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HOLDING I PARTNERSHIP AGREEMENT

General Partnership Agreement

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Title: HOLDING I PARTNERSHIP AGREEMENT
Governing Law: Florida     Date: 2/14/2005
Law Firm: Skadden, Arps, Slate, Meagher & Flom LLP    

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Exhibit 3

 

Exhibit 3.1

 

 

 

 

 

 

SECOND AMENDED AND RESTATED AGREEMENT

OF GENERAL PARTNERSHIP OF

UNIVERSAL CITY FLORIDA HOLDING CO. I

 


 

TABLE OF CONTENTS

 

1.

Formation and Name of Partnership

 

 

 

 

2.

Purpose

 

 

 

 

3.

Principal Place of Business

 

 

 

 

4.

Term

 

 

 

 

5.

Representations

 

 

 

 

6.

Intentionally omitted

 

 

 

 

7.

Loan Arrangements

 

 

 

 

8.

Intentionally omitted

 

 

 

 

9.

Contracts With Interested Entities

 

 

 

 

10.

Joint Approval Matters

 

 

 

 

11.

Management of the Partnership

 

 

 

 

12.

Intentionally omitted

 

 

 

 

13.

Intentionally omitted

 

 

 

 

14.

Staffing

 

 

 

 

15.

Intentionally omitted

 

 

 

 

16.

Calls for Capital Contributions

 

 

 

 

17.

Shift of Control

 

 

 

 

18.

Capital Accounts

 

 

 

 

19.

Allocations of Profits and Losses; Distributions

 

 

 

 

20.

Intentionally omitted

 

 

 

 

21.

Transfers of Interest; Withdrawal

 

 

 

 

22.

Intentionally Omitted

 

 

 

 

23.

Events of Default

 

 

 

 

24.

Limitations on Defaulting Partner

 

 

 

 

25.

Non-Waiver

 

 

 

 

26.

Dissolution Events

 

 

 

 

27.

Winding Up Procedure

 

 

 

 

28.

Improper Dissolution

 

 

 

 

29.

Arbitration Procedure

 

 

i



 

30.

In-Kind Valuation

 

 

 

 

31.

Other Theme Park Attractions

 

 

 

 

32.

Confidentiality

 

 

 

 

33.

Banking; Auditors

 

 

 

 

34.

Initial Expenses

 

 

 

 

35.

Usury Limitations

 

 

 

 

36.

Time of the Essence

 

 

 

 

37.

Notices

 

 

 

 

38.

Applicable Law

 

 

 

 

39.

Fiscal Year

 

 

 

 

40.

Tax Matters Partner; Tax Elections

 

 

 

 

41.

Audit Committee

 

 

 

 

42.

Captions

 

 

 

 

43.

Fair Construction

 

 

 

 

44.

No Third Party Beneficiary

 

 

 

 

45.

Only Agreements

 

 

 

 

46.

Successors and Assigns

 

 

 

 

47.

Intentionally omitted.

 

 

 

 

48.

Affiliate Defined

 

 

 

 

49.

Severability

 

 

 

 

50.

Access to Information

 

 

 

 

51.

Guarantee

 

 

 

 

52.

Limits on exercise of rights

 

 

ii



 

GLOSSARY OF DEFINED TERMS

 

 

Page

Adjusted Capital Account

15

Adjusted Capital Account Deficit

15

affiliate

31

Agreement

1

Authorized UniCo Transaction

17

available

14

Blackstone FMP

1

Blackstone Offshore

1

Blackstone Parent

1

Blackstone Partners

1

Blackstone Representatives

5

Blackstone USE

1

Blackstone UTP

1

Blackstone UTP A

1

Call

7

Call Payments

7

Carrying Value

13

Cash Flow

10

Code

12

Combined Project

2

Credit Agreement

4

Defaulting Partner

19

Dissolution Notice

20

Effective Date

4

Electing Partner

21

Election Notice

21

Event of Default

18

Fiscal Period

13

Gate 1

2

Gate 2

2

HII

1

Hypothetical Income Tax

14

Key Elements

25

Master Site

2

Merger

2

Net Income

12

Net Loss

12

New LP

2

Nonrecourse Deductions

15

Offering Group

17

Original Tour

1

Other UniCo Park

25

 

iii



 

