacy, publicity or other proprietary or equitable right of any person, in connection with the Themed Area, the Theme Park or the Resort (other than any claim or suit based upon Licensor’s breach of any of Licensor’s warranties or
representations as set forth in Section 10.1 hereof) or; (vi) Licensee’s or Licensee’s agents’ or designees’ construction or operation of the Themed Area, the Theme Park or the Resort, including without limitation, any
rides or attractions. With respect to the foregoing indemnity, Licensee shall defend and hold harmless Licensor Related Parties and each of them at no cost or expense to them whatsoever, including, without limitation, legal fees and expenses and
court costs. Licensor shall give prompt written notice, and full cooperation and assistance, to Licensee relative to the conduct and defense of any such claim or suit, and/or proceedings related thereto, at no out-of-pocket cost to Licensor.
Licensor shall not, however, be entitled to recover for lost profits. Licensor shall have the right but not the obligation to be represented in any such action or proceeding with counsel of its own choice, at its sole cost and expense. In no event
will Licensee agree to any settlement of any such action or proceeding if such settlement involves an admission of guilt, wrongdoing, intentional misconduct or negligence on the part of any Licensor Related Party. 
  

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 9.2 Insurance to be Maintained by Licensee. Without limiting its obligations
hereunder, Licensee shall at its own cost and expense effect and maintain public risks insurance in respect of anything relating to the Theme Park and product liability insurance in respect of any products sold or otherwise utilized at or in
connection with the Theme Park. Such insurance shall be: 
 (a) With an insurer having an A.M. Best rating of at least A
VI or a Standard & Poor’s rating of at least A-; 
 (b) In amounts no less than **** per occurrence,
combined single limits (subject to reasonable increases over time in accordance with the CPI (as defined in Section 6.1(d)); 
 (c) In the name of Licensee, and shall name Licensor and any other Licensor Related Party having an insurable interest, as instructed by Licensor, as additional insureds; and 
 (d) Simultaneously with the execution of this Agreement, Licensee undertakes to submit to Licensor a fully paid policy or certificate
of insurance naming Licensor and each of its affiliates as instructed by Licensor as additional insured parties and, requiring that the insurer shall not terminate or materially modify such policy or certificate of insurance without written notice
to Licensor at least twenty (20) days in advance thereof (provided that the insurer need give Licensor only ten (10) days advance notice of a termination or material modification due to non-payment of premium). Such insurance shall at all
times be primary and not contributory with any insurance carried by Licensor or any of its affiliates. 
 9.3
Insurance to be Maintained by Licensor. Without limiting its obligations hereunder, Licensor shall at its own cost and expense, effect and maintain producer’s errors and omissions insurance in respect of the Licensed Property. Such
insurance shall be: 
 (a) With an insurer having an A.M. Best rating of at least A VI or a Standard &
Poor’s rating of at least A-; 
 (b) In amounts no less than **** per occurrence (subject to reasonable increases
over time in accordance with the CPI (as defined in Section 6.1(d)); 
 (c) In the name of Licensor, and shall name
Licensee and any other Licensee Related Party having an insurable interest, as instructed by Licensee, as additional insureds; and 
 (d) Simultaneously with the execution of this Agreement, Licensor undertakes to submit to Licensee a fully paid policy or certificate of insurance naming Licensee and each of its affiliates as instructed by Licensee as additional
insured parties and, requiring that the insurer shall not terminate or materially modify such policy or certificate of insurance without written notice to Licensee at least twenty (20) days in advance thereof (provided that the insurer need
give Licensee only ten (10) days advance notice of a termination or material modification due to non-payment of premium). Such insurance shall at all times be primary and not contributory with any insurance carried by Licensee or any of its
affiliates. 
  

	10.	REPRESENTATIONS AND WARRANTIES 

 10.1 Licensor. Licensor represents, warrants and agrees that: 
 (a) it has, and will have
throughout the Term of this Agreement, the right to license the Licensed Property in accordance with the provisions of this Agreement; 
  

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 (b) the making of this Agreement by Licensor does not and will not violate any
agreement, right or obligation existing between Licensor and any other person, firm or entity; 
 (c) Licensor shall
maintain its rights in the Licensed Property during the Term; 
 (d) Licensor has full right, power and authority to
enter into this Agreement and fully perform its obligations hereunder, and this Agreement is a valid and binding agreement, enforceable against Licensor in accordance with its terms; 
 (e) Licensor is the owner of each element of the Licensed Property and neither the Licensed Property nor any element thereof is
subject to a current assignment, transfer, encumbrance, hypothecation or security interest that will adversely affect Licensee’s ability to exercise the rights granted hereunder; 
 (f) to the best of Licensor’s knowledge, there are no liens, encumbrances, claims or litigation pending or threatened regarding
any element of the Licensed Property that will adversely affect Licensee’s ability to exercise the rights granted hereunder; 
 (g) the exercise by Licensee of the rights herein granted in the Licensed Property in accordance with all the terms and conditions of this Agreement will not violate or infringe the copyright or trademark rights of any person or
entity whatsoever; 
 (h) to the best of Licensor’s knowledge, provided that Licensee enters into appropriate
agreements with the applicable talent (and, if mutually agreed by Licensor and Licensee, other personnel such as the director(s) and writer(s)) of the feature films “HARRY POTTER AND THE ORDER OF THE PHOENIX” and
“HARRY POTTER AND THE HALF-BLOOD PRINCE”, in accordance with Section 3.17, and provided, further, that Licensee obtains any required synchronization, performance rights and/or master recording licenses with respect to music
from any of the Movies that is used by Licensee, in accordance with Section 4.5(f), the exercise by Licensee of the rights herein granted in the Licensed Property, in accordance with all the terms and conditions of this Agreement, will not
violate or infringe any rights of publicity, rights of privacy, or moral or other personal rights of any person or entity whatsoever; and 
 (i) except for any amounts that may be payable under any guild, union or collective bargaining agreement to which Licensor or Licensee, or any of their respective affiliates, may be a party, or
that are otherwise set forth in Exhibit 3, Licensor has no knowledge of any third party to whom any amount may be payable by Licensee in connection with Licensee’s exercise of the rights granted to Licensee under this Agreement. 
 10.2 Licensee. Licensee represents, warrants and agrees that: 
 (a) it will not dispute the title of Licensor in or to the Licensed Property (including any copyright or trademark therein), nor will
it attack the validity of the license granted hereunder; 
 (b) it will not disparage or bring into disrepute the
Licensed Property, Licensor or the Author; 
  

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 (c) it will not harm or misuse the Licensed Property (including any part thereof);

 (d) it will not use the Licensed Property or any part thereof, in any manner which is obscene, defamatory, misleading
or deceptive or likely to mislead or deceive; 
 (e) it will use the Licensed Property only in accordance with the uses
approved by Licensor from time to time and will comply with any conditions or restrictions attached to such approval (including, without limitation, all quality standards and specifications of Licensor); 
 (f) it will comply with the approved Business Plan in all material respects; 
 (g) it will not incur any expenses chargeable to Licensor; nor cause or allow any liens or encumbrances to be placed against, or
grant any security interest in, the Licensed Property or in any physical assets that embody the Licensed Property, including without limitation, Licensee’s inventory of Licensed Products; provided, however, that Licensee may grant a security
interest in the Copyright License Collateral (as defined in the form of Copyright Security Agreement in Copyright License attached hereto as Exhibit 7 (the “Copyright Security Agreement”)) to a financial lending institution or other third
party if approved in advance by Licensor, pursuant to a fully executed Copyright Security Agreement (Licensor hereby approves JPMorgan Chase Bank, N.A. for purposes hereof); 
 (h) it will not enter into any agreement relating to the Licensed Property or any part thereof, without the prior written consent of
Licensor, provided that Licensor’s consent shall not be required for (i) agreements that Licensee enters into with manufacturers of Licensed Products, Licensed Premiums and Consumables, provided that such agreements are, in all material
respects, on Licensee’s standard form of Merchandise Vendor Agreement, in the form of Exhibit 4 attached hereto (except that Licensor’s approval is always required with regard to food and beverage), (ii) agreements that Licensee
enters into with designers, manufacturers and vendors of ride and show equipment, engineers and other technical personnel, general contractors, specialty subcontractors and other consultants that Licensee has used in the past, as long as each such
party signs an appropriate agreement with Licensee based upon a standard form agreement that has been previously approved by Licensor (or an agreement that conforms in all material respects to such approved standard form agreement) under which such
party acknowledges that it has no rights in, or claims upon, the Licensed Property, any Licensed Property Developments or any Other Developments (other than any patented or proprietary portion thereof as to which such party owns any rights that do
not use, exploit or derive from the Licensed Property) (except that Licensor’s approval is always required with regard to food and beverage), (iii) agreements with advertising agencies, marketing consultants and other developers of
advertising, marketing and promotional materials that utilize the Licensed Property, as long as each such party signs an appropriate standard form agreement with Licensee that has been previously approved by Licensor under which such party
acknowledges that it has no rights in, or claims upon, the Licensed Property or any Licensed Property Developments, and (iv) a copyright security agreement to be executed by Licensee with respect to its rights under this Agreement, in the form
of Exhibit 7 attached hereto; 
 (i) all rights granted to it under this Agreement with respect to music are subject in
all respects to the rights (if any) of composers, music publishers and performing rights associations, and Licensee shall pay any and all applicable royalties or license fees to any and all such persons arising out of the exploitation by Licensee of
the music rights granted pursuant to this Agreement, provided that nothing herein negates or affects in any respect the provisions of Section 6.4 with respect to Pass-Through Amounts; 
  

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 (j) it will provide Licensor with the date(s) of first use of the Licensed Uses
including without limitation the Licensed Products, Licensed Premiums and Consumables; 
 (k) it will not distribute or
sell Consumables outside the Themed Area, it will not distribute or sell Licensed Premiums outside the Resort, and it will not distribute or sell Licensed Products outside the Resort (except for the Resort-themed stores at Orlando International
Airport, the liquidation stores in Orlando at which slow-selling or discontinued Resort merchandise items are sold and in response to unsolicited requests by mail or telephone directly from individual members of the public), nor will it distribute
or sell Consumables, Licensed Premiums or Licensed Products to a third party who Licensee knows intends to, or who Licensee reasonably should suspect intends to, distribute or sell such Consumables, Licensed Premiums or Licensed Products, as
applicable, outside of the foregoing permitted distribution and sale locations; 
 (l) it will not use any prison, slave
or child labor or any labor that violates any local labor laws, including, without limitation, any wage laws, hour laws or laws against discrimination, and, to the best knowledge of Licensee, the working conditions for all individuals involved in
the manufacture, sale and/or distribution of Licensed Products will be safe, clean, healthy and sanitary; 
 (m) it shall
not send, share with or otherwise disclose any artwork, plans, designs or other similar materials or works approved for use hereunder to any third party, including other licensees of Licensor, without the prior written consent of Licensor (except
for third party manufacturers or third party contributors, or other third parties such as advertising agencies or publicity consultants, previously approved by Licensor or otherwise permitted by Licensor to be used by Licensee in accordance with
this Agreement); 
 (n) it will at all times comply with all applicable government laws and regulations, including but
not limited to product safety, food, health, drug, cosmetic, sanitary or other similar laws, and all voluntary industry standards relating or pertaining to its obligations hereunder. It shall maintain its appropriate customary high quality standards
as set forth in greater detail in Section 3.1 above. It shall comply with any regulatory agencies which shall have jurisdiction over its activities as an operator of theme parks and manufacturer and/or seller of the Licensed Products, Licensed
Premiums, Consumables and all other Licensed Uses and shall procure and maintain in force any and all permissions, certifications and/or other authorizations from governmental and/or other official authorities that may be required in relation
thereto. Licensee shall follow reasonable and proper procedures for testing that all rides, attractions, and Licensed Products, Licensed Premiums and Consumables comply with such laws and regulations. Licensee shall permit Licensor or its designees
to inspect testing records and procedures with respect to Licensee’s activities for compliance. Any Licensed Products, Licensed Premiums, Consumables or Licensed Uses that do not comply with all applicable laws, regulations and standards shall
automatically be deemed unapproved and promptly removed from the Theme Park; 
 (o) it will, upon Licensor’s
request, provide to Licensor copies of its 10-K annual reports and its 10-Q quarterly reports as filed with the U.S. Securities and Exchange Commission, and such other credit information as Licensor may request that Licensee is permitted to provide
in accordance with and subject to Regulation FD of the U.S. Securities and Exchange Commission; 
 (p) it will, pursuant
to Licensor’s instructions, execute all necessary documentation for the recordation of itself as user of the Licensed Property licensed from Licensor hereunder if

  

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required by local laws or where Licensor reasonably requests that such recordation shall be effected. Licensee further agrees that it will at its own expense cooperate with Licensor in
cancellation of any such recordation at the expiration of this Agreement or upon termination of Licensee’s right to use the Licensed Property licensed from Licensor hereunder. Licensee hereby appoints Licensor its attorney-in-fact for such
purpose; 
 (q) it shall obtain such licenses and clearances from, and make any related payments to, any third parties as
may be required, necessary or proper, and Licensor will assist Licensee in determining any such applicable payments (to the extent that the necessary information is readily available without cost or liability to Licensor), concerning, without
limitation, the use of any music, story or plot in connection with the Licensed Property, and shall obtain such permissions, licenses and clearances as may be required by or from any guild, union, collective bargaining unit or other talent or labor
association or organization which may have jurisdiction over Licensee’s activities hereunder; and 
 (r) it does not
intend to charge admissions to particular rides, attractions or other areas within the Themed Area, and in the event that it does so, it shall pay Royalties on such uses pursuant to the relevant terms of this Agreement, including Section 6
above (provided that the foregoing shall not apply to any “price fixe” or “all you can eat” meal within any venue in the Themed Area for which a single price is being charged that covers both the admission to such venue and the
meal cost, and the foregoing also does not apply to any “front of line” pass or other preferred attraction admission pass that may be sold by Licensee (whether sold as part of or separately from a Theme Park admission pass) that permits
guests to obtain express or preferred admission to attractions throughout the Theme Park, including those in the Themed Area). 
  

	11.	TERMINATION: 

 11.1 Defaults. Licensor shall have the right to terminate this Agreement without prejudice to any rights which it may have, whether pursuant to the provisions of this Agreement, or otherwise in law, or in equity, or otherwise,
upon the occurrence of or, where applicable, failure to cure, any one or more of the following events within the time provided for in Section 11.2 (herein called “defaults”): 
 (a) Licensee breaches any of its representations and warranties or defaults with regard to the performance of any of its obligations
provided for in this Agreement in any material respect; 
 (b) Licensee fails to deliver to Licensor or to maintain in
full force and effect the insurance referred to in Section 9.2 hereof; 
 (c) Licensee fails to make any payments
due hereunder on the date due; 
 (d) Licensee fails to deliver any of the statements required herein or to give access
to the premises and/or Licensee records pursuant to the provisions hereof to Licensor’s authorized representatives for the purposes permitted hereunder; 
 (e) Licensee fails to comply with any laws, regulations or voluntary industry standards, or if any governmental agency or other body, office or official vested with appropriate authority makes a
finding that any Licensed Products, Licensed Premiums or Consumables sold by Licensee or theme park rides, attractions or other facilities at the Theme Park are harmful or defective in any way, manner or form, or are being manufactured, sold or
distributed in contravention of applicable laws, regulations or standards, or in a manner likely to cause harm; 
  

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 (f) Licensee is unable to pay its debts when due, or shall make any assignment for
the benefit of creditors, or shall file any petition under the bankruptcy or insolvency laws of any jurisdiction, county or place, or shall have or suffer a receiver or trustee to be appointed for its business or property, or be adjudicated a
bankrupt or an insolvent; 
 (g) Licensee uses the Licensed Property in a manner not approved or deemed approved by
Licensor; 
 (h) Licensee distributes or sells Consumables outside the Themed Area, or distributes or sells Licensed
Premiums outside the Resort, or distributes or sells Licensed Products outside the Resort (except for the Resort-themed stores at Orlando International Airport and the liquidation stores in Orlando at which slow-selling or discontinued Resort
merchandise items are sold and in response to unsolicited requests by mail or telephone directly from individual members of the public, and except for charitable organizations that have been approved by Licensor, in advance, on a case by case basis,
in the sole and absolute but good faith discretion of Licensor,), or Licensee distributes or sells Consumables, Licensed Premiums or Licensed Products to a third party who Licensee knows intends to, or who Licensee reasonably should suspect intends
to, distribute or sell such Consumables, Licensed Premiums or Licensed Products, as applicable, outside of the foregoing permitted distribution and sale locations; 
 (i) A manufacturer of Licensed Products, Licensed Premiums or Consumables sells such items to parties other than Licensee or engages in conduct, which conduct if engaged in by Licensee would
entitle Licensor to terminate this Agreement; 
 (j) Except as permitted by Section 13.7 below, Licensee undergoes a
Change in Control; 
 (k) **** (except to the extent any such delay is caused by a Force Majeure Event or by a delay on
the part of Licensor in granting any material approval requested by Licensee or in performing any of Licensor’s material obligations under this Agreement); 
 (l) Licensee fails to submit the Business Plan on or before the due date therefor, fails to obtain Licensor’s approval of the Business Plan as required hereunder, or fails to operate the
Themed Area and the Theme Park in accordance with the terms of the approved Business Plan in all material respects; 
 (m) Licensee has made a material misrepresentation or has omitted to state a material fact necessary to make the statements not misleading; or 
 (n) Licensee fails to notify Licensor of the occurrence of a Triggering Event as required in Section 6.7 above. 
 As used herein, a “Change in Control” shall be deemed to occur upon any of the following: 
 (A) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of Licensee, taken as a whole, to: (i) any person or group, other than Vivendi

  

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Universal Entertainment LLLP, a Delaware limited liability limited partnership, its Affiliates (as defined below) and its successors (collectively, “Vivendi Universal”), or
(ii) any corporation, trust, joint venture, association, company, partnership or limited liability company in which Vivendi Universal does not own at least 50% of the outstanding Equity Interest (as defined below); or 
 (B) the acquisition of Licensee by any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Securities Exchange Act of 1934, as amended, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934,
as amended), other than Vivendi Universal, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase (within the meaning of Rule 13d-3 under the Securities Exchange Act
of 1934, as amended, or any successor provision), the result of which, following the consummation of such transaction, is that Vivendi Universal does not beneficially own, directly or indirectly, securities of Licensee, or of the surviving entity,
representing at least fifty percent (50%) of the combined voting power of the Licensee or of the surviving entity. 
 As
used herein, “Affiliate” means any individual or entity that directly or indirectly controls, is controlled by or is under common control with Vivendi Universal, where, in this context, “control” means beneficial
ownership, within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, or any successor provision, of at least fifty percent (50%) of the then-outstanding voting shares or Equity Interests of the individual or entity in
question or the ability to otherwise direct the affairs or operations of the individual or entity in question. 
 As used
herein, “Equity Interests” of any corporation, trust, joint venture, association, company, partnership or limited liability company shall mean any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such corporation, trust, joint venture, association, company, partnership or limited liability company, including any preferred stock, any limited or general partnership interest
and any limited liability company membership interest. 
 11.2 Termination. In the event any of these defaults
occur, Licensor shall give notice of default in writing to Licensee in the manner prescribed in this Agreement. Licensee shall have ten (10) days from the date of Licensor giving such notice in which to cure any default under subsection
11.1(c), and thirty (30) days from the date of Licensee’s receipt of such notice in which to cure any other default (except that Licensee shall have sixty (60) days to have dismissed any involuntary bankruptcy case filed against
Licensee or any receiver or trustee that is appointed, without Licensee’s consent, for Licensee’s business or property); and failing such cure, this Agreement shall thereupon immediately terminate, and any and all payments of the
Guaranteed Fee, Royalties and Consulting Fees then or later due from Licensee hereunder during the then-applicable Initial Term, First Renewal Term or Second Renewal Term (as the case may be) shall then be immediately due and payable in full and no
portion of those payments or prior payments shall be repayable to Licensee. 
  

	12.	EXPIRATION OR TERMINATION CONSEQUENCES: 

 12.1 Upon expiration or termination of this Agreement or the license granted hereunder, Licensee shall, subject to Section 12.2, cease all use of the Licensed Property. Licensee shall:
(i) immediately following expiration or termination of this Agreement, cease operation of all attractions within the Themed Area until all Licensed Property is removed therefrom (provided that in no event

  

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shall the underlying mechanical or control systems of any such attraction be required to be removed), (ii) remove all signage utilizing any Licensed Property from the Themed Area and the
Theme Park within thirty (30) days following expiration or termination of this Agreement (other than signage at any venue at which Licensed Products, Licensed Premiums and/or Consumables continue to be sold in accordance with Section 12.2,
it being agreed that any such signage may remain in place until the end of the Sell-Off), (iii) remove any and all other uses of, or references to, Licensed Property from the Themed Area and the Theme Park, including without limitation, from
architecture, equipment, props, dressings, stages, scenery, entrance gates, character representations, and any and all uses of the Licensed Property from rides, attractions, stores and any other themed areas, within ninety (90) days following
expiration or termination of this Agreement (other than any of the foregoing at any venue at which Licensed Products, Licensed Premiums and/or Consumables continue to be sold in accordance with Section 12.2, it being agreed that any of the
foregoing at any such venue may remain in place until the end of the Sell-Off); (iv) not print or cause to be printed any further advertising, marketing, sales or publicity materials, or park maps or brochures, that contain any Licensed
Property, and cause all such advertising, marketing, sales and publicity materials, and all such park maps and brochures, that contain any Licensed Property, to be removed from circulation within one hundred twenty (120) days following
expiration or termination of this Agreement; and (v) cancel, deregister and transfer to Licensor all company names, business names, domain names or any other similar uses which include or are based upon the Licensed Property, within thirty
(30) days following expiration or termination of this Agreement (other than any company names, business names, domain names or similar uses that are used at or in connection with any venue at which Licensed Products, Licensed Premiums and/or
Consumables continue to be sold in accordance with Section 12.2, it being agreed that any company names, business names, domain names or similar uses that are used at or in connection with any such venue may remain in place until the end of the
Sell-Off). Licensor shall have the right to enter upon and inspect the Theme Park to verify such compliance. 
 12.2
Licensee shall deliver to Licensor, no later than thirty (30) days following expiration or termination of this Agreement, a statement indicating the number and description of Licensed Products, Licensed Premiums and Consumables on hand together
with a description of all advertising and promotional materials relating thereto. Following expiration or termination, Licensee shall not continue to manufacture, order or purchase the Licensed Products, Licensed Premiums or Consumables. However, if
Licensee has complied with all the terms of this Agreement, including, but not limited to, complete and timely payment of all consideration, then Licensee may continue to distribute and sell its remaining inventory of Licensed Products, Licensed
Premiums and Consumables, for a period not to exceed one hundred twenty (120) days following such termination or expiration (the “Sell-Off”), subject to payment of applicable royalties and fees thereto. In the event this Agreement or
the license granted hereunder is terminated by Licensor for cause, Licensee shall be deemed to have forfeited its Sell-Off rights hereunder. If Licensee has any remaining inventory of Licensed Products, Licensed Premiums or Consumables following
expiration of the Sell-Off, Licensee shall, at Licensor’s option, deliver up to Licensor said remaining inventory or furnish to Licensor an affidavit attesting to the destruction of said remaining inventory, provided that Licensee may also
donate said remaining inventory to charitable organizations that have been approved by Licensor, in advance, on a case by case basis, in the sole and absolute but good faith discretion of Licensor. Licensor shall have the right to conduct a physical
inventory in order to ascertain or verify such inventory and/or statement. In the event that Licensee refuses to permit Licensor to conduct such physical inventory, Licensee shall forfeit its right hereunder to dispose of such inventory. In addition
to the forfeiture, Licensor shall have recourse to all other remedies available to it. 
  

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	13.	GENERAL AND MISCELLANEOUS: 

 13.1 Severance If any term or provision of this Agreement is held to be invalid or unenforceable by any court of competent jurisdiction or any other authority vested with jurisdiction, such holding shall not affect the
validity or enforceability of any other term or provision hereto and this Agreement shall be interpreted and construed as if such term or provision, to the extent the same shall have been held to be invalid, illegal or unenforceable, had never been
contained herein. 
 13.2 Further Acts and Deeds The parties shall do, execute, acknowledge and deliver all and
every such further acts, agreements, covenants, assignments and assurances as shall be reasonably required for the purposes and intentions of this Agreement. 
 13.3 Amendment This Agreement may only be varied, modified, amended or added to pursuant to a writing executed by the parties. 
 13.4 Merger None of the terms or conditions of, or any act, matter or thing done under or by virtue of or in connection with,
this Agreement shall operate as a merger of any of the rights and remedies of the parties in or under this Agreement, but such rights and remedies shall at all times continue in full force and effect. 
 13.5 Exclusion of Statutory Provisions Unless application is mandatory by law, no statute, proclamation, order, regulation or
moratorium, whether present or future, shall apply to this Agreement so as to abrogate, extinguish, impair, diminish, delay or otherwise prejudicially affect any rights, powers, remedies or discretion of, or accruing hereunder, to the parties or to
either of them. 
 13.6 Waiver Modification, etc. No waiver, modification or cancellation of any term or condition
of this Agreement shall be effective unless executed in writing by the party charged therewith. No written waiver shall excuse the performance of any acts other than those specifically referred to therein. The fact that either party has not
previously insisted upon the other party expressly complying with any provision of this Agreement shall not be deemed to be a waiver of such first party’s future right to require compliance in respect thereof, and each party specifically
acknowledges and agrees that the prior forbearance in respect of any act, term or condition shall not prevent the other party from subsequently requiring full and complete compliance thereafter. 
 13.7 Assignment, Sublicense, Change in Control. This Agreement shall bind and inure to the benefit of Licensor, its successors
and assigns. This Agreement is personal to Licensee. Except as provided below, Licensee shall not franchise or delegate to third parties its rights hereunder, and neither this Agreement nor any of the rights of Licensee hereunder shall be sold,
transferred or assigned by Licensee without the prior written approval of Licensor in the sole and absolute but good faith discretion of Licensor (such consent shall not be conditioned upon the payment of money or other consideration). In the event
Licensee purports to assign this Agreement without obtaining the prior written approval of Licensor, or except as provided below, any such purported assignment shall be null and void and of no force or effect. No rights hereunder shall devolve by
operation of law or otherwise upon any receiver, liquidator, trustee or other party. Any purported sale, transfer, sublicense, delegation or assignment in violation of the foregoing shall be null and void and of no force or effect. Likewise, except
as set forth below, any Change in Control of Licensee will result in the automatic termination of this Agreement, unless Licensor consents to such Change in Control in advance (such consent not to be conditioned upon the payment of money or other
consideration but otherwise in the sole and absolute but good faith discretion of Licensor). 
  

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 Notwithstanding anything in this Agreement to the contrary, Licensor’s consent to an
otherwise prohibited transfer, assignment or Change in Control will not be required, and a Change in Control will not constitute a default under Section 11.1(j) or result in termination of this Agreement, if: 
 (a) either (i) the Theme Park will, following the transfer, assignment or Change in Control, continue to be managed on a daily
basis by NBC Universal, Inc. or any of its affiliates, for as long as same shall continue to so manage the Theme Park, or (ii) either (A) if, and for so long as, the name of the Theme Park will, following the transfer, assignment or Change
in Control, continue to include the word “Universal” or “Universal’s”, then the Theme Park will, following the transfer, assignment or Change in Control, be operated under a license agreement from NBC Universal, Inc. or any
of its affiliates (an “NBC Universal License Agreement”) that gives NBC Universal, Inc. or any of its affiliates the right to control all aspects of the quality of the Theme Park and the Themed Area, including, without limitation, the
Themed Area’s overall design, architecture and cleanliness, placement of signs and inclusion or exclusion of specific facilities, by means of provisions that are similar in all material respects to the provisions set forth in Exhibit 5 attached
hereto, or (B) if, in accordance with Section 13.7(c) and for so long as, the name of the Theme Park will not, following the transfer, assignment or Change in Control, continue to include the word “Universal” or
“Universal’s”, then (w) the “Jurassic Park”, (x) “Seuss Landing”, (y) “Marvel Super-Hero Island” and (z) to the extent that this Agreement does not address a particular aspect of the
operation of the Themed Area, the Themed Area sections of the Theme Park (collectively, the “Affected Islands”) will, following the transfer, assignment or Change in Control, be operated under an NBC Universal License Agreement that gives
NBC Universal, Inc. or any of its affiliates the right to control the quality of the Affected Islands by means of provisions that are similar in all material respects to the provisions set forth in Exhibit 6 attached hereto (it being agreed that in
no event will any such licensee of NBC Universal be required to obtain any approval, consent or determination under such NBC Universal License Agreement if such matter is subject to an approval, consent or determination under this Agreement, and in
the event of any conflict between any provision of this Agreement and any provision of such NBC Universal License Agreement, the provision of this Agreement shall prevail); 
 (b) any of the following conditions is satisfied (it being agreed that Licensee may select the condition to be satisfied):
(i) the third party to which the transfer or assignment is proposed to be made, or that will acquire ownership and/or control of Licensee as a result of the Change in Control, has an issuer credit rating of at least **** issued by
Standard & Poor’s Corporation, or a long-term issuer rating of at least **** issued by Moody’s Investor’s Service, Inc., (ii) at the time of such transfer, assignment or Change in Control, such third party delivers to
Licensor, at Licensee’s or such third party’s sole cost and expense, a standby letter of credit issued by a bank that has an issuer credit rating of at least **** issued by Standard & Poor’s Corporation, or a long-term issuer
rating of at least **** issued by Moody’s Investor’s Service, Inc., in the amount of the then-remaining amount of the Guaranteed Fee due for the then-applicable portion of the Term (i.e., Initial Term, First Renewal Term or Second Renewal
Term), which standby letter of credit shall automatically renew each year for the duration of the then-applicable portion of the Term (i.e., Initial Term, First Renewal Term or Second Renewal Term), and shall be reduced by an amount equal to the
amount of each Guaranteed Fee payment that is thereafter made to Licensor, or (iii) ****; 
 (c) the name of the
Theme Park and the Resort will each continue, following the transfer, assignment or Change in Control, to include either (i) the word “Universal” or “Universal’s”, (ii) the name of another major recognized theme
park operator or another major established motion picture and television studio, or (iii) any other name not associated with an Objectionable Business (as defined in Section 13.7(d) below) if such other name is approved by Licensor, which
approval shall not be unreasonably withheld, delayed or conditioned; and 
  

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 (d) to ensure that the third party to which the transfer or assignment is proposed to
be made, or that will acquire ownership and/or control of Licensee as a result of the Change in Control, is of good character and reputation appropriate to association with the Licensed Property and family entertainment, such third party may not be
involved, as a primary activity, in businesses related to sexually oriented products or services, adult entertainment, adult publishing, firearms or tobacco (collectively, the “Objectionable Businesses”) and cannot have been found guilty
of violating any bank fraud, securities fraud, wire fraud, money laundering or RICO criminal statute of any jurisdiction within the United States, provided, however, that (i) any such third party that is a pension fund, private equity fund or
other fund shall not be deemed to be involved in an Objectionable Business as a primary activity simply because it has an investment in any Objectionable Business, provided that all such fund’s investments in Objectionable Businesses do not
exceed **** of the fund’s total investments in the aggregate, (ii) any such third party that produces products or services that may incidentally relate to, depict or promote Objectionable Businesses (e.g., a motion picture studio that
produces mainstream feature films that contain occasional adult situations or that occasionally portray firearm or tobacco usage) shall not, solely by reason of such incidental relation, depiction or promotion, be deemed to be involved in an
Objectionable Business as a primary activity, and (iii) any such third party shall not be deemed to have been found guilty of violating any bank fraud, securities fraud, wire fraud, money laundering or RICO criminal statute of any jurisdiction
within the United States simply because one or more of its directors or officers may have been found guilty of any such violation. 
 13.8 Entry The parties hereto hereby irrevocably covenant and agree that the designees of each shall be granted unfettered entry during normal business hours to the Themed Area, the Theme Park and the Resort during the Term
for the purpose of checking or ensuring compliance by the other party with its obligations under this Agreement. 
 13.9
Costs Each party shall bear its own legal and other costs incurred in negotiating and documenting this Agreement. 
 13.10 Construction and Dispute Resolution This Agreement shall be construed in accordance with the laws of the State of California of the United States of America without regard to its conflicts of laws provisions. Any and all
controversies, claims or disputes arising out of or related to this Agreement or the interpretation, performance or breach thereof, including, but not limited to, alleged violations of state or federal statutory or common law rights or duties, and
the determination of the scope or applicability of this agreement to arbitrate (“Dispute”), except as set forth in subsections (d) and (e), below, shall be resolved according to the procedures set forth in subsections (a),
(b) and (c) below, which shall constitute the sole dispute resolution mechanism hereunder: 
 (a) Informal
Dispute Resolution. Either party may demand, in writing, that each party’s management representatives, with full authority to settle the Dispute, and counsel meet at such place as the Parties may agree upon to resolve the Dispute. Upon
receipt of this demand, each party, within thirty (30) days after the date of such demand (or such longer period as the parties may agree), will comply and negotiate in good faith to resolve the Dispute. Except for claims for injunctive relief
under Section 13.10(d) or that are not arbitrable under Section 13.10(e), no third party shall have authority to consider or resolve any Dispute that is not first the subject of informal dispute resolution pursuant to this Section
13.10(a). 
  

