Document:

Exhibit 4.21

 

 

AMENDED
AND RESTATED AGREEMENT ON

 

 

THE
GRANTING OF ORDINARY LOANS

 

 

 

DATED 1 DECEMBER 2004

 

 

BETWEEN

 

 

EURO
DISNEY S.C.A.

 

 

AND

 

 

EURO DISNEYLAND S.N.C.

 

as Borrowers

 

 

AND

 

 

LA CAISSE DES DÉPÔTS ET CONSIGNATIONS.

 

as Lender

 

 

 

 

LAW FIRM AT THE COURT OF PARIS

26, cours Albert 1er 75008 Paris Tel. +33
(0)1 40 75 60 00 Fax +33 (0)1 43 59 37 79

E-mail
info@www.gide.com

 

1

 

BETWEEN THE UNDERSIGNED

 

1.                            EURO DISNEY S.C.A., a société en
commandite par actions [French partnership] with a share capital of
€ 10,826,802.92, whose registered office is at Immeubles Administratifs, Route
Nationale 34, 77700 Chessy, entered in the Meaux Trade Register under number
334 173 887, represented by Mr. Jeffrey R. Speed, duly authorised for the
purpose hereof,

 

hereinafter
the “Euro Disney S.C.A.”, and until
completion of the Transfer, the “Operating Company”

 

2.                            EURO DISNEYLAND S.N.C., a société en
nom collectif [general partnership] with a share capital of € 152,000,
whose registered office is at Immeubles Administratifs, Route Nationale 34,
77700 Chessy, entered in the Meaux Trade Register under number 350 141 818,
represented by Mr. Dominique Le Bourhis, duly authorised for the purpose
hereof,

 

hereinafter
the “Finance Company”

 

3.                            LA CAISSE DES DÉPÔTS ET
CONSIGNATIONS, an établissement public à statut spécial  constituted pursuant to the law of 28 April
1816, codified under article L. 518-7 et seq. of the
monetary and financial Code, whose main office is situated at 56, rue de Lille,
75007 Paris, represented by Mr. Jean-François de Caffarelli, duly authorised
for the purpose hereof,

 

hereinafter “CDC” or the “Lender”.

 

2

 

TABLE OF
CONTENTS

 

	
  ARTICLE 1.

  	
  DEFINITIONS

  	
   

  
	
  ARTICLE 2.

  	
  TOTAL MAXIMUM PRINCIPAL AMOUNT

  	
   

  
	
  ARTICLE 3.

  	
  PAYMENT
  OF INTEREST – REPAYMENT OF PRINCIPAL

  	
   

  
	
  ARTICLE 4.

  	
  PREPAYMENT

  	
   

  
	
  ARTICLE 5.

  	
  BORROWERS – SEPARATE OBLIGATIONS

  	
   

  
	
  ARTICLE 6.

  	
  WAIVER OF RECOURSE

  	
   

  
	
  ARTICLE 7.

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  ARTICLE 8.

  	
  COVENANTS

  	
   

  
	
  ARTICLE 9.

  	
  SECURITIES
  GRANTED UNDER THE ORDINARY LOANS

  	
   

  
	
  ARTICLE 10.

  	
  EVENTS OF DEFAULT

  	
   

  
	
  ARTICLE 11.

  	
  CONFIDENTIALITY

  	
   

  
	
  ARTICLE 12.

  	
  MISCELLANEOUS

  	
   

  

 

 

LIST OF ANNEXES

 

	
  ANNEX I

  	
  Repayment and Interest Payment Schedules
  for Ordinary Loans

  
	
   

  
	
   

  	
   

  	
  •

  	
  Applicable schedule to Ordinary Loan to the
  Operating Company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •

  	
  Applicable schedule to Ordinary Loan to
  Finance Company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •

  	
  Applicable schedule to the POSNC1 Tranche

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •

  	
  Applicable schedule to the POSNC2 Tranche

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •

  	
  Applicable schedule to Ordinary Loan B to
  the Finance Company

  
					

 

3

 

WHEREAS:

 

(A)                     In accordance with the provisions of
the agreement entitled “Agreement for the Creation and Operation of Euro Disneyland
in France” entered into with the French Government on 24 March 1987 (the “Master Agreement”), the Borrowers were set up in order to
implement and operate the “Euro Disneyland” project involving the construction
of a theme park situated in Marne-la-Vallée (the “Disneyland
Park”) and its peripheral development (the “Project”).

 

CDC agreed to grant to the
Borrowers loans for the part financing of Phase IA of the Project. These loans
include two ordinary loans for which the total principal amount as at 30
September 2004 was one hundred and twenty-seven million four hundred and
fifty-six thousand five hundred and fifty-one euros and six cents
(€127,456,551.06) (the “Ordinary Loans”),
which are broken down as follows:

 

•                  an Ordinary Loan for which the total
principal amount as at 30 September 2004, was forty million six hundred and
four thousand six hundred and ninety eight euros and sixty three cents
(€40,604,698.63), granted by CDC to the Operating Company under the terms of an
Ordinary Loan Agreement dated 7 May 1992 as modified and amended (the “Ordinary Loan to the Operating Company”); and

 

•                  an Ordinary Loan for which the total
principal amount as at 30 September 2004 was eighty-six million eight hundred
and fifty-one thousand eight hundred and fifty-two euros and forty-three cents
(€86,851,852.43), granted by CDC to the Operating Company under the terms of
three Ordinary Loan Agreements dated 25 November 1989, 30 May 1990 and 19
November 1990, as modified and amended (the “Ordinary
Loan to the Finance Company”).

 

The above amounts do not take
into account the conversion of a proportion of the Participating Loans granted
to the Finance Company (without changing the debtor) into Ordinary Loans in the
total amount of €125,000,000 (one hundred and twenty-five million euros), as
described in paragraph (C) of this introduction.

 

(B)                     The terms and conditions applicable
to the Ordinary Loans were laid down in an agreement on the granting of
ordinary loans dated 17 May 1989 (the “Agreement on the Granting
of Ordinary Loans”) as amended by a supplemental agreement no. 1
dated 10 August 1994 and a supplemental agreement no. 2 dated 30 September 1999
(these amendments being referred hereinafter as the “Amendments”).
At the same time the aforementioned supplemental agreement no. 1 was signed, a
common agreement was entered into between the banks party to the Phase IA Loan
Agreement, CDC, the partners of Euro Disneyland S.N.C. party to the Phase IA
Partners Advances Agreement, the banks party to the Phase IB Loan Agreement,
the partners of the Hotel SNCs and the lenders party to the Phase IB Advances
Agreement on the one hand (the “Creditors”),
CDC, BNP Paribas and Calyon as agents on the other hand and Euro Disney S.C.A.,
Euro Disneyland S.N.C. and other companies of the Euro Disney Group (the “Common Agreement”).

 

4

 

The various provisions of the
Common Agreement include a certain number of Common Undertakings signed by Euro
Disney S.C.A., Euro Disneyland S.N.C. and other companies of the Euro Disney
Group vis-à-vis the Creditors. The Common Agreement dated 10 August 1994 has
been amended and restated pursuant to the terms of an agreement dated today, to
which Euro Disney Associés is also a party (the “Amended and
Restated Common Agreement”).

 

(C)                     As a result of financial
difficulties experienced by the Euro Disney Group, Euro Disney S.C.A, Euro
Disneyland S.N.C., EDL Hôtels S.C.A, the Hotel SNCs, The Walt Disney Company,
CDC along with the banks party to the Phase IA Loan Agreement, the banks party
to the Phase IB Loan Agreement and the Phase IA Partners and the Phase IB
Lenders, as represented by their respective agents BNP Paribas and Calyon, came
together with a view to drawing up, on 8 June 2004, a memorandum of agreement for
the purpose of agreeing on the necessary measures for restoring its financial
balance the terms of which had been approved by the steering committee then
amended pursuant to a letter dated 20 September 2004 addressed by Euro Disney
S.C.A. to the Creditors, said memorandum as amended by the aforementioned
letter having been agreed upon by all parties pursuant to a letter dated 30
September 2004 (the “Memorandum of Agreement”).

 

The main purpose of the
Memorandum of Agreement, in relation to the Ordinary Loans, is:

 

(i)                                     to reschedule the repayments for the
Ordinary Loans for which a new schedule based on a semi-annual or annual
repayment, as the case may be, is given in Annex I attached hereto and to
provide for a partial anticipated repayment of the principal due by the
Operating Company under the Ordinary Loan to the Operating Company;

 

(ii)                                  to make provision for contractual
provisions in connection with the servicing of the Ordinary Loans until the
Realisation of Capital Increase Date;

 

(iii)                                  to convert the Participating Loan
granted to the Finance Company (without changing the debtor) into an Ordinary
Loan in a total amount of €125,000,000 (one hundred and twenty-five million
euros), for which a new schedule is given in Annex I attached hereto;

 

(iv)                              to make provision for the transfer,
by Euro Disney S.C.A. to Euro Disney Associés, of the Ordinary Loan to the
Operating Company on the date of completion of the contribution agreed between
Euro Disney S.C.A. and Euro Disney Associés (subject to the rules governing
demergers and without entailing a squeeze out) for all or almost all of the
assets and liabilities of Euro Disney S.C.A. to Euro Disney Associés under the
contribution agreement entered into between Euro Disney S.C.A. and Euro Disney
Associés on 30 September 2004, as amended on 8 November 2004 (the “Transfer”);

 

5

 

(v)                                 to make provision for CDC’s partial
waiver of recourse against the Phase IA Partners of the Finance Company, under
this agreement and the Ordinary Loans to the Finance Company;

 

(vi)                              to make provision for an increase in
the interest rates applicable to the Ordinary Loans.

 

(D)                      As a consequence of the execution of
the Memorandum Agreement and for the purpose of implementing it, the Agreement
on the Granting of Ordinary Loans will have to be amended; in addition, the
parties hereto wish to dispose of a version of the Agreement on the Granting of
Ordinary Loans inclusive of the Amendments and that deletes from its text any
historic provision that has become obsolete, that updates certain obsolete references,
that clarifies the drafting of certain provisions, that reflects the
consequences of the Transfer and that harmonizes certain terms of the Agreement
on the Granting of Ordinary Loans with the rest of the documentation relating
to the Project.

 

(E)                        The purpose of this agreement is to
materially integrate the Agreement on the Granting of Ordinary Loans and the
amendments set forth in paragraph (D) above and to restate the Agreement on the
Granting of Ordinary Loans in all its provisions that have not been amended by
this agreement.

 

6

 

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS

 

 

ARTICLE 1.                                              DEFINITIONS

 

The words and expressions defined in this agreement will have the
meaning given to it in this agreement.

 

“Agreement on the Granting of Ordinary Loans”
has the meaning given to it in the introduction to this agreement.

 

“Agreement on the Granting of Participating Loans”
means the agreement dated 17 May 1989, as amended by a supplemental agreement
no. 1 on 10 August 1994 and by a supplemental agreement no. 2 on 30 September
1999 and as amended and restated pursuant to an agreement dated as of the date
hereof, between the Borrowers and CDC, pursuant to which agreement CDC is
making available to the Borrowers the participating loans (the “Participating Loans”).

 

“Amended and Restated Agreement on the Granting of
Ordinary Loans” means this agreement.

 

“Amended and Restated Common Agreement”
has the meaning given to it in the introduction to this agreement.

 

“Annex” means any annex to this
agreement.

 

“Article” means any article of this
agreement.

 

“Borrowers” means the Operating Company
and the Finance Company and “Borrower” means
any one of them.

 

“Cash Pledge” has the meaning given to
it in Article 3.2.4.

 

“CDC Agreements” means the Amended and
Restated Agreement on the Granting of Ordinary Loans and the Agreement on the
Granting of Participating Loans.

 

“CDC Loans Agreements Second Park” means
the loan agreements – tranches A, B, C and D – entered into on 30 September
1999 between the Operating Company and CDC, as amended and restated as of 1
December 2004, and the loan agreement with respect to Tranche E to be entered
into on the Realisation of Capital Increase Date at the latest.

 

“CDC Sharing Agreement” means the
agreement between CDC and the Phase IA Banks, as amended by supplemental
agreement dated 10 August 1994, under the terms of which CDC and the Phase IA
Banks agreed to share certain securities.

 

“Common Agreement” has the meaning given
to it in the introduction to this agreement.

 

“Disneyland Park” has the meaning given
to it in the introduction to this agreement.

 

7

 

“EURIBOR” means, in relation to any
Interest Period under the Ordinary Loans, the euro interbank rate expressed in
the form of an annual rate, as displayed on the TELERATE screen page 248 by the
European Banking Federation, at around 11h00 (Brussels time) two (2) Target
Days before the first day of said Interest Period (or, if this date of calculation
is not a Working Day, the first Working Day which is at least two (2) Target
Days before the first day of said Interest Period) on which interbank deposits
in euro are offered between leading banks within the euro zone for a period of
time equal to said Interest Period.

 

If this rate is not displayed on the TELERATE screen or at the EURIBOR
page of Reuters, it will be replaced by a rate calculated by CDC, which equals
the arithmetic average (rounded up, where necessary, to the next sixteenth of a
percent) of the annual rates quoted at the request of CDC by the Reference
Banks at around 15h00 (Brussels time) two (2) Target Days before the first day
of the Interest Period in question (or if this date of calculation is not a
Working Day, the first Working Day which is at least two (2) Target Days before
the first day of this Interest Period) on which deposits in euro are offered by
the Reference Banks to leading banks in the euro zone interbank market for a
period of time equal to the Interest Period in question and starting on the
first day of this Interest Period and for an amount comparable to the amount to
be financed, it being specified that if a Reference Bank does not quote rates
at the request of CDC, this rate will be determined by CDC under the conditions
laid down in this paragraph on the basis of the rates quoted by at least two
other Reference Banks. If no Reference Bank quotes rates at the request of CDC,
or if just one Reference Bank does so, the interest rate to be applied for the
Interest Period in question will be CDC’s cost of refinancing on the interbank
market for the sums for which the EURIBOR is applied on the date at which such
interest rate is determined.

 

“Euro Disney Associés” means Euro Disney
Associés, société en commandite par actions
[partnership limited] with a share capital of €109,997,848.20, whose registered
office is at Immeubles Administratifs, Route Nationale 34, 77700 Chessy,
entered in the Meaux Trade Register under number 397 471 822, a company
required to apply this Agreement on the Granting of Ordinary Loans, as it
concerns the Operating Company, at the time of the Transfer. It is specified
that until 30 September 2004, Euro Disney Associés existed under the form of a société en nom collectif [general partnership].

 

“Euro Disney Group” means Euro Disney
S.C.A. and its present and future affiliates.

 

“Events of Default” has the meaning
given to it in Article 10 (Events of Default).

 

“Financial Year” has the meaning given
to it in the Common Undertakings.

 

“Financing Agreements” means the
following agreements: Phase IA Loan Agreement, CDC Agreements, Phase IA
Partners Advances Agreements, Phase IB Loan Agreement, Phase IB Advances
Agreement.

 

“Hotel SNCs” means the following sociétés en nom collectif [general partnerships]: Hôtel New
York Associés S.N.C., Newport Bay Club Associés S.N.C., Sequoia Lodge Associés
S.N.C., Cheyenne Hôtel Associés S.N.C., Hôtel Santa Fe Associés S.N.C. and
Centre de Divertissements Associés S.N.C.

 

8

 

 “Instalments”
has the meaning given to in Article 3.2 (Payment of interest and
repayment of principal).

 

“Interest Period” means, for the
purposes of calculating the interest specified in Article 3.3. (Default interest), an interest period of three (3) months.

 

“Common Undertakings” means the
covenants listed in Annex V of the Amended and Restated Common Agreement as
amended by supplemental agreement, in connection with any authorisation or
waiver granted in accordance with the Amended and Restated Common Agreement.

 

 “Loans”
means the Participating Loans and Ordinary Loans collectively.

 

“Master Agreement” has the meaning given
to it in the introduction to this agreement.

 

“Memorandum of Agreement” has the
meaning given to it in the introduction to this agreement.

 

“New Revolving Credit Facility” has the
meaning given to it in the Amended and Restated Common Agreement.

 

“Operating Company” means Euro Disney
S.C.A. until completion of the Transfer subsequent to which the “Operating Company” shall mean Euro Disney Associés.

 

“Ordinary Loan Agreements” means the
ordinary loan agreements entered into in accordance with the Agreement on the
Granting of Ordinary Loans pursuant to the model set forth in Annex VI of the
Agreement on the Granting of Ordinary Loans to which the Amendments have been
made, namely:

 

(i)                           the ordinary loan agreement entered
into on 7 May 1992 between the Operating Company and CDC bearing number 21
800115 01, as amended by supplemental agreement no. 1 dated 10 August 1994 and
by supplemental agreement no. 2 dated 30 September 1999 (which attributed the
number 21 800 115 02 to the ordinary loan agreement granted to the Operating
Company) (the “Ordinary Loan to the Operating Company
Agreement”);

 

(ii)                        the ordinary loan agreement entered
into on 25 November 1989 between the Finance Company and CDC bearing number 21
800116 01, as amended by supplemental agreement no. 1 dated 10 August 1994 and
by supplemental agreement no. 2 dated 30 September 1999;

 

(iii)                     the ordinary loan agreement entered
into on 30 May 1990 between the Finance Company and CDC bearing number 21
800117 01, as amended by supplemental agreement no. 1 dated 10 August 1994 and
by supplemental agreement no. 2 dated 30 September 1999; and

 

(iv)                    the ordinary loan agreement entered
into on 19 November 1990 between the Finance Company and CDC bearing number 21
800118 01, as amended by supplemental agreement no. 1 dated 10 August 1994 and
by supplemental agreement no. 2 dated 30 September 1999;

 

9

 

it being specified that the three ordinary loans mentioned in
paragraphs (ii), (iii) and (iv) above were amalgamated, under the terms of
supplemental agreement no. 2 dated 30 September 1999 to which reference is made
in these paragraphs, into a single agreement henceforth bearing the number 21
800 641 01 (the “Ordinary Loan A to the Finance Company
Agreement”);

 

and “Ordinary Loan Agreement” means
either of these.

 

“Ordinary Loans” means the Ordinary Loan
to the Finance Company and the Ordinary Loan to the Operating Company ; and “Ordinary Loan” means any one of them.

 

“Ordinary Loan to the Finance Company”
means the Ordinary Loan A to the Finance Company and the Ordinary Loan B to the
Finance Company.

 

“Ordinary Loan to the Operating Company”
means the ordinary loan granted by the CDC to the Operating Company pursuant to
the Agreement on the Granting of Ordinary Loans and the Ordinary Loan Agreement
to the Operating Company, to be governed, pursuant to the stipulations of
Article 12.9 (Suspensive effect – Entry into force),
by the Amended and Restated Agreement on the Granting of Ordinary Loans, which
principal amount was as of 30 September 2004, forty million six hundred and
four thousand six hundred ninety eight euros and sixty-three cents (€
40,604,698.63).

 

 “Ordinary
Loan A to the Finance Company” means the ordinary loan granted by
the CDC to the Operating Company pursuant to the Agreement on the Granting of
Ordinary Loans and the Ordinary Loan A to the Finance Company Agreement, to be
governed, pursuant to the stipulations of Article 12.9 (Suspensive
effect – Entry into force), by the Amended and Restated Agreement on
the Granting of Ordinary Loans, which principal amount was as of 30 September
2004, eighty six million eight hundred fifty-one thousand eight hundred fifty
two euros and forty-three cents (€ 86,851,852.43).

 

“Ordinary Loan B to the Finance Company”
means the ordinary loan granted by the CDC to the Finance Company, resulting
from the conversion of the Participating Loan granted to the Finance Company,
for a principal amount of one hundred twenty five million euros (€
125,000,000), to be governed, pursuant to the stipulations of Article 12.9 (Suspensive effect – Entry into force), by the Amended and
Restated Agreement on the Granting of Ordinary Loans.

 

“Participating Loans” means, collectively,
the participating loans granted by CDC to the Borrowers under the Amended and
Restated Agreement on the Granting of Participating Loans.

 

“Payment Date” means, for each Ordinary
Loan, each date for the payment of an instalment plus related interest as set
forth in the schedules attached hereto under Annex I ; it being however
understood that if a Payment Date falls on a non-Working Day, the Payment Date
will be deferred until the next Working Day.

 

10

 

“Phase IA” has the meaning given to it
in the Amended and Restated Common Agreement.

 

“Phase IA Banks” means the banks and
financial institutions party to the Phase IA Loan Agreement.

 

“Phase IA Loan Agreement” means the
multi-currency credit facility agreement dated 5 September 1989 which operates
by drawings or the issuance of letters of credit between the Operating Company,
the Finance Company and the Phase IA Banks, as amended and restated as of 1
December 2004.

