Document:

Exhibit 4.25

 

AMENDED
AND RESTATED LOAN AGREEMENT

 

TRANCHE
C

 

 

DATED 1
DECEMBER 2004

 

 

BETWEEN

 

 

EURO DISNEY
S.C.A.

 

 

as Borrower

 

 

AND

 

 

LA CAISSE DES DÉPÔTS ET CONSIGNATIONS.

 

as Lender

 

 

 

 

LAW FIRM AT THE COURT OF PARIS

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

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

 

 

BETWEEN THE
UNDERSIGNED

 

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

 

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

 

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

 

hereinafter “CDC”
or the “Lender”.

 

2

 

TABLE OF
CONTENTS

 

	
  ARTICLE 1.

  	
   

  	
  DEFINITIONS

  	
   

  
	
  ARTICLE 2.

  	
   

  	
  AMOUNT OF THE LOAN

  	
   

  
	
  ARTICLE 3.

  	
   

  	
  PAYMENT OF INTEREST – REPAYMENT OF PRINCIPAL

  	
   

  
	
  ARTICLE 4.

  	
   

  	
  PREPAYMENT AT THE OPTION OF THE BORROWER

  	
   

  
	
  ARTICLE 5.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  ARTICLE 6.

  	
   

  	
  COVENANTS

  	
   

  
	
  ARTICLE 7.

  	
   

  	
  SUBORDINATION

  	
   

  
	
  ARTICLE 8.

  	
   

  	
  MORTGAGE ALLOCATION

  	
   

  
	
  ARTICLE 9.

  	
   

  	
  LENDERS’ MEETING

  	
   

  
	
  ARTICLE 10.

  	
   

  	
  EVENTS OF DEFAULT

  	
   

  
	
  ARTICLE 11.

  	
   

  	
  CONFIDENTIALITY

  	
   

  
	
  ARTICLE 12.

  	
   

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  

 

LIST OF ANNEXES

 

	
  ANNEX I

  	
   

  	
  Form of Subordination Agreement

  
	
   

  	
   

  	
   

  
	
  ANNEX II

  	
   

  	
  Repayment and interest payment schedule of
  Tranche C

  
	
   

  	
   

  	
   

  
	
  ANNEX III

  	
   

  	
  Form of agreement containing the terms and
  conditions applicable to the Long Term Subordinated Debt

  

 

3

 

WHEREAS:

 

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

 

(B)       In connection with the implementation of phase
I of the Project, CDC granted the IA Borrowers loans including ordinary loans
and participating loans in accordance with the terms and conditions of the
Master Agreement (and notably Article 18 thereof and Annex 18 thereof as
modified by the supplemental agreements dated 30 December 1994 and 1 December
2004) and the following agreements:

 

(i)            an agreement on the granting of participating
loans entered into on 17 May 1989 as modified by supplemental agreements dated
10 August 1994 and 30 September 1999 respectively, and amended and restated by
an agreement dated 1 December 2004 (the “Agreement
on the Granting of Participating Loans”);  and

 

(ii)           an agreement on the granting of ordinary loans
entered into on 17 May 1989 as modified by supplemental agreements dated 10
August 1994 and 30 September 1999 and amended and restated by an agreement
dated 1 December 2004 (the  “Agreement on the Granting of Ordinary Loans”);

 

The Agreement
on the Granting of Participating Loans and the Agreement on the Granting of
Ordinary Loans are hereinafter collectively referred to as the “Phase I CDC Loans”.

 

(C)       Pursuant to an agreement dated 10 August 1994,
a common agreement was entered into among the banks party to the Phase IA Loan
Agreement, CDC, the partners of Euro Disneyland S.N.C. party to the Phase IA
Partners Advances Agreement, the banks party to the Phase IB Loan Agreement,
the partners of the Hotel SNCs and the lenders party to the Phase IB Advances
Agreement on the one hand (the “Creditors”),
BNP  Paribas and Calyon as agents
on the other hand and Euro Disney S.C.A., Euro Disneyland S.N.C. and other
companies of the Euro Disney Group (the “Common
Agreement”).

 

The various
provisions of the common agreement include a certain number of Common
Undertakings signed by Euro Disney S.C.A., Euro Disneyland S.N.C. and other
companies of the Euro Disney Group vis-à-vis the Creditors. The Common
Agreement dated 10 August 1994 has been updated in a new agreement dated today
which replaces the initial agreement (the “Amended
and Restated Common Agreement”).

 

(D)       As part of the development of the Project and
in accordance with the terms of the Master Agreement, Euro Disney S.C.A.
examined and decided upon the construction of a second theme park denominated
“Park Walt Disney Studios” adjacent to the Disneyland Park (the “Second Park”) and wished to put in place
the resources to provide funding for the construction of this Second Park.

 

4

 

To this end,
CDC agreed to grant the Borrower financing (the “Financing”) made up of four loans (the “Second Park CDC Loans”) as described
below:

 

•      a first loan representing 20% of the Total
Principal Amount of the Financing (“Tranche
A”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 and reiterated in a notarized act dated 21 January 2004
and made by Mr. Bertrand Lacourte, Notary;

 

•      a second loan representing 20% of the Total
Principal Amount of the Financing (Tranche
B”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 and reiterated in a notarized act dated 21 January 2004
and made by Mr. Bertrand Lacourte, Notary;

 

•      a third loan representing 30% of the Total
Principal Amount of the Financing (“Tranche
C”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 as modified on 18 November 2002 and reiterated in a
notarized act dated 21 January 2004 and made by Mr. Bertrand Lacourte, Notary
(the “Agreement C”);

 

•      a fourth loan representing 30% of the Total
Principal Amount of the Financing (“Tranche
D”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 as modified on 18 November 2002 and reiterated in a
notarized act dated 21 January 2004 and made by Mr. Bertrand Lacourte Notary;

 

the four aforementioned agreements, including the Agreement C, shall be
referred to hereinafter as the “Second Park
CDC Loans Agreements.”

 

It being
specified that certain changes have been brought to the Second Park CDC Loans
Agreements pursuant to an amendment agreement dated as of 18 November 2002 (the
“Amendments”).

 

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

 

(F)        The main purpose of the Memorandum of Agreement
in relation to the Second Park CDC Loans is to provide for:

 

5

 

(i)         new terms for the payment of interest
owed by the Borrower under the Second Park CDC Loans on 31 December 2004;

 

(ii)        the
granting to the Borrower of a new loan called “Tranche E”  made
up of interest owed by the Borrower to CDC under the Second Park CDC Loans for
the years 2001 to 2003, the payment of which was deferred pursuant to paragraph
11.02 (ii) of each of the Second Park CDC Loans, plus accrued interest at the
interest rate specified under Article 11.04 of each of the Second Park CDC
Loans until the Share Capital Increase Date;

 

(iii)       the
transfer by the Euro Disney S.C.A. to Euro Disney Associés of the Second Park
CDC Loans on the date of the transfer agreed between Euro Disney S.C.A. and
Euro Disney Associés (subject to the rules governing demergers and without
entailing a squeeze out) for all or almost all the assets and liabilities of
Euro Disney S.C.A. to Euro Disney Associés under the contribution agreement
entered into between Euro Disney S.C.A. and Euro Disney Associés on 30
September 2004, as amended on 8 November 2004 (the “Transfer”);

 

(iv)       a release of debt by CDC in an amount of
€2,500,000 per annum under the interest due on the Second Park CDC Loans for
the financial years 2005 to 2012; and

 

(v)        a mechanism for the deferred payment
of the interest owed to CDC under the Second Park CDC Loans for financial years
2005 to 2014 based on whether or not the Reference Performance Indicator is
achieved.

 

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

 

(H)       The purpose of this agreement is to materially
integrate in the Agreement C the amendments set forth in paragraph (G) above and
to restate the Agreement C in all its provisions that have not been amended by
this agreement.

 

6

 

NOW THEREFORE
THE PARTIES AGREE AS FOLLOWS

 

ARTICLE 1.  DEFINITIONS

 

The words and expressions
defined below will have the following meaning in this agreement:

 

“Agents” collectively means CDC, BNP Paribas as agent for the
Phase IA Banks, Calyon as agent for the Phase IB Banks, agent for the Phase IB
Lenders and agent for the Phase IA Partners or any other establishment which
may succeed them in this capacity.

 

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

 

“Agreement  E”
means the loan agreement under Tranche E that Euro Disney Associés and the CDC
must enter into just before or at the same time as the Realisation of Capital
Increase.

 

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

 

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

 

“Amended and Restated Agreement C” means this agreement dated
as of the date hereof between the Borrower and CDC pertaining to Tranche C,
incorporating the Amendments and amending and restating Agreement C pursuant to
the terms of paragraph (G) of the introduction of this agreement.

 

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

 

“Amended and Restated Second Park CDC Loan Agreements” means
the Second Park CDC Loan Agreements, including Agreement C, governing the
Tranche A, the Tranche B, the Tranche C and the Tranche D pursuant to the terms
of four agreements dated as of the date hereof between the Borrower and CDC and
pursuant to the terms of an agreement to be entered into just before or at the
same time as the Realisation of Capital Increase (namely, the Agreement E
governing the Tranche E), as amended and restated pursuant to paragraph (G) of
the introduction to this agreement.

 

“Annex” means any annex to this agreement.

 

“Annual Payment
Date” means
(i) over the period starting as of the Signature Date and ending on 31 December
2016 (included), the fifth Working Day following the date on which the Agents
received the Performance Indicator Report verified and confirmed or, as
applicable, validated by the Expert, in accordance with the provisions of
sub-annex 2 (Performance Indicator
Determination) of the Common Undertakings and not before the 31
December following the end of the Financial Year in question and (ii) starting
as of 1 January 2017, 30 October of each year; it being however understood that
if an Annual Payment Date falls on a non-Working Day, the Annual Payment Date
will be deferred until the first Working Day thereafter.

 

7

 

“Article” means any article of this agreement.

 

“Borrower” means Euro Disney S.C.A. and from completion of the
Transfer it shall mean Euro Disney Associés.

 

“CDC Ordinary Loan” means the loan granted by CDC to the
Borrower under the Agreement on the Granting of Ordinary Loans.

 

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

 

“Consolidated Equity Capital” means Euro Disney S.C.A.’s and
its subsidiaries’ consolidated equity capital on the basis of the most recent
consolidated balance sheet in accordance with the accounting standards in force
in France used by Euro Disney S.C.A. on the Date of Signing.

 

“Date of Signing” means the date of signing of this agreement,
namely 1 December 2004.

 

“Debts” means the sum of the principal amounts still owed by
Euro Disney S.C.A. and its present and future subsidiaries as well as by Euro
Disneyland S.N.C. and the Hotel SNCs on the date an Envisaged Debt is made
available in respect of:

 

(i)         Senior Funding,

 

(ii)        Second Park CDC Loans,

 

(iii)       debts incurred under article 4 (Other Indebtedness) of the Common
Undertakings,

 

(iv)      debts previously incurred in accordance with the
terms defined in Article 10.1 (g), and

 

(v)       all other securities representing a debt, plus the
principal amount of this Envisaged Debt.

 

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

 

“Encumbered Properties” has the meaning given to it in Article
8 (Mortgage Allocation).

 

“Envisaged Debt” has the meaning given to it in Article 10.1 (Definition of Events of Default).

