Document:

Exhibit
4.15(b)

 

Translation
for information purposes only

 

EURO DISNEYLAND IN FRANCE - PHASE IB

 

Credit
Agreement dated March 25, 1991

Amended and Restated

 

 

Between

 

EDL HÔTELS S.C.A.

 

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.

 

And

THE BANKS

 

 

And

 

CALYON

Financial Agent

Security
Agent

Lenders’
Agent

 

 

And

 

THE
DEPOSITARIES

 

 

	
  Agent’s counsel

  

  Slaughter
  and May

  112, avenue Kléber

  75116 Paris

  	
  Borrowers’
  counsel

  

  Freshfields Bruckhaus

  Deringer

  2 - 4 rue Paul Cézanne

  75008 Paris

  

 

 

Table of Contents

 

	
  SECTION I - INTERPRETATION

  	
   

  
	
   

  	
   

  
	
  ARTICLE 1
  - DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  SECTION II
  - OBLIGATIONS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2
  - OBLIGATIONS OF THE BANKS AND THE BORROWERS

  	
   

  
	
  ARTICLE 3
  - INTEREST

  	
   

  
	
  ARTICLE 4
  - REPAYMENT OF THE LOANS

  	
   

  
	
  ARTICLE 5
  - PREPAYMENT – TRANSFER OF LOANS

  	
   

  
	
  ARTICLE 6
  - ACCOUNTS

  	
   

  
	
  ARTICLE 7
  - PROVISIONS CONCERNING THE LOAN ACCOUNTS AND THE DESIGNATED ACCOUNTS

  	
   

  
	
  ARTICLE 8
  - ORDER TO ALLOCATE THE AMOUNTS RECEIVED BY THE FINANCIAL AGENT -
  DISTRIBUTION TO THE BANKS

  	
   

  
	
   

  	
   

  
	
  SECTION III
  - GENERAL CONDITIONS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 9
  - REPRESENTATIONS AND WARRANTIES OF THE BORROWERS

  	
   

  
	
  ARTICLE 10
  - COVENANTS

  	
   

  
	
  ARTICLE 11
  - UNFORESEEN CIRCUMSTANCES

  	
   

  
	
  ARTICLE 12 - PAYMENTS

  	
   

  
	
  ARTICLE 13 -
  EVENT OF DEFAULT

  	
   

  
	
  ARTICLE 14
  - LATE-PAYMENT INTEREST

  	
   

  
	
  ARTICLE 15 -
  COMMISSIONS

  	
   

  
	
  ARTICLE 16 - EXPENSES

  	
   

  
	
  ARTICLE 17
  - GUARANTEE - SECURITY INTERESTS

  	
   

  
	
   

  	
   

  
	
  SECTION IV
  - AGENTS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 18 -
  FINANCIAL AGENT

  	
   

  
	
  ARTICLE 19
  - SUCCESSORS TO THE FINANCIAL AGENT

  	
   

  
	
  ARTICLE 20
  - AUTHORITY OF THE SECURITY AGENT

  	
   

  
	
   

  	
   

  
	
  SECTION V -
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 21
  - BENEFICIARIES OF THE AGREEMENT

  	
   

  
	
  ARTICLE 22 - NOTICES

  	
   

  
	
  ARTICLE 23 - LANGUAGE

  	
   

  
	
  ARTICLE 24
  - EXERCISING RIGHTS - ABSENCE OF WAIVER

  	
   

  
	
  ARTICLE 25
  - RENUNCIATION OF RECOURSE

  	
   

  
	
  ARTICLE 26 -
  CONFIDENTIALITY

  	
   

  
	
  ARTICLE 27
  - borrowers IDENTIFICATION PROCEDURES

  	
   

  
	
  ARTICLE 28
  - EFFECTIVE GLOBAL INTEREST RATE

  	
   

  
	
  ARTICLE 29
  - PARTICIPATION OF THE LENDERS’ AGENT

  	
   

  
	
  ARTICLE 30
  - PARTICIPATION OF THE DEPOSITARIES

  	
   

  
	
  ARTICLE 31
  - APPLICABLE LAW - CHOICE OF FORUM

  	
   

  

 

 

	
  SCHEDULE I

  	
  The Banks

  
	
   

  	
   

  
	
  SCHEDULE II

  	
  The
  Depositaries

  
	
   

  	
   

  
	
  SCHEDULE III

  	
  Model
  Interest Period Determination Request

  
	
   

  	
   

  
	
  SCHEDULE IV

  	
  Model
  Depositaries Accession

  
	
   

  	
   

  
	
  SCHEDULE V

  	
  Insurance
  Provisions

  
	
   

  	
   

  
	
  SCHEDULE VI

  	
  Loan
  Repayment Schedule

  
	
   

  	
   

  
	
  SCHEDULE VII

  	
  Model
  Certificate of the Independent Expert

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (A)

  	
  Model
  pledge instrument for SCA Loan Account

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (B)

  	
  Model
  pledge instrument for SNC Loan Account

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (C)

  	
  Model
  cash pledge instrument for SCA Designated Account

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (D)

  	
  Model
  cash pledge instrument for SNC Designated Account

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (E)

  	
  Model
  master pledge instrument for securities SCA Designated Account (financial
  instruments)

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (F)

  	
  Model
  master pledge instrument for securities SNC Designated Account (financial
  instruments)

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (G)

  	
  Model
  instrument for the pledge of securities generated by the Development
  Agreement

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (H)

  	
  Model
  master pledge instrument for SCA Designated Account (other securities)

  
	
   

  	
   

  
	
  SCHEDULE VIII
  (I)

  	
  Model
  master pledge instrument for SNC Designated Account (other securities)

  
	
   

  	
   

  
	
  SCHEDULE IX

  	
  Model
  Transfer Agreement

  
	
   

  	
   

  
	
  SCHEDULE X

  	
  Parcels A, B,
  C, D, E, F and G Map

  

 

1

 

BETWEEN:

 

1.                                       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”)

 

PARTY OF THE FIRST PART,

 

2.                                       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,

 

3.                                       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,

 

4.                                       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,

 

5.                                       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,

 

6.                                       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,

 

7.                                       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 “SNC Borrowers” or individually as an “SNC Borrower”)

 

PARTY OF THE SECOND PART,

 

(EDL
Hotels and the SNC Borrowers are hereinafter referred to collectively as the “Borrowers” or individually as a “Borrower”)

 

AND:

 

8.                                       THE BANKS,

 

(as defined below)

 

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,

 

2

 

(hereinafter referred to as
the “Financial Agent”)

 

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,

 

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

 

PARTY OF THE SIXTH
PART,

 

AND:

 

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

 

PARTY OF THE
SEVENTH PART.

 

WHEREAS

 

(A)                              Under
the terms of the Phase IB Credit Amendment and Restatement Agreement dated December 1,
2004, the parties to that agreement have agreed (a) to establish a consolidated
version of the credit facility agreement dated March 25, 1991 including
the modifications resulting from four amendments dated respectively August 10,
1994, July 12, 1995, May 15, 1996, May 16, 2003 and the authorizations and
waivers requests relating to the Covenants, particularly the request dated September 6,
1999; (b) to modify such consolidated version in order to (i) clear the text of
all historical provisions that have become irrelevant, update certain obsolete
references, clarify the drafting of certain articles and (ii) implement the
Memorandum of Agreement; and (c) to restate the Credit Agreement dated March 25,
1991 in all its unamended provisions, pursuant to the terms of the amended and
restated agreement attached as schedule to that agreement.

 

(B)                                This
amended and restated agreement constitutes that schedule.

 

(C)                                At
the Restatement Date, after partial prepayment, the total amount of Loans is €
121,052,298.92.

 

3

 

NOW, THEREFORE, THE PARTIES HERETO HEREBY
AGREE AS FOLLOWS:

 

SECTION I - INTERPRETATION

 

ARTICLE 1 - DEFINITIONS

 

For the purposes
of the Agreement and its Schedules, unless when the context entails another
meaning, the expressions defined in the Common Agreement, or in the Covenants
will have the meaning set forth in it and the following expressions will have
the following meanings:

 

“Advances” means the outstanding principal
amount of the long-term advances made to the SNC Borrowers by the Lenders under
the Advances Agreement.

 

“Advances Agreement” means the advances
agreement dated April 26, 1991 between the SNC Borrowers, EDL Hotels
S.C.A. as guarantor, the Lenders and CALYON as the Agent, as amended and
restated.

 

“Agreement” means the credit facility
agreement dated March 25, 1991, between the Borrowers, the Banks and
CALYON as Financial Agent, Lenders’ Agent and Security Agent, as amended and
restated.

 

“Agreement with the Insurance Advisor” means
the agreement dated May 19, 2000 between the Insurance Advisor, the Financial
Agent and the Lenders’ Agent.

 

“Authorized Investments” means any of the
following investments:

 

(a)              the acquisition of or subscription to any security
producing interest or issued or traded at a price below its nominal value,
which is issued or guaranteed by a state or a company which has an unsecured
long-term indebtedness at the time of purchase rated at least “Aa” (possibly
with a 1, 2 or 3 sub-rating or another margin of appreciation or depreciation)
by Moody’s Investors Service, Inc., or any rating firms affiliated therewith
(hereinafter referred to as “Moody’s”), or at least “AA” (possibly with an
appreciation or depreciation margin) by Standard and Poor’s Corporation or any
rating firms affiliated therewith (hereinafter referred to as “S&P”);

 

(b)             The purchase of or the subscription to portions of debt
mutual funds (“fonds commun de créances”) which at
the time of the purchase have a rating which fulfill the criteria set forth in
subparagraph (a) above;

 

(c)              the purchase of or the subscription to any certificate
of deposit issued and any note accepted by a bank the short-term unsecured
indebtedness of which, at the time of the subscription or the acquisition, is
rated at least “Pl” by Moody’s or at least “Al” by S&P;

 

(d)             The purchase of or the subscription to any commercial
paper or note issued by any company the short-term unsecured indebtedness of
which, at the time of purchase or subscription, is rated at least “Pl” by
Moody’s, or at least “Al” by S&P;

 

(e)              the opening of any sight account or the making of
deposits with any Depositary in a Designated Account;

 

(f)                the purchase of or the subscription to any obligation
issued or guaranteed by the European Economic Community, the European Investment
Bank or the International Bank for Reconstruction and Development;

 

(g)             any other investment which, in the opinion of the
Financial Agent and the Lenders’ Agent, offers the same guarantees as the
investments described in paragraphs (a) through (f) above and which has been
approved thereby;

 

and
provided that, except in the event of prior consent thereto by the Financial
Agent and the Lenders’ Agent, such investments:

 

4

 

(i)                  may only be denominated in French francs and may not
mature more than six (6) months after the date of their acquisition,
subscription or establishment;

 

(ii)               will be immediately negotiable or convertible into cash
on their maturity date; and

 

(iii)            must be recorded as credit to a cash Designated Account
or a security Designated Account, or be subject to a pledge held by a
Depositary.

 

“Bank” means any banking institution the
name of which is set forth in Schedule I to the Agreement, as well as any
banking institution to which all or part of the rights and obligations of a
Bank may be transferred or assigned under the Agreement in accordance with
Articles 5.2 or 21 (Beneficiaries of the Agreement).

 

“Business Day” means any day when banking
institutions are open (i) in Paris, other than a Saturday and (ii) when a
payment has to be made, which is a TARGET Day.

 

“Centre de Congrès Newport SAS” means the
company Centre de Congrès Newport SAS, a simplified share company (“société par actions simplifiée”), the
registered office of which is located at Immeubles Administratifs, Route Nationale 34, 77700
Chessy, Montevrain, and the share capital of which is in totality held,
directly or indirectly, by TWDC.

 

“Common
Agreement” means the common
agreement dated August 10, 1994, between Euro Disney S.C.A. acting both in
its own name and in the name and for the account of its subsidiaries appearing
in a schedule to that agreement, EDL Hôtels S.C.A., acting both in its own
name and in the name and for the account of its subsidiaries appearing in a schedule to
that agreement, Euro Disneyland S.N.C., the Hotel S.N.C.s, the Phase IA Banks,
the Phase IA Partners, the Phase IB Banks, the Phase IB Lenders and the CDC, as
amended in connection with the authorization or waiver requests, in particular
the requests dated September 25, 1995, September 6, 1999, September 7,
2001 and September 30, 2002, and as amended and restated at the
Restatement Date, in accordance with the Amendment and Restatement Agreement to the
Common Agreement.

 

“Construction Lease Agreement” means each
construction lease agreement between one of the SNC Borrowers and EDL Hotels
and relating to the land of one of the Phase IB Installations.

 

“Convention Centre Construction Lease” means
the construction lease agreement dated May 15, 1996 between EDL Hotels and
Centre de Congrès Newport SAS, relating to Parcel F, a certified copy of which
has been delivered to the Financial Agent.

 

“Convention sur le Rang”
means the provisions relating to the respective rights of the Banks and the
Lenders on the mortgages granted pursuant to Article 17.2 (Security
Interests), and which appear in any mortgage document referred to in the
provisions of said Article 17.2.

 

“Credit-Bail Agreement” means each financial
lease agreement between one of the SNC Borrowers and a Leasing Company with
respect to one of the Phase IB Installations.

 

“Depositary” means the Security Agent and
each of the banking institutions with which EDL Hotels or the SNC Borrowers may
open a Designated Account and whose names and addresses as of the Restatement
Date are set forth in Schedule II, or any other banking institution
established in France which has been approved as an authorized financial
intermediary, which has been designated by the Borrowers, with the approval of
the Financial Agent and the Lenders’ Agent, and which has accepted the terms
and conditions of the Agreement and the Intercreditor Agreement pursuant to an
acceptance agreement in the form of the model attached as Schedule IV.

 

“Designated Account(s)” means, in the
singular, any SCA Designated Account or any SNC Designated Account, in the
plural, all of the SCA Designated Accounts and the SNC Designated Accounts.

 

“Development Agreement” means the
development and commission agreement dated March 25, 1991, between the SNC
Borrowers and Euro Disney S.C.A. relating to the construction and completion of
the Phase IB Installations, as well as to the supply and installation of
furniture and equipment included in the Phase IB Installations.

 

5

 

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

 

“EDL Hotels Loan Agreement” means the loan
agreement between EDL Hotels and the SNC Borrowers with respect to two
subordinated loans in an initial amount of, on August 10, 1994, FRF
1,222,164,000 and FRF 1,338,778,815 respectively, and for which the total
outstanding amount is € 331,657,833.82 as of September 30, 2004.

 

“EDL-SCA Loan Undertaking” means the
undertaking of Euro Disney S.C.A. to grant a subordinated loan to EDL Hotels,
dated March 25, 1991 in a initial amount of one billion seven hundred
seventy five million Francs (FRF 1,775,000,000), as amended by amendment n°1
dated September 17, 1992, amendment n°2 dated September 28, 1993 and
amendment n°3 dated August 10, 1994 and for which the outstanding amount
is, as of September 30, 2004, € 123,509,620.31.

 

“EONIA” means: with respect to a period
beginning on a Business Day (“the first Business Day”) and ending the following
Business Day:

 

(i)                                     the annual rate for which deposits in euros are offered
on the European interbank market at 7:00 p.m. (Brussels time) on the first
Business Day, as determined by the European Union Banking Federation and
published on a Telerate monitor (on the Restatement Date, page 247); and

 

(ii)                                  in case such published rate would be unavailable, the
rate as determined by the Financial Agent as being equal to the arithmetic mean
(rounded, if necessary, to the next highest one sixteenth of a percent (1/16th%)
of the annual rates on which deposits in euros for amounts comparable to those
in question that are offered for the same period on the European interbank
market at 7:00 p.m. (Brussels time), the first Business Day, as indicated to
the Financial Agent by the Reference Banks.

 

If,
despite the Financial Agent’s request, one or more of the Reference Banks do not
provide a rate to the Financial Agent for the relevant period, the Financial
Agent will determine EONIA on the basis of the rates provided by the other
Reference Banks.  If, despite the
Financial Agent’s request, the Financial Agent does not receive any rates or
receives a rate from only one Reference Bank, the provisions of Article 3.3
will apply.

 

“EURIBOR” means:

 

(i)                                     the annual rate for a given period equivalent to the
relevant Interest Period at which deposits in euros are offered on the European
interbank market at 11:00 a.m. (Brussels time) on the second TARGET Date
preceding the first day of the Interest Period, as determined by the European
Union Banking Federation and published on a Telerate monitor (on the
Restatement Date, page 248); and

 

(ii)                                  with respect to any Interest Period for which there is
no interest rate published on the TARGET Date as described in paragraph (i)
above, the annual rate as determined by the Financial Agent as being equal to
the arithmetic mean (rounded, if necessary, to the next highest one sixteenth
of a percent (1/16th%)) of the rates provided to it by each of the
Reference Banks as being the annual rate at which deposits in euros for a
period with a duration identical to that of the considered Interest Period and
for amounts comparable to that of the Loan in question that are offered on the
European interbank market at 11:00 a.m. (Brussels time) on this second
TARGET Date by first tier banks.

 

6

 

If the
EURIBOR rate is to be determined by reference to the rates provided by the
Reference Banks in accordance with the preceding paragraph and if, despite the
Financial Agent’s request, one or more of the Reference Banks do not provide a
rate to the Financial Agent for an Interest Period, the Financial Agent will
determine EURIBOR on the basis of the rates provided by the other Reference
Banks.  If, despite the Financial Agent’s
request, the Financial Agent does not receive any rates or receives a rate from
only one Reference Bank, the provisions of Article 3.3 will apply.

 

“Euro” or “€”
means the single currency adopted as a legal tender by the European Union
Members States pursuant to the European Union legislation relating to the
Economic and Monetary Union.

 

“Euro Disney Associés S.C.A” means Euro
Disney Associés S.C.A., a limited partnership company (“société en commandite par actions”) the
registered office of which is located at Immeubles Administratifs, Route Nationale 34, 77700
Chessy.

 

“Euro Disney S.A.S. Undertaking” means (i)
the letter from TWDC dated December 1, 2004 and (ii) the letter dated December 1,
2004 from Euro Disney S.C.A.’s gérant
to the attention of CALYON, BNP PARIBAS and CDC.

 

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

 

“Euro Disney SCA / EDL Hotels Letter” means
the letter dated May 15, 1996 from Euro Disney SCA and EDL Hotels to the Agents
relating to the new convention center.

 

“Euro Disneyland S.N.C.” means Euro
Disneyland 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.

 

“Event of Default” means any event set forth
in Article 13.1.

 

“Final Maturity Date” means November 5,
2012.

 

“Financial Agent” means CALYON or, as the case may be, any successor thereof
appointed in accordance with the provisions of Article 19 (Successors of
the Financial Agent).

 

“Fiscal Year” means the fiscal year of a
Borrower, which for EDL Hotels is currently the period beginning on October 1
of the year N-1 and ending on September 30 of the year N and which, for
each of the SNC Borrowers, is the period beginning on January 1 of a given
year and ending on December 31 of the same year.

 

“Gaumont Construction Lease” means the
construction lease agreement dated July 13, 1995 between EDL Hotels and
Gaumont SA, dealing with Parcels B and C with a total surface of approximately
5,683 sq. m., as amended by a first amendment dated January 28,
1999, an amendment n°2 dated March 25, 2003 with Europalaces SAS (as
assignee of Gaumont’s rights pursuant to a contribution agreement dated June 27,
2001) and an amendment n°3 dated February 6, 2004.

 

“Guarantee” means the guarantee signed by
the Guarantor on March 25, 1991.

 

“Guarantor” means EDL Hotels.

 

“Insurance Advisor” means the insurance advice firm appointed by the Financial Agent
and the Lenders’ Agent, with the consent of the Borrowers.

 

“Insurance Provisions” means all of the
provisions set forth in Schedule V.

 

“lntercreditor Agreement” means the
agreement among the Banks, the Lenders, the Financial Agent, the Lenders’
Agent, the Security Agent and the Depositaries relating to, among other things,
the implementation mechanisms of the security interests provided for in Article 17
(Guarantee – Security Interests) and to the conditions for the application of
the provisions of Article 13 (Event of Default).

 

7

 

“Interest Payment Date” means the last day
of an Interest Period and, with respect to an Interest Period which is longer
than six (6) months, the last day of the first six (6) months included in said
Interest Period or, if one of said dates is not a Business Day, the first
Business Day following said date.

 

“Interest Period” means, with respect to any
Loan, the one, three or six (1, 3 or 6) month period or, provided that the
Majority Banks have not provided prior notice of their disagreement thereto in
accordance with the provisions of the Agreement, any two, nine or twelve (2, 9
or 12) months period, as set forth in the relevant Interest Period
Determination Request, as well as any period defined as an Interest Period in
the Agreement.

 

“Interest Period Determination Request”
means a request to determine an Interest Period for a new Interest Period,
substantially in the form of the model attached as Schedule III.

 

“Lenders” means the Partners and other
banking institutions which are parties to the Advances Agreement as lenders.

 

“Lenders’ Agent” means CALYON or, as the case may be, any successor thereof
appointed in accordance with the provisions of the Advances Agreement.

 

“Loan(s)” means, in the singular, with
respect to each Borrower, the outstanding principal amount owed by such
Borrower under the Agreement on a relevant date; in the plural, the aggregate
total of the outstanding principal amounts of all of the Loans on a given date.

 

“Loan Account(s)” means, in the singular,
the SCA Loan Account or the SNC Loan Account, and, in the plural, the SCA Loan
Account and the SNC Loan Account.

 

“Majority Banks” means one or more Banks
which have an aggregate participation in the Loans representing at least sixty
percent (60%) of the aggregate amount of the Loans.

 

“Majority Lenders” means one or more Lenders
which have an aggregate participation in the Advances representing at least
sixty percent (60%) of the Advances.

 

“Margin” means, with respect to any Loan,
three percent (3%) per year.

 

“Parcel A” designates the land parcel of
approximately 3,450 sq. m. taken from the initial land basis of the
Construction Lease Agreement concluded between EDL Hotels and the Centre de
Divertissements Associés SNC and retained by EDL Hotels after the signature of
the Gaumont Construction Lease, the map of which is attached as Schedule X.

 

“Parcel B” designates the land parcel of
approximately 1,350 sq. m. taken from the initial land basis of the
Construction Lease Agreement concluded between EDL Hotels and the Centre de
Divertissements Associés SNC and which is the subject, with Parcel C, of the
Gaumont Construction Lease, the map of which is attached as Schedule X.

 

“Parcel C” designates the land parcel of
approximately 4,333 sq. m. purchased by EDL Hotels from the EPA and which is
the subject, with Parcel B, of the Gaumont Construction Lease, the map of which
is attached as Schedule X.

 

“Parcel D” designates the land parcel of
approximately 3,340 sq. m. purchased by EDL Hotels from the EPA and retained by
EDL Hotels, the map of which is attached as Schedule X.

 

“Parcel E” designates the land parcel of
approximately 44,400 sq. m. being the subject of the Construction Lease
Agreement concluded between EDL Hotels and Centre de Divertissements Associés
SNC after withdrawal of Parcels A and B, the map of which is attached as Schedule X.

 

“Parcel F” designates the land parcel of
approximately 6,552 sq. m. retrieved from the initial land basis of the
Construction Lease Agreement concluded between EDL Hotels and Newport Bay Club
Associés SNC and which is the subject of the Convention Centre Construction
Lease, the map of which is attached as Schedule X.

 

8

 

“Parcel G” designates the land parcel of Lot
TO1-02 of an approximately 93,706 sq. m. being the subject of the Construction
Lease Agreement concluded between EDL Hotels and Newport Bay Club Associés SNC,
after detaching Parcel F, the map of which is attached as Schedule X.

 

“Partners” means the partners of the SNC
Borrowers.

 

“Phase IB Assets” means any of or any
combination of the furniture and equipment, land and other real property
acquired or constructed in connection with Phase IB.

 

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

 

“Phase IB Development Plan” means the
document in three volumes entitled Phase IB Development Plan prepared by Euro
Disney S.C.A., as modified and implemented up to the Restatement Date as well
as the Phase IB Installations.

 

“Phase IB Documents” means the Credit-Bail
Agreements, the Development Agreement, the Construction Lease Agreements, the
Technical and Administrative Assistance Agreement, the sub-license agreement
between Euro Disney S.C.A. and EDL Hotels, the EDL Hotels Loan Agreement and
the Advances Agreements and all amendments to any of the above documents.

 

“Phase IB Installations” means the Hotel New
York, the Newport Bay Club, the Sequoia Lodge, the Cheyenne Hotel, the Hotel
Santa Fe and the Entertainment Center, as well as any attached or related
installations, as described in the Schedule to the Development Agreement.

 

“Quarterly Maturity Date” means the last
Business Day of March, June, September and December.

 

“Reference Banks” means the principal Paris
branch of any of the following banking institutions: CALYON, BNP PARIBAS, Crédit Agricole S.A. and Société Générale or, in
the event that one of the Reference Banks is no longer able or no longer agrees
to act as such, any other Reference Bank as may be appointed by mutual
agreement of the Borrowers and the Majority Banks.

 

“Restatement
Date” means the date on which all the conditions precedent set forth
in the Phase IB Credit Amendment and Restatement Agreement and not
waived by the Financial Agent shall be satisfied.

 

“SCA Designated Account(s)” means, in the
singular, each of the cash accounts or securities accounts pledged in favor of
the Banks and the Lenders and governed by the provisions of the Agreement and
the Advances Agreement, opened by EDL Hotels with the Security Agent and each
of the Depositaries, and, in the plural, all such accounts.

 

“SCA Loan Account” means the bank account
pledged in favor of the Banks and the Lenders which is governed by the
provisions of the Agreement and the Advances Agreement, opened by EDL Hotels
with the Security Agent.

 

“SCA Subordinated Loan Designated Account(s)”
means, in the plural, those SCA Designated Accounts in which the proceeds of
the subordinated loan of an initial amount of one billion seven hundred seventy
five million Francs (FRF 1,775,000,000) granted by Euro Disney S.C.A. to EDL
Hotels under the EDL-SCA Loan Undertaking, and the Authorized Investments
created by the use of these proceeds, will be deposited, and, in the singular,
each of those SCA Designated Accounts.

 

“Security Agent” means CALYON or, as the case may be, any successor thereto which
may be appointed in accordance with the provisions of Article 20
(Authority of the Security Agent).

 

“SNC Designated Account(s)” means, in the
singular, each of the cash accounts or the securities accounts pledged in favor
of the Banks and the Lenders which are governed by the provisions of the
Agreement and the Advances Agreement, opened by one or more SNC Borrowers with
the Security Agent and each of the Depositaries, and, in the plural, all such
accounts.

 

“SNC Loan Account” means the bank account
pledged in favor of the Banks and the Lenders which is 

 

9

 

governed
by the provisions of the Agreement and the Advances Agreement, opened by the
SNC Borrowers with the Security Agent.

 

“TARGET Day” means any full day when the
payment system denominated the Trans-European Automated Real-Time Gross
settlement Express Transfer functions for payments in euros.

 

“Technical and Administrative Assistance Agreement”
means the technical and administrative assistance agreement entered into on March 25,
1991 between Euro Disney S.C.A. and EDL Hotels, as amended by an amendment
dated August 10, 1994.

 

“TWDC Undertaking” means the undertaking
dated May 15, 1996 signed by TWDC, a copy of which is attached as a Schedule to
the Euro Disney S.C.A./EDL Hotels Letter.

 

For the
sole purpose of the application of articles 5.3, 10.1, 10.2 (L) and 10.4 (C)
and (F) of the Agreement, Accepted
procedures, Computer Model, Estimated Available Cash Applied to the Debt
Service of Unsubordinated Indebtedness, Estimated Interest on Subsequent
Indebtedness, Estimated Operating Costs, Financial Computer Model, Operating
Costs, Operations Computer Model, Phase IB Gross Income, Phase IB Estimated Net
Income, Provisions for Renewal of Material and Installation, Subordinated
Indebtedness, Subsequent Indebtedness, Unsubordinated Indebtedness,
Unsubordinated Indebtedness Debt Coverage Ratio, Unsubordinated Indebtedness
Annual Debt Coverage Ratio, Organizing and Planning have the meaning
initially defined in the Agreement (before the signature of amendment n°1dated August 10,
1994) it being agreed that the references in said Accepted Procedures on February 5,
2009 are considered as being references to the Final Maturity Date and that the
references to article 11 of the Agreement will be considered as being
references to article 10.

 

Except where
otherwise provided, all of the accounting terms used in the Agreement have the
meaning given thereto under the Accepted Procedures or, in the absence thereof,
that given under French law and the accounting rules which are applicable in
France.

 

The definitions of
the accounting terms contained in the Accepted Procedures have been developed
by taking into consideration the concepts used in the preparation of the
Computer Model.

 

10

 

SECTION II - OBLIGATIONS

 

ARTICLE 2 -
OBLIGATIONS OF THE BANKS AND THE BORROWERS

 

2.1                                Each Bank participates in the
Loans in the amounts set forth in Schedule I. The total amount of the
Loans is on the Restatement Date €121,052,298.92. The obligations arising under
the Agreement for each Bank are separate from those arising hereunder for the
other Banks and there will be no joint liability among them.

 

As a result, the failure
by one Bank to participate or the failure of one Bank to fulfill any of its
obligations under the Agreement will not in any way result in any of the other
Banks becoming liable therefor and will not release the other Banks from the
fulfillment of any of their obligations arising under the Agreement.

 

2.2                                The SNC Borrowers will be
jointly and severally liable for the fulfillment of their obligations arising
under the Agreement and, subject to their in rem guarantees (“cautions réelles”)
provided for in
Article 17 (Guarantee – Security Interests) below, will not be held
jointly liable with EDL Hotels.

 

2.3                                EDL Hotels will be jointly
liable under the Guarantee for the fulfillment by the SNC Borrowers of their
obligations arising under the Agreement.

 

ARTICLE 3 - INTEREST

 

3.1                                 Subject to the provisions of Article 3.3 below,
the interest rate applicable to each Interest Period for each of the Loans will
be equal to EURIBOR increased by the applicable Margin pursuant to the
provisions set forth below, and will be calculated by the Financial Agent who
will immediately notify it to the Borrower or Borrowers in question, to EDL
Hotels as Guarantor and to the Banks.

 

For purposes of
calculating the interests, it is specified that for any relevant Interest
Period, the first day is included and the last day is excluded, such last day
belonging to the next Interest Period. The interest rate so determined will
absolutely bind the parties, except in the event of a patent error and subject
to the provisions set forth below.

 

3.2                                 Upon the expiration of each Interest Period for each
Loan, the Borrower or Borrowers in question must determine the duration of the
new Interest Period for the Loan in question, subject to the provisions of
Articles 6 (Accounts) and 7 (Provisions concerning the Loan Accounts and the
Designated Accounts).

 

Each determination of the
duration of a new Interest Period must be the subject of an Interest Period
Determination Request, which must be received by the Financial Agent no later
than 11:00 a.m. (Paris time):

 

(A)                              at
least three (3) Business Days prior to the expiration date of the current
Interest Period if the new Interest Period requested is one, three or six (1, 3
or 6) months; and

 

(B)                                at
least (5) Business Days prior to the expiration date of the current Interest
Period if the new Interest Period requested is two, nine or twelve (2, 9 or 12)
months.

 

No later
than 11:00 a.m. (Paris time) on the second Business Day after the first day of
the new Interest Period, in the case provided for in paragraph (A) above, or the fourth Business Day before the first day
of the new Interest Period, in the case provided for in paragraph (B) above,
the Financial Agent must inform the Banks of the contents of the Interest
Period Determination Request. If the Financial Agent has not received an
Interest Period Determination Request within the deadlines set forth above, the
Borrower in question will be deemed to have requested a new Interest Period of
three (3) months.

 

With respect to
any request for an Interest Period with a duration of two, nine or twelve (2, 9
or 12) months, any Bank which has not provided notice of its refusal to agree
to the duration of said Interest Period to the Financial Agent no later than
11:00 a.m. (Paris time) on the third Business Day 

 

11

 

preceding the
first day of the new Interest Period, will be deemed to have accepted said
duration. If the duration of a requested Interest Period of two, nine or twelve
(2, 9 or 12) months has been refused by the Majority Banks on said third
Business Day, the Financial Agent must so inform the Borrower or Borrowers in
question no later than three 3:00 p.m. (Paris time) on the same day, and the
Interest Period will have a duration of six (6) months, except if, at no later
than 11:00 a.m. (Paris time) on the following Business Day, the Financial Agent
receives a new Interest Period Determination Request for an Interest Period of
one (1) or three (3) months.

 

In the absence of a
refusal by the Majority Banks with respect to a requested Interest Period of
two, nine or twelve (2, 9 or 12) months, the requested Interest Period will be
binding upon all of the Banks.

 

No Interest Period
Determination Request may be accepted if it would result in a maturity date
after the Final Maturity Date. In this regard, the duration of any Interest
Period may be adjusted, if necessary, by the Financial Agent.

 

3.3                                 Notwithstanding any provision to
the contrary in the Agreement, in the event that on a date on which an interest
rate must be determined and due to circumstances which affect the inter-bank
market: (a) the Majority Banks have notified the Financial Agent that EURIBOR
or EONIA, as the case may be no longer reflects the actual refinancing cost of
their participation in the Loans or (b) the Financial Agent, after consulting
the Reference Banks determines – which determination will be absolutely binding
on the parties - that it is not possible to determine the interest rate in
accordance with the above provisions and with the definition of EURIBOR (or
EONIA, as the case may be) for the Interest Period in question, the Financial
Agent must immediately notify the Borrowers and each of the Banks thereof.

 

During the forty-five
(45) Business Days following the above notice, the Borrowers and the Banks (the
latter being represented by the Financial Agent) will consult together to
attempt to arrive in good faith at a mutually acceptable substitute reference
interest rate. If, prior to the expiration of the above period of forty-five
(45) day Business Days, the Borrowers and the Financial Agent have agreed to a
substitute interest rate, after having received the approval of the Banks, the
participations of which represent at least (i) eighty percent (80%) of the
aggregate amount of the Loans and (ii) at least sixty percent (60%) of the
aggregate amount of participations in the Loans of Banks whose registered
offices are located outside of France or which are direct or indirect branches
or subsidiaries of banking institutions which have their registered offices
located outside of France, said substitute interest rate increased by the
Margin will apply retroactively effective from the first day of the current
Interest Period in question.

 

Any substitute interest
rate agreed upon as indicated above will be binding on all of the Banks.

 

In the absence of
agreement as provided for above within the above period of forty-five (45)
Business Days, the Agreement will be rescinded as a matter of law and the
Borrowers will be obligated to prepay all of the Loans and accrued interest
thereon, within twenty (20) days following the expiration of the above
forty-five (45) Business Day period, said accrued interest to be calculated at
an interest rate equal to the sum of (i) the average of the interest rates at which the Banks could have
borrowed the funds from day to day to finance or maintain their participation
in the Loans and (ii) the Margin.

 

3.4                                 The interest payable pursuant to
the Agreement, whether payable under Article 3 or under any other article of
the Agreement, will be calculated using the exact number of days elapsed on the
basis of a 360-day year.

 

3.5                                 Subject to the provisions of paragraph (B) of Article 7
(Undertakings) of the Phase IB Credit Amendment and Restatement Agreement, on
each Interest Payment Date with respect to a Loan, the Borrower or Borrowers in
question will pay to the Financial Agent, for the account of the Banks, the
interests calculated as set forth in article 3.1 above.

 

12

 

ARTICLE 4 -
REPAYMENT OF THE LOANS

 

Each Loan must be repaid
on each of the dates and up to the percentages indicated in the repayment schedule attached
as Schedule VI.

 

The duration of the
Interest Period for any portion of a Loan which is to be repaid must be
adjusted so that its expiration date coincides with the repayment date. In this
respect, when an Interest Period Determination Request for each Loan precedes a
repayment date, and if the requested Interest Period expires after the
repayment date in question, the portion of the Loan which is to be repaid on
said date must be the subject of one or more distinct Interest Periods which
are different from that of the Loan in question. The last of said Interest
Periods must be 1, 3 or 6 months long or, subject to the provisions of the
Agreement, 2 or 9 months long, and must expire on the repayment date. The
Interest Period Determination Request in question must specify the portion of
the Loan to be repaid and the distinct Interest Period calculated as indicated
above.

 

ARTICLE 5 -
PREPAYMENT – TRANSFER OF LOANS

 

5.1         (A)                                    The Borrowers have the right,
under the terms and conditions set forth below and provided that they have
notified the Financial Agent at least thirty (30) calendar days in advance, to
prepay all or part of the Loans.

