Document:

Exhibit 4.13 (b)

 

English translation for
information only 

 

EURO DISNEYLAND EN FRANCE – PHASE IA

 

1 December 2004

 

Partners’ Advances Agreement
dated 26 April 1989

 

Amended and Restated

 

Between

Euro Disneyland
Participations S.A.

CALYON

BNP PARIBAS

BRED Banque Populaire

Casden – Banques Populaires

Crédit Agricole SA

Caisse Régionale de Crédit Agricole Mutuel d’Ile de France

Caisse Régionale de Crédit Agricole Mutuel de la Brie

Dexia Crédit Local

Natexis Banques Populaires

Kodak Pathé

Société du Louvre

Sofinco

Axa Banque

ABN AMRO

Fortis Banque France

Crédit Foncier de France

Banque Hervet

Compagnie Financière de Rotschild

Société Nancéenne Varin Bernier

And

Euro Disneyland S.N.C.

 

Agent

CALYON

 

Legal advisers to the Agent

Slaughter and May

112, avenue Kléber

75116 Paris

 

Legal advisers to the Borrowers

Freshfields Bruckhaus Deringer

2 - 4, rue Paul Cézanne

75008 Paris

 

1

 

Contents

 

	
  CLAUSE
  1 – DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  2 – PARTNERS’ OBLIGATIONS

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  3 – INTEREST

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  4 – LATE INTEREST

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  5 – REPAYMENT

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  6 – DEFERRED PAYMENT

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  7 – SUBORDINATION

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  8 – SUBORDINATION OF THE ED S.C.A. LOAN TO THE FIRST RANK ADVANCES AND OF THE
  SECOND RANK ADVANCES TO THE ED S.C.A. LOAN

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  9 – TRANSFER

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  10 – PAYMENTS

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  11 – UNDERTAKING

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  12 – AGENT

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  13 – NOTICES - COMMUNICATION

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  14 – EFFECTIVE GLOBAL INTEREST RATE

  	
   

  
	
   

  	
   

  
	
  CLAUSE
  15 – APPLICABLE LAW – JURISDICTION

  	
   

  
	
   

  	
   

  
	
  SCHEDULE I
  Partners

  	
   

  

 

2

 

BETWEEN:

 

1.                                       ABN AMRO, whose
registered office is at 3 Avenue Hoche, 75008 PARIS,

 

2.                                       AXA BANQUE, whose
registered office is at 33 rue Cambon, 75001 PARIS,

 

3.                                       BANQUE HERVET, whose registered office is at 1 Place de la Préfecture, 18000 BOURGES,

 

4.                                       BNP PARIBAS,
whose registered office is at 16 Boulevard des Italiens, 75009 PARIS,

 

5.                                       BRED BANQUE POPULAIRE, whose registered office is at 5 Avenue du Château, 94300
VINCENNES,

 

6.                                       CAISSE REGIONALE DE
CREDIT AGRICOLE MUTUEL DE LA BRIE, whose registered office is at 24 Avenue du Maréchal Foch, 77100 MEAUX,

 

7.                                       CAISSE REGIONALE DE
CREDIT AGRICOLE MUTUEL D’ILE DE FRANCE, whose registered office is at 26 Quai de la Rapée,
75012 PARIS,

 

8.                                       CALYON, whose registered office is at 9 quai
du Président Paul Doumer, 92920 Paris La Défense,

 

9.                                       CASDEN – BANQUES POPULAIRES, whose registered office is at 91 Cours des Roches, Noisiel, 77424 MARNE-LA-VALLEE Cedex 02,

 

10.                                 COMPAGNIE FINANCIERE DE ROTHSCHILD, whose registered office is at 47 rue du Faubourg Saint-Honoré, 75008 PARIS,

 

11.                                 CREDIT AGRICOLE SA , whose registered office is at 91–93 Boulevard Pasteur, 75015 PARIS,

 

12.                                 CREDIT FONCIER DE FRANCE, whose registered office is at 19 rue des Capucines, 75001 PARIS,

 

13.                                 DEXIA CREDIT LOCAL, whose registered office is at 7-11 Quai André Citroën, B.P. 1002,
75901 PARIS Cedex 15,

 

14.                                 EURO DISNEYLAND PARTICIPATIONS
S.A., whose registered
office is at Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

15.                                 FORTIS BANQUE FRANCE, whose registered office is at 29, quai de Dion Bouton 92800 Puteaux,

 

16.                                 KODAK PATHE, whose
registered office is at 26, rue Villiot, 75012 PARIS,

 

3

 

17.                                 NATEXIS BANQUES POPULAIRES, whose registered office is at 45 rue Saint-Dominique, 75007 PARIS,

 

18.                                 SOCIETE DU LOUVRE, whose registered office is at 58 Boulevard Gouvion-Saint-Cyr, 75017
PARIS,

 

19.                                 SOCIETE NANCEENNE VARIN BERNIER, whose registered office is at 4, place André Maginot 54017 Nancy,

 

20.                                 SOFINCO, whose
registered office is at 27 rue de la Ville l’Evêque, 75008 PARIS,

 

(hereinafter referred to together as
the “Partners” and, individually, a “Partner”)

 

TOGETHER, OF THE FIRST PART

 

And

 

21.                                 EURO DISNEYLAND S.N.C., a French société en nom collectif whose registered office is at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

(hereinafter referred to
as the “S.N.C.”)

 

OF THE SECOND PART

 

And

 

CALYON, whose registered office is at 9 quai
du Président Paul Doumer, 92920 Paris La Défense, en qualité d’Agent,

 

(hereinafter referred to
as the “Agent”)

 

OF THE THIRD PART

 

4

 

WHEREAS:

 

(A)                             Pursuant to the Phase IA Advances Amendment and Restatement
Agreement dated 1 December 2004, the parties to that agreement agreed (a)
to create a consolidated version of the partners’ advances agreement dated 26 April 1989
including the amendments made to it by a supplemental agreement dated 10 August 1994
; (b) to amend that consolidated version in order to (i) remove from the text
all provisions which have solely historical significance, to remove certain
obsolete references, and (ii) to apply the Memorandum of Agreement; and (c) to
restate all provisions of the partners’ advances agreement of 26 April 1989
which have not been amended at all, in the terms of the amended and restated
agreement set out as a schedule to that agreement.

 

(B)                          This amended and restated Agreement constitutes the schedule referred
to in paragraph (A) above.

 

NOW, THEREFORE, IT IS HEREBY AGREED
as follows:

 

CLAUSE 1 – DEFINITIONS

 

For the application and interpretation of this
Agreement and its Schedules, except where the context otherwise requires, the
expressions defined in the Common Agreement or in the Covenants shall have the
meanings attributed to them therein and, in addition to the terms defined in
the description of the parties, the following expressions have the following
meanings:

 

“Advances” means the
amount of principal not repaid from the advances made by each of the Partners
in the application of this Agreement;

 

“Available Cashflow” means, on any date, the difference between (i) the available cash of
the S.N.C. increased by the undrawn balance available for drawing under the
Bank Loans and the CDC Loan Agreements or any other loan supplementing or
substituting the Bank Loans or the CDC Loan Agreements and (ii) the amounts
payable on such date with respect to the Senior Debt.  For the interpretation of (ii) above, any
prepayment, cancellation or non-renewal decided by the S.N.C. under the Bank
Loans, the CDC Loan Agreements or any other loan supplementing or substituting
the Bank Loans or the CDC Loan Agreements shall not be considered as an amount
payable under the Senior Debt;

 

“Balance of Repayment” has the meaning given to it in Clause 5 (Repayment);

 

“Bank Loans” means the loan commitments granted to the S.N.C. and the S.C.A. by a
group of French and foreign banks and financial institutions for an amount of
principal of €273,488,244.34 at the Restatement Date, under the terms of the
Phase IA Credit Agreement;

 

5

 

“Business Day” means every day on which banks are open for business in Paris;

 

“Cashflow Available after
Advances” means, on any date, the difference
between (i) the Available Cashflow and (ii) the amounts payable on the
aforementioned date under the First Rank Advances including the amounts due
under the First Rank Advances the payment of which has been deferred pursuant
to Clause 6 (Deferred Payment) of
this Agreement, increased to the extent that the First Rank Advances have not
been entirely repaid, of the non-amortised part from the advance payment in
respect of rent of € 45,734,705 (300 millions French Francs) paid to the S.N.C.
under the Crédit-Bail Agreement
and of the supplementary lease payments provided for in Clause 16 (A) (b) of
the Crédit-Bail Agreement paid to
the S.N.C.;

 

“Common Agreement” means the agreement dated 10 August 1994 between Euro Disney
S.C.A., acting in its name and in the name of and on behalf of its
subsidiaries, EDL Hôtels S.C.A., acting in its name and in the name of and on
behalf of its subsidiaries, Euro Disneyland S.N.C., the S.N.C. Hotel Companies,
Phase IA Banks, the CDC, the Phase IA Partners, the Phase IB Banks and the
Phase IB Lenders, as amended and restated in accordance with the Common
Agreement Amendment and Restatement;

 

“Common Agreement Amendment and
Restatement” means the agreement dated
1 December 2004 amending and restating the Common Agreement;

 

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

 

“Disney Undertaking” means the letters from TWDC substantially in the forms set out in
schedules 19, 20, 21 and 22 to the Phase IA Credit Amendment and Restatement
Agreement;

 

“ED S.C.A. Loan” means the loan agreement between Euro Disney S.C.A. as lender and
the S.N.C. as borrower dated 10 August 1994 as amended by supplemental
agreement n°1 dated 30 September 1999;

 

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

 

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

 

6

 

“First Rank Advances” means the Advances of an amount of principal of €228,673,525.86 on
the Restatement Date, to which the ED S.C.A. Loan and the Second Rank Advances
are subordinated;

 

“Interest Payment Date” means 15 January, 15 April, 15 July and 15 October of each
year, or if one of those dates is not a Business Day, the first Business Day
following the relevant date;

 

“Manager” means the Management Company of Euro Disneyland SA, whose
registered office is at Immeubles Administratifs, Route Nationale 34, 77700
Chessy, or any of its successors appointed to the position of manager under the
statuts of the S.N.C.;

 

“Payment in Respect of
Advances” has the meaning given to it in
Clause 7 (Subordination) ;

 

“Phase IA Advances
Amendment and Restatement Agreement” means
the agreement dated 1 December 2004 amending and restating the Agreeement.

 

“Phase IA Credit Amendment
and Restatement Agreement” means the
agreement dated 1 December 2004 amending and restating the Phase IA Credit
Agreement;

 

“Principal Creditor –
Principal Creditors” has the meaning given
to it in Clause 7 (Subordination);

 

“Reference Banks” means each of the following entities, namely CALYON, BNP PARIBAS and
Crédit Agricole SA;

 

“Repayment Date” means 15 January, 15 April, 15 July and 15 October or,
if one of those dates is not a Business Day, the first Business Day following
the relevant date, of each of the years included in the Repayment Period;

 

“Repayment Period” means the period between the 1 January following the accounting
period in which the S.N.C. has Taxable Income for the first time and the date
on which all Advances have been repaid;

 

“Restatement Date” means the date on
which all conditions precedent specified in Clause 3  (Conditions
precedent) of the Common Agreement Amendment and Restatement and
which have not been waived by the Agent are satisfied;

 

“Second Rank Advances” means the
Advances of an amount of principal of € 76,224,508.62 on the Restatement Date,
which are subordinated to the Senior Debt, the First Rank Advances and the ED
S.C.A. Loan;

 

“Senior Debt” means the amounts in principal, applicable premiums, interest and
all other amounts due under:

 

(a)                          indebtedness of the S.N.C. under the Phase IA Credit
Agreement ;

 

(b)                         indebtedness of the S.N.C. under the CDC Loan Agreements ;

 

7

 

(c)                          all other indebtedness of the S.N.C. (including third party
indebtedness guaranteed by the S.N.C.) other than the Advances and the ED
S.C.A. Loan, whether such indebtedness exists at the date of signature of this
Agreement or is created or contracted for hereafter provided that such
indebtedness is (i) in respect of money borrowed or (ii) evidenced by a note or
similar instrument issued on the acquisition of property or assets of whatever
nature ;

 

(d)                         obligations of the S.N.C. under interest rate swaps or similar
contracts ;

 

(e)                          obligations of the S.N.C. under arbitrage transactions on foreign
currency or currency swap agreements entered into in respect of any such
indebtedness or obligation ; and

 

(f)                            supplemental agreements, renewals, extensions, amendments and
refinancings of such indebtedness or obligations unless it is provided in the
instrument creating or evidencing that indebtedness or those obligations, or
under which that indebtedness or those obligations exist, that that
indebtedness or those obligations are not to be paid in priority to the
Advances ;

 

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

 

“Taxable Income” means the income which is subject to corporate tax, as such income
is reported in the financial statements of the S.N.C. approved by its statutory
auditors, after recognition of deferred depreciation, or depreciation deemed to
be deferred, if any.

 

CLAUSE 2 – PARTNERS’ OBLIGATIONS

 

Every Partner participates in the Advances in the
amounts set out in Schedule 1.

 

On the Restatement Date, the total amount of Advances
is € 304,898,034.47.

 

The obligations of each Partner arising from this
Agreement shall be distinct from the obligations of the other Partners and the
Partners shall not be jointly liable.

 

None of the provisions of this Agreement, including
the definitions set out in Clause 1 (Definitions)
above, shall be considered as broadening, in any manner whatsoever, the
corporate purposes of the S.N.C. or as amending the provisions of its statuts relating to the powers of the
Manager of the S.N.C.

 

CLAUSE 3 – INTEREST

 

The interest rate applicable to the Advances shall be
equal to three percent (3%) per annum.

 

Subject to the provisions of Clause 7 (Subordination) of this Agreement, on each
Interest Payment Date, the S.N.C. shall, in accordance with the provisions of
Clause 10 (Payments) of this
Agreement, pay to the Partners the accrued interest on the amount of each of
the Advances.

 

8

 

The interest payable pursuant to this Agreement shall
be calculated by the Agent according to the exact number of days which have
elapsed on the basis of a year having 360 days with 12 months of 30 days each.

 

CLAUSE 4 –DEFAULT INTEREST

 

In the event of a failure by the S.N.C. to make any
payment of principal due on an Advance pursuant to this Agreement, or which
would have been due and payable in the absence of the provisions of Clause 7 (Subordination) of this Agreement on a
Repayment Date, the S.N.C. shall pay interest on the amount unpaid from such
Repayment Date until the date of effective payment of such amount, from the day
when the payment should have been made for an initial period of three months,
then for successive periods of three months at three-month EURIBOR determined at
11 a.m. (Paris time) on the last day of each of these periods, increased
by one percent (1%) per annum.

 

The amount of interest remaining unpaid at the end of
a period of twelve (12) months after its due date shall be capitalised and
shall itself bear interest at three-month EURIBOR increased by one percent (1%)
per annum.

 

The Agent shall calculate the amount of interest due
pursuant to this clause and shall notify the S.N.C. and the Partners of such amount.

 

CLAUSE 5 – REPAYMENT

 

5.1                              Subject
to the provisions of clauses 6 (Deferred
Payment), 7 (Subordination)
and 8 (Subordination of the ED S.C.A. Loan
to the First Rank Advances and of the Second Rank Advances to the ED S.C.A Loan)
of this Agreement, the Advances will be repaid on every Repayment Date during
the Repayment Period.

 

The amount of each repayment of the
Advances, for each of the years of the Repayment Period, will be calculated
according to the Taxable Income of the S.N.C. in the following manner, and the
corresponding repayment will be made on the relevant Repayment Date :

 

(A)                              on 15 January of each year (n), an amount equal to
one-quarter (1/4) of the Taxable Income of the S.N.C. for the year (n – 2),
multiplied by the corporate tax rate applicable during the year (n – 1);

 

(B)                                on 15 April of each year (n), an amount equal to
one-quarter (1/4) of the Taxable Income of the S.N.C. for the year (n-1),
multiplied by the corporate tax rate applicable during the year (n), increased,
should the occasion arise, by an amount corresponding to the balance (the “Balance of Repayment”) equal to the
difference between, on the one hand, the product of the Taxable Income of the
S.N.C. for the year (n – 1) and the corporate tax rate applicable in the year
(n – 1) and, on the other hand, the amount of the possible repayments made
(with the exception of the Balance of Repayment of 15 April) on 15 April,
15 July and 15 October of the year (n – 1) and on 15 January of
the year (n); if the application of this formula yields a negative amount, no
repayment will be made and the absolute value of that amount will be deducted
from the following repayments;

 

9

 

(C)                                on 15 July and 15 October of each year (n), an amount
equal to one-quarter (1/4) of the Taxable Income of the S.N.C. for the year (n –
1) multiplied by the corporate tax rate applicable during the year (n).

 

The Agent shall calculate the amounts to be
repaid by applying the foregoing provisions and shall communicate those amounts
to the S.N.C. and to each of the Partners five (5) Business Days before each of
the relevant Repayment Dates.

 

5.2                              The
repayments will be applied firstly to the First Rank Advances and then to the
Second Rank Advances.