 

“Phase IA Partners” means the shareholders
of the Finance Company party to the Phase IA Partners Advances Agreement.

 

“Phase IA Partners Advances Agreement”
means the partners advances agreement dated 26 April 1989 between the Finance
Company and its partners, as amended and restated as of 1 December 2004.

 

“Phase IB Advances Agreement” means the
agreement dated 26 April 1991 between EDL Hôtels S.C.A., the Hotel SNCs, their
partners as well as banks and financial institutions, as amended and restated
as of 1 December 2004.

 

“Phase IB Banks” means the banks and
financial institutions party to the Phase IB Loan Agreement.

 

“Phase IB Loan Agreement” means the
credit facility agreement dated 25 March 1991 between EDL Hôtels S.C.A., the
Hotel SNCs and banks and financial institutions, as amended and restated as of
1 December 2004.

 

“Phase IB Lenders” means the lenders
party to the Phase IB Advances Agreement.

 

“POSNC1 Tranche” means the tranche of
the Ordinary Loan A to the Finance Company for which the principal amount as at
30 September 2004 was forty-three million four hundred and twenty-five thousand
nine hundred and twenty-six euros and twenty one cents (€43,425,926.21), i.e.
half of the Ordinary Loan A to the Finance Company by virtue of which CDC will
continue to enjoy recourse against the Phase IA Partners of the Finance
Company.

 

“POSNC2 Tranche” means the tranche of
the Ordinary Loan to the Finance Company for which the principal amount as at
30 September 2004 was forty-three million four hundred and twenty-five thousand
nine hundred and twenty-six euros and twenty two cents (€43,425,926.22),
constituting half of the Ordinary Loan A to the Finance Company by virtue of
which CDC will no longer enjoy recourse against the Phase IA Partners of the
Finance Company, in accordance with Article 6 (Waiver of
recourse).

 

“Priority Agreement” has the meaning
given to it in Article 9.1.

 

“Project” has the meaning given to it in
the introduction to this agreement.

 

11

 

“Realisation of Capital Increase” means the
increase in the share capital of Euro Disney S.C.A. the gross proceeds of which
must equal at least to two hundred and fifty million euros (€250,000,000), i.e.
the issue, subscription and payment in full of the issue price of the
corresponding new shares.

 

“Realisation of Capital Increase Date”
means the date at which the Realisation of Capital Increase will be completed
which date shall occur at the latest on 31 March 2005.

 

“Reference Bank” means the main branches
in Paris of Deutsche Bank AG, BNP Paribas,
Calyon and Société Générale.

 

“Restored Amount”
has the meaning given to it in Article 10.2 (Consequences
of Events of Default).

 

“Revolving Credit Facility” has the
meaning given to it in the Amended and Restated Common Agreement.

 

“Security Deposit” means (i) sums paid
in as deposit by the Operating Company to the Phase IA Banks agent, namely BNP
Paribas, and charged as cash pledge (gage espèce) to
the benefit of Phase IA Banks and the CDC to secure all sums owed and due under
the Phase IA Loan Agreement and of the Agreement on the Granting of Ordinary
Loans and (ii) sums paid in as deposit by EDL Hotels SCA to the Phase IB Loan
Agreement agent, namely Calyon, and charged as cash pledge (gage espèce) to the benefit of the banks, financial
institutions and lenders parties to the Phase IB Loan Agreement and to the
Phase IB Advances Agreement to secure all sums owed to them under the Phase IB
Loan Agreement and Phase IB Advances Agreement.

 

“Target Day” means a day when the TARGET
system (Trans-European Automated Real-Time Gross Settlement Express Transfer
System) is open.

 

“Transfer” has the meaning given to it
in the introduction to this agreement.

 

“Working Day” means any whole day (other
than a Saturday or a Sunday) when banks are open for ordinary business in
Paris.

 

The terms defined in the Master Agreement which are used, but not
defined, in this agreement have the meaning given to them in the Master
Agreement.

 

12

 

ARTICLE 2.                                              TOTAL MAXIMUM PRINCIPAL
AMOUNT

 

2.1                                        Ordinary Loan to the Operating
Company

 

The principal amount of the Ordinary Loan to the Operating Company was,
as at 30 September 2004, forty million six hundred and four thousand six
hundred and ninety-eight euros and sixty-three cents (€40,604,698.63).

 

After repayment of an amount of two hundred and three thousand twenty
three euros and forty nine cents (€203,023.49) owed by the Operating Company
under the Ordinary Loan to the Operating Company on 2 November 2004 and
mentioned in Article 3.4 hereunder, the principal amount of the Ordinary Loan
to the Operating Company was forty million four hundred and one thousand six
hundred and seventy-five euros and fourteen cents (€40,401,675.14).

 

After prepayment mentioned in Article 4.1.2. to be made on the Realisation of Capital Increase Date, the amount of the
Ordinary Loan to the Operating Company shall be thirty million six hundred and
four thousand six hundred and ninety eight euros and sixty three cents
(€30,604,698.63).

 

2.2                                        Ordinary Loan to the Finance Company

 

It is reminded that the principal amount of the Ordinary Loan to the
Finance Company was as at 30 September 2004 eighty-six million eight hundred
and fifty-one thousand eight hundred and fifty-two euros and forty three cents
(€86,851,852.43), and constituted exclusively by the Ordinary Loan A to the
Finance Company.

 

The principal amount of the Ordinary Loan to the Finance Company shall
be at the Realisation of Capital Increase Date 
(after partial conversion of the Participating Loan to the Finance
Company into an Ordinary Loan for an amount equal to one hundred and
twenty-five million euros (€125,000,000), with retroactive effect as of 1
October 2004) two hundred and eleven million eight hundred and fifty-one
thousand eight hundred and fifty-two euros and forty-three cents
(€211,851,852.43), and shall be constituted by :

 

(i)                           the Ordinary Loan A to the Finance
Company which the principal amount as at 30 September 2004, was eighty-six
million eight hundred and fifty-one thousand eight hundred and fifty-two euros
and forty-three cents (€86,851,852.43) ; and

 

(ii)                        the Ordinary Loan B to the Finance
Company which the principal amount as at the Realisation of Capital Increase
Date with retroactive effect as of 1 October 2004 , one hundred and twenty-five
million euros (€125,000,000).

 

It is further specified that the Ordinary Loan A to the Finance Company
will be broken down on the Realisation of Capital Increase Date with
retroactive effect as of 1 October 2004 into two tranches, namely:

 

13

 

(i)                          a POSNC1 Tranche which, on this
date, will have a principal amount forty-three million four hundred and
twenty-five thousand nine hundred and twenty-six euros and twenty one cents
(€43,425,926.21); and

 

(ii)                       a POSNC2 Tranche which, on this
date, will have a principal amount of forty-three million four hundred and
twenty-five thousand nine hundred and twenty-six euros and twenty two cents
(€43,425,926.22).

 

ARTICLE 3.                                              PAYMENT OF INTEREST –
REPAYMENT OF PRINCIPAL

 

3.1                                        Interest

 

Each Ordinary Loan will bear interest on the principal amount remaining
outstanding, until the date on which it has been repaid in full, at an interest
rate calculated as described in the tables given in Annex I.

 

Interest will be calculated on the exact number of days based on a year
of 365 or 366 days, as the case may be.

 

3.2                                        Payment of interest and repayment of
principal

 

3.2.1                              Subject to Article 3.4 (Transitory Period), the principal will be repaid on each
Payment Date for each of the corresponding Ordinary Loans.

 

The total principal amount that will be due and repayable for each of
the Ordinary Loans on each of the Payment Dates (an “Instalment”)
will be equal to the amount shown on the relevant date in the relevant
repayment schedule shown in Annex I to this agreement. Provided that this
agreement comes into effect in accordance with the provisions of Article 12.8 (Suspensive effect – Entry into force) below, the first
Instalment applicable to the Ordinary Loan to the Operating Company will be due
and payable on 30 April 2005, and the first Instalment applicable to the
Ordinary Loan to the Finance Company will be due and payable on 2 May 2005.

 

3.2.2.                           Interest on the total principal
amount not yet repaid for each Ordinary Loan will be paid for each Ordinary
Loan by each Borrower concerned, on each of the Payment Dates.

 

Interest under each Instalment will be calculated on the exact number
of days during the Instalment concerned based on a 365-day year or 366-day
year, as the case may be.

 

14

 

3.3                                        Default interest

 

If any amount payable to CDC by virtue of this Amended and Restated
Agreement on the Granting of Ordinary Loans is not paid on its due date,
interest will accrue on a daily basis on this unpaid amount from the above due
date to the date on which this amount is actually paid, at the three (3) month
EURIBOR rate, plus three per cent (3%) per annum. This rate may never be lower
than 5.15% per annum nor higher than 7.85% per annum and will not prejudice
CDC’s right to make use of the acceleration of maturity as stipulated in
Article 10 (Events of Default) below.

 

3.4                                        Transitory Period

 

3.4.1                    Subject to Articles 3.4.2 to 3.4.4.
it has been agreed that for the period starting as of the signature date of
this agreement and ending on the Realisation of Capital Increase Date the
amounts due with respect to the Ordinary Loans will be serviced pursuant to the
terms of the Agreement on the Granting of the Ordinary Loans.

 

3.4.2                    It is reminded that the Operating
Company has paid to the CDC the principal amount of the instalment of principal
due on 30 October 2004 under the Ordinary Loan to the Operating Company, with
the accrued interest on the Security Deposits until 30 October 2004.

 

3.4.3                    It has been agreed that the
principal amount due under the Ordinary Loan to the Finance Company on 2
November 2004 by the Finance Company would not be paid to the CDC on this date.
The Operating Company acting as guarantor (caution réelle)
for the Finance Company, pledged a sum corresponding to the aforementioned
maturity, by way of cash pledge (gage espèce),
to the benefit of the CDC (this Cash Pledge being subject to the terms and
conditions of a cash pledge agreement entered into by the Operating Company and
the CDC, on the 29 October 2004) (the “Cash Pledge”).
It has been agreed (i) that in case of Realisation of Capital Increase, the
Cash Pledge would be returned to the Operating Company, the principal amount
due being then postponed, as it results from the relevant repayment schedules
shown in Annex I, it being specified that CDC will release the Cash Pledge on
the Realisation of Capital Increase Date, and (ii) in case of non Realisation
of Capital Increase, the CDC will be entitled to retain for good the amount of
the Cash Pledge and to allocate it to the repayment of the principal amount due
on 2 November 2004.

 

3.4.4                    It has been agreed that interest
mark up (as specified in the Memorandum of Agreement) for the period running
from 1 October 2004 to the repayment dates of the Ordinary Loans in 2004,
vis-à-vis the paid amounts at such repayment dates pursuant to Article 3.4.1
above, i.e., with respect to the Operating Company, for an amount equal to four
thousand five hundred and five euros and ten cents (€ 4,505.10), and, with
respect to the Finance Company, for an amount equal to seventy two thousand
three hundred seventy nine euros and thirty two cents (€ 72,379.32) will be
paid the fifth Working Day following the Realisation of Capital Increase Date.

 

15

 

ARTICLE 4.                                              PREPAYMENT

 

4.1                                        Prepayment at the option of the
Borrowers

 

4.1.1                              Each of the Borrowers may prepay all
or part of the Ordinary Loans by giving CDC a minimum written notice of thirty
(30) days. Subject to the stipulations of Article 10.3 (Prepayment
at the option of the Finance Company), any prepayment of Ordinary
Loans at the option of a Borrower will automatically entail the simultaneous
repayment by that Borrower of an amount of Participating Loans so that, for
each Borrower, the ratio between Participating Loans and Ordinary Loans
outstanding at any given day is always equal to 53.39 / 46.61.

 

Any prepayment of a principal amount at the option of a Borrower must
be accompanied by the payment of the interest accrued on the principal amount
repaid up to the value date of this prepayment. This interest will be
calculated on the basis of a 365-day year or a 366-day year, as the case may
be.

 

4.1.2                              It is already agreed that on the
Share Capital Increase Date, the Operating Company will make a partial
prepayment of the principal remaining due under the Ordinary Loan to the
Operating Company, in the total amount of ten million euros (€10,000,000) (less
all principal amount repaid by the Operating Company as from 1 October 2004
until the Share Capital Increase Date and that only in case of Realisation of
the Capital Increase), together with interest payment in relation thereto, and
along with a penalty calculated in accordance with the stipulations of Article
4.4 (Penalty for prepayment at the option of the
Borrowers) below. It is specified that the relevant repayment
schedule shown in Annex I  takes this
prepayment into account.

 

4.2                                        Adjustment of payments and repayments
following a prepayment at the option of the Borrowers

 

The principal amount of any partial prepayment will be charged against
the principal amount owed on the Payment Dates, starting with the earliest
Payment Date. CDC will send to the Borrower concerned one or several new
repayment schedules for the Ordinary Loan in question, which will replace the
repayment schedule set forth in Annex I.

 

4.3                                        Any repayment, whether early or not, of any principal amount made by the
Borrowers under this Amended and Restated Agreement on the Granting of Ordinary
Loans will be final and the Borrowers will not be able to reborrow, under this
agreement, the amounts thus repaid.

 

4.4                                        Penalty for prepayment at the option
of the Borrowers

 

If either Borrower opts to prepay one of the Ordinary Loans in
accordance with the stipulations given in Article 4.1 (Prepayment
at the option of the Borrowers) above, that Borrower will pay CDC an
prepayment penalty equal to an amount corresponding to ninety (90) days of
interest at a rate of 5.15% per annum on the principal amount prepaid, it being
nevertheless agreed that if the Finance Company opts for prepayment of the
POSNC2 Tranche, the Finance Company will pay CDC a prepayment penalty equal to
an amount corresponding to ninety (90) days of interest at a rate of 6.15% per
annum on the principal amount of the POSNC2 Tranche prepaid. This interest will
be calculated on the basis of ninety (90) days in a year of 365 or 366 days, as
the case may be.

 

16

 

This penalty will be payable on the prepayment date concerned.

 

ARTICLE 5.                                              BORROWERS – SEPARATE
OBLIGATIONS

 

The rights and obligations of each of the Borrowers under this
agreement are separate and not joint.

 

ARTICLE 6.                                              WAIVER OF RECOURSE

 

As from 1 October 2004, and subject to the Realisation of Capital
Increase, CDC agrees to waive any recourse against any of the Finance Company’s
Phase IA Partners, but solely on the basis of the Finance Company’s failure to
fulfil any one of its payment obligations under to the Ordinary Loan B to the
Finance Company or the POSNC2 Tranche.

 

ARTICLE 7.                                              REPRESENTATIONS AND
WARRANTIES

 

Each Borrower, acting separately and not jointly and severally,
warrants and represents to the CDC, each as far as it is concerned, that, on
the date of this agreement:

 

7.1                                        It is a properly constituted company existing legitimately under French
law, it has the capacity to perform its activities as it does now, to enter
into this agreement and to fulfil its obligations arising herefrom;

 

7.2                                        Its Manager has been duly authorised to sign this agreement by its
competent management bodies;

 

7.3                                        The signing of this agreement and the fulfilment of the obligations
arising herefrom do not contravene any significant provision of its articles of
association nor any significant clause of any agreement or undertaking to which
it is party or by which it is bound nor violate the laws or regulations
applicable to it in such a way as to bring about the nullity of its covenants
under this agreement;

 

7.4                                        This agreement is and will remain a legal, valid and binding covenant for
the Borrower concerned, in accordance with the terms thereof;

 

17

 

7.5                                        No authorisation is required from any public authority for the transfer
and repayment of the principal, the payment of interest and other costs
inherent to this agreement; and

 

7.6                                        No legal proceedings are in progress or, to the knowledge of the Borrower
concerned, about to be brought which might prevent or prohibit the signing or
performance of this agreement or which might affect its legal capacity to
assume its obligations under this agreement.

 

ARTICLE 8.                                              COVENANTS

 

8.1                                        Positive covenants

 

Until all amounts owed under this agreement are paid in full, the Borrowers
undertake the following covenants:

 

(a)          the Borrowers must notify CDC of any
significant change in their corporate structure or operation, such as, in
particular, a change of management or a change in the amount or distribution of
the share capital. The Operating Company will only however be required to
inform CDC of changes in the distribution of its capital if CDC makes an
explicit request and the changes involved are significant;

 

(b)         the Borrowers agree to observe and
fulfil all of the obligations contracted under the terms of the Amended and
Restated Common Agreement and the Common Undertakings;

 

(c)          the Borrowers will, on a yearly
basis, submit their balance sheets, income statements and annexes to CDC within
fifteen (15) days of these being approved by their shareholders or partners, as
applicable; and

 

(d)          the Borrowers shall provide CDC
with any document, agreement or information that they have to submit to Phase
IA Banks or Phase IB Banks, the Phase IA Partners or Phase IB Lenders, or any
of their agents, under the conditions precedent to the coming into effect of
the amended and restated versions of the Phase IA Loan Agreement, of the Phase
IB Loan Agreement, of the Phase IA Advances Agreement and of Phase IB Advances
Agreement and in the same forms required by the aforementioned agreements.

 

8.2                                        Negative covenants

 

Until all amounts owed under this agreement are paid
in full, the Borrowers covenant not to merge with another entity without the
prior approval of CDC. Such approval cannot be refused if:

 

18

 

(i)                          the entity resulting from this merger takes over the full debt
contracted or due to be contracted by virtue of this agreement by the Borrower
concerned; and

 

(ii)                       immediately after the completion of the merger, there is no Event of
Default; and

 

(iii)                    the entity resulting from the merger observes the terms of Article 8 of
the Master Agreement;

 

it being however specified that CDC
authorises the Operating Company to make the Transfer.

 

ARTICLE 9.                                              SECURITIES GRANTED UNDER
THE ORDINARY LOANS

 

9.1                                        Securities and guarantees under
Ordinary Loan A to the Finance Company and the Ordinary Loan to the Operating
Company

 

It is reminded that by way of security and guarantee for the payment
and repayment of all sums owed by the Borrowers as principal, interest and
additional charges under the Ordinary Loan A to the Finance Company and the
Ordinary Loan to the Operating Company, the Operating Company granted CDC,
under the terms of public instrument dated 21 November 1989 amended by public
instruments dated 4 December 1992 and 19 February 1993, a first mortgage on the
land on which the Park Disneyland (previously called “Magic Kingdom”) was built
and the adjacent campsite, such mortgage having been extended until 1 November
2025.

 

It is specified that this mortgage has the same priority as the
mortgage granted by the Operating Company under the Phase IA Loan Agreement to
the Phase IA Banks.

 

It
is further reminded that by way of security and guarantee for the payment and
repayment of all sums owed to CDC as principal, interest and additional charges
under the Ordinary Loan A to the Finance Company and the Ordinary Loan to the
Operating Company, the Borrowers granted the following securities and
guarantees:

 

(A)                                      a pledge to the benefit of CDC and
the Phase IA Banks on the balance of the accounts called “Loan Accounts” in the
Phase IA Loan Agreement;

 

(B)                                        a pledge of financial instruments
account and a cash pledge to the benefit of CDC and the Phase IA Banks, which
include the financial instruments or the securities resulting from transactions
called “Authorised Investments” in the Phase IA Loan Agreement and performed
using funds from the Loan Accounts ;

 

19

 

(C)                                        a delegation to CDC and the Phase IA
Banks:

 

(i)                           regarding insurance companies under
policies entered into by the Borrowers in accordance with the stipulations of
the Phase IA Loan Agreement;

 

(ii)                         regarding issuers of advance payment
guarantees and performance bonds issued to the Borrowers under the completion
of Phase IA, unless, despite the requests made by the Borrowers in this regard,
these issuers have refused to accept such a delegation.

 

It is reminded that the securities and guarantees referred to in this
Article 9.1 are subject to the stipulations of the Master Agreement with CDC
and of the priority agreement dated 30 October 1989 between PNB Paribas acting
in its capacity as agent to the Phase IA Banks and CDC, as amended by
supplemental agreements dated as of 10 August 1994 and 1 December 2004 (the “Priority Agreement”).

 

The conditions under which the Phase IA Banks and CDC may enforce the
securities and guarantees which they enjoy or will enjoy in accordance with the
terms of this Article 9.1 and the Phase IA Loan Agreement, as well as the
extent of these securities and guarantees and the conditions under which any
proceeds from the enforcement of these are distributed, are set in the Priority
Agreement and in the Agreement with CDC, as well as in the various contracts or
deeds relating to the granting of these securities and guarantees.

 

The Borrowers covenant to do the necessary, at their own expenses, so
that CDC continues to benefit from all the securities and guaranties that have
been granted to CDC by the Borrowers in guaranty of the Ordinary Loan A to the
Finance Company and the Ordinary Loan to the Operating Company, as amended
pursuant to this agreement.