 - 40 - 

 (b) Mediation. If the parties do not resolve the Dispute within fifteen
(15) business days of the date of the first meeting between management representatives, the parties agree to select a date (which shall not be later than ninety (90) days after the end of such fifteen (15) business day period, unless
otherwise agreed by the parties) to mediate the Dispute at such place as the parties may agree upon with a mutually agreed upon mediator. If the parties cannot agree upon the selection of a mediator, a mediator will be chosen from the existing list
of JAMS mediators in Los Angeles, California. The parties agree to share the cost of any independent mediator engaged to assist the parties in resolving their differences. The mediator shall be a person familiar with complex business transactions
and litigation in the entertainment industry, unless the parties agree otherwise in a writing signed by both parties. 
 (c) Arbitration: In the event that the parties are unable to resolve any Dispute pursuant to subsection (a) or subsection (b) above, then such Dispute shall be submitted to final and binding arbitration. The
arbitration shall be initiated and conducted according to either the JAMS Streamlined (for claims under $250,000) or the JAMS Comprehensive (for claims over $250,000) Arbitration Rules and Procedures, except as modified herein, including the
Optional Appeal Procedure, at the Los Angeles office of JAMS, or its successor (“JAMS”) in effect at the time the request for arbitration is made (the “Arbitration Rules”). The arbitration shall be conducted in Los Angeles County
before a single neutral arbitrator appointed in accordance with the Arbitration Rules. The arbitrator shall follow California law and the Federal Rules of Evidence in adjudicating the Dispute, provided, however, that (i) each party shall be
permitted to take one corporate representative deposition, one party witness deposition, one nonparty witness deposition (by subpoena issued by the arbitrator(s)), and a deposition of each expert witness disclosed by the other party, (ii) each
deposition shall be limited to seven (7) hours of actual deposition time, and (iii) the depositions of the nonparty witness and of the expert witnesses may include duces tecum (document) requests. The arbitrator(s) shall have the authority
to hear and rule upon all discovery motions and, in connection therewith, to award sanctions as appropriate in accordance with the then-prevailing California law. The parties waive the right to seek consequential, special, exemplary and punitive
damages, and the arbitrator shall have no authority to award such damages. The arbitrator will provide a detailed written statement of decision, which will be part of the arbitration award and admissible in any judicial proceeding to confirm,
correct or vacate the award. Unless the parties agree otherwise, the neutral arbitrator and the members of any appeal panel shall be former or retired judges or justices of any California state or federal court with experience in matters involving
the entertainment industry. The cost of any such arbitration will be borne equally by Licensor and by Licensee. Each party shall bear its own attorney’s fees incurred in any such arbitration, and the arbitrator shall have no authority to award
any such attorneys’ fees or arbitration costs to any such party regardless of whether it is the prevailing party. Except to the extent otherwise required pursuant to the Arbitration Rules and applicable law, each party will pay the expense of
its witnesses, costs of any record or transcript of the arbitration, and any other expenses connected with the arbitration that such party might be expected to incur had the Dispute been subject to resolution in court. If either party refuses to
perform any or all of its obligations under the final arbitration award (following appeal, if applicable) within thirty (30) days of such award being rendered, then the other party may enforce the final award in any court of competent
jurisdiction in Los Angeles County. The party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, incurred in enforcing the award, to be paid by the party against whom enforcement is
ordered. 
 (d) Injunctive Relief: Notwithstanding the foregoing, either party shall be entitled to seek
injunctive relief (unless otherwise precluded by any other provision of this Agreement) in the state and federal courts of Los Angeles County. 
  

 - 41 - 

 (e) Other Matters: Any Dispute or portion thereof, or any claim for a
particular form of relief (not otherwise precluded by any other provision of this Agreement), that may not be arbitrated pursuant to applicable state or federal law may be heard only in a court of competent jurisdiction in Los Angeles County. If a
party believes in good faith that all or part of a Dispute, or any claim for relief or remedy sought, is not subject to arbitration under then-prevailing law, then that party may seek a determination to that effect from an appropriate court. If the
court determines that the matter is not arbitrable or that the remedy sought is not available in arbitration, then the specific matter or request for remedy in question shall be resolved by the court, sitting without a jury, and the parties hereby
irrevocably waive their respective rights to trial by jury of any cause of action, claim, counterclaim or cross-complaint in any action or other proceeding brought by any party against any other party with respect to any matter arising out of, or in
any way connected with or related to, this Agreement or any portion thereof, whether based upon contractual, statutory, tortious or other theories of liability. All other matters and claims for relief shall be subject to arbitration as set forth
above. 
 13.11 Number, Gender and Persons: Except to the extent that such an interpretation is excluded by or is
repugnant to the context, 
 (a) a reference to a party includes its successors and permitted assigns, 
 (b) the word “person” includes natural persons, partnerships, joint ventures, corporations, associations, governments and
other entities or organizations, 
 (c) words importing the singular number or plural number include the plural number
and singular number, respectively, and 
 (d) words importing the one gender shall mean and include the other genders and
each of them. 
 13.12 Headings: Headings and clause headings in this Agreement have been inserted for guidance
only and shall not be taken into account when this Agreement is interpreted. 
 13.13 Notices: Notices that either
party is required or may desire to provide to the other party in connection with this Agreement must be provided in accordance with this Section, unless specifically indicated otherwise elsewhere in this Agreement with respect to any particular
notices. Notices may be delivered in writing by either party to the other party by mail (postage prepaid), courier (by a major commercial rapid delivery courier service), facsimile or e-mail. If not received sooner, notice by mail will be deemed
received seven (7) days after deposit in the mail, notice by courier service will be deemed received one (1) day after sending and notice by facsimile or e-mail will be deemed received as of the date of transmission. All notices delivered
to Licensor must be delivered to the following: 
  

			
		 	 Warner Bros. Consumer Products Inc.

		 	 Attention: Senior Vice President, Business & Legal Affairs

		 	 4000 Warner Boulevard

		 	 Bldg. 118, 5th Floor

		 	 Burbank, CA 91522

		 	 Facsimile: (818) 977-6340

		 	 E-mail: wbcplegalnotices@warnerbros.com

  

 - 42 - 

 All notices delivered to Licensee must be delivered to the following: 
  

			
		  	 Universal City Development Partners, Ltd.

		  	 Attention: Senior Vice President and General Counsel

		  	 1000 Universal Studios Plaza, Bldg. B-5

		  	 Orlando, FL 32819

		  	 Facsimile: (407) 363-8219

		  	 E-Mail: cathy.roth@universalorlando.com

		  	  
 with a copy
to:

		  	  
 Universal
Parks & Resorts

		  	 Attention: Senior Vice President, Business and Legal Affairs

		  	 100 Universal City Plaza, Bldg. 1280, 8th Floor

		  	 Universal City, CA 91608

		  	 Facsimile: (818) 866-4545

		  	 E-mail: michael.silver@nbcuni.com

 Either party may update the foregoing contract information for the delivery of
notices at any time in a notice to the other party provided in the manner set forth in this Section. Royalties and other financial statements and all payments due to Licensor in connection with this Agreement must be delivered to Licensor in
accordance with Section 7. Pre-production submissions, samples and other materials to be delivered to Licensor in connection with this Agreement must be delivered to Licensor in accordance with Section 3. 
 13.14 Confidentiality. The proprietary materials and information of Licensor supplied to Licensee hereunder, or to
which Licensee gains access as the result of the privileged relationship created by this Agreement, including, but not limited to, the Style Guide(s), artwork, design elements, character profiles, unpublished works of authorship, release dates,
marketing and promotional strategies, information about the Author or information obtained directly or indirectly from the Author by virtue of this Agreement (including without limitation comments received from the Author on Licensee submissions
hereunder), information about new products, properties and characters and the terms and conditions of this Agreement, constitute the proprietary and confidential information of Licensor (the “Licensor Proprietary Information”). Likewise,
the proprietary materials and information of Licensee supplied to Licensor hereunder, in the Business Plan, the Business Reviews and otherwise (including all information with respect to the contents of the Themed Area, Licensee’s sales and
marketing strategies, Licensee’s plans for the development, sale and distribution of merchandise and food/beverage products, Licensee’s capital improvement plans, Licensee’s financial results with respect to the Theme Park, attendance
and capital expenditure projections, and Licensee’s overall plans with respect to the Resort and the Theme Park), constitute the proprietary and confidential information of Licensee (the “Licensee Proprietary Information”); the
Licensor Proprietary Information and the Licensee Proprietary Information are, collectively, the “Proprietary Information”; the owner of any such Proprietary Information is referred to herein as the “Disclosing Party”, and the
other party is referred to herein as the “Receiving Party”). The Receiving Party will hold the Proprietary Information in strict confidence, and will treat such Proprietary Information with the same degree of care as it accords its own
proprietary information of a similar nature, and in no event will it use less than reasonable care to protect such Proprietary Information. Without limiting the foregoing, the Receiving Party: 
 (a) will store all Proprietary Information in secure environments when not in use; 
  

 - 43 - 

 (b) will not remove or modify any burn-in warnings or watermarks included on physical
assets containing any Proprietary Information; 
 (c) will employ security procedures reasonably intended to prevent any
theft or unauthorized access, copying, exhibition, transmission or removal of Proprietary Information from the Receiving Party’s facility; and 
 (d) will maintain at all times a complete and accurate inventory of all Proprietary Information in the Receiving Party’s possession and a list of all individuals under the Receiving
Party’s supervision or control provided with access to such Proprietary Information. The Receiving Party acknowledges that the Proprietary Information is highly confidential and that unauthorized use or disclosure of such Proprietary
Information will result in serious, irreparable harm for which the Disclosing Party’s remedies at law would be inadequate. 
 Among other damage, unauthorized use or disclosure of the Licensor Proprietary Information will: 
 (i) damage
Licensor’s carefully planned marketing strategies; 
 (ii) reduce interest in the Licensed Property; 
 (iii) make unique or novel elements of the Licensed Property susceptible to imitation or copying by competitors, infringers or third
parties prior to Licensor’s release of the information or materials; 
 (iv) damage Licensor’s proprietary
protection in undisclosed or unpublished information or materials; and 
 (v) provide unauthorized third parties with
materials capable of being used to create counterfeit and unauthorized merchandise, audio-visual products or other products. 
 Among other damage, unauthorized use or disclosure of the Licensee Proprietary Information will: 
 (i) damage
Licensee’s carefully planned marketing strategies; 
 (ii) reduce interest in the Resort, the Theme Park and the
Themed Area; 
 (iii) provide a competitive advantage to Licensee’s competitors, who would not otherwise have a
means to obtain advance knowledge of Licensee’s business plans, strategies, tactics and campaigns and therefore would not be able to formulate their own business plans, strategies, tactics and campaigns to counteract Licensee’s business
plans, strategies, tactics and campaigns; 
 (iv) damage Licensee’s proprietary protection in undisclosed or
unpublished information or materials; and 
  

 - 44 - 

 (v) make unique or novel elements of the Licensed Property Developments and Other
Developments, and other contents of the Themed Area, Licensed Products, Licensed Premiums, Consumables and advertising, marketing and promotional materials for the foregoing (or for the Resort or the Theme Park), susceptible to imitation or copying
by competitors, infringers or third parties prior to Licensor’s release of the information or materials. 
 Accordingly,
the Receiving Party agrees that if any unauthorized use or disclosure occurs, the Disclosing Party will be entitled, in addition to any other remedies available to it at law or in equity, to the issuance of injunctive or other equitable relief. The
Receiving Party will promptly notify the Disclosing Party of any loss or theft of or unauthorized access to any of the Proprietary Information and will use its best efforts, at the Receiving Party’s own cost and expense, to recover all lost or
stolen materials. If any such loss or theft of or unauthorized access to any of the Proprietary Information occurs, the Receiving Party shall be liable for all resulting damages. Except as expressly approved in writing by the Disclosing Party, the
Receiving Party shall not reproduce or use the Proprietary Information and shall not discuss, distribute, disseminate or otherwise disclose the Proprietary Information or the substance or contents thereof, in whole or in part, in its original form
or in any other form, with or to any other person or entity other than: 
 (1) the Receiving Party’s employees;

 (2) in the case of Licensor Proprietary Information, contributors who have been approved by Licensor and who have
executed a Contributor’s Agreement or an appropriate standard form agreement with Licensee, that has been approved by Licensor, under which such contributor acknowledges that it has no rights in, or claims upon, the Licensed Property or any
Licensed Property Developments (as provided in Section 8.3); and 
 (3) in the case of Licensor Proprietary
Information, third party manufacturers who been approved by Licensor and who have executed a third party manufacturer’s agreement or an agreement that, in all material respects, conforms to Licensee’s standard form of Merchandise Vendor
Agreement (as provided in Section 5.2). 
 All such employees and third parties shall be given access to the Proprietary
Information only as necessary to enable the Receiving Party to perform under this Agreement. 
 Notwithstanding anything to the
contrary in this Section 13.14, however, nothing herein shall require the Receiving Party to keep confidential any Proprietary Information that: 
 (A) has become part of the public domain through no act or omission of the Receiving Party; 
 (B) was lawfully disclosed to the Receiving Party without restriction on disclosure by a third party who is not and was not subject to an obligation of confidentiality to the Disclosing Party or otherwise
prohibited from transmitting such Proprietary Information; 
  

 - 45 - 

 (C) was developed independently by the Receiving Party (and is not based upon, utilizing or
derived from the Licensed Property) prior to August 31, 2005, the date of Licensee’s first presentation to Licensor with respect to the Themed Area; 
 (D) is required to be disclosed by law or regulation, or is necessary to disclose for financial or securities reporting requirements or in order to comply with accounting practices or standards (Licensee
will notify Licensor as promptly as possible of any such required or necessary disclosure and shall redact Proprietary Information that Licensor requests be redacted prior to such disclosure, except to the extent otherwise required by law); or

 (E) is legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand,
or similar process), to be disclosed. In such event, the Receiving Party shall promptly notify the Disclosing Party in writing of such requirement so that the Disclosing Party may seek a protective order or other appropriate remedy and/or waive
compliance with the provisions hereof. The Receiving Party will use its best efforts, at the Disclosing Party’s expense, to obtain or assist the Disclosing Party in obtaining any such protective order. Failing the entry of a protective order or
the receipt of a waiver hereunder, the Receiving Party may disclose, without liability hereunder, that portion (and only that portion) of the Proprietary Information that the Receiving Party has been advised by written opinion of counsel reasonably
acceptable to the Disclosing Party that it is legally compelled to disclose; provided that the Receiving Party agrees to use commercially reasonable efforts to obtain assurance that confidential treatment will be accorded such Proprietary
Information by the person or persons to whom it was disclosed. 
 13.15 No Partnership. This Agreement does not
constitute and shall not be construed to constitute a partnership or joint venture between Licensor and Licensee. Neither party shall have any right nor authority to obligate or bind the other party in any manner whatsoever, and nothing herein shall
give, or is intended to give, any rights of any kind to any third persons. 
 13.16 Bankruptcy Related Provisions.

 (a) The parties hereby agree and intend that this Agreement is an executory contract governed by Section 365 of
the U.S. Bankruptcy Code (“Bankruptcy Code”). 
 (b) In the event of Licensee’s bankruptcy, the parties
intend that any royalties payable under this Agreement during the bankruptcy period be deemed administrative claims under the Bankruptcy Code because the parties recognize and agree that the bankruptcy estate’s enjoyment of this Agreement will
(i) provide a material benefit to the bankruptcy estate during its reorganization and (ii) deny Licensor the benefit of the exploitation of the rights through alternate means during the bankruptcy reorganization. 
 (c) The parties acknowledge and agree that any delay in the decision of the trustee of the bankruptcy estate to assume or reject the
Agreement (the “Decision Period”) materially harms Licensor by interfering with Licensor’s ability to alternatively exploit the rights granted under this Agreement during a Decision Period of uncertain duration. The parties recognize
that arranging

  

 - 46 - 

 
appropriate alternative exploitation would be a time consuming and expensive process and that it is unreasonable for Licensor to endure a Decision Period of extended uncertainty. Therefore, the
parties agree that the Decision Period shall not exceed sixty (60) days. 
 (d) Licensor, in its interest to
safeguard its valuable interests (including, without limitation, its intellectual property rights in the Licensed Property), has relied on the particular skill and knowledge base of Licensee. Therefore, the parties acknowledge and agree that in a
bankruptcy context this Agreement is a license of the type described by Section 365(c)(1) of the Bankruptcy Code and may not be assigned without the prior written consent of the Licensor. 
 13.17 Entire Agreement This Agreement constitutes the entire Agreement between the parties concerning the subject matter
hereof and cancels and supersedes any prior understandings and agreements between the parties hereto with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, expressed, implied or
statutory, between the parties other than as expressly set forth in this Agreement. 
 13.18 Acceptance by
Licensor This instrument, when signed by Licensee, shall be deemed an application for license and not a binding agreement unless and until accepted by Licensor by signature of a duly authorized officer and the delivery of such a signed copy to
Licensee. The receipt and/or deposit by Licensor of any check or other consideration given by Licensee and/or delivery of any material by Licensor to Licensee shall not be deemed an acceptance by Licensor of this application. The foregoing shall
apply to any documents relating to renewals or modifications hereof. 
 13.19 Execution by Fax and in Counterparts
This Agreement may be executed by facsimile and in any number of counterparts, all of which together will constitute one instrument. 
 13.20 Force Majeure Notwithstanding anything to the contrary set forth in this Agreement, in the event of the occurrence of any event of force majeure (i.e., an act of God, hurricane, flood, tsunami, fire, accident, terrorist
acts, earthquake, war, labor dispute, work stoppage and similar matters outside of a party’s control), which event has the effect of materially interfering with such party’s ability to develop and/or exploit the rights granted under this
Agreement (“Force Majeure Event”), each Party’s obligations under this Agreement shall be suspended for the period of time such party is materially affected by such Force Majeure Event, plus a reasonable period thereafter to
resume normal business activities (such reasonable period thereafter not to exceed two (2) weeks). In the event that the suspension of either party’s obligations under this Agreement by reason of any Force Majeure Event exceeds six
(6) months, the other party may, by written notice, terminate this Agreement. In such event, payments of the Guaranteed Fee, Royalties and Consulting Fees due from Licensee hereunder **** that would have become due hereunder after the date of
termination of this Agreement, had this Agreement not terminated by reason of any Force Majeure Event, and no portion of any payments of the Guaranteed Fee, Royalties and Consulting Fees required to be made by Licensee pursuant to this sentence, or
of any prior payments, shall be repayable to Licensee. 
 13.21 Interpretation of Language The language in all
parts of this Agreement will be interpreted simply, according to its fair meaning, and not strictly for or against any party regardless of which party drafted this Agreement. 
  

 - 47 - 

 The parties hereto have caused this Agreement to be executed by their respective duly authorized
representatives as of the dates set forth below. 
  

									
	AGREED and ACCEPTED:	 		 	AGREED and ACCEPTED:
			
	 UNIVERSAL CITY DEVELOPMENT PARTNERS, LTD.
	 		 	 WARNER BROS. CONSUMER PRODUCTS INC.

					
	By:	 	 /s/ William Davis
	 		 	By:	 	 /s/ Ana M. de Castro

		 	William Davis	 		 		 	Ana M. de Castro
		 	President and Chief Operating Officer	 		 		 	 Senior Vice President
 Business & Legal Affairs

					
	Date:	 	                    	 		 	Date:	 	                     

  

 - 48 - 

  

 Exhibit 8 – Page 49UCF Hotel Venture Ground Lease

 Exhibit 10.6 
  
  
 GROUND LEASE 
 dated as of 
 June 12, 1998 
 between 
 UNIVERSAL CITY 
 DEVELOPMENT 
 PARTNERS 
 and 
 UNIVERSAL CITY 
 FLORIDA PARTNERS 
 and

 UCF HOTEL VENTURE 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	ARTICLE I
	 DEFINITIONS

	Section 1.1	  	Definitions	  	2
	Section 1.2	  	Partnership Agreement Definitions	  	14
	ARTICLE II
	GRANT AND TERM
	Section 2.1	  	Lease of Site	  	14
	Section 2.2	  	Term	  	14
	Section 2.3	  	Condition	  	14
	Section 2.4	  	Ownership of Hotels, FF&E, etc.	  	15
	Section 2.5	  	Landlord’s Right to Inspect	  	15
	ARTICLE III
	INITIAL CONSTRUCTION; ALTERATIONS
	Section 3.1	  	Initial Construction; Development Period Remedies	  	16
	Section 3.2	  	Alterations	  	16
	Section 3.3	  	Site Inspection	  	19
	Section 3.4	  	No Subordination of Fee	  	20
	ARTICLE IV
	RENT
	Section 4.1	  	Rent	  	20
	Section 4.2	  	Payment of Base Rent and Additional Rent; Right to Audit	  	21
	Section 4.3	  	Manner of Payment	  	23
	Section 4.4	  	No Partnership Created	  	23
	Section 4.5	  	Survival	  	23
	Section 4.6	  	Rent to Market Adjustment	  	23
	Section 4.7	  	Rent Suspension	  	24
	ARTICLE V
	CERTAIN COVENANTS
	Section 5.1	  	Net Lease Generally	  	24
	Section 5.2	  	Repairs and Maintenance	  	24

  

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 TABLE OF CONTENTS 
 (CONTINUED) 
  

  

					
	 	  	 	  	PAGE
	Section 5.3	  	Legal Requirements, etc.	  	25
	Section 5.4	  	Taxes	  	25
	Section 5.5	  	Use of Premises	  	27
	Section 5.6	  	Management Standard	  	28
	Section 5.7	  	Continuous Operation	  	29
	Section 5.8	  	Rubbish Removal; Extermination	  	29
	Section 5.9	  	Liens	  	29
	Section 5.10	  	FF&E; Loews Name	  	30
	Section 5.11	  	FF&E Reserve Account	  	30
	Section 5.12	  	Utilities; Telecommunications Services	  	31
	Section 5.13	  	Options on and Access Rights to Phase II Sites	  	31
	Section 5.14	  	Significant Theme Park Quality Change	  	34
	Section 5.15	  	Changes in Legal Descriptions	  	35
	Section 5.16	  	Title	  	35
	Section 5.17	  	Title Matters	  	35
	ARTICLE VI
	 ENVIRONMENTAL COMPLIANCE

	Section 6.1	  	Landlord’s Environmental Representation and Warranty	  	35
	Section 6.2	  	Environmental Covenants	  	36
	Section 6.3	  	No Obligations of Landlord	  	37
	Section 6.4	  	Survival	  	38
	ARTICLE VII
	INSURANCE
	Section 7.1	  	Insurance During Alterations	  	38
	Section 7.2	  	Property Insurance	  	38
	Section 7.3	  	Liability Insurance and Other Coverages	  	38
	Section 7.4	  	Additional Coverage or Amounts; Deductibles	  	39
	Section 7.5	  	Form of Policies	  	39
	Section 7.6	  	Waivers of Subrogation	  	41
	ARTICLE VIII
	INDEMNIFICATION
	Section 8.1	  	Non-Liability	  	41
	Section 8.2	  	Indemnification	  	41
	Section 8.3	  	Notice of Claim	  	42
	Section 8.4	  	Survival	  	43

  

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 (CONTINUED) 
  

					
	 	  	 	  	PAGE
	ARTICLE IX
	 ESTOPPEL CERTIFICATES; SUBORDINATION; ATTORNMENT

	Section 9.1	  	Estoppel Certificates	  	43
	Section 9.2	  	Subordination and Attornment	  	44
	 ARTICLE X
 ASSIGNMENT AND SUBLEASING; HOTEL MANAGER

	Section 10.1	  	Prohibition on Assignment, Subleasing, Etc. by Tenant	  	44
	Section 10.2	  	Certain Permitted Assignments by Tenant	  	45
	Section 10.3	  	Permitted Assignments by Tenant to Established Operators	  	46
	Section 10.4	  	Permitted Transfers of Tenant’s Equity Interests	  	47
	Section 10.5	  	Subleases and Concessions	  	48
	Section 10.6	  	Landlord Rights Against Assignee, Sublessee of Tenant	  	49
	Section 10.7	  	Sale or Assignment by Landlord	  	50
	Section 10.8	  	Certain Permitted Sales/Assignments by Landlord	  	51
	Section 10.9	  	Tenant Rights Against Transferee of Landlord	  	52
	Section 10.10	  	Release of Assignor	  	52
	Section 10.11	  	Right of First Offer	  	53
	Section 10.12	  	Management Agreement	  	54
	 ARTICLE XI
 CASUALTY AND EMINENT DOMAIN

	Section 11.1	  	Casualty	  	54
	Section 11.2	  	Eminent Domain	  	56
	Section 11.3	  	Partial Lease Termination	  	57
	Section 11.4	  	Temporary Taking	  	57
	Section 11.5	  	Governmental Action Not Resulting in a Taking	  	58
	Section 11.6	  	Collection of Awards	  	58
	 ARTICLE XII
 EVENTS OF DEFAULT

	Section 12.1	  	Events of Default	  	58
	Section 12.2	  	Enforcement of Performance; Damages; and Termination	  	60
	Section 12.3	  	Expiration and Termination of Lease	  	60
	Section 12.4	  	Waiver of Rights of Tenant and Landlord	  	61
	Section 12.5	  	Receipt of Moneys after Notice or Termination	  	61
	Section 12.6	  	Strict Performance	  	61

  

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	 	  	 	  	PAGE
	Section 12.7	  	Right to Enjoin Defaults	  	62
	Section 12.8	  	Remedies Under Bankruptcy and Insolvency Codes	  	62
	Section 12.9	  	Landlord Right to Cure	  	62
	 ARTICLE XIII
 LEASEHOLD MORTGAGE

	Section 13.1	  	Right to Grant Leasehold Mortgage	  	63
	Section 13.2	  	Rights of Leasehold Mortgagee	  	63
	Section 13.3	  	New Lease With Leasehold Mortgagee	  	65
	Section 13.4	  	Assignment by Leasehold Mortgagee	  	66
	Section 13.5	  	Additional Instrument	  	66
	Section 13.6	  	No Subordination of Fee Interest	  	67
	 ARTICLE XIV
 SURRENDER OF PREMISES

	Section 14.1	  	Condition of Premises	  	67
	Section 14.2	  	Title to Premises, FF&E, Etc.	  	67
	Section 14.3	  	Title to FF&E Reserve Account	  	67
	Section 14.4	  	Cash and Accounts Receivable	  	68
	Section 14.5	  	Refusal to Surrender Premises	  	68
	Section 14.6	  	Survival Clause	  	68
	 ARTICLE XV
 QUIET ENJOYMENT

	Section 15.1	  	Quiet Enjoyment	  	68
	 ARTICLE XVI
 MISCELLANEOUS

	Section 16.1	  	Landlord Consent	  	69
	Section 16.2	  	Inflation Adjustment	  	70
	Section 16.3	  	Force Majeure	  	70
	Section 16.4	  	No Waiver	  	70
	Section 16.5	  	Accord and Satisfaction	  	70
	Section 16.6	  	Entire Agreement	  	71
	Section 16.7	  	Notices	  	71
	Section 16.8	  	Consents and Approvals	  	73
	Section 16.9	  	Headings and Section Numbers; Terms Generally	  	74

  

 (iv) 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

  

					
	 	  	 	  	PAGE
	Section 16.10	  	Construction of Language	  	74
	Section 16.11	  	Broker’s Commission	  	74
	Section 16.12	  	Interest	  	75
	Section 16.13	  	Limitations on Liability	  	75
	Section 16.14	  	Successors and Assigns; Third Party Rights	  	75
	Section 16.15	  	Labor Harmony	  	75
	Section 16.16	  	Governing Law	  	76
	Section 16.17	  	Cumulative Rights	  	76
	Section 16.18	  	Partial Invalidity	  	76
	Section 16.19	  	Injunctive Relief	  	76
	Section 16.20	  	Confidentiality	  	76
	Section 16.21	  	Memorandum of Lease	  	77
	 ARTICLE XVII
 LANDLORD’S INTEREST NOT SUBJECT TO LIEN

	Section 17.1	  	Landlord’s Interest Not Subject To Lien	  	77
	 ARTICLE XVIII
 ARBITRATION

	Section 18.1	  	Arbitration	  	78
	Section 18.2	  	Election of Remedies	  	80
	Section 18.3	  	Emergency Provisional Relief	  	80
	Section 18.4	  	Resolution by Chairmen	  	81
	Section 18.5	  	No Merger of Title	  	81

  

 (v) 

 EXHIBITS AND SCHEDULES 
  
  
  

					
	Exhibit A	  	Resort Property Site Plan	  	
	Exhibit B	  	Legal Description of Resort Property	  	
	Exhibit C	  	Legal Description of UCDP’s portion of Resort Property and Legal Description of UCFP’s portion of Resort Property	  	
	Exhibit D	  	Legal Descriptions of Sites and Phase II Sites	  	
	Exhibit E	  	Memorandum of Lease	  	
	Schedule 1.1	  	Property Restrictions	  	
	Schedule 4.1	  	Income After Debt Service; Available Cash	  	

  

 (vi) 

 GROUND LEASE 
  
  
 GROUND LEASE, dated as of June 12, 1998 (this “LEASE”), between Universal City Development Partners, a general partnership
formed under the laws of the State of Florida (“UCDP”), and Universal City Florida Partners, a general partnership formed under the laws of the State of Florida (“UCFP” and, together with UCDP, “LANDLORD”), and UCF
Hotel Venture, a general partnership formed under the laws of the State of Florida (“TENANT”). 
 W I T N E S S E T H :

  
  
 WHEREAS, concurrently herewith, URH (as hereinafter defined), an Affiliate of Landlord, and LOH (as hereinafter defined) have entered into
the Partnership Agreement (as hereinafter defined) for the purpose of, inter alia, planning, financing, constructing, developing, maintaining, managing, owning and operating the Project (as hereinafter defined) within the resort located in the City
of Orlando, Orange County, Florida currently known as Universal Studios Escape and pursuant to which URH and LOH have formed Tenant; 
 WHEREAS, the land on which Universal Studios Escape is situated (the “RESORT PROPERTY”) is described on the site plan attached hereto as Exhibit A and legally described in Exhibit B hereto, and the portion of the Resort Property
described in Item 1 of Exhibit C is owned by UCDP, and the portion of the Resort Property described in Item 2 of Exhibit C is owned by UCFP; and 
 WHEREAS, UCFP currently owns, and, together with its Affiliates, operates, Universal Studios Florida, a motion picture and television themed Tourist Attraction (as hereinafter defined), on a portion of
the Resort Property identified as “First Gate” on Exhibit A hereto (the “FIRST GATE”). 
 WHEREAS, UCDP is
constructing adjacent to the First Gate “Universal’s Islands of Adventure,” a themed Tourist Attraction to be owned by UCDP and operated by Theme Park Owner (as hereinafter defined) and its Affiliates, which is being constructed on a
portion of the Resort Property identified as “Second Gate” on Exhibit A hereto (the “SECOND GATE”) along with a planned entertainment district that will include restaurants, entertainment and shopping facilities and two
(2) parking garages and related facilities (such district, restaurants, entertainment and shopping facilities, parking garages and related facilities, the First Gate, the Second Gate and any other Tourist Attraction constructed on the Resort
Property, collectively, the “THEME PARK”); 
 WHEREAS, Landlord desires to lease to Tenant, and Tenant desires to
lease from Landlord, the following portions of the Resort Property (each such portion, a “SITE”, which Sites are described on Exhibit A hereto and legally described on Exhibit D hereto) on which Tenant intends to construct and operate the
following: (a) The Portofino Bay Hotel, a Loews Hotel (the “PORTOFINO”) to be constructed on the portion of the Resort Property identified as the “Portofino Hotel” on Exhibit A hereto and legally described in Item 1 of
Exhibit D hereto; (b) The Hard Rock Hotel (the “HARD ROCK HOTEL”), to be constructed on the portion of the Resort Property

 
identified as “Hard Rock Hotel” on Exhibit A hereto and legally described in Item 2 of Exhibit D hereto; (c) a third hotel currently having a South Seas theme but which hotel
has not yet been named (the “THIRD HOTEL”) to be constructed on the portion of the Resort Property identified as “Third Hotel Site” on Exhibit A hereto and legally described in Item 3 of Exhibit D hereto; and (d) a
common support facility (the “SUPPORT FACILITY”) to be constructed on the portion of the Resort Property identified as the “Support Facility” on Exhibit A hereto and legally described in Item 4 of Exhibit D hereto (each of
the Hotels (as hereinafter defined) and the Support Facility described in clauses (a), (b), (c) and (d) of this Whereas clause, a “PROPERTY” and all Properties, together with the Building & Appurtenances and FF&E (as
hereinafter defined) applicable thereto, the “PROJECT”), all in accordance with the terms and conditions hereinafter set forth; 
 WHEREAS, the Hotels are intended to be components of a “full-service destination resort” with a high degree of integration and cooperation with the Theme Park, with an objective of presenting to
the Hotel guest and Theme Park customer (and potential Hotel guest and Theme Park customer) a “seamless” experience with respect to the various elements of the Project and the Theme Park, all as more fully provided in the Resort Covenants
and Reciprocal Easement Agreement dated as of the date hereof between Tenant and the Theme Park Owner (the “RESORT AGREEMENT”) and 
 WHEREAS, pursuant to Section 9 of the Partnership Agreement, URH and LOH, through their Affiliates, may elect to develop, own and operate an additional three (3) hotels on the Resort Property,
which development would include two (2) hotels having a total of approximately 2,600 keys and approximately 150,000 square feet of meeting space (the “PRIMARY PHASE II HOTELS”) to be constructed on the portions of the Resort Property
identified as Sites C and D, respectively, on Exhibit A hereto and described in Item 5 of Exhibit D hereto (the “PRIMARY PHASE II SITES”) and a third hotel (the “THIRD PHASE II PROPERTY” and, together with the Primary Phase
II Hotels, the “PHASE II HOTELS”) having approximately 300 time share units to be constructed on the portion of the Resort Property identified as Site F on Exhibit A hereto and described in Item 6 of Exhibit D hereto (the “THIRD
PHASE II SITE” and, together with the Primary Phase II Sites, the “PHASE II SITES”). 
 NOW THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I 
  
  
 DEFINITIONS

  
  
 SECTION 1.1 DEFINITIONS. For purposes of this Lease, the following definitions shall apply: 
 “AAA” shall have the meaning set forth in Section 18.1(a). 
 “AAA RULES” shall mean the American Arbitration Association. 
  

 2 

 “ACCOUNTANT’S STATEMENT” shall have the meaning set forth in
Section 4.2(a). 
 “ADDITIONAL RENT” for each Fiscal Year, shall mean (i) 1% of Total Revenues during such
Fiscal Year plus (ii) $7,000,000, adjusted for inflation from the month in which the Opening Date of the Portofino occurs. 
 “AFFILIATE” shall mean, with respect to any Person, any other Person which, directly or indirectly, controls, is controlled by, or is under common control with, such Person (and, for purposes of this definition,
“control”, including the terms “controlled by” and “under common control with”, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract, or otherwise); provided that so long as Universal and Rank, or Affiliates of Universal and Rank, jointly control a Person, each of Universal and Rank, and each such Affiliate of
Universal and Rank (if applicable), shall be Affiliates of such Person; and each such Person who is so jointly controlled shall be an Affiliate of (A) each other Person who is so jointly controlled and (B) each other Affiliate of Universal
and Rank. 
 “ALTERATIONS” shall have the meaning set forth in Section 3.2(a). 
 “APPROVED SUBLEASE” shall have the meaning set forth in Section 10.5(e). 
 “ASSIGNEE PARTIES” shall have the meaning set forth in Section 10.3(a)(iv). 
 “AVAILABLE CASH” shall have the meaning set forth in the Partnership Agreement. 
 “BANKRUPTCY CODE” shall mean Title 11 of the United States Code entitled “Bankruptcy” as now or hereafter in effect, or
any successor thereto. 
 “BASE RENT” for each Fiscal Year, shall mean 1% of Total Revenues during such Fiscal Year.

 “BUILDING & APPURTENANCES” shall mean a building or structure, including all installations incorporated in
or attached thereto and used or useable in the operation thereof such as machinery, motors, engines, dynamos, energy co-generation equipment, compressors, pumps, boilers and burners, heating, plumbing, electric, ventilating, air cooling and air
conditioning equipment, chutes, ducts, pipes, tanks, conduits and wiring, elevators, escalators and hoists, washroom, toilet and lavatory plumbing equipment, window washing hoists and equipment, and built-in kitchen fixtures and equipment (excluding
FF&E and Operating Equipment). 
 “CAPITAL INVESTMENT” shall have the meaning set forth in the Partnership
Agreement. 
 “COMMENCEMENT DATE” shall have the meaning set forth in Section 2.2. 
 “CONCESSIONAIRE” shall mean a Person (other than the Hotel Manager), including a shopkeeper, retailer, operator of a bar,
restaurant or similar establishment, or other provider of services, that has entered into a lease, sublease, or similar agreement with Tenant granting a possessory right to occupy space at the Premises. 
  