 

CLAUSE 6 – DEFERRED PAYMENT

 

6.1                              As
long as all debt contracted by the S.N.C. in the form of Bank Loans and the CDC
Loan Agreements has not been repaid, if, on a Repayment Date, the amount of the
Available Cashflow of the S.N.C. is less than the amount of the repayments of
Advances to be made pursuant to Clause 5 (Repayment),
the amount of repayments shall be reduced accordingly and postponed under the
conditions provided for in sub-clause 6.2 below.

 

6.2                              The
repayment of the portion remaining to be repaid shall be deferred to the next
Repayment Date, and the amount carried forward shall bear interest, at EURIBOR,
determined at 11 a.m. (Paris time) on the day on which repayment of such amount
should have been made for an initial period of three months, then for each
successive three-month period, at three-month EURIBOR, determined at 11 a.m.
(Paris time) on the last day of each of those periods, increased by one percent
(1%) per annum.

 

6.3                              The
S.N.C. shall inform the Agent of each deferred payment pursuant to the
foregoing provisions at least fifteen (15) Business Days prior to the Repayment
Date in question.  The Agent shall inform
the Partners of the deferred payment and of the amount so deferred.

 

In the event of dispute, the S.N.C. shall provide the
Agent, upon the Agent’s request, with a certificate from its statutory auditors
attesting to the amount of Available Cashflow on each Repayment Date.

 

CLAUSE 7 – SUBORDINATION

 

7.1                              Each of the Partners agrees that the indebtedness evidenced by the
Advances and all payments to be made by the S.N.C. in respect of the Advances
(the “Payments in Respect of Advances”) are hereby entirely subordinated,
within the limits and in the cases provided for in sub-clauses 7.2 and 7.3
below, to the Senior Debt, and that such subordination is for the benefit of
all creditors of the S.N.C. under the Senior Debt (the “Principal Creditor” or the “Principal Creditors”).

 

10

 

7.2                              Upon any distribution of assets of the S.N.C. of any kind or
character, whether in cash, property or securities, upon any dissolution or liquidation of the S.N.C., whether voluntary or involuntary
or under any procedure collective,
insolvabilité, redressement judiciaire, liquidation judiciaire or any other
proceedings having the same effect with respect to the S.N.C., all payments under
the Senior Debt (including, to the extent permitted by law, payments of
interest after the commencement of any such proceeding at the rate specified in
the applicable Senior Debt) shall be paid in cash, or in any other form
satisfactory to the relevant Principal Creditors, before any of the Partners
shall be entitled to receive any Payment in Respect of Advances.

 

Before any Payment in Respect of Advances
shall be made by the S.N.C., upon any such dissolution or winding up or
liquidation, any payment or distribution of assets or of securities of the
S.N.C., of any kind or character, to which the Partners would be entitled
pursuant to the Advances, except for the provisions of this clause, shall be
made by the S.N.C., by any receiver (administrateur
judiciaire), liquidator (liquidateur),
or any other person responsible for making such payments or distributions,
shall be made directly to the Principal Creditors or to their representatives
to the extent necessary to make all payments under the Senior Debt in full,
after taking into account any concurrent payments or distributions from which
the Principal Creditors benefit under the Senior Debt.

 

7.3                              Upon the maturity of any Senior Debt, regardless of the cause of
such maturity (including the original date of maturity or upon an event of
default) all payments due under such Senior Debt shall be paid before any
Payment in Respect of Advances is made by the S.N.C. or any person acting on
behalf of the S.N.C.

 

As a result thereof, in the event that, on
the due date of a Payment in Respect of Advances, the S.N.C. is in default on
the payment of an amount due under the Senior Debt, such Payment in Respect of
Advances shall not be made prior to the payment by the S.N.C. of any amount
then due under the Senior Debt.

 

Upon the happening of an event of default
under any Senior Debt, as defined in the terms of such Senior Debt, permitting
a or the Principal Creditor(s) to accelerate the maturity thereof, and, if the
event of default is other than a default in payment relating to that Senior
Debt, upon written notice thereof given to the S.N.C. by a or the Principal
Creditor(s) or their representatives, then, unless and until such event of
default shall have been cured or waived by the relevant Principal Creditors or
shall have ceased to exist, no direct or indirect Payment in Respect of
Advances by or for the account of the S.N.C. or any person acting on behalf of
the S.N.C. whether pursuant to the terms of this Agreement or otherwise shall
be made.

 

7.4                              The
present clause defines the respective rights of the Partners and the Principal
Creditors.  Nothing in this Agreement
shall:

 

(A)                              affect, as among the S.N.C., its creditors other than the Principal
Creditors and the Partners, the obligations of the S.N.C. to make all Payments
in Respect of Advances in accordance with the terms of this Agreement; nor

 

11

 

(B)                                affect the respective rights of the Partners and of creditors
against the S.N.C. other than the Principal Creditors.

 

7.5                              No
act or failure to act by the S.N.C., or any failure by it to comply with this
Agreement, or any act or failure to act in good faith, by a Principal Creditor,
will affect the right of that Principal Creditor to enforce the subordination
of the indebtedness resulting from the granting of the Advances.

 

Without in any way limiting the generality
of the foregoing paragraph, the Principal Creditors may, at any time, without
the consent of or any notice to the Partners, and without incurring the
responsibility of the Partners and without affecting or cancelling the
subordination provided in the clause or the obligations of the Partners under
this Agreement towards the Principal Creditors, do any one or more of the
following:

 

(A)                              change the manner, place or conditions of payment or extend the time
for payment of, or renew or amend a Senior Debt, or otherwise amend or
supplement in any other manner a Senior Debt or any instrument evidencing the
same, or any agreement by virtue of which that Senior Debt exists;

 

(B)                                sell, exchange, make re-available or negotiate or otherwise deal
with any pledged, mortgaged or otherwise secured asset securing Senior Debt;

 

(C)                                release any person liable in any manner for the collection of Senior
Debt; and

 

(D)                               exercise or refrain from exercising any rights against the S.N.C. or
any other person.

 

7.6                              Each of the Partners agrees that the provisions of the present
clause are an inducement and consideration to each Principal Creditor to
acquire or to retain Senior Debt, whether now existing or hereafter
created.  Each Principal Creditor shall
be treated as having relied on these provisions to acquire or retain Senior
Debt, whether now existing or hereafter created.

 

CLAUSE 8 – SUBORDINATION OF THE ED S.C.A. LOAN TO THE FIRST RANK ADVANCES AND
OF THE SECOND RANK ADVANCES TO THE ED S.C.A. LOAN

 

The ED S.C.A. Loan does not constitute a Senior Debt
of the S.N.C.

 

The payment of all sums due and payable in principal,
interest, expenses and ancillary costs under the ED S.C.A. Loan is subordinated
to the prior payment of all sums due and payable under the Senior Debt, then
under the First Rank Advances (including all amounts due under the First Rank
Advances and whose payment shall have been deferred pursuant to clause 6 (Deferred Payment)  of this Agreement).

 

The provisions of the ED S.C.A. Loan may only be
amended by the parties with the prior consent of the Partners.

 

12

 

If, on the due date of an amount due under the ED
S.C.A. Loan, the Cashflow Available After Advances of the S.N.C. are not
sufficient to allow the full payment of this amount, such amount shall be
reduced accordingly and the payment of the unpaid portion shall be deferred
until the next interest due date (if it is a question of interest) or for three
months (if it is a question of principal), as long as the Cashflow Available
After Advances is sufficient to allow the payment, failing which the unpaid
amounts shall once again be deferred as indicated above.

 

The First Rank Advances shall remain subordinated to
the Senior Debt under the conditions stipulated in clause 7 (Subordination) of this Agreement.

 

The Second Rank Advances are subordinated to the
Senior Debt, to the First Rank Advances and to the ED S.C.A. Loan (including
the amounts due under the ED S.C.A. Loan whose payment has been deferred as
indicated above), the conditions of this subordination being those stipulated
in clause 7 (Subordination) of
this Agreement; the repayment of the Second Rank Advances shall, where appropriate,
be deferred under the conditions stipulated in clause 6 (Report) of this Agreement.

 

CLAUSE 9
– TRANSFER

 

Each Partner shall be entitled to assign or otherwise
transfer all or part of its participation in the S.N.C. and its rights and
obligations under this Agreement, subject to the conditions set out in Article 11
of the statuts of the S.N.C.

 

If a Partner wishes to assign or transfer all or part
of its rights and obligations as provided for above to a third party, they
shall deliver to the Manager of the S.N.C., with a copy to the Agent, a
contract signed by the third party by which that third party agrees to adhere
to this Agreement and accepts all its provisions.

 

CLAUSE 10 – PAYMENTS

 

All payments or repayments to be made by the S.N.C. to
the Partners pursuant to this Agreement shall be made by deposit to the account
designated by the Agent.

 

The Agent shall be responsible for allocating between
the Partners the amounts so deposited.

 

CLAUSE 11
– UNDERTAKING

 

The S.N.C. undertakes to the Partners that, until all
of the Advances made by the Partners pursuant to this Agreement have been fully
repaid, and all the other obligations arising for the S.N.C. from this
Agreement have been satisfied, it will observe and perform the provisions of
the Covenants.

 

CLAUSE 12 – AGENT

 

12.1                       Each Partner hereby designates CALYON as Agent and, to this effect,
gives CALYON all powers to effect in its name and in its place all that which
is expressly delegated to it pursuant to the terms of this Agreement as well as
that which is reasonably the result thereof.

 

13

 

The Agent, its directors, managing officers
or agents shall not be liable for any act or omission within the context of
this Agreement, except in the event of gross negligence or wilful
misconduct.  In the same manner, the
Agent will not take any initiative, other than to accomplish the tasks which
are expressly consigned to it under this Agreement, but will act in accordance
with the instructions given to it from the Partners acting unanimously,
excluding Euro Disneyland Participations S.A., and cannot, in particular,
settle any dispute or initiate any proceedings without the express
authorisation of the Partners.

 

12.2                       The Agents may consider each Partner as the holder of all rights
relating to that Partner’s participation in the Advances pursuant to this
Agreement until it has received notice of a transfer.

 

12.3                       The Agent
shall not be liable to the S.N.C or to the Partners with respect to the
validity or the binding nature of this Agreement.  Furthermore, the Agent shall not be liable
(i) to the S.N.C. for any failure on the part of the Partners to perform their
obligations under this Agreement and (ii) to the Partners for any failure on
the part of the S.N.C. to perform its obligations under this Agreement.

 

12.4                       The Agent in its capacity as Partner shall have the same rights and
obligations pursuant to this Agreement as the other Partners.

 

12.5                       The Agent
may resign from its functions at any time on the condition that it gives the
Partners ninety days’ prior notice of such resignation.

 

The Partners
may terminate the functions of the Agent by a vote representing 85% of the
shares of the S.N.C., excluding shares held by the Agent, on the condition of
the same prior notice of ninety days.

 

Such
resignation or termination cannot take effect before a new Agent has been
appointed and such new Agent has accepted its functions.

 

12.6                       The S.N.C.
agrees to remunerate the Agent for its functions as Agent in an amount to be
agreed upon in a separate letter.

 

CLAUSE 13 – NOTICES - COMMUNICATION

 

All notices, requests or communications which can or
must be made by the Partners to the S.N.C. or by the S.N.C. to the Partners
pursuant to this Agreement shall be made in writing and delivered to the Agent
as intermediary.

 

The notices, requests and communications to be made
pursuant to this Agreement shall be delivered to the respective addresses of
the S.N.C. and the Agent appearing at the beginning of this Agreement.

 

CLAUSE 14 – EFFECTIVE GLOBAL INTEREST RATE

 

For the purpose of satisfying the provisions of the
French Code de la consommation,
it is hereby agreed that the effective global interest rate applicable to an
Advance shall be three percent (3%) per annum.

 

14

 

CLAUSE 15 – APPLICABLE LAW – JURISDICTION

 

This Agreement is governed by French law.

 

Any dispute arising under this Agreement shall be
submitted to the exclusive jurisdiction of the Tribunal de Commerce de Paris.

 

Amended and restated in Paris

on the Restatement Date

 

15

 

SCHEDULE 1

 

Partners

 

	
  BANK

  	
   

  	
  AMOUNT (EUR)

  	
   

  
	
  AXA BANQUE

  	
   

  	
  3 048 980.34

  	
   

  
	
  137 rue Victor Hugo

  	
   

  	
   

  	
   

  
	
  92687 Levallois Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 55 62 83 70

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 55 62 81 22

  	
   

  	
   

  	
   

  
	
  Attention: Robert SENEMAUD

  	
   

  	
   

  	
   

  
	
  ABN AMRO BANK

  	
   

  	
  7 622 450.86

  	
   

  
	
  3 Avenue Hoche

  	
   

  	
   

  	
   

  
	
  75008 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 56 21 99 56

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 56 87 75 40

  	
   

  	
   

  	
   

  
	
  Attention: Dominique Laurier / Claudie Chevreul

  	
   

  	
   

  	
   

  
	
  BANQUE HERVET

  	
   

  	
  7 622 450.86

  	
   

  
	
  184 avenue Frédéric et Irène Joliot-Curie

  	
   

  	
   

  	
   

  
	
  TSA 50003 - 92729 Nanterre Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 57 66 52 54

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 57 66 54 16

  	
   

  	
   

  	
   

  
	
  Attention: Jean MESSINESI

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  25 916 332.93

  	
   

  
	
  37, Place du Marché St Honoré

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 43 16 91 92 / 33 1 43 16 91 96

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 43 16 90 47

  	
   

  	
   

  	
   

  
	
  Attention: Martine Aubert / Olivier Jean

  	
   

  	
   

  	
   

  
	
  BRED

  	
   

  	
  6 097 960.69

  	
   

  
	
  18 quai de la Rapée

  	
   

  	
   

  	
   

  
	
  75012 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 40 04 75 58 / 33 1 40 04 74 06

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 40 04 71 37

  	
   

  	
   

  	
   

  
	
  Attention: Frédérique Berthod / Daniel Roux

  	
   

  	
   

  	
   

  
	
  CALYON

  	
   

  	
  5 793 062.65

  	
   

  
	
  9 Quai du Président Paul Doumer

  	
   

  	
   

  	
   

  
	
  92920 Paris La Défense Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 41 89

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 41 89 18 92

  	
   

  	
   

  	
   

  
	
  Attention: Jean-Hervé CARIOU

  	
   

  	
   

  	
   

  
	
  CASDEN BANQUES POPULAIRES

  	
   

  	
  3 048 980,34

  	
   

  
	
  91 Cours des Roches

  	
   

  	
   

  	
   

  
	
  77186 Noisiel

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 64 80 32 74

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 64 62 22 88

  	
   

  	
   

  	
   

  
	
  Attention: Patrick Sebert

  	
   

  	
   

  	
   

  
	
  CIE FINANCIERE DE ROTHSCHILD

  	
   

  	
  7 622 450.86

  	
   

  
	
  47, rue du Faubourg St Honoré

  	
   

  	
   

  	
   

  
	
  75008 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 40 17 25 25

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 40 17 31 10

  	
   

  	
   

  	
   

  
	
  Attention:
  Eric Popard

  	
   

  	
   

  	
   

  

 

16

 

	
  BANK

  	
   

  	
  AMOUNT (EUR)

  	
   

  
	
  CRCA BRIE

  	
   

  	
  5 183 266.59

  	
   

  
	
  24 Avenue du Maréchal Foch

  	
   

  	
   

  	
   

  
	
  BP 205

  	
   

  	
   

  	
   

  
	
  77101 Meax
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 65 25 94 68 / 33 1 60 25 94 02

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 60 25 96 68

  	
   

  	
   

  	
   

  
	
  Attention: Agnès Coulombe / Monique Milville

  	
   

  	
   

  	
   

  
	
  CRCA ILE DE FRANCE

  	
   

  	
  2 134 286.25

  	
   

  
	
  26, quai de la Rapée

  	
   

  	
   

  	
   

  
	
  75012 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 44 73 31 62 / 33 1 44 73 26 37

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 44 73 15 02 / 33 1 44 73 15 86

  	
   

  	
   

  	
   

  
	
  Attention: Ghislaine Soleilhet / Olivier Rabaux

  	
   

  	
   

  	
   

  
	
  CREDIT AGRICOLE SA

  	
   

  	
  48 478 787.48

  	
   

  
	
  C/O CALYON

  	
   

  	
   

  	
   

  
	
  9 Quai du Président Paul Doumer

  	
   

  	
   

  	
   

  
	
  92920 Paris La Défense Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 41 89 00 00

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 41 89 18 92

  	
   

  	
   

  	
   

  
	
  Attention: Jean-Hervé CARIOU / Patrick Savignac

  	
   

  	
   

  	
   

  
	
  CREDIT FONCIER DE FRANCE

  	
   

  	
  15 244 901.72

  	
   

  
	
  Direction des Engagements

  	
   

  	
   

  	
   

  
	
  4 quai de Bercy

  	
   

  	
   

  	
   

  
	
  94224 Charenton Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 57 44 99 94 / 33 1 57 44 89 92

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 57 44 79 44

  	
   

  	
   

  	
   

  
	
  Attention: Phlippe Lestang / Maurice Boukobza

  	
   

  	
   

  	
   

  
	
  DEXIA CREDIT LOCAL

  	
   

  	
  15 244 901.72

  	
   