 

9.2                                        Security under Ordinary Loan B to
the Finance Company

 

By way of security and guarantee for the payment and repayment of all
sums owed by the Finance Company as principal, interest and additional charges
under the Ordinary Loan B to the Finance Company, the Operating Company and/or
the Finance Company agrees to grant CDC a second mortgage on the assets
mortgaged in compliance with Article 9.1 above.

 

20

 

9.3                                        Additional securities

 

If the Borrowers grant the Phase
IA Banks additional securities or guarantees in relation to those referred to
in Article 3 of the Phase IA Loan Agreement, the Borrowers agree to grant
CDC the benefit of the same securities and guarantees under the Ordinary Loans,
and with the same priority, pursuant to the terms of the CDC Agreements.

 

ARTICLE 10.                                       EVENTS OF DEFAULT

 

10.1                                 Definition of Events of
Default

 

The occurrence of any of the
following events will constitute an event of default (“Event of
Default”) against the Borrowers:

 

(A)                                      any principal amount owed to CDC
under the Ordinary Loans is unpaid on its due date and remains unpaid for five
(5) Working Days after a notification has been sent to this effect by CDC to
the Borrower concerned;

 

(B)                                        one of the covenants made by either
of the Borrowers in Article 8 (Covenants) of
this agreement is not observed and the Borrower concerned has not remedied nor
is about to remedy this default within thirty (30) days of the notification sent
to that Borrower requesting that the default be remedied (except, as concerns
the aforementioned 30-day period of a default due to the violation of the
covenants under the ratios set forth in article 2 of the Common
Undertakings);

 

(C)                                        one of the essential representations
or warranties made or given under this agreement is not observed or proves to
be incorrect;

 

(D)                                       any non-subordinated debt resulting
from a loan of sums of money totalling more than one million five hundred and
twenty-four thousand four hundred and ninety euros (€1,524,490 €) in relation
to the Finance Company, or totalling more than seven million six hundred and
twenty-two thousand four hundred and fifty euros (€7,622,450) in relation to
the Operating Company, is declared due and payable in advance as a result of
the existence of a breach on the part of the Finance Company or the Operating
Company, as applicable;

 

(E)                                         either Borrower requests the
appointment of a conciliator or is the subject of judgment declaring its
judicial liquidation;

 

(F)                                         a final judgment not subject to
appeal is delivered against one of the Borrowers ordering the latter to pay a
sum greater than thirty million four hundred and eighty-nine thousand eight
hundred and three euros (€30,489,803), in relation to the Finance Company, or
greater than seventy-six million two hundred and twenty-four thousand five
hundred and eight euros (€76,224,508), in relation to the Operating Company,
and the Borrower concerned does not make the payment within thirty (30) days;

 

21

 

(G)                                        voluntary withdrawal from the
operation of Disneyland Park for a period greater than six (6) months.

 

10.2                                 Consequences of Events of
Default

 

If an Event of Default occurs,
CDC may declare the total outstanding amount of the Ordinary Loans granted to
be immediately payable, fifteen (15) days after notification regarding an Event
of Default has been sent to the Borrower concerned, except in the case of a violation of the ratios set out in article 2
of the Common Undertakings for the Financial Year N, it being specified that in
such case, CDC will not have the right to notify the accelerated maturity of
the Ordinary Loans before 30 January of the Financial Year N+1 or, in case
of a change in the accounting principles and rules, before 28 February of
Financial Year N+1, provided that such violation is remedied in the following
conditions and time limits:

 

Euro Disney Associés may
restore, as applicable, the amount of DSCR or Forecast DSCR (as such terms are
defined in the Common Undertakings) through either (i) a transfer of new
liquidities under the form of equity capital or Subordinated Debt (as such
terms are defined in the Common Undertakings) of Euro Disney Associés or (ii) a
discharge of receivables (inclusive or not of a “return to better fortunes”
clause) or the carry forward of payments that may, in both cases, give rise to
a payment only after the date at which all amounts owed (in principal or
interest) under the CDC Loans Agreements Second Park and the CD Long Term
Subordinated Debt Agreement (as such terms are defined in the Amended and
Restated Common Agreement) have been paid in full and will be the subject of a
subordination agreement to be entered into with CDC (the “Restored
Amount”).

 

The Restored Amount (to be added
to the numerator pursuant to the calculation of the DSCR and the Forecast DSCR)
will be equal to the higher of:

 

(i)                                             the Restored Amount having for
effect to restore the DSCR; and

 

(ii)                                          the Restored Amount having the
effect to restore the Forecast DSCR.

 

The Euro Disney Associés’s cash
(trésorerie) will have to have entirely
benefited from the Restored Amount by 30 January of the Financial Year N+1
at the latest, or in case of a change in accounting principles and rules, by 28
February of the Financial Year N+1 at the latest.

 

However, this option cannot be
exercised during the period of consultation with the creditors of the Borrowers
and, in particular, with CDC on the authorisations to be given by them to the
Borrowers under the conditions set forth in Article 3 (Authorisations relating to Common Undertakings) of the
Amended and Restated Common Agreement.

 

10.3                                 Prepayment at the option of
the Finance Company

 

If:

 

22

 

(i)                                             CDC does not, in accordance with the
stipulations of Article 10.2 (Consequences of Events of
Default), declare the total outstanding amount of the Ordinary Loans
granted to be immediately due and payable despite being fully entitled to do so
and despite the fact that the Phase IA Banks have declared the accelerated
payment of all sums owed by the Borrowers under the Phase IA Loan Agreement; or

 

(ii)                                          the Finance Company fails to pay the
interest due on the Ordinary Loans which have been granted to it, in an amount
equal to or greater than twenty-two million eight hundred thousand euros
(€22,800,000) for more than ninety days after the due date of this amount and
CDC makes no demand for payment to the Finance Company within eight (8)
calendar days after formal notice given by the Finance Company;

 

the Finance Company may, in
accordance with the provisions of Article 4.1 (Prepayment
at the option of the Borrowers), but without notice, prepay or
arrange for the prepayment of all of the Ordinary Loans which have been granted
to it hereunder, in which case, in the second scenario, CDC undertakes to hand
over, where applicable, to the third party payer a receipt for the sums
actually paid by that third party.

 

Notwithstanding the stipulations
of Article 4.1 (Prepayment at the option
of the Borrowers) of the Agreement on the Granting of Participating
Loans, any prepayment of the Ordinary Loans by the Finance Company, in
accordance with the stipulations of this Article 10.3 (Prepayment at the option of the Finance Company), will not
entail the prepayment of a correlative amount of Participating Loans.

 

ARTICLE 11.                                       CONFIDENTIALITY

 

11.1                                 CDC must regard as confidential, and
therefore not disclose in any way to third parties other than their consultants
or Government officials, any data, information or reports that have been
submitted under this agreement by either Borrower, by any entity directly or
indirectly affiliated to either Borrower or by one of the agents,
representatives or consultants or the Borrowers. CDC cannot disclose to third
parties any of these data, information or reports without the prior written
agreement of the Operating Company, which may refuse to give such agreement at
their discretion except where:

 

(i)         such data or information or report has become
public other than by virtue of a violation by CDC, of the stipulations of this
Article;

 

(ii)        such disclosure is imposed by the law;

 

(iii)       such disclosure is required by a court having
jurisdiction;

 

(iv)      such disclosure is explicitly authorised by
virtue of any provision of this agreement.

 

23

 

11.2                                 CDC must take all necessary measures
to ensure that confidential data and information submitted to it under this
agreement by the Borrowers, data and information which must be brought to the
attention of its employees, will only be disclosed for the sole purposes of
facilitating the management of this agreement and, in all cases, on condition
that such data or information are regarded as strictly confidential by those
employees except for the purposes of managing this agreement.

 

11.3                                 The provisions of this Article will
be binding on CDC after the date on which all sums owed by the Borrowers to CDC
under the Ordinary Loans have been paid and repaid.

 

ARTICLE 12.                                       MISCELLANEOUS

 

12.1                                 Applicable law – Election
of jurisdiction

 

This agreement will be governed
by French law and construed in accordance therewith.

 

Any dispute arising from this
agreement or its interpretation will be subject to the exclusive jurisdiction
of the competent courts situated within the area of jurisdiction of the Paris
Court of Appeal.

 

12.2                                 Expenses

 

The Borrowers agree to pay the
reasonable expenses incurred by CDC in preparing this agreement or any
supplemental agreement hereto.

 

12.3                                 Cumulative rights and
non-waiver

 

Any right arising for CDC under
this agreement or any document submitted by virtue of this agreement or on the
occasion thereof, or belonging to it in accordance with the law, may be
exercised at any time regardless of the other rights belonging to it. Should
CDC not exercise any right belonging to it or to exercise such right tardily,
this fact will not constitute a waiver on its part of its entitlement to enjoy
that right. Likewise, the total or partial exercise by CDC of a right
pertaining to it will not prevent it from exercising this right or another
right at a later date.

 

12.4                                 Notifications

 

Any communication, request or
notification to be made in accordance with the Master Agreement or this
agreement will be written or made in French and will be regarded as valid if it
is submitted in writing or sent by telex or fax to the party at the addresses
indicated below. Communications, requests or notifications made in accordance
with the stipulations of this Article will be sent:

 

•                  to the Operating Company at:

 

24

 

EURO DISNEY S.C.A. or after completion of the
Transfer,

EURO DISNEY ASSOCIES S.C.A.:

Immeubles
Administratifs

Route
Nationale 34

77700
Chessy

 

Attn.:
Direction Financements et Achats

Fax:
01 64 74 56 36.

 

•                  to the Finance Company at:

 

EURO DISNEYLAND S.N.C.

Immeubles
Administratifs

Route
Nationale 34

77700
Chessy

 

Attn.:
Direction Financement et Achats

Fax:
01 64 74 56 36.

 

•                  to CDC at:

 

LA
CAISSE DES DÉPÔTS ET CONSIGNATIONS

Direction
des Fonds d’Épargne

72,
avenue Pierre Mendès France

75914
Paris Cedex 13

Attn.:
Direction Financière

Fax:
01 58 50 07 48

 

Any amendment to the above
details will only be opposable after notification.

 

12.5                                 Severability

 

Even if any of the provisions of
this agreement are held to be null and void or unenforceable in accordance with
the applicable law, the validity, legality and enforceability of the remaining
provisions hereof will not in any way be affected.

 

12.6                                 Binding effect

 

This agreement will be binding
on and will inure to the benefit of the Operating Company, the Finance Company
and CDC, as well as their respective successors or assignees.

 

12.7                                 Transfer of rights

 

12.7.1                       The Borrowers may not transfer any of their rights or obligations
hereunder without having obtained the prior written agreement of CDC, it being
however specified that in accordance with the Transfer, CDC authorises Euro
Disney S.C.A to transfer its rights and obligations arising from this agreement
to Euro Disney Associés.

 

25

 

If the Transfer is made, the Borrowers and
CDC agree to sign any supplemental agreement to this agreement and to any
related document which proved to be necessary or desirable in order to record
Euro Disney Associés’s takeover of all the covenants of the Euro Disney S.C.A
specified hereunder and under any related document. The Borrowers guarantee the
observance of this covenant by Euro Disney Associés.

 

12.7.2                       CDC shall not transfer any of its
rights or obligations pursuant to this agreement without the prior written
consent of all Borrowers.

 

12.8                                 Absence of Novation

 

This agreement shall not operate
novation of the debt resulting from the Ordinary Loans which Ordinary Loans
terms shall remain unchanged (subject to the amendments brought to the terms of
this agreement) notwithstanding the conversion of the Participating Loans into
Ordinary Loans or the creation of new tranches. This agreement has been entered
into in view of setting forth in a sole agreement, the Agreement on the
Granting of Participating Loans as modified by the Amendments or any necessary
change made pursuant to paragraph (D) of the introduction of this agreement.

 

12.9                                 Suspensive effect – Entry
into force

 

Except for the stipulations of
Articles 3.4 (Transitory Period), this
agreement is drawn up under the condition precedent that the Transfer and
Realisation of Capital Increase be completed by no later than 31 March 2005.
If this condition precedent is fulfilled, the provisions of this agreement will
take effect on 1 October 2004. The parties to this agreement acknowledge
that all the conditions applicable both to the Ordinary Loan to the Operating
Company and the Ordinary Loan to the Finance Company are laid down and
determined under the terms of this agreement. Consequently, each party to this
agreement acknowledges and accepts that, as soon as the condition precedent
specified above has been fulfilled, the Ordinary Loan Agreements shall be
exclusively governed by the Amended and Restated Agreement on the Granting of
Ordinary Loans and the Amended and Restated Common Agreement.

 

It is stipulated that if the
Transfer and Realisation of Capital Increase are not completed by 31 March 2005
at the latest, the Ordinary Loans will continue to be governed, in particular,
by the provisions of the Agreement on the Granting of Ordinary Loans, and the
Common Agreement. In this eventuality, the provisions of this agreement will
then be regarded as null and void and ineffective.

 

In addition, it is being agreed
that:

 

26

 

(i)                                             in the absence of the Realisation of
the Capital Increase, the term of the waiver set out in the waiver request
addressed by Euro Disney S.C.A. to CDC as of 17 October 2003 and in the
Memorandum of Agreement will be extended until 31 March 2005 or, in case
of a collective bargaining pursuant to paragraph (a) of article 7.7 of the
Memorandum of Agreement, until the termination of certain stipulations pursuant
to said article.

 

(ii)                                          in case of Realisation of the
Capital Increase, CDC will not be entitled to claim any Event of Default set
out in paragraph (i) above, in any given capacity.

 

12.10                          Global Effective Rate

 

12.10.1                In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose alone, CDC declares, by way of
example, to the Finance Company, which accepts, that the global effective rate
applicable to the Ordinary Loan to the Finance Company, on the basis of a year
comprising three hundred and sixty-five (365) days, will be:

 

5.60 % per annum,

 

This global effective rate has been
calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  An Ordinary Loan to the Finance Company for a principal amount of two
hundred and eleven million eight hundred and fifty-one thousand eight hundred
and fifty-two euros and forty-three cents (€211,851,852.43), drawn and used in
its entirety on the above signing date.

 

12.10.2                In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose alone, CDC declares, by way of
example, to the Finance Company, which accepts, that the global effective rate
applicable to the Ordinary Loan B to the Finance Company, on the basis of a
year comprising three hundred and sixty-five (365) days, will be:

 

5.38 % per annum,

 

This global effective rate has been
calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  An Ordinary Loan B to the Finance Company for a principal amount of one
hundred and twenty-five million euros (€125,000,000), drawn and used in its
entirety on the date of signing of this agreement.

 

27

 

12.10.3                In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose alone, CDC declares, by way of
example, to the Finance Company, which accepts, that the global effective rate
applicable to the POSNC1 Tranche, on the basis of a year comprising three
hundred and sixty-five (365) days, will be:

 

5.38 % per annum,

 

This global effective rate has been
calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  A POSNC1 Tranche for a principal amount of forty-three million four
hundred and twenty-five thousand nine hundred and twenty-six euros and twenty
one cents (€43,425,926.21), drawn and used in its entirety on the date of
signing of this agreement.

 

12.10.4                In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose alone, CDC declares, by way of
example, to the Finance Company, which accepts, that the global effective rate
applicable to the POSNC2 Tranche, on the basis of a year comprising three
hundred and sixty-five (365) days, will be:

 

6.32 % per annum,

 

This global effective rate has been
calculated on the basis of:

 

•                  A rate of 6.15 % per annum; and

 

•                  A POSNC2 Tranche for a principal amount of forty-three million four
hundred and twenty-five thousand nine hundred and twenty-six euros and twenty
two cents (€43,425,926.22), drawn and used in its entirety on the date of
signing of this agreement.

 

12.10.5                In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose alone, CDC declares, by way of
example, to the Operating Company, which accepts, that the global effective
rate applicable to the Ordinary Loan to the Operating Company, on the basis of
a year comprising three hundred and sixty-five (365) days, will be:

 

5.39 % per annum,

 

This global effective rate has been
calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  An Ordinary Loan to the Operating Company for a principal amount of
thirty million six hundred and four thousand six hundred and ninety eight euros
and sixty three cents (€ 30,604,698.63), drawn and used in its entirety on the
date of signing of this agreement.

 

28

 

Made in Paris, on the 1st
of December 2004,

In four (4) original copies.

 

	
  For the Operating Company:

  
	
   

  
	
  EURO DISNEY S.C.A.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name: Jeffrey R. Speed

  
	
   

  
	
  For the Finance Company:

  
	
   

  
	
  EURO DISNEYLAND S.N.C.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name: Dominique Le Bourhis

  
	
   

  
	
  For CDC:

  
	
   

  
	
  LA CAISSE DES DÉPÔTS ET CONSIGNATIONS

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name: Jean François de Caffarelli

  

 

29

 

ANNEX I

 

REPAYMENT AND INTEREST PAYMENT SCHEDULES FOR
ORDINARY LOANS

 

30

 

APPLICABLE SCHEDULE TO ORDINARY LOAN TO
THE OPERATING COMPANY

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  After
  prepayment up to :

  	
   

  	
  10,000,000.00

  	
   

  	
  euros

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Contract’s
  number before the 2004 restructuring :

  	
   

  	
  0 943 857

  	
   

  	
  Ordinary
  Loan

  	
   

  
	
   

  	
  after
  the 2004 restructuring :

  	
   

  	
  1 xxx xxx

  	
   

  	
  to
  the Operating Company

  	
   

  
	
  Borrower’s
  number :

  	
   

  	
  000 123 609

  	
   

  	
  EURO
  DISNEYLAND S.C.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal
  initial amount:

  	
   

  	
  40,604,698.63

  	
   

  	
  euros

  	
   

  	 

	
  TEG

  	
   

  	
  10/01/04

  	
   

  	
  5.39%

  	
   

  	
   

  	
   

  	 

	
  Annual
  facial rate before interest’s increase :

  	
   

  	
  5.15%

  	
   

  	
   

  	
   

  	 

											

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total

  due on maturity

  	
   

  
	
  10/30/2004

  	
   

  	
  5.16

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  1,580,647.08

  	
   

  	
  1,580,647.08

  	
   

  
	
  04/30/2005

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  814,340.65

  	
   

  	
  814,340.65

  	
   

  
	
  10/30/2005

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  818,658.85

  	
   

  	
  818,658.85

  	
   

  
	
  04/30/2006

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  814,340.65

  	
   

  	
  814,340.65

  	
   

  
	
  10/30/2006

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  818,658.85

  	
   

  	
  818,658.85

  	
   

  
	
  04/30/2007

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  814,340.65

  	
   

  	
  814,340.65

  	
   

  
	
  10/30/2007

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  0.00

  	
   

  	
  818,658.85

  	
   

  	
  818,658.85

  	
   

  
	
  04/30/2008

  	
   

  	
  5.34

  	
  %

  	
  30,604,698.63

  	
   

  	
  101,511.75

  	
   

  	
  816,499.75

  	
   

  	
  918,011.50

  	
   

  
	
  10/30/2008

  	
   

  	
  5.34

  	
  %

  	
  30,503,186.88

  	
   

  	
  101,511.75

  	
   

  	
  813,792.89

  	
   

  	
  915,304.64

  	
   

  
	
  04/30/2009

  	
   

  	
  5.34

  	
  %

  	
  30,401,675.13

  	
   

  	
  121,814.10

  	
   

  	
  808,941.26

  	
   

  	
  930,755.36

  	
   

  
	
  10/30/2009

  	
   

  	
  5.34

  	
  %

  	
  30,279,861.03

  	
   

  	
  121,814.10

  	
   

  	
  809,973.98

  	
   

  	
  931,788.08

  	
   

  
	
  04/30/2010

  	
   

  	
  5.34

  	
  %

  	
  30,158,046.93

  	
   

  	
  142,116.45

  	
   

  	
  802,461.98

  	
   

  	
  944,578.43

  	
   

  
	
  10/30/2010

  	
   

  	
  5.34

  	
  %

  	
  30,015,930.48

  	
   

  	
  142,116.45

  	
   

  	
  802,917.51

  	
   

  	
  945,033.96

  	
   

  
	
  04/30/2011

  	
   

  	
  5.34

  	
  %

  	
  29,873,814.03

  	
   

  	
  162,418.79

  	
   

  	
  794,902.81

  	
   

  	
  957,321.60

  	
   

  
	
  10/30/2011

  	
   

  	
  5.34

  	
  %

  	
  29,711,395.24

  	
   

  	
  162,418.79

  	
   

  	
  794,775.42

  	
   