 

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

 

8

 

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

 

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

 

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

 

“Event of default” has the meaning given to it in Article 10.1
(Definition of Events of Default).

 

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

 

“Financial Year” means the period N starting on 1 October of
the calendar year N-1 and ending on 30 September of calendar year N. For
example, the 2004 Financial Year starts on 1 October 2003 and ends on 30
September 2004.

 

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

 

“Financing Agreements” means the following agreements:

 

(i)         Phase IA Credit Agreement;

 

(ii)        Agreement on the Granting of Ordinary Loans;

 

(iii)       Agreement on the Granting of Participating
Loans;

 

(iv)      Phase IA Partners Advances Agreement;

 

(v)       Phase IB Credit Agreement; and

 

(vi)      Phase IB Advances Agreement.

 

“Free Cash Flow” means the sum of:

 

9

 

(i)         all available or immediately
realisable assets held by Euro Disney Associés or any subsidiary controlled by
it within the meaning of Article L.233–3 of the Commercial Code, and

 

(ii)        any amount advanced in any form, directly or
indirectly, by Euro Disney S.C.A. or Euro Disney Associés to a subsidiary not
controlled by any one of them whose immediate repayment is contractually due
subject to the limits of the free cash flow of that subsidiary defined as
stated in (i) above.

 

minus the annual amount of
operating expenses of Euro Disney S.C.A. as budgeted for the current financial
year, within the limits of 5.000.000 euros (net of tax) for a financial year,
it being understood that said budget is likely to vary starting as of the
Financial Year 2006, up to the limit of an equivalent annual inflation amount,
the amount of said operating expenses will have to be notified by Euro Disney
Associés to CDC at the latest on the 15th of November of every year.

 

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

 

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

 

“Initial Conclusion Date” means the date on which the Agreement
A is signed, namely 30 September 1999.

 

“Insufficient Free Cash Flow” means, on a given Annual Payment
Date, the negative difference between the Free Cash Flow at that date, on the
one hand, and the sum of the amounts due and payable under the Second Park CDC
Loans on the same day and all the sums due and payable under the Senior Funding
for the Period, as defined in Article 7.2 (ii) following that date on the other
hand.

 

“Interest Period”  means
for the purpose of calculating the interest specified in Article 3.5 (Default Interest)  and in Article 7.4 (Rate of Interest Applicable in the Event of the
Deferral of the Due Date),  an
interest period of three (3) months, it being understood that the first day of
each Interest Period will be 1 January, 1 April, 1 July and 1 October of each
year.

 

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

 

“Leasing Agreement” means the lease agreement dated 30 June
1994 relating to certain assets as entered into by Euro Disneyland S.N.C. in
the capacity of lessor and Euro Disney Associés, in its capacity as lessee, as
modified by supplemental agreements.

 

“Long-Term Subordinated Debt” means any sum owed in particular
by the Borrower in respect of the Amended and Restated Second Park CDC Loan
Agreements, which may not be paid before the date on which all the sums due in
respect of the Financing Agreements have been paid in full.

 

10

 

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

 

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

 

“Performance Indicator” has the meaning given to it in the
Common Undertakings.

 

“Performance Indicator Report” has the meaning given to it in
the Common Undertakings.

 

“Period” has the meaning given to it in Article 7.2 (Subordination).

 

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

 

“Phase IA Credit Agreement” means the multi-currency credit
facility agreement dated 5 September 1989 which operates by drawings or the
issuance of letters of credit between Euro Disney S.C.A., Euro Disneyland S.N.C
and the Phase IA Banks, as amended and restated the 1 December 2004.

 

“Phase IA Partners” means the parties
to the Phase IA Partners Advances Agreement.

 

“Phase IA Partners Advances” means the subordinated loans
granted by the partners of Euro Disneyland S.N.C. to the latter in accordance
with the Phase IA Partners Advances Agreement.

 

“Phase IA Partners Advances Agreement” means the partners
advances agreement dated 26 April 1989 between Euro Disneyland S.N.C. and its
partners as amended and restated as of 1 December 2004.

 

“Phase IB Advances”  means
the loans granted by the partners of the Hotel SNCs created for the
requirements of phase IB of the Project to the Hotel SNCs in accordance with
the Phase IB Advances Agreement.

 

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

 

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

 

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

 

“Phase IB Lenders”  means
the banks and financial institutions party to the Phase IB Advances Agreement.

 

“Phase I CDC Loans” has the meaning given to it in the introduction
to this agreement.

 

11

 

“Principal Amount of Tranche C” means:

 

(i)         on the Initial Conclusion Date, the principal
amount of € 114 336 600;

 

(ii)        on the Date of Signing, the principal amount of €
114 336 600;

 

(iii)       subsequently, at any time, the outstanding principal amount
of Tranche C not repaid by the Borrower.

 

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

 

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

 

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

 

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

 

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

 

“S.C.A. Senior Funding”  means:

 

(i)         the sums due by the Borrower under the Phase IA
Credit Agreement;

 

(ii)        the CDC Ordinary Loan; and

 

(iii)       for as long as it remains in force, the
subleasing agreement dated 30 June 1994 entered into between Euro Disney S.C.A.
and Euro Disney Associés and the Leasing Agreement.

 

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

 

“Second Park CDC Loan Agreements” has the meaning given to it
in the introduction to this agreement.

 

“Second Park CDC Loans” has the meaning given to it in the
introduction to this agreement, and more specifically means the loans granted
by CDC to the Borrower and called Tranche A, Tranche B, Tranche C, Tranche D
and Tranche E, as governed as of the Date of Signing by the Amended and
Restated Second Park CDC Loan Agreements.

 

“Senior Funding”  means:

 

(i)         the Phase IA Credit Agreement;

 

(ii)        the Phase IB Credit Agreement;

 

12

 

(iii)       the Phase IA Partners Advances Agreement;

 

(iv)      the Phase IB Advances Agreement;

 

(v)       the Phase I CDC Loans; and

 

(vi)      the Leasing Agreement.

 

“Share Capital Increase Date” means the date on which the Share
Capital Increase will take place, namely no later than the 31 march 2005.

 

“Subordination Agreement” means the subordination agreement,
dated 19 October 1999 entered into among, inter
alia, the Agents, Euro Disney S.C.A. and Euro Disney Associés, which
will be amended in accordance with the terms of an agreement dated as of the
date hereof, and amended and restated in accordance with the terms of an
agreement dated as of the date hereof entered into subject to the Realisation
of the Capital Increase, substantially in the form attached hereto as Annex I,
governing notably the conditions under which CDC may implement the provisions
of Article 10 (Event of default) of
this agreement.

 

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

 

“Total Principal Amount of the Funding”  means the initial principal amount of the
Funding which on the Initial Conclusion Date was three hundred and eight-one
million one hundred and twenty two thousand euro (€381,122,000).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 2.          AMOUNT OF THE LOAN

 

On the Initial
Conclusion Date, the Principal Amount of Tranche C made available to the
Borrower by CDC amounted to one hundred fifteen million three hundred thirty
six thousand and six hundred euros (€114 336 600), i.e. 30 % of the
Total Principal Amount of the Funding at the aforementioned date.

 

13

 

On the Date of
Signing, the Principal Amount of Tranche C amounts to one hundred fifteen
million three hundred thirty six thousand and six hundred euros
(€114 336 600).

 

ARTICLE 3.          PAYMENT OF INTEREST – REPAYMENT OF PRINCIPAL

 

3.1             Interest

 

The Principal Amount of Tranche
C will bear interest until the date on which it has been repaid by the Borrower
in full, at an interest rate calculated in the manner set forth in the table
shown in Annex II.

 

CDC hereby waives the right to
receive interest relating to Tranche C as determined in Agreement C, to a
maximum of seven hundred fifty thousand euros per annum (€ 750,000.00) solely in
respect of Financial Years 2005 to 2012, it being specified that the table
shown in Annex II takes into account this waiver.

 

3.2             Method for calculating
interest payments

 

3.2.1          General provisions

 

Subject to the
provisions of Article 3.2.2 (Specific Provisions),
the Borrower will pay CDC on each Annual Payment Date the interest
due on the Principal Amount of Tranche C on the basis of the number of exact
number of days elapsed, based on a year of 365 or 366 days as applicable,
pursuant to the table shown in Annex II.

 

3.2.2          Specific Provisions

 

(a) Interest due in respect of years 2001
to 2003 – Creation of Tranche E

 

The Borrower
and CDC agree that no interest due to CDC on the Principal Amount of Tranche C
will be paid by the Borrower for the years 2001 to 2003.

 

On the Share
Capital Increase Date, the interest to be collected under Tranche C for the
years 2001 to 2003, the payment of which has been deferred pursuant to
paragraph 11.02 (ii) of Agreement C, plus the additional accrued interest at
the rate of interest stated in Article 11.04 of Agreement C until the Share
Capital Increase Date will be converted into a loan receivable in principal to
become Tranche E of the Second Park CDC Loans, repayable in November 2023 and
governed by the terms and conditions of Agreement E).

 

14

 

It being understood that under no circumstances can payment of the sums
stated in the above paragraph be made until 30 June 2005.

 

(b) Interest
due in respect of 2004

 

By way of derogation
from the general provisions, the Borrower and CDC agree that the interest
stipulated under the terms of Agreement C due to CDC on 31 December 2004 in
respect of 2004 on the Principal Amount of Tranche C will be paid at the Share
Capital Increase Date or on 31 December 2004 if the Realisation of the Capital
Increase occurs prior to that date.

 

In the event
that the Realisation of the Capital Increase or the Transfer does not occur by
31 March 2005 and the parties to the Memorandum of Agreement have not reached
an agreement after a period of thirty (30) days with effect from that date, the
provisions of the above subparagraph will be automatically cancelled.

 

(c) Interest
due in respect of the Financial Years 2005 to 2014

 

The Borrower
and CDC agree that with effect from the Financial Year starting 1 October 2004
until the financial year 2014 (included), the interest due to CDC on the
Principal Amount of Tranche C each year will be paid differently depending on
the profit as recorded by the Performance Indicator:

 

(i)               the Performance Indicator is equal to
or greater than Performance Indicator reference no. 2.

 

If the Performance Indicator or, where
applicable, the pro-forma Performance Indicator for the Financial Year under
consideration is equal to or greater than the Performance Indicator reference
no. 2 for that Financial Year appearing in the sub-annex 1 of the Common
Undertakings, the interest due to CDC will be payable on the Annual Payment
Date in question;

 

(ii)              the Performance Indicator is inferior to
Performance Indicator reference no. 2.

