Document:

Exhibit 4.12

 

FOURTH AMENDMENT TO THE LICENSE AGREEMENT

 

FOURTH AMENDMENT, dated as of November 30, 2004, to the license
agreement dated as of February 28, 1989, as amended by a First Amendment
dated as of January 1, 1991, a Second Amendment dated as of March 1,
1993 and a Third Amendment dated as of June 10, 1994 (the “License Agreement”).

 

BETWEEN:

 

The Walt Disney Company (Netherlands) B.V., a Dutch
corporation, whose registered office is at Koningslaan 34, 1075 AD Amsterdam,
Netherlands (the “Licensor”).

 

Disney Enterprises, Inc.; formerly known as The Walt
Disney Company, a Delaware Corporation, whose registered office is at 500 South
Buena Vista Street, 91521-1030 Burbank, USA (“DEI”).

 

AND:

 

Euro Disney S.C.A., formerly known as Euro Disneyland
S.C.A, a French société en commandite par actions,
whose registered office is at Immeubles Administratifs, RN 34, 77705 Chessy,
registered with the Meaux Registry of Commerce under N°334 173 887 (the “Licensee”).

 

WITNESSETH:

 

Whereas, the Licensor is a temporary successor to DEI
under the License Agreement pursuant to a License and Assignment Agreement
dated as of July 1, 1992 between DEI and the Licensor;

 

Whereas, pursuant to a
contribution agreement dated September 30, 2004 and amended on November 8,
2004 between the Licensee and Euro Disney Associés SCA (“EDA”),
a société en commandite par actions with a
capital of 109,997,848.20 euros, having its principal office at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy, the Licensee agreed to
contribute substantially all its assets and liabilities to EDA (the “Contribution”);

 

Whereas, on November 29,
2004, the Licensor consented to the transfer of the Licensee’s rights and
obligations under the License Agreement to EDA as a result of, and subject to,
completion of the Contribution and authorized, subject to the same condition,
EDA to enter into sub-licenses with Euro Disneyland SNC and Euro Disney SCA for
the right to use “Euro Disneyland” and “Euro Disney” names in their corporate
denominations;

 

Whereas, the parties agreed to amend the License
Agreement subject to the same conditions;

 

The parties wish to amend the License Agreement as set
forth herein.

 

 

NOW, THEREFORE, IT HAS BEEN
AGREED AS FOLLOWS:

 

ARTICLE I

 

Definitions

 

Section 1.27
of the License Agreement shall be amended as follows:

 

“Management
Company” shall mean Euro Disney S.A.S., a French société par actions
simplifiées, acting in its capacity as manager of Licensee and Euro Disney
S.C.A.”

 

ARTICLE II

 

Grant of License

 

A new paragraph (h) is added after paragraph (g) of Section 2.4.
of Article II of the License Agreement, reading as follows:

 

“(h) The right to sublicense to Euro Disney S.C.A. the
right to use the “Euro Disney” and “Euro Disneyland” names in its corporate
denomination.”

 

ARTICLE III

 

Events of Default;
Remedies

 

Paragraph (b) (ii) of Section 14.1 of Article XIV
of the License Agreement shall be amended and restated as follows:

 

“(b) (ii) any person or entity that is not a
Controlled Affiliate of Licensor becoming (A) an associé commandité or gérant
of Euro Disney S.C.A. or Euro Disney Associés S.C.A. or (B) a gérant
of Euro Disneyland S.N.C.”

 

ARTICLE IV

 

Effectiveness

 

This fourth amendment is subject to the condition
precedent of, and will become effective immediately upon, completion of the
Contribution.

 

ARTICLE V

 

No
Other Amendment

 

All provisions of the
License Agreement that are not expressly modified by this fourth amendment
shall remain unchanged.

 

2

 

ARTICLE VI

 

Miscellaneous

 

Articles XVIII “Choice of Law” and XIX “Miscellaneous Provisions” of
the License Agreement are incorporated herein by reference as if they had been
fully restated herein.

 

IN WITNESS WHEREOF, the
parties have caused this fourth amendment to be executed and delivered by their
officers or duly constituted representatives thereunto duly authorized as of
the date first above written.

 

 

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3

 

	
   

  	
   

  	
   

  
	
   

  	
  The Walt Disney Company
  (Netherlands) B.V.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Disney Enterprises,
  Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Joseph M.
  Santaniello

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Euro Disney S.C.A.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  

 

 

	
  TO:

  	
  BNP Paribas

  
	
   

  	
  E.C.E.P.