  
	
  76 rue de la Victoire

  	
   

  	
   

  	
   

  
	
  75320 Paris Cedex 09

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 43 92 73 23

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 43 92 74 00

  	
   

  	
   

  	
   

  
	
  Attention: Nathalie DERUE

  	
   

  	
   

  	
   

  
	
  EURO DISNEYLAND PARTICIPATIONS S.A.S

  	
   

  	
  51 832 665.86

  	
   

  
	
  Immeubles Administartifs

  	
   

  	
   

  	
   

  
	
  Route Nationale 34

  	
   

  	
   

  	
   

  
	
  77000 Chessy

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 64 74 59 45

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 64 74 56 36

  	
   

  	
   

  	
   

  
	
  Attention: Dominique Le Bourhis

  	
   

  	
   

  	
   

  
	
  FORTIS BANQUE FRANCE

  	
   

  	
  3 963 674.45

  	
   

  
	
  29-30 quai de Dion Bouton

  	
   

  	
   

  	
   

  
	
  92800 Puteaux

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 55 67 88 20 / 33 1 55 67 79 20

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 55 67 81 72

  	
   

  	
   

  	
   

  
	
  Attention: Henri de Rochebrune / Angeline Fusil

  	
   

  	
   

  	
   

  
	
  NATEXIS BANQUES POPULAIRES

  	
   

  	
  27 440 823.11

  	
   

  
	
  45/51 rue St Dominique

  	
   

  	
   

  	
   

  
	
  75007 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 58 19 28 42 / 33 1 58 32 30 00

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 58 19 29 96

  	
   

  	
   

  	
   

  
	
  Attention: Régine Allombert-Blanc / Eric Piette

  	
   

  	
   

  	
   

  

 

17

 

	
  BANK

  	
   

  	
  AMOUNT (EUR)

  	
   

  
	
  KODAK PATHE

  	
   

  	
  30 489 803.45

  	
   

  
	
  26, rue Villiot

  	
   

  	
   

  	
   

  
	
  75594 Paris Cedex 12

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 40 01 34 99

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 40 01 36 44

  	
   

  	
   

  	
   

  
	
  Attention: Philippe Gillet

  	
   

  	
   

  	
   

  
	
  SOCIETE DU LOUVRE

  	
   

  	
  30 489 803.45

  	
   

  
	
  10 Avenue de Friedland

  	
   

  	
   

  	
   

  
	
  75008 Paris

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 45 64 50 00

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 42 89 13 10

  	
   

  	
   

  	
   

  
	
  Attention: Laurent Aymard

  	
   

  	
   

  	
   

  
	
  SOFINCO

  	
   

  	
  4 573 470.52

  	
   

  
	
  rue du Bois Sauvage

  	
   

  	
   

  	
   

  
	
  91038 Evry
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 1
  60 76 35 82 / 33 1 60 76 36 36

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 60 76 39 02

  	
   

  	
   

  	
   

  
	
  Attention:
  Christian Leprince

  	
   

  	
   

  	
   

  
	
  STE NANCEENNE VARIN BERNIER

  	
   

  	
  3 048 980.34

  	
   

  
	
  4, Place André Maginot

  	
   

  	
   

  	
   

  
	
  54074 Nancy
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel : 33 3
  83 34 51 16

  	
   

  	
   

  	
   

  
	
  Fax : 33 3 83 34 53 25

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  304 898 034.47

  	
   

  

 

18

 

SCHEDULE 3

 

Legal Opinions

 

[The following exhibits only exist in
French and, absent an English translation, have been summarized as follows:

 

(1)            the
legal opinion of Freshfields Bruckhaus Deringer dated December 1, 2004
addressed to BNP Paribas in its capacity as agent for the Phase IA Banks and to
CALYON in its capacity as agent for the Phase IA Partners, the Phase IB Banks
and the Phase IB Lenders concerning the due authorization and valid existence
of certain entities executing various agreements related to the financial
restructuring of the Company; and

 

(2)            the
legal opinion of Freshfields Bruckhaus Deringer dated December 1, 2004
addressed to BNP Paribas and CALYON as agents to certain lenders concerning the
due authorization and valid existence of certain entities signing certain
agreements related to the contribution of nearly all of the assets and
liabilities of the Company to Euro Disney Associés S.C.A.]

 

19

 

December 1, 2004

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as Agent under the

Contrat
d’Ouverture de Crédit Multidevises

dated September 5, 1989, as amended

among Euro Disney SCA, Euro Disneyland SNC

and various lenders represented by BNP
Paribas

 

Calyon

9, quai Paul Doumer

92920 Paris La Défense Cedex

as Agent under the

Contrat d’Avances d’Associés

dated April 26, 1989, as amended

among Euro Disneyland SNC

and various lenders represented by Calyon;

Contrat
d’Ouverture de Crédit

dated March 25, 1991, as amended

among EDL Hôtels SCA, certain SNCs

and various lenders represented by Calyon; and

Contrat d’Avances

dated March 25, 1991, as amended

among certain SNCs, EDL Hôtels SCA as
guarantor

and various lenders represented by Calyon.

 

Ladies and Gentlemen:

 

We have acted as special French counsel to
The Walt Disney Company (“TWDC”), Euro Disney Investments, Inc. (“EDI”), EDL
SNC Corporation (“EDS”), Euro Disney Investments SAS (“EDI SAS”), EDL
Corporation SAS (“EDS SAS”) and Euro Disney Associés SNC (“EDA”) in connection
with (i) the 2004 Standby Revolving Credit Agreement dated September 30, 2004
(the “Standby Credit Agreement”) between TWDC and Euro Disney SCA; (ii) two
share capital increases of EDA, each in an amount of €192,025,892.32 (including
share issue premium), subscribed for by EDI and EDS, respectively, by way of
set-off against certain receivables; (iii) a share capital reduction of EDA in
an amount of €235,541,130.69; (iv) the contribution (apport) by EDI and EDS to EDI SAS and EDS SAS, respectively,
of their shares (parts sociales)
in EDA; and (v) the transformation of EDA into a French société en commandite par actions
(collectively, the “Transactions”).

 

20

 

This opinion is delivered to you pursuant
to Section 6(A)(2)(aa) of the Convention
de Modifications et de Réitération – Crédit Phase IA dated December 1,
2004 among Euro Disney SCA, Euro Disney Associés SCA, Euro Disneyland SNC and
various lenders represented by BNP Paribas as Agent; Section 3(A)(2)(c) of
the Convention de Modifications et de
Réitération – Avances Phase IA dated December 1, 2004 among
Euro Disneyland SNC and various lenders represented by Calyon as Agent; Section 5(A)(2)(c)
of the Convention de Modifications et de
Réitération – Crédit Phase IB dated December 1, 2004 among EDL
Hotels SCA, certain SNCs and various lenders represented by Calyon; and Section 5(A)(2)(c)
of the Convention de Modifications et de
Réitération– Avances Phase IB dated December 1, 2004 among
certain SNCs, EDL Hotels SCA as guarantor and various lenders represented by
Calyon.

 

In arriving at the opinions expressed
below, we have reviewed and relied upon the following documents (the “Documents”):

 

(a)                                  a certified copy of the minutes of the decision of September 29,
2004 of the partners of EDA, appointing Mr. Philippe Coen, as Gérant of EDA;

 

(b)                                 a certified copy of the statuts
(by-laws) of EDA, up-to-date as of September 30, 2004 (after the decisions
of September 30, 2004 of the partners of EDA in respect of, among other
things, two share capital increases and a share capital reduction of EDA and
the approval of EDI SAS and EDS SAS as new partners of EDA);

 

(c)                                  a certified copy of the statuts
(by-laws) of EDA, up-to-date as of September 30, 2004 (after the decisions
of September 30, 2004 of the sole shareholder of each of EDI SAS and EDS
SAS in respect of, among other things, the contribution by EDI and EDS to EDI
SAS and EDS SAS, respectively, of their shares (parts sociales) in EDA; and before the transformation of EDA
into a société en commandite par actions);

 

(d)                                 a certified copy of the statuts
(by-laws) of EDI SAS, EDS SAS and EDA, up-to-date as of November 30, 2004;

 

(e)                                  an extrait K-bis dated
November 26, 2004 from the Registre du
commerce et des sociétés of Meaux with respect to each of EDI SAS,
EDS SAS and Euro Disney Associés SCA;

 

(f)                                    a certified copy of the statements of account issued by EDA’s Gérant, with respect to each of EDI’s and
EDS’s receivables against EDA, in the amount of €192,025,892.32 each;

 

(g)                                 a certified copy of the reports issued by PricewaterhouseCoopers
Audit dated September 30, 2004 certifying the accuracy of the statements
of account issued by EDA’s Gérant,
with respect to each of EDI’s and EDS’s receivables against EDA, in the amount
of €192,025,892.32 each;

 

(h)                                 a certified copy of the minutes of the decisions of September 30,
2004 of the partners of EDA in respect of, among other things, the two share
capital increases of EDA, in an aggregate amount of €384,051,784.64 (including
share issue premium) subscribed for by EDI and EDS; the share capital reduction
of EDA in an amount of €235,541,130.69; and the approval of EDI SAS and EDS SAS
as new partners of EDA;

 

21

 

(i)                                     a certified copy of the Contribution Agreement (contrat d’apport) between EDI and EDI SAS,
dated September 30, 2004;

 

(j)                                     a certified copy of the report by Dominique Ledouble and Jean-Pierre
Colle, acting as contribution appraisers (commissaires
aux apports), dated September 22, 2004, relating to the
contribution by EDI to EDI SAS of its shares (parts
sociales) in EDA, and the related certificate of filing of such
report dated September 22, 2004 from the Registre
du commerce et des sociétés of Meaux;

 

(k)                                  a certified copy of the minutes of the decisions of September 30,
2004 of the sole shareholder of EDI SAS, in respect of, among other things, the
contribution by EDI to EDI SAS of its shares (parts
sociales) in EDA and the related share capital increase of EDI SAS;

 

(l)                                     a certified copy of the certificate issued by EDA’s Gérant dated September 30, 2004
certifying delivery by EDI SAS of the Contribution Agreement at the registered
office of EDA;

 

(m)                               a certified copy of the Contribution Agreement (contrat d’apport) between EDS and EDS SAS,
dated September 30, 2004;

 

(n)                                 a certified copy of the report by Dominique Ledouble and Jean-Pierre
Colle, acting as contribution appraisers (commissaires
aux apports), dated September 22, 2004, relating to the
contribution by EDS to EDS SAS of its shares (parts
sociales) in EDA, and the related certificate of filing of such
report dated September 22, 2004 from the Registre
du commerce et des sociétés of Meaux;

 

(o)                                 a certified copy of the minutes of the decisions of September 30,
2004 of the sole shareholder of EDS SAS, in respect of, among other things, the
contribution by EDS to EDS SAS of its shares (parts
sociales) in EDA and the related share capital increase of EDS SAS;

 

(p)                                 a certified copy of the certificate issued by EDA’s Gérant dated September 30, 2004
certifying the delivery by EDS SAS of the Contribution Agreement at the
registered office of EDA;

 

(q)                                 a certified copy of the minutes of the partners’ meeting of September 30,
2004 of EDA in respect of, among other things, the transformation of EDA into a
French société en commandite par actions;
and

 

(r)                                    a certified copy of the Standby Credit Agreement.

 

The opinions below are given solely on the
basis of the laws of the French Republic as currently in effect and we have
made no investigation of any other laws which may be relevant to the Documents,
any transaction contemplated therein (including the Transactions) and/or the
opinions below.  In addition, the
opinions below do not and shall not purport to address any tax aspect or
treatment of the Documents or any transactions contemplated therein (including
the Transactions) or the tax position of any of the parties to the Documents.

 

22

 

In rendering the opinions expressed below,
we have assumed and not independently verified:

 

(1)                                  the authenticity of all documents submitted to us as originals and
the conformity to the originals of all documents submitted to us as copies;

 

(2)                                  that each of the parties to each of the Documents (other than EDI
SAS and EDS SAS) is and was at the time of the Transactions duly incorporated
and validly existing and has and had at the time of the Transactions the
corporate power and authority to enter into the Documents to which it is a
party;

 

(3)                                  that the execution, delivery and performance of each of the
Documents by each of the parties thereto (other than EDI SAS and EDS SAS) were
duly and validly authorized by all necessary corporate action in accordance
with any applicable laws;

 

(4)                                  that each of the Documents has been duly executed and delivered by
all parties thereto (other than EDI SAS and EDS SAS); and

 

(5)                                  the accuracy and completeness at all relevant times of the
statements of fact (including without limitation representations and warranties
to the extent they relate to matters of fact) contained in the Documents.

 

Based on the foregoing and subject to the
qualifications set forth below, we are of the opinion that:

 

1.                                       On November 26, 2004, each of EDI SAS and EDS SAS was validly
existing as a French société par actions
simplifiée.

 

2.                                       On November 26, 2004, EDA was validly existing as a French société en commandite par actions.

 

3.                                       On September, 30, 2004 at 4:30 p.m. (Paris time), the two share
capital increases of EDA each in an amount of €192,025,892.32 (including share
issue premium), were duly authorized by all requisite actions of EDA’s
corporate bodies and the corresponding 1,133,176,122 shares (parts sociales) of EDA issued to each of
EDI and EDS were duly authorized and validly issued.

 

4.                                       On September, 30, 2004 at 4:30 p.m. (Paris time) and immediately
following the two share capital increases referred to in paragraph 3 above, the
share capital reduction of EDA in an amount of €235,541,130.69 was duly
authorized by all requisite actions of EDA’s corporate bodies.

 

23

 

5.                                       On September 30, 2004 at 5 p.m. (Paris time), the contribution
(apport) by EDI to EDI SAS of
366,659,494 shares (parts sociales)
of EDA was duly authorized by all requisite actions of EDI SAS’s corporate
bodies and the corresponding shares in EDI SAS were duly authorized and validly
issued.

 

6.                                       On September 30, 2004 at 5:15 p.m. (Paris time), the
contribution (apport) by EDS to
EDS SAS of 366,659,494 shares (parts
sociales) of EDA was duly authorized by all requisite actions of EDS
SAS’s corporate bodies and the corresponding shares in EDS SAS were duly
authorized and validly issued.

 

7.                                       On September 30, 2004 at 6 p.m. (Paris time), the
transformation of EDA into a French société
en commandite par actions was duly authorized by all requisite
actions of EDA’s corporate bodies.

 

8.                                       The Standby Credit Agreement constitutes valid and binding
obligations of TWDC, enforceable against it in accordance with its terms.

 

The opinions set forth above are subject to
the following qualifications:

 

A.                                      In rendering our opinions in paragraphs 1. and 2. above, we
have relied without independent investigation solely on each of the applicable
the extrait K-bis referred to in
paragraph (e) of the list of documents examined by us, and we express such
opinion solely as of the date of such extrait
K-bis.

 

B.                                        In rendering our opinions in paragraphs 3. and 4. above, we
have relied without independent investigation solely on the documents referred
to in paragraphs (a), (f), (g) and (h) of the list of documents examined by us;

 

C.                                        In rendering our opinions in paragraph 5. above, we have relied
without independent investigation solely on the documents referred to in
paragraphs (i), (j), (k) and (l) of the list of documents examined by us;

 

D.                                       In rendering our opinions in paragraph 6. above, we have relied
without independent investigation solely on the documents referred to in
paragraphs (m), (n), (o) and (p) of the list of documents examined by us;

 

24

 

E.                                         With respect to our opinions in paragraphs 5 and 6 above, we
wish to call your attention to the fact that one legal commentator (Paul Le
Cannu, Dictionnaire Joly Sociétés,
SAS – Société par Actions Simplifiée,
No. 142, 2003) has taken the position that it is not possible in an société par actions simplifiée with a
single shareholder for the sole shareholder to vote on a contribution in kind
made by such shareholder to the société par
actions simplifiée.  Mr. Le
Cannu’s analysis is based on Article L.225-10 of the French Code de commerce governing sociétés anonymes, which provides that a
shareholder making a contribution in kind to a société
anonyme may not vote at a shareholders meeting on the proposed
approval of such contribution, and on Article L.227-1 of the French Code de commerce according to which
provisions applicable to sociétés anonymes
are applicable to sociétés par actions
simplifiées to the extent they are compatible with specific rules
governing sociétés par actions simplifiées.  However, we disagree with Mr. Le Cannu’s
analysis.  As rules on sociétés par actions simplifiées
specifically provide that such companies (unlike sociétés anonymes) may have only one shareholder, our
analysis is that Article L.225-10 of the French Code de commerce is not applicable to sociétés par actions simpifiées with a
single shareholder, as otherwise such shareholder would be prohibited from
making any contribution in kind to the company, a result so extraordinary that
in our opinion it could result only from a specific legal provision to that
effect.  We note that Mr. Le Cannu concurred with our
conclusion in a prior publication (Paul Le Cannu, Encyclopédie Dalloz, Répertoire
de droit des sociétés, Sociétés
par actions simplifiées, No. 238, 2000);

 

F.                                         In rendering our opinions in paragraph 7 above, we hare relied
without independent investigation solely on the document referred to in
paragraph (q) of the list of documents examined by us;

 

G.                                        We do not express any opinion as to whether the second sentence of Section 2.3.1
of the Standby Credit Agreement is valid, binding or enforceable under French
law;

 

H.                                       Insofar as the foregoing opinions relate to the validity, binding
effect or enforceability of any agreement or obligation of TWDC, (a) we have
assumed that TWDC and any other party to such agreement or obligation has
satisfied those legal requirements that are applicable to it to the extent
necessary to make such agreement or obligation enforceable against it and (b)
such opinions are subject to applicable bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors rights generally;

 

I.                                            We express no opinion as to the availability of the remedy of
specific performance or any remedies other than those culminating in a judgment
for the payment of money as contemplated by Section 1142 of the French Code civil;

 

J.                                           In respect of payment obligations, French courts have the power, in
light of the debtor’s position and the creditor’s needs, to defer or otherwise
reschedule payment dates pursuant to Section 1244-1 of the French Code civil, which also permits French
courts to decide that any amounts so deferred or rescheduled will bear interest
at a rate lower than rate previously agreed among the parties and/or that
payments will be first applied towards repayment of principal;

 

25

 

K.                                       A French court may require the Standby Credit Agreement to be
translated into the French language by a sworn translator (traducteur assermenté) as a condition to
its admissibility into evidence or before deeming it to be in proper form for
enforcement; and

 

L.                                         Under the French Code général des
impôts, a stamp tax of a nominal amount is due in respect of any
written agreement or other instrument documenting an obligation to pay money,
before use of such agreement or instrument can be made in the French Republic,
whether in a public act, a declaration of any kind, or in dealing with any
governmental authority, incuding the courts of the French Republic.