 3 

 “CONSUMER PRICE INDEX” shall mean the Consumer Price Index for Urban Wage Earners
and Clerical Workers, as compiled and published by the Bureau of Labor Statistics of the United States Department of Labor for the Miami, Florida area. 
 “CONTAMINATION” shall mean the presence of any Hazardous Substance on, in, at, under or within the Premises, or the Release of any Hazardous Substance on, in, at, under, within, from or to the
Premises, to the extent such presence or Release would be in violation of any Environmental Law. 
 “COUNTY” shall
mean Orange County, Florida. 
 “DISNEY” shall mean (i) The Walt Disney Company (which shall include, for the
purposes of this Lease, any corporate successor thereto), (ii) its parent (for purposes of this definition, the term “parent” shall mean any Person that owns, directly or indirectly, greater than fifty percent (50%) of the equity
of The Walt Disney Company or that has the ability to elect a majority of the board of directors or similar governing body of The Walt Disney Company) and (iii) any Person in which such parent, directly or indirectly, owns greater than fifty
percent (50%) of the equity, or of which such parent, directly or indirectly, has the ability to elect a majority of the board of directors or similar governing body. 
 “DISPUTE” shall have the meaning set forth in Section 18.1(a). 
 “ENVIRONMENTAL LAWS” shall mean any federal, state or local laws, regulations, statutes, ordinances or common law theories
relating to the protection of the environment or to the protection of individuals from exposure to Hazardous Substances, as the same may hereafter be amended, supplemented or otherwise modified from time to time, including but not limited to the
following: 
 (i) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended,
42 U.S.C.(Sections)9601 et seq.; 
 (ii) the Hazardous Materials Transportation Act, as amended, 49
U.S.C.(Sections)1802 et seq.; 
 (iii) the Resources Conservation and Recovery Act of 1976, 42
U.S.C.(Sections)6901 et seq.; 
 (iv) the Toxic Substances Control Act of 1976, as amended, 15
U.S.C.(Sections)2601 et seq.; 
 (v) the Federal Water Pollution Control Act, 33 U.S.C. (Sections)1251 et seq.;

 (vi) the Clean Air Act, 42 U.S.C.(Sections)7401 et seq.; 
  

 4 

 (vii) the Superfund Amendments and Reauthorization Act of 1986, Public Law
99-499, 100 Stat. 1613; 
 (viii) the National Environmental Policy Act of 1969, 42 U.S.C. Section 4321;

 (ix) the Safe Drinking Water Act, 42 U.S.C. Sections 300F, et seq.; 
 (x) all rules, regulations and orders promulgated in connection with any of the foregoing; 
 (xi) Environmental Protection Agency rules, regulations and orders pertaining to asbestos and asbestos-containing material
(including, without limitation, 40 C.F.R. Part 61, Subpart M); 
 (xii) Occupational Safety and Health
Administration rules, regulations and orders pertaining to asbestos and asbestos-containing material (including, without limitation, 29 C.F.R. Sections 1910.1001 and 1926.58); and 
 (xiii) any and all other federal, state and local laws, rules, regulations and orders relating to Hazardous Substances, now
existing or hereafter promulgated. 
 “EVENT OF BANKRUPTCY” shall mean, with respect to a Person, any of the following
events: (i) if such Person shall commence a voluntary case under the Bankruptcy Code; (ii) if an involuntary case is commenced under the Bankruptcy Code against such Person and the petition is not controverted within one hundred fifty
(150) days, or is not dismissed within one hundred eighty (180) days, after commencement of the case; (iii) if a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or any substantial part of the
property of such Person and such appointment has not been vacated or stayed on appeal or otherwise within one hundred fifty (150) days or, if within one hundred eighty (180) days after the expiration of any such stay, such appointment has
not been vacated; (iv) if such Person commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to such Person or there is commenced against such Person any such proceeding which is not stayed or dismissed within a period of one hundred fifty (150) days; (v) if such Person makes a general assignment for
the benefit of creditors; (vi) if such Person admits, in writing, that it is generally unable to pay its debts as they become due; or (vii) if such Person is adjudicated insolvent or bankrupt. 
 “EVENT OF DEFAULT” shall have the meaning set forth in Section 12.1. 
 “EVENT OF DEFAULT NOTICE” shall have the meaning set forth in Section 12.1. 
 “EXPIRATION DATE” shall have the meaning set forth in Section 2.2. 
  

 5 

 “FF&E” shall mean all furniture, fixtures and equipment (other than
Building & Appurtenances, Operating Equipment and Operating Supplies) located at or used in connection with the Project, including (without limitation): (i) all furniture, furnishings, built-in furniture, carpeting, draperies,
decorative millwork, decorative lighting, doors, cabinets, hardware, partitions (but not permanent walls), televisions and other electronic equipment, interior plantings, interior water features, artifacts and artwork, and interior and exterior
graphics; (ii) communications equipment; (iii) all fixtures and specialized hotel equipment used in the operation of kitchens, laundries, dry cleaning facilities, bars and restaurants; (iv) telephone and call accounting systems;
(v) rooms management systems, point-of-sale accounting equipment, front and back office accounting, computer, duplicating systems and office equipment; (vi) cleaning and engineering equipment and tools; (vii) vehicles;
(viii) recreational equipment; and (ix) all other similar items which are used in the operation of the Project, excluding, however, any personal property which is owned by subtenants, licensees, Concessionaires or contractors. 

“FF&E RESERVE ACCOUNT” shall have the meaning set forth in Section 5.11(a). 
 “FIRST GATE” shall have the meaning set forth in the third Whereas clause hereof. 
 “FIRST PERMITTED LEASEHOLD MORTGAGE” shall mean (i) the Permitted Leasehold Mortgage that is prior in lien among all such
mortgages in effect and (ii) collectively, a First Permitted Leasehold Mortgage and a Permitted Leasehold Mortgage if such Permitted Leasehold Mortgage is second in priority in lien among such mortgages in effect and both such mortgages are
held by the same Permitted Leasehold Mortgagee or the Permitted Leasehold Mortgagees under such mortgages are Affiliates. 
 “FIRST PERMITTED LEASEHOLD MORTGAGEE” shall mean the holder of or secured party under the First Permitted Leasehold Mortgage. 
 “FISCAL YEAR” shall mean the twelve (12) month period commencing January 1 and ending December 31, except that the first Fiscal Year of the Project shall be that period commencing
on the Opening Date of the first Hotel to open and ending on the next December 31 which is at least one (1) year thereafter. 
 “FORCE MAJEURE EVENT” shall mean a strike, slowdown, lockout, act of God, inability to obtain labor or materials, war, enemy action, civil commotion, fire, casualty, catastrophic weather condition, a court order which causes a
delay (unless resulting from disputes between or among the Person alleging a Force Majeure Event, present or former employees, officers, members, partners or shareholders of such alleging Person or Affiliates (or present or former employees,
officers, partners, members or shareholders of such Affiliates) of such alleging Person), the application of any Legal Requirement, or another cause beyond such Person’s control or which, if susceptible to control by such Person, shall be
beyond the reasonable control of such Person. 
 “GAAP” shall mean United States generally accepted accounting
principles as in effect from time to time. 
  

 6 

 “GOVERNMENTAL AUTHORITY” shall mean the United States of America, the State of
Florida, and any agency, quasi-governmental agency, department, commission, board, bureau, instrumentality or political subdivision (including any city, county or district) of any of the foregoing, now existing or hereafter created, having
jurisdiction over the Premises or any portion thereof. 
 “HARD ROCK HOTEL” shall have the meaning set forth in the
fifth Whereas clause hereof. 
 “HAZARDOUS SUBSTANCES” shall mean any substance, material or waste which is regulated
by any Governmental Authority, including, without limitation, asbestos, asbestos-containing materials, radon gas, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum products and by-product substances, any material or substance
which is defined in any Legal Requirement as “hazardous substances”, “hazardous waste”, “hazardous material”, “restricted hazardous waste”, “industrial waste”, “solid waste”,
“contaminant”, “pollutant”, “toxic waste” or “toxic substances” and any oil or petroleum or chemical liquids or solid, liquid or gaseous products or hazardous waste, the discharge, spillage, uncontrolled loss,
seepage or filtration of which constitutes a violation of any Legal Requirement. 
 “HOTEL” shall mean each of the
Portofino, the Hard Rock Hotel and the Third Hotel, and “HOTELS” shall mean, collectively, all such Hotels. 
 “HOTEL MANAGER” shall have the meaning set forth in Section 10.12(a). 
 “INCOME AFTER DEBT
SERVICE” shall have the meaning set forth in the Partnership Agreement. 
 “INITIAL CONSTRUCTION” shall mean
Tenant’s proposed construction of the Project in accordance with the terms and provisions of the Partnership Agreement. 
 “LANDLORD” shall have the meaning set forth in the first paragraph hereof. 
 “LANDLORD COMPETITOR”
shall mean a “Prohibited LOH Transferee” as defined in the Partnership Agreement. 
 “LANDLORD INDEMNIFIED
PARTIES” shall have the meaning set forth in Section 8.2(b). 
 “LEASE” shall have the meaning set forth in
the first paragraph hereof. 
 “LEGAL REQUIREMENTS” shall mean any and all laws, rules, regulations, constitutions,
orders, ordinances, charters, statutes, codes, executive orders and requirements of all Governmental Authorities having jurisdiction over a Person and/or the Premises or any street, road, avenue or sidewalk comprising a part of, or lying in front
of, the Premises or any vault in or under the Premises (including, without limitation, any of the foregoing relating to handicapped

  

 7 

 
access or parking, and the laws, rules, regulations, orders, ordinances, statutes, codes and requirements of any applicable Fire Rating Bureau or other body exercising similar functions).

 “LENDING INSTITUTION” shall mean any Person (which is not, and which shall not become during the term of any
Permitted Leasehold Mortgage held by it, a Tenant Competitor or Landlord Competitor, as applicable, or an Affiliate of Tenant or Landlord, as applicable) subject to the personal jurisdiction of the federal or state courts located in any state of the
United States of America or the District of Columbia which is, at all times during the term of any Permitted Leasehold Mortgage, (i) a commercial bank, national bank or savings bank, savings and loan association, trust company, credit union,
foreign banking institution, or insurance company, (ii) a state, municipal or private employees’ welfare, pension or retirement fund or system, (iii) an investment banking firm, (iv) a publicly held real estate investment trust
(but excluding any “paired-share” or “paper clip” real estate investment trust or any other real estate investment trust, or an Affiliate thereof, that is permitted under the Internal Revenue Code of 1986, as amended, to manage
or operate (or control the operation of) hotels), (v) an entity that qualifies as a “REMIC” under the Internal Revenue Code of 1986, as amended, or (vi) any governmental agency or entity insured by a governmental agency, whether
any of the foregoing is acting individually or in a fiduciary or representative capacity and in each case having total assets of at least $100,000,000 (adjusted for inflation) and a net worth of at least $25,000,000 (adjusted for inflation) as
shown, in each case, by its most recent financial statements distributed to its shareholders, unless the Landlord’s prior written waiver of such requirement shall have been obtained. 
 “LOH” shall mean Loews Orlando Hotel Partner, Inc., a Delaware corporation and, as of the date of this Lease, a general partner of
Tenant. 
 “MAJOR ALTERATIONS” shall have the meaning set forth in Section 3.2(c). 
 “MANAGEMENT AGREEMENT” shall have the meaning set forth in Section 10.12(a). 
 “MANAGEMENT FEE” shall mean the “Basic Fee” (as defined in the Management Agreement) payable by the Tenant to the Hotel
Manager pursuant to Section 13 of the Management Agreement. 
 “MANAGEMENT STANDARD” shall have the meaning set
forth in Section 5.6. 
 “NET CONDEMNATION AWARD” shall have the meaning set forth in Section 11.2(a).

 “NET INSURANCE PROCEEDS” shall have the meaning set forth in Section 11.1(a). 
 “NON-AFFILIATED LENDER” shall mean any Person who is not an Affiliate of URH (or its successor as a Partner). 
 “NOTICE” shall have the meaning set forth in Section 16.7. 
 “NOTICE OF FAILURE TO CURE” shall have the meaning set forth in Section 13.2(b). 
  

 8 

 “OPENING DATE” shall mean, as the context requires, the date (i) that a
Property is opened for business to the public or (ii) that the Project is completed and every Property is opened for business to the public. 
 “OPERATING EQUIPMENT” shall mean all cooking utensils, chinaware, glassware, linens, silverware, uniforms, menus and other similar items. 
 “OPERATING EXPENSES” shall have the meaning set forth in the Management Agreement. 
 “OPERATING SUPPLIES” shall mean all paper supplies, cleaning materials, fuel, food and beverages, light bulbs and other consumable
and expendable items. 
 “PARTNER” shall mean each general partner in Tenant so long as Tenant is a partnership and
“PARTNERS” shall mean all of them. 
 “PARTNERSHIP AGREEMENT” shall mean the UCF Hotel Venture Partnership
Agreement, dated as of June 12, 1998, by and between URH and LOH, as amended, modified, or supplemented from time to time. 
 “PERMITTED LEASEHOLD MORTGAGE” shall mean any mortgage made pursuant to Article XIII, together with any applicable security instruments entered into in connection therewith, including mortgages, deeds of trust, mortgage deeds,
security deeds, conditional deeds, financing statements, security agreements and any other documentation that the applicable lender may require. 
 “PERMITTED LEASEHOLD MORTGAGEE” shall mean the holder of or secured party under a Permitted Leasehold Mortgage. 
 “PERSON” shall mean (i) an individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, estate, trust, unincorporated association or other
entity, (ii) a Federal, state, county or municipal government or any bureau, department, political subdivision or agency thereof or (iii) a fiduciary acting in such capacity on behalf of any of the foregoing. 
 “PHASE II HOTELS” shall have the meaning set forth in the seventh Whereas clause hereof. 
 “PHASE II NOTICE PROVIDER” shall have the meaning set forth in Section 5.13(c). 
 “PHASE II NOTICE RECIPIENT” shall have the meaning set forth in Section 5.13(c). 
 “PHASE II PARTNERSHIP” shall have the meaning set forth in the Partnership Agreement. 
 “PHASE II SITES” shall have the meaning set forth in the seventh Whereas clause hereof. 
  

 9 

 “PORTOFINO” shall have the meaning set forth in the fifth Whereas clause hereof.

 “PREMISES” shall mean, collectively, the Sites, the Hotels, the FF&E, and the Building &
Appurtenances. 
 “PRIMARY PHASE II HOTELS” shall have the meaning set forth in the seventh Whereas clause hereof.

 “PRIMARY PHASE II SITES” shall have the meaning set forth in the seventh Whereas clause hereof. 
 “PROJECT” shall have the meaning set forth in the fifth Whereas clause hereof. 
 “PROPERTY” shall have the meaning set forth in the fifth Whereas clause hereof. 
 “PROPERTY RESTRICTIONS” shall mean all mortgages, encumbrances, liens, leases, covenants, conditions, restrictions, limitations,
regulations, easements and other instruments and agreements recorded in the land records of the County as of the date hereof and set forth on Schedule 1.1 hereto and encumbering the Sites or any portion thereof, including any covenants or
restrictions adopted by a property owners’ association, community association or similar organization as of the date hereof and set forth on Schedule 1.1 hereto. 
 “RANK” shall mean The Rank Group Plc, a corporation organized under the laws of England or its successor, provided, however, that if The Rank Group Plc (or such successor) is not the parent of
the business of Rank Parks (as described in the definition of Rank Parks), then “Rank” shall mean the Person that is then the parent of such business (but excluding any parent or shareholder of Rank). 
 “RANK PARKS” shall have the meaning provided in the Partnership Agreement. 
 “RELEASE” shall mean the intentional or unintentional spilling, leaking, disposing, discharging, emitting, depositing, injecting,
leaching, escaping, or any other release or threatened release (as defined in any Environmental Law) of any Hazardous Substance. 
 “RENT” shall mean collectively, any Base Rent and Additional Rent, Taxes and any other sums, costs, expenses or deposits which Tenant is obligated, pursuant to the terms of this Lease, to pay to Landlord or to a third party or
deposit with a third party. 
 “RESORT AGREEMENT” shall have the meaning set forth in the sixth Whereas clause hereof.

 “RESORT PROPERTY” shall have the meaning set forth in the second Whereas clause hereof. 
 “SEAGRAM” shall mean The Seagram Company Ltd., a corporation organized under the laws of Canada. 
  

 10 

 “SECOND GATE” shall have the meaning set forth in the fourth Whereas clause
hereof. 
 “SECTION 11.1(D) PROCEEDS” shall have the meaning set forth in Section 11.1(d). 
 “SIGNIFICANT ALTERATIONS” shall have the meaning set forth in Section 3.2(b). 
 “SITE” shall have the meaning set forth in the fifth Whereas clause hereto and shall include all rights, easements, privileges and
appurtenances belonging or appertaining to such portions of the Resort Property on the date hereof or at any time thereafter and “SITES” shall mean all of them. 
 “SUBSIDIARY” shall have the meaning set forth in the Partnership Agreement. 
 “SUPPORT FACILITY” shall have the meaning set forth in the fifth Whereas clause hereof. 
 “TAXES”
shall mean, collectively, the following: 
 (i) all real estate taxes, assessments (special or otherwise), sewer
rents, rates and charges, county taxes, transit taxes and any other governmental charge of a similar or dissimilar nature, whether general, special, ordinary or extraordinary, foreseen or unforeseen, which may be charged, laid, levied, assessed,
imposed, become due and payable or liens upon, or arise in connection with the use, occupancy or possession of, or grow due or payable out of or for, the Premises by the City of Orlando, Florida, the County or any other taxing authority having
jurisdiction over the Premises; and 
 (ii) any sales tax, use tax, occupancy tax or other tax or assessment
charged by any Governmental Authority to Landlord or Tenant based upon any rents or other amounts payable by Tenant to Landlord hereunder; 
 provided, that, in each such case, if at any time after the date hereof the methods of taxation prevailing on the date hereof shall be altered so that, in addition to, in lieu of or as a substitute for
the whole or any part of the Taxes now levied, assessed or imposed on all or any part of the Premises, there shall be levied, assessed or imposed any other tax, however described or imposed, then all such taxes or the part thereof so measured or
based shall be deemed to be included in Taxes; and, provided, further, that, in each such case, (A) any municipal, state or federal income or gross receipts taxes assessed against Landlord, (B) any municipal, state or federal capital levy,
estate, succession, inheritance, transfer or gains taxes of Landlord, (C) any corporation or franchise taxes imposed on Landlord and (D) any penalties or late charges assessed against Landlord resulting from Landlord’s failure to
timely pay any Taxes or to otherwise take timely action with respect thereto, unless such failure resulted solely from the failure of Tenant to pay Landlord its proportionate share of such Taxes as determined pursuant to Section 5.4, shall be
excluded from “Taxes” unless expressly imposed by the taxing authority in substitution for an item that had been included in “Taxes”. 
  

 11 

 “TENANT” shall have the meaning set forth in the first paragraph hereof.

 “TENANT COMPETITOR” shall mean a “Prohibited URH Transferee” as defined in the Partnership Agreement.

 “TENANT INDEMNIFIED PARTIES” shall have the meaning set forth in Section 8.2(c). 
 “TERM” shall have the meaning set forth in Section 2.2. 
 “THEME PARK” shall have the meaning set forth in the fourth Whereas clause hereof. 
 “THEME PARK OWNER” shall mean, collectively, UCDP and UCFP and any successors and permitted assigns thereof who own and operate
the Theme Park. 
 “THEME PARK RELATED TRANSFER” shall have the meaning set forth in Section 10.7. 
 “THIRD HOTEL” shall have the meaning set forth in the fifth Whereas clause hereof. 
 “THIRD PHASE II PROPERTY” shall have the meaning set forth in the seventh Whereas clause hereof. 
 “THIRD PHASE II SITE” shall have the meaning set forth in the seventh Whereas clause hereof. 
 “TOTAL REVENUE” shall mean Total Revenue as determined under the Uniform System, and in any event shall include, without
limitation, all income of every kind and all proceeds of sales of every kind (whether in cash or on credit) resulting from the operation of the Project and any of the facilities therein and goods and services provided thereby, including, without
limitation, all income and proceeds from the rental of rooms, food and beverage sales, sales of other goods and services, vending machine income, telephone revenues, parking revenues, revenues from any recreational facilities, entertainment charges
and all income and proceeds received from tenants, transient guests, customers, lessees, licensees and Concessionaires (but not including the gross receipts of such lessees, licenses or Concessionaires) and other Persons occupying space at the
Project and/or rendering services to Project guests (but exclusive of all consideration received at the Project for hotel accommodations, goods and services to be provided elsewhere, although arranged by, for or on behalf of the Hotel Manager), all
awards (other than condemnation awards for the value of the Project), any other form of incentive payments or awards from any source whatsoever which are attributable to the operation of the Project, the proceeds from any temporary taking (after
deduction from said proceeds of all necessary expenses incurred, in accordance with Section 11.4, in the restoration of the improvements as may have been necessitated by such taking), and

  

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the proceeds (after deduction from said proceeds of all necessary expenses incurred in the adjustment or collection thereof) of business interruption insurance actually received by the Hotel
Manager or Tenant with respect to the operation of the Project. The following shall, however, be excluded from Total Revenue: 
 (i) Federal, state and municipal excise, sales, resort, use, and other taxes collected from patrons or guests as a part of or based upon the sales price of any goods or services, including, without
limitation, gross receipts, room, bed, admission, cabaret, or similar taxes; 
 (ii) Any gratuities collected and
paid over to employees; 
 (iii) The proceeds of any financing or refinancing; 
 (iv) Interest on funds in the FF&E Reserve Fund (as defined in the Management Agreement); 
 (v) Proceeds from the sale of any FF&E; 
 (vi) Proceeds from the sale of a Hotel, the Support Facility or any recreational facilities; 
 (vii) Capital contributions and loans to Tenant; and 
 (viii) Proceeds from hazard insurance (which shall not include business interruption insurance). 
 “TOURIST ATTRACTION” shall mean any theme park or amusement park, whether now existing or hereafter devised. 
 “UCDP” shall have the meaning set forth in the first paragraph hereof. 
 “UCFP” shall have the meaning set forth in the first paragraph hereof. 
 “UNIFORM SYSTEM” shall mean the Uniform System of Accounts for Hotels as adopted by the American Hotel and Motel Association of
the United States and Canada and in effect from time to time during the Term. 
 “UNIVERSAL” shall mean Universal
Studios, Inc., a Delaware corporation, or its successor, provided, however, that if Universal Studios, Inc. (or such successor) is not the parent of the business of Universal Parks (as described in the definition of Universal Parks), then
“Universal” shall mean the Person that is then the parent of such business (but excluding any parent or shareholder of Universal). 
 “UNIVERSAL PARKS” shall have the meaning provided in the Partnership Agreement. 
  

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 “UNIVERSAL PLAT” shall mean the Plat of Universal City Florida, according to the
Plat thereof recorded in Plat Book 35, Pages 84 through 87, of the Public Records of Orange County, Florida. 
 “URH”
shall mean Universal Rank Hotel Partners, a Florida general partnership and, as of the date of this Lease, a general partner of Tenant. 
 SECTION 1.2 PARTNERSHIP AGREEMENT DEFINITIONS. Any term that is defined by reference to a definition in the Partnership Agreement shall mean such definition as in effect from time to time in the
Partnership Agreement or, if such Partnership Agreement is terminated, as in effect as of the date of such termination; provided, however, that at such time that an Affiliate of Landlord no longer owns an equity interest in Tenant such term shall
thereafter have the definition (a) in effect as of the date on which such event occurs or (b) as such definition is modified with Landlord’s approval. 
 ARTICLE II 
  
  
 GRANT AND TERM

  
  
 SECTION 2.1 LEASE OF SITE. Landlord does hereby grant, demise and lease to Tenant, and Tenant does hereby lease and take from Landlord, the
Sites in accordance with, and subject to, the terms and conditions of this Lease. 
 SECTION 2.2 TERM. The term of this Lease
(the “TERM”) shall commence as of the date hereof (the “COMMENCEMENT DATE”) and shall terminate on the date one hundred (100) years after the date hereof (such date, or any prior date upon which this Lease shall terminate
pursuant to the terms and conditions hereof, shall be hereinafter referred to as the “EXPIRATION DATE”). 
 SECTION
2.3 CONDITION. Upon Tenant’s execution and delivery of this Lease, except as expressly set forth in this Lease or in the Resort Agreement, Tenant shall be deemed to have accepted the Sites in their “as-is” condition as of the date of
this Lease. Landlord hereby represents and warrants that, (i) UCDP is the owner of fee simple title to the property described in Item 1 of Exhibit C, (ii) UCFP is the owner of fee simple title to the property described in Item 2
of Exhibit C, (iii) Schedule 1.1 hereto contains a list of each Property Restriction to which any portion of any Site is subject and (iv) to the best of Landlord’s knowledge, there are no outstanding obligations under that certain
Agreement by and between the City of Orlando and Major Realty Corporation, dated February 12, 1968, and recorded in official Records Book 1709, Page 813, of the Public Records of Orange County, Florida, as amended and assigned; provided
however, Landlord shall only be liable to Tenant for a breach of such representations and warranties pursuant to Section 8.2(c) to the extent that any of the loss arising out of such breach is not covered by title insurance. Tenant acknowledges
that it has fully examined the Sites and is familiar with the physical condition thereof and that, except as may be expressly set forth herein, no representations, warranties, guarantees or assurances, whether express or implied, have been made by
Landlord, or any Person representing or acting on behalf of Landlord, to Tenant with respect to the condition of the Sites, any easements, covenants, liens or encumbrances affecting

  

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the Sites, or the environmental history or environmental condition of the Sites, and Tenant acknowledges that it has not relied on any such representations or warranties other than those
expressly set forth herein. Each of Landlord and Tenant acknowledges that, except as expressly set forth herein, no representations, warranties, guarantees or assurances, whether express or implied, have been made to it by the other party hereto, or
any Person representing or acting on behalf of such other parry, with respect to the projected revenues, expenses or operating results of the Project, the obtainability of any licenses or permits which may be necessary or desirable in connection
with the use and operation of the Sites, the Support Facility or the Hotels, the zoning and other Legal Requirements applicable to the Sites or the compliance of the Sites therewith, the use or occupancy of the Sites or any part thereof, or any
other matter whatsoever relating to the Sites, and each of Landlord and Tenant acknowledge that it has not relied on any such representations or warranties other than those expressly set forth herein. Landlord shall have no liability because of, or
as a result of, the existence of any subsurface or soil condition, either on the Sites or land adjacent thereto, which might affect Tenant’s construction unless such existence is a breach of Landlord’s representations and warranties set
forth in Section 6.1 or caused by Landlord’s operations on the Resort Property. 
 SECTION 2.4 OWNERSHIP OF HOTELS,
FF&E, ETC. Subject to the terms and conditions of this Lease, at all times during the Term, Tenant is and shall be the owner of the Properties, the FF&E, the Building & Appurtenances, the Operating Equipment and Operating Supplies,
except for equipment leases for electronic, telecommunications, computer and similar equipment, vehicles and any leases for FF&E, which are entered into in the ordinary course of business. On the Expiration Date, the Properties, the
Building & Appurtenances, the FF&E, the Operating Equipment and the Operating Supplies shall vest in Landlord pursuant to Article XIV. 
 SECTION 2.5 LANDLORD’S RIGHT TO INSPECT. Landlord and its agents, employees and contractors shall have the right upon at least two (2) days’ prior written notice to the Hotel Manager
(provided, that, in the event of an emergency, only such notice as is reasonable under the circumstances need be provided) to enter upon the Premises at any reasonable time to inspect the operation, sanitation, safety, maintenance and use of the
Premises, or any portions thereof (including, without limitation, kitchens, housekeeping rooms and unoccupied guest rooms), or any construction work or Alterations being performed at the Premises, in order to determine whether Tenant is in
compliance with its obligations under this Lease (but Landlord shall not thereby assume any responsibility for the performance of any of Tenant’s obligations hereunder, nor any liability arising from the improper performance thereof); provided,
that such entry shall not unreasonably interfere with the operation of the Premises. Notwithstanding anything to the contrary contained in this Section 2.5, this Section 2.5 shall not be effective until such time as an Affiliate of
Landlord does not own, directly or indirectly, an equity interest in Tenant. 
  

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 ARTICLE III 
  
  
 INITIAL CONSTRUCTION; ALTERATIONS 
  
  
 SECTION 3.1
INITIAL CONSTRUCTION; DEVELOPMENT PERIOD REMEDIES. 
 (a) Tenant shall in accordance with the applicable provisions of the
Partnership Agreement and in accordance with all applicable Legal Requirements, at its sole cost and expense, construct, furnish and equip each Property. Landlord acknowledges that, in accordance with Section 12 of the Partnership Agreement,
URH shall be responsible for monitoring, managing and implementing the design, development, construction, furnishing and equipping of the Project on behalf of Tenant, subject to the rights of consent and participation of LOH set forth in such
Section 12 of the Partnership Agreement. The Landlord (solely in its capacity as the owner of the Sites) shall reasonably cooperate with Tenant in obtaining the permits and approvals required to be issued by Governmental Authorities in
connection with the Initial Construction required pursuant to the terms of this Lease and any necessary utility access agreements, shall sign any application reasonably made by Tenant which is required in order to obtain such permits and approvals
and utility access agreements and shall provide Tenant with any information and/or documentation not otherwise reasonably available to Tenant (if available to the Landlord) which is necessary to procure such permits and approvals and utility access
agreements. 
 (b) If Tenant shall fail to timely develop or complete the Project in accordance with the requirements of the
Partnership Agreement and subject to the rights of Permitted Leasehold Mortgagee pursuant to Article XIII, Landlord’s sole remedy shall be to terminate this Agreement, notwithstanding the provisions of Section 16.1(b)(iii) hereof or
anything contained in the Resort Agreement to the contrary. 
 SECTION 3.2 ALTERATIONS. 
 (a) Alterations. Tenant shall have the right to make, at its sole expense, alterations, modifications, additional installations,
substitutions, improvements, renovations or betterments made at or to the Premises, or any part thereof, from and after the completion of the Initial Construction (collectively, “ALTERATIONS”, but excluding the addition, renewal and
replacement of FF&E), subject to the requirements set forth in this Section 3.2. 
 (i) Tenant, at its
expense, shall obtain all necessary permits and certificates from Governmental Authorities for the commencement and prosecution of any Alterations and final approval from Governmental Authorities and upon completion, promptly deliver copies of the
same to Landlord and cause any Alterations to be performed in compliance with all applicable Legal Requirements and requirements of Permitted Leasehold Mortgagees and insurers of the Premises, and in a good and workmanlike manner, using materials
and equipment at least equal in quality to the original quality of the installations at the Premises that are being replaced. 
  

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 (ii) The Landlord (solely in its capacity as the owner of the Sites) shall
reasonably cooperate with Tenant in obtaining the permits and approvals required to be issued by Governmental Authorities in connection with construction on the Premises, including Alterations, required pursuant to the terms of this Lease and any
necessary utility access agreements, shall sign any application reasonably made by Tenant which is required in order to obtain such permits and approvals and utility access agreements and shall provide Tenant with any information and/or
documentation not otherwise reasonably available to Tenant (if available to the Landlord) which is necessary to procure such permits and approvals and utility access agreements. Tenant shall reimburse the Landlord, within ten (10) days after
the Landlord’s demand accompanied by reasonably sufficient documentation, for any reasonable out-of-pocket cost or expense incurred by the Landlord in connection with Landlord’s assistance in obtaining the permits and approvals and utility
access agreements. Notwithstanding anything to the contrary contained in the foregoing sentence, for so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant, Landlord shall not be entitled to any such
reimbursement from Tenant other than as provided in the Partnership Agreement. 
 (iii) No Alteration materially
affecting the structural portions, roofs or the heating, air conditioning, elevator, plumbing, electrical, sanitary, mechanical or other service or utility systems of such Property shall be undertaken except under the supervision of a licensed
architect or licensed professional engineer. 
 (iv) The costs of all Alterations shall be borne by Tenant.

 (v) Landlord and Tenant acknowledge and agree that any Alterations shall be subject to the approval rights of
the Theme Park Owner with respect to Creative Aspects (as defined in the Resort Agreement) as set forth in the Resort Agreement; provided, that to the extent there is any conflict arising out of Landlord’s approval rights pursuant to clause
(i) or (ii) of Section 3.2(c) and the Theme Park Owner’s approval rights pursuant to the Resort Agreement as required thereby, Tenant and Landlord acknowledge and agree that the rights of the Theme Park Owner shall govern and
control. 
 (b) Significant Alterations. In addition to, but not in limitation of, the terms and provisions of
Section 3.2(a), any Alterations (or series of related Alterations as part of the same project) to a Property or related Site estimated to cost more than $1,500,000 (as reasonably estimated by Tenant’s architect or engineer), adjusted for
inflation (“SIGNIFICANT ALTERATIONS”), may be made by Tenant, at any time and from time to time, at Tenant’s sole expense, from and after the completion of the Initial Construction subject to the requirements set forth in clauses
(i) through (v) of this Section 3.2(b). 
 (i) Tenant shall provide broad form builders risk
insurance, on a completed value (or reporting form) basis and general liability insurance, which insurance shall be effected by policies complying with the applicable provisions of Article VII, and shall deliver certificates of insurance to Landlord
evidencing such coverage with respect to each Significant Alteration. 
  

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 (ii) No Significant Alteration shall be undertaken except under the
supervision of a licensed architect or licensed professional engineer. 
 (iii) Prior to the commencement of any
Significant Alteration, Tenant shall deliver to Landlord (A) notice of such commencement together with a general description of the scope and estimated cost of such Significant Alteration and (B) at Tenant’s option, either (1) a
performance bond and a labor and materials payment bond (issued by a surety company reasonably satisfactory to Landlord and licensed to do business in the State of Florida), each in an amount equal to 100% of the estimated cost, naming Landlord and
Tenant as co-obligees, and otherwise in customary form and content, or (2) such other security for the completion of such Significant Alteration as may be reasonably satisfactory to Landlord. 
 (iv) Prior to the commencement of any Significant Alteration, if required by any Legal Requirement, Tenant shall execute, and
record in the land records of the County, a “Notice of Commencement” in accordance with applicable Florida law with respect to such Significant Alteration, and Tenant shall send to Landlord, contemporaneously with the recordation of such
Notice of Commencement, a copy thereof. 
 (v) Promptly after completion of any Significant Alteration, Tenant
shall furnish Landlord with (A) if and to the extent that such Property is relocated and/or reconfigured, a final “as built” survey showing the location and configuration of the buildings and improvements on the applicable Site and
(B) copies of all evidences of such completion (including, without limitation, certificates of any architect or construction consultant) which Tenant delivers to any Permitted Leasehold Mortgagee in connection with such Alterations. 