  
	
   

  	
  Project Finance

  
	
   

  	
  37, place du Marché Saint Honoré

  
	
   

  	
  75001 PARIS

  
	
   

  	
   

  
	
   

  	
  as Agent for the Phase IA Banks

  
	
   

  	
   

  
	
  TO:

  	
  Caisse des Dépôts et Consignations

  
	
   

  	
  72, avenue Pierre Mendès-France

  
	
   

  	
  75013 PARIS

  
	
   

  	
   

  
	
  TO:

  	
  CALYON

  
	
   

  	
  9, quai du Président Paul Doumer

  
	
   

  	
  92920 Paris La Défense Cédex

  
	
   

  	
   

  
	
   

  	
  as Agent for the Creditors which are parties

  
	
   

  	
  to the Phase IA Partners’ Advances Agreement,

  
	
   

  	
  the Phase IB Credit Facility Agreement and

  
	
   

  	
  the Phase IB Advances Agreement

  
	
   

  	
   

  
	
  FROM:

  	
  Disney Enterprises, Inc.

  
	
   

  	
   

  
	
  Re:

  	
  License
  Agreement

  

 

December 1, 2004

 

Dear Sirs,

 

1.                                       We
refer to (i) the License Agreement (as modified, the “License Agreement”) dated
as of February 28, 1989 among Disney Enterprises, Inc. (formerly known as
The Walt Disney Company), The Walt Disney Company (Netherlands) B.V. (the “Licensor”)
as temporary successor thereof and Euro Disney S.C.A. (the “Licensee”), (ii)
the Common Agreement dated August 10, 1994 as amended and restated in
accordance with the Common Agreement Amendment and Restatement dated December 1,
2004; and (iii) the letter dated December 1, 2004 from the Licensor to the
Licensee relating to Royalties (the “Letter”).

 

2.                                       Terms
defined in the License Agreement, in the Common Agreement and in the Common
Agreement Amendment and Restatement have the same meanings for the purposes of
this letter.

 

3.                                       This
is to confirm that should the rights of the Licensor resulting from the License
and Assignment Agreement, dated as of July 1, 1992, as amended be assigned
to another of our subsidiaries (the “Assignee”), we will cause the Assignee to
assume the undertakings of the Licensor resulting from the Letter or assume
them ourselves , should the Licence and Assignment Agreement terminate;

 

5

 

4.                                       (a)  This letter and the rights and obligations of
the parties hereunder shall be construed in accordance with and be governed by
the laws of the State of New York without regard to the conflict of law
principles thereof.  Any legal action or
proceeding against us with respect to this letter shall be brought exclusively
in the courts of the State of New York or of the United States for the Southern
District of New York, and by execution and delivery of this letter we hereby
irrevocably accept the jurisdiction of the aforesaid courts.

(b)  We hereby irrevocably waive any objection
which we may now or hereafter have to the laying of venue of any of the
aforesaid action or proceeding arising out of or in connection with this letter
brought in the courts referred to in paragraph (a) above and hereby further
irrevocably waive and agree not to plead or claim in any such court that such
action or proceeding brought in any such court has been brought in an
inconvenient forum.

 

This
letter is furnished in the English language by us to you in connection with the
financial restructuring of the Euro Disney project and is solely for the
benefit of the Creditors and their respective assignees.

 

 

Very truly yours,

 

 

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6

 

	
   

  	
   

  
	
   

  	
  Disney
  Enterprises, Inc

  
	
   

  	
  by: Joseph M.
  Santaniello

  
	
   

  	
   

  

 

Agreed and accepted on
behalf of the Creditors that are parties to the Phase IA Credit Facility
Agreement

 

 

	
   

  	
   

  
	
   

  	
  BNP Paribas

  
	
   

  	
  as Agent

  
	
   

  	
  by:

  
	
   

  	
   

  

 

Agreed and accepted on
behalf of the Creditors that are parties to the Phase IA Partners’ Advances
Agreement the Phase IB Credit Facility Agreement and the Phase IB Advances
Agreement

 

 

	
   

  	
   

  
	
   

  	
  CALYON

  
	
   

  	
  as Agent

  
	
   

  	
  by:

  
	
   

  	
   

  

 

Agreed and accepted

 

 

	
   

  	
   

  
	
   

  	
  Caisse des Dépôts et Consignations

  
	
   

  	
  by:Exhibit 4.13 (a)

 

English translation for
information only

 

EURO DISNEYLAND EN
FRANCE – PHASE IA

 

1 December 2004

 

Amendment and Restatement
Agreement – Phase IA

Advances

Partners’ Advances Agreement dated 26 April,
1989

 

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 Bank

Fortis Banque France

Crédit Foncier de France

Banque Hervet

Compagnie Financière de Rothschild

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

 

	
  1.