 

We are rendering this opinion in our
capacity as Avocats au Barreau de Paris. 
This opinion is addressed to BNP Paribas and Calyon solely for BNP
Paribas’ and Calyon’s own use and that of the lenders that they respectively
represent as Agent under the Contrat d’Ouverture
de Crédit Multidevises dated September 5, 1989, as amended; the
Contrat d’Avances d’Associés dated
April 26, 1989, as amended; the Contrat
d’Ouverture de Crédit dated March 25, 1991, as amended; and the
Contrat d’Avances dated March 25,
1991, as amended, and for the purpose of the Convention
de Modifications et de Réitération – Crédit Phase IA dated December 1,
2004, among Euro Disney SCA, Euro Disneyland SNC and various lenders represented
by BNP Paribas; the Convention de Modifications
et de Réitération – Avances Phase IA dated December 1, 2004
among Euro Disneyland SNC and various lenders represented by Calyon; the Convention de Modifications et de Réitération –
Crédit Phase IB dated December 1, 2004 among EDL Hotels SCA,
certain SNCs and various lenders represented by Calyon; and the Convention de Modifications et de Réitération –
Avances Phase IB among certain SNCs, EDL Hotels SCA as guarantor and
various lenders represented by Calyon. 
This opinion is not to be used, quoted, communicated, circulated or
otherwise disseminated or referred to for any other purpose and may not be
relied upon by anyone else; provided, however, that a copy of this opinion may
be shown to Caisse des Dépôts et Consignations. 
We assume no obligation to advise you or to make any investigations as
to any legal developments or factual matters arising subsequent to the date
hereof that might affect the opinions expressed herein.  This opinion is limited to the matters
expressly stated herein and does not extend to, and is not to be read as
extended by implication to any other matter.

 

 

Very
truly yours,

 

CLEARY, GOTTLIEB, STEEN & HAMILTON

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Fabrice
  Baumgartner, a Partner

  	
   

  

 

26

 

December 1, 2004

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as Agent under the

Contrat d’Ouverture de Crédit Multidevises

dated September 5, 1989, as amended

among Euro Disney SCA, Euro Disneyland SNC

and various lenders represented by BNP
Paribas

 

Calyon

9, quai Paul Doumer

92920 Paris La Défense Cedex

as Agent under the

Contrat d’Avances d’Associés

dated April 26, 2989, as amended

among Euro Disneyland SNC

and various lenders represented by Calyon;

Contrat d’Ouverture de
Crédit

dated March 25, 1991, as amended

among EDL Hôtels SCA, certain SNCs

and various lenders represented by Calyon;
and

Contrat d’Avances

dated March 25, 1991, as amended

among certain SNCs, EDL Hôtels SCA as
guarantor

and various lenders represented by Calyon.

 

Ladies and Gentlemen:

 

We have acted as special U.S. counsel to
The Walt Disney Company (“TWDC), Disney Enterprises, Inc. (“DEI”), Euro Disney
Investments, Inc. (“EDI”) and EDL SNC Corporation (“EDS”) in connection with
(i) the 2004 Standby Revolving Credit Agreement dated September 30, 2004
(the “Standby Credit Agreement”) between TWDC and Euro Disney SCA; (ii) certain
undertaking letters (the “Undertaking Letters”) of TWDC copies of which are
attached to this letter; (iii) an undertaking letter (the “DEI Undertaking
Letter”) of DEI a copy of which is attached to this letter;  (iv) the subscription by way of set-off
against certain receivables by EDI and EDS to two share capital increases of
Euro Disney Associés SNC (“EDA”) in the amount of €192,025,892.32 (including
share issue premium) each; and (v) the contribution (apport) by EDI and EDS to EDI SAS and EDS SAS, respectively,
of their shares (parts sociales)
in EDA.

 

27

 

This opinion is delivered to you pursuant
to Section 6(A)(2)(aa) of the Convention
de Modification et de Réitération – Crédit Phase IA dated December 1,
2004 among Euro Disney SCA, Euro Disney Associés SCA, Euro Disneyland SNC and
various lenders represented by BNP Paribas as Agent; Section 3(A)(2)(c) of
the Convention de Modification et de
Réitération – Avances Phase IA dated December 1, 2004 among
Euro Disneyland SNC and various lenders represented by Calyon as Agent; Section 5(A)(2)(c)
of the Convention de Modification et de
Réitération – Crédit Phase IB dated December 1, 2004 among EDL
Hotels SCA, certain SNCs and various lenders represented by Calyon; and Section 5(A)(2)(c)
of the Convention de Modification et de
Réitération – Avances Phase IB dated December 1, 2004 among
certain SNCs, EDL Hotels SCA as guarantor and various lenders represented by
Calyon.

 

In arriving at the opinions expressed
below, we have reviewed and relied upon the following documents:

 

(s)                                  copies of the by-laws of each of TWDC, DEI, EDI and EDS, certified
by each of their respective corporate secretaries;

 

(t)                                    copies of the certificates of incorporation of each of TWDC, DEI,
EDI and EDS, certified by the Secretary of State of the State of Delaware or by
their respective corporate secretaries;

 

(u)                                 an executed copy of the Contribution Agreement (contrat d’apport, hereafter the “EDI
Contribution Agreement”) between EDI and EDI SAS, dated September 30,
2004;

 

(v)                                 an executed copy of the Contribution Agreement (contrat d’apport, hereafter the “EDS
Contribution Agreement”) between EDS and EDS SAS, dated September 30,
2004;

 

(w)                               an executed copy of the Standby Credit Agreement; and

 

(x)                                   executed copies of the Undertaking Letters and the DEI Undertaking
Letter.

 

The Standby Credit Agreement, the Undertaking Letters,
DEI Undertaking Letter, the EDI Contribution Agreement and the EDS Contribution
Agreement are referred to collectively as the “Documents.”

 

In addition, we have reviewed the originals
or copies certified or otherwise identified to our satisfaction of all such
corporate records of TWDC, DEI, EDI and EDS and such other instruments and
other certificates of public officials, officers and representatives of TWDC,
DEI, EDI and EDS and such other persons, and we have made such investigations
of law, as we have deemed appropriate as a basis for the opinions expressed
below.

 

In rendering the opinions expressed below,
we have assumed the authenticity of all documents submitted to us as originals
and the conformity to the originals of all documents submitted to us as
copies.  In addition, we have assumed and
have not verified the accuracy as to factual matters of each document we have
reviewed (including, without limitation, the accuracy as to factual matters of
the representations and warranties of TWDC, DEI, EDI and EDS contained in the
various agreements that we have reviewed).

 

28

 

Based on the foregoing and subject to the
qualifications set forth below, we are of the opinion that:

 

1.               Each
of TWDC, DEI, EDI and EDS is validly existing as a corporation in good standing
under the laws of the State of Delaware.

 

2.               Each
of TWDC, DEI, EDI and EDS has the corporate power to enter into the Documents
to which they are parties and to perform their obligations thereunder.

 

3.               The
execution and delivery by each of TWDC, DEI, EDI and EDS of the Documents to
which they are parties, and the performance by each of them of their respective
obligations thereunder, have been duly authorized by all necessary corporate
action on the part of TWDC, DEI, EDI or EDS, as the case may be.

 

4.               The
Standby Credit Agreement has been duly executed by TWDC.

 

5.               The
Undertaking Letters have been duly executed and delivered by TWDC and are valid
and binding obligations of TWDC, enforceable against TWDC in accordance with
their respective terms.

 

6.               The
DEI Undertaking Letter has been duly executed and delivered by DEI and is a
valid and binding obligation of DEI, enforceable against DEI in accordance with
its terms.

 

7.               The
execution and delivery by each of TWDC, DEI, EDI and EDS of the Documents to
which they are parties, and the performance by each of them of their respective
obligations thereunder, do not result in the violation or breach of any
provision of their respective certificates of incorporation or by-laws or of
any provision of the laws of the State of New York or the United States
applicable to each of TWDC, DEI, EDI and EDS (except for the purposes of this
paragraph we express no opinion as to any U.S. federal securities laws or any
state securities laws or Blue Sky laws).

 

8.               The
execution and delivery by each of TWDC, DEI, EDI and EDS of the Documents to
which they are parties, and the performance by each of them of their respective
obligations thereunder, do not require any consent, approval, authorization,
registration or qualification of or with any governmental authority of the
United States or the State of New York (except for the purposes of this
paragraph we express no opinion as to any consent, approval, authorization,
registration or qualification that may be required under U.S. federal
securities laws or state securities laws or Blue Sky laws).

 

29

 

9.               A
final, conclusive judgment for the payment of a sum of money of the Tribunal de Commerce de Paris that is
enforceable in France against TWDC in respect of the Standby Credit Agreement
will be enforced by any court of the State of New York, and any U.S. federal
court sitting in the State of New York, without review of the merits, unless:

 

(i)                         the judgment was rendered under a system that does not provide
impartial tribunals or procedures compatible with the requirements of due
process of law;

 

(ii)                      the Tribunal de Commerce de Paris
did not have jurisdiction over the subject matter;

 

(iii)                   the defendant did not receive notice of the relevant proceedings in
sufficient time to enable it to defend;

 

(iv)                  the judgment was obtained by fraud;

 

(v)                     the cause of action on which the judgment is based is repugnant to
the public policy of the State of New York;

 

(vi)                  the judgment conflicts with another final and conclusive judgment;

 

(vii)               the
proceeding was contrary to an agreement between the parties under which the
dispute in question was to be settled otherwise than by proceedings in the Tribunal de Commerce de Paris; or

 

(viii)            in
the case of jurisdiction based only on personal service, the Tribunal de Commerce de Paris was a
seriously inconvenient forum for the trial of the action.

 

Insofar as the foregoing opinions relate to
the valid existence and good standing of TWDC, DEI, EDI and EDS, they are based
solely on a certificate of good standing received from the Secretary of State
of the State of Delaware and on a telephonic confirmation from such Secretary
of State.  Insofar as the foregoing
opinions relate to the validity, binding effect or enforceability of any
agreement or obligation of TWDC or DEI, (a) we have assumed that each other
party to such agreement has satisfied those legal requirements that are
applicable to it to the extent necessary to make such agreement enforceable
against it (except that no such assumption is made as to TWDC or DEI regarding
matters of the General Corporation Law of the State of Delaware or the law of
the State of New York that in our experience are normally applicable to general
business entities with respect to such agreement or obligation), and (b) such
opinions are subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally and to general principles of equity.

 

30

 

In rendering the opinions expressed in
paragraphs 7 and 8, we express no opinion as to any violation of, or any
consent, approval, authorization, registration or qualification required under,
any law or regulations which may have become applicable to TWDC, DEI, EDI and
EDS as a result of the involvement of other parties in the transactions
referred to in the Documents to which each is a party because of their legal or
regulatory status or because of any other facts specifically pertaining to
them.  In addition, the opinions
expressed in such paragraphs 7 and 8 relate only to those laws and regulations
that, in our experience, are normally applicable to transactions of the type
referred to in the Documents to which each is a party.

 

We note that (i) provisions in any
agreement by which a party submits to the general jurisdiction of the courts of
the State of New York, the U.S. federal courts sitting in the State of New York
are subject to the applicable limitations on the competent jurisdiction of such
courts; and (ii) we express no opinion as to the subject matter jurisdiction of
any U.S. federal court to adjudicate any action between two parties neither of
which is a citizen of any U.S. state for purposes of 28 U.S.C. Sec. 1332

 

We note that the designation under the
Undertaking Letters and the DEI Undertaking Letter of the U.S. federal courts
located in the State of New York as the venue for actions or proceedings with
respect thereto or any proceeding to execute or otherwise enforce any judgment
in respect of any breach thereof (notwithstanding the waiver therein) is
subject to the power of such courts to transfer actions pursuant to 28 U.S.C.
§1404(a) or to dismiss such actions or proceedings on the ground that such a
federal court is an inconvenient forum for such an action or proceeding.

 

We note that effective enforcement of a
foreign currency claim in the New York State courts or the U.S. federal courts
sitting in the State of New York may be limited by requirements that the claim
(or a foreign currency judgment in respect of the claim) be converted into
United States dollars at the rate of exchange prevailing on a specified date.

 

The foregoing opinions are limited to the
law of the State of New York, the federal laws of the United States of America
and the General Corporation Law of the State of Delaware.

 

This opinion
is addressed to BNP Paribas and Calyon solely for BNP Paribas’ and Calyon’s own
use and that of the lenders that they respectively represent as Agent under the
Contrat d’Ouverture de Crédit Multidevises dated September 5, 1989, as
amended; the Contrat d’Avances d’Associés dated April 26, 2989, as
amended; the Contrat d’Ouverture de Crédit dated March 25, 1991, as
amended; and the Contrat d’Avances dated March 25, 1991, as amended, and
for the purpose of the Convention de Modification et de Réitération – Crédit
Phase IA dated December 1, 2004, among Euro Disney SCA, Euro Disney
Associés SCA, Euro Disneyland SNC, the Agent and various lenders represented by
BNP Paribas; the Convention de Modification et de Réitération – Avances Phase
IA dated December 1, 2004 among Euro Disneyland SNC and various lenders
represented by Calyon; the Convention de Modification et de Réitération –
Crédit Phase IB dated December 1, 2004 among EDL Hotels SCA, certain SNCs
and various lenders represented by Calyon; and the Convention de Modification
et de Réitération – Avances Phase IB among certain SNCs, EDL Hotels SCA as
guarantor and various lenders represented by Calyon.  This opinion is not to be used, quoted,
communicated, circulated or otherwise disseminated or referred to for any other
purpose and may not be relied upon by anyone other than the Agent or such
lenders; provided, however, that a copy of this opinion may be shown to Caisse
des Dépôts et Consignations.  We assume
no obligation to advise you or to make any investigations as to any legal
developments or factual matters arising subsequent to the date hereof that
might affect the opinions expressed herein.

 

31

 

Very truly yours,

 

CLEARY, GOTTLIEB, STEEN & HAMILTON

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Andrew
  Bernstein, a Partner

  	
   

  

 

32Exhibit 4.14a

 

Translation for information
purposes only

 

EURO DISNEYLAND IN FRANCE – PHASE IB

 

 

1 December 2004

 

PHASE IB AMENDMENT AND
RESTATEMENT ADVANCES

AGREEMENT

 

Advances Agreement

dated March 25, 1991

 

 

Between

 

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.

CENTRE DE DIVERTISSEMENTS ASSOCIÉS S.N.C.

Borrowers

 

And

EDL HOTELS S.C.A.

Guarantor

And

THE LENDERS

 

And

CALYON

Lenders’ Agent

Security Agent

Financial Agent

 

 

And

 

THE DEPOSITARIES

 

 

	
  Agent’s counsel

  	
  Lenders’ counsel

  
	
   

  	
   

  
	
  Slaughter and May

  	
  Freshfields

  
	
  112, avenue Kléber

  	
  Bruckhaus Deringer

  
	
  75116 Paris

  	
  2 – 4 rue Paul

  
	
   

  	
  Cézanne

  
	
   

  	
  75008 Paris

  

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Transitional Period

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Partial Prepayment
  of the Tranche C Advances – New Lenders Participations

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Amendment and Restatement of the
  Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Conditions
  Precedent

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Undertakings

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Guarantee Confirmation

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Effective Date

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Lenders’ Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Waiver of rights

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Financial Agent Intervention

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Depositaries Intervention

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  No Novation

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Severability of
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Formalities

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Language

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Governing law

  	
   

  
	
   

  	
   

  	
   

  
	
  21.