(c) Major Alterations. In addition to, but not in limitation of, the terms and provisions of Sections 3.2(a) and (b), any Alterations (or
series of related Alterations as part of the same project) to a Property or related Site estimated to cost more than $3,000,000 (as reasonably estimated by Tenant’s architect or engineer), adjusted for inflation, that relates to or affects
(A) the exterior of such Property if such Property is a Hotel, (B) any electrical, heating, air conditioning, ventilating, elevator, plumbing, sprinkler, exhaust, security, life-safety, emergency generator, gas or swimming pool-related
systems installed at any time as part of such Property, or (C) any areas of the applicable Site outside of such Property if such Property is a Hotel (“MAJOR ALTERATIONS”) may be made by Tenant, at any time and from time to time, at
Tenant’s sole expense, in and to such Property from and after the completion of the Initial Construction subject to the prior approval of Landlord and the requirements set forth in clauses (i) through (v) of this Section 3.2(c).

 (i) Tenant shall submit to Landlord for its approval plans and specifications showing in reasonable detail any
proposed Major Alteration. Within

  

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forty-five (45) days after Landlord’s receipt of such plans and specifications, Landlord shall notify Tenant of its approval or, with specificity of its reasons therefor, its
disapproval thereof and the failure of Landlord to so notify Tenant within such forty-five (45) day period shall be deemed to constitute the approval by Landlord thereof. 
 (ii) If Tenant desires to modify in any material respect previously approved plans and specifications for a Major Alteration
(as such may have been modified by approved plans and specifications), Tenant shall submit any such proposed modifications to Landlord for Landlord’s approval. Within twenty (20) days after Landlord’s receipt of such proposed
modifications, Landlord shall notify Tenant in writing of its approval or, with specificity of its reasons therefor, its disapproval thereof and the failure of Landlord to so notify Tenant within such twenty (20) day period shall be deemed to
constitute the approval by Landlord thereof. 
 (iii) If a Major Alteration is required because of any Legal
Requirement, no approval or consent by Landlord with respect to such Major Alteration shall be required to be obtained by Tenant prior to performing and completing such Major Alteration; provided, that Tenant gives Landlord notice of such Major
Alteration prior to commencement thereof. 
 (iv) Tenant shall reimburse Landlord for all actual out-of-pocket
expenses reasonably incurred by Landlord in connection with (A) its decision to grant or withhold its approval of a proposed Major Alteration and (B) its inspection of such Major Alteration to determine whether the same is being or has
been performed in accordance with the terms of this Lease. 
 (v) Tenant shall cause any Major Alterations to be
completed substantially in accordance with the plans and specifications (including any material modifications thereto) submitted to and approved by Landlord pursuant to clauses (i) and (ii) of this Section 3.2(c). 
 SECTION 3.3 SITE INSPECTION. Landlord shall have (a) the right, with respect to Alterations, to inspect any construction work at all
times during normal working hours, and (b) the right, during the construction period for any Major Alterations, to maintain at the Premises for the purpose set forth in the foregoing clause (a) (at its own expense) one on-site individual
representative, so long as such inspections and such individual maintained at the Premises do not interfere in any material respect with Tenant’s construction work and shall comply with all safety standards and other job-site rules and
regulations of Tenant (but Landlord shall not thereby assume any responsibility for the proper performance of such work in accordance with the terms of this Lease, nor any liability arising from the improper performance thereof). If any time such
work is not being performed in substantial accordance with the approved plans and specifications, Tenant shall promptly correct such situation upon notice thereof from Landlord. The Landlord’s on-site representative is an inspector only. Such
on-site representative shall make only such communications with Tenant’s construction manager(s), the general contractor, its subcontractors, or any other Person involved in the construction of the

  

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Major Alteration, as are reasonably necessary to enable such on-site representative to conduct its investigations, and in no event shall the on-site representative give directions to such
Persons. Notwithstanding anything to the contrary contained in this Section, this Section 3.3 shall not be effective until such time as an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant. 
 SECTION 3.4 NO SUBORDINATION OF FEE. In no event will Landlord be required to subordinate its fee interest in the Sites to the lien of any
Person providing financing to Tenant in connection with the performance of the Initial Construction or any Alterations, the purchase of FF&E, Operating Equipment and Operating Supplies, or the maintenance and operation o(pound) the Premises. All
liabilities and obligations relating to any such financing shall be the sole responsibility of Tenant, and such financing shall be subject to the provisions of Article XIII. Landlord and Tenant acknowledge the existence of a landlord’s lien
pursuant to Chapter 83, Laws of Florida. Notwithstanding the foregoing, Landlord hereby waives its statutory lien with respect to Tenant’s bona fide lenders and, if requested, will execute a landlord waiver agreement with such lender(s).

 ARTICLE IV 
  
  
 RENT 
  
  
 SECTION 4.1 RENT. 
 (a) During each Fiscal Year, Tenant shall pay to Landlord the Base Rent and Additional Rent in accordance with the terms of this Lease. 
 (b) For so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant, Tenant shall pay to Landlord the Base Rent and Additional Rent out of Income After Debt Service, to
the extent of Available Cash, in accordance with the priority of distribution set forth in Section 18.4 of the Partnership Agreement for the applicable Fiscal Year. To the extent that there is insufficient Income After Debt Service to pay to
Landlord all or any portion of Base Rent or Additional Rent for a Fiscal Year, such Base Rent or Additional Rent or portion thereof shall not be deemed earned or payable with respect to such Fiscal Year, and shall not be curried forward to any
subsequent Fiscal Year. 
 (c) If an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant,
Tenant shall pay to Landlord the Base Rent and Additional Rent out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distributions and the other provisions set forth in Schedule 4.1 hereto for the
applicable Fiscal Year, except that the amount of debt service that shall be deducted when computing Income After Debt Service and the amount of Capital Investment for each Partner used for calculating the Priority Returns before any payment of
Additional Rent shall each be determined as follows: 
 (A) the ratio of secured debt to Non-Affiliated Lenders
to total capital contributions plus secured debt to Non-Affiliated Lenders and loans provided by the Partners shall be determined on the last day of the most recently completed Fiscal Year prior to the date on which an Affiliate of Landlord no
longer owned, directly or indirectly, an equity interest in Tenant; 
  

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 (B) on each date on which Income After Debt Service is determined for
purposes of distributions in accordance with Schedule 4.1 hereto, a deemed amount of secured debt and a deemed amount of capital contributions shall be determined by adding together the actual amount of secured debt to Non-Affiliated Lenders, the
actual amount of loans provided by Partners and the actual amount of capital contributions (collectively, “Total Financing”), in each case as of such date, and then multiplying such Total Financing by the ratio determined pursuant to
(A) above; 
 (C) the amount of deemed debt service to be used solely for purposes of determining Income
After Debt Service shall then be calculated by multiplying the then existing interest rate of the actual secured debt to Non-Affiliated Lenders by the deemed amount of such secured debt determined pursuant to (B) above, which amount shall not
exceed one hundred ten (110%) percent of the interest payments paid during the most recently completed Fiscal Year prior to the date on which an Affiliate of Landlord no longer owned, directly or indirectly, an equity interest in Tenant; and

 (D) the amount of deemed capital contributions to be used solely for purposes of calculating the priority
return on Capital Investment for each Partner set forth in subparagraph (a)(v) of Schedule 4.1 before any payment of Additional Rent shall be Total Financing minus the deemed amount of secured debt determined pursuant to (B) above. 

To the extent that there is insufficient Income After Debt Service (as determined pursuant to this Section 4.1(c)) to pay to Landlord all or any
portion of the Base Rent or Additional Rent for a Fiscal Year, such Base Rent and such Additional Rent or portion thereof shall not be deemed earned or payable with respect to such Fiscal Year, and shall not be carried forward to any subsequent
Fiscal Year. 
 SECTION 4.2 PAYMENT OF BASE RENT AND ADDITIONAL RENT; RIGHT TO AUDIT. 
 (a) Within one hundred twenty (120) days after the end of each Fiscal Year, Tenant shall, or shall cause the Hotel Manager to, furnish
to Landlord a statement (the “ACCOUNTANT’S STATEMENT”) prepared in accordance with the Uniform System and GAAP and reported by a reputable nationally recognized independent certified public accountant with experience in the hotel
industry and by Tenant’s chief financial officer, setting forth a calculation, in reasonable detail, of the following amounts for such Fiscal Year: (i) Total Revenues; (ii) Income After Debt Service; (iii) Available Cash; and
(iv) any required adjustments to the amount of Base Rent or Additional Rent, if any, paid by Tenant to Landlord during such Fiscal Year. Landlord shall have the right to approve any independent certified public accountant of Tenant that does
not satisfy the standard set forth therefor in this Section 4.2(a). 
 (b) Tenant shall, or shall cause the Hotel Manager
to, provide Landlord with a reasonably detailed statement within thirty (30) days after the end of each calendar month of each

  

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Fiscal Year during the Term, certified by Tenant’s chief financial officer, setting forth, for the immediately preceding calendar month and for the Fiscal Year to date, a summary of the
information required to be set forth in the Accountant’s Statement, which statement shall be prepared in accordance with the Uniform System. 
 (c) If the aggregate Base Rent and/or Additional Rent, if any, paid by Tenant in respect of any Fiscal Year, or portion thereof, shall be more or less than the actual amount of Base Rent and/or Additional
Rent, if any, determined to be due and payable in respect of such Fiscal Year, or portion thereof (if such determination is based upon the Accountant’s Statement), an adjusting payment for such difference shall be made between the parties
within thirty (30) days after receipt of the Accountant’s Statement. 
 (d) Tenant shall, or shall cause the Hotel
Manager to, keep and maintain at Tenant’s offices on the Premises a full and accurate set of books and records relating to the calculation of Total Revenues and Income After Debt Service, and such books and records shall be kept and maintained
in accordance with the Uniform System and GAAP. Tenant further shall, or shall cause the Hotel Manager to, keep, retain and preserve for at least five (5) years after each respective Fiscal Year all such books and records for such Fiscal Year
as would be customarily preserved or kept for an audit by an independent certified public accountant of the operation of hotels of similar size and quality to the Hotels. 
 (e) If Landlord disagrees with the Accountant’s Statement, Landlord, and Landlord’s agents, employees and/or accountants, shall thereafter have the right at any reasonable time, upon reasonable
notice, to inspect and to audit all of the books of account and records of Tenant to the extent reasonably required to establish Base Rent and Additional Rent due for any Fiscal Year or portion thereof, and Tenant, upon request by Landlord, shall
make all such books and records available at the Premises for such examination and for copying. If Landlord shall request that an audit be conducted and if, as a result of such audit, Base Rent and Additional Rent due and payable for the applicable
Fiscal Year pursuant to Schedule 4.1 hereto shall be found to be greater than Base Rent and Additional Rent theretofor paid for such Fiscal Year, then Tenant shall pay to Landlord, promptly after written demand, all understated amounts of Base Rent
and Additional Rent and interest thereon at the rate of interest provided for in Section 16.12, from the date on which such understated amounts should have been paid until actual payment thereof. If Base Rent and Additional Rent, was in the
aggregate, understated by more than five percent (5%) of the actual amount thereof determined pursuant to such audit, then Tenant shall pay to Landlord, in addition to the sums due pursuant to the immediately preceding sentence, promptly after
written demand therefore, the costs and expenses incurred by Landlord in connection with such audit. In all other cases, Landlord shall pay the costs and expenses incurred by Landlord in connection with such audit. Landlord’s right to commence
such an audit with respect to the Accountant’s Statement for a particular Fiscal Year shall expire one (1) year after the Accountant’s Statement for such Fiscal Year shall have been delivered to Landlord. Landlord shall be deemed to
have waived any objection to any Annual Statement not specified to Tenant in writing within one (1) year after such Annual Statement shall have been delivered to Landlord. The acceptance by Landlord of any amounts paid to Landlord by Tenant as
Base Rent and Additional Rent as shown by any statements shall not be an admission of the accuracy of

  

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said statements or of the sufficiency of the amount of said payment. All information acquired by Landlord pursuant to the exercise of its inspection and audit rights set forth in this
Section 4.2(d) shall be used solely for the purpose of establishing Base Rent and Additional Rent for such Fiscal Year and shall be subject to the terms of Section 16.20. 
 SECTION 4.3 MANNER OF PAYMENT. All Rent and other sums of money which are paid by Tenant to Landlord hereunder shall be paid in lawful money
of the United States at the address for UCDP set forth in Section 16.7 or at such other place as Landlord may from time to time designate in writing. 
 SECTION 4.4 NO PARTNERSHIP CREATED. The relationship between Landlord and Tenant pursuant to this Lease is and at all times shall remain that of lessor and lessee. Neither party shall be construed or held
to be a partner, joint venturer or associate of the other party for the purpose of this Agreement, nor shall either party be liable for any debts incurred by the other party in the conduct of such other party’s business, or for any loss
incurred by such other party from operations or otherwise. 
 SECTION 4.5 SURVIVAL. The obligation, if any, to pay all Rent and
any other payments, charges, expenses or amounts due hereunder shall survive the expiration or prior termination of this Lease to the extent such Rent or such other payments, charges, expenses or amounts due hereunder were due and payable with
respect to any portion of the Term prior to such expiration or prior termination. 
 SECTION 4.6 RENT TO MARKET ADJUSTMENT. If,
at any time during the Term, the Theme Park is no longer operated at the Resort Property (other than temporary closings due to a Force Majeure Event or as described in Section 13.4(a), (b) or (c) of the Resort Agreement), at
Tenant’s option, Base Rent and Additional Rent payable hereunder for any portion of any Fiscal Year during which such event has occurred and is continuing shall be adjusted to equal fair market rent for the Properties based on use of the Sites
(excluding the Site described in Item 4 of Exhibit D) solely for hotels but otherwise vacant and unimproved as determined by a nationally known investment banking firm experienced in such valuations which is reasonably acceptable to the
Leasehold Mortgagee and at the time of retention is not providing services to either of the parties hereto or any of their Affiliates, and within the two (2) years prior to such retention did not receive more than $500,000 of revenues from such
persons or entities; provided, that in no event shall Base Rent and Additional Rent after such adjustment be higher than Base Rent and Additional Rent payable, immediately prior to such adjustment, pursuant to Section 4.1. If the parties hereto
are unable to agree upon the selection of such investment banking firm within thirty (30) days of the date of the exercise by Tenant of such option, then each party hereto shall choose one (1) investment banking firm so qualified, and such
two firms shall select a third such firm so qualified. The investment banking firm so selected shall furnish the parties hereto with a written valuation within sixty (60) days of such selection, setting forth its determination of such fair
market rent. The determination of the investment banking firm shall be final and binding on the parties hereto and a judgment upon the determination of the investment banking firm may be entered and enforced in any court of competent jurisdiction.
Such adjusted Rent shall be paid out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of

  

 23 

 
distributions set forth (a) in Section 18.4 of the Partnership Agreement (for so long as an Affiliate of Landlord owns an equity interest in Tenant) or (b) in Schedule 4.1 hereto
(if an Affiliate of Landlord does not own an equity interest in Tenant) for the applicable Fiscal Year. 
 SECTION 4.7 RENT
SUSPENSION. If at any time Theme Park Owner closes the Theme Park (other than temporary closings as described in Section 13.4(a) of the Resort Agreement or due to a Force Majeure Event) in accordance with the terms of Section 13.4(b) or
(c) of the Resort Agreement, Tenant shall have no obligation to pay Base Rent or Additional Rent to Landlord during such periods of closure and the Total Revenues of the Hotels during such periods shall be excluded from Total Revenues used to
determine Base Rent and Additional Rent for the months and Fiscal Years in which such closings occur. 
 ARTICLE V 
  
  
 CERTAIN COVENANTS 
  
  
 SECTION 5.1 NET
LEASE GENERALLY. Tenant acknowledges and agrees that the Rent set forth in Article IV have been established on the assumption that Landlord will not be obligated to pay any expenses or incur any liabilities of any kind relating to, or in connection
with, the Premises during the Term, except as expressly assumed by Landlord elsewhere in this Lease. Accordingly, Tenant shall promptly pay all costs, expenses, fees, charges, amounts and obligations of every kind and description relating to, or
arising out of, the Premises during the Term, except as expressly assumed by Landlord elsewhere in this Lease. 
 SECTION 5.2
REPAIRS AND MAINTENANCE. With respect to each Property, once such Property has opened, subject to Article XI, Tenant shall, at all times thereafter during the Term and at its own cost and expense (whether or not insurance proceeds are available for
such purpose), and in accordance with the Management Standard, put, keep, replace and maintain such Property and the entire Premises (including the structural portions of such Property, the entrances, windows, partitions, doors, lighting and
plumbing fixtures, the grounds and all landscaping, the paving and other surfaces, and all fixtures, equipment and appurtenances relating to the Project and the Premises) in good repair and in good, safe order and condition, shall make all repairs
thereto, both inside and outside, structural and non-structural, extraordinary and ordinary, howsoever the necessity for repairs may occur, whether or not necessitated by wear, tear, obsolescence or defects, latent or otherwise, and shall not
commit, suffer or permit waste, damage, defacing, public nuisance or injury to the Premises. Tenant shall also, at its own cost and expense, put, keep and maintain in good repair and in good, safe order and condition, and free from dirt, standing
water, rubbish and other obstructions or obstacles, the sidewalks on the Premises. Tenant shall also, at its own cost and expense, put, keep and maintain the FF&E in good repair and in good, safe order and condition, howsoever the necessity or
desirability for repairs may occur, whether or not necessitated by wear, tear, obsolescence or defects. Tenant may at any time and from time to time remove and dispose of any of the FF&E which have become obsolete or unfit for use or which are
no longer useful in the operation of the hotel business conducted by Tenant on the Premises; provided, however, that the FF&E so disposed of shall be promptly replaced with other FF&E required to enable Tenant to operate each Property

  

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in accordance, and in compliance, with the applicable Management Standard. Landlord shall not be required to make any Alterations or repairs to any Property during the Term. 
 SECTION 5.3 LEGAL REQUIREMENTS, ETC. Tenant, at its sole cost and expense, shall comply with and observe (a) all Legal Requirements
pertaining to the Premises and the operations to be conducted by Tenant thereon and (b) any applicable requirements of any Person insuring any portion of the Premises. Without limiting the generality of the foregoing, Tenant shall (i) make
such Alterations to the Premises as may be required by any such Governmental Authority, including without limitation, Alterations to the structural elements of the Hotels, (ii) obtain and maintain in full force and effect all licenses, permits,
consents and approvals from any Governmental Authority as may be required in connection with the use, occupancy and operation of the Premises, and (iii) comply with all Environmental Laws. Tenant agrees to give Landlord notice of any Legal
Requirement enacted, passed, promulgated, made, issued or adopted affecting the Premises, a copy of which is served upon, or received by, Tenant, or a copy of which is posted on, or fastened or attached to, the Premises, within twenty (20) days
after such service, receipt, posting, fastening or attaching. At the same time, the Tenant will inform Landlord as to the work or steps which Tenant proposes to do or take in order to comply therewith. 
 SECTION 5.4 TAXES. 
 (a) During the Term, subject to receipt by Landlord from Tenant of the Taxes required to be paid by Tenant under this Section 5.4, Landlord shall pay directly to the applicable Governmental Authority all Taxes (or installments thereof)
not later than the date the same may be paid without interest or penalty (which shall be the date of delinquency). Landlord shall complete and submit to the applicable Governmental Authority, in a timely manner, all filings, returns, reports and
other documents required in connection with the Taxes described in this Section 5.4. 
 (b) At least thirty
(30) business days prior to the date that any installment of Taxes is due and payable by Landlord, Landlord shall deliver to Tenant a statement setting forth the amount of such installment together with a copy of any related invoice, statement
or assessment received from any Governmental Authority for each site with respect to such installment. At least five (5) business days prior to the due date of such installment Tenant shall pay to Landlord an amount equal to the amount of such
installment. Landlord acknowledges that the Sites for the Portofino, Third Hotel and Support Facility are separately assessed for Taxes, but currently the Site for the Hard Rock Hotel is not separately assessed for Taxes. The Site for the Hard Rock
Hotel consists of a portion of Lots 8A, 9A and 13A of the Universal Plat (the “HARD ROCK LOTS”). Notwithstanding the second sentence of this Section 5.4(b), until such time as the Site for the Hard Rock Hotel is separately assessed
for Taxes, Tenant shall only pay to Landlord an amount equal to 61.49% of the installment of Taxes for the Hard Rock Lots, which percentage is based upon the square footage of the Site for the Hard Rock Hotel divided by the square footage of the
Hard Rock Lots. The obligation of Tenant to pay Taxes pursuant to the immediately preceding sentences, shall be prorated at the beginning and at the end of the Term to reflect periods during the tax fiscal years at the commencement and expiration
(or sooner

  

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termination) of this Lease for which said Taxes are paid in which this Lease is not in effect. If requested by Tenant, and provided that Tenant, as of the date of such request, has paid to
Landlord such Taxes required to be paid by Tenant in accordance with this Section 5.4(b), Landlord shall make any payment of Taxes prior to the due date in order to take advantage of any discounts arising as a result of early payment, which
discount shall be allocated between Landlord and Tenant, pro rata based on their allocable share of such Taxes. 
 (c) Tenant
shall, upon the reasonable request of Landlord, promptly execute and deliver to Landlord any forms, filings, returns, affidavits, certificates or other instruments or documents reasonably required in connection with any applications or submissions
made by Landlord to any Governmental Authority in connection with Landlord’s obligations relating to the Project or the Premises with respect to Taxes. 
 (d) Landlord and Tenant agree to consult with. each other and to keep each other advised concerning any controversy or contest pertaining to the amount or validity of any Taxes. Notwithstanding the
foregoing, Landlord shall have the right, and upon the request of Tenant the obligation, to contest or review, by legal proceedings or in such other manner as it may reasonably deem suitable (which, if instituted, shall be conducted by Landlord at
the expense of Landlord and Tenant), the amount of any assessed valuation or rate in respect of any Taxes or the validity of any Taxes enacted after the date of this Lease. Tenant may cause to be paid under protest, or Tenant may cause to be
deferred to the extent permitted by any Legal Requirement the payment of, a contested item; provided, that in the case of such a deferral of payment such contest does not subject Landlord to criminal liability and that, prior to the institution of
any such proceedings, Tenant shall furnish to Landlord and to any Permitted Leasehold Mortgagee if so required by the terms of its Permitted Leasehold Mortgage: (i) an agreement by Tenant, reasonably satisfactory to Landlord, to indemnify
Landlord against all losses, costs, damages and expenses, including, without limitation, reasonable attorneys’ fees and disbursements incurred by reason of such contest; or (ii) a surety company bond, cash deposit or other security
reasonably satisfactory to Landlord and such Mortgagee, sufficient to cover the amount of the contested item or items and interest and penalties covering the period which such proceedings may be expected to take, securing payment of such contested
items, interest, penalties and all costs in connection therewith. Notwithstanding the furnishing of any such indemnity, bond or security (other than a cash deposit), if the Premises or any part thereof shall at any time be in imminent danger of
being sold, forfeited or otherwise lost, then Tenant shall promptly pay such contested item or items; provided, however, that if Tenant shall have made a cash deposit, then Landlord or such Permitted Leasehold Mortgagee, as the case may be, shall
thereupon pay the contested item or items out of the cash deposit, and any balance of the cash deposit remaining after the payment or cancellation thereof shall be repaid to Tenant without interest. The legal proceedings to review tax assessments,
appeals from orders therein and appeals from any judgments, decrees or orders shall be commenced as soon as practicable after the imposition or assessment of any contested item and shall be prosecuted to final adjudication with dispatch. Tenant has
the right to contest any Tax for which it is liable; provided, that Tenant has complied with any applicable provisions of this Section 5.4. Any refunds recovered by Tenant may be retained by and shall be the property of Tenant except that such
refunds (net of the costs of collection) shall belong to Landlord if and to the extent they are in respect of any

  

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period prior to the commencement of the Term or after the expiration thereof or attributable to the portions of the tax parcel not leased to Tenant. Landlord shall not be required to join in any
proceedings referred to in this Section 5.4 unless the provisions of any Legal Requirements at the time in effect shall require that such proceedings be brought by or in the name of Landlord, in which event Landlord shall join in such
proceedings or permit the same to be brought in its name. Landlord shall bear its pro rata share of any costs or expenses in connection with any such proceedings, and Tenant shall indemnify and save harmless Landlord from any costs and expenses
incurred by Landlord in excess thereof, including reasonable attorneys’ fees and disbursements. Tenant shall make available to Landlord upon Landlord’s written request any documents related to any contest by Tenant of any Tax hereunder.

 (e) Tenant shall have the right to examine and copy, during regular business hours at the office of Landlord, those portions
of Landlord’s books and records which pertain to Taxes and which may be required to verify the accuracy of any amounts with respect to Taxes shown on any statement from Landlord to Tenant pursuant to this Section 5.4. 
 SECTION 5.5 USE OF PREMISES. 
 (a) The Premises shall be used exclusively by Tenant for the construction, maintenance, management and operation of the Hotels and the Support Facility (and any services, entertainment activities,
amenities and ancillary activities as may be found from time to time in hotels or similar facilities) in accordance with the Management Standard and for no other purpose whatsoever, unless Tenant shall have first obtained the prior approval of
Landlord and the Permitted Leasehold Mortgagee. Tenant covenants that no Hotel shall at any time contain more than 110% of the number of guest rooms in such Hotel immediately after the construction thereof is substantially completed. 
 (b) Tenant shall not use, occupy, suffer or permit the Premises, or any part thereof, to be used in any manner, or suffer or permit anything
to be brought into or kept therein, which would, in Landlord’s reasonable judgment, (i) constitute a hazardous condition so as to increase the risk to personal health, welfare and safety and the risk involved in Tenant’s operation
beyond the level of risk normally attendant upon the operation of hotels of the quality standard of the Hotels, (ii) make void or voidable any insurance policy of Tenant then in force with respect to the Project, (iii) make it commercially
impossible to obtain from reputable insurance companies authorized to do business in the State of Florida at customary rates any fire insurance with extended coverage, including water damage, or general comprehensive liability, elevator, boiler and
machinery or other insurance, (iv) cause injury or damage to any Property or to the FF&E, (v) constitute waste or a public nuisance, (vi) violate any certificate of occupancy or operation which may be obtained for any Property,
(vii) interfere with access to the Premises by fire prevention personnel and/or equipment, or (viii) pose a threat to the safety or security of any Property or any occupant thereof. 
 (c) Tenant shall not suffer or permit the Premises to be used in such manner as would reasonably be expected to impair Landlord’s title
to, or its reversionary interest in, the Premises or in such manner as would reasonably be expected to result in a claim or claims of adverse usage or adverse possession by the public or of implied dedication of the Premises or any portion thereof.

  

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 (d) Subject to the terms of any Permitted Leasehold Mortgage, Tenant shall have the right
(i) to convert the use of a Hotel (that is not already constructed as a time share, time interval or cooperative ownership property) and/or its leasehold estate under this Lease to any time sharing, time interval or cooperative form of
ownership and (ii) upon Landlord’s approval, to subject the leasehold estate under this Lease to any condominium regime; provided, that any such use or regime shall be ultimately transient in character involving average periods of
continuous rental or occupancy equal to or less than two (2) weeks in duration. 
 SECTION 5.6 MANAGEMENT STANDARD.

 (a) Tenant shall operate, maintain, manage, repair and furnish each Property and the business to be carried on therein
(including, without limitation, as to matters of maintenance, repair, safety, sanitation, guest service, and employee courtesy, appearance and conduct), in at least the applicable standard (such standard as it applies to a particular Property, the
“MANAGEMENT STANDARD”) set forth below, subject, however, in each case to the initial quality and design aspects of each Property’s facilities, the provisions and limitations of the Management Agreement and such Hotel’s Annual
Plan (as defined in the Management Agreement) and the availability of necessary working capital: 
 (i) The
Portofino Bay Hotel shall be operated and managed as a first-class resort hotel in accordance with the standard of first-class resort hotel properties in the Orlando area as of the date hereof; 
 (ii) The Hard Rock Hotel shall be operated and managed as a first-class resort hotel in accordance with the standard of
first-class resort hotel properties in the Orlando area as of the date hereof; 
 (iii) The Third Hotel shall be
operated and managed as a first-class resort hotel in accordance with the standard of first-class resort hotel properties in the Orlando area as of the date hereof. and 
 (iv) The Support Facility shall be operated and managed in a good and business like fashion. 
 (b) The ability of Tenant to comply with the Management Standard for each Hotel is based upon, among other things, the success of the Theme
Park Owner, as the Person responsible for Marketing (as defined in the Resort Agreement) of the Hotels, to generate sufficient revenue per available room through its Marketing efforts so that there will be sufficient working capital available to
meet the high level of costs required to comply with such Management Standard. In addition, Tenant recognizes that an integral element of the success of the Theme Park Owner’s Marketing efforts is the ability of Tenant to operate the Hotels in
a manner sufficient to justify the room rates which Theme Park Owner and Tenant will attempt to obtain. To the extent Theme Park Owner has not provided adequate Marketing services as contemplated by the first sentence of this paragraph, Tenant may
be unable to meet such Management Standard for a particular period of time. 
  

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 SECTION 5.7 CONTINUOUS OPERATION. 
 (a) After the opening for business of a Property, Tenant shall, except during any Force Majeure Event, cause such Property, if it is a Hotel,
to be continuously opened to the public and each Property to be operated each day during the Term in the ordinary course of business of such Property. 
 (b) Notwithstanding Section 5.7(a), Tenant shall have the right, from time to time, to close portions of a Property for such reasonable periods of time as may be required to make repairs or
Alterations or to prevent a dedication to the public of any such portions, including those required as a result of casualty or other damage to such Property. Tenant shall use all reasonable efforts to give Landlord with at least thirty
(30) days prior written notice of any such closing and shall consult with Landlord with respect to the reasons for such closing. 
 SECTION 5.8 RUBBISH REMOVAL; EXTERMINATION. 
 (a) Tenant, at Tenant’s sole cost, shall cause any garbage and
rubbish to be promptly removed from the Premises in a sanitary and efficient manner and shall use its commercially reasonable efforts to complete or cause to be completed such rubbish removal prior to 11:00 a.m. on each day. 
 (b) Tenant shall, at its own cost, retain a licensed, bonded professional pest and sanitation control service to perform inspections of the
Premises as reasonably necessary for the purposes of controlling infestation by insects, rodents and vermin and Tenant shall promptly cause any corrective or extermination work reasonably recommended by such service to be performed. 
 SECTION 5.9 LIENS. 
 (a) Except to the extent required by any Legal Requirement, Tenant shall not create, or permit to be created or to remain, any lien, encumbrance or charge (whether levied on account of any mechanic’s, laborer’s or
materialmen’s lien or any conditional sale, title retention agreement or chattel mortgage) which might become a lien, encumbrance or charge upon the Premises or any part thereof. Except to the extent required by any Legal Requirement, Tenant
shall not cause or permit any work to be done upon, or any materials or services furnished to, any portion of the Premises except under a contract which states that a contractor is not permitted to file a mechanic’s lien or claim against
Landlord’s interest in the Premises or any part thereof. Notwithstanding the foregoing, if any mechanic’s, laborer’s or materialmen’s lien shall at any time be filed against the Premises, Tenant shall with all due diligence cause
the same to be discharged of record by payment or a transfer of such lien to other security pursuant to Florida law. 
  

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 (b) Nothing in this Lease shall be deemed or construed in any way as constituting the
request or consent of Landlord, express or implied, to any contractor, subcontractor, laborer or materialmen for the performance of any labor or the furnishing of any services or materials for any improvements, alteration to or repair of the
Premises or any part thereof. 
 SECTION 5.10 FF&E; LOEWS NAME. 
 (a) Tenant shall at all times during the Term cause each Property to be furnished and equipped with FF&E, Operating Equipment and
Operating Supplies in accordance with the Management Standard for such Property. Upon the Expiration Date, Tenant shall be obligated to irrevocably transfer to Landlord all of its right, title and interest in and to FF&E, Operating Equipment and
Operating Supplies in existence on such date in accordance with Article XIV. 
 (b) No right or remedy of Landlord for any
default and neither the termination nor cancellation of this Lease, nor any provision of this Lease, shall confer upon Landlord or any transferee, assignee or successor, or any Person claiming by or through Landlord, any right to use the
“LOEWS” name, or any variation thereof, either alone or in conjunction with any other word or words, in the use or operation of the Project or otherwise. Tenant shall have the right to seek relief in a court of competent jurisdiction to
enforce the provisions of this Section 5.10(b) by injunction and all other remedies at law and in equity, and Landlord shall bear all costs in connection with such proceedings, if the court rules against Landlord. The provisions of this
Section 5.10(b) shall survive any termination of the Lease or expiration of the Term. 
 SECTION 5.11 FF&E RESERVE
ACCOUNT. 
 (a) Tenant shall, or shall cause the Hotel Manager to, establish, in Tenant’s name and for the benefit of
Tenant, a separate interest-bearing account (the “FF&E RESERVE ACCOUNT”) for each Hotel solely for the purpose of funding the renewal, replacement and additions of FF&E required for the operation of such Hotel in accordance with
the terms of this Lease from and after the Opening Date thereof. To fund the FF&E Reserve Account, Tenant shall deposit, or shall cause the Hotel Manager to deposit, within thirty (30) days after the end of each month during the term of
this Lease from and after such Opening Date, an amount equal to the percentage of Total Revenues of such Hotel as set forth in the following schedule: 
  

				
	 FISCAL YEAR
	  	PERCENTAGE OF
TOTAL REVENUES	 
	 1
	  	1	% 
	 2
	  	2	% 
	 3 AND THEREAFTER
	  	3	% 

 To the extent Available Cash (without regard to the required FF&E Reserve Account
payments) for any month is insufficient to allow for the FF&E Reserve Account deposit required above, Tenant shall, within thirty (30) days after the end of each Fiscal Year, deposit into the FF&E Reserve Account an amount sufficient to
cause the FF&E Reserve Account to be fully funded as so required above. 
  