 

If the Performance Indicator or, where
applicable, the pro-forma Performance Indicator for the Financial Year under
consideration is less than the Performance Indicator reference no. 2 for that
Financial Year appearing in the sub-annex 1 of the Common Undertakings, the
Borrower will pay the interest due to CDC under each Second Park CDC Loans
under the following terms:

 

15

 

(a)        up to the to the limit of the amount of
interest due under the relevant interest payment date (as determined by the
interest payment schedule shown in annex II of each of the Amended and Restated
Second Park CDC Loans Agreements), equal to the insufficiency ascertained in
comparison to Performance Indicator reference no. 2, such interest will be
converted into “Long-term Subordinated Debt”
the terms and conditions of which shall be determined in a separate agreement
to be entered into on this day between CDC and Euro Disney Associés, in the form
appearing in Annex III, it being specified that interests thus converted into
Long-term Subordinated Debt shall be charged on the interests due under each
Second Park CDC Loan, in the following priority order:

 

(1)        in priority, on the interests due under
Tranche A;

 

(2)        then, in the case where the amount of
this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A : on the interests due under Tranche B;

 

(3)        then, in the case where the amount
of this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A and of Tranche B : on the interests under Tranche C;

 

(4)        then, in the case where the amount
of this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A, Tranche B and Tranche C : on the interests due under Tranche
D;

 

(5)        then, in the case where the amount
of this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A, Tranche B; Tranche C and Tranche D : on the interests due under
Tranche E;

 

(b)        for the part of the interest of Tranche C
non-converted into Long Term Subordinated Debt, this interest will be paid on
the Annual Payment Date in question.

 

The Borrower
and CDC agree to sign an agreement incorporating the terms and conditions
applicable to any Long Term Subordinated Debt in accordance with the form
appearing in Annex III, as soon as possible as from the date on which a Long
Term Subordinated Debt is constituted pursuant to the stipulations of this
Article 3.2.2.

 

16

 

3.3             Repayment of the Principal
Amount of Tranche C

 

The Principal
Amount of Tranche C, as, if applicable, reduced as a result of prepayment in
accordance with Article 4 (Prepayment at the
Option of the Borrower) will be repaid in one amount on 30 October
2024, pursuant to the repayment schedule set forth in Annex II.

 

3.4             Payment and
repayment terms

 

The payment
and repayment of any sums due under Tranche C by the Borrower will be made by
transfer to account no. 1155793L 1 opened in the name of “Direction des fonds
d’épargne” in CDC’s books.

 

3.5             Default interest

 

If any amount
due to CDC under this agreement is not paid on its due date, interest will
accrue on a daily basis on this unpaid amount from its due date until the date
on which this amount is actually paid at an annual rate equal to the three (3)
month EURIBOR rate, plus two per cent (2%) per annum. This rate may never be
lower than 5.15% per annum and will not prejudice CDC’s right to make use of
the acceleration of maturity as stipulated in article 10 (Events of Default)
below.

 

As of the date
at which all amounts due to the Borrower in relation to the Financing
Agreements, excluding the Agreement on the Granting of the Ordinary Loans and
the Agreement on the Granting of the Participating Loans, have been repaid, the
default interest due under this agreement will be annually capitalized in
accordance with the provisions of article 1154 of the French Civil Code.

 

ARTICLE 4.          PREPAYMENT AT THE OPTION OF THE BORROWER

 

4.1             Prepayment

 

Subject to
compliance with the provisions of the Subordination Agreement, the Borrower
may, provided it gives at least thirty (30) days written notice to CDC, prepay
all or part of Tranche C.

 

Any prepayment
will automatically result in the simultaneous and proportional repayment of the
other Second Park CDC Loans.

 

Subject to the
provisions of Article 3 (Payment of Interest
– Repayment of Principal) any prepayment of a principal amount must
be accompanied by the payment of the accrued interest on the principal amount
repaid up to the value date of this prepayment. This interest will be
calculated on the basis of the exact number of days based on a year of 365 or
366 days, as applicable.

 

17

 

4.2             Any repayment, whether early or not, of any
principal amount will be final and the Borrower will not be able to reborrow,
under this agreement, the amount thus repaid.

 

4.3             It is specified that the provisions of article
5 (Prepayment) of the Amended and
Restated Common Agreement are not applicable to Tranche C.

 

4.4             Penalty for
prepayment at the option of the Borrower

 

If the
Borrower opts to make a prepayment in accordance with the provisions of Article
4.1 (Prepayment), the Borrower
will pay CDC not only the accrued interest stated under Article 4.1 (Prepayment) but also a prepayment penalty
corresponding to the amount of interest that would be payable for a period of
ninety (90) days at a rate of 5.15% per annum on the principal amount prepaid.

 

This penalty
will be payable on the date of the prepayment in question.

 

ARTICLE 5.          Representations
and warranties

 

The Borrower warrants and
represents, to the CDC, that on the Date of Signing:

 

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

 

5.2             Its manager is duly authorised to sign this
agreement;

 

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

 

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

 

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

 

18

 

5.6             No legal proceedings before a judicial,
administrative or arbitration court in France or abroad are in progress or, to
the knowledge of the Borrower concerned, about to be brought which might
prevent or prohibit the signing or performance of this agreement by the
Borrower or which might affect its legal capacity to assume its obligations
under this agreement.

 

ARTICLE 6.          COVENANTS

 

6.1             Positive covenants

 

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

 

(a)        the Borrower must notify CDC of any
significant change in its corporate structure or operation, such as, in
particular, a change of management or a change in the amount or distribution of
the share capital, brought to the attention of the Borrower in accordance with
applicable legislation and regulations; it being specified that CDC is already
informed of all the changes foreseen as a result of the Transfer and expressly
consents to the transfer of this agreement to Euro Disney Associés;

 

(b)        the Borrower will, on a yearly
basis, within fifteen (15) days of these being approved by its shareholders,
submit his balance sheets, income statements and annexes to CDC and, starting
as of the completion of the Transfer, within fifteen (15) days of these being
approved by Euro Disney’s S.C.A shareholders, the consolidated accounts and
consolidated balance of Euro Disney S.C.A.;

 

(c)        the Borrower shall provide CDC with
any document, agreement or information that he has to submit to Phase IA Banks,
Phase IB Banks, Phase IA Partners or Phase IB Partners, or any of their agents,
under the conditions precedent to the coming into effect of the amended and
restated versions of the Financing Agreements and in the same forms required by
the aforementioned agreements; and

 

19

 

(d)        Without prejudice to the
stipulations of paragraph (b) of article 8.1 (Positive
Covenants) of the Agreement on the Granting of Participating Loans,
and of paragraph (b) of article 8.1 (Positive
Covenants) of the Agreement on the Granting of Ordinary Loans,
starting as of the date at which all amounts due by the Borrower under the
Senior Financings, except for the Agreement on the Granting of Participating
Loans and the Agreement on the Granting of Ordinary Loans, will have had been
paid, the Borrower shall respect his obligations arising from the Amended and
Restated Common Agreement or the Common Undertakings.

 

6.2             Negative covenants

 

Until all
amounts owed under this agreement are repaid in full, the Borrower covenants not
to merge with another company without the prior approval of CDC. Such approval
cannot be refused if:

 

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

 

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

 

(iii)          the entity resulting from the merger is
authorised, under the terms of the Master Agreement, to operate the Project;

 

it being however stated that CDC expressly authorises Euro Disney S.C.A.
to make the Transfer.

 

ARTICLE 7.          Subordination

 

7.1             In the event of a court-ordered liquidation or
any other procedure which may replace such liquidation in the future relating
to the Borrower and without thereby jeopardising the effects of the mortgage
granted under the conditions stated in Article 8 (Mortgage Allocation) of this agreement, the rights of CDC to
the repayment of the principal and payment of interest relating to Tranche C
will be subject to the prior payment of all sums owed to creditors under S.C.A.
Senior Funding.

 

20

 

7.2             In addition,

 

(i)         if the payment of any amount in
interest or in principal due and payable under Senior Funding is not made on
the correct date, the due date of the payment of any amount due under Tranche C
in interest or principal will be deferred until the date on which this payment
default under the Senior Funding in question ceases to exist or until the date
on which, despite the continuation of this payment default, the lender or
lenders of the Senior Funding agree that the payment of this amount in interest
and in principal due under Tranche C be made. However, the option to accept
such payment will not be beneficial to CDC;

 

(ii)        if
the manager of the Borrower can prove, under the conditions stated in Article
2.3.2 of the Subordination Agreement, that the Free Cash Flow on an Annual
Payment Date is insufficient, after payment of the sums due and payable to CDC
under Tranche C at that Annual Payment Date, to pay the sums due under the
Senior Funding during the six (6) months following this Annual Payment Date
(the “Period”), the due date of
the payment of the portion of the amount in interest or in principal due under
Tranche C, equal to the amount of the Insufficient Free Cash Flow, will be
deferred until the date on which the level of Free Cash Flow allows payment to
be made in respect of:

 

(a)              the due dates under the Senior Funding due or to
be due during the outstanding Period; and

 

(b)              the share of the amount due under Tranche C in
interest or in principal, and of which the payment due date has been deferred
pursuant to this paragraph (ii).

 

7.3             Provided that any amount due and payable under
the Senior Funding is paid in full, the payment of all sums owed under Tranche
C must be made prior to any payment under any participating security issued by
the Borrower and any capital security of the Borrower whatsoever.

 

7.4             Interest rates
applicable in the event of the deferral of the due date

 

If any amount
due to CDC under Tranche C (other than an amount of interest accrued on an
amount whose due date has been deferred in accordance with Article 7.2) is not
paid on its normal due date and this due date is deferred in time pursuant to
the provisions of Article 7.2 above, interest will accrue on this amount until
the date on which it is actually paid at a rate of Tj, defined for each
Interest Period in question as follows:

 

Tj = [the
higher of the following two rates:

 

21

 

(i)    EURIBOR for the Interest Period in question
plus two percent (2%) per annum; or

 

(ii)   5.15 % per annum]

 

+

 

[a x 0.30% per annum]

 

where a is the whole number of years elapsed between the beginning of the
deferral and the first day of each Interest Period concerned (inclusive).

 

The interest
at the rate thus established will be calculated for the exact number of days of
deferral occurring during the Interest Period under consideration on the basis
of a year of 360 days.

 

The first Interest
Period will begin to accrue from the day following the deferral date of the
sums, the payability of which has been deferred by virtue of Article 7.2 above,
and the following Interest Periods will begin to accrue from the end of the
immediately preceding Interest Period.

 

7.5             The provisions of Articles 7.1 and 7.2 will
cease to apply with effect from the date on which all the sums due under the
Senior Funding other than the Phase I CDC Loans are fully repaid.

 

ARTICLE 8.          MORTGAGE ALLOCATION

 

It is noted
that in order to guarantee up to a maximum of three hundred and eighty-one
million one hundred and twenty-two thousand euros (€381,122,000), the payment
of all sums due by the Borrower to CDC under the CDC Loans Second Park, the
Borrower has granted to CDC a senior mortgage against the land forming the
Second Park made up of the following lots: AT2.1, AT2.3 and AT2.4, which
extends and will continue to extend to the buildings built or to be built on
this land (said land and buildings being referred to collectively as the “Encumbered Properties”).

 

This mortgage
has given rise to the signing of a mortgage allocation deed received by Maître
Bertrand Lacourte, Notary, dated 31 January 2000 such instrument stipulating
that the mortgage will be created on 31 December 2016 and that it may not under
any circumstances be registered at the Registrar of Mortgages  prior to this date. The Borrower
covenants to do the necessary, at his own expenses, so that CDC benefits from
this mortgage in terms similar to the abovementioned terms, in guaranty of the
Second Park CDC Loan (including Tranche E) as amended pursuant to this
agreement, and the other Amended and Restated Second Park CDC Loan Agreements.