  	
  Jurisdiction

  	
   

  

 

2

 

	
  Schedule 1

  	
  Lenders and
  Depositaries

  
	
   

  	
   

  
	
  Schedule 2

  	
  Amended and
  Restated Agreement

  
	
   

  	
   

  
	
  Schedule 3

  	
  Lenders
  Participation to the Advances as of 1 October 2004

  
	
   

  	
   

  
	
  Schedule 4

  	
  New Repayment Schedule for
  the Tranche C Advances

  
	
   

  	
   

  
	
  Schedule 5

  	
  Legal
  Opinions Models

  

 

3

 

BETWEEN:

 

1.                         HOTEL NEW YORK ASSOCIES S.N.C., a private company (“société en nom collectif”), the
registered office of which is located at Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

2.                         NEWPORT BAY CLUB ASSOCIES S.N.C., a private company (“société en nom collectif”), the
registered office of which is located at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

3.                         SEQUOIA LODGE ASSOCIES S.N.C., a private company (“société en nom collectif”), the
registered office of which is located at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

4.                         CHEYENNE HOTEL ASSOCIES S.N.C., a private company (“société en nom collectif”), the
registered office of which is located at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

5.                         HOTEL SANTA FE ASSOCIES S.N.C., a private company (“société en nom collectif”), the
registered office of which is located at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

6.                         CENTRE DE DIVERTISSEMENTS ASSOCIES S.N.C., a private company (“société en
nom collectif”), the
registered office of which is located at
Immeubles Administratifs, Route Nationale 34, 77700 Chessy,

 

(hereinafter collectively
referred to as the “Borrowers” or
individually as a “Borrower”)

 

PARTY OF THE FIRST
PART

 

7.                         EDL HOTELS S.C.A., a limited share
partnership (“société en commandite
par actions”), the registered office of which is located at Immeubles Administratifs, Route Nationale 34,
77700 Chessy,

 

(hereinafter referred to
as “EDL Hotels” or the “Guarantor”)

 

PARTY OF THE SECOND PART

 

AND:

 

8.                         THE PARTNERS of the Borrowers and the other banking
institutions, the names and addresses of which are listed in Schedule I,

 

(hereinafter
referred to collectively as the “Lenders”
or individually as a “Lender”)

 

PARTY OF THE THIRD
PART

 

9.                         CALYON, a
joint-stock company (“société anonyme”), the
registered office of which is located at 9 quai du Président Paul Doumer, 92920
Paris La Défense,

 

(hereinafter
referred to as the “Lenders’ Agent”)

 

4

 

PARTY OF THE
FOURTH PART

 

AND:

 

10.                       CALYON, a
joint-stock company (“société anonyme”), the
registered office of which is located at 9 quai du Président Paul Doumer, 92920
Paris La Défense,

 

(hereinafter
referred to as the “Security Agent”)

 

PARTY OF THE FIFTH
PART

 

11.                       CALYON, a
joint-stock company (“société anonyme”), the
registered office of which is located at 9 quai du Président Paul Doumer, 92920
Paris La Défense acting in its capacity as agent for the Phase IB Credit
Agreement,

 

(hereinafter
referred to as the “Financial Agent”)

 

PARTY OF THE SIXTH
PART

 

AND:

 

12.                       THE DEPOSITARIES, the names and addresses
of which are listed in Schedule I,

 

PARTY OF THE
SEVENTH PART.

 

WHEREAS:

 

 

(A)          Pursuant to an advances agreement dated March 25,
1991 (the “Agreement”), the Lenders granted
to the Borrowers long-term advances of a maximum principal amount of eight
hundred million French Francs, for the purpose of financing partially the
development and the launching of the Phase IB Installations operation.

 

(B)          Since that date, certain amendments (the “Amendments”) have been made to the Agreement by four
supplemental agreements dated respectively August 10, 1994, July 12,
1995, May 15, 1996 and May 16, 2003 and by requests for consents and waivers
relating to the Covenants, in particular of 6 September 1999.

 

(C)          The Euro Disney Group having encountered new
financial difficulties, a memorandum of agreement dated 8 June 2004,
between Euro Disney S.C.A., EDL Hôtels S.C.A., Euro Disneyland S.N.C., S.N.C.
Hotel Companies, TWDC, CDC, as well as the Phase IA Banks, the Phase IA
Partners, the Phase IB Banks and the Phase IB Lenders, represented by their
respective agents BNP PARIBAS or CALYON, as the case may be, and approved by
the Steering Committee (subsequently amended following
the letter from Euro Disney S.C.A to the above-mentioned Banks, Lenders and
Partners, dated 20 September 2004) set out the measures necessary
with a view to restoring the financial balance of the Euro Disney Group; the
memorandum of agreement, as amended was

 

5

 

accepted
by a letter signed by all parties on 30 September, 2004 (the “Memorandum
of Agreement”).

 

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

 

(E)           As a consequence of the signature of the
Memorandum of Agreement and in order to assist its implementation, a certain
number of amendments are required to be made to the Agreement; in addition, the
parties wish, for the sake of convenience, to produce a consolidated version of
the Agreement containing the Amendments, and secondly, to exclude from the text
of the Agreement all historical provisions which have become unnecessary and to
update certain obsolete references.

 

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

 

NOW, THEREFORE, IT IS HEREBY
AGREED as follows:

 

1.            Definitions

 

For the application of the Agreement and its Schedules, except where the
context otherwise requires, the terms defined in the Contract, the Common
Agreement or the “Covenants” (as the Contract, the Common Agreement, or the
Covenants have been modified at the date hereof) have the same meaning as is
given to them therein, and, to the extent needed, in the Phase IA Credit
Amendment and Restatement Agreement, the following terms have the following
meanings:

 

“Amended and Restated
Agreement” means the Agreement as amended and restated pursuant to
the provisions of Clause 4 (Amendments and Restatement
of the Agreement), the text of which is set out in Schedule 2.

 

“Common Agreement” means the common agreement
dated 10 August 1994 between Euro Disney S.C.A., acting for itself and for
the account of its subsidiaries listed in the schedules thereto, EDL Hotels
S.C.A., acting for itself and for the account of its subsidiaries listed in the
schedules thereto, Euro Disneyland S.N.C., the SNC Hotel Companies, the Phase
IA Banks, CDC, the Phase IA Partners, the Phase IB Banks and the Phase IB
Lenders.

 

6

 

“Common Agreement Amendment
and Restatement” means the agreement amending and restating the
Common Agreement dated December 1, 2004.

 

“Completion of the Share
Capital Increase” means, in relation to any of the measures agreed
under the Memorandum of Agreement, that the new shares of Euro Disney S.C.A.
have been subscribed for, fully paid up in cash and issued, for a gross minimum
amount of € 250,000,000, and that the net product has been paid to Euro
Disney S.C.A.

 

“Contribution”
means the contribution by Euro Disney S.C.A. of its assets and liabilities to
Euro Disney Associés as provided for in the Contribution Agreement.

 

“Contract”
means this contract, including its Schedules.

 

“Contract Date” means the date of the
signature of this contract.

 

“Contribution Agreement” means the deed
of contribution between Euro Disney S.C.A. and Euro Disney Associés dated 30 September 2004,
as amended on 8 November 2004 and as approved by the extraordinary general
meetings of each such company.

 

“Phase IA Credit Agreement” means the multi-currency loan and letter of
credit facilities agreement, utilisable by way of drawings or by the issue of
letters of credit between Euro Disney S.C.A. and Euro Disneyland S.N.C. as
borrowers, the Banks as lenders and BNP PARIBAS as the agent, dated 5 September 1989.

 

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

 

“Restatement Date”
means the date on which all conditions precedent specified in article 5 (Conditions Precedents), and which are not
waived by the Agent, are satisfied.

 

“Restructuring Commission”
means the commission which Euro Disney S.C.A. has undertaken to pay to the
Creditors (other than CDC) in relation to the restructuring, pursuant to the
provisions of Clause 7.2.1 (Commission) of
the Memorandum of Agreement.

 

“Security Deposits”
means (i) the amounts paid as deposit by Euro Disney S.C.A. to the Phase IA
Banks Agent and pledged by way of gage-espèces in
favour of the Phase IA Banks and the CDC by way of security for all sums due
and owing in respect of the Phase IA Credit Agreement and the agreement
relating to the granting of ordinary loans referred to in the first part of the
definition of CDC Ordinary Loan Agreement, and (ii) the sums paid as deposit by
EDL Hotels to the Phase IB Credit Agent and pledged by way of gage-espèces in
favour of the Phase IB Banks and the Phase IB Lenders as security

 

7

 

for all sums due under the Phase IB Credit Agreement
and the Phase IB Advances Agreement.

 

“Share Capital Increase
Completion Date” means the date of the Completion of the Share
Capital Increase.

 

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

 

“Waiver” means
the waiver referred to in the waiver request made by Euro Disney S.C.A. to the
Phase IB Lenders dated 17 October 2003 and in the Memorandum of Agreement.

 

2.            Transitional
Period

 

(A)            In the event that the Completion of the Share
Capital Increase does not take place and subject to the provisions of Clause 10
(Termination) the Waiver period shall be
extended until 31 March 2005 or, in the event of consultation pursuant to
paragraph (a) of Clause 7.7 (Termination) of
the Memorandum of Agreement, until the termination of certain of its provisions
in accordance with that Clause.

 

(B)            In the event of the Completion of the Share
Capital Increase, no Lender shall be entitled to exercise its rights in any way
in respect of any of the Events of Default or potential Events of Default
referred to in paragraph (A) above.

 

3.            Partial Prepayment of the Tranche C Advances – New Lenders
Participations

 

In order to effect the prepayment provided for in
Clause 5.1 of the Memorandum of Agreement (Prepayment) and
notwithstanding the provisions of the Agreement, the partial prepayment of the
Tranche C Advances, will be carried out in accordance with the following:

 

(A)         As from
1 October 2004 and as long as the Completion of the Share Capital Increase
has not occurred, every new Interest Period will be one month.

 

(B)           (1)           No later than 2 Business Days prior to the Share Capital Increase
Completion Date, the Lenders’ Agent will give a notice to the Borrowers (copied
to the Lenders concerned) indicating, for each of the Borrowers:

 

(a)           the
amount of principal in respect of the Tranche C Advances of each of the Lenders
concerned which must be prepaid on the Share Capital Increase Completion
Date ; and

 

(b)           the amount of interest accrued up to the Share
Capital Increase Completion Date on the amounts of principal referred to in
paragraph (a) which must be paid to each of the Lenders on the Share Capital
Increase Completion Date.

 

8

 

(2)           The
total principal amount under the Tranche C Advances which must be prepaid is
equal, as at 1 October 2004, to € 3,705,556.12 (hereinafter the “Prepayment Amount”).

 

(C)          On the Share Capital Increase Completion Date,
each Borrower will pay to the Lenders’ Agent, for the account of each of the
Lenders concerned, the amounts of principal and interest set out in the notice
referred to in sub-clause (B)(1). The provisions of clause 17.1 of the
Agreement will apply in the event that the prepayment takes place other than on
an Interest Payment Date.

 

(D)          The amounts of principal included in the
payment which must be made by each Borrower will be paid in accordance with the
provisions of clause 3 (Prepayment)
of the Common Agreement Amendment and Restatement.

 

(E)           As a result of the application of the
provisions of sub-clause (D) above:

 

(1)           the Tranche C Advances of each of the Lenders
concerned will be reduced by the Prepayment Amount;

 

(2)           the participation in the Tranche C Advances of
each of the Lenders concerned will be as indicated next to its name in Schedule 3;

 

(3)           the new scheduled repayments, after taking into
account the rescheduling of debt provided for in clause 3.7 of the Memorandum
of Agreement, shall be as set out in Schedule 4;

 

(4)           without prejudice to the provisions of clause
5.3 paragraph (B) of the Agreement, the
prepayment in respect of the Tranche C Advances will not result in the payment
of any penalty.

 

4.            Amendment and Restatement of the Agreement

 

The parties hereby agree:

 

(A)          to produce a consolidated version of the
Agreement including the Amendments;

 

(B)           to amend such consolidated version so as to:

 

(1)           remove
from the text any obsolete provision and to update certain out-of-date
references; and

 

(2)           to
implement the Memorandum of Agreement; and

 

(C)          to restate the Agreement, on the Restatement
Date, with all of its remaining terms which have not been amended,

 

all of the above in accordance with the terms of the Amended and
Restated Agreement.

 

9

 

5.            Conditions Precedent

 

The entry into force of this Contract is subject (to the extent set out
in Clause 9 (Effective Date)) to the receipt
by the Lenders’ Agent of the following documents and payments and to the
confirmation by the Lenders’ Agent that these documents and payments are in all
respects satisfactory, provided that the Lenders’ Agent shall have the
discretion, acting on the instruction of the Majority Lenders, to waive any of
the following conditions:

 

(A)      by no later than 1 December 2004:

 

(1)           the
payment or repayment of (i) the part of the Restructuring Commission payable on
the Implementation Date (as defined in the Memorandum of Agreement), (ii) all
amounts payable as commissions referred to in Clause 16 (Commissions) of the Agreement and (iii)
all costs and ancillary expenses payable under the Agreement.

 

(2)           an original copy executed by all the parties
thereto, or a copy certified as being true, complete and up-to-date, of the
following documents:

 

(a)          documents
referred to in subparagraph (A)(2) (excluding paragraphs (s) and (v) of clause
6 (Conditions Precedents) of the
Phase IA Credit Amendment and Restatement Agreement;

 

(b)          Phase
IA Credit Amendment and Restatement Agreement;

 

(c)           legal opinions of Freshfields Bruckhaus
Deringer, legal advisers to the Borrowers as to French law; of Cleary Gottlieb
Steen & Hamilton, external legal advisers in certain areas to TWDC, Disney
Enterprises, Inc., Euro Disney Investments, Inc., EDL SNC Corporation, Euro
Disney Investments SAS, EDL Corporation SAS and Euro Disney Associés S.C.A.
(formerly Euro Disney Associés SNC) as to New York, Delaware and French law;
substantially in the form of Schedule 5, and of De Brauw Blackstone
Westbroek, legal adviser to the Agent as to Dutch law and Slaughter and May,
legal advisers to the Agent as to French law;

 

(3)              satisfaction of the following conditions precedent
to the entry into force of the following agreements, subject to such provisions
as are conditional on the satisfaction of the conditions precedent at the Share
Capital Increase Completion Date:

 

(a)           Phase
IA Credit Amendment and Restatement;

 

(b)          Phase
IB Credit Amendment and Restatement;

 

(c)           Phase
IA Partners Advances Amendment and Restatement;

 

10

 

(d)          Common
Agreement Amendment and Restatement;

 

(e)           CDC
agreement relating to the grant of ordinary loans as amended and restated
referred to in the second part of the definition of CDC Ordinary Loan
Agreement;

 

(f)           CDC
agreement relating to the grant of participating loans as amended and restated
referred to in the second part of the definition of CDC Participating Loan
Agreement;

 

(g)          loan
agreements (tranches A, B, C and D) referred to in the second part of paragraph
(a) of the definition of CDC Second Park Agreements;

 

(h)          amended
and restated subordination agreement referred to in the second part of paragraph
(c) of the definition of CDC Second Park Agreements;

 

(B)      at the latest on the Share Capital Increase
Completion Date:

 

(1)              the payment or repayment of (i) the part of the
Restructuring Commission payable on the Share Capital Increase Completion Date,
(ii) all amount payable as commissions referred to in Clause 16 (Commissions) the Agreement and (iii) all
costs and ancillary expenses payable under the Agreement.

 

(2)              an original copy executed by all the parties
thereto, or a copy certified as being true, complete and up-to-date, of the
completions referred to in paragraph (B)(2) of clause 6 (Conditions Precedents) of the Phase IA
Credit Amendment and Restatement Agreement.

 

(3)              certificates:

 

(a) from each of the Borrowers:

 

(i)  indicating the names of those persons who, at the date of such
certificate, have power to act in the name of the respective companies in
respect of the Agreement and the Common Agreement, stating the extent of their
respective powers and including specimen signatures;

 

(ii)  representing and warranting that as at the certificate date, (i’) the
relevant company has not signed, and does not intend to sign any document other
than those referred to by this Contract; (ii) each representation or warranty
made or given pursuant to clause 10 (Borrowers Representations and Warranties)
of the Agreement as well as pursuant to paragraph (A) of Clause 6
(Representations and Warranties) are true and correct; and, (iii) no Event of

 

11

 

Default or potential Event of Default other than those set out in the
Waiver has occurred and is continuing.