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  AMENDMENT
  AND RESTATEMENT OF THE CONTRACT

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  CONDITIONS
  PRECEDENT

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  UNDERTAKINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  EFFECTIVE DATE

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  COSTS AND EXPENSES

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  NO NOVATION

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  SEVERABILITY OF
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  LANGUAGE

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  GOVERNING LAW

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  JURISDICTION

  	
   

  

 

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.S., whose registered office is at Immeubles Administratifs, Route
Nationale 34, 77700 Chessy,

 

15.                                 FORTIS BANQUE, 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 a partners’ advances agreement dated 26 April, 1989 (the
“Agreement”) the Partners have made long
term advances to the S.N.C. in a maximum principal amount of 2 billion French
francs, for the purposes of financing the development of Phase IA.

 

(B)                               Since that date, (i) certain amendments (the “Amendments”)
have been made to the Contract by an amendment agreement dated 10 August, 1994,
and (ii) the Partners have become parties to the subordination agreement
between Euro Disney S.C.A., the senior creditors and the CDC dated 19 October 1999.

 

(C)                               The Euro Disney Group having encountered fresh financial
difficulties, a memorandum of agreement signed on 8th June 2004, between
Euro Disney S.C.A., EDL Hôtels, 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, and approved by the steering committee (subsequently amended
following the letter from Euro Disney S.C.A to the Creditors, dated 20 September 2004)
set out the measures necessary with a view to restoring the financial balance
of the Euro Disney Group; the memorandum of agreement, as amended was accepted
by a letter signed by all parties on 30th September, 2004 (the “Memorandum of Agreement”).

 

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

 

(F)                                The aim of this Contract 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.

 

5

 

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
in the “Covenants” (as the Contract, the Common Agreement or the Common
Covenants have been modified at the date hereof) have the same meaning as is
given to them therein, and, with the exception of the terms defined in the
parties and the recitals or, as applicable, as defined 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 2 (Amendments and Restatement of the Agreement), the text of
which is set out in Schedule 2

 

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

 

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

 

“Completion of Share Capital Increase” means in connection
with one of the actions agreed in 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.

 

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

 

“Contract” means this contract, including its Schedules.

 

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

 

“Contribution” means the contribution by Euro Disney to Euro
Disney Associés as described in the Contribution Agreement.

 

“Contribution Agreement” means the contribution agreement
between Euro Disney Associés S.C.A and Euro Disney S.C.A dated 30th September 2004,
as amended on 8th November, 2004, as it shall be approved by the
extraordinary shareholders’ meetings of each such company.

 

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

 

6

 

“Restatement Date” means the date on which all the conditions
precedent specified in Article 3 (conditions precedent)
and which are not waived by the Agent shall be satisfied.

 

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

 

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

 

2.                                     AMENDMENT AND
RESTATEMENT OF THE CONTRACT

 

The parties
hereby agree:

 

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

 

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

 

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

 

(2)                                 to implement the Memorandum of Understanding; and

 

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

 

all of
which upon the terms of the Amended and Restated Agreement.

 

3.                                     CONDITIONS PRECEDENT

 

The entry into
force of this Contract is subject (to the extent set out in Clause 5 (Effective Date) to the receipt by the Agent of the following
documents and payments and to confirmation by the 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 Partners, to waive
any of the following conditions:

 

(A)                              On 1 December 2004 at the latest:

 

1)              payment
or re-imbursement of: (i) the amount payable by way of Restructuring
Commission, and (ii) all other sums payable by way of commission and referred
to in clause 12.6 of the Agreement;

 

(2)          a copy
signed by all the parties or a copy certified as being conform, complete and up
to date of the following documents :

 

7

 

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

 

b)             Phase
IA Credit Amendment and Restatement Agreement;

 

c)              Legal
opinions of Freshfields Bruckhaus Deringer, advisers to the Borrowers as to
French law, of Cleary Gottlieb Steen and Hamilton, special counsel to TWDC,
Disney Enterprises Inc., Euro Disney Investments Inc., EDL SNC Corporation,
Euro Disney Investments SAS, EDL Corporation SAS and Euro Disney Associés S.CA.
(previously Euro Disney Associés S.N.C.) as to New York and Delaware law and
French law, substantially in the form contained in Schedule 3, of De Brauw
Blackstone Westbroek, advisers to the Agent as to Dutch law and Slaughter and
May as advisers to the Agent as to French law.