 

(B)                                The
Borrowers may only exercise the above right in the event that they have the
necessary funds available, after taking into consideration the prepayment which
they intend to make, to complete and operate the Phase IB Installations under
normal conditions. The Borrowers are responsible for demonstrating compliance
with said pre-condition by furnishing a certificate confirmed by the Expert to
the Financial Agent if the Financial Agent so requests.

 

(C)                                Any
prepayment must:

 

(a)                take place on an
Interest Payment Date for the Loan in question;

 

(b)               if the prepayment
occurs between January 1, 2005 and December 31, 2005 (included), be
for the totality of the Loans and be equal to 103% of the total amount of the
Loans; if the prepayment occurs between January 1, 2006 and December 31,
2006 (included), be for the totality of the Loans and be equal to 102% of the
total amount of the Loans; if the prepayment occurs between January 1,
2007 and December 31, 2007 (included), be for the totality of the Loans
and be equal to 101% of the total amount of the Loans;

 

(c)                for any prepayment
occurring starting from January 1, 2008, be for a minimum amount of
fifteen million euros (€15,000,000) and in an amount which is a whole-number
multiple of one million five hundred thousand million euros (€1,500,000); and

 

(d)               be accompanied by
payment of the accrued interest on the prepaid amount.

 

(D)                               All
notices made by the Borrowers with respect to a prepayment are irrevocable. The
prepaid amounts may not be re-borrowed.

 

5.2         (A)                                   The Borrowers have the option to
have a third party purchase the receivable representing the totality of the
Loans made by the Banks (the “Receivable”).

 

In such event, the
Borrowers must notify the Financial Agent in accordance with a notice period of
at least thirty (30) Business Days and must indicate therein the date on
which the Receivable is to be sold.

 

(B)                                The
Banks hereby agree to grant such a request by the Borrowers and to sell to any
third party designated by the Borrower the receivable, the nominal value of
which will be equal to the amount of the Loans on the date of the sale of the
receivable (which will be equal, in case of sale between January 1, 2005
and December 31, 2007 (included), to the product of 

 

13

 

the total amount of the Loans and the applicable percentage set forth
in article 5.1 (C)(b)), increased by the accrued interest and by any other
amounts due to the Banks pursuant to the Agreement on said date (the
“Receivable Value”), provided that the following terms and conditions are
complied with:

 

(a)                                  the
Receivable sale price will be equal to the Receivable Value (the “Sale Price”);

 

(b)                                 the
Sale Price must be paid in full to the Financial Agent on behalf of the Banks
on the date of the sale of the Receivable;

 

(c)                                  all
of the expenses to be repaid to the Banks, the Financial Agent or the Security
Agent pursuant to the Agreement must be paid in accordance with the provisions
of the Agreement on the date of the sale of the Receivable;

 

(d)                                 the
Banks will be released from all of their obligations pursuant to the Agreement
effective as of the sale of the Receivable, and the buyer will appoint a new
Financial Agent who will accede to the Agreement and to the Inter-creditor
Agreement or said buyer will confirm the authority of the then-current
Financial Agent with the consent of said Financial Agent;

 

(e)                                  the
current Interest Period(s) for the Loans must be adjusted so that the last day
of said Interest Period coincides with the date of the sale of the Receivable;

 

(f)                                    all
of the expenses for the sale of the Receivable will be borne by the buyer;

 

(g)                                 prior
to the sale, the buyer must accede to the Inter-creditor Agreement and confirm
the authority of the Security Agent pursuant to the Agreement.

 

5.3         (A)                                                                                    In the event of the termination
or expiration of a Credit-Bail Contract, and without prejudice to the possible
application of the provisions of Article 13 (Events of Default), the SNC
Borrower in question will be obligated to repay the totality of its Loan or
Loans and EDL Hotels will be obligated to simultaneously repay its Loans in an
amount which is proportional to the total of the SNC Loans being repaid as
compared to the aggregate amount of the SNC Loans, it being specified that, in
the event of repayment between January 2005 and December 31, 2007
(included), the repaid amounts will be equal to the product of said amounts and
the applicable percentage set forth in article 5.1 paragraph (C)(b). In
addition, if, upon the completion of said repayments and those repayments which
must occur under the Advances Agreement, the Unsubordinated Indebtedness
Coverage Ratio and the Unsubordinated Indebtedness Annual Coverage Ratio are
not greater than or equal to 1.50 and 1.15, respectively, the Borrowers will be
obligated, until the Final Maturity Date, to make an additional repayment of
the other Loans or Advances in order to comply with the above ratios, it being
specified that, in the event of repayment between January 2005 and December 31,
2007 (included), the repaid amounts will be equal to the product of said
amounts and the applicable percentage set forth in article 5.1 paragraph
(C)(b). Said additional repayments of the Loans and Advances must be made on a pro
rata basis, unless Lenders whose participation in the Advances under Tranche B equal at least sixty percent
(60%) of the aggregate amount of Tranche B of the Advances agree that the additional repayment of Tranche B of the Advances will not occur
or will occur in a proportion which is less than that resulting from the above pro
rata calculation.

 

A certificate verified by
the Expert, substantially in the form of the model attached as Schedule VII,
and indicating compliance with said ratios must be provided by EDL Hotels to
the Financial Agent and the Security Agent.

 

(B)                                Simultaneously
with the above repayments, the Borrowers in question must pay the accrued interest
on the repaid amounts, as well as the costs for re-use of the funds which may
be incurred by the Banks, calculated as indicated in Article 16
(Expenses), if the repayment is made on a date other than an Interest Payment
Date.

 

14

 

5.4         (A)                                   Any prepayment made in
application of article 5.1 above will be subject, in addition to the
conditions provided in said article 5.1, to the prepayment on a pro rata
basis of the Senior Debt in accordance with the provisions of article 5 of
the Common Agreement.

 

(B)                                Any
amount prepaid in application of article 5.1 above will be deducted from
the repayment amounts resulting from the repayment schedule attached as Schedule VI,
in the inverse repayment date order, i. e.
beginning from the last repayment date.

 

ARTICLE 6 - ACCOUNTS

 

(A)                              The
Financial Agent must open on its books an account which will combine the
principal and interest amounts, commission, expenses and related costs due by
each Borrower to each Bank pursuant to the Agreement. The Financial Agent must
credit said account with the principal and interest amounts, commission,
expenses and related costs paid to each Bank following the payment or repayment
made by a Borrower under a Loan.

 

(B)                                Each Bank will open and maintain on its books, in
accordance with standard practice, an account from which will be debited each
amount loaned by it pursuant to the Agreement and credited with each principal
payment made pursuant hereto. Each Bank will also maintain a record of the
interest and other amounts received by this Bank pursuant to the Agreement, in
accordance with standard practice.

 

ARTICLE 7 -
PROVISIONS CONCERNING THE LOAN ACCOUNTS AND THE
DESIGNATED ACCOUNTS 

 

7.1                                 Opening and operation of the
Loan Accounts

 

7.1.1                        EDL Hotels and the SNC Borrowers have opened their
respective Loan Accounts with the Security Agent and undertake to maintain open
each of said Loan Accounts with the Security Agent.

 

7.1.2                        The SNC Loan Account is an account opened in the name
of all of the SNC Borrowers and which may only be used upon the signature of
all of the SNC Borrowers.

 

7.1.3                        The Loan Accounts are deposit accounts which may not
have debit balances. They operate as follows:

 

(A)                              They are credited:

 

(a)                                  by debiting an SCA Designated Account, in the case of
the SCA Loan Account, or an SNC Designated Account, in the case of the SNC Loan
Account;

 

(b)                                 with any insurance payment relating to Phase IB and
paid to EDL Hotels, in the case of the SCA Loan Account, or to an SNC Borrower,
in the case of the SNC Loan Account, other than payments for civil liability;

 

(c)                                  with the proceeds of any other loans or advances made
to EDL Hotels, in particular by Euro Disney S.C.A. in the case of the SCA Loan
Account, or to an SNC Borrower, in the case of the SNC Loan Account;

 

(B)                                They may only be debited:

 

(a)                                  in the case of the SCA Loan Account, with the amounts
transferred to the credit of an SNC Loan Account or of an SCA Designated
Account; and

 

(b)                                 in the case of the SNC Loan Account, with the amounts
transferred to an SNC Designated Account.

 

(C)                                Any instruction to debit a Loan Account will be sent by
EDL Hotels or the SNC Borrowers, as the case may be, to the Security Agent with
a copy to the Financial Agent and the 

 

15

 

Lenders’ Agent no later than 12:00 p.m.
(Paris time) on the Business Day preceding the one on which the transfer is to
be made. In the absence of instructions to the contrary from the Financial
Agent or the Lenders’ Agent no later than 5:00 p.m. (Paris time) on the same
Business Day, the Security Agent will execute said transfer on the scheduled
date.

 

7.1.4                       The Loan Accounts will be pledged in favor of the Banks
and the Lenders pursuant to the pledge instruments dated March 25, 1991,
in accordance with the provisions of Article 17 (Guarantee – Security
Interests).

 

7.2                                 Opening and operation of the
Designated Accounts

 

7.2.1                        Other than the “SCA Subordinated Loan” Designated
Accounts, no more than two (2) Designated Accounts, i.e., a cash account and a securities account, may be opened
with the same Depositary or with the Security Agent by the same account holder
(EDL Hotels or an SNC Borrower).

 

Each Depositary must
inform the Security Agent, the Financial Agent and the Lenders’ Agent of the
opening of a Designated Account with said Depositary immediately after the
opening thereof.

 

7.2.2                        The amounts debited from a Loan Account and credited to
a Designated Account may, at the account holder’s election, be used to make an
Authorized Investment which must remain, along with the proceeds therefrom and
subject to the provisions of Article 7.2.4 below, in a Designated Account.

 

7.2.3                        The Designated Accounts are pledged in favor of the
Banks and the Lenders pursuant to the pledge instruments dated April 3,
1991 and November 20, 1996 (securities accounts). All new Designated
Accounts will be pledged in accordance with the provisions of Articles 7.3 and
17.2(D).

 

EDL Hotels and the SNC
Borrowers hereby irrevocably agree that liquidation proceeds or the income from
any Authorized Investment will be immediately credited to the cash Designated
Account opened with the Depositary with which the Designated Account in which
the Authorized Investment is registered is opened.

 

7.2.4                        The Designated Accounts other than the “SCA
Subordinated Loan” Designated Accounts will operate as follows:

 

(A)                              they may be only credited:

 

(a)                                  in the case of an SCA Designated Account, by debiting
the SCA Loan Account or another SCA Designated Account;

 

(b)                                 in the case of an SNC Designated Account, by debiting
the SNC Loan Account or another SNC Designated Account;

 

(c)                                  in the case of any Designated Account, with the
liquidation proceeds or the income from an Authorized Investment in accordance
with the provisions of Article 7.2.3 above;

 

(B)                                they may only be debited:

 

(a)                                  in the case of an SCA Designated Account, in order to
credit the SCA Loan Account or any another SCA Designated Account in the same
amount;

 

(b)                                 in the case of an SNC Designated Account, in order to
credit the SNC Loan Account or any other SNC Designated Account in the same
amount;

 

(c)                                  in the case of any Designated Account, with the amount
necessary to make the Authorized Investment.

 

16

 

Each Depositary with
which a Designated Account is opened will only allow the debit of said account
to the extent that said debit is made in accordance with the provisions of this
Article 7;

 

(C)                                they may not have debit balances.

 

7.2.5                        No more than two “SCA Subordinated Loan” Designated
Accounts, i.e., a cash account and a securities account, may be opened. Each of
said Accounts must be opened with the Security Agent. Said Accounts may only be
debited:

 

(A)                              in
order to credit the SCA Loan Account or the SNC Loan Account in the same
amount;

 

(B)                                in
order to repay to Euro Disney S.C.A., the principal amounts borrowed under the
EDL-SCA Loan Undertaking, provided that the Accounts are simultaneously
credited with at least the same amount generated by the proceeds of a
subordinated loan made to EDL Hotels and meeting the criteria set forth in
paragraph (C)(e) of Article 10.4; and

 

(C)                                in
order to pay interest to Euro Disney S.C.A. under the EDL-SCA Loan Undertaking,
up to the amount of the proceeds of Authorized Investments made with the
amounts credited to the Designated Accounts to the extent that such proceeds
have actually been received; and

 

No transfers may be made
from said Accounts to another Designated Accounts. These Designated Accounts
will be pledged in favor of the Banks and the Lenders in accordance with the
provisions of Article 7.3 below.

 

Instructions to debit an
“SCA Subordinated Loan” Designated Account for the purposes described in
paragraph (C) above must indicate the amount of the requested debit and certify
that the conditions set forth in said paragraph (C) have been met.

 

7.3                                 Special provisions for the
pledge of the Designated Accounts and the Authorized Investments 

 

7.3.1                        Cash accounts

 

All new Designated
Accounts which will be credited with cash amounts will be pledged in favor of
the Banks and the Lenders upon the opening of said Accounts pursuant to a
pledge instrument substantially in the form of the model attached at Schedule VIII
(C) and (D) and which EDL Hotels, in the case of an SCA Designated Account, or
the SNC Borrowers, in the case of an SNC Designated Account, must sign upon the
opening of said account.

 

The Depositary with which
the Designated Account is opened will have EDL Hotels or the SNC Borrowers, as
the case may be, sign the pledge instrument and then immediately forward said
instrument to the Security Agent which will execute the registration
formalities, notify the Depositary thereof and forward a copy of proof of said
formalities to the Financial Agent and the Lenders’ Agent.

 

Any pledge instrument for
a cash SNC Designated Account must be signed by each SNC Borrower in the name
of which said account is opened.

 

7.3.2                        Securities accounts

 

All new Designated
Accounts into which securities will be deposited will be pledged in favor of
the Banks and the Lenders upon the opening of said Accounts pursuant to a
securities account pledge agreement or to a master pledge agreement
substantially in the form of the models attached at Schedule VIII (E) and
(F) and which EDL Hotels, in the case of an SCA Designated Account, or the SNC
Borrowers, in the case of an SNC Designated Account, must sign upon the opening
of said account.

 

17

 

As soon as the above
mentioned master pledge agreement is signed, the Depositary with which any new
Designated Account is opened must immediately forward a copy of said agreement
to the Security Agent.

 

The formalities to create
the pledge on the Designated Account on which the securities are credited or on
the securities resulting from an Authorized Investment must be completed as
follows:

 

(A)                              Securities
deposited in an account and equivalent securities issued on the basis of
foreign laws:

 

EDL Hotels and each SNC
Borrower hereby expressly authorize, effective immediately, each Depositary and
the Security Agent, with the right to act individually, to sign in their name
and on their behalf any declaration of a pledge on a Designated Account. As a
result, upon creation of a pledge on a Designated Account, the Depositary in
question or the Security Agent will sign in the name of EDL Hotels or in the
name of the SNC Borrower(s) in question, as the case may be, a pledge
declaration, obtain from the account holder a certificate of account pledge,
and if necessary forward said certificate to the Security Agent. Models of the
above pledge declaration and certificate are attached at Schedules 2, 3 and 4
to the model master pledge agreements attached at Schedules VIII (E) and (F) to
the Agreement.

 

(B)                                Other
securities

 

(a)                                  Registered
securities governed by foreign law: each Borrower hereby agrees to sign any
instrument necessary under the applicable legislation in order to pledge in
favor of the Banks and the Lenders, represented by the Security Agent, all of
the securities in question, to complete all necessary formalities and to sign
any other documents necessary for the validity of said pledge under the
legislation in question. The validity thereof must be certified in a legal
opinion from legal counsel (“conseil
juridique”) or attorney (“avocat”) of
the country in question, which must be previously agreed to by the Financial
Agent and the Security Agent.

 

(b)                                 Bearer
securities governed by foreign law or governed by French law and in physical
form: each Borrower hereby agrees to sign and expressly authorizes, effective
immediately, each Depositary and the Security Agent, with the right to act
individually, to sign in its name and on its behalf a pledge instrument
substantially in the form of the model attached at Schedule 2 to the model
master pledge agreements attached as Schedules VIII (H) and (I). The Depositary
must, immediately upon the purchase of said securities, take physical
possession of the certificates evidencing said securities and hold said
certificates until the liquidation of the Authorized Investment to which they
correspond or will have provided instructions to a third party to hold them on
its behalf. The Depositary will if necessary forward the pledge instrument to
the Security Agent immediately after the signature thereof.

 

(c)                                  Other
negotiable debt securities:

 

(i)                                     bearer
securities evidencing indebtedness: each Borrower hereby agrees to sign and
expressly authorizes, effective immediately, the Security Agent and each
Depositary, with the right to act individually, to sign in its name and on its
behalf a pledge instrument substantially in the form of the model attached at Schedule 2
of the model master pledge agreements attached as Schedules VIII (H) and (I).
The Depositary must, immediately upon the purchase of said securities, take
physical possession of the certificates evidencing said securities and hold
said certificates until the liquidation of the Authorized Investment to which
they correspond or will have provided instructions to a third party to hold
them on its behalf. The Depositary will forward to the Security Agent the
pledge instrument immediately after the signature thereof.

 

18

 

(ii)                                  securities
evidencing indebtedness payable on demand: if said securities are governed by
French law, each Borrower hereby agrees to provide to the Depositary these
securities after having endorsed them as a guarantee. When said securities
correspond to Authorized Investments made by the SNC Borrowers, each
certificate must be endorsed by each of the SNC Borrowers in the name of which
the Authorized Investment has been made. If said securities are governed by
foreign law, the provisions of paragraph (A) above will apply mutatis mutandis.

 

7.4                                 Provisions concerning, the
operation of the SNC Loan Account and the SNC Designated Accounts

 

The SNC Loan Account is
opened in the name of all of the SNC Borrowers and may only be used, both for
debits and credits, upon the signature of all of the SNC Borrowers.

 

The SNC Designated
Accounts may either be accounts opened in the name of multiple SNC Borrowers
and may only be used upon the signature of all of the SNC Borrowers in the
names of which said accounts have been opened, or they may be individual
accounts opened in the name of an SNC Borrower which may only be used upon the
signature of said Borrower.

 

All instructions
concerning the creation and the liquidation of an Authorized Investment or any
transfer from an SNC Designated Account to another SNC Designated Account or
from an SNC Designated Account to the SNC Loan Account must be given by all of
the SNC Borrowers which are the holders of the SNC Designated Account in
question.

 

7.5                                 Freezing the operations in the
Designated. Accounts or the Loan Accounts

 

In the event that an
Event of Default takes place, or an event occurs which may be an Event of
Default after the expiration of a certain period or upon notification as
provided for in Article 13 (Events of Default) (except if it has been
cured or if a Special Majority of the Banks have waived reliance thereon) and
without prejudice to the ability of the Banks to exercise their rights under
said Article 13, the Financial Agent may, upon notification provided to
EDL Hotels and to the SNC Borrowers, with a copy to the Security Agent and to
each Depositary, prohibit any debit of the Loan Accounts and any transfer
between the Loan Accounts and the Designated Accounts (with the exception of a
debit of a Loan Account in order to credit a cash Designated Account), as well
as any transfer between Designated Accounts. For the purposes of this
paragraph, a Special Majority of the Banks will mean Banks whose participations
in the Loans represent, in aggregate, (i) at least 50% of the aggregate amount of the Loans and (ii) at
least 60% of the participations in the Loans of all of the Banks which have
voted either for or against the waiver in question.

 

ARTICLE 8 - ORDER TO
ALLOCATE THE AMOUNTS RECEIVED BY THE FINANCIAL AGENT -
DISTRIBUTION TO THE BANKS

 

8.1                                 Any partial payment made by the
Borrowers pursuant to the Agreement, as well as any proceeds from the exercise
of the Guarantee, will be allocated in the following order:

 

(A)                              payment
of expenses and fees (including counsel fees and procedural expenses upon the
presentation of evidence thereof) paid by the Security Agent, the Financial
Agent or the Banks for the enforcement of the security interests or the
exercise of the Guarantee;

 

(B)                                payment
of the remuneration and repayment of the expenses incurred by the Security
Agent, the Financial Agent or the Banks which are due and payable pursuant to
the Agreement and which have not been paid;

 

(C)                                payment
of late-payment interest due pursuant to the Agreement;

 

(D)                               payment
of any commissions due pursuant to the Agreement;

 

19

 

(E)                                 payment
of interest due at the rate provided for in the Agreement beginning with the
oldest maturity dates, as well as any amount which may be due in accordance
with Articles 11 (Unforeseen Circumstances) or 16.1;

 

(F)                                 repayment
of the principal due pursuant to the Agreement, beginning with the oldest
maturity dates.

 

The provisions of this article will
not apply to the amounts received from the Borrowers pursuant to Article 3
(Prepayment of Banks Loans – New Banks Participations) of the Phase IB Credit
Amendment and Restatement Agreement.

 

8.2                                 In the event that one or more
Banks receive from a Borrower or from any third party any payment whatsoever,
whether or not in advance, which is greater than the amount which said Bank or
Banks has or have the right to receive in accordance with the distribution and
division rights provided for in the Agreement, whether said payment be
voluntary, involuntary, required by law, arising from an off-set or otherwise,
the amount so received will have to be immediately paid to the Financial Agent
who will distribute and allocate it among the Banks in accordance with the
provisions of the Agreement.

 

Each Borrower hereby
expressly acknowledges that the amounts due to each Bank under the Agreement
will be determined after application of the above provisions.

 

SECTION III - GENERAL CONDITIONS

 

ARTICLE 9 -
REPRESENTATIONS AND WARRANTIES OF THE BORROWERS

 

Each of the Borrowers
hereby makes the following representations and warranties to the Financial
Agent and the Banks:

 

9.1                                 it is a duly organized and
validly existing company under French law, the share capital of which is
entirely paid in and whose activity is limited to the completion and operation,
with respect to each SNC Borrower, of all or part of Phase IB Installations,
with respect to EDL Hotels, of all or part of Phase IB Installations and
Parcels A, B, C, D, E, F and G; it has full capacity to transact the business
in which it presently engages, to own all of the assets that appear on its
balance sheet, to sign the Agreement and to perform its obligations hereunder;

 

9.2                                 the signature of the Agreement
and the Phase IB Documents and the granting of the security interests provided
for in Article 17 (Guarantee – Security Interest) have, when necessary,
been duly authorized by the competent company authorities;

 

9.3                                 all the rights of and security
interests granted to the Banks hereunder rank and will rank at all times at
least pari passu in priority with the rights and security interests granted
to the Lenders under the Advances Agreement; the Lenders have not been granted
nor will be granted any security interest other than those which have been
granted or will be granted, from time to time, to the Banks by the Borrowers
pursuant to the Agreement;

 

9.4                                 all necessary administrative
authorizations for the construction of the Phase IB Installations have been
obtained;

 

9.5                                 the signature of the Agreement
and the Phase IB Documents and its performance of its obligations thereunder do
not contravene any provision of its bylaws or any term of any contract or
commitment to which it is party or by which it is bound or violate in any way
any laws and regulations applicable to it;

 

9.6                                 the Agreement is, and will
remain a legal, valid and binding obligation of such Borrower in accordance
with its terms;

 

9.7                                 the repayment of the principal
and the payment of interest, commissions and other fees in connection with the
Agreement do not require the approval of any public authority, other than those
approvals 

 

20

 

which have already
been obtained;

 

9.8                                 there are no actions suits or
proceedings before any arbitral tribunal, judiciary or administrative court or, to the
knowledge of said Borrower, overtly threatened, which could prevent or prohibit
the signature or the performance of the Agreement, the Guarantee or the Phase
IB Documents, or which could have a material adverse effect on its operations,
assets, or financial condition or which could have a material adverse effect on
the ability of such Borrower to perform its obligations hereunder or under the
Phase IB Documents or, more generally, on the construction and operation of the
Phase IB Installations;

 

9.9                                 to its knowledge, after
reasonable inquiry, no event which could have a material adverse effect on its
financial condition, which has not been communicated to the Financial Agent in
writing, has occurred.

 

All representations and warranties made in this article 9
must be accurate in all material respects and must remain accurate until the
payment or repayment in full of all amounts due to the Banks hereunder.

 

ARTICLE 10 -
COVENANTS

 

10.1                           Covenants to Inform

 

Each of the Borrowers
hereby covenants and agrees, until such time as all of the loans made by the
Banks under the Agreement are repaid in full and all of their other obligations
hereunder have been performed:

 

(A)                              to
respect and perform its information covenants provided in paragraph 1
(Information Covenants) of the Covenants:

 

(B)                                to
cooperate with the Expert or the Insurance Advisor in connection with the
preparation of the reports which must be prepared pursuant to, as the case may
be, the Covenants, any Agreement with the Expert or the Insurance
Provisions;  EDL Hotels agrees to bear
the costs arising therefrom in accordance with the provisions of the Common
Agreement, any Agreement with the Expert, the Agreement with the Insurance
Advisor and the Agreement;

 

(C)                                with
respect to any written notice which is officially delivered to the Financial
Agent or the Banks in accordance with the terms and conditions of the
Agreement, to ensure that:

 

(a)                                  all tax estimates relating to taxes which are due or
become due are established with care on an appropriate basis;

 

(b)                                 each information as well as any other official report:

 

(i)                                     is
true, accurate and complete in all material respects concerning questions of
fact,

 

(ii)                                  with respect to projections, opinions or
estimates, is established in good faith and in accordance with the
Accepted Procedures;

 

(D)                               (a)                                  to
ensure that:

 

(i)                                     the
balance sheets, income statements and schedules provided to the Banks in
accordance with paragraph 1 (Information Covenants) of the Covenants are
established in conformity with French accounting principles, as applied
consistently from year to year;

 

(ii)                                  such
financial statements are regular
and genuine and provide a true picture of the results of the relevant Fiscal
Year or any part thereof;

 

21

 

(b)                                and to inform the Financial Agent of any circumstance
or material fact which occurs after the date on which such financial statements
were prepared, the non-disclosure of which would cause such financial
statements to be misleading;

 

(E)                                 to
provide to the Financial Agent a copy of any official opinion or administrative
notice which is material to the construction and operation of the Phase IB
Installations which has been sent or received by the relevant Borrower pursuant
to any Phase IB Documents;

 

(F)                                 to
provide to the Financial Agent, immediately after the signature thereof, a
complete and accurate conformed copy, certified by the manager of the Borrower,
of all the Phase IB Documents to which it is a party;

 

(G)                                as
soon as practicable, to furnish to the Financial Agent any information that the
Financial Agent, acting on behalf of the Banks, may reasonably request in
connection with Phase IB Assets or Phase IB Installations, provided that the
Borrowers will have no obligation to provide information to the Financial Agent
pursuant to this paragraph if EDL Hotels certifies that, in its opinion, the
result thereof would be to disclose confidential information concerning the
pricing policy or to disclose technical or operational know-how and such
disclosure to competitors would be likely to harm said Borrower; in such a case,
the provisions of article 26.4 will apply.

 

10.2                           Project-related Covenants 
Each of the Borrowers covenants and agrees, until all the loans
made by the Banks under the Agreement are repaid in full and all of their other
obligations hereunder have been performed:

 

(A)                              to
fulfill all of its obligations under the Phase IB Documents;

 

(B)                                to
take all measures that may reasonably be required of said Borrower to enforce
all of its rights under the Phase IB Documents;

 

(C)                                no later than twenty-one (21) days prior to the
scheduled effective date for the proposed measure, to provide written notice to
the Financial Agent of any proposed modification, amendment, cancellation, or
any other measure which could cause the termination of any of the Phase IB
Documents or could affect any provision of such documents and, as soon as
practically possible, to give notice to the Financial Agent of any event which
could cause the termination of any Phase IB Document;

 

(D)                               to refrain from making, accepting or participating in
the implementation of any proposal to modify, cancel or terminate any of the
Phase IB Documents or the Master Agreement (in so far as the Phase IB is
concerned), unless such modification, cancellation or termination would not
have a material adverse effect on the financial condition of said Borrower or
on the financial condition of the Banks under the Agreement, or except with the
prior written consent of the Financial Agent with respect to the structure and
nature of the Phase IB Installations;

 

(E)                                 to provide to the Financial Agent, as soon as it is
signed, a copy of any modification or amendment to any of the Phase IB
Documents, the Master Agreement (in so far as it relates to the Phase IB), and
of any other agreement or material additional amendment to any of the Phase IB
Documents or which is executed pursuant to a Phase IB Document, or of any
agreement concerning Phase IB to which said Borrower and one or more Disney
Affiliates is a party, and relating to the supply of services, or the grant of
a license pertaining to an intellectual property right, by one or more of the
Disney Affiliates;

 

(F)                                 to do its utmost to obtain and maintain all
authorizations as may be necessary, from time to time, to comply with and
ensure the enforceability of its obligations under the Phase IB Documents, and
to fulfill all of the conditions and obligations related to such
authorizations;

 

(G)                                to ensure that the Phase IB Installations are in good
operating condition in every material respect and that the repairs, renewals
and replacements, including substitutions, of the Phase

 

22

 

IB Installations are carried out without
delay, provided that it will have no obligation to replace non-material
elements;

 

(H)                               with respect to insurance:

 

(a)                                  to insure or cause to be insured all its assets and
activities in accordance with the Insurance Provisions;

 

(b)                                 to comply with all of its insurance obligations as set
forth in the Insurance Provisions;

 

(c)                                  to communicate promptly to all of the relevant insurers
(and to any person acting on their behalf) and to the Financial Agent, in
accordance with the Insurance Provisions, any material information, statements
or notices relating to the insurance policies;

 

(d)                                 unless authorized to take other action in accordance
with the Agreement or the Advances Agreement, upon receipt of any insurance
proceeds related to a material loss affecting the Phase IB Assets, to
immediately apply such insurance proceeds as set forth below, subject to the
provisions of Article 5.3:

 

(i)                                     either to the partial or full payment of replacement or
repair costs;

 

(ii)                                  or, in the event that such indemnity has not been
allocated as set forth above and at the option of EDL Hotels, to the repayment
of the Loans and the Advances; such repayment must be made on a pro rata basis
and be accompanied, if necessary, by a proportional reduction of the Banks
participations under the Loans and the participations of the Lenders under the
Advances (unless the Majority Lenders, whose participations in the Tranche B
Advances represent at least 60% of the Tranche B Advances,
have agreed that such repayment and, as the case may be, such
reduction under Tranche
B of the Advances does not occur or occurs
in a proportion less than the pro rata amount called for above);

 

and, in each case, to
maintain the insurance proceeds in a SCA Designated Account or a SNC Designated
Account, as appropriate, until such allocation is made;

 

(e)                                  to ensure that any insurance proceeds paid or provided
to the Security Agent as a result of any indirect loss, any postponement of the
day of opening to the public or any operating loss relating to Phase IB is paid
into the SNC Loan Account or the SCA Loan Account, as appropriate;

 

(I)                                    to inform the Financial Agent, promptly, of any action
or proceedings brought by, or against, such Borrower in excess of three million
euros (€3,000,000) in the aggregate, or related to administrative
authorizations granted in connection with the construction or operation of the
Phase IB Installations;

 

(J)                                   (a)                                   to provide written notice to the Financial Agent,
promptly upon the receipt

thereof by such Borrower, of any notice of
default or claim or formal notice, regardless of the source, which could have a
material adverse effect on the Borrowers with respect to Phase IB;

 

(b)                                 unless
under an obligation not to do so pursuant to any other provision of the
Agreement, to use all of the means available to it which an experienced
professional would judge reasonable, necessary or appropriate to cure such
breach and to protect and defend the Phase IB Assets against said claim or
formal notice, including recourse to attorneys to bring the claim or defend
such claim and to contest or have withdrawn such claim or demand or to obtain
the discharge of same;

 

23

 

(K)                               to take all measures that may be reasonably required of
said Borrower and, subject to prior notice, to allow:

 

(a)                                  any representative or agent designated by the Financial
Agent or the Expert to have access to the Phase IB Assets and to inspect or
observe all Phase IB Installation (including its operation) during normal
business hours, to the extent that the exercise of said rights is normally
called for by such representative or agent pursuant to the Agreement or in
connection with the exercise of rights or performance of obligations arising
therefrom, provided that said representative or agent will comply with all of
the instructions and conditions that EDL Hotels may reasonably impose during
such visits;

 

(b)                                 said representative or agent, upon any request for
information, to examine all accounting books, records, software or any other
data or information which such request could cover and which is in the
possession of said Borrower or to which said Borrower has access;

 

provided, however, that no Borrower has any obligation
to comply with this Paragraph (K) if EDL Hotels certifies that, in its opinion,
the result thereof would be to disclose confidential information concerning the
pricing policy or to disclose technical or operational know-how which relates to
the operation of Phase IB and that such disclosure to competitors would be
likely to harm the Borrower; in such event, the provisions of Article 26.4
below will apply;

 

(L)                                 to maintain, until the Final Maturity Date, all
accounting documents and records to enable, upon five (5) Business Days prior
notice by the Financial Agent, the verification of the amount and the use of
the Phase IB Gross Revenues;

 

(M)                            to take, at its own expense, all measures and execute
all instruments, as may be necessary from time to time, to allow the Security
Agent and the Banks to create and maintain the security interests described in Article 17
(Guarantee – Security Interests);

 

(N)                               to deliver as soon as possible to the Financial Agent,
any updates of the Phase IB Development Plan;

 

(O)                               not to agree to any substantial modification,
cancellation or conventional rescission of the Gaumont Construction Lease without having obtained the prior
consent of the Financial Agent and the Lenders’ Agent;

 

(P)                                 not to modify the current Parcel A allocation or use
and not to lease, give under a construction lease or finance lease, sell,
contribute or otherwise transfer Parcel A, without having obtained the prior
consent of the Majority Banks and the Majority Lenders;

 

(Q)                               to make its best efforts so that any allocation or use
of Parcel D is consistent with the Phase IB Installations and their operation;

 

(R)                                not to agree to any substantial modification,
cancellation or conventional rescission of the Convention Centre Construction Lease or the Conference Centre Lease or
not to unilaterally rescind the Conference
Centre Lease in accordance with its article 19.1
without having obtained the prior consent of the Financial Agent and the
Lenders’ Agent, and to communicate to the Financial Agent, upon its execution,
the copy of any modification, amendment or complementary act to the Convention Centre
Construction Lease or Conference Center Lease;

 

(S)                                 not to agree to any modification to the TWDC
Undertaking without having obtained the prior consent of the Majority Banks and
the Majority Lenders.

 

10.3                           Covenants Related to the
Construction Lease Agreements  EDL Hotels and the SNC Borrowers
expressly agree that any rentals due and payable under any of the Construction
Lease Agreements 

 

24

 

are subordinate to the prior
payment of all amounts then due and payable under the Agreement and the
Advances Agreement.

 

In the event that any SNC
Borrower fails to perform its obligations under its Construction Lease
Agreement, and such failure has been caused by a default of either Euro Disney
S.C.A. under the Development Agreement, or EDL Hotels under the corresponding
Crédit-Bail Agreement, EDL Hotels covenants in favor of the Banks and the
Lenders that it will not:

 

(A)          terminate
said Construction Lease Agreement;

 

(B)           proceed
with any conservatory or enforcement measure with respect to the property of
such SNC Borrower,

 

(C)           set-off
any amounts due to it under any Construction Lease Agreement against amounts
due by EDL Hotels under the Crédit-Bail Agreements,

 

(D)          in
general, raise against the Banks or the Lenders under the Agreement or the
Advances Agreement any defense based on a breach of the Construction Lease
Agreements by the SNC Borrowers.

