**Exhibit 4.11**

 

***Translation***

***For information only***

 

**December 1, 2004**

 

**AMENDMENT TO THE FINANCIAL LEASE(“*CREDIT-BAIL”)* BETWEEN**

**CENTRE DE CONGRES NEWPORT SAS ANDEDL HOTELS SCA**

 

 

On December 1,2004,

 

In Paris

 

**Identification of the parties**

 

Theparties to this Amendment to the *Crédit-Bail*are:

 

1°                                     Centre de Congrès Newport S.A.S., a *société par actions simplifiée* with a share capital of €7,358,409, whose registered office is at Immeubles Administratifs, RouteNationale 34, Chessy, 77144 Montévrain, registered at the *Registre duCommerce et des Sociétés de Meaux*under n° 404 137 903

 

Hereinafter referred to either as « Lessor »or as « Centre de Congrès Newport SAS »

 

# OF THE FIRST PART

 

2°                                     EDL Hôtels S.C.A., a *société encommandite par actions*, with a share capital of €152,801,556, whoseregistered office is at Immeubles Administratifs, Route Nationale 34, Chessy,77144 Montévrain, registered at the*Registre du Commerce etdes Sociétés de Meaux* under n° 347 686 206

 

Hereinafterreferred to either as « Lessee » or as « EDL Hôtels »

# OF THE SECOND PART

 

**Presence – Representation**

 

•                  Centre de Congrès Newport SAS is represented byMr. Jeffrey R. Speed,

 

•                  EDL Hôtels is represented by Mr. JeffreyR. Speed.

 

----

 

PRIORTO ENTERING INTO THIS AMENDMENT, THE PARTIES HERETO HAVE STATED THE FOLLOWING:

 

**Recitals**

 

Pursuantto a notarized instrument dated May 15, 1996, received by Me. Burthe-Mique, *Notaire Associé* in Paris, EDL Hôtels granted a constructionlease to Centre de Congrès Newport SAS, subject to conditions precedent,pursuant to which Centre de Congrès Newport SAS was to construct on a parcel ofland of 11,600 m2 a building to be used as a convention center and its relatedpremises.

 

Pursuantto a notarized instrument of *crédit-bail immobilier*(real estate financial lease) dated May 15, 1996, received by Me. Burthe-Mique,*Notaire Associé* in Paris (hereinafterreferred to as the “*Crédit-Bail*”),Lessor leased to Lessee such convention center together with equipment andfurniture.

 

Pursuantto the provisions of a memorandum of agreement (hereinafter referred to as “Memorandumof Agreement”) dated September 30, 2004, Euro Disney SCA, The Walt DisneyCompany and creditors of Euro Disney SCA agreed on a number of measuresintended to restore the financial situation of the Euro Disney group. One ofsuch measures is a deferral of principal maturities owed to the Lessor by theLessee under the*Crédit-Bail*.

 

IN VIEW OF THE FOREGOING, the parties have established the following Amendment to the *Crédit-Bail*.

 

**Amendment to the *Crédit-Bail***

 

Unlessotherwise defined (or otherwise specified) herein, capitalized terms usedherein shall have the meaning ascribed to them in the Memorandum of Agreement.

 

ARTICLE 1– MODIFICATION OF THE REPAYMENT SCHEDULE

 

Theparties acknowledge that Annex 1 hereto sets forth the current repayment schedule underthe *Crédit-Bail*.  It has been substituted to the temporaryrepayment schedule that was attached as Annex 5 to the *Crédit-Bail* on the date of signature of the *Crédit-Bail* (such temporary repayment schedule referredto percentages of the Eligible Investment Amount (as defined in the *Crédit-Bail*) since exact amounts could not be determined atthe date of signature of the *Crédit-Bail*).

 

Subjectto the condition set forth in Article 3 below, the parties agree that thisAnnex 1 shall be replaced by the repayment schedule set forth in Annex 2hereto, provided that the final term of this *Crédit-Bail*shall remain unchanged.

 

Anyreference to Annex 5 in the *Crédit-Bail*shouldtherefore be deemed a reference to Annex 2 hereto.

 

2

----

 

ARTICLE 2  – MODIFICATION OF ARTICLE 13.2

 

Subjectto the condition set forth in Article 3 below, the parties agree that thefirst paragraph of Article 13.2 of the *Crédit-Bail*shall be replaced by the following:

 

“Lessee shall pay to Lessorthe rental fee, plus VAT, in full semi-annually in arrears on January 1stand July 1st following the Effective Date and for the last rental fee, onthe date of expiration of this *Crédit-Bail* oron the effective date of termination in the event of an early termination, withthe exception of the principal amounts referred to in paragraph (iv) of Article 13.1which shall be paid annually on July 1st of each year, or if July 1stof any year is not a business day, on the following business day.”

 

ARTICLE 3– CONDITION PRECEDENT AND EFFECTIVE DATE

 

ThisAmendment to the *Crédit-Bail*is subject to thecondition precedent that the Share Capital Increase Realization takes place nolater than March 31, 2005.

 

Providedsuch condition precedent is met, this Amendment shall enter into effect on theEffective Date.

 

ARTICLE 4– MISCELLANEOUS

 

4.1                                 Remaining Terms and Conditions.  Unlessamended herein, all other terms and conditions of the *Crédit-Bail*shall remain in full force and effect.