  	
  957,194.21

  	
   

  
	
  04/30/2012

  	
   

  	
  5.34

  	
  %

  	
  29,548,976.45

  	
   

  	
  182,721.14

  	
   

  	
  788,348.33

  	
   

  	
  971,069.47

  	
   

  
	
  10/30/2012

  	
   

  	
  5.34

  	
  %

  	
  29,366,255.31

  	
   

  	
  182,721.14

  	
   

  	
  783,475.95

  	
   

  	
  966,197.09

  	
   

  
	
  04/30/2013

  	
   

  	
  5.34

  	
  %

  	
  29,183,534.17

  	
   

  	
  223,325.84

  	
   

  	
  776,544.73

  	
   

  	
  999,870.57

  	
   

  
	
  10/30/2013

  	
   

  	
  5.34

  	
  %

  	
  28,960,208.33

  	
   

  	
  223,325.84

  	
   

  	
  774,691.49

  	
   

  	
  998,017.33

  	
   

  
	
  04/30/2014

  	
   

  	
  5.33

  	
  %

  	
  28,736,882.49

  	
   

  	
  243,628.19

  	
   

  	
  764,161.79

  	
   

  	
  1,007,789.98

  	
   

  
	
  10/30/2014

  	
   

  	
  5.33

  	
  %

  	
  28,493,254.30

  	
   

  	
  243,628.19

  	
   

  	
  761,703.74

  	
   

  	
  1,005,331.93

  	
   

  
	
  04/30/2015

  	
   

  	
  5.33

  	
  %

  	
  28,249,626.11

  	
   

  	
  284,232.89

  	
   

  	
  750,452.11

  	
   

  	
  1,034,685.00

  	
   

  
	
  10/30/2015

  	
   

  	
  5.33

  	
  %

  	
  27,965,393.22

  	
   

  	
  284,232.89

  	
   

  	
  746,841.74

  	
   

  	
  1,031,074.63

  	
   

  
	
  04/30/2016

  	
   

  	
  5.32

  	
  %

  	
  27,681,160.33

  	
   

  	
  324,837.59

  	
   

  	
  736,293.67

  	
   

  	
  1,061,131.26

  	
   

  
	
  10/30/2016

  	
   

  	
  5.32

  	
  %

  	
  27,356,322.74

  	
   

  	
  324,837.59

  	
   

  	
  727,638.15

  	
   

  	
  1,052,475.74

  	
   

  
	
  04/30/2017

  	
   

  	
  5.31

  	
  %

  	
  27,031,485.15

  	
   

  	
  365,442.29

  	
   

  	
  715,779.29

  	
   

  	
  1,081,221.58

  	
   

  
	
  10/30/2017

  	
   

  	
  5.30

  	
  %

  	
  26,666,042.86

  	
   

  	
  2,761,119.51

  	
   

  	
  708,460.43

  	
   

  	
  3,469,579.94

  	
   

  
	
  04/30/2018

  	
   

  	
  5.30

  	
  %

  	
  23,904,923.35

  	
   

  	
  548,163.43

  	
   

  	
  631,270.22

  	
   

  	
  1,179,433.65

  	
   

  
	
  10/30/2018

  	
   

  	
  5.28

  	
  %

  	
  23,356,759.92

  	
   

  	
  3,512,306.43

  	
   

  	
  618,015.76

  	
   

  	
  4,130,322.19

  	
   

  
	
  04/30/2019

  	
   

  	
  5.27

  	
  %

  	
  19,844,453.49

  	
   

  	
  730,884.58

  	
   

  	
  521,110.84

  	
   

  	
  1,251,995.42

  	
   

  
	
  10/30/2019

  	
   

  	
  5.24

  	
  %

  	
  19,113,568.91

  	
   

  	
  4,344,702.75

  	
   

  	
  501,706.98

  	
   

  	
  4,846,409.73

  	
   

  
	
  04/30/2020

  	
   

  	
  5.20

  	
  %

  	
  14,768,866.16

  	
   

  	
  954,210.42

  	
   

  	
  384,328.55

  	
   

  	
  1,338,538.97

  	
   

  
	
  10/30/2020

  	
   

  	
  5.15

  	
  %

  	
  13,814,655.74

  	
   

  	
  5,298,913.17

  	
   

  	
  355,727.39

  	
   

  	
  5,654,640.56

  	
   

  
	
  10/30/2021

  	
   

  	
  5.15

  	
  %

  	
  8,515,742.57

  	
   

  	
  5,197,401.42

  	
   

  	
  438,560.74

  	
   

  	
  5,635,962.16

  	
   

  
	
  10/30/2022

  	
   

  	
  5.15

  	
  %

  	
  3,318,341.15

  	
   

  	
  3,318,341.15

  	
   

  	
  170,894.57

  	
   

  	
  3,489,235.72

  	
   

  

 

31

 

APPLICABLE SCHEDULE TO ORDINARY LOAN TO FINANCE
COMPANY

 

32

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TOTAL

  	
   

  	
  ORDINARY
  LOANS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Borrower’s number :

  	
   

  	
  000 123 608

  	
   

  	
  EURO
  DISNEYLAND S.N.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Principal amount :

  	
   

  	
  255,274,703.96

  	
   

  	
  euros

  	
   

  	 

	
  Effective Global Rate on the :

  	
  10/01/04

  	
   

  	
  5.60%

  	
   

  	
   

  	
   

  	 

	
  Annual facial rate before
  interest’s increase :

  	
   

  	
  5.15%

  	
   

  	
   

  	
   

  	 

									

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before

  maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total due

  on maturity

  	
   

  
	
  11/02/2004

  	
   

  	
  5.37

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  10,982,749.71

  	
   

  	
  10,982,749.71

  	
   

  
	
  05/02/2005

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,822,482.65

  	
   

  	
  5,822,482.65

  	
   

  
	
  11/02/2005

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,915,726.19

  	
   

  	
  5,915,726.19

  	
   

  
	
  05/02/2006

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,822,482.65

  	
   

  	
  5,822,482.65

  	
   

  
	
  11/02/2006

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,915,726.19

  	
   

  	
  5,915,726.19

  	
   

  
	
  05/02/2007

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,822,482.65

  	
   

  	
  5,822,482.65

  	
   

  
	
  11/02/2007

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  0.00

  	
   

  	
  5,915,726.19

  	
   

  	
  5,915,726.19

  	
   

  
	
  05/02/2008

  	
   

  	
  5.54

  	
  %

  	
  211,851,852.43

  	
   

  	
  529,629.64

  	
   

  	
  5,838,108.16

  	
   

  	
  6,367,737.80

  	
   

  
	
  11/02/2008

  	
   

  	
  5.54

  	
  %

  	
  211,322,222.79

  	
   

  	
  529,629.64

  	
   

  	
  5,885,359.89

  	
   

  	
  6,414,989.53

  	
   

  
	
  05/02/2009

  	
   

  	
  5.54

  	
  %

  	
  210,792,593.15

  	
   

  	
  635,555.56

  	
   

  	
  5,793,389.17

  	
   

  	
  6,428,944.73

  	
   

  
	
  11/02/2009

  	
   

  	
  5.54

  	
  %

  	
  210,157,037.59

  	
   

  	
  635,555.56

  	
   

  	
  5,868,430.66

  	
   

  	
  6,503,986.22

  	
   

  
	
  05/02/2010

  	
   

  	
  5.54

  	
  %

  	
  209,521,482.03

  	
   

  	
  741,481.48

  	
   

  	
  5,758,476.97

  	
   

  	
  6,499,958.45

  	
   

  
	
  11/02/2010

  	
   

  	
  5.54

  	
  %

  	
  208,780,000.55

  	
   

  	
  741,481.48

  	
   

  	
  5,830,003.04

  	
   

  	
  6,571,484.52

  	
   

  
	
  05/02/2011

  	
   

  	
  5.54

  	
  %

  	
  208,038,519.07

  	
   

  	
  847,407.42

  	
   

  	
  5,717,746.09

  	
   

  	
  6,565,153.51

  	
   

  
	
  11/02/2011

  	
   

  	
  5.54

  	
  %

  	
  207,191,111.65

  	
   

  	
  847,407.42

  	
   

  	
  5,785,663.48

  	
   

  	
  6,633,070.90

  	
   

  
	
  05/02/2012

  	
   

  	
  5.54

  	
  %

  	
  206,343,704.23

  	
   

  	
  953,333.34

  	
   

  	
  5,686,415.77

  	
   

  	
  6,639,749.11

  	
   

  
	
  11/02/2012

  	
   

  	
  5.54

  	
  %

  	
  205,390,370.89

  	
   

  	
  953,333.34

  	
   

  	
  5,720,263.06

  	
   

  	
  6,673,596.40

  	
   

  
	
  05/02/2013

  	
   

  	
  5.54

  	
  %

  	
  204,437,037.55

  	
   

  	
  1,165,185.18

  	
   

  	
  5,618,828.26

  	
   

  	
  6,784,013.44

  	
   

  
	
  11/02/2013

  	
   

  	
  5.54

  	
  %

  	
  203,271,852.37

  	
   

  	
  1,165,185.18

  	
   

  	
  5,676,292.63

  	
   

  	
  6,841,477.81

  	
   

  
	
  05/02/2014

  	
   

  	
  5.54

  	
  %

  	
  202,106,667.19

  	
   

  	
  1,271,111.12

  	
   

  	
  5,551,277.14

  	
   

  	
  6,822,388.26

  	
   

  
	
  11/02/2014

  	
   

  	
  5.54

  	
  %

  	
  200,835,556.07

  	
   

  	
  1,271,111.12

  	
   

  	
  5,604,759.41

  	
   

  	
  6,875,870.53

  	
   

  
	
  05/02/2015

  	
   

  	
  5.53

  	
  %

  	
  199,564,444.95

  	
   

  	
  1,482,962.96

  	
   

  	
  5,476,132.32

  	
   

  	
  6,959,095.28

  	
   

  
	
  11/02/2015

  	
   

  	
  5.53

  	
  %

  	
  198,081,481.99

  	
   

  	
  1,482,962.96

  	
   

  	
  5,522,582.83

  	
   

  	
  7,005,545.79

  	
   

  
	
  05/02/2016

  	
   

  	
  5.53

  	
  %

  	
  196,598,519.03

  	
   

  	
  1,694,814.82

  	
   

  	
  5,402,073.41

  	
   

  	
  7,096,888.23

  	
   

  
	
  11/02/2016

  	
   

  	
  5.52

  	
  %

  	
  194,903,704.21

  	
   

  	
  1,694,814.82

  	
   

  	
  5,412,429.13

  	
   

  	
  7,107,243.95

  	
   

  
	
  05/02/2017

  	
   

  	
  5.52

  	
  %

  	
  193,208,889.39

  	
   

  	
  1,906,666.68

  	
   

  	
  5,285,201.84

  	
   

  	
  7,191,868.52

  	
   

  
	
  11/02/2017

  	
   

  	
  5.50

  	
  %

  	
  191,302,222.71

  	
   

  	
  14,405,925.96

  	
   

  	
  5,307,167.45

  	
   

  	
  19,713,093.41

  	
   

  
	
  05/02/2018

  	
   

  	
  5.50

  	
  %

  	
  176,896,296.75

  	
   

  	
  2,860,000.00

  	
   

  	
  4,826,249.79

  	
   

  	
  7,686,249.79

  	
   

  
	
  11/02/2018

  	
   

  	
  5.48

  	
  %

  	
  174,036,296.75

  	
   

  	
  18,325,185.24

  	
   

  	
  4,809,363.70

  	
   

  	
  23,134,548.94

  	
   

  
	
  05/02/2019

  	
   

  	
  5.47

  	
  %

  	
  155,711,111.51

  	
   

  	
  3,813,333.34

  	
   

  	
  4,225,246.78

  	
   

  	
  8,038,580.12

  	
   

  
	
  11/02/2019

  	
   

  	
  5.44

  	
  %

  	
  151,897,778.17

  	
   

  	
  22,668,148.21

  	
   

  	
  4,165,518.05

  	
   

  	
  26,833,666.26

  	
   

  
	
  05/02/2020

  	
   

  	
  5.41

  	
  %

  	
  129,229,629.96

  	
   

  	
  4,978,518.54

  	
   

  	
  3,476,469.53

  	
   

  	
  8,454,988.07

  	
   

  
	
  11/02/2020

  	
   

  	
  5.35

  	
  %

  	
  124,251,111.42

  	
   

  	
  27,646,666.74

  	
   

  	
  3,344,991.95

  	
   

  	
  30,991,658.69

  	
   

  
	
  11/02/2021

  	
   

  	
  5.35

  	
  %

  	
  96,604,444.68

  	
   

  	
  27,117,037.12

  	
   

  	
  5,173,151.12

  	
   

  	
  32,290,188.24

  	
   

  
	
  11/02/2022

  	
   

  	
  5.35

  	
  %

  	
  69,487,407.56

  	
   

  	
  31,989,629.72

  	
   

  	
  3,721,038.52

  	
   

  	
  35,710,668.24

  	
   

  
	
  11/02/2023

  	
   

  	
  5.35

  	
  %

  	
  37,497,777.84

  	
   

  	
  37,497,777.84

  	
   

  	
  2,007,999.45

  	
   

  	
  39,505,777.29

  	
   

  

 

33

 

APPLICABLE SCHEDULE TO THE POSNC1 TRANCHE

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  After transfer of ordinary loan
  amounting to :

  	
   

  	
  43,425,926.22

  	
   

  	
  euros

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Contract’s number before the 2004
  restructuring :

  	
   

  	
  0 943 853

  	
   

  	
  Ordinary
  Loan to the Finance Company

  	
   

  
	
   

  	
  after the 2004 restructuring :

  	
   

  	
  1 xxx xxx

  	
   

  	
  Tranche
  POSNC1

  	
   

  
	
  Borrower’s number :

  	
   

  	
  000 123 608

  	
   

  	
  EURO
  DISNEYLAND S.N.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal initial amount before
  transfer :

  	
   

  	
  86,848,777.74

  	
   

  	
  euros

  	
   

  	 

	
  TEG

  	
  10/01/04

  	
   

  	
  5.38%

  	
   

  	
   

  	
   

  	 

	
  Annual facial rate before
  interest’s increase :

  	
   

  	
  5.15%

  	
   

  	
   

  	
   

  	 

										

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total

  due on maturity

  	
   

  
	
  11/02/2004

  	
   

  	
  5.17

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  2,243,488.91

  	
   

  	
  2,243,488.91

  	
   

  
	
  05/02/2005

  	
   

  	
  5.34

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,149,365.20

  	
   

  	
  1,149,365.20

  	
   

  
	
  11/02/2005

  	
   

  	
  5.33

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,167,746.86

  	
   

  	
  1,167,746.86

  	
   

  
	
  05/02/2006

  	
   

  	
  5.34

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,149,365.20

  	
   

  	
  1,149,365.20

  	
   

  
	
  11/02/2006

  	
   

  	
  5.33

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,167,746.86

  	
   

  	
  1,167,746.86

  	
   

  
	
  05/02/2007

  	
   

  	
  5.34

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,149,365.20

  	
   

  	
  1,149,365.20

  	
   

  
	
  11/02/2007

  	
   

  	
  5.33

  	
  %

  	
  43,425,926.21

  	
   

  	
  0.00

  	
   

  	
  1,167,746.86

  	
   

  	
  1,167,746.86

  	
   

  
	
  05/02/2008

  	
   

  	
  5.34

  	
  %

  	
  43,425,926.21

  	
   

  	
  108,564.82

  	
   

  	
  1,152,445.55

  	
   

  	
  1,261,010.37

  	
   

  
	
  11/02/2008

  	
   

  	
  5.33

  	
  %

  	
  43,317,361.39

  	
   

  	
  108,564.82

  	
   

  	
  1,161,756.78

  	
   

  	
  1,270,321.60

  	
   

  
	
  05/02/2009

  	
   

  	
  5.34

  	
  %

  	
  43,208,796.57

  	
   

  	
  130,277.78

  	
   

  	
  1,143,622.25

  	
   

  	
  1,273,900.03

  	
   

  
	
  11/02/2009

  	
   

  	
  5.33

  	
  %

  	
  43,078,518.79

  	
   

  	
  130,277.78

  	
   

  	
  1,158,411.08

  	
   

  	
  1,288,688.86

  	
   

  
	
  05/02/2010

  	
   

  	
  5.34

  	
  %

  	
  42,948,241.01

  	
   

  	
  151,990.74

  	
   

  	
  1,136,730.72

  	
   

  	
  1,288,721.46

  	
   

  
	
  11/02/2010

  	
   

  	
  5.33

  	
  %

  	
  42,796,250.27

  	
   

  	
  151,990.74

  	
   

  	
  1,150,825.78

  	
   

  	
  1,302,816.52

  	
   

  
	
  05/02/2011

  	
   

  	
  5.34

  	
  %

  	
  42,644,259.53

  	
   

  	
  173,703.71

  	
   

  	
  1,128,690.59

  	
   

  	
  1,302,394.30

  	
   

  
	
  11/02/2011

  	
   

  	
  5.33

  	
  %

  	
  42,470,555.82

  	
   

  	
  173,703.71

  	
   

  	
  1,142,073.49

  	
   

  	
  1,315,777.20

  	
   

  
	
  05/02/2012

  	
   

  	
  5.34

  	
  %

  	
  42,296,852.11

  	
   

  	
  195,416.67

  	
   

  	
  1,122,502.14

  	
   

  	
  1,317,918.81

  	
   

  
	
  11/02/2012

  	
   

  	
  5.33

  	
  %

  	
  42,101,435.44

  	
   

  	
  195,416.67

  	
   

  	
  1,129,167.84

  	
   

  	
  1,324,584.51

  	
   

  
	
  05/02/2013

  	
   

  	
  5.34

  	
  %

  	
  41,906,018.77

  	
   

  	
  238,842.59

  	
   

  	
  1,109,164.57

  	
   

  	
  1,348,007.16

  	
   

  
	
  11/02/2013

  	
   

  	
  5.33

  	
  %

  	
  41,667,176.18

  	
   

  	
  238,842.59

  	
   

  	
  1,120,484.54

  	
   

  	
  1,359,327.13

  	
   

  
	
  05/02/2014

  	
   

  	
  5.33

  	
  %

  	
  41,428,333.59

  	
   

  	
  260,555.56

  	
   

  	
  1,095,803.34

  	
   

  	
  1,356,358.90

  	
   

  
	
  11/02/2014

  	
   

  	
  5.33

  	
  %

  	
  41,167,778.03

  	
   

  	
  260,555.56

  	
   

  	
  1,106,337.53

  	
   

  	
  1,366,893.09

  	
   

  
	
  05/02/2015

  	
   

  	
  5.33

  	
  %

  	
  40,907,222.47

  	
   

  	
  303,981.48

  	
   

  	
  1,080,929.67

  	
   

  	
  1,384,911.15

  	
   

  
	
  11/02/2015

  	
   

  	
  5.33

  	
  %

  	
  40,603,240.99

  	
   

  	
  303,981.48

  	
   

  	
  1,090,076.12

  	
   

  	
  1,394,057.60

  	
   

  
	
  05/02/2016

  	
   

  	
  5.32

  	
  %

  	
  40,299,259.51

  	
   

  	
  347,407.41

  	
   

  	
  1,066,253.09

  	
   

  	
  1,413,660.50

  	
   

  
	
  11/02/2016

  	
   

  	
  5.32

  	
  %

  	
  39,951,852.10

  	
   

  	
  347,407.41

  	
   

  	
  1,068,282.44

  	
   

  	
  1,415,689.85

  	
   

  
	
  05/02/2017

  	
   

  	
  5.31

  	
  %

  	
  39,604,444.69

  	
   

  	
  390,833.34

  	
   

  	
  1,043,116.51

  	
   

  	
  1,433,949.85

  	
   

  
	
  11/02/2017

  	
   

  	
  5.30

  	
  %

  	
  39,213,611.35

  	
   

  	
  2,952,962.98

  	
   

  	
  1,047,355.69

  	
   

  	
  4,000,318.67

  	
   

  
	
  05/02/2018

  	
   

  	
  5.30

  	
  %

  	
  36,260,648.37

  	
   

  	
  586,250.00

  	
   

  	
  952,438.30

  	
   

  	
  1,538,688.30

  	
   

  
	
  11/02/2018

  	
   

  	
  5.28

  	
  %

  	
  35,674,398.37

  	
   

  	
  3,756,342.62

  	
   

  	
  948,971.82

  	
   

  	
  4,705,314.44

  	
   

  
	
  05/02/2019

  	
   

  	
  5.27

  	
  %

  	
  31,918,055.75

  	
   

  	
  781,666.67

  	
   

  	
  833,657.39

  	
   