 

10.4         General Covenants

 

Each of the Borrowers
covenants and agrees, until all the loans made by the Banks under the Agreement
are repaid in full and all of the other obligations arising for said Borrower
hereunder are performed, that:

 

(A)          it will use the
amounts withdrawn from its Loan Account only to credit a Designated Account,
and will not use the Agreement nor refer to its existence as a guarantee in
order to obtain any other credit facility or financing, regardless of the
purpose of such credit facility or financing;

 

(B)           it will give
notice to the Financial Agent, promptly upon the occurrence thereof, of any
event which constitutes an Event of Default or could constitute an Event of
Default after notice or after a time period provided for in Article 13
(Events of default) has elapsed, and will state the facts pertaining to such
event;

 

(C)           it will not
contract any indebtedness for borrowed money, without the consent of the
Majority Banks and the Majority Lenders, other than:

 

(a)           indebtedness
for borrowed money under the Agreement;

 

(b)           indebtedness
for borrowed money granted by another Borrower;

 

(c)           loans granted
to the SNC Borrowers under the Advances Agreement;

 

(d)           indebtedness
for borrowed money which is granted to it to finance and simultaneously repay
the total amount of the Loans and the Tranche C Advances;  or

 

(e)           indebtedness
for borrowed money the interest payments and repayment of principal of which
are subordinated to the Loans and Advances; for the purposes of this paragraph,
indebtedness for borrowed money will be considered subordinated to the Loans
and Advances when:

 

(i)            the payment
of all amounts due under such indebtedness (including prepayment) is, by its
terms, subordinated to the prior payment of all amounts then due and payable to
the Banks under the Agreement and to the Lenders under the Advances Agreement,
and: either (a) the lenders making the loan corresponding to such indebtedness
do not have the

 

25

 

opportunity
to accelerate the amounts due to them under such indebtedness without the prior
consent of the Majority Banks and the Majority Lenders, or (b) the repayment
terms of said loan depend on the existence of available cash after servicing
the Unsubordinated Indebtedness and no repayment is due in the absence of such
cash, and the repayment date of the principal of said loan is subsequent to the
Final Maturity Date;  or

 

(ii)           the payment of
all amounts then due in connection with said indebtedness (including
prepayment) is, by its terms, subordinated to the prior payment of all amounts
then due and payable to the Banks under the Agreement and to the lenders under
the Advances Agreement, and the Borrowers deliver to the Lenders’ Agent and the
Financial Agent a certificate of EDL Hotels reviewed by the Expert establishing
that the Unsubordinated Indebtedness Debt Coverage Ratio and the Unsubordinated
Indebtedness Annual Debt Coverage Ratio, calculated by taking into account the
payment obligations related to such subordinated indebtedness, are equal to or
greater than 1.50 and 1.15, respectively, until the Final Maturity Date;

 

any
amount made available to a Borrower as an authorized loan pursuant to this
Paragraph (C) will be paid into such Borrower’s Loan Account (with the
exception of those amounts set forth in subparagraph (d) above) and may only be
used for the repayment set forth in subparagraph (d) or to finance the
construction and operation of the Phase IB Assets;

 

(D)          it will not
contract any agreement as tenant under any lease agreement or financial lease
whatsoever, except solely in the event that EDL Hotels concludes such
agreements with respect to equipment necessary for the construction or
operation of the Phase IB Installations, for an annual aggregate pre-tax rental
amount not in excess of one million five hundred thousand euros (€1,500,000);

 

(E)           it will not
grant nor suffer to exist any lien on all or part of its assets or revenues
other than:

 

(a)           liens
described in Article 17 (Guarantee – Security Interests) of the Agreement
and Article 17 (Guarantee – Security Interests) of the Advances Agreement;
or

 

(b)           liens
arising by operation of law or from a judicial decision as a result of the
normal activity of such Borrower, provided that such liens do not result from
the failure of such Borrower to comply with its obligations, that a request for
the release of such liens is made promptly by such Borrower before a competent
court and that such Borrower pursues the proceedings with diligence in order to
obtain the cancellation or release of such liens;

 

(c)           liens
granted pursuant to the normal activity of such Borrower as security for an
overall amount not in excess of five per cent (5%) of such Borrower’s net
assets, as such net assets appear in the Borrower’s most recent certified
balance sheet; or

 

(d)           liens
granted to creditors which have a debt subordinated to that of the Banks under
the Agreement and the Lenders under the Advances Agreement or security
interests granted to secure the subordinated indebtedness intended to replace
the loan granted under the EDL-SCA Loan Undertaking;

 

provided that (1) notwithstanding the foregoing, EDL
Hotels may not grant a mortgage over the Phase IB lands or pledge its business (“fonds de commerce”) without granting the same security to
the Banks pari passu to secure the amounts outstanding under the
Agreement, and (2) all the liens referred to in subparagraphs (c) and (d)
above, affecting an asset or a right which is the subject matter of one of the
security interests described in Article 17 (Guarantee – Security
Interests) will have a lower priority and will not compete with the 

 

26

 

security interests granted to the Banks and the
Lenders as set forth in Article 17 (Guarantee – Security Interests) of the
Agreement and Article 17 (Guarantee – Security Interests) of the Advances
Agreement;

 

(F)           to take all
necessary steps to maintain its legal existence and, without limiting the
foregoing, to refrain from the following, unless with the prior consent of the
Majority Banks and the Majority Lenders:

 

(a)           filing a
request or demand or adopting a resolution to dissolve or, in a SNC Borrower’s
case, to participate in a merger;

 

(b)           in the
case of EDL Hotels, merging with any entity, except in the framework of the
construction or operation of the Phase IB Installations and provided that EDL
Hotels will be the surviving entity after such merger, subject to the
conditions set forth hereinafter; and

 

(c)           in the
case of any Borrower, participating in a partial asset contribution, or
selling, renting, or otherwise disposing of any significant part of its assets;

 

each of the transactions described in subparagraphs
(b) and (c) hereinabove may nevertheless occur without the prior consent of the
Majority Banks and Majority Lenders, and under normal commercial conditions,
provided that (i) the SNC Borrowers’ Loans and Advances used to finance the
transferred assets have been paid (increased by accrued interest, commissions
and indemnifications in connection with said prepayment). Any such repayment
must be accompanied by a simultaneous repayment of EDL Hotels’ Loans for an
amount pro rata to the amount of the SNC Borrowers’ Loans repaid as compared to
the aggregate amount of the SNC Borrowers Loans and, if necessary, in order to
comply with the ratios described hereinafter, repayment of a portion of the
additional Loans or Advances, (ii) EDL Hotels has purchased or has had
purchased the shares of the SNC Borrower in question at the nominal value
thereof and (iii) EDL Hotels has provided to the Financial Agent and the
Lenders’ Agent a certificate reviewed by the Expert, substantially in the form
of the model attached as Schedule VII to the Agreement evidencing that,
after the completion of the transaction in question, the Unsubordinated
Indebtedness Debt Coverage Ratio and the Unsubordinated Indebtedness Annual
Debt Coverage Ratio will be equal to or greater than 1.50 and 1.15,
respectively, until the Final Maturity Date. Said additional repayments of the
Loans and the Advances will be made on a pro rata basis, unless Lenders whose
participations in the Tranche
B Advances represent at least sixty percent (60%) of the Tranche B Advances have agreed that the
additional repayment under the Tranche B
Advances will not occur or will occur in a proportion less than the one resulting
from the aforementioned pro rata basis.

 

For the purposes of this
paragraph, the following will constitute a transfer by a Borrower of “a
significant part of its assets”:

 

(i)            any sale or
contribution by EDL Hotels to a third party of all or part of the business (“fonds de commerce”) concerning one of the
Phase IB Installations; and

 

(ii)           any sale or
contribution by the SNC Borrowers to a third party or the consent by one of the
SNC Borrowers to the transfer by EDL Hotels to a third party of its rights
under a Credit-Bail Agreement or, with respect to an SNC Borrower, of the
ownership of the physical structure (“murs”) of one of
the Phase IB Installations or of its rights under its Construction Lease
Agreement;

 

(G)           not to create
any subsidiary nor to acquire any participation in any entity or company except
in connection with the construction or operation of the Phase IB Installations;

 

(H)          to ensure that
no agreement is entered into with a third party if such agreement contains 

 

27

 

provisions contemplating the set-off of
amounts due to it for a cumulative amount in excess of five per cent (5%) of
the net assets of such Borrower, as such net assets appear on the most recent
certified balance sheet of such Borrower;

 

(I)            not to enter
into any agreement pursuant to which it acts as guarantor or co-debtor, or
becomes responsible for the performance of any commitment whatsoever, other
than as provided herein or in the Phase IB Documents;

 

(J)            to
immediately inform the Security Agent in the event that it becomes aware of any
mortgage which has been completed or which may be completed prior to the
mortgages set forth in Article 17.2(a);

 

(K)          to comply with the provisions of paragraphs 2
“Financial Covenants”, 3 “Investment”, 4 ”Other Indebtedness”, 5 “Market
Transactions” of the Covenants, it being noted that the authorizations or
waivers that must be granted to the Borrowers pursuant to the said paragraphs
will be granted in accordance with provisions of article 3 of the Common
Agreement.

 

ARTICLE 11
- UNFORESEEN CIRCUMSTANCES

 

11.1         If, following a new legislative or regulatory provision or
any other mandatory administrative measure or a new interpretation of any
legislative or regulatory provision from a competent authority, one or more
Banks are subject to any tax treatment or banking or other regulation which
results in an increase in the expenses related to the Agreement or which
results from said Bank(s)’ participation in any Loan, such as, for example, an
increase in mandatory reserves, the taxation of the balance or any other
measure which may reduce the net remuneration received by said Bank(s), the
following provisions will apply:

 

(A)          the Bank in
question must immediately inform the Financial Agent in writing; the Financial
Agent must then in turn immediately so inform each of the Borrowers. This
written notice must set forth the estimated amount of the cost increase or of
the remuneration reduction resulting therefrom, as well as all supporting
documentation therefor;

 

(B)           the Bank in
question, with the consent of the Financial Agent, must attempt to transfer its
rights and obligations arising under the Agreement to one or more of its
branches or subsidiaries or to one or more other Banks which have not been so
affected by the occurrence of said circumstances, provided that such a transfer
does not result in additional costs or other unfavorable circumstance for the
Bank in question or for the Borrowers;

 

(C)           if such a
transfer is not possible, the Borrowers, the Bank in question and the Financial
Agent must immediately attempt to find a solution which will allow the
difficulties caused by said circumstances to be resolved in the spirit of
cooperation under which the Agreement has been concluded;

 

(D)          if no solution
is found within thirty (30) days following the receipt by the Borrowers of the
notification described in paragraph (A) above, the Borrowers in question must:

 

(a)           either request
that the Bank in question continue its participation while undertaking,
however, to assume the additional costs which the Bank in question is forced to
bear, effective from the date on which the Financial Agent forwarded to the
Borrowers the notice of the Bank in question described in paragraph (A) above;
or

 

(b)           during the
course of the seven (7) Business Days following the last day of said period of
thirty (30) days, repay all of the amounts then due to the Bank(s) as
principal, interest and commissions increased, as appropriate, by any expenses
or fees borne by the Bank(s) as a result of said prepayment.

 

11.2         The provisions of Articles 11.1(A), (B), (C) and (D)(b) will
also apply in the event that one or more

 

28

 

Banks have been subject to any measure the
result of which is to render their participation in the Agreement illegal.

 

In such event, the Bank
in question will be freed from its obligations immediately effective on the
date of notice provided to the Financial Agent regarding said illegality. The
obligations of said Bank under the Agreement will be terminated upon the
expiration of the period of thirty (30) days set forth in paragraph (D)(b)
above and, in any event, as provided for by law.

 

ARTICLE 12 - PAYMENTS

 

12.1         Any principal, interest, commission, expense or ancillary
payment which must be made by a Borrower or by the Guarantor, as the case may
be, under the Agreement must be made in immediately available funds to the
Financial Agent’s account at CALYON
(for which the Financial Agent will provide the precise information), or to any
other account for which the specific information is provided by the Financial
Agent, before 11:00 a.m. (Paris time) on the payment date under reference
“CALYON - € 121 millions”.

 

12.2         All payments due under the Agreement and received by the
Financial Agent on behalf of the Banks will be distributed on the value date of
the receipt thereof by the Financial Agent, pro rata in accordance with the
participation of the Banks in the total Loans amount.

 

12.3         Any payments provided for under the Agreement must be paid
in such a manner so that the funds are available on the date fixed for the
payment thereof.

 

12.4         Any principal, interest, commission, expense or ancillary payment
which does not fall on a Business Day will be made on the following Business
Day.

 

12.5         The interest and receipts from loans made outside of France
by any Borrower pursuant to the Agreement (i.e.,
by Banks which are located for tax purposes or which have their registered
office outside of France or Banks which are institutions or branches of French
companies but are located abroad if their income is taxed in the country in
which they are located) will be exempt from the withholding provided for in Article 131
quarter of the
General Tax Code.

 

12.6         The Borrowers will not be required to execute any
withholding of French taxes on the income from loans made under the Agreement
by Banks located in France.

 

12.7         The payment of any amount due by a Borrower or by EDL Hotels
in its capacity as Guarantor pursuant to the Agreement will be made net of any
taxes, withholding, duties or deduction of any nature whatsoever, whether
present or future.

 

In the event that under a
new legislative or regulatory provision, the payment of interest or any other
sum gives rise to a deduction or any tax, withholding or duty whatsoever, the
Borrower in question must:

 

(A)          increase the amount to
be paid in such a manner so that, after said deduction, tax, withholding or
duty, the Banks in question will receive the exact amount of the payment due
thereto; or

 

(B)           repay
in advance that portion of the Loans, increased by any accrued interest which
gives rise to said deduction, tax, withholding or duty to the greatest extent
possible prior to the entry into force of the new legislative or regulatory
provision.

 

The Borrower in question
will inform the Financial Agent for the purposes of the distribution to the
Banks in question of any receipts or other documents which demonstrate the payment
of said taxes, withholdings or duties to the extent that it is possible to
obtain such receipts or such other documents.

 

29

 

ARTICLE 13 - EVENTS OF DEFAULT

 

13.1         Upon the occurrence of one or more of the following events,
each of which constitutes an Event of Default, regardless of the Borrower in
question:

 

(A)          a Borrower
defaults on the payment when due of principal or interest pursuant to the
Agreement for more than five (5) Business Days after the due date of payment;

 

(B)           a Borrower
defaults on the payment when due of any commissions, fees and ancillary
payments pursuant to the Agreement, and said default continues unremedied more
than fifteen (15) Business Days after notice thereof requesting that such
default be remedied has been given to such Borrower by the Financial Agent or
the Security Agent;

 

(C)           any breach or
non-performance of material terms or covenants contained in the Agreement, and
said breach or non-performance continues unremedied (in the event that it can
be remedied) for a period of thirty (30) days after notice thereof requesting
that such breach or non-performance be remedied has been given to the relevant
Borrower by the Financial Agent;

 

(D)          a
representation made by a Borrower in the Agreement, in the Phase IB Credit
Amendment and Restatement Agreement, or in any certificate, report, instrument
or opinion delivered or signed pursuant to the Agreement or to the Phase IB
Credit Amendment and Restatement Agreement, proves to be inaccurate in any
material respect on the date as of which made or deemed to be made, or ceases
to be accurate after any such dates, and said inaccuracy will continue
unremedied for a period of thirty (30) days after notice thereof requesting
that said inaccuracy be remedied has been given to the Borrower in question by
the Financial Agent;

 

(E)           a Borrower
defaults on the payment when due of any principal or interest under the other
debt incurred or guaranteed by said Borrower other than debt subordinated to
the Loans and the Advances complying with the conditions set forth in
subparagraph (i) of Article 10.4(C)(e) equal to or in excess of an
aggregate amount of one million five hundred thousand euros (€1,500,000) with
respect to all the SNC Borrowers, and seven million five hundred thousand euros
(€7,500,000) with respect to EDL Hotels;

 

(F)           except for the
case provided for in paragraph (E) above, any breach or event of default, as
defined in any contract or instrument related to any existing or future debt of
a Borrower or guaranteed by said Borrower, of an amount equal to or in excess
of one million five hundred thousand euros (€1,500,000) with respect to an SNC
Borrower, and seven million five hundred thousand euros (€7,500,000) with
respect to EDL Hotels, occurs and is the subject of a notice by the creditor or
creditors in question or results in the acceleration of said debt or
constitutes a ground for calling said guarantee (unless the existence of said
breach or event of default, the payability of such debt or the merits of
calling the guarantee, as the case may be, are being contested in good faith by
said Borrower and said claim is promptly brought before a competent court, in
which case the existence of said breach or event of default, the default in the
payment of said debt or the failure to honor said guarantee, as the case may
be, will not constitute an Event of Default until said claim will have been
finally settled by a court decision);

 

(G)           an SNC
Borrower defaults in the payment when due of principal or interest under the
Advances Agreement within the time periods (including possible grace periods
which may apply) provided for in that agreement;

 

(H)          subject to the
provisions of Article 10.4 (E), a Borrower grants any security interest to
secure any present or future debt, without the prior consent of the Majority
Banks;

 

(I)            a Borrower is
dissolved, liquidated or ceases its activities, unless the debts of said
Borrower have been repaid in full or expressly and simultaneously assumed and
guaranteed, with the prior consent of the Majority Banks, by Euro Disney
Associés S.C.A. or by one of its subsidiaries with the guarantee of the latter;

 

30

 

(J)            the Guarantee
ceases to be in full force and effect or the performance of the obligations
thereunder becomes unlawful for any reason, or EDL Hotels fails to perform any
of their obligations under the Guarantee;

 

(K)          one of the
Borrowers or the Guarantor requests the appointment of a conciliator under article L.
611-3 and following of the Commercial Code, enters into an amicable arrangement
with its creditors, is subject to a judicial decision to liquidate such
Borrower or to sell all of the enterprise, or admits its inability to pay its
debts;

 

(L)           any final or
immediately enforceable judgement for the
payment of money in excess of one million five hundred thousand euros
(€1,500,000) is rendered against a Borrower and said judgement remains unenforced for a period in excess of thirty
(30) days after the payment date required thereby;

 

(M)         one of the
Borrowers is subject to a nationalization or expropriation measure concerning
the Phase IB Installations which it operates, in the case of EDL Hotels, or
which it has built, in the case of an SNC Borrower;

 

(N)          a Phase IB Document
ceases to be in full force and effect or the performance of the obligations
thereunder becomes unlawful, or any of such documents are terminated (other
than on their contractual termination date) and, as a result thereof, the
ability of the Borrower to perform its obligations under the terms of the
Agreement is compromised;

 

(O)          a Borrower
breaches provisions of a law or allows the non-compliance with any mandatory
regulation concerning the construction, safety, maintenance or operation of the
Phase IB Installations, or fails in a material respect, or authorizes its
co-contractor to fail in a material respect, to perform its obligations under
any of the Phase IB Documents, or said co-contractor fails in a material
respect to perform any of its obligations and as a result thereof the ability
of the Borrower to perform its obligations under the Agreement is compromised;

 

(P)           Euro
Disney S.C.A. (a) ceases (i) holding the number of shares of Euro Disney
Associés held on the Restatement Date, or (ii) at least two thirds of the share
capital of the Operating Company or (iii) at least ninety seven percent (97%)
of Euro Disney Commandité S.A.S. (b) ceases being listed on the Paris stock
market (Bourse de Paris) except as a result of a
de-listing initiated by the market authorities, (c) carries out a business
activity different from those of (i) holding its interest in Euro Disney
Associés and Euro Disney Commandité SAS, (ii) making available to Euro Disney
S.C.A. its cash surplus in accordance with paragraph 7 of the Covenants, (iii)
providing administrative services to Euro Disney Associés, and (iv) remaining a
party under the agreements not having been transferred pursuant to the
Contribution Agreement or (d) modifies its corporate purpose or its fiscal year
as compared to those provided for in the bylaws amended by its shareholders’
extraordinary general meeting convened notably to decide on the Contribution.

 

(Q)          the manager or
limited partner of EDL Hotels ceases to be a Disney Affiliate, or the
management of the Phase IB Installations ceases to be entrusted to a Disney
Affiliate;

 

(R)           any of the
insurance policies described the Insurance Provisions is terminated or modified
without the consent of the Majority Banks to the extent that, as a result
thereof, the risk of the Banks under the Agreement is increased;

 

(S)           one of the
mortgages referred to in section 17.2 (A) (a) of the Agreement cannot be
maintained as a first priority mortgage because the existence of a contractual,
statutory or judicial mortgage comes to light, which takes precedence over the
registrations made; and, in the case of a statutory or judicial mortgage, the
SNC Borrowers cannot substantiate to the Security Agent that they obtained the
release of this mortgage within fifteen (15) Business Days of receiving notice
from the Security Agent that they must secure the release of said mortgage; or
any of the security interests set forth in Article 17 of the Agreement
become inoperative or their value is diminished as a result of an act of the Borrowers;

 

(T)           Euro Disney
Associés S.C.A. fails to perform its obligations under the EDL-SCA Loan

 

31

 

Undertaking ;

 

(U)          the operation
of the Phase IB Installations is abandoned or the Phase IB Installations are
completely destroyed;

 

(V)           a judicial
receiver is appointed for a significant part of the Phase IB Assets or the
attachment or seizure of a significant part of the Phase IB Assets, unless the
Borrower in question has promptly filed a request for the annulment thereof
before a competent court and such request is followed by an annulment or
renunciation within a normal time period;

 

(W)         an SNC Borrower
modifies its form or corporate purpose or EDL Hotels modifies its corporate
purpose in a significant manner and without the consent of the Majority Banks;

 

(X)          EDL Hotels
amortizes its share capital, or the net worth of EDL Hotels becomes less than
half of its share capital and such situation is not remedied during the time
period provided by law or EDL Hotels prepays any part of the loan granted
pursuant to the EDL-SCA Loan Undertaking and the amount so prepaid is not
replaced by the proceeds of another subordinated debt of the same amount (with
the same provision applying to the latter debt) or EDL Hotels prepays the
subordinated loan the initial amount of which is FRF 465,000,000 granted by
Euro Disney S.C.A. on March 25, 1991;

 

(Y)           breach or
default by one of the Borrowers, by Euro Disney S.C.A., by Euro Disney Associés
S.C.A., by Euro Disneyland S.N.C. or by one of the Subsidiaries of their
commitments and obligations under the Common Agreement and the documents
referred to in the Common Agreement and in the Phase IB Credit Amendment and
Restatement Agreement;

 

(Z)           the provisions
of the bylaws of Euro Disney Associés S.C.A. relating to the Management Fees,
the Remuneration Agreement, the Technical and Administrative Assistance
Agreement, the loan agreement between Euro Disney S.C.A. and Euro Disneyland
S.N.C. dated August 10, 1994, as modified by amendment n°1 dated September 30,
1999, the EDL-SCA Loan Undertaking, the ED SCA-EDL Hotels Loan, the EDL Hotels
Loan Agreement, any Disney Undertaking, the Euro Disney SAS Undertaking, the
Standby Revolving Credit Facility, the Standby Revolving Credit Supplemental
Agreement, the New Revolving Credit Facility, the CDC Loan Agreements, the CDC
Second Park Agreements, any CDC Subordinated Long Term Debt Agreement, the
License Agreement, the License Supplemental Agreement, the Conference Centre
Lease, the Centre Lease Supplemental Agreement or the Funds Agreement is
modified (except where the modifications concern a point of no material
significance and have received the prior approval of the Credit Agent, such
approval. not to be unreasonably refused), or ceases to be valid or is not
respected by Euro Disney S.C.A., by Euro Disney Associés S.C.A., by TWDC, by
the Disney Affiliated Company concerned or by the company which will be
substituted to TWDC;

 

(AA)       TWDC ceases at any
time to hold, directly or indirectly, such number of paid-up shares set out
below:

 

(1)           until December 31, 2016, the number of shares which represents at least
thirty-nine percent (39%) of the share capital of Euro Disney S.C.A.;

 

(2)          at least one share of Euro Disneyland S.N.C.; and

 

(3)           at least ninety seven percent (97%) of (a) the share
capital of the limited partner (associé
commandité) of Euro Disney S.C.A., (b) of two of the limited
partners of Euro Disney Associés S.C.A, (c) of one manager (“gérant”) of Euro Disney Associés S.C.A.
(d) of one gérant of Euro Disney
S.C.A., or (e) of one gérant of
Euro Disneyland S.N.C.;

 

(AB)       an event of
default, as defined in any contract or deed relative to a loan indebtedness of
Euro Disney Associés S.C.A. or Euro Disneyland S.N.C. resulting from a payment
default 

 

32

 

in an amount of at least seven millions five
hundred thousand euros (€7,500,000) occurs and allows the debt to be declared
immediately due and payable unless said event of default be remedied within any
applicable grace period allowed to remedy said default, or the acceleration of
any Euro Disney S.C.A. or Euro Disneyland S.N.C. loan is declared by the
relevant lender or lenders;

 

(AC)       any one of the
ratios set out in paragraph 2 of the Covenants is not respected during a Fiscal
Year N, it being agreed that in such case the Financial Agent may not give
notice that an event of default has occurred until January 30 of the
Fiscal Year N+1, or, in the event of a change in the accounting rules and
principles, until February 28 of the Fiscal Year N+1; provided that the
non-performance has been cured pursuant to the following conditions and
deadlines:

 

Euro Disney S.C.A.
or Euro Disney Associés shall be able to restore the amount, as the case may
be, of the DSCR or of the Forecast DSCR, due to, either through (i) new money
by way of shareholders’ equity or Subordinated Indebdtedness of Euro Disney
Associés or (ii) forgiveness of debts (with or without a “return to better
fortune” clause (“clause de retour à meilleure
fortune”)) or payment deferrals, in each case, allowing payments
only after the date on which all amounts due (in principal and interests) under
the CDC Second Park Loan Agreements and the CDC Subordinated Long Term Debt
Agreements have been fully paid and been the subject of subordination agreement
to be entered into with CDC (the “Restoration Amount”).

 

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

 

(i)      the
amount of the Restoration Amount having the effect of restoring the DSCR, and

 

(ii)    the
Restoration Amount having the effect of restoring the Forecast DSCR.

 

Euro Disney Associés’
cash balance will have fully benefited from the Restoration Amount at the earliest
on June 30 of Fiscal Year N and at the latest on January 30 of Fiscal
Year N+1 or, in the event of a
change in the accounting rules and principles, on February 28 of Fiscal
Year N+1.

 

(AD)       breach or
non-performance by EDL Hotels or one of the SNC Borrowers of the covenants set
forth in paragraphs (O), (P), (R) and (S) of article 10.2 of the
Agreement.

 

(AE)        Euro
Disney Associés S.C.A repays to any or all of its shareholders a contribution
premium (“prime d’apport”)
resulting from the Contribution and which is recorded in Euro Disney Associés
S.C.A.’s accounts (compte comptable du plan
comptable général n° 104 “primes liées au capital”) for a minimum
amount of € 122.2 millions.

 

(AF)        Euro Disney
Associés SCA makes any payment under the Royalties and Management Fees in
respect of any of the three quarters from January 1 to September 30,
2003 contrary to the terms of the letters dated March 28, 2003 sent
respectively by The Walt Disney Company (Netherlands) B.V. and by Euro Disney
S.A. to Euro Disney S.C.A.;

 

(AG)       Euro Disney Associés S.C.A. makes, before January 1,
2017, a payment, whether in principal or in interests, of any amount of Royalties
or Management Fees deferred in respect of Fiscal Years 2005 to 2014 and
transformed into a Subordinated Long Term Debt, pursuant to the terms of the
letter referred to in (ii) of the definition of the License Supplemental
Agreement, and of the agreements referred in to (ii) of the definition of the
Remuneration Agreement;

 

(AH)       Euro Disney Associés S.C.A. modifies the conditions
attached to the definition of the Subordinated Long Term Debt as they are
provided in the letter referred to in (ii) of the definition of the
Supplemental License Agreement, in the agreements referred in to (ii) of the
definition of the Remuneration Agreement and in the provisions relating to the
interests 

 

33

 

in
the CDC Second Park Agreements;

 

(AI)         Euro Disney
Associés S.C.A contracts a debt towards Euro Disney S.C.A. without respecting
the following conditions:

 

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

 

(ii)           in the event
of liquidation, any repayment of the partner’s advance shall be subordinated to
the introductory payments of the totality of the amounts due under the
Financing Agreements, the CDC Second Park Agreements, and the CDC Subordinated
Long Term Debt Agreement;

 

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

 

(iv)          the repayment
flows shall be structured in such way that Euro Disney S.C.A’s cash and cash
equivalents account is always less than €1,000,000;

 

(AJ)       (a)             Euro Disney
Associés S.C.A. makes a payment under the interests payable to CDC on December 31
following the closing of each of 2005 to 2014 included but that must be
deferred under a Fiscal Year accounting for the Performance Indicator of the
Fiscal Year in question, pursuant to the terms of the CDC Second Park
Agreements

 

(b)           Euro Disney Associés S.C.A. makes a payment, whether in
principal or in interests, under the interests deferred accounting for the
Performance Indicator of the Fiscal Year in question and transformed into
Subordinated Long Term Debt pursuant to the terms of the CDC Second Park
Agreements and the CDC Subordinated Long Term Debt Agreements

 

(c)           Euro Disney Associés S.C.A. to makes a payment under
the interests deferred owed to CDC under the years 2001 and 2003 otherwise than
pursuant to the conditions relating to Tranche E stipulated in the CDC Second
Park Agreements;

 

In the event of any such
Event of Default, and so long as such Event of Default continues, if the
Majority Banks so requests, the Financial Agent will, by notice to the
Borrowers, declare all the Loans, as well as any accrued and unpaid interest on
such amounts, immediately due and payable, whereupon such Loans, as well as any
accrued interest incurred on such amounts, and all other sums due under the
Agreement, will become immediately due and payable without any formal notice or
other notice.

 

13.2         In the event that amounts due to the Banks under the
Agreement are accelerated pursuant to this Article, each Borrower will, in
addition, indemnify each of the Banks from and against all direct expenses and
all losses which each of the Banks has sustained by reason of the liquidation
or re-use 

 

34

 

of deposits from third parties required to finance all or part of such
amounts, and will compensate each of the Banks for all reasonable expenses
incurred as a result thereof, including attorneys’ fees.

 

Each Bank will prepare
and deliver to the Financial Agent, for transmittal to each of the Borrowers, a
certificate setting forth the calculation of the amount of such expenses, and
this calculation will be final and binding, absent a material error.

 

ARTICLE 14 - LATE
PAYMENT INTEREST

 

In the event of a default
in payment when due by a Borrower of any principal, interest or other amount
due under the Agreement, and without prejudice to any other rights which the
Banks may have under the Agreement, said amount will bear interest, to the
extent permitted by law, for each day beginning on the due date and ending on
the actual payment date, inclusive, at the rate determined by the Financial
Agent as being one percent (1 %) per annum over the EONIA rate, increased by
the applicable Margin, as a matter of law and without any formal notice
thereof.

 

The Financial Agent must
immediately inform the Borrower in question and the Banks of the rate and the
amount of the late payment interest calculated in accordance with the above
provisions which, except in the event of material error, will bind the parties.

 

The payment of a late
payment interest may be requested at any time by the Financial Agent and will
not imply the granting of a payment deferral or result in the waiver of any
right of the Banks whatsoever arising under the Agreement.

 

Late payment interest
must be paid in euros.

 

Interest at the
contractual rate, like late payment interest, will be compounded as soon as it
has been due for a full year.

 

ARTICLE 15 - COMMISSIONS

 

15.1         The Financial Agent’s commission and the Security Agent’s
commission have been the subject of separate letters between the Borrowers, the
Financial Agent and the Security Agent. The Borrowers hereby agree to pay said
commissions in accordance with the terms and provisions set forth in said
letters.

 

ARTICLE 16 - EXPENSES

 

16.1         The Borrowers hereby agree to pay the Financial Agent on
behalf of the Banks the amount of any loss suffered by any Bank as a result of:

 

(A)          prepayment in
accordance with Article 11 (Unforeseen Circumstances) of the Agreement or
as a result of the occurrence of any Event of Default;

 

(B)           generally, any repayment which occurs on a date other
than an Interest Payment date.

 

Said losses will be
calculated as the difference between:

 

(a)           the interest
which would have been received by the relevant Bank during the remainder of the
relevant Interest Period, if the Borrowers had not prepaid; and

 

(b)           the actual
payment receipt by the relevant Bank following the reuse of the funds during
the remainder of that Interest Period, as such payment is demonstrated by the
Bank.

 

Such difference, if any,
will be increased by the total expenses incurred by said Bank to interrupt its
refinancing, in such a manner so that these expenses will be in all events
limited to one-eighth of a percent (1/8th %) per year of the prepayment amount
described in (A) and (B) above for the period 

 

35

 

remaining to run of the
Interest Period in question, provided that these expenses are demonstrated by
said Bank.

 

16.2         Each of the Borrowers hereby agrees to indemnify each Bank,
the Financial Agent and the Security Agent, upon the presentation of proof
thereof, for any losses or expenses (including legal expenses, fees and
counsels’ expenses) which are reasonably incurred by each of them to enforce
the obligations of each of the Borrowers arising under the Agreement or to
enforce the security interests described in Article 17 (Guarantee –
Security Interests) below.

 

16.3         Any expenses incurred by the Banks for the preparation,
negotiation and signature of the Agreement will be paid to the Financial Agent
by the Borrowers upon presentation of evidence thereof, up to a limit
determined by separate agreement.

 

16.4         The Borrowers shall pay any stamp and registration duties,
taxes or similar expenses which may be due as a result of the signature or
performance of the Agreement or as a result of the creation of the security
interests provided for in Article 17 (Guarantee – Security Interests), and
will indemnify the Banks, the Financial Agent and the Security Agent for any
consequences of delay or failure to pay said duties, taxes and expenses, if
any.

 

ARTICLE 17 -
GUARANTEE - SECURITY INTERESTS 

 

17.1         Guarantee

 

EDL Hotels guarantees,
jointly and severally, the payment or repayment of all amounts due hereunder by
the SNC Borrowers, pursuant to the terms of the Guarantee.

 

17.2         Security Interests

 

The performance of the
obligations of the Borrowers under the Agreement is secured by the following
security interests:

 

(A)          Mortgages

 

(a)           As security
and guarantee for the payment and repayment of all amounts due to the Banks
under the Agreement by the SNC Borrowers and EDL Hotels, the SNC Borrowers,
acting as joint and several in rem guarantors with
respect to the obligations of EDL Hotels and such in rem guarantee being limited to the proceeds obtained from
the enforcement of the security interests in the assets which are mortgaged as
set forth below, the SNC Borrowers, acting jointly and severally, have agreed
to grant to the Banks a first priority mortgage on the following rights and
real property:

 

(i)            the in rem rights arising under the Construction Lease Agreement
granted to each SNC Borrower over the land included in Phase IB which is the
subject of said Construction Lease Agreement; and

 

(ii)           all buildings (“immeubles par nature”) which are being or will be constructed on such land
together with all rights and the associated buildings attached thereto, as well
as all real property (“immeubles par destination”) attached
thereto,

 

provided that:

 

(i’)           each
of the SNC Borrowers will grant to each of the Banks two registrations:

 

•              the first registration
will secure its commitments as principal debtor; the principal secured thereby
is a total amount of three hundred fifty million six hundred thirty-two
thousand seven 

 

36

 

hundred thirty-nine euros (€350,632,739) plus an amount for related
expenses evaluated at five percent (5%) of such principal, i.e., seventeen
million five hundred thirty-one thousand six hundred thirty-six euros
(€17,531,636);

 

•              the
second registration will secure its commitments in its capacity as joint and
several in rem guarantor of EDL
Hotels under the SCA Credit and under the Additional Credit; the principal
amount secured thereby is a total amount of sixty million nine hundred seventy
nine thousand six hundred and six euros (€60,979,606) plus an amount for
related expenses evaluated at five percent (5%) of such principal, i.e., three
million forty eight thousand nine hundred eighty euros (€3,048,980);

 

(ii’)          such
first priority registrations are on an equal basis with the security interests
which are granted in favor of the Lenders under the Advances Agreement to
secure the amounts due under Tranche C
of the Advances;

 

as a result, any order or distribution of sales proceeds related to the
mortgaged assets will be applied pro rata among the Banks and the Lenders
according to the amounts that the Banks and the Lenders, respectively, have
then outstanding, and any insurance proceeds paid by companies who insure or
will insure the Phase III Assets and the Borrowers’ activities, in the event of
a loss, will be applied pro rata among the Banks and the Lenders according to
the amounts that the Banks and the Lenders, respectively, have then
outstanding.

 

(b)           Under the
terms and conditions of the instruments creating the mortgages set forth in the
Convention sur le Rang, it is
formally agreed that the holders of the above registrations will have no right
to exercise their rights arising from such registrations individually, and in
particular the right to seize property; any enforcement measure will be taken
by a decision of the Majority Banks or Lenders of which the total of the
participation in the Loans and the Tranche C Advances is
equal to at least sixty percent (60%) of the Loans or Advances under Tranche C.

 

Upon the occurrence of a transfer of all or part of
the outstanding amounts or a total or partial subrogation, the above provisions
will continue to be binding in the same manner and under the same conditions.

 

Consequently, a transferor or subrogated creditor will
have no right to exercise individually any of the rights arising under the
mortgages which it may have acquired pursuant to such transfer or subrogation.

 

The SNC Borrowers, acting as joint and several in rem guarantor, hereby waive the
right to contest and raise any defenses (“bénéfice de discussion
et de division”) and to rely in any manner on the provisions of Article 2039
of the Civil Code, and hereby agree to refrain from exercising any of their
subrogation rights with respect to EDL Hotels until all amounts due to the
Banks under the Agreement and to the Lenders under the Advances Agreement will
have been paid in full.

