Document:

Exhibit 4.3

 

Translation for information purpose only

 

BNP PARIBAS

 

Financing

Projects

Financing

Structures

 

37 Place du

Marché Saint Honoré

75001 PARIS

 

tél. 33 1 43

16 91 92

fax 33 1 42 98

19 89

 

 

	

   

  	

  EURO

  DISNEY SCA

  
	

   

  	

  BP 100

  
	

   

  	

  77777 MARNE

  LA VALLEE CEDEX 4

  
	

   

  	

   

  
	

   

  	

  For

  the attention of Mr NAIM and Mr LE BOURHIS

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  October 16, 2002

  

 

 

Re :

Euro Disney

Common

Agreement of August 10, 1994

Derogations

relating to Financial Covenants

 

 

 

Dear Sirs,

 

As Phase IA

Bank Agent, we are pleased to inform you that in compliance with the provisions

of Article 3.2. of the Common Agreement, the Phase IA Bank Group (First Voting

College) has decided in accordance with the conditions stipulated in Article

3.1.1. of the Common Agreement to approve your Derogation Authorisation

requested in your letter dated September 30, 2002.

 

Yours

faithfully,

 

 

 

	

  Martine

  AUBERT

  	

  Stéphanie

  MATTENET

  

 

 

 

Copy :  Crédit Agricole Indosuez (Mr S. Zouaoui)

 Caisse des Dépôts et Consignations (C. Le

Corre/C. Tanguy)

 

95Exhibit 4.4

 

Translation for information purpose only

 

CREDIT AGRICOLE INDOSUEZ

 

Financing

Projects Department

Financing

Management

 

 

	

   

  	

  EURO

  DISNEY SCA

  
	

   

  	

  BP 100

  
	

   

  	

  77777 MARNE

  LA VALLEE CEDEX 4

  
	

   

  	

   

  
	

   

  	

  For

  the attention of Mr NAIM and Mr LE BOURHIS

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  October 17,

  2002

  

 

 

Re :

Euro Disney

Common

Agreement of August 10, 1994

Derogations

relating to Financial Covenants

 

 

 

Dear Sirs,

 

As Phase IA

Partners’Agent and Phase IB Banks and Lenders’Agent, we are pleased to inform

you that in compliance with the provisions of Article 3.2. of the Common

Agreement, the Second Voting College (Phase IA Partners) and the Third Voting

College (Phase IB Banks and Lenders), have decided in accordance with the

conditions stipulated in Article 3.1.1. of the Common Agreement to approve your

Derogation Authorisation requested in your letter dated September 30, 2002.

 

Yours

faithfully,

 

 

 

	

  Alexandra

  BOLESLAWSKI

  	

  Samy ZOUAOUI

  

 

 

 

Copy :  BNP Paribas (M. Aubert/S. Mattenet)

 Caisse des Dépôts et Consignations (C. Le

Corre/C. Tanguy)

 

96Exhibit 4.5

 

 

[The following exhibit is a translation for information

purposes only of one of the amendments to CDC Walt Disney Studios Park Loans

signed on November 18, 2002. As these amendments include the same terms and

provisions for each of the four CDC Walt Disney Studios Park Loans, we have

provided only the amendments for Tranche A as a model.] 

 

97

 

Translation

for information purpose only 

 

 

 

AMENDMENT

 

TO THE TRANCHE A

 

LOAN AGREEMENT

 

 

Dated 30

September 1999

 

 

 

Between

 

 

 

EURO DISNEY S.C.A.

 

The

Borrower

 

 

 

and

 

 

 

LA CAISSE DES DEPOTS ET

CONSIGNATIONS

 

The

Lender

 

98

 

CONTENTS

 

 

	

  ARTICLE 1.

  	

  Definitions

  
	

   

  	

   

  
	

  ARTICLE 2.

  	

  Amendment of Article (xi)

  (subordination) of the Tranche A Loan Agreement

  
	

   

  	

   

  
	

  ARTICLE 3.

  	

  Effective Global Rate

  
	

   

  	

   

  
	

  ARTICLE 4.