 

22

 

Whilst this
mortgage is not created, the Borrower undertakes not to assign the Encumbered
Properties, except in connection with the Transfer transaction or a
court-ordered liquidation of the Borrower, nor to grant any other mortgage or
lease constituting a right in rem to
the latter without the prior written consent of CDC. It is noted that this
covenant is the subject of a separate agreement inserted into the purchase
instrument drawn up on 31 January 2000 between EPAFRANCE and the Borrower
relating to the above-mentioned land in which instrument CDC is the beneficiary
of said covenant. It is further noted that this separate agreement was
published in the Registrar of Mortgages simultaneous to the purchase
instrument.

 

The Borrower
will bear all costs, fees and emoluments relating to the creation of this
mortgage and its registration in the Registrar of Mortgages.

 

ARTICLE 9.          LENDERS’ MEETING

 

If it appears
from the Borrower’s Free Cash Flow and short-term operating outlook that the
Borrower will soon be confronted with an inability to service its debt, notably
under the Second Park CDC Loan Agreement, the Borrower will employ its best efforts
to bring together all its lenders as soon as possible, including CDC, in order
to find an amicable and continuous solution to the difficulties thus
experienced.

 

 

ARTICLE
10.       EVENTS OF DEFAULT

 

10.1           Definition of Events of
Default

 

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

 

(a)        any principal or interest amount due
to CDC under Tranche C is unpaid on its due date and remains unpaid five (5)
Working Days after written notification is sent to this effect by CDC to the
Borrower;

 

(b)        one of the covenants made by the
Borrower in Article 6 (Covenants) of
this agreement is not met and the Borrower has not remedied nor is about to
remedy this default within thirty (30) days as from the notification sent by
CDC to the Borrower requesting that the default be remedied (excluding, with
respect to the abovementioned 30 days period, in case of a default caused by
the fact that covenants pursuant to article 2 of the Common Undertakings have
not been met);

 

23

 

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

 

(d)        any non-subordinated debt of the
Borrower resulting from a loan of sums of money totalling more than fifteen
million two hundred thousand euros (€15,200,000) is declared due and payable in
advance as a result of the existence of a breach on the part of the Borrower;

 

(e)        a final judgment against the Borrower
ordering the Borrower to pay a sum greater than seventy six million two hundred
thousand euros (€76,200,000) and the Borrower does not make the payment within
thirty (30) days;

 

(f)         voluntary withdrawal from the
operation of the Second Park for a period greater than six (6) consecutive
months except in the event of closure (i) for seasonal reasons, or (ii) for
rebuilding, repair or maintenance; and 

 

(g)        as of 1 January 2013, Euro Disney
S.C.A. or any of its affiliates contracts any indebtedness from a bank (the “Envisaged Debt”) without the prior
consent of CDC and the effect of contracting such indebtedness renders the
ratio Debt/Consolidated Equity Capital superior to 1 at the date of making the
funds available; it being specified that the Borrower may remedy this Event of
Default within a 30-day period starting as of the date of notification of the
Borrower.

 

10.2           Consequences of Events of
Default

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

10.3           Penalties

 

If CDC should
demand repayment of Tranche C due to the occurrence of an Event of Default as
defined in Article 10.1 (f), the Borrower shall pay CDC under Tranche C, a
penalty equal to nine million one hundred forty seven thousand euros
(€9 147 000).

 

This penalty
will be payable on two dates, one half fifteen (15) days after the notification
stated in Article 10.1 (Consequences of
Events of Default) and the other half on the first anniversary date
of that same notification.

 

 

ARTICLE
11.            CONFIDENTIALITY

 

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

 

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

 

25

 

(ii)        such disclosure is imposed by the law; or

 

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

 

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

 

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

 

11.3           The provisions of this Article 11 (Confidentiality) will be binding on CDC
subsequent to the date on which all sums owed by the Borrower to CDC by virtue
of this agreement have been paid and repaid.

 

ARTICLE 12.            Miscellaneous provisions

 

12.1           Applicable law –
Election of jurisdiction

 

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

 

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

 

12.2           Expenses

 

The Borrower
agrees to pay the reasonable expenses incurred by CDC in preparing this
agreement or any supplemental agreement hereto upon presentation of justifying
documentation.

 

26

 

12.3           Cumulative rights
and non-waiver

 

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

 

12.4           Notifications

 

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

 

•      to the Borrower at:

 

EURO DISNEY S.C.A.
or as of the Realisation of Capital Increase Date, EURO
DISNEY ASSOCIES S.C.A.:

Immeubles
Administratifs [Administrative Buildings]

Route
Nationale 34

77000 Chessy

 

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

 

Fax: 01 64 74 56 36.

 

•      to CDC at:

 

LA CAISSE DES DÉPÔTS ET
CONSIGNATIONS

Direction des Fonds d’Épargne [Savings
Funds Department]

72 avenue Pierre Mendès France

75914 Paris Cedex 13

 

Attn.: Direction Financière [Finance
Department]

 

Fax: 01 58 50
07 48.

 

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

 

For the
purpose of calculating any time period under the terms of this agreement, the
first day that will be used will be the date of receipt by the recipient of the
registered letter with acknowledgement of receipt stated above.

 

27

 

12.5           Independence of
clauses

 

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

 

12.6           Binding effect and
termination

 

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

 

In the absence
of the Realisation of the Capital Increase or the failure to complete the
Transfer by 31 March 2005:

 

(a)        the parties to this Agreement will
consult each other for a period of thirty (30) days (the “Time Period”) for the purpose of finding a
solution to the situation thus encountered;

 

(b)        if no agreement is reached on the
expiry of the Time Period, the provisions of this agreement will be
automatically terminated, except for the stipulations of the last paragraph of
Article 3.2.2 (a). Termination will take effect on the date on which the Time
Period ends. In such a case, the Second Park CDC Loans  will remain governed by the Second
Park CDC Loans Agreements (integrating the Amendments) and the Common
Agreement.

 

It has also
been agreed that :

 

(i)               in case of non-Realisation of the Capital
Increase, the term of the waiver referred to in the waiver request sent by Euro
Disney S.C.A. to the CDC dated 17 October 2003 as well as in the Memorandum of
Agreement, will be extended until the 31 March 2005 or, in case of a dialogue
as provided in paragraph (a) of article 7.7 (Termination)
of the Memorandum of Agreement, until termination of some of its provisions
pursuant to the aforementioned article;

 

(ii)              In case of Realisation of the Capital Increase,
the CDC shall not avail itself of any Event of Default as provided in the
previous paragraph (i) and for any reason.

 

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12.7           Transfers of rights

 

(a)        The Borrower may not transfer any of
its rights or obligations by virtue of this agreement without obtaining prior
written agreement from CDC, it being specified, however, that in accordance
with the Transfer, CDC authorises Euro Disney S.C.A. to transfer its rights and
obligations arising from this agreement to Euro Disney Associés.

 

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

 

(b)        Until 31 December 2004, CDC may not
transfer any of its rights or obligations under this agreement without
obtaining the prior agreement of the Borrower.

 

As from 1
January 2005, CDC may freely transfer any of its rights or obligations to a
financial institution, or any other company created specifically to this
effect, that has a minimum of one branch in one of the countries where the
legal tender on the envisaged transfer date is the euro, provided this
financial institution on the date of transfer has a rating equal to or greater
than A in the system used by Standard & Poor’s or an equivalent level in
other international rating systems, subject to the following conditions: (i)
the financial institution or the concerned entity shall accede to all the
provisions of this agreement and (ii) CDC shall notify the Borrower pursuant to
Article 12.4 (Notifications).

 

12.8           Absence of Novation

 

This agreement
shall not operate novation of the debt resulting from the Second Park CDC Loans
and more specifically Tranche C, which Second Park CDC Loans terms shall remain unchanged (subject to the modifications made
according to the terms of this agreement) notwithstanding the changes made to
the Second Park CDC Loans or the creation of Tranche E. This agreement has been
entered into in view of setting forth in a sole agreement, the Agreement C
incorporating the Amendments or any necessary change made pursuant to paragraph
(G) of the introduction of this agreement.

 

12.9           Global Effective
Rate

 

In order to meet the requirements of Articles L. 313–1 and L. 313–2 of
the French Consumer Code and for this purpose only, CDC declares, by way of
example, to the Borrower, which accepts, that the Global Effective Rate
applicable to Tranche C, on the basis of a year comprising three hundred and
sixty-five (365) days, will be:

 

4.85 % per annum,

 

29

 

This Global Effective Rate has been calculated on the basis of:

 

•      A rate of 5.15 % per annum; and

 

•      a Tranche C of a principal amount on
the Date of Signing of one hundred fourteen million three hundred thirty six
thousand euros (€114,336,600), drawn and used in its entirety on the Date of
Signing.

 

 

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

In three (3) original copies.

 

	
  For the Borrower:

  
	
   

  
	
  EURO DISNEY S.C.A.

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name: Jeffrey R. Speed

  
	
   

  
	
   

  
	
  For CDC:

  
	
   

  
	
  LA CAISSE DES DÉPÔTS ET CONSIGNATIONS

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name : Jean
  François de Caffarelli

  

 

30

 

ANNEX I

FORM OF
SUBORDINATION AGREEMENT

 

[See
Exhibit 4.18 to the Form 20-f]

 

31

 

ANNEX II

REPAYMENT AND INTEREST PAYMENT SCHEDULE OF TRANCHE C

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

	
  REPAYMENT SCHEDULE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tranche
  C

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Contract’s number before the 2004 restructuring :

  	
   

  	
  1
  000 562

  	
   

  	
  SECOND PARK LOAN

  	
   

  
	
   

  	
  after
  the 2004 restructuring :

  	
   

  	
  1
  xxx xxx

  	
   

  	
   

  	
   

  
	
  Borrower’s
  number :

  	
   

  	
  000
  123 609

  	
   

  	
  EURO DISNEYLAND S.C.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Principal
  initial amount :

  	
   

  	
  114,336,600.00

  	
   

  	
  euros

  	
   

  	 

	
  Effective Global Rate on the : 

  	
  12/31/03

  	
   

  	
  4.85

  	
  %

  	
   

  	
   

  	 

	
  Annual facial rate before renunciation to the interests :

  	
   

  	
  5.15

  	
  %

  	
   

  	
   

  	 

										

 

	
  Maturity date

  	
   

  	
  Annual

  rate

  	
   

  	
  Principal outstanding

  amount before

  maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total due

  on maturity

  	
   

  
	
  12/31/2004

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2005

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2006

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2007

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2008

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2009

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2010

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2011

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2012

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2013

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2014

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2015

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2016

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2017

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  4,888,124.59

  	
   

  	
  4,888,124.59

  	
   

  
	
  10/30/2018

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2019

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2020

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2021

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2022

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2023

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2024

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  114,336,600.00

  	
   

  	
  5,888,334.90

  	
   

  	
  120,224,934.90

  	
   

  

 

32

 

ANNEX III

 

FORM OF
AGREEMENT CONTAINING THE TERMS AND CONDITIONS

APPLICABLE TO THE LONG TERM SUBORDINATED DEBT

 

[See Exhibit 4.28 of the Form 20-f]

 

33Exhibit 4.26

 

AMENDED AND
RESTATED LOAN AGREEMENT

 

TRANCHE D

 

 

DATED 1 DECEMBER 2004

 

BETWEEN

 

EURO DISNEY S.C.A.

 

as
Borrower

 

AND

 

LA CAISSE DES DÉPÔTS ET
CONSIGNATIONS.