 

In the event the registration period of any mortgage
referred to in the present Article is likely to expire before the Final
Maturity Date, the Borrowers already expressly, irrevocably and firmly agree to
renew the mortgage registration until the Final Maturity Date (increased by two
years), at the expense of EDL Hotels which undertakes to it, and at the
Financial Agent’s first request, who may make it at any time. Any renewal
referred to in the present paragraph shall be made at the 

 

37

 

mortgages registry office having jurisdiction at the
latest three months before its expiration date.

 

(B)           Insurance Company
Assignment (“délégation”):

 

an assignment by the Borrowers in favor of the
Security Agent on behalf of the Banks and the Lenders with respect to each
insurance policy taken out with insurance companies and set forth in the
Insurance Provisions; the Security Agent must immediately credit to the SCA
Loan Account or to the SNC Loan Account, as the case may be, the receipts from
any insurance payments which have been paid thereto under the insurance company
assignment or for any other reason;

 

(C)           Assignment (“délégation”) of EDL Hotels and the Leasing Companies:

 

an assignment by EDL Hotels in favor of the Banks and
the Lenders with respect to the Credit-Bail Agreements;

 

(D)           Pledge of
Bank Accounts and Authorized Investments:

 

a pledge in favor of the Banks and the Lenders of the
Loan Accounts, the Designated Accounts and the SCA Subordinated Loan Designated
Accounts, as well as the Authorized Investments, pursuant to the terms and
conditions set forth in Article 7 (Provisions concerning the loan accounts
and the designated accounts), the SNC Borrowers, acting as joint and several in
rem guarantors for
EDL Hotels up to an aggregate amount equal to the proceeds arising from the
enforcement of the pledges of the SNC Loan Account and the SNC Designated Accounts;
and

 

(E)           Pledge of
the Receivables

 

a pledge in favor of the Banks and the Lenders of all
receivables of the SNC Borrowers which arise or may arise from the Development
Agreement, pursuant to a pledge instrument dated March 25, 1991, the SNC
Borrowers, acting as joint and several in rem guarantor for EDL
Hotels up to an aggregate amount equal to the proceeds resulting from the
enforcement of this pledge.

 

17.3         Enforcement of the Security
Interests and the Guarantee

 

In the event that the
Borrowers default in the payment of any amount under the Agreement when due,
the Banks hereby instruct the Financial Agent to proceed with the enforcement
of the Guarantee to cover such amount at the time of such default, unless
notice to the contrary is provided by the Majority Banks.

 

In the event that the
Borrowers default in the due performance of any obligation under the Agreement,
the Banks may enforce the security interests described in Article 17.2
(Security Interests). Said enforcement will be exercised by the Security Agent
based on a decision of the Majority Banks, notification of which will be
provided to the Borrowers by the Security Agent. However, the Majority Banks
may only reach a decision to enforce the mortgages prior to the Final Maturity
Date if the amounts due under the Agreement have been declared accelerated and
due and payable in conformity with Article 13 (Event of Default).

 

17.4         Order of Enforcement of the
Security Interests

 

The security interests
will be enforced in the following order:

 

(A)          enforcement
of the pledges;

 

(B)           enforcement
of the mortgages;

 

provided, however, that:

 

38

 

(a)           the
Majority Banks may decide to enforce only certain security interests and will
have no obligation to enforce simultaneously all of the security interests;

 

(b)           the other
security interests may be enforced independently of or simultaneously with the
enforcement of the Guarantee; the decision to enforce the Guarantee will belong
to the Financial Agent, unless the Majority Banks have given instructions to
the contrary; and

 

(c)           the other
security interests (other than the mortgages which may only be enforced in
accordance with the provisions set forth in Article 17.3 (Enforcement of
the Security Interests and the Guarantee)) and the Guarantee may be enforced
regardless of whether the Loans have been accelerated.

 

17.5         Sharing among the Banks and the
Lenders

 

The amounts that the
Banks and the Lenders have outstanding under the Agreement and the Advances
Agreement, respectively, will enjoy the same priority with respect to the
proceeds generated from the enforcement of the security interests; no amount
outstanding due to the Banks will have a higher or lower priority with respect
to amounts outstanding due to the Lenders, and vice versa, provided however
that, with respect to Tranche
B of the Advances, the Lenders will not be secured by the mortgages
described in Article 17.2 (Security Interests).

 

17.6         Distribution among the Banks and
the Lenders of the Amounts Generated from the Enforcement of the Security Interests
other than the Mortgages

 

The amounts generated
from the enforcement of the security interests, other than the mortgages and
the proceeds resulting from the enforcement of the Guarantee, will be
distributed in the order set forth in Article 8 (Order to Allocate the
Amounts Received by.-the Financial Agent - Distribution to the
Banks) and divided among the Banks and the Lenders as follows:

 

(A)          the
portion of the amounts available for fees, costs, and remuneration described in
Article 8 (Order to Allocate the Amounts Received by.-the
Financial Agent - Distribution to the Banks) will be distributed on a pro rata
basis between the Banks and the Lenders in accordance with the amount owed to
each of the Banks and the Lenders under the Loans and the Advances;

 

(B)           the
portion of amounts available for the payment of interest on overdue amounts
will be distributed as set forth in paragraph (D) below;

 

(C)           the
portion of amounts available for the commissions due hereunder will be
distributed pro rata according to the amounts of the same nature due under the
Loans and the Advances respectively;

 

(D)          the
portion of amounts available for the payment of interest at the contractual
rate or any amounts which may be due to the Banks under Articles 11 (Unforeseen
Circumstances) or 16.1, will be distributed between the Banks and the Lenders
pro rata with respect to the amounts of same nature due under the Loans and the
Advances, respectively; and

 

(E)           the
portion of the amounts available for the repayment of principal amounts due
will be distributed among the Banks and the Lenders pro rata according to their
respective principal amounts due under the Loans and the Advances.

 

17.7         Allocation of the Proceeds
Generated by the Enforcement of the Mortgages

 

The amounts generated by
the enforcement of the mortgages as described in Article 17.2 (Security
Interests) above will be distributed among the Banks and the Lenders in the
order set forth in Article 17.6 (Distribution between the Banks and the
Lenders of the Amounts Generated from the Enforcement of the Security Interests
other than the Mortgages), provided that such distribution will 

 

39

 

be made pro rata with
respect to the respective amounts of the same nature due under the Loans, on
the one hand, and under Tranches
A and C only of the Advances, on the other hand.

 

SECTION IV - AGENTS

 

ARTICLE 18 - FINANCIAL AGENT

 

18.1         Each of the Banks hereby irrevocably authorizes the
Financial Agent to take all measures and exercise all powers in performance of
the Agreement on its behalf which are expressly provided for or delegated to
the Financial Agent pursuant to the Agreement.

 

The directors, management
and employees of the Financial Agent will in no way be liable to the Borrowers,
the Guarantor or the Banks which are parties to the Agreement, except in the
event of serious misconduct or fraud.

 

18.2         The Financial Agent will not be liable to the Borrowers or
the Banks, except in the event that the Financial Agent breaches its express
obligations under the Agreement.

 

In addition, the
Financial Agent will not be liable:

 

(A)          for
any action taken or action which it did not take in fulfillment of the
Agreement or as a result hereof, except in the event of serious misconduct or
fraud;

 

(B)           for
the validity or enforceability of the Agreement or any Phase IB Document, for
the accuracy of the representations made in the Agreement or for the control
over the successful fulfillment of any of the provisions hereof by any of the
Borrowers;

 

(C)           with
respect to the Borrowers, in the event of default by the Banks in the
fulfillment of any of their obligations arising under the Agreement, with
respect to the Banks, in the event of default by any of the Borrowers in the
fulfillment of its obligations arising under the Agreement.

 

18.3         The Financial Agent may rely upon any document which it
believes to be authentic or which is signed by an individual or individuals
duly authorized therefor and upon any communication from the Reference Banks
which it believes has been made by an authorized individual and, with respect
to legal issues, it may rely on the opinions of its legal advisers.

 

18.4         Each Borrower will reimburse the Financial Agent for all
expenses reasonably incurred by the Financial Agent as a result of the exercise
or the protection of any rights of the Banks arising under the Agreement,
including the fees and expenses of legal advisers, after having informed the
Borrower in question prior thereto. In the event that a Borrower or the
Guarantor defaults in the fulfillment of this obligation, each Bank will pay to
the Financial Agent a portion of these expenses in proportion to its share of
the total amount of the Loans.

 

18.5         With respect to its participation in the Loans, the
Financial Agent will have the same rights, powers and obligations as the other
Banks.

 

18.6         The Financial Agent will have no obligation to confirm
whether an Event of Default has occurred and, in the absence of notice from a
Borrower or a Bank informing it otherwise, may assume that no Event of Default
has occurred. However, the Financial Agent must inform the Banks of the
occurrence of any Event of Default of which it becomes aware.

 

No
provision in the Agreement will oblige the Financial Agent to undertake, on
behalf of a Bank, Borrowers identification procedures with respect to any
person whatsoever, and each Bank confirms to the Financial Agent that each Bank
is solely responsible for the verifications it is required to make and that it
will not rely on the Agent’s representations relating to such verifications.

 

18.7         In the event of an Event of Default concerning any of the
Borrowers, the Borrower in question or, failing that, the Guarantor, will
indemnify the Financial Agent for all direct losses incurred by the 

 

40

 

Financial Agent in its capacity as Financial Agent under the Agreement.
In the event that the Borrower or the Guarantor defaults in the fulfillment of
this obligation, each of the banks will indemnify the Financial Agent in
proportion to its share of the total amount of Loans.  In such event neither the Borrower in
question nor the Guarantor will be relieved of its obligations under this
article.

 

18.8         The Financial Agent will inform the Banks as soon as
possible of any notices or communications received from any of the Borrowers
received pursuant to the Agreement.

 

18.9         If an Event of Default occurs which has not been cured (to
the extent that it is possible to cure said Event of Default), the Financial
Agent must, at the request of the Majority Banks, declare all amounts due to
the Banks pursuant to the Agreement due and payable in accordance with the
provisions of Article 13 (Event of Default).

 

18.10       The Financial Agent will not be held liable for any action
taken at the request of the Majority Banks, and any action taken at the request
thereof will be binding on all of the Banks. No provision of the Agreement
authorizes the Financial Agent to grant to any of the Borrowers an amendment of
any of the provisions of the Agreement without the prior consent of all of the
Banks, except in the event of an amendment the sole purpose of which is to
clarify one of the provisions of the Agreement.

 

18.11       In no event may the Financial Agent enter into a settlement
agreement in the name of the Banks or represent the Banks in any legal
proceeding without the prior written consent of each relevant Bank.

 

18.12       Each Bank hereby declares that its decision to conclude the
Agreement has been made on the basis of its own judgment with respect to credit
matters and that, in making said decision, it has not based its decision in any
way on the representations of the Financial Agent or of any other Bank with
respect to the creditworthiness or the financial situation of any of the
Borrowers.

 

ARTICLE 19 -
SUCCESSORS TO THE FINANCIAL AGENT

 

19.1         The Financial Agent may resign from its duties under the
Agreement at any time provided that it will give the Banks and each of the
Borrowers at least ninety (90) days prior notice. It may be dismissed from its
duties as Financial Agent at any time by the Majority Banks.

 

Subsequent to such a
resignation or dismissal, the Majority Banks will designate a new Financial
Agent, subject to the acceptance by each of the Borrowers, which may not be
refused without valid reason and which will be deemed to have been provided in
the absence of a response therefrom within fifteen (15) days following a
request made for said acceptance from the Financial Agent.

 

The new Financial Agent
so designated will succeed to all of the rights and obligations of the
preceding Financial Agent.

 

19.2         In the event that at the end the notice period given by the
Financial Agent, the Majority Banks have not designated a new Financial Agent as
provided for above, or the new Financial Agent so selected has not accepted
this position or has been rejected by any of the Borrowers, the out-going
Financial Agent will itself have the right to designate a new Financial Agent
which must be a first-tier international bank which has offices in Paris and
which is capable of fulfilling the duties of the Financial Agent under the
Agreement.

 

For as long as a new
Financial Agent has not been designated and has not accepted its duties, the
out-going Financial Agent will continue to fulfill its obligations.

 

ARTICLE 20 -
AUTHORITY OF THE SECURITY AGENT

 

20.1         Each of the Banks irrevocably grants by this Agreement
authority to the Security Agent, which accepts, to take, in their names and on
their behalf, any steps necessary and to exercise any of the powers which are
expressly granted to it pursuant to this Agreement, in particular with respect
to the creation of the security interests described in Article 17
(Guarantee – Security Interests) above. In addition, the Security Agent will be
authorized to register the Agreement with a notary, if necessary,

 

41

 

for reiteration purposes.

 

The directors, managers
and employees of the Security Agent will in no way be liable to the Borrowers
or the Banks which are parties to the Agreement, except in the event of serious
misconduct or fraud.

 

The Security Agent will
not be liable to the Borrowers or the Banks for:

 

(A)          any
action taken or action which it did not take in fulfillment of the Agreement or
as a result hereof, except in the event of serious misconduct or fraud;

 

(B)           the
validity of any instruments establishing the security interests, to the extent
that said instruments substantially conform with the corresponding models
attached to the Agreement or which have been approved by the Financial Agent;

 

(C)           the
value or the decrease in value of the property and rights which are subject to
the security interests, or the revenue generated by the sale thereof;

 

(D)          the
failure by the Borrowers to fulfill their various obligations under the
Agreement or by EDL Hotels to fulfill its obligations under the Guarantee;

 

(E)           any
legal or other proceedings designed to enforce or sell the security interests;
and

 

(F)           generally,
any steps taken upon the instructions of the Majority Banks.

 

The Security Agent will
only act upon instructions of the Majority Banks.

 

The Security Agent will
not be obligated to conduct any verification whatsoever regarding the
fulfillment of the Borrowers of their obligations, and may assume that no Event
of Default has occurred, except in the event that it receives notification
thereof from a Borrower or the Financial Agent so informs the Security Agent.

 

20.2         With respect to its participation in the Agreement as a
Bank, the Security Agent will have the same rights, powers and obligations as
the other Banks and may exercise them as if it were not the Security Agent.

 

20.3         By express agreement, the Security Agent is hereby
designated as the trustee depository of the executory copies and the mortgage
title deeds which set forth the rights of each Bank under the mortgages
provided for in Article 17 (Guarantee – Security Interests). The Security
Agent will only be authorized to surrender said executory copies and title
deeds under the following conditions:

 

•              to
the Financial Agent upon a decision of the Majority Banks to foreclose on the
mortgaged property;

 

•              to
the Lenders’ Agent upon a decision of the Majority Lenders to foreclose on the
mortgaged property;

 

•              in
order to cancel an executory copy and to issue one or more new executory copies
in the event of a sale of the rights and obligations of a Bank or a Lender
under the Agreement or the Advances Agreement.

 

20.4         Each of the Banks hereby agrees to reimburse the Security
Agent, upon receipt of proof thereof, for all expenses reasonably incurred by
the Security Agent as a result of the fulfillment of its duties and to
indemnify the Security Agent for all costs, damages, expenses, fees, penalties
or losses and for the direct consequences of any claim or any judgment made
against said Security Agent as a result of the exercise of its duties to the
extent that the Borrowers and the Guarantor has not reimbursed the Security
Agent under Article 16.2.

 

20.5         The Security Agent will distribute any insurance indemnities
received as Security Agent in 

 

42

 

accordance with the provisions of Article 17.2
(Security Interests) paragraph (B).

 

20.6         The Security Agent may resign from its duties under the
Agreement at any time provided that it will give the Financial Agent and the
Borrowers at least ninety (90) days prior notice.

 

It may be dismissed from
its duties as Security Agent at any time by the Majority Banks which will not
be required to justify their decision. Subsequent to such a resignation or
dismissal, the Majority Banks will designate a new Security Agent. The new Security Agent
so designated will succeed to all of the rights and obligations of the
preceding Security Agent.

 

In the event that at the
end the notice period given by the Security Agent, the Majority Banks, on
behalf of the Borrowers, have not designated a new Security Agent as provided
for above or the new Security Agent so selected has not accepted this position,
the out-going Security Agent will itself have the right to designate a new
Security Agent which must be a first-tier international bank which has offices
in Paris and which is capable of fulfilling the duties of the Security Agent
under the Agreement. As long as a new Security Agent has not been designated
and has not accepted its duties, the out-going Security Agent will continue to
fulfill its obligations.

 

SECTION V- MISCELLANEOUS

 

ARTICLE 21 -
BENEFICIARIES OF THE AGREEMENT

 

21.1         The Agreement binds the Borrowers and the Banks, as well as
their respective successors and assigns (“ayants-droit”) and
each of them is a beneficiary hereunder.

 

21.2         No Borrower may sell or otherwise transfer its rights
arising under the Agreement without the prior written consent of all of the
Banks.

 

21.3         Each of the Banks (hereinafter the “Selling Bank”) will have
the right to sell or otherwise transfer all of its rights and obligations
arising under the Agreement, or any part thereof, for a minimum Loan amount of
three million euros (€3,000,000) (said minimum amount will not apply to the
sale or transfer of the balance of the rights and obligations of the Bank in
question) to any other bank or banking institution with a sound reputation,
provided that prior notice thereof is provided to the Financial Agent and
subject to the prior written consent of each of the Borrowers, which consent
may not be refused without valid reason, under the condition that, with respect
to the Selling Bank, it will have complied with any law, regulation or practice
relating to the Borrowers identifications procedures.

 

In the absence of a
response within thirty (30) days beginning on the date of the receipt of the
above-mentioned notice, the Borrowers will be deemed to have consented to the
transfer which is the subject of said notification.

 

21.4         If a Bank wishes to sell or transfer all or part of its
rights and obligations in accordance with the provisions of Article 21.3,
it must provide to the Financial Agent an act of transfer in conformance with
the model attached as Schedule IX to the Agreement, duly completed and
signed by the Bank and the buyer.

 

As soon as said act of
transfer is so provided, it will operate as a waiver of any obligation of the
Borrowers in the amount of the transferred participation and the buyer will
enjoy all of the rights of and will be obligated up to the amount of the
participation sold by the Bank under the Agreement.

 

21.5         The Financial Agent will maintain a register any transfers
made in accordance with Article 21.4 above, which it will make available
to the Banks and the Borrowers.

 

21.6         The provisions of Article 21.3 and 21.4 above will not
apply to the sale provided for in Article 5.2.

 

ARTICLE 22 -
NOTICES

 

22.1         Any notice, request or communication which may or must be
made pursuant to the Agreement must 

 

43

 

be made by letter, telex, or fax.

 

22.2         Any notice, request or communication which must be made or
any document which must be provided by a party to another party pursuant to the
Agreement must be prepared and delivered to the address of said other party as
indicated in Schedule I or in Schedule II to the Agreement and at the
beginning of this Agreement.

 

22.3         Each of the parties to the Agreement may change its address
as indicated in the Agreement and must provide notice of any new address to the
Financial Agent and to each of the Borrowers.

 

22.4         Any notice to the Financial Agent must be provided to
CALYON, 9 quai du President Paul Doumer, 92920 La Défense, to the attention of
Jean-Hervé Cariou (tel: 01.42.95.22.62 / fax: 01.41.89.18.92) and Juliette
Legrand (tel: 01.41.89.13.77 / fax: 01.41.89.18.63)

 

ARTICLE 23 - LANGUAGE

 

All of the documents,
summaries, certificates and reports provided for under the Agreement or which
must be provided in fulfillment hereof must be in French or in English. In the
latter case and to the greatest extent possible, said document must be translated into French and certified
to be in conformity by the manager of EDL Hotels.  In the event of a discrepancy between the
original English text and its translation, the original English text will
prevail.

 

ARTICLE 24 -
EXERCISING RIGHTS - ABSENCE OF WAIVER

 

24.1         All of the rights granted to the Banks by the Agreement or
by any other document provided in fulfillment or upon the signature of the
Agreement which are rights arising as a matter of law will be cumulative and
may be exercised at any time.

 

24.2         The fact that a Bank or a Borrower has not exercised a right
or does not promptly exercise any right may under no circumstances be
considered as a waiver of that right, and the exercise of a single right or the
partial exercise thereof by the Banks or by a Borrower will not prohibit them
from exercising the right again or in the future or from exercising any other
right.

 

ARTICLE 25 -
RENUNCIATION OF RECOURSE

 

Notwithstanding the
provisions of Article L. 221-1 of the Commercial Code (and provided that
this does not affect or limit the scope of any other provision of the
Agreement), the Financial Agent, the Security Agent and each Bank hereby
individually and collectively, expressly and irrevocably renounce:

 

(A)          any recourse which they
may have or which they believe they may have with respect to any Partner of any
of the SNC Borrowers with respect to any obligation of said SNC Borrower
pursuant to the Agreement; and

 

(B)           any
action designed to obtain the judicial reorganization or liquidation of any of
the SNC Borrowers.

 

However, these
renunciations do not extend to the agreement by the Partners which are Lenders
to grant the Advances under the Advances Agreement.

 

ARTICLE 26 - CONFIDENTIALITY

 

26.1         The Financial Agent, the Security Agent and each of the
Banks hereby agree:

 

(A)          to consider as
strictly confidential with respect to any third party other than their buyers
to the extent that these buyers have signed a confidentiality agreement
substantially identical to the provisions of this Article 26, to their
advisers or independent consultants (among the latter the Independent Expert
and the Insurance Adviser) all information related in any manner to any of the
Phase IB Documents (information, data and reports) which are made

 

44

 

available or communicated thereto by any of
the Borrowers, by a Disney Affiliate or by any of their agents or independent
advisers pursuant to the Agreement; and

 

(B)           to not
disclose such information to a third party other than to such buyers, advisers
and consultants without the prior written consent of EDL Hotels which may not
be refused without justification, with the exception of:

 

(a)           information
which has become available to the public other than through a violation of the
provisions of this Article 26;

 

(b)           disclosures
required by applicable law;

 

(c)           disclosures
required by a competent court or government body;

 

(d)           when such
a disclosure is allowed under any other provision of the Agreement; and

 

(e)           disclosures
of information which become necessary to protect the interests of the Financial
Agent, the Security Agent or the Banks under the Agreement, to which EDL Hotels
may not withhold its consent without valid reason.

 

26.2         The Financial Agent, the Security Agent and each of the
Banks must take all reasonable steps to ensure that all confidential
information which they receive from the Borrowers under the Agreement and which
this provided to their employees, advisors or independent consultants is only
provided to the extent necessary for the successful administration of the
Agreement and, in all cases, provided that the information is kept confidential
with respect to third parties.

 

26.3         The provisions of this Article 26 will remain in force
after the full payment of all amounts due by the Borrowers under the Agreement.

 

26.4         In the event that EDL Hotels issues a certificate as
provided for under Articles 10.1(G) and 10.2(K) certifying that the provision
of certain information would result in the disclosure of confidential
information regarding the pricing policy and technical know-how or relates to
the operation of the Euro Disneyland Project in France and that such a
disclosure to competitors might be harmful to the Project, the Financial Agent
may, by providing written notice to EDL Hotels, request that information be
provided to it, subject to the condition that the Financial Agent and each of
the Banks which desire to receive this information must individually provide to
EDL Hotels a written confidentiality agreement with substantially the same
terms as the provisions of this Article 26, but which expressly governs
the information provided at that time.

 

26.5         The Banks will not acquire, under the Agreement, any right
to use, and shall not use any registered trademark, name, design, character or
symbol belonging to The Walt Disney Company or any one of its subsidiaries
(including without limitation, the expressions “The Walt Disney Company”,
“Disney”, “ABC”, or “ESPN”, either alone or in conjunction with or as part of
any other word or name), nor any trademark, fanciful character, design, name,
logo, registered trademark, copyright or any other intellectual property right
of the Walt Disney Company or any one of its subsidiaries or affiliated
companies (the “Companies”): (i) in any advertising publicity or promotion,
(ii) to express or imply any endorsement of any one of the Banks’ products or
services by The Walt Disney Company or the Companies, or (iii) in any other
manner (whether or not similar to the uses prohibited pursuant to subparagraphs
(i) and (ii) above), except with the express written consent of The Walt Disney
Company prior to such usage, which it may in its sole discretion refuse to
give.  The provisions of the previous
sentence will survive and continue to apply after any termination or expiration
of the Agreement, or the determination of any mandatory or optional nullity
affecting the Agreement in whole or in part.

 

ARTICLE 27 -
BORROWERS IDENTIFICATION PROCEDURES

 

27.1         If:

 

(i)            the entry into force or the modification of a law or
regulation (or a change in the

 

45

 

interpretation or the application of a
law or regulation) subsequent to the date of the present agreement;

 

(ii)           a change in
the status or the share ownership of a Borrower subsequent to the Restatement
Date; or

 

(iii)          an assignment
or transfer contemplated by a Bank of its rights and obligations under the
present agreement to a party which is not already a Bank

 

obliges the Financial Agent or a Bank
(or, in the hypothesis of paragraph (iii) above, the new potential bank) to
conform to borrowers identification procedures and it does not already hold the
necessary information, each Borrower will, upon the Financial Agent’s or the
Bank’s request, provide without delay or make sure to be provided, any
documentation or other evidence reasonably requested by the Financial Agent (on
its own behalf or on behalf of a Bank) or by such Bank (on its own behalf or,
in the hypothesis described in paragraph (iii) above, on behalf of the new
potential Bank) in order for the Financial Agent, the relevant Bank, or in the
hypothesis described in paragraph (iii) above, the new potential Bank, to be
able to accomplish and consider that it has satisfactorily carried out the
borrowers identification procedures required pursuant to the applicable laws
and regulations, in light of the transactions contemplated in the Agreement.

 

27.2         Each Bank will
on the Financial Agent’s request provide without delay or make sure to be
provided, any documentation or other evidences reasonably requested by the
Financial Agent (on its own behalf or on behalf of a Bank) in order for the
Financial Agent to be able to accomplish and to consider that it has
satisfactorily carried out the borrowers identification procedures required
pursuant to the applicable laws and regulations, in light of the transactions
contemplated in the Agreement.

 

ARTICLE 28 - EFFECTIVE
GLOBAL INTEREST RATE

 

The parties to this Agreement expressly acknowledges
that due to the specificity of the its provisions, it is impossible to
precisely determine the effective global interest rate applicable to the Loans
in accordance with the provisions of the Consumer Code. Each Borrower
nonetheless acknowledges that it has carried out all the estimates it deems
necessary to determine the Loans global cost and acknowledge that it has
obtained all the information for that purpose. In order to comply with articles
L. 313-1 and 313-2 of the Consumer Code, an indication of the effective global
interest rate applicable to each Loan, as an example, is given at the
Restatement Date to the Borrower in question.

 

ARTICLE 29 -
PARTICIPATION OF THE LENDERS’ AGENT

 

The Lenders’ Agent is participating in the Agreement
in order to acknowledge all provisions of the Agreement concerning the
relations between the Banks and the Lenders and to agree thereto.

 

ARTICLE 30 -
PARTICIPATION OF THE DEPOSITARIES

 

The Depositaries are participating in the Agreement in
order to acknowledge all provisions of the Agreement concerning the mechanisms
for the operation of the accounts to be opened by the Borrowers and of the
securities related thereto and to agree to comply therewith.

 

ARTICLE 31 - APPLICABLE
LAW - CHOICE OF FORUM 

 

31.1         The Agreement will be governed
by French law.

 

31.2         The parties to the Agreement
hereby agree that any dispute arising under the Agreement and any action or
proceeding based on the Agreement or relating thereto may only be submitted,
with the exception of any courts to which the law grants exclusive
jurisdiction, to the Commercial Court of Paris and, by signing the Agreement,
each Borrower, each Bank and the Guarantor expressly and irrevocably accept the
exclusive competence of the Commercial Court of Paris to resolve such disputes,
actions or proceedings.

 

46

 

Amended
and Restated in Paris

at
the Restatement Date.

 

47

 

Schedule I

The Banks (Banques)

 

	
   

  	
   

  	
  UNDERTAKINGS (In €)

  	
   

  	
   

  	
   

  
	
  BANKS

  	
   

  	
  Crédit
  SNC

  	
   

  	
  Crédit
  SCA

  	
   

  	
  TOTAL

  	
   

  
	
  BANCO DE SABADELL

  	
   

  	
  1 857 040.31

  	
   

  	
  324 679.66

  	
   

  	
  2 181 719.97

  	
   

  
	
  153 rue de Courcelles

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75817 Paris Cedex 17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 44 29 12 50

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 44 29 12 69

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Carlos DALMAU

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BANK OF AMERICA NA LONDRES

  	
   

  	
  6 059 953.55

  	
   

  	
  1 059 505.08

  	
   

  	
  7 119 458.63

  	
   

  
	
  1 Alle Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London E1 8DE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Kingdom

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 174 40 00 / 44 207 459 13 11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 634 49 68

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Peter Young / Eric G. Clause

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BANQUE SANPAOLO PARIS

  	
   

  	
  2 886 885.08

  	
   

  	
  504 734.79

  	
   

  	
  3 391 619.87

  	
   

  
	
  52 avenue Hoche

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75383 Paris cedex 08

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 47 54 46 42 / 33 1 47 54 45 86

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Hervé Le Gall / Jean-Paul Rigal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BARCLAYS BANK PLC

  	
   

  	
  1 984 533.84

  	
   

  	
  346 970.26

  	
   

  	
  2 331 504.10

  	
   

  
	
  5 the North Colonnade

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canary Wharf

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London E14 4BB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Kingdom

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 773 64 36 / 44 207 7732 64 41

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 516 97 91

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Mark Williams / Zaki Bano

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BAYERISCHE HYPO-UND VEREINSBANK AG, PARIS

  	
   

  	
  2 684 225.04

  	
   

  	
  469 302.29

  	
   

  	
  3 153 527.33

  	
   

  
	
  34 rue Pasquier

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75008 Paris

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 49 89 378 44 249

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 49 89 378 26 293

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Irène ACKERMANN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  4 393 085.98

  	
   

  	
  768 074.69

  	
   

  	
  5 161 160.67

  	
   

  
	
  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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Martine Aubert / Olivier Jean

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BQ FEDERATIVE CREDIT MUTUEL

  	
   

  	
  1 568 959.28

  	
   

  	
  274 312.39

  	
   

  	
  1 843 271.67

  	
   

  
	
  6, rue de Ventadour

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 45 96 96 16 / 33 1 44 58 35 78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 44 58 51 47

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Francis Boubazine / Eric G. Clause

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CALYON

  	
   

  	
  2 510 334.85

  	
   

  	
  768 074.68

  	
   

  	
  3 278 409.53

  	
   

  
	
  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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Jean-Hervé CARIOU / Patrick Savignac

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

48

 

	
   

  	
   

  	
  UNDERTAKINGS (In €)

  	
   

  	
   

  	
   

  
	
  BANKS

  	
   

  	
  Crédit
  SNC

  	
   

  	
  Crédit
  SCA

  	
   

  	
  TOTAL

  	
   

  
	
  CITIBANK NA

  	
   

  	
  4 393 085.97

  	
   

  	
  438 899.82

  	
   

  	
  4 831 985.79

  	
   

  
	
  Schroder Salomon Smith Barney

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Citigroup Center

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9th Floor, CGC-09-03

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  33 Canada Square

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canary Wharf

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London E14 5LB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Kingdom

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 986 60 11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 986 82 76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Paul Taylor

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREDIT INDUSTRIEL ET
  COMMERCIAL

  	
   

  	
  4 636 447.68

  	
   

  	
  810 623.35

  	
   

  	
  5 447 071.03

  	
   

  
	
  DFS / Project Finance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4 rue Gaillon

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75002 Paris

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 42 66 70 12

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 42 66 78 38

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Jean-Bruno DUFOUR

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREDIT SUISSE FIRST BOSTON ZURICH

  	
   

  	
  4 236 190.06

  	
   

  	
  740 643.45

  	
   

  	
  4 976 833.51

  	
   

  
	
  PO Box 900

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CH-8070 Zurich

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Switzerland

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 41 1 333 57 42

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 41 1 333 63 05

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Hans Brunner

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Caisse d’Epargne et de
  Prévoyance IDF Paris

  	
   

  	
  5 835 271.84

  	
   

  	
  1 020 222.37

  	
   

  	
  6 855 494.21

  	
   

  
	
  Crédit et Financements
  Spécialisés

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19 rue du Louvre

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 33 1 40 41 35 28 / 33 1 40 41 30 58

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 33 1 40 41 30 05

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Fabien Frappart / Fabien Neufinck

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEUTSCHE BANK AG LONDON

  	
   

  	
  12 924 480.39

  	
   

  	
  2 259 679.47

  	
   

  	
  15 184 159.86

  	
   

  
	
  Winchester House

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 Great Winchester Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London EC2N 2DB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Kingdom

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 547 24 00

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 113 336 2010

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A l’attentio de : Fraser
  Mc Gee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DRESDNER BANK FRANKFURT

  	
   

  	
  7 877 616.98

  	
   

  	
  1 377 300.20

  	
   

  	
  9 254 917.18

  	
   

  
	
  C&M Risk Management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Credit Consultancy Germany

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Platz der Einheit 2,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23rd Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  60327 Frankfurt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Germany

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 49 69 263 53 386 49 69 263 562 64

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 49 69 263 81 789

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Josef Haudum / Volker Happel

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GOLDMAN SACHS PARIS INC ET
  CIE

  	
   

  	
  5 983 036.29

  	
   

  	
  1 046 057.09

  	
   

  	
  7 029 093.38

  	
   

  
	
  2 rue de Thann

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75017 Paris

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 552 3881 / 44 207 774 1045

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 552 7070

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Caroline Maw / Sally Haynes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MERRILL LYNCH CAPITAL MARKETS BANK LTD

  	
   

  	
  1 073 536.39

  	
   

  	
  187 694.06

  	
   

  	
  1 261 230.45

  	
   

  
	
  Treasury Building

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lower Grand Canal Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dublin 2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ireland

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 353 1 605 85 00

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 353 1 605 8501

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Lee Halla

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

49

 

	
   

  	
   

  	
  UNDERTAKINGS (In €)

  	
   

  	
   

  	
   

  
	
  BANKS

  	
   

  	
  Crédit
  SNC

  	
   

  	
  Crédit SCA

  	
   

  	
  TOTAL

  	
   

  
	
  MIZUHO CORPORATE & BANKING CO LTD

  	
   

  	
  4 236 190.06

  	
   

  	
  740 643.45

  	
   

  	
  4 976 833.51

  	
   

  
	
  2-1 Yaesu 1-Chrome

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chuo-Ku

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tokyo

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Japan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 813 32 74 93 48

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 813 32 74 94 87

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Takuya Nishizono / Takuichiro Jo

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MORGAN STANLEY INTERNATIONAL BANK LTD

  	
   

  	
  8 169 380.58

  	
   

  	
  1 428 311.32

  	
   

  	
  9 597 691.90

  	
   

  
	
  25 Cabot Square

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canary Wharf

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London E14 4QA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Kingdom

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 677 7974

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 677 3901

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Brian Cripps

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NATEXIS BANQUES POPULAIRES

  	
   

  	
  13 761 469.28

  	
   

  	
  2 406 016.23

  	
   

  	
  16 167 485.51

  	
   

  
	
  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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Régine Allombert-Blanc / Eric Piette

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SANTANDER CENTAL HISPANO LONDON

  	
   

  	
  5 965 789.36

  	
   

  	
  1 043 041.68

  	
   

  	
  7 008 831.04

  	
   

  
	
  Santander House

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  100 Ludgate House

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  London EC4M 7NJ

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tel : 44 207 332 77 81

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax : 44 207 332 74 21

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To the attention of: Jim Inches

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  103 037 512.80

  	
   

  	
  18 014 786.33

  	
   

  	
  121 052 299.13

  	
   

  

 

50

 

Schedule II

The Depositaries (Dépositaires)

 

	
  Names

  	
   

  	
  Addresses

  
	
  CALYON

  	
   

  	
  9 quai du Président Paul
  Doumer, 92920

  Paris, La Défense

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  

  16 boulevard des Italiens, 75009 Paris

  

 

51

 

Schedule III

Interest Period Determination Request (Demande
de fixation de période d’intérêt)

 

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

 

A model form of letter from
a Borrower to CALYON in order to determine a new Interest Period in accordance
with the provisions of article 3.2 of the Agreement.]

 

52

 

Schedule
IV

Depositaries Accession (Acte d’adhésion des
Dépositaires)

 

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

 

A model form of
Depositaries’ deed of accession to the Credit Agreement dated 25 March 1991, to
the Partners’ Advance Agreement dated 25 March 1991 and to the Intercreditor
Agreement to be executed by any new Depositary.]