  	

  General Provisions

  
	

   

  	

   

  
	

  ARTICLE 5.

  	

  Effective Date

  
	

   

  	

   

  
	

  ARTICLE 6.

  	

  Applicable Law and

  Jurisdiction

  

 

 

99

 

AMENDMENT TO THE TRANCHE A LOAN AGREEMENT

 

 

Between :

 

1.              Euro

Disney S.C.A., a French partnership limited by

shares (société en commandite par actions)

having its registered office at Immeubles Administratifs, Route Nationale 34,

Chessy, Seine-et-Marne, represented by its Management company, Euro Disney

S.A., itself represented by [XX],

 

(hereafter referred to as the “Borrower”)

 

ON THE ONE

HAND 

 

And :

 

 

2.              La Caisse des Depôts et Consignations, a public entity with

special legal status, having its registered office at 56 Rue de Lille, 75007

Paris, represented by [XX],

 

(hereafter referred to as the “CDC”)

 

ON THE

OTHER HAND

 

100

 

RECITALS :

 

 

(A)                    Pursuant to a loan agreement dated 30 September 1999 entered into by

and between Euro Disney S.C.A. as the Borrower and CDC (the “Tranche A

Loan Agreement”), CDC made available a loan to the Borrower of

seventy-six million two hundred and twenty-four thousand four hundred euros (€

76,224,400) (the “Loan”) to be used to finance part of the

Second Theme Park.

 

(B)                      By letter dated December 21, 2001, the Borrower informed CDC that it

had Insufficient Available Cash, in accordance with article 2.3.2 of the

Subordination Agreement.

 

(C)                      Following said notice and the resulting deferral of the interest due

date in accordance with subsection 11.02 (ii) of the Tranche A Loan Agreement,

the Borrower and CDC have agreed to amend some of the financial terms and

conditions applicable to the Loan and relating to interest owed by the

Borrower, payment of which has been deferred.

 

101

 

NOW, THEREFORE, IT IS AGREED AS FOLLOWS :

 

 

ARTICLE 1.          DEFINITIONS

 

1.1         The terms and expressions defined in the Tranche A Loan Agreement

and used in this contractual amendment shall have the meaning ascribed to them in

the Tranche A Loan Agreement.

 

1.2         In addition, the Borrower and CDC agree that article I (Definitions)

of the Tranche A Loan Agreement shall be supplemented with the following

definitions : “Reference Banks”, “Euribor”, “Business Day”, “Target Day”

and “Interest

Period”.

 

“Reference

Banks” means the main Paris branches of Deustche Bank AG, BNP Paribas, Crédit

Lyonnais and Société Générale.

 

“Euribor” means, for each Interest Period

under the Loan, the annual Euro inter-bank offered rate listed under the

auspices of the European Union Banking Federation and published on Telerate

page 248 at approximately 11 a.m. (Brussels time) two (2) Target Days before

the first day of said Interest Period (or, if this date is not a Business day,

the nearest Business Day at least two (2) Target Days before the first day of

said Interest Period) at which euro inter-bank deposits are offered between

leading banks within the Euro Zone for a period corresponding to the duration

of said Interest Period.

 

If the rate is not published on Telerate, it shall be replaced by a

rate calculated by CDC corresponding to the average (rounded up, where

applicable, to the nearest sixteenth percent) of the annual rates communicated

to CDC by the Reference Banks at approximately 3 p.m. (Brussels time) two (2)

Target Days before the first day of the Interest Period in question (or, if

this date is not a Business Day, the nearest Business Day at least two (2)

Target Days before the first day of said Interest Period) at which euro

inter-bank deposits are offered by the Reference Banks to leading banks within

the Euro Zone for a period corresponding to the duration of the Interest Period

in question, from the first day of said Interest Period and for a similar

amount to the amount to be financed. It is understood that if a Reference Bank

fails to communicate rate to CDC, the rates shall be calculated by CDC in the

manner described in this paragraph on the basis of the rates communicated by at

least two other Reference Banks. In the event none of the Reference Banks

communicate rates to CDC, or if only one Reference Bank does so, the interest

rate for the Interest Period in question shall be CDC’s costs of refinancing on

the interbank market for the sums to which Euribor is to be applied.

