Document:

Exhibit 4.16(b)

 

English translation for information only

 

1 December 2004

 

EURO DISNEYLAND IN FRANCE

Phase IA and Additional Land

 

 

Phase IA Credit Facility Agreement dated 5 September
1989 as Amended and Restated

 

 

EURO DISNEYLAND S.N.C.

and

EURO DISNEY ASSOCIES S.C.A.

as Borrowers

 

and

 

THE BANKS

as listed

 

 

BNP PARIBAS

as Agent

 

 

Legal advisers to the Agent

Slaughter and May

112, avenue Kléber

75116 Paris

 

Legal advisers to the Borrowers

Freshfields Bruckhaus Deringer

2 - 4, rue Paul Cézanne

75008 Paris

 

 

TABLE OF CONTENTS

 

	
  SECTION I INTRODUCTION

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  DEFINITIONS AND INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  TOTAL OUTSTANDING AMOUNT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION II SECURITY INTERESTS

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  SECURITY INTERESTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION III INTEREST

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  INTEREST

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  OVERDUE AMOUNTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION IV LOAN ACCOUNTS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  LOAN ACCOUNTS

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  AUTHORISED INVESTMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION V REPAYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  MANDATORY REPAYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  PREPAYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION VI
  CHANGES IN CIRCUMSTANCES

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  INABILITY TO
  DETERMINE ANY BASE RATE

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  ADDITIONAL COSTS

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  IMPOSSIBILITY

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  WITHHOLDING

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  CONSEQUENTIAL ACTION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION VII FEES, EXPENSES, STAMP
  DUTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  FEES

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  COSTS AND EXPENSES

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  ENFORCEMENT EXPENSES

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  STAMP DUTY AND
  REGISTRATION FEES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION VIII PAYMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  PAYMENTS BY BORROWERS

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  PAYMENT DATE

  	
   

  

 

 

	
  21.

  	
  APPLICATION OF PAYMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION IX REPRESENTATIONS AND
  WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  22.

  	
  REPRESENTATIONS AND
  WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION X UNDERTAKINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  23.

  	
  GENERAL UNDERTAKINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  24.

  	
  PROJECT UNDERTAKINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  25.

  	
  INFORMATION UNDERTAKINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XI EVENTS OF DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  26.

  	
  CONSEQUENCES OF EVENT OF
  DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  27.

  	
  LIST OF EVENTS OF DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XII CO-DEBTOR, INDEMNITIES, NO
  RECOURSE AND SUBROGATION

  	
   

  
	
   

  	
   

  	
   

  
	
  28.

  	
  CO-DEBTOR

  	
   

  
	
   

  	
   

  	
   

  
	
  29.

  	
  INDEMNITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  30.

  	
  NO RECOURSE AGAINST FINANCING
  COMPANY PARTNERS, FINANCING COMPANY NOT A CO-DEBTOR

  	
   

  
	
   

  	
   

  	
   

  
	
  31.

  	
  SUBROGATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XIII THE AGENT AND THE BANKS

  	
   

  
	
   

  	
   

  	
   

  
	
  32.

  	
  THE AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  33.

  	
  THE BANKS

  	
   

  
	
   

  	
   

  	
   

  
	
  34.

  	
  INDEPENDENT CONTRACT

  	
   

  
	
   

  	
   

  	
   

  
	
  35.

  	
  NO
  RESPONSIBILITIES FOR THE PROJECT OR THE MANAGEMENT OF EITHER BORROWER

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XIV
  INSURANCE CONSULTANT

  	
   

  
	
   

  	
   

  	
   

  
	
  36.

  	
  INSURANCE CONSULTANT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  XV DESIGNATED OFFICES AND TRANSFERS

  	
   

  
	
   

  	
   

  	
   

  
	
  37.

  	
  DESIGNATED OFFICES

  	
   

  
	
   

  	
   

  	
   

  
	
  38.

  	
  ASSIGNMENT BY BORROWERS

  	
   

  
	
   

  	
   

  	
   

  
	
  39.

  	
  ASSIGNMENT BY THE BANKS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XVI
  CONFIDENTIALITY

  	
   

  
	
   

  	
   

  	
   

  
	
  40.

  	
  CONFIDENTIALITY

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION XVII
  MISCELLANEOUS

  	
   

  

 

 

	
  41.

  	
  PROCEDURES FOR
  IDENTIFICATION OF BORROWERS

  	
   

  
	
   

  	
   

  	
   

  
	
  42.

  	
  NOTICES

  	
   

  
	
   

  	
   

  	
   

  
	
  43.

  	
  CALCULATIONS AND DETERMINATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  44.

  	
  EVIDENCE ACCOUNTS

  	
   

  
	
   

  	
   

  	
   

  
	
  45.

  	
  SUCCESSORS AND ASSIGNS

  	
   

  
	
   

  	
   

  	
   

  
	
  46.

  	
  NO WAIVER

  	
   

  
	
   

  	
   

  	
   

  
	
  47.

  	
  EFFECTIVE GLOBAL RATE

  	
   

  
	
   

  	
   

  	
   

  
	
  48.

  	
  SURVIVAL OF WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  49.

  	
  SEVERABILITY OF PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  50.

  	
  AMENDMENTS AND ABSENCE OF
  NOVATION

  	
   

  
	
   

  	
   

  	
   

  
	
  51.

  	
  LANGUAGE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  XVIII GOVERNING LAW AND JURISDICTION

  	
   

  
	
   

  	
   

  	
   

  
	
  52.

  	
  GOVERNING LAW

  	
   

  
	
   

  	
   

  	
   

  
	
  53.

  	
  JURISDICTION

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1 BANKS

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE
  2 FORM OF NOTICE OF INTEREST PERIOD

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE
  3 FORM OF NOTICE OF TRANSFER TO THE AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4
  INSURANCE MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  INDEX

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4
  INSURANCE MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  PART
  ONE OBLIGATIONS OF THE BORROWERS RELATING TO INSURANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4 INSURANCE MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  PART
  TWO INSURANCE RELATING TO THE OPERATION PHASE

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4 INSURANCE MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  PART THREE MANDATORY
  ENDORSEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4 INSURANCE MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  PART
  FOUR FORM OF CERTIFICATE TO BE SENT TO THE AGENT BY THE INSURANCE BROKERS ON
  BEHALF OF THE BORROWERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4 INSURANCE
  MEMORANDUM

  	
   

  
	
   

  	
   

  	
   

  
	
  PART FIVE NOTICE OF
  DELEGATION

  	
   

  

 

 

	
  SCHEDULE 5 SECURITY
  INTERESTS

  	
   

  
	
   

  	
   

  
	
  PART
  ONE PLEDGE OF AMOUNTS UNDER THE LOAN ACCOUNTS (CONTRAT DE NANTISSEMENT
  DU SOLDE DES COMPTES DE PRÊTS)

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 5 SECURITY INTERESTS

  	
   

  
	
   

  	
   

  
	
  PART
  TWO (A) ADDITIONAL RECOURSE TO A THIRD PARTY DEBTOR (CONVENTION
  DE DÉLÉGATION IMPARFAITE) OF CO-DEBTORS OTHER THAN THE OPERATING
  COMPANY

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 5 SECURITY
  INTERESTS

  	
   

  
	
   

  	
   

  
	
  PART
  TWO (B) ADDITIONAL RECOURSE TO A THIRD PARTY DEBTOR (CONVENTION
  DE DÉLÉGATION IMPARFAITE) OF THE OPERATING COMPANY

  	
   

  

 

 

BETWEEN:

 

1)                                    EURO DISNEYLAND S.N.C., a French société  en nom collectif
whose registered office is at Immeubles Administratifs, Route Nationale 34,
77700 Chessy, registered at the Trade and Companies Registry of Meaux under
number B 350 141 818;

 

2)                                    EURO DISNEY ASSOCIES S.C.A., a French société  en commandite par actions
whose registered office is at Immeubles Administratifs, Route Nationale 34,
77700 Chessy, registered at the Trade and Companies Registry of Meaux under
number B 397 471 822;

 

(hereinafter
referred to together as the “Borrowers”),

 

3)                                    The BANKS;

 

as hereinafter
defined,

 

AND

 

4)                                    BNP PARIBAS a French société anonyme whose registered office is at 16, boulevard
des Italiens, 75009 Paris as agent,

 

(hereinafter
referred to as the “Agent”),

 

WHEREAS:

 

(A)                             Pursuant
to a Phase IA Credit Amendment and Restatement Agreement dated 1 December
2004, the parties thereto agreed (a) to compile a consolidated version of the
multi-currency loan and letter of credit facilities agreement dated 5 September
1989, including the amendments made by the supplemental agreements dated 10
August 1994 and 17 March 1995 respectively and the authorisation and waiver
requests relating to the Covenants dated 6 September 1999, (b) to amend that
consolidated version with a view to (i) excluding therefrom historical provisions
which have become irrelevant, updating certain references, clarifying the
drafting of certain clauses, joining the tranches into a single tranche,
converting the letter of credit facility into a loan facility, converting the
revolving credit facilities into term loans, deleting the currencies other than
the Euro, reflecting the consequences of the Contribution, and (ii)
implementing the Memorandum of Agreement, and (c) restating the Agreement’s
unamended provisions, all as provided in the amended and restated agreement
scheduled thereto.

 

(B)                               This
amended and restated agreement is the agreement so scheduled; at the
Restatement Date, Euro Disney Associés S.C.A. (“Euro Disney
Associés”) became

 

 

party to the Agreement, in substitution for
Euro Disney S.C.A., pursuant to a contribution agreement dated 30 September
2004 as amended on 8 November 2004.

 

(C)                               At the
Restatement Date, after being prepaid in part, the amount of the Euro Disney
Associés Loan is € 84,798,748.59 and the amount of the Euro Disneyland
S.N.C. Loan is € 188,689,495.75.

 

NOW, THEREFORE, IT IS
HEREBY AGREED as follows:

 

SECTION
I 

INTRODUCTION

 

1.                                     DEFINITIONS AND INTERPRETATION

 

(A)                             Except
where the context otherwise requires, terms defined in the Agreement and the
Schedules have the meanings ascribed to them in the Amended and Restated Common
Agreement or in the Covenants and, in addition, the following terms have the
following respective meanings:

 

“Additional Land”
means that land, not being land required for Phase IA, with an area of
approximately 73 hectares described in the Phase IA Development Plan, but
excluding any part thereof by reference to whose purchase price the Total
Outstanding Amount shall have been reduced in accordance with paragraph
(G)(2)(b)(ii) of Clause 23 (General undertakings).

 

“Agent” means
BNP Paribas and any successor Agent appointed in accordance with Clause 32 (The Agent).

 

“Agreement”
means the multi-currency loan and letter of credit facilities agreement dated 5
September, 1989 between the Borrowers and the Banks as amended and restated on
the Restatement Date.

 

“Asset Sales Agreement
(Protocole Meubles)”
means the agreement dated 26 April 1989 entitled Protocole de
Vente de Meubles between Euro Disney S.C.A. and the Financing
Company, as amended.

 

“Authorised Investment”
means any of the following:

 

(1)                                  securities
(valeurs mobilières) bearing interest or
sold at a discount, issued or guaranteed by any country or corporation whose
long-term unsecured debt is rated at the time of purchase at least “AA” (whether
graded plus or minus or otherwise qualified) by Standard and Poor’s Rating
Services, a division of the Mc Graw Hill Companies Inc. (“S&P”) or “Aa”
(whether graded 1, 2 or 3 or otherwise qualified) by Moody’s Investor Services,
Inc. (“Moody’s”);

 

2

 

(2)                                  certificates
of deposit issued by and bankers acceptances of any bank whose short-term
unsecured debt is rated at the time of purchase at least “P1” by Moody’s or “A1”
by S&P;

 

(3)                                  commercial
paper or promissory notes issued by any company whose short-term unsecured debt
is rated at the time of purchase at least “P1” by Moody’s or “A1” by S&P;

 

(4)                                  accounts,
whether current or deposit, with any deposit-taking institution whose
short-term and long-term unsecured debt are rated, at the date upon which sums
are credited thereto, respectively at least “P1” and “Aa” by Moody’s and “A1”
and “AA” by “S&P”;

 

(5)                                  debt
securities issued or guaranteed by the European Union, the European Investment
Bank or the World Bank;

 

(6)                                  deposits
with CDC; or

 

(7)                                  any
other investment approved from time to time by the Agent,

 

provided that each of such investments
(unless otherwise agreed by the Agent) shall be denominated in Euro, shall
mature not more than six months after the date of its acquisition, subscription
or realisation, and shall be readily marketable at the time the same shall be
so acquired, subscribed or realised.

 

“Banks” means
the financial institutions whose respective names at 1 December 2004 are set
out in Schedule 1, Part One, their respective successors in title and
assigns and any other financial institution to which the rights, benefits
and/or obligations of any Bank under the Agreement may eventually be assigned,
in whole or in part, pursuant to Clause 39 (Assignment by the Banks).

 

“Base Rate”
means:

 

(i)                                     in
respect of any Interest Period applicable to any Loan (or part thereof),
EURIBOR; and

 

(iii)                               in
respect of any other period applicable to any amount payable by a Borrower,
EONIA.

 

“Borrower” means
either the Financing Company or the Operating Company and “Borrowers”
means both of them.

 

“Borrowers’ Certificate”
means the certificate referred to in paragraph (A) of Clause 26 (Information Undertaking).

 

“Business Day”
means a whole day on which banks are open for business (i) in Paris and London
and (ii) where a payment is to be made in Euro, which is a TARGET Day.

 

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

 

3

 

“CDC Sharing Agreement”
means the agreement dated 30 October 1989 between CDC and the Banks, as amended
by supplemental agreements dated 10 August 1994 and 1 December 2004 2004
respectively, pursuant to which CDC and the Banks agreed as to the sharing of
certain Security Interests.

 

“Common Agreement”
means the agreement dated 10 August 2004 between the Banks, CDC, the Phase
IB Lenders, the Phase IA Partners, Euro Disney S.C.A., acting in its name and
on behalf of the subsidiaries listed in the schedule to such agreement, the
Financing Company, EDL Hôtels SCA acting in its name and on behalf of the
Subsidiaries listed in the schedule to such agreement and the SNC Hotel
Companies, as amended pursuant to the waiver and authorisation requests dated
25 September 1995, 6 September 1999, 7 September 2001 and 30 September 2002 as
amended and restated between Euro Disney and the same parties in accordance
with the Common Agreement Amendment and Restatement dated 1 December 2004.

 

“Convention sur le Rang”
means the agreement dated 30 October 1989 between the Agent and CDC, as amended
by supplemental agreements respectively dated 10 August 1994 and 1 December
2004, relating to mortgages on the same real property.

 

“Covenants”
means the covenants contained in schedule V to the Common Agreement, as amended
on the grant of any authorisation or waiver pursuant to the Common Agreement
and by the Common Agreement Amendment and Restatement.

 

“Crédit-Bail Agreement”
means the lease (crédit-bail) agreement relating
to certain Phase IA assets entered into on 30 June 2004 between the Financing
Company as lessor and Euro Disney Associés SNC as lessee, as amended by the
supplemental agreements thereto dated 27 September 1994, 27 October 1994, 5
December 1994, 29 December 1994 and 30 January 1995.

 

“Delegation Agreement” means the agreement dated 30 June 1994
providing for the imperfect delegation (“délégation imparfaite”)
to the Banks of Euro Disney Associés SNC by the Financing Company for the
payment of sums due by Euro Disney Associés SNC to the Financing Company under
the Crédit-Bail Agreement, as amended by a
supplemental agreement dated 1 December 2004.

 

“Designated Office”
means, for each Bank, the office through which its participation in the Loans
is booked from time to time in accordance with the provisions of Clause 37 (Designated Offices).

 

“Discharge”
means the partial discharge of mortgage referred to in paragraph (B) of the
Recitals above and granted pursuant to a notarial instrument dated 8 July 1997.

 

“Discharge Date”
means the date (after the Termination Date) upon which all amounts due
contingently or otherwise or outstanding under the Financing Documents shall
have been paid or repaid or discharged in full.

 

“Disney Support Documents”
means (i) the Disney Undertaking (but excluding the letter from Disney
Enterprises, Inc. to Euro Disneyland SNC dated 30 June 1994) (ii) the Euro
Disney S.A.S. Undertaking, (iii) the Remuneration Agreement, (iv) the Funds
Agreement, (v) the development agreement and the technical services agreement
each

 

4

 

dated 28 February 1989 between Euro Disney
SA and Euro Disney S.C.A., (vi) the Licence Agreement, (vii) the Waiver of Debt
Agreements, (viii) the Standby Revolving Credit Facility, (ix) the New
Revolving Credit Facility, (x) to the extent that they regulate the management
of the Borrowers, including the payment of fees therefor, their respective statuts, (xi) the Conference Centre Lease and (xii) any
other agreement referred to in any of the above-listed documents, entered into
between either or both of the Borrowers and one or more Disney Controlled
Affiliates or between Disney Controlled Affiliates to the extent that such
other agreement provides for services or a licence of intellectual property
rights given by a Disney Controlled Affiliate to either of the Borrowers.

 

“Disney Undertaking”
means the letters dated 1 December 2004 from TWDC or Disney Enterprises, Inc.
to the Agent or to the Agent, CALYON and CDC, as the case may be.

 

“EDL Hôtels S.C.A.”
means the société en commandite  par actions so named whose registered office is at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy.

 

“EONIA” means,
in respect of any period commencing on a Business Day (the “first Business Day”)
and ending on the next following Business Day, (i) the rate per annum at which
euro deposits are made on the European interbank market at 7 p.m. (Brussels
time) on the first Business Day, as determined by the European Union Banking
Federation and published electronically by Telerate (on the Restatement Date,
on screen 247) or (ii) where such rate is not available, the rate determined by
the Agent to be the arithmetic mean (rounded up to the nearest one sixteenth of
one per cent (1/16%.)) of the rates per annum, as notified to the Agent by the
EURIBOR Reference Banks, at which euro deposits are made in the European
interbank market for same day delivery at or about 7 p.m. (Brussels time) on
the first Business Day and in an amount comparable to the amount to which such
determination relates.

 

If any EURIBOR Reference Bank shall not
notify a rate to the Agent with respect to any such period when requested to do
so by the Agent, EONIA for that period shall be calculated by the Agent on the
basis of the rates notified by those EURIBOR Reference Banks which have so
notified rates. If no or only one EURIBOR Reference Bank notifies a rate to the
Agent when requested by the Agent to do so, the provisions of Clause 10 (Inability to determine any Base Rate) shall apply.

 

“EURIBOR” means (i) the rate per annum, determined by the
European Union Banking Federation and published electronically by Telerate at
the Restatement Date, on Screen 248, on the second TARGET Day preceding the
first day of the relevant Interest Period, at which Euro deposits are offered
on the European interbank market at 11 a.m. (Brussels time) on such TARGET Day
for a period comparable to such Interest Period and (ii) in respect of any
Interest Period for which no rate is published on such TARGET Day as aforesaid,
the rate per annum determined by the Agent on the basis of rates notified by
the EURIBOR Reference Banks, as being the arithmetic mean (rounded upwards, if
necessary, to the nearest whole multiple of one sixteenth of one per cent
(1/16%)) of the rates per annum at which, at or about 11 a.m. (Brussels time)
two TARGET Days before the beginning of the relevant Interest Period, Euro
deposits are offered to them by prime banks for a period comparable to such
Interest Period in the

 

5

 

European
interbank market in amounts comparable to the Loan to which such Interest
Period relates.

 

If EURIBOR shall be determined on the basis
of rates notified by the EURIBOR Reference Banks as provided for in the
preceding paragraph, and if any EURIBOR Reference Bank shall not notify a rate
to the Agent with respect to any Interest Period when requested by the Agent to
do so, EURIBOR for that Interest Period shall be calculated by the Agent on the
basis of the rates notified by those EURIBOR Reference Banks which have so
notified rates. If no or only one EURIBOR Reference Bank notifies a EURIBOR
rate to the Agent when requested by the Agent to do so, the provisions of
Clause 10 (Inability to determine any Base Rate)
shall apply.

 

“EURIBOR Reference Banks”
means the principal Paris offices of BNP Paribas, Crédit Agricole S.A., Crédit
Industriel et Commercial de Paris and Sociéte Générale or any successors
thereof appointed by the Agent at any time in accordance with paragraph (L) of
Clause 32 (The Agent).

 

“Euro” or “€” means the single currency adopted as legal tender by
member States of the European Union in accordance with legislation of the
European Union relating to Economic and Monetary Union.

 

“Euro Disney S.A.S.
Undertaking” means (i) the letter from TWDC dated 1 December 2004
and (ii) the letter dated 1 December 2004 from the manager (gérant) of Euro Disney S.C.A. to the Agent, Caylon and CDC.

 

“Event of Default”
means any of the events or circumstances described in paragraph (1) of Clause
27 (List of Events of Default).

 

“Financial Year”
means the period from 1 October in any year to 30 September in the next
following year.  By way of example, the
Financial Year for 2005 started on 1 October 2004 and shall end on 30
September 2005.

 

“Financing Company”
means Euro Disneyland SNC but shall not include any subsidiary thereof.

 

“Financing Documents”
means the Agreement, each instrument evidencing or constituting a Security
Interest in respect of either Borrower’s obligations under the Agreement and
the Amended and Restated Common Agreement.

 

“Guarantors’ Sharing
Agreement” means the agreement dated 26 April 1989 between Banque
pour l’Industrie Française, Banque Indosuez and Banque Nationale de Paris,
whose respective successors are Banque Finama, CALYON and BNP Paribas, as
amended by supplemental agreements dated 10 August 1994, 28 October 1999 and 1
December 2004.

 

“Indebtedness”
means all of the borrowing or other arrangements defined as such in the
Covenants.

 

6

 

“Insurance Consultant”
means the firm of Insurance consultants appointed from time to time by the
Agent on behalf of the Banks as insurance consultant in accordance with Clause
36 (Insurance Consultant).

 

“Insurance Memorandum”
means the provisions set out in Schedule 4.

 

“Inter-Company Loan
Agreements” means (i) the loan agreement between the SNC Hotel
Companies as borrowers and EDL Hotels SCA as lender dated 25 March 1991, as
amended by the supplemental agreement n° 1 dated 10 August 1994, (ii) the
loan agreement between EDL Hotels SCA as borrower and Euro Disney S.C.A. as
lender dated 25 March 1991, as amended by two subsequent supplemental
agreements and by supplemental agreement n° 3 dated 10 August 1994 and
(iii) the loan agreement entered into between Euro Disney S.C.A. as lender and
the Financing Company as borrower dated 10 August 1994, as amended by
supplemental agreement n° 1 dated 30 September 1999. The amounts
outstanding under these agreements at 30 September, 2004 are respectively (i) € 331,657,833.92,
(ii) € 123,509,620.31 and (iii) € 833,967,281.94.

 

“Interest Period”
means, with respect to any part of any Loan, the period by reference to which
interest is calculated in accordance with Clause 4 (Interest).

 

“Loan” means, in
respect of either Borrower, the aggregate principal amount owed by the relevant
Borrower pursuant to the Agreement and for the time being outstanding.

 

“Loan Accounts”
means the accounts numbered 170 062/68 and 170 06074 in the name of the
Operating Company with the Agent and account number 0412 12390 in the name of
the Financing Company with CALYON and all other accounts opened and maintained
in accordance with Clause 6 (Loan Accounts).

 

“Majority Banks”
means Banks whose respective aggregate Commitments exceed 50 per cent. of
the Maximum Amount.

 

“Margin” means
3 per cent. per annum.

 

“Master
Agreement” means the convention pour la
création et l’exploitation d’Euro Disneyland en France dated 24
March 1987 between 1. la République Française,
2. la Région d’lle-de-France, 3. le Département de Seine et Marne, 4. la Régie
Autonome des Transports Parisiens, 5. l’Etablissement
Public d’Aménagement de la Ville Nouvelle de Marne-la-Vallée and 6. l’Etablissement Public d’Aménagement du Secteur IV de la Ville Nouvelle
de Marne-la-Vallée of the one part, and the Finance Company and Euro
Disney S.C.A., of the other part, as amended by supplemental agreements n°1, 2,
3 and by the Amendment Agreement to the Master Agreement (as defined in the
Phase IA Credit Amendment and Restatement Agreement, together with:

 

(a)                                  the
following Unilateral Letters referred to in paragraph 5 of the recitals to the
Master Agreement and sent to Disney Enterprises, Inc. (formerly named The Walt
Disney Company):

 

(i)                                    the
letter dated 24 March 1987 from the Prime Minister;

 

7

 

(ii)                                 the
letter dated 24 March 1987 from the Minister of Economy, Finance and
Privatisation;

 

(iii)                              the
letter dated 24 March 1987 from the Minister of Equipment, Housing, Development
of the Territory and Transport;

 

(iv)                             the
letter dated 24 March 1987 from the Minister of Social Affairs and Employment
enclosing a note from his ministry dated 6 March 1987;

 

(v)                                the
letter dated 24 March 1987 from the Minister responsible for Trade, Handicraft
and Services; and

 

(vi)                             the
letter dated 24 March 1987 from the President of the National Commission for
Communication and Liberties;

 

(b)                                 the
letter from the Chairman of Disney Enterprises Inc. (formerly named The Walt
Disney Company) to the Prime Minister, the President of the Conseil Régional d’lle de France and the President of the Conseil Général de Seine-et-Marne dated 30 December 2004
replacing, from the date of signature of supplemental n° 3 to the Master
Agreement, the letter dated 24 March 1987 sent to the same persons; and

 

(c)                                  the
letter dated 24 March 1987 from the Minister responsible for the Budget to
Disney Enterprises Inc. (formerly named The Walt Disney Company) dealing with
the value of the Land and Volume Rights item in accordance with clauses 16.4.a.
and 16.6.2 of the Master Agreement.

 

“Notice of Interest Period”
means a notice substantially in the appropriate form set out in Schedule 2.

 

“Operating Company”
means Euro Disney Associés but shall not include any subsidiary thereof.

 

“Outstanding Amount”
means, in respect of any Bank at any date, the aggregate of its participations
in the SCA Loan and the SNC Loan at such date. 
The Outstanding Amount at the Restatement Date in respect of each Loan
is specified opposite the name of each Bank in Schedule 1.

 

“Parc Disneyland”
means the theme park formerly named “Magic Kingdom” which is part of Phase IA
and which comprises “Adventureland”, “Discoveryland”, “Fantasyland”, “Main
Street” and “Frontierland”, all installations and movable property relating thereto
and all land on which the same shall be situate, but excluding the hotel
situated at the main gate of the Parc Disneyland and named Hotel Disneyland.

 

“Phase IA Assets”
means the assets, land and other real property acquired or constructed as part of
Phase IA or any one or more of them.

 

“Phase IA Credit Amendment
and Restatement Agreement” means the agreement dated 1 December
2004, in particular amending and restating this Agreement.

 

8

 

“Phase IA Development Plan”
means the document of that name describing Phase IA and the acquisition of the
Additional Land, prepared in three volumes by the Operating Company and signed
for identification purposes by the Operating Company and the Agent prior to 5
September 1989.

 

“Phase IA Documents”
means each and every contract, sub-contract, licence or agreement whatsoever
(other than Disney Support Documents, the Crédit Bail Agreement,
the Sales Agreement (Protocole de Vente),
the VEFA and the Asset Sales Agreement (Protocole Meubles) entered into by either Borrower in
connection with the purchase, design or construction of any Phase IA Asset with
a contract value exceeding € 15 million.

 

“Phase IA Partners”
means the parties to the Financing Company’s Phase IA Partners Advances
Agreement.

 

“Phase IA Partners’
Advances” means the advances made to the Financing Company by its
partners pursuant to the Financing Company’s Phase IA Partners Advances
Agreement.

 

“Phase IB Agreements”
means the loan facility agreement and the advances agreement dated 25 March
1991 between EDL Hotels SCA, the SNC Hotel Companies and the Phase IB Lenders,
as amended by the Supplemental Phase IB Agreements.

 

“Phase IB Lenders”
means the banks and lenders parties to the Phase IB Agreements.

 

“Phase IB Supplemental
Agreements” means the eight agreements respectively dated 10 August
1994, 12 July 1995, 15 May 1996 and 16 May 2003 amending the Phase IB
Agreements, the Phase IB Credit amendment and restatement agreement dated
1 December 2004 and the Phase IB Loan amendment and restatement agreement
dated 1 December 2004.

 

“Potential Event of Default”
means any condition, event or circumstance which, with the giving of notice, or
the passage of time or both, would constitute an Event of Default.

 

“Project” means
the development comprised in Euro Disneyland en France,
as such term is contemplated in the Master Agreement, including, at the
Restatement Date, Phase IA, the phase governed by the Phase IB Agreements and
the phase governed by the CDC Second Park Agreements.

 

“Repayment Date”
means the last Business Day in May, August and November 2008, in February and
May 2012 and in February, May, August and November in each year from 2005 to
2011 inclusive.

 

“Restatement Date”
means the date on which all conditions precedent specified in the Phase IA
Credit Amendment and Restatement Agreement and which are not waived by the
Agent, are satisfied.

 

“Sales Agreement
(Protocole de Vente)”
means the agreement dated 26 April 1989 entitled Protocole de
Vente de l’Ensemble Immobilier between Euro Disney S.C.A. and the
Financing Company, as amended.

 

9

 

“SCA Loan” means
the Loan made to the Operating Company. 
As at the Restatement Date, the amount of the SCA Loan is
€ 84,798,748.59.

 

“Second Park”‘
means the second theme park operated by the Operating Company, open to the
public in April 2002 and named The Walt Disney Studios.

 

“Security Interest”
means:

 

(i)                                     any
mortgage, lien, charge, pledge or other collateral (hypothèque,
privilège, nantissement, gage or sûreté réelle),
whether legal, judicial or contractual, on real property or movable property;

 

(ii)                                  any
other agreement or arrangement of any character for the purpose of providing
security for the payment of indebtedness;

 

(iii)                               any
assignment of a receivable, whether absolute or by way of guarantee (cession de créance en propriété or en garantie);

 

(iv)                              any
substitution or addition of recourse to a third party debtor (délégation pour paiement parfaite or imparfaite);
and

 

(v)                                 if
entered into for the purpose of raising borrowed money, any deferred purchase,
title retention, sale with obligation to repurchase (vente à
réméré) or sale and lease-back (cession - bail) arrangement.

 

“SNC Hotel Companies”
means Hôtel New York Associés SNC, Newport Bay Club Associés SNC, Sequoïa Lodge
Associés SNC, Cheyenne Hotel Associés SNC, Hôtel Santa Fe Associés SNC and
Centre de Divertissements Associés SNC.

 

“SNC Loan” means
the Loan made to the Financing Company. 
As at the Restatement Date, the amount of the SNC Loan is
€ 188,689,495.75.

 

“Subordinated Long Term
Debt” means, in respect of Royalties, Management Fees, interest on
the CDC Second Park Agreements and the Standby Revolving Credit Facility, the
deferred amounts which are converted into subordinated long-term debt in
accordance with the letter referred to in (ii) of the definition of Licence
Supplemental Agreement, the agreement referred to in (ii) of the definition or
Remuneration Agreement, the CDC Second Park Agreements and the Standby
Revolving Credit Supplemental Agreement.

 

“TARGET Day”
means any day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system is open for the settlement of payments in Euro.

 

“Termination Date”
means the last Repayment Date in May 2012.

 

“Total Outstanding Amount”
means the aggregate of all Outstanding Amounts.

 

“VEFA” means the
notarial deed comprising the Future Sale (Vente en état futur d’achèvement) provided for in the Sales Agreement (Protocole de
Vente).

 

10

 

“Waiver of Debt Agreements”
means the agreement dated 10 August 1994 under which Disney Enterprises, Inc.
(formerly named The Walt Disney Company) has waived the repayment of a debt of
an amount of approximately € 183 million (FRF 1.2 billion) and (ii)
the agreement dated 1 October 2004 under which Disney Enterprises, Inc. has
waived the repayment of a debt of an amount of € 10 million.