 

53

 

Schedule V

Insurance Provisions (Dispositions sur les
Assurances)

 

Part One
(I)

General provisions

 

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

 

A document stating the
general provisions related to insurance of Phase IB assets setting forth
definitions, guarantees, information relating to the insurance, events of
default, allocation of indemnities and security interests and delegations.]

 

54

 

Schedule V

 

Part Two
(II)

Insurances related to the Operation Phase (Assurances relatives à la
Phase d’Exploitation)

 

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

 

A document stating the
specific provisions regarding insurance in connection with the Operation Phase,
notably material damages, civil liability, ancillary insurance and operating
losses.]

 

55

 

Schedule V

 

Part Three (III)

Mandatory Amendment (Avenant obligatoire)

 

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

 

A document stating the
provisions of a Mandatory Amendment that must be added to any insurance policy
of the Borrowers relating to Phase IB, notably a delegation clause in the event
of material damages insurance, decennial liability insurance and operating
losses insurance, and civil liability insurance.]

 

56

 

Certificate of insurance

(Formule d’attestation que les courtiers
d’assurance qui assurent pour le compte des Emprunteurs doivent

addresser à l’Agent du Crédit et à l’Agent des Prêteurs)

 

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

 

A model form of the
certificate that the insurance brokers insuring for the account of the
Borrowers must send to the Financial Agent and to the Lenders’ Agent, with a
notice of delegation attached whereby the Borrowers delegate the insurance
broker for the payment of any insurance indemnities, in favor of the Banks.]

 

57

 

Schedule VI

Loan Repayment Schedule (Echéancier de
remboursement des prêts)

 

(amount in euros)

 

Amortization Schedule for Credit IB - Credit SCA +
Credit SNC

 

	
  Date

  	
   

  	
  Amortization

  	
   

  	
  Total before
  Amortization

  	
   

  
	
  05/05/2008

  	
   

  	
  5 043 845.81

  	
   

  	
  121 052 299.13

  	
   

  
	
  05/08/2008

  	
   

  	
  5 043 845.81

  	
   

  	
  116 008 453.32

  	
   

  
	
  05/11/2008

  	
   

  	
  5 043 845.81

  	
   

  	
  110 964 607.51

  	
   

  
	
  05/02/2009

  	
   

  	
  5 043 845.81

  	
   

  	
  105 920 761.70

  	
   

  
	
  05/05/2009

  	
   

  	
  5 043 845.81

  	
   

  	
  100 876 915.89

  	
   

  
	
  05/08/2009

  	
   

  	
  5 043 845.81

  	
   

  	
  95 833 070.08

  	
   

  
	
  05/11/2009

  	
   

  	
  5 043 845.81

  	
   

  	
  90 789 224.27

  	
   

  
	
  05/02/2010

  	
   

  	
  5 043 845.81

  	
   

  	
  85 745 378.46

  	
   

  
	
  05/05/2010

  	
   

  	
  5 043 845.81

  	
   

  	
  80 701 532.65

  	
   

  
	
  05/08/2010

  	
   

  	
  5 043 845.81

  	
   

  	
  75 657 686.84

  	
   

  
	
  05/11/2010

  	
   

  	
  5 043 845.81

  	
   

  	
  70 613 841.03

  	
   

  
	
  07/02/2011

  	
   

  	
  5 043 845.81

  	
   

  	
  65 569 995.22

  	
   

  
	
  05/05/2011

  	
   

  	
  5 043 845.81

  	
   

  	
  60 526 149.41

  	
   

  
	
  05/08/2011

  	
   

  	
  5 043 845.81

  	
   

  	
  55 482 303.60

  	
   

  
	
  07/11/2011

  	
   

  	
  5 043 845.81

  	
   

  	
  50 438 457.79

  	
   

  
	
  06/02/2012

  	
   

  	
  5 043 845.81

  	
   

  	
  45 394 611.98

  	
   

  
	
  07/05/2012

  	
   

  	
  5 043 845.81

  	
   

  	
  40 350 766.17

  	
   

  
	
  06/08/2012

  	
   

  	
  5 043 845.81

  	
   

  	
  35 306 920.36

  	
   

  
	
  05/11/2012

  	
   

  	
  30 263 074.55

  	
   

  	
  30 263 074.55

  	
   

  
	
  TOTAL

  	
   

  	
  121 052 299.13

  	
   

  	
   

  	
   

  

 

Amortization
Schedule for Credit IB - Credit SCA

 

	
  Date

  	
   

  	
  Amortization

  	
   

  	
  Total before
  Amortization

  	
   

  
	
  05/05/2008

  	
   

  	
  750 616.10

  	
   

  	
  18 014 786.33

  	
   

  
	
  05/08/2008

  	
   

  	
  750 616.10

  	
   

  	
  17 264 170.23

  	
   

  
	
  05/11/2008

  	
   

  	
  750 616.10

  	
   

  	
  16 513 554.13

  	
   

  
	
  05/02/2009

  	
   

  	
  750 616.10

  	
   

  	
  15 762 938.03

  	
   

  
	
  05/05/2009

  	
   

  	
  750 616.10

  	
   

  	
  15 012 321.93

  	
   

  
	
  05/08/2009

  	
   

  	
  750 616.10

  	
   

  	
  14 261 705.83

  	
   

  
	
  05/11/2009

  	
   

  	
  750 616.10

  	
   

  	
  13 511 089.73

  	
   

  
	
  05/02/2010

  	
   

  	
  750 616.10

  	
   

  	
  12 760 473.63

  	
   

  
	
  05/05/2010

  	
   

  	
  750 616.10

  	
   

  	
  12 009 857.53

  	
   

  
	
  05/08/2010

  	
   

  	
  750 616.10

  	
   

  	
  11 259 241.43

  	
   

  
	
  05/11/2010

  	
   

  	
  750 616.10

  	
   

  	
  10 508 625.33

  	
   

  
	
  07/02/2011

  	
   

  	
  750 616.10

  	
   

  	
  9 758 009.23

  	
   

  
	
  05/05/2011

  	
   

  	
  750 616.10

  	
   

  	
  9 007 393.13

  	
   

  
	
  05/08/2011

  	
   

  	
  750 616.10

  	
   

  	
  8 256 777.03

  	
   

  
	
  07/11/2011

  	
   

  	
  750 616.10

  	
   

  	
  7 506 160.93

  	
   

  
	
  06/02/2012

  	
   

  	
  750 616.10

  	
   

  	
  6 755 544.83

  	
   

  
	
  07/05/2012

  	
   

  	
  750 616.10

  	
   

  	
  6 004 928.73

  	
   

  
	
  06/08/2012

  	
   

  	
  750 616.10

  	
   

  	
  5 254 312.63

  	
   

  
	
  05/11/2012

  	
   

  	
  4 503 696.53

  	
   

  	
  4 503 696.53

  	
   

  
	
  TOTAL

  	
   

  	
  18
  014 786.33

  	
   

  	
   

  	
   

  

 

58

 

Amortization
Schedule for Credit IB - Credit SNC

 

	
   

  	
   

  	
  Crédit SNC

  	
   

  	
  Hôtel New York Associés SNC

  	
   

  	
  Hôtel Newport Bay Club Associés SNC

  	
   

  	
  Hôtel Sequoia Lodge Associés SNC

  	
   

  
	
  Date

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  
	
  05/05/2008

  	
   

  	
  4 293 229.71

  	
   

  	
  103 037 512.80

  	
   

  	
  916 136.56

  	
   

  	
  21 987 277.38

  	
   

  	
  831 451.67

  	
   

  	
  19 954 839.96

  	
   

  	
  734 539.59

  	
   

  	
  17 628 950.03

  	
   

  
	
  05/08/2008

  	
   

  	
  4 293 229.71

  	
   

  	
  98 744 283.09

  	
   

  	
  916 136.56

  	
   

  	
  21 071 140.82

  	
   

  	
  831 451.67

  	
   

  	
  19 123 388.29

  	
   

  	
  734 539.59

  	
   

  	
  16 894 410.44

  	
   

  
	
  05/11/2008

  	
   

  	
  4 293 229.71

  	
   

  	
  94 451 053.38

  	
   

  	
  916 136.56

  	
   

  	
  20 155 004.26

  	
   

  	
  831 451.67

  	
   

  	
  18 291 936.62

  	
   

  	
  734 539.59

  	
   

  	
  16 159 870.85

  	
   

  
	
  05/02/2009

  	
   

  	
  4 293 229.71

  	
   

  	
  90 157 823.67

  	
   

  	
  916 136.56

  	
   

  	
  19 238 867.70

  	
   

  	
  831 451.67

  	
   

  	
  17 460 484.95

  	
   

  	
  734 539.59

  	
   

  	
  15 425 331.26

  	
   

  
	
  05/05/2009

  	
   

  	
  4 293 229.71

  	
   

  	
  85 864 593.96

  	
   

  	
  916 136.56

  	
   

  	
  18 322 731.14

  	
   

  	
  831 451.67

  	
   

  	
  16 629 033.28

  	
   

  	
  734 539.59

  	
   

  	
  14 690 791.67

  	
   

  
	
  05/08/2009

  	
   

  	
  4 293 229.71

  	
   

  	
  81 571 364.25

  	
   

  	
  916 136.56

  	
   

  	
  17 406 594.58

  	
   

  	
  831 451.67

  	
   

  	
  15 797 581.61

  	
   

  	
  734 539.59

  	
   

  	
  13 956 252.08

  	
   

  
	
  05/11/2009

  	
   

  	
  4 293 229.71

  	
   

  	
  77 278 134.54

  	
   

  	
  916 136.56

  	
   

  	
  16 490 458.02

  	
   

  	
  831 451.67

  	
   

  	
  14 966 129.94

  	
   

  	
  734 539.59

  	
   

  	
  13 221 712.49

  	
   

  
	
  05/02/2010

  	
   

  	
  4 293 229.71

  	
   

  	
  72 984 904.83

  	
   

  	
  916 136.56

  	
   

  	
  15 574 321.46

  	
   

  	
  831 451.67

  	
   

  	
  14 134 678.27

  	
   

  	
  734 539.59

  	
   

  	
  12 487 172.90

  	
   

  
	
  05/05/2010

  	
   

  	
  4 293 229.71

  	
   

  	
  68 691 675.12

  	
   

  	
  916 136.56

  	
   

  	
  14 658 184.90

  	
   

  	
  831 451.67

  	
   

  	
  13 303 226.60

  	
   

  	
  734 539.59

  	
   

  	
  11 752 633.31

  	
   

  
	
  05/08/2010

  	
   

  	
  4 293 229.71

  	
   

  	
  64 398 445.41

  	
   

  	
  916 136.56

  	
   

  	
  13 742 048.34

  	
   

  	
  831 451.67

  	
   

  	
  12 471 774.93

  	
   

  	
  734 539.59

  	
   

  	
  11 018 093.72

  	
   

  
	
  05/11/2010

  	
   

  	
  4 293 229.71

  	
   

  	
  60 105 215.70

  	
   

  	
  916 136.56

  	
   

  	
  12 825 911.78

  	
   

  	
  831 451.67

  	
   

  	
  11 640 323.26

  	
   

  	
  734 539.59

  	
   

  	
  10 283 554.13

  	
   

  
	
  05/02/2011

  	
   

  	
  4 293 229.71

  	
   

  	
  55 811 985.99

  	
   

  	
  916 136.56

  	
   

  	
  11 909 775.22

  	
   

  	
  831 451.67

  	
   

  	
  10 808 871.59

  	
   

  	
  734 539.59

  	
   

  	
  9 549 014.54

  	
   

  
	
  05/05/2011

  	
   

  	
  4 293 229.71

  	
   

  	
  51 518 756.28

  	
   

  	
  916 136.56

  	
   

  	
  10 993 638.66

  	
   

  	
  831 451.67

  	
   

  	
  9 977 419.92

  	
   

  	
  734 539.59

  	
   

  	
  8 814 474.95

  	
   

  
	
  05/08/2011

  	
   

  	
  4 293 229.71

  	
   

  	
  47 225 526.57

  	
   

  	
  916 136.56

  	
   

  	
  10 077 502.10

  	
   

  	
  831 451.67

  	
   

  	
  9 145 968.25

  	
   

  	
  734 539.59

  	
   

  	
  8 079 935.36

  	
   

  
	
  05/11/2011

  	
   

  	
  4 293 229.71

  	
   

  	
  42 932 296.86

  	
   

  	
  916 136.56

  	
   

  	
  9 161 365.54

  	
   

  	
  831 451.67

  	
   

  	
  8 314 516.58

  	
   

  	
  734 539.59

  	
   

  	
  7 345 395.77

  	
   

  
	
  05/02/2012

  	
   

  	
  4 293 229.71

  	
   

  	
  38 639 067.15

  	
   

  	
  916 136.56

  	
   

  	
  8 245 228.98

  	
   

  	
  831 451.67

  	
   

  	
  7 483 064.91

  	
   

  	
  734 539.59

  	
   

  	
  6 610 856.18

  	
   

  
	
  05/05/2012

  	
   

  	
  4 293 229.71

  	
   

  	
  34 345 837.44

  	
   

  	
  916 136.56

  	
   

  	
  7 329 092.42

  	
   

  	
  831 451.67

  	
   

  	
  6 651 613.24

  	
   

  	
  734 539.59

  	
   

  	
  5 876 316.59

  	
   

  
	
  05/08/2012

  	
   

  	
  4 293 229.71

  	
   

  	
  30 052 607.73

  	
   

  	
  916 136.56

  	
   

  	
  6 412 955.86

  	
   

  	
  831 451.67

  	
   

  	
  5 820 161.57

  	
   

  	
  734 539.59

  	
   

  	
  5 141 777.00

  	
   

  
	
  05/11/2012

  	
   

  	
  25 759 378.02

  	
   

  	
  25 759 378.02

  	
   

  	
  5 496 819.30

  	
   

  	
  5 496 819.30

  	
   

  	
  4 988 709.90

  	
   

  	
  4 988 709.90

  	
   

  	
  4 407 237.41

  	
   

  	
  4 407 237.41

  	
   

  
	
  TOTAL

  	
   

  	
  103 037 512.80

  	
   

  	
   

  	
   

  	
  21 987 277.38

  	
   

  	
   

  	
   

  	
  19 954 839.96

  	
   

  	
   

  	
   

  	
  17 628 950.03

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  Cheyenne Hôtel Associés SNC

  	
   

  	
  Hôtel Santa Fe Associés SNC

  	
   

  	
  Centre de Divertissements
  Associés SNC

  	
   

  
	
  Date

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  	
  Amortization

  	
   

  	
  Total before Amortization

  	
   

  
	
  05/05/2008

  	
   

  	
  496 561.41

  	
   

  	
  11 917 473.89

  	
   

  	
  535 054.55

  	
   

  	
  12 841 309.06

  	
   

  	
  779 485.94

  	
   

  	
  18 707 662.48

  	
   

  
	
  05/08/2008

  	
   

  	
  496 561.41

  	
   

  	
  11 420 912.48

  	
   

  	
  535 054.55

  	
   

  	
  12 306 254.51

  	
   

  	
  779 485.94

  	
   

  	
  17 928 176.54

  	
   

  
	
  05/11/2008

  	
   

  	
  496 561.41

  	
   

  	
  10 924 351.07

  	
   

  	
  535 054.55

  	
   

  	
  11 771 199.96

  	
   

  	
  779 485.94

  	
   

  	
  17 148 690.60

  	
   

  
	
  05/02/2009

  	
   

  	
  496 561.41

  	
   

  	
  10 427 789.66

  	
   

  	
  535 054.55

  	
   

  	
  11 236 145.41

  	
   

  	
  779 485.94

  	
   

  	
  16 369 204.66

  	
   

  
	
  05/05/2009

  	
   

  	
  496 561.41

  	
   

  	
  9 931 228.25

  	
   

  	
  535 054.55

  	
   

  	
  10 701 090.86

  	
   

  	
  779 485.94

  	
   

  	
  15 589 718.72

  	
   

  
	
  05/08/2009

  	
   

  	
  496 561.41

  	
   

  	
  9 434 666.84

  	
   

  	
  535 054.55

  	
   

  	
  10 166 036.31

  	
   

  	
  779 485.94

  	
   

  	
  14 810 232.78

  	
   

  
	
  05/11/2009

  	
   

  	
  496 561.41

  	
   

  	
  8 938 105.43

  	
   

  	
  535 054.55

  	
   

  	
  9 630 981.76

  	
   

  	
  779 485.94

  	
   

  	
  14 030 746.84

  	
   

  
	
  05/02/2010

  	
   

  	
  496 561.41

  	
   

  	
  8 441 544.02

  	
   

  	
  535 054.55

  	
   

  	
  9 095 927.21

  	
   

  	
  779 485.94

  	
   

  	
  13 251 260.90

  	
   

  
	
  05/05/2010

  	
   

  	
  496 561.41

  	
   

  	
  7 944 982.61

  	
   

  	
  535 054.55

  	
   

  	
  8 560 872.66

  	
   

  	
  779 485.94

  	
   

  	
  12 471 774.96

  	
   

  
	
  05/08/2010

  	
   

  	
  496 561.41

  	
   

  	
  7 448 421.20

  	
   

  	
  535 054.55

  	
   

  	
  8 025 818.11

  	
   

  	
  779 485.94

  	
   

  	
  11 692 289.02

  	
   

  
	
  05/11/2010

  	
   

  	
  496 561.41

  	
   

  	
  6 951 859.79

  	
   

  	
  535 054.55

  	
   

  	
  7 490 763.56

  	
   

  	
  779 485.94

  	
   

  	
  10 912 803.08

  	
   

  
	
  05/02/2011

  	
   

  	
  496 561.41

  	
   

  	
  6 455 298.38

  	
   

  	
  535 054.55

  	
   

  	
  6 955 709.01

  	
   

  	
  779 485.94

  	
   

  	
  10 133 317.14

  	
   

  
	
  05/05/2011

  	
   

  	
  496 561.41

  	
   

  	
  5 958 736.97

  	
   

  	
  535 054.55

  	
   

  	
  6 420 654.46

  	
   

  	
  779 485.94

  	
   

  	
  9 353 831.20

  	
   

  
	
  05/08/2011

  	
   

  	
  496 561.41

  	
   

  	
  5 462 175.56

  	
   

  	
  535 054.55

  	
   

  	
  5 885 599.91

  	
   

  	
  779 485.94

  	
   

  	
  8 574 345.26

  	
   

  
	
  05/11/2011

  	
   

  	
  496 561.41

  	
   

  	
  4 965 614.15

  	
   

  	
  535 054.55

  	
   

  	
  5 350 545.36

  	
   

  	
  779 485.94

  	
   

  	
  7 794 859.32

  	
   

  
	
  05/02/2012

  	
   

  	
  496 561.41

  	
   

  	
  4 469 052.74

  	
   

  	
  535 054.55

  	
   

  	
  4 815 490.81

  	
   

  	
  779 485.94

  	
   

  	
  7 015 373.38

  	
   

  
	
  05/05/2012

  	
   

  	
  496 561.41

  	
   

  	
  3 972 491.33

  	
   

  	
  535 054.55

  	
   

  	
  4 280 436.26

  	
   

  	
  779 485.94

  	
   

  	
  6 235 887.44

  	
   

  
	
  05/08/2012

  	
   

  	
  496 561.41

  	
   

  	
  3 475 929.92

  	
   

  	
  535 054.55

  	
   

  	
  3 745 381.71

  	
   

  	
  779 485.94

  	
   

  	
  5 456 401.50

  	
   

  
	
  05/11/2012

  	
   

  	
  2 979 368.51

  	
   

  	
  2 979 368.51

  	
   

  	
  3 210 327.16

  	
   

  	
  3 210 327.16

  	
   

  	
  4 676 915.56

  	
   

  	
  4 676 915.56

  	
   

  
	
  TOTAL

  	
   

  	
  11 917 473.89

  	
   

  	
   

  	
   

  	
  12 841 309.06

  	
   

  	
   

  	
   

  	
  18 707 662.48

  	
   

  	
   

  	
   

  

 

59

 

Schedule VII

Certificate of the Independent Expert (Attestation
de l’Expert)

 

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

 

A model form of EDL Hotels
S.C.A. regarding the calculation of the Ratios, to be delivered with the Expert’s
report to CALYON as the Financial Agent and the Lender’s Agent certificate
pursuant to the Phase IB Credit Agreement and to the Phase IB Partners’ Advance
Agreement.

 

60

 

Schedule
VIII (A)

Pledge instrument for the SCA Loan Account (Acte
de nantissement du Compte Prêt SCA)

 

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

 

A model form of agreement
between EDL Hotels S.C.A. and CALYON to be used by EDL Hotels SCA to pledge its
SCA Loan Account in favour of CALYON for the benefit of the Banks and Lenders.

 

61

 

Schedule
VIII (B)

Pledge instrument for the SNC Loan Account (Acte
de nantissement du Compte Prêt SNC)

 

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

 

A model form of agreement
between Hotel New York Associés S.N.C., Newport Bay Club Associés S.N.C.,
Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C., Hotel Santa Fe
Associés S.N.C., Centre de divertissements Associés S.N.C. (the SNC Borrowers)
and CALYON to be used by the SNC Borrowers to pledge their SNC Loan Account in
favour of CALYON for the benefit of the Banks and Lenders.

 

62

 

Schedule VIII (C)

Cash pledge instrument for SCA Designated Account 

(Acte de nantissement des Comptes
Désignés SCA Espèces)

 

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

 

A model form of agreement
between EDL Hotels S.C.A . and CALYON to be used by EDL Hotels SCA to pledge
its SCA Designated Cash Accounts in favour of CALYON for the benefit of the
Banks and Lenders.]

 

63

 

Schedule VIII (D)

Cash pledge instrument for SNC Designated Account

(Acte de nantissement des Comptes
Désignés SNC Espèces)

 

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

 

A model form of agreement
between Hotel New York Associés S.N.C., Newport Bay Club Associés S.N.C.,
Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C., Hotel Santa Fe
Associés S.N.C., Centre de divertissements Associés S.N.C. (the SNC Borrowers).
and CALYON to be used by the SNC Borrowers to pledge their SNC Designated Cash
Accounts in favour of CALYON for the benefit of the Banks and Lenders]

 

64

 

Schedule VIII (E)

Master pledge instrument for securities SCA Designated Account

(Convention cadre de
nantissement Comptes Désignés SCA Titres (instruments financiers))

 

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

 

A model form of master
agreement between EDL Hotels S.C.A. and CALYON to be used by EDL Hotels SCA to
pledge its securities SCA Designated Account in favour of CALYON for the
benefit of the Banks and the Lenders.  A
pledge declaration of the Securities Accounts and two pledge certificates of
the Securities Accounts are also attached as schedules to this agreement.]

 

65

 

Schedule
VIII (F)

Master pledge instrument for securities SNC Designated Account (financial
instruments)

(Convention cadre de nantissement Comptes Désignés
SNC Titres (instruments financiers))

 

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

 

A model form of master
agreement between Hotel New York Associés S.N.C., Newport Bay Club Associés
S.N.C., Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C., Hotel
Santa Fe Associés S.N.C., Centre de divertissements Associés S.N.C. (the SNC
Borrowers). and CALYON to be used by the SNC Borrowers to pledge their
securities SNC Designated Account in favour of CALYON for the benefit of the
Banks and the Lenders. A pledge declaration of the Securities Accounts and two
pledge certificates of the Securities Accounts are also attached as schedules
to this agreement.]

 

66

 

Schedule VIII (G)

Instrument for the pledge of receivables generated by the Development Agreement
(Nantissement des

créances resultant du Contrat de Promotion)

 

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

 

A model form of agreement
between Hotel New York Associés S.N.C., Newport Bay Club Associés S.N.C.,
Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C., Hotel Santa Fe
Associés S.N.C., Centre de divertissements Associés S.N.C. (the Borrowers SNC).
and CALYON to be used by the Borrowers S.N.C. to pledge their receivables
generated by the Development Agreement in favour of CALYON for the benefit of
the Banks and Lenders.

 

67

 

Schedule VIII (H)

Master pledge instrument for SCA Designated Accounts (other securities)

(Convention cadre de
nantissement Comptes désignés SCA (autres valeurs mobilières et titres))

 

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

 

A model form of master
agreement between EDL Hotels S.C.A. and CALYON to be used by EDL Hotels SCA to
pledge its SCA Designated Accounts in favour of CALYON for the benefit
of the Banks and the Lenders.  A pledge
agreement and a pledge certificate are also attached as Schedules to this document.]

 

68

 

Schedule VIII (I)

Master pledge instrument for SNC Designated Accounts (other securities)

(Convention cadre de
nantissement Comptes désignés SNC (autres valeurs mobilières et titres))

 

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

 

A model form of master
agreement between Hotel New York Associés S.N.C., Newport Bay Club Associés
S.N.C., Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C., Hotel
Santa Fe Associés S.N.C., Centre de Divertissements Associés S.N.C. (together,
the SNC Borrowers). and CALYON to be used by the SNC Borrowers to pledge their
SNC Designated Accounts in favour of CALYON for the account of the Banks
and the Lenders.  A pledge agreement and
a pledge certificate are also attached as Schedules to this Agreement.]

 

69

 

Schedule IX

Transfer agreement (Acte de transfert)

 

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

 

A model form of a transfer
agreement between the Bank and the Assignee relating to the Bank’s
participation in the Loan as stated in Schedule I of the Credit Agreement.]

 

70

 

Schedule
X

Maps of Parcels A, B, C, D, E, F and G (Plan
des Parcelles A, B, C, D, E, F et G)

 

71Exhibit 4.16(a)

 

Translation for information purposes only

 

EURO DISNEYLAND IN FRANCE – PHASE IA

 

 

1 December 2004

 

 

PHASE IA CREDIT AMENDMENT AND RESTATEMENT
AGREEMENT

 

 

Multi-Currency Loan and Letter of Credit
Facilities Agreement

dated 5 September 1989

 

 

Borrowers

 

EURO DISNEYLAND S.N.C.

and

EURO DISNEY S.C.A.

and

EURO DISNEY ASSOCIES S.C.A.

and

THE BANKS

 

Agent

BNP PARIBAS

 

 

Legal advisers to the Agent

Slaughter and May

112, avenue Kléber

75116 Paris

 

 

Legal advisers to the Borrower

Freshfields Bruckhaus
Deringer

2-4, rue Paul Cézanne

75008 Paris

 

 

TABLE OF
CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Transitional
  Period

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Partial
  prepayment and New Outstanding Amounts of Tranche A, Tranche D1 and Tranche
  D2 Banks

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Prepayment
  in full of Third Party Lenders – New Outstanding Amounts of the Tranche B
  Banks

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Amendment
  and Restatement of the Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Conditions
  Precedent

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Undertakings

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Effective Date

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Waiver of rights

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  No Novation

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Severability of
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Formalities

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Language

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Governing law

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Jurisdiction

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1 Banks

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  2 Third Party Lenders Agreements Part One EIB

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  2 Third Party Lenders Agreements Part Two Dexia

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  3 Pledge Agreement Over Receivables (Acte de nantissement de créances)

  	
   

  

 

 

	
  SCHEDULE
  4 Amendment Agreement to the CDC Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  5 Amendment Agreement to the Guarantors’ Sharing Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  6 Amendment Agreement to the Master Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  7 Amendment Agreement to the Delegation Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  8 Amendment to the subordination agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  9 Amendment Agreement to the Convention sur le Rang

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  10 Standby Revolving Supplemental Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  11 Amendment Agreement to the Independent Auditors’ Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  12 Conference Centre Lease Supplemental Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  13 Amended and Restated Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 14 Funds
  Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  15 Amendment and Restatement Agreement to the Common Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  16 Phase IA Advances Amendment and Restatement Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  17 Phase IB Partners Advances Amendment and Restatement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  18 Phase IB Credit Amendment and Restatement Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  19 Form of Disney Undertaking

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  20 Form of Disney Undertaking

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 21 Disney
  Undertaking

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  22 Form of Disney Undertaking (SNC undertaking)

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  23 Euro Disney S.A.S. Undertaking

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 24
  Compensation letter

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  25 Letter relating to the Master Agreement

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  26 List of Indebtedness

  	
   

  
	
   

  	
   

  
	
  SCHEDULE
  27 Outstanding Amounts as at 1 October 2004 after Prepayment

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 28 New scheduled repayments

  	
   

  

 

 

	
  SCHEDULE
  29 Waiver of Debt Agreements

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 30 Part 1
  Amendment Agreement to the nantissements de comptes
  agreements (Phase IA Loan)

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 30 Part 2
  Amendment Agreement to the nantissements de solde
  de compte agreement [SCA]

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 31 Form of Legal Opinions

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 32 Agreement in principle
  of the tax administration

  	
   

  
	
   

  	
   

  
	
  SCHEDULE 33 New Revolving Credit
  Facility

  	
   

  

 

 

BETWEEN :

 

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

 

2)                                    EURO
DISNEY S.C.A., a French société en
commandite par actions, whose registered office is at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy, registered at the Trade and
Companies Registry of Meaux under number B 334 173 887,

 

(hereinafter
referred to together as the “Borrowers”)

 

and

 

OF THE FIRST PART

 

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

 

(hereinafter referred to as “Euro Disney
Associés”)

 

OF THE SECOND PART,

 

and

 

4)            The
BANKS whose respective names are set
out in Schedule 1,

 

(hereinafter referred to together as the “Banks” or individually a “Bank”)

 

OF THE THIRD PART,

 

and

 

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

 

(hereinafter referred to as the “Agent”)

 

OF THE FOURTH PART.

 

 

WHEREAS:

 

(A)                             Pursuant
to a multi-currency loan and letter of credit facilities agreement dated 5
September 1989 (the “Agreement”),
the Banks granted to the Borrowers a New Revolving Credit Facility, utilisable
by way of drawings or by the issue of letters of credit up to an aggregate
maximum amount of seven billion French francs, for the purpose of financing the
development of Phase IA and the purchase of Additional Land as well as
certain operating costs of Euro Disney S.C.A.

 

(B)                               Since
that date, (i) certain amendments (the “Amendments”)
have been made to the Agreement by two supplemental agreements dated
respectively 10 August 1994 and 17 March 1995 and by requests for consents and
waivers relating to the Covenants in particular of 6 September 1999 and (ii)
the Banks have agreed to release partially, without payment, the mortgage over
assets described in Schedule 2 to the first of the supplemental
agreements referred to in (i) above.

 

(C)                               The
Euro Disney Group having encountered new financial difficulties, a memorandum
of agreement was signed on 8th June 2004, between Euro Disney S.C.A., EDL
Hôtels, Euro Disneyland S.N.C., S.N.C. Hôtelières, The Walt Disney Company,
CDC, as well as the Phase IA Banks, the Phase IA Partners, the Phase IB Banks
and the Phase IB Lenders, represented by their respective agents BNP PARIBAS or
CALYON, and approved by the steering committee (subsequently amended following
the letter from Euro Disney S.C.A to the Creditors, dated 20 September
2004) set out the measures necessary with a view to restoring the financial
balance of the Euro Disney Group; the memorandum of agreement, as amended was
accepted by a letter signed by all parties on 30th 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 IA Banks, the Phase IB Banks and the Phase
IB Lenders (tranche C), 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, the
latter thereby becoming the operator of Disneyland Resort, Paris.

 

(E)                                The
transfer will lead to the extinguishment (by means of “confusion”) of
the lease dated 1 July 1994 relating to the lease by Euro Disney Associés
S.N.C. of certain of its assets to Euro Disney S.C.A. and a sub-lease dated
30 June 1994 relating the sub-lease by Euro Disney Associés S.N.C. to Euro
Disney S.C.A. of the assets subject to the Crédit-Bail
Agreement, since the same entity will have the capacity of lessor and lessee on
the one hand and lessor and sub-lessee on the other hand, such entity being
Euro Disney Associés.

 

(F)                                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, clarify the drafting of certain clauses, convert the letter of
credit facility into a loan facility, convert

 

2

 

the revolving credit into a term loan, consolidate the Tranches into
one single tranche, and delete the Alternative Currencies.

 

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

 

(H)                              Euro
Disney Associés is a party to this agreement in view of the fact that, as a
result of the Contribution, it will replace Euro Disney S.C.A. as a borrower.

 

NOW, THEREFORE, IT IS HEREBY AGREED as follows:

 

1.                                     Definitions

 

(A)                             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, with the exception of the terms defined in the recitals, the
following terms have the following meanings:

 

“Amended and Restated Agreement” means
the Agreement as amended and restated pursuant to the provisions of Clause 5 (Amendments and Restatement of the Agreement), the text of
which is set out in Schedule 13.

 

“Amendment Agreement to the CDC Agreement”
means the amendment agreement to the CDC Agreement, substantially in the form
set out in Schedule 4.

 

“Amendment Agreement to the Convention
sur le Rang” means the amendment agreement to the Convention sur le Rang, substantially in the form set out in
Schedule 9.

 

“Amendment Agreement to the Delegation Agreement”
means the amendment agreement to the agreement referred to in (i) of the
definition of Delegation Agreements, substantially in the form set out in Schedule
7.

 

“Amendment Agreement to the Guarantors’ Sharing
Agreement” means the amendment agreement to the Guarantors’ Sharing
Agreement, substantially in the form set out in Schedule 5.

 

“Amendment Agreement to the Independent Auditors
Agreement” means the amendment agreement to the Independant Auditors
Agreement, substantially in the form set out in Schedule 11.

 

3

 

 “Amendment
Agreement to the Master Agreement” means the amendment agreement to
the Master Agreement between certain parties to the Master Agreement
substantially in the form set out in Schedule 6.

 

“Amendment Agreement to the Subordination Agreement”
means the amendment agreement to the subordination agreement between Euro
Disney S.C.A., the Priority Creditors and CDC dated 19 October 1999,
substantially in the form set out in Schedule 8.

 

“Amendment and Restatement Agreement to the Common
Agreement” means the agreement amending and restating the Common
Agreement between the Borrowers, Euro Disney Associés and the Creditors,
substantially in the form set out in Schedule 15.

 

“Amendment to Pledge Agreement” means
the amendment to the pledge dated 30 June 1994 between Euro Disney S.C.A., Euro
Disney Associés and Euro Disneyland S.N.C. substantially in the form set out in
Schedule 8.

 

“CDC Ordinary Loan Agreement”
means the agreement relating to the granting of ordinary loans dated 17th
May 1989 between CDC, Euro Disney S.C.A and Euro Disneyland S.N.C as amended by
two amendments dated 10th August 1994 and 30th September
1999, and an amended and restated CDC agreement relating to the granting of
ordinary loans between CDC, Euro Disney S.C.A. and Euro Disneyland SNC in the
form initialled by way of identification by Euro Disney S.C.A and the Agent;

 

“CDC Participating Loan Agreement”
means the agreement relating to the granting of participating loans dated 17th
May 1989 between CDC, Euro Disney S.C.A and Euro Disneyland S.N.C as amended by
two amendments dated 10th August 1994 and 30th September
1999 and an amended and restated CDC agreement relating to the granting of
participating loans between CDC, Euro Disney S.C.A. and Euro Disneyland SNC in
the form initialled by way of identification by Euro Disney S.C.A. and the Agent;

 

“CDC Second Park
Agreements” means

 

(a) the Loan Agreements (tranches A, B, C and D) dated 30th
September 1999 between Euro Disney S.C.A and CDC, as amended by amendments
dated 18th November 2002, and by amended and restated loan
agreements (tranche A, B, C and D) between Euro Disney S.C.A. and CDC, in the
form initialled for identification by Euro Disney S.C.A. and the Agent; and

 

(b) the Loan Agreement (tranche E) between Euro Disney S.C.A and CDC to
be entered into no later than the Completion of Share Capital Increase in the
form initialled for identification by Euro Disney S.C.A. and the Agent; and

 

(c) the subordination agreement between Euro Disney
S.C.A, the Priority Creditors and CDC dated 19th October 1999 as
amended by the Subordination Amendment Agreement and by an agreement amended
and restated between Euro Disney Associés S.C.A., the Priority Creditors and
CDC in the form initialled for identification by Euro Disney S.C.A. and the
Agent.

 

4

 

“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.

 

“Common Agreement Amended and Restated”
means the Common Agreement as amended and restated pursuant to the Amendment
and Restatement Agreement to the Common Agreement the text of which is annexed
thereto.

 

“Compensation Letter” means the letter
substantially in the form of Schedule 24.

 

“Completion of 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 proceeds have been paid to Euro Disney S.C.A.

 

“Conference Centre Lease Supplemental Agreement”
means the amendment agreement to the real property finance lease dated 15 May
1996 between Centre de Congrès Newport SAS and EDL Hôtels S.CA. relating to the
New Port Bay Club conference centre, substantially in the form set out in Schedule 12.

 

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

 

“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.

 

“Disney Undertaking” means the letters
from The Walt Disney Company and from Disney Enterprises, Inc., substantially
in the forms set out in Schedules 19, 20, 21 and 22.