  	
  1,615,324.06

  	
   

  
	
  11/02/2019

  	
   

  	
  5.23

  	
  %

  	
  31,136,389.08

  	
   

  	
  4,646,574.10

  	
   

  	
  821,684.01

  	
   

  	
  5,468,258.11

  	
   

  
	
  05/02/2020

  	
   

  	
  5.20

  	
  %

  	
  26,489,814.98

  	
   

  	
  1,020,509.27

  	
   

  	
  685,614.09

  	
   

  	
  1,706,123.36

  	
   

  
	
  11/02/2020

  	
   

  	
  5.15

  	
  %

  	
  25,469,305.71

  	
   

  	
  5,667,083.37

  	
   

  	
  659,418.42

  	
   

  	
  6,326,501.79

  	
   

  
	
  11/02/2021

  	
   

  	
  5.15

  	
  %

  	
  19,802,222.34

  	
   

  	
  5,558,518.56

  	
   

  	
  1,019,814.45

  	
   

  	
  6,578,333.01

  	
   

  
	
  11/02/2022

  	
   

  	
  5.15

  	
  %

  	
  14,243,703.78

  	
   

  	
  6,557,314.86

  	
   

  	
  733,550.74

  	
   

  	
  7,290,865.60

  	
   

  
	
  11/02/2023

  	
   

  	
  5.15

  	
  %

  	
  7,686,388.92

  	
   

  	
  7,686,388.92

  	
   

  	
  395,849.03

  	
   

  	
  8,082,237.95

  	
   

  

 

34

 

APPLICABLE SCHEDULE TO THE POSNC2 TRANCHE

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Contract’s number after the 2004
  restructuring :

  	
   

  	
  1 xxx xxx

  	
   

  	
  Ordinary
  loan to the Finance Company

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Tranche
  POSNC2

  	
   

  
	
  Borrower’s number :

  	
   

  	
  000 123 608

  	
   

  	
  EURO
  DISNEYLAND S.N.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal amount :

  	
   

  	
  43,425,926.22

  	
   

  	
  euros

  	
   

  	 

	
  TEG

  	
  10/01/04

  	
   

  	
  6.32%

  	
   

  	
   

  	
   

  	 

	
  Annual facial rate before
  interest’s increase :

  	
   

  	
  6.15%

  	
   

  	
   

  	
   

  	 

									

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total

  due on maturity

  	
   

  
	
  11/02/2004

  	
   

  	
  6.17

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  2,281,456.93

  	
   

  	
  2,281,456.93

  	
   

  
	
  05/02/2005

  	
   

  	
  6.34

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,364,710.20

  	
   

  	
  1,364,710.20

  	
   

  
	
  11/02/2005

  	
   

  	
  6.33

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,386,661.12

  	
   

  	
  1,386,661.12

  	
   

  
	
  05/02/2006

  	
   

  	
  6.34

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,364,710.20

  	
   

  	
  1,364,710.20

  	
   

  
	
  11/02/2006

  	
   

  	
  6.33

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,386,661.12

  	
   

  	
  1,386,661.12

  	
   

  
	
  05/02/2007

  	
   

  	
  6.34

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,364,710.20

  	
   

  	
  1,364,710.20

  	
   

  
	
  11/02/2007

  	
   

  	
  6.33

  	
  %

  	
  43,425,926.22

  	
   

  	
  0.00

  	
   

  	
  1,386,661.12

  	
   

  	
  1,386,661.12

  	
   

  
	
  05/02/2008

  	
   

  	
  6.34

  	
  %

  	
  43,425,926.22

  	
   

  	
  108,564.82

  	
   

  	
  1,368,388.68

  	
   

  	
  1,476,953.50

  	
   

  
	
  11/02/2008

  	
   

  	
  6.33

  	
  %

  	
  43,317,361.40

  	
   

  	
  108,564.82

  	
   

  	
  1,379,527.12

  	
   

  	
  1,488,091.94

  	
   

  
	
  05/02/2009

  	
   

  	
  6.34

  	
  %

  	
  43,208,796.58

  	
   

  	
  130,277.78

  	
   

  	
  1,357,890.53

  	
   

  	
  1,488,168.31

  	
   

  
	
  11/02/2009

  	
   

  	
  6.33

  	
  %

  	
  43,078,518.80

  	
   

  	
  130,277.78

  	
   

  	
  1,375,574.03

  	
   

  	
  1,505,851.81

  	
   

  
	
  05/02/2010

  	
   

  	
  6.34

  	
  %

  	
  42,948,241.02

  	
   

  	
  151,990.74

  	
   

  	
  1,349,706.92

  	
   

  	
  1,501,697.66

  	
   

  
	
  11/02/2010

  	
   

  	
  6.33

  	
  %

  	
  42,796,250.28

  	
   

  	
  151,990.74

  	
   

  	
  1,366,565.78

  	
   

  	
  1,518,556.52

  	
   

  
	
  05/02/2011

  	
   

  	
  6.34

  	
  %

  	
  42,644,259.54

  	
   

  	
  173,703.71

  	
   

  	
  1,340,159.38

  	
   

  	
  1,513,863.09

  	
   

  
	
  11/02/2011

  	
   

  	
  6.33

  	
  %

  	
  42,470,555.83

  	
   

  	
  173,703.71

  	
   

  	
  1,356,171.64

  	
   

  	
  1,529,875.35

  	
   

  
	
  05/02/2012

  	
   

  	
  6.34

  	
  %

  	
  42,296,852.12

  	
   

  	
  195,416.67

  	
   

  	
  1,332,830.74

  	
   

  	
  1,528,247.41

  	
   

  
	
  11/02/2012

  	
   

  	
  6.33

  	
  %

  	
  42,101,435.45

  	
   

  	
  195,416.67

  	
   

  	
  1,340,825.33

  	
   

  	
  1,536,242.00

  	
   

  
	
  05/02/2013

  	
   

  	
  6.34

  	
  %

  	
  41,906,018.78

  	
   

  	
  238,842.59

  	
   

  	
  1,316,972.50

  	
   

  	
  1,555,815.09

  	
   

  
	
  11/02/2013

  	
   

  	
  6.33

  	
  %

  	
  41,667,176.19

  	
   

  	
  238,842.59

  	
   

  	
  1,330,532.77

  	
   

  	
  1,569,375,36

  	
   

  
	
  05/02/2014

  	
   

  	
  6.33

  	
  %

  	
  41,428,333.60

  	
   

  	
  260,555.56

  	
   

  	
  1,301,242.47

  	
   

  	
  1,561,798.03

  	
   

  
	
  11/02/2014

  	
   

  	
  6.33

  	
  %

  	
  41,167,778.04

  	
   

  	
  260,555.56

  	
   

  	
  1,313,868.25

  	
   

  	
  1,574,423.81

  	
   

  
	
  05/02/2015

  	
   

  	
  6.33

  	
  %

  	
  40,907,222.48

  	
   

  	
  303,981.48

  	
   

  	
  1,283,784.66

  	
   

  	
  1,587,766.14

  	
   

  
	
  11/02/2015

  	
   

  	
  6.33

  	
  %

  	
  40,603,241.00

  	
   

  	
  303,981.48

  	
   

  	
  1,294,760.95

  	
   

  	
  1,598,742.43

  	
   

  
	
  05/02/2016

  	
   

  	
  6.32

  	
  %

  	
  40,299,259.52

  	
   

  	
  347,407.41

  	
   

  	
  1,266,648.31

  	
   

  	
  1,614,055.72

  	
   

  
	
  11/02/2016

  	
   

  	
  6.32

  	
  %

  	
  39,951,852.11

  	
   

  	
  347,407.41

  	
   

  	
  1,269,133.28

  	
   

  	
  1,616,540.69

  	
   

  
	
  05/02/2017

  	
   

  	
  6.31

  	
  %

  	
  39,604,444.70

  	
   

  	
  390,833.34

  	
   

  	
  1,239,511.16

  	
   

  	
  1,630,344.50

  	
   

  
	
  11/02/2017

  	
   

  	
  6.30

  	
  %

  	
  39,213,611.36

  	
   

  	
  2,952,962.98

  	
   

  	
  1,245,035.27

  	
   

  	
  4,197,998.25

  	
   

  
	
  05/02/2018

  	
   

  	
  6.30

  	
  %

  	
  36,260,648.38

  	
   

  	
  586,250.00

  	
   

  	
  1,132,251.38

  	
   

  	
  1,718,501.38

  	
   

  
	
  11/02/2018

  	
   

  	
  6.28

  	
  %

  	
  35,674,398.38

  	
   

  	
  3,756,342.62

  	
   

  	
  1,128,809.89

  	
   

  	
  4,885,152.51

  	
   

  
	
  05/02/2019

  	
   

  	
  6.27

  	
  %

  	
  31,918,055.76

  	
   

  	
  781,666.67

  	
   

  	
  991,935.96

  	
   

  	
  1,773,602.63

  	
   

  
	
  11/02/2019

  	
   

  	
  6.23

  	
  %

  	
  31,136,389.09

  	
   

  	
  4,646,574.11

  	
   

  	
  978,645.54

  	
   

  	
  5,625,219.65

  	
   

  
	
  05/02/2020

  	
   

  	
  6.20

  	
  %

  	
  26,489,814.98

  	
   

  	
  1,020,509.27

  	
   

  	
  817,339.40

  	
   

  	
  1,837,848.67

  	
   

  
	
  11/02/2020

  	
   

  	
  6.15

  	
  %

  	
  25,469,305.71

  	
   

  	
  5,667,083.37

  	
   

  	
  787,460.83

  	
   

  	
  6,454,544.20

  	
   

  
	
  11/02/2021

  	
   

  	
  6.15

  	
  %

  	
  19,802,222.34

  	
   

  	
  5,558,518.56

  	
   

  	
  1,217,836.67

  	
   

  	
  6,776,355.23

  	
   

  
	
  11/02/2022

  	
   

  	
  6.15

  	
  %

  	
  14,243,703.78

  	
   

  	
  6,557,314.86

  	
   

  	
  875,987.78

  	
   

  	
  7,433,302.64

  	
   

  
	
  11/02/2023

  	
   

  	
  6.15

  	
  %

  	
  7,686,388.92

  	
   

  	
  7,686,388.92

  	
   

  	
  472,712.92

  	
   

  	
  8,159,101.84

  	
   

  

 

35

 

APPLICABLE SCHEDULE TO ORDINARY LOAN B TO THE
FINANCE COMPANY

 

36

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Participating loan’s transfer up
  to :

  	
   

  	
  125,000,000.00

  	
   

  	
  euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Contract’s number after the 2004
  restructuring

  	
   

  	
  1 xxx xxx

  	
   

  	
  B
  ordinary loan to the Finance Company

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Borrower’s number

  	
   

  	
  000 123 608

  	
   

  	
  EURO
  DISNEYLAND S.N.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal amount

  	
   

  	
  125,000,000.00

  	
   

  	
  euros

  	
   

  
	
  TEG

  	
  10/01/04

  	
   

  	
  5.38%

  	
   

  	
  Before 2nd ranking
  mortgage

  	
   

  
	
  Annual facial rater before
  interest’s increase

  	
   

  	
  5.15%

  	
   

  	
   

  	
   

  
							

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total

  due on maturity

  	
   

  
	
  11/02/2004

  	
   

  	
  5.17

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  6,457,803.87

  	
   

  	
  6,457,803.87

  	
   

  
	
  05/02/2005

  	
   

  	
  5.34

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,308,407.26

  	
   

  	
  3,308,407.26

  	
   

  
	
  11/02/2005

  	
   

  	
  5.33

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,361,318.22

  	
   

  	
  3,361,318.22

  	
   

  
	
  05/02/2006

  	
   

  	
  5.34

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,308,407.26

  	
   

  	
  3,308,407.26

  	
   

  
	
  11/02/2006

  	
   

  	
  5.33

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,361,318.22

  	
   

  	
  3,361,318.22

  	
   

  
	
  05/02/2007

  	
   

  	
  5.34

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,308,407.26

  	
   

  	
  3,308,407.26

  	
   

  
	
  11/02/2007

  	
   

  	
  5.33

  	
  %

  	
  125,000,000.00

  	
   

  	
  0.00

  	
   

  	
  3,361,318.22

  	
   

  	
  3,361,318.22

  	
   

  
	
  05/02/2008

  	
   

  	
  5.34

  	
  %

  	
  125,000,000.00

  	
   

  	
  312,500.00

  	
   

  	
  3,317,273.94

  	
   

  	
  3,629,773.94

  	
   

  
	
  11/02/2008

  	
   

  	
  5.33

  	
  %

  	
  124,687,500.00

  	
   

  	
  312,500.00

  	
   

  	
  3,344,075.99

  	
   

  	
  3,656,575.99

  	
   

  
	
  05/02/2009

  	
   

  	
  5.34

  	
  %

  	
  124,375,000.00

  	
   

  	
  375,000.00

  	
   

  	
  3,291,876.39

  	
   

  	
  3,666,876.39

  	
   

  
	
  11/02/2009

  	
   

  	
  5.33

  	
  %

  	
  124,000,000.00

  	
   

  	
  375,000.00

  	
   

  	
  3,334,445.54

  	
   

  	
  3,709,445.54

  	
   

  
	
  05/02/2010

  	
   

  	
  5.34

  	
  %

  	
  123,625,000.00

  	
   

  	
  437,500.00

  	
   

  	
  3,272,039.34

  	
   

  	
  3,709,539.34

  	
   

  
	
  11/02/2010

  	
   

  	
  5.33

  	
  %

  	
  123,187,500.00

  	
   

  	
  437,500.00

  	
   

  	
  3,312,611.48

  	
   

  	
  3,750,111.48

  	
   

  
	
  05/02/2011

  	
   

  	
  5.34

  	
  %

  	
  122,750,000.00

  	
   

  	
  500,000.00

  	
   

  	
  3,248,896.12

  	
   

  	
  3,748,896.12

  	
   

  
	
  11/02/2011

  	
   

  	
  5.33

  	
  %

  	
  122,250,000.00

  	
   

  	
  500,000.00

  	
   

  	
  3,287,418.35

  	
   

  	
  3,787,418.35

  	
   

  
	
  05/02/2012

  	
   

  	
  5.34

  	
  %

  	
  121,750,000.00

  	
   

  	
  562,500.00

  	
   

  	
  3,231,082.89

  	
   

  	
  3,793,582.89

  	
   

  
	
  11/02/2012

  	
   

  	
  5.33

  	
  %

  	
  121,187,500.00

  	
   

  	
  562,500.00

  	
   

  	
  3,250,269.89

  	
   

  	
  3,812,769.89

  	
   

  
	
  05/02/2013

  	
   

  	
  5.34

  	
  %

  	
  120,625,000.00

  	
   

  	
  687,500.00

  	
   

  	
  3,192,691.19

  	
   

  	
  3,880,191.19

  	
   

  
	
  11/02/2013

  	
   

  	
  5.33

  	
  %

  	
  119,937,500.00

  	
   

  	
  687,500.00

  	
   

  	
  3,225,275.31

  	
   

  	
  3,912,775.31

  	
   

  
	
  05/02/2014

  	
   

  	
  5.33

  	
  %

  	
  119,250,000.00

  	
   

  	
  750,000.00

  	
   

  	
  3,154,231.33

  	
   

  	
  3,904,231.33

  	
   

  
	
  11/02/2014

  	
   

  	
  5.33

  	
  %

  	
  118,500,000.00

  	
   

  	
  750,000.00

  	
   

  	
  3,184,553.63

  	
   

  	
  3,934,553.63

  	
   

  
	
  05/02/2015

  	
   

  	
  5.33

  	
  %

  	
  117,750,000.00

  	
   

  	
  875,000.00

  	
   

  	
  3,111,418.00

  	
   

  	
  3,986,418.00

  	
   

  
	
  11/02/2015

  	
   

  	
  5.33

  	
  %

  	
  116,875,000.00

  	
   

  	
  875,000.00

  	
   

  	
  3,137,745.75

  	
   

  	
  4,012,745.75

  	
   

  
	
  05/02/2016

  	
   

  	
  5.32

  	
  %

  	
  116,000,000.00

  	
   

  	
  1,000,000.00

  	
   

  	
  3,069,172.00

  	
   

  	
  4,069,172.00

  	
   

  
	
  11/02/2016

  	
   

  	
  5.32

  	
  %

  	
  115,000,000.00

  	
   

  	
  1,000,000.00

  	
   

  	
  3,075,013.41

  	
   

  	
  4,075,013.41

  	
   

  
	
  05/02/2017

  	
   

  	
  5.31

  	
  %

  	
  114,000,000.00

  	
   

  	
  1,125,000.00

  	
   

  	
  3,002,574.17

  	
   

  	
  4,127,574.17

  	
   

  
	
  11/02/2017

  	
   

  	
  5.30

  	
  %

  	
  112,875,000.00

  	
   

  	
  8,500,000.00

  	
   

  	
  3,014,776.49

  	
   

  	
  11,514,776.49

  	
   

  
	
  05/02/2018

  	
   

  	
  5.30

  	
  %

  	
  104,375,000.00

  	
   

  	
  1,687,500.00

  	
   

  	
  2,741,560.12

  	
   

  	
  4,429,060.12

  	
   

  
	
  11/02/2018

  	
   

  	
  5.28

  	
  %

  	
  102,687,500.00

  	
   

  	
  10,812,500.00

  	
   

  	
  2,731,581.99

  	
   

  	
  13,544,081.99

  	
   

  
	
  05/02/2019

  	
   

  	
  5.27

  	
  %

  	
  91,875,000.00

  	
   

  	
  2,250,000.00

  	
   

  	
  2,399,653.43

  	
   

  	
  4,649,653.43

  	
   

  
	
  11/02/2019

  	
   

  	
  5.23

  	
  %

  	
  89,625,000.00

  	
   

  	
  13,375,000.00

  	
   

  	
  2,365,188.50

  	
   

  	
  15,740,188.50

  	
   

  
	
  05/02/2020

  	
   

  	
  5.20

  	
  %

  	
  76,250,000.00

  	
   

  	
  2,937,500.00

  	
   

  	
  1,973,516.03

  	
   

  	
  4,911,016.03

  	
   

  
	
  11/02/2020

  	
   

  	
  5.15

  	
  %

  	
  73,312,500.00

  	
   

  	
  16,312,500.00

  	
   

  	
  1,898,112.70

  	
   

  	
  18,210,612.70

  	
   

  
	
  11/02/2021

  	
   

  	
  5.15

  	
  %

  	
  57,000,000.00

  	
   

  	
  16,000,000.00

  	
   

  	
  2,935,500.00

  	
   

  	
  18,935,500.00

  	
   

  
	
  11/02/2022

  	
   

  	
  5.15

  	
  %

  	
  41,000,000.00

  	
   

  	
  18,875,000.00

  	
   

  	
  2,111,500.00

  	
   

  	
  20,986,500.00

  	
   

  
	
  11/02/2023

  	
   

  	
  5.15

  	
  %

  	
  22,125,000.00

  	
   

  	
  22,125,000.00

  	
   

  	
  1,139,437.50

  	
   

  	
  23,264,437.50

  	
   

  

 

37Exhibit 4.22

 

 

AMENDED AND RESTATED AGREEMENT
ON

 

 

THE GRANTING OF PARTICIPATING
LOANS

 

 

DATED 1 DECEMBER 2004

 

BETWEEN

 

EURO DISNEY S.C.A.

 

AND

 

EURO DISNEYLAND S.N.C.

 

as Borrowers

 

AND

 

LA CAISSE
DES DÉPÔTS ET CONSIGNATIONS.

 

as Lender

 

 

 

LAW FIRM AT THE COURT OF PARIS

26, cours Albert 1er 75008 Paris Tel. +33 (0)1 40 75 60 00
Fax +33 (0)1 43 59 37 79

E-mail info@gide.com www.gide.com

1

 

BETWEEN
THE UNDERSIGNED

 

1.                            EURO DISNEY S.C.A., a société en
commandite par actions [French limited partnership] with a share
capital of € 10,826,802.92, which registered office is at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy, entered in the Meaux Trade
Register under number 334 173 887, represented by Mr. Jeffrey R. Speed, duly
authorised for the purpose hereof,

 

hereinafter “Euro Disney
S.C.A.”, and until completion of the Transfer, the “Operating Company”

 

2.                            EURO DISNEYLAND S.N.C., a société en
nom collectif [general partnership] with a share capital of €
152,000, which registered office is at Immeubles Administratifs, Route
Nationale 34, 77700 Chessy, entered in the Meaux Trade Register under number
350 141 818, represented by Mr. Dominique Le Bourhis, duly authorised for the
purpose hereof,

 

hereinafter the “Finance Company”

 

3.                            LA CAISSE DES DÉPÔTS ET
CONSIGNATIONS, an établissement public à statut special constituted pursuant
to the law of 28 April 1816, codified under article L. 518-7 et seq. of the monetary and financial Code, which main office
is situated at 56, rue de Lille, 75007 Paris, represented by Mr. Jean-François
de Caffarelli, duly authorised for the purpose hereof,

 

hereinafter “CDC” or the “Lender”.