 

(b)           certificate from Euro Disney S.C.A. confirming
that the following documents have been signed and are in force:

 

(i) documents referred to in clause (A)(2) excluding paragraphs (s) and
(v) and in clause (B) (2) paragraphs (a), (c), (g) and (h) to (l) of clause 6 (Conditions Precedent) of the Phase IA
Credit Amendment and Restatement Agreement

 

(ii) Phase IA Credit Amendment and Restatement Agreement

 

(4)              satisfaction of all of the conditions precedent
to the entry into force of all the provisions of the following agreements:

 

(a)           Phase
IA Credit Amendment and Restatement Agreement;

 

(b)          Phase
IB Credit Amendment and Restatement Agreement;

 

(c)           Phase
IA Partners Advances Amendment and Restatement Agreement;

 

(d)          Common
Agreement Amendment and Restatement;

 

(e)           agreement
relating to the grant of ordinary loans as amended and restated referred to in
the second part of the definition of CDC Ordinary Loan Agreement;

 

(f)           agreement
relating to the grant of participating loans as amended and restated referred
to in the second part of the definition of CDC Participating Loan Agreement;

 

(g)          loan
agreements (tranches A, B, C and D) as amended and restated referred to in the
second part of paragraph (a) of the definition of CDC Second Park Agreements;

 

(h)          subordination
agreement referred to in the second part of paragraph (c) of the definition of
CDC Second Park Agreements;

 

(5)              satisfaction of the conditions precedent
referred to in paragraph (b)(6) of Clause 6 (Conditions
Precedent) of the Phase IA Credit Amendment and Restatement;

 

(6)              certificate from Euro Disney Associés S.C.A.
confirming that the Contribution is in full force and effect and guaranteeing
that (i) all the formalities relating to the Contribution to be undertaken
before the

 

12

 

Share Capital Increase Date have been carried out, (ii) Euro Disney
Associés S.C.A. has good title to all assets, rights and obligations
transferred in accordance with the Contribution Agreement and (iii) there are
no assets and liabilities, other than those excluded by the Contribution
Agreement, which have not been transferred to Euro Disney Associés S.C.A.;

 

The Lenders’ Agent is
authorised to remit a copy of any of the above documents to the CDC, to CALYON,
and to BNP PARIBAS, as mandataires of
the Phase IA Partners, the Phase IA Banks and the Phase IB Banks.

 

6.            Representations and Warranties

 

Each Borrower and the Guarantor represents and warrants in respect of
itself to the Lenders’ Agent and the Lenders that at the Contract Date:

 

(A)          the
entering into and the performance by it of its obligations under the agreements
and documents referred to in Clause 5 (Conditions Precedent),
to which it is a party:

 

(1)           are in
all respects within its legal capacity as a company and have been duly
authorised and all necessary action in this respect has been taken or will be
taken at the latest by (i) the Share Capital Increase Completion Date in
relation to the documents which the Memorandum of Agreement provides will enter
into force on that date and (ii) the Effective Date in relation to all other
documents;

 

(2)           do not
in any respect violate any applicable law;

 

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

 

(4)           will
not in any respect constitute a default under the Master Agreement, or under
any agreement to which either of them or the Phase IB Installations or the
Phase IB Assets are subject;

 

(B)           all authorisations required to enable each
Borrower and Euro Disney Associés to enter into and perform its obligations
under any of the documents referred to in sub-clause (A) above have been
granted or obtained, or will have been granted or obtained, at the latest by
(i) the Share Capital Increase Completion Date in relation to the documents
which the Memorandum of Agreement provides will enter into force on that date
and (ii) the Effective Date (as defined in the Memorandum of Agreement) in
relation to all other documents;

 

(C)           each
of the agreements referred to in clause 5 (Conditions Precedent)
above, once in full force and effect, will constitute legally valid and binding
obligations of either of them (whichever is a party thereto) in accordance with
their terms;

 

(D)          there
are no proceedings pending before any court, arbitrator, tribunal,
administrative or governmental authority or other body having authority over it

 

13

 

and, to its knowledge, no
judgement or award has been
given or made by, any such authority, in either case, would be likely to have a
material adverse effect on its ability to perform its obligations under any
agreement listed in Clause 5 (Conditions Precedent)
or its financial condition or the financial condition of the Borrowers;

 

(E)           no
guarantee, security (cautionnement)
or any security interest given to secure the obligations of persons other than
themselves exists, except for those provided for in the Agreement and the
Common Agreement or agreements listed in Clause 5 (Conditions
Precedent).

 

7.                            Undertakings

 

(A)          EDL
Hotel undertakes that from the Contract Date until the Share Capital Increase
Completion Date or, if the latter has not occurred by 31 March 2005 (or
any later date agreed in accordance with paragraph (b) of clause 7.7
(Termination) of the Memorandum of Agreement, until the date of termination of
this Contract and subject to the provisions of Clause 2 (Transitional Period),
to maintain the total amount of the security deposit referred to in paragraph
(ii) of the definition of the Security Deposits at € 34,000,000 (excluding
accrued interest);

 

(B)          The
Borrowers undertake as follows:

 

(1)           to
supply to the Lenders’ Agent the following documents by no later than 15 December 2004:

 

(a)           a
copy, certified as being true, complete and up to date by a duly authorised
representative of the relevant company, of the following documents:

 

(i)            the statuts of each
Borrower;

 

(ii)           the statuts
of the Guarantor;

 

(iii)          minutes of any meetings of the relevant bodies
of the Borrowers, and of the Guarantor authorising, (i’) the signature of this
Contract, the Common Agreement Amendment and Restatement and all other
documents to be signed by any of the Borrowers or the Guarantor in accordance
with the said contracts, and (ii’) the implementation of the provisions
relating to the financial and legal restructuring as provided for in the
Memorandum of Agreement;

 

(b)          an
extract (extrait K-bis) from the relevant Registry of Trade and Companies in
respect of each of the Borrowers and the Guarantor;

 

14

 

(2)           to
deliver all documents or attestations and sign all amendment agreements to the
notarial agreements, in particular, those granting mortgages (affectation hypothécaires) relating to the mortgages
referred to in clause 17.2 (Security Interests)
of the Agreement which may be necessary by reason of the amendments made to the
Agreement, and to carry out all subsequent formalities, in particular, as
regards the modification of the bordereaux d’inscriptions
(inscription certificates) in the three months following the Termination of the
Share Capital Increase Completion Date;

 

(C)          On the
fifth day following the Share Capital Increase Completion Date, each Borrower
shall pay to the Financial Agent for the account of the Lenders under the
Tranche C Advances, in accordance with Clause 12 (Payments)
of the Amended and Restated Agreement, the additional amount of interest
relating to the period between 1 October 2004 and the Completion of the
Share Capital Increase Date. Such additional amount of interest shall be equal
to the amount of the Tranche C Advances set forth in Schedule I (Lenders) of the Amended and Restated
Agreement multiplied by an annual interest rate of 1.875%. Such additional
amount of interest shall be calculated for that period in accordance with the
stipulations of the Amended and Restated Agreement, and notably of Clause 3
(Interests).

 

At least 2 Business Days after
the date of payment of these amounts, the Lenders’ Agent will notify the
Borrowers and the relevant Lenders of the amount of such additional interest.

 

8.                            Guarantee Confirmation

 

In its capacity as Guarantor,
EDL Hotels represents that it expressly agrees to all the Contract terms and restates,
with retroactive effect from 1 October 2004, all the terms of its
Guarantee dated 25 March 1991.

 

9.                            Effective Date

 

(A)          The
provisions of the Contract other than those in Clauses 3 (Prepayment
of the Tranche C Advances – New Lenders Participations), Clause 4 (Amendment
and Restatement of the Agreement) and paragraph (C) of Clause 7
(Undertakings) will become effective on
the date on which all the conditions precedent set out in paragraph (A) of
Clause 5 (Conditions Precedent) have been
satisfied.

 

(B)          The
provisions of Clauses 3 (Prepayment of the Tranche
C Advances – New Lenders Participations), Clause 4 (Amendment and Restatement
of the Agreement), and paragraph
(C) of Clause 7 (Undertakings) will
enter into force, subject to the satisfaction of all the conditions precedent
stipulated in paragraph (B) of Clause 5 (Conditions precedent),
at the Share Capital Increase Completion Date with retroactive effect from 1 October 2004
in respect of the provisions of Clause 3 (Prepayment of the Tranche
C Advances – New Lenders Participations), and
paragraph (C) of Clause 7 (Undertakings).

 

15

 

10.                        Termination

 

(A)          In the
event that the Completion of the Share Capital Increase or completion of the
Contribution has not taken place by 31 March 2005, and if, at the end of
the consultation procedure provided for in paragraph (a) of clause 7.7 (Termination) of the Memorandum of Agreement, certain
provisions of the Memorandum of Agreement have been terminated in accordance
with paragraph (b) of clause 7.7 (Termination),
this Contract will be terminated.

 

The termination of this Contract will take effect from the date on which
the termination of such provisions of the Memorandum of Agreement referred to
above takes effect.

 

(B)          In the
event of a breach of the undertakings set out in paragraph (A) of Clause 7 (Undertakings), or of any of the undertakings stipulated in
Clause 8 (Undertakings) of the Phase IA Credit
Amendment and Restatement Agreement, the Contract shall be terminated upon
decision of the Lenders’ Agent, acting on the instruction of the Majority
Lenders.

 

(C)          In the
event that the conditions precedent provided for in paragraph (A) of
Clause 9 (Effective Date)
are not satisfied before 1 December 2004, the Lenders’ Agent, acting on
the instructions of the Majority Lenders, shall have the right to terminate
this Contract.

 

11.                        Lenders’ Agent

 

For the purpose of the Contract, each Lender severally represents and
warrants to the Lenders’ Agent and to the members of the Steering Committee,
that it has made its own investigations into the financial situation and
activities of the Borrowers and into Phase IB Assets, the Phase IB
Installations and the Project without relying on the Lenders’ Agent or the
Steering Committee; furthermore each Lender represents and warrants that it has
not relied upon any opinion given by the Lenders’ Agent or the Steering
Committee in relation to this Contract, its Schedules, the Common Agreement Amendment
and Restatement and its schedules, the other contracts, consents and documents
listed in Clause 5 (Conditions precedent),
and all other documents, agreements or consents signed or entered into by
reason of the signature of the Contract or the Memorandum of Agreement.

 

12.                        Waiver of
rights

 

Notwithstanding the provisions of article L.221-1
of the commercial code, but so that no provision of this Contract or of the
Agreement is limited in its application, the Lenders’ Agent, the Security Agent
and each Lender waives individually and collectively, expressly and
irrevocably,

 

(A)          all
rights it may have or believe it may have against any Partner of any of the
Borrowers pursuant to this Contract and the Agreement;

 

16

 

(B)          to
undertake any action aimed at obtaining the judicial bankruptcy or liquidation
of any of the Borrowers.

 

13.                          Financial
Agent Intervention

 

The Financial Agent has acknowledged to the Contract in order to recognize
all the Contract provisions relating to the relationships between the Lenders
and the Banks and in particular those relating to the prepayment and to the use
of the security deposit referred to in paragraph (ii) of the Security Deposit
definition, and to accept them.

 

14.                          Depositaries
Intervention

 

The Depositaries have acknowledged to the Contract in order to recognize
all the Agreement provisions that may have consequences on the means of
operation of the accounts opened by the Borrowers and the security interests
attached to them, and to undertake to comply with them.

 

15.                          Costs and
Expenses

 

EDL Hotels undertakes to reimburse all costs and expenses incurred by
the Lenders’ Agent in accordance with the provisions of clause 7.2.2 (Costs) of the Memorandum of Agreement and
of clauses 17 (Costs) of the
Agreement including fees and expenses relating to any notarial document and to
the notarial formalities.

 

16.                          No Novation

 

Clauses of the Agreement which are not expressly amended by the terms of
this Contract shall remain unchanged. 
This Contract does not effect a novation in respect of the indebtedness
under the Agreement.

 

17.                          Severability of Provisions

 

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

 

18.                          Formalities

 

This Contract, and the Amended and Restated Agreement shall be deposited
at the offices of Maître Eliane Frémeaux and restated, indicating the changes
required to be made to the mortgage documents as a result of the amendments to
the Agreement.

 

19.                          Language

 

This Contract has been drawn up and executed in the French language and
the French text shall prevail in the event of any discrepancy between such text
and any version thereof which may exist in another language.

 

17

 

20.                          Governing
law

 

This Contract is governed by, and shall be construed
in accordance with, French law.

 

21.                          Jurisdiction

 

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

 

Signed in Paris

 

On 1 December 2004

 

in 7 original copies

 

18

 

Hotel New York Associés S.N.C.

 

by Dominique Le Bourhis

 

 

Newport Bay Club Associés S.N.C.

 

by Dominique Le Bourhis

 

 

Sequoia Lodge associés S.N.C.

 

by Dominique Le Bourhis

 

 

Cheyenne Hotel Associés S.N.C.

 

by Dominique Le Bourhis

 

 

Hotel Santa Fe Associés S.N.C.

 

by Dominique Le Bourhis

 

 

Centre de Divertissements Associés S.N.C.

 

by Dominique Le Bourhis

 

 

EDL Hotels S.C.A.

 

by Jeffrey R. Speed

 

19

 

CALYON

 

 

acting in its capacity as Agent in the name and

for the benefit of the Lenders, the names of

which are set out in Schedule I, as well as

Financial Agent and Security Agent,

by Michel Anastassiades and Jean-Hervé

Cariou

 

 

The Depositaries

 

 

BNP PARIBAS and CALYON

 

20

 

Schedule 1

 

Lenders and Depositaries

 

	
  LENDERS (Tranhe B)

  
	
   

  
	
  AXA
  BANQUE

  
	
  137 rue Victor Hugo

  
	
  92687 Levallois
  Cedex

  
	
  Tel.: 33 1 55 62
  83 70

  
	
  Fax: 33 1 55 62 81
  22

  
	
  Attention: Robert
  SENEMAUD

  
	
   

  
	
  CALYON

  
	
  9 Quai du
  Président Paul Doumer

  
	
  92920 Paris La
  Défense Cedex

  
	
  Tel.: 33 1 41 89
  00 00

  
	
  Fax: 33 1 41 89 18
  92

  
	
  Attention:
  Jean-Hervé CARIOU / Patrick Savignac

  
	
   

  
	
  CASDEN
  BANQUES POPULAIRES

  
	
  91 Cours des
  Roches

  
	
  77186 Noisiel

  
	
  Tel.: 33 1 64 80
  32 74

  
	
  Fax: 33 1 64 62 22
  88

  
	
  Attention: Patrick
  Sebert

  
	
   

  
	
  CRCA
  BRIE

  
	
  24 Avenue du
  Maréchal Foch

  
	
  BP 205

  
	
  77101 Meax Cedex

  
	
  Tel.: 33 1 65 25
  94 68 / 33 1 60 25 94 02

  
	
  Fax: 33 1 60 25 96
  68

  
	
  Attention: Agnès
  Coulombe / Monique Milville

  
	
   

  
	
  CRCA
  CENTRE EST

  
	
  269 Faubourg
  Croncels

  
	
  10000 Troyes Cedex

  
	
  Tel.: 33 3 25 71
  43 60

  
	
  Fax: 33 3 25 71 44
  12

  
	
  Attention:
  Jean-François Louis

  
	
   

  
	
  CRCA
  NORD EST

  
	
  25 rue Libergier

  
	
  51088 Reims Cedex

  
	
  Tel.: 33 3 26 83
  36 71

  
	
  Fax: 33 3 26 83 30
  52

  
	
  Attention: PDF -
  DJGF - GESTION DES

  
	
  FILIALES ET
  PARTICIPATIONS

  
	
   

  
	
  CREDIT
  AGRICOLE SA

  
	
  C/O CALYON

  
	
  9 Quai du
  Président Paul Doumer

  
	
  92920 Paris La
  Défense Cedex

  
	
  Tel.: 33 1 41 89

  
	
  Fax: 33 1 41 89 18
  92

  
	
  Attention:
  Jean-Hervé CARIOU

  
	
   

  
	
  CREDIT
  FONCIER DE FRANCE

  
	
  Direction des
  Engagements

  
	
  4 quai de Bercy

  
	
  94224 Charenton
  Cedex

  
	
  Tel.: 33 1 57 44
  99 94 / 33 1 57 44 89 92

  
	
  Fax: 33 1 57 44 79
  44

  
	
  Attention: Phlippe
  Lestang / Maurice Boukobza

  
	
   

  
	
  DEXIA
  CREDIT LOCAL

  
	
  76 rue de la
  Victoire

  
	
  75320 Paris Cedex
  09

  
	
  Tel.: 33 1 43 92
  73 23

  
	
  Fax: 33 1 43 92 74
  00

  
	
  Attention:
  Nathalie DERUE

  
	
   

  
	
  FORTIS
  BANQUE France

  
	
  29-30 quai de Dion
  Bouton

  
	
  92800 Puteaux

  
	
  Tel.: 33 1 55 67
  88 20 / 33 1 55 67 79 20

  
	
  Fax: 33 1 55 67 81
  72

  
	
  Attention: Henri
  de Rochebrune / Angeline Fusil

  

 

21

 

	
  LENDERS (Tranche B)

  
	
   

  
	
  JPMORGAN
  CHASE BANK

  
	
  14 Place Vendôme

  
	
  75001 Paris

  
	
  Tel.: 44 207 777 1682

  
	
  Fax: 44 207 777 3459

  
	
  Attention: Steven
  HAWKINS

  
	
   

  
	
  NATEXIS
  BANQUES POPULAIRES

  
	
  45/51 rue St
  Dominique

  
	
  75007 Paris

  
	
  Tel.: 33 1 58 19
  28 42 / 33 1 58 32 30 00

  
	
  Fax: 33 1 58 19 29
  96

  
	
  Attention: Régine
  Allombert-Blanc / Eric Piette

  
	
   

  
	