Partner

3

Partner A

9

Partners

3

Partners’ Agreement

3

Partnership

1, 3

Partnership Minimum Gain

16

Prime

9

Process Date

21

Project 1

2

Project 2

2

Purchase Agreement

1

Rank

1

Rank America

1

Rank I

1

Rank Parent

2

Related minority partner

10

Representative

5

Representatives

5

Similar Theme Park

25

Studio

2

Tax Distribution

14

UCDP

2

UCFP

2

UniCo

1

Unilateral Call

7

Universal

23

Universal City Florida Holding Co.

3

Universal City, Florida

2

Universal Parent

1

Universal Representatives

5

Withdrawing Partner

20

 

iv



 

SECOND AMENDED AND RESTATED AGREEMENT
OF GENERAL PARTNERSHIP OF
UNIVERSAL CITY FLORIDA HOLDING CO. I

 

THIS AGREEMENT (the “Agreement”) is made and entered into as of July 27, 2000, by and between BLACKSTONE UTP CAPITAL PARTNERS L.P., a Delaware limited partnership (“Blackstone UTP”), BLACKSTONE UTP CAPITAL PARTNERS A  L.P., a Delaware limited  partnership (“Blackstone UTP A”), BLACKSTONE UTP OFFSHORE CAPITAL PARTNERS L.P., a Cayman Islands exempted limited partnership (“Blackstone Offshore”), and BLACKSTONE FAMILY MEDIA PARTNERSHIP III L.P., a Delaware limited partnership (“Blackstone FMP” and, together with Blackstone Offshore, Blackstone UTP A, and Blackstone UTP, collectively, the “Blackstone Partners” and individually, a “Blackstone Partner”)  and UNIVERSAL CITY PROPERTY MANAGEMENT COMPANY, a Delaware corporation, hereinafter referred to as “UniCo,” a wholly owned subsidiary of Universal Studios, Inc. (“Universal Parent”).

 

W  I  T  N  E  S  S  E  T  H

 

WHEREAS, Universal Parent is a diversified international company engaged in the production and distribution of theatrical motion pictures and television product, nontheatrical film activities, merchandising and publishing of film properties, other business activities, and operation of the Universal Studios Tour in Los Angeles, California (the “Original Tour”); and

 

WHEREAS, the Blackstone Partners have been organized for the purpose of acquiring the partnership interests of Rank Orlando II, Inc. (“Rank”) in Universal City Holding Co. II (“HII”) and of Rank Orlando, Inc. (“Rank I”) in Universal City Florida Holding Co. I (the “Partnership”); and

 

WHEREAS, the Blackstone Partners are affiliates of  Blackstone Capital Partners III Merchant Banking Fund, L.P. and its affiliates (“Blackstone Parent”); and

 

WHEREAS, on May 19, 2000, Rank America, Inc. (“Rank America”), Rank, Rank I and Blackstone USE Acquisition Company, L.L.C. (“Blackstone USE”), entered into a Purchase Agreement (the “Purchase Agreement”) providing for the purchase on the closing date thereunder by Blackstone USE of  Rank’s 50% partnership interest in  this Partnership and Rank I’s 50% interest in HII;

 

WHEREAS, pursuant to an Assignment and Assumption Agreement, dated as of the date hereof, Blackstone USE assigned its rights to the Blackstone Partners under the Purchase Agreement;

 

WHEREAS, the execution and deliver of this Amended and Restated Agreement of General Partnership by the parties hereto is a condition to the obligations of the parties under the Purchase Agreement; and

 



 

WHEREAS, Rank and Rank I are indirect wholly owned subsidiaries of Rank Leisure Holdings Plc (“Rank Parent”); and

 

WHEREAS, affiliates of Rank Parent and Universal Parent have owned a pro