 

2

 

TABLE OF CONTENTS

 

	
  ARTICLE 1.

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2.

  	
  TOTAL MAXIMUM PRINCIPAL AMOUNT

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3.

  	
  PAYMENT
  OF INTEREST – REPAYMENT OF PRINCIPAL

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4.

  	
  PREPAYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5.

  	
  BORROWERS – SEPARATE OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.

  	
  WAIVER OF RECOURSE

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7.

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8.

  	
  COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9.

  	
  SUBORDINATION
  OF THE PARTICIPATING LOANS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10.

  	
  EVENTS
  OF DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11.

  	
  CONFIDENTIALITY

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12.

  	
  MISCELLANEOUS

  	
   

  

 

LIST OF
ANNEXES

 

	
  ANNEX I

  	
  Repayment and Interest Payment Schedules
  for Participating Loans

  
	
   

  	
   

  
	
   

  	
  •

  	
  Applicable schedule to the Participating Loan
  to the Operating Company

  
	
   

  	
   

  	
   

  
	
   

  	
  •

  	
  Applicable schedule to the Participating
  Loan to the Finance Company

  

 

3

 

WHEREAS:

 

(A)       In accordance with the provisions of the
agreement entitled “Agreement for the Creation and Operation of Euro Disneyland
in France” entered into with the French Government on 24 March 1987 (the “Master Agreement”), the Borrowers were set up in order to
implement and operate the “Euro Disneyland” project involving the construction
of a theme park situated in Marne-la-Vallée (the “Disneyland
Park”) and its peripheral development (the “Project”).

 

CDC agreed to grant the Borrowers loans for the part financing of Phase
IA of the Project. These loans include two participating loans for which the
total principal amount as at 30 September 2004 was four hundred and two million
seven hundred and twelve thousand nine hundred and forty euros and seventy nine
cents (€402,712,940.79) (the “Participating Loans”),
which are broken down as follows:

 

•                  a Participating Loan for which the
total principal amount as at 30 September 2004, was one hundred and
twenty-eight million two hundred and ninety-four thousand nine hundred and
ninety-four euros and ninety-four cents (€128,294,994.94), granted by CDC to
the Operating Company under the terms of a Participating Loan Agreement dated 7
May 1992 as modified and amended (the “Participating Loan to the
Operating Company”);

 

•                  a Participating Loan for which the
total principal amount as at 30 September 2004 was two hundred and seventy-four
million four hundred and seventeen thousand nine hundred and forty-five euros
and eighty-five cents (€274,417,945.85), granted by CDC to the Operating
Company under the terms of three Participating Loan Agreements dated 25
November 1989, 30 May 1990 and 19 November 1990, as modified and amended (the “Participating Loan to the Finance Company”).

 

The above amounts take into account the conversion of a proportion of
the Participating Loans granted to the Finance Company (without changing the
debtor) into Ordinary Loans in the total amount of €125,000,000 (one hundred
and twenty-five million euros), as described in paragraph (C) of this introduction.

 

(B)       The terms and conditions applicable to the
Participating Loans were laid down in an agreement on the granting of
participating loans dated 17 May 1989 (the “Agreement on
the Granting of Participating Loans”) as amended by a supplemental
agreement no. 1 dated 10 August 1994 and a supplemental agreement no. 2 dated
30 September 1999 (these amendments being referred hereinafter as the “Amendments”). At the same time as the aforementioned
supplemental agreement no. 1 was signed, a common agreement was entered into
among the banks party to the Phase IA Loan Agreement, CDC, the partners of Euro
Disneyland S.N.C. party to the Phase IA Partners Advances Agreement, the banks
party to the Phase IB Loan Agreement, the partners of the Hotel SNCs and the lenders
party to the Phase IB Advances Agreement on the one hand (the “Creditors”), CDC, BNP  Paribas and
Calyon as agents on the other hand and Euro Disney S.C.A., Euro Disneyland
S.N.C. and other companies of the Euro Disney Group (the “Common
Agreement”).

 

4

 

The various provisions of the Common Agreement include a certain number
of Common Undertakings signed by Euro Disney S.C.A., Euro Disneyland S.N.C. and
other companies of the Euro Disney Group vis-à-vis the Creditors. The Common
Agreement dated 10 August 1994 has been amended and restated pursuant to the
terms of an agreement dated today, to which Euro Disney Associés is also a
party (the “Amended and Restated Common Agreement”).

 

(C)       As a result of financial difficulties
experienced by the Euro Disney Group, Euro Disney S.C.A, Euro Disneyland
S.N.C., EDL Hôtels S.C.A, the Hotel SNCs, The Walt Disney Company, CDC along
with the banks party to the Phase IA Loan Agreement, the banks party to the
Phase IB Loan Agreement and the Phase IA Partners and the Phase IB Lenders, as
represented by their respective agents BNP Paribas and Calyon, came together
with a view to drawing up, on 8 June 2004, a memorandum of agreement for the
purpose of agreeing on the necessary measures for restoring its financial
balance the terms of which had been approved by the steering committee then
amended pursuant to a letter dated 20 September 2004 addressed by Euro Disney
S.C.A. to the Creditors, said memorandum as amended by the aforementioned
letter having been agreed upon by all parties pursuant to a letter dated 30
September 2004 (the “Memorandum of Agreement”).

 

The main purpose of the
Memorandum of Agreement, in relation to the Participating Loans, is:

 

(i)                           to reschedule the repayments for the
Participating Loans for which a new schedule based on a semi-annual or annual
repayments, as the case may be, is given in Annex I attached hereto;

 

(ii)                        to make provision for contractual
provisions in connection with the servicing of the Participating Loans until
the Realisation of Capital Increase Date;

 

(iii)                     to convert the Participating Loan
granted to the Finance Company (without changing the debtor) into an Ordinary
Loan of a total amount of €125,000,000 (one hundred and twenty-five million
euros);

 

(iv)                    to make provision for the transfer,
by Euro Disney S.C.A. to Euro Disney Associés, of the Participating Loan to the
Operating Company on the date of completion of the contribution agreed between
the Euro Disney S.C.A. and Euro Disney Associés (subject to the rules governing
demergers and without entailing a squeeze out) for all or almost all of the
assets and liabilities of Euro Disney S.C.A. to Euro Disney Associés under the
contribution agreement entered into between Euro Disney S.C.A. and Euro Disney
Associés on 30 September 2004, as amended on 8 November 2004 (the “Transfer”); and

 

(v)                       to make provision for an increase in
the interest rates applicable to the Participating Loans.

 

(D)       As a consequence of the execution of
the Memorandum Agreement and for the purpose of implementing it, the Agreement
on the Granting of Participating Loans will have to be amended; in addition,
the parties hereto wish to dispose of a version of the Agreement on the
Granting of Ordinary Loans inclusive of the Amendments and that deletes from
its text any historic provision that has become obsolete, that updates certain
obsolete references, that clarifies the drafting of certain provisions, that
reflects the consequences of the Transfer and that harmonizes certain terms of
the Agreement on the Granting of Ordinary Loans with the rest of the
documentation relating to the Project.

 

5

 

(E)        The purpose of this agreement is to
materially integrate the Agreement on the Granting of Participating Loans and
the amendments set forth in paragraph (D) above and to restate the Agreement on
the Granting of Ordinary Loans in all its provisions that have not been amended
by this agreement.

 

NOW
THEREFORE THE PARTIES AGREE AS FOLLOWS

 

ARTICLE 1.       DEFINITIONS

 

The words and
expressions defined in this agreement will have the meaning given to it in this
agreement.

 

“Agreement on the Granting of Ordinary Loans” means the
agreement dated 17 May 1989, as amended by a supplemental agreement no.1 on 10
August 1994 and by a supplemental agreement no. 2 on 30 September 1999 and as
amended and restated pursuant to an agreement dated as of the date hereof,
between the Borrowers and CDC, pursuant to which agreement CDC is making
available to the Borrowers the ordinary loans (the “Ordinary
Loans”).

 

“Agreement on the Granting of Participating Loans” has the
meaning given to it in the introduction to this agreement.

 

“Amended
and Restated Agreement on the Granting of Participating Loans” means this agreement.

 

“Amended and Restated Common Agreement” has the meaning given
to it in the introduction to this agreement.

 

“Annex” means any annex to this agreement.

 

“Article” means any article to this agreement.

 

“Borrowers” means the Operating Company and the Finance
Company and “Borrower” means any one of them.

 

“Cash Pledge” has the meaning given to it in Article 3.2.2.

 

“CDC Agreements” means the Agreement on the Granting of
Ordinary Loans and the Amended and Restated Agreement on the Granting of
Participating Loans.

 

6

 

“CDC Loans Agreements Second Park” means the loan agreements
– tranches A, B, C and D – entered into on 30 September 1999 between the
Operating Company and CDC, as amended and restated as of 1 December 2004, and
the loan agreement with respect to tranche E to be entered into on the
Realisation of Capital Increase Date at the latest.

 

“Common Agreement” has the meaning given to it in the
introduction to this agreement.

 

“Disneyland Park” has the meaning given to it in the
introduction to this agreement.

 

“EURIBOR” means, in relation to any Interest Period under the
Participating Loans, the euro interbank rate expressed in the form of an annual
rate, as displayed on the TELERATE screen page 248 by the European Banking
Federation, at around 11h00 (Brussels time) two (2) Target Days before the
first day of said Interest Period (or, if this date of calculation is not a
Working Day, the first Working Day which is at least two (2) Target Days before
the first day of said Interest Period) on which interbank deposits in euro are
offered between leading banks within the euro zone for a period of time equal
to said Interest Period.

 

If this rate
is not displayed on the TELERATE screen or at the EURIBOR page of Reuters, it
will be replaced by a rate calculated by CDC, which equals the arithmetic
average (rounded up, where necessary, to the next sixteenth of a percent) of
the annual rates quoted at the request of CDC by the Reference Banks at around
15h00 (Brussels time) two (2) Target Days before the first day of the Interest
Period in question (or if this date of calculation is not a Working Day, the
first Working Day which is at least two (2) Target Days before the first day of
this Interest Period) on which deposits in euro are offered by the Reference
Banks to leading banks in the euro zone interbank market for a period of time
equal to the Interest Period in question and starting on the first day of this
Interest Period and for an amount comparable to the amount to be financed, it
being specified that if a Reference Bank does not quote rates at the request of
CDC, this rate will be determined by CDC under the conditions laid down in this
paragraph on the basis of the rates quoted by at least two other Reference
Banks. If no Reference Bank quotes rates at the request of CDC, or if just one
Reference Bank does so, the interest rate to be applied for the Interest Period
in question will be CDC’s cost of refinancing on the interbank market for the
sums for which the EURIBOR is applied on the date at which such interest rate
is determined.

 

“Euro Disney Associés” means Euro Disney Associés, société en commandite par actions [partnership limited] with
a share capital of €109,997,848.20, whose registered office is at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy, entered in the Meaux Trade
Register under number 397 471 822, a company required to apply this agreement,
as it concerns the Operating Company, at the time of the Transfer. It is
specified that until 30 September 2004, Euro Disney Associés existed under the
form of a société en nom collectif [general
partnership].

 

“Euro Disney Group” means Euro Disney S.C.A. and its present
and future affiliates.

 

“Events of Default” has the meaning given to it in Article 10
(Events of Default).

 

“Financing Agreements” means the following agreements: Phase
IA Loan Agreement, CDC Agreements, Phase IA Partners Advances Agreements, Phase
IB Loan Agreement, Phase IB Advances Agreement.

 

7

 

“Financial Year” has the meaning given to it in the Common
Undertakings.

 

“Hotel SNCs” means the following sociétés en
nom collectif [general partnerships]: Hôtel New York Associés
S.N.C., Newport Bay Club Associés S.N.C., Sequoia Lodge Associés S.N.C.,
Cheyenne Hôtel Associés S.N.C., Hôtel Santa Fe Associés S.N.C. and Centre de
Divertissements Associés S.N.C.

 

“Instalments” has the meaning given to in Article 3.2 (Payment of interest and repayment of principal).

 

“Interest Period” means, for the purposes of calculating the
interest specified in Article 3.3 (Default interest),
an interest period of three (3) months.

 

“Common Undertakings” means the covenants listed in Annex V
of the Amended and Restated Common Agreement as amended by supplemental
agreement, pursuant to any authorisation or waiver granted in accordance with
the Amended and Restated Common Agreement.

 

“Loans” means the Participating Loans and Ordinary Loans
collectively.

 

“Master Agreement” has the meaning given to it in the
introduction to this agreement.

 

“Memorandum of Agreement” has the meaning given to it in the
introduction to this agreement.

 

“New Revolving Credit Facility” has the meaning given to it
in the Amended and Restated Common Agreement.

 

“Ordinary Loans” means, collectively, the ordinary loans
granted by CDC to the Borrowers under the Amended and Restated Agreement on the
Granting of Ordinary Loans.

 

“Participating  Loan Agreements”
means the participating loan agreements entered into in accordance with the
Agreement on the Granting of Participating Loans pursuant to the model set forth
in Annex VI of the Agreement on the Granting of Participating Loans, as
modified by the Amendments, namely:

 

(i)                           the participating loan agreement
entered into on 7 May 1992 between the Operating Company and CDC bearing number
21 800122 01, as amended by supplemental agreement no. 1 dated 10 August 1994
and by supplemental agreement no. 2 dated 30 September 1999 (which attributed
the number 21 800 122 02 to the participating loan agreement granted to the
Operating Company) (the “Participating Loan to the
Operating Company Agreement”)

 

(ii)                        the participating loan agreement
entered into on 25 November 1989 between the Finance Company and CDC bearing
number 21 800119 01, as amended by supplemental agreement no. 1 dated 10 August
1994 and by supplemental agreement no. 2 dated 30 September 1999;

 

8

 

(iii)                     the participating loan agreement
entered into on 30 May 1990 between the Finance Company and CDC bearing number
21 800120 01, as amended by supplemental agreement no. 1 dated 10 August 1994
and by supplemental agreement no. 2 dated 30 September 1999; and

 

(iv)                    the participating loan agreement
entered into on 19 November 1990 between the Finance Company and CDC bearing
number 21 800121 01, as amended by supplemental agreement no. 1 dated 10 August
1994 and by supplemental agreement no. 2 dated 30 September 1999;

 

it being specified that the three
participating loans mentioned in paragraphs (ii), (iii) and (iv) above were
amalgamated, under the terms of supplemental agreement no. 2 dated 30 September
1999 to which reference is made in these paragraphs, into a single agreement
henceforth bearing the number 21 800 642 01 (the “Participating
Loan to the Finance Company Agreement”);

 

and “Participating Loan Agreement” means either of these.

 

“Participating Loans” means the Participating Loan to the
Finance Company and the Participating Loan to the Operating Company; and “Participating Loan” means any one of them.

 

“Participating Loan to the Finance Company” means the participating
loan granted by the CDC to the Finance Company pursuant to the Agreement on the
Granting of Participating Loans and the Participating Loan to the Finance
Company Agreement, to be governed, pursuant to the stipulations of Article 12.9
(Suspensive effect – Entry into force),
by the Amended and Restated Agreement on the Granting of Participating Loans,
it being specified that the Participating Loan to the Finance Company, which
principal amount was as of 30 September 2004, two hundred seventy four million
four hundred seventeen thousand nine hundred forty five euros and eighty five
cents (€ 274,417,945.85), will represent, after conversion of part of the
Participating Loan granted to the Finance Company, a principal amount of one
hundred forty nine million four hundred seventeen thousand eight hundred forty
five euros and eighty five cents (€ 149,417,845.85).

 

“Participating Loan to the Operating Company” means the
participating loan granted by the CDC to the Operating Company pursuant to the
Agreement on the Granting of Participating Loans and the Participating Loan to
the Operating Company Agreement, to be governed, pursuant to the stipulations
of Article 12.9 (Suspensive effect – Entry into force),
by the Amended and Restated Agreement on the Granting of Participating Loans,
which principal amount was as of 30 September 2004, one hundred twenty eight
million two hundred ninety four thousand nine hundred ninety four euros and
ninety four cents (€128,294,994.94).

 

“Partners Advances” means the subordinated loans granted by
the partners of the Finance Company to the latter in accordance with the “Partners Advances Agreements” attached hereto under Annex
II.

 

“Payment Date” means, for each Participating Loan, each date
for the payment of an instalment plus related interest as set forth in the
schedules attached hereto under Annex I; it being however understood that if a
Payment Date falls on a non-Working Day, the Payment Date will be deferred until
the next Working Day.

 

9

 

“Phase IA” has the meaning given to it in the Amended and
Restated Common Agreement.

 

“Phase IA Banks” means the banks and financial institutions
party to the Phase IA Loan Agreement.

 

“Phase IA Loan Agreement” means the multi-currency credit
facility agreement dated 5 September 1989 which operates by drawings or the
issuance of letters of credit between the Operating Company, the Finance
Company and the Phase IA Banks, as amended and restated as of 1 December 2004.

 

“Phase IA Partners” means the shareholders of the Finance
Company party to the Phase IA Partners Advances Agreement.

 

“Phase IA Partners Advances Agreement” means the partners
advances agreement dated 26 April 1989 between the Finance Company and its
partners, as amended and restated as of 1 December 2004.

 

“Phase IB Advances Agreement” means the agreement dated 26
April 1991 between EDL Hôtels S.C.A., the Hotel SNCs, their partners as well as
banks and financial institutions, as amended and restated as of 1 December
2004.

 

“Phase IB Loan Agreement” means the credit facility agreement
dated 25 March 1991 between EDL Hôtels S.C.A., the Hotel SNCs and banks and
financial institutions, as amended and restated as of 1 December 2004.

 

“Phase IB Lenders” means the lenders party to the Phase IB
Advances Agreement.

 

“Project” has the meaning given to it in the introduction to
this agreement.

 

“Realisation of Capital Increase” means the increase in the
share capital of Euro Disney S.C.A. the gross proceeds of which must equal at
least two hundred and fifty million euros (€250,000,000), i.e. the issue,
subscription and payment in full of the issue price of the corresponding new
shares.

 

“Realisation of Capital Increase Date” means the date at
which the Realisation of Capital Increase will be completed which date shall
occur at the latest on 31 March 2005.

 

“Reference Bank” means the main branches in Paris of Deutsche
Bank AG, BNP Paribas, Calyon and Société Générale.

 

“Restored Amount” has the meaning given to it in
Article 10.2 (Consequences of Events of Default).

 

“Revolving Credit Facility” has the meaning given to it in
the Amended and Restated Common Agreement.

 

10

 

“Target Day” means a day when the TARGET system
(Trans-European Automated Real-Time Gross Settlement Express Transfer System)
is open.

 

“Transfer” has the meaning given to it in the introduction to
this agreement.

 

“Working Day” means any whole day (other than a Saturday or a
Sunday) when banks are open for ordinary business in Paris.

 

The terms
defined in the Master Agreement which are used, but not defined, in this
agreement have the meaning given to them in the Master Agreement.

 

ARTICLE 2.       TOTAL MAXIMUM PRINCIPAL AMOUNT

 

2.1                                         Participating Loan to the
Operating Company

 

The principal amount of the Participating
Loan to the Operating Company was, as at 30 September 2004, one hundred and
twenty-eight million two hundred and ninety-four thousand nine hundred and
ninety-four euros and ninety-four cents (128,294,994.94 €).

 

2.2                                         Participating Loan to the Finance Company

 

The principal amount of the Participating Loan to the Finance Company
(i) was as at 30 September 2004 two hundred and seventy-four million four
hundred and seventeen thousand nine hundred and forty-five euros and
eighty-five cents (€274,417,945.85), and (ii) will be, on the Realisation of
Capital Increase Date (following the conversion of a part of the Participating
Loan granted to the Finance Company into an Ordinary Loan granted to the
Finance Company, up to one hundred twenty five million euros (125,000,000 €),
with retroactive effect as of 1 October 2004), one hundred and forty-nine
million four hundred and seventeen thousand nine hundred and forty-five euros
and eighty-five cents (€149,417,945.85);

 

ARTICLE 3.       PAYMENT OF INTEREST – REPAYMENT OF PRINCIPAL

 

3.1                                         Interest

 

Each Participating Loan will bear interest on
the principal amount remaining outstanding, until the date on which it has been
repaid in full, at an interest rate calculated as described in the tables given
in Annex I attached hereto.