 

“Euro Disney S.A.S. Undertaking” means
(i) the letter from The Walt Disney Company substantially in the form of Schedule
23, and (ii) the letter from the manager (gérant)
of Euro Disney S.C.A. annexed to the letter referred to in (i).

 

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

 

“Fund Agreement”
means the agreement between Euro Disney S.C.A. and Euro Disney Associés,
substantially in the form set out in Schedule 14.

 

5

 

“Letter relating to the Master Agreement”
means the letter substantially in the form set out in Schedule 25.

 

“Licence Agreement Supplemental Agreement”
means (i) the letter from The Walt Disney Company (Netherlands) BV to Euro
Disney S.C.A. dated  28 March 2003, (ii)
the amendment agreement n°4 to the Licence Agreement, substantially in the form
set out in the Schedule to the Amended and Restated Common Agreement, (iii) the
letter from The Walt Disney Company (Netherlands) B.V. to BNP PARIBAS, CALYON
and CDC substantially in the form set out in the Schedule to the Amended and
Restated Common Agreement and in the letter from The Walt Disney Company
(Netherlands) BV to Euro Disney S.C.A. a copy of which is annexed to such
letter, and (iv) the letter from Disney Enterprises, Inc. relating to the
conditions of renewal or extension of the Licence Agreement substantially in
the form of the schedule to the Amended and Restated Common Agreement.

 

“List of Indebtedness” means the list
drawn up as at 30 September 2004 setting out for each of the companies in
the Euro Disney Group, the SNC Hotel Companies and the Financing Company, their
Indebtedness and set out in Schedule 26.

 

“New Revolving Credit Facility” means
the standby revolving credit facility in a principal amount of €150 million
reducing to €100 million as from 1 October 2009 granted by TWDC to Euro Disney
S.C.A. on 30 September 2004, a copy of which is contained in Schedule 33.

 

“Phase IA Advances Amendment and Restatement
Agreement” means the agreement amending and restating the Phase IA
Partners Advances Agreement, substantially in the form set out in Schedule 16.

 

“Phase IB Credit Amendment and Restatement
Agreement” means the agreement amending and restating the Phase IB
Credit Facility Agreement, substantially in the form set out in Schedule 18.

 

“Phase IB Partners Advances Amendment and
Restatement Agreement” means the agreement amending and restating
the Phase IB Advances Agreements, substantially in the form set out in Schedule 17.

 

“Pledge Agreement” means the pledge
agreement replacing the pledge agreement dated 30 June 1994 between Euro Disney
S.C.A., Euro Disney Associés S.C.A. and Euro Disneyland SNC substantially in
the form of Schedule 3.

 

“Remuneration Agreement” means (i) the
letter from Euro Disney SAS and Euro Disney Associés S.C.A. to the Agent,
CALYON and CDC substantially in the form set out in the Schedule to the Amended
and Restated Common Agreement and (ii) the agreements between Euro Disney
S.C.A. and Euro Disney SAS relating to the Management Fees of the management of
Euro Disney S.C.A. substantially in the form of Schedules A and B to the letter
referred to in paragraph (i).

 

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

 

6

 

“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.

 

“Royalties” means the royalties that the
Operating Company must pay to the licensor (as this term is defined in the
Licence Agreement) under the Licence Agreement.

 

“SCA Loan” means the outstanding amounts
of sums loaned by the Operating Company under the Contract constituting the
Complementary Loan (including the Operating Facility Amount).

 

“SNC Loan” means the outstanding amounts
of sums loaned by the Financing Company under the Contract constituting the
Principal Loan.

 

“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 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 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 Euro Disney Group.

 

“Standby Revolving Credit Supplemental Agreement”
means (i) the amendment agreement to the Standby New Revolving Credit Facility
between Disney Enterprises, Inc. (previously named The Walt Disney Company) and
Euro Disney S.C.A., substantially in the form set out in Schedule 10
and (ii) from the Share Capital Increase Completion Date, the Promissory Note
issued by Euro Disney Associés in an amount of €110 million to Disney
Enterprises, Inc. (formerly The Walt Disney Company) in substitution for the
New Revolving Credit Facility referred to in (i) of the definition of New
Revolving Credit Facility in the Amended and Restated Common Agreement.

 

“Third Party Lenders Agreements” means
the consents given by the Third Party Lenders relating to the methods of
prepayments to be carried out pursuant to Clause 4 (Prepayment in full of the
Third Party Lenders — New Outstanding Amounts of the Tranche B Banks)
substantially in the forms set out in Schedule 2.

 

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

 

7

 

(B)                               The
provisions of paragraph (B) of Clause 1 (Definitions) of
the Agreement apply mutatis mutandis
to this Contract.

 

2.                                     Transitional Period

 

(A)                               (1)           For each repayment date falling
between 1 October 2004 and the Completion of Share Capital Increase Date, the
service of the debt under the Agreement (principal, interest, commission, fees
and expenses) will be effected pursuant to the provisions of the Agreement;
however the terms and conditions of payment of principal (including pursuant to
the Third Party Financings) will be those provided for in the Common Agreement
Amendment and Restatement.

 

(2)                                 The
total amount applied to repayment of the principal under the Agreement and of
amounts applied to the prepayment of the debt from the Security Deposits within
the conditions set out in the Common Agreement Amendment and Restatement is
equal to 19.618% of the Total Outstanding Amounts as at 1 October 2004, being
€ 66,749,536.56.

 

(B)                                 (1)           In the event that the Completion of
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.

 

(2)                                 In
the event of the Completion of Share Capital Increase, no Bank 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 (1) above.

 

3.                                     Partial prepayment and
New Outstanding Amounts of Tranche A, Tranche D1
and Tranche D2 Banks

 

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
Outstanding Amounts of the Tranche A Banks, the Tranche D1 Banks and the Tranche
D2 Banks, will be carried out in accordance with the following:

 

(A)                            As from 1
October 2004 and as long as the Completion of Share Capital Increase has not
occurred, for every Drawing which is the subject of a new Notice of Borrowing,
the Interest Period will be one month.

 

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

 

(a)                                 the
amount of principal in respect of the Outstanding Amounts of each of the
Tranche A Banks, the Tranche D1 Banks and the Tranche D2 Banks which must be
prepaid on the Completion of Share Capital Increase Date ; and

 

8

 

(b)                                the amount of interest accrued up to
the Completion of Share Capital Increase Date on the amounts of principal
referred to in paragraph (a) which must be paid to each of the Tranche A Banks,
the Tranche D1 Banks and the Tranche D2 Banks on the Completion of Share
Capital Increase Date.

 

(2)                                 The
total principal amount of the Outstanding Amounts of the Tranche A Banks, the
Tranche D1 Banks and the Tranche D2 Banks which must be prepaid is equal, as at
1 October 2004, to € 63,965,559.74 (hereinafter the “Maximum
Prepayment Amount”).

 

(C)                               On the
Completion of Share Capital Increase Date, each Borrower will pay to the Agent,
for the account of each of the Tranche A Banks, the Tranche D1 Banks and the
Tranche D2 Banks, the amounts of principal and interest set out in the notice
referred to in sub-clause (B)(1). The provisions of sub-clause (B) of clause 32
(Prepayment) of the Agreement will apply
in the event that the prepayment takes place other than at the end of an
Interest Period.

 

(D)                              The
amounts of principal included in the payment which must be made by each
Borrower, pursuant to sub-clause (C) will be paid in accordance with Clause 3
(Prepayment) of the Amendment and Restatement Agreement to the Common
Agreement.

 

(E)                                As a
result of the application of the provisions of sub-clause (D) above and
sub-clause (A) of Clause 2 (Transitional period):

 

(1)                                  the
Outstanding Amounts of the Tranche A Banks, the Tranche D1 Banks and the
Tranche D2 Banks will be reduced by the Maximum Prepayment Amount ;

 

(2)                                 the
Outstanding Amounts of each of the Tranche A Banks, the Tranche D1 Banks and
the Tranche D2 Banks under the SCA Loan and the SNC Loan will be as set out
next to its name in Schedule 27 and the parties agree that the
distinction between Tranche A, Tranche D1 and Tranche D2 is of mere historical
interest, so these three Tranches will be consolidated into one single
Tranche A;

 

(3)                                 the
scheduled repayments of the SCA Loan and the SNC Loan, 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 28;

 

(4)                                 without
prejudice to the provisions of sub-clause (B) of clause 32 (Prepayment) of the Agreement, the
prepayment in respect of the Outstanding Amounts of the Tranche A Banks, the
Tranche D1 Banks and the Tranche D2 Banks will not result in the payment of any
penalty.

 

9

 

4.                                     Prepayment in full of
Third Party Lenders – New Outstanding Amounts of
the Tranche B Banks

 

(A)                               (1)           No later than 2 Business Days prior
to the Completion of Share Capital Increase Date, the Agent shall give a notice
to the Borrowers (copied to the relevant Banks) indicating, for each of the
Borrowers:

 

(a)                               the
total principal amount outstanding in respect of each Third Party Financing on
the Completion of Share Capital Increase Date; and

 

(b)                                the
total amount of accrued interest on the principal amounts referred to in sub-clause
(a) above as at the Completion of Share Capital Increase Date payable to each
Third Party Lender on the Completion of Share Capital Increase Date; and

 

(c)                                  any
penalties payable to BEI by reason of such a prepayment; and

 

(d)                              the
amount of commission due to each Tranche B Bank pursuant to clause 22 (Commission on letters of credit) of the Agreement, accrued
for the period between the last Quarter Date and the Completion of Share
Capital Increase Date, in respect of each Third Party Financing and calculated
by reference to the LC Fee Rate applicable to its LC Commitment; and

 

(e)                               the
amount of the Drawing to be made by each Borrower from the Tranche B Banks on
the Completion of Share Capital Increase Date, being €7,872,098.92 for the
Financing Company and €3,534,496.14 for the Operating Company.

 

(2)                                 The
amount of the outstanding Third Party Financings to be prepaid with the
Security Deposit is, as at 1 October 2004, equal to €2,783,976.82 (hereinafter
the “Maximum Third Party Lenders Prepayment Amount”).

 

(B)                               On the
Completion of Share Capital Increase Date, each Borrower shall pay to the Third
Party Lenders the amounts of principal and interest, together with any
applicable penalties, specified in the notice issued pursuant to sub-clause
(A)(1) above.

 

(C)                               The
amounts of principal to be paid by each Borrower pursuant to sub-clause (B)
above shall be paid and applied in the manner provided for in the Common
Agreement Amendment and Restatement:

 

(D)                              As a
result of the application of the provisions of sub-clause (C) above and
sub-clause (A) of Clause 2 (Transitional period):

 

(1)                                 the
outstanding amount owed to each Third Party Lender shall be reduced to zero;

 

(2)                                 each
of the Tranche B Banks will have an Outstanding Amount equal to the sum
appearing next to its name in Schedule 27, and the parties agree
that

 

10

 

Tranche B and Tranche A have no further purposes so these two Tranches
shall be consolidated into one single tranche;

 

(3)                                 the
repayment schedule of the SCA Loan and the SNC Loan, after taking into account
the rescheduling of debt provided for in clause 3.7 (Rescheduling
of debt) of the Memorandum of Agreement shall be as set out in Schedule 28;

 

(4)                                 the
prepayment of outstanding principal amounts in respect of the Third Party
Financings shall not give rise to the payment of any penalty other than those
provided for in sub-clause (A)(1)(c).

 

5.                                     Amendment and
Restatement of the Agreement

 

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, update certain out-of-date references,
clarify the drafting of certain clauses, change the letter of credit facility
to a loan facility, consolidate Tranches A, B D1 and D2 into one Tranche, to
convert the revolving facility to a term loan facility and to remove the
Alternative Currency; and

 

(2)                                 to
implement the Memorandum of Agreement; 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.

 

6.                                     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 Agent of the following documents and payments and to the
confirmation by the Agent that these documents and payments are in all respects
satisfactory, provided that the Agent shall have the discretion, acting on the
instruction of the Majority Banks, 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 Effective Date (as defined in the Memorandum of Agreement) and (ii) all
costs and ancillary expenses payable under the Agreement.

 

11

 

(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)                                  the
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;

 

(b)                                 the
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;

 

(c)                                  Remuneration
Agreement;

 

(d)                                 Pledge
Agreement;

 

(e)                                  agreement
in principle of the Tax Administration in relation to the surrender (without
limitation) of the tax losses of Euro Disney S.C.A to Euro Disney Associés, a
copy of which is set out in Schedule 32;

 

(f)                                    amendment
agreement to the account balances pledge agreement (acte de
nantissement de soldes de comptes) (Phase IA Credit) substantially
in the form of Schedule 30 (parts 1 and 2);

 

(g)                                 Amendment
Agreement to the CDC Agreement;

 

(h)                                 Amendment
Agreement to the Guarantors’ Sharing Agreement;

 

(i)                                     Amendment
Agreement to the Delegation Agreement;

 

(j)                                     Amendment
Agreement to the Convention sur le Rang;

 

(k)                                  Standby
Revolving Credit Supplemental Agreement;

 

(l)                                     Waiver
of debt deed pursuant to which Disney Enterprises, Inc, waives repayment of
debts for an amount of €10 million dated 1 October 2004;

 

(m)                               Agreements
providing for the termination of the Conditional Partnership Share Sale
Agreement and the escrow arrangements relating thereto;

 

(n)                                 Conference
Centre Lease Supplemental Agreement;

 

(o)                                 Licence
Agreement Supplemental Agreement;

 

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

 

(q)                                 Amendment
Agreement to the Subordination Agreement;

 

12

 

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

 

(s)                                  Amendment
and Restatement Agreement to the Common Agreement;

 

(t)                                    Phase
IA Advances Amendment and Restatement Agreement;

 

(u)                                 Phase
IB Credit Amendment and Restatement Agreement;

 

(v)                                 Phase
IB Partners Advances Amendment and Restatement Agreement;

 

(w)                               Disney
Undertaking letter;

 

(x)                                   Euro
Disney S.A.S. Undertaking letters;

 

(y)                                 Compensation Letter;

 

(z)                                   the
New Revolving Credit Facility;

 

(aa)                            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 31, 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 Completion of Share Capital Increase and/or the Contribution
at the latest on the Completion of Share Capital Increase Date:

 

(a)                                  Amendment
and Restatement Agreement to the Common Agreement;

 

(b)                                 Phase
IB Credit Amendment and Restatement Agreement;

 

(c)                                  Phase
IB Partners Advances Amendment and Restatement;

 

(d)                                 Phase
IA Advances Amendment and Restatement Agreement;

 

(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

 

13

 

(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 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 and (ii) 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)                                 Third
Party Lenders’ Consent;

 

(b)                                 Amendment
Agreement to the Independent Auditors Agreement;

 

(c)                                  copy
of a “Promissory Note” remitted to Disney Enterprises, Inc. pursuant to the
Standby Revolving Credit Supplemental Agreement;

 

(d)                                 certificate
from PricewaterhouseCoopers, statutory accountants to Euro Disney Associés,
providing that immediately before the Completion of Share Capital Increase
Date, Euro Disney Associés had no debt owing either to Euro Disney Investments
Inc and EDL S.N.C. Corporation or to Euro Disney Investments SAS, EDL
Corporation SAS and Euro Disney Commandité SAS;

 

(e)                                  certificate
of the funds depositary evidencing the Completion of Share Capital Increase;

 

(f)                                    irrevocable
instructions given to the bank of either Euro Disney S.C.A or Euro Disney
Associés to pay to (i) CDC the sums referred to in clause 5.1.2 (CDC Ordinary
Loans) of the Memorandum of Agreements; and (ii) to Disney Enterprises, Inc.
interest accumulated on the Revolving Credit Line between the last interest
payment date at the date of this Agreement and the Share Capital Increase
Completion Date;

 

(g)                                (i)            letters issued by the French Tax
Authorities confirming that the provisions remaining in effect of the letters
of interpretation of 1987, 1988, 1994 and 1999 will remain in force to the
extent necessary after implementation of the Contribution;

 

14

 

(ii)                                 letter
signed by the French Tax Authorities confirming that the previous agreements
obtained on the financing structure of the Magic Kingdom will not cease to
apply following the changed tax profile of Euro Disneyland S.N.C.;

 

(iii)                            in the
event of the letters in (i) and (ii) not being obtained, informal confirmations
by the French Tax Authorities in respect thereof indicating that the letters
referred to in (i) and (ii) will be issued shortly after the Completion of
Share Capital Increase, in terms deemed satisfactory by the Agent acting
reasonably;

 

(h)                                 Amendment
Agreement to the Master Agreement;

 

(i)                                     Contribution
Agreement without material amendment by reference to that dated 30 September
2004, as amended on 8 November 2004;

 

(j)                                     loan
agreement (tranche E) referred to in (b) of the definition of CDC Second Park
Agreements;

 

(k)                                  Funds
Agreement;

 

(l)                                     Letter
relating to the Master Agreement.

 

(3)                                          certificates from each Borrower and from Euro Disney Associés:

 

(a)                                  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 Financing
Documents, stating the extent of their respective powers and including specimen
signatures;

 

(b)                                 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
contemplated by this Contract; (ii) each representation or warranty made or
given pursuant to clause 46 (Representations and Warranties) of the Agreement
as well as pursuant to paragraph (A) of Clause 7 (Representations and
Warranties) are true and correct; and, (iii) no Event of Default or Potential
Event of Default other than those set out in the Waiver has occurred and is
continuing.

 

(4)                                          certificates from Euro Disney S.C.A. :

 

(a)                                  confirming
that the documents listed in clause (A)(2) paragraphs (a) to (d), (k), (l) to
(r), (t) to (x), (y), (z) and (aa) and in clause (B) (2) paragraphs (a), (c),
(g) and (h) to (l) have been signed and are in force;

 

(b)                                 confirming
that the List of Indebtedness is true and complete as at the date at which such
List of Indebtedness was drawn up and

 

15

 

certifying that other than the indebtedness resulting from the New
Standby New Revolving Credit Facility, the indebtedness of the companies of the
Euro Disney Group has not increased between such date and the last calendar day
of the month preceding such certificate;

 

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

 

(a)                                  Amendment
and Restatement Agreement to the Common Agreement;

 

(b)                                 Phase
IB Credit Amendment and Restatement Agreement;

 

(c)                                  Phase
IB Partners Advances Amendment and Restatement;

 

(d)                                 Phase
IA Advances Amendment and Restatement Agreement;

 

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

 

(6)                                          satisfaction of the conditions precedent specified in the letter of
conditional agreement from the Tax Authorities dated 18 November 2004, namely,
providing:

 

•                  the definitive items relating to the business contributed;

 

•                  the income returns of Euro Disney S.C.A. and of its group for the
Financial Year ended 30 September 2004, of the nature and amount at that date
of the transactions neutralised in the context of the tax integration since the
creation of the group;

 

•                  the letter to be sent within the period provided by law to the large
business division giving notice of the withdrawal of ED Resort from the scope
of the Euro Disney S.C.A. tax group with effect from 1 October 2004;

 

16

 

(7)                                          certificate of Euro Disney Associés 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 Share Capital Increase
Date have been carried out, (ii) Euro Disney Associés 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;

 

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

 

7.                                     Representations and
Warranties

 

Each Borrower and Euro Disney Associés represents and warrants in
respect of itself to the Agent and the Banks 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 6 (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 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 either of them or the Phase IA business or the Phase IA
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 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)                                all
its obligations under the Agreement as amended and restated by this Contract
rank and will at all times rank at least pari passu with the CDC Ordinary Loans
as amended on the Share Capital Increase Completion Date by the amended and restated
agreement relating to the granting of ordinary loans referred to in the second
part of the definition of the CDC Ordinary Loans Agreement and CDC has and will
at all times have, except only to the extent provided for in the Master
Agreement, the CDC Loan Agreements and the Guarantors’ Sharing Agreement as
amended after the

 

17

 

Completion of Share Capital Increase Date, no recourse against the
Borrowers or Euro Disney Associés other than such recourse as is available to
the Banks in respect of either Borrowers’ obligations under the Financing
Documents;

 

(D)                               each of
the agreements referred to in clause 6 (Conditions Precedent)
above, once in full force and effect, will constitute legally valid and binding
obligations of either the Borrower or Euro Disney Associés (whichever is a
party thereto) in accordance with their terms;

 

(E)                                 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 such
authority which would be likely to have a material adverse effect on its
ability to perform its obligations under any agreement listed in Clause 6 (Conditions Precedent) or its financial condition or the
financial condition of the Borrowers;

 

(F)                                 since
1 January 2003, no amount has been paid by way of Management Fees and no
Royalty due pursuant to the Licence Agreement has been paid by Euro Disney
S.C.A.;

 

(G)                                no
guarantee, security (cautionnement)
or any Security Interest given to secure the obligations of persons other than
themselves is in force, except for those provided in the Financing Documents or
documents listed in Clause 6 (Conditions Precedent).

 

8.                                     Undertakings

 

(A)                             The
Borrowers undertake that from the Contract Date until the Completion of Share
Capital Increase 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:

 

(1)                                 not
to make any payment in respect of Royalties and Management Fees due in respect
of the 2004 Financial Year or the last three quarters of the 2003 Financial Year;

 

(2)                                 in
relation to the CDC Second Park Agreements:

 

(a)                                  not
to make any payment in respect of interest due to CDC on 31 December 2004
pursuant to the CDC Second Park Agreements, unless the Completion of Share
Capital Increase Date occurs prior to 31 December 2004 in which case such
interest will be paid on 31 December 2004;

 

(b)                                 prior
to 30 June 2005, not to make any payment in respect of interest due to CDC for
the years 2001 to 2003 pursuant to the CDC Second Park Agreements;

 

(3)                                  in
relation to development investments: during the period between 1 April 2004 and
31 March 2005, not to enter into any commitments, in respect of development
investments as well as investments authorised in accordance

 

18

 

with the Covenants, for an amount exceeding
€90,000,000 excluding taxes over such period;

 

(4)                                  in
relation to the Standby New Revolving Credit Facility:

 

(a)                                 not
to make any borrowing from the Effective Date (as defined in the Memorandum of
Agreement;

 

(b)                                to
maintain amounts outstanding at a minimum amount of either €120,000,000 or,
with effect from the Effective Date (as defined in the Memorandum of
Agreement), €110,000,000;

 

(5)                                 in
relation to the security deposit referred to in (ii) of the definition of Security
Deposit, and subject to the provisions of Clause 2 (Transitional
Period), to maintain the total amounts outstanding thereof at €66
million (excluding accrued interest);

 

(6)                                 in
relation to the New Revolving Credit Facility, in the event that the agreement
is terminated, to comply with the subordination provisions relating to
borrowings which have been made up to the date of termination of the Contract,
up to an amount of €57,700,000.

 

(B)                               In the
event that any of the undertakings in sub-clause (A) above is breached, the
Agent may, acting upon the instructions of the Majority Banks, terminate this
Contract.

 

(C)                               The
Borrowers undertake as follows:

 

(1)                                 in
relation to the Contribution, to effect the formalities which remain to be
effected after the Completion of Share Capital Increase Date;

 

(2)                                 to
supply to the 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, Euro Disney
Associés, TWDC, Disney Enterprises, Inc., Euro Disney Investments Inc, EDL
S.N.C. Corporation, Euro Disney Investments SAS, EDL Corporation SAS and Euro
Disney Commandité SAS amended in relation to Euro Disney Associés, to reflect
its change in status to a société en commandite par
actions and, the capitalisation of all sums due by it in principal
and interest, as at 30 September 2004 to its partners;

 

(ii)                                minutes
of any meetings of the relevant bodies of the Borrowers, Euro Disney Associés,
TWDC, Disney Enterprises, Inc., Euro Disney Investments Inc, EDL S.N.C.
Corporation, Euro Disney Investments SAS, EDL Corporation SAS and

 

19

 

Euro Disney Commandité SAS authorising, in relation to the Financing
Company, the signature of this Contract, the Common Agreement Amendment and
Restatement and the Phase IA Partners’ Advance Amendment and Restatement and
all other documents to be signed by the Financing Company pursuant to such
agreements, and, in relation to Euro Disney S.C.A., Euro Disney Associés, TWDC,
Disney Enterprises, Inc., Euro Disney Investments Inc, EDL S.N.C. Corporation,
Euro Disney Investments SAS, EDL Corporation SAS and Euro Disney Commandité
SAS, the implementation of the provisions relating to the financial and legal
restructuring as provided for in the Memorandum of Agreement and this Contract,
including the signature of the Contribution Agreement, this Contract, and all
documents which are contemplated by such documents and which require their
signature;

 

(b)                            (i)                                       an extract (extrait K-bis)
from the relevant Registry of Trade and Companies in respect of each Borrower,
Euro Disney Associés and Euro Disney Investments SAS, EDL Corporation SAS and
Euro Disney Commandité SAS, reflecting in the case of Euro Disney Associés, its
change of status to a société en
commandite par actions;

 

(ii)                                a
certificate equivalent to an extrait K-bis
from the relevant competent authority in respect of TWDC, Disney Enterprises,
Inc., Euro Disney Investments Inc and EDL S.N.C. Corporation;

 

(3)                                 to
provide all documents or certificates and to deliver all documents or
attestations and sign all amendments to notarial agreements, providing, in
particular, for the granting of mortgages relating to
the mortgages referred to in clause 5 (Drawings under  the  Main Facility)
and clause 6 (Drawings under the  Standby Facility) 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 Share Capital Increase Completion Date;

 

(4)                                 to
supply to the Agent, within 8 days after reception, a certified copy of the
definitive letter of agreement from the Tax Authorities for the transfer of the
overall losses of Euro Disney S.C.A. as at 30 September 2003, increased or
decreased by the overall tax group loss or profit as at 30 September 2004 and
by the additions or deductions to be effected pursuant to articles 223 F 3rd
paragraph, R and S of the general tax code.

 

(D)                              On the
fifth day following the Completion of Share Capital Increase Date, each
Borrower shall pay to the Agent for the account of the relevant Banks, in
accordance with Clause 38 (Payments by the Borrowers)
of the Amended and Restated Agreement, an additional amount of interest being
the difference between (x) the

 

20

 

applicable Margin prior to 1 October 2004 multiplied
by the amount of the Total Outstanding Amount due and owing by the relevant
Borrower on 1 October 2004, as reduced to take into account the payment of any
scheduled repayments made in accordance with Clause 2 (Transitional
period) and following the prepayment carried out in accordance with
Clause 3 (Partial Prepayment and New Outstanding Amounts of
the Tranche A Banks, the Tranche D1 Banks and the Tranche D2 Banks)
and (y) the portion of the interest representing the margin applicable before 1
October 2004 actually paid by such Borrower since 1 October 2004 in respect of
such Total Outstanding Amount.

 

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

 

9.                                     Effective Date

 

(A)                             The
provisions of the Contract other than those in Clauses 3 (Partial
prepayment and new Outstanding Amounts of Tranche A, Tranche D1 and Tranche D2
Banks), 4 (Payment in full of Third
Party Lenders – new Outstanding Amounts of the Tranche B Banks) and
5 (Amendment and Restatement of the Agreement) and
paragraph (D) of Clause 8 (Undertakings)
will become effective on the date on which all the conditions precedent set out
in paragraph (A) of Clause 6 (Conditions Precedent)
have been satisfied.

 

(B)                               The
provisions of Clauses 3 (Partial prepayment and new
Outstanding Amounts of Tranche A, Tranche D1 and Tranche D2 Banks),
4 (Payment in full of Third Party Lenders – new
Outstanding Amounts of the Tranche B Banks) and 5 (Amendment and Restatement of the Agreement) and paragraph
(D) of Clause 8 (Undertakings) will
enter into force on the Share Capital Increase Completion Date with retroactive
effect from 1 October 2004 in respect of the provisions of Clause 3 (Partial Prepayment and new Outstanding Amounts of Tranche A,
Tranche D1 and Tranche D2 Banks) and
paragraph (D) of Clause 8 (Undertakings),
subject to all the conditions precedent referred to in paragraph (B) of Clause
6 (Conditions precedent) having been
satisfied.

 

10.                              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 of a breach of the undertakings set out in paragraph (A) of Clause 8 (Undertakings), the provisions of paragraph (B) of Clause 8 (Undertakings) will be applicable.

 

21

 

(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 Agent, acting on the instructions of the Majority Banks, shall have the
right to terminate this Contract.

 

11.                              Agent

 

Each Bank
individually represents and warrants to the Agent and to each member of the
Steering Committee set up in respect of the negotiation of the Memorandum of
Agreement, that it has made its own investigations into the financial situation
and activities of the Borrowers and into Phase IA, the Additional Land and the
Project without relying on the Agent or the Steering Committee; 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 this Contract, its
Schedules, the Common Agreement Amendment and Restatement and its schedules,
the other contracts, consents and documents listed in Clause 6 (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 Agent and each Bank waive individually and collectively, expressly and
irrevocably, all rights it may have or believe it may have against any partner
of the Financing Company with respect to any obligation of the Financing
Company pursuant to this Contract and the Agreement.

 

13.                              Costs and Expenses

 

The Operating
Company 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 and of clauses 39 (Expenses),
40 (Execution costs) and 41 (Fees and expenses) of the Agreement including notarial fees
and expenses and including those relating to the changing of the copies exécutoires nominatives into copies
exécutoires à ordre, so far as necessary.

 

14.                              No Novation

 

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

 

15.                              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.

 

22

 

16.                              Formalities

 

This Contract,
the Amendment Agreement to the Convention sur le Rang and the Amended and
Restated Agreement shall be deposited at the offices of Pacal Dufour,
Jean-Pierre Benoist and Claudine Savary, Notaries, situated at 15 boulevard
Poissonnière, 75002 Paris and restated, indicating the changes required to be
made ot the mortgage documents as a result of the amendments to the Agreement.

 

17.                              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.

 

18.                              Governing law

 

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

 

19.                              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 6
  original copies

  

 

23

 

	
  Euro
  Disney S.C.A

  	
   

  	
  Euro
  Disney Associés S.C.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  by Jeffrey R. Speed

  	
   

  	
  by Jeffrey R. Speed

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Euro
  Disneyland S.N.C

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  by Dominique Le Bourhis

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP
  PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  acting in its capacity as Agent in the
  name and

  for the account of the Phase IA Banks, the

  names of which are set out in Schedule 1, by

  Martine Aubert and Olivier Jean

  	
   

  	
   

  

 

24

 

SCHEDULE
1

Banks

 

TRANCHE
A

 

	
  Banco Santander Hispano SA

  
	
   

  
	
  Bank of America N.A.

  
	
   

  
	
  Bank of Scotland

  
	
   

  
	
  Banque Federative du Credit Mutuel

  
	
   

  
	
  Bayerische Hypo-und Vereinsbank

  
	
   

  
	
  BNP PARIBAS (France)

  
	
   

  
	
  B.R.E.D. Banque Populaire

  
	
   

  
	
  CALYON

  
	
   

  
	
  Credit Agricole SA

  
	
   

  
	
  Credit Foncier de France

  
	
   

  
	
  Credit Industriel et Commercial

  
	
   

  
	
  Credit Suisse First Boston

  
	
   

  
	
  Deutsche Bank A G

  
	
   

  
	
  Dresdner Bank AG

  
	
   

  
	
  Goldman Sachs Paris Inc

  
	
   

  
	
  JPMorgan Chase Bank N A

  
	
   

  
	
  Morgan Stanley Bank International Ltd

  
	
   

  
	
  Natexis Banques Populaires

  
	
   

  
	
  TRANCHE
  B

  
	
   

  
	
  Bank of Nova Scotia

  

 

25

 

	
  TRANCHE
  D1

  
	
   

  
	
  Banco Santander Hispano SA

  
	
   

  
	
  Bank of America N.A

  
	
   

  
	
  Bayerische Hypo-und Vereinsbank

  
	
   

  
	
  B.N.P. Paribas (USA)

  
	
   

  
	
  CALYON

  
	
   

  
	
  Credit Agricole SA

  
	
   

  
	
  Credit Suisse First Boston

  
	
   

  
	
  Deutsche Bank A G

  
	
   

  
	
  Goldman Sachs Paris Inc

  
	
   

  
	
  Morgan Stanley Bank International Ltd

  
	
   

  
	
  Natexis Banques Populaires

  
	
   

  
	
  TRANCHE
  D2

  
	
   

  
	
  Bank of Scotland

  
	
   

  
	
  Citibank NA New York

  
	
   

  
	
  Credit Suisse First Boston

  
	
   

  
	
  Goldman Sachs Paris Inc

  

 

26

 

SCHEDULE 2

Third Party Lenders Agreements 

Part One

EIB

 

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

 

An agreement
among the European Investment Bank (EIB), as the Third Party Lender, BNP
PARIBAS, as agent for the Phase IA Banks, and the Borrowers (Euro Disneyland
SNC and Euro Disney Associés SCA), whereby EIB agrees to the prepayment of the
Financing Contracts to be carried out pursuant to Clause 4 of the Phase IA
Credit Amendment and Restatement Agreement (Prepayment in full of Third Party
Lenders – New Outstanding Amounts of the Tranche B Banks).]

 

27

 

SCHEDULE 2

Third Party Lenders Agreements

Part Two

Dexia

 

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

 

An agreement
among the Dexia Crédit Local (Dexia), as the Third Party Lender, BNP PARIBAS,
as agent for the Phase IA Banks, and the Borrowers (Euro Disneyland SNC and
Euro Disney Associés SCA), whereby Dexia agrees to the prepayment of the
Financing Contracts to be carried out pursuant to Clause 4 of the Phase IA
Credit Amendment and Restatement Agreement (Prepayment in full of Third Party
Lenders – New Outstanding Amounts of the Tranche B Banks).]

 

28

 

SCHEDULE 3

Pledge Agreement Over Receivables

(Acte de nantissement de créances)

 

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

 

An agreement
among Euro Disneyland SNC and Euro Disney Associés SCA, and Euro Disney SCA,
which replaces the pledge agreement dated 30 June 1994 among the same parties,
and under which, effective from the date of the completion of the Contribution,
Euro Disney Associés SCA pledges in favour of Euro Disneyland SNC all of its
accounts receivable under the Phase IA Inter-Company Loan, in order to secure
its payment obligations vis-à-vis Euro Disneyland SNC under the Finance Lease
Agreement.]

 

29

 

SCHEDULE 4

Amendment Agreement to the CDC Agreement

 

AMENDMENT
AGREEMENT N°2 TO THE CDC AGREEMENT

 

BETWEEN :

 

1)                                     La Caisse des Dépôts et Consignations, a special French institution created by the Law of 28 April 1816
as incorporated into articles L.518-7 of the Financial and Monetary Code, whose
principal office is situated at 56, rue de Lille,
75007 Paris,

 

hereinafter
referred to as the “CDC”,

 

AND

 

2)                                     The Banks that are parties to the Phase IA Credit
Facility, represented for the purposes of the
present amendment agreement by BNP PARIBAS, société anonyme,
whose registered office is at Paris 9ème, 16, boulevard des
Italiens, acting in its capacity as Agent of the Banks

 

WHEREAS :

 

I.                                        Pursuant to an agreement relating to the granting of ordinary loans
dated 17 May 1989 between the CDC, Euro Disney S.C.A. and Euro Disneyland
S.N.C. as amended by two amendment agreements dated 10 August 1994 and 30
September 1999 and by an amended and restated agreement relating to the
granting of ordinary loans dated 1 December 2004 the entry into force of
which is conditional upon the completion of the Contribution and the Completion
of the Share Capital Increase (the “CDC Ordinary Loan
Agreement”), the CDC granted Euro Disney S.C.A. and Euro Disneyland
SNC (the “Borrowers”) the possibility of entering
into loans on special conditions, known as “ordinary loans”.  The principal amount of the ordinary loan to
the Operating Company as at 30 September 2004 was €40,604,698.63 and the
principal amount of the ordinary loan to the Financing Company as at 30
September 2004 was €86,851,852.43.

 

As security for the amounts which could be owed to the CDC by the
Borrowers pursuant to the CDC Ordinary Loan Agreement, the Borrowers undertook
to provide guarantees (garanties) and
security interests relating to movable assets (sûretés
mobilières) as provided for in clauses 9.1 and 9.3 of the CDC
Ordinary Loan Agreement.

 

II.                                    Pursuant to the multi-currency loan and letter of credit facilities
agreement dated 5 September 1989 between Euro Disney S.C.A., Euro Disneyland
SNC and the Banks (as amended by amendment agreements dated 10 August 1994,
17 March 1995 and amended and restated by a Phase IA credit amendment and
restatement agreement dated 1 December 2004) (the “Phase IA
Credit Facility”), the Banks granted Loans to the Borrowers of a
total principal amount, at the Restatement Date, (as defined in the Phase IA
Credit Facility) of € 273,488,244.34.