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 (b) Tenant shall, or shall cause the Hotel Manager to, make expenditures from the FF&E
Reserve Account for the purposes permitted hereunder as is necessary to maintain the Properties in accordance with this Lease. All amounts remaining in the FF&E Reserve Account at the close of each Fiscal Year shall be carried forward and
retained until fully used as herein provided. Within one hundred twenty (120) days after the end of each Fiscal Year, Tenant shall provide Landlord with a written statement of the balance in the FF&E Reserve Account and the amount and
nature of Tenant’s expenditures from the FF&E Reserve Account since the prior statement provided by Tenant. 
 (c)
Tenant hereby grants to Landlord a security interest in the FF&E Reserve Account, and all profits and proceeds thereof, in order to secure Tenant’s obligations under this Section 5.11, which security interest shall be subject and
subordinate only to the rights of the Permitted Leasehold Mortgagee or purchase money lender in such FF&E Reserve Account. Tenant hereby agrees not to grant a security interest in the FF&E Reserve Account to any Person other than a Permitted
Leasehold Mortgagee, Landlord or purchase money lender. Landlord shall execute and deliver all such instruments as any Permitted Leasehold Mortgagee or purchase money lender shall reasonably require in order to confirm Landlord’s subordination
of its security interest as aforesaid. 
 SECTION 5.12 UTILITIES; TELECOMMUNICATIONS SERVICES. Tenant shall be solely
responsible for obtaining and paying, in a timely manner, all costs, expenses, fees, charges and amounts for heat, gas, potable water, irrigation water, air conditioning, electricity, sewerage, solid waste removal, cable television, telephone and
any other utility used or consumed in or upon the Premises and shall separately meter the same to the extent practicable. Pursuant to Section 3.1, Landlord (solely in its capacity as the owner of the Sites) shall reasonably cooperate with
Tenant in obtaining the permits and approvals required by Governmental Authorities and any necessary utility access agreements. 
 SECTION 5.13 OPTIONS ON AND ACCESS RIGHTS TO PHASE II SITES. 
 (a) UCDP hereby grants to Tenant an irrevocable option,
exercisable in the manner and at the times provided in Section 5.13(c), to lease from UCDP the Primary Phase II Sites on the terms and conditions set forth in this Lease and the Partnership Agreement, including a base rent calculated in the
same manner as Base Rent hereunder and additional rent equal to $5,687,500 (which amount shall be adjusted for inflation from and after the Opening Date of the Portofino), which shall be paid out of Income After Debt Service, to the extent of
Available Cash, in accordance with the priority of distributions set forth (a) in Section 18.4 of the Partnership Agreement (for so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant) or (b) in
Schedule 4.1 hereto (if an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant) for the applicable Fiscal Year, which right may not be assigned by Tenant except as provided in the next sentence. Upon the date
that LOH has given URH or its successor notice of its decision to have its Affiliate participate in the

  

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development of the Primary Phase II Hotels pursuant to Section 9.3 of the Partnership Agreement, Tenant shall assign the option set forth in this Section 5.13(a) to the Phase II
Partnership and UCDP agrees that Tenant may so assign such option. Promptly after delivery by the Phase II Partnership to UCDP of a notice indicating the Phase II Partnership’s exercise of the foregoing option, but in any event no later than
thirty (30) days after such delivery, UCDP and the Phase II Partnership shall enter into a ground lease with respect to the Primary Phase II Sites on substantially similar terms as this Lease such that the Primary Phase II Sites will be treated
as the “Sites” for all purposes of such ground lease (in substantially the same manner as such term is used in this Lease) and the hotels to be constructed on such sites will each be treated as the “Project”,
“Properties” and “Hotels” for all purposes of such ground lease (in substantially the same manner as such term is used in this Lease). Such ground lease shall include such other changes from the terms of this Lease as necessary
to give effect to the foregoing. Until such time as the option set forth in this Section 5.13(a) is exercised, UCDP hereby grants Tenant reasonable rights of access to such sites during normal business hours in connection with Tenant’s
review of such sites for possible development. After the date that LOH has given or is deemed to have given URH or its successor notice of its decision not to have its Affiliate participate in the development of the Primary Phase II Hotels pursuant
to Section 9.3 of the Partnership Agreement, this option shall terminate upon the expiration of Hotel Venture’s, or its successor’s, rights under Section 9.5 of the Partnership Agreement. Tenant, upon Landlord’s reasonable
request, shall promptly execute a recordable document or instrument evidencing such termination of this option. 
 (b) UCDP
hereby grants to Tenant an irrevocable option, exercisable in the manner and at the times provided in Section 5.13(c), to lease from UCDP the Third Phase II Site on the terms and conditions set forth in this Lease and the Partnership Agreement,
including a base rent calculated in the same manner as Base Rent hereunder and additional rent equal to $1,312,500 (which amount shall be adjusted for inflation only from and after the Opening Date of the Portofino), which shall be paid out of
Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distributions set forth (a) in Section 18.4 of the Partnership Agreement (for so long as an Affiliate of Landlord owns, directly or indirectly,
an equity interest in Tenant) or (b) in Schedule 4.1 hereto (if an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant) for the applicable Fiscal Year, which right may not be assigned by Tenant except as
provided in the next sentence. Upon the date that LOH has given URH or its successor notice of its decision to have its Affiliate participate in the development of the Third Phase II Property pursuant to Sections 9.3 and 9.6 of the Partnership
Agreement, Tenant shall assign the option set forth in this Section 5.13(b) to the Phase II Partnership and UCDP agrees that Tenant may so assign such option. Promptly after delivery by the Phase II Partnership to UCDP of a notice indicating
the Phase II Partnership’s exercise of the foregoing option, but in any event no later than thirty (30) days after such delivery, UCDP and the Phase II Partnership shall enter into a ground lease with respect to the Third Phase II Site on
substantially similar terms as this Lease such that the Third Phase II Site will be treated as a “Site” for all purposes of such ground lease (in substantially the same manner as such term is used in this Lease) and the hotel to be
constructed on such site will be treated as the “Project”, a “Property” and a “Hotel” for all purposes of such ground lease (in substantially the same manner as such terms are used in this Lease except for changes to
reflect that the Third Phase II Property

  

 32 

 
consists of approximately 300 time share units). Such ground lease shall include such other changes from the terms of this Lease as necessary to give effect to the foregoing. Until such time as
the option set forth in this Section 5.13(b) is exercised, UCDP hereby grants Tenant reasonable rights of access to such sites during normal business hours in connection with Tenant’s review of such sites for possible development. After
the date that LOH has given or is deemed to have given URH or its successor notice of its decision not to have its Affiliate participate in the development of the Third Phase II Property pursuant to Section 9.3 or 9.5 of the Partnership
Agreement, this option shall terminate upon the expiration of Hotel Venture’s, or its successor’s, rights under Section 9.5 of the Partnership Agreement. Tenant, upon Landlord’s reasonable request, shall promptly execute a
recordable document or instrument evidencing such termination of this option. 
 (c) Landlord and Tenant acknowledge and agree
that the options set forth in Section 5.13(a) and (b) may be exercised by Tenant (i) only after LOH or the Hotel Venture, as applicable (the “Phase II Notice Recipient”) has received a Phase II Commencement Notice with
respect to the Primary Phase II Hotels or the Third Phase II Property (as applicable), and (ii) the Phase II Notice Recipient has provided the Person sending the applicable Phase II Commencement Notice (the “Phase II Notice Provider”)
with written notice of its decision to have its Affiliate participate in the development of the Primary Phase II Hotels or the Third Phase II Property (as applicable) pursuant to the Partnership Agreement or Resort Agreement (as applicable). The
delivery by Tenant to Landlord of a written certification, executed by the Phase II Notice Recipient, that the conditions set forth in clause (i) and (ii) of the preceding sentence have been complied with, together with a copy of the
applicable Phase II Commencement Notice executed by the Phase II Notice Provider, shall be conclusive and binding upon Landlord. The option set forth in this Section 5.13 shall terminate automatically with respect to the Primary Phase II Hotels
or the Third Phase II Property (as applicable) when the Phase II Notice Recipient and its Affiliates shall have no further rights to participate in such development pursuant to Section 9.5 of the Partnership Agreement or pursuant to
Section 13.5(e) of the Resort Agreement. Notwithstanding anything to the contrary in this Agreement, Landlord shall have the right to develop and use the Phase II Sites at any time before the exercise of the options set forth in this
Section 5.13 for any lawful use or purpose other than for hotels or properties with a time share or time interval form of ownership. 
 (d) Tenant acknowledges that Tenant shall not be entitled to exercise its option rights under this Section 5.13 with respect to the Primary Phase II Sites or the Third Phase II Site (as applicable)
when the exercise of such rights would require, or result in, the demolition of, or a material impairment of the value of, any building constructed on such Phase II Site in accordance with subparagraph (c); provided however, if the Phase II Notice
Provider has issued a Phase II Commencement Notice with respect to the Primary Phase II Hotels or the Third Phase II Property (as applicable) and the Phase II Notice Recipient has consented to participate in the development of any Phase II Hotel in
accordance with the terms of the Partnership Agreement or Resort Agreement (as applicable) and either (i) the Landlord is an Affiliate of the Phase II Notice Provider or (ii) the Landlord has consented in writing (which consent may be
given or withheld in Landlord’s sole discretion) to the construction of a Phase II Hotel on the Primary Phase II Sites or the Third Phase II Site (as applicable) as a stand alone hotel or as part of a mixed use

  

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development, any buildings located on the Primary Phase II Sites or the Third Phase II Site (as applicable) shall be demolished, if reasonably necessary, and the cost of such demolition shall be
paid solely by the Phase II Notice Provider and not by the Phase II Notice Recipient or by any joint venture created by such Persons to develop the Phase II Hotels. The restriction on Phase II Notice Recipient’s rights set forth in the
preceding sentence due to the existence of an existing building on a Phase II Site is not intended to limit Phase II Notice Recipient’s or its Affiliates’ rights to participate in any future development of hotels or properties with a time
share or time interval form of ownership on the Primary Phase II Sites or the Third Phase II Site. Landlord shall have the right to transfer or convey any interest or title in the Phase II Sites to any other party subject to Section 10.7, and
any transfer by Landlord permitted under Article X shall be subject to the options in favor of Tenant set forth in this Section 5.13. 
 (e) If any Phase II Hotel is constructed and owned by a Person other than Tenant and the Support Facility is planned to be used to provide services to such Phase II Hotel, Landlord shall, upon request
from Tenant, execute an agreement with such other Person pursuant to which Landlord shall grant its consent to such other Person acquiring from Tenant a right of access to the Support Facility for all purposes necessary to service such Phase II
Hotel in connection with its operation. 
 SECTION 5.14 SIGNIFICANT THEME PARK QUALITY CHANGE. If on any date the attendance at
the Theme Park for the twelve (12) full calendar months immediately preceding such date is less than 8,000,000 (other than as a result of a Force Majeure Event or because the Theme Park has ceased to operate, which shall be governed by Sections
4.6 and 4.7), then, until the next date that attendance at the Theme Park for the twelve (12) full calendar months immediately preceding such date has exceeded 8,000,000, any obligation of Tenant to manage and operate each Hotel at the
applicable management standard set forth in the Management Agreement and in Section 5.6 shall be suspended and, at Tenant’s option, Base Rent and Additional Rent payable hereunder shall be adjusted to equal fair market rent for the
Properties as determined by a nationally known investment banking firm experienced in such valuations which at the time of retention is not providing services to either of the parties hereto or any of their Affiliates, and within the two
(2) years prior to such retention did not receive more than $500,000 of revenues from such persons or entities; provided, that in no event shall Base Rent and Additional Rent after such adjustment be higher than Base Rent and Additional Rent
payable, immediately prior to such adjustment, pursuant to Section 4.1. If the parties hereto are unable to agree upon the selection of such investment banking firm within thirty (30) days of the date of the exercise by Tenant of such
option, then each party hereto shall choose one (1) investment banking firm so qualified, and such two firms shall select a third such firm so qualified. The investment banking firm so selected shall furnish the parties hereto with a written
valuation within sixty (60) days of such selection, setting forth its determination of such fair market rent. The determination of the investment banking firm shall be final and binding on the parties hereto and a judgment upon the
determination of the investment banking firm may be entered and enforced in any court of competent jurisdiction. Such adjusted Base Rent and Additional Rent shall be paid out of Income After Debt Service, to the extent of Available Cash, in
accordance with the priority of distributions set forth (a) in Section 18.4 of the Partnership Agreement (for so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest

  

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in Tenant) or (b) in Schedule 4.1 hereto (if an Affiliate of Landlord is does not own, directly or indirectly, an equity interest in Tenant) for the applicable Fiscal Year. 
 SECTION 5.15 CHANGES IN LEGAL DESCRIPTIONS. Landlord acknowledges that Tenant has entered into the Resort Agreement with the Theme Park
Owner. If a legal description for all or a portion of the Shared Area described (and defined) in the Resort Agreement needs to be amended, subsequent to the date hereof, pursuant to the Resort Agreement, Landlord and Tenant each agree to execute and
deliver an amendment to this Lease, or such documents as may be reasonably required, for the purpose of evidencing a corresponding amendment to the legal description of any affected Site. 
 SECTION 5.16 TITLE. Landlord shall not create or permit to be created any covenants, restrictions, conditions or easements affecting the
Sites, without the prior approval of Tenant. Landlord may create or permit to be created liens, encumbrances, covenants, restrictions, conditions or easements (the “TITLE EXCEPTIONS”) affecting the Phase II Sites, provided that such Title
Exceptions have no adverse effect (other than to an insignificant extent) upon Tenant’s exercise of its option rights set forth in Section 5.13 and Tenant’s ability to develop the Phase II Sites as contemplated by Section 9 of
the Partnership Agreement and operate the Phase II Hotels thereon, subject to covenants, conditions or similar matters of title that are not more restrictive (with respect to the development or operation of hotels) than those applicable to the Phase
I Hotels upon the exercise of such option. Notwithstanding anything to the contrary in this Section 5.16, the foregoing shall not restrict Landlord’s right to mortgage its interest in the Sites or the Phase II Sites, or to use the Phase II
Sites as provided in Section 5.13(c). 
 SECTION 5.17 TITLE MATTERS. Landlord covenants that: 
 (a) it shall comply, or cause to be complied, with the maintenance obligations set forth in that certain Drainage Easement by and between
the City of Orlando and UCDP and UCFP recorded in Official Records Book 4991, Page 446, of the Public Records of Orange County, Florida, and 
 (b) it shall, prior to the commencement of the construction of the Third Hotel, obtain the release of that certain Easement by and between Florida Center Limited Partnership and City of Orlando recorded
in Official Records Book 2444, Page 1030, of the Public Records of Orange County, Florida. 
 ARTICLE VI 
  
  
 ENVIRONMENTAL COMPLIANCE 
  
  
 SECTION 6.1
LANDLORD’S ENVIRONMENTAL REPRESENTATION AND WARRANTY. Landlord hereby represents and warrants to Tenant that, as of the date hereof, (a) to the best of Landlord’s knowledge, after reasonable inquiry and except as disclosed in the
three “Phase I” environmental reports prepared by Law Engineering and Environmental Associates dated February 4, February 4, February 13, 1998 and April 2, 1998 with respect to the Sites, (i) the

  

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Sites and the Phase II Sites are in compliance with all Environmental Laws and no condition exists with respect to the soil, surface waters, groundwater, land, surface or subsurface strata,
and/or ambient air at, on or with respect to the Sites and the Phase II Sites which could result in liability under any Environmental Laws and (ii) there has been no occurrence of a Release or Contamination, or threat of Release or
Contamination, in each case, at, on or with respect to the Sites and the Phase II Sites, (b) Landlord has delivered to Tenant or shall make available to Tenant copies of all reports and other documentation in Landlord’s possession with
respect to all studies of an environmental nature conducted on any portion of the Resort Property, including all environmental audits, environmental assessments and “Phase I” and “Phase II” reports, and (c) to the best of
Landlord’s knowledge, the Resort Property (excluding the Sites and the Phase II Sites) is in compliance with all Environmental Laws and no condition exists with respect to the soil, surface waters, groundwater, land, surface or subsurface
strata, and/or ambient air at, on or with respect to such adjacent property which could reasonably be expected to adversely impact the Sites or Phase II Sites. 
 SECTION 6.2 ENVIRONMENTAL COVENANTS. In addition to, but not in limitation of, the obligations of Tenant to comply with all Legal Requirements pursuant to Section 5.3, Tenant covenants and agrees as
follows: 
 (a) The Premises, and the operations of Tenant thereon (including, without limitation, the performance of any
Alterations), shall at all times comply in all respects with all Environmental Laws. 
 (b) Tenant shall obtain or caused to be
obtained all environmental, health and safety permits necessary for the operations of Tenant and the Premises, in compliance with all Environmental Laws; all such permits shall at all times remain in good standing and Tenant’s operations and
the Premises shall remain in compliance with all terms and conditions of such permits. 
 (c) No portion of the Premises shall
become subject to any lien or security interest in favor of any Governmental Authority or other party for (i) liability under any Environmental Laws or (ii) damages arising from or costs incurred by such Governmental Authority in response
to a Release or threatened Release or any Contamination, which is not discharged within one hundred eighty (180) days from the date filed against the Premises. 
 (d) Promptly after learning of the occurrence of any of the following affecting the Premises, Tenant shall give Landlord written notice thereof, describing the same and the steps being taken by Tenant
with respect thereto, and including with such written notice all related correspondence and documentation: (i) the occurrence of any Contamination; (ii) any action, suit, investigation, litigation, arbitration, or governmental proceeding
in respect of any Environmental Laws; (iii) Tenant’s operations on the Premises not being in compliance with any requirements of applicable Environmental Laws; (iv) Tenant being subject to any federal or state investigation evaluating
whether any remedial action is needed to respond to any Contamination; (v) the Premises being subject to a lien in favor of any governmental entity for any liability under any Environmental Laws or damages arising from, or costs incurred by
such governmental entity

  

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in response to, any Contamination; or (vi) any violation or breach of the covenants set forth in this Section 6.2. Tenant shall also send to Landlord a notice and copies of any and all
results of any tests of underground storage tanks or any other environmental tests or examinations of the Premises performed or completed subsequent to the date hereof. 
 (e) If Tenant fails to comply with any Environmental Law (including compliance with requirements for curative action thereunder), then Landlord shall have the right (but not the obligation) to enter the
Premises and to perform, and the right (but not the obligation) to require Tenant to perform, from time to time, in each case at the sole cost and expense of Tenant, reasonable inspections and investigations of the environmental condition of the
Premises, including but not limited to soil and groundwater sampling and monitoring, inspections for Hazardous Substances, and environmental audits and risk assessments of the Premises’ waste management practices and of waste disposal sites
used by Tenant. Any such environmental audits and risk assessments shall, among other things, (i) investigate any environmental hazards or conditions for which Tenant may be liable with regard to the Premises, (ii) determine whether
Tenant’s operations on the Premises comply, in all respects deemed material by Landlord, with all applicable Environmental Laws, (iii) be performed by an environmental consultant reasonably satisfactory to Landlord, and (iv) be of a
scope and nature that is reasonably satisfactory to Landlord. Tenant, at Tenant’s sole cost, shall promptly comply with all recommendations made by the environmental consultant or other expert conducting such audit or risk assessment or any
other inspection or investigation under this Section 6.2(e), and shall promptly correct all deficiencies or problems reported by such environmental consultant or other expert (only to the extent the recommendations relate to procedures for
preventing environmental damage, Contamination or non-compliance with any Environmental Law, and only to the extent any such matter or condition was not caused, by Landlord or its agents, employees, guests or contractors); provided, that Tenant
shall have the right to obtain a second environmental audit and/or risk assessment by a consultant reasonably acceptable to Landlord of a scope and nature substantially the same as that described in the immediately preceding sentence. Landlord and
Tenant shall work together to reasonably resolve any differences between the two reports. All costs and expenses incurred by Landlord in the performance of an environmental audit and/or risk assessment or any other inspection or investigation
provided for hereunder shall be reimbursed by Tenant to Landlord upon written demand therefor. 
 SECTION 6.3 NO OBLIGATIONS OF
LANDLORD. Notwithstanding any provision of this Lease to the contrary, neither the execution by Tenant, nor the acceptance by Landlord, of this Lease, nor any provision of this Lease shall be deemed to obligate Landlord to (a) cure any failure
by Tenant to comply with any Environmental Law, (b) take any actions or complete any actions taken, or expend any sums, to cure any failure by Tenant to comply with any Environmental Law, or (c) require or otherwise cause Tenant to do any
of the same; nor shall the execution by Tenant, nor the acceptance by Landlord, of this Lease, nor the existence or the exercise of any provision hereof, operate to place upon Landlord any responsibility for the operation, control, care,
investigation of the environmental condition, management or repair of the Premises, or any responsibility for, or any right, power or ability to control or direct, the storage, transportation, release, removal, containment, encapsulation,
remediation or other disposition of any Hazardous Substances. 
  

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 SECTION 6.4 SURVIVAL. The provisions of this Article VI shall survive the expiration or
prior termination of this Lease. 
 ARTICLE VII 
  
  
 INSURANCE 
  
  
 SECTION 7.1
INSURANCE DURING ALTERATIONS. Tenant shall provide and maintain, at Tenant’s sole expense, builder’s risk insurance (covering, without limitation, wind storm, flood and earthquake to the extent available at commercially reasonable rates,
limits and deductibles) during the Initial Construction and any period that Tenant is performing Alterations, covering the Hotels, the Support Facility, the Building & Appurtenances, FF&E, Operating Equipment and Operating Supplies for
replacement cost, including, without limitation, boiler and machinery insurance. Tenant shall also, during such period, provide and maintain at Tenant’s sole expense, adequate (but in no event less than $100,000,000 combined single limit)
comprehensive general liability insurance, protecting against loss or damage arising in connection with the construction, furnishing and equipping and preparation for opening of the Premises. Such comprehensive general liability insurance shall
specifically include the coverages and limits specified in Section 7.3, Workers’ Compensation and Employer’s Liability insurance (with a limit of not less than $1,000,000) as required by law and, in addition, any other coverage as may
be required by law. 
 SECTION 7.2 PROPERTY INSURANCE. From and after the substantial completion of the Initial Construction,
Tenant, at Tenant’s sole expense, shall insure the Premises (including, without limitation, the FF&E, the Building & Appurtenances, Operating Equipment and Operating Supplies) for replacement cost against damage for “all
risk” perils (including, without limitation, wind storm, flood and earthquake coverage to the extent available at commercially reasonable rates, limits and deductibles) in aggregate amounts of at least the full replacement cost (less a $150,000
deductible) of each Property, including the Building & Appurtenances, FF&E, Operating Equipment and Operating Supplies thereof. 
 SECTION 7.3 LIABILITY INSURANCE AND OTHER COVERAGES. Tenant shall, throughout the Term, provide and maintain the following additional insurance coverage: 
 (a) Comprehensive general liability insurance having a minimum per occurrence limit of $100,000,000 (less a $150,000 deductible) against all
claims for personal or bodily injury or for death or damage to property of third persons, which insurance shall include (without limitation) coverage against liability arising out of alleged (i) sale and/or service of intoxicating beverages,
(ii) assault or battery, (iii) false arrest, detention or imprisonment, or malicious prosecution, (iv) libel, slander, defamation or violation of the right of privacy, (v) wrongful entry or eviction, (vi) contractual
liability, (vii) completed operations (including broad form property damage) and (viii) contractor’s protective coverage. 
 (b) Workers’ compensation insurance and employer’s liability insurance, in amounts of at least $1,000,000, and any additional insurance required by similar employee benefit acts. 
  

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 (c) Combined business interruption and extra expense insurance covering loss of income to
Landlord and Tenant for a minimum period of one (1) year resulting from interruption of business caused by the occurrence of any of the risks insured against under the property damage insurance referred to in Section 7.2. With respect to
each Property, during the first Fiscal Year thereof, Tenant shall maintain business interruption insurance in an amount equal to at least one (1) year of Base Rent payable under this Lease and management fee payable under the Management
Agreement, as reasonably projected by Landlord. Thereafter, the business interruption insurance shall be for an amount equal to the Base Rent paid by Tenant to Landlord and management fee paid by Tenant to the Hotel Manager for the preceding Fiscal
Year. This business interruption insurance shall commence not later than the date of substantial completion of the applicable Property. 
 (d) Crime insurance, including bonds covering Tenant employees, for a minimum of $10,000,000 per loss (less a $150,000 deductible). 
 (e) Boiler and machinery insurance, including use and occupancy (loss of income), for all direct loss or damage to property caused by
failure of boilers or breakdown of machinery, in minimum limits of $25,000,000. 
 (f) Tenant shall, at Tenant’s sole
expense, promptly pay all premiums due and payable for the insurance required under Sections 7.3(a) through (e). 
 SECTION 7.4
ADDITIONAL COVERAGE OR AMOUNTS; Deductibles. Tenant shall carry, at Tenant’s sole expense, (a) insurance coverage of the types specified in Sections 7.1, 7.2 and 7.3 but in such different amounts as Landlord shall reasonably require from
time to time and (b) such other or additional insurance in such amounts and against such risks as Landlord shall reasonably require from time to time with respect to the buildings, facilities and contents of the Premises similar to such
insurance coverage carried by major hotels in the Orlando area. 
 SECTION 7.5 FORM OF POLICIES. 
 (a) All insurance required to be maintained by Tenant under this Article VII shall be written in form and substance reasonably satisfactory
to Landlord by insurance companies with general policy holder’s ratings of not less than A and a financial rating of not less than Class XI as rated in the most recent available “Best’s” insurance reports, and licensed to do
business in the State of Florida and authorized to issue such policies. Upon the failure of Tenant to procure, maintain and place such insurance and pay all premiums and charges therefor within fifteen (15) days after written demand by
Landlord, Landlord may do so (but shall not be obligated to do so), and in such event Tenant agrees to pay the amount thereof to Landlord as additional rent within thirty (30) days after demand. 
 (b) All policies of insurance procured by Tenant shall: 
 (i) provide that such policies may not be changed, amended, reduced, canceled (including for nonpayment of premium) or
allowed to lapse with respect to Landlord, except after at least thirty (30) days’ prior notice from the insurance company to Landlord, sent by registered mail; 
  

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 (ii) provide that Tenant shall be solely responsible for the payment of all
premiums under such policies and Landlord shall have no obligation for the payment thereof notwithstanding that Landlord is or may be named as an insured; 
 (iii) provide that the liability of the insurer thereunder shall not be affected by, and that the insurer shall not claim, any right of setoff, counterclaim, apportionment, proration, or contribution by
reason of, any other insurance obtained by or for Landlord, Tenant, or any Person claiming by, through, or under any of them; 
 (iv) contain no provision relieving the insurer from liability for loss occurring while the hazard to buildings, improvements and fixtures is increased, whether or not within the knowledge or control of,
or because of any breach of warranty or condition or any other act or neglect by, Landlord, Tenant, or any Person claiming by, through, or under any of them; and 
 (v) in the case of property insurance, contain a standard mortgagee clause which shall (A) provide that any reference to
a mortgagee in such policy shall mean and include all holders of mortgages of any interests in the Premises, in their respective order and preference as provided in their respective mortgages, (B) provide that such insurance as to the interest
of any mortgagee shall not be invalidated by any act or neglect of Landlord, Tenant or any Person claiming by, through, or under any of them and (C) waive any provision invalidating such mortgagee clause by reason of the failure of any
mortgagee, Landlord, Tenant, or any Person claiming by, through, or under any of them to notify the insurer of any hazardous use or vacancy, any requirement that any mortgagee pay any premium thereon, or any contribution clause. 
 (c) On the Commencement Date, appropriate certificates, including evidence of the waivers of subrogation required pursuant to
Section 7.6, shall be deposited by Tenant with Landlord. Any endorsements to any such policies (or, at Tenant’s election, appropriate certificates) shall also be so deposited upon issuance thereof and each renewal or replacement of a
policy (or, at Tenant’s election, appropriate certificates) shall be so deposited at least thirty (30) days prior to the expiration of such policy. 
 (d) Any property damage policies required under this Article VII shall provide that any loss equal to or less than $5,500,000, adjusted for inflation, shall be payable to Tenant only and that the amount
of any loss in excess of $5,500,000, adjusted for inflation, payable thereunder shall be adjusted with and payable to Landlord and Tenant, as their respective interests may appear. 
 (e) All insurance required to be carried by Tenant pursuant to this Article VII shall name as an additional insured Landlord and any
Permitted Leasehold Mortgagee, and such other Persons as may be designated by Landlord. 
  

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 SECTION 7.6 WAIVERS OF SUBROGATION. Landlord and Tenant each hereby waives any right of
subrogation against the other in connection with any casualty, loss or damage affecting the Premises, and Landlord and Tenant shall each cause all property insurance policies maintained by Landlord or Tenant for the Premises to include a full waiver
by the insurance company of any subrogation claims against Tenant or Landlord, as applicable, any of its Affiliates, and the officers, directors, shareholders, constituent partners, employees, agents and contractors of any of the foregoing Persons.
Tenant assumes all risks in connection with the adequacy of any insurance maintained by Tenant with respect to the Premises, and Tenant waives any claim against Landlord, and its Affiliates, for any liability, cost or expense arising out of any
uninsured claim, in part or in full, of any nature whatsoever, unless such claim has been shown to have been due to the gross negligence or willful misconduct of Landlord or its Affiliates. 
 ARTICLE VIII 
  
  
 INDEMNIFICATION

  
  
 SECTION 8.1 NON-LIABILITY. Landlord shall not be liable for any loss or damage to property of Tenant or any of its employees, guests,
invitees or licensees by reason of theft or otherwise, unless such injury or damage has been shown to have been due to the gross negligence or willful misconduct of Landlord or its Affiliates. Landlord shall not be liable for any injury or damage to
persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or leaks from any part of the Premises or from the pipes, appliances or plumbing works or from the roof, street or subsurface or from any other
place or by dampness or by any other cause of whatsoever nature, unless such injury or damage has been shown to have been due to the gross negligence or willful misconduct of Landlord or its Affiliates. Subject to the foregoing, all property of
Tenant or others kept or stored on the Premises shall be so kept or stored at the risk of Tenant only. 
 SECTION 8.2
INDEMNIFICATION. 
 (a) Other than with respect to provisions herein providing for indemnification by Landlord of Tenant, Tenant
hereby waives all claims against Landlord for losses of, or damage to, property of any kind in, upon or about the Premises, and for injuries to Tenant or its employees, or Tenant’s agents and third persons, regardless of the cause of such
losses, damages or injuries, unless due to the gross negligence or willful misconduct of Landlord or any Affiliate of Landlord. 
 (b) Tenant shall indemnify, defend and hold harmless Landlord, its members and their constituent partners, its Affiliates, and the officers, directors, shareholders, employees and agents of any of the foregoing (collectively, the
“LANDLORD INDEMNIFIED PARTIES”) from and against any and all third party (i.e. other than those of Landlord Indemnified Parties) claims, actions, damages, liabilities, costs, obligations, losses and expenses (including, but not limited to,
attorneys’ fees and disbursements) arising from or out of or connected with or alleged to have arisen out of or be connected with, (i) any occurrence in, upon or at the Premises, or the occupancy or use by Tenant of the Premises or any
part thereof, or occasioned wholly or in part by any act or omission of Tenant, its agents, patrons, guests, contractors, contractors’ employees,

  

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servants, Concessionaires, or business invitees on the Premises, provided such claim, action, damage, liability, cost, obligation, loss or expense is not caused in whole or in part by the gross
negligence or willful misconduct of a Landlord Indemnified Party, and (ii) any brokerage commissions or finder’s fees resulting from acts of Tenant or any of its Affiliates. If Landlord shall be made a party to any litigation arising out
of the foregoing, then Tenant shall protect and hold Landlord harmless and defend Landlord in connection with such litigation, subject to the same exception for the gross negligence or willful misconduct of Landlord or any Landlord Indemnified
Party, as aforesaid. All of Tenant’s covenants contained in this Section 8.2(b) shall inure to the benefit of each of the Landlord Indemnified Parties, and shall be enforceable against Tenant by each of the Landlord Indemnified Parties.

 (c) Landlord shall indemnify, defend and hold harmless Tenant, its constituent partners, its Affiliates, and the officers,
directors, shareholders, employees and agents of any of the foregoing (collectively, the “TENANT INDEMNIFIED PARTIES”) from and against any and all third party (i.e. other than those of Tenant Indemnified Parties) claims, actions, damages,
liabilities, costs, obligations, losses and expenses (including, but not limited, to attorneys’ fees and disbursements) arising from or out of or connected with or alleged to have arisen out of or be connected with, (i) any occurrence in,
upon or at the Premises due to the gross negligence or willful misconduct of Landlord or its Affiliates, or occasioned wholly or in part by any act or omission of Landlord or its Affiliates, (ii) the exercise of Landlord’s rights pursuant
to Section 3.3, (iii) breach by Landlord of its representations and warranties set forth in Section 6.1, (iv) any brokerage commissions or finder’s fees resulting from acts of Landlord or any of its Affiliates, and
(v) any breach of the representation and warranty of Landlord in Section 2.3 to the extent required in Section 2.3. The rights of Tenant under clause (iii) in the immediately preceding sentence shall survive the expiration or
termination of this Lease or the Term. If Tenant shall be made a party to any litigation arising out of any of the foregoing, the Landlord shall protect and hold Tenant harmless and shall reimburse Tenant upon demand for all costs, expenses and
attorneys’ fees incurred or paid by Tenant in connection with such litigation. All of Landlord’s covenants contained in this Section 8.2(c) shall inure to the benefit of each of the Tenant Indemnified Parties, and shall be enforceable
against Landlord by each of the Tenant Indemnified Parties. 
 SECTION 8.3 NOTICE OF CLAIM. Whenever any claim shall arise for
indemnification under this Article VIII, the indemnified party shall promptly notify the indemnifying party of the claim and, when known, the facts constituting the basis for such claim, and shall cooperate fully in the defense, settlement or
compromise of such claim. The indemnifying party shall have the sole right to select counsel for the defense of such claim, which selection shall not be subject to arbitration hereunder, and to control the defense, settlement or compromise of such
claim, as long as, with respect to a settlement or compromise, such settlement or compromise involves only the payment of money for which the indemnified party is fully indemnified and includes a full unconditional release of the indemnified party
from all related liability; provided that if, in the reasonable opinion of counsel to the indemnified party, there is a conflict or potential conflict of interest between the indemnifying party, on the one hand, and the indemnified party, on the
other hand, the indemnified party shall be entitled to direct the defense thereof, but only with respect to such matters so in conflict, and any settlement

  

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or compromise of such matters shall be subject to the prior written consent of the indemnifying party (which shall not be unreasonably withheld); provided that the indemnifying party shall not be
obligated pursuant to this Article VIII to pay the fees and expenses of more than one counsel in any single action in any single jurisdiction for all indemnified parties, except to the extent two or more of such indemnified parties have conflicting
interests in the outcome of any such action. The indemnified party shall have the right to participate in (but not control) the defense of any such claim, with its counsel and at its own expense. In the event of any such claim for indemnification
hereunder resulting from or in connection with any action by a third party, the notice shall specify, if known, the amount or an estimate, if reasonably possible, of the amount that could reasonably be expected to arise therefrom. The indemnified
party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder without the prior written consent of the indemnifying party. The indemnifying party shall obtain the prior written approval of the
indemnified party (which approval may not be unreasonably withheld) before ceasing to defend against such third party claim or entering into any settlement or compromise of such third party claim involving injunctive or similar equitable relief
being asserted against any indemnified party and no indemnifying party will, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened demand, claim, action
or cause of action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any such indemnified party is a party to such demand, claim, action or cause of action, suit or proceeding), unless such settlement,
compromise or consent includes an unconditional release of all such indemnified parties from all liability arising out of such claim, action, suit or proceeding. 
 SECTION 8.4 SURVIVAL. The provisions of this Article VIII shall survive the expiration or prior termination of this Lease. 
 ARTICLE IX 
  
  
 ESTOPPEL
CERTIFICATES; SUBORDINATION; ATTORNMENT 
  
  
 SECTION 9.1
ESTOPPEL CERTIFICATES. Any party hereto shall, within twenty (20) days after a reasonable request made from time to time, but in no event more than once every twelve (12) months (unless in connection with a transfer, financing or
refinancing), by the other party hereto and without charge, give a certification in writing to any Person reasonably specified by the requesting party stating: (a) that this Lease is then in full force and effect and unmodified or, if modified,
stating the modifications; (b) that, as far as the maker of the certificate knows, Tenant is not in default in the payment of Rent or any additional charges to Landlord, or if in default, stating such default; (c) that, as far as the maker
of the certificate knows, no party is in default in the performance or observance of any other covenant or condition to be performed or observed under this Lease or, if any party is in default, stating such default; (d) that, as far as the
maker of the certificate knows, no event has occurred which authorizes, or with the lapse of time will authorize, Landlord or Tenant to claim a default under, or terminate, this Lease or, if such event has occurred, stating such event;
(e) that, as far as the maker of the certificate knows, no party hereto has any offsets, counterclaims or defenses or, if so, stating them; (f) the dates to which rents and other amounts payable by Tenant have been paid; and (g) any
other matters

  

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which may be reasonably requested by the requesting party. Any such certificate may be relied upon by any prospective mortgagee or purchaser of the Premises, or any portion thereof. 