 

as
Lender

 

 

 

LAW FIRM AT THE COURT OF PARIS

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

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

 

BETWEEN THE UNDERSIGNED

 

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

 

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

 

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

 

hereinafter “CDC” or the “Lender”.

 

2

 

TABLE OF CONTENTS

 

	
  ARTICLE 1.

  	
  DEFINITIONS

  	
   

  
	
  ARTICLE 2.

  	
  AMOUNT OF THE LOAN

  	
   

  
	
  ARTICLE 3.

  	
  PAYMENT OF INTEREST — REPAYMENT OF PRINCIPAL

  	
   

  
	
  ARTICLE 4.

  	
  PREPAYMENT AT THE OPTION OF THE BORROWER

  	
   

  
	
  ARTICLE 5.

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  ARTICLE 6.

  	
  COVENANTS

  	
   

  
	
  ARTICLE 7.

  	
  SUBORDINATION

  	
   

  
	
  ARTICLE 8.

  	
  MORTGAGE ALLOCATION

  	
   

  
	
  ARTICLE 9.

  	
  LENDERS’ MEETING

  	
   

  
	
  ARTICLE 10.

  	
  EVENTS
  OF DEFAULT

  	
   

  
	
  ARTICLE 11.

  	
  CONFIDENTIALITY

  	
   

  
	
  ARTICLE 12.

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  

 

LIST OF ANNEXES

 

	
  ANNEX I

  	
  Form
  of Subordination Agreement

  
	
   

  	
   

  
	
  ANNEX II

  	
  Repayment
  and interest payment schedule of Tranche D

  
	
   

  	
   

  
	
  ANNEX III

  	
  Form
  of agreement containing the terms and conditions applicable to the Long Term
  Subordinated Debt

  

 

3

 

WHEREAS:

 

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

 

(B)       In connection with the implementation of
phase I of the Project, CDC granted the IA Borrowers loans including ordinary
loans and participating loans in accordance with the terms and conditions of
the Master Agreement (and notably Article 18 thereof and Annex 18 thereof as
modified by the supplemental agreements dated 30 December 1994 and 1 December
2004) and the following agreements:

 

(i)            an agreement on the granting of
participating loans entered into on 17 May 1989 as modified by supplemental
agreements dated 10 August 1994 and 30 September 1999 respectively, and amended
and restated by an agreement dated 1 December 2004 (the “Agreement on the Granting of Participating Loans”);  and

 

(ii)           an agreement on the granting of
ordinary loans entered into on 17 May 1989 as modified by supplemental
agreements dated 10 August 1994 and 30 September 1999 and amended and restated
by an agreement dated 1 December 2004 (the  “Agreement on the Granting of Ordinary Loans”);

 

The Agreement on the Granting of Participating
Loans and the Agreement on the Granting of Ordinary Loans are hereinafter
collectively referred to as the “Phase I CDC
Loans”.

 

(C)       Pursuant to an agreement dated 10 August 1994, a common agreement was
entered into among the banks party to the Phase IA Loan Agreement, CDC, the
partners of Euro Disneyland S.N.C. party to the Phase IA Partners Advances
Agreement, the banks party to the Phase IB Loan Agreement, the partners of the
Hotel SNCs and the lenders party to the Phase IB Advances Agreement on the one
hand (the “Creditors”), BNP  Paribas and Calyon as agents on the other
hand and Euro Disney S.C.A., Euro Disneyland S.N.C. and other companies of the
Euro Disney Group (the “Common Agreement”).

 

The various provisions of the common agreement
include a certain number of Common Undertakings signed by Euro Disney S.C.A.,
Euro Disneyland S.N.C. and other companies of the Euro Disney Group vis-à-vis
the Creditors. The Common Agreement dated 10 August 1994 has been updated in a
new agreement dated today which replaces the initial agreement (the “Amended and Restated Common Agreement”).

 

(D)       As part of the development of the Project and in accordance with the
terms of the Master Agreement, Euro Disney S.C.A. examined and decided upon the
construction of a second theme park denominated “Park Walt Disney Studios”
adjacent to the Disneyland Park (the “Second
Park”) and wished to put in place the resources to provide funding
for the construction of this Second Park.

 

4

 

To this end, CDC agreed to grant the Borrower
financing (the “Financing”) made
up of four loans (the “Second Park CDC Loans”)
as described below:

 

•       a first loan representing 20% of the
Total Principal Amount of the Financing (“Tranche
A”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 and reiterated in a notarized act dated 21 January 2004
and made by Mr. Bertrand Lacourte, Notary;

 

•       a second loan representing 20% of the
Total Principal Amount of the Financing (Tranche
B”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 and reiterated in a notarized act dated 21 January 2004
and made by Mr. Bertrand Lacourte, Notary;

 

•       a third loan representing 30% of the
Total Principal Amount of the Financing (“Tranche
C”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 as modified on 18 November 2002 and reiterated in a
notarized act dated 21 January 2004 and made by Mr. Bertrand Lacourte, Notary;

 

•       a fourth loan representing 30% of the
Total Principal Amount of the Financing (“Tranche
D”) was granted to the Borrower under the terms of an agreement
dated 30 September 1999 as modified on 18 November 2002 and reiterated in a
notarized act dated 21 January 2004 and made by Mr. Bertrand Lacourte Notary
(the “Agreement D”);

 

the four aforementioned agreements, including the Agreement D, shall be
referred to hereinafter as the “Second Park
CDC Loans Agreements.”

 

It being specified that certain changes have
been brought to the Second Park CDC Loans Agreements pursuant to an amendment
agreement dated as of 18 November 2002 (the “Amendments”).

 

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

 

5

 

(F)        The main purpose of the Memorandum of
Agreement in relation to the Second Park CDC Loans is to provide for:

 

(i)         new terms for
the payment of interest owed by the Borrower under the Second Park CDC Loans on
31 December 2004;

 

(ii)        the granting to the Borrower of a new
loan called “Tranche E”  made up of interest owed by the Borrower
to CDC under the Second Park CDC Loans for the years 2001 to 2003, the payment
of which was deferred pursuant to paragraph 11.02 (ii) of each of the Second
Park CDC Loans, plus accrued interest at the interest rate specified under
Article 11.04 of each of the Second Park CDC Loans until the Share Capital
Increase Date;

 

(iii)       the transfer by the Euro Disney S.C.A. to
Euro Disney Associés of the Second Park CDC Loans on the date of the transfer
agreed between Euro Disney S.C.A. and Euro Disney Associés (subject to the
rules governing demergers and without entailing a squeeze out) for all or
almost all the assets and liabilities of Euro Disney S.C.A. to Euro Disney Associés
under the contribution agreement entered into between Euro Disney S.C.A. and
Euro Disney Associés on 30 September 2004, as amended on 8 November 2004 (the “Transfer”);

 

(iv)       a release of
debt by CDC in an amount of €2,500,000 per annum under the interest due on the
Second Park CDC Loans for the financial years 2005 to 2012; and

 

(v)        a mechanism for
the deferred payment of the interest owed to CDC under the Second Park CDC
Loans for financial years 2005 to 2014 based on whether or not the Reference
Performance Indicator is achieved.

 

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

 

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

 

6

 

NOW THEREFORE THE PARTIES AGREE AS
FOLLOWS

 

 

ARTICLE 1.  DEFINITIONS

 

The words and expressions defined below will have the
following meaning in this agreement:

 

“Agents”
collectively means CDC, BNP Paribas as agent for the Phase IA Banks, Calyon as
agent for the Phase IB Banks, agent for the Phase IB Lenders and agent for the
Phase IA Partners or any other establishment which may succeed them in this
capacity.

 

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

 

“Agreement
E” means the loan agreement under
Tranche E that Euro Disney Associés and the CDC must enter into just before or
at the same time as the Realisation of Capital Increase.

 

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

 

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

 

“Amended and
Restated Agreement D” means this agreement dated as of the date
hereof between the Borrower and CDC pertaining to Tranche D, incorporating the
Amendments and amending and restating Agreement D pursuant to the terms of
paragraph (G) of the introduction of this agreement.

 

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

 

“Amended and
Restated Second Park CDC Loan Agreements” means the Second Park CDC
Loan Agreements, including Agreement D, governing the Tranche A, the Tranche B,
the Tranche C and the Tranche D pursuant to the terms of four agreements dated
as of the date hereof between the Borrower and CDC and pursuant to the terms of
an agreement to be entered into just before or at the same time as the
Realisation of Capital Increase (namely, the Agreement E governing the Tranche
E), as amended and restated pursuant to paragraph (G) of the introduction to
this agreement.

 

“Annex”
means any annex to this agreement.

 

“Annual Payment Date” means (i) over the period starting as of the Signature Date and ending
on 31 December 2016 (included), the fifth Working Day following the date on
which the Agents received the Performance Indicator Report verified and
confirmed or, as applicable, validated by the Expert, in accordance with the
provisions of sub-annex 2 (Performance
Indicator Determination) of the Common Undertakings and not before
the 31 December following the end of the Financial Year in question and (ii)
starting as of 1 January 2017, 30 October of each year; it being however
understood that if an Annual Payment Date falls on a non-Working Day, the
Annual Payment Date will be deferred until the first Working Day thereafter.

 

7

 

“Article”
means any article of this agreement.

 

“Borrower”
means Euro Disney S.C.A. and from completion of the Transfer it shall mean Euro
Disney Associés.

 

“CDC Ordinary Loan”
means the loan granted by CDC to the Borrower under the Agreement on the
Granting of Ordinary Loans.

 

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

 

“Consolidated Equity
Capital” means Euro Disney S.C.A.’s and its subsidiaries’
consolidated equity capital on the basis of the most recent consolidated
balance sheet in accordance with the accounting standards in force in France
used by Euro Disney S.C.A. on the Date of Signing.

 

“Date of Signing”
means the date of signing of this agreement, namely 1 December 2004.

 

“Debts”
means the sum of the principal amounts still owed by Euro Disney S.C.A. and its
present and future subsidiaries as well as by Euro Disneyland S.N.C. and the
Hotel SNCs on the date an Envisaged Debt is made available in respect of:

 

(i)         Senior
Funding,

 

(ii)        Second
Park CDC Loans,

 

(iii)       debts incurred under article 4 (Other Indebtedness) of the Common Undertakings,

 

(iv)      debts previously incurred in accordance with the terms
defined in Article 10.1 (g), and

 

(v)       all other securities representing a debt, plus the principal
amount of this Envisaged Debt.

 

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

 

“Encumbered
Properties” has the meaning given to it in Article 8 (Mortgage Allocation).

 

“Envisaged Debt”
has the meaning given to it in Article 10.1 (Definition
of Events of Default).

 

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

 

8

 

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

 

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

 

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

 

“Event of default” has
the meaning given to it in Article 10.1 (Definition
of Events of Default).

 

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

 

“Financial Year”
means the period N starting on 1 October of the calendar year N-1 and ending on
30 September of calendar year N. For example, the 2004 Financial Year starts on
1 October 2003 and ends on 30 September 2004.

 

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

 

“Financing
Agreements” means the following agreements:

 

(i)         Phase
IA Credit Agreement;

 

(ii)        Agreement
on the Granting of Ordinary Loans;

 

(iii)       Agreement
on the Granting of Participating Loans;

 

(iv)      Phase IA Partners Advances Agreement;

 

(v)       Phase
IB Credit Agreement; and

 

(vi)      Phase IB Advances Agreement.