 

Interest will be calculated on the exact
number of days based on a year of 365 or 366 days, as the case may be.

 

3.2                                         Payment of interest and
repayment of principal

 

3.2.1                              Subject to the stipulations of
article 3.4 (Transitory Period), the principal
will be repaid on each Payment Date for each of the corresponding Participating
Loans.

 

11

 

The total principal amount that will be due
and repayable for each of the Participating Loans on each of the Payment Dates
(an “Instalment”) will be equal to the
amount shown on the relevant date in the relevant repayment schedule shown in
Annex I to this agreement. Provided that this agreement comes into effect in
accordance with the provisions of Article 12.8 (Suspensive effect
– Entry into force) below, the first Instalment applicable to the
Participating Loan to the Operating Company will be due and payable on 30 April
2005, and the first Instalment applicable to the Participating Loan to the
Finance Company will be due and payable on 2 May 2005.

 

3.2.2                              Interest on the total principal
amount not yet repaid for each Participating Loan will be paid for each
Participating Loan by each Borrower concerned, on each of the Payment Dates.

 

Interest under each Instalment will be calculated on the exact number
of days during the Instalment concerned based on a 365-day year or a 366-day
year, as the case may be.

 

3.3                                         Default interest

 

If any amount payable to CDC by virtue of
this agreement is not paid on its due date, interest will accrue on a daily
basis on this unpaid amount from the above due date to the date on which this
amount is actually paid, at the three (3) month EURIBOR rate, plus three per
cent (3%) per annum. This rate may never be lower than 5.15% per annum nor
higher than 7.85% per annum and will not prejudice CDC’s right to make use of
the acceleration of maturity as stipulated in Article 10 (Events of
Default) below.

 

3.4                                         Transitory Period

 

3.4.1                              Subject to Article 3.4.2, and 3.4.3.
it has been agreed that for the period starting as of the signature date of
this agreement and ending on the Realisation of Capital Increase Date the
amounts due with respect to the Participating Loans will be serviced pursuant
to the terms of the Agreement on the Granting of the Participating Loans.

 

3.4.2                              It has been agreed that the
principal amount due on 30 October 2004 by the Operating Company and on 2
November 2004 by the Finance Company would not be paid to the CDC on this date.
The Operating Company acting as guarantor (caution réelle)
for the Finance Company and on its own behalf, pledged a sum corresponding to
the aforementioned maturity, by way of cash pledge (gage espèce),
to the benefit of CDC (this Cash Pledge being subject to the terms and
conditions of a cash pledge agreement entered into by the Operating Company and
the CDC, on the 29 October 2004) (the “Cash Pledge”).
It has been agreed (i) that in case of Realisation of Capital Increase, the
Cash Pledge would be returned to the Operating Company, the principal amount
due being then postponed of three and a half years, as it results from the
repayment schedule set forth in Annex I , it being specified that CDC will
release the Cash Pledge on the Realisation of Capital Increase Date, and (ii)
in case of non Realisation of Capital Increase, the CDC will be entitled to
retain for good the amount of the Cash Pledge and to allocate it to the
repayment of the principal amount due on 30 October 2004 and 2 November 2004.

 

12

 

3.4.3                              It has been agreed that interest
mark up (as specified in the Memorandum of Agreement) for the period running
from 1 October 2004 to the repayment dates of the Participating Loans in 2004,
vis-à-vis the paid amounts at such repayment dates pursuant to Article 3.4.1
above, i.e. with respect to the Operating Company for an amount equal to
eighteen thousand eight hundred fortry five euros and fourty one cents (€
18,845.41), and with respect to the Finance Company for an amount equal to
twenty four thousand two hundred seventy euros and ten cents (€ 24,270.10),
will be paid the fifth Working Day following the Realisation of Capital
Increase Date.

 

ARTICLE 4.       PREPAYMENT

 

4.1                                         Prepayment at the option of
the Borrowers

 

Each of the Borrowers may prepay all or part
of the Participating Loans by giving CDC a minimum written notice of thirty
(30) days. Any prepayment of Participating Loans at the option of a Borrower
will automatically entail the simultaneous repayment by that Borrower of an
amount of Ordinary Loans so that, for each Borrower, the ratio between
Participating Loans and Ordinary Loans outstanding at any given day is always
equal to 53.39 / 46.61.

 

Any prepayment of a principal amount at the
option of a Borrower must be accompanied by the payment of the interest accrued
on the principal amount repaid up to the value date of this prepayment. This
interest will be calculated on the basis of a 365-day year or a 366-day year,
as the case may be.

 

4.2                                         Adjustment of payments and
repayments following a prepayment at the option of the Borrowers

 

The principal amount of any partial
prepayment will be charged against the principal amount owed on the Payment
Dates, starting with the earliest Payment Date. CDC will send the Borrower
concerned one or several new repayment schedules for the Participating Loan in
question, which will replace the repayment schedule set forth in Annex I
attached hereto.

 

4.3                                         Any repayment, whether early or not,
of any principal amount made by the Borrowers under this agreement will be
final and the Borrowers will not be able to reborrow, under this agreement, the
amounts thus repaid.

 

4.4                                         Penalty for prepayment at
the option of the Borrowers

 

If either Borrower opts to prepay one of the
Participating Loans in accordance with the provisions given in Article 4.1 (Prepayment at the option of the Borrowers) above, that
Borrower will pay CDC a prepayment penalty equal to an amount corresponding to
ninety (90) days of interest at a rate of 5.15% per annum on the principal
amount prepaid. This interest will be calculated on the basis of ninety (90)
days in a year of 365 or 366 days, as the case may be.

 

13

 

This penalty will be payable on the
prepayment date concerned.

 

ARTICLE 5.       BORROWERS – SEPARATE OBLIGATIONS

 

The rights and obligations of each of the
Borrowers under this agreement are separate and not joint.

 

ARTICLE 6.       WAIVER OF RECOURSE

 

Notwithstanding the provisions of Article L.
221–1 of the Commercial Code, but without this affecting or limiting the scope
of any other provisions of this agreement, CDC expressly and irrevocably:

 

(i)                                             waives all claims that it would be
entitled to make against any present or future partner of the Finance Company
(the “Partners”) with regard to any
obligation of the Finance Company under this agreement; and

 

(ii)                                          abstains from undertaking any action
seeking to obtain the judicial liquidation or administrative receivership of
the Finance Company.

 

ARTICLE 7.       REPRESENTATIONS AND WARRANTIES

 

Each Borrower, acting separately and not
jointly and severally, warrants and represents, each as far as it is concerned,
that, on the date of this agreement:

 

7.1                                         It is a properly constituted company
existing legitimately under French law, it has the capacity to perform its
activities as it does now, to enter into this agreement and to fulfil its
obligations arising herefrom;

 

7.2                                         Its Manager has been duly authorised
to sign this agreement by its competent management bodies;

 

7.3                                         The signing of this agreement and
the fulfilment of the obligations arising herefrom do not contravene any
significant provision of its articles of association nor any significant clause
of any agreement or undertaking to which it is party or by which it is bound
nor violate the laws or regulations applicable to it in such a way as to bring
about the nullity of its covenants under this agreement;

 

7.4                                         This agreement is and will remain a
legal, valid and binding covenant for the Borrower concerned, in accordance
with the terms thereof;

 

14

 

7.5                                         No authorisation is required from
any public authority for the transfer and repayment of the principal, the
payment of interest and other costs inherent to this agreement; and

 

7.6                                         No legal proceedings are in progress
or, to the knowledge of the Borrower concerned, about to be brought which might
prevent or prohibit the signing or performance of this agreement or which might
affect its legal capacity to assume its obligations under this agreement.

 

ARTICLE 8.       COVENANTS

 

8.1                                         Positive covenants

 

Until all amounts owed under this agreement
are paid in full, the Borrowers undertake the following covenants:

 

(a)                        the Borrowers must notify CDC of any
significant change in their corporate structure or operation, such as, in
particular, a change of management or a change in the amount or distribution of
the share capital. The Operating Company will only however be required to
inform CDC of changes in the distribution of its capital if CDC makes an
explicit request and the changes involved are significant;

 

(b)                       the Borrowers agree to observe and
fulfil all of the obligations contracted under the terms of the Amended and
Restated Common Agreement and the Common Undertakings;

 

(c)                        the Borrowers will, on a yearly
basis, submit their balance sheets, income statements and annexes to CDC
without fifteen (15) days of these being approved by their shareholders or
partners, as applicable; and

 

(d)                       the Borrowers shall provide CDC with
any document, agreement or information that they have to submit to Phase IA
Banks or Phase IB Banks, the Phase IA Partners or Phase IB Lenders, or any of
their agents, under the conditions precedent to the coming into effect of the
amended and restated versions of the Phase IA Loan Agreement, of the Phase IB
Loan Agreement, of the Phase IA Advances Agreement and of Phase IB Advances
Agreement and in the same forms required by the aforementioned agreements.

 

8.2                                         Negative covenants

 

Until all amounts owed under
this agreement are paid in full, the Borrowers covenant not to merge with
another entity without the prior approval of CDC. Such approval cannot be
refused if:

 

(i)                           the
entity resulting from this merger takes over the full debt contracted or due to
be contracted by virtue of this agreement by the Borrower concerned; and

 

15

 

(ii)                       immediately
after the completion of the merger, there is no Event of Default; and

 

(iii)                    the entity resulting from
the merger observes the terms of Article 8 of the Master Agreement;

 

it being however specified that CDC authorises the Operating Company to
make the Transfer.

 

ARTICLE 9.       SUBORDINATION OF THE PARTICIPATING LOANS

 

The Participating Loans are subject to the
provisions of law no. 78–741 of 13 July 1978 (Articles L. 313–13 et seq of the
Monetary and Financial Code). In particular, in the event of the voluntary or
court-ordered winding-up of the Borrowers, these Participating Loans will only
be repaid after all other preferential or unsecured creditors have been paid
off.

 

If the Borrowers are placed under
administrative receivership but continue to operate, the repayment of the
Participating Loans and the payment of the fees specified will be suspended
throughout the entire period during which the business continuation plan is put
into effect.

 

ARTICLE 10.  EVENTS OF DEFAULT

 

10.1                                  Definition of Events of
Default

 

The occurrence of any of the following events
will constitute an event of default (“Event of Default”)
against the Borrowers:

 

(A)                                      any principal amount owed to CDC
under the Participating Loans is unpaid on its due date and remains unpaid for
five (5) Working Days after a notification to this effect has been sent by CDC
to the Borrower concerned;

 

(B)                                        one of the covenants made by either
of the Borrowers in Article 8 (Covenants) of
this agreement, except for the covenants under the ratios set out in article 2
of the Common Undertakings, is not observed and the Borrower concerned has not
remedied nor is about to remedy this default within thirty (30) days of the
notification sent to that Borrower requesting that the default be remedied;

 

(C)                                        one of the essential representations
or warranties made or given under this agreement is not observed or proves to
be incorrect;

 

(D)                                       any non-subordinated debt resulting
from a loan of sums of money totalling more than one million five hundred and
twenty-four thousand four hundred and ninety euros (€1,524,490) in relation to
the Finance Company, or totalling more than seven million six hundred and
twenty-two thousand four hundred and fifty euros (€7,622,450) in relation to
the Operating Company, is declared due and payable in advance as a result of
the existence of a breach on the part of the Finance Company or the Operating
Company, as applicable;

 

16

 

(E)                                         either Borrower requests the
appointment of a conciliator or is the subject of judgment declaring its
court-ordered winding-up;

 

(F)                                         a final judgment not subject to
appeal is delivered against one of the Borrowers ordering the latter to pay a
sum greater than thirty million four hundred and eighty-nine thousand eight
hundred and three euros (€30,489,803), in relation to the Finance Company, or
greater than seventy-six million two hundred and twenty-four thousand five
hundred and eight euros (€76,224,508), in relation to the Operating Company,
and the Borrower concerned does not make the payment within thirty (30) days;

 

(G)                                        voluntary withdrawal from the
operation of Disneyland Park for a period greater than six (6) months.

 

10.2                                  Consequences of Events of
Default

 

If an Event of Default occurs, CDC may
declare the total outstanding amount of the Participating Loans granted to be
immediately due and payable, fifteen (15) days after notification regarding an
Event of Default has been sent to the Borrower concerned, except in the case of a violation of the ratios set out in article 2 of
the Common Undertakings for the Financial Year N, it being specified that in
such case, CDC will not have the right to notify the accelerated maturity of
the Ordinary Loans before 30 January of the Financial Year N+1 or, in case of a
change in the accounting principles and rules, before 28 February of Financial
Year N+1, provided that such violation is remedied in the following conditions
and time limits:

 

Euro Disney Associés may restore, as
applicable, the amount of DSCR or Forecast DSCR (as such terms are defined in
the Common Undertakings) through either (i) a transfer of new liquidities under
the form of equity capital or Subordinated Debt (as such terms are defined in
the Common Undertakings) of Euro Disney Associés or (ii) a discharge of
receivables (inclusive or not of a “return to better fortunes” clause) or the
carry forward of payments that may, in both cases, give rise to a payment only
after the date at which all amounts owed (in principal or interest) under the
CDC Loans Agreements Second Park and the CD Long Term Subordinated Debt
Agreement (as such terms are defined in the Amended and Restated Common
Agreement) have been paid in full and will be the subject of a subordination
agreement to be entered into with CDC (the “Restored
Amount”).

 

The Restored Amount (to be added to the
numerator pursuant to the calculation of the DSCR and the Forecast DSCR) will
be equal to the higher of:

 

(i)                                             the Restored Amount having for
effect to restore the DSCR; and

 

(ii)                                          the Restored Amount having for
effect to restore the Forecast DSCR.

 

17

 

The Euro Disney Associés’s cash (trésorerie) will have to have entirely benefited from the
Restored Amount by 30 January of the Financial Year N+1 at the latest, or in
case of a change in accounting principles and rules, by 28 February of the
Financial Year N+1 at the latest.

 

However, this option cannot be exercised
during the period of consultation with the creditors of the Borrowers and, in
particular, with CDC on the authorisations to be given by them to the Borrowers
under the conditions set forth in Article 3 (Authorisations
relating to Common Undertakings) of the Amended and Restated Common
Agreement.

 

ARTICLE 11.  CONFIDENTIALITY

 

11.1                                  CDC must regard as confidential, and
therefore not disclose in any way to third parties other than their consultants
or Government officials, any data, information or reports that have been
provided under this agreement by either Borrower, by any entity directly or
indirectly affiliated to either Borrower or by one of the agents,
representatives or consultants or the Borrowers. CDC cannot disclose to third
parties any of these data, information or reports without the prior written
agreement of the Operating Company, which may refuse to give such agreement at
their discretion except where:

 

(i)                          such
data or information or report has become public other than by virtue of a
violation by CDC, of the stipulations of this Article;

 

(ii)                       such
disclosure is imposed by the law;

 

(iii)                    such disclosure is required
by a court having jurisdiction;

 

(iv)                   such disclosure is
explicitly authorised by virtue of any provision of this agreement.

 

11.2                                  CDC must take all necessary measures
to ensure that confidential data and information provided to it under this
agreement by the Borrowers, data and information which must be brought to the
attention of its employees, will only be disclosed for the sole purposes of
facilitating the management of this agreement and, in all cases, on condition
that such data or information are regarded as strictly confidential by those
employees except for the purposes of managing this agreement.

 

11.3                                  The provisions of this Article will
be binding on CDC after the date on which all sums owed by the Borrowers to CDC
under the Ordinary Loans have been paid and repaid.

 

18

 

ARTICLE 12.  MISCELLANEOUS

 

12.1                                  Applicable law – Election
of jurisdiction

 

This agreement will be governed by French law
and construed in accordance therewith.

 

Any dispute arising from this agreement or
its interpretation will be subject to the exclusive jurisdiction of the
competent courts situated within the area of jurisdiction of the Paris Court of
Appeal.

 

12.2                                  Expenses

 

The Borrowers agree to pay the reasonable
expenses incurred by CDC in preparing this agreement or any supplemental
agreement hereto.

 

12.3                                  Cumulative rights and
non-waiver

 

Any right arising for CDC under this
agreement or any document submitted by virtue of this agreement or on the
occasion thereof, or belonging to it in accordance with the law, may be
exercised at any time regardless of the other rights belonging to it. Should
CDC not exercise any right belonging to it or exercise such right tardily, this
fact will not constitute a waiver on its part of its entitlement to enjoy that
right. Likewise, the total or partial exercise by CDC of a right pertaining to
it will not prevent it from exercising this right or another right at a later
date.

 

12.4                                  Notifications

 

Any communication, request or notification to
be made in accordance with the Master Agreement or this agreement will be
written or made in French and will be regarded as valid if it is submitted in
writing or sent by telex or fax to the other party at the addresses indicated
below. Communications, requests or notifications made in accordance with the
provisions of this Article will be sent:

 

•                  to the Operating Company at:

 

EURO DISNEY S.C.A. or after the Transfer, EURO DISNEY ASSOCIES S.C.A.:

Immeubles Administratifs [Administrative Buildings]

Route Nationale 34

77700 Chessy

 

Attn.:  Direction
Financement et Achats [Finance and Procurement Department]

Fax: 01 64
74 56 36.

 

•                  to the Finance Company at:

 

EURO DISNEYLAND S.N.C.

Immeubles
Administratifs [Administrative Buildings]

Route
Nationale 34

77700 Chessy

 

19

 

Attn.:
Direction Financement et Achats

[Finance
and Procurement Department]

Fax:
01 64 74 56 36.

 

•                  to CDC at:

 

LA CAISSE
DES DÉPÔTS ET CONSIGNATIONS

Direction des
Fonds d’Épargne [Savings Funds Department]

72, avenue
Pierre Mendès France

75914 Paris
Cedex 13

 

Attn.:
Direction Financière

[Finance
Department]

Fax: 01 58 50 07 48

 

Any amendment to the above details will only
be opposable after notification.

 

12.5                                  Severability

 

Even if any of the provisions of this
agreement are held to be null and void or unenforceable in accordance with the
applicable law, the validity, legality and enforceability of the remaining
provisions hereof will not in any way be affected.

 

12.6                                  Binding effect

 

This agreement will be binding on and will
inure to the benefit of the Operating Company, the Finance Company and CDC, as
well as their respective successors or assignees.

 

12.7                                  Transfer of rights

 

12.7.1                       The Borrowers may not transfer any
of their rights or obligations hereunder without having obtained the prior
written agreement of CDC, it being however specified that in accordance with
the Transfer, CDC authorises Euro Disney S.C.A. to transfer its rights and
obligations arising from this agreement to Euro Disney Associés.

 

If the Transfer is made, the Borrowers and CDC agree to sign any
supplemental agreement to this agreement and to any related document which
proved to be necessary or desirable in order to record Euro Disney Associés’s
takeover of all the covenants of Euro Disney S.C.A. specified hereunder and
under any related document. The Borrowers guarantee the observance of this
covenant by Euro Disney Associés.

 

12.7.2                        CDC shall not transfer any of its
rights or obligations pursuant to this agreement without the prior written
consent of all Borrowers.

 

20

 

12.8                                  Absence of Novation

 

This agreement shall not operate novation of
the debt resulting from the Participating Loans which Participating Loans terms
shall remain unchanged (subject to the amendments brought to the terms of this
agreement) notwithstanding the conversion of the Participating Loans into
Ordinary Loans or the creation of new tranches. 
This agreement has been entered into in view of setting forth setting
forth in a sole agreement, the Agreement on the Granting of Participating Loans
as modified by the Amendments or any necessary change made pursuant to
paragraph (D) of the introduction of this agreement.

 

12.9                                  Suspensive effect – Entry
into force

 

Except for the stipulations of Articles 3.4 (Transitory Period), this agreement is drawn up under the
condition precedent that the Transfer and Realisation of Capital Increase be
completed by no later than 31 March 2005. If this condition precedent is
fulfilled, the provisions of this agreement will take effect on 1 October 2004.
The parties to this agreement acknowledge that all the conditions applicable
both to the Participating Loan to the Operating Company and the Participating
Loan to the Finance Company are laid down and determined under the terms of
this agreement. Consequently, each party to this agreement acknowledges and
accepts that, as soon as the condition precedent specified above has been
fulfilled, the Participating Loan Agreements will shall be exclusively governed
by the Amended and Restated Agreement on the Granting of Participating Loans
and the Amended and Restated Common Agreement.

 

It is stipulated that if the Transfer and
Realisation of Capital Increase are not completed by 31 March 2005 at the
latest, the Participating Loans will continue to be governed, in particular, by
the provisions of the Agreement on the Granting of Participating Loans and the
Common Agreement. In this eventuality, the provisions of this agreement will
then be regarded as null and void and ineffective.