SECTION 9.2 SUBORDINATION AND ATTORNMENT. This Lease, and all rights of Tenant hereunder, are and shall be subject and subordinate in all
respects to any mortgage or any deed of trust (or a lien resulting from any other method of financing or refinancing), now or hereafter incurred by Landlord; provided, however, that Tenant’s rights hereunder shall not be subordinated unless
Tenant receives a subordination, non-disturbance and attornment agreement reasonably acceptable to Tenant and the holder of such Permitted Mortgage from the mortgagee or beneficiary under the mortgage or deed of trust agreeing that it will recognize
all of the rights of Tenant under this Lease, including, without limitation, the restrictions on Landlord set forth under Section 10.7 (which shall apply to such mortgagee or beneficiary as if it was Landlord hereunder) and the right of Tenant
to occupy and use the Premises in accordance with the terms of this Lease, including without limitation the right of Tenant to exercise the option set forth in Section 5.13 hereof, notwithstanding the foreclosure of, or exercise of the power of
sale under, the mortgage or deed of trust given by Landlord which covers the Premises or any part thereof. Except as required above, no further instrument of subordination shall be required to evidence subordination. 
 ARTICLE X 
  
  
 ASSIGNMENT AND
SUBLEASING; HOTEL MANAGER 
  
  
 SECTION 10.1 PROHIBITION ON ASSIGNMENT, SUBLEASING, ETC. BY TENANT. (a) Subject to Sections 10.2 and 10.3, for so long as an Affiliate
of Landlord owns, directly or indirectly, an equity interest in Tenant, the right of Tenant and its Partners and their respective Affiliates to sell, transfer or assign interests in the Project shall be governed by the Partnership Agreement. At any
other time, except as expressly permitted in this Lease, Tenant shall not, without the prior consent of Landlord in each instance, sell, assign or otherwise transfer this Lease or the Premises, in whole or in part, or any rights or interest which
Tenant may have under this lease, or sublet the Premises or any part of the Premises, or otherwise permit the use thereof by any other Person, except for the use, in the ordinary course of Tenant’s operation of the Project, by guests and
invitees of the Hotels. Any assignment, transfer or sublease in violation of this Section 10.1(a) shall be voidable at Landlord’s option. 
 (b) Subject to Section 10.2, (i) if Tenant is a corporation that is neither a Lending Institution nor a corporation whose shares are traded on a national securities exchange, or if a corporation
that is neither a Lending Institution nor a corporation whose shares are traded on a national securities exchange is a general partner of Tenant, then a direct or indirect sale, assignment, transfer, exchange or other disposition (whether in a
single transaction or in a series of related or unrelated transactions) of the stock in such corporation which result in a change of control (which means, for purposes of this Section 10.1 and Section 10.7, the change in ownership of
greater than 50% of (A) the voting equity interests in the applicable Person or (B) the votes necessary to elect a majority of the Board of Directors or other comparable governing body of such Person), or a merger, consolidation or other
combination of such

  

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corporation with another entity which results in a change of control, shall be deemed an assignment hereunder, (ii) if Tenant is a general or limited partnership, then the direct or indirect
sale, assignment, transfer, exchange or other disposition of all or any portion of a general partner’s interest, the substitution of a general partner, or the addition of a general partner shall be deemed an assignment hereunder, and
(iii) if Tenant is a limited liability company, then the direct or indirect sale, assignment, transfer, exchange or other disposition of a managing member’s interest, the substitution of a managing member, or the addition of a managing
member shall be deemed to be an assignment hereunder. For purposes of this Lease, (1) a joint venture shall be deemed to be a partnership and a joint venturer a partner and (2) the term “corporation” shall include a limited
liability company. 
 SECTION 10.2 CERTAIN PERMITTED ASSIGNMENTS BY TENANT. Notwithstanding any other provision of this Article
X to the contrary, none of the following events shall require the consent or approval of Landlord; provided, that, as to any transfer described in clause (a), (b), (c) or (d) below, the assignee or transferee of Tenant’s interest in
this Lease assumes all of Tenant’s obligations under this Lease by a written instrument, in recordable form, delivered to Landlord promptly after execution thereof; and, provided, further, that for so long as Theme Park Owner is an Affiliate of
Landlord, no such assignee or transferee (or any Affiliate thereof) shall be a Landlord Competitor: 
 (a) a
sale, assignment, transfer, exchange or other disposition of this Lease, together with the Premises, (i) to a Lending Institution, (ii) to a general partner of Tenant, (iii) to a limited partnership having as its sole general partner
either (A) a wholly owned (whether directly or indirectly) Subsidiary of LOH or URH or (B) a limited partnership in which a wholly owned Subsidiary of LOH or URH is the sole general partner, (iv) to a general partnership having as its
sole general partners any entity described in clause (ii) or (iii) above and/or a Lending Institution and (v) to a corporation that is controlled (as such term is defined in Section 1.1(e)) by LOH or URH or a wholly owned Subsidiary
of either LOH or URH; 
 (b) a judicial sale of this Lease in a proceeding to foreclose a Permitted Leasehold
Mortgage; 
 (c) an assignment, transfer or other disposition in lieu of foreclosure of a Permitted Leasehold
Mortgage to the holder of such mortgage or a nominee controlled by such holder; 
 (d) a sale, assignment,
transfer, exchange or other disposition of any general partnership interest in Tenant or in a general partner in Tenant if such sale, assignment, transfer, exchange or other disposition is to a Lending Institution, to the partnership itself or to
another general partner in Tenant or general partner in a general partner in Tenant; 
 (e) a sale, assignment,
transfer, exchange or other disposition of any limited partnership interest in Tenant or any partner in Tenant; 
  

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 (f) a sale, assignment, transfer, exchange or other disposition of the stock
of any corporation which is a general partner in Tenant or which is a general partner in such general partner if another general partner in Tenant or in a partnership which is a general partner in Tenant shall own, in the aggregate, greater than
fifty percent (50%) of the voting stock in such corporation after such sale, assignment, transfer, exchange or other disposition; or 
 (g) any transactions in the shares of LHHC or any parent organization of LHHC, provided, that such transactions are not in securities which have the effect of avoiding the restrictions in Section 10.1 and
this Section 10.2, such as tracking stock or a similar security. 
 As soon as practicable, but in no event less than
forty-five (45) days prior to the closing for any sale, transfer or assignment of an interest in the Project, Tenant shall notify Landlord of (i) the identity of the proposed assignee, (ii) the principal terms of the proposed sale,
transfer or assignment, and (iii) financial statements and other information relating to such assignee sufficient for Landlord to determine the financial strength and ability of such assignee to meet its obligations under this Agreement (taking
into account the income generated, and reasonably anticipated to be generated, by operations at the Project). 
 SECTION 10.3
PERMITTED ASSIGNMENTS BY TENANT TO ESTABLISHED OPERATORS. 
 (a) Landlord shall not withhold its consent to a sale or assignment
by Tenant of this Lease, together with the Premises in whole but not in part, to a third-party assignee if all of the following conditions are satisfied: 
 (i) No Event of Default by Tenant hereunder shall be continuing; 
 (ii) The proposed assignee or at least one of its principal or controlling parties possesses management ability and experience and a well-established reputation for quality management or the proposed assignee has provided by contract (the
terms of which shall meet the requirements of a Management Agreement pursuant to Section 10.12 and a copy of which shall be furnished to Landlord) for the management of the Project by a Hotel Manager who possesses such ability, experience and
reputation; provided, however, that any Hotel Manager operating the Project and the Phase II Hotels, or any Management Agreement which is in effect, at the time of the occurrence shall be deemed to meet the requirements of this clause (ii);

 (iii) The proposed assignee (or the Person controlling the proposed assignee) has adequate financial
responsibility to discharge all of the obligations on its part to be performed hereunder as and when the same fall due (taking into account the income generated, and reasonably anticipated to be generated, by operations in the Premises); 

(iv) The proposed assignee (and its constituent partners, major shareholders, senior executive officers and other
controlling Persons, if appropriate) (the

  

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“ASSIGNEE PARTIES”) has been disclosed to Landlord and Landlord has not shown that the proposed assignee and its Affiliates do not enjoy a reputation for integrity, honesty and
veracity; 
 (v) For so long as Theme Park Owner is an Affiliate of Landlord, the proposed assignee is not a
Landlord Competitor; 
 (vi) The proposed assignee has agreed, in a writing in recordable form and delivered to
Landlord promptly after execution thereof, to be bound by all the terms and conditions of this Lease and to accept all the duties and obligations of Tenant hereunder arising from and after the effective date of the assignment; and 
 (vii) If the proposed sale or assignment by Tenant results in a change in the record owner of the Project, the proposed
assignee has agreed in writing to assume unconditionally any obligations of Tenant hereunder arising after the effective date of such assignment. 
 (b) Landlord shall be deemed to have consented to any sale or assignment by Tenant of this Lease, together with the Premises in whole but not in part, to a third-party assignee that the Theme Park Owner
has approved or that is permitted under the Resort Agreement. 
 SECTION 10.4 PERMITTED TRANSFERS OF TENANT’S EQUITY
INTERESTS. 
 (a) Landlord shall not withhold its consent to an occurrence deemed to be an assignment under Section 10.1(b)
if each of the following conditions is satisfied: 
 (i) No Event of Default by Tenant hereunder shall be
continuing; 
 (ii) At least one of the principals or controlling parties of Tenant after such occurrence
possesses management ability and experience and a well-established reputation for quality management or Tenant has provided by contract (the terms of which shall meet the requirements of a Management Agreement pursuant to Section 10.12, and a
copy of which shall be furnished to Landlord) for the management of the Project by a Hotel Manager who possesses such ability, experience and reputation; 
 (iii) For so long as Theme Park Owner is an Affiliate of Landlord, after such occurrence, the Persons controlling Tenant shall not be a Landlord Competitor; and 
 (iv) Any Persons who become Assignee Parties after the occurrence (and whose involvement cause the occurrence) but prior to
Landlord’s consent to the deemed assignment who would have to be disclosed to Landlord pursuant to Section 10.3(a)(iv) have been disclosed to Landlord and Landlord has not shown to Tenant that such parties do not enjoy a reputation for
integrity, honesty and veracity. 
  

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 (b) Landlord shall be deemed to have consented to an occurrence deemed to be an assignment
under Section 10.1(b) if the Theme Park Owner has approved such occurrence or it is permitted under the Resort Agreement. 
 SECTION 10.5 SUBLEASES AND CONCESSIONS. 
 (a) Notwithstanding anything to the contrary in this Article X, Tenant shall
have the right, without the prior approval or consent of Landlord, to sublet any store, merchandise shop, restaurant or similar space in or about any Hotel, or to grant concessions, for beauty or barber shops, airline ticketing, automobile rental,
newsstands, gift shops, apparel shops, arcades, or any other commercial or retail activities customarily found in hotels with a management standard consistent with the Management Standard of such Hotel; provided, that each sublease and concession
agreement shall be consistent with the applicable Management Standard and shall be evidenced by an instrument, duly executed and acknowledged by the parties thereto, and an executed counterpart thereof shall be delivered to Landlord no later than
the commencement of the term thereof; and, provided, further, that for so long as Theme Park Owner is an Affiliate of Landlord, no Concessionaire or sublessee shall be a Landlord Competitor. In amplification of, and not in limitation of, the
foregoing, each such sublease and concession agreement shall: 
 (i) require the Concessionaire to comply with
all Legal Requirements, the Resort Agreement (to the extent applicable), and any and all rules and regulations of any nature to which Tenant is or shall be subject by virtue of this Lease which affects the Premises; and 
 (ii) provide that, in the event of the termination of this Lease, the Concessionaire shall, if required by Landlord, attorn
to and pay rents and all other charges directly to Landlord, but that if Landlord does not so require (which Landlord shall not be obligated to do, except with respect to any Approved Sublease), then such sublease or concession agreement shall cease
and expire upon the termination of this Lease. 
 (b) Tenant shall, in all events, use its commercially reasonable efforts to
require the faithful performance by Concessionaires of obligations imposed by the sublease and concession agreement. 
 (c)
Tenant covenants that it will perform and observe all the material terms, covenants, conditions and agreements required to be performed and observed by it under each sublease and concession agreement, unless such performance shall have been
expressly waived by the subtenant thereunder, to the effect that all things shall be done by Tenant which are necessary to keep unimpaired Tenant’s rights as landlord under each sublease and concession agreement. 
 (d) If Landlord shall recover or come into possession of the Premises subsequent to the Expiration Date, Landlord shall take over any and
all subleases and concession agreements of the Premises or any part thereof made by Tenant and shall succeed to all the rights

  

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and obligations contained in said subleases and concession agreements or such of them as it may elect to take over upon the terms and conditions herein provided. Subject to the rights of any
Permitted Leasehold Mortgagee, Tenant hereby expressly assigns and transfers to Landlord all of such subleases and concession agreements in effect at the time of such recovery of possession (such assignment and transfer not to be effective until the
termination of this Lease or re-entry by Landlord hereunder) or, if Landlord shall otherwise succeed to Tenant’s estate in the Premises, Tenant shall, upon request of Landlord, execute, acknowledge and deliver to Landlord such further
assignments and transfers as may be necessary to vest in Landlord the then existing subleases and concession agreements. 
 (e)
If for any reason this Lease is terminated pursuant to the terms hereof, such termination shall not result in a termination of any sublease or concession agreement that was specifically approved by Landlord (an “APPROVED SUBLEASE”), and
all such Approved Subleases shall continue for the duration of their respective terms and any extensions thereof as direct leases between Landlord hereunder and the subtenant or Concessionaire thereunder, with the same force and effect as if
Landlord hereunder had originally entered into such sublease or concession agreement as landlord thereunder (subject, however, to the right of a Permitted Leasehold Mortgagee under a new lease granted pursuant to the provisions of Article XIII).
Provided they are not in default under their respective Approved Subleases beyond any applicable grace periods provided for in their respective Approved Subleases, any subtenants or Concessionaires under Approved Subleases shall not be named or
joined in any action or proceeding by Landlord under this Lease to recover possession of the Premises or for any other relief. Landlord shall, upon request of Tenant, prepare, execute, acknowledge and deliver agreements evidencing and agreeing to
the foregoing provisions of the paragraph; provided, that Tenant shall pay the reasonable legal fees and disbursements of Landlord’s counsel in connection therewith. 
 SECTION 10.6 LANDLORD RIGHTS AGAINST ASSIGNEE, SUBLESSEE OF TENANT. 
 (a) If this
Lease be assigned, whether or not in violation of the provisions of this Lease, Landlord may collect rent from the assignee. If the Premises or any part thereof be sublet or be used or occupied by anyone other than Tenant, whether or not in
violation of this Lease, Landlord may, after default by Tenant under this Lease and expiration of Tenant’s time to cure such default, if any, collect rent from the subtenant or occupant. In either event, Landlord may apply the net amount
collected to the rents herein reserved, but no such assignment, subletting, occupancy or collection shall be deemed a waiver of any of the provisions of Section 10.1, or the acceptance of the assignee, subtenant or occupant as tenant, or a
release of Tenant from the further performance by Tenant of Tenant’s obligations under this Lease. 
 (b) The consent by
Landlord to an assignment, mortgaging or subletting pursuant to any provision of this Lease shall not in any way be considered to relieve Tenant from obtaining the express consent of Landlord to any other or further assignment, mortgaging or
subletting to the extent that Landlord’s consent is otherwise required hereunder. References in this Lease to use or occupancy by anyone other than Tenant shall not be construed as limited to subtenants and those claiming under or through
subtenants but shall also include licensees and

  

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others claiming under or through Tenant with a possessory right to occupy space on the Premises for the transaction of business on or from the Premises, immediately or remotely. From and after
the first day on which an Affiliate of Landlord does not own an equity interest in Tenant, Tenant agrees to pay all reasonable legal fees incurred by Landlord in connection with any proposed assignment by Tenant of this Lease or subletting by Tenant
of the Premises or any part thereof. 
 (c) Notwithstanding anything to the contrary set forth in this Article X, (i) all
assignments of this Lease by Tenant shall include the entire interest of Tenant in, under and to this Lease and in and to the Premises, and no transfer of Tenant’s interest in the Premises shall be made unless the entity receiving such transfer
also receives assignment of this Lease, and (ii) no assignment, whether or not the same shall require the consent of Landlord, shall be effective unless and until a fully executed copy of the instrument effecting the assignment setting forth
the assignee’s assumption of all of Tenant’s obligations under this Lease arising from and after the date of such assignment has been delivered to Landlord. 
 SECTION 10.7 SALE OR ASSIGNMENT BY LANDLORD. 
 (a) Subject to the provisions of
this Section 10.7 and in Sections 10.8 and 10.9, Landlord shall have the right, without the prior consent of Tenant, to assign or otherwise transfer this Lease or sell the Sites and the Phase II Sites, or any rights or interest which Landlord
may have under this Lease, to any Person other than a Tenant Competitor or any Affiliate thereof; provided, (A) that Landlord shall be prohibited from consummating any such assignment, transfer or sale (i) prior to the Completion Date (as
defined in the Partnership Agreement) and (ii) if the Phase II Partnership exercises the option set forth in either Section 5.13(a) or (b), during the Phase II Development Period (as defined in the Partnership Agreement); and
(B) nothing in this Section 10.7(a) or elsewhere in this Article X shall restrict an assignment, transfer or sale of the Sites and the Phase II Sites, together with Landlord’s interest in this Lease, (i) as part of, or in
connection with, a direct or indirect sale of the Theme Park permitted by, Section 12.1 of the Resort Agreement or (ii) to the then current Theme Park Owner or an Affiliate thereof (and such assignment, transfer or sale described in this
clause (B) shall be hereinafter referred to as a “Theme Park Related Transfer”). In no event shall Landlord sell Landlord’s interest in this Lease, the Sites and the Phase II Sites (as long as LOH or any Affiliate thereof has an
ownership interest in such Phase II Hotels) other than as a sale of all of Landlord’s interests in the Sites, the Phase II Sites and this Lease in a single transaction to a single purchaser. The consent of Tenant, in its sole discretion (which
shall not be subject to arbitration hereunder), shall be required for any such assignment, transfer or sale to a Tenant Competitor or any Affiliate thereof, except pursuant to a Theme Park Related Transfer. Such consent shall in no event be
construed to relieve Landlord or such assignee or buyer from the obligation of obtaining the express consent in writing of Tenant to any further such assignment, transfer or sale to a Tenant Competitor to the extent such consent is required
hereunder. Any assignment, transfer or sale in violation of this Section 10.7(a) shall be voidable at Tenant’s option. 
 (b) Subject to Section 10.8, (i) if Landlord is a corporation that is neither a Lending Institution nor a corporation whose shares are traded on a national securities exchange,

  

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or if a corporation that is neither a Lending Institution nor a corporation whose shares are traded on a national securities exchange is a general partner of Landlord, then a direct or indirect
sale, assignment, transfer, exchange or other disposition (whether in a single transaction or in a series of related or unrelated transactions) of the stock in such corporation which results in a change of control (as defined in
Section 10.1(b)), or a merger, consolidation or other combination of such corporation with another entity which results in a change of control, shall be deemed an assignment hereunder, (ii) if Landlord is a general or limited partnership,
then the direct or indirect sale, assignment, transfer, exchange or other disposition of all or any portion of a general partner’s interest, the substitution of a general partner, or the addition of a general partner shall be deemed an
assignment hereunder, and (iii) if Landlord is a limited liability company, then the direct or indirect sale, assignment, transfer, exchange or other disposition of a managing member’s interest, the substitution of a managing member, or
the addition of a managing member shall be deemed to be an assignment hereunder. 
 SECTION 10.8 CERTAIN PERMITTED
SALES/ASSIGNMENTS BY LANDLORD. 
 Notwithstanding any other provision of this Article X to the contrary, none of the following
events shall require the consent or approval of Tenant; provided, that, as to any transfer described in clause (a), (b), (c) or (d) below, the assignee or transferee of Landlord’s interest in this Lease assumes all of Landlord’s
obligations under this Lease by a written instrument, in recordable form, delivered to Tenant promptly after execution thereof; and, provided, further, that no such assignee or transferee (or any Affiliate thereof) shall be a Tenant Competitor:

 (a) an assignment or transfer of this Lease (i) to a general partner of Landlord, (ii) to a limited
partnership having as its sole general partner either (A) a wholly owned (whether directly or indirectly) Subsidiary of the Theme Park Owner or any Affiliate thereof or (B) a limited partnership in which a wholly owned Subsidiary of the
Theme Park Owner or any Affiliate thereof is the sole general partner, (iii) to a general partnership having as its sole general partners any entity described in clause (i) or (ii) above and (iv) to a corporation that is
controlled (as such term is defined in Section 1.1(e)) by either the Theme Park Owner or a wholly owned Subsidiary thereof; 
 (b) an assignment or transfer of this Lease as a result of the bankruptcy of Landlord; 
 (c) a sale, assignment, transfer, exchange or other disposition of any general partnership interest in Landlord or in a general partner in Landlord if such sale, assignment, transfer, exchange or other
disposition is to the partnership itself or to another general partner in Landlord or general partner in a general partner in Landlord; 
 (d) any transactions in the shares of, or other equity interest in, Rank, Rank Parks, Universal, or Universal Parks, or the sale of all or substantially all of the assets of any of the foregoing, or any
parent organization of any of the foregoing, to the extent any such entity is publicly traded (or, with respect to the shares of Universal, any transfer of shares of Universal); provided, that such transactions are not in securities which have the
effect of avoiding the restrictions in Section 10.7 and this Section 10.8, such as tracking stock or a similar security; or 
  

 51 

 (e) any Transfer (as defined in the Partnership Agreement) that is made in
accordance with the provisions of Section 20 of the Partnership Agreement or Section 12 of the Resort Agreement. 
 SECTION 10.9 TENANT RIGHTS AGAINST TRANSFEREE OF LANDLORD. 
 (a) The consent by Tenant to an assignment or sale
pursuant to any provision of this Lease shall not in any way be considered to relieve Landlord from obtaining the express consent of Tenant to any other or further assignment or sale to the extent that Tenant’s consent is otherwise required
hereunder. 
 (b) Notwithstanding anything to the contrary set forth in this Article X, so long as LOH or an Affiliate of LOH
owns, directly or indirectly, an equity interest in Tenant, (i) all assignments of this Lease by Landlord shall include the entire interest of Landlord in, under and to this Lease and in and to the Sites and the Phase II Sites, and no transfer
of Landlord’s interest in the Sites and the Phase II Sites shall be made unless the entity receiving such transfer also receives assignment of this Lease, and (ii) no assignment, whether or not the same shall require the consent of Tenant,
shall be effective unless and until a fully executed copy of the instrument effecting the assignment setting forth the assignee’s assumption of all of Landlord’s obligations under this Lease arising from and after the date of such
assignment has been delivered to Tenant and each Permitted Leasehold Mortgagee. 
 SECTION 10.10 RELEASE OF ASSIGNOR.

 (a) Neither any assignment of Tenant’s interest in this Lease nor any subletting, occupancy or use of the Premises or any
part thereof by any Person other than Tenant, nor any collection of rent by Landlord from any Person other than Tenant as provided in this Article X, nor any application of any such rent as provided in this Article X shall, under any circumstances,
relieve Tenant of its liability for the observance and performance of the terms, covenants and conditions of this Lease on Tenant’s part to be observed and performed; provided, that, notwithstanding the foregoing, if Landlord has consented to
or approved any assignment of Tenant’s interest in this Lease or if no such consent or approval was required for such assignment, Tenant shall be relieved of, and released from, all liability and obligations under this Lease arising after the
effective date of such assignment. 
 (b) No assignment of Landlord’s interest in this Lease and no sale of any Site or any
Phase II Site or any part thereof to any Person shall, under any circumstances, relieve Landlord of its liability for the observance and performance of the terms, covenants and conditions of this Lease on Landlord’s part to be observed and
performed; provided, that, notwithstanding the foregoing, if Tenant has consented to or approved any assignment of Landlord’s interest in this Lease or if no such consent or approval was required for such assignment, Landlord shall be relieved
of, and released from, all liability and obligations under this Lease arising after the effective date of such assignment. 
  

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 SECTION 10.11 RIGHT OF FIRST OFFER. Subject to the proviso of the first sentence of
Section 10.7(a), if Landlord proposes to offer the Sites and the Phase II Sites for sale, other than (a) pursuant to a Theme Park Related Transfer, or as permitted under Section 10.8 or (b) in connection with the sale or transfer
of any other real property or other assets owned by Landlord or its Affiliates that are reasonably related to the Sites and the Phase II Sites, provided that, with respect to a sale or transfer described in the preceding clause (b), (i) the
primary purpose of such sale is not the sale of the Sites and the Phase II Sites, (ii) the circumvention of the obligations of Landlord set forth in this Section 10.11 is not a purpose of such sale or (iii) such transaction is not in
the form of a sale of securities which have the effect of avoiding the right of first refusal in this Section 10.11, such as tracking stock or similar security, then Landlord shall first offer the Sites and the Phase II Sites to Tenant in
accordance with the following provisions: 
 (a) Landlord shall deliver a notice to Tenant stating (i) its
bona fide intention to offer the Sites and the Phase II Sites for sale and (ii) the price and terms upon which it proposes to offer the Sites and the Phase II Sites. 
 (b) Within sixty (60) days after receipt of such notice, Tenant may elect to purchase the Sites and the Phase II Sites,
at the price and on the terms specified in such notice, upon delivery by Tenant to Landlord of a written notice of such election. If Tenant elects to purchase the Sites and the Phase II Sites within such sixty (60) day period, Tenant shall
complete such purchase within ninety (90) days after receipt of such notice; provided, however, that such purchase shall not take place until five (5) business days after the receipt of all government approvals required by all applicable
Legal Requirements, if any. 
 (c) If Tenant does not elect to purchase the Sites and the Phase II Sites,
Landlord may, during the ninety (90) day period following the expiration of the sixty (60) day period provided in Section 10.11(b), offer the Sites and the Phase II Sites to any third party (other than a Tenant Competitor); provided,
that, if the economic terms reached with any such third party are more favorable to such third party by more than 5%, or the non-economic terms are more favorable to such third party in any material respect, from those initially presented to Tenant
pursuant hereto with respect to the Sites and the Phase II Sites, the Sites and the Phase II Sites shall be reoffered to Tenant in accordance with Sections 10.11(a) and (b) and this Section 10.11(c) based on such revised terms; and,
provided, further, that, if Landlord does not sell the Sites and the Phase II Sites to such third party within one hundred eighty (180) days, subject to extension for the duration of a Force Majeure Event or in connection with obtaining a
required governmental consent, so long as Landlord is diligently pursuing obtaining such consent, but in no event longer than 365 days after the offer to such third party, the right provided under this Section 10.11 shall be deemed to be
revived and the Sites and the Phase II Sites shall not be sold unless first reoffered to Tenant in accordance herewith. It shall be a condition to any such sale to any third party that such third party assume all of Landlord’s obligations under
this Lease by a written instrument, in recordable form, delivered to Tenant on the date of the closing of such sale. 
  

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 SECTION 10.12 MANAGEMENT AGREEMENT. 
 (a) Tenant agrees that proper management and operation of the Project and the Phase II Hotels, if any, is necessary to maximize Rent.
Accordingly, subject to Section 10.12(b), Tenant shall enter into a management agreement (a “MANAGEMENT AGREEMENT”) for the management and operation of the Project and the Phase II Hotels, if any, by a hotel manager (the “HOTEL
MANAGER”), and Tenant shall maintain in effect a Management Agreement at all times during the Term. Tenant shall promptly provide Landlord with a copy of any Management Agreement, and any amendments, modifications or supplements thereto. Any
Hotel Manager shall be an organization, or an Affiliate of an organization, with not less than five (5) years experience in the operation and management of at least three (3) hotels of a level of quality consistent with the highest
Management Standard; provided, that in no event shall a Landlord Competitor be the Hotel Manager. The Management Agreement should be on terms and conditions then customary for management agreements for first-class hotels. 
 (b) Landlord acknowledges that (i) Tenant has entered into a Management Agreement, dated as of the date hereof, with Loews Orlando
Operating Company, Inc. as Hotel Manager and (ii) that it has consented to such agreement and to Loews Orlando Operating Company, Inc. as Hotel Manager. 
 ARTICLE XI 
  
  
 CASUALTY AND
EMINENT DOMAIN 
  
  
 SECTION 11.1 CASUALTY. 
 (a) If the Project or any portion thereof is damaged or destroyed by fire or any other casualty or occurrence, whether or not such damage or destruction is insured under the insurance coverage required to be maintained by Tenant under this
Lease, Tenant, at Tenant’s sole expense, shall cause the Project (or portion thereof) to be fully repaired and restored to the condition existing immediately prior to such fire, casualty or occurrence; provided, that, if such casualty or
occurrence resulted in damage or destruction of a significant portion of the Theme Park, Tenant shall only be required to repair and restore the Project (or portion thereof) if the Theme Park Owner is required to repair and restore the damage or
destruction to such portion of the Theme Park. Subject to the occurrence of a Force Majeure Event, Tenant shall commence the restoration within (i) one hundred twenty (120) days after receipt of the insurance proceeds paid following a fire
or other insured casualty (the “NET INSURANCE PROCEEDS”) arising from the damage or destruction which caused the need for such restoration or (ii) if the fire or other casualty was not insured, one hundred five (105) days after
the occurrence of the fire or casualty and in each case Tenant shall at such time diligently pursue the completion of such restoration. 
 (b) Except as may otherwise be required by any mortgage encumbering the Premises or any portion thereof, all Net Insurance Proceeds shall, if in an amount equal to $5,500,000, adjusted for inflation, or
less per occurrence, be paid to Tenant and applied as provided herein. If greater than $5,500,000, adjusted for inflation, then all Net Insurance Proceeds shall be deposited with the Permitted Leasehold Mortgagee or, if none, with another

  

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Lending Institution pursuant to a mutually acceptable trust agreement. Provided Tenant is conducting the restoration in accordance with this Lease and the Permitted Leasehold Mortgage or trust
agreement, the Permitted Leasehold Mortgagee or Lending Institution shall disburse the Net Insurance Proceeds to Tenant from time to time upon receipt of a request from Tenant to cover amounts due to contractors, subcontractors, materialmen,
engineers, architects or other Persons who have rendered services or furnished materials in connection with the restoration. The Net Insurance Proceeds shall be held in an interest-bearing account, and any interest so earned shall be deemed to be
part of the Net Insurance Proceeds. Any Net Insurance Proceeds which are in excess of the costs of such restoration shall be promptly paid to Tenant and shall be Tenant’s sole and exclusive property. 
 (c) If, in accordance with this Section 11.1, Tenant shall undertake promptly to restore the Project (or such portion thereof) that has
been destroyed or damaged, then from the date of such casualty and during the diligent restoration by the Tenant of the Project, until such time as the Project shall be fully restored, this Lease shall remain in good standing and shall not be in
default and there shall be no abatement during such restoration period of any fees, charges or amounts payable by Tenant to Landlord hereunder. Nothing contained herein shall relieve Tenant of its obligations under this Article XI if the destruction
or damage is not covered, either in whole or in part, by insurance or if the Net Insurance Proceeds shall be insufficient to pay the entire cost of the repair, restoration or replacement. Tenant’s liability under this Article XI shall survive
any termination of this Lease pursuant to Section 11.1(d). 
 (d) Notwithstanding the foregoing, if a Property is totally
destroyed (as defined in Section 11.1(e)) during the last three (3) years of the Term and insurance proceeds are available (“SECTION 11.1(D) PROCEEDS”) to fully cover the cost of repairing, restoring and/or replacing such
Property (or, to the extent such Section 11.1 (d) Proceeds are inadequate for such purposes, funds sufficient therefor are provided by Tenant), then, in such event, Tenant may elect to terminate this Lease effective forty-five
(45) days after Tenant shall have delivered to Landlord written notice of termination given no later than one hundred eighty (180) days following the destruction of such Property; provided, that Tenant’s right to so terminate shall be
conditioned upon Tenant’s compliance with all of the following conditions: 
 (i) Tenant shall give Landlord
written notice of such damage or destruction promptly, but not later than ninety (90) days after the event, detailing the facts that qualify the casualty under this Section 11.1(d); 
 (ii) No Event of Default of Tenant shall exist or be continuing under any provision of this Lease; and 
 (iii) Prior to the effectiveness of any such termination, Tenant shall pay, or cause to be paid, to Landlord an amount equal
to the cost, as reasonably estimated by an architect or engineer mutually acceptable to Landlord and Tenant, of restoring such Property to its condition existing immediately prior to such fire or other casualty, which amount shall be due whether or
not Landlord elects to demolish, reconstruct, or make any other changes, alterations, and/or improvements whatsoever in or to such Property. 
  