 

(3)      satisfaction
of the conditions precedent to the entry into force (subject only to the
provisions subject to the realisation of the conditions precedent at the Share
capital Increase Completion Date) of:

 

(a)                          Phase IA Credit Amendment and Restatement Agreement

 

(b)                         Phase IB Credit Amendment and Restatement Agreement

 

(c)                          Phase IA Advances Amendment and Restatement Agreement

 

(d)                         Common Agreement Amendment and Restatement

 

(e)                          amended and restated agreement relating to the granting of ordinary
loans referred to in the second part of the definition of CDC Agreement
Relating to the Granting of Ordinary Loans

 

(f)                            amended and restated agreement relating to the granting of
participating loans referred to in the second part of the definition of CDC
Agreement Relating to the Granting of Participating Loans

 

(g)                         amended and restated Loan agreements (tranches A, B, C and D)
referred to in (a) of the definition of CDC Second Park Agreements

 

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

 

(B)                                no later than the Share Capital Increase Completion Date:

 

(1)                             a copy signed by all parties or a copy certified to be true complete
and up to date, of the documents referred to in clause (B)(2) of clause 6 (Conditions Precedent) of the Phase IA Credit Amendment and
Restatement Agreement;

 

8

 

(2)                           Certificate from the SNC :

 

(i)                                Indicating the names of all the persons authorised, as at the date
of such certificate, to act in its name and on its behalf in connection with
the Agreement and the Common Agreement, specifying the extent of their
authority and attaching a specimen of their respective signatures;

 

(ii)                             Declaring and warranting that at the Date of the Agreement (i) the
SNC has not signed, nor envisages signing, any document other than those
referred to in the Agreement, (ii) all the representations and warranties given
under paragraph (A) of Clause 4 (Representations and
warranties) are correct;

 

(3)                      Certificate from Euro Disney SCA certifying that the documents
listed in Clause 6 (A) (2) excluding paragraphs (s) and (t) 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 have been signed and are in force;

 

(4)                      Satisfaction of all the conditions to the entry in 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 Advances Amendment and Restatement Agreement;

 

(d)                                      Common Agreement Amendment and Restatement;

 

(e)                                       amended and restated agreement relating to the granting of ordinary
loans referred to in the second part of the definition of CDC Agreements
Relating to the Granting of Ordinary Loans

 

(f)                                         amended and restated agreement relating to the granting of
participating loans referred to in the second part of the definition of CDC
Agreements Relating to the Granting of Participating Loans;

 

9

 

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

 

(h)                                      amended and restated subordination agreement referred to in the
second part of (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 Agreement;

 

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

 

The
Agent is authorised to deliver to CDC, BNP PARIBAS and CALYON as agents for the
Phase IA Banks, the Phase IB Banks and the Phase IB Lenders, a copy of any of
the above documents.

 

4.                                     REPRESENTATIONS AND
WARRANTIES

 

The S.N.C.
represents and warrants to the Agent and the Partners that as 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 3 (Conditions
Precedent), to which it 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 Completion of Share Capital Increase
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 it or Phase IA assets are subject;

 

10

 

(B)                                all authorisations required to enable it 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 Completion of Share Capital Increase 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 3 (Conditions
Precedent) above, once in full force and effect, will constitute
legally valid and binding obligations 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 and, to its knowledge, no judgement or award has been given
or made by, any court, arbitrator, tribunal, administrative or governmental
authority or other body having authority over it which, 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 3 (Conditions
Precedent) or its financial condition;

 

(E)                                 no guarantee, security (cautionnement)
or any security given to secure the obligations of persons other than
themselves exists, except for those provided in the Agreement, the Common
Agreement or documents listed in Clause 3 (Conditions Precedent).