 

(B)                                In the Agreement and the Schedules, unless the context otherwise
requires:

 

(1)                                  references
to an “agreement” shall be read to include
references to a concession, franchise, licence, agreement, treaty or
undertaking;

 

(2)                                  references
to the “assets” of any person shall be read to
include references to the whole or any part of its business, undertaking,
property, assets and revenues;

 

(3)                                  references
to the obtaining of any “authorisation”
shall be read to include references to the obtaining of any governmental or
other consent, permission, approval, exemption, licence, order or ruling and to
the effecting of any filing, recording, registration or notarisation which may
be required;

 

(4)                                  references
to any “authority” shall be read to include
references to any judicial authority, administration, agency, central bank,
department, ministry, instrumentality or political sub-division of any State;

 

(5)                                  references
to “borrowed money” shall be read to include
any indebtedness for or in respect of money borrowed or raised (whether or not
for a cash consideration), by whatever means (including acceptances, deposits
and leases used to raise money or otherwise than for normal operating
purposes), or for the deferred purchase price of assets or services (other than
assets or services supplied to any person in the ordinary course of its
business);

 

(6)                                  references
to any “Clause” or “Schedule”
shall respectively be construed as references to Clauses of and Schedules to
the Agreement;

 

(7)                                  references
to a “directive” shall be read to include
references to any directive, request, requirement or credit restraint programme
(in each case, whether or not having the force of law but, if not having the
force of law, the compliance with which is in accordance with the general
practice of persons to whom the directive is addressed);

 

(8)                                  references
to the “dissolution” of a person shall be read
to include (to the fullest extent permitted by law at any relevant time)
references to the winding-up, liquidation or judicial reorganisation (redressement judiciaire) of that person, and any equivalent
or analogous procedure under the law of any jurisdiction in which that person
is incorporated, domiciled or resident or carries on business or has assets;

 

(9)                                  references
to any “estimates”, “forecasts”
or “projections” or amounts to be “estimated”, “forecasted” or “projected” shall be construed as references to 

 

11

 

“estimates”, “forecasts” or “projections”,
prepared in accordance with the Agreed Procedures;

 

(10)                            references
to a “guarantee” shall be read to include
references to any other obligation (whatever called) of any person to (i) pay
or purchase the indebtedness of any person, or (ii) provide funds (whether by
the advance of money, the purchase of or subscription for shares or other securities,
the purchase of assets or services, or otherwise) for the payment of the
indebtedness of any person, or (iii) indemnify against the consequences of
default in the payment of any indebtedness or (iv) pay any indebtedness as
co-debtor with any other person and to any other arrangement having a similar
effect;

 

(11)                            references
to “indebtedness” shall be read to include
any obligation (whether actual or contingent, secured or unsecured, as
principal or surety or otherwise) for the payment or repayment of money;

 

(12)                            references
to “law” shall be read to include references
to any law, principles of law, treaty, constitution, statute, decree,
regulation, order, rule, ordinance, directive or other instrument having the
force of law;

 

(13)                          (a)                                   references
to a “material adverse effect on the Borrowers”
shall be construed as references to a material adverse effect (“effet défavorable significatif”) on both Borrowers taken as
a whole;

 

(b)                                for
the purposes only of Sections IX (Representations and Warranties), X
(Undertakings) and XI (Events of Default) and Notices of Interest Period and
Borrowers’ Certificates, references to a fact, event or circumstance having a “material
effect” or being “material” shall be construed as a reference to a fact, event,
or circumstance which if not disclosed by the Borrowers by the publication of
supplementary listing particulars would in connection with a secured issue of
debt securities (other than Euro currency securities) by the Borrowers cause
the Borrowers to violate applicable law and the rules of the International
Stock Exchange of the United Kingdom and the Republic of Ireland Limited in the
following circumstances and assuming:

 

(i)                                    that
such fact, event or circumstance occurred after publication or original listing
particulars for the listing of such securities on such exchange which complied
in all respects with such law and rules and prior to the commencement of
dealings in such securities following their admission to the Official List; and

 

(ii)                                 that
no other fact, event or circumstance has occurred following the date of
publication of the original listing particulars;

 

a certificate which is based on a summary
description of the relevant facts stated therein from the principal office in
London of any of the following to the effect that any fact, event or
circumstance has or has not had a “material effect” or been “material” as those
terms are defined above shall to the extent that

 

12

 

such facts are demonstrated to be correct,
either by agreement between the Agent and the Borrowers or by judicial
determination by a court of competent jurisdiction, be final and binding on all
parties to the Agreement:

 

(i)                                       Goldman Sachs International Limited;

 

(ii)                                    HSBC;

 

(iii)                                 Citigroup;

 

(iv)                                Dresdner Kleinwort Wasserstein;

 

(v)                                   Deutsche Bank;

 

(vi)                                Morgan Stanley International;

 

(vii)                             N.M. Rothschild & Son Limited; and

 

(viii)                          UBS;

 

(14)                            references
to any “obligation” of any party under the
Agreement shall be construed as references to an obligation assumed by or
imposed on it under the Agreement (and “due”, “owing”, “payable” and “receivable” shall be similarly construed);

 

(15)                            references
to “paragraphs” or “sub-paragraphs”
shall respectively be construed as references to paragraphs in the Clause or
sub-clause or in the Schedule (as the case may be or sub-paragraphs in the
paragraph in which such references appear and references to “sub-clauses” or “Parts” shall
respectively be construed as references to sub-clauses in the Clause or Parts
in the Schedule in which such references appear;

 

(16)                            references
to a “person” shall be read to include
references to any individual, company, corporation, firm, partnership, joint
venture, association, organisation, trust, state or agency of a state (in each
case, whether or not having separate legal personality);

 

(17)                            references
to “subordinated debt” or “subordinated loan” shall be construed as references to any
indebtedness of either Borrower which, by its express terms, (i) ranks, in the
event of the relevant Borrower’s dissolution, in right of payment after such
Borrower’s indebtedness under the Agreement and (ii) is subordinated as to
rights of acceleration, enforcement and to bring insolvency proceedings to
those of the Banks provided that the CDC Second Park Agreements shall not
constitute subordinated debts for the purpose of paragraph (1)(I) of Clause 27
(List of Events of Default).

 

(18)                            references
to “tax on overall net income” of a person
shall be construed as references to tax imposed by the jurisdiction in which
its principal office (and/or, in the case of a Bank, its Designated Office) is
located on all or part of the income, profits or gains of that person (whether
worldwide or not) insofar as

 

13

 

such income, profits or gains are
considered to arise in or to relate to a particular jurisdiction, or otherwise;

 

(19)                            references
to “taxes” shall be read to include
references to all taxes, levies, imposts, duties or other charges, withholdings
or deductions of a similar nature (by whatever name called) including penalties
and interest thereon;

 

(20)                           words
denoting the singular number only shall (except in the case of references to
the Borrowers or a Borrower) include the plural number and vice versa, and
words denoting natural persons shall include corporations and vice versa;

 

(21)                            headings
are inserted for convenience only and shall not affect the construction of the
Agreement;

 

(22)                           references
to any time of the day shall, unless otherwise specified, be read as references
to such time in Paris; and

 

(23)                            accounting
terms shall have the meanings respectively ascribed thereto by French law and
generally accepted accounting practice in France.

 

2.                                     TOTAL OUTSTANDING AMOUNT

 

The Total Outstanding Amount at the
Restatement Date is € 273,488,244.34, divided as follows:

 

	
  SCA Loan

  	
   

  	
  €

  	
  84,798,748.59

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SNC Loan

  	
   

  	
  €

  	
  188,689,495.75

  	
   

  

 

14

 

SECTION II 

SECURITY INTERESTS

 

3.                                     SECURITY
INTERESTS

 

The performance of the Operating Company’s
and the Financing Company’s obligations under the Agreement, in the case of the
Operating Company, as Borrower and joint and several co-debtor of the Financing
Company’s obligations and, in the case the Financing Company, as Borrower and,
as the case may be, as caution réelle
(such caution réelle being restated herein by
the Financing Company) securing the obligations of the Operating Company, is
secured by the following Security Interests:

 

(A)                             the
maintaining until the Termination Date (and for two years thereafter) by the
Operating Company (and by the Financing Company) of first ranking mortgages (hypothèques), in form and substance satisfactory to the
Agent, over all land and real property by nature or by purpose (immeubles par nature ou par destination) comprised in Phase
IA (other than real property to which the Discharge applies) registered in a
minimum aggregate principal amount of not less than € 857,525,720, and
securing performance of their respective obligations above, such mortgages (hypothèques) having the same first rank among themselves and
with any mortgage (hypothèque)
granted in favour of CDC in respect of the CDC Ordinary Loans, other than
ordinary loan B to the finance company (as defined in the CDC Agreement for the
Granting of Ordinary Loans);

 

(B)                               the
maintaining until the Termination Date (and for two years thereafter) by the
Financing Company of first rank mortgages (hypothèques),
in form and substance satisfactory to the Agent, over all land and real
property by nature or by purpose (immeubles par nature ou
par destination) comprised in Parc Disneyland (other than real
property to which the Discharge applies) registered in a minimum aggregate
principal amount of € 318,618,446 and securing performance of their
respective obligations above, provided that:

 

(i)                                    such
mortgages (hypothèques) shall all have a first rank
in competition among themselves and with those referred
to in paragraph (A) above, whether or not pursuant to a stipulation
de concurrence; and

 

(ii)                                 such
mortgages (hypothèques) shall be in competition
with any mortgage (hypothèque)
granted in favour of CDC in respect of the CDC Ordinary Loans other than
ordinary loan B to the finance company (as defined in the CDC Agreement for the
Granting of Ordinary Loans);

 

(C)                                a
pledge in respect of amounts standing to the credit of each Borrower’s Loan
Accounts (contrat de nantissement du solde des Comptes de
Prêts) substantially in the form contained in Schedule 5,
Part One and Security Interests (nantissements or gages)
in respect of Authorised Investments made out of the relevant Borrower’s Loan
Accounts;

 

(D)                               additional
recourse to a third party debtor (délégations imparfaites)
granted by insurance companies in respect of all insurance policies covering
damage to or

 

15

 

loss of property taken out by a Borrower in
accordance with the Insurance Memorandum relating to (i) Phase IA and (ii) in
the event of any Security Interest being granted to the Banks in respect
thereof, the Additional Land substantially, in each case in the form contained
in Schedule 5, Part Two;

 

(E)                                 in
the case of the Financing Company, additional recourse to a third party debtor
(délégation imparfaite) to the Banks in
respect of that portion of amounts due by the Operating Company to the
Financing Company under the Crédit-Bail
Agreement which represents sums due by the Financing Company to the Banks under
the Financing Documents; and

 

(F)                                 in
the case of the Operating Company, any additional recourse to a third party
debtor (délégations imparfaites) by the
companies having granted any advance payment, performance or other bond, letter
of credit or other guarantee (garantie à première
demande) delivered for the Operating Company’s benefit in respect of
Phase IA in accordance with any Phase IA Document, unless after the Borrowers
have used their best efforts (meilleurs efforts)
to secure the same the issuer thereof shall have refused such additional
recourse to a third party debtor, each substantially
in the form of Schedule 5, Part Two;

 

in each case to the extent that the assets
to be so charged then exist and to the intent that the benefit of such Security
interests (other than the Security Interest (delegation)
referred to in paragraph (E) above) shall be shared with CDC in accordance with
the CDC Sharing Agreement.

 

In the event that the registration period
of any hypothèque referred to in this Clause is
likely to expire before the Termination Date, the Borrowers hereby expressly
and irrevocably agree that if so requested by the Agent at any time, the
registration of such hypothèque
shall be renewed at the cost of Euro Disney Associés until the second
anniversary of the Termination Date.  Any
renewal hereunder must be effected at the competent mortgage registry by no
later than three months prior to the relevant expiry date and at any time in
the event that such renewal is requested by the Agent.  The total amount of the debt secured by the hypothèques referred to in this Clause shall not be less
than 125 per cent. of the Total Outstanding Amount at the time of such
renewal and at any time prior to the Discharge Date.

 

In the event that the registration period
of the hypothèque granted to the Financing
Company over the assets to which the Discharge applies is likely to expire
before the Termination Date, the Operating Company shall renew the registration
of such hypothèque by no later than three months
prior to the relevant expiry date at the cost of the Operating Company.  The total amount of the debt secured by such hypothèque shall not be less than 125 per cent. of the sums
due under the Crédit-Bail Agreement, including
in the event that the option to sell (option de vente)
is exercised.  However, the Operating
Company shall have no obligation under this paragraph if the costs and expenses
relating thereto, including filing and notaries costs, exceed the sum of
€ 100,000 (exclusive of any taxes).

 

The Operating Company and the Financing
Company also undertake not to terminate the Security Interest (nantissement des créances) dated 1 December 2004 in respect
of

 

16

 

receivables owed by the Financing Company
to the Operating Company under the loan agreement referred to in (iii) of the
definition of Inter-Company Loan Agreements.

 

17

 

SECTION
III 

INTEREST

 

4.                                     INTEREST

 

The SCA Loan and the SNC Loan shall carry
interest for each Interest Period applicable thereto at a rate or rates
calculated pursuant to this Clause.

 

(A)                             Election of Interest Periods

 

The relevant Borrower may, by sending a
Notice of Interest Period to the Agent by no later than 11 a.m. on the third
Business Day or, in the event that the Interest Period selected by the Borrower
is two, nine or twelve months, the fourth Business Day, prior to the relevant
Interest Period, elect whether the duration of the Interest Period applicable
to its Loan shall be one, three or six months or, unless any Bank shall have
notified the Agent prior to noon on the fourth Business Day prior to the first
day of such Interest Period of its refusal, two, nine or twelve months, and,
failing any such election, such Borrower shall be deemed to have elected a
duration of six months,

 

Provided that, in the case of either
Borrower:

 

(1)                                 if
any Interest Period would otherwise end on a day which is not a Business Day,
such Interest Period shall be extended to the next succeeding day which is a
Business Day unless such next succeeding Business Day falls in another calendar
month in which event such Interest Period shall end on the immediately
preceding Business Day;

 

(2)                                 any
Interest Period which commences on the last day of a calendar month and any
Interest Period which commences on a day for which there is no numerically
corresponding day in the calendar month one, two, three, six, nine or twelve
months (as the case may be) after the commencement of such Interest Period
shall, subject to paragraphs (3), (4) and (5) of this proviso, be on the last
Business Day of the calendar month one, two, three, six, nine or twelve months
(as the case may be) after the commencement of such Interest Period;

 

(3)                                 if
any Repayment Date on which any instalment of such Borrower’s Loan is to be
repaid would otherwise fall within an Interest Period applicable to such Loan,
such Interest Period shall end upon such Repayment Date in respect of such
portion of such Loan as may be necessary to enable such Borrower to repay such
instalment on the last day of such Interest Period; and

 

(4)                                 no
Interest Period shall extend beyond the final Repayment Date.

 

(B)                               Interest Rate and Payment

 

The rate of interest applicable to any Loan
(or part thereof) for each Interest Period applicable thereto shall be the rate
per annum determined by the Agent

 

18

 

to be equal to the sum of the applicable
Base Rate and the applicable Margin. 
Forthwith upon such determination, the Agent shall notify the applicable
rate of interest to the relevant Borrower and the Banks.

 

Subject to paragraph (D) of clause 8
(Undertakings) of the Phase IA Credit Amendment and Restatement Agreement, any
interest at the rate determined as set out above shall be payable in Euro at
the end of each Interest Period and, in the case of any Interest Period
exceeding six months, at the end of the six months period following the first
day of such Interest Period.

 

5.                                     OVERDUE
AMOUNTS

 

Any monies due and owing to the Agent or
any of the Banks under the Agreement or any of the document referred to herein
(hereinafter the “Overdue Amount”) which is outstanding shall carry interest
(to the fullest extent permitted by applicable law) which shall be payable by
the relevant Borrower to the Agent promptly on demand irrespective of any force
majeure.  Interest shall be calculated in
accordance with paragraphs (A) and (B) of Clause 4 (Interest),
provided that, for the purpose of this Clause, each Interest Period shall be
such period not exceeding six months as the Agent shall consider reasonable and
the applicable Margin shall be 4 per cent. per annum.  Such interest shall be paid in Euro.

 

19

 

SECTION
IV 

LOAN ACCOUNTS

 

6.                                     LOAN ACCOUNTS

 

(A)                             Each Borrower shall open and maintain in its own name with the Agent
(or such other Bank as the Agent may approve) an account in Euro, such account
being referred to in the Agreement as the “Loan Account” of such Borrower.

 

There shall be credited
by each Borrower to its Loan Account, as and when received by it, the proceeds
of:

 

(i)                                    any insurance claim paid to either Borrower in connection with Phase
IA (a) which is not a claim in respect of a liability to a third party or in
respect of consequential loss or loss of business, and (b) except to the extent
that monies not credited to either Borrower’s Loan Account have been applied in
reinstating the asset in respect of damage to which such claim was made; and

 

(ii)                                 any proceeds of a performance bond in respect of any Phase IA Asset
or contract forming part of Phase IA which are paid to either Borrower or the
Agent except to the extent that monies not credited to either Borrower’s Loan
Account have been applied to such Asset or in respect of such contract.

 

(B)                                The Agent must (without incurring any liability on its part) on the
request of the relevant Borrower transfer an amount from the Loan Account in
the amount and on the Business Day requested by that Borrower in its request to
the Agent.

 

(C)                               Any aforementioned transfer from a Loan Account shall be subject to
the following:

 

(1)                                 no
Event of Default or Potential Event of Default (which has not been remedied or
waived by the Agent) having occurred and being subsisting; and

 

(2)                                  (a)                                the
relevant transfer from the Loan Account being required by the relevant Borrower
to be paid out of proceeds of an insurance claim and to be applied within 30
Business Days in the manner permitted by paragraph (H)(4) of Clause 24 (Project Undertakings); or

 

(b)                                the
relevant transfer from the Loan Account being required by the relevant Borrower
to meet a liability to a third party in an amount not exceeding the proceeds of
an insurance claim which has been paid into the relevant Loan Account in
respect of such liability to a third party.

 

20

 

(D)                              Any interest or other like sums accrued on any credit balance for
the time being on any Loan Account of either Borrower or any Authorised
Investment made out of such Loan Account shall be credited to such Loan
Account.

 

(E)                                All Loan Accounts and all amounts standing to their credit shall at
all times be charged by way of a pledge (contrat de nantissement du
solde des Comptes de Prêts) in favour of the Banks substantially in
the form set out in Schedule 5, Part One.

 

(F)                                Neither Borrower shall be entitled to make or request any withdrawal
or transfer from any of its Loan Accounts if such withdrawal or transfer would
exceed the funds standing to the credit of such Loan Account on the date of the
proposed withdrawal or transfer.

 

7.                                     AUTHORISED
INVESTMENTS

 

(A)                             Each Borrower shall be entitled to require in accordance with this
Clause that the amounts standing to the credit of its Loan Account shall be
invested in Authorised Investments by notice to the Agent setting out details
with respect to each required Authorised Investment, specifying the Loan
Account to be debited and the amount of such debit and giving the necessary
instructions regarding payment thereof for such Authorised Investments.

 

(B)                               All Authorised Investments made out of any Loan Account shall be
charged by way of Security Interest (nantissement or
gage) in accordance with a letter dated
5 September 1989 from the Agent to the Borrowers and countersigned by the
Borrowers by way of agreement.

 

(C)                               Each Borrower shall promptly provide to the Agent and the Expert
Accountant upon request from time to time all information relating to any
Authorised Investment made by it.

 

(D)                              Upon the realisation of any Authorised Investment, the proceeds of
such realisation shall be credited to the Loan Account out of which the same
was made.

 

(E)                                Each Borrower will at all times endeavour to match as nearly as
possible the maturities and the currencies of the Authorised Investments made
out of monies credited to any of the above-mentioned Loan Accounts with its
requirements for payments to be made out of such Loan Accounts.

 

(F)                                Any reference in the Agreement to the balance standing to the credit
of one of the Loan Accounts shall be deemed to include a reference to the
Authorised Investments (if any) in which all or part of such balance is for the
time being invested.

 

21

 

SECTION V 

REPAYMENT

 

8.                                     MANDATORY
REPAYMENT

 

(A)                              Each Borrower shall repay its Loan on the Repayment Date set out in
the first column below by paying to the Agent, in the case of the Operating
Company, the Euro amount appearing opposite its name in the second column below
and, in the case of the Financing Company, the Euro amount appearing opposite
its name in the third column below:

 

	
  Repayment Date

  	
   

  	
  SCA Loan

  	
   

  	
  SNC Loan

  	
   

  
	
   

  	
   

  	
  (Euro)

  	
   

  	
  (Euro)

  	
   

  
	
  May 2008

  	
   

  	
  21,099,069.99

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2008

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2008

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2012

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2012

  	
   

  	
  3,981,229.91

  	
   

  	
  0.00

  	
   

  

 

(B)                                The Borrowers shall comply with clause 5 (Prepayment) of the Common
Agreement.

 

(C)                                In the event that either Borrower shall obtain any form of credit or
any other financial support (otherwise than from (a) its partners or its direct
or indirect shareholders, (b) under the CDC Loan Agreements or (c) in
accordance with the provisions of the Common Agreement) for any purpose other
than the general corporate purposes of the Operating Company, the Loan of such
Borrower shall be repaid simultaneously and irrevocably by an amount equal
thereto or, if denominated in a currency other than Euro, such amount as the
Agent shall determine to be the equivalent thereof in Euro.

 

(D)                             (1)                                   The Agent’s determination of the amounts to be paid by each Borrower
hereunder shall, in the absence of manifest error, be conclusive and binding.

 

(2)                                   No amount paid under this Clause may be redrawn.

 

22

 

(E)                                 Notwithstanding any other provisions in the Agreement, the Total
Outstanding Amount shall be reduced to zero on the Termination Date.

 

9.                                     PREPAYMENT

 

(A)                             The Borrowers may prepay the whole or any part its Loan subject as
provided below, without premium or penalty (other than as otherwise provided in
paragraph (3) below) but with accrued interest and all other amounts due in
respect of the amount prepaid. Such prepayment will be subject to the following
conditions:

 

(1)                                 the absence of a default by the Borrowers in their payment
obligations under the Financing Documents;

 

(2)                                 the Agent shall have received from the Borrowers at least 30 days’
prior notice of prepayment;

 

(3)                                 If the prepayment occurs at any time between 1 January 2005 and
31 December 2005, the whole of the Total Outstanding Amount shall be
prepared by an amount equal to 103 per cent. thereof; if the prepayment
occurs between 1 January 2006 and 31 December 2006, the whole of the
Total Outstanding Amount shall be prepaid by an amount equal to 102 per
cent. thereof; and if the prepayment occurs at any time between 1 January 2007
and 31 December 2007, the whole of the Total Outstanding Amount shall be
prepaid by an amount equal to 101 per cent. thereof;

 

(4)                                 As from 1 January 2008, the prepayment shall be not less than
€ 10,000,000 and an integral multiple of € 5,000,000 or shall be
equal to the Total Outstanding Amount; any partial prepayment by the Borrowers
shall be pro rata their respective obligations
under the Agreement;

 

(5)                                 the prepayment of the whole or part of any Loan shall be made either
in one amount at the expiry of an Interest Period applicable to such Loan or in
several payments at the expiry of the successive Interest Periods applicable to
such Loan next following the date on which a first prepayment is made.

 

Any
notice of prepayment by the Borrowers (or either of them) shall be irrevocable
and no amount prepaid may be reborrowed. Any partial prepayment shall be
applied in reducing subsequent repayment obligations in inverse order of
maturity.  The Agent shall notify the
Borrowers and the Banks of the amount of such repayment obligations as so
reduced.

 

(B)                               Where the participation of any Bank in any Loan is to be prepaid,
the relevant Borrower shall simultaneously with such prepayment pay to the
Agent for the account of such Bank such Bank’s proportion of accrued interest
thereon to the date of actual payment and any other amounts due under the
Agreement.  In addition, that Borrower
shall upon 15 days’ prior notice pay to the Agent for the account of such Bank
such amount(s) as may be necessary to compensate

 

23

 

such Bank for all losses and expenses
(including those incurred in liquidating or employing deposits from third
parties acquired to effect or maintain its participation in the relevant Loan
or in any part thereof for the remainder (if any) of the then current relative
Interest Periods and loss of margin for that period) incurred as a consequence
of such prepayment. For the purpose of this paragraph, the certificate of the
relevant Bank as to the amount of such losses and expenses, showing the bases
and calculations of such bases and expenses, shall in the absence of manifest
error be conclusive evidence of the amount thereof.

 

24

 

SECTION VI 

CHANGES IN CIRCUMSTANCES

 

10.                              INABILITY TO DETERMINE ANY BASE RATE

 

If any of the
following circumstances occurs, namely:

 

(1)                                 only one EURIBOR Reference Bank shall notify a EURIBOR rate to the
Agent; or

 

(2)                                  the Agent shall be notified, between the date on which it shall have
determined a Base Rate and the commencement of the period in respect of which
such determination was made, by the Majority Banks, that such Base Rate does
not fairly reflect the cost to them of funding the relevant part of their
Outstanding Amounts; or

 

(3)                                  the Agent shall have determined, after consultation with the
relevant Reference Banks (which determination shall be conclusive and binding
upon all parties to the Agreement) that by reason of circumstances generally
affecting the European interbank market, adequate and reasonable means do not
or will not exist for ascertaining the Base Rate in respect of any relevant
period;

 

the Agent
shall forthwith give notice of such fact or determination to the relevant
Borrower and to the relevant Banks, whereupon:

 

(a)                                  during the 30 days next succeeding the giving of such notice, such
Borrower, the Agent and each such Bank shall negotiate in good faith in order
to agree upon an alternative basis for the determination of interest in respect
of the relevant period in lieu of that otherwise applicable under the Agreement
including (inter alia) changing the length of the
funding periods;

 

(b)                                 if, within such 30 day period, such Borrower and any Bank shall
agree in writing upon an alternative basis for such period, such agreement
shall take effect in accordance with its terms;

 

(c)                                  if such Borrower and any Bank shall not agree in writing to an
alternative basis for such period within such 30 day period, the rate of
interest applicable to the relevant part of such Bank’s Outstanding Amount for
the relevant period shall be equal to the sum of the applicable Margin and the
interest cost to such Bank of funding or maintaining such relevant part during
such period. A certificate as to the interest cost to such Bank as aforesaid
submitted by such Bank to the Agent, showing the bases and calculations of such
Bank in deducing such interest cost shall, in the absence of manifest error, be
conclusive; and

 

(d)                                 such Borrower may, so long as the circumstances described in
paragraph (c) shall subsist, by notice to the Agent, prepay the whole of the
Outstanding Amount of the Bank referred to in such paragraph (c) in accordance
with paragraph (B) of Clause 9 (Prepayment).

 

25

 

11.                              ADDITIONAL
COSTS

 

If any central
bank or other appropriate authority with whose requests banks or financial
institutions are accustomed to comply with respect to the matters referred to
in this Clause or if any applicable law or requirement having the force of law
or any change in any applicable law or requirement or in the interpretation or
application thereof by any governmental, judicial or other appropriate authority
charged with the administration thereof:

 

(a)                                  shall subject any of the Banks or any payment to any of the Banks to
any taxes, levies, imposts, duties, charges, fees, deductions or withholding of
any nature referable to advances made or to be made or credit extended or to be
extended by such Bank, or referable to interest or other payments in respect of
any such advances or credit (except for (i) any such taxes, levies, imposts,
duties, charges, fees, deductions or withholdings as are referred to in Clause 13
(Withholding) or (ii) any tax on the
overall net income of such Bank or its Designated Office); or

 

(b)                                 shall impose or modify any reserve or deposit requirements in
respect of deposits or reserves held by or deposits in or for the account of or
advances made or to be made or credit extended or to be extended by any Bank;
or

 

(c)                                  either requires a Bank to take into account a greater percentage of
its Outstanding Amount in the determination by such Bank of the amount of
capital required or expected to be maintained by it and, as a result, the
amount of such capital is increased, or will have the effect of increasing the
amount of capital required or expected to be maintained by any Bank based on
the existence of such Bank’s Outstanding Amount or its obligations under the
Financing Documents, or

 

(d)                                 shall impose on any Bank any other condition affecting its
Outstanding Amount or any part thereof;

 

and if the
Bank affected shall determine that a result of any of the foregoing is to
increase the cost to such Bank of maintaining its participation in the Loans,
or to reduce the amount of principal, interest, fees or commission receivable
by such Bank, then:

 

(i)                                    the Bank concerned shall as soon as practicable notify the Agent in
writing;

 

(ii)                                 the relevant Borrower shall pay to such Bank, upon its demand, such
additional amount as would compensate such Bank for such additional cost or
reduction. A certificate of such Bank as to the additional amount so required,
showing the bases and calculations of such Bank in deducing such additional
amount, shall, in the absence of manifest error, be conclusive evidence of the
amount thereof; and

 

(iii)                              such Borrower may, so long as the circumstances described in
paragraph (ii) shall subsist, by notice to the Agent, prepay the whole of

 

26

 

the
Outstanding Amount of such Bank in accordance with paragraph (B) of Clause 9 (Prepayment).

 

12.                              IMPOSSIBILITY

 

If any central
bank or other appropriate authority with whose requests banks or financial
institutions are accustomed to comply with respect to the matters referred to
in this Clause shall require any Bank not to maintain or give effect to any of
its obligations under the Agreement or if any change in any applicable law or
in the interpretation or application thereof by any governmental, judicial or
other authority charged with the administration thereof shall make it unlawful
for any Bank to maintain or give effect to any of its obligations under the
Agreement, then, to the extent that such requirement or illegality obliges such
Bank to require repayment of monies outstanding under the Financing Documents
to either Borrower, such Borrower shall pay to the Agent for the account of
such Bank on such date as such Bank shall have specified the full amount
thereof and all other amounts (if any) owing to such Bank in respect thereof in
accordance with paragraph (B) of Clause 9 (Prepayment).

 

13.                              WITHHOLDING

 

(A)                            (1)                                   Each Borrower warrants that, at the Restatement Date, all payments
to be made by it under the Agreement may be made free from, clear of, and
without deduction for, any amount whatsoever.

 

(2)                                 If either of the Borrowers is at any time compelled by law to deduct
or withhold any taxes, levies, imposts, duties, charges, fees, deductions or
withholdings of any nature from any payment to any Bank (each such Bank being
in this Clause called a “Relevant Bank”) it shall, to the fullest extent then
permitted by applicable law, pay to the Relevant Bank such additional amount in
Euro as may be necessary to ensure that the total amount received by the
Relevant Bank after all such deductions or withholdings (including any
deductions or withholdings from the additional amount paid pursuant to this
Clause) equals the full amount that the Relevant Bank would have received but
for such deduction or withholding and shall promptly supply to the Agent on
behalf of each Relevant Bank a certificate or other documentary evidence with
respect to the payment of each of such deductions or withholdings.

 

(B)                               In the event of either Borrower not being permitted by applicable
law to pay any additional amount referred to in paragraph (A) to a Relevant
Bank, such Relevant Bank may, by notice to the Agent require its Outstanding
Amount to be repaid, whereupon, with effect from such date as such Relevant
Bank shall have specified in such notice, such Borrower shall repay to such
Relevant Bank the whole of such Relevant Bank’s participation in such Borrower’s
Loan.