 

As security for the amounts which could be owed to the Banks pursuant
to the Financing Documents, the Borrowers undertook to provide the Banks
notably with the guarantees

 

30

 

(garanties) and the security interests
relating to movable assets (sûretés mobilières)
as provided for in paragraphs (C) to (F) clause 3 (Security),
of the Phase IA Credit Facility.

 

III.                                By an agreement (acte sous seing privé)
dated 30 October 1989 (the “CDC Agreement”),
the CDC and the Banks agreed (i) that the Agent of the Banks would act as
common agent (mandataire commun) of the Banks
and of the CDC in respect of everything relating to the Security Interests (Sûretés) and the Guarantees (Garanties)
and (ii) the conditions and methods of allocation between the Banks and the CDC
of the proceeds of the enforcement of the Security Interests (Sûretés) and the Guarantees (Garanties).  The CDC Agreement was amended by a first
amendment agreement dated 10 August 1994.

 

IV.                                As indicated in paragraphs I and II of the above recitals, the
CDC Ordinary Loan Agreement was amended by an agreement relating to the
granting of ordinary loans dated 1 December 2004 the entry into force of
which is conditional upon the completion of the Contribution and the Completion
of the Share Capital Increase and the Phase IA Credit Facility was amended by a
Phase IA credit amendment and restatement agreement dated 1 December 2004
(the “Phase IA Credit Amendment and Restatement
Agreement”).

 

NOW, THEREFORE, IT IS HEREBY
AGREED as follows :

 

1.                                      Expressions having a capital letter in the present amendment
agreement, except where an express contrary intention is indicated, have the
meaning given in the CDC Agreement, the Amendment and Restatement Agreement to
the Common Agreement (as defined in the Phase IA Credit Facility) and the Phase
IA Credit Facility.

 

2.                                      The Banks acknowledge that they are aware of all provisions of the
CDC Ordinary Loan Agreement and the CDC acknowledges that it is aware of all
provisions of the Phase IA Credit Amendment and Restatement Agreement.

 

3.                                      The provisions of the CDC Agreement are amended as follows:

 

(A)                              all references to the terms “CDC Loan(s)” and “Credit Facility”
shall be considered respectively as being references to the Ordinary Loans
other than the B Ordinary Loan to the Financing Company (except as regards the delegations of the insurance companies in respect to which
this exclusion will not apply) and to the Phase IA Credit Facility;

 

(B)                                the wording of the definition of “Security Interests and Guarantees”
given in clause 1 — Definitions is replaced by the following wording: “Security
Interests and Guarantees” means the guarantees (garanties)
and security interests in movables (sûretés mobilières)
referred to (i) in clause 9.1, paragraphs (A) to (E), of the CDC
Ordinary Loan Agreement and (ii) in clause 3, paragraphs (C) to
(F), of the Phase IA Credit Facility, as well as, except by agreement between
the parties to the present Agreement, every guarantee or security interest in
movables which may be provided to the Banks or to the CDC by one or other of
the Borrowers in addition to or as a replacement for one of the above”;

 

(C)                                in clauses 2.2, 4.3 and 5(a), references, as the case may be, to
clause 56 of the Phase IA Credit Facility or to clause 56(I)(1) of the Phase IA
Credit Facility, shall be

 

31

 

considered
as being references, respectively, to clause 32 of the Phase IA Credit Facility
and to clause 32(I)(1) of the Phase IA Credit Facility;

 

(D)                               in clause 3.1, the reference to “Security Accounts” is deleted and
the wording of clause 3.1 is replaced by the following wording: “The CDC
declares that it is aware of the type of account opened in the name of each
Borrower in the books of the Agent and of Calyon according to the Phase IA
Credit Facility and agrees that the Loan Accounts will be used to the exclusion
of all other accounts pursuant to the present Agreement”;

 

(E)                                 in clause 3.2, the reference to clause 24(A) of the Phase IA Credit
Facility will be considered as being a reference to clause 6(A) of the Phase IA
Credit Facility;

 

(F)                                 in clause 5(a) the words “other than a délégation of
an insurance company” are inserted after the words “by virtue of a délégation”;

 

(G)                                in clause 5 the following new paragraph (b) is inserted: “in case of
payments made by virtue of a delegation of an insurance company, in the
reduction pro rata of the Banks’ Receivable and the CDC Receivable other than
the B Ordinary Loan to the Financing Company at the date of enforcement of the
relevant Security or Guarantee subject to the provisions of clause 32 (l) (1)
of the Phase IA Credit Facility; upon the Bank Receivable and the CDC
Receivable other than the B Ordinary Loan to the Financing Company, being
discharged by the payments so made, any balance of the amounts received from
the insurance company will be applied to the B Ordinary Loan to the Financing
Company”; and

 

(H)                               in clause 5(b), the reference to “Security Accounts” is deleted and
the wording of clause 5(b) is replaced by the following wording: “in the case
of sums entered in the Loan Accounts (or the proceeds of realisation of
Authorised Investments made with sums debited from those accounts), to the pro
rata reduction of the Banks’ Receivable and of the CDC Receivable on the date
of realisation of the Security Interest or Guarantee in question”.

 

4.                                      The other provisions of the CDC Agreement remain unchanged.  The present amendment agreement should not be
interpreted as creating a new undertaking, as the rights and obligations
acquired prior to the date of the present amendment agreement remain in
existence.

 

5.                                      The present amendment agreement will have effect from the
Restatement Date.  In the event that
certain provisions of the Memorandum of Agreement are terminated in accordance
with paragraph (b) of article 7.7 (Termination) of
the Memorandum of Agreement, the present amendment agreement will be void.

 

6.                                      The present amendment agreement is governed by French law.  Any dispute between the parties arising from
this amendment agreement shall be submitted to the exclusive jurisdiction of
the Tribunal de Commerce de Paris or if the dispute concerns the CDC, to the
competent tribunal within the jurisdiction of the Cour d’Appel de Paris.

 

7.                                      All costs, fees, duties and taxes due in connection with the present
agreement shall be payable by the Operating Company.

 

32

 

8.                                      The registration of the present amendment agreement is expressly
required and will be carried out by the Mandataire.

 

 

Signed in Paris,

on 1 December 2004,

In three copies, one of which shall be registered.

 

 

	
   

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  Caisse des Dépôts et
  Consignations

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  By :

  

 

33

 

SCHEDULE 5

Amendment Agreement to the Guarantors’
Sharing Agreement

 

AMENDMENT
AGREEMENT No. 2 TO THE GUARANTORS’ SHARING AGREEMENT

 

BETWEEN:

 

1)                                     FINAMA Bank, société anonyme whose registered office is at 157 boulevard
Haussmann, 75803 Paris Cedex 08 (hereinafter referred to as “FINAMA”),

 

2)                                     CALYON, société anonyme whose registered office is at 7 quai Paul
Doumer, 92920 Paris La Défense,

 

3)                                     CREDIT AGRICOLE S.A., société anonyme whose registered office is at 91-93
boulevard Pasteur 75015 Paris,

 

3)                                     BNP PARIBAS, société anonyme whose registered office is at 16, boulevard
des Italiens, 75009 Paris,

 

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

 

AND

 

4)                                     BNP PARIBAS, acting
pursuant to the present agreement as agent in the name and for the account of
the banks that are party to the Phase IA Credit Facility,

 

(hereinafter
referred to as the “Agent for the Banks”),

 

WHEREAS:

 

I.                                        Pursuant to the multi-currency loan and letter of credit facilities
agreement dated 5 September 1989 between Euro Disney S.C.A., Euro Disneyland
SNC and the Banks (as amended by amendment agreements dated 10 August 1994, 17
March 1995 and amended and restated by a Phase IA credit amendment and
restatement agreement dated 1 December 2004) (the “Phase IA
Credit Facility”), the Banks granted a credit facility, entirely
drawn, of a principal amount of €273,488,244.34 to Euro Disney S.C.A. and Euro
Disneyland SNC (the “Borrowers”) on
the Restatement Date (as defined in the Phase IA Credit Facility).

 

II.                                    Pursuant to an agreement relating to the granting of ordinary loans
dated 17 May 1989 between the CDC, Euro Disney S.C.A. and Euro Disneyland
S.N.C. as amended by two amendment agreements dated 10 August 1994 and 30
September 1999, and by an amended and restated agreement relating to the
granting of ordinary dated 1 December 2004 the entry into force of which
is conditional upon the completion of the Contribution and the Completion of
the Share Capital Increase (the “CDC Ordinary Loan
Agreement”), the CDC granted the Borrowers the possibility of
entering into loans on special conditions, known as “ordinary loans”.  The principal amount of the ordinary loan to
the Operating Company as at 30 September 2004 was €40,604,698.63 and the
principal amount of the ordinary loan to the Financing Company as at 30
September 2004 was €86,851,852.43; only one half of the

 

34

 

ordinary loan
to the Financing Company may be the subject of recourse by CDC against the
Financing Company’s partners.

 

III.                                Pursuant to the Convention sur le Rang,
as amended by an amendment agreement of 10 August 1994 and by the Amendment
Agreement to the Convention sur le Rang, the Banks
and the CDC agreed notably that the mortgages (hypothèques)
granted by the Borrowers to the Banks and to CDC as security respectively for
the obligations of the Borrowers to the Banks pursuant to the Financing
Documents and the obligations of the Borrowers to CDC pursuant to the CDC
Ordinary Loan Agreement (other than the B ordinary loan to the Financing
Company) will rank pari passu and that the Banks and CDC will rank pari passu
in proportion to the amount owed to them as provided in the Convention sur le
Rang.

 

IV.                                Pursuant to the CDC Agreement, as amended by an amendment agreement
of 10 August 1994 and by the Amendment Agreement to the CDC Agreement, the Banks
and CDC agreed (i) that the Agent for the Banks will act as common agent (mandataire  commun) of the
Banks and the CDC in respect of everything relating to the security interests
relating to movable assets (sûretés mobilières)
and the guarantees (garanties)
provided for in the Phase IA Credit Facility and in the CDC Ordinary Loan
Agreement (other than the B ordinary loan to the Financing Company) (except as
regards insurance proceeds) (ii) and the conditions and methods of distribution
between the Banks and the CDC of the proceeds of the realisation of those
security interests (sûretés) and
guarantees (garanties).

 

V.                                    Pursuant to an agreement dated 26 April 1989 between the Guarantors,
Banque Finama acting as Guarantors’ agent, Euro Disneyland SNC, the partners of
Euro Disneyland SNC (the “Partners”),
CALYON and Crédit Agricole S.A. acting as agents for the Partners, the
Guarantors undertook to act as joint and several guarantor for Euro Disneyland
SNC in respect of the obligations of Euro Disneyland SNC vis-à-vis the CDC
pursuant to the CDC Ordinary Loan Agreement and issued in favour of the
Partners an on demand guarantee (garantie à première
demande) aimed at guaranteeing them against all recourse of the CDC
against them pursuant to the CDC Ordinary Loan Agreement. That agreement and
the guarantee (garantie) have been amended by
amendment agreements dated 10 August 1994, 29 October 1999 and 1 December
2004.

 

VI.                                Pursuant to an agreement entered into on 30 October 1989, (the “Guarantor’s Sharing Agreement”) between Banque Finama
(formerly Banque pour l’Industrie Française), CALYON and BNP PARIBAS on the one
hand, and BNP PARIBAS acting as Agent for the Banks on the other hand, in
consideration of the fact that the Guarantors could be completely or partially
subrogated to the rights of the CDC as against Euro Disneyland SNC, (i) the
Guarantors agreed to be bound by all provisions of the Convention sur le Rang
and of the CDC Agreement and undertook, before any transfer of their
obligations to any Co-Guarantor, to obtain the accession of every Co-Guarantor
to the Guarantor’s Sharing Agreement and (ii) the Banks agreed that the
Guarantors benefit from those provisions. 
The Guarantor’s Sharing Agreement was amended by a first amendment
agreement dated 10 August 1994.

 

VII.                            As indicated in paragraphs I and II of the above recitals the CDC
Ordinary Loan Agreement was amended by an agreement relating to the granting of
ordinary loans dated 1 December 2004 the entry into force of which is
conditional upon the completion of the Contribution and the Completion of the
Share Capital Increase and the Phase IA Credit Facility was amended and
restated by a Phase IA credit amendment and restatement agreement dated
1 December 2004 (the “Phase IA Credit Amendment
and Restatement Agreement”).

 

35

 

The Convention
sur le Rang and the CDC Agreement have each been amended by an amendment
agreement dated 1 December 2004 (the “Amendment Agreement
to the Convention sur le Rang” and the “Amendment Agreement to the CDC Agreement”).  The Amendment Agreement to the Convention sur le Rang and the Amendment Agreement to the
CDC Agreement are annexed to the present agreement.

 

NOW, THEREFORE, IT IS HEREBY
AGREED:

 

1.                                      Expressions having a capital letter in the present amendment
agreement have, except where an express contrary intention is indicated, the
meaning given in the Guarantor’s Sharing Agreement, the Amendment and
Restatement Agreement to the Common Agreement (as defined in the Phase IA Credit
Facility) and the Phase IA Credit Facility.

 

2.                                      The Guarantors acknowledge that they are aware of all provisions of
the CDC Ordinary Loan Agreement, of the Phase IA Credit Amendment and
Restatement Agreement, of the Amendment Agreement to the Convention sur le Rang
and of the Amendment Agreement to the CDC Agreement.

 

3.                                      Clauses (2) and (3) of the Guarantor’s Sharing Agreement are amended
as follows: all references to the terms “Ordinary Loan Agreement”, “Convention
sur le Rang” and “CDC Agreement” will be considered respectively as being
references to the new agreement relating to the granting of ordinary loans
between Euro Disney S.C.A., Euro Disneyland S.N.C. and the CDC dated
1 December 2004 constituting the Ordinary Loan Agreement, the Convention
sur le Rang as amended by the Amendment Agreement to the Convention sur le Rang
and to the CDC Agreement as amended by the Amendment Agreement to the CDC
Agreement.

 

4.                                      The other provisions of the Guarantor’s Sharing Agreement remain
unchanged.  The present amendment
agreement shall not be interpreted as creating a new undertaking, as the rights
and obligations acquired prior to the date of the present amendment agreement
remain in existence.

 

5.                                      The present amendment agreement will have effect from the Share Capital
Realisation Date.  In the event that
certain provisions of the Memorandum of Agreement are terminated in accordance
with paragraph (d) of clause 7.7 (Termination) of
the Memorandum of Agreement, the present amendment agreement will be void.

 

6.                                      The present amendment agreement is governed by French law.  Any dispute between the parties arising from
the present amendment agreement shall be submitted to the exclusive
jurisdiction of the Tribunal de Commerce de Paris.

 

7.                                      All costs, fees, duties and taxes due in connection with the present
agreement shall be payable by the Operating Company.

 

 

	
  Signed in Paris,

  
	
  1 December 2004,

  
	
  in 4 copies

  

 

36

 

Guarantors

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FINAMA
  Bank

  	
   

  	
  BNP PARIBAS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CALYON

  	
   

  	
  CREDIT
  AGRICOLE

  	
   

  

 

 

Agent
for the Banks

 

 

	
   

  	
   

  
	
  BNP PARIBAS

  

 

37

 

Annex A

 

Amendment
Agreement to the Convention sur le Rang

 

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

 

An agreement between
Caisse des Dépôts et Consignations and BNP Paribas in its capacity as Agent for
the Banks dated December 1, 2004 amending convention sur le rang entered into between Caisse des
Dépôts et Consignations and the Banks Agent dated October 30, 1989 and relating
to the priority of the mortgages granted to Caisse des Dépôts et Consignations
and the Banks]

 

38

 

Annex B

 

Amendment
Agreement to the CDC Agreement

 

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

 

An
agreement between Caisse des Dépôts et Consignations and the Phase IA Credit
Banks dated December 1, 2004 amending an agreement with the Caisse des Dépôts
et Consignations (Convention avec la Caisse des Dépôts et Consignations )
entered into between Caisse des Dépôts et Consignations and the Banks dated
October 30, 1989 and relating, notably, to the distribution of proceeds
resulting from the foreclosure on the security interests and guarantees granted
to Caisse des Dépôts et Consignations and the Banks]

 

39

 

SCHEDULE 6

Amendment Agreement to the Master Agreement

 

AMENDMENT

 

TO ARTICLE 8 OF THE AGREEMENT

 

ON THE CREATION AND THE OPERATION

 

OF EURO DISNEYLAND IN FRANCE

 

See
Exhibit 4.29 to the Form 20-F

 

40

 

SCHEDULE 7

Amendment Agreement to the Delegation Agreement

 

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

 

An
amendment agreement among Euro Disneyland SNC, Euro Disney Associés SCA and BNP
Paribas, as agent for the Banks, which implements certain amendments
necessitated by the 2004 financial restructuring to the Delegation Agreement,
under which Euro Disneyland SNC had delegated to the Banks its right to receive
from Euro Disney Associés SCA payments relating to the Finance Lease Agreement,
in order to satisfy Euro Disneyland SNC’s payment obligations to the Banks
under the Financing Documents.]

 

 

41

 

SCHEDULE 8

Amendment to the subordination agreement

 

[See Exhibit 4.18(a) to the Form 20-F]

 

42

 

SCHEDULE 9

Amendment Agreement to the Convention sur le Rang

 

AMENDMENT
AGREEMENT N 2 TO THE CONVENTION SUR LE RANG

 

BETWEEN :

 

1)                                     La Caisse des Dépôts et Consignations, a special French institution created by the Law of 28 April 1816
as incorporated into articles L.518-7 of the Code monétaire et financier, whose
principal office is situated at 56, rue de Lille,
75007 Paris,

 

hereinafter
referred to as the « CDC »,

 

AND

 

2)                                     BNP PARIBAS, a French société anonyme whose registered office is at 16, boulevard
des Italiens, 75009 Paris, acting in its capacity as Agent for the Banks.

 

WHEREAS :

 

I.                                        Pursuant to an agreement relating to the granting of ordinary loans
dated 17 May 1989 between the CDC, Euro Disney S.C.A. and Euro Disneyland
S.N.C. as amended by two amendment agreements dated 10 August 1994 and 30
September 1999 and by an amended and restated agreement relating to the
granting of ordinary loans dated 1 December 2004 the entry into force of
which is conditional upon the completion of the Contribution and the Completion
of the Share Capital Increase (the« CDC Ordinary Loan
Agreement »), the CDC has made available to Euro Disney SCA and
Euro Disneyland SNC (the « Borrowers »),
a loan facility on special conditions defined as « ordinary loans ».
The principal amount of the ordinary loan to the Operating Company was €
40.604.698,63 as at 30 September 2004 and the principal amount of the ordinary
loan to the Financing Company was € 86.851.852,43 as at 30 September 2004l.

 

As security for any amounts becoming due to
the CDC under the CDC Ordinary Loan Agreement :

 

(a)          by the
Borrowers under Ordinary Loan A to the Financing Company and under the
Ordinary Loan to the Operating Company, the Operating Company granted to the
CDC a first-ranking hypothèque on
the land on which the « Disneyland Park » theme park was built and
the adjoining campsite under an acte authentique dated
21 November 1989 amended by actes authentiques
dated 4 December 1992 and 19 February 1993, that hypothèque
having been renewed until 1 November 2025 ; and

 

(b)         by the
Financing Company under Ordinary Loan B to the Financing Company (€
125.000.000), the Financing Company, in the context of the 2004 financial
restructuring of the Euro Disney group, undertook to grant to the CDC a
second-ranking hypothèque on the land on which
the « Disneyland Park » theme park was built and the adjoining
campsite (the « Second-Ranking Hypothèque »).

 

II.                                    Pursuant to the multi-currency loan and letter of credit facilities
agreement dated 5 September 1989 between Euro Disney SCA, Euro Disneyland SNC
and the Banks (as amended by 

 

43

 

amendment agreements dated 10 August 1994,
17 March 1995 and amended and restated with effect from 1 October
2004 by a Phase IA credit amendment and restatement agreement dated
1 December 2004 (the « Phase IA Credit Amendment
and Restatement Agreement ») (the « Phase IA
Credit Facility »), the Bank granted Loans to the Borrowers of
an aggregate principal amount, on the Restatement Date (as defined in the Phase
IA Credit Facility) of € 273.488.244,34.

 

As security for its obligations in its
capacity as Borrower as well as security for its obligations in its capacity as
joint and several debtors of the
Financing Company under the Phase IA Credit Facility, the Operating Company
undertook, pursuant to clause 3 of the Phase IA Credit Facility, to maintain
first-ranking hypothèques on all immeubles par nature ou par destination included in
Phase IA, with the exception of those which were the subject of the
discharge; as security for its obligations as Borrower and as limited guarantor
of the Operating Company, the Financing Company undertook, pursuant to clause 3
of the Phase IA Credit Facility, to maintain first-ranking hypothèques
on all immeubles par nature ou par destination
included in the Parc Disneyland (other than those which were the subject of the
discharge); those hypothèques were granted by actes authentiques dated 21 November 1989,
4 December 1992, 19 February 1993 and 8 July 1997.

 

III.                                CDC and the Agent for the Banks entered into a convention
sur le rang by an agreement (acte sous seing privé)
dated 30 October 1989 (the « Convention sur le Rang »),
pursuant to which the registrations (inscriptions hypothécaires)
to be made under the Phase IA Credit Facility and the CDC Ordinary Loan
Agreement, for the benefit of the Banks and CDC respectively, provided for in
paragraphs I(a) and II above (the “First-Ranking Hypothèques”),
will rank pari passu and consequently in any orders or distributions relating
to the price of the real property, the Banks and the CDC will rank pari passu,
in proportion to the amount owed to them.

 

The Convention sur le Rang was restated in the acte authentique dated 21 November 1989 and was amended
by an first amendment agreement dated 10 August 1994.

 

IV.                                As indicated in paragraphs I and II of the recitals above, the
CDC Ordinary Loan Agreement was amended by an agreement relating to the
granting of ordinary loans dated 1 December 2004 the entry into force
of which is conditional upon the completion of the Contribution and the
Completion of the Share Capital Increase and the Phase IA Credit Facility has
been amended and restated by a Phase IA credit amendment and restatement
agreement dated 1 December 2004 (the “Phase IA Credit Amendment and
Restatement Agreement”).

 

NOW, THEREFORE, IT IS HEREBY
AGREED as follows:

 

1.                                      Expressions having a capital letter in the present amendment
agreement have, except where an express contrary intention is indicated, the
meaning given in the Convention sur le Rang, the Amendment and Restatement
Agreement to the Common Agreement (as defined in the Phase IA Credit Facility)
and the Phase IA Credit Facility.

 

2.                                      The parties acknowledge that they are aware of all provisions of the
CDC Ordinary Loan Agreement and of the Phase IA Credit Amendment and
Restatement Agreement.

 

3.                                      The Convention sur le Rang is amended as follows :

 

44

 

(A)                              all references to « Credit Facility » shall be construed
as references to the Phase IA Credit Facility;

 

(B)                                paragraphs I and II of the Convention sur le Rang
are deleted and replaced by paragraphs I to IV of the above recitals of
the present amendment agreement ;

 

(C)                                clause 1 shall read as follows : « Expressions used
in the present agreement have, except where an express contrary intention is
indicated, the meaning given in the Phase IA Credit Facility, the Amendment and
Restatement Agreement to the Common Agreement (as defined in the Phase IA
Credit Facility) and the CDC Ordinary Loan Agreement. » ;

 

(D)                               a new clause 2 shall read as follows : « The
provisions of clauses 4 to 7 of the present agreement apply exclusively to
the First-Ranking Hypothèques, none of them being applicable to the
Second-Ranking Hypothèque. »

 

(E)                                 a new clause 3 shall read as follows : “The First-Ranking
Hypothèque in favour of the CDC referred to in paragraph I (a) of the
above recitals has been registered until 1 November 2025. The
First-Ranking Hypothèques in favour of the
Banks referred to in paragraph II of the above recitals were registered
until 30 November 2011. However, the debt owed to the Banks under the
Phase IA Credit Facility will not be extinguished, pursuant to the Phase IA
Credit Amendment and Restatement Agreement, until 31 May 2012 or the last business
day of May 2012. Pursuant to the provisions of clause 3 of the Phase IA
Credit Facility, in the event that the registration period of any First-Ranking
Hypothèque is likely to expire before
the Termination Date, the Borrowers have expressly and irrevocably agreed that
if so requested by the Agent at any time, the registration of such hypothèque shall be renewed at the cost of Euro Disney
Associés which has so accepted, until the second anniversary of the Termination
Date.  Any such renewal must be effected
at the competent mortgage registry by no later than three months prior to the
relevant expiry date.  The total amount
of the debt secured by the hypothèques referred
to in this Clause shall not be less than 125 per cent. of the Total
Outstanding Amount at the time of such renewal and at any time prior to the
Discharge Date.  The total amount of the
debt secured by the First-Ranking Hypothèques shall not be less than 125 %
of the Total Outstanding Amount. CDC hereby accepts that these renewals will take
place and that once renewed, all provisions of the present agreement will be
applicable to the First-Ranking Hypothèques so
renewed.”;

 

(F)                                 the wording of the former clause 2 now clause 4 is
replaced by the following wording : « In relation to the First-Ranking
Hypothèques, the registrations made in favour of CDC and the Banks respectively
will rank pari passu. Consequently, in any orders or distributions relating to
the price of the real property covered by the First-Ranking Hypothèques, the
Banks and CDC will rank pari passu, in proportion to the amount owed to them
under CDC Ordinary Loan Agreement (except those amounts relating to the B
Ordinary Loan to the Financing Company) and under the Phase IA Credit Facility
respectively, as such amount will be determined at the date of the order to
foreclose initiated by CDC or the Agent, resulting in the execution of the
First-Ranking Hypothèques. » ;

 

45

 

(G)                                the wording of the former clause 3 now clause 5 is replaced
by the following wording : « The cancellation of each of the
registrations whose ranking is the subject of this agreement, that is to say
the registrations relating to the First-Ranking Hypothèques, may be effected on
the basis of the sole release of the holder of the registration concerned or
his successors.  In giving effect to the
cancellation without the participation and not in the presence of the holder(s)
of all competing registrations, the conservateur des
hypothèques will be fully and validly discharged, and this
sub-paragraph shall have entire effect whatever the capacity of the creditors’
representatives and the form of their mandate. » ;

 

(H)                               the wording of the former clause 4 now clause 6 is
replaced by the following wording : « Notwithstanding the provisions
for equal ranking above, each of CDC and the Agent will independently be
entitled to enforce the above-mentioned First-Ranking Hypothèques granted
respectively to CDC and the Banks, as they see fit.  Should CDC decide to enforce its First-Ranking
Hypothèque, it shall advise the Agent immediately just as the Agent must
immediately advise CDC of the Banks’ intention to take such step. » ;
and

 

(I)                                    the wording of the former clause 5 is deleted.

 

4.                                      The other provisions of the Convention sur le Rang remain unchanged.
The present amendment agreement shall not be interpreted as creating a new
undertaking, as the rights and obligations acquired prior to the date of the
present amendment agreement remain in existence.

 

5.                                      The present amendment agreement will take effect on the Restatement
Date.  In the event that certain
provisions of the Memorandum of Agreement are terminated in accordance with
paragraph (b) of clause 7.7 (Termination) of
the Memorandum of Agreement, the present amendment agreement will terminate.

 

6.                                      The present amendment agreement is governed by French law.  Any dispute between the parties arising from
the present amendment agreement shall be submitted to the exclusive
jurisdiction of the Tribunal de Commerce de
Paris or if the dispute concerns the CDC, to the competent court
within the jurisdiction of the Cour d’Appel de Paris.

 

7.                                      All costs, fees, duties and taxes due in connection with the present
agreement shall be payable by the Operating Company.

 

8.                                      The parties require the registration of the present agreement.  The present amendment agreement shall be
deposited at the offices of Office Notarial, Pascal Dufour, Jean-Pierre Benoist
and Claudine Savary, 15 boulevard Poissonnière, 75002 Paris, and will be
restated by notarial instrument.

 

46

 

Signed in Paris,

1 December 2004,

In 4 counterparts, including one for
registration and one for the notarial deposit.

 

 

	
   

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  Caisse des Dépôts et Consignations

  	
   

  

 

47

 

SCHEDULE 10

Standby Revolving Supplemental Agreement

 

AMENDMENT
No. 1 TO THE 1994

 

STANDBY
REVOLVING CREDIT AGREEMENT

 

AMONG:

 

Euro
Disney SCA., a société en commandite par actions
organized under the laws of France, having its registered office at Immeubles
Administratifs, Route Nationale 34, 77700 Chessy, with a capital of
10,826,802.92 euros, registered with the Registry of Commerce and Companies of
Meaux under the Number 334 173 887

 

(hereinafter, “EDL”)

 

AND:

 

Disney
Enterprises, Inc., a corporation organized under the laws of Delaware, having
its principal office at 500 South Buena Vista, Burbank, California 91521, USA

 

(hereinafter, “DEI”)

 

WHEREAS

 

On August 5,
1994, EDL and DEI (formerly The Walt Disney Company) entered into a Standby
Revolving Credit Agreement relating to a standby New Revolving Credit Facility
having a principal amount of FF 1,1 billion (the “Standby Facility”).

 

The Memorandum
of Agreement dated June 8, 2004 entered into by, inter alia, EDL, The Walt Disney Company and various lenders
to EDL, as amended and unanimously approved by the lenders, effective on
September 30, 2004 (the “Memorandum”), provides in its Articles 3.5 and 7.1.1
(as amended), for certain amendments to the Standby Facility.

 

Pursuant to a
contribution agreement dated September 30, 2004 and amended on November 8, 2004
(the “Contribution Agreement”) between EDL 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, EDL agreed to contribute
substantially all its assets and liabilities to EDA.

 

48

 

The purpose of
this Amendment is to reflect the amendments provided for in the Memorandum.

 

NOW, THEREFORE, IT IS AGREED AS
FOLLOWS:

 

Article
1

 

Definitions

 

Capitalized
terms used herein and not defined herein shall have the meaning ascribed to
them in the Standby Facility or in the English translation of the Memorandum.

 

Article
2

 

Principal
Amount/No Further Drawdowns

 

2.1          On the date hereof,
following (i) the discharge by DEI on October 1, 2004 of a portion of the Loan
equal to 10 million euros and (ii) the repayment by EDL to DEI on [-], 2004 of
5 million euros, the Loan amounts to 110 million euros.

 

2.2          Notwithstanding
any other provisions of the Standby Facility, EDL shall not be entitled to make
any further Drawdowns under the Standby Facility, and until its final repayment
or its conversion into Subordinated Long Term Debt through the delivery of a
promissory note as provided in Article 4 below, the Loan shall remain at 110
million euros.

 

Article
3

 

Final
Maturity Date of the Loan

 

3.1          Subject
of the provisions of Article 4.1 and 4.2 below, the Final Maturity Date of the
Loan shall be June 30, 2005.

 

Article
4

 

Termination
of the Standby Facility

 

4.1          On the Share Capital
Increase Date, upon the effectiveness of the contribution of assets and
liabilities contemplated by the Contribution Agreement, EDA, as successor to
EDL under the Standby Facility, shall deliver to DEI a promissory note in the
form attached hereto as Exhibit 1 (the “Promissory Note”) and pay to DEI
interest that has accrued on the Loan since the Last Interest Payment Date.

 

49

 

4.2          Upon delivery of the
Promissory Note and payment of such interest, the Standby Facility will
terminate, as of such delivery and payment, and EDL and EDA will be relieved
from all obligations hereunder and be subject only to the obligations set forth
in the Promissory Note.

 

Article
5

 

Miscellaneous

 

5.1          Other terms of the Standby
Facility not amended by this Amendment shall remain unchanged.

 

5.2          Should the Memorandum
terminate pursuant to Section 7.7 thereof, this Amendment shall forthwith
terminate, with the exception of its Article 3, so that the Final Maturity Date
of the Standby Facility shall remain June 30, 2005.

 

5.3          This Amendment shall be
governed by, and interpreted in accordance with, the laws of the State of New
York without reference to the choice of law doctrine.  Any disputes arising from this Amendment
shall be submitted to the exclusive jurisdiction of the courts of the State of
New York or of the United States District Court for the Southern District of
New York.

 

Executed in           
in two originals on this      day of            
2004.

 

 

	
  Euro Disney S.C.A.,

  	
  Disney Enterprises, Inc.

  
	
   

  	
   

  
	
  represented by its

  	
   

  
	
   

  	
   

  
	
  Gérant, Euro Disney S.A.S.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by:

  	
   

  	
   

  	
  by:

  	
   

  	
   

  
						

 

50

 

EXHIBIT 1

 

PROMISSORY NOTE

 

FOR VALUE RECEIVED, Euro Disney Associés
SCA, a French société en commandite par
actions, having its registered office at Immeubles Administratifs,
Route Nationale 34, 77700 Chessy, France, registered with the Registry of
Commerce and Companies of Meaux under number 334 173 887 (the “Borrower”) hereby unconditionally promises
to pay to Disney Enterprises, Inc. (formerly The Walt Disney Company), a
Delaware corporation having its principal office at 500 South Buena Vista
Street, Burbank, California 91521, U.S.A. (the “Lender”), on the Maturity Date, the principal sum of one
hundred and ten million euros (€ 110,000,000), increased by the amount of
interest that is capitalized pursuant to Section 1 (b) below (such principal
sum as so increased, the “Principal”),
together with interest calculated and payable as specified below.  This promissory note (the “Note”) is issued to evidence the terms of
the indebtedness assumed by the Borrower in exchange for the discharge by the
Lender of the Borrower’s outstanding obligations to repay one hundred and ten
million euros (€ 110,000,000) of principal outstanding under the Standby
New Revolving Credit Facility. 
Capitalized terms used in this Note that are not defined herein have the
meanings ascribed to them in Annex A.

 

1.             Interest

 

(a)                                  The Principal shall bear interest at Euribor from the date hereof
until the Maturity Date. Interest hereunder shall be computed on the basis of a
360-day year and the number of days actually lapsed (including the first day
but excluding the last day).

 

(b)                                 From the date hereof until December 31, 2016, interest accruing
hereunder shall be capitalized annually on each anniversary of the date hereof.

 

(c)                                  Subject to the provisions of paragraph (d) below, interest accruing
from January 1 of each year commencing in the calendar year 2017 shall be paid
annually, in arrears, on January 1 of the following calendar year (or on the
Maturity Date in respect of interest accruing from January 1 of the calendar
year in which the Maturity Date falls).

 

(d)                                 No interest hereunder will be paid to the Lender if and for as long
as the Borrower fails and continues to fail to make on the due date therefor
any payment due by it under the CDC Second Park Agreements. In the event of a
liquidation of the Borrower, payment of interest hereunder will be subordinated
to the payment of all amounts due by the Borrower under the CDC Second Park
Agreements.  Any unpaid interest
hereunder will continue to be compounded on a yearly basis in accordance with
subparagraph (b) above.

 

2.             Payments

 

(a)                                  All payments hereunder shall be made in immediately available funds
at the account of the Lender with [insert
name of bank] or at such other account as the Lender shall designate
to the Borrower in writing.

 

51

 

(b)                                 In the case of any proceeding to collect any overdue amounts payable
by the Borrower under this Note, the Borrower shall pay all costs and expenses
of every kind incurred in connection therewith, including reasonable attorneys’
fees and disbursements, which costs and expenses shall be added to the
principal amount of the indebtedness evidenced by this Note, and the proceeds
of any collection hereunder may be applied by the Lender to the liabilities of
the Borrower under this Note in such manner and order as the Lender acting in
its sole discretion may deem appropriate.

 

(c)                                  Should any amount payable to the CDC under CDC Subordinated Long
Term Debt Agreements become payable prior to its maturity, amounts payable
hereunder shall become due and payable at the same time as the CDC amounts
become due and payable, without any requirement of notice, demand or other
formality.

 

(d)                                 Pursuant to the provisions of
Article 11 of the France—US tax treaty for the avoidance of double taxation and
the prevention of fiscal evasion with respect to taxes on income and capital,
dated August 31, 1994 (the “Tax Treaty”), interest and other income
arising under this Note will be exempt from any withholding or deduction for or
on account of any taxes, duties, assessments or governmental charges imposed or
levied by or on behalf of the French Republic, or any authority in or of the
French Republic having the power to tax, provided that the Lender complies with
the procedural formalities necessary for the Borrower to obtain authorization
to make that payment without a tax deduction or withholding in accordance with
the provisions of the Tax Treaty.