 

4.2                                 Costs.  Lessee shall pay all costs,duties and fees pertaining to the execution and performance of this Amendmentto the *Crédit-Bail*.

 

4.3                                 Domicile. For purposes of this Amendment to the *Crédit-Bail*,the parties elect domicile at their respective registered offices.

 

4.4                                 Jurisdiction.  This Amendment to the *Crédit-Bail* shall be governed by and interpreted in accordancewith French law. All disputes arising in connection with this Amendment to the *Crédit-Bail* shall fall within the exclusive jurisdiction ofthe *Tribunal de Grande Instance* of Paris.

 

4.5                                 Notices.  All notices or othercommunications required under this Amendment to the *Crédit-Bail*shall be made according to the provisions of Article 30 of the *Crédit-Bail*.

 

3

----

 

IN WITNESS WHEREOF

 

Signaturesfollow.

 

 
|                 |   |                                |   |   |
|----------------------|--------|-------------------------------------|--------|--------|
| EDL  Hôtels SCA |   | Centre  de Congrès Newport SAS |
| Mr. Jeffrey R. Speed |   | Mr. Jeffrey R. Speed                |

 

 

Annex1 – Current Repayment Schedule

 

Annex2 – New Repayment Schedule

 

4

----

 

**Annex 1 – Current Repayment Schedule**

 

 

Principal (01.01.2001)  =     23,319,821.27  euros

 
| **FY**     | ** ** | ** ** | ** ** | **Principal  Repayments** | ** ** | **Principal  Balance** | ** ** |
|------------|------------|------------|------------|---------------------------|------------|------------------------|------------|
| ** ** | ** ** | ** ** | ** ** | **(in  Euros)**           | ** ** | ** **             | ** ** |
|       |       |       |       |                      |       |                   |       |
| **2002**   |       | 4          | %          | 932,792.85                |       | 22,387,028.42          |       |
| **2003**   |       | 4          | %          | 932,792.85                |       | 21,454,235.57          |       |
| **2004**   |       | 4          | %          | 932,792.85                |       | 20,521,442.72          |       |
| 2005       |       | 4          | %          | 932,792.85                |       | 19,588,649.87          |       |
| 2006       |       | 5          | %          | 1,165,991.06              |       | 18,422,658.80          |       |
| 2007       |       | 5          | %          | 1,165,991.06              |       | 17,256,667.74          |       |
| 2008       |       | 6          | %          | 1,399,189.28              |       | 15,857,478.46          |       |
| 2009       |       | 6          | %          | 1,399,189.28              |       | 14,458,289.19          |       |
| 2010       |       | 6          | %          | 1,399,189.28              |       | 13,059,099.91          |       |
| 2011       |       | 7          | %          | 1,632,387.49              |       | 11,426,712.42          |       |
| 2012       |       | 7          | %          | 1,632,387.49              |       | 9,794,324.93           |       |
| 2013       |       | 8          | %          | 1,865,585.70              |       | 7,928,739.23           |       |
| 2014       |       | 8          | %          | 1,865,585.70              |       | 6,063,153.53           |       |
| 2015       |       | 8          | %          | 1,865,585.70              |       | 4,197,567.83           |       |
| 2016       |       | 9          | %          | 2,098,783.91              |       | 2,098,783.91           |       |
| 2017       |       | 9          | %          | 2,098,783.91              |       | 0.00                   |       |
|       |       |       |       |                      |       |                   |       |
|       |       | 100        | %          | 23,319,821.27             |       | -23,319,821.27         |       |

 

5

----

 

**Annex 2 – New Repayment Schedule**

 

| **Date**     | ** ** | **Principal****(Before  Repayments)** | ** ** | **Principal  Repayments** | ** ** | **Principal****Balance** | ** ** |
|--------------|------------|---------------------------------------|------------|---------------------------|------------|--------------------------|------------|
|         |       |                                  |       |                      |       |                     |       |
| *01/07/2005* |       | 20,521,443                            |       | 0                         |       | 20,521,443               |       |
| *03/07/2006* |       | 20,521,443                            |       | 0                         |       | 20,521,443               |       |
| *02/07/2007* |       | 20,521,443                            |       | 0                         |       | 20,521,443               |       |
| *02/07/2008* |       | 20,521,443                            |       | 0                         |       | 20,521,443               |       |
| *01/07/2009* |       | 20,521,443                            |       | 0                         |       | 20,521,443               |       |
| *01/07/2010* |       | 20,521,443                            |       | 932,793                   |       | 19,588,650               |       |
| *01/07/2011* |       | 19,588,650                            |       | 1,165,991                 |       | 18,422,659               |       |
| *02/07/2012* |       | 18,422,659                            |       | 1,165,991                 |       | 17,256,668               |       |
| *01/07/2013* |       | 17,256,668                            |       | 1,399,189                 |       | 15,857,478               |       |
| *01/0712014* |       | 15,857,478                            |       | 1,399,189                 |       | 14,458,289               |       |
| *01/07/2015* |       | 14,458,289                            |       | 1,399,189                 |       | 13,059,100               |       |
| *01/07/2016* |       | 13,059,100                            |       | 1,632,387                 |       | 11,426,712               |       |
| *01/07/2017* |       | 11,426,712                            |       | 11,426,712                |       | 0                        |       |

 

6

----