 

9

 

“Free Cash Flow” means
the sum of:

 

(i)         all available or immediately realisable
assets held by Euro Disney Associés or any subsidiary controlled by it within
the meaning of Article L.233—3 of the Commercial Code, and

 

(ii)        any amount advanced in any form,
directly or indirectly, by Euro Disney S.C.A. or Euro Disney Associés to a
subsidiary not controlled by any one of them whose immediate repayment is
contractually due subject to the limits of the free cash flow of that
subsidiary defined as stated in (i) above.

 

minus the annual amount of operating expenses of Euro
Disney S.C.A. as budgeted for the current financial year, within the limits of
5,000,000 euros (net of tax) for a financial year, it being understood that
said budget is likely to vary starting as of the Financial Year 2006, up to the
limit of an equivalent annual inflation amount, the amount of said operating
expenses will have to be notified by Euro Disney Associés to CDC at the latest
on the 15th of November of every year.

 

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

 

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

 

“Initial Conclusion
Date” means the date on which the Agreement A is signed, namely 30
September 1999.

 

“Insufficient Free
Cash Flow” means, on a given Annual Payment Date, the negative
difference between the Free Cash Flow at that date, on the one hand, and the
sum of the amounts due and payable under the Second Park CDC Loans on the same
day and all the sums due and payable under the Senior Funding for the Period, as
defined in Article 7.2 (ii) following that date on the other hand.

 

“Interest Period”  means for the purpose of calculating the
interest specified in Article 3.5 (Default
Interest)  and in
Article 7.4 (Rate of Interest Applicable in
the Event of the Deferral of the Due Date),  an interest period of three (3) months,
it being understood that the first day of each Interest Period will be 1
January, 1 April, 1 July and 1 October of each year.

 

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

 

“Leasing Agreement”
means the lease agreement dated 30 June 1994 relating to certain assets as
entered into by Euro Disneyland S.N.C. in the capacity of lessor and Euro
Disney Associés, in its capacity as lessee, as modified by supplemental
agreements.

 

“Long-Term
Subordinated Debt” means any sum owed in particular by the Borrower
in respect of the Amended and Restated Second Park CDC Loan Agreements, which
may not be paid before the date on which all the sums due in respect of the
Financing Agreements have been paid in full.

 

10

 

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

 

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

 

“Performance
Indicator” has the meaning given to it in the Common Undertakings.

 

“Performance
Indicator Report” has the meaning given to it in the Common
Undertakings.

 

“Period”
has the meaning given to it in Article 7.2 (Subordination).

 

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

 

“Phase IA Credit
Agreement” means the multi-currency credit facility agreement dated
5 September 1989 which operates by drawings or the issuance of letters of
credit between Euro Disney S.C.A., Euro Disneyland S.N.C and the Phase IA
Banks, as amended and restated the 1 December 2004.

 

“Phase IA Partners”
means the parties to the Phase IA Partners Advances
Agreement.

 

“Phase IA Partners
Advances” means the subordinated loans granted by the partners of
Euro Disneyland S.N.C. to the latter in accordance with the Phase IA Partners
Advances Agreement.

 

“Phase IA Partners
Advances Agreement” means the partners advances agreement dated 26
April 1989 between Euro Disneyland S.N.C. and its partners as amended and
restated as of 1 December 2004.

 

“Phase IB Advances”  means the loans granted by the partners of
the Hotel SNCs created for the requirements of phase IB of the Project to the
Hotel SNCs in accordance with the Phase IB Advances Agreement.

 

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

 

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

 

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

 

“Phase IB Lenders”  means the banks and financial institutions
party to the Phase IB Advances Agreement.

 

“Phase I CDC Loans” has the meaning given to it
in the introduction to this agreement.

 

11

 

“Principal Amount of
Tranche D” means:

 

(i)         on the Initial Conclusion Date, the principal amount of €
114 336 600;

 

(ii)        on the Date of Signing, the principal amount of €
114 336 600;

 

(iii)       subsequently, at
any time, the outstanding principal amount of Tranche D not repaid by the
Borrower.

 

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

 

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

 

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

 

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

 

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

 

“S.C.A. Senior
Funding”  means:

 

(i)         the sums due by the Borrower under the Phase IA Credit
Agreement;

 

(ii)        the CDC Ordinary Loan; and

 

(iii)       for
as long as it remains in force, the subleasing agreement dated 30 June 1994
entered into between Euro Disney S.C.A. and Euro Disney Associés and the
Leasing Agreement.

 

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

 

“Second Park CDC
Loan Agreements” has the meaning given to it in the introduction to
this agreement.

 

“Second Park CDC
Loans” has the meaning given to it in the introduction to this
agreement, and more specifically means the loans granted by CDC to the Borrower
and called Tranche A, Tranche B, Tranche C, Tranche D and Tranche E, as
governed as of the Date of Signing by the Amended and Restated Second Park CDC
Loan Agreements.

 

“Senior Funding”  means:

 

(i)         the Phase IA Credit Agreement;

 

(ii)        the Phase IB Credit Agreement;

 

12

 

(iii)       the Phase IA Partners Advances Agreement;

 

(iv)      the Phase IB Advances Agreement;

 

(v)       the Phase I CDC Loans; and

 

(vi)      the Leasing Agreement.

 

“Share Capital
Increase Date” means the date on which the Share Capital Increase
will take place, namely no later than the 31 march 2005.

 

“Subordination
Agreement” means the subordination agreement, dated 19 October 1999
entered into among, inter alia,
the Agents, Euro Disney S.C.A. and Euro Disney Associés, which will be amended
in accordance with the terms of an agreement dated as of the date hereof, and
amended and restated in accordance with the terms of an agreement dated as of
the date hereof entered into subject to the Realisation of the Capital Increase,
substantially in the form attached hereto as Annex I, governing notably the
conditions under which CDC may implement the provisions of Article 10 (Event of default) of this agreement.

 

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

 

“Total Principal
Amount of the Funding”  means
the initial principal amount of the Funding which on the Initial Conclusion
Date was three hundred and eight-one million one hundred and twenty two
thousand euro (€381,122,000).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

ARTICLE 2.  AMOUNT
OF THE LOAN

 

On the Initial Conclusion Date, the Principal
Amount of Tranche D made available to the Borrower by CDC amounted to one
hundred fourteen million three hundred and thirty six thousand six hundred
euros (€ 114 336 600), i.e. 30 % of the Total Principal Amount of the
Funding at the aforementioned date.

 

13

 

On the Date of Signing, the Principal Amount of
Tranche D amounts to one hundred fourteen million three hundred and thirty six
thousand six hundred euro (€ 114 336 600).

 

 

ARTICLE 3.  PAYMENT
OF INTEREST — REPAYMENT OF PRINCIPAL

 

3.1             Interest

 

The Principal Amount of Tranche D will bear
interest until the date on which it has been repaid by the Borrower in full, at
an interest rate calculated in the manner set forth in the table shown in Annex
II.

 

CDC hereby waives the right to receive interest
relating to Tranche D as determined in Agreement D, to a maximum of seven
hundred fifty thousand euros per annum (€ 750.000.00) solely in respect of
Financial Years 2005 to 2012, it being specified that the table shown in Annex
II takes into account this waiver.

 

3.2             Method
for calculating interest payments

 

3.2.1          General
provisions

 

Subject to the provisions of Article 3.2.2 (Specific Provisions), the Borrower will
pay CDC on each Annual Payment Date the interest due on the Principal Amount of
Tranche D on the basis of the number of exact number of days elapsed, based on
a year of 365 or 366 days as applicable, pursuant to the table shown in Annex
II.

 

3.2.2          Specific
Provisions

 

(a)   Interest due in
respect of years 2001 to 2003 —
Creation of Tranche E

 

The Borrower and CDC agree that no interest due
to CDC on the Principal Amount of Tranche D will be paid by the Borrower for
the years 2001 to 2003.

 

On the Share Capital Increase Date, the
interest to be collected under Tranche D for the years 2001 to 2003, the
payment of which has been deferred pursuant to paragraph 11.02 (ii) of
Agreement D, plus the additional accrued interest at the rate of interest
stated in Article 11.04 of Agreement D until the Share Capital Increase Date
will be converted into a loan receivable in principal to become Tranche E of
the Second Park CDC Loans, repayable in November 2023 and governed by the terms
and conditions of Agreement E).

 

14

 

It being understood that
under no circumstances can payment of the sums stated in the above paragraph be
made until 30 June 2005.

 

(b)   Interest due in respect of 2004

 

By way of derogation from the general
provisions, the Borrower and CDC agree that the interest stipulated under the
terms of Agreement D due to CDC on 31 December 2004 in respect of 2004 on the
Principal Amount of Tranche D will be paid at the Share Capital Increase Date
or on 31 December 2004 if the Realisation of the Capital Increase occurs prior
to that date.

 

In the event that the Realisation of the
Capital Increase or the Transfer does not occur by 31 March 2005 and the
parties to the Memorandum of Agreement have not reached an agreement after a
period of thirty (30) days with effect from that date, the provisions of the
above subparagraph will be automatically cancelled.

 

(c)   Interest due in respect of the Financial
Years 2005 to 2014

 

The Borrower and CDC agree that with effect
from the Financial Year starting the 1 October 2004 until the financial year
2014 (included), the interest due to CDC on the Principal Amount of Tranche D
each year will be paid differently depending on the profit as recorded by the
Performance Indicator:

 

(i)               the Performance
Indicator is equal to or greater than Performance Indicator reference no. 2.

 

If
the Performance Indicator or, where applicable, the pro-forma Performance
Indicator for the Financial Year under consideration is equal to or greater
than the Performance Indicator reference no. 2 for that Financial Year
appearing in the sub-annex 1 of the Common Undertakings, the interest due to
CDC will be payable on the Annual Payment Date in question;

 

(ii)              the
Performance Indicator is inferior to Performance Indicator reference no. 2.

 

If
the Performance Indicator or, where applicable, the pro-forma Performance
Indicator for the Financial Year under consideration is less than the
Performance Indicator reference no. 2 for that Financial Year appearing in the
sub-annex 1 of the Common Undertakings, the Borrower will pay the interest due
to CDC under each Second Park CDC Loans under the following terms:

 

15

 

(a)        up to the to the limit of the amount of
interest due under the relevant interest payment date (as determined by the
interest payment schedule shown in annex II of each of the Amended and Restated
Second Park CDC Loans Agreements), equal to the insufficiency ascertained in
comparison to Performance Indicator reference no. 2, such interest will be
converted into “Long-term Subordinated Debt”
the terms and conditions of which shall be determined in a separate agreement
entered into on this day between CDC and Euro Disney Associés, in the form
appearing in Annex III, it being specified that interests thus converted into
Long-term Subordinated Debt shall be charged on the interests due under each
Second Park CDC Loan, in the following priority order:

 

(1)        in priority, on
the interests due under Tranche A;

 

(2)        then, in the
case where the amount of this Long Term Subordinated Debt is superior to the
amount of interest due under Tranche A : on the interests due under Tranche B;

 

(3)        then, in the case where the amount of
this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A and of Tranche B : on the interests due under Tranche C;

 

(4)        then, in the case where the amount of
this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A, Tranche B and Tranche C : on the interests due under Tranche
D;

 

(5)        then, in the case where the amount of
this Long Term Subordinated Debt is superior to the amount of interest due
under Tranche A, Tranche B; Tranche C and Tranche D : on the interests due
under Tranche E;

 

(b)        for the part of
the interest of Tranche D non-converted into Long Term Subordinated Debt, this
interest will be paid on the Annual Payment Date in question.