  SOCIETE
  DU LOUVRE

  
	
  10 Avenue de
  Friedland

  
	
  75008 Paris

  
	
  Tel.: 33 1 45 64
  50 00

  
	
  Fax: 33 1 42 89 13
  10

  
	
  Attention: Laurent
  Aymard

  
	
   

  
	
  SOFINCO

  
	
  rue du Bois
  Sauvage

  
	
  91038 Evry Cedex

  
	
  Tel.: 33 1 60 76 35
  82 / 33 1 60 76 36 36

  
	
  Fax: 33 1 60 76 39
  02

  
	
  Attention:
  Christian Leprince

  
	
   

  

 

	
  LENDERS (Tranche C)

  
	
   

  
	
  BNP
  PARIBAS

  
	
  37, Place du
  Marché St Honoré

  
	
  75001 Paris

  
	
  Tel.: 33 1 43 16
  91 92 / 33 1 43 16 91 96

  
	
  Fax: 33 1 43 16 90
  47

  
	
  Attention: Martine
  Aubert / Olivier Jean

  
	
   

  
	
  CALYON

  
	
  9 quai du
  Président Paul Doumer

  
	
  92920 Paris La
  Défense Cedex

  
	
  Tel.: 33 1 41 89 00
  00

  
	
  Fax: 33 1 41 89 18 92

  
	
  Attention: Jean-Hervé
  CARIOU / Patrick Savignac

  
	
   

  
	
  J P MORGAN CHASE BANK

  
	
  14 Place Vendôme

  
	
  75001 Paris

  
	
  Tel.: 44 207 777 1682

  
	
  Fax: 44 207 777 3459

  
	
  Attention: Steven
  HAWKINS

  
	
   

  
	
  NATEXIS
  BANQUES POPULAIRES

  
	
  45/51 rue St
  Dominique

  
	
  75007 Paris

  
	
  Tel.: 33 1 58 19
  28 42 / 33 1 58 32 30 00

  
	
  Fax: 33 1 58 19 29
  96

  
	
  Attention: Régine
  Allombert-Blanc / Eric Piette

  

 

22

 

DEPOSITARIES

 

	
  Name

  	
   

  	
  Addresses

  
	
   

  	
   

  	
   

  
	
  CALYON 

  	
   

  	
  9 quai du
  Président Paul Doumer, 92920 Paris La Défense 

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  16 boulevard des
  Italiens, 75009 Paris

  

 

23

 

Schedule 2

 

Amended and Restated Agreement

 

[See Exhibit 4.14 (b) of the Form 20-F]

 

24

 

Schedule 3

 

Banks’ participation in the Loans on October 1,
2004

 

(after prepayment)

 

IB Advances - Pool of Lenders for Tranche C

 

 

	
  Lender

  	
   

  	
  Participation
  (%)

  	
   

  	
  Amount

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  41.67

  	
   

  	
  6 326 049.21

  	
   

  
	
  CALYON

  	
   

  	
  30.56

  	
   

  	
  4 639 102.75

  	
   

  
	
  J P MORGAN ET CIE SA

  	
   

  	
  6.94

  	
   

  	
  1 054 341.53

  	
   

  
	
  NATEXIS BANQUES POPULAIRES

  	
   

  	
  20.83

  	
   

  	
  3 163 024.61

  	
   

  
	
   

  	
   

  	
  100.00

  	
   

  	
  15 182 518.10

  	
   

  

 

25

 

Schedule 4

 

New Repayments Schedule

 

for the Tranche C Advances 

 

(amount in euros)

 

	
  Repayment Date

  	
   

  	
  Amount outstanding

  before Amortisation

  	
   

  	
  Total Amortisation

  	
   

  	
  Amortisation

  	
   

  
	
  01/10/2004

  	
   

  	
  18,888,074.22

  	
   

  	
  19.62

  	
  %

  	
  3,705,556.12

  	
   

  
	
  05/11/2004

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2005

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2005

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2005

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2005

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2006

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2006

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2006

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2006

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2007

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2007

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2007

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2007

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2008

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2008

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2008

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2008

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2009

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2009

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2009

  	
   

  	
  15,182,518.10

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2009

  	
   

  	
  15,182,518.10

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/02/2010

  	
   

  	
  14,383,438.20

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/05/2010

  	
   

  	
  13,584,358.30

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/08/2010

  	
   

  	
  12,785,278.40

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/11/2010

  	
   

  	
  11,986,198.50

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/02/2011

  	
   

  	
  11,187,118.60

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/05/2011

  	
   

  	
  10,388,038.70

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/08/2011

  	
   

  	
  9,588,958.80

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/11/2011

  	
   

  	
  8,789,878.90

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/02/2012

  	
   

  	
  7,990,799.00

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/05/2012

  	
   

  	
  7,191,719.10

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/08/2012

  	
   

  	
  6,392,639.20

  	
   

  	
  4.23

  	
  %

  	
  799,079.90

  	
   

  
	
  05/11/2012

  	
   

  	
  5,593,559.30

  	
   

  	
  29.61

  	
  %

  	
  5,593,559.30

  	
   

  

 

26

 

Schedule 5

 

Legal opinions

 

[The
following exhibits only exist in French and, absent an English translation,
have been summarized as follows:

 

(1)    the legal opinion of Freshfields Bruckhaus Deringer
dated December 1, 2004 addressed to BNP Paribas in its capacity as agent
for the Phase IA Banks and to CALYON in its capacity as agent for the Phase IA
Partners, the Phase IB Banks and the Phase IB Lenders concerning the due
authorization and valid existence of certain entities executing various
agreements related to the financial restructuring of the Company; and

 

(2)    the legal opinion of Freshfields Bruckhaus Deringer
dated December 1, 2004 addressed to BNP Paribas and CALYON as agents to
certain lenders concerning the due authorization and valid existence of certain
entities signing certain agreements related to the contribution of nearly all
of the assets and liabilities of the Company to Euro Disney Associés S.C.A.]

 

27

 

 

December
1, 2004

 

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as Agent under
the

Contrat d’Ouverture de Crédit Multidevises

dated
September 5, 1989, as amended

among Euro
Disney SCA, Euro Disneyland SNC

and
various lenders represented by BNP Paribas

 

Calyon

9, quai Paul Doumer

92920 Paris La Défense Cedex

as Agent under
the

Contrat d’Avances d’Associés

dated April
26, 1989, as amended

among Euro
Disneyland SNC

and various
lenders represented by Calyon;

Contrat d’Ouverture de Crédit

dated March
25, 1991, as amended

among EDL
Hôtels SCA, certain SNCs

and various
lenders represented by Calyon; and

Contrat d’Avances

dated March
25, 1991, as amended

among certain
SNCs, EDL Hôtels SCA as guarantor

and various
lenders represented by Calyon.

 

 

Ladies and
Gentlemen:

 

We have acted as special French counsel to
The Walt Disney Company (“TWDC”), Euro Disney Investments, Inc. (“EDI”), EDL
SNC Corporation (“EDS”), Euro Disney Investments SAS

 

1

 

(“EDI SAS”),
EDL Corporation SAS (“EDS SAS”) and Euro Disney Associés SNC (“EDA”) in
connection with (i) the 2004 Standby Revolving Credit Agreement dated September
30, 2004 (the “Standby Credit Agreement”) between TWDC and Euro Disney SCA;
(ii) two share capital increases of EDA, each in an amount of €192,025,892.32
(including share issue premium), subscribed for by EDI and EDS, respectively,
by way of set-off against certain receivables; (iii) a share capital reduction
of EDA in an amount of €235,541,130.69; (iv) the contribution (apport) by EDI and EDS to EDI SAS and EDS
SAS, respectively, of their shares (parts
sociales) in EDA; and (v) the transformation of EDA into a French société en commandite par actions
(collectively, the “Transactions”).

 

This opinion is delivered to you pursuant
to Section 6(A)(2)(aa) of the Convention de
Modifications et de Réitération – Crédit Phase IA dated December 1, 2004
among Euro Disney SCA, Euro Disney Associés SCA, Euro Disneyland SNC and
various lenders represented by BNP Paribas as Agent; Section 3(A)(2)(c) of the Convention de Modifications et de Réitération – Avances Phase IA dated December 1, 2004
among Euro Disneyland SNC and various lenders represented by Calyon as Agent;
Section 5(A)(2)(c) of the Convention de
Modifications et de Réitération – Crédit Phase IB dated December 1, 2004
among EDL Hotels SCA, certain SNCs and various lenders represented by Calyon;
and Section 5(A)(2)(c) of the Convention de
Modifications et de Réitération – Avances Phase IB dated December 1, 2004
among certain SNCs, EDL Hotels SCA as guarantor and various lenders represented
by Calyon.

 

In arriving at the opinions expressed
below, we have reviewed and relied upon the following documents (the “Documents”):

 

(a)           a certified copy of the
minutes of the decision of September 29, 2004 of the partners of EDA,
appointing Mr. Philippe Coen, as Gérant
of EDA;

 

(b)          a certified copy of the statuts (by-laws) of EDA, up-to-date as of September 30,
2004 (after the decisions of September 30, 2004 of the partners of EDA in
respect of, among other things, two share capital increases and a share capital
reduction of EDA and the approval of EDI SAS and EDS SAS as new partners of
EDA);

 

(c)           a certified copy of the statuts (by-laws) of EDA, up-to-date as of September 30,
2004 (after the decisions of September 30, 2004 of the sole shareholder of each
of EDI SAS and EDS SAS in respect of, among other things, the contribution by
EDI and EDS to EDI SAS and EDS SAS, respectively, of their shares (parts sociales) in EDA; and before the
transformation of EDA into a société en
commandite par actions);

 

(d)          a certified copy of the statuts (by-laws) of EDI SAS, EDS SAS and EDA, up-to-date as
of November 30, 2004;

 

(e)           an extrait
K-bis dated November 26, 2004 from the Registre du commerce et des sociétés of Meaux with respect
to each of EDI SAS, EDS SAS and Euro Disney Associés SCA;

 

(f)           a certified copy of the
statements of account issued by EDA’s Gérant,
with respect to each of EDI’s and EDS’s receivables against EDA, in the amount
of €192,025,892.32 each;

 

2

 

(g)          a certified copy of the
reports issued by PricewaterhouseCoopers Audit dated September 30, 2004
certifying the accuracy of the statements of account issued by EDA’s Gérant, with respect to each of EDI’s and
EDS’s receivables against EDA, in the amount of €192,025,892.32 each;

 

(h)          a certified copy of the
minutes of the decisions of September 30, 2004 of the partners of EDA in
respect of, among other things, the two share capital increases of EDA, in an
aggregate amount of €384,051,784.64 (including share issue premium) subscribed
for by EDI and EDS; the share capital reduction of EDA in an amount of
€235,541,130.69; and the approval of EDI SAS and EDS SAS as new partners of
EDA;

 

(i)            a certified copy of the
Contribution Agreement (contrat d’apport)
between EDI and EDI SAS, dated September 30, 2004;

 

(j)            a certified copy of the
report by Dominique Ledouble and Jean-Pierre Colle, acting as contribution
appraisers (commissaires aux apports),
dated September 22, 2004, relating to the contribution by EDI to EDI SAS of its
shares (parts sociales) in EDA,
and the related certificate of filing of such report dated September 22, 2004
from the Registre du commerce et des
sociétés of Meaux;

 

(k)           a certified copy of the
minutes of the decisions of September 30, 2004 of the sole shareholder of EDI
SAS, in respect of, among other things, the contribution by EDI to EDI SAS of
its shares (parts sociales) in
EDA and the related share capital increase of EDI SAS;

 

(l)            a certified copy of the
certificate issued by EDA’s Gérant
dated September 30, 2004 certifying delivery by EDI SAS of the Contribution
Agreement at the registered office of EDA;

 

(m)          a certified copy of the
Contribution Agreement (contrat d’apport)
between EDS and EDS SAS, dated September 30, 2004;

 

(n)          a certified  copy of the report by Dominique Ledouble and
Jean-Pierre Colle, acting as contribution appraisers (commissaires aux apports), dated September
22, 2004, relating to the contribution by EDS to EDS SAS of its shares (parts sociales) in EDA, and the related
certificate of filing of such report dated September 22, 2004 from the Registre du commerce et des sociétés of
Meaux;

 

(o)          a certified copy of the
minutes of the decisions of September 30, 2004 of the sole shareholder of EDS
SAS, in respect of, among other things, the contribution by EDS to EDS SAS of
its shares (parts sociales) in
EDA and the related share capital increase of EDS SAS;

 

(p)          a certified copy of the
certificate issued by EDA’s Gérant
dated September 30, 2004 certifying the delivery by EDS SAS of the Contribution
Agreement at the registered office of EDA;

 

3

 

(q)          a certified copy of the
minutes of the partners’ meeting of September 30, 2004 of EDA in respect of,
among other things, the transformation of EDA into a French société en commandite par actions; and

 

(r)           a certified copy of the
Standby Credit Agreement.

 

The opinions
below are given solely on the basis of the laws of the French Republic as
currently in effect and we have made no investigation of any other laws which
may be relevant to the Documents, any transaction contemplated therein
(including the Transactions) and/or the opinions below.  In addition, the opinions below do not and
shall not purport to address any tax aspect or treatment of the Documents or
any transactions contemplated therein (including the Transactions) or the tax
position of any of the parties to the Documents.

 

In rendering
the opinions expressed below, we have assumed and not independently verified:

 

(1)           the
authenticity of all documents submitted to us as originals and the conformity
to the originals of all documents submitted to us as copies;

 

(2)           that
each of the parties to each of the Documents (other than EDI SAS and EDS SAS)
is and was at the time of the Transactions duly incorporated and validly
existing and has and had at the time of the Transactions the corporate power
and authority to enter into the Documents to which it is a party;

 

(3)           that
the execution, delivery and performance of each of the Documents by each of the
parties thereto (other than EDI SAS and EDS SAS) were duly and validly
authorized by all necessary corporate action in accordance with any applicable
laws;

 

(4)           that
each of the Documents has been duly executed and delivered by all parties
thereto (other than EDI SAS and EDS SAS); and

 

(5)           the
accuracy and completeness at all relevant times of the statements of fact
(including without limitation representations and warranties to the extent they
relate to matters of fact) contained in the Documents.

 

Based on the
foregoing and subject to the qualifications set forth below, we are of the
opinion that:

 

1.            On
November 26, 2004, each of EDI SAS and EDS SAS was validly existing as a French
société par actions simplifiée.

 

 

2.            On
November 26, 2004, EDA was validly existing as a French société en commandite par actions.

 

 

3.            On
September, 30, 2004 at 4:30 p.m. (Paris time), the two share capital increases
of EDA each in an amount of €192,025,892.32 (including share issue premium),
were duly authorized by all requisite actions of EDA’s corporate bodies and the
corresponding 1,133,176,122 shares (parts
sociales) of EDA issued to each of EDI and EDS were duly authorized
and validly issued.

 

4

 

4.            On
September, 30, 2004 at 4:30 p.m. (Paris time) and immediately following the two
share capital increases referred to in paragraph 3 above, the share capital
reduction of EDA in an amount of €235,541,130.69 was duly authorized by all
requisite actions of EDA’s corporate bodies.

 

 

5.            On
September 30, 2004 at 5 p.m. (Paris time), the contribution (apport) by EDI to EDI SAS of 366,659,494
shares (parts sociales) of EDA
was duly authorized by all requisite actions of EDI SAS’s corporate bodies and
the corresponding shares in EDI SAS were duly authorized and validly issued.

 

 

6.            On
September 30, 2004 at 5:15 p.m. (Paris time), the contribution (apport) by EDS to EDS SAS of 366,659,494
shares (parts sociales) of EDA
was duly authorized by all requisite actions of EDS SAS’s corporate bodies and
the corresponding shares in EDS SAS were duly authorized and validly issued.

 

 

7.            On
September 30, 2004 at 6 p.m. (Paris time), the transformation of EDA into a
French société en commandite par actions
was duly authorized by all requisite actions of EDA’s corporate bodies.

 

 

8.            The
Standby Credit Agreement constitutes valid and binding obligations of TWDC,
enforceable against it in accordance with its terms.

 

 

The
opinions set forth above are subject to the following qualifications:

 

A.             In rendering our opinions
in paragraphs 1. and 2. above, we have relied without independent
investigation solely on each of the applicable the extrait
K-bis referred to in paragraph (e) of the list of documents
examined by us, and we express such opinion solely as of the date of such extrait K-bis.