 

“Business Day” means any

day (other than Saturday or Sundays) on which banks in Paris are open for

business for the entire day, and which is a Target Day.

 

“Target Day” means the

day on which the Target system (Trans-European Automated Real-Time Cross

Settlement Express Transfer System) is open.

 

“Interest

Period” means, for the calculation of interest pursuant to article 11.04, a

three (3) month interest period, on the understanding that the first day of

each Interest Period shall fall on 1st January, 1st

April, 1st July and 1st October of each year.

 

102

 

ARTICLE 2                                        AMENDMENT OF ARTICLE (XI) (Subordination) OF THE TRANCHE A LOAN

AGREEMENT

 

The Borrower

and CDC agree to replace the existing article 11.04 with the following article

:

 

“11.04. Interest rate to be applied in the

event of deferral of payment

 

In the event any sum whatsoever that may be owed to

CDC under the Loan (other than any interest accrued on a sum whose due date has

been deferred in accordance with article 11.02) is not paid on its normal due

date, and said due date is rescheduled pursuant to article 11.02 above,

interest shall accrue on said sum until its actual date of payment at the rate

“Tj” defined for each Interest Period in question as follows:

 

	

   

  	

  Tj =

  	

   

  	

  [the highest of the following two

  rates :

  
	

   

  	

   

  	

   

  	

  (i)

  	

   

  	

  Euribor for the Interest Period in

  question plus two percent (2%) per annum ; or

  
	

   

  	

   

  	

   

  	

  (ii)

  	

   

  	

  5.15% per annum]

  
	

   

  	

   

  	

  +

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  [a x 0.30% per annum]

  

 

when “a” is a number of whole years lapsed between the date of deferral

and the first day of each Interest Period in question (inclusive).

 

Interest at Euribor plus the additional percentage

shall be calculated for the exact number of days payment is deferred during the

Interest Period in question, on the basis of a 360-day year.

 

The first Interest Period shall start on the day

after the date of deferral of payment of the sums that have fallen due and for

which payment is deferred pursuant to article 11.02 above, and all subsequent

Interest Periods shall start at the end of the previous Interest Period.”

 

 

ARTICLE 3.          EFFECTIVE GLOBAL

RATE

 

The Borrower

accepts that because the exact date of payment of those sums whose payment is

deferred in accordance with article 11.02 cannot be established, the effective

global rate (taux effectif global) cannot be calculated for said sums. However,

earlier today CDC delivered a letter to the Borrower setting out the effective

global rate applicable to said sums, calculated on the basis of various

assumptions. Said letter forms an integral part of this contractual amendment.

 

 

ARTICLE 4.          GENERAL

PROVISIONS

 

4.1                     The provisions of this contractual amendment shall take precedence

over any provision of the Tranche A Loan Agreement, including any conflicting

provision.

 

4.2                     All other provisions of the Tranche A Loan Agreement that have not

been modified by this contractual amendment shall remain in full effect.

 

 

ARTICLE 5.          EFFECTIVE

RATE

 

The parties to

this contractual agreement agree that it shall enter into effect retroactively,

from 31 December 2001.

 

103

 

ARTICLE 6.          APPLICABLE

LAW AND JURISDICTION

 

6.1                       This amendment shall be governed by French law as

regards its interpretation and performance.

 

6.2                       Any dispute arising in connection with this amendment

or its interpretation shall be referred to the proper courts located within the

district of the Paris Appeal Court (Cour

d’Appel de Paris), and they shall have exclusive jurisdiction.

 

 

Executed in

Paris, on November 18, 2002

In three

originals

 

 

Euro Disney S.C.A.

Represented by

Euro Disney, its Management company

Represented by

Mr Serge Naïm

 

 

La Caisse des Dépôts et Consignations

Represented by

Mr Jacques Ollivier

 

104

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]