 

In addition, it is being agreed that:

 

(i)                                             in the absence of the Realisation of
the Capital Increase, the term of the waiver set out in the waiver request
addressed by Euro Disney S.C.A. to CDC as of 17 October 2003 and in the
Memorandum of Agreement will be extended until 31 March 2005 or, in case of a
collective bargaining pursuant to paragraph (a) of article 7.7 of the
Memorandum of Agreement, until termination of certain stipulations pursuant to
said article.

 

(ii)                                            in case of Realisation of the
Capital Increase, CDC will not be entitled to claim any Event of Default set
out in paragraph (i) above, in any given capacity.

 

21

 

12.10                           Global Effective Rate

 

12.10.1                In order to meet the requirements of
Articles L. 313–1 and L. 313–2 of the French Consumer Code and for this purpose
alone, CDC declares, by way of example, to the Operating Company, which
accepts, that the annual percentage rate applicable to the Participating Loan
to the Operating Company, on the basis of a year comprising three hundred and
sixty-five (365) days, will be:

 

5.38 % per annum,

 

This Annual Percentage Rate has been calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  A Participating Loan to the
Operating Company for a principal amount of one hundred and twenty-eight
million two hundred and ninety-four thousand nine hundred and ninety-four euros
and ninety-four cents (€128,294,994.94), drawn and used in its entirety on the
date of signing of this agreement.

 

12.10.2                In order to meet the requirements of
Articles L. 313–1 and L. 313–2 of the French Consumer Code and for this purpose
alone, CDC declares, by way of example, to the Finance Company, which accepts,
that the annual percentage rate applicable to the Participating Loan to the
Finance Company, on the basis of a year comprising three hundred and sixty-five
(365) days, will be:

 

5.38 % per annum,

 

This Annual Percentage Rate has been calculated on the basis of:

 

•                  A rate of 5.15 % per annum; and

 

•                  A Participating Loan to the Finance
Company for a principal amount of one hundred and forty-nine million four
hundred and seventeen thousand nine hundred and forty-five euros and
eighty-five cents (€149,417,945.85), drawn and used in its entirety on the date
of signing of this agreement.

 

Made in Paris, on the 1st of
December 2004,

In four (4) original copies.

 

	
  For the Operating Company:

  
	
   

  
	
  EURO DISNEY S.C.A.

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name: Jeffrey
  R. Speed

  

 

22

 

	
  For the Finance Company:

  
	
   

  
	
  EURO DISNEYLAND S.N.C.

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name: Dominique
  Le Bourhis

  
	
   

  
	
  For CDC:

  
	
   

  
	
  LA CAISSE DES DÉPÔTS ET CONSIGNATIONS

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name:
  Jean François de Caffarelli

  

 

23

 

ANNEX I

 

REPAYMENT AND INTEREST PAYMENT SCHEDULES FOR
PARTICIPATING LOANS

 

24

 

APPLICABLE SCHEDULE TO PARTICIPATING LOAN TO
THE OPERATING COMPANY

 

25

 

CAISSE DES DEPÔTS ET CONSIGNATIONS 

 

DIRECTION DES FONDS D'EPARGNE

 

REPAYMENT SCHEDULE 

 

 

	
  Contract’s number before the 2004 restructuring
  :

  	
  0
  943 973

  	
  Participating
  Loan

  
	
  after the 2004 restructuring :

  	
  1
  xxx xxx

  	
  to the Operating Company

  
	
  Borrower’s
  number :

  	
  000
  123 609

  	
  EURO DISNEYLAND S.C.A.

  
				

 

	
  Principal
  amount :

  	
  128,294,994.94

  	
  euros

  
	
  Effective Global Rate on the :  10/01/04

  	
   

  	
  5.38%

  	
   

  
	
  Annual facial rate before interest’s increase :

  	
   

  	
  5.15%

  	
   

  

 

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before

  maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total due

  on maturity

  	
   

  
	
  10/30/2004

  	
   

  	
  5.16

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  6,626,077.65

  	
   

  	
  6,626,077.65

  	
   

  
	
  04/30/2005

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,413,718.64

  	
   

  	
  3,413,718.64

  	
   

  
	
  10/30/2005

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,431,820.54

  	
   

  	
  3,431,820.54

  	
   

  
	
  04/30/2006

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,413,718.64

  	
   

  	
  3,413,718.64

  	
   

  
	
  10/30/2006

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,431,820.54

  	
   

  	
  3,431,820.54

  	
   

  
	
  04/30/2007

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,413,718.64

  	
   

  	
  3,413,718.64

  	
   

  
	
  10/30/2007

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  0.00

  	
   

  	
  3,431,820.54

  	
   

  	
  3,431,820.54

  	
   

  
	
  04/30/2008

  	
   

  	
  5.34

  	
  %

  	
  128,294,994.94

  	
   

  	
  320,737.49

  	
   

  	
  3,422,769.59

  	
   

  	
  3,743,507.08

  	
   

  
	
  10/30/2008

  	
   

  	
  5.34

  	
  %

  	
  127,974,257.45

  	
   

  	
  320,737.49

  	
   

  	
  3,414,218.39

  	
   

  	
  3,734,955.88

  	
   

  
	
  04/30/2009

  	
   

  	
  5.34

  	
  %

  	
  127,653,519.96

  	
   

  	
  384,884.99

  	
   

  	
  3,396,661.51

  	
   

  	
  3,781,546.50

  	
   

  
	
  10/30/2009

  	
   

  	
  5.34

  	
  %

  	
  127,268,634.97

  	
   

  	
  384,884.99

  	
   

  	
  3,404,384.30

  	
   

  	
  3,789,269.29

  	
   

  
	
  04/30/2010

  	
   

  	
  5.34

  	
  %

  	
  126,883,749.98

  	
   

  	
  449,032.48

  	
   

  	
  3,376,192.94

  	
   

  	
  3,825,225.42

  	
   

  
	
  10/30/2010

  	
   

  	
  5.34

  	
  %

  	
  126,434,717.50

  	
   

  	
  449,032.48

  	
   

  	
  3,382,092.37

  	
   

  	
  3,831,124.85

  	
   

  
	
  04/30/2011

  	
   

  	
  5.34

  	
  %

  	
  125,985,685.02

  	
   

  	
  513,179.98

  	
   

  	
  3,352,312.96

  	
   

  	
  3,865,492.94

  	
   

  
	
  10/30/2011

  	
   

  	
  5.34

  	
  %

  	
  125,472,505.04

  	
   

  	
  513,179.98

  	
   

  	
  3,356,370.91

  	
   

  	
  3,869,550.89

  	
   

  
	
  04/30/2012

  	
   

  	
  5.34

  	
  %

  	
  124,959,325.06

  	
   

  	
  577,327.48

  	
   

  	
  3,333,837.18

  	
   

  	
  3,911,164.66

  	
   

  
	
  10/30/2012

  	
   

  	
  5.34

  	
  %

  	
  124,381,997.58

  	
   

  	
  577,327.48

  	
   

  	
  3,318,445.04

  	
   

  	
  3,895,772.52

  	
   

  
	
  04/30/2013

  	
   

  	
  5.34

  	
  %

  	
  123,804,670.10

  	
   

  	
  705,622.47

  	
   

  	
  3,294,318.73

  	
   

  	
  3,999,941.20

  	
   

  
	
  10/30/2013

  	
   

  	
  5.34

  	
  %

  	
  123,099,047.63

  	
   

  	
  705,622.47

  	
   

  	
  3,292,924.66

  	
   

  	
  3,998,547.13

  	
   

  
	
  04/30/2014

  	
   

  	
  5.33

  	
  %

  	
  122,393,425.16

  	
   

  	
  769,769.97

  	
   

  	
  3,254,645.95

  	
   

  	
  4,024,415.92

  	
   

  
	
  10/30/2014

  	
   

  	
  5.33

  	
  %

  	
  121,623,655.19

  	
   

  	
  769,769.97

  	
   

  	
  3,251,337.74

  	
   

  	
  4,021,107.71

  	
   

  
	
  04/30/2015

  	
   

  	
  5.33

  	
  %

  	
  120,853,885.22

  	
   

  	
  898,064.96

  	
   

  	
  3,210,486.83

  	
   

  	
  4,108,551.79

  	
   

  
	
  10/30/2015

  	
   

  	
  5.33

  	
  %

  	
  119,955,820.26

  	
   

  	
  898,064.96

  	
   

  	
  3,203,531.34

  	
   

  	
  4,101,596.30

  	
   

  
	
  04/30/2016

  	
   

  	
  5.32

  	
  %

  	
  119,057,755.30

  	
   

  	
  1,026,359.96

  	
   

  	
  3,166,827.91

  	
   

  	
  4,193,187.87

  	
   

  
	
  10/30/2016

  	
   

  	
  5.32

  	
  %

  	
  118,031,395.34

  	
   

  	
  1,026,359.96

  	
   

  	
  3,139,462.40

  	
   

  	
  4,165,822.36

  	
   

  
	
  04/30/2017

  	
   

  	
  5.31

  	
  %

  	
  117,005,035.38

  	
   

  	
  1,154,654.96

  	
   

  	
  3,098,230.84

  	
   

  	
  4,252,885.80

  	
   

  
	
  10/30/2017

  	
   

  	
  5.30

  	
  %

  	
  115,850,380.42

  	
   

  	
  8,724,059.66

  	
   

  	
  3,077,899.86

  	
   

  	
  11,801,959.52

  	
   

  
	
  04/30/2018

  	
   

  	
  5.30

  	
  %

  	
  107,126,320.76

  	
   

  	
  1,731,982.43

  	
   

  	
  2,828,942.62

  	
   

  	
  4,560,925.05

  	
   

  
	
  10/30/2018

  	
   

  	
  5.28

  	
  %

  	
  105,394,338.33

  	
   

  	
  11,097,517.06

  	
   

  	
  2,788,715.68

  	
   

  	
  13,886,232.74

  	
   

  
	
  04/30/2019

  	
   

  	
  5.27

  	
  %

  	
  94,296,821.27

  	
   

  	
  2,309,309.91

  	
   

  	
  2,476,213.10

  	
   

  	
  4,785,523.01

  	
   

  
	
  10/30/2019

  	
   

  	
  5.24

  	
  %

  	
  91,987,511.36

  	
   

  	
  13,727,564.46

  	
   

  	
  2,414,555.72

  	
   

  	
  16,142,120.18

  	
   

  
	
  04/30/2020

  	
   

  	
  5.20

  	
  %

  	
  78,259,946.90

  	
   

  	
  3,014,932.38

  	
   

  	
  2,036,549.82

  	
   

  	
  5,051,482.20

  	
   

  
	
  10/30/2020

  	
   

  	
  5.15

  	
  %

  	
  75,245,014.52

  	
   

  	
  16,742,496.84

  	
   

  	
  1,937,559.12

  	
   

  	
  18,680,055.96

  	
   

  
	
  10/30/2021

  	
   

  	
  5.15

  	
  %

  	
  58,502,517.68

  	
   

  	
  16,421,759.35

  	
   

  	
  3,012,879.66

  	
   

  	
  19,434,639.01

  	
   

  
	
  10/30/2022

  	
   

  	
  5.15

  	
  %

  	
  42,080,758.33

  	
   

  	
  19,372,544.23

  	
   

  	
  2,167,159.05

  	
   

  	
  21,539,703.28

  	
   

  
	
  10/30/2023

  	
   

  	
  5.15

  	
  %

  	
  22,708,214.10

  	
   

  	
  22,708,214.10

  	
   

  	
  1,169,473.03

  	
   

  	
  23,877,687.13

  	
   

  

 

26

 

APPLICABLE SCHEDULE TO PARTICIPATING LOAN TO
FINANCE COMPANY

 

27

 

CAISSE DES DEPÔTS ET CONSIGNATIONS 

 

DIRECTION
DES FONDS D'EPARGNE

 

REPAYMENT SCHEDULE

 

	
  After transferof Ordinary Loan amounting to : 

  	
  125,000,000.00

  	
  euros

  

 

	
  Contract’s number before the 2004 restructuring
  :

  	
  0
  943 975

  	
  Participating
  Loan

  
	
  after the 2004 restructuring :

  	
  1
  xxx xxx

  	
  to the Finance Company

  
	
  Borrower’s
  number :

  	
  000
  123 608

  	
  EURO
  DISNEYLAND S.N.C.

  
				

 

	
  Principal initial amount before transfer

  	
  274,408,231.03

  	
  euros

  
	
  Effective Global Rate on the :  10/01/04

  	
   

  	
  5.38%

  	
   

  
	
  Annual facial rate before interest’s increase :

  	
   

  	
  5.15%

  	
   

  

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before

  maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total due

  on maturity

  	
   

  
	
  11/02/2004

  	
   

  	
  5.17

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  7,719,294.31

  	
   

  	
  7,719,294.31

  	
   

  
	
  05/02/2005

  	
   

  	
  5.34

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  3,954,683.34

  	
   

  	
  3,954,683.34

  	
   

  
	
  11/02/2005

  	
   

  	
  5.33

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  4,017,930.11

  	
   

  	
  4,017,930.11

  	
   

  
	
  05/02/2006

  	
   

  	
  5.34

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  3,954,683.34

  	
   

  	
  3,954,683.34

  	
   

  
	
  11/02/2006

  	
   

  	
  5.33

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  4,017,930.11

  	
   

  	
  4,017,930.11

  	
   

  
	
  05/02/2007

  	
   

  	
  5.34

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  3,954,683.34

  	
   

  	
  3,954,683.34

  	
   

  
	
  11/02/2007

  	
   

  	
  5.33

  	
  %

  	
  149,417,945.85

  	
   

  	
  0.00

  	
   

  	
  4,017,930.11

  	
   

  	
  4,017,930.11

  	
   

  
	
  05/02/2008

  	
   

  	
  5.34

  	
  %

  	
  149,417,945.85

  	
   

  	
  373,544.86

  	
   

  	
  3,965,282.07

  	
   

  	
  4,338,826.93

  	
   

  
	
  11/02/2008

  	
   

  	
  5.33

  	
  %

  	
  149,044,400.99

  	
   

  	
  373,544.86

  	
   

  	
  3,997,319.72

  	
   

  	
  4,370,864.58

  	
   

  
	
  05/02/2009

  	
   

  	
  5.34

  	
  %

  	
  148,670,856.13

  	
   

  	
  448,253.84

  	
   

  	
  3,934,923.27

  	
   

  	
  4,383,177.11

  	
   

  
	
  11/02/2009

  	
   

  	
  5.33

  	
  %

  	
  148,222,602.29

  	
   

  	
  448,253.84

  	
   

  	
  3,985,808.02

  	
   

  	
  4,434,061.86

  	
   

  
	
  05/02/2010

  	
   

  	
  5.34

  	
  %

  	
  147,774,348.45

  	
   

  	
  522,962.81

  	
   

  	
  3,911,211.17

  	
   

  	
  4,434,173.98

  	
   

  
	
  11/02/2010

  	
   

  	
  5.33

  	
  %

  	
  147,251,385.64

  	
   

  	
  522,962.81

  	
   

  	
  3,959,708.83

  	
   

  	
  4,482,671.64

  	
   

  
	
  05/02/2011

  	
   

  	
  5.34

  	
  %

  	
  146,728,422.83

  	
   

  	
  597,671.78

  	
   

  	
  3,883,547.08

  	
   

  	
  4,481,218.86

  	
   

  
	
  11/02/2011

  	
   

  	
  5.33

  	
  %

  	
  146,130,751.05

  	
   

  	
  597,671.78

  	
   

  	
  3,929,594.37

  	
   

  	
  4,527,266.15

  	
   

  
	
  05/02/2012

  	
   

  	
  5.34

  	
  %

  	
  145,533,079.27

  	
   

  	
  672,380.76

  	
   

  	
  3,862,254.15

  	
   

  	
  4,534,634.91

  	
   

  
	
  11/02/2012

  	
   

  	
  5.33

  	
  %

  	
  144,860,698.51

  	
   

  	
  672,380.76

  	
   

  	
  3,885,189.20

  	
   

  	
  4,557,569.96

  	
   

  
	
  05/02/2013

  	
   

  	
  5.34

  	
  %

  	
  144,188,317.75

  	
   

  	
  821,798.70

  	
   

  	
  3,816,362.87

  	
   

  	
  4,638,161.57

  	
   

  
	
  11/02/2013

  	
   

  	
  5.33

  	
  %

  	
  143,366,519.05

  	
   

  	
  821,798.70

  	
   

  	
  3,855,312.10

  	
   

  	
  4,677,110.80

  	
   

  
	
  05/02/2014

  	
   

  	
  5.33

  	
  %

  	
  142,544,720.35

  	
   

  	
  896,507.68

  	
   

  	
  3,770,390.14

  	
   

  	
  4,666,897.82

  	
   

  
	
  11/02/2014

  	
   

  	
  5.33

  	
  %

  	
  141,648,212.67

  	
   

  	
  896,507.68

  	
   

  	
  3,806,635.70

  	
   

  	
  4,703,143.38

  	
   

  
	
  05/02/2015

  	
   

  	
  5.33

  	
  %

  	
  140,751,704.99

  	
   

  	
  1,045,925.62

  	
   

  	
  3,719,213.48

  	
   

  	
  4,765,139.10

  	
   

  
	
  11/02/2015

  	
   

  	
  5.33

  	
  %

  	
  139,705,779.37

  	
   

  	
  1,045,925.62

  	
   

  	
  3,750,684.21

  	
   

  	
  4,796,609.83

  	
   

  
	
  05/02/2016

  	
   

  	
  5.32

  	
  %

  	
  138,659,853.75

  	
   

  	
  1,195,343.57

  	
   

  	
  3,668,715.00

  	
   

  	
  4,864,058.57

  	
   

  
	
  11/02/2016

  	
   

  	
  5.32

  	
  %

  	
  137,464,510.18

  	
   

  	
  1,195,343.57

  	
   

  	
  3,675,697.50

  	
   

  	
  4,871,041.07

  	
   

  
	
  05/02/2017

  	
   

  	
  5.31

  	
  %

  	
  136,269,166.61

  	
   

  	
  1,344,761.51

  	
   

  	
  3,589,107.72

  	
   

  	
  4,933,869.23

  	
   

  
	
  11/02/2017

  	
   

  	
  5.30

  	
  %

  	
  134,924,405.10

  	
   

  	
  10,160,420.32

  	
   

  	
  3,603,693.68

  	
   

  	
  13,764,114.00

  	
   

  
	
  05/02/2018

  	
   

  	
  5.30

  	
  %

  	
  124,763,984.78

  	
   

  	
  2,017,142.27

  	
   

  	
  3,277,106.26

  	
   

  	
  5,294,248.53

  	
   

  
	
  11/02/2018

  	
   

  	
  5.28

  	
  %

  	
  122,746,842.51

  	
   

  	
  12,924,652.32

  	
   

  	
  3,265,178.96

  	
   

  	
  16,189,831.28

  	
   

  
	
  05/02/2019

  	
   

  	
  5.27

  	
  %

  	
  109,822,190.19

  	
   

  	
  2,689,523.03

  	
   

  	
  2,868,410.30

  	
   

  	
  5,557,933.33

  	
   

  
	
  11/02/2019

  	
   

  	
  5.23

  	
  %

  	
  107,132,667.16

  	
   

  	
  15,987,720.21

  	
   

  	
  2,827,212.86

  	
   

  	
  18,814,933.07

  	
   

  
	
  05/02/2020

  	
   

  	
  5.20

  	
  %

  	
  91,144,946.95

  	
   

  	
  3,511,321.73

  	
   

  	
  2,359,029.70

  	
   

  	
  5,870,351.43

  	
   

  
	
  11/02/2020

  	
   

  	
  5.15

  	
  %

  	
  87,633,625.22

  	
   

  	
  19,499,041.94

  	
   

  	
  2,268,896.81

  	
   

  	
  21,767,938.75

  	
   

  
	
  11/02/2021

  	
   

  	
  5.15

  	
  %

  	
  68,134,583.28

  	
   

  	
  19,125,497.07

  	
   

  	
  3,508,931.04

  	
   

  	
  22,634,428.11

  	
   

  
	
  11/02/2022

  	
   

  	
  5.15

  	
  %

  	
  49,009,086.21

  	
   

  	
  22,562,109.82

  	
   

  	
  2,523,967.94

  	
   

  	
  25,086,077.76

  	
   

  
	
  11/02/2023

  	
   

  	
  5.15

  	
  %

  	
  26,446,976.39

  	
   

  	
  26,446,976.39

  	
   

  	
  1,362,019.28

  	
   

  	
  27,808,995.67

  	
   

  

 

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]