 

(C)                               If and when a Relevant Bank receives the benefit of a tax credit,
repayment or allowance (the “benefit”) which relates directly to any additional
amount paid by either Borrower under paragraph (A) it shall promptly pay to
such Borrower in Euro such sum as shall in the sole opinion of such Relevant
Bank leave it in no

 

27

 

Iess favourable a position after making the
payment than it would have been in had no additional amount been required to be
paid, Provided that:

 

(i)                                     such Relevant Bank shall be the sole judge of the amount of the
benefit and of the date on which it is received;

 

(ii)                               such Relevant Bank shall have an absolute discretion as to when it
claims and as to the order in which it employs tax credits and allowances
available to it;

 

(iii)                            such Relevant Bank shall not be obliged to disclose to such Borrower
or any other person any information regarding its tax affairs or tax
computation; and

 

(iv)                           any such payment shall be conclusive evidence of the amount due to
such Borrower under this Clause and shall be received by such Borrower in full
and final settlement of its rights to any payment in respect of the benefit.

 

(D)                              Each Bank undertakes to bring into account all income in respect of
Loans in the calculation of those of its profits which are subject to French
corporation tax.

 

14.                              CONSEQUENTIAL
ACTION

 

In the event
that the application of any of the other Clauses of this Section VI
results in a Borrower having to pay to any Bank any additional amounts or
requires the Outstanding Amount of any Bank to be prepaid then, without
prejudice to the foregoing provisions of this Section:

 

(i)                                   the Agent and the relevant Bank shall consult with the relevant
Borrower with a view to negotiating a mutually satisfactory solution for the
avoidance of the circumstances giving rise to the application of such
provisions;

 

(ii)                                if so requested by such Borrower, such Bank shall, as promptly as
practicable thereafter, transfer its participation in the relevant Loan to
another Designated Office or Offices in order to avoid the applicability of
such provisions, provided, however, that such transfer would not in the opinion
of such Bank impose additional costs on or be otherwise disadvantageous to such
Bank in any manner;

 

(iii)                             if such transfer does not occur, such Bank shall use such endeavours
as such Bank in its sole discretion considers reasonable to arrange that one or
more lending institutions (établissements de crédit)
shall participate under the Agreement in accordance with the provisions of
Clause 39 (Assignment by the Banks) in order to
mitigate such payment or repayment; and

 

(iv)                            to the extent that such Bank fails to arrange for another lending
institution (établissement de crédit) to
participate under the Agreement, such Borrower shall be entitled to make such
arrangements, and in such event such Bank shall (at the expense of such
Borrower) execute such transfers of its rights and

 

28

 

obligations under the Financing Documents
to the relevant lending institution (établissement de crédit),
as such Borrower shall have retained.

 

29

 

SECTION VII 

FEES, EXPENSES, STAMP DUTIES

 

15.                              FEES

 

Each Borrower
undertakes to pay to the Agent in Euro one half of the agency fees in the amounts
and on the dates specified in the letter dated 5 September 1989 sent by
the Agent to and countersigned on behalf of the Borrowers.

 

16.                              COSTS AND
EXPENSES

 

Each Borrower
undertakes to pay, within 30 days after demand giving reasonable details
thereof, one half of all costs and expenses (including taxes thereon and
outside legal and other professional fees (including those of the Insurance
Consultant in the performance of his duties under the Insurance Memorandum))
reasonably incurred by the Agent or, in the circumstances envisaged in Clause
14 (Consequential Action), any Bank in the
performance of its functions under the Financing Documents, including any such
costs and expenses incurred in connection with any amendment of or waiver in
respect of any of the Financing Documents, such costs and expenses to be
reimbursed in the currency in which they are incurred.

 

17.                              ENFORCEMENT
EXPENSES

 

Each Borrower
undertakes, within 30 days after request by the Agent giving reasonable details
thereof, to pay one half of all costs and expenses (including taxes thereon and
outside legal and other professional fees) reasonably incurred by the Agent or
any Bank in consequence of the occurrence or continuance of any Event of
Default or Potential Event of Default or in protecting or enforcing any rights
under any of the Financing Documents, such costs and expenses to be reimbursed
in the currency in which they are incurred.

 

18.                              STAMP
DUTY AND REGISTRATION FEES

 

Each Borrower
undertakes to pay promptly on demand by the Agent one half of any stamp duty
and any registration fees (together with penalties or interest with-respect
thereto) and filing fees payable in connection with the signature,
effectiveness, perfection or performance of the Financing Documents or the
receipt of any sum in connection with or arising out of any of the Financing
Documents or the transactions contemplated thereby, such duty and fees to be
paid in the currency in which they are incurred.

 

30

 

SECTION VIII

PAYMENTS

 

19.                              PAYMENTS
BY BORROWERS

 

(A)                             Subject as otherwise provided by the Agreement, all payments to be
made to any of the Banks shall be made by the relevant Borrower to the Agent,
for the account of such Banks, to such branch or bank account, on such date,
for such value, under such reference and subject to such availability of funds,
in each case as the Agent shall have specified to the Borrower, in accordance
with normal practice for the settlement of transactions in Euro.

 

(B)                               Unless the Agent shall have been notified in writing by the relevant
Borrower not less than three Business Days prior to the date on which any
payment to be made by such Borrower under the Agreement is due that such
Borrower does not intend to remit such payment in full, the Agent may assume
that such Borrower has remitted such payment when so due and the Agent may (but
shall not be obliged to) make available to each Bank on such payment date an
amount equal to such Bank’s entitlement in such assumed payment in reliance on
such assumption. If it proves to be the case that such Borrower has not in fact
remitted such payment to the Agent each Bank shall forthwith on demand repay to
the Agent the amount of such assumed payment made available to such Bank,
together with interest thereon until the date of repayment thereof, in an
amount equal to the Agent’s costs of funding the relevant amount as notified in
writing to each Bank by the Agent, such notice to show the bases of
calculations used by the Agent in calculating its costs of funds and in the
absence of manifest error, to be final and binding.

 

(C)                               Each Borrower undertakes, subject to Clause 13 (Withholding),
to make all payments required to be made by it under the Financing Documents in
full without any set-off or counterclaim and without any condition, reserve or
exception in such manner as to ensure that the funds are available and freely
transferable on the due date therefor for value such due date.

 

(D)                              Unless otherwise provided in the Agreement, all payments required to
be made by either Borrower shall be made in Euro or, where such payment is made
pursuant to any indemnity, in the currency reasonably required by the payee
Bank.

 

(E)                                The obligations of each Borrower under the Agreement to make
payments in any currency (the “Contractual Currency”) shall not be discharged
or satisfied by any tender or recovery, whether pursuant to any judgment or
otherwise, expressed in or converted into any other currency (the “Other
Currency’) except to the extent to which such tender or recovery shall result
in the effective receipt by the relevant Banks of the full amount of the
Contractual Currency payable under the Agreement and accordingly the amount (if
any) by which such effective receipt (when converted into the Contractual Currency)
falls short of the full amount of the Contractual Currency payable under the
Agreement shall continue to constitute a debt due from such Borrower to such
Banks and shall

 

31

 

not be affected by judgment being obtained
for any other sums due under the Agreement.

 

For the
purposes of this paragraph, recoveries pursuant to any judgment expressed in or
converted into the Other Currency shall be deemed to have been converted into
the Contractual Currency at the Agent’s spot buying rate of exchange therefor
in Paris as determined by the Agent to be ruling as at 11.00 a.m. on a day
falling as short a period as is practicable after the date of recovery.

 

(F)                                Without limiting the generality of paragraph (E), if either Borrower
is placed into liquidation before receipt by the Banks of the full amount of
the currency payable under the Agreement or the effective receipt in another
currency of the full amount of the currency payable under the Agreement, the
obligations of such Borrower, including the obligations imposed by paragraph
(E), shall not be diminished or otherwise affected by any variation in rates of
exchange between:

 

(i)                                 the date at which the obligations of such Borrower are calculated
for the purposes of the liquidation; and

 

(ii)                              the date of final payment by the liquidator to the relevant Banks in
respect of those obligations.

 

20.                              PAYMENT DATE

 

If any sum
becomes due for payment under the Agreement on a day which is not a Business
Day, such payment shall be made on the next succeeding Business Day unless such
Business Day falls in the next following calendar month, in which case such
payment shall be made on the next preceding Business Day and interest, fees and
commission shall be adjusted accordingly.

 

21.                              APPLICATION
OF PAYMENTS

 

(A)                             Notwithstanding any instructions to the contrary which may be
received from either Borrower, the Agent shall apply payments received from
such Borrower to the reduction or payment of outstanding amounts under the
Agreement in the following order:

 

(i)                                    costs, expenses, duties, taxes and fees incurred by the Agent and
the Banks;

 

(ii)                                 interest on overdue amounts and indemnity payments;

 

(iii)                              amounts due under Clauses 11 (Additional Costs)
and 13 (Withholding);

 

(iv)                               interest on Loans;

 

(v)                                any other sum (not being of principal) due under the Financing
Documents; and

 

32

 

(vi)                             repayments of Loans.

 

(B)                               The provisions of paragraph (A) will not apply to amounts received
by the Borrowers in accordance with clauses 3 and 4 of the Phase IA Credit
Amendment and Restatement Agreement.

 

33

 

SECTION IX  

REPRESENTATIONS AND WARRANTIES

 

22.                              REPRESENTATIONS
AND WARRANTIES

 

Each Borrower
represents and warrants as to itself to the Agent and the Banks that:

 

(A)                             the Operating Company is a société en commandite par
actions and the Financing Company is a société en
nom collectif, each a body corporate duly organised and validly
existing under the laws of France, with full legal capacity as a société and authority to own its property and assets and to
carry on its business as currently conducted;

 

(B)                               the entering into and the performance by each Borrower of its
obligations under the Financing Documents, the Disney Support Documents, the
Phase IA Documents, the Inter-Company Loan Agreements, the Crédit-Bail
Agreement, the CDC Loan Agreements, the CDC Second Park Agreements, the CDC
Subordinated Long Term Debt Agreements and the Financing Company’s Phase IA Partners
Advances Agreement:

 

(i)                                  are in all material respects within its legal capacity as a société and have been duly authorised by all necessary
action;

 

(ii)                               do not in any material respect violate any applicable law;

 

(iii)                            do not in any material respect violate its statuts;
and

 

(iv)                             do not in any material respect constitute a default under any
agreement to which it or its Phase IA business or Phase IA Assets are subject;

 

(C)                               all authorisations required at the date at which this warranty is
made or deemed made to enable each Borrower to enter into and perform its
obligations under any of the Financing Documents which have been entered into
and become effective as of such date have been effected or obtained, provided
that this warranty shall not extend to any authorisation which it is not the
rule or practice of the relevant authority or notaire to
have granted or effected by the date as at which this warranty is given.  However, each Borrower hereby warrants that
there is no reason known to it why any such authorisation should not be granted
or effected by the time it is required;

 

(D)                              all authorisations reasonably required at the date at which this
warranty is made or deemed made to enable each Borrower to enter into the
documents referred to in paragraph (B) (other than the Financing Documents) to
which it is a party have been effected or obtained, provided that this warranty
shall not extend to any authorisation which it is not the rule or practice of
the relevant authority or notaire to have
granted or effected by the date as at which this warranty is given.  However, each Borrower hereby warrants that
there is no reason known to it why any such authorisation should not be granted
or effected by the time it is required;

 

34

 

(E)                                all its obligations under the Agreement rank and will at all times
rank at least pari passu with the CDC Ordinary
Loans and CDC has and will at all times have, except only to the extent
provided for in the Master Agreement, the CDC Loan Agreements, and the
Guarantors’ Sharing Agreement, no recourse against the Borrowers other than
such recourse as is available to the Banks in respect of either Borrower’s
obligations under the Financing Documents;

 

(F)                                each of the following agreements is duly signed by the Borrower
party thereto and is (or shall be upon the execution thereof) in full force and
effect:

 

(i)                                    the Disney Support Documents;

 

(ii)                                 the CDC Loan Agreements;

 

(iii)                              the Financing Company’s Phase IA Partners Advances Agreement;

 

(iv)                             the CDC Second Park Agreements;

 

(v)                                the Inter-Company Loan Agreements;

 

(vi)                             the Crédit-Bail Agreement; and

 

(vii)                          the CDC Subordinated Long Term Debt Agreements;

 

(G)                               each of the existing Financing Documents constitutes the valid and
legally binding obligations of the Borrower which is a party thereto;

 

(H)                              there are no legal proceedings pending or, so far as is known to
either Borrower, threatened before, and no judgment or award has been given or
made by, any court, arbitrator, tribunal, administrative agency or governmental
or other body having authority over it which would be likely materially and
adversely to affect its ability to observe and perform its obligations under
any of the Financing Documents or the financial condition of the Borrowers;

 

(I)                                   as regards the Master Agreement, with the exception of the
Unilateral Letters included in the definition thereof:

 

(i)                                    it has been duly signed by all parties thereto and is in full force
and effect;

 

(ii)                                 each of the Borrowers is a party thereto;

 

(iii)                              it is enforceable in accordance with its terms;

 

(iv)                             neither Borrower is in violation of its Essential Obligations, as
defined in clause 27.1 of the Master Agreement;

 

(J)                                  no assets of a Borrower, Additional Land or revenues of a Borrower
is subject to any Security Interest whatsoever other than (i) those provided
for in the Financing Documents and the CDC Loan Agreements, (ii) the mortgage

 

35

 

(hypothèque)
granted to secure the financing in an amount of € 5,336,000 of the
acquisition of real property let to the employees of the Operating Company, and
(iii) the mortgage (hypothèque)
granted by Euro Disney Associés S.N.C. (prior to its transformation into a société en commandite par actions) to secure the performance
of its obligations under the Crédit-Bail Agreement;

 

(K)                              the mortgages (hypothèques)  in favour of the Banks referred to in
paragraph (A) of Clause 3 (Security Interests)
constitute valid and subsisting first ranking mortgages (hypothèques)
on all Phase IA real property by nature and by purpose (immeubles
par nature et par destination) with the exception of real property
to which the Discharge applies; the mortgages (hypothèques)
in favour of the Banks referred to in paragraph (B) of Clause 3 (Security Interests) are valid and subsisting mortgages (hypothèques) on the real property by nature and by purpose
comprised in Parc Disneyland with the exception of real property to which the
Discharge applies.

 

Save for any
qualifications or disclosures specified in the relevant Borrowers’ Certificate,
each of the warranties in this Clause will be correct in all material respects
on each date on which a Borrower’s Certificate is issued as if repeated then by
reference to the then existing circumstances.

 

36

 

SECTION X  

UNDERTAKINGS

 

23.                              GENERAL UNDERTAKINGS

 

Each Borrower undertakes that unless the
Agent shall otherwise have agreed in writing it shall, until the Discharge
Date:

 

(A)                             in relation to the CDC Loan Agreements, in all material respects (significatif) under the Financing
Documents:

 

(1)                                 use
its best efforts to ensure that at all times its obligations to the Banks under
the Financing Documents rank at least pari
passu with those imposed upon it under the CDC Ordinary Loans;

 

(2)                                 perform
all its duties and obligations under the CDC Loan Agreements as necessary to
ensure that no default arises thereunder;

 

(3)                                 take
all reasonable steps to pursue and enforce all its rights thereunder;

 

(4)                                 promptly
(and at least 21 days prior to the proposed date of implementation) give
written notice to the Agent of any amendment or supplement, and of any
cancellation, surrender, abandonment, termination, acceptance of repudiation or
action rendering terminable, which in any such case is proposed in respect of
any of the CDC Loan Agreements;

 

(5)                                 not
to make or consent to or be a party to the implementation of any proposal to
amend, supplement, cancel, surrender, abandon, terminate, accept repudiation,
take or accept any action rendering terminable any of the CDC Loan Agreements;
and

 

(6)                                 supply
to the Agent promptly after it is made a copy of any amendment or supplement to
any of the CDC Loan Agreements and of any new agreement with the CDC relating
to Phase IA;

 

(B)                               in relation to the Standby Revolving Credit Facility and the
Revolving Credit Facility, the Operating Company undertakes:

 

(1)                                 in
respect of the Standby Revolving Credit Facility:

 

(a)                                 to comply with all the provisions of the Standby Revolving Credit
Facility;

 

(b)                                not to make any drawing;

 

(c)                                 until 1 January 2017, not to make any payment in principal or
interest pursuant to the Standby Revolving Credit Facility as transformed into
Subordinated Long Term Debt in accordance

 

37

 

with the terms of the Promissory Note referred to in
(ii) of the definition of Standby Revolving Credit Facility;

 

(2)                                 to
perform all its duties and obligations under the New Revolving Credit Facility
as necessary to ensure that no default arises;

 

(3)                                 to
take all steps necessary to pursue and enforce its rights under the Standby
Revolving Credit Supplemental Agreement, the Standby Revolving Credit Facility
and the New Revolving Credit Facility;

 

(4)                                 promptly
(and at least 21 days prior to the proposed date of implementation) to give
written notice to the Agent of any amendment or supplement, and of any
cancellation, abandonment, waiver, release, termination, acceptance of breach
under the Standby Revolving Credit Facility or the New Revolving Credit
Facility, or any other action rendering terminable the Standby Revolving Credit
Facility or the New Revolving Credit Facility or relating to any of their
provisions;

 

(5)                                 not
to make or consent to or be party to the implementation of any proposal to
amend, supplement, cancel, release, abandon, accept a breach, take or accept
any action rendering terminable the Standby Revolving Credit Facility or the
New Revolving Credit Facility;

 

(6)                                 to
supply to the Agent promptly after it is made, a copy of any amendment or
supplement to the Standby Revolving Credit Facility or the New Revolving Credit
Facility;

 

(C)                               (1)                                  in
relation to the Phase IB Agreements:

 

(a)                                 procure
that EDL Hotels SCA performs all its duties and obligations under the Phase IB
Agreements as necessary to ensure that no default arises thereunder;

 

(b)                                promptly
(and at least 21 days prior to the proposed date of implementation) give
written notice to the Agent of any amendment or supplement, and of any
cancellation, abandonment, waiver, release, acceptance of breach or any other
action rendering terminable any of the Phase IB Agreements or relating to any
of their provisions;

 

(c)                                 procure
that EDL Hotels SCA supplies to the Agent promptly after it is made a copy of
any amendment or supplement to the Phase IB Agreements;

 

(2)                                 in
relation to the CDC Second Park Agreements and the CDC Subordinated Long Term
Debt Agreements, the Operating Company undertakes:

 

(a)                                 not
to make or consent to or be a party to the implementation of any proposal to amend,
supplement, cancel, surrender,

 

38

 

abandon or terminate, and not to take or
consent to any action rendering terminable or accelerating the CDC Second Park
Agreements and the CDC Subordinated Long Term Debt Agreements, where the
position of the Creditors would be materially adversely affected thereby;

 

(b)                                to
enforce its rights against CDC pursuant to the CDC Second Park Agreements and
the CDC Subordinated Long Term Debt Agreements;

 

(c)                                 to
apply in priority to the payment of monies due under the Financing Contracts
any sum the payment of which was deferred (i) pursuant to the subordination
provisions of the CDC Second Park Agreements or (ii) pursuant to the CDC Second
Park Agreements and the CDC Subordinated Long Term Debt Agreements;

 

(d)                                not to
make any payment in respect of interest payable to CDC on 31 December following
the end of each of the Financial Years 2005 to and including 2014 which are to
be deferred in respect of a Financial Year by reference to the Performance
Indicator of the relevant Financial Year, in accordance with the CDC Second
Park Agreements and the CDC Subordinated Long Term Debt Agreements;

 

(e)                                 until
1 January 2017, not to make any payment, in principal or interest, in
respect of interest (i) deferred by reference to the Performance Indicator of
the relevant Financial Year and (ii) transformed into Subordinated Long Term
Debt in accordance with the CDC Second Park Agreements and the CDC Subordinated
Long Term Debt Agreements;

 

(f)                                   not
to make any payment in respect of deferred interest due to CDC in respect of
the Financial Years 2001 and 2003 other than in accordance with the provisions
of the CDC Second Park Agreements relating to Tranche E;

 

(D)                              take all such action as may be required to maintain its corporate
existence, and, without prejudice to the generality of the foregoing, not
present any petition or make any application or pass any resolution for its
winding-up or enter into any scheme of merger or consolidation with any other
person or enter into any other scheme under which it ceases to exist and/or its
assets or liabilities are vested in or assumed by any other person without the
prior written consent of the Agent provided that any request made in this
context shall be considered in good faith by the Agent and provided always that
the Operating Company shall be entitled to absorb the Financing Company at any
time without the consent of the Agent;

 

(E)                                comply with its obligations under the Financing Documents and as and
when necessary to permit compliance by it with its obligations under the
Financing Documents and the CDC Loan Agreements, use its best efforts to obtain
and

 

39

 

maintain in full force and effect all authorisations
necessary for the performance and enforceability of its obligations under the
Financing Documents and the CDC Loan Agreements and comply in all material
respects with all conditions and obligations to which such authorisations may
be subject;

 

(F)                                not enter into an arrangement whereunder one of the Borrowers
becomes a surety, guarantor, or other secondary party or co-debtor in respect
of the obligations of the other Borrower other than as provided in the Master
Agreement, the Financing Documents or the CDC Loan Agreements;

 

(G)                               not to create or permit to arise or subsist any charge over its
undertaking (nantissement de fonds de
commerce) or any other Security Interest over all or part of its
assets, revenues or Additional Land, other than:

 

(1)                                 in
the case of the Financing Company, the Security Interests contemplated by the
Financing Documents and the CDC Loan Agreements in favour of the Agent, the
Banks and CDC ranking pari passu
in accordance with the CDC Sharing Agreement;

 

(2)                                 in the case of the Operating Company:

 

(a)                                 the
Security Interests contemplated by the Financing Documents and the CDC Loan
Agreements in favour of the Agent, the Banks and CDC ranking pari passu in accordance with the CDC
Sharing Agreement;

 

(b)                                Security
Interests over land and installations thereon comprised in Additional Land,
granted to secure financing obligations in respect of any development thereon
subject to either (i) the Banks being granted an hypothèque thereon ranking pari
passu therewith by reference (aa) in the case of the Banks, to an
amount equal to the aggregate of 5/14th of the original purchase
price of such Additional Land and that part of the Total Outstanding Amount
which represents interest, commission and fees thereon, and (bb) in the case of
the beneficiary of such Security Interests, its maximum lending or credit
commitment in respect of such development or (ii) the Operating Company
reducing the Total Outstanding Amount by the amount described in this paragraph
(b)(i)(aa);

 

(c)                                 Security
Interests in favour of any person other than as aforesaid over any asset which
is not to be the subject of any Security Interest under or pursuant to the
Financing Documents which are also granted to the Banks on a pari passu basis in the same form as those
granted to that person;

 

(d)                                Security
lnterests other than as aforesaid securing a maximum amount equivalent at any
time to 5 per cent. of the net assets (actif
net) of the Operating Company as shown in the audited

 

40

 

balance sheet of the Operating Company then
most recently supplied to the Agent pursuant to the Agreement;

 

(e)                                 Security
Interests arising by operation of law as a result of trading in the normal
course and otherwise than by reason of any default by either Borrower so long
as application to discharge such Security Interest is made in good faith and
such Security Interest is discharged as promptly as practicable;

 

(f)                                   the
mortgages (hypothèques) referred
to in paragraph (J) of Clause 22 (Representations
and Warranties);

 

(H)                              in the event of any amount whatsoever payable under the Financing
Documents or the CDC Loan Agreements or any taxes becoming overdue and for so
long as such amounts remain unpaid, not make any payments in respect of Phase
IA Partners’ Advances, share capital (actions
or parts) or subordinated debt
nor pay any Incentive Fee or Base Fee unless, in the case of overdue tax,
payment thereof is being contested in good faith and an amount equal thereto
has been set aside in cash by way of provision;

 

(I)                                   not enter into any agreement whatsoever with TWDC or any Disney
Controlled Affiliate which constitutes an abuse of such Borrower’s assets (abus de biens sociaux);

 

(J)                                  not, without the consent of the Agent and without making (a) all
necessary amendments to the Financing Documents and the Agreed Computer Model
and (b) appropriate internal accounting provisions to permit the annual
financial calculations called for by the Agreement, change its fiscal year-end
to any date other than 31 December in the case of the Financing Company,
and 30 September, in the case of the Operating Company;

 

(K)                              promptly upon becoming aware of the occurrence of any Event of
Default, or of any Potential Event of Default, give notice thereof to the
Agent;

 

(L)                                ensure that all indebtedness from one Borrower to the other bears
interest at a rate not exceeding a normal commercial rate at the date on which
the relevant agreement is entered into;

 

(M)                           to comply with and perform the Covenants and its undertakings under
the Common Agreement;

 

(N)                               until 1
January 2017, not to make any payment (in principal or interest) of any
amount representing Royalties or Management Fees which are deferred in respect
of the Financial Years 2005 to 2014 and transformed into Subordinated Long Term
Debt in accordance with the terms of the letter referred to in (ii) of the
definition of Licence Supplemental Agreement and the agreements referred in
(ii) of the definition of Remuneration Agreement;

 

(O)                               not to
modify (a) the terms of the definition of Subordinated Long Term Debt as set
out in the letter referred to in (ii) of the definition of Licence Supplemental

 

41

 

Agreement, the agreements referred in (ii)
of the definition of Remuneration Agreement and in clauses of the CDC Second
Park Supplemental Agreements relating to interest or (b) the terms of any CDC
Subordinated Long Term Debt Agreement;

 

(P)                                 to
procure that any indebtedness of the Operating Company owed to Euro Disney
S.C.A. shall be subject to the following conditions:

 

(i)                                    the
aggregate amount of all fees, interest, bonuses and other similar payments to
Euro Disney S.C.A. shall not exceed EURIBOR 3 months less 50 basis points
per annum; in the event of any change in the tax rules and regulations which
are currently applicable resulting in the interest relating to the cash
advances to Euro Disney S.C.A. no longer being satisfactorily deductible from a
tax point of view, the parties shall enter into discussions and shall use their
best endeavours so as to agree new terms and conditions allowing the interest
relating to such advances to be satisfactorily deductible from a tax point of
view;

 

(ii)                                 in
the event of the winding-up (liquidation),
the repayment of any partner’s advance shall be subject to the prior payment of
all the monies due under the Financing Agreements, the CDC Second Park
Agreements and the CDC Subordinated Long Term Debt Agreements;

 

(iii)                              Euro
Disney S.C.A. shall be entitled to request the repayment of the partner’s
advance made pursuant to the Funds Agreement if and to the extent that it is
necessary to the payment of its costs and expenses and up to the € 5
million cap applicable to its annual operating budget (which may vary, after
the Financial Year 2005, in accordance with the annual inflation rate) net of
any income (including the dividends in respect of the Financial Year N-1 and
other payments);

 

(iv)                             the
repayment flows shall be structured so that Euro Disney S.C.A. has always at
least € 1,000,000 in cash.

 

24.                              PROJECT UNDERTAKINGS

 

Each Borrower undertakes that unless the
Agent shall otherwise have agreed in writing, it shall, until the Discharge
Date:

 

(A)                             procure that the Phase IA Assets and Additional Land are kept in all
material respects in good operating condition and in good condition
respectively, and that all repairs, renewals and replacements (including
substitutions) to or of Phase IA Assets required to such end are promptly made,
subject to the provisions of clause 3 of the Covenants; provided that,
consistent with Disney standards applied at Disneyland in California, the Magic
Kingdom at Walt Disney World in Florida and Tokyo Disneyland in Japan,
non-material items need not be replaced;

 

(B)                               (1)                                  pay
punctually or procure punctual payment of all costs relating to Phase IA (other
than financial costs) in such manner and at such times

 

42

 

so as
to ensure that no right to cancel any of the Disney Support Documents or the
Phase IA Documents arises and that no breach thereof is committed by it, except
to the extent that:

 

(a)                                 such
payment is being contested in good faith;

 

(b)                                the
failure to make such payment is consistent with good business judgement;

 

(c)                                 any
of the Financing Documents shall otherwise require; or

 

(d)                                agreement
has been reached with the relevant other party thereto that failure to make
such payment will not be treated as a breach;

 

(2)                                 take
all reasonable steps to pursue and enforce all its rights under the Disney
Support Documents and the Phase IA Documents unless the position of the Banks
would not be adversely affected by a failure on the part of such Borrower to
pursue and enforce such rights;

 

(3)                                 promptly
(and at least 21 days prior to the proposed date of implementation) give
written notice to the Agent of any amendment or supplement, and of any
cancellation, surrender, abandonment, termination, acceptance of repudiation or
action rendering terminable, which in any such case is proposed in respect of
any of the Disney Support Documents and the Phase IA Documents;

 

(4)                                 supply
to the Agent promptly after it is made a copy of any amendment or supplement to
any of the Disney Support Documents or the Phase IA Documents, of any new
Disney Support Documents or Phase IA Document and of any material agreement or
instrument supplemental or complementary or made pursuant to any of the Disney
Support Documents and the Phase IA Documents;

 

(C)                               in relation to the Master Agreement,

 

(1)                                 use its best efforts to enforce its rights against the French public
parties under the Master Agreement to the extent necessary to compel the French
public parties to comply with their essential obligations regarding the
completion of the réseau express régional,
expressway interchanges (échangeurs
autoroutiers) and primary and secondary infrastructure, as set out
in clause 27.1 of the Master Agreement and their obligations as to:

 

(a)                                 the area and location of the Phase IA land and Additional Land to be
acquired;

 

(b)                                the purchase price of such land; and

 

(c)                                 the value added tax treatment of such Borrower;

 

43

 

except to the extent that the failure to
enforce any such rights is consistent with the exorcise of good business
judgement and will not result in a material adverse effect (effet défavorable  significatif) on the Borrowers or their
ability to perform their obligations under the Financing Documents;

 

(2)                                 comply with all of its material obligations under the Master
Agreement unless the French public parties have waived any failure to comply
therewith and except to the extent that the failure to comply with such
obligations is consistent with the exercise of good business judgement and will
not result in a material adverse effect (effet
défavorable  significatif)
on the Borrowers or their ability to perform their obligations under the
Financing Documents or on the French public parties’ duty to perform their
obligations referred to in paragraph (1);

 

(3)                                 not, without the written consent of the Agent, requested at least
ten Business Days prior thereto, amend the Master Agreement in respect of any
obligation of the French public parties referred to in paragraph (1) and which
could have a material adverse effect (effet
défavorable  significatif)
on the Borrowers or their ability to perform their obligations under the
Financing Documents; and

 

(4)                                 provide to the Agent copies of any written amendment or supplement
to the Master Agreement whether or not material within two Business Days of
entering into the same;

 

(D)                              in relation to the Disney Support Documents and the Financing
Company’s Phase IA Partners Advances Agreement:

 

(1)                                 not
make or consent to or be a party to the implementation of any proposal to
amend, supplement, cancel, surrender, abandon, terminate, accept repudiation,
take or accept any action rendering terminable any of the Disney Support
Documents or Financing Company’s Phase IA Partners Advances Agreement where the
position of the Banks would be materially adversely affected thereby; and

 

(2)                                 supply
to the Agent promptly after it is made a copy, certified by the gérant of each Borrower party thereto to
be true, complete and up to date, of any agreement relating to Phase IA to
which such Borrower and one or more Disney Controlled Affiliates are parties
whereby services or industrial property rights are to be provided or licensed
by such Disney Controlled Affiliates;

 

(E)                                as and when necessary use its best efforts to obtain and maintain in
full force and effect all authorisations necessary for the performance of its
obligations under the Crédit-Bail Agreement,
the Financing Company’s Phase IA Partners Advances Agreement, the Disney
Support Documents and the Phase IA Documents and comply in all respects with
all conditions and obligations to which such authorisations may be subject save
to the extent that failure to do so

 

44

 

would not have a material adverse effect (effet défavorable significatif) on the
situation of the Borrowers;

 

(F)                                promptly give written notice to the Agent of every notice of default
or adverse claim or demand made by any person against such Borrower having, or
which would be reasonably likely to have a material adverse effect (effet défavorable significatif) on the
Borrowers relating to Phase IA or the Additional Land or of any proceedings
instituted with respect thereto, and, except to the extent that it shall be
required not to do so by any other provision of the Financing Documents, take
all steps open to such Borrower which a prudent businessman would consider to
be reasonable, necessary or proper to remedy any such default and protect and
defend the Phase IA Assets and the Additional Land against any such adverse
claim or demand including but not limited to the employment of legal advisers
for the prosecution or defence of litigation and the contest, release or
discharge of any such claim or demand;

 

(G)                               take all reasonable steps with a view to procuring that any one or
more representatives or agents of the Agent, the Expert or the Insurance
Consultant be allowed at all reasonable times, upon reasonable notice during
normal business hours, to the extent reasonably required by them in connection
with the Financing Documents or the exercise of rights and duties thereunder
and at the expense of the Borrowers (i) to have access to the Phase IA Assets
and to inspect or observe all or any facilities or operations thereof, provided
that such representative or agent shall comply with all reasonable instructions
and conditions which may be given by the Operating Company on such occasions,
and (ii) to inspect, in connection with any enquiry, any and all books,
records, software and other relevant data or information which may be relevant
to such enquiry in the possession of or available to such Borrower with respect
thereto, provided, however, that nothing in this paragraph shall compel such
Borrower to provide access or permit inspection otherwise than to or by the
Expert to the extent that the Operating Company certifies that in its opinion
to do so would result in the release of confidential pricing information or
technical or operational know-how which would be likely to be damaging in the
hands of competitors in which event the provisions of paragraph (E) of Clause
40 (Confidentiality) apply;

 

(H)                              in relation to insurance:

 

(1)                                 keep all its assets and business insured or procure the same to be
insured in accordance with the Insurance Memorandum;

 

(2)                                 comply with its obligations with respect to insurance as set forth
in the Insurance Memorandum;

 

(3)                                 make prompt disclosure to all the relevant underwriters and other
insurers (and any persons acting on their behalf) of all material information
relating to the insurance policies to the extent relevant to the Insurance
Memorandum; and

 

(4)                                 except as permitted by paragraph (A)(1) of Clause 6 (Loan Accounts) apply any insurance
proceeds received by it relating to a material loss in

 

45

 

connection with Phase IA Assets or Additional Land
either in or towards payment of the cost of replacing or repairing the same as
soon as practicable following the date of the receipt of such proceeds or, if
not so applied, at the option of the Operating Company, in reduction of the
Total Outstanding Amount and, in each case, pending such application, such insurance
proceeds shall be retained by such Borrower in its Loan Account or as an
Authorised lnvestment;

 

(I)                                   at its own expense take such action and enter into such documents as
and when necessary to enable the Agent and the Banks to create, perfect and
maintain the Security interests provided for in Clause 3 (Security Interests) and, in particular,
with respect to the hypothèques.