 

B.             In rendering our opinions
in paragraphs 3. and 4. above, we have relied without independent
investigation solely on the documents referred to in paragraphs (a), (f), (g)
and (h) of the list of documents examined by us;

 

C.             In rendering our opinions
in paragraph  5. above, we have relied without independent investigation
solely on the documents referred to in paragraphs (i), (j), (k) and (l) of the
list of documents examined by us;

 

D.             In rendering our opinions
in paragraph 6. above, we have relied without independent investigation
solely on the documents referred to in paragraphs (m), (n), (o) and (p) of the
list of documents examined by us;

 

E.              With respect to our opinions in paragraphs 5 and 6 above, we
wish to call your attention to the fact that one legal commentator (Paul Le
Cannu, Dictionnaire Joly Sociétés,
SAS – Société par Actions Simplifiée,
No. 142,

 

5

 

2003) has
taken the position that it is not possible in an société par actions simplifiée with a single shareholder for
the sole shareholder to vote on a contribution in kind made by such shareholder
to the société par actions simplifiée.  Mr. Le Cannu’s analysis is based on Article
L.225-10 of the French Code de commerce
governing sociétés anonymes,
which provides that a shareholder making a contribution in kind to a société anonyme may not vote at a
shareholders meeting on the proposed approval of such contribution, and on
Article L.227-1 of the French Code de
commerce according to which provisions applicable to sociétés anonymes are applicable to sociétés par actions simplifiées to the extent
they are compatible with specific rules governing sociétés par actions simplifiées.  However, we disagree with Mr. Le Cannu’s
analysis.  As rules on sociétés par actions simplifiées
specifically provide that such companies (unlike sociétés anonymes) may have only one shareholder, our
analysis is that Article L.225-10 of the French Code de commerce is not applicable to  sociétés
par actions simpifiées with a single shareholder, as otherwise such
shareholder would be prohibited from making any contribution in kind to the
company, a result so extraordinary that in our opinion it could result only
from a specific legal provision to that effect. 
We note that
Mr. Le Cannu concurred with our conclusion in a prior publication (Paul Le
Cannu, Encyclopédie Dalloz, Répertoire de droit des sociétés, Sociétés par actions simplifiées,
No. 238, 2000);

 

F.              In rendering our
opinions in paragraph 7 above, we hare relied without independent
investigation solely on the document referred to in paragraph (q) of the list
of documents examined by us;

 

G.             We do not express any
opinion as to whether the second sentence of Section 2.3.1 of the Standby
Credit Agreement is valid, binding or enforceable under French law;

 

H.             Insofar as the foregoing
opinions relate to the validity, binding effect or enforceability of any
agreement or obligation of TWDC, (a) we have assumed that TWDC and any other
party to such agreement or obligation has satisfied those legal requirements
that are applicable to it to the extent necessary to make such agreement or
obligation enforceable against it and (b) such opinions are subject to
applicable bankruptcy, insolvency, reorganization, moratorium and other similar
laws affecting creditors rights generally;

 

I.               We express no opinion
as to the availability of the remedy of specific performance or any remedies
other than those culminating in a judgment for the payment of money as
contemplated by Section 1142 of the French Code
civil;

 

J.              In respect of payment
obligations, French courts have the power, in light of the debtor’s position
and the creditor’s needs, to defer or otherwise reschedule payment dates
pursuant to Section 1244-1 of the French Code
civil, which also permits French courts to decide that any amounts
so deferred or rescheduled will bear interest at a rate lower than rate
previously

 

6

 

agreed among
the parties and/or that payments will be first applied towards repayment of
principal;

 

K.             A French court may
require the Standby Credit Agreement to be translated into the French language
by a sworn translator (traducteur assermenté)
as a condition to its admissibility into evidence or before deeming it to be in
proper form for enforcement; and

 

L.              Under the French Code général des impôts, a stamp tax of a
nominal amount is due in respect of any written agreement or other instrument
documenting an obligation to pay money, before use of such agreement or
instrument can be made in the French Republic, whether in a public act, a
declaration of any kind, or in dealing with any governmental authority,
incuding the courts of the French Republic.

 

We are
rendering this opinion in our capacity as Avocats au Barreau de Paris.  This opinion is addressed to BNP Paribas and
Calyon solely for BNP Paribas’ and Calyon’s own use and that of the lenders
that they respectively represent as Agent under the Contrat d’Ouverture de Crédit Multidevises dated September
5, 1989, as amended; the Contrat d’Avances d’Associés
dated April 26, 1989, as amended; the Contrat d’Ouverture de Crédit dated March 25, 1991, as
amended; and the Contrat d’Avances dated
March 25, 1991, as amended, and for the purpose of the Convention de Modifications et de Réitération – Crédit Phase IA dated
December 1, 2004, among Euro Disney SCA, Euro Disneyland SNC and various
lenders represented by BNP Paribas; the Convention de Modifications et de Réitération – Avances Phase IA dated
December 1, 2004 among Euro Disneyland SNC and various lenders represented by
Calyon; the Convention de Modifications et
de Réitération – Crédit Phase IB dated
December 1, 2004 among EDL Hotels SCA, certain SNCs and various lenders
represented by Calyon; and the Convention de
Modifications et de Réitération – Avances Phase IB
among certain SNCs, EDL Hotels SCA as guarantor and various lenders represented
by Calyon.  This opinion is not to be
used, quoted, communicated, circulated or otherwise disseminated or referred to
for any other purpose and may not be relied upon by anyone else; provided,
however, that a copy of this opinion may be shown to Caisse des Dépôts et
Consignations.  We assume no obligation
to advise you or to make any investigations as to any legal developments or
factual matters arising subsequent to the date hereof that might affect the
opinions expressed herein.  This opinion
is limited to the matters

 

7

 

expressly stated herein and does not
extend to, and is not to be read as extended by implication to any other
matter.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLEARY, GOTTLIEB, STEEN & HAMILTON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fabrice Baumgartner, a Partner

  

 

8

 

December
1, 2004

 

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as Agent under
the

Contrat d’Ouverture de Crédit
Multidevises

dated
September 5, 1989, as amended

among Euro
Disney SCA, Euro Disneyland SNC

and various
lenders represented by BNP Paribas

 

Calyon

9, quai Paul Doumer

92920 Paris La Défense Cedex

as Agent under
the

Contrat d’Avances d’Associés

dated April
26, 2989, as amended

among Euro
Disneyland SNC

and various
lenders represented by Calyon;

Contrat d’Ouverture de Crédit

dated March
25, 1991, as amended

among EDL
Hôtels SCA, certain SNCs

and various
lenders represented by Calyon; and

Contrat d’Avances

dated March
25, 1991, as amended

among certain
SNCs, EDL Hôtels SCA as guarantor

and various
lenders represented by Calyon.

 

 

Ladies and
Gentlemen:

 

We have acted
as special U.S. counsel to The Walt Disney Company (“TWDC), Disney Enterprises,
Inc. (“DEI”), Euro Disney Investments, Inc. (“EDI”) and EDL

 

9

 

SNC
Corporation (“EDS”) in connection with (i) the 2004 Standby Revolving Credit
Agreement dated September 30, 2004 (the “Standby Credit Agreement”) between
TWDC and Euro Disney SCA; (ii) certain undertaking letters (the “Undertaking
Letters”) of TWDC copies of which are attached to this letter; (iii) an
undertaking letter (the “DEI Undertaking Letter”) of DEI a copy of which is
attached to this letter;  (iv) the
subscription by way of set-off against certain receivables by EDI and EDS to
two share capital increases of Euro Disney Associés SNC (“EDA”) in the amount
of €192,025,892.32 (including share issue premium) each; and (v) the
contribution (apport) by EDI and
EDS to EDI SAS and EDS SAS, respectively, of their shares (parts sociales) in EDA.

 

This opinion
is delivered to you pursuant to Section 6(A)(2)(aa) of the Convention de Modification et de Réitération – Crédit Phase IA dated December 1, 2004
among Euro Disney SCA, Euro Disney Associés SCA, Euro Disneyland SNC and
various lenders represented by BNP Paribas as Agent; Section 3(A)(2)(c) of the Convention de Modification et de Réitération – Avances Phase IA dated December 1, 2004
among Euro Disneyland SNC and various lenders represented by Calyon as Agent;
Section 5(A)(2)(c) of the Convention de
Modification et de Réitération – Crédit Phase IB dated December 1, 2004
among EDL Hotels SCA, certain SNCs and various lenders represented by Calyon;
and Section 5(A)(2)(c) of the Convention de
Modification et de Réitération – Avances Phase IB dated December 1, 2004
among certain SNCs, EDL Hotels SCA as guarantor and various lenders represented
by Calyon.

 

In arriving at
the opinions expressed below, we have reviewed and relied upon the following
documents:

 

(s)           copies of the by-laws of
each of TWDC, DEI, EDI and EDS, certified by each of their respective corporate
secretaries;

 

(t)            copies of the certificates
of incorporation of each of TWDC, DEI, EDI and EDS, certified by the Secretary
of State of the State of Delaware or by their respective corporate secretaries;

 

(u)           an executed copy of the
Contribution Agreement (contrat d’apport,
hereafter the “EDI Contribution Agreement”) between EDI and EDI SAS, dated
September 30, 2004;

 

(v)           an executed copy of the
Contribution Agreement (contrat d’apport,
hereafter the “EDS Contribution Agreement”) between EDS and EDS SAS, dated
September 30, 2004;

 

(w)          an executed copy of the
Standby Credit Agreement; and

 

(x)            executed copies of the
Undertaking Letters and the DEI Undertaking Letter.

 

The Standby
Credit Agreement, the Undertaking Letters, DEI Undertaking Letter, the EDI
Contribution Agreement and the EDS Contribution Agreement are referred to
collectively as the “Documents.”

 

10

 

In addition,
we have reviewed the originals or copies certified or otherwise identified to our
satisfaction of all such corporate records of TWDC, DEI, EDI and EDS and such
other instruments and other certificates of public officials, officers and
representatives of TWDC, DEI, EDI and EDS and such other persons, and we have
made such investigations of law, as we have deemed appropriate as a basis for
the opinions expressed below.

 

In rendering
the opinions expressed below, we have assumed the authenticity of all documents
submitted to us as originals and the conformity to the originals of all documents
submitted to us as copies.  In addition,
we have assumed and have not verified the accuracy as to factual matters of
each document we have reviewed (including, without limitation, the accuracy as
to factual matters of the representations and warranties of TWDC, DEI, EDI and
EDS contained in the various agreements that we have reviewed).

 

Based on the
foregoing and subject to the qualifications set forth below, we are of the
opinion that:

 

1.     Each
of TWDC, DEI, EDI and EDS is validly existing as a corporation in good standing
under the laws of the State of Delaware.

 

2.     Each
of TWDC, DEI, EDI and EDS has the corporate power to enter into the Documents
to which they are parties and to perform their obligations thereunder.

 

3.     The
execution and delivery by each of TWDC, DEI, EDI and EDS of the Documents to
which they are parties, and the performance by each of them of their respective
obligations thereunder, have been duly authorized by all necessary corporate
action on the part of TWDC, DEI, EDI or EDS, as the case may be.

 

4.     The
Standby Credit Agreement has been duly executed by TWDC.

 

5.     The
Undertaking Letters have been duly executed and delivered by TWDC and are valid
and binding obligations of TWDC, enforceable against TWDC in accordance with
their respective terms.

 

6.     The
DEI Undertaking Letter has been duly executed and delivered by DEI and is a
valid and binding obligation of DEI, enforceable against DEI in accordance with
its terms.

 

7.     The execution and delivery by each of TWDC, DEI,
EDI and EDS of the Documents to which they are parties, and the performance by
each of them of their respective obligations thereunder, do not result in the
violation or breach of any provision of their respective certificates of
incorporation or by-laws or of any provision of the laws of the State of New
York or the United States applicable to each of TWDC, DEI, EDI and EDS (except
for the purposes of this paragraph we express no opinion as to any U.S. federal
securities laws or any state securities laws or Blue Sky laws).

 

11

 

8.     The execution and delivery by each of TWDC, DEI,
EDI and EDS of the Documents to which they are parties, and the performance by
each of them of their respective obligations thereunder, do not require any
consent, approval, authorization, registration or qualification of or with any
governmental authority of the United States or the State of New York (except
for the purposes of this paragraph we express no opinion as to any consent,
approval, authorization, registration or qualification that may be required
under U.S. federal securities laws or state securities laws or Blue Sky laws).

 

9.     A
final, conclusive judgment for the payment of a sum of money of the Tribunal de Commerce de Paris that is enforceable
in France against TWDC in respect of the Standby Credit Agreement will be
enforced by any court of the State of New York, and any U.S. federal court
sitting in the State of New York, without review of the merits, unless:

(i)        the judgment was rendered under a system that does not provide impartial
tribunals or procedures compatible with the requirements of due process of law;

 

(ii)       the Tribunal de Commerce de Paris
did not have jurisdiction over the subject matter;

 

(iii)      the defendant did not receive notice of the relevant proceedings in
sufficient time to enable it to defend;

 

(iv)      the judgment was obtained by fraud;

 

(v)       the cause of action on which the judgment is based is repugnant to the
public policy of the State of New York;

 

(vi)      the judgment conflicts with another final and conclusive judgment;

 

(vii)     the proceeding was contrary to an agreement between the parties under
which the dispute in question was to be settled otherwise than by proceedings
in the Tribunal de Commerce de Paris;
or

 

(viii)    in the case of jurisdiction based only on personal service, the Tribunal de Commerce de Paris was a
seriously inconvenient forum for the trial of the action.

 

Insofar
as the foregoing opinions relate to the valid existence and good standing of
TWDC, DEI, EDI and EDS, they are based solely on a certificate of good standing
received from the Secretary of State of the State of Delaware and on a
telephonic confirmation from such Secretary of State.  Insofar as the foregoing opinions relate to
the validity, binding effect or enforceability of any agreement or obligation
of TWDC or DEI, (a) we have assumed that each other party to such agreement has
satisfied those legal requirements that are applicable to it to the extent
necessary to make such agreement enforceable against it (except that no such
assumption is made as to TWDC or DEI regarding matters of the General
Corporation Law of the State of Delaware or the law of the State of New York
that in our experience are normally applicable to general business entities
with

 

12

 

respect
to such agreement or obligation), and (b) such opinions are subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
generally and to general principles of equity.

 

In
rendering the opinions expressed in paragraphs 7 and 8, we express no opinion
as to any violation of, or any consent, approval, authorization, registration
or qualification required under, any law or regulations which may have become
applicable to TWDC, DEI, EDI and EDS as a result of the involvement of other
parties in the transactions referred to in the Documents to which each is a
party because of their legal or regulatory status or because of any other facts
specifically pertaining to them.  In
addition, the opinions expressed in such paragraphs 7 and 8 relate only to
those laws and regulations that, in our experience, are normally applicable to
transactions of the type referred to in the Documents to which each is a party.

 

We note
that (i) provisions in any agreement by which a party submits to the general
jurisdiction of the courts of the State of New York, the U.S. federal courts
sitting in the State of New York are subject to the applicable limitations on
the competent jurisdiction of such courts; and (ii) we express no opinion as to
the subject matter jurisdiction of any U.S. federal court to adjudicate any
action between two parties neither of which is a citizen of any U.S. state for
purposes of 28 U.S.C. Sec. 1332

 

We note
that the designation under the Undertaking Letters and the DEI Undertaking
Letter of the U.S. federal courts located in the State of New York as the venue
for actions or proceedings with respect thereto or any proceeding to execute or
otherwise enforce any judgment in respect of any breach thereof
(notwithstanding the waiver therein) is subject to the power of such courts to
transfer actions pursuant to 28 U.S.C. §1404(a) or to dismiss such actions or
proceedings on the ground that such a federal court is an inconvenient forum
for such an action or proceeding.

 

We note
that effective enforcement of a foreign currency claim in the New York State
courts or the U.S. federal courts sitting in the State of New York may be
limited by requirements that the claim (or a foreign currency judgment in
respect of the claim) be converted into United States dollars at the rate of
exchange prevailing on a specified date.

 

The
foregoing opinions are limited to the law of the State of New York, the federal
laws of the United States of America and the General Corporation Law of the
State of Delaware.

 

This
opinion is addressed to BNP Paribas and Calyon solely for BNP Paribas’ and
Calyon’s own use and that of the lenders that they respectively represent as
Agent under the Contrat d’Ouverture de Crédit Multidevises dated September 5,
1989, as amended; the Contrat d’Avances d’Associés dated April 26, 2989, as
amended; the Contrat d’Ouverture de Crédit dated March 25, 1991, as amended;
and the Contrat d’Avances dated March 25, 1991, as amended, and for the purpose
of the Convention de Modification et de Réitération – Crédit
Phase IA dated December 1, 2004, among Euro Disney SCA, Euro Disney Associés
SCA, Euro Disneyland SNC, the Agent and various lenders represented by BNP
Paribas; the Convention de Modification et de Réitération – Avances
Phase IA dated December 1, 2004 among Euro Disneyland SNC and various lenders
represented by Calyon; the Convention de Modification et de Réitération – Crédit Phase IB dated December 1, 2004 among EDL Hotels

 

13

 

SCA,
certain SNCs and various lenders represented by Calyon; and the Convention de
Modification et de Réitération – Avances Phase IB among
certain SNCs, EDL Hotels SCA as guarantor and various lenders represented by
Calyon.  This opinion is not to be used,
quoted, communicated, circulated or otherwise disseminated or referred to for
any other purpose and may not be relied upon by anyone other than the Agent or
such lenders; provided, however, that a copy of this opinion may be shown to
Caisse des Dépôts et Consignations.  We
assume no obligation to advise you or to make any investigations as to any
legal developments or factual matters arising subsequent to the date hereof
that might affect the opinions expressed herein.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  CLEARY,
  GOTTLIEB, STEEN & HAMILTON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Andrew
  Bernstein, a Partner

  
					

 

14

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