 

The Borrower and CDC agree to sign an agreement
incorporating the terms and conditions applicable to any Long Term Subordinated
Debt in accordance with the form appearing in Annex III, as soon as possible as
from the date on which a Long Term Subordinated Debt is constituted pursuant to
the stipulations of this Article 3.2.2.

 

16

 

3.3             Repayment
of the Principal Amount of Tranche D

 

The Principal Amount of Tranche D, as, if
applicable, reduced as a result of prepayment in accordance with Article 4 (Prepayment at the Option of the Borrower)
will be repaid in one amount on 30 October 2027, pursuant to the repayment
schedule set forth in Annex II.

 

3.4             Payment
and repayment terms

 

The payment and repayment of any sums due under
Tranche D by the Borrower will be made by transfer to account no. 1155793L 1
opened in the name of “Direction des fonds d’épargne” in CDC’s books.

 

3.5             Default
interest

 

If any amount due to CDC under this agreement
is not paid on its due date, interest will accrue on a daily basis on this
unpaid amount from its due date until the date on which this amount is actually
paid at an annual rate equal to the three (3) month EURIBOR rate, plus two per
cent (2%) per annum. This rate may never be lower than 5.15% per annum and will
not prejudice CDC’s right to make use of the acceleration of maturity as
stipulated in article 10 (Events of Default) below.

 

As of the date at which all amounts due to the
Borrower in relation to the Financing Agreements, excluding the Agreement on
the Granting of the Ordinary Loans and the Agreement on the Granting of the
Participating Loans, have been repaid, the default interest due under this
agreement will be annually capitalized in accordance with the provisions of
article 1154 of the French Civil Code.

 

ARTICLE 4.  PREPAYMENT
AT THE OPTION OF THE BORROWER

 

4.1             Prepayment

 

Subject to compliance with the provisions of
the Subordination Agreement, the Borrower may, provided it gives at least
thirty (30) days written notice to CDC, prepay all or part of Tranche D.

 

Any prepayment will automatically result in the
simultaneous and proportional repayment of the other Second Park CDC Loans.

 

17

 

Subject to the provisions of Article 3 (Payment of Interest — Repayment of Principal) any prepayment
of a principal amount must be accompanied by the payment of the accrued
interest on the principal amount repaid up to the value date of this
prepayment. This interest will be calculated on the basis of the exact number
of days based on a year of 365 or 366 days, as applicable.

 

4.1             Any repayment,
whether early or not, of any principal amount will be final and the Borrower
will not be able to reborrow, under this agreement, the amount thus repaid.

 

4.3             It is specified
that the provisions of article 5 (Prepayment) of
the Amended and Restated Common Agreement are not applicable to Tranche D.

 

4.4             Penalty
for prepayment at the option of the Borrower

 

If the Borrower opts to make a prepayment in
accordance with the provisions of Article 4.1 (Prepayment),
the Borrower will pay CDC not only the accrued interest stated under Article
4.1 (Prepayment) but also a
prepayment penalty corresponding to the amount of interest that would be
payable for a period of ninety (90) days at a rate of 5.15% per annum on the
principal amount prepaid.

 

This penalty will be payable on the date of the
prepayment in question.

 

ARTICLE 5.  REPRESENTATIONS AND WARRANTIES

 

The Borrower warrants and represents, to the CDC, that
on the Date of Signing:

 

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

 

5.2             Its manager is
duly authorised to sign this agreement;

 

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

 

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

 

18

 

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

 

5.6             No legal
proceedings before a judicial, administrative or arbitration court in France or
abroad are in progress or, to the knowledge of the Borrower concerned, about to
be brought which might prevent or prohibit the signing or performance of this
agreement by the Borrower or which might affect its legal capacity to assume
its obligations under this agreement.

 

 

ARTICLE 6.  COVENANTS

 

6.1             Positive
covenants

 

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

 

(a)        the Borrower must notify CDC of any
significant change in its corporate structure or operation, such as, in
particular, a change of management or a change in the amount or distribution of
the share capital, brought to the attention of the Borrower in accordance with
applicable legislation and regulations; it being specified that CDC is already
informed of all the changes foreseen as a result of the Transfer and expressly
consents to the transfer of this agreement to Euro Disney Associés;

 

(b)        the Borrower will, on a yearly basis,
within fifteen (15) days of these being approved by its shareholders, submit
his balance sheets, income statements and annexes to CDC and, starting as of
the completion of the Transfer, within fifteen (15) days of these being
approved by Euro Disney’s S.C.A shareholders, the consolidated accounts and
consolidated balance of Euro Disney S.C.A.;

 

(c)        the Borrower shall provide CDC with any
document, agreement or information that he has to submit to Phase IA Banks,
Phase IB Banks, Phase IA Partners or Phase IB Partners, or any of their agents,
under the conditions precedent to the coming into effect of the amended and
restated versions of the Financing Agreements and in the same forms required by
the aforementioned agreements; and

 

19

 

(d)        Without prejudice to the stipulations of paragraph (b) of
article 8.1 (Positive Covenants) of the
Agreement on the Granting of Participating Loans, and of paragraph (b) of
article 8.1 (Positive Covenants) of the
Agreement on the Granting of Ordinary Loans, starting as of the date at which
all amounts due by the Borrower under the Senior Financings, except for the
Agreement on the Granting of Participating Loans and the Agreement on the
Granting of Ordinary Loans, will have had been paid, the Borrower shall respect
his obligations arising from the Amended and Restated Common Agreement or the
Common Undertakings.

 

6.2             Negative
covenants

 

Until all amounts owed under this agreement are
repaid in full, the Borrower covenants not to merge with another company
without the prior approval of CDC. Such approval cannot be refused if:

 

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

 

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

 

(iii)       the entity
resulting from the merger is authorised, under the terms of the Master
Agreement, to operate the Project;

 

it being however stated that CDC expressly authorises Euro Disney S.C.A.
to make the Transfer.

 

ARTICLE 7.  SUBORDINATION

 

7.1             In the event of a
court-ordered liquidation or any other procedure which may replace such
liquidation in the future relating to the Borrower and without thereby
jeopardising the effects of the mortgage granted under the conditions stated in
Article 8 (Mortgage Allocation)
of this agreement, the rights of CDC to the repayment of the principal and
payment of interest relating to Tranche D will be subject to the prior payment
of all sums owed to creditors under S.C.A. Senior Funding.

 

20

 

7.2             In
addition,

 

(i)         if the payment of any amount in
interest or in principal due and payable under Senior Funding is not made on
the correct date, the due date of the payment of any amount due under Tranche D
in interest or principal will be deferred until the date on which this payment
default under the Senior Funding in question ceases to exist or until the date
on which, despite the continuation of this payment default, the lender or
lenders of the Senior Funding agree that the payment of this amount in interest
and in principal due under Tranche D be made. However, the option to accept
such payment will not be beneficial to CDC;

 

(ii)        if the manager of the Borrower can
prove, under the conditions stated in Article 2.3.2 of the Subordination
Agreement, that the Free Cash Flow on an Annual Payment Date is insufficient,
after payment of the sums due and payable to CDC under Tranche D at that Annual
Payment Date, to pay the sums due under the Senior Funding during the six (6)
months following this Annual Payment Date (the “Period”), the due date of the payment of the portion of the
amount in interest or in principal due under Tranche D, equal to the amount of
the Insufficient Free Cash Flow, will be deferred until the date on which the
level of Free Cash Flow allows payment to be made in respect of:

 

(a)              the due
dates under the Senior Funding due or to be due during the outstanding Period;
and

 

(b)              the share
of the amount due under Tranche D in interest or in principal, and of which the
payment due date has been deferred pursuant to this paragraph (ii).

 

7.3             Provided that any
amount due and payable under the Senior Funding is paid in full, the payment of
all sums owed under Tranche D must be made prior to any payment under any
participating security issued by the Borrower and any capital security of the
Borrower whatsoever.

 

7.4             Interest
rates applicable in the event of the deferral of the due date

 

If any amount due to CDC under Tranche D (other
than an amount of interest accrued on an amount whose due date has been
deferred in accordance with Article 7.2) is not paid on its normal due date and
this due date is deferred in time pursuant to the provisions of Article 7.2
above, interest will accrue on this amount until the date on which it is
actually paid at a rate of Tj, defined for each Interest Period in question as
follows:

 

21

 

Tj = [the higher of the following two rates:

 

(i)         EURIBOR for the Interest Period in
question plus two percent (2%) per annum; or

 

(ii)        5.15 % per annum

 

+

 

[a x 0.30% per annum]

 

where a is the whole number of years elapsed between the beginning of the
deferral and the first day of each Interest Period concerned (inclusive).

 

The interest at the rate thus established will
be calculated for the exact number of days of deferral occurring during the
Interest Period under consideration on the basis of a year of 360 days.

 

The first Interest Period will begin to accrue
from the day following the deferral date of the sums, the payability of which
has been deferred by virtue of Article 7.2 above, and the following Interest
Periods will begin to accrue from the end of the immediately preceding Interest
Period.

 

7.5             The provisions of
Articles 7.1 and 7.2 will cease to apply with effect from the date on which all
the sums due under the Senior Funding other than the Phase I CDC Loans are
fully repaid.

 

 

ARTICLE 8.  MORTGAGE
ALLOCATION

 

It is noted that in order to guarantee up to a
maximum of three hundred and eighty-one million one hundred and twenty-two
thousand euros (€381,122,000), the payment of all sums due by the Borrower to
CDC under the CDC Loans Second Park, the Borrower has granted to CDC a senior
mortgage against the land forming the Second Park made up of the following
lots: AT2.1, AT2.3 and AT2.4, which extends and will continue to extend to the
buildings built or to be built on this land (said land and buildings being
referred to collectively as the “Encumbered
Properties”).

 

This mortgage has given rise to the signing of
a mortgage allocation deed received by Maître Bertrand Lacourte, Notary, dated
31 January 2000 such instrument stipulating that the mortgage will be created
on 31 December 2016 and that it may not under any circumstances be registered
at the Registrar of Mortgages  prior
to this date. The Borrower covenants to do the necessary, at his own expenses,
so that CDC benefits from this mortgage in terms similar to the abovementioned
terms, in guaranty of the Second Park CDC Loan (including Tranche E) as amended
pursuant to this agreement, and the other Amended and Restated Second Park CDC
Loan Agreements.

 

22

 

Whilst this mortgage is not created, the
Borrower undertakes not to assign the Encumbered Properties, except in
connection with the Transfer transaction or a court-ordered liquidation of the
Borrower, nor to grant any other mortgage or lease constituting a right in rem to the latter without the prior
written consent of CDC. It is noted that this covenant is the subject of a
separate agreement inserted into the purchase instrument drawn up on 31 January
2000 between EPAFRANCE and the Borrower relating to the above-mentioned land in
which instrument CDC is the beneficiary of said covenant. It is further noted
that this separate agreement was published in the Registrar of Mortgages
simultaneous to the purchase instrument.