 

25.                              INFORMATION UNDERTAKINGS

 

Each Borrower undertakes that unless the
Agent shall otherwise have agreed in writing, it shall, until the Discharge
Date:

 

(A)                             respect and perform the information undertakings provided in
paragraph 1 of the Covenants and at its expense supply to the Agent (where
appropriate in such number of copies as the Agent may reasonably request for
distribution to the Banks) at the same time as the Quarterly Reports, the
Quarterly Reports relating to Development Investments and the Financial Year
End Reports referred to in paragraph 1 of the Covenants, a certificate (the “Borrowers’ Certificate”) containing:

 

(a)                                 a
summary of key events relating to the Project which have occurred during the
relevant Quarter and matters which may effect insurance coverage unless such
information has already been communicated pursuant to paragraph 1 of the
Covenants;

 

(b)                                confirmation
from the Borrowers that:

 

(i)                                    no
Potential Event of Default has occurred and is continuing since the Restatement
Date;

 

(ii)                                 no
Event of Default has occurred and is continuing since the Restatement Date;

 

(c)                                 a
warranty from the Borrowers that, except as regards matters which have been
disclosed expressly, all the representations and warranties in Clause 22 (Representations and Warranties)  of the Agreement would be true and
correct in all material respects as at the date of the Borrowers’ Certificate
if repeated with reference to the facts and circumstances subsisting at the
date of the Borrowers’ Certificate;

 

(B)                               cooperate with each Expert or Insurance Consultant in the
preparation of such reports as may be required from time to time by the terms
of the Covenants and the Insurance Memorandum, as the case may be, and the
Operating Company shall pay for the costs relating thereto;

 

46

 

(C)                               ensure that with respect to all written information formally
supplied by it to the Agent or to the Banks under the provisions of the
Agreement:

 

(a)                                 any
estimate of any of its present or future Liability to tax is properly and
carefully prepared; and

 

(b)                                as
regards any Borrowers’ Certificate or other formal report:

 

(i)                                    as
to matters of fact, it is true, complete and accurate in all material respects;
and

 

(ii)                                 as to
estimates, opinions or forecasts, these have been prepared in accordance with
the Agreed Procedures and otherwise arrived at in good faith;

 

(D)                              procure (i) that each balance sheet, income statement and notes
thereto (bilan, compte de résultat et annexe)
furnished to the Banks pursuant to clause 1 of the Covenants are prepared
(unless otherwise required by clause 1 of the Covenants) in accordance with
generally accepted French accounting principles consistently applied subject to
any changes to the accounting principles under the Covenants, (ii) that such
financial statements are lawful and sincere (réguliers
et sincères) and give a true and fair view of the profit or loss of
the activity of the relevant Borrower during the relevant financial period (donnent une image fidèle du résultat des opérations
de l’exercice ou de la partie de l’exercice concerné), (iii) that
there is no material fact or circumstance arising after the date as at which
such financial statements are prepared the non-disclosure of which renders the
said financial statements misleading;

 

(E)                                in respect of the Agreed Computer Model:

 

(a)                                 not
make any amendment thereto without the prior written consent of the Agent as to
the nature of such amendment and as to the manner in which the same is
documented; and

 

(b)                                procure
the calculation and production of print-outs on an annual basis or, if the
Agent shall so request at any time by giving not less than 90 days’ prior
notice, on a half-yearly basis;

 

(F)                                supply the Agent with copies of all formal notices other than
notices of drawing at any time delivered by or to either of them under the
Financing Company’s Phase IA Partners Advances Agreement, the CDC Loan
Agreements, the CDC Second Park Agreements, the CDC Subordinated Long Term Debt
Agreements, the Master Agreement, the Disney Support Documents and the Phase IA
Documents or any of them;

 

(G)                               forthwith after entering into the same, supply to the Agent a copy,
certified to be true, complete and accurate by the gérant of the Borrower party thereto, of any Phase IA
Document; and

 

47

 

(H)                              as soon as practicable supply to the Agent such material information
as the Banks or any of them may from time to time reasonably require in
connection with Phase IA and Additional Land, save that the Borrowers shall not
be required to provide information to the Agent or the Banks under this Clause
to the extent that the Operating Company certifies that, in its opinion, to do
so would result in the release of confidential pricing information or technical
or operational know-how which would be likely to be damaging in the hands of competitors
in which event the provisions of paragraph (E) of Clause 40 (Confidentiality) shall apply.

 

48

 

 

SECTION XI  

EVENTS OF DEFAULT

 

26.          CONSEQUENCES
OF EVENT OF DEFAULT

 

On or at any time after the occurrence of any Event of
Default which is continuing and subsisting and has not been waived by the Agent
by notice in writing served by the Agent on the Borrowers, then, the Agent (on
behalf of itself and the Banks) shall upon the instructions of the Majority
Banks be entitled to take all or any of the following actions on behalf of the
Banks:

 

(A)          by notice given by the Agent to the Borrowers, declare the Loans to
be due and payable, whereupon the Loans and accrued interest thereon and all
other amounts owing under the Financing Documents shall become immediately due
and payable;

 

(B)          enforce any of the Security Interests for the payment or repayment
of all amounts secured thereby;

 

(C)          to the extent permitted by applicable law, apply any amounts
standing to the credit of any of the Loan Accounts in payment of any amounts
owing to the Agent and the Banks under the Financing Documents whether by the
holder of such Account or by the other Borrower;

 

(D)          without prejudice to any rights of the Banks arising or existing
prior to the occurrence of an Event of Default, enforce by any means any other
obligation of either Borrower under any of the Financing Documents;

 

and the taking of any one or more of such actions by
the Agent shall be without prejudice to any other remedy available to the Banks
or the Agent.

 

Without prejudice to the generality of the foregoing,
the Agent shall be entitled (but not obliged) at any time and upon such terms
and conditions as it thinks fit, to take such steps as may then be available to
it to terminate, defer or counter the effects of any or all of the actions
which it may have taken in accordance with the provisions of this Clause.

 

27.          LIST OF
EVENTS OF DEFAULT

 

(1)            The Events of Default are as follows:

 

(A)          if
either Borrower should default in the payment of any money when due and payable
under the Agreement and such default continues for more than 5 Business Days
thereafter;

 

(B)          if either of the Borrowers should default in any material respect in
the performance or observance of any obligation relating to the Security
Interests as provided for in Section II (Security
Interests) or as to the opening, maintaining and operation of accounts
as provided for in

 

49

 

Section IV (Loan  Accounts) or of any undertaking contained in Section X
(Undertakings) or Clause 31 (Subrogation).

 

Provided that:

 

(i)            where any such default (other than a default in the performance of
either Borrower’s obligations under paragraph (K) of Clause 23 (General Undertakings) or paragraphs (A) or (C) of Clause 25
(Information Undertakings) is capable of
remedy, no Event of Default shall occur unless such default is not remedied
within 30 days after the Agent’s notice thereof to the relevant Borrower or the
relevant Borrower’s notice thereof to the Agent;

 

(ii)           where any such default relates to the non-performance of an
obligation under paragraph (A) of Clause 25 (Information
Undertakings), no Event of Default shall occur if delivery of the
information or document required to be delivered thereby is made within 5
Business Days after the due date therefor; without prejudice to the generality
of the foregoing and without incurring any liability in respect thereof or in
the event of its failing to do so for any reason, the Agent shall, upon
becoming aware of the non-delivery of any information or document required to
be delivered under paragraph (A) within such 5 Business Days, inform the
Borrowers of such non-delivery; and

 

(iii)          in the event of the Agent becoming aware of any default by reference
to paragraph (C) of Clause 25 (Information Undertakings),
the Agent shall give notice thereof to the Borrowers and such default shall
cease to constitute an Event of Default 90 days after the giving of such notice
if within such period no action by the Agent shall have been taken by reference
thereto under Clause 26 (Consequences of Event of
Default);

 

(C)          If any
of the representations given under Clause 22 (Representations
and Warranties), as qualified by any qualification or disclosure
specified in the relevant Borrowers’ Certificate, proves to be incorrect in any
material respect in the light of the facts and circumstances existing as at the
Restatement Date or any subsequent date at which such representation is deemed
repeated, or if any representation given under clause 7 (Representations
and Warranties) of the Phase IA Credit Amendment and Restatement
Agreement or under any certificate referred to in clause 6 (Conditions Precedent) of such Phase IA Credit Amendment and
Restatement Agreement proves to be incorrect as at the Restatement Date or the
date of the relevant certificate.

 

(D)          if any of the Financing Documents, the Disney Support Documents, the
Master Agreement (excluding the Unilateral Letters referred to in paragraph (a)
of the definition of Master Agreement), the Phase IA

 

50

 

Documents, the CDC Loan Agreements, the CDC Second
Park Agreements, the Phase IB Agreement or the Financing Company’s Phase IA
Partners Advances Agreement should cease to be valid or binding or the
performance thereof become unlawful or if any such agreement be terminated
(otherwise than by expiry in accordance with its terms) in each case to an
extent or in a manner likely to have a material adverse effect (effet défavorable significatif) on the Borrowers; or if any
of the providers of such Unilateral Letters shall fail to respect the terms
thereof in each case to an extent or in a manner likely to have a material
adverse effect (effet défavorable significatif)
on the Borrowers;

 

(E)           if the execution or performance of any of the obligations or
exercise of any of the rights of either of the Borrowers under any of the
Financing Documents, the Disney Support Documents, the Master Agreement, the
Phase IA Documents, the Financing Company’s Phase IA Partners Advances
Agreement, the CDC Second Park Agreements or the CDC Loan Agreements, shall
constitute a breach of or any default under any other such agreement to an
extent or in a manner likely to have a material adverse effect (effet défavorable significatif) on the Borrowers;

 

(F)           if any party other than the Borrowers should commit a material
breach of any of the Disney Support Documents;

 

(G)          if any French governmental, regional, departmental or municipal
acquired authority, statutory body or agency shall expropriate the land
comprised in Phase IA or acquire (either compulsorily or in circumstances in
which it is impracticable to resist acquisition) (i) such part of the Phase IA
Assets as would have a material adverse effect (effet
défavorable significatif) on the Borrowers or (ii) such right or
power of management or control over Phase IA or any aspect thereof that would
have a material adverse effect (effet défavorable
significatif) on the Borrowers;

 

(H)          (i) if any order of any court or other tribunal or governmental
agency shall be made which is not for payment of a monetary amount, but would
have a material adverse effect (effet défavorable
significatif) on the Borrowers and is not discharged within 30 days
or (ii) if any judgment for payment of a monetary amount against either
Borrower in excess of € 15,000,000, in the case of the Financing Company,
and € 38,000,000, in the case of the Operating Company, or any equivalent
amount in another currency or in an amount which, when aggregated with other
such judgments arising out of the same cause of action, exceeds
€ 30,000,000, in the case of the Financing Company and € 76,000,000,
in the case of the Operating Company, or any equivalent amount in one or more
other currencies, shall remain unsatisfied for more than 30 days after the
exhaustion of all administrative and legal remedies which are suspensifs d’exécution (suspend the obligation to pay the
judgment amount);

 

51

 

(I)            if any obligation for borrowed monies raised otherwise than under
the Agreement and not constituting subordinated debt, Partners’ Advances or the
New Revolving Credit Facility exceeding € 1,500,000, in the case of the
Financing Company, and € 7,500,000 in the case of the Operating Company
(or any of the Subsidiaries thereof other than the Non Recourse Subsidiaries
and the Limited Recourse Subsidiaries) or its equivalent in any other currency
is not paid on the due date for payment therefor or after the expiry of any
applicable grace period or shall become due or become capable of being declared
due prior to its original maturity by reason of default;

 

(J)           if either Borrower shall be in breach of any law or shall, in
connection with Phase IA permit any construction, safety or maintenance
requirement not to be observed, in any such case, to an extent or in a manner
that would have a material adverse effect (effet défavorable
significatif) on the financial condition of the Borrowers;

 

(K)          if the beneficiary of any Security Interest in respect of an
aggregate obligation exceeding € 1,500,000, in the case of the Financing
Company, and € 7,500,000, in the case of the Operating Company (or any
Subsidiary thereof other than the Non Recourse Subsidiaries or the Limited
Recourse Subsidiaries), or its equivalent in any other currency, makes a valid
application to any tribunal for the purpose of enforcing its rights under such
Security Interest;

 

(L)           if a court-appointed custodian (séquestre judiciaire)
is validly appointed for the whole or any material part of the Phase IA Assets
or undertaking of either Borrower (or any analogous proceeding or action is
taken in respect of any of the Phase IA Assets) or an attachment (saisie-conservatoire) or opposition, a
garnishment (saisie-attribution), a
foreclosure (saisie-immobilière) or any other
execution of a judgment is made against the whole or any material part of the
assets of either Borrower (or an analogous proceeding or action is taken in
respect of any such assets) unless application to discharge the same is made in
good faith and the same is discharged within the shortest practicable period
after being made;

 

(M)         (1)           (i) if an application is made by either Borrower for the institution
of proceedings for judicial reorganisation (redressement judiciaire)
as provided for in articles L.620-1 seq. of the Code de
commerce or (ii) on the initiative of a creditor or following an
application by the Procureur de la République
a court becomes seized of such proceedings with respect to either Borrower and
such application is not withdrawn or the decision that no redressement
judiciaire is required is not made by the competent court within 15
Business Days; or

 

(2)           if a liquidator (mandataire-liquidateur)
is appointed or any order is made or an effective shareholders resolution is
passed for the dissolution (other than a dissolution of the Financing Company

 

52

 

following its absorption by the Operating Company) of
either Borrower except in the course of a scheme of reorganisation or
amalgamation previously approved by the Agent;

 

(N)          if either Borrower makes a sale of assets (cession de
biens) or admits in writing its inability to pay its debts as the
same become due or is in cessation of payments (cessation de
paiements) (as defined in article 621-1 of the Code de commerce or makes an application for the appointment
of a conciliator (conciliateur) with a view to a
settlement (accord amiable) pursuant to articles
L.611-3 seq. of the Code de commerce;

 

(O)          if TWDC ceases to own, directly or indirectly, at any time, the
following number of fully paid up shares:

 

(1)           until 31 December 2016, such number of shares as represents at
least 39 per cent. of the share capital of Euro Disney S.C.A.;

 

(2)           at least one share in the Financing Company; and

 

(3)           at least 97 per cent. of the share capital of (a) the associé commandité (general partner) of Euro Disney S.C.A.,
(b) two of the associés commandités (general
partners) of the Operating Company, (d) a gérant
(manager) of Euro Disney S.C.A. or (e) a gérant
(manager) of the Financing Company;

 

(P)          (1)           the occurrence of any event of default as defined in any contract or
instrument relating to borrowed money to which EDL Hotels SCA is a party as a
result of non-payment of any amount at least equal to € 7,500,000, which
renders such borrowed money capable of being declared due prior to its contractual
maturity unless remedied within any applicable grace period; or

 

(2)           any borrowed money of EDL Hotels SCA is declared due and payable
prior to its contractual maturity by the creditor or creditors thereof;

 

(Q)          any resolution shall without the prior written consent of the Agent
be passed by the shareholders of either Borrower for the purposes of effecting
any change in the objects or corporate form of such Borrower as the same exist
as at the Restatement Date;

 

(R)          if the Borrowers fail (for whatever reason) to obtain any
authorisation referred to in paragraph (E) of Clause 23 (General
Undertakings) and paragraph (E) of Clause 24 (Project
Undertakings) or if any of the Debtors or a Subsidiary shall fail to
comply with any of the obligations under the Amended and Restated Common
Agreement;

 

(S)           any reduction of the share capital of Euro Disney S.C.A. or the
Operating Company other than a reduction of capital based on losses;

 

53

 

(T)          if any person other than PriceWaterhouseCoopers or another firm of
statutory auditors (commissaires aux comptes)
of like standing and international repute is engaged as statutory auditor of
either Borrower;

 

(U)          if the Operating Company ceases to be a société en
commandite par actions or if the exclusive right to appoint the gérant thereof is not vested in fact in a Disney Controlled
Affiliate.

 

(V)          any one of the ratios referred to in clause 2 of the Covenants is
not complied with for the any Financial Year N, provided that the Agent may not
give notice of acceleration prior to 30 January of the Financial Year N+1
or, in the event of any change in accounting rules and principles, prior to 28 February of
the Financial Year N+1, if and to the extent that such failure to comply is remedied
in accordance with the following conditions:

 

Euro Disney Associés or Euro Disney S.C.A.
may restore the DSCR or, as the case may be, the Forecast DSCR using either (i)
new cash contributions in the form of reserves (fonds
propres) or Subordinated Indebtedness of Euro Disney Associés or
(ii) waivers of debts (whether or not with a “better fortunes” clause (clause de retour à meilleure fortune) attached thereto) or
deferred payments which may, in either case, give rise to a payment only after
the date on which all sums due (in principal and interest) under the CDC Second
Park Agreements and the CDC Subordinated Long Term Debt Agreements have been
repaid in full and have been the subject of a subordination agreement to be
entered into with CDC (the “Restoration Amount”).

 

The Restoration Amount (which shall be
added to the numerator in the calculation of the DSCR or the Forecast DSCR)
shall be the higher of:

 

(i)            the Restoration Amount resulting in the DSCR being restored; and

 

(i)            the Restoration Amount resulting in the Forecast DSCR being
restored;

 

The cash flow of Euro Disney Associés shall have fully
benefited from the Restoration Amount not earlier than 30 June of
Financial Year N and not later than 30 January of Financial Year N+1 or,
in the event of any change in the accounting rules and principles, not later
than 28 February of Financial Year N+1;

 

(W)         the fact that the Operating Company ceases at any time to operate or
to have the right to operate the Parc Disneyland;

 

(X)          if Euro Disney S.C.A. (a) ceases to hold (i) the number of shares
held by it in the Operating Company at the Restatement Date, or (ii) less than
two thirds of the share capital of the Operating Company or (iii) at least
97 per cent. of Euro Disney Commandité SAS, (b) ceases to be

 

54

 

listed in the Paris Stock Exchange (except in the case
of any delisting imposed by the market authorities), (c) carries on a business
other than (i) holding of shares in Euro Disney Associés and Euro Disney
Commandité SAS, (ii) make its excess cash available to Euro Disney Associés in
accordance with paragraph 7 of the Covenants, (iii) supplying administrative
services to Euro Disney Associés and (iv) to be a contracting party to the
agreements which were not transferred pursuant to the Contribution Agreement or
(d) amends its objects or its accounting period compared to the same as
provided in its statuts as amended by the
shareholders pursuant to the extraordinary general meeting (assemblée générale extraordinaire) convened, in particular,
to decide on the Contribution;

 

(Y)          if the Operating Company makes any repayment to its shareholders (or
any of them) in respect of contribution premiums (primes d’apport)
resulting from the Contribution and recorded in its accounts (compte comptable du plan comptable general n°104 “primes liées au
capital”) in a minimum amount of € 122.2 million;

 

(Z)          if the Operating Company pays any Royalty or Management Fee in
respect of any of the three quarters from 1 January to 30 September 2003
in contravention of the terms of the letters dated 28 March 2003 sent to
Euro Disney S.C.A. by the Walt Disney Company (Netherlands) B.V. and Euro
Disney S.A. respectively.

 

(2)           (A)          In the event that the Agent believes that an event has occurred
which if material or which if it might have a material adverse effect would
constitute an Event of Default, the Agent shall have the right but not the
obligation to contact one of the financial institutions named in paragraph
(B)(10)(b) of Clause 1 (Definitions and
Interpretation) with a request for such a certificate as is
mentioned in that paragraph.  It shall
not be entitled to request such a certificate from more than one such financial
institution unless the first financial institution contacted has refused to
give such a certificate for any reason other than its determination that such
event is not “material” or has not had a “material adverse effect” as those
terms are defined in paragraph (B)(10) of Clause 1 (Definitions
and Interpretation). Before contacting any financial institution to
request such a certificate, the Agent shall give notice in writing of such
proposed contact to the Borrowers.

 

(B)          Such financial institution shall not be granted any waiver nor
indemnification against liability in connection with the performance of its
duties in rendering such certificate as is mentioned in paragraph (B)(10)(b) of
Clause 1 (Definitions and Interpretation).

 

(C)          The Agent and the Borrowers shall each provide promptly to such
financial institution, with copies to the other party, all such information as
it may reasonably request to assist it in making its determination.

 

55

 

(D)          Unless the Agent has determined that an Event of Default has
occurred by reference to a provision where such a certificate would be relevant
without first having obtained such a certificate, the Borrowers may not
initiate any request for any such certificate as is mentioned in paragraph
(B)(10)(b) of Clause 1 (Definitions and
Interpretation), but in the event that the Borrowers are permitted
by this paragraph to initiate such a request the procedures contained in this
paragraph (2) shall be read to apply, where applicable, to such a request by
the Borrowers in lieu of the Agent.

 

(E)           In the event that any such certificate is issued the Agent shall
promptly send a copy of the same together with the summary description of facts
on which it is based to the Borrowers and the Banks.

 

(F)           The Borrowers shall pay the reasonable fees and expenses of any
financial institution contacted by the Agent hereunder provided that such
financial institution has issued to the Agent the certificate mentioned in
paragraph (B)(10)(b) of Clause 1 (Definitions and
Interpretation) to the effect that a fact, event or circumstance was
“material” or has had a “material adverse effect” as those terms are defined in
such paragraph.

 

(G)          Any financial institution engaged hereunder shall agree to enter
into a confidentiality agreement with the Borrowers substantially similar to
the confidentiality obligations of the Banks contained in Section XVI (Confidentiality).

 

(H)          The decision of the financial institution issuing such a certificate
shall be binding to the extent stated in paragraph (B)(10)(b) of Clause 1 (Definitions and Interpretation).

 

56

 

SECTION XII  

CO-DEBTOR, INDEMNITIES,

NO RECOURSE AND SUBROGATION

 

28.          CO-DEBTOR

 

(A)          The Operating Company hereby acknowledges that it is unconditionally
and irrevocably a joint and several co-debtor (co-débiteur
solidaire) in respect of all obligations of the Financing Company to
the Agent and the Banks under the Financing Documents which the Agent and the
Banks and the Financing Company hereby accept. 
Without prejudice to the generality of the foregoing, the Agent and the
Banks shall not be required to take any legal proceedings or other step against
the Financing Company, nor to give notice or make any protest or demand to the
Financing Company concerning the failure by the Financing Company to fulfil any
of its obligations under the Financing Documents before requiring performance
by the Operating Company of its obligations as co-debtor.

 

The Operating Company expressly acknowledges in its
capacity as co-debtor that (i) it will in no event be able to invoke the bénéfice de division et de discussion (benefit of division
and discussion) and (ii) that its obligations under this Clause will not be
affected or diminished in any manner by reason of any act or omission by the Agent
or the Banks in respect of the Security Interests granted by the Financing
Company pursuant to the Agreement.

 

(B)           The Operating Company acknowledges that, in its capacity as
co-debtor with the Financing Company, as provided for in paragraph (A), its obligations
constitute primary obligations and not a guarantee or other secondary
obligation. Without limiting the generality of the foregoing, the Operating
Company acknowledges in particular, but without limitation, that its
obligations under this Clause shall not (to the extent permitted by law) be
affected by any of the following events or circumstances:

 

(i)            the
taking of proceedings, whether judicial, administrative, non-judicial or
voluntary with a view to the dissolution or redressement judiciaire
(judicial reorganisation) of either Borrower enabling either Borrower to
suspend payments or any proceedings having a similar purpose or effect;

 

(ii)           any express or tacit consent, waiver, extension, indulgence or
forbearance granted by the Banks to either Borrower with respect to all or any
part of its obligations under any of the Financing Documents;

 

(iii)          the illegality, invalidity or unenforceability of all or any
provisions of any of the Financing Documents;

 

(iv)          the lack of legal existence or capacity of the Financing Company or
any other factor which may render its obligations under any of the Financing
Documents illegal, invalid or unenforceable;

 

57

 

(v)           the existence of any exchange control, moratorium or governmental,
administrative or any other measures the effect of which is to prevent either
Borrower from fulfilling its obligations under any of the Financing Documents
or to render such fulfilment more onerous or less favourable than provided for
therein.

 

(C)           The Operating Company hereby, in its capacity as co-debtor, waives
any rights of subrogation which it may have against the Financing Company as a
consequence of any payment made by it to the Agent or the Banks hereunder,
until complete payment has been made of all amounts payable by the Borrowers
under the Financing Documents.

 

Neither Borrower shall seek to exercise or enforce any
rights against the other on the basis of Security Interests nor, in the case of
the Operating Company, by reason of its obligations of co-debtor hereunder, nor
shall either Borrower compete with the Agent and the Banks as a creditor of the
other Borrower in the insolvency, dissolution or redressement
judiciaire of such other Borrower, or otherwise, and each Borrower shall
postpone all claims which it may otherwise have against the other Borrower
until complete satisfaction of all outstanding claims of the Agent and the
Banks against the Borrowers arising out of the Financing Documents.

 

(D)          All payments made by the Operating Company as co-debtor hereunder
shall be made in Euro.

 

29.          INDEMNITIES

 

Without prejudice to any other provision of the
Agreement, each Borrower irrevocably undertakes to hold harmless and to
indemnify the Agent and the Banks from and against all loss or expense suffered
or incurred by them or any of them as a result of:

 

(A)          the breach by such Borrower of any obligation, other than its
obligations to pay, under the Financing Documents, the Master Agreement, the
Phase IA Documents, the Disney Support Documents, the CDC Loan Agreements, the
Financing Company’s Phase IA Partners Advances Agreement, the CDC Second Park
Agreements, any CDC Subordinated Long Term Debt Agreement, the Common Agreement
or the Crédit-Bail Agreement;

 

(B)          the occurrence or continuance of an Event of Default or the taking
of any of the actions referred to in Clause 26 (Consequences
of Event of Default);

 

(C)          receipt or recovery of any part of a Loan on a date which is not the
last day of an Interest Period relating to such part;

 

(D)          the taking of any measures by the Agent or the Banks reasonably
taken to enforce compliance with any material provision of the Financing
Documents by such Borrower or to obtain compensation or other redress as a
result of any non-compliance by such Borrower with any of the Financing
Documents; or

 

58

 

(E)           the provisions of paragraph (H) of Clause 32 (The Agent),
provided that in no event shall either Borrower be liable under this
sub-paragraph (E) for the gross negligence or wilful misconduct (faute lourde ou dol) of the Agent.

 

The indemnity in this Clause shall (without limiting
its generality) extend to losses and expenses suffered or incurred in
liquidating deposits or re-employing funds taken or borrowed to fund a Loan or
any part thereof or any overdue amount.

 

30.          NO RECOURSE
AGAINST FINANCING
COMPANY PARTNERS, FINANCING COMPANY NOT A CO-DEBTOR

 

(A)          Notwithstanding the provisions of article L.221-1 of the Code de commerce, but without in any way limiting or
otherwise affecting any other provisions of the Agreement, the Agent and each
of the Banks hereby expressly and irrevocably waive any and all right of
recourse which they may otherwise be entitled or believe themselves to be
entitled to exercise against any of the partners of the Financing Company with
respect to any of the obligations of the Financing Company assumed by it under
the Financing Documents. For the avoidance of doubt, such waiver shall be
without prejudice to the obligations of the Financing Company’s partners to
make advances in accordance with the Financing Company’s Phase IA Partners
Advances Agreement.

 

(B)          The Banks hereby recognise and agree that notwithstanding that the
Security Interests granted by the Financing Company pursuant to the Agreement
secure performance of the obligations of both the Financing Company and the
Operating Company under the Financing Documents, the Financing Company is not a
joint and several co-debtor (co-débiteur solidaire)
in respect of the Operating Company’s obligations under the Financing
Documents.

 

31.          SUBROGATION

 

Each Borrower hereby irrevocably agrees to subrogate
the Agent and the Banks in all retention of title clauses except those arising
between the Borrowers which it may hereinafter possess, with respect to any
movable property comprised in the Phase IA Assets and undertakes to do all
things which may be necessary, in the opinion of the Majority Banks, to give
full legal effect to such subrogation.

 

59

 

SECTION XIII  

THE AGENT AND THE BANKS

 

32.          THE AGENT

 

(A)          The Agent is hereby appointed by the Banks to be the agent of the
Banks in respect of the Financing Documents. Each Bank irrevocably authorises
the Agent to take such action on such Bank’s behalf and to exercise such powers
in respect of the Financing Documents as are specifically delegated to the
Agent by the terms thereof, together with such powers as are reasonably
incidental thereto, except that the Agent shall not be entitled to initiate any
legal proceedings before a court of law on behalf of a Bank, or make any
settlement on behalf of any Bank, without the consent of such Bank.  In respect of the mortgage documents, each
Bank shall enter into an escrow deposit agreement with the Agent in the form
determined by the Agent.

 

(B)          The Agent shall have no duties or responsibilities except those
expressly set out in the Financing Documents. The Agent hereby undertakes to
acknowledge receipt of all documents supplied to it pursuant to paragraph (A)
of Clause 25 (Information Undertakings)
provided that (i) any failure to do so for any reason shall not result in any
liability of the Agent to any person and (ii) such undertaking or any failure
to comply therewith shall be without prejudice to the generality of such
paragraph (A) or of the consequences of non-compliance therewith and the rights
of the Agent and the Banks arising therefrom.