 

5.                                     UNDERTAKINGS

 

The Borrower undertakes to supply to the
Agent no later than 15 December 2004 the following documents:

 

A.           A copy
certified as conform, complete and up to date by an authorised representative
of the relevant company, of the following documents:

 

1)              By-laws
of the SNC;

 

2)              Minutes
of the proceedings (if any) of the competent bodies of the SNC authorising (i)
the signing of the Agreement and the Common Agreement Amendment and Restatement
and any other agreement or document requiring the signature of the SNC in
accordance thereof and (ii) the implementation of the provisions of the
financial and legal restructuring as provided for in the Memorandum of
Agreement;

 

B.             Extraits
K bis delivered by the secretariat of the relevant
commercial court relating to the SNC.

 

6.                                     EFFECTIVE DATE

 

(A)                             The provisions of this Contract, other than those in Clause 2 (Amendment and Restatement of the Agreement) will enter into
force on the date on which all the conditions precedent set out in Clause 3 (Conditions Precedent) have been satisfied.

 

11

 

(B)                               The provisions of Clause 2 (Amendment and Restatement
of the Agreement) will enter into force subject to all the
conditions precedents referred to Clause 3 (Conditions Precedent) having
been satisfied.

 

7.                                     TERMINATION

 

(A)                             In the event that the Completion of Share Capital Increase or
completion of the Contribution has not taken place by 31 March 2005, and
if, at the end of the consultation procedure provided for in paragraph (a) of
clause 7.7 (Termination) of the Memorandum of
Agreement, certain provisions of the Memorandum of Agreement have been
terminated in accordance with paragraph (b) of Clause 7.7 (Termination),
this 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 that the conditions precedent set out in Clause (A) of
Clause 3 (Conditions Precedent) are not satisfied
before 1 December 2004, the Agent, acting on the instructions of the
Partners, shall have the right to terminate this Contract.

 

8.                                     AGENT

 

Each Partner
severally represents and warrants to the Agent and to the members of the
Steering Committee, that it has made its own investigations, without reying on
the Agent or the Steering Committee into the financial situation and activities
of the SNC and into the Phase IA assets and the Project; furthermore each Bank
represents and warrants that it has not relied upon any opinion given by the
Agent or the Steering Committee in relation to the Contract, its Schedules, the
Common Agreement Amendment and Restatement and its schedules, the other
contracts, consents and documents listed in Clause 3 (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.

 

9.                                     COSTS AND EXPENSES

 

The S.N.C.
undertakes to reimburse all costs and expenses incurred by the Agent in
accordance with the provisions of Clause 7.2.2 (Costs)
of the Memorandum of Agreement.

 

10.                              NO NOVATION

 

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

 

12

 

11.                              SEVERABILITY OF PROVISIONS

 

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

 

12.                              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.

 

13.                              GOVERNING  LAW

 

This Contract
shall be governed by and interpreted in accordance with the laws of France.

 

14.                              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 thereunder shall be submitted to
the exclusive jurisdiction of the Tribunal de Commerce de Paris.

 

Signed in Paris

 

On 1 December 2004

 

In 3 original copies

 

	
  Euro Disneyland S.N.C.

  
	
   

  
	
   

  
	
   

  	
   

  
	
   By : 

  	
  Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  
	
   

  
	
  CALYON

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Acting in its capacity as Agent in the
  name and for the account of the Partners, the names of which are set out in Schedule 1,
  by:

  Michel Anastassiades and Jean-Hervé Cariou

  	
   

  
			

 

13

 

SCHEDULE 1

 

Partners

 

	
   BANK

   
	
  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

  
	
   

  
	
  ABN AMRO BANK

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  

 

14

 

	
   BANK

   
	
  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
  ILE DE FRANCE

  
	
  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

  
	
  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

  
	
  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

  
	
   

  
	
  EURO
  DISNEYLAND PARTICIPATIONS S.A.S

  
	
  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 

  
	
  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

  
	
  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

  

 

15

 

	
   BANK

   
	
  KODAK
  PATHE

  
	
  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

  
	
  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

  
	
   

  
	
  STE
  NANCEENNE VARIN BERNIER

  
	
  4, Place André
  Maginot

  
	
  54074 Nancy Cedex

  
	
  Tel : 33 3 83 34 51 16

  
	
  Fax : 33 3 83 34
  53 25

  

 

16

 

SCHEDULE 2

 

Amended and Restated Agreement

 

[See Exhibit 4.13 (b) of the Form
20-F]

 

17

 

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.]

 

18

 

English translation for
information only

 

 

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”).

 

19

 

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;

 

20

 

(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;

 

21

 

(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.

 

22

 

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;

 

23

 

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;

 

24

 

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;

 

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.

 

25

 

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.

 

31

 

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.

 

Very truly yours,

 

	
  CLEARY, GOTTLIEB, STEEN & HAMILTON

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Andrew Bernstein, a Partner

  
				

 

32

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