 

The Borrower will bear all costs, fees and
emoluments relating to the creation of this mortgage and its registration in
the Registrar of Mortgages.

 

 

ARTICLE 9.  LENDERS’
MEETING

 

If it appears from the Borrower’s Free Cash
Flow and short-term operating outlook that the Borrower will soon be confronted
with an inability to service its debt, notably under the Second Park CDC Loan
Agreement, the Borrower will employ its best efforts to bring together all its
lenders as soon as possible, including CDC, in order to find an amicable and
continuous solution to the difficulties thus experienced.

 

 

ARTICLE 10.            EVENTS OF DEFAULT

 

10.1           Definition
of Events of Default

 

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

 

(a)        any principal or interest
amount due to CDC under Tranche D is unpaid on its due date and remains unpaid
five (5) Working Days after written notification is sent to this effect by CDC
to the Borrower;

 

(b)        one of the covenants made by
the Borrower in Article 6 (Covenants)  of
this agreement is not met and the Borrower has not remedied nor is about to
remedy this default within thirty (30) days as from the notification sent by
CDC to the Borrower requesting that the default be remedied (excluding, with
respect to the abovementioned 30 days period, in case of a default caused by
the fact that covenants pursuant to article 2 of the Common Undertakings have
not been met) ;

 

23

 

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

 

(d)        any non-subordinated debt of the Borrower resulting from a
loan of sums of money totalling more than fifteen million two hundred thousand
euros (€15,200,000) is declared due and payable in advance as a result of the
existence of a breach on the part of the Borrower;

 

(e)        a final judgment against the
Borrower ordering the Borrower to pay a sum greater than seventy six million
two hundred thousand euros (€76,200,000) and the Borrower does not make the
payment within thirty (30) days;

 

(f)         voluntary withdrawal from the operation of the Second Park
for a period greater than six (6) consecutive months except in the event of
closure (i) for seasonal reasons, or (ii) for rebuilding, repair or
maintenance; and

 

(g)        as of 1 January 2013, Euro Disney S.C.A. or any of its
affiliates contracts any indebtedness from a bank (the “Envisaged Debt”) without the prior
consent of CDC and the effect of contracting such indebtedness renders the
ratio Debt/Consolidated Equity Capital superior to 1 at the date of making the
funds available; it being specified that the Borrower may remedy this Event of
Default within a 30-day period starting as of the date of notification of the
Borrower.

 

10.2           Consequences
of Events of Default

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

10.3           Penalties

 

If CDC should demand repayment of Tranche D due
to the occurrence of an Event of Default as defined in Article 10.1 (f), the
Borrower shall pay CDC under Tranche D, a penalty equal to nine million one
hundred forty seven thousand euros (€9,147,000).

 

This penalty will be payable on two dates, one
half fifteen (15) days after the notification stated in Article 10.1 (Consequences of Events of Default) and the
other half on the first anniversary date of that same notification.

 

 

ARTICLE 11.             CONFIDENTIALITY

 

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

 

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

 

25

 

(ii)        such disclosure
is imposed by the law; or

 

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

 

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

 

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

 

11.3           The provisions of
this Article 11 (Confidentiality)
will be binding on CDC subsequent to the date on which all sums owed by the
Borrower to CDC by virtue of this agreement have been paid and repaid.

 

 

ARTICLE 12.            MISCELLANEOUS PROVISIONS

 

12.1           Applicable
law — Election of jurisdiction

 

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

 

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

 

12.2           Expenses

 

The Borrower agrees to pay the reasonable
expenses incurred by CDC in preparing this agreement or any supplemental
agreement hereto upon presentation of justifying documentation.

 

26

 

12.3           Cumulative
rights and non-waiver

 

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

 

12.4           Notifications

 

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

 

•       to the Borrower
at:

 

EURO DISNEY S.C.A. or as of
the Realisation of Capital Increase Date, EURO DISNEY ASSOCIES S.C.A.:

Immeubles Administratifs [Administrative
Buildings]

Route Nationale 34

77000 Chessy

 

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

 

Fax: 01 64 74 56 36.

 

•       to CDC at:

 

LA CAISSE DES DÉPÔTS ET
CONSIGNATIONS

Direction des Fonds d’Épargne [Savings Funds
Department]

72 avenue Pierre
Mendès France

75914 Paris Cedex 13

 

Attn.: Direction Financière [Finance
Department]

 

Fax: 01 58 50 07 48.

 

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

 

For the purpose of calculating any time period
under the terms of this agreement, the first day that will be used will be the
date of receipt by the recipient of the registered letter with acknowledgement
of receipt stated above.

 

27

 

12.5           Independence
of clauses

 

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

 

12.6           Binding
effect and termination

 

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

 

In the absence of the Realisation of the
Capital Increase or the failure to complete the Transfer by 31 March 2005:

 

(a)        the parties to this
Agreement will consult each other for a period of thirty (30) days (the “Time Period”) for the purpose of finding a
solution to the situation thus
encountered;

 

(b)        if no agreement is reached on the
expiry of the Time Period, the provisions of this agreement will be
automatically terminated, except for the stipulations of the last paragraph of
Article 3.2.2 (a). Termination will take effect on the date on which the Time
Period ends. In such a case, the Second Park CDC Loans  will remain governed by the Second
Park CDC Loans Agreements (integrating the Amendments) and the Common
Agreement.

 

It has also been agreed that
:

 

(i)               in case of non-Realisation of the
Capital Increase, the term of the waiver referred to in the waiver request sent
by Euro Disney S.C.A. to the CDC dated 17 October 2003 as well as in the
Memorandum of Agreement, will be extended until the 31 March 2005 or, in case
of a dialogue as provided in paragraph (a) of article 7.7 (Termination) of the Memorandum of
Agreement, until termination of some of its provisions pursuant to the
aforementioned article;

 

(ii)              In case of Realisation of the
Capital Increase, the CDC shall not avail itself of any Event of Default as
provided in the previous paragraph (i) and for any reason.

 

28

 

12.7           Transfers
of rights

 

(a)        The Borrower may not transfer any of its
rights or obligations by virtue of this agreement without obtaining prior
written agreement from CDC, it being specified, however, that in accordance
with the Transfer, CDC authorises Euro Disney S.C.A. to transfer its rights and
obligations arising from this agreement to Euro Disney Associés.

 

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

 

(b)        Until 31 December 2004, CDC may not
transfer any of its rights or obligations under this agreement without
obtaining the prior agreement of the Borrower.

 

As from 1 January 2005, CDC may freely transfer
any of its rights or obligations to a financial institution, or any other
company created specifically to this effect, that has a minimum of one branch
in one of the countries where the legal tender on the envisaged transfer date
is the euro, provided this financial institution on the date of transfer has a
rating equal to or greater than A in the system used by Standard & Poor’s
or an equivalent level in other international rating systems, subject to the
following conditions: (i) the financial institution or the concerned entity
shall accede to all the provisions of this agreement and (ii) CDC shall notify
the Borrower pursuant to Article 12.4 (Notifications).

 

12.8           Absence
of Novation

 

This agreement shall not operate novation of
the debt resulting from the Second Park CDC Loans and more specifically Tranche
D, which Second Park CDC Loans terms shall remain
unchanged (subject to the modifications made according to the terms of this
agreement) notwithstanding the changes made to the Second Park CDC Loans or the
creation of Tranche E. This agreement has been entered into in view of setting
forth in a sole agreement, the Agreement D incorporating the Amendments or any
necessary change made pursuant to paragraph (G) of the introduction of this
agreement.

 

12.9           Global
Effective Rate

 

In
order to meet the requirements of Articles L. 313—1 and L. 313—2 of the French
Consumer Code and for this purpose only, CDC declares, by way of example, to
the Borrower, which accepts, that the Global Effective Rate applicable to
Tranche D, on the basis of a year comprising three hundred and sixty-five (365)
days, will be:

 

4.87
% per annum,

 

29

 

This
Global Effective Rate has been calculated on the basis of:

 

•       A rate of
5.15 % per annum; and

 

•       a Tranche
D of a principal amount on the Date of Signing of one hundred fourty seven
million three hundred thirty six thousand and six hundred euros (€114,336,600),
drawn and used in its entirety on the Date of Signing.

 

 

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

In
three (3) original copies.

 

 

	
  For
  the Borrower:

  
	
   

  
	
  EURO DISNEY S.C.A.

  
	
   

  
	
  By:
  

  	
   

  	
   

  
	
  Name:
  Jeffrey R. Speed

  
	
   

  
	
  For
  CDC:

  
	
   

  
	
  LA CAISSE DES DÉPÔTS ET CONSIGNATIONS

  
	
   

  
	
  By:
  

  	
   

  	
   

  
	
  Name
  : Jean François de Caffarelli

  
					

 

30

 

ANNEX I

FORM OF SUBORDINATION AGREEMENT

 

[See Exhibit 4.18 to the Form 20-f]

 

31

 

ANNEX II

REPAYMENT AND INTEREST PAYMENT
SCHEDULE OF TRANCHE D

 

CAISSE DES DEPÔTS ET CONSIGNATIONS

 

DIRECTION DES FONDS D’EPARGNE

 

REPAYMENT SCHEDULE

 

Tranche D

 

 

	
  Contract’s
  number before the 2004 restructuring :

  	
  1 000 563

  	
  SECOND
  PARK LOAN

  
	
  after the 2004 restructuring :

  	
  1 xxx xxx

  	
   

  
	
  Borrower’s
  number :

  	
  000 123 609

  	
  EURO DISNEYLAND S.C.A.

  
				

 

	
  Principal
  initial amount :

  	
  114,336,600.00

  	
   

  	
  euros

  
	
  Effective
  Global Rate on the :  12/31/03

  	
   

  	
  4.87

  	
  %

  	
   

  
	
  Annual
  facial rate before renunciation to the interests:

  	
   

  	
  5.15

  	
  %

  	
   

  

 

 

	
  Maturity
  date

  	
   

  	
  Annual rate

  	
   

  	
  Principal outstanding amount
  before maturity

  	
   

  	
  Repayment

  	
   

  	
  Interests

  	
   

  	
  Total due on maturity

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12/31/2004

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2005

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2006

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2007

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2008

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2009

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2010

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2011

  	
   

  	
  4.49

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,138,334.90

  	
   

  	
  5,138,334.90

  	
   

  
	
  12/31/2012

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2013

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2014

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2015

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  12/31/2016

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2017

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  4,888,124.59

  	
   

  	
  4,888,124.59

  	
   

  
	
  10/30/2018

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2019

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2020

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2021

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2022

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2023

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2024

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2025

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2026

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  0.00

  	
   

  	
  5,888,334.90

  	
   

  	
  5,888,334.90

  	
   

  
	
  10/30/2027

  	
   

  	
  5.15

  	
  %

  	
  114,336,600.00

  	
   

  	
  114,336,600.00

  	
   

  	
  5,888,334.90

  	
   

  	
  120,224,934.90

  	
   

  

 

32

 

ANNEX III

 

FORM OF AGREEMENT CONTAINING THE
TERMS AND CONDITIONS APPLICABLE TO THE LONG TERM SUBORDINATED DEBT

 

[See Exhibit 4.28 of the
Form 20-f]

 

 

33

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