 

(C)          None of the Agent and its directors, officers, employees or agents
shall, in such capacity, have any responsibility for:

 

(i)            any failure or delay by any Bank to fulfil any of its obligations
under the Financing Documents;

 

(ii)           any failure or delay of the Borrowers to fulfil any of their
respective obligations under the Financing Documents;

 

(iii)          the truth of any representation or warranty made by the Borrowers in
the Financing Documents, or any request for authorisation or certificate;

 

(iv)          the validity, legality, enforceability or sufficiency of the
Financing Documents; or

 

(v)           any action taken or omitted to be taken by the Agent in connection
with the Financing Documents, except that the Agent shall be liable for its own
gross negligence or wilful misconduct (faute lourde ou dol).

 

(D)          The Agent shall be entitled to rely upon any writing, notice,
certificate, telex, facsimile, table, statement, order or other document
believed by the Agent to be genuine and correct and to have been signed, sent
or made by the proper person. The Agent shall be entitled to rely on the advice
and opinions of any advisers, experts or consultants selected by it or given in
accordance with the

 

60

 

Financing
Documents and shall not be liable to any of the Banks or to the Borrowers for
any of the consequences of such reliance.

 

(E)           The Agent may treat each Bank named as a party to the Agreement as
the person entitled to payments under the Financing Documents and the offices
set out opposite a Bank’s name in Schedule 1 as its Designated
Office, unless and until the Agent receives notice of an assignment, in
accordance with Clause 39 (Assignment by the Banks)
or notice of a change in Designated Office in accordance with Clause 37 (Designated Offices); the Agent may rely on any such notice
until it is superseded by a further such notice.

 

(F)           The Agent shall not be under any obligation to inquire as to the
performance or observance by the Borrowers of their respective obligations
under the Financing Documents or of any other document referred to or provided
for therein or in connection therewith or to inspect the assets or books of the
Borrowers or any other person. The Agent shall not be obliged to take any steps
to ascertain whether any Event of Default or Potential Event of Default has
occurred and the Agent shall not be considered to have knowledge of the
occurrence of an Event of Default or Potential Event of Default unless it shall
have received notice thereof from a Bank, a Borrower, any Expert or the
Insurance Consultant.

 

(G)          The Agent (or any entity related thereto) may accept deposits from,
tend money to and generally engage in any kind of banking or other business
with the Borrowers, including the opening of accounts, as if it were not the
Agent (or, as the case may be, such entity), and may accept and retain any fees
payable to it for its own account in connection with any of the Financing
Documents or transactions contemplated in this paragraph without having to
account therefor to any Bank.

 

(H)          The Banks agree (which agreement shall survive payment of all
amounts due under the Agreement) to indemnify the Agent (to the extent not
reimbursed by the Borrowers but without affecting the obligations of the
Borrowers under the Financing Documents) rateably in accordance with their
respective participations in the Loans from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, taxes or disbursements of any kind and nature
whatsoever which may be imposed on, incurred by, or assessed against the Agent,
in its capacity as such, in any way relating to or arising out of the Financing
Documents or any other documents contemplated by or referred to therein or the
transactions contemplated thereby or any action taken or omitted by the Agent
in enforcing any of the terms thereof or preserving any rights thereunder,
provided that no Bank shall be liable for any of the foregoing to the extent
they arise from the Agents gross negligence or wilful misconduct (faute lourde ou dol). The determination by the Agent as to
the extent to the amount to be borne by Banks shall be final. The Agent shall
not be obliged to expend its own funds or otherwise incur any financial
obligation in connection with the Financing Documents unless it is assured to
its satisfaction of reimbursement hereunder.

 

The Agent shall have no obligation under the Agreement
to carry out, on behalf of any Bank, any procedures for the identification of
counterparties in relation to

 

61

 

any person, and each Bank hereby confirms to the Agent
that is solely responsible for the verifications that it has the obligation to
make and that it shall not rely on the Agent’s representations relating to such
verifications.

 

(I)            (1)           Promptly
after its receipt thereof, the Agent will (i) credit to the Operating Company’s
Loan Accounts any proceeds received by it by reason of any délégation
referred to in paragraph (F) of Clause 3 (Security Interests)
and (ii) credit to the relevant Borrower’s Loan Accounts, except to the extent
provided in paragraph (A)(1) of Clause 6 (Loan Accounts)
any insurance proceeds received by it by reason of any délégation
referred to in paragraph (D) of Clause 3 (Security Interests)
provided that the obligations contained in this paragraph (1) shall be
suspended for so long as any Event of Default or Potential Event of Default
shall subsist and not have been waived by the Agent;

 

(2)           promptly
after its receipt thereof, the Agent will forward to each Bank a copy of each
report, notice or other document required by the Financing Documents to be
delivered to the Agent by either or both of the Borrowers and, subject to the
provisions of paragraph (J), will provide such other information to the Banks
as it receives in its capacity as Agent concerning Phase IA, the Project, the
Borrowers or other matters related to the Financing Documents as the Agent
considers appropriate or as any of the Banks may request.

 

(J)           Each Bank severally represents and warrants to the Agent that
independently and without reliance on the Agent, it has made its own
independent investigation in respect of the financial condition and affairs of
the Borrowers and in respect of Phase IA, the Additional Land and the Project
and has not relied on any opinion expressed by the Agent in connection with the
Financing Documents, the Master Agreement, the Disney Support Documents, the
Phase IA Documents, the CDC Loan Agreements, the CDC Second Park Agreements,
any CDC Subordinated Long Term Debt Agreement, the Phase IB Agreements, the
Financing Company’s Phase IA Partners Advances Agreement, the Sales Agreement (Protocole de Vente), the VEFA, the Crédit-Bail
Agreement or the Project, or any part or aspect thereof, and, without prejudice
to the generality of the foregoing, each Bank severally represents and warrants
that it has not relied on any interpretation placed by the Agent on the Project
in respect of which the Agent does not accept any liability whatsoever, which
the Banks hereby recognise and accept.

 

In addition, each Bank
severally represents and warrants that it will continue to make its own
independent appraisal of the credit-worthiness of the Borrowers and the
viability of Phase IA or any other part of the Project and agrees that it will
have no recourse to the Agent based directly or indirectly on any interpretation
placed by the Agent by whatever means on any information or document relating
to the Project. Each Bank further acknowledges that one or more drafts of the
Agreement and the Schedules, as amended and restated, were made available to it
for review prior to the Restatement Date, and that it is satisfied with the
form and substance of the Agreement and the Schedules, as amended and restated.

 

62

 

Except for notices and other documents expressly required
to be furnished to the Banks by the Agent under the Agreement, the Agent shall
have no duty or responsibility to provide any Bank with any credit or other
information concerning the affairs, financial condition or business of the
Borrowers or any other person or concerning any part of the Project in any
manner whatsoever which may come into the possession of the Agent or any entity
related to it.

 

Nothing in the Agreement shall oblige the Agent to
disclose any information relating to the Borrowers or any other person or the
Project if such disclosure would or might, in the opinion of the Agent,
constitute a breach of law or of its duty of secrecy or confidence.

 

(K)          Subject to the appointment of and acceptance by a successor Agent,
the Agent may resign at any time by giving 90 days’ notice thereof to the Banks
and the Borrowers. The Agent may be removed from its functions by a decision of
Banks whose Outstanding Amount or aggregate Outstanding Amounts equal at least
75 per cent. of the Total Outstanding Amount. Upon any such resignation or
removal, the Majority Banks shall have the right to appoint a successor Agent
which shall be a lending institution (établissement de crédit).

 

If no successor Agent shall have been so appointed by
the Majority Banks and shall have accepted such appointment within thirty days
after the retiring Agent’s giving notice of resignation, then the retiring
Agent shall appoint a successor Agent.

 

Upon the acceptance of any appointment as Agent under
the Agreement by a successor Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Agent and the retiring Agent shall be discharged from its
duties and obligations under the Agreement. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Clause shall continue in
effect in respect of any action taken or omitted to be taken by it while it was
acting as the Agent under the Agreement.

 

(L)           The Agent shall be entitled to terminate the appointment of and to
appoint any bank or financial institution as a EURIBOR Reference Bank whenever
it shall determine that such termination or appointment is necessary or
desirable, provided that the Borrowers shall have given their prior written consent
to such termination or appointment, which consent shall not be unreasonably
withheld.

 

(M)         The Agent shall not be bound by any waiver, amendment, supplement or
modification of the Agreement which directly affects its rights or obligations
as Agent under the Agreement, unless it shall have given its prior written
consent as Agent thereto.

 

(N)          The Agent shall:

 

(1)           unless it considers the matter in question not to be material, be
bound (and shall in any event be entitled) to notify to the Banks any question
relating to the exercise by the Agent of any discretion, or to the giving or

 

63

 

withholding by it of any approval or waiver, or any
matter dependent on its opinion, for any purposes under the Financing
Documents;

 

(2)           in such event (but subject to paragraphs (O), (P), (Q) and (R)) act
in accordance with the directions of the Majority Banks; and

 

(3)           in any of the cases referred to in paragraphs (O), (P), (Q) and (R)
act only in accordance with an authority given pursuant to the relevant
paragraph.

 

(O)          With the prior consent of the Majority Banks, the Agent may, and if
directed to do so by such Bank or Banks, the Agent shall (but shall not
otherwise):

 

(1)           (a)            approve
any investment as an Authorised Investment;

 

(b)           agree that facts are correct, as envisaged by paragraph (B)(10) of
Clause 1 (Definitions and Interpretation));

 

(2)           dismiss or select any Expert or any Insurance Consultant;

 

(3)           agree that an event, circumstance or state of affairs should be a
Potential Event of Default or an Event of Default or grant any consent pursuant
to Clause 27 (List of Events of Default) or any
waiver of any Event of Default or Potential Event of Default;

 

(4)           take any action permitted by Clause 26 (Consequences
of an Event of Default) or appoint a financial institution in
accordance with paragraph (2) of Clause 27 (List of Events of Default);

 

(5)           give any approval pursuant to paragraph 3(A)(2)(vi) of Part One of Schedule 4(Cancellation or Reduction of Insurance);

 

(6)           agree to insurance monies being paid otherwise than to the Agent; or

 

(7)           specify any sum other than €1,525,000 pursuant to paragraph (A) of
Part Three of Schedule 4 (Limit on Recoveries
Payable to the Borrowers).

 

(P)           With the prior consent of a Bank or Banks whose Outstanding Amount
or aggregate Outstanding Amounts equal at least 66 2/3 per cent. of the Total
Outstanding Amount, the Agent may and if directed to do so by such Bank or
Banks the Agent shall (but shall not otherwise):

 

(1)           agree that any of the undertakings contained in Section X (Undertakings) should not apply to any particular event, circumstance
or state of affairs or give any approval, express satisfaction or grant any
waiver in relation to any provision of such Section; or

 

64

 

(2)           subject to paragraphs (Q) and (R) as agent for the Banks, enter into
an agreement with the Borrowers and/or any other party thereto modifying the
provisions of any of the Financing Documents.

 

(Q)          With the prior consent of a Bank or Banks whose Outstanding Amount
or aggregate Outstanding Amounts equal at least 80 per cent. of the Total
Outstanding Amount, the Agent may and if directed to do so by such Bank or
Banks shall (but shall not otherwise):

 

(1)           grant any waiver pursuant to paragraphs (A) to (F) of Clause 3 (Security Interests);

 

(2)           subject to paragraph (R) as agent for the Banks enter into an
agreement with the other parties to the Agreement amending the terms of Schedule 4;
or

 

(3)           amend Section XII (Co-debtor, Indemnities, No
Recourse and Subrogation) or any instrument evidencing a Security
Interest in favour of the Banks or release any property from the Security
Interest created thereby.

 

(R)          Without the prior consent of all the Banks no modification or
amendment, nor any waiver of rights under any of the Financing Documents, shall
be made which would:

 

(1)           reduce the interest rate or rates or the rate or amount of any
commission or fee payable to any Bank;

 

(2)           increase the principal amount of any Bank’s Outstanding Amount;

 

(3)           amend Clause 8 (Mandatory Repayment)
or the definitions used therein or this paragraph (R).

 

(S)           Any action or decision taken or made by the Agent in accordance with
the provisions of paragraphs (N), (O), (P), (Q) or (R) shall be binding on the
Agent and the Banks and, in connection with any action or decision taken by the
Agent, neither of the Borrowers shall be bound to enquire whether the
provisions of such paragraphs have been observed.

 

(T)          To the extent that any consent, approval or discretion is expressed
in the Agreement to be given or to be exercisable by the Agent under circumstances
under which the Agent is required by the Agreement to act reasonably or not
unreasonably, and to the extent that such consent, approval or discretion is by
virtue of paragraphs (N), (O), (P), (Q) and (R) to be given, withheld or is
exercisable at the direction of the Banks (or some of them) under such
paragraph, then each Bank in exercising (or failing to exercise) its right to
vote thereunder shall be bound to the same extent as if it had been named in
the relevant paragraph in place of and to the exclusion of the Agent.

 

65

 

(U)          Whenever the Agent refers any question to the Banks for any of the
purposes of paragraphs (N), (O), (P) (Q) or (R) it shall:

 

(1)           do so in writing;

 

(2)           state a time (being reasonable in all the circumstances) within
which each Bank is to give directions as aforesaid; and

 

(3)           inform the Borrowers in general terms of the question referred, and
the Borrowers may, if practicable, submit oral or written statements to all the
Banks in respect thereof.

 

If not all the Banks
reply to the Agent within the required time as aforesaid (or such longer time
as the Agent may allow) then:

 

(1)           if the matter requiring decision is being decided under paragraph
(N) or (O), the required majority shall be calculated by reference to the
Aggregate Outstanding Amounts of the Banks who have so replied and not by
reference to the Total Outstanding Amount;

 

(2)           otherwise any Bank which does not reply shall be deemed to have
voted against the resolution in question.

 

33.          THE BANKS

 

(A)          The Banks and the Borrowers specifically recognise and agree that
the obligations of each Bank under the Agreement are independent. No Bank shall
be responsible to the Borrowers for any failure or alleged failure on the part
of any other Bank or the Agent duly to perform its obligations under the terms
of the Agreement nor shall the Agent be responsible to the Borrowers for the
failure or alleged failure of any Bank so to perform its obligations under the
Agreement.

 

The obligations of the
Borrowers to any Bank or to the Agent shall not be diminished or affected by
any failure or alleged failure on the part of any other Bank duly to perform
its obligations under the terms of the Agreement nor shall the obligations of the
Borrowers to the Banks be affected by any failure or alleged failure of the
Agent so to perform its obligations under the Agreement.

 

Nothing contained in the
Financing Documents and no action taken by the Banks pursuant to the provisions
of the Financing Documents shall be deemed to constitute the Banks a
partnership, association, joint venture or other entity.

 

(B)          The rights and remedies of any Bank may be exercised independently
by it and shall not depend upon any joint or concurrent exercise thereof by any
other Bank.

 

(C)          Except as otherwise expressly provided, each of the Banks and, to
the extent necessary, the Borrowers, agrees each with the other that the
indebtedness of

 

66

 

the
Borrowers to each of the Banks under the Agreement shall at all times rank
equally and without preference.

 

(D)          If any Bank (a “Receiving Bank’) at any time receives or recovers
payment (other than a payment received for the account of the Receiving Bank
alone pursuant to Section VI (Changes in Circumstances))
of any amount under the Financing Documents in an amount greater, by reference
to their respective Outstanding Amounts, than the amount received or recovered
by any other Bank:

 

(i)            the
Receiving Bank shall promptly pay to the Agent an amount equal to the excess so
received or recovered;

 

(ii)           the Agent shall distribute that amount as if it had been received
from the relevant Borrower; and

 

(iii)          as between such Borrower and the Receiving Bank, that amount shall
be treated as not having been paid;

 

provided always that, in
the event that any monies are recovered by a Bank in any separate legal action
brought by such Bank after having given notice to the other Banks of such Bank’s
intention to commence such legal action and an opportunity jointly to
participate in such proceedings, such monies shall be recovered by it for its
own benefit and that Bank shall be under no obligation whatsoever to share any
such monies with any other Bank.

 

If a Receiving Bank
shall be required to refund any amount received or recovered by it and paid to
the Agent for distribution as provided in paragraphs (i) to (iii) above, each
Bank shall promptly repay to the Agent for the account of the Receiving Bank
such part of that amount as was so distributed to it together, if the Receiving
Bank is required to pay interest on the amount refunded by it, with the
corresponding portion of the interest so paid.

 

The Borrowers and the
Banks expressly agree that payments by, or recoveries from, the Borrowers shall
be shared as aforesaid without the need for any further consent of the
Borrowers or the completion of any further formality whatsoever.

 

34.          INDEPENDENT
CONTRACT

 

The Borrowers agree that none of the Agent or the
Banks are under any obligation to obtain evidence in respect of or otherwise to
satisfy themselves concerning the validity, legality or enforceability of any
contracts or other arrangements related to Phase IA, Additional Land or the
Project and, in the event that any such contract or arrangement or any
provision thereof or documents relating thereto is put to any improper use or
repudiated or proves invalid, illegal or unenforceable, or in the event of any
commercial dispute relating to Phase IA, Additional Land or the Project, any
such improper use, repudiation, invalidity, illegality, unenforceability or
commercial dispute or any decision based thereon or settlement thereof shall in
no way affect or impair the rights of the Agent or the Banks against the
Borrowers under the Financing Documents or any other

 

67

 

document therein referred to, or reduce or diminish in
any manner whatsoever any of the obligations of the Borrowers to the Agent or
the Banks.

 

35.          NO RESPONSIBILITIES FOR THE PROJECT OR THE MANAGEMENT OF EITHER BORROWER

 

(A)          Nothing in the Financing Documents nor in any of the documents or
arrangements therein referred to or contemplated thereby shall be interpreted
or construed in any manner so as to oblige the Agent or the Banks to assume any
responsibility for the creation, operation or maintenance of the Project or any
part thereof nor shall the Agent or the Banks be bound without their express
written consent by any arrangements made by the Borrowers with third parties
with respect to the Project or any part thereof.

 

(B)          Nothing in the Financing Documents nor in any of the documents or
arrangements therein referred to or contemplated thereby shall be interpreted
or construed in any manner as giving the Banks or the Agent the power to control
the management of either Borrower and, accordingly, the Agreement shall not
give rise to any interference (ingérence) in
the management of the Borrowers’ affairs by any of the Banks or the Agent.  Each Borrower hereby irrevocably waives any
right of recourse which it may at any time have against any other party to the
Financing Documents, or any documents, arrangements referred to therein or
contemplated thereby, arising out of or in any way related to any such
interference or de facto management.

 

68

 

SECTION XIV

INSURANCE CONSULTANT

 

36.          INSURANCE
CONSULTANT

 

(A)          At the Restatement Date the firm of insurance consultants appointed
as Insurance Consultant is Marsh Conseil which shall continue in office until
the earlier of (i) its resignation or removal by the Agent in accordance with
its terms of appointment and (ii) the Discharge Date. In the event of any
Insurance Consultant resigning or being removed as aforesaid, any successor
Insurance Consultant shall be appointed by the Agent acting on behalf of the
Banks with terms of reference similar to those of the first Insurance
Consultant.

 

(B)          No party to any of the Financing Documents shall, in the absence of
gross negligence or wilful misconduct (faute lourde ou dol)
on its part, incur any liability to any other person on any account whatsoever
in respect of any action taken or not taken by the Insurance Consultant.

 

69

 

SECTION XV 

DESIGNATED OFFICES AND TRANSFERS

 

37.          DESIGNATED
OFFICES

 

(A)          Subject to paragraph (B), each Bank will participate in the
Agreement through its Designated Office.

 

(B)          Any Bank may at any time transfer its Designated Office to any other
office of such Bank (which shall thereupon be deemed its “Designated Office”),
provided that each Bank must have an office in Mainland France capable of being
at any time a “Designated Office”, provided further that, in the case of Banks
with their registered office in France, they undertake to continue to take into
account for the calculation of their taxable profit in France the revenue
arising out of the Agreement. The requirement for all Banks to have in Mainland
France an office capable of being a Designated Office shall not apply to the
Banks which are parties to the agreement dated 17 March 1995 and which, at
the date of such agreement, did not have in France an office capable of being a
Designated Office.

 

38.          ASSIGNMENT
BY BORROWERS

 

Neither of the Borrowers shall be entitled to assign
any of its rights under the Agreement.

 

39.          ASSIGNMENT
BY THE BANKS

 

(A)          Each Bank (an “Assignor Bank”) may (at its own expense, except as
otherwise expressly provided herein and subject to the Assignor Bank having
complied with any law, regulation or practice relating to procedures for
identification of counterparties) at any time transfer all or any part of its
rights, benefits and obligations under or pursuant to the Financing Documents
by assigning to any bank or financial institution (an “Assignee Bank”) which is
either an affiliate of that Bank or otherwise is approved by the Operating
Company in writing, such approval not to be unreasonably withheld.  Such a transfer shall only be made by way of
assignment of all or part of the rights and benefits of the Assignor Bank under
the Agreement in consideration of the agreement of each Assignee Bank to
perform that percentage of such Banks obligations under the Agreement as
corresponds with that percentage of such Bank’s rights and benefits so assigned
to such Assignee Bank; Provided that (i) each Assignee Bank must have an office
in mainland France capable of being at any time a Designated Office, (ii) any
partial transfer relates to a minimum amount of €5,000,000 (which shall be
reduced on the Repayment Dates by the amount of each repayment) and (iii) any
Assignee Bank shall bear any additional tax cost resulting from such
transfer.  It is hereby agreed that (x)
the Operating Company may reasonably refuse its approval inter alia
if there will be additional costs to be paid by the Borrowers as a result of
the transfer to the proposed Assignee Bank, and (y) if the Operating Company
fails to respond (with reasons in the case of refusal) within 7 days of a
request for consent to assign it shall be deemed to have given approval. The
requirement for all Banks to have in

 

70

 

mainland
France an office capable of being a Designated Office shall not apply to the
Banks which are parties to the agreement dated 17 March 1995, which, on
the date of such agreement, did not have an office in France capable of being a
Designated Office.

 

(B)          If any Assignor Bank transfers all or any part of its rights,
benefits and obligations as provided in paragraph (A), all references in the
Financing Documents to the Assignor Bank shall thereafter be construed as
references to the Assignor Bank and its Assignee Bank(s) to the extent of their
respective participations and the Borrowers shall thereafter look only to the
Assignee Bank (to the exclusion of the Assignor Bank) in respect of that
proportion of the Assignor Bank’s obligations under the Agreement as
corresponds to such Assignee Bank’s participation in the Agreement (or, as the
case may be, in respect of those proportions of the Assignor Bank’s obligations
under the Agreement as correspond to such Assignee Banks’ respective
participations in the Agreement) and accordingly the Assignor Bank’s
Outstanding Amount shall be appropriately reduced and the Assignee Bank shall
assume (or, as the case may be, the Assignee Banks shall proportionately
assume) an Outstanding Amount equivalent to such reduction in the Assignor Bank’s
Outstanding Amount.

 

(C)          A Bank may disclose to a potential Assignee Bank which is either an
affiliate of a Bank, or otherwise is approved by the Operating Company in
writing, such approval not to be unreasonably withheld, and which in either
case has signed a confidentiality undertaking in favour of the Borrowers in the
terms set out in Clause 40 (Confidentiality),
such information about the Borrowers and their respective financial conditions,
Phase IA and the Project as shall have been available to the Banks generally.

 

(D)          The Borrowers and the Banks hereby declare that it is not their
intention to effect any novation of the Borrowers’ obligations under the
Financing Documents through the operation of this Clause or Clause 14 (Consequential Action).

 

(E)           If any assignment shall be made pursuant to this Clause, the
Assignor Bank and the Assignee Bank shall notify the Agent thereof in
accordance with the provisions of Schedule 3 and the Assignor Bank
shall pay to the Agent the Agent’s charges and expenses of recording such
transfer in accordance with normal French banking practice.

 

71

 

SECTION XVI 

CONFIDENTIALITY

 

40.          CONFIDENTIALITY

 

(A)          The Agent and each of the Banks (i) shall hold in strictest
confidence and secrecy from any third party other than professional advisers
and consultants (including the Expert and the Insurance Consultant) any and all
data, information or reports made available by or received by them from either
of the Borrowers or from any Disney Controlled Affiliate, or any of their
agents, consultants or professional advisors (including the Expert and the
Insurance Consultant) in connection with any of the Financing Documents, and
(ii) shall not disclose any such information to any such third party without
the prior written consent of the Operating Company which consent it may, in its
sole discretion, withhold except:

 

(i)            any
such data or information as is or becomes publicly known otherwise than as a
result of any breach of the provisions of this Clause 40 (Confidentiality);
or

 

(ii)           as required by any applicable law or directive; or

 

(iii)          as required by any court of competent jurisdiction; or

 

(iv)          as may be permitted in accordance with any other provision of the
Agreement; or

 

(v)           with the consent of the Operating Company (such consent not to be
unreasonably withheld) such information or data as may be necessary to protect
the interests of the Agent or any of the Banks under the Financing Documents.

 

(B)          The Agent and each of the Banks shall take all reasonable steps to
ensure that any confidential data or information received by them from the
Borrowers in connection with the Agreement which is disclosed to their
employees is so disclosed only to the extent necessary for the purpose of the
administration of the Financing Documents and, in all cases, on the condition
that such information and data shall be kept confidential except for such
purpose.

 

(C)          The Borrowers agree that the Agent and the Banks shall be entitled
to share with any other of them and (with the consent of the Operating Company,
such consent not to be unreasonably withheld) each proposed assignee of a Bank’s
interest in the Finance Documents, any information possessed by it regarding
the Borrowers or any part of the Project, including information relating to any
liability and indebtedness of the Borrowers to any of them and to payments
received by any of them from the Borrowers.

 

(D)          The provisions of this Clause 40 shall survive the payment in full
of all amounts payable under the Financing Documents and the termination of the
Agreement.

 

72

 

(E)           (1)           In the
event that the Operating Company shall certify pursuant to paragraph (G) of
Clause 24 (Project Undertakings) or paragraph (H)
of Clause 25 (Information Undertakings) that to
provide certain information would result in the release of confidential pricing
information or technical or operational know-how which would be likely to be
damaging in the hands of competitors, the Agent may, by notice in writing to
the Operating Company, require that such information be made available to it
subject to the provision by the Agent to the Operating Company of a separate
confidentiality undertaking substantially in the terms of this Clause 40 but
relating specifically to the information so provided.

 

(2)           Promptly
after such information is so provided to the Agent, the Agent shall consult
with the Operating Company and with the Expert and following such consultation
shall determine whether such information is of such a nature as to be material
to the Banks as a whole in connection with the Agreement.

 

(3)           In the
event that the Agent so determines, the Banks shall be informed of the general
nature of the information available and such information will be provided to
such of the Banks which have entered into a separate confidentiality
undertaking in favour of the Operating Company in the same form as that
referred to in paragraph (1).

 

(F)           The Banks shall acquire no right under the Agreement to use, and
shall not use, any trademark, name, design, character or symbol owned by The
Walt Disney Company or any of its affiliates (including without limitation, the
names “The Walt Disney Company”, “Disney”, “ABC” or “ESPN” either alone or in
conjunction with or as a part of any other word or expression) or any marks,
fanciful characters, designs, names, logos, trademarks, copyrights or other
intellectual property of The Walt Disney Company or any of its affiliates or
affiliated companies (the ”Companies”):
(i) in any release, advertising, publicity or promotion, (ii) to express or
imply any endorsement by The Walt Disney Company or the Companies of any of the
Banks’ products or services, or (iii) in any other manner (whether or not
similar to uses prohibited by paragraphs (i) or (ii) above), except with the
written consent of The Walt Disney Company given prior to any instance of such
use, which consent may be withheld by The Walt Disney Company in its sole
discretion.  The provisions of the
preceding sentence shall survive any termination or expiration of the Agreement
or any determination that the Agreement or any portion thereof is void or
voidable.

 

73

 

SECTION XVII

MISCELLANEOUS

 

41.                              PROCEDURES
FOR IDENTIFICATION OF
BORROWERS

 

(A)                               If, as a result of:

 

(a)                                the entry into force of any law or regulation or any amendment
thereto (or any change in the interpretation or application thereof) after the
date of the Agreement; or

 

(b)                                a change in either Borrower’s corporate form or share capital after
the Restatement Date; or

 

(c)                                 the proposed transfer or assignment by a Bank of its rights and
obligations under the Agreement to a party which is not a Bank,

 

the Agent or any of the Banks (or, in the case of
paragraph (c) above, the proposed new Bank) must comply with procedures for the
identification of the Borrowers but does not already have the relevant
necessary information, each Borrower shall, upon request by the Agent or the
relevant Bank, promptly supply, or procure the supply of, all documentation and
other evidence reasonably requested by the Agent (for itself or on behalf of
the Banks) or by the relevant Bank (for itself or, in the case of paragraph (c)
above, on behalf of the proposed new Bank), so that the Agent or the relevant
Bank or, in the case of paragraph (c) above, the proposed new Bank, is in a
position to carry out and consider that it has duly carried out all procedures
for the identification of the Borrowers required by applicable laws and
regulations in the light of the transactions contemplated in the Financing
Documents.

 

(B)                               Each Bank shall, upon request by the Agent, promptly supply, or
procure the supply of, all documentation and other evidence reasonably
requested by the Agent (for itself only), so that the Agent is in a position to
carry out and consider that it has duly carried out all procedures for the
identification of the Borrowers required by applicable laws and regulations in
the light of the transactions contemplated in the Financing Documents.

 

42.                              NOTICES

 

Every notice, demand, request, consent, approval,
waiver or agreement to be given or made under the Agreement shall be in writing
and shall be delivered by hand or sent by prepaid registered mail or air mail
if international or by telex or facsimile transmission. Notices will only be
deemed to have been delivered and received when actually received. The contact
information for each of the parties for such purposes shall respectively be as
follows:

 

74

 

(i)                                      the Operating Company:

 

Address:                                               Euro Disney S.A.S. 

Manager 

Immeubles Administratifs, Route Nationale 34 

77700 Chessy

Fax:   01 64 74 56 36

for the attention of the finance and treasury department

 

(ii)                                   the Financing Company:

 

Address:                                               Société de Gérance d’Euro Disneyland S.A.

Manager

Immeubles Administratifs, Route Nationale 34 

77700 Chessy

Fax :              01
64 74 56 36

for the attention of the finance and treasury department

 

(iii)                                the Banks:

 

their respective details are set out in Schedule 1.

 

(iv)                               the Agent:

 

Address:                                               BNP Paribas

E.C.E.P.

ACI: CHD02B1

Project Finance

37, place du Marché Saint Honoré

75001 Paris

Fax: 33 1 42 98 19 89

 

or such other contact information as any party may
from time to time notify the others as aforesaid.

 

Unless otherwise provided for in the Agreement, all
notices from the Borrowers to any of the Banks shall be delivered to the Agent
for transmission to the Banks concerned.

 

43.                              CALCULATIONS
AND DETERMINATIONS

 

All sums which accrue by reference to the passage of
time shall (a) accrue from day to day and (b) be calculated on the basis of
actual days elapsed and a 360-day year.

 

Except as otherwise provided in the Agreement, the
certificate of the Agent or the relevant Bank as to any amount due under the
Financing Documents shall, in the absence of manifest error, be conclusive and
binding.

 

75

 

44.                              EVIDENCE
ACCOUNTS

 

The Agent shall open and maintain accounts in
accordance with its usual practice in the name of each Borrower. The Agent
shall debit from such accounts the amount of each Loan and the interest and
other fees and charges accrued from time to time under the Financing Documents,
and shall credit to the relevant accounts the amount of each payment by either
Borrower of principal, interest, charges, fees and other amounts paid by either
Borrower in accordance with the Financing Documents. The accounts so maintained
by the Agent shall constitute prima facie
evidence of the indebtedness and of amounts from time to time due from each
Borrower to the Banks under the Financing Documents.

 

45.                              SUCCESSORS
AND ASSIGNS

 

Subject to the provisions of Clauses 37 (Designated Offices) and 39 (Assignment
by the Banks), the Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and assigns.