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 (e) For purposes of this Lease, the term “totally destroyed” shall mean damage or
destruction to a Property, the cost of which to repair, restore and/or replace shall exceed seventy-five percent (75%) of the then current full replacement cost of such Property, as reasonably determined by Landlord and Tenant. 
 (f) The Landlord (solely in its capacity as the owner of the Sites) shall reasonably cooperate with Tenant in obtaining the permits and
approvals required to be issued by Governmental Authorities in connection with the construction, repair and restoration of any Property, Alterations or otherwise required pursuant to the terms of this Section 11.1 and any necessary utility
access agreements, shall sign any application reasonably made by Tenant which is required in order to obtain such permits and approvals and utility access agreements and shall provide Tenant with any information and/or documentation not otherwise
reasonably available to Tenant (if available to the Landlord) which is necessary to procure such permits and approvals and utility access agreements. Tenant shall reimburse the Landlord, within ten (10) days after the Landlord’s demand,
for any reasonable out-of-pocket cost or expense incurred by the Landlord in connection with Landlord’s assistance in obtaining the permits and approvals and utility access agreements. 
 SECTION 11.2 EMINENT DOMAIN. 
 (a) If a Property, or such material portion thereof as to render the balance unsuitable for the operation of such Property by Tenant as required under this Lease, shall be taken (excluding a taking of the
fee interest in such Property if, after such taking, Tenant’s rights under this Lease are not affected and no rights of any Permitted Leasehold Mortgagee are affected) for any public or quasi-public purpose by any Governmental Authority by the
exercise of the right of condemnation or eminent domain or by agreement among Landlord, Tenant, the Permitted Leasehold Mortgagee and those authorized to exercise any such right, then this Lease shall terminate with respect to such Property as of
the effective date of such taking. In such event, the actual amount of the award paid in connection with or arising from the acquisition or other taking of such Property or any portion of thereof by any such authority, less all reasonable
out-of-pocket expenses incurred by Landlord, Tenant or the Permitted Leasehold Mortgagee in connection with obtaining such award, including, without limitation, all reasonable attorneys’ fees and disbursements incurred in connection therewith
(the “NET CONDEMNATION AWARD”) shall be apportioned between Landlord and Tenant as of the day immediately prior to the vesting of title in such authority as follows: 
 (i) First, Landlord shall receive the then fair market value of the Property so taken or condemned considered as vacant,
unimproved, and unencumbered, but subject to this Lease and including the Landlord’s reversionary interest in the Project at the end of the Term; and 
 (ii) Second, Tenant shall be entitled to the then fair market value of Tenant’s interest under this Lease in such Property and Tenant’s leasehold estate so taken or condemned (subject, however,
to the rights of any Permitted Leasehold Mortgagees therein). 
  

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 (b) If this Lease does not terminate with respect to the affected Property due to such
taking or condemnation, (i) Tenant shall be entitled to the entire award to the extent required, pursuant to the terms of this Lease, for the restoration of the remaining portion of such Property, and (ii) out of the portion of the award
not applied to restoration, the award shall be distributed to Landlord and (subject to the rights of any Permitted Leasehold Mortgagee) Tenant, which (A) as to Landlord, shall be in the same proportion as the loss attributable to such Property,
considered as set forth in Section 11.2(a)(i), bears to the sum of the loss attributable to such Property and Tenant’s leasehold estate in such Property and (B) as to Tenant, shall be in the same proportion as the loss attributable to
Tenant’s leasehold estate bears to the sum of the loss attributable to such Property and Tenant’s leasehold estate in such Property. If this Lease does not terminate due to such taking or condemnation, then Tenant shall commence such
restoration within one hundred eighty (180) days after receipt of the Net Condemnation Award and, thereafter proceed with due diligence to restore the remaining portion of such Property and the Project to complete, independent and
self-contained architectural units in accordance with plans and specifications approved by Landlord, which approval shall not be unreasonably withheld or delayed. If in connection with a taking the award is in excess of $3,000,000, adjusted for
inflation, then the award shall be deposited with the Permitted Leasehold Mortgagee or, if none, with a Lending Institution pursuant to a mutually acceptable trust agreement. Except as may otherwise be required by a Permitted Leasehold Mortgagee, if
such funds are less than or equal to $3,000,000, adjusted for inflation, the same shall be paid directly to Tenant to be applied as provided herein. Provided Tenant is conducting the condemnation restoration in accordance with this Lease and the
Permitted Leasehold Mortgage, the Permitted Leasehold Mortgagee or Lending Institution shall disburse the funds to Tenant from time to time upon receipt of a request from Tenant to cover amounts due to contractors, subcontractors, materialmen,
engineers, architects or other Persons who have rendered services or furnished materials in connection with the condemnation restoration. If the Net Condemnation Award is insufficient to pay for the restoration, Tenant shall be responsible for the
remaining cost and expense. 
 SECTION 11.3 PARTIAL LEASE TERMINATION. If there is a taking (excluding a taking of the fee
interest in the Premises if, after such taking, Tenant’s rights under this Lease are not affected and no rights of any Permitted Leasehold Mortgagee are affected) for any public or quasi-public purpose by any Governmental Authority by the
exercise of the right of condemnation or eminent domain or by agreement among Landlord, Tenant, the Permitted Leasehold Mortgagee and those authorized to exercise such right, of any portion of the Premises which does not result in a termination of
this Lease in accordance with Section 11.2(a), then this Lease shall terminate with respect to the portion of the Site and/or Property so taken, but this Lease shall remain in full force and effect with respect to the portion of the Premises
not taken by condemnation or eminent domain. 
 SECTION 11.4 TEMPORARY TAKING. 
 (a) If the temporary use of the whole or any portion of the Premises is taken for a public or quasi-public purpose by a lawful power or
authority by the exercise of the right of condemnation or eminent domain or by agreement between Tenant and those authorized to exercise such right, Tenant shall give Landlord notice within five (5) days thereof. The Term

  

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shall not be reduced or affected in any way by reason of such temporary taking and Tenant shall continue to pay to Landlord Rent without reduction or abatement; provided, however, that if such
temporary taking is for a period in excess of one hundred eighty (180) days, then such taking shall be deemed a permanent taking and the provisions of Sections 11.1 and 11.2, as applicable, shall apply. 
 (b) If the temporary taking is for a period not extending beyond the Term (including a taking restricted entirely to Tenant’s interest
in this Lease and the Premises and not affecting Landlord’s interest in this Lease and the Sites in any way), Tenant shall apply the award it receives in compensation therefor toward a restoration of the improvements as may have been
necessitated by such taking, and Tenant shall, subject to the rights of any Permitted Leasehold Mortgagee, be entitled to retain any remaining amount of such award. 
 (c) If the temporary taking is for a period extending beyond the expiration of the Term, the award therefor shall first be applied toward such restoration of the improvements as may have been necessitated
by such taking, and the remainder shall be equitably apportioned between Landlord and Tenant as of the expiration of the Term. 
 SECTION 11.5 GOVERNMENTAL ACTION NOT RESULTING IN A TAKING. In case of any governmental action not resulting in the taking or condemnation of any portion of the Premises but creating a right to compensation therefor, such as the changing of
the grade of any street upon which the Premises abut, then this Lease shall continue in full force and effect without reduction or abatement of Rent. Any award payable thereunder shall be applied first to reimburse Tenant for any construction work
performed by Tenant resulting from such governmental action and Tenant shall, subject to the rights of any Permitted Leasehold Mortgagee, be entitled to retain any remaining amount of such award. 
 SECTION 11.6 COLLECTION OF AWARDS. Each of the parties hereto shall execute such documents as may be reasonably required to facilitate
collection of any awards made in connection with any condemnation proceeding referred to in this Article XI. 
 ARTICLE XII

  
  
 EVENTS OF DEFAULT 
  
  
 SECTION 12.1
EVENTS OF DEFAULT. Subject to the other terms and provisions of this Article XII, the occurrence of any of the following events or circumstances shall constitute an “EVENT OF DEFAULT” of Tenant hereunder: 
 (a) the failure by Tenant to pay any rent or other cost, fee, charge or amount due hereunder within thirty (30) days after written
notice from Landlord; 
 (b) any failure by Tenant to perform any other of the material terms, conditions, covenants or
obligations of this Lease to be observed or performed by Tenant within thirty (30) days after written notice from Landlord; provided, that if the matter cannot reasonably be cured within thirty (30) days, Tenant shall have such additional
time as may be necessary to

  

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effect a cure so long as Tenant commences such cure within thirty (30) days after written notice and prosecutes such cure diligently to completion thereafter; 
 (c) the failure by Tenant to fully maintain its existence as a corporation, partnership or other entity in good standing which is not
resolved within ninety (90) days after notice thereof; or 
 (d) immediately upon the occurrence of an Event of Bankruptcy
of Tenant. 
 In the event of a default which with the giving of notice to Tenant and the passage of time would constitute an
Event of Default, Landlord’s notice of such default to Tenant shall state with reasonable specificity the provision of this Lease under which the default is claimed, the nature and character of such default, the date by which such default must
be cured, and that the failure of Tenant to cure such default by the date set forth in such notice will result in Landlord having the right to terminate this Lease. Landlord’s allegation of a default hereunder shall be subject to arbitration in
accordance with the provisions of Article XVIII; provided, that Tenant shall initiate any such arbitration within the applicable grace period provided in this Section 12.1 or within ten (10) days after the giving of Landlord’s notice
with respect to a default under Section 12.1(d). If Tenant has initiated arbitration of Landlord’s allegation of a default pursuant to this paragraph and the arbitrators have determined that a default has occurred, Tenant shall have an
additional thirty (30) days thereafter in which to cure such default. 
 If, after the later to occur of (i) the last
day of any cure period provided in Sections 12.1(a), (b) or (c) or (ii) the last day of the cure period, if applicable, provided for in the immediately preceding sentence, Landlord determines that Tenant has not cured the default of
which Tenant was given notice as required by this Section 12.1, Landlord may give Tenant notice of the occurrence of an Event of Default (an “EVENT OF DEFAULT NOTICE”); provided, that no such Event of Default shall become effective
for ten (10) days after such notice during which period Tenant may submit to arbitration, pursuant to Section 18.1, any dispute related to Tenant’s cure of such default. If Tenant does not submit such dispute to arbitration within
such ten (10) day period or, if Tenant has initiated arbitration of a dispute related to Tenant’s cure of such default, upon a decision of the arbitrator that Tenant did not cure such default, the Event of Default shall become effective
immediately after the end of such ten (10) day period or such arbitration, as the case may be. Subject to Section 3.1(b), an Event of Default Notice shall state which remedy Landlord is electing from among the remedies set forth in clauses
(a), (b) and (c) of Section 12.2. If Landlord’s Event of Default Notice does not state that it will seek the remedy set forth in clause (c) of Section 12.2, then Landlord shall be deemed to have waived any right to such
remedy as to that particular Event of Default if it is determined that such Event of Default has occurred. Notwithstanding anything herein to the contrary, for so long as URH or any other Affiliate of Landlord is a partner in the Partnership,
Landlord shall not have any rights under this Article XII with respect to any Event of Default that is the result of actions taken by URH or any such other Affiliate under the Partnership Agreement or arises out of the exercise of rights and
obligations of the Theme Park Owner with respect to Creative Aspects or marketing as provided in Article IX of the Resort Agreement. 
  

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 SECTION 12.2 ENFORCEMENT OF PERFORMANCE; DAMAGES; AND TERMINATION. If an Event of Default
occurs and becomes effective, Landlord may elect to (a) enforce performance or observance by Tenant of the applicable provisions of this Lease, (b) recover damages for breach of this Lease, or (c) subject to Section 16.1(b)(iii)
and Article XIII, terminate this Lease pursuant to Section 12.3 if Landlord has elected such remedy in the applicable Event of Default Notice. Landlord’s election of a remedy hereunder with respect to an Event of Default shall not limit or
otherwise affect Landlord’s right to elect any of the remedies available to Landlord hereunder with respect to any other Event of Default, except for an election to terminate the Lease. 
 SECTION 12.3 EXPIRATION AND TERMINATION OF LEASE. 
 (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if an Event of Default of Tenant occurs and becomes effective, provided Landlord has elected the remedy of termination in
its Event of Default Notice, Landlord may, within ten (10) days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending
appeal), give Tenant and any Permitted Leasehold Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such notice, which date shall not be less than ten (10) days after the giving of the notice, and
this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice were the Expiration Date, and Tenant shall quit and surrender Tenant’s interest in this Lease and the Premises
and possession thereof forthwith. If such termination is stayed by order of any court having jurisdiction over any case in connection with an Event of Bankruptcy of Tenant or by federal or state statute, then, following the expiration of any such
stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s obligations under this Lease within the period prescribed therefor by any Legal Requirement or within thirty (30) days
after entry of the order for relief or as may be allowed by the court, Landlord, to the extent permitted by any Legal Requirement or by leave of the court having jurisdiction over such case, shall have the right, at its election, to terminate this
Lease on five (5) days’ notice to such trustee, Tenant or Tenant as debtor-in-possession. Upon the expiration of such five (5) day period, this Lease shall expire and terminate and such trustee, Tenant and/or Tenant as
debtor-in-possession, as the case may be, immediately shall quit and surrender Tenant’s interest in this Lease and the Project and possession thereof forthwith. 
 (b) Subject to Article XIII, if this Lease is terminated as provided in Section 12.3(a), Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises
(which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject to applicable Legal Requirements.

 (c) If this Lease is terminated as provided in Section 12.3(a): 
 (i) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts payable under this Lease by Tenant to
Landlord to the date upon which the Term shall have expired and come to an end and Tenant shall surrender to

  

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Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by this Lease, and both parties hereto shall be relieved of all further obligations
hereunder, except to the extent this Lease expressly provides that an obligation hereunder shall survive the expiration or termination of this Lease or of the Term; and 
 (ii) In no event shall Tenant be entitled to receive any credit or payment with respect to the value of the land and the
Premises, title to which shall automatically vest in Landlord upon such termination. 
 SECTION 12.4 WAIVER OF RIGHTS OF TENANT
AND LANDLORD. To the extent not prohibited by any Legal Requirement, Landlord and Tenant hereby waive and release all rights now or hereafter conferred by statute or otherwise that would have the effect of limiting or modifying any of the provisions
of this Article XII. Notwithstanding the foregoing, neither party shall be deemed to have waived the benefit of any automatic stay provisions or any rights to remain in possession of the Sites under any present or future bankruptcy code. 

SECTION 12.5 RECEIPT OF MONEYS AFTER NOTICE OR TERMINATION. No receipt of money by Landlord from Tenant after the termination of this
Lease, or after the giving of any notice of the termination of this Lease, shall reinstate, continue or extend the Term or affect any notice theretofore given to Tenant, or operate as a waiver of the right of Landlord to recover Tenant’s
interest in this Lease and the Premises (which may include, but not be limited to, recovering possession of the Premises) by proper remedy. After the service of notice to terminate this Lease or the commencement of any suit or summary proceedings or
after a final order or judgment for the possession of Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, a judgment for possession of the Premises), Landlord may demand, receive and collect any moneys
due or thereafter falling due without in any manner affecting the notice, proceeding, order, suit or judgment, all such moneys collected being deemed payments on account of the use and occupation of Tenant’s interest in this Lease and the
Premises (including, without limitation, the use and occupation of the Premises) or, at the election of Landlord, on account of Tenant’s liability hereunder. 
 SECTION 12.6 STRICT PERFORMANCE. No failure by Landlord or Tenant to insist upon strict performance of any covenant, agreement, term or condition of this Lease or to exercise any right or remedy available
to such party by reason of the other party’s default or an Event of Default, and no payment or acceptance of full or partial Rent during the continuance (or with Landlord’s knowledge of the occurrence) of any default or Event of Default,
shall constitute a waiver of any such default or Event of Default or of such covenant, agreement, term or condition or of any other covenant, agreement, term or condition. No covenant, agreement, term or condition of this Lease to be performed or
complied with by either party, and no default by either party, shall be waived, altered or modified except by a written instrument executed by the other party. No waiver of any default or Event of Default shall affect or alter this Lease, but each
and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent default. Payment by Tenant to Landlord of any Rent shall be without prejudice to, and shall
not constitute a waiver of, any

  

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rights of Tenant against Landlord provided for under this Lease or at law or in equity. Tenant’s compliance with any request or demand made by Landlord shall not be deemed a waiver of
Tenant’s right to contest the validity of such request or demand. 
 SECTION 12.7 RIGHT TO ENJOIN DEFAULTS. Subject to the
provisions of Articles XIII and XVIII, in the event of Tenant’s default or Event of Default, Landlord shall be entitled to seek to enjoin the default or Event of Default and shall have the right to invoke any rights and remedies allowed at law
or in equity or by statute or otherwise, except to the extent Landlord’s remedies are expressly limited by the terms hereof. Subject to the provisions of Article XVIII, in the event of any default by Landlord of any term, covenant or condition
under this Lease, Tenant shall be entitled to seek to enjoin the default and shall have the right to invoke any rights and remedies allowed at law or in equity or by statute or otherwise, except to the extent Tenant’s remedies are expressly
limited by the terms hereof. Each right and remedy of Landlord and Tenant provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in
equity or by statute or otherwise except to the extent Landlord’s remedies and Tenant’s remedies are expressly limited by the terms hereof, and the exercise or beginning of the exercise by Landlord or Tenant of any one or more of the
rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord or Tenant of any or all other rights or remedies provided for
in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, except to the extent Landlord’s remedies and Tenant’s remedies are expressly limited by the terms hereof. 
 SECTION 12.8 REMEDIES UNDER BANKRUPTCY AND INSOLVENCY CODES. If an order for relief is entered or if any stay of proceeding or other act
becomes effective against Tenant or Tenant’s interest in this Lease and the Premises or Landlord or Landlord’s interest in this Lease and the Sites, as applicable, in any proceeding which is commenced by or against Tenant or Landlord, as
applicable, under the Bankruptcy Code or in a proceeding which is commenced by or against Tenant or Landlord, as applicable, seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any other
present or future applicable federal, state or other bankruptcy or insolvency statute or law, Landlord or Tenant, as applicable, shall be entitled to invoke any and all rights and remedies available to it under such bankruptcy or insolvency code,
statute or law or this Lease (except to the extent Landlord’s remedies and Tenant’s remedies are expressly limited by the terms hereof). Permitted Leasehold Mortgagee will have possessory rights of Tenant with the same priority as Tenant
originally. 
 SECTION 12.9 LANDLORD RIGHT TO CURE. If an Event of Default shall have occurred and be continuing under this
Lease, Landlord may, at its option, upon reasonable prior notice to Tenant (unless Landlord reasonably believes there to be an emergency threatening Landlord’s property outside the Premises, or threatening substantial damage to Landlord’s
interest in the Premises as Landlord, in which event no notice shall be required and Landlord may act immediately), perform the same for the account of, and at the expense of, Tenant and upon such performance Tenant’s Event of Default shall be
deemed cured. The reasonable out-of-pocket costs so paid or incurred by Landlord, in its reasonable discretion, together with interest at

  

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the rate specified in Section 16.12, shall be due from and paid by Tenant, as additional rent, within five (5) days after Tenant’s receipt of written demand therefor from Landlord.

 ARTICLE XIII 
  
  
 LEASEHOLD MORTGAGE

  
  
 SECTION 13.1 RIGHT TO GRANT LEASEHOLD MORTGAGE. Notwithstanding the provisions of Section 10.1, Tenant shall have the right to mortgage
or grant a security interest in Tenant’s interest in this Lease and the Premises under one or more leasehold mortgages to one or more Lending Institutions upon the condition that all rights acquired under such leasehold mortgages shall be
subject to each and all of the covenants, conditions and restrictions set forth in this Lease and to all rights and interests of Landlord herein, none of which covenants, conditions, restrictions, rights or interests is or shall be waived by
Landlord. In no event, however, shall there be more than two (2) such leasehold mortgages in effect at any one time. 
 SECTION 13.2 RIGHTS OF LEASEHOLD MORTGAGEE. If a Permitted Leasehold Mortgagee shall send to Landlord a true copy of its leasehold mortgage, together with written notice specifying the name and address of such Permitted Leasehold Mortgagee,
then so long as such Permitted Leasehold Mortgage shall remain unsatisfied of record or until written notice of satisfaction is given by the holder to Landlord, the following provisions shall apply (in respect of such Permitted Leasehold Mortgage
and of any other Permitted Leasehold Mortgages): 
 (a) Without the prior written consent of the Permitted Leasehold Mortgagee,
Landlord and Tenant shall not enter into any material amendment, modification or supplement to this Lease. 
 (b) Landlord
shall, upon sending Tenant any written notice or communication to Tenant of a material nature (including, without limitation, a notice of default), simultaneously send a copy of such notice or communication to the Permitted Leasehold Mortgagee in
the same manner provided by this Lease for the giving of notices to Tenant, and no such material notice or communication shall be deemed to have been given by Landlord to Tenant hereunder unless Landlord shall have sent such notice to the Permitted
Leasehold Mortgagee in the manner required by this Section 13.2. Landlord shall also give the Permitted Leasehold Mortgagee notice (“NOTICE OF FAILURE TO CURE”) if Tenant fails to cure a Default within the period, if any, provided in
this Lease for such cure, promptly following the expiration of such period (i.e., an Event of Default). Only Events of Default expressly described in the Notice of Failure to Cure may give rise to a termination of the Lease by Landlord pursuant to
its termination rights hereunder. 
 (c) The Permitted Leasehold Mortgagee shall have a period of forty-five (45) days
after receipt of the Notice of Failure to Cure, in the case of any Event of Default, to (i) cure the Event of Default referred to in the Notice of Failure to Cure or (ii) cause it to be cured, subject to the provisions of
Section 12.1(b). Nothing contained herein shall be construed as imposing any obligation upon any such mortgagee to so perform or comply on behalf of Tenant. Notwithstanding the foregoing provisions of this Section 13.2(c), following the
delivery of a

  

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Notice of Failure to Cure, within five (5) days following the written request of any Permitted Leasehold Mortgagee (which request may be contained in a notice from such Permitted Leasehold
Mortgagee to Landlord with respect to the subject matter referred to in the foregoing clause (i) of this Section 13.2(c)), Landlord shall deliver to such Permitted Leasehold Mortgagee a statement certifying the aggregate amount of Rent
then due and in arrears hereunder and the estimated per diem increase in such amount, but no such request shall increase any of the time periods provided for in this Section 13.2(c). 
 (d) Notwithstanding anything herein to the contrary, if the Landlord shall elect to terminate this Lease by reason of any default of Tenant,
each Permitted Leasehold Mortgagee shall not only have the right to nullify any notice of termination by curing such default prior to the effective date of termination but shall also have the separate right to postpone and extend the specified date
for the termination of this Lease, as fixed by Landlord in its notice of termination, for a period of not more than six (6) months from the date so specified for termination; provided, that such Permitted Leasehold Mortgagee shall
unconditionally agree with Landlord (by giving a notice to that effect to Landlord), prior to the effective date of termination, that such Permitted Leasehold Mortgagee will accomplish the following within the times hereinafter provided and shall,
in fact, accomplish the following in a timely manner: (i) cure or cause to be cured within thirty (30) days of such notice any then existing monetary defaults of which the Permitted Leasehold Mortgagee has knowledge; (ii) pay or cause
to be paid during such six (6) month period any Rent and other monetary obligations of Tenant hereunder of which the Permitted Leasehold Mortgagee has knowledge, as the same fall due; (iii) promptly cure or cause to be cured any other
defaults that such Permitted Leasehold Mortgagee can cure and of which the Permitted Leasehold Mortgagee has knowledge; and (iv) forthwith take such steps as it shall be lawfully able to acquire or sell Tenant’s interest in this Lease by
foreclosure of the Permitted Leasehold Mortgage or otherwise, and thereafter prosecute the same to completion with reasonable diligence. If, at the end of said six (6) month period, the Permitted Leasehold Mortgagee shall be actively engaged in
steps to acquire or sell Tenant’s interest herein including, without limitation, contesting any court order, or seeking relief from any statutory stay, restricting such acquisition or sale, and is in compliance with the other conditions set
forth in clauses (i) through (iii) above, the time for said Permitted Leasehold Mortgagee to comply with the applicable provisions of clause (iv) above shall be extended for such period as shall be reasonably necessary to complete
such steps with reasonable diligence upon the same conditions. If Tenant’s interest is acquired or sold as aforesaid, the intended termination of this Lease by Landlord under the aforesaid notice will be automatically nullified, and this Lease
will continue as if said notice of termination had never been given. 
 (e) The name of each Permitted Leasehold Mortgagee shall
be added to the loss payable endorsement of any and all fire and other casualty insurance policies to be carried by Tenant in respect of the Premises and/or the FF&E, and all such policies shall state that the insurance proceeds are to be paid
to the First Permitted Leasehold Mortgagee to be held for the benefit of the parties hereto and applied in the manner specified in this Lease. 
 (f) A Permitted Leasehold Mortgagee shall have the right to appear in any condemnation proceedings and to participate in any and all hearings, trials and appeals in

  

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connection therewith. If there is a condemnation or eminent domain in respect of the Premises and/or the FF&E which does not result in a termination of this Lease, any award of payment
therein shall be paid to the First Permitted Leasehold Mortgagee for the benefit of the parties hereto and applied in the manner specified in this Lease; and if the same results in a termination of this Lease, to the extent required under the
applicable mortgage, Tenant’s portion of the award or payment (if any) shall be paid to the First Permitted Leasehold Mortgagee for the benefit of Tenant and the Permitted Leasehold Mortgagees. 
 (g) To the extent required under the applicable mortgage, no fire or casualty loss claims shall be settled and no agreement will be made in
respect of any award or payment in condemnation or eminent domain without in each case the prior written consent of the First Permitted Leasehold Mortgagee. 
 (h) Except where the Permitted Leasehold Mortgagee has become the tenant hereunder, no liability for the payment of Rent or the performance of any of Tenant’s covenants and agreements hereunder shall
attach to or be imposed upon the Permitted Leasehold Mortgagee (other than any obligations assumed by the Permitted Leasehold Mortgagee), all such liability (other than any obligations assumed by the Permitted Leasehold Mortgagee) being hereby
expressly waived by Landlord. 
 (i) Landlord shall accept performance by a mortgagee of any covenant, condition or agreement on
Tenant’s part to be performed hereunder with the same force and effect as though performed by Tenant; provided, that the covenants, conditions or agreements set forth in Section 16.20 shall continue to be obligations of Tenant. 

(j) Notwithstanding any other provision of this Lease, except for payments of Rent and Additional Rent, no payment made to Landlord by
any mortgagee shall constitute the mortgagee’s agreement that such payment was, in fact, due under the terms of this Lease. 
 SECTION 13.3 NEW LEASE WITH LEASEHOLD MORTGAGEE. In the event of termination of this Lease by reason of any uncured default by Tenant or rejection of this Lease by Tenant pursuant to Section 365 of the Bankruptcy Code or pursuant to
any provisions of any bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Legal Requirements relating to or affecting creditors’ rights generally, Landlord will promptly notify the Permitted Leasehold
Mortgagee of such termination and the amount of any sums then due to Landlord under this Lease, and the Permitted Leasehold Mortgagee shall have the right to have Landlord enter into a new lease of the Premises with the Permitted Leasehold Mortgagee
or a nominee controlled by such Permitted Leasehold Mortgagee (hereinafter referred to in this Section 13.3 as its “nominee”) in accordance with the following provisions: 
 (a) The Permitted Leasehold Mortgagee or its nominee shall be entitled to such new lease if the Permitted Leasehold Mortgagee shall make
written request upon Landlord for such new lease on or before the date which is thirty (30) days after the date on which the Permitted Leasehold Mortgagee shall have received the notice from Landlord of such termination and if such written
request is accompanied by the Permitted Leasehold Mortgagee’s agreement to

  

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pay to Landlord, upon the execution and delivery of the new lease, the sums which would then be due to Landlord under this Lease had this Lease remained in effect; 
 (b) Such new lease shall be for what would have been the remainder of the Term hereunder if this Lease had not terminated, effective as of
the date of such termination, at the rent and upon the terms, provisions, covenants and agreements as herein contained, including all rights and options herein contained; 
 (c) In such new lease, the Permitted Leasehold Mortgagee or its nominee shall agree to perform and observe all covenants herein contained on Tenant’s part to be performed and to cure all defaults of
Tenant hereunder except for those covenants not capable of being cured by a party other than Tenant; 
 (d) Landlord shall not
warrant possession of the Premises to the Permitted Leasehold Mortgagee or its nominee under the new lease, it being understood that the new lease shall be expressly made subject to the rights, if any, of Tenant under this Lease or any other Person
claiming the right to possession through or under said Tenant; 
 (e) The Permitted Leasehold Mortgagee or its nominee as tenant
under the new lease shall have the same right, title and interest in and to the Premises as Tenant had under this Lease; 
 (f)
If more than one Permitted Leasehold Mortgagee shall make written request upon Landlord in accordance with the provisions hereof for a new lease, the new lease shall be delivered pursuant to the request of the Permitted Leasehold Mortgagee whose
leasehold mortgage is prior in lien among those who made the request, and the written request of any Permitted Leasehold Mortgagee whose leasehold mortgage is subordinate in lien shall be void and of no force or effect; and 
 (g) Effective upon the commencement of the term of any new lease executed pursuant to this Section 13.3, all subleases for portions of
the Premises to which Landlord is then a party shall be assigned and transferred without recourse by Landlord to the tenant under such new lease, and all monies on deposit with Landlord by sublessees which tenant would have been entitled to use but
for the termination and expiration of this Lease may be used by the tenant under such new lease for the purposes of and in accordance with the provisions of such new lease. 
 SECTION 13.4 ASSIGNMENT BY LEASEHOLD MORTGAGEE. If a Permitted Leasehold Mortgagee shall acquire title to Tenant’s interest in this
Lease by foreclosure, assignment in lieu of foreclosure or otherwise, or obtain a new lease pursuant to Section 13.3, Permitted Leasehold Mortgagee may assign this lease or such new lease in accordance with the terms and conditions of Article
X. 
 SECTION 13.5 ADDITIONAL INSTRUMENT. Landlord shall, upon request, execute, acknowledge and deliver to each Permitted
Leasehold Mortgagee an agreement prepared at the sole cost and expense of Tenant, in form satisfactory to the Permitted Leasehold Mortgagee and Landlord, among Landlord, Tenant and the Permitted Leasehold Mortgagee, agreeing to all the provisions of
this Article XIII. 
  

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 SECTION 13.6 NO SUBORDINATION OF FEE INTEREST. Landlord shall at no time be required to
subordinate its fee simple interest in the Premises to the lien of any leasehold mortgage or to mortgage its fee simple interest in the Premises as collateral or additional security for any leasehold mortgage. 
 ARTICLE XIV 
  
  
 SURRENDER OF
PREMISES 
  
  
 SECTION 14.1 CONDITION OF PREMISES. Subject to the provisions of Section 5.10, Tenant shall, on or before the last day of the Term or
upon any other Expiration Date, peaceably and quietly surrender and deliver to Landlord the Premises (including the FF&E, the Operating Equipment and the Operating Supplies) in good order, condition and repair, reasonable wear and tear (and
damage by fire or other casualty if the termination is pursuant to Article XI) excepted, and free and clear of liens, encumbrances and ownership rights or claims of Tenant (other than liens and encumbrances created by Landlord or its Affiliates
(other than Tenant)) and (only if Landlord so elects) sublessees and Concessionaires; provided, however, that Landlord may, at its option, require any or all sublessees or Concessionaires not theretofore approved by Landlord to recognize Landlord
under such sublease or concession agreement, in which event any such sublessees or Concessionaire shall become the sublessees or Concessionaire of Landlord for the balance of the remaining term of the applicable sublease or concession agreement.

 SECTION 14.2 TITLE TO PREMISES, FF&E, ETC. Upon the Expiration Date, title to the Premises (including any FF&E,
Operating Equipment and Operating Supplies owned by Tenant subject to any leases or encumbrances) shall thereupon, and without further act (or representation or warranty) of either party, vest in Landlord (subject, however, in the event of the
sooner termination of this Lease, to the rights of any Permitted Leasehold Mortgagee to acquire the same in connection with the new lease pursuant to Section 13.3), subject to the rights of the holders of any trademarks appearing on any
FF&E, Operating Equipment, and Operating Supplies owned by Tenant. Tenant shall promptly thereafter execute and deliver to Landlord such deed, bill of sale and other transfer documents or instruments as Landlord may reasonably request; provided,
that they contain no covenant, warranty, representation or other liability of Tenant not contained herein. 
 SECTION 14.3 TITLE
TO FF&E RESERVE ACCOUNT. Ownership of and to the FF&E Reserve Account and all proceeds thereof shall automatically vest in Landlord (subject to the lien therein of the Permitted Leasehold Mortgagees) upon the expiration of the Term without
the payment of consideration therefor and without the necessity for the execution and delivery by Tenant of any instrument transferring title thereto. Notwithstanding the foregoing, Tenant covenants and agrees that, upon the expiration of the Term,
Tenant shall, upon Landlord’s request, execute and deliver to Landlord any instrument or document reasonably requested by Landlord to confirm title in Landlord to said FF&E Reserve Account and all proceeds thereof. 
  

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 SECTION 14.4 CASH AND ACCOUNTS RECEIVABLE. Tenant shall retain the right to all cash (other
than cash in the FF&E Reserve Account) and accounts receivable on or in connection with the Premises existing as of the expiration of the Term and Landlord shall pay Tenant for all unopened consumable supplies located at the Premises upon the
expiration of the Term (based on Tenant’s actual cost therefor); provided, however, that Tenant shall turn over to Landlord all deposits, accounts receivable and other payments with respect to all bookings for periods after the expiration of
the Term. Landlord shall assume all advanced bookings for periods after the expiration of the Term made in the ordinary course of the operation of the Project. If, after the expiration of the Term, Landlord collects any accounts receivable to which
Tenant is entitled, Landlord shall promptly remit such amounts to Tenant, subject to the rights of any recognized mortgagee. 
 SECTION 14.5 REFUSAL TO SURRENDER PREMISES. 
 (a) If Tenant holds over or refuses to surrender possession of the
Premises in accordance with the provisions of this Lease, Landlord shall have the right, in addition to all other rights and remedies available to it, to treat such holding over as a tenancy at sufferance or a month-to-month tenancy. During such
holding over period, Tenant shall be obligated to perform all of its obligations under this Lease (as if this Lease had not so expired or terminated), except that the Base Rent during the period of holding over shall be one hundred seventy-five
percent (175%) of the Base Rent during the Term. During any such holding over period, Landlord shall have no obligations of any nature whatsoever under this Lease or otherwise to Tenant. 
 (b) If the Premises (including the Hotels and the FF&E) are not timely so surrendered, Tenant shall pay to Landlord all expenses which
Landlord may incur by reason thereof and, in addition, shall indemnify and hold harmless Landlord from and against all claims made against Landlord by any tenant or tenants succeeding to the Premises or any part thereof, founded upon delay by
Landlord in delivering possession of the Premises to such tenant or tenants or upon the improper or inadequate condition of the Premises, to the extent that such delay or improper or inadequate condition is occasioned by the failure of Tenant to
perform its said surrender obligations and/or to timely surrender the Premises. All property of Tenant or of any other person which shall remain in the Premises after the expiration or sooner termination of this Lease shall be deemed to have been
abandoned and may be retained by Landlord as its property or be disposed of without accountability in such manner as Landlord may deem fit and, if the cost of any disposition exceeds any proceeds from the sale of such property, such cost shall be
paid by Tenant to Landlord upon demand. 
 SECTION 14.6 SURVIVAL CLAUSE. The provisions of this Article XIV shall survive the
expiration of the Term. 
 ARTICLE XV 
  

 
 QUIET ENJOYMENT

  
  
 SECTION 15.1 QUIET ENJOYMENT. Upon full and timely payment by Tenant of the amounts herein provided, and upon the observance and performance
by Tenant of all the

  

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covenants, terms and conditions on Tenant’s part to be observed and performed, Tenant shall peaceably and quietly be entitled to use and enjoy the Premises for the term of the Lease, without
hindrance or interruption by Landlord or any other Person or Persons lawfully or equitably claiming by, through or under Landlord. 
 ARTICLE XVI 
  
  
 MISCELLANEOUS 
  
  
 SECTION 16.1
LANDLORD CONSENT. 
 (a) All consents or approvals required to be obtained by Tenant from Landlord hereunder shall be granted by
Landlord when UCDP has given its consent or approval, whether express or implied; and, for all purposes under this Lease, UCFP designates and appoints UCDP as the member of Landlord from which consents and approvals shall be obtained by Tenant. The
parties hereto acknowledge and agree that each of UCDP and UCFP shall, jointly and severally, be obligated to perform or satisfy any obligation, covenant or agreement of Landlord hereunder. 
 (b) The parties hereto acknowledge and agree that, as of the date hereof, URH, an Affiliate of Landlord, is a general partner of Tenant. For
so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant, the following provisions shall apply to Landlord hereunder: 
 (i) any consent or approval required to be obtained by Tenant from Landlord hereunder shall be deemed to be granted by Landlord if an Affiliate of Landlord which owns, directly or indirectly, an equity
interest in Tenant had given its consent or approval to such matter in accordance with the Partnership Agreement; 
 (ii) any consent, approval, action or controversy concerning Section 3.2 (except for Section 3.2(a)(v)), Section 4.1, Section 4.2, Sections 5.2 through 5.15 (except for Sections 5.5(a) and (c)), Article VII, Article
VIII, Section 10.1, Section 10.5, and Section 11.1 shall be resolved between the Partners, as such, in accordance with the dispute resolution procedures in the Partnership Agreement including Section 28.7 of the Partnership
Agreement and arbitration pursuant to Section 28 of the Partnership Agreement. In any such arbitration, the Partner that is an Affiliate of Landlord may assert, and the arbitrator shall give due consideration to, any claim that the matter at
issue, if adversely decided, as to such Partner, would have a significant adverse effect with respect to a material interest as Landlord hereunder; and 
 (iii) Landlord shall be prohibited from terminating this Lease. 
 (c) To the
extent that the indemnification obligations provided in Section 8.2(b) are inconsistent with the indemnification obligations of Landlord and its Affiliates in the Partnership Agreement, the indemnification obligations granted in the Partnership
Agreement shall control. 
  