 

46.                              NO WAIVER

 

No failure to exercise nor any delay in exercising any
right or remedy against the Borrowers shall operate as a waiver thereof nor
shall any single or partial exercise or any right or remedy prevent any further
or other exercise thereof or the exercise of any other right or remedy. The
rights and remedies provided for in the Financing Documents are cumulative and
not exclusive of any rights or remedies provided by law.

 

47.                              EFFECTIVE
GLOBAL RATE

 

The parties to the Agreement expressly acknowledge
that, by reason of the specific provisions thereof, it is not possible to
determine precisely the effective global rate applicable to Loans in accordance
with the provisions of the Consumer Code (Code de la consommation).
However, each Borrower acknowledges that it has itself made all estimations
which it considers necessary to ascertain the global cost of the Loans and
acknowledges that it has received all necessary information to this end.  To comply with articles L.313.1 and L.313.2
of the Code de consummation, an indication by
way of example of the effective global rate applicable to each loan will be
given to each Borrower at the Restatement Date. 
Moreover, the Agent shall, as and when the amounts required to be taken
into account in its determination can be calculated, inform the relevant
Borrower of the effective global rate by reference to each Loan made by it.

 

48.                              SURVIVAL
OF WARRANTIES

 

All agreements, representations and warranties made in
the Financing Documents or any document therein referred to shall remain in
force and inure to the benefit of each party’s successors and assigns.

 

76

 

49.                              SEVERABILITY
OF PROVISIONS

 

The invalidity, illegality or unenforceability of any
provision of the Agreement in any relevant jurisdiction shall not affect the
validity, legality or enforceability of that provision in any other jurisdiction
or of any other provision of the Agreement.

 

50.                              AMENDMENTS
AND ABSENCE OF NOVATION

 

The Agreement states the entire agreement and
understanding of the parties thereto as to the matters referred to therein,
supersedes any and all previous documents and discussions between such parties
with respect thereto and may be amended only by means of an instrument in
writing signed by the authorised representatives of the Borrowers and those of
the Banks.  The parties to this Agreement
agree that, at the Restatement Date, no novation is effected in respect of the
indebtedness arising thereunder.

 

51.                              LANGUAGE

 

(A)                             The Agreement has been drawn up and executed in the French language
and the French text shall prevail in the case of any discrepancy between such
text and any version thereof which may exist in another language.

 

(B)                               Except as otherwise expressly provided, every notice, instrument,
certificate or other document to be given by one party to another shall be in
the French language or in the English language, in which case it shall be
accompanied by a French version, certified by such party to be a faithful
rendering of the English version. Notices by the Agent to the Banks shall be in
the English language. Financial information and statements and the Borrowers’
Certificates shall be delivered in the French language and accompanied by an
English version certified by the party delivering the same to be a faithful
rendering of the French language version.

 

77

 

SECTION XVIII

GOVERNING LAW AND JURISDICTION

 

52.                              GOVERNING LAW

 

The Agreement shall be governed by and construed in
accordance with the laws of France.

 

53.                              JURISDICTION

 

Any dispute between the parties arising from the
Financing Documents including, without limitation, disputes relating to the
validity or the interpretation thereof, or the performance by any party of its
obligations thereunder shall be submitted to the exclusive jurisdiction of the
Tribunal de Commerce de Paris.

 

 

Amended
and restated in Paris,

as at the Restatement Date.

 

78

 

Sche
dule 1

Banks

 

	
  Banks

  	
   

  	
  SNC
  Loan

  	
   

  	
  SCA
  Loan

  	
   

  
	
   

  	
   

  	
  €

  	
   

  	
  €

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Banco Santander Hispano S.A

  	
   

  	
  4 531 694.00

  	
   

  	
  2 047 260.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America N.A.

  	
   

  	
  10 448 936.25

  	
   

  	
  4 710 328.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of Nova Scotia

  	
   

  	
  7 872 098.91

  	
   

  	
  3 534 496.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of Scotland

  	
   

  	
  12 033
  375.63

  	
   

  	
  5 376
  075.27

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Banque Fédérative du
  Crédit Mutuel

  	
   

  	
  2 154 797.02

  	
   

  	
  967 223.24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bayerische Hypo- und Vereinsbank

  	
   

  	
  8 248
  502.70

  	
   

  	
  3 726
  383.72

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.N.P. PARIBAS

  	
   

  	
  8 587
  252.41

  	
   

  	
  3 872
  488.28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.R.E.D. Banque
  Populaire

  	
   

  	
  2 154
  797.02

  	
   

  	
  967
  223.24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CALYON

  	
   

  	
  5 520
  365.59

  	
   

  	
  2 491
  044.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Crédit Industriel et
  Commercial

  	
   

  	
  3 864 437.42

  	
   

  	
  1 734 629.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Citibank NA New York

  	
   

  	
  5 890
  119.97

  	
   

  	
  2 618
  553.51

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Crédit Agricole S.A.

  	
   

  	
  4 803
  234.67

  	
   

  	
  2 172
  790.90

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Crédit Foncier de
  France

  	
   

  	
  4 740 922.57

  	
   

  	
  2 128 056.82

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Credit Suisse First Boston

  	
   

  	
  10 421 814.01

  	
   

  	
  4 665 813.67

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deutsche Bank AG

  	
   

  	
  42 281 639.63

  	
   

  	
  19 030 699.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dresdner Bank AG

  	
   

  	
  8 628 664.74

  	
   

  	
  3 873 146.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Goldman Sachs Paris Inc

  	
   

  	
  19 902 921.06

  	
   

  	
  8 921 596.01

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan Chase Bank

  	
   

  	
  2 154
  797.02

  	
   

  	
  967
  223.24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Natexis Banques Populaires

  	
   

  	
  19 917 431.12

  	
   

  	
  8 946 455.24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Morgan Stanley Bank International Limited

  	
   

  	
  4 531 694.00

  	
   

  	
  2 047 260.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTALS

  	
   

  	
  188 689 495.75

  	
   

  	
  84 798 748.59

  	
   

  

 

79

 

Schedule 2

Form of Notice of Interest Period

 

To:                              BNP Paribas

B.O.C.I.

ACI: CSE02A1

150 rue du Faubourg Poissonnière

75010 Paris

 

20 [•]

 

Dear
Sirs,

 

Euro
Disneyland in France

 

1.                                      We refer to the agreement (the “Facility Agreement”) restated with
effect from 1 October 2004 between (1) Euro Disneyland S.N.C. and Euro
Disney Associés S.C.A. as Borrowers, (2) the Banks listed in Schedule 1 and
(3) yourself as Agent for the Banks.

 

2.                                      We hereby notify you of the duration of the next Interest Period of
our Loan as follows:

 

	
  Relevant
  Loan:

  	
   

  	
  [S.C.A.
  Loan / S.N.C. Loan]

  
	
   

  	
   

  	
   

  
	
  Current
  amount of loan

  	
   

  	
  €

  
	
   

  	
   

  	
   

  
	
  Expiry
  date of current Interest Period:

  	
   

  	
  [•]  20 [•]

  
	
   

  	
   

  	
   

  
	
  Duration
  of the Interest Period requested for [the Loan/the remainder of the Loan
  after deduction therefrom of the amount referred to in 3 below]:

  	
   

  	
   

  

 

3.                                      in the event that the Loan is split in order to allow for the
repayment of any part thereof on any Repayment Date:

 

(a)                                  amount payable on relevant Repayment Date: € [•];

 

(b)                                 duration of the Interest Period requested in relation to such part:
[•].

 

4.                                      Terms defined in this notice have the meanings ascribed to them in
the Facility Agreement.

 

Yours faithfully,

 

For and on behalf of:

 

[Relevant Borrower]

 

80

 

Schedule 3

Form of Notice of Transfer to the Agent

 

(Clause
39 of the Facility Agreement)

 

Date

To:                              BNP Paribas

G.E.M.O.A.

ACI: CHC01B1

37 place du Marché Saint-Honoré

75031 Paris Cedex 01

 

Dear
Sirs,

 

Euro
Disneyland in France

Loan Agreement (as amended and restated)

 

	
  We,

  	
  (Assignor
  Bank) and

  (Assignee Bank),

  

 

hereby
notify the Agent as follows:

 

1.                                      Pursuant to Clause 39 of the Facility Agreement [and (in the event
that the Assignee Bank is not related to the Assignor Bank) after having been
duly authorised under Clause 39(A)], the Assignor Bank hereby assigns its
rights and transfer its participation in the Facility Agreement to the Assignee
Bank in an amount of de € [•] (the “Participation”), being € [•] in
respect of the SCA Loan and € [•] in respect of the SNC Loan.

 

2.                                      The details of the Assignee Bank are the following:

 

•                                          Designated Office:

 

•                                         FAO:

 

•                                         Telex:

 

•                                         Facsimile:

 

•                                         Bank account:

 

3.                                      The actual transfer of the Participation shall occur on
[•].  As from such date, the
Assignee Bank shall be regarded as a Bank for the purposes of the Facility
Agreement with an Outstanding Amount equal to its Participation, and all the
provisions of the Loan Agreement shall apply to it and shall be binding upon
it, including, without limitation, the provisions of Clauses 52 (Governing Law) and 53 (Jurisdiction)
which apply to this notice and which the Assignee Bank hereby irrevocably
accepts hereunder.

 

81

 

4.                                      The Assignee Bank acknowledges that it is fully aware of the
Security Interests (relating to movable property (sûretés
mobilières) or real property (sûretés immmobilières))
and hereby accept all risks in connection with the real value of the collateral
(gages) and the conditions of recovery of
the debt of either Borrower by way of enforcement of such Security
Interests.  The Assignee Bank also
acknowledges that it is solely responsible for transferring and maintaining
into force any rights or Security Interests attached to its Participation and
that its shall, at its own expense, do all such acts and things and shall
execute all such documents vis-à-vis the
Borrowers and third parties as are necessary (including any notarized or
private contracts (actes notariés
or sous seing privé)), including under the
Amended and Restated Common Agreement and the subordination agreement relating
to the CDC Second Park Agreements, so as to ensure that the rights and
obligations of the Assignor Bank are validly assigned to it pro rata to its Participation or that such rights and
obligations are simply transferred to it in accordance with the requirements of
French law, and the Bank hereby represents that it is fully aware of such
requirements.

 

For the avoidance of doubt, the Assignee Bank hereby
confirms (réitère) the powers and other rights
granted by the Banks to the Agent in relation to the creation, perfection,
maintaining and enforcement of the Security Interests.

 

5.                                      The Assignor Bank hereby confirms that it has complied with all laws
or regulations or any practice relating to the procedures for the
identification of counterparties.

 

6.                                      The Assignor Bank acknowledges that it owes to the Agent the amount
of the costs relating to the transfer of its Participation, as shall be
determined by the Agent, and undertakes to pay such amount on demand.

 

7.                                      Save as otherwise defined herein, terms defined in this notice have
the meanings ascribed to them in the Facility Agreement.

 

Signatures:

 

	
  Assignee
  Bank

  	
  Assignor
  Bank

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
				

 

82

 

Schedule 4

Insurance Memorandum

 

INDEX

 

	
  Part
  One – Obligations of the Borrowers Relating to
  Insurance 

  
	
   

  
	
  1.

  	
  Introduction

  
	
   

  	
   

  
	
  2.

  	
  Insurance cover

  
	
   

  	
   

  
	
  3.

  	
  Provisions
  common to all insurances

  
	
   

  	
   

  
	
  4.

  	
  Information as to
  insurances

  
	
   

  	
   

  
	
  5.

  	
  Omission
  to comply with insurance provisions

  
	
   

  	
   

  
	
  6.

  	
  Procedure
  for reviewing and agreeing to replacement value of Project Assets

  
	
   

  	
   

  
	
  7.

  	
  Application of
  insurance proceeds

  
	
   

  	
   

  
	
  8.

  	
  General

  
	
   

  
	
  Part
  Two –

  	
  Insurance
  Relating to the Operation Phase

  
	
   

  	
   

  
	
  Part
  Three –

  	
  Mandatory
  Endorsement

  
	
   

  	
   

  
	
  Part
  Four –

  	
  Form
  of Certificate to be sent to the Agent by the Brokers on behalf of the
  Borrowers

  
	
   

  	
   

  
	
  Part Five –

  	
  Notice of
  Delegation

  
			

 

83

 

Schedule 4

Insurance Memorandum

 

Part
One

Obligations of the Borrowers Relating to Insurance

 

1.                                     INTRODUCTION

 

(A)                             This Schedule constitutes the Insurance Memorandum.

 

(B)                               Terms defined in the Facility Agreement have the same meanings in
this Schedule, subject to paragraph 1(C).

 

(C)                               References to:

 

(a)                                 “Project Assets” are all assets owned or used by the Borrowers or
either of them for or in connection with the Project;

 

(b)                                the “Facility Agreement” are to the agreement of which this Schedule forms
part;

 

(c)                                 “paragraph” refers, unless the context otherwise requires, to a
paragraph of the Part in which such reference appears;

 

(d)                                “Part” is to a Part of this Schedule.

 

2.                                     INSURANCE COVER

 

(A)                              Operational Phase

 

(1)                                 Scope and duration: the Borrowers shall obtain insurances against
the risks and liabilities specified in Part Two and shall maintain these
insurances in full force and effect up to the Discharge Date.

 

(2)                                 Undertakings: the Borrowers shall procure that such insurances:

 

(a)                                 are effected against the risks and liabilities specified in Part Two
as varied from time to time under paragraph (B) or agreed or determined under
paragraph 6;

 

(b)                                include only such provisions for self-insurance, whether by
deductible or otherwise, as are so required under paragraph (B), or agreed or
determined under paragraph 6.

 

(B)                               Additional Coverage

 

(1)                                 Insurances required by law: without prejudice to the other
provisions of this Schedule, the Borrowers shall:

 

84

 

(a)                                 effect and maintain in full force those insurances which they are
required to have by any applicable law; and

 

(b)                                effect and maintain in full force those insurances which they are
required to have by the terms of any other contract to which they are at any
time a party;

 

and this, until the Discharge Date.

 

3.                                     PROVISIONS COMMON TO ALL
INSURANCES

 

(A)                             The Borrowers shall procure that:

 

(1)                                   insurances referred to in paragraph 2; and

 

(2)                                 all new policies or renewals pursuant to paragraph 2:

 

(i)                                    be placed through brokers and with insurers of good repute and of
sufficient financial standing for the relevant insurance coverage as in each
case the Agent may agree in writing, such agreement not to be unreasonably
withheld;

 

(ii)                                 be in a form approved in writing by the Agent, such approval not to
be unreasonably withheld;

 

(iii)                              comply with Part Three;

 

(iv)                             contain a provision whereby the insurers agree that they shall waive
all rights of subrogation howsoever arising which they may have under the
policy against all parties insured thereunder;

 

(v)                                provide that all the provisions thereof, except the limits of
liability, shall operate in the same manner as if there were a separate policy
covering each insured; and

 

(vi)                             contain an agreement by the insurer that notwithstanding any right
of cancellation by the insurer arising or being exercised or any cancellation
by either Borrower, whether voluntary or involuntary, each such policy shall
continue in force (but not beyond the expiry date of each such policy) in
respect of the Borrowers’ interest for the benefit of the Agent and the Banks
for at least 30 days (or such lesser period as may be specified from time to
time in respect of war and similar perils) after written notice of such
cancellation shall have been given to the Agent and that no reduction in limits
or coverage in respect of the Borrowers’ interest shall be made in any policy
or any part thereof, except upon written approval of the Agent.

 

85

 

(B)                               The Borrowers shall use their best endeavours to insure the
interests of the Agent and the Banks in respect of the Borrowers’ interests in
policies effected pursuant to paragraph 2 in respect of Phase IA Assets
regardless of any act or neglect of either Borrower or any breach or violation
by either Borrower of any representations, warranties or conditions contained
in such policies; provided always that if such interests are not so insured
whether by endorsement or otherwise, the Agent on behalf of the Banks shall
have the right but not the obligation to effect for their own account, but at
the cost of the Borrowers, a mortgagee’s interest insurance (assurance de l’intérêt de créancier hypothécaire) on such
terms and with such insurers as it shall in its absolute discretion determine.

 

(C)                               The Borrowers shall pay their appropriate proportion of the initial
and subsequent instalments of premiums promptly as required by the terms of the
policy or policies taken out in compliance with the foregoing provisions and
shall promptly produce to the Agent copies of receipts (or other evidence of
payment) for such instalments.  In the
case of renewals of such policy or policies the Borrowers shall produce to the
Agent evidence of each such renewal before the expiry of the policy or
policies.

 

(D)                              The Borrowers shall procure that each broker who effects any such
insurance policy writes a letter to the Agent substantially in the form set out
in Part Four.

 

(E)                                With the exception of the Ancillary Insurance referred to in Part
Two, the Borrowers undertake that they shall not substitute any other leading
insurer for any leading insurer under any of the policies effected pursuant to
the foregoing provisions, without, in each case, the Agent’s prior written
consent.

 

4.                                     INFORMATION AS TO INSURANCES

 

(A)                              The Borrowers shall, and shall procure that the respective brokers
through whom any of the said policies are effected shall, give to the Agent and
the Insurance Consultant such information as to the insurance taken out or
being taken out in compliance with the obligations of the Borrowers under the
foregoing provisions or as to any other matter which may be relevant to such
insurances as the Agent or the Insurance Consultant may reasonably request.

 

(B)                                If any material variation is proposed to be made to the terms of any
insurance effected or maintained pursuant to the foregoing provisions, or if
any other insurance in relation to the Project, and/or Project Assets or any
part thereof or to any third party risks in relation thereto is proposed to be
taken out by the Borrowers, the Borrowers shall give written notice thereof to
the Agent promptly upon becoming aware of such proposal.

 

(C)                                On 28 February of each year the Borrowers shall advise the
Expert Accountant if the insurance expenses including premiums and claims
payment reserves to date is 120 per cent. of global insurance budget.

 

86

 

On receipt of such advice the Agent may in its
discretion, after consultation with the Borrowers, require the Borrowers to
take such actions as the Insurance Consultant has recommended.

 

5.                                     OMISSION TO COMPLY
WITH INSURANCE PROVISIONS

 

If at any time the Borrowers shall fail to comply with
any of the provisions of paragraph 2 then (without prejudice to the rights of
the Agent and the Banks under the Facility Agreement) the Agent shall forthwith
be entitled to procure such insurance in accordance with the aforesaid
provisions at the expense of the Borrowers or at any time whilst such failure
is continuing and if such insurance cannot be procured by the Agent on behalf
of the Banks the Borrowers shall (without prejudice to any other obligations of
the Borrowers hereunder or under the Facility Agreement) take all such
reasonable steps to minimise the risks which are within their power and which
do not conflict with their obligations under the Facility Agreement as may be
required by the Agent.

 

6.                                     PROCEDURE FOR REVIEWING
AND AGREEING REPLACEMENT VALUE OF PROJECT ASSETS

 

(A)                              On 28 February of each year the Borrowers shall advise the
Agent if their estimate of the replacement value of the Project Assets as at 31
December in the immediately preceding year exceeds the sum insured in the
insurances in force relating to the Project Assets.

 

(B)                                On 28 February of each year the Borrowers shall deliver to the
Agent a report compiled by the Borrowers’ insurance brokers advising on the
replacement value of the Project Assets and the adequacy of the sum insured in
the insurances currently in force relating to the Project Assets.

 

(C)                                The Agent shall instruct the Insurance Consultant to consider such
report and to advise the Agent within 30 days (or such other period as the
Agent may reasonably agree) whether or not it agrees with the report and if it
does not to give reasons to the Agent and the Borrowers.

 

(D)                               The Agent shall, within 28 days of receipt by it of a report from
the Insurance Consultant on such estimates, notify the Borrowers in writing
whether or not the Agent accepts such estimates, and, if not, provide
substitute estimates and details of where the Agent disagrees with the
Borrowers’ calculations or those of their insurance brokers.

 

If the Agent accepts such estimates, the same shall
apply for the purposes of paragraph 2. If the Agent does not accept such
estimates, then the Borrowers and the Agent shall work together in good faith
to agree the estimate to apply and, failing such agreement within 14 days,
either party shall be entitled to refer the dispute to the Expert. The Expert
shall determine the dispute within 14 days from the date on which the dispute
is referred to him, taking into account all such relevant information as may be
submitted by the parties or as the Expert may reasonably require the parties to
furnish from their records or as he may obtain from other reliable sources. The
Expert shall act as a private and non-judicial expert and not as an arbitrator
and, subject to any manifest error, its

 

87

 

decision shall be final and binding on the parties
hereto and the Agent shall instruct the Borrowers to insure forthwith for at
least the sum so determined.

 

7.                                     APPLICATION OF INSURANCE PROCEEDS

 

Any insurance moneys which are referable to Phase IA or
the Phase IA Assets will be applied in accordance with the provisions of the
Facility Agreement.

 

8.                                     GENERAL

 

The Borrowers shall notify the insurers with whom the
insurance policies herein referred to are effected and such other insurers as
may be required that the Project Assets are the property of the Borrowers, and
that the Borrowers’ interests therein are, to the extent specified in the
Facility Agreement, subject to priority right (sûretés
réelles) in
favour of the Agent and the Banks and that the insurances relating to the
Project or the Project Assets are, to the extent specified in the Facility
Agreement, the subject of additional recourse to a third party debtor (délégations) of the
relevant insurers as delegates (délégués) who are required to pay to the Agent all proceeds of such
insurances and returns of premiums in respect thereof otherwise payable to the
Borrowers, and shall ensure that the terms of this Schedule as applicable
to each insurance are brought to the notice of such insurers as soon as
practicable.

 

88

 

Schedule 4

Insurance Memorandum

 

Part
Two

Insurance Relating to the Operation Phase 

 

1.                                     PHYSICAL LOSS OR DAMAGE:

 

Insured parties:

 

•                  Borrowers

 

•                  Banks

 

Sum insured:

 

A combined physical damage and business interruption
sum insured will apply (subject to deductibles) including an automatic
reinstatement of sum insured provision.

 

Scope of cover:

 

Coverage will extend to physical loss of or damage to
the property insured howsoever caused occurring during the period of insurance.

 

The best cover available in the market at reasonable
cost will be purchased and in any event the sum insured and scope of cover
shall be reviewed at the date the insurance is effected.

 

Effective date:

 

The date at which any risk or liability specified in
this paragraph arises.  Coverage will be
renewable annually.

 

Principal exclusions:

 

Loss, destruction or damage directly or indirectly
caused by or occasioned through:

 

(a)                                  gradually operating causes such as wear and tear, erosion, corrosion
etc.;

 

(b)                                 war, invasion, act of foreign enemy, revolution, insurrection or
military or usurped power;

 

(c)                                  ionising radiations or contaminations by radioactivity from any
nuclear component or fuel.

 

The property insured will comprise all Project Assets
and all other property associated with the operation of the Project, wherever
located, owned by the Borrowers or for which they are responsible, together
with professional fees and debris removal fees incurred in the reinstatement of
lost or damaged property.

 

89

 

This insurance cover will include physical loss or
damage arising out of machinery breakdown.

 

Deductible

 

Not to exceed € 300,000 each and every loss or
such other figure as may be agreed between the Borrowers and the Agent on the
advice of the Insurance Consultant.

 

2.                                     THIRD PARTY LEGAL LIABILITY

 

Insured parties:

 

•                                           Borrowers

 

•                                           Banks

 

Limit of indemnity:

 

The Borrowers shall agree to maintain coverage of at
least € 76,225,000, if obtainable in the market at a reasonable cost, and
if not, the maximum coverage obtainable at a cost the Insurance Consultant
considers reasonable.

 

Scope of cover:

 

Indemnity in respect of legal liability arising from
the Borrower’s activities for:

 

(a)                                  death or bodily injury to or disease of any person;

 

(b)                                  loss or damage to property;

 

(c)                                   consequential loss;

 

occurring during the period of insurance.

 

Effective date:

 

The date on which any risk or liability mentioned in
the present clause arises.  Coverage will
be renewable annually.

 

Principal exclusions:

 

The insurance will not provide indemnity in respect
of:

 

(a)                                  all war risks, nuclear risks or radioactive contamination risks;

 

(b)                                  penalties and liquidated damages;

 

(c)                                   marine, motor and aviation risks;

 

(d)                                  professional advice;

 

90

 

(e)                                   deliberate acts or omissions;

 

(f)                                     10-year civil liability (responsabilité
civile décennale).

 

3.                                     ANCILLARY INSURANCES

 

(a)                                   Insurance required by statute:

 

Third party motor vehicle liability insurance,

 

(b)                                  Additional insurances:

 

(i)                                      Directors’ and officers’ civil liability;

 

(ii)                                   Embezzlement insurance (assurance
contre les détournements).

 

4.                                     BUSINESS INTERRUPTION

 

Insured parties:

 

•                                           Borrowers

 

•                                           Banks

 

Limit of indemnity:

 

A combined physical damage and business interruption
sum will apply in accordance with paragraph 1.

 

Scope of cover:

 

This insurance will cover fixed operation costs,
variable operation costs, debt service and net profits.  Cover will be provided only if interruption
in operations is directly attributable to losses covered under the physical
damage and loss insurance.  Expenses
which vary in direct proportion to increases or decreases in turnover are
excluded.

 

Cover will include increased costs of working expended
in order to avoid a reduction in turnover subject to an economic limit.

 

Effective date:

 

The first day of opening to the public of the asset
concerned.

 

Principal exclusions:

 

This insurance will be governed by those exclusions
referred to in paragraph 2 including inter alia:

 

91

 

•                                          damage resulting from receivership, seizure or destruction pursuant
to customs or quarantine regulations, as well as damage due to destruction or
confiscation by order of civil or military authority.

 

•                                           losses resulting from the imposition of a fine.

 

Deductibles:

 

€ 1,520,000 each and every loss, except on
agreement of another figure.

 

92

 

Schedule 4

Insurance Memorandum

 

Part
Three

Mandatory Endorsement

 

Each of
the policies, to the extent it applies to Phase IA, effected pursuant to
paragraph 2 of Part One in respect of physical loss or damage (including
10-year civil liability (responsabilité civile
décennale)) or third party liability and will be endorsed with an
endorsement stating in substance as follows or as near thereto as circumstances
permit (except where the relevant policy contains, in circumstances where the
Insurance Consultant considers this to be reasonable, a loss payable clause in
favour of a third party contractor, not being a Disney Controlled Affiliate):

 

(A)                             PHYSICAL LOSS OR DAMAGE AND 10-YEAR CIVIL
LIABILITY (RESPONSABILITE CIVILE DECENNALE) LOSS
PAYABLE CLAUSE

 

By an
amended and restated agreement between (1) Euro Disneyland S.N.C. and Euro
Disney Associés S.C.A. (the “Borrowers”), (2) the Banks and financial
institutions party thereto, and (3) BNP Paribas as Agent, the Borrowers
delegated the relevant insurers as delegates (délégués) to pay to the Agent and the Banks as recipients (délégataires) of the proceeds of all insurance and the returns of premiums
in respect thereof so far as the same relate to the Borrowers’ interest in
Phase IA or the Phase IA Assets and the insurers accepted such additional
recourse to a third party debtor (délégation).

 

Until
the Agent shall have notified insurers to the contrary, all insurance proceeds
and returns of premiums to be paid to the Borrowers up to € 1,525,000 or
the equivalent in other currencies shall be paid to the Borrowers without any
deduction or deductions whatsoever.  All
insurance proceeds and returns of premiums to be paid to the Borrowers
exceeding € 1,525,000 or the equivalent in other currencies shall be paid
to the Agent without any deduction or deductions whatsoever.

 

(B)                               THIRD PARTY LOSS PAYABLE CLAUSE

 

Subject
to the provisions of any applicable legislation, all sums payable in respect of
any claim hereunder by an insured party shall be paid directly to the person
whose claim(s) constitutes the risk or liability insured against provided that
such person has executed a discharge of all claims against each of the insured
parties in respect of the risk or liability in relation to which the claim was
made save in cases where insurers are satisfied that the insured party has
fully and unconditionally discharged the claim or liability when such sums
shall be paid to the insured party or to its order.

 

93

 

Schedule 4

Insurance Memorandum

 

Part
Four

Form of Certificate to be sent to the Agent by the Insurance Brokers

on behalf of the Borrowers

 

To:                              BNP
PARIBAS

 

[Date]

 

Dear
Sirs,

 

We
hereby confirm that the insurances specified in the list attached hereto are in
effect on and in respect of the risks as set out in the attached certificate of
insurance and that all premiums due at the date hereof in respect of such
insurances have been paid in full. We also hereby confirm that the insurers
have accepted their appointment by the Borrowers as recipients (délégataires) of the
proceeds of such insurances and returns of premiums in respect thereof (copies
of each of which appointment and acceptance of additional recourse to a third
party debtor (délégation) are
attached hereto) and that you are named as additional assured(s) on the
insurance policies evidenced in the attached certificate of insurance for the
periods stipulated therein.

 

Pursuant
to instructions received from the Borrowers and in consideration of your
approving our appointment or continuing appointment as brokers in connection
with the insurances covered by this letter, we hereby undertake in respect of
the interests of the Borrower in the insurances covered by the certificate of
insurance:

 

1                                         to have endorsed on each and every policy as and when the same is
issued loss payable clauses in the forms attached hereto together with a copy
of such appointments and acceptances of additional
recourse to a third party debtor (délégation) signed by authorised signatories of the Borrowers and the
relevant insurers;

 

2                                         (i) to advise you promptly upon receipt of notice of any material
changes notified to us which are proposed to be made in the terms of the
insurances, (ii) to notify you subject to any automatic termination clause and
any amendment of terms clause at least 10 Business Days prior to the expiry of
these insurances if we have not received renewal instructions from the insured
companies and/or any jointly insured parties or the agents of any such party,
and in the event of our receiving instructions to renew, to advise you promptly
of the details thereof, and (iii) to notify you at least 30 days prior to
ceasing to act as brokers to the Borrowers (unless owing to circumstances beyond
our control in which case we shall notify you promptly upon becoming aware that
we shall cease, or that we have ceased, so to act);

 

3                                         to pay to you without any set-off or deduction of any kind for any
reason any and all proceeds from the insurances received by us from the
insurers except as might be otherwise permitted in the relevant loss payable
clauses; and

 

94

 

4.                                      to advise you:

 

(i)                                    if any insurer cancels or gives notice of cancellation of these
insurances at least 30 days (or such lesser period as may be specified from
time to time in the case of war risks and similar perils) before such
cancellation is to take effect;

 

(ii)                                  of any act or omission or of any event of which we have knowledge
and which might reasonably be foreseen as invalidating or rendering
unenforceable in whole or in part these insurances; and

 

(iii)                               if we cease to be brokers for the Borrowers or in respect of any of
the insurances referred to in this letter, to hold the insurance slips or
contracts, the policies and any renewals thereof or any new or substitute
policies (in each case, issued only with the Agent’s consent), and the benefits
of the insurances thereunder, insofar as attributable to the Borrowers to the
extent held by us, to your order.

 

The above undertakings are given:

 

(a)                                 subject to any insurer’s right of cancellation (if any) of any of
the policies referred to above following default in excess of 30 days in
payment of premiums thereunder, but we undertake to advise you immediately if
any such premiums are not paid to us by the due date and to give you a
reasonable opportunity of paying such amounts of such premiums outstanding
before notification of non-payment of premiums or notification of cancellation
by the insurers; and

 

(b)                                subject to our continuing appointment for the time being as
insurance brokers to the insured companies.

 

In carrying out the obligations referred to in this
letter, we undertake to use the standard of professional care, skill and
diligence to be expected of an insurance broker experienced in the placement of
insurances in respect of major infrastructure projects and, save for loss or
damage arising directly or indirectly from breach of those obligations, we
shall be under no liability to the Agent or any Bank.

 

This letter shall be governed by and construed in all
respects in accordance with French Iaw.

 

Yours faithfully,

 

Enclosures:

 

	
  List of insurances

  	
   

  	
  Notice(s) of Delegation

  
	
   

  	
   

  	
   

  
	
  Certificate(s) of Insurance

  	
   

  	
  Loss Payable Clauses

  

 

95

 

Schedule 4

Insurance Memorandum

 

Part
Five

Notice of Delegation

 

By an
amended and restated agreement between (1) Euro Disneyland S.N.C. and Euro
Disney Associés S.C.A. (the “Borrowers”), (2) the Banks party thereto, and (3)
BNP Paribas as Agent, the Borrowers have appointed the relevant insurers as
delegates (délégués) to
pay to the Agent and the Banks as recipients (délégataires) the proceeds of all insurance and returns of premiums paid
in respect thereof so far as the same relate to the Borrowers’ interest in
Phase IA or the Phase IA Assets and the insurers accepted such additional
recourse to a third party debtor (délégation).

 

Notwithstanding
this additional recourse to a third party debtor (delegation),
it is noted that all recoveries under the insurances specified in Part Two of
Schedule 4 of the Facility Agreement shall be paid in accordance with the
provisions of the insurance policies applicable to the payment of such
recoveries.

 

Signed
this     day of   20

 

Euro
Disneyland S.N.C.

 

Euro
Disney Associés S.C.A.

 

Acknowledged
and agreed this    day of       20

 

96

 

Schedule 5

Security Interests

 

Part One

Pledge of amounts under the Loan Accounts

(Contrat de nantissement du
solde des Comptes de Prêts)

 

[This exhibit only exists in French and absent a translation into
English is summarized as follows:

 

A model form of agreement between a Borrower (either Euro Disneyland
SNC or Euro Disney Associés SCA), and the Banks (BNP Paribas, as Agent for the
Phase IA Banks, and CDC) to be used by such Borrower to pledge all amounts
outstanding in its Loan Accounts in order to secure payments by the Borrower of
all amounts due to the Banks under the CDC Ordinary Loan Agreement and the
Phase IA Credit Agreement.]

 

97

 

Schedule 5

Security Interests

 

Part
Two (A)

Additional recourse to a third party debtor (Convention
de délégation imparfaite)

of co-Debtors other than the Operating Company

 

[This exhibit only exists in French and absent a translation into
English is summarized as follows:

 

A model form of agreement between a Borrower (either Euro Disneyland
SNC or Euro Disney Associés SCA), an insurance company that issues an insurance
policy to a Borrower covering damage to or loss of property, and the Banks(BNP
Paribas, as agent for the Banks, and CDC), under which such an insurance
company undertakes to pay to the Banks (by way of delegation) any amounts payable
by that insurance company to the Borrower with respect to such an insurance
policy.  This delegation secures the
Borrowers’ (Euro Disneyland SNC and Euro Disney Associés SCA) payment
obligations with respect to the Banks under the CDC Ordinary Loan Agreement and
the Phase IA Credit Agreement.]

 

98

 

Schedule 5

Security Interests

 

Part
Two (B)

Additional recourse to a third party debtor (Convention
de délégation imparfaite)

of the Operating Company

 

[This exhibit only exists in French and absent a translation into
English is summarized as follows:

 

A model form of agreement between Euro Disneyland SNC, Euro Disney
Associés SCA and BNP Paribas, as agent for the Banks, under which Euro Disney
Associés SCA undertakes to pay the Banks (by way of delegation) any payments
payable by Euro Disney Associés SCA to Euro Disneyland SNC under the Disneyland
Park Lease.  This delegation secures the
Borrowers’ (Euro Disneyland SNC and Euro Disney Associés SCA) payment obligations
with respect to the Banks under the Phase IA Credit Agreement.]

 

99Exhibit 4.17(a)

 

Translation for information

 

1 December, 2004

 

AMENDMENT AND RESTATEMENT AGREEMENT
TO THE COMMON

AGREEMENT DATED 10 AUGUST 1994

 

Between

 

Euro Disney S.C.A

Euro Disney Associés S.C.A

EDL Hôtels S.C.A

Euro Disneyland S.N.C

Hôtel New York Associés S.N.C

Newport Bay Club Associés S.N.C

Sequoia Lodge Associés S.N.C

Cheyenne Hotel Associés S.N.C

Hôtel Santa Fe Associés S.N.C

Centre de Divertissements
Associés S.N.C

 

and

 

the Banks parties to the Phase IA Credit Facility

the Caisse des Dépôts et Consignations

the Partners party to the Phase IA Partners Advances
Agreement

the Banks parties to Phase IB Credit Facility
Agreement

the SNC Hotel Companies partners and the Lenders party
to the Phase IB Credit Facility

Agreement

 

Agents

BNP PARIBAS

CALYON

CDC

 

	
  Advisers to BNP PARIBAS and CALYON

  	
   

  	
  Advisers to CDC

  
	
  Slaughter and May

  112, avenue
  Kléber

  75116 Paris

  	
   

  	
  Gide Loyrette Nouel

  28, cours Albert
  1er

  75008 Paris

  

 

Advisers to the Debtors

Freshfields Bruchhaus Deringer

2-4, rue
Paul Cézanne

75008 Paris

 

1

 

TABLE
OF CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Interim
  Period

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Prepayment

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Amendment
  and Restatement of the Common Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Conditions
  Precedent

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Undertakings

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Entry in force

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Waiver of rights

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  No Novation

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Severability
  of Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Language

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Jurisdiction

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ANNEX I

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  List of the current
  subsdiaries, direct or indirect, of Euro Disney S.C.A., Euro Disney Associés
  S.C.A. and EDL Hotels SCA (prior to the Contribution)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ANNEX II

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  List of Phase IA Banks,
  Phase IA Partners, Phase IB Banks and Phase IB Lenders

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ANNEX III

  	
   

  

 

2

 

	
   

  	
  Common Agreement Amended
  and Restated

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ANNEX IV

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Letter from BNP PARIBAS
  and CALYON dated 27 October 2004

  	
   

  

 

3

 

BETWEEN THE UNDERSIGNED :

 

1)     EURO
DISNEY S.C.A., société
en commandite par actions, having its registered office at Immeubles
Administratifs, Route Nationale 34, Chessy, 77700

 

acting in its own name and on behalf of its
subsidiaries the list of which is set out in annex I,

 

(hereafter “Euro Disney S.C.A”)

 

2)     EURO
DISNEY ASSOCIES S.C.A., société en commandite par actions, having its registered
office at Immeubles Administratifs, Route Nationale 34, Chessy, 77700

 

acting in its own name and on behalf of its
subsidiaries the list of which is set out in annex I,

 

(hereafter “Euro Disney Associés S.C.A”)

 

3)     EDL
HOTELS S.C.A., société
en commandite par actions, having its registered office at Immeubles
Administratifs, Route Nationale 34, Chessy, 77700

 

acting in its own name and on behalf of its
subsidiaries the list of which is set out in annex I,

 

(hereafter “EDL Hotels”)

 

4)     EURO
DISNEYLAND S.N.C., société
en nom collectif, having its registered office at Immeubles
Administratifs, Route Nationale 34, Chessy, 77700

 

(hereafter “Euro Disneyland S.N.C”)

 

5)     HOTEL
NEW YORK ASSOCIES S.N.C., société en nom collectif, having its
registered office at Immeubles Administratifs, Route Nationale 34, Chessy,
77700

 

6)     NEWPORT
BAY CLUB ASSOCIES S.N.C., société en nom collectif, having its
registered office at Immeubles Administratifs, Route Nationale 34, Chessy,
77700

 

7)     SEQUOIA
LODGE ASSOCIES S.N.C., société en nom collectif, having its registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, 77700

 

8)     CHEYENNE
HOTEL ASSOCIES S.N.C., société en nom collectif, having its registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, 77700

 

9)     HOTEL
SANTE FE ASSOCIES S.N.C., société en nom collectif, having its
registered office at Immeubles Administratifs, Route Nationale 34, Chessy,
77700

 

1

 

10)   CENTRE DE DIVERTISSEMENTS
ASSOCIES S.N.C., société en nom collectif, having its
registered office at Immeubles Administratifs, Route Nationale 34, Chessy,
77700

 

(hereafter together the “SNC Hotel Companies” or individually a “SNC Hotel Company”)

 

(Euro Disneyland S.N.C and the SNC Hotel
Companies hereafter together the “S.N.Cs”
or individually an “S.N.C”.)

 

(Euro Disney S.C.A, Euro
Disney Associés S.C.A., EDL Hôtels, Euro Disneyland S.N.C and the SNC Hotel
Companies being hereafter referred to together as the “Debtors” or individually a “Debtor”)

 

AND:

 

11)   The
banks parties to the Phase IA Facility Agreement,
the list of which is set out in annex II,

 

represented by their Agent, BNP PARIBAS,

 

(hereafter the “Phase IA Banks”)

 

12)   CAISSE
DES DEPOTS ET CONSIGNATIONS, specific public entity
created by the law of 28 April 1816 codified under articles L.518-2 et seq. of
the Code monétaire et financier, having its registered office at 56 rue de
Lille, 75507 Paris,

 

(hereafter “CDC”)

 

13)   The
parties to the Phase IA Partners Advances Agreement,
the list of which is set out in annex II,

 

represented by their Agent, CALYON,

 

(hereafter the “Phase IA Partners”)

 

14)   The
Banks parties to the Phase IB Credit Facility
Agreement, the list of which is set out in annex II,

 

represented by their Agent, CALYON,

 

(hereafter the “Phase IB Banks”)

 

15)   The SNC
Hotel Companies partners and the lenders, party to the Phase
IB Advances Agreement, the list of which is set out in annex II,

 

represented by their Agent, CALYON,

 

(hereafter the “Phase IB Lenders”)

 

2

 

(The
Phase IA Banks, CDC, the Phase IA Partners, the Phase IB Banks, the Phase IB
Lenders hereafter referred to together as the “Creditors” or individually a “Creditor”).

 

WHEREAS:

 

(A)          In view of the development
of Phase I of the Euro Disneyland Project in France, the Debtors have entered
into a number of Bank Debt Agreements (as defined hereafter) with the
Creditors.

 

(B)          Upon the financial
restructuring of the Euro Disney Group in 1994 a common agreement was entered
into between the Debtors and the Creditors on 10 August 1994 (the “Common Agreement”) with a view to
establishing the undertakings of the Debtors to all the Creditors and
determining certain of the common provisions relating to such restructuring.

 

(C)          Since that date certain
amendments (the “Amendments”) were
made to the Common Agreement in particular through the consultation of 25
September 1995 and the application for authorisation and waiver of 6 September
1999.

 

(D)          The Euro Disney Group having
encountered fresh financial difficulties, a memorandum of agreement signed on 8
June 2004, between Euro Disney S.C.A., EDL Hôtels S.C.A., Euro Disneyland
S.N.C., the SNC Hotel Companies, The Walt Disney Company, CDC, as well as the
Phase IA Banks, the Phase IA Partners, the Phase IB Banks and the Phase IB
Lenders, represented by their respective agents BNP PARIBAS or CALYON, and
approved by the Steering Committee (subsequently amended following the letter
from Euro Disney S.C.A to the Creditors, dated 20 September 2004) set out
the measures necessary with a view to restoring the financial balance of the
Euro Disney Group; the memorandum of agreement, as amended was accepted by a
letter signed by all parties on 30 September, 2004 (the “Memorandum of Agreement”).

 

(E)           The Memorandum of Agreement
provided for a certain number of measures, including an increase in the share
capital of Euro Disney S.C.A. and a reorganisation of the Euro Disney Group,
consisting of the conversion of Euro Disney Associés S.N.C. into a société en commandite par actions and the
transfer by Euro Disney S.C.A. of all or substantially all of its assets and
liabilities to Euro Disney Associés S.C.A, the latter thereby becoming the
operator of the Disneyland Resort, Paris.

 

(F)           The transfer will lead to
the extinction (by means of “confusion”) of
the lease dated 1 July 1994 pursuant to which Euro Disney Associés S.N.C leased
certain of its assets to Euro Disney S.C.A. and a sub-lease dated 30 June
1994 pursuant to which Euro Disney Associés S.N.C. sub-let to Euro Disney
S.C.A. the assets subject to the Crédit-Bail
Agreement, as a result of Euro Disney Associés becoming lessor and lessee and
lessor and sub-lessee respectively.

 

(G)          As a consequence of the
signature of the Memorandum of Agreement and in order to assist its
implementation, a certain number of amendments are required to be made to the
Common Agreement; in addition, the parties wish, for the sake of convenience,
to produce a consolidated version of the Common Agreement containing the
Amendments, and

 

3

 

secondly, to
exclude from the text of the Agreement all historical provisions which have
become unnecessary and to update certain obsolete references.

 

(H)          The aim of this Agreement is
therefore to insert the Amendments into the Common Agreement, to amend the
Common Agreement in accordance with paragraph (F) above and to restate the
Common Agreement’s unamended provisions.

 

(I)            Euro Disney Associés S.C.A
is a party to this agreement by virtue of the fact that, as a result of the
Contribution, it will replace Euro Disney S.C.A. as a debtor.

 

THE PARTIES HAVE THEREFORE
AGREED AS FOLLOWS:

 

1.            Definitions

 

For the application of the Agreement and
its Schedules, except where the context otherwise requires, the terms defined
in the Common Agreement, in the Covenants or in any of the relevant Bank Debt
Agreements (as the Common Agreement, the Covenants or the Bank Debt Agreements
have been modified at the date hereof) have the same meaning as is given to
them therein, and, with the exception of the terms defined in the recitals, the
following terms have the following meanings :

 

“Agent”
means each of the Agents designated as such further to each of the Bank Debt
Agreements and CDC for the implementation of the CDC Loan Agreements.

 

“Agreement”
means this agreement including its annexes.

 

“Agreement
Date” means the date of execution of this Agreement.

 

“Amended
and Restated Common Agreement” means the Common Agreement dated 10
August 1994 between Euro Disney S.C.A, acting in its own name and on behalf of
its subsidiaries listed in the Annex to such agreement, EDL Hotels S.C.A acting
in its own name and on behalf of its subsidiaries listed in the Annex to such agreement,
Euro Disneyland S.N.C, the SNC Hotel Companies, the Phase IA Banks, the Phase
IA Partners, the Phase IB Banks, the Phase IB Lenders and CDC, as amended and
restated in accordance with the provisions of Clause 4 (Amendment and restatement of the Common
Agreement) the text of which is attached as Annex III.

 

“Bank Debt  Agreements” means the following agreements
(i) Phase IA Credit Facility; (ii) the CDC Loan Agreements; (iii) the Phase IA
Partners Advances Agreement; (iv) Phase IB Credit Facility Agreement; and (v)
the Phase IB Advances Agreement.

 

“CDC
Junior Loans” means CDC participating loans granted to Euro Disney
S.C.A or Euro Disneyland S.N.C by CDC pursuant to the CDC Participating Loan
Agreement.

 

“CDC Loan
Agreements” means the CDC Ordinary Loan Agreement and the CDC
Participating Loan Agreement.

 

4

 

“CDC
Long Term Subordinated Debt Agreements”
means each of the agreements relating to the Subordinated Long Term Debt of
Euro Disney Associés SCA arising in accordance with the conditions provided for
in the CDC Second Park Agreements.

 

“CDC
Ordinary Loans” means the ordinary loans granted to Euro Disney
S.C.A or Euro Disneyland S.N.C by CDC pursuant to the CDC Ordinary Loan
Agreement.

 

“CDC
Ordinary Loan Agreement” means the agreement relating to the
granting of Ordinary Loans dated 17 May 1989 between CDC, Euro Disney S.C.A and
Euro Disneyland S.N.C as amended by two amendments dated 10 August 1994 and 30
September 1999, and an amended and restated CDC Ordinary Loan Agreement between
CDC, Euro Disney SCA and Euro Disneyland SNC dated 1 December 2004, the entry
in force of which is subject to the implementation of the Contribution and the
Completion of Share Capital Increase.

 

“CDC
Participating Loan Agreement” means the agreement relating to the
granting of Junior Loans dated 17 May 1989 between CDC, Euro Disney S.C.A and
Euro Disneyland S.N.C as amended by two amendments dated 10 August 1994 and 30
September 1999 and an amended and restated CDC Participating Loan Agreement
between CDC, Euro Disney SCA and Euro Disneyland SNC dated 1 December 2004, the
entry in force of which is subject to the implementation of the Contribution
and the Completion of Share Capital Increase.

 

“CDC
Second Park Agreements” means

 

(a) the Loan Agreements (Tranches A, B, C
and D) dated 30 September 1999 between Euro Disney S.C.A and CDC, as amended by
amendments dated 18 November 2002, and by loan agreements (Tranche A, B, C and
D) amended and restated on 1 December 2004

 

(b) the Loan Agreement (Tranche E) between
Euro Disney S.C.A and CDC to be entered into before the Share Capital Increase
Completion Date,

 

(c) the subordination agreement between
Euro Disney S.C.A, the Priority Creditors and CDC dated 19 October 1999 as amended
by an amendment agreement between the same parties dated 1 December 2004 and by
a subordination agreement amended and restated between Euro Disney Associés
SCA, the Priority Creditors and CDC dated 1 December 2004.

 

“Completion
of Share Capital Increase” means in connection with one of the
actions agreed in the Memorandum of Agreement, that new shares of Euro Disney
S.C.A shall have been subscribed for, fully paid in cash and issued in a gross
minimum amount of €250 million and that the proceeds thereof shall have been
paid to Euro Disney S.C.A.

 

“Contribution”
means the Contribution of the assets and liabilities of Euro Disney S.C.A to
Euro Disney Associés S.C.A further to the Contribution Agreement.

 

“Contribution
Agreement” means the contribution agreement between Euro Disney
Associés S.C.A and Euro Disney S.C.A dated 30 September 2004, as amended on 8

 

5

 

November, 2004, as it shall be approved by
the extraordinary shareholders’ meetings of each such company.

 

“Defined
Proportion” means, with respect to releases of the Security Deposits
and the corresponding utilisations in accordance with Clause 2 (Interim Period) and Clause 3 (Prepayment), a percentage of 66% of the
Security Deposit referred to in (i) of the definition of “Security Deposit” and
34% of the Security Deposit referred to in (ii) of the definition of Security
Deposit.

 

“Gage-espèces” has the meaning set out in
paragraph (A)(2)(b) of Clause 2 (Interim Period).

 

“IA Partners’ Agent”
means the agent appointed in such capacity in the Phase IA Partners Advances
Agreement.

 

“Master
Agreement” means the agreement for the creation and operation of
Euro Disneyland in France dated 24 March 1987 between (i) the Republic of
France, (ii) the Ile de France region, (iii) the département of Seine et Marne,
(iv) the Régie Autonome des Transports Parisiens, (v) the Etablissement Public
d’Aménagement de la Ville Nouvelle de Marne la Vallée and (vi) the
Etablissement Public d’Aménagement du Secteur IV de la Ville Nouvelle de Marne
la Vallée, on the one hand, a subsidiary of TWDC, Euro Disney S.C.A and Euro
Disneyland S.N.C, on the other hand, as amended by amendments number one, two
and three and by the Amendment Agreement to the Master Agreement as defined in the
Phase IA Credit Amendment and Restatement Agreement.

 

“Phase IA
Advances Amendment and Restatement Agreement” means the agreement
dated 1 December 2004 relating in particular to the amendment and restatement
of the Phase IA Partners Advances Agreement.

 

“Phase IA
Banks Agent” means the agent designated as such under the Phase IA
Credit Facility.

 

“Phase IA
Credit Amendment and Restatement Agreement” means the agreement
dated 1 December 2004 relating in particular to the amendment and restatement
of the Phase IA Credit Facility.

 

“Phase IA
Credit Facility” means the multicurrency credit facility agreement
which may be utilised by means of drawings or issue of letters of credit, dated
5 September 1989 between Euro Disney S.C.A, Euro Disneyland S.N.C, the Phase IA
Banks as lenders and BNP PARIBAS as Agent as amended by amendments of 10 August
1994 and 17 March 1995 and by the applications for authorisations and waivers
relating to the Covenants dated in particular 6 September 1999, and amended and
restated by the Phase IA Credit Amendment and Restatement Agreement.

 

“Phase IA
Partners Advances Agreement” means the partners advances agreement
dated 26 April 1989 between Euro Disneyland S.N.C as borrower, its Partners as
lenders and CALYON as Agent, as amended by an amendment dated 10 August 1994,

 

6

 

and amended and restated by the Phase IA
Advances Amendment and Restatement Agreement.

 

 “Phase IB Banks Agent” means the agent
designated as such under the Phase IB Advances Agreement.

 

 “Phase IB Advances Agreement” means the
advances agreement dated 26 April 1991 between the Hotel S.N.C.s, EDL Hotels
S.C.A as guarantor, the Phase IB Lenders and CALYON as Agent as amended by
amendments dated 10 August 1994, 12 July 1995, 15 May 1996 and 16 May 2003 as
well as by the applications for authorisations and waivers relating to the
Covenants dated in particular 6 September 1999, and amended and restated by the
Phase IB Advances Amendment and Restatement Agreement.

 

“Phase IB
Advances Amendment and Restatement Agreement” means the agreement
dated 1 December 2004 relating in particular to the amendment and restatement
of the Phase IB Partners Advances Agreement.

 

“Phase IB
Credit Amendment and Restatement Agreement” means the agreement
dated 1 December 2004 relating in particular to the amendment and restatement
of the Phase IB Credit Facility Agreement.

 

“Phase IB
Credit Facility Agreement” means the credit facility agreement dated
25 March 1991 between EDL Hotels, the SNC Hotel Companies, the Phase IB Banks
as lenders and CALYON as Facility Agent, Agent for the Lenders and Security
Agent, as amended by amendments dated 10 August 1994, 12 July 1995, 15 May 1996
and 16 May 2003 as well as by the applications for authorisations and waivers
relating to the Covenants dated in particular 6 September 1999, and amended and
restated by the Phase IB Credit Amendment and Restatement Agreement.

 

“Phase IB Lenders Agent”
means the agent appointed in such capacity in the Phase IB Advances Agreement.

 

“Restatement
Date” means the date on which all the conditions precedent listed in
clause 5 (Conditions Precedent)
and which shall not have been waived by the Agents shall be satisfied.

 

“Security
Deposit” means (i) the sums deposited by Euro Disney S.C.A with the
Phase IA Banks Agent and allocated by way of gage-espèces
in favour of the Phase IA Banks and CDC as security for all amounts
due and payable pursuant to the Phase IA Credit Facility and the agreement
relating to the granting of ordinary loans referred to in the first part of the
definition of CDC Ordinary Loan Agreement and (ii) the sums deposited by EDL
Hotels with the Phase IB Credit Agent allocated by way of gage-espèces in favour of the Phase IB
Banks and the Phase IB Lenders as security for all amounts due pursuant to the
Phase IB Credit Facility Agreement and the Phase IB Advances Agreement.

 

“Share Capital Increase
Completion Date” means the date on which the Completion of Share
Capital shall be implemented.

 

7

 

“Steering
Committee” means the working group representing creditors of the
Senior Debt (other than CDC), set up of the financial restructuring of the Euro
Disney Group.

 

“Subordinated
Long Term Debt” means, with respect to the Royalties, the Management
Fees, interest under the CDC Second Park Agreements and the Standby Revolving
Credit Facility, the sums deferred and transformed into long term subordinated
debt respectively in accordance with the letter referred to in (iii) of the definition
of Licence Supplemental Agreement, the agreements referred to in (ii) of the
definition of Remuneration Agreement, the CDC Second Park Agreements and the
Standby Revolving Credit Supplemental Agreement.

 

2.            Interim period

 

(A)          In accordance with the
provisions of clause 7.1.4 (Debt service
under the Bank Debt Agreements) of the Memorandum of Agreement, for
each payment date between 1 October 2004 and the Share Capital Increase
Completion Date, debt service in relation to the Bank Debt Agreements (in
principal, interest, commissions, expenses and ancillary amount) shall be
processed in accordance with the provisions of each of the relevant Bank Debt
Agreements, subject to the following reservations as regards service of
principal:

 

(1)            Phase IA Credit Facility and Phase IB Credit Facility Agreement

 

(a)   the Phase IA Banks Agent, acting on
behalf of the Phase IA Banks, and the Phase IB Banks Agent acting on behalf of
the Phase IB Banks and the Phase IB Lenders:

 

(i)     shall each for his own part give
a partial release of the Security Deposits in the Defined Proportion, at the
relevant payment date, and up to the corresponding fraction of the amount of
the principal payment concerned with respect to, as the case may be, the Phase
IA Credit Facility or the Phase IB Credit Facility Agreement;

 

(ii)    provided that on the date of any
such release all the obligations of the Debtors pursuant to the provisions of
clause 7.1.4 (Debt service under the Bank
Debt Agreements) paragraph (c) of the Memorandum of Agreement shall
have been complied with.

 

The letter from BNP PARIBAS and CALYON of
27 October 2004 setting out this mechanism is attached as Annex IV.

 

(b)   The Phase IA Banks Agent or the
Phase IB Banks Agent, as the case may be, shall transfer the sum so released to
the account, as the case may be, of the Phase IA Banks Agent or the Phase IB
Banks Agent, details of which shall have been previously notified to it, so as
to enable the Phase IA Banks Agent or the Phase IB Banks Agent as the case may
be to proceed to the payment of principal concerned.

 

8

 

(c)   The sums mentioned above, which
shall have been partially released, shall simultaneously be allocated by, as
the case may be, the Phase IA Banks Agent or the Phase IB Banks Agent acting,
as the case may be, on behalf of Euro Disney S.C.A or EDL Hotels and, as the
case may be the Phase IA Banks or the Phase IB Banks, to service the principal
of the debt becoming payable under the Phase IA Credit Facility or the Phase IB
Credit Facility Agreement as applicable.

 

(d)   The total (i) of the sums allocated
to service of the principal of the debt under the Phase IA Credit Facility and
the Phase IB Credit Facility Agreement according to the terms of this clause 2
and (ii) the sums allocated to partial prepayment of the debt in accordance
with the terms of clause 3 (Prepayment),
shall be capped at the total amount of the Security Deposits (interest
excluded) as at 8 June 2004, namely €100 million.

 

(2)           CDC Loan Agreements

 

(a)    CDC Ordinary Loans to Euro Disney
S.C.A

 

The payment of principal on 30 October 2004
under the CDC Ordinary Loans granted to Euro Disney S.C.A shall be met by Euro
Disney S.C.A by means of interest accrued on the security deposit up to 30
October 2004.

 

For this purpose the Phase IA Banks Agent,
acting on behalf of the Phase IA Banks, and the Phase IB Banks Agent acting on
behalf of the Phase IB Banks and the Phase IB Lenders shall, each for his own
part, give a partial release of such interest in the Defined Proportion up to
the corresponding fraction of the relevant principal payment.

 

The above sums thus partially released
shall be simultaneously transferred by the Phase IA Credit Agent and the Phase
IB Credit Agent, acting on behalf of Euro Disney S.C.A, to a CDC account
details of which shall have been previously notified by CDC to each of the
Agents concerned.

 

(b)           CDC Ordinary Loans granted to Euro Disneyland S.N.C and CDC Junior
Loans

 

The payment of principal under the CDC
Ordinary Loans granted to Euro Disneyland S.N.C and the CDC Junior Loans shall
be postponed until the Share Capital Increase Completion Date according to the
provisions of the CDC Loan Agreements.

 

9

 

As security for the amounts so postponed
Euro Disney has granted to CDC, in accordance with the provisions of Gage-espèces
contract between CDC and Euro Disney S.C.A dated 29 October 2004, two gage-espèces (the “gage-espèces”)
in a total initial amount of €2,447,823.96.

 

On the Share Capital Increase Completion
Date CDC shall transfer back to Euro Disney S.C.A the amount of the Gage-espèces.

 

In the event of termination of certain
provisions of the Memorandum of Agreement in accordance with paragraph (b) of
clause 7.7 (Termination)
of the Memorandum of Agreement and in the event that Euro Disneyland S.N.C or
Euro Disney S.C.A were to default in the performance of its obligations secured
by the Gage-espèces, CDC may set
off the amount subject to the Gage-espèces against
the amount due by Euro Disneyland S.N.C or Euro Disney S.C.A with respect to
such secured obligations, in accordance with the provisions of the above
mentioned gage-espèces contract.

 

(B)           Interest

 

Subject to the provisions of paragraph
(A)(2)(a) above the balance of accrued interest on the Security Deposits shall
be repaid by each of the Agents concerned to Euro Disney S.C.A on the Share
Capital Increase Completion Date.

 

(C)           Investment

 

Euro Disney SCA agrees, up to the Share
Capital Increase Completion Date, not to spend, by way of development
investment and authorised investment, amounts which would result in the sum of
90 million euros (€90,000,000) excluding taxes, calculated in respect of the
period between 1 April, 2004 to 31 March, 2005, being exceeded.

 

3.            Prepayment

 

(i)            In order to implement the partial prepayment of principal
outstanding under the Phase IA Credit Facility, the Phase IB Credit Facility
Agreement and the Phase IB Advances Agreement (Tranche C) provided at clause
5.1 (Prepayment) of the
Memorandum of Agreement, and notwithstanding the provisions of the relevant
Bank Debt Agreements, such partial prepayment shall take place as provided in
each of the Phase IA Credit Amendment and Restatement Agreement, Phase IB
Credit Amendment and Restatement Agreement, Phase IB Advances Amendment and
Restatement Agreement and Phase IA Advances Amendment and Restatement.

 

10

 

Accordingly on the Share Capital Increase
Completion Date each of the relevant Debtors shall pay to the relevant Agent,
on behalf of each of the relevant Creditors, the amount of principal and
interest appearing on the notice which will have been sent by each of the
relevant Agents.

 

(ii)           However the amounts of principal included in the payments to be made
by each of the relevant Debtors shall be paid as follows:

 

(1)             Phase IA Credit

 

(a)             Tranche A, Tranche D1 and
Tranche D2

 

(i)        the Phase IA Banks Agent shall
calculate the balance of the Maximum Prepayment Amount (as defined in the Phase
IA Credit Amendment and Restatement Agreement) outstanding to Tranche A Banks,
Tranche D1 Banks and Tranche D2 Banks after deducting the amount of principal
reimbursed to such Banks between 1 October 2004 and the Share Capital Increase
Completion Date in accordance with the provisions of paragraph (A)(1) of Clause
2 (Interim
period), (hereafter the “First
Difference”).

 

(ii)       on the Share Capital Increase
Completion Date:

 

(i’)      the Phase IA Banks Agent, acting
on behalf of the Phase IA Banks, and the Phase IB Banks Agent, acting on behalf
of the Phase IB Banks and the Phase IB Lenders:

 

(i)    shall each for his own part
release the balance of the Security Deposits in the Defined Proportion up to
the First Difference;

 

(ii)   subject to compliance by the
relevant Debtors with the provisions of Clause 5.1.2 (Ordinary CDC Loans) of the Memorandum of
Agreement; and

 

(ii’)     the Phase IB Banks Agent, shall
transfer the sums so released to the account of the Phase IA Banks Agent,
details of which shall have previously been notified to it, in order to enable
the Phase IA Banks Agent to proceed to pay the amount of the First Difference;

 

(iii’)    the Phase IA Banks Agent, acting
on behalf of Euro Disney Associés S.C.A shall allocate simultaneously the First
Difference to the prepayment, in accordance with the notice referred to in
paragraph (A) pro rata the

 

11

 

outstanding amount of the Tranche A Banks,
the Tranche B1 Banks and the Tranche D2 Banks; and

 

(iv’)    the difference between the Maximum
Prepayment Amount and the First Difference thus allocated to the prepayment
shall consist of amounts of principal repaid in accordance with the provisions
of paragraph (A)(1) of Clause 2 (Interim
period) which shall be deemed to have been prepaid between 1 October
2004 and the Share Capital Increase Completion Date.