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 (d) Except as otherwise provided in Section 16.1(b)(ii), the parties hereto acknowledge
and agree that, so long as a partner or other equity owner in Tenant is an Affiliate of the Landlord, the partner or other equity owner in Tenant that is not an Affiliate of the Landlord shall have the right on behalf of the Tenant, to give all
notices, grant or withhold consents or approvals, and exercise any remedies of Tenant under this Agreement and the Landlord shall only look to such unaffiliated party with respect to such matters. 
 SECTION 16.2 INFLATION ADJUSTMENT. All currency figures referred to in this Agreement as being “adjusted for inflation” shall be
deemed to be adjusted every year (as of each succeeding anniversary date of this Agreement) by the percentage change in the Consumer Price Index between the figure established by such index for the month in 1998 as of which this Agreement is dated
(or such other month as may be expressly specified), and the last month immediately preceding such anniversary date for which such figure is publicly available. In the event such Consumer Price Index shall be discontinued or abandoned, the term
Consumer Price Index shall refer to the closest comparable index as may be substituted by the Bureau of Labor Statistics. If no such index shall be substituted, then another index generally recognized as authoritative shall be substituted by
agreement of the parties hereto, and if such parties cannot agree, such index shall be determined pursuant to arbitration as provided in Article XVIII. 
 SECTION 16.3 FORCE MAJEURE. A party alleging the occurrence of a Force Majeure Event shall use reasonable good faith efforts to notify the other party not later than twenty (20) days after such party
knows of the occurrence of a Force Majeure Event; provided, however, that either party’s failure to notify the other of the occurrence of an event constituting a Force Majeure Event shall not alter, detract from or negate its character as a
Force Majeure Event or otherwise result in the loss of any benefit or right granted to the delayed party under this Lease. In no event shall any party’s financial condition or inability to fund or obtain funding or financing constitute a
“Force Majeure Event” with respect to such party. The times for performance set forth in this Lease (other than for monetary obligations of a party) shall be extended only to the extent performance is delayed by the occurrence of a Force
Majeure Event, except as otherwise expressly set forth in this Lease. 
 SECTION 16.4 NO WAIVER. The waiver by Landlord or
Tenant, as the case may be, of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition, or of any subsequent breach of the same or any other term, covenant or condition
herein contained. The subsequent acceptance of rents hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease other then the failure of Tenant to pay the particular
rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance. No covenant, tern or condition of this Lease shall be deemed to have been waived by Landlord or Tenant, as the case may be, unless such
waiver is expressly set forth in writing by Landlord or Tenant, as the case may be. 
 SECTION 16.5 ACCORD AND SATISFACTION. No
payment by Tenant or receipt by Landlord of a lesser amount than the rents herein stipulated shall be deemed to be other than on account of the earliest stipulated rents, nor shall any endorsement or statement on any check or

  

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any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance
of such rent or pursue any other remedy in this Lease. 
 SECTION 16.6 ENTIRE AGREEMENT. This Lease sets forth all the
covenants, promises, agreements, obligations, conditions and understandings between Landlord and Tenant, oral or written, relating to the subject matter of this Lease. Neither Landlord nor Tenant has made any representations, warranties, covenants
or agreements not expressly contained in this Lease. No subsequent alterations, amendment, change or addition to this Lease shall be binding upon Landlord and Tenant unless reduced to writing and signed by both parties hereto. Landlord and Tenant
shall in no event be construed as partners or joint venturers. 
 SECTION 16.7 NOTICES. Whenever it is provided herein that
notice, demand, request, consent, approval or other communication shall or may be given to, or served upon, any of the parties hereto by the other, or whenever any of such parties desires to give or serve upon any other any notice, demand, request,
consent, approval or other communication with respect hereto, each such notice, demand, request, consent, approval or other communication (referred to in this Section 16.7 as a “NOTICE”) shall be in writing (whether or not so
indicated elsewhere in this Lease) and shall be effective for any purpose only if given or served by (i) certified or registered U.S. Mail, postage prepaid, return receipt requested, (ii) personal delivery with a signed receipt or
(iii) a recognized national courier service, in each case addressed as follows: 
 to Tenant: 
 UCF Hotel Venture 
 1000 Universal Studios Plaza 
 Orlando, Florida 32819 
 Attention: Mr. Tom Williams 
 with a copy to each of the following: 
 Loews Hotels Holding Corporation

 667 Madison Avenue 
 New York, New York 10021 
 Attention: Corporate Secretary 
 Hughes Hubbard & Reed LLP 
 201 S. Biscayne Boulevard, Suite 2500 
 Miami, Florida 33131 
 Attention: William A. Weber, Esq. 
 Universal Rank Hotel Partners 
 1000 Universal Studios Plaza 
 Orlando, FL 32819 
 Attn: General Manager 
  

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 Universal Studios, Inc. 
 100 Universal City Plaza 
 Universal City, CA 91608 
 Attn: General Counsel 
 Universal Studios Recreation Group 
 100 Universal City Plaza 
 Universal City, CA 91608 
 Attn: Chairman and Peter Csathy 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, NY 10019 
 Attn: Stephen Gellman, Esq. 
 The Rank Group Plc 
 6 Connaught Place 
 London W2 2EZ 
 ENGLAND 
 Attn: Douglas M. Yates 
 Lord, Bissell & Brook 
 115 South LaSalle Street 
 Chicago, IL 60603 
 Attn: Wesley S. Walton, Esq. 
 to Landlord: 
 Universal City Development Partners 
 1000 Universal Studios Plaza 
 Orlando, Florida 32819 
 Attn: General Manager 
 Universal City Florida Partners 
 1000 Universal Studios Plaza 
 Orlando, Florida 32819 
 Attn: General Manager 
 with a copy to: 
 Universal Studios, Inc. 
 100 Universal City Plaza 
 Universal City, CA 91608 
 Attn: General Counsel 
  

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 Universal Studios Recreation Group 
 100 Universal City Plaza 
 Universal City, CA 91608 
 Attn: Chairman and Peter Csathy 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, NY 10019 
 Attn: Stephen Gellman, Esq. 
 The Rank Group Plc 
 6 Connaught Place 
 London W2 2EZ 
 ENGLAND 
 Attn: Douglas M. Yates 
 Lord, Bissell & Brook 
 115 South LaSalle Street 
 Chicago, IL 60603 
 Attn: Wesley S. Walton, Esq. 
 Any such Notice may be given, in the manner provided in this Section 16.7, on any party’s
behalf by its attorneys designated by such party by notice hereunder. Every Notice shall be effective on the date actually received, as indicated on the receipt therefor or on the date delivery thereof is refused by the recipient thereof. All
references in this Lease to the date of Notice shall mean the effective date, as provided in the immediately preceding sentence. 
 SECTION 16.8 CONSENTS AND APPROVALS. 
 (a) All consents and approvals which may be given under this Lease shall, as a
condition of their effectiveness, be in writing. The granting by a party hereto of any consent to or approval of any act requiring consent or approval under the terms of this Lease, or the failure on the part of a party hereto to object to any such
action taken without the required consent or approval, shall not be deemed a waiver by the party whose consent was required of its right to require such consent or approval for any other act. 
 (b) Unless expressly stated herein to be in the sole discretion of a party hereto, all consents and approvals which may be given by a party
under this Lease shall not (whether or not so indicated elsewhere in this Lease) be unreasonably withheld or conditioned by such party and shall be given or denied within the time period provided, and if no such time period has been provided, within
a reasonable time. Upon disapproval of any request for a consent or approval, which is not in the consenting or approving party’s sole discretion, the disapproving party shall, together with notice of such disapproval, submit to the requesting
party a written statement setting forth with specificity its reasons for such disapproval. 
  

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 (c) If, pursuant to the terms of this Lease, any consent or approval by either Landlord or
Tenant is alleged to have been unreasonably withheld, conditioned or delayed, then any dispute as to whether such consent or approval has been unreasonably withheld, conditioned or delayed shall be settled by arbitration in accordance with Article
XVIII. If there shall be a final determination that the consent or approval was unreasonably withheld, conditioned or delayed so that the consent or approval should have been granted, the consent or approval shall be deemed granted. Such deemed
grant of consent or approval shall not be deemed to be satisfaction of any obligation under this Lease of the party from whom such consent or approval was requested to give such consent or approval reasonably, unconditionally and/or without delay
and shall not prejudice any rights under this Lease of the party seeking such consent or approval to seek damages for such failure by the other party to so perform as required hereunder. 
 (d) Except as specifically provided herein, no fees or charges of any kind or amount shall be required by either party hereto as a condition
of the grant of any consent or approval which may be required under this Lease. 
 SECTION 16.9 HEADINGS AND SECTION NUMBERS;
TERMS GENERALLY. 
 (a) The headings and article and section numbers appearing in this Lease are inserted only as a matter of
convenience, and in no way define, limit, construe or describe the scope or intent of such heading, section or article, nor in any way affect the interpretation of this Lease. 
 (b) (i) Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the
other genders as the context requires, (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Lease as a whole (including all of
the Exhibits and Schedules hereto) and not to any particular provision of this Lease, and Article, Section, paragraph, clause Exhibit and Schedule references are to the Articles, Sections, paragraphs, clauses, Exhibits and Schedules to this Lease
unless otherwise specified, (iii) the word “including” and words of similar import when used in this Lease shall mean “including, without limitation,” unless otherwise specified, (iv) the word “or” shall not
be exclusive, (v) references to a Person are also references to its permitted successors and assigns and (vi) any reference herein to a “copy” or “copies” of any document, instrument or agreement shall mean a true,
correct and complete copy (or copies) thereof. 
 SECTION 16.10 CONSTRUCTION OF LANGUAGE. The language in all parts of this
Lease shall be construed in accordance with its meaning, and not strictly for or against either Landlord or Tenant. 
 SECTION
16.11 BROKER’S COMMISSION. Except for any broker’s or finder’s fees due to Sonnenblick-Goldman Company incurred in connection with the agreement between URH and LOH described in the third Whereas clause hereof, which shall be the sole
responsibility of URH, each of Landlord and Tenant warrant that it has employed no broker or finders in connection with this transaction. 
  

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 SECTION 16.12 INTEREST. Interest shall accrue on any sums owed by Tenant to Landlord,
commencing on the first date of delinquency and continuing until the full amount (including interest) is paid to Landlord, at the rate of interest of four percentage points (4%) over the prime rate (which shall mean, for each interest period,
the annual prime rate (or base rate) reported in the “Money Rates” column or section of The Wall Street Journal as being the base rate on corporate loans at larger U.S. Money Center commercial banks on the first date on which The Wall
Street Journal is published during such interest period; provided that, if such rate is not available in The Wall Street Journal, Landlord and Tenant shall attempt in good faith to agree upon such a rate and, if no such rate is agreed upon, such
rate shall be determined pursuant to the arbitration provisions set forth in Article XVIII), unless the failure to timely pay such amount is due to any act or omission of any Affiliate of Landlord that is a Partner, or has an equity interest, in
Tenant. Notwithstanding anything to the contrary contained in this Lease, this Section 16.12 shall not be effective until such time as an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant. 
 SECTION 16.13 LIMITATIONS ON LIABILITY. It is specifically understood and agreed that there shall be absolutely no personal liability on the
part of Landlord or Tenant or on the part of any of Landlord’s Affiliates or Tenant’s Affiliates, as the case may be, in respect of any of the terms, covenants and conditions of this Lease, and Tenant or Landlord, as the case may be, shall
look solely to the interest of Landlord or Tenant, as the case may be, in the Premises for the satisfaction of each and every remedy of Tenant or Landlord, as the case may be, in the event of any breach or default by Landlord or Tenant, as the case
may be, or by any successor in interest to Landlord or Tenant, as the case may be, of any of the terms, covenants and conditions of this Lease to be performed by Landlord or Tenant, as the case may be. From and after any conveyance of the Premises
by Landlord, except if and to the extent that the conveying Landlord is personally liable for an obligation pursuant to the terms of this Lease, if such conveyance has been approved by Tenant, the conveying Landlord shall have no obligation or
liability of any kind under this Lease for obligations arising from and after such conveyance if and to the extent that the entity receiving the conveyance shall assume the obligations of Landlord thereafter to be performed under this Lease.

 SECTION 16.14 SUCCESSORS AND ASSIGNS; THIRD PARTY RIGHTS. Except as otherwise provided herein, the terms hereof shall be
binding upon and shall inure to the benefit of the successors and permitted assigns, respectively, of Landlord and Tenant. Except as otherwise provided in Article VIII with respect to the indemnification obligations for the benefit of Landlord
Indemnified Parties and Tenant Indemnified Parties and, with respect to LOH, Universal and Rank, as provided in any provisions hereof specifically referencing such Person, the provisions of this Lease are for the sole benefit of Landlord and Tenant
and shall not inure to the benefit of any other Person (other than permitted assigns of the parties hereto) either as a third party beneficiary or otherwise, except a Permitted Leasehold Mortgagee. 
 SECTION 16.15 LABOR HARMONY. Without limiting the generality of any other provision in this Lease, each party hereto, in its sole discretion
(which shall not be subject to arbitration), shall use good faith efforts to avoid any jurisdictional strike or dispute or any other labor dispute or problem which may adversely affect the other party in the efficient operation of its business.

  

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 SECTION 16.16 GOVERNING LAW. This Lease and all provisions thereof, irrespective of the
place of execution or performance, shall be construed and enforced in accordance with the laws of the State of Florida applicable to agreements which are executed and are performed wholly in Florida. 
 SECTION 16.17 CUMULATIVE RIGHTS. The rights and remedies given to the Landlord or Tenant in this Lease are distinct, separate and cumulative
rights and remedies, and no one of them, whether or not exercised by the Landlord or Tenant, as the case may be, shall be deemed to be in exclusion of any of the others, except as expressly set forth in this Lease. 
 SECTION 16.18 PARTIAL INVALIDITY. If any provision of this Lease, the deletion of which would not adversely affect the receipt of any
material benefit by any party hereunder or substantially increase the burden on any party hereto, shall be held to be invalid or unenforceable to any extent, the same shall not affect in any respect whatsoever the validity or enforceability of the
remainder of this Lease. 
 SECTION 16.19 INJUNCTIVE RELIEF. Subject to Section 18.3, in the event of a breach or
threatened breach by either party hereto of any of the covenants or provisions of this Lease, the other party hereto shall, in addition to any remedies expressly mentioned in this Lease, have the right of injunction and the right to invoke any
remedy allowed at law or in equity. 
 SECTION 16.20 CONFIDENTIALITY. 
 (a) Landlord and Tenant shall hold, and shall cause their respective Affiliates to hold, in strict confidence and not disclose to others any
proprietary or confidential information (including, without limitation, trade secrets and information with respect to competitors and any information provided to Landlord pursuant to Section 4.2) learned from the other or from or in connection
with the operation of the Project or the Premises; provided, that proprietary or confidential information shall not include information which (i) was or becomes generally available to the public other than as a result of a breach of this Lease
or Section 31 of the Partnership Agreement or (ii) was or becomes available to a Person bound by this Section 16.20 on a non-confidential basis from a source other than the other party or its Affiliates; provided, that such source was
not, to such bound Person’s knowledge, bound by a confidentiality agreement with respect to such information. In addition, if Landlord, UCDP or UCFP transfers, directly or indirectly, its interests hereunder, the transferee thereof shall not at
any time thereafter disclose any such proprietary or confidential information to any Affiliate or subsidiary of such transferee that is involved in the hotel business or any of the agents, employees or accountants of such Affiliate or subsidiary.

 (b) If such a bound Person is requested, or becomes legally compelled, to disclose any of such proprietary or confidential
information, such bound Person will provide the other party with prompt notice thereof (before such information is disclosed, if practicable) so that the other party may seek a protective order or other appropriate remedy and/or waive

  

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compliance with the terms of this Section 16.20. If such protective order or other remedy is not obtained or that the other party, in its sole discretion, waives any provision of this
Section 16.20, such bound entity may furnish only that portion of the proprietary or confidential information which is legally required and will exercise its reasonable efforts to obtain reliable assurance that confidential treatment will be
accorded such information. 
 (c) All publicity relating to the Project and the Premises, including the development of the
Project, the historical and projected financial results of the Project, future business plans of the Project, and the relationship among the parties hereto, shall be jointly planned, coordinated and agreed to by the parties hereto. Other than with
respect to marketing of the Project by Tenant, neither party hereto shall act unilaterally in this regard without the prior written approval of the other party hereto; provided, however, that such approval shall not be unreasonably withheld or
delayed. 
 (d) Landlord and Tenant shall remain bound by the provisions of this Section 16.20 despite any subsequent
transfer of any interest in the Premises or any termination of this Lease. 
 SECTION 16.21 MEMORANDUM OF LEASE. Upon the
execution and delivery of this Lease by both parties, Landlord and Tenant shall each execute a Memorandum of Lease in the form attached as Exhibit E hereto. Tenant shall cause such Memorandum of Lease to be recorded in the land records of the
County. 
 ARTICLE XVII 
  
  
 LANDLORD’S
INTEREST NOT SUBJECT TO LIEN 
  
  
 SECTION 17.1 LANDLORD’S INTEREST NOT SUBJECT TO LIEN. 
 (a) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS LEASE, THE INTEREST OF LANDLORD IN ALL OR ANY PORTION OF THE PREMISES, WHICH PREMISES ARE DEFINED IN THIS LEASE TO INCLUDE THE SITES, THE HOTELS, THE
SUPPORT FACILITY, THE BUILDING & APPURTENANCES, THE FF&E, THE OPERATING EQUIPMENT, AND THE OPERATING SUPPLIES SHALL NOT BE SUBJECT TO ANY LIENS FOR IMPROVEMENTS FOR WORK MADE OR DONE BY OR AT THE INSTANCE OF TENANT, WHETHER OR NOT THE
SAME SHALL BE MADE OR DONE WITH THE CONSENT OF LANDLORD OR BY AGREEMENT BETWEEN TENANT AND LANDLORD. IT IS AGREED THAT IN NO EVENT SHALL LANDLORD, OR THE INTEREST OF LANDLORD IN THE PREMISES, OR ANY IMPROVEMENTS THERETO, BE LIABLE FOR OR SUBJECTED
TO ANY CONSTRUCTION, MECHANICS’, MATERIALMEN’S, LABORER’S, OR OTHER STATUTORY OR COMMON LAW LIENS FOR IMPROVEMENTS OR WORK DONE BY, OR AT THE INSTANCE OF THE TENANT. THIS LEASE EXPRESSLY PROHIBITS THE SUBJECTING OF THE INTEREST OF
LANDLORD, INCLUDING LANDLORD’S REVERSIONARY INTEREST, IN THE PREMISES OR ANY IMPROVEMENTS THERETO, TO ANY CONSTRUCTION, MECHANICS’, MATERIALMEN’S, LABORER’S, OR OTHER STATUTORY OR

  

 77 

 
COMMON LAW LIENS, INCLUDING EQUITABLE CLAIMS OF LIEN, FOR IMPROVEMENTS MADE BY OR AT THE INSTANCE OF TENANT, OR CONCERNING WHICH TENANT IS RESPONSIBLE FOR PAYMENT UNDER THE PROVISIONS OF THIS
LEASE, OR OTHERWISE, AND ALL PERSONS DEALING WITH, OR CONTRACTING WITH, TENANT DIRECTLY OR INDIRECTLY THROUGH OTHER PARTIES, ARE HEREBY PUT ON NOTICE OF THESE PROVISIONS. 
 (b) FURTHER, AT ALL TIMES DURING THE TERM OF THIS LEASE, WHICH IS A PERIOD OF ONE HUNDRED (100) YEARS, LANDLORD’S REVERSIONARY INTEREST IN THE SITES, THE HOTELS, THE SUPPORT FACILITY, THE
BUILDING & APPURTENANCES, THE FF&E, THE OPERATING EQUIPMENT, AND THE OPERATING SUPPLIES SHALL REMAIN AT ALL TIMES SUPERIOR IN RIGHT, TITLE, AND DIGNITY TO ANY LIENS, RIGHTS TO CLAIM LIENS, OR ANY EQUITABLE RIGHT OR CLAIM OF LIEN, OF ANY
NATURE WHATSOEVER, WHICH ANY CONTRACTOR, SUBCONTRACTOR, SUB-SUBCONTRACTOR, MATERIALMAN, OR LABORER, OR ANY PARTY CONTRACTING DIRECTLY OR INDIRECTLY WITH TENANT, MAY IMPOSE OR MAY SEEK TO IMPOSE, UPON TENANT’S INTEREST DURING THE TERM OF THIS
LEASE, IN THE SITES, THE HOTELS, THE SUPPORT FACILITY, THE BUILDING & APPURTENANCES, THE FF&E, THE OPERATING EQUIPMENT, AND THE OPERATING SUPPLIES. 
 (c) THE PROVISIONS OF THIS NOTICE OF LANDLORD’S NON-LIABILITY FOR LIENS SHALL APPLY TO ALL CONSTRUCTION ACTIVITY WHICH MAY OCCUR DURING THE TERM OF THIS LEASE. SPECIFICALLY, THIS NOTICE OF
LANDLORD’S NON-LIABILITY SHALL CONTINUE IN FULL FORCE AND EFFECT DURING THE TERM OF THIS LEASE, AND SHALL APPLY TO ANY REMODELING, RETROFITTING, ADDITIONS, REPLACEMENT, REFURBISHING, REPAIR, AND ANY CONSTRUCTION ACTIVITIES AND SUPPLY OF
CONSTRUCTION LABOR, SERVICES, AND MATERIALS, OF ANY NATURE WHATSOEVER, WHICH MAY OCCUR DURING THE TERM OF THIS LEASE. 
 (d)
THIS ARTICLE XVII SHALL BE INCLUDED IN THE MEMORANDUM OF LEASE TO BE PLACED OF RECORD IN THE COUNTY TO PUT EACH CONTRACTOR, SUBCONTRACTOR, MATERIALMAN, LABORER, VENDOR. OR SUPPLIER THAT MAY BE PROVIDING WORK IN CONNECTION WITH THE INITIAL
CONSTRUCTION OR ANY ALTERATIONS ON NOTICE OR THE TERMS OF THIS ARTICLE XVIII. 
 ARTICLE XVIII 
  
  
 ARBITRATION 
  
  
 SECTION 18.1
ARBITRATION. 
 (a) Any dispute, disagreement, controversy or claim between Landlord and Tenant arising out of or relating to
this Lease, or the breach hereof (a “DISPUTE”), except for

  

 78 

 
matters that are stated to be in a party’s “sole discretion” or as otherwise provided herein to the contrary, shall be resolved by arbitration administered by the AAA as provided
in this Section 18.1 and the Commercial Arbitration Rules of the AAA (the “AAA RULES”) in effect as of the commencement of the applicable arbitration proceeding, except to the extent the then current AAA Rules are inconsistent with
the provisions of this Section 18.1, in which event the terms hereof shall control. The arbitration shall be governed by the United States Arbitration Act and this Section 18.1, and judgment upon the award entered by the arbitrators may be
entered in any court having jurisdiction. 
 (b) If either Landlord or Tenant asserts that a Dispute has arisen, such asserting
party shall give prompt written notice (or notice as otherwise provided herein) thereof to the other party and to the AAA. Any arbitration pursuant to this Section 18.1 shall be conducted in Orlando, Florida, unless the arbitrator or
arbitrators are unable in a timely manner to conduct the arbitration in Orlando, Florida, in which case the arbitration will be conducted in a location mutually agreed upon by Tenant, Landlord and the arbitrator or arbitrators. 
 (c) (i) The arbitration shall be conducted by three (3) arbitrators, which arbitrators shall be selected in accordance with the
AAA Rules, and at least one (1) of whom (but no more than two (2) of whom) shall have had experience in the management and/or operation of hotels, or as a consultant in connection with the management and/or operation of hotels. 

(ii) Notwithstanding clause (i) above, if the Dispute at issue is for a liquidated amount not in excess of $500,000,
adjusted for inflation, then the arbitration shall be conducted by one (1) arbitrator in accordance with the AAA Rules for Expedited Procedures, which arbitrator shall be selected in accordance with the AAA Rules for Expedited Procedures, and
which arbitrator shall have had experience in the management and/or operation of hotels, or as a consultant in connection with the management and/or operation of hotels. 
 (iii) In connection with any arbitration proceeding pursuant to this Section 18.1, (A) no arbitrator shall have
been employed or engaged by a party hereto within the previous five (5) year period, (B) each arbitrator shall be neutral and independent of the parties to this Lease and their respective hotel consultants, (C) no arbitrator shall be
affiliated with either party’s auditors, (D) no arbitrator shall be employed by any hotel operator or an Affiliate of any hotel operator, and (E) no arbitrator shall have a conflict of interest with (including, without limitation, any
bias towards or against) a party hereto or its then current hotel consultants. As used in this Lease, the term “arbitrator” or “arbitrators” shall mean the one (1) member arbitration panel or the three (3) member
arbitration panel, as applicable, described herein. 
 (d) The award of the arbitrators shall be accompanied by a statement of
the reasons upon which the award is based. The arbitrators shall not have the power to modify this Lease. The award may not include, and the parties hereto specifically waive, any award of punitive damages or attorneys’ fees and costs.
Accordingly, each party hereto shall bear its own

  

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attorneys’ fees and costs incurred in connection with any arbitration proceeding. Unless otherwise specifically provided in this Agreement, the fees and costs of the arbitrators shall be
borne equally by the parties hereto. 
 (e) The arbitrators may consolidate proceedings with respect to any Dispute under this
Lease with proceedings with respect to any related controversy; provided, that any parties to such controversy who are not parties to this Lease consent to such consolidation. 
 (f) The parties hereto will cooperate in the exchange of documents relevant to any Dispute. Deposition or interrogatory discovery may be
conducted only by agreement of such parties or if ordered by the arbitrators. In considering a request for such deposition or interrogatory discovery, the arbitrators shall take into account that the parties hereto are seeking to avoid protracted
discovery in connection with any arbitration proceeding hereunder. 
 SECTION 18.2 ELECTION OF REMEDIES. 
 (a) If an Event of Default Notice states that Landlord has elected to seek the remedy of termination of this Lease, then Section 18.1
shall not be applicable. In such event, Landlord shall be required to commence a proceeding against Tenant within sixty (60) days after Tenant’s receipt of the Event of Default Notice, in the Circuit Court in and for the County. Such
proceeding shall expressly seek, as an initial request for relief, among other relief not prohibited by this Lease that may be requested at the discretion of Landlord, an equitable determination by the court that an Event of Default exists under the
terms of this Lease and an award of termination of this Lease. Tenant shall have the right to assert any counterclaim it may have against Landlord in any such proceeding. Such proceeding shall be commenced by Landlord in the Circuit Court in and for
the County. If it is determined that the Circuit Court does not have subject matter jurisdiction over such proceeding, then Landlord shall dismiss such action and the matter shall be submitted to arbitration in accordance with Section 18.1.

 (b) If an Event of Default Notice does not state that Landlord has elected to seek the remedy of termination of this Lease,
then any Dispute arising therefrom shall be subject to arbitration in accordance with Section 18.1. If Tenant shall dispute Landlord’s assertion that such Event of Default has occurred, Tenant shall, within ten (10) days after
Tenant’s receipt of the Event of Default Notice, commence an arbitration proceeding regarding such Dispute. In such event, an Event of Default shall not be deemed to have occurred and Landlord shall not be permitted to exercise any rights
against Tenant pursuant to Section 12.2(a) or 12.2(b) until such time as the arbitrators have determined that an Event of Default has occurred. 
 SECTION 18.3 EMERGENCY PROVISIONAL RELIEF. If a party hereto determines that a Dispute presents such party with an extraordinary situation that requires it to seek emergency provisional relief prior to
the appointment of the arbitrators who will determine such Dispute, it may seek such emergency provisional relief from any court having jurisdiction; provided, however, that (a) in order to obtain any such relief, the court shall determine that
such party has met any applicable standards imposed by the law applicable to the relief requested with respect to such party’s rights to such relief and (b) such relief may only be sought and obtained on the condition that any order
entered by the court will expire ten (10) days after the appointment of

  

 80 

 
the arbitrators unless the party that sought the order renews its application for emergency provisional relief to the arbitrators within such ten (10) day period, which arbitrators shall
then make de novo any findings of fact that may be required in ruling on such renewed application. 
 SECTION 18.4 RESOLUTION BY
CHAIRMEN. Notwithstanding anything to the contrary in this Article XVIII, so long as Universal and Rank each own equity interests in Landlord and LHHC owns an equity interest in Tenant, prior to the submission of any Dispute to an arbitrator, either
Tenant or Landlord may, upon written notice to the other party, cause the Dispute to be first referred to a group consisting of the Chairman of Universal Parks and the Commercial Director of Rank, as representatives of Landlord, and the Chief
Executive Officer of LHHC, as representative of Tenant. In attempting to resolve such Dispute, the representatives of Landlord shall collectively be entitled to one vote and the representative of Tenant shall be entitled to one vote. If Landlord and
Tenant, through such representatives, are unable to unanimously resolve such matter within ten (10) days after delivery of the written notice described in the preceding sentence, then the matter shall be referred to an arbitrator as provided in
this Article XVIII. Any such unanimous resolution shall be deemed to be the determination of such parties. 
 SECTION 18.5 NO
MERGER OF TITLE. There shall be no merger of this Lease or of the leasehold estate created hereby by reason of the fact that the same Person may acquire, own or hold, directly or indirectly, in whole or in part, (a) this Lease or the leasehold
estate created hereby or any interest in this Lease or such leasehold estate, (b) the fee estate in the Project, except as may expressly be stated in a written instrument duly executed and delivered by the appropriate Person, or (c) a
beneficial interest in Landlord. 
  

 81 

 IN WITNESS WHEREOF, Landlord and Tenant have executed and delivered this Lease as of the
date first above written. 
  

													
		 		 	UNIVERSAL CITY DEVELOPMENT PARTNERS
		 		 	By:	 	Universal City Florida Ltd., a general partner
		 		 		 	By:	 	Universal City Florida Holding Co. II, a general partner
	WITNESS:	 		 		 		 		 	By:	 	Rank Orlando II, Inc., a general
							
	 /s/
	 		 		 		 		 		 	
		 		 		 		 		 	By:	 	 /s/

		 		 		 		 		 	 Title:
	 	 V.P.

	 /s/
	 		 		 		 		 		 	
							
	WITNESS:	 		 		 		 		 	By:	 	Universal City Property Management Company II, a general partner
							
	 /s/
	 		 		 		 		 		 	
		 		 		 		 		 	By:	 	 /s/

	 /s/
	 		 		 		 		 	Title:	 	 Authorized Representative

				
		 		 	By:	 	Universal City Holding Co. II, a general partner
	WITNESS:	 		 		 	By:	 		 	Rank Orlando II, Inc., a general partner
							
	 /s/
	 		 		 		 		 		 	
		 		 		 	By:	 		 	 /s/

	 /s/
	 		 		 	Title:	 		 	 V.P.

						
	WITNESS:	 		 		 	By:	 		 	Universal City Property Management Company II, a general partner
						
	 /s/
	 		 		 	By:	 		 	 /s/

		 		 		 	Title:	 		 	Authorized Representative
	 /s/
	 		 		 		 		 		 	

  

 82 

													
		 		 	 UNIVERSAL CITY FLORIDA PARTNERS

	WITNESS:	 		 		 		 	By:	 	Rank Orlando, Inc., a general partner
						
	 /s/
	 		 		 		 	By:	 	 /s/

		 		 		 		 	Title:	 	 V.P.

	 /s/
	 		 		 		 		 	
		 		 		 		 	By:	 	Universal City Property Management Company, a general partner
	WITNESS:	 		 		 		 		 		 	
						
	 /s/
	 		 		 		 	By:	 	 /s/

		 		 		 		 	Title:	 	 Authorized Representative

				
	 /s/
	 		 	By:	 	Universal City Florida Holding Co. I, a general partner
		 		 		 	By:	 	Rank Orlando, Inc., a general partner
					
	WITNESS:	 		 		 	By:	 	 /s/

					
	 /s/
	 		 		 	Title:	 	 V.P.

				
	 /s/
	 		 	By:	 	Universal City Property Management Company, a general partner
					
		 		 		 	By:	 	 /s/

	WITNESS:	 		 		 	Title:	 	 Authorized Representative

				
	 /s/
	 		 		 	UCF HOTEL VENTURE
				
	 /s/
	 		 	By:	 	 Loews Orlando Hotel Partner, Inc., a general partner

					
		 		 		 	By:	 	 /s/

		 		 		 	Title:	 	  

  

 83 

											
		 		 	By:	 	Universal Rank Hotel Partners, a general partner
		 		 		 	By:	 	Universal Studios Hotel, Inc., a general partner
	 /s/
	 		 		 	
		 		 		 		 	By:	 	 /s/

	  
	 		 		 		 	Title:	 	 Exec. V.P.

					
		 		 		 	By:	 	 Rank Hotels Orlando, Inc., a general partner

						
	  
	 		 		 		 	By:	 	 /s/

		 		 		 		 	Title:	 	 V.P.

	  
	 		 		 		 		 	

  

 84

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