 

(b)           Tranche B

 

(i)       the Phase IA Banks Agent shall
calculate the balance of the Maximum Prepayment Amount to Third Party Lenders
(as defined in the Phase IA Credit Amendment and Restatement Agreement)
available for allocation to Third Party Lenders after deducting the amount of
principal reimbursed to such Third Party Lenders between 1 October 2004 and the
Share Capital Increase Completion Date in accordance with the provisions of
paragraph (A)(1) of Clause 2 (Interim period),
at the Prepayment Date (hereafter the “Second
Difference”).

 

(ii)      on the Share Capital Increase
Completion Date:

 

(i’) the Phase IA Banks Agent, acting on
behalf of the Phase IA Banks, and the Phase IB Banks Agent, acting on behalf of
the Phase IB Banks and the Phase IB Lenders:

 

•      shall each for his own part give release of the balance of the
Security Deposits in the Defined Proportion up to the Second Difference;

 

•      provided the relevant Debtors have performed the provisions of
clause 5.1.2 (Ordinary CDC Loans)
of the Memorandum of Agreement; and

 

(ii’)the Phase
IB Banks Agent shall transfer the sums so released to the account of the Phase
IA Banks Agent, details of which shall have previously been notified to it, in
order to enable the Phase IA Banks Agent to proceed to pay the amount of the
Second Difference;

 

(iii’)the
Phase IA Banks Agent, acting on behalf of Euro Disney Associés S.C.A shall
allocate simultaneously the Second Difference to the partial prepayment to
Third Party Lenders, in accordance with the notice

 

12

 

referred to in paragraph (A) and shall make
the corresponding transfers in accordance with their instructions;

 

(iv’)the
difference between the Maximum Prepayment Amount to Third Party Lenders and the
Second Difference thus allocated to the prepayment shall consist of amounts of
principal repaid in accordance with the provisions of paragraph (A)(1) of
Clause 2 (Interim period) which
shall be deemed to have been prepaid between 1 October 2004 and the Share
Capital Increase Completion Date; and

 

(v’)the Phase
IA Banks (Tranche B) shall pay to the Phase IA Banks Agent, in accordance with
clause 42 (Payment by the Banks)
of the Phase IA Credit Facility, €7,872,098.91 for Euro Disneyland S.N.C. and
€3,534,496.14 for Euro Disney Associés S.C.A., and the Phase IA Banks Agent,
acting on behalf of the Debtors concerned, shall pay simultaneously this sum to
the Third Party Lenders by way of repayment of the balance of their respective
claims of principal with respect to Third Party Finance; and

 

(vi’)the Agent
shall destroy the Letters of Credit (as defined in the Phase IA Credit
Facility) previously issued to secure the Third Party Finance.

 

(2)      Phase IB Credit

 

(a)           the Phase IB Banks Agent
shall calculate the balance of the Maximum Prepayment Amount (as defined in the
Phase IB Credit Amendment and Restatement Agreement) outstanding to Phase IB
Banks after deducting the amount of principal reimbursed to such Phase IB Banks
between 1 October 2004 and the Share Capital Increase Completion Date in
accordance with the provisions of paragraph (A)(1) of Clause 2 (interim period), (hereafter the “Third Difference”).

 

(b)           on the Share Capital
Increase Completion Date:

 

(i)       the Phase IA Banks Agent,
acting on behalf of the Phase IA Banks, and the Phase IB Banks Agent, acting on
behalf of the Phase IB Banks and the Phase IB Lenders:

 

•      shall each for his own part give release of the balance of the
Security Deposits in the Defined Proportion up to the Third Difference;

 

13

 

•      provided the Debtors concerned shall have performed the provisions
of clause 5.1.2 (Ordinary CDC Loans)
of the Memorandum of Agreement; and

 

(ii)      the Phase IA Banks Agent, shall
transfer the sums so released to the account of the Phase IB Banks Agent,
details of which shall have previously been notified to it, in order to enable
the Phase IB Banks Agent to proceed to pay the amount of the Third Difference;

 

(iii)     the Phase IB Banks Agent, acting
on behalf of EDL Hotels shall allocate simultaneously the Third Difference to
the prepayment, in accordance with the notice referred to in paragraph (A) pro
rata the outstanding amount to the Phase IB Banks; and

 

(iv)    the difference between the Maximum
Prepayment Amount and the Third Difference thus allocated to the prepayment
shall consist of amounts of principal repaid in accordance with the provisions
of paragraph (A)(1) of Clause 2 (Interim period) which shall be
deemed to have been prepaid between 1 October 2004 and the Share Capital
Increase Completion Date.

 

(3)      Phase IB Advances (Tranche C)

 

(c)           the Phase IB Lenders Agent
shall calculate the balance of the Maximum Prepayment Amount (as defined in the
Phase IB Advances Amendment and Restatement Agreement) outstanding to the Phase
IB Lenders (Tranche C) after deducting the amount of principal reimbursed to
such Phase IB Lenders (Tranche C) between 1 October 2004 and the Share Capital
Increase Completion Date in accordance with the provisions of paragraph (A)(1)
of Clause 2 (Interim period), (hereafter the “Fourth Difference”).

 

(d)           on the Share Capital
Increase Completion Date:

 

(i)       the Phase IA Banks Agent,
acting on behalf of the Phase IA Banks and the Phase IB Banks Agent acting on
behalf of the Phase IB Banks and the Phase IB Lenders:

 

•      shall each for his own part give release of the balance of the
Security Deposits in the Defined Proposition up to the Fourth Difference;

 

14

 

•      provided the Debtors concerned shall have performed the provisions
of clause 5.1.2 (Ordinary CDC Loans)
of the Memorandum of Agreement; and

 

(ii)      the Phase IA Banks Agent and the
Phase IB Banks Agent, shall transfer the sums so released to the account of the
Phase IB Lenders Agent, details of which shall have previously been notified to
it, in order to enable the Phase IB Lenders Agent to proceed to pay the amount
of the Fourth Difference;

 

(iii)     the Phase IB Lenders Agent,
acting on behalf of EDL Hotels shall allocate simultaneously the Fourth
Difference to the prepayment, in accordance with the notice referred to in
paragraph (A) pro rata the outstanding amount to the Phase IB Lenders; and

 

(iv)     the difference between the
Maximum Prepayment Amount and the Fourth Difference thus allocated to the
prepayment shall consist of amounts of principal repaid in accordance with the
provisions of paragraph (A)(1) of Clause 2 (Interim
period) which shall be deemed to have been prepaid between 1 October
2004 and the Share Capital Increase Completion Date.

 

(iii)          In accordance with the provisions of clause 5.1.2 (Ordinary CDC Loans) of the Memorandum of
Agreement, and according to the terms and conditions of the CDC Loan
Agreements, Euro Disney S.C.A shall proceed to a partial prepayment of
principal outstanding under the Ordinary CDC Loans up to a total amount of
€10,000,000 after deducting the amount of principal payable on 30 October 2004,
which shall be paid as provided in paragraph (2)(a) of Clause (2)(Interim period).

 

4.            Amendment and Restatement
of the Common Agreement

 

The parties hereby agree:

 

(A)          to produce a consolidated
version of the Common Agreement including the Amendments; and

 

(B)           to amend such consolidated
version so as to:

 

(1)           remove from the text any
obsolete provision and update certain out-of-date references; and

 

(2)           to implement the Memorandum
of Agreement; and

 

15

 

(C)          to restate, at the
Restatement Date, all the unamended provisions of the Common Agreement which
have not been amended,

 

all of which upon the terms of the Amended
and Restated Common Agreement.

 

5.            Conditions precedent

 

The entry in force of this Agreement is
subject, in accordance with the terms of clause 8 (Entry in force), to the
implementation on the Share Capital Increase Completion Date, to the Agents’
satisfaction, of the following conditions:

 

(A)          satisfaction of all the
conditions to the entry in force of all the provisions of the Phase IA Credit
Amendment and Restatement Agreement;

 

(B)           satisfaction of all the
conditions to the entry in force of all the provisions of the Phase IB Credit
Amendment and Restatement Agreement;

 

(C)           satisfaction of all the
conditions to the entry in force of the all the provisions of the Phase IB
Advances Amendment and Restatement Agreement;

 

(D)          satisfaction of all the
conditions to the entry in force of all the provisions of the Phase IA Advances
Amendment and Restatement Agreement;

 

(E)           satisfaction of all the
conditions to the entry in force of all the provisions of the amended and
restated agreement relating to the granting of ordinary loans referred to in
the second part of the definition of CDC Ordinary Loan Agreement;

 

(F)           satisfaction of all the
conditions to the entry in force of all the provisions of the amended and restated
agreement relating to the granting of participating loans referred to in the
second part of the definition of CDC Participating Loan Agreement;

 

(G)           satisfaction of all the
conditions to the entry in force of all the provisions of the amended and restated
loan agreements (Tranches A, B, C and D) referred to in (a) of the definition
of CDC Second Park Loan Agreements;

 

(H)          satisfaction of all the
conditions to the entry in force of all the provisions of the subordination
agreement referred to in the second part of (c) of the definition of CDC Second
Park Agreements ;

 

(I)            signed copy by all the
parties of each of the Expert Agreements;

 

Each of the Agents, acting upon instruction of the
Creditors concerned shall be entitled to waive any of the conditions precedent
set out in this clause.

 

16

 

6.            Representations and
warranties

 

Each Debtor represents and warrants to the
Agents, at the Date of the Agreement, each for his own part:

 

(A)          that the execution and performance
of its obligations pursuant to the Agreement:

 

1)          conforms in all respects
with its legal capacity as a company, has been duly authorised and that all
necessary steps have been taken in this respect;

 

2)          is not in any respect in
contradiction with any applicable law;

 

3)          is not in any respect in
contradiction with its constitutive documents;

 

4)          shall not be a breach of the
Master Agreement or of any agreement binding on one or the other or of the
Project;

 

(B)           that all authorisations
necessary to authorise each of them to enter into and perform its obligations
under the Agreement have been granted or obtained;

 

(C)           that once in force, the
Agreement and the Amended and Restated Common Agreement shall constitute for
each of them legally valid obligations binding in accordance with their terms;

 

(D)          that no proceedings before
any court, arbitration tribunal, court of justice, administrative or
governmental authority or any other competent body are underway, and to its
knowledge, no decision has been issued by any such authority which would be
capable of having a material adverse effect on its capacity to perform its
obligations under the Agreement and the Amended and Restated Common Agreement
or on its financial situation or those of other Debtors.

 

7.            Undertakings

 

Euro Disney S.C.A and EDL Hotels undertake
that they shall maintain the amount of the Security Deposits at a total of €100
million until the Share Capital Increase Completion Date subject to the
provisions of clause 2 (Interim period).

 

8.            Entry in force

 

(A)          The provisions of the
Agreement other than clause 3 (Prepayment) and clause 4 (Amendment and Restatement of the Common Agreement)
shall come into force on the Date of the Agreement.

 

(B)           The provisions of clause 3
and (Prepayment) and clause 4 (Amendment and Restatement of the Common Agreement)
shall come into force on the Share Capital Increase Completion Date, subject
satisfaction of all the conditions 

 

17

 

precedent provided in clause 5 (Conditions precedent) with retroactive
effect as regards the provisions of clause 3 (Prepayment).

 

9.            Termination

 

In the event that the Completion of Share
Capital Increase or completion of the Contribution has not taken place by 31
March 2005, and if, at the end of the consultation procedure provided for in
paragraph (a) of clause 7.7 (Termination)
of the Memorandum of Agreement, certain provisions of the Memorandum of
Agreement have been terminated in accordance with paragraph (b) of Clause 7.7 (Termination), this Agreement will be
terminated.

 

The termination of this Agreement will take
effect from the date on which the termination of such provisions of the
Memorandum of Agreement referred to above takes effect.

 

In the event that one of the agreements
referred to in Clause 5 (Conditions
precedent) is terminated in accordance with its provisions on 1
December 2004, this Agreement may be terminated at the Agent’s discretion.

 

10.          Agent

 

For the purpose of this Agreement and the
Amended and Restated Common Agreement, each Creditor severally represents and
warrants to the Agent and to the members of the Steering Committee set up in
respect of the negotiation of the Memorandum of Agreement, that it has made
without relying on the Agents or the Steering Committee its own investigations
into the financial situation and activities of the Borrowers and into the
Project; furthermore each Bank represents and warrants that it has not relied
upon any opinion given by the Agent or the Steering Committee in relation to
the Agreement, its Schedules, the Amended and Restated Common Agreement and its
schedules, and all other documents, agreements or consents signed or entered
into by reason of the signature of the Agreement or the Memorandum of
Agreement.

 

11.          Waiver of rights

 

Notwithstanding the provisions of article
L.221-1 of the commercial code, but so that no provision of this Agreement or
of the Bank Debt Agreements is limited in its application Euro Disney SCA, Euro
Disney Associés SCA, EDL Hotels, each Group Company, each Creditor and each
Agent (except CDC in relation to Tranche POSNC 1 of the CDC Ordinary Loan
Agreement), waive individually and collectively, expressly and irrevocably, (i)
all recourse it may have or believes it may have against any partner of Euro
Disneyland SNC or of any of the SNC Hotel Companies as regards any obligation
of Euro Disneyland SNC or a SNC Hotel Company under the Common Agreement or the
Bank Debt Agreements; and (ii) the initiation of any action designed at
obtaining the redressement judiciaire
or the judicial liquidation of Euro Disneyland SNC or any of the SNC Hotel
Companies.

 

18

 

12.          Costs and expenses

 

Euro Disney SCA or, after the Contribution,
Euro Disney Associés S.C.A undertakes to reimburse all costs and expenses
incurred by the Agent in accordance with the provisions of Clause 7.2.2 (Costs) of the Memorandum of Agreement.

 

13.          No novation

 

Clauses of the Common Agreement which are
not expressly amended by the terms of this Agreement shall remain unchanged.

 

14.          Severability of provisions

 

The invalidity, illegality or
unenforceability of any provision of this Agreement in any relevant
jurisdiction shall not affect the validity, legality or enforceability of that
provision in any other jurisdiction or any other provision of this Agreement,
the Common Agreement or the Amended and Restated Common Agreement.

 

15.          Language

 

This Agreement has been drawn up and
executed in the French language and the French text shall prevail in the event
of any discrepancy between such text and any version thereof which may exist in
another language.

 

16.          Governing law

 

This Agreement shall be governed by and
interpreted in accordance with the laws of France.

 

17.          Jurisdiction

 

Any dispute between the parties arising
from this Agreement, including, without limitation, disputes relating to the
validity or the interpretation thereof, or the performance by any party of its
obligations thereunder shall be submitted to the exclusive jurisdiction of the
Tribunal de Commerce de Paris, or, if it relates to CDC, to the competent court
within the jurisdiction of the Paris Court of Appeal.

 

Signed in Paris

 

On 1 December 2004

 

In 9 original copies

 

19

 

	
   
  Euro Disney S.C.A

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Jeffrey R.
  Speed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  Euro Disney Associés S.C.A

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Jeffrey R.
  Speed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  Euro Disneyland S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  EDL Hôtels S.C.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Jeffrey
  R. Speed

  	
   

  

 

20

 

	
   
  Hôtel New York Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  Newport Bay Club Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  Sequoia Lodge Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    Cheyenne Hôtel Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique Le Bourhis

  	
   

  

 

21

 

	
    Hôtel Santa Fe Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    Centre de Divertissements Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    by Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    Caisse des Dépôts et Consignations

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   
  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acting as Agent on behalf of the Phase IA
  Banks whose names appear in Annex II by Martine Aubert and Olivier Jean.

  	
   

  

 

22

 

	
   
  CALYON

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acting as Agent on behalf of the Phase IB
  Banks, the Phase IB Lenders and the Phase IA Partners whose names appear in
  Annex II by Michel Anastassiades and Jean-Hervé Cariou.

  	
   

  

 

23

 

ANNEX I

 

List of the current
subsdiaries, direct or indirect,

of Euro Disney S.C.A., Euro Disney Associés S.C.A. and EDL Hotels SCA (prior to
the

Contribution)

 

I.              DIRECT SUBSIDIARIES OF EURO DISNEY S.C.A.

 

	
  Name

  	
   

  	
  Companies Registry

  	
   

  	
  Percentage

  held

  	
   

  
	
  EDL Hôtels S.C.A.

  	
   

  	
  RCS Meaux 347 686 206

  	
   

  	
  99.99

  	
  %(1)

  
	
  EDL Hôtels
  Participations S.A.S.

  	
   

  	
  RCS Meaux 380 365 015

  	
   

  	
  100.00

  	
  %

  
	
  EDL Services
  S.A.S.

  	
   

  	
  RCS Meaux 379 410 301

  	
   

  	
  100.00

  	
  %

  
	
  Euro Disney
  Vacances S.A.S.

  	
   

  	
  RCS Meaux 383 850 278

  	
   

  	
  100.00

  	
  %

  
	
  Val d’Europe
  Promotion S.A.S.

  	
   

  	
  RCS Meaux 384 279 857

  	
   

  	
  100.00

  	
  %

  
	
  ED Resort
  Services S.A.S.

  	
   

  	
  RCS Meaux 384 280 046

  	
   

  	
  100.00

  	
  %

  
	
  Euro Disney
  Commandité S.A.S.

  	
   

  	
  RCS Meaux 384 279 808

  	
   

  	
  100.00

  	
  %

  
	
  SETEMO
  lmagineering S.A.R.L.

  	
   

  	
  RCS Meaux 388 457 004

  	
   

  	
  100.00

  	
  %

  
	
  Convergence
  Achats S.A.R.L.

  	
   

  	
  RCS Créteil 444 199 343

  	
   

  	
  50.00

  	
  %(2)

  
	
  ED Finances 1
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances 2
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances
  3 S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances 4
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50.00

  	
  %

  
	
  Débit de Tabac
  S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  40.00

  	
  %

  
	
  ED Spectacles
  S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  20.00

  	
  %

  

 

The registered office of
each of the above companies is:

 

Immeubles Administratifs

Route Nationale 34

77700 CHESSY

 

Except
Convergence Achats SARL, whose registered office is

 

14 rue du Séminaire

94516 Rungis Cedex

 

(1)         The balance is held by EDL Services S.A.S., ED
Resort Services S.A.S. and Euro Disney Vacances S.A.S., being direct
subsidiaries of Euro Disney S.C.A.

 

(2)         The remaining 50% is owned by Groupe Flo.

 

 

24

 

II.            DIRECT SUBSIDIARIES OF EURO DISNEY ASSOCIES S.C.A.

 

None

 

III.           DIRECT SUBSIDIARIES OF EDL HOTELS S.C.A.

 

	
  Name

  	
   

  	
  Companies Registry

  	
   

  	
  Percentage

  held

  	
   

  
	
  ED Spectacles S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  80

  	
  %

  
	
  Débit de Tabac
  S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  60

  	
  %

  
	
  ED Finances 1
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50

  	
  %

  
	
  ED Finances
  2 S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50

  	
  %

  
	
  ED Finances 3
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50

  	
  %

  
	
  ED Finances
  4 S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50

  	
  %

  

 

IV.           SUBSIDIARY OF BOTH EURO DISNEY ASSOCIES S.C.A AND EDL
HOTELS S.C.A.

 

	
  Name

  	
   

  	
  Companies Registry

  	
   

  	
  Percentage held

  	
   

  
	
  ED Spectacles
  S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  20% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  80% par EDLH SCA

  	
   

  
	
  Débit de Tabac
  S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  40% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  60% par EDLH SCA

  	
   

  
	
  ED Finances 1
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50% par EDLH SCA

  	
   

  
	
  ED Finances 2
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50% par EDLH SCA

  	
   

  
	
  ED Finances 3
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50% par EDLH SCA

  	
   

  
	
  ED Finances 4
  S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50% par ED SCA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50% par EDLH SCA

  	
   

  

 

25

 

 

V.                                     SUBSIDIARY
OF EURO DISNEY VACANCES S.A.,

(ITSELF, SUBSIDIARY OF EURO DISNEY ASSOCIES S.C.A)

 

	
  Name

  	
   

  	
  Percentage held

  	
   

  
	
  Euro Disney
  Vacaciones S.A.

  	
   

  	
  99.90

  	
  %(3)

  

 

(Registered office : Edificio Gorbea 3, José
Bardasano Baos 9,

28016 MADRID, SPAIN)

 

VI.                                 SUBSIDIARY
OF VAL D’EUROPE PROMOTION S.A.S.,

(itself a direct subsidiary of Euro Disney S.C.A.)

 

	
  Name

  	
   

  	
  Companies Registry

  	
   

  	
  Percentage held

  	
   

  
	
  Les Villages
  Nature de Val d’Europe S.A.R.L.

  	
   

  	
  RCS Meaux 449 772 953

  	
   

  	
  50.00

  	
  %(4)

  

 

Registered office :

 

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

(3)   The balance is
held by individuals.

 

(4)   The remaining 50%
is held by Pierre & Vacances.

 

26

 

ANNEX II

 

List of Phase IA Banks, Phase
IA Partners, Phase IB Banks

and Phase IB Lenders

 

Phase IA Banks

 

	
  BANCO SANTANDER HISPANO SA

  
	
   

  
	
  BANK OF SCOTLAND

  
	
   

  
	
  BANQUE FEDERATIVE DU CREDIT MUTUEL

  
	
   

  
	
  BAYERISCHE HYPO- UND VEREINSBANK

  
	
   

  
	
  BANK OF AMERICA NA

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED BANQUE POPULAIRE

  
	
   

  
	
  CALYON

  
	
   

  
	
  CIC

  
	
   

  
	
  CITIBANK N.A.

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CSFB

  
	
   

  
	
  DEUTSCHE BANK AG

  
	
   

  
	
  DRESDNER BANK AG

  
	
   

  
	
  GOLDMAN SACHS PARIS INC

  
	
   

  
	
  JP MORGAN CHASE BANK NA

  
	
   

  
	
  MORGAN STANLEY BANK INTERNATIONAL Ltd

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  BANK OF NOVA SCOTIA

  

 

27

 

Phase IA Partners

 

	
  AXA
  BANQUE

  
	
   

  
	
  BANQUE HERVET

  
	
   

  
	
  BANQUE NSMD

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED BANQUE POPULAIRE

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT
  AGRICOLE MUTUEL DE LA BRIE

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT
  AGRICOLE MUTUEL PARIS ILE DE FRANCE

  
	
   

  
	
  CALYON

  
	
   

  
	
  CASDEN BANQUES POPULAIRES

  
	
   

  
	
  COMPAGNIE FINANCIERE DE
  ROTHSCHILD

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  DEXIA CREDIT LOCAL

  
	
   

  
	
  EURODISNEYLAND PARTICIPATIONS
  SAS

  
	
   

  
	
  FORTIS BANQUE FRANCE

  
	
   

  
	
  PATHE

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SOCIETE DU LOUVRE

  
	
   

  
	
  SOCIETE NANCEENNE VARIN BERNIER

  
	
   

  
	
  SOFINCO

  

 

 

Phase IB Banks

 

	
  BANCO DE SABADELL

  
	
   

  
	
  BANCO SANTANDER CENTRAL
  HISPANO

  
	
   

  
	
  BANK OF AMERICA

  
	
   

  
	
  BANQUE FEDERATIVE DU CREDIT
  MUTUEL

  
	
   

  
	
  BANQUE SAN PAOLO

  

 

28

 

	
  BARCLAYS

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  CAISSE D’EPARGNE DE PARIS

  
	
   

  
	
  CALYON

  
	
   

  
	
  CREDIT INDUSTRIEL ET
  COMMERCIAL

  
	
   

  
	
  CITIBANK

  
	
   

  
	
  CREDIT SUISSE FIRST BOSTON

  
	
   

  
	
  DEUTSCHE BANK

  
	
   

  
	
  DRESDNER

  
	
   

  
	
  GOLDMAN SACHS

  
	
   

  
	
  HYPOVEREINSBANK

  
	
   

  
	
  MERRIL LYNCH

  
	
   

  
	
  MORGAN STANLEY

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  YASUDA TRUST (MIZUHO)

  

 

 

Phase IB Lenders

 

	
  AXA BANQUE

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  CAISSE REGIONAL DU CREDIT
  AGRICOLE MUTUEL DE L’UNION NORD EST

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT
  AGRICOLE MUTUEL DE CHAMPAGNE BOURGOGNE

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT
  AGRICOLE MUTUEL DE LA BRIE

  
	
   

  
	
  CALYON

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CASDEN BANQUES POPULAIRES

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CREDIT LOCAL DE FRANCE
  (DEXIA)

  

 

29

 

	
  FORTIS

  
	
   

  
	
  J.P. MORGAN

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SOCIETE DU LOUVRE

  
	
   

  
	
  SOFINCO

  

 

30

 

ANNEX III

 

Common Agreement Amended and
Restated

 

[See Exhibit 4.17 (b) of the
Form 20-F]

 

31

 

ANNEX IV

 

Letter from BNP PARIBAS and
CALYON dated 27 October 2004

 

 

	
  BNP PARIBAS

  	
  CALYON

  

 

To all Euro Disney creditors

 

 

Paris, 27 October, 2004

 

Re: Use of Security Deposits during the
transitional period

 

 

Dear Sirs,

 

We are writing to provide you with further
details as to the application of Clause 7.1.4 (Debt
Service under the Bank Debt Agreements)  of the Memorandum of Agreement dated 8 June,
2004 (the “Memorandum of Agreement”). This provides for a transitional period
pending signature of final documentation (envisaged, in principle, for 1
December 2004) and satisfaction of all conditions precedent to the
restructuring, in particular, the rights issue.

 

During this transitional period, it is
provided, on the one hand, that the Security Deposits be applied in repayment
of the Phase IA and Phase IB Credits on the basis of the current instalment
schedules and, on the other hand, that interest accrued on these Security
Deposits be used to repay principal instalments of the CDC Senior Loans granted
to Euro Disney S.C.A.

 

We are accordingly setting out below (by way of
confirmation of our letter dated 15 June, 2004) the following points:

 

•                  the global
amount of the Security Deposits, currently € 100 million, will be applied in
prepaying 19.62% of the Phase IA Credit, the Phase IB Credit and Tranche C of
the Phase IB Advances (Clause 5.1.1 of the Memorandum of Agreement). This
prepayment will be made on the Share Capital Increase Date, with retroactive
effect to the Effective Date, namely, 1 October, 2004. The figure of 19.62% has
been determined as

 

32

 

representing the proportion which € 100 million
bears to the global outstanding amount of the relevant indebtedness as at 1
October, 2004.(5)

 

•                  One of the
transitional provisions ensures repayment of principal instalments on the basis
of pre-restructuring instalment schedules by using the Security Deposits. Upon
the restructuring taking effect (once the rights issue has taken place) the
balance of the Security Deposits will be used to prepay part of the IA Credit,
the IB Credit and Tranche C of the IB Advances, so that each would receive
(taking account of intervening principal repayments) a global repayment of
19.62% calculated as at 1 October, 2004. Interest will be paid directly by Euro
Disney(6) out of its own operating cash-flow.

 

•                  These
withdrawals from the Security Deposits are thus to be regarded as “on account”
of the prepayment (or as a cash-flow facility granted to Euro Disney).

 

•                  As regards
the CDC loans, the Memorandum of Agreement provides that the repayment
instalment due on 30 October, 2004 by Euro Disney S.C.A. in respect of its CDC
Senior Loans would be paid out of the interest
accrued on the Security Deposits. BNP PARIBAS and CALYON will transfer the
relevant amount directly to CDC. Any surplus interest accrued on the Security
Deposits will be returned to Euro Disney on the Share Capital Increase Date in
accordance with Clause 7.1.2 of the Memorandum of Agreement.

 

•                  We would
remind you finally that the Security Deposits in an aggregate amount of
€ 100 million are pledges constituted as to € 66 million with BNP PARIBAS
to secure the IA Credit and the CDC Ordinary Loans and as to € 34 million with
CALYON to secure the IB Credit and the IB Advances. This proportion corresponds
to the outstanding amount of the indebtedness so secured at the time of the
last adjustment and accordingly reflect the pro rata rule provided for in the
Common Agreement.

 

Accordingly, each of our institutions will
effect the principal instalment repayments referred to above by making
simultaneous withdrawals from each cash-collateral, 66% of the relevant amount
from the BNP PARIBAS cash collateral and 34% from the CALYON cash collateral,
irrespective of the creditors receiving the payment, as they will successively
receive amounts falling due alternately during the transitional period in
accordance with their due dates.

 

Thus, if the rights issue were not to take
place and the restructuring failed to be implemented, the balance of the
Security Deposits would remain in the proportion of 66 to 34 as between BNP
PARIBAS and CALYON reflecting the proportion of the outstanding amounts of the
indebtedness secured thereby (including CDC and Tranche B of the IB Advances)
prior to the signature of the Memorandum of Agreement.

 

(5)         And
accordingly irrespective of the respective amounts of the Security Deposits,
and without taking into account the rights of other creditors, such as CDC and
the Tranche B, IB tax advances in respect of these Security Deposits.

 

(6)         On the
basis of current margins; the margin increase as at 1/10/2004 specified in the
amendment to the Memorandum of Agreement accepted at the end of September, 2004
being calculated and paid five days after the Share Capital Increase Date.

 

33

 

Each of our institutions will therefore
simultaneously grant a discharge, as the repayment instalments fall due, in
accordance with the table scheduled hereto (prepared for the period to 31
March, 2005).

 

Terms defined in the Memorandum of Agreement
have the same meaning when used in this letter.

 

Yours faithfully,

 

	
  BNP PARIBAS

  	
  CALYON

  
	
   

  	
   

  
	
  Martine Aubert     Olivier Jean

  	
  Jean-Hervé Cariou     Patrick Savignac

  

 

34

 

Use of Security deposit
(interest accrued after 30 October, 2004 not calculated)

 

	
  Date

  	
   

  	
  Relevant Instalment

  	
   

  	
  Amount

  	
   

  	
  Amount withdrawn BNPP 66%

  	
   

  	
  BNPP Balance

  	
   

  	
  Amount withdrawn CALYON 34%

  	
   

  	
  CALYON Balance

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  May-04

  	
   

  	
  Deposit adjustment

  	
   

  	
  100 000 000.00

  	
   

  	
  66 000 000.00

  	
   

  	
  66 000 000.00

  	
   

  	
  34 000 000.00

  	
   

  	
  34 000 000.00

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Oct-04

  	
   

  	
  accrued interest

  	
   

  	
  742 869.41

  	
   

  	
  492 494.31

  	
   

  	
  66 492 494.31

  	
   

  	
  250 375.10

  	
   

  	
  34 250 375.10

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  30/10/2004

  	
   

  	
  SCA CDC Senior Loan instalment

  	
   

  	
  203 023.49

  	
   

  	
  -133 995.50

  	
   

  	
  66 358 498.81

  	
   

  	
  -69 027.99

  	
   

  	
  34 181 347.11

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  05/11/2004

  	
   

  	
  IB loan instalment

  	
   

  	
  3 445 817.49

  	
   

  	
  -2 274 239.54

  	
   

  	
  64 084 259.26

  	
   

  	
  -1 171 577.95

  	
   

  	
  33 009 769.17

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  30/11/2004

  	
   

  	
  IA loan instalment

  	
   

  	
  11 710 335.82

  	
   

  	
  -7 728 821.64

  	
   

  	
  56 355 437.62

  	
   

  	
  -3 981 514.18

  	
   

  	
  29 028 254.99

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  07/02/2005

  	
   

  	
  IB loan instalment

  	
   

  	
  3 445 817.49

  	
   

  	
  -2 274 239.54

  	
   

  	
  54 081 198.08

  	
   

  	
  -1 171 577.95

  	
   

  	
  27 856 677.04

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  28/02/2005

  	
   

  	
  IA loan instalment

  	
   

  	
  9 368 268.65

  	
   

  	
  -6 183 057.31

  	
   

  	
  47 898 140.77

  	
   

  	
  -3 185 211.34

  	
   

  	
  24 671 465.70

  	
   

  	
  72 569 606.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vérif

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  66.00

  	
  %

  	
   

  	
   

  	
  34.00

  	
  %

  	
   

  	
   

  

 

35

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"}]]