 

If, as a result of any change in, or amendment to, or
change in the official application or interpretation of, the laws or
regulations of the French Republic (including the Tax Treaty), or any authority
therein or thereof, affecting taxation, the Borrower would become obligated to
deduct or withhold any amount from any payment to the Lender provided for
hereunder, then the following provisions shall apply:

 

(i)                                     the Borrower and the Lender shall
use their best efforts in order to cause one or more other loans or facilities
to be made available to the Borrower by one or more third parties and
substituted for this Note, on economic terms similar to the ones of this Note
or such other terms as may be acceptable to both the Borrower and the Lender ;

 

(ii)                                  unless and until one or more loans
or facilities are substituted for this Note pursuant to paragraph (i) above,
the Borrower shall, unless prevented by law from so doing, pay such additional
amounts to the Lender as may be necessary in order that the net payment to the
Lender under this Note after the deduction or withholding shall equal the
amount payable hereunder in the absence of such deduction or withholding.  In such case, the Borrower shall forward to
the Lender a copy of the documents evidencing payment to the appropriate
governmental authority of any taxes so deducted.  To the extent that the Lender shall have
recovered, in whole or in part, whether in the form of tax credits, deductions
or other benefits, any amount as a result of the payment of any such taxes, it
shall cause to be paid or allowed as a credit to the Borrower an amount which
will leave the Lender (as determined in good faith by the Lender) in the
position in which it would have been had no such tax been applicable.

 

(iii)                               If the Borrower should be
prevented by applicable law from paying the additional amounts referred to in
paragraph (ii), then the Borrower and the Lender shall in good 

 

52

 

faith negotiate appropriate
amendments to this Note in order to ensure that its economic conditions remain
acceptable to both parties.

 

3.             Late Payments

 

If any amount
payable by the Borrower hereunder is not paid when due, interest shall accrue
on such amount (to the extent permitted by applicable law) during the period
from and including the due date thereof, to but excluding the date such amount
is paid, at a rate per annum equal to two percent (2%) above Euribor. Interest
accruing pursuant to this paragraph shall be payable from time to time on
demand of the Lender.

 

4.             CHOICE OF LAW AND JURISDICTION

 

(A)                              THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE
CHOICE OF LAW DOCTRINE.

 

(B)                                ANY ACTION OR PROCEEDING AGAINST THE BORROWER MAY BE BROUGHT AND
ENFORCED IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.

 

5.             Remedies

 

No remedy conferred
upon the Lender is intended to be exclusive of any other remedy and each and
every such remedy shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing at law or in equity by
statute or otherwise. No course of dealing with the Borrower or any delay in
exercising any rights hereunder shall operate as a waiver of any rights of the
Lender.

 

6.             Loss or Theft

 

Upon notice to the Borrower of the loss,
theft, destruction or mutilation of this Note, and in the case of any such
mutilation, upon surrender and cancellation of the mutilated document, and in
the case of any such loss, theft or destruction upon delivery by the Lender of
an indemnity agreement satisfactory to the Borrower, the Borrower will execute
and deliver to the Lender an identical Note dated the date hereof in
substitution for such lost, stolen, destroyed or mutilated Note; provided,
however, that any such substitution shall not be deemed to constitute a waiver,
modification, compromise or novation of the indebtedness evidenced hereby or
any term or condition hereof.

 

7.             Amendments, Consent and Waivers

 

(a)                                  Any term, covenant, agreement or condition of this Note may be
amended only by a written instrument executed by the Borrower and the Lender.
Any amendment shall be endorsed upon this Note and the Borrower and the Lender
shall be bound thereby.

 

(b)                                 Any term, covenant, agreement or condition of this Note may be
waived only in writing by the Lender.

 

(c)                                  No waiver of any breach of any warranty, representation, covenant or
other term or provision of this Note shall be deemed a waiver of any preceding
or succeeding breach of the same or any other warranty, representation,
covenant, term or provision. No extension of time for 

53

 

 

performance of any obligations or act shall be deemed
to be an extension of the time for performance of any other obligation or any
other act.

 

8.                                      Notices

 

All notices or other communications related
to this Note shall be in writing and shall be delivered by hand, mailed or sent
by facsimile to the addresses indicated below or to such other address
communicated by a party in writing from time to time:

 

(a)           if to the Lender, to:

 

Disney Enterprises, Inc.

500 South Buena Vista Street

Burbank, California 91521

U.S.A.

Facsimile number: [•]

Attention:

 

(b)           if to the Borrower, to:

 

Euro Disney Associés SCA

Immeubles Administratifs

Route Nationale 34

77700 Chessy

France

Facsimile number: 33 1 •

Attention:

 

9.             Headings

 

All titles and sections in this Note are
inserted for convenience only and shall not affect the meaning or
interpretation thereof.

 

10.          Waiver of Presentment, etc.

 

Except as otherwise herein specifically
provided to the contrary, the Borrower waives the right of presentment, demand
for payment, notice of dishonor, notice and all other notices or demands of any
kind in connection with the delivery, acceptance, performance, default,
endorsement or guarantee of this instrument.

 

IN WITNESS WHEREOF, this Note has been signed
by the Borrower this [•] day of [•], 200•.

 

54

 

	
   

  	
  Euro Disney Associés SCA

  
	
   

  	
  by Euro Disney SAS

  
	
   

  	
  Gérant

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

55

 

Annex A

 

“Bank Debt
Agreements” means the following agreements: Phase IA Credit Facility
Agreement, CDC Loan Agreements, Phase IA Partners’ Advances Agreement, Phase IB
Credit Facility Agreement and Phase IB Advances Agreement.

 

“Business
Day” means any day (other than Saturday or Sunday) on which banks
are open for ordinary business in Los Angeles and Paris.

 

“CDC” means Caisse
des Dépôts et Consignations, an établissement
public à statut spécial, whose principal office is at 56, rue de
Lille, 75007 Paris, France.

 

“CDC Participating
Loan Agreement” means the Accord
CDC Relatif à l’Octroi de Prêts Participatifs dated May 17, 1989
between CDC and Euro Disney and Euro Disneyland as amended by supplemental
agreements dated August 10, 1994, September 30, 1999 and December 1, 2004.

 

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

 

“CDC
Ordinary Loan Agreement” means the Accord
Relatif à l’Octroi de Prêts Ordinaires dated May 17, 1989 between
CDC and Euro Disney and Euro Disneyland as amended by supplemental agreements
dated August 10, 1994, September 30, 1999 and December 1, 2004.

 

“CDC
Second Park Agreements” means the loan agreements – tranches A, B, C
and D – entered into on September 30, 1999 between Euro Disney and CDC as amended
by supplemental agreements dated December 1, 2004 as well as the tranche E loan
agreement entered into pursuant thereto.

 

“CDC Subordinated Long Term Debt
Agreements” means the agreements relating to
the Subordinated Long Term Debt of Euro Disney Associés SCA created under the
CDC Second Park Agreements.

 

“EDLH”
means EDL Hôtels SCA, a French société en
commandite par actions, whose registered office is at Immeubles
Administratifs, RN 34, 77700 Chessy, France, registered with the Registry of
Commerce and Companies of Meaux under number 347 686 206.

 

“EURIBOR”
means the percentage rate per annum determined by the Banking Federation of the
European Union for the period of 12 months displayed on the page EURIBOR01 of
the Reuters screen.  EURIBOR shall be
determined on each date on which interest is capitalised or payable hereunder,
based on the rate published at 11:00 a.m. (Brussels time) on the second TARGET
Business Day preceding the date of determination.

 

“Euro
Disney” means Euro Disney SCA, a French société en commandite par actions whose registered office is
at Immeubles Administratifs, RN 34, 77700 Chessy, France, registered with the
Registry of Commerce and Companies of Meaux under number 334 173 887.

 

“Euro
Disneyland” means Euro Disneyland SNC, a French société en nom collectif whose registered
office is at Immeubles Administratifs, RN 34, 77700 Chessy, France, registered
with the Registry of Commerce and Companies of Meaux under number
350 141 818.

 

56

 

“Hotel
SNCs” means Hôtel New York Associés SNC, Newport Bay Club Associés
SNC, Sequoia Lodge Associés SNC, Cheyenne Hôtel Associés SNC, Hôtel Santa Fe
Associés SNC, Centre de Divertissements Associés SNC, French sociétés en nom collectif, whose registered
offices are at Immeubles Administratifs, RN 34, 77700 Chessy, France,
registered with the Registry of Commerce and Companies of Meaux, respectively
under numbers 380 364 877, 380 366 153,
380 366 229, 380 366 278, 380 366 385 and
380 364 422.

 

“Maturity
Date” means the first Business Day immediately following the date on
which all amounts due under the Bank Debt Agreements shall have been paid in
full.

 

“Phase IA
Credit Facility Agreement” means the multi-currency credit facility
agreement dated September 5, 1989 which operates by way of drawings or the
issuance of letters of credit between Euro Disney, Euro Disneyland and the
banks and financial institutions that are party thereto, as amended by
supplemental agreements dated August 10, 1994, March 17, 1995 and December 1,
2004.

 

“Phase IA
Partners’ Advances Agreement” means the Partners’ Advances Agreement
dated April 26, 1989 between Euro Disneyland and its partners, as amended by
supplemental agreements dated August 10, 1994 and December 1, 2004.

 

“Phase IB
Advances Agreement” means the agreement dated April 26, 1991 between
EDLH, the Hôtel SNCs and their partners, as amended by supplemental agreements
respectively dated August 10, 1994, May 15, 1995, July 12, 1995, May 16, 2003
and December 1, 2004.

 

“Phase IB
Credit Facility Agreement” means the credit facility agreement dated
March 25, 1991 between EDLH, the Hôtel SNCs and banks and financial
institutions, as amended by supplemental agreements respectively dated August
10, 1994, May 15, 1995, July 12, 1995, May 16, 2003 and December 1, 2004.

 

“Standby
New Revolving Credit Facility” means the New Revolving Credit
Facility in an amount of Euro 167,693,910 granted by the Lender to Euro Disney
pursuant to an agreement dated August 5, 1994, as amended on [•], 2004.

 

“TARGET Business Day”
means a day on which the Trans-European Automated Real Time from Settlement
Express Transfer System is operating.

 

57

SCHEDULE 11

Amendment Agreement to the Independent Auditors’ Agreement

 

AMENDMENT AGREEMENT FOR THE TERMINATION OF
THE AGREEMENT WITH THE

INDEPENDENT EXPERT

 

BETWEEN :

 

1)                                     Banque Nationale de Paris, having its registered office at 16
boulevard des Italiens, 75009 PARIS,

 

acting in its capacity as Agent to the Phase IA
Credit Facility Agreement, in the name and for the account of the Banks party
to the Phase IA Credit Facility Agreement.

 

ON THE FIRST PART,

 

AND

 

2)                                     CALYON, having its registered office at 16
boulevard des Italiens, 75009 Paris.

 

Acting in its capacity as Agent to the Phase IB
Credit Facility Agreement, in the name and for the account of the Banks party
to the Phase IB Credit Facility Agreement, in its capacity as Agent to the
Phase IB Advances Agreement, in the name and for the account of the Lenders
party to the Phase IB Advances Agreement, and in its capacity as Agent to the
Phase IA Partners’ Advances Agreement, in the name and for the account of the
Partners party to the Phase IA Partners’ Advances Agreement.

 

ON THE SECOND PART,

 

3)                                     La Caisse des Dépôts et Consignations, a special French institution created by the Law of 28 April 1816
as incorporated into articles L.518-7 of the Monetary and Financial Code, whose
principal office is situated at 56, rue de Lille,
75007 Paris,

 

(hereinafter
referred to as “CDC”)

 

ON THE THIRD PART,

 

(The Banks party to the Phase IA Credit Facility Agreement, the Partners
party to the Phase IA Partners’ Advances Agreement, the Banks party to the
Phase IB Credit Facility Agreement, the Lenders party to the Phase IB Advances
Agreement and CDC being hereinafter referred to together as the “Creditors” or individually a “Creditor”).

 

AND

 

4)                                      [•] having its
registered office at [•]

 

(hereinafter
referred to as the “Independent Expert”)

 

ON THE FOURTH PART,

 

 

58

 

AND

 

5)                                     EURO DISNEY S.C.A., A limited partnership with shares having a share
capital of
850,041,425 Francs and
having its registered office at Immeubles Administratifs,
Route Nationale 34, Chessy, Seine-et-Marne,

 

6.                                      EDL HOTELS S.C.A., A limited partnership with shares
having a share capital of 475,000,000 Francs and having its registered office at Immeubles
Administratifs, Route
Nationale 34, Chessy, Seine-et-Marne,

 

ON THE FIFTH PART,

 

7)                                     EURO DISNEYLAND S.N.C., a general partnership with a share capital of 1,000,000 Francs having its registered office at Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

ON THE SIXTH PART,

 

8)                                     HOTEL NEW YORK ASSOCIES S.N.C., a general partnership with a share capital of 64,000 Francs having its registered office at Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

9)                                     NEWPORT BAY CLUB ASSOCIES
S.N.C., a general partnership with a share capital
of 64,000 Francs having its registered office at Immeubles Administratifs, Route
Nationale 34, Chessy, Seine-et-Marne,

 

10)                               SEQUOIA LODGE ASSOCIES
S.N.C., a general partnership with a share
capital of 64,000
Francs having its
registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

11)                               CHEYENNE HOTEL ASSOCIES
S.N.C., a general partnership with a share
capital of 64,000
Francs having its
registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

12)                               HOTEL SANTA FE ASSOCIES
S.N.C., a general partnership with a share
capital of 64,000
Francs having its
registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

13)                               CENTRE DE DIVERTISSEMENTS
ASSOCIES S.N.C.,
a general partnership
with a share capital of 64,000 Francs having
its registered office at Immeubles Administratifs, Route Nationale 34, Chessy, Seine-et-Marne,

 

(hereinafter
referred to together as the “Hotel S.N.C.s”
or individually as a

“Hotel
S.N.C.”)

 

ON THE SEVENTH PART,

 

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

 

59

 

WHEREAS :

 

I.                                         An Agreement appointing [•] as Independent Expert by the Creditors and, in particular,
defining the duties entrusted to it by the Creditors in order to assist them in
the monitoring of the Debtors’ compliance with their covenants in the Common Agreement,
including its Schedule V (Covenants) was entered into on [•] (the “Agreement with the
Independent Expert”).

 

II.                                     In the context of the 2004 restructuring, it has been agreed to
terminate the Agreement with the Independent Expert.

 

IT IS AGREED AS FOLLOWS:

 

Clause 1 - Definitions

 

“Share Capital Increase Completion Date”
means the date on which, in the context of the Euro Disney Group’s 2004
financial restructuring, new shares in Euro Disney S.C.A. will have been
subscribed for, fully paid up in cash and issued, in a gross minimum amount of
€250 million, and the net proceeds paid to Euro Disney S.C.A..

 

Clause 2 - Termination

 

The parties agree that the Agreement with the Independent Expert will
terminate with effect from the Share Capital Increase Completion Date.

 

Clause 3 - Disputes

 

This
termination amendment agreement is governed by French law.  It is expressly agreed that any dispute
arising in connection with this amendment agreement shall be subject to the
exclusive jurisdiction of the Commercial Court of Paris.

 

Clause 4 - Costs

 

All costs, fees, duties and taxes due in connection with this document
shall be payable by the Operating Company.

 

Signed in Paris

on [•]

in [•] counterparts

 

60

 

	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  (Phase IA
  Credit Facility Agent)

  	
   

  	
  CALYON

  (Agent
  under the Phase IB Credit Facility Agreement, the Phase IB Advances Agreement
  and the Phase IA Partners’ Advances Agreement)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Caisse
  des Dépôts et Consignations

  	
   

  	
  Independent Expert

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Euro Disney S.C.A.

  	
   

  	
  Euro Disneyland S.N.C

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EDL Hotels SCA

  	
   

  	
  Hotel New York Associes S.N.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Newport Bay Club Associes S.N.C.

  	
   

  	
  Sequoia Lodge Associes S.N.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Cheyenne Hotel Associes S.N.C.

  	
   

  	
  Hotel Santa Fe Associes S.N.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Centre
  de Divertissements S.N.C.

  	
   

  	
   

  

 

61

 

SCHEDULE 12

Conference
Center Lease Supplemental Agreement

 

[See Exhibit
4.11 to the Form 20-F]

 

62

 

SCHEDULE 13

Amended and Restated Agreement

 

[See Exhibit 4.16 (b) of the Form
20-F]

 

63

 

SCHEDULE 14

Funds Agreement

 

 

[•] 2004

 

 

EURO DISNEY
S.C.A.

Lender

 

 

EURO DISNEY
ASSOCIÉS S.C.A.

Borrower

 

 

CASH ADVANCES
AGREEMENT

 

64

 

CASH ADVANCES AGREEMENT

 

[•] 2004

 

 

BETWEEN :

 

(1)                                 EURO DISNEY S.C.A., a French société en commandite
par actions, whose registered office is at Immeubles administratifs,
Route Nationale 34, Chessy, 77700 Chessy, registered at the Trade and Companies
Registry of Meaux under number B 334 173 887, duly represented
by its manger Euro Disney S.A.S., itself represented by [•], duly authorised
for the purposes hereof

 

(hereinafter referred to as Euro Disney SCA)

 

(2)                                 EURO DISNEY ASSOCIÉS S.C.A., a French société en commandite
par actions, whose registered office is at Immeubles administratifs,
Route Nationale 34, Chessy, 77700, registered at the Trade and Companies
Registry of Meaux under number B 397 471 822 duly represented by its manager
Euro Disney S.A.S., itself represented by [•], duly authorised for the purposes hereof

 

(hereinafter referred to as Euro Disney Associés SCA)

 

WHEREAS:

 

(A)                              At the time of the financial
restructuring of the Euro Disney Group dated 1994, a common agreement, with the
aim of establishing the obligations of the Debtors to the Creditors and of
establishing certain shared provisions relating to the financial restructuring,
was entered into between the Debtors, in their own name and the affiliate designated
in the exhibit to that agreement, and the Creditors on 10 August 1994 (the Common Agreement).

 

(B)                                The Euro Disney Group having new
financial difficulties, by way of a memorandum of agreement dated 8 June 2004
between Euro Disney S.C.A., EDL Hôtels, Euro Disneyland S.N.C., the SNC Hotel
Companies, TWDC, the CDC, as well as the Phase IA Banks, the Phase IA Partners,
the Phase IB Banks and the Phase IB Lenders, represented respectively by their
agents BNP PARIBAS or CALYON according to the case, and approved by the
Steering Committee, then amended by the letter addressed from Euro Disney
S.C.A. to the Creditors dated 20 September 2004, the necessary measures to
restructure the finances of the Euro Disney Group were agreed upon; the
memorandum of agreement, as amended by the aforementioned letter, was accepted
under the terms of a letter signed by all the parties on 30 September 2004 (the
Memorandum of Agreement).

 

65

 

C)                                    As a result of the execution of the
Memorandum of Agreement and the previous modifications, particularly those
introduced by the consultation on 25 September 1995, and the request for
authorisation and dispensation of 6 September 1999, the Common Agreement was
amended and restated by an agreement dated 1st
December 2004 (the Amendment and Restatement Agreement).

 

(D)                               Under the terms of the Common Agreement Amended and Restated, Euro
Disney SCA and Euro Disney Associés SCA, inter alia, must respect a certain
number of shared obligations set out in Annex V of the Common Agreement Amended
and Restated (the Covenants),
under the terms of which Euro Disney SCA must, in particular, commit itself to
place at the disposal of Euro Disney Associés SCA its surplus cash reserves
that are greater than € 1.000.000
(one million euros).

 

(E)                                 The object of this agreement is to restate the terms of the
Covenants concerning the conditions under which Euro Disney SCA makes its cash
reserves available to Euro Disney Associés SCA.

 

IT IS HEREBY AGREED AS FOLLOWS :

 

1.                                      DEFINITIONS
AND INTERPRETATION

 

Except where the
context otherwise requires, the terms defined herein (including the Recitals)
have the meanings ascribed to them in the Common Agreement Amended and
Restated.

 

2.                                      CASH ADVANCES – REPAYMENT

 

2.1                                 Euro Disney SCA will make available
to Euro Disney Associés SCA, its surplus cash reserves greater than
€ 1.000.000 (one million euros) by way of shareholder’s loans and to cause
(subject as aforesaid) all of the Group’s available cash to be lodged at all
times within Euro Disney Associés SCA and its Subsidiaries.

 

In this context Euro Disney SCA makes available
to Euro Disney Associés SCA a shareholder’s advance of €25,000,000 (twenty five
million euros) (the “Operating Advance”).

 

2.2                                 The repayments will have to be structured so that the cash reserves
of Euro Disney SCA always remains lower than € 1.000.000. With respect to the
Operating Advance only, Euro Disney SCA may demand repayment in whole or in
part of the Operating Advance as its cash needs emerge in order to cover its
costs and expenses, within the limits of the annual operating budget of Euro
Disney SCA, as provided for in sub-paragraph (f) of paragraph 7 of the
Covenants, net of its revenue (in particular its dividends for Financial Year
N-1 and remuneration).

 

3.                                      PAYMENT

 

3.1                                 Each cash advance agreed to by Euro Disney SCA and Euro Disney
Associés SCA will be remunerated for the benefit of  Euro Disney SCA at an interest rate no
greater than

 

66

 

3 month
Euribor less 0.50% per annum calculated on the amount of the advance and
excluding any other payments including commission, interest, premium or sum of
any other nature.

 

3.2                                 The rate for each calendar quarter will be determined according to 3
month Euribor in force on the first day of that quarter.

 

3.3                                 The interest will be calculated quarterly by applying the rate set
out in paragraph 3.1 to each daily balance of the advance.

 

3.4                                The interest will be invoiced quarterly in arrear by Euro Disney SCA
and accounted for on a current account (compte courant)
basis.

 

4.                                      SUBORDINATION

 

Repayment by Euro Disney Associés SCA of the advances
which are granted to it in accordance with this agreement are subordinated, in
the event of liquidation, to the payment by Euro Disney Associés SCA of the
sums due under the Bank Debt Agreements, the CDC Second Park Loan Agreements
and the CDC Subordinated Long-Term Debt Agreements.

 

5.                                      DURATION

 

The present
agreement enters into force at the date of its signature and lasts for the
duration of the Amended and Restated Common Agreement.

 

6.                                      APPLICABLE LAW AND JURISDICTION

 

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

 

6.2                                 It is expressly
agreed, for the benefit of the lender, that any dispute between the parties relating
to the interpretation or the enforcement of this agreement will be submitted to
the exclusive jurisdiction of the commercial courts of the Court of Appeal of
Paris.

 

Agreed on [•], [•] 2004

in [•] original
versions.

 

 

	
  For

  	
  For

  
	
   

  	
   

  
	
  EURO DISNEY SCA

  	
  EURO DISNEY ASSOCIÉS SCA

  
	
   

  	
   

  
	
  Euro Disney SAS, Manager

  	
  Euro Disney SAS, Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name :[•] 
  

  	
  Name :[•]

  
	
  Title :[•]

  	
  Title :[•]

  
				

 

67

 

SCHEDULE 15

Amendment and Restatement Agreement to the Common Agreement

 

 

[See Exhibit 4.17 (a) of the Form
20-F]

 

68

 

SCHEDULE 16

Phase IA Advances Amendment and Restatement Agreement

 

 

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

 

69

 

SCHEDULE 17

Phase IB Partners Advances Amendment and Restatement

 

 

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

 

70

 

SCHEDULE 18

Phase IB Credit Amendment and Restatement Agreement

 

 

[See Exhibit 4.15 (a) of the Form
20-F]

 

71

 

SCHEDULE 19

Form of Disney Undertaking

 

 

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

73, avenue Pierre Mendès-France

75003, PARIS

 

To:                              CALYON

9, quai du Président Paul Doumer

92920 PARIS LA DEFENSE CEDEX

 

as
Agent for the creditors which are parties to

the Phase IA Partners’ Advances Agreement,

Phase IB Credit Facility Agreement and the

Phase IB Advances Agreement

December 1, 2004

 

Ladies and
Gentlemen:

 

Euro Disneyland in France

 

1.                                       We refer to the Common Agreement dated August 10, 1994 Amended and
Restated between (1) Euro Disney S.C.A., Euro Disneyland S.N.C., Euro Disney
Associés S.C.A., EDL Hôtels S.C.A., Hotel New York Associés S.N.C., Newport Bay
Club Associés S.N.C., Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés
S.N.C., Hotel Santa Fe Associés S.N.C. and Centre de Divertissements Associés
S.N.C. as borrowers (the “Borrowers”), (2) the banks which are party to the
Phase IA Credit Facility, (3) Caisse des Dépôts et Consignations, (4) the
partners of Euro Disneyland and S.N.C. which are party to the Phase IA Partners
Advances Agreement, (5) the banks which are party to the Phase IB Credit
Facility Agreement and (6) the partners of the Hotel S.N.C.s and the banks
which are party to the Phase IB Advances Agreement.  Capitalized terms not defined herein shall
have the meaning ascribed to them in the English version of the Common
Agreement signed for identification by or on behalf of the parties hereto.

 

2.                                       We also refer to the Phase IA Credit Facility, the CDC Loan
Agreements, the Phase IB Credit Facility Agreement, the Phase IB Advances
Agreement and the Phase IA Partners Advances Agreement (the “Bank Debt
Agreements”).

 

3.                                       We hereby undertake from the date of completion of the Contribution
until December 31, 2016 to hold shares representing at least 39% of the share
capital of Euro Disney S.C.A.

 

72

 

4.                                      We hereby irrevocably undertake, from the date of completion of the
Contribution until the date on which all sums due to the creditors under the
Bank Debt Agreements shall have been fully repaid or paid and on which all
other obligations under the Bank Debt Agreements shall have been fully
performed (the “Debt Agreement Final Date”) and notwithstanding any event of
default or potential event of default under any of the Bank Debt Agreements not
to cease directly or indirectly holding at any time the number of fully paid up
shares set forth below:

 

(a)                                  at least one share in Euro Disneyland S.N.C.; and

 

(b)                                 at least 97% of the share capital of (i) the associé commandité (general partner) of
Euro Disney S.C.A., (ii) two associés commandités
of the Operating Company, (iii) a gérant
(manager) of the Operating Company, (iv) a gérant
of Euro Disney S.C.A. or (v) a gérant
of Euro Disneyland S.N.C.

 

5.                                      We represent and warrant that since January 1, 2003, no amounts have
been paid by Euro Disney S.C.A. in respect of Management Fees or of royalties
pursuant to the Licence Agreement.

 

6.                                      We hereby irrevocably undertake not to require or accept any
amendment whatsoever to the Promissory Note issued pursuant to the Standby
Revolving Credit Supplemental Agreement or to the New Credit Line during the
period beginning on the date of completion of the Contribution and ending on
the Debt Agreement Final Date or (in the case of the New Revolving Credit
Facility) its expiration date, which would adversely affect the rights and
obligations of the Operating Company thereunder.

 

7.                                      We hereby irrevocably undertake not to require payment of any amount
due to us pursuant to the Promissory Note referred to in paragraph 6 so long as
any due and payable amount of whatever nature under the Senior Debt or the CDC
Junior Loans remains unpaid.

 

8.                                      We acknowledge and agree, and by your signature below you agree and
accept on behalf of the Creditors, that from the date of the completion of the
Contribution, (a) only the following provisions of the Memorandum of Agreement
dated March 14, 1994 will remain in effect, namely, Articles I (Respective Undertakings), IV.7 (Phase II Development Fee), VIII (Unity of Agreement), X (Release of TWDC), XI (Confidentiality) and XII (Governing Law; Election of Domicile), (b)
the Agreement dated August 10, 1994 between Euro Disney Associés S.N.C. and the
Creditors will cease to have effect and (c) only the following provisions of
the Memorandum of Agreement will remain in effect, namely, the Recitals and
Articles 1 (Definitions) (to the
extent necessary for the following Articles), 2 (Commitments), 7.2.2 (Costs),
7.5 (Unity of Memorandum), 7.8 (Release of TWDC), 7.10 (Confidentiality), 7.11 (Applicable law) and 7.12 (Language).

 

9.                                      With effect from the date of completion of the Contribution, this
letter supersedes the previous letter dated August 10, 1994 with a similar
subject matter emanating from Disney Enterprises, Inc. (formerly The Walt
Disney Company).

 

10.                                (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

 

73

 

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 actions or
proceedings 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,

  
	
  The Walt
  Disney Company

  
	
   

  
	
  By:

  	
   

  	
   

  

 

 

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

  	
   

  
	
   

  	
   

  
	
  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:

  	
   

  	
   

  
			

 

74

 

	
  Agreed and
  accepted

  
	
  Caisse des
  Dépôts et Consignations

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  

 

75

 

SCHEDULE 20

Form of Disney Undertaking

 

 

	
  To:

  	
  BNP PARIBAS

  
	
   

  	
  E.C.E.P.

  
	
   

  	
  Project Finance

  
	
   

  	
  37, place du Marché Saint Honoré

  
	
   

  	
  75001 PARIS

  
	
   

  	
   

  
	
   

  	
  As Agents
  for the Phase IA Banks

  

 

December 1, 2004

 

Ladies and
Gentlemen:

 

Euro Disneyland
en France

 

1.                                      We refer to the Phase IA Facility Agreement dated 5 September 1989
(the Amended and Restated “Facility Agreement”) between (1) Euro Disneyland
S.N.C. and Euro Disney Associés S.C.A. as Borrowers, (2) the Banks and
financial institutions set out in Schedule 1 thereto and (3) yourselves as
Agent for the Banks. Expressions defined in the English version of the Facility
Agreement signed for identification by the parties hereto have the same meaning
when used herein. “Disney Group” means The Walt Disney Company and all Disney
Controlled Affiliates.

 

2.                                      We hereby irrevocably undertake until the Discharge Date:

 

(a)                                  with respect to the Disney Support Documents to which we are a
party, and with respect to the Disney Support Documents to which we are not a
party insofar as we are able to do so through our ability to influence the
policies and management of any Disney Controlled Affiliate by virtue of our
position as a direct or indirect shareholder, to cause the Disney Support
Documents (other than the Disney Undertaking) to be entered into and,
notwithstanding any provision to the contrary contained in the Disney Support
Documents, not to permit any Disney Support Document, to be amended or
terminated otherwise than:

 

(i)                                    except in the case of the Disney Undertaking, for the sole purpose
of substituting The Walt Disney Company or a Disney Controlled Affiliate (so
long as The Walt Disney Company owns or controls (directly or indirectly) at
least as high a percentage of the voting share capital thereof as it owned or
controlled of the Disney Controlled Affiliate replaced) for The Walt Disney
Company or any Disney Controlled Affiliate party thereto at any time;

 

(ii)                                 upon any associé commandité (general
partner) of the Operating Company or of Euro Disney S.C.A., Euro Disneyland
Participations S.A.S. or any gérant (manager)
of either Borrower or of Euro Disney S.C.A. ceasing to be exclusively
controlled by The Walt Disney

 

76

 

Company
or any Disney Controlled Affiliate as the result of any action of the French
State or any Agency or quasi governmental agency or court thereof, including,
without limitation, the enactment, application or entry of any law, regulation,
final decree, order or judgment (collectively, “Governmental Action”) under
circumstances which could not reasonably have been prevented by The Walt Disney
Company, any Disney Controlled Affiliate or the Borrowers;

 

(iii)                              upon the nationalization or expropriation of Euro Disney S.C.A.,
either Borrower or any associé commandité of
the Operating Company or of Euro Disney S.C.A. or Euro Disneyland
Participations S.A.S. or any gérant of
either Borrower or the whole or substantially the whole of the business or
assets of any of them;

 

(iv)                             upon the liquidation of the Operating Company or the transfer of the
Operating Company’s interests in any Disney Support Document in connection with
any bankruptcy or similar proceeding or as a result of any Governmental Action;

 

(v)                                upon any Governmental Action the result of which is (x) to prohibit
the Operating Company or Euro Disney S.C.A. from operating all or substantially
all of its business or (y) to prevent the Operating Company from satisfying any
of its material obligations under any Disney Support Document the effect of
which is substantially to diminish Disney’s direct or indirect earnings from
the Disney Support Documents taken as a whole under circumstances which could
not reasonably have been prevented by The Walt Disney Company, any Disney
Controlled Affiliate or the Borrowers;

 

(vi)                             upon a person or entity (or group of persons or entities acting
together) acquiring the power to direct, or prevent the direction of, the
management and policies of Euro Disney S.C.A. or either Borrower under
circumstances which could not reasonably have been prevented by The Walt Disney
Company, any Disney Controlled Affiliate or the Borrowers; or

 

(vii)                           as permitted by sub-clause (D) of Clause 24 (Project Undertakings) of the Facility
Agreement;

 

(b)                                 to ensure that charges and expenses levied on the Borrowers under
the Disney Support Documents are levied strictly in accordance with the
chargeable cost allocation procedure attached to this letter and to provide a
report of compliance with this covenant signed by, the Chief Financial Officer
of The Walt Disney Company not later than 3 months alter the end of each of our
fiscal years in respect of such year; and

 

(c)                                  to ensure so far as we are able that the gérant and associés
commandités (other than that held by Euro Disney S.C.A.) of the
Operating Company and the gérant of
the Financing Company and the parties, other than the Borrowers, to each of the
Disney Support Documents shall be direct or indirect wholly owned subsidiaries
of The Walt Disney Company.

 

77

 

3.                                      With effect from the date of completion of the Contribution, this
Letter supersedes the previous letter dated August 10, 1994 (and the First
Disney Undertaking Letter referred to therein) with a similar subject-matter
emanating from Disney Enterprises, Inc. (formerly The Walt Disney Company).

 

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 actions or
proceedings 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 any such action or
proceeding brought in any such court has been brought in an inconvenient forum.

 

This Letter is
furnished by us to you in the English language as Agent pursuant to the
Facility Agreement in connection with the financing of Phase IA and is solely
for the benefit of the Agent, the Banks and their assignees.

 

	
  Very truly
  yours, 

  
	
  The Walt
  Disney Company

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  

 

 

	
  Acknowledged
  and accepted on behalf of the Banks that are parties to the Facility
  Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  
	
  as Agent

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
			

 

78

 

SCHEDULE 21

Disney Undertaking

 

To:                             BNP PARIBAS

E.C.E.P.

Project Finance

37, place du Marché Saint Honoré

75001 Paris

as Agent for
the Phase IA Banks

 

December
1, 2004

 

Ladies and Gentlemen:

 

1.                                      As
you are aware, Euro Disney SAS (the “Management Company”), an indirect
subsidiary of The Walt Disney Company (“WDC”), has been named as the gérant of Euro Disney Associés S.C.A. (the
“Operating Company”) pursuant to the statuts
of the Operating Company.  The Management
Company has asked us to deliver this letter to you in your capacity as Agent
for the Banks under the Phase IA Facility Agreement dated 5 September 1989 as
Amended and Restated (the “Facility Agreement”) between (1) Euro Disneyland
S.N.C. and Euro Disney Associés S.C.A. as Borrowers, (2) the Banks and
financial institutions set out in Schedule 1 thereto and (3) yourselves as
Agent for the Banks.  Terms used in this
letter and not otherwise defined herein shall have the meanings assigned
thereto in the English version of the Facility Agreement signed for
identification by the parties hereto.

 

2.                                      In
connection with the execution and delivery by ourselves and certain of our
affiliates of the Disney Support Documents (which expression shall for the
avoidance of doubt include any such documents entered into hereafter) in
connection with the Project (including Phase IA) we confirm that, until the
Discharge Date.

 

(a)                                We will make available (directly or indirectly) to the appropriate
Disney Controlled Affiliate such special expertise and technical capabilities
and such other resources, including but not limited to the provision of skilled
personnel and industrial and intellectual property rights, that are not
procured from other sources and are possessed by us and/or any Disney
Controlled Affiliate as may be necessary for the performance by the relevant
Disney Controlled Affiliate of its duties in accordance with and subject to the
relevant Disney Support Document; and

 

(b)                               Insofar as we are able to do so through our ability to influence the
policies and management of any Disney Controlled Affiliate by virtue of our
position as a direct or indirect shareholder, we will cause such Disney
Controlled Affiliate to (i) observe and perform et all times its obligations
under the Disney Support Documents to which it is a party in accordance with
and subject to the respective terms of such Disney Support Documents and (ii)
maintain its valid existence as a corporation.

 

 

79

 

3.                                      This
letter shall not give rise to any recourse by the Banks against WDC under the
Facility Agreement. No statement made in this letter shall be deemed to modify
the terms or enlarge upon the obligations of the Borrowers set forth in the
Facility Agreement or of any Disney Controlled Affiliate under the Disney
Support Document, nor shall any such statement be construed as a guarantee of
repayment of any indebtedness incurred by the Borrowers under the Facility
Agreement nor any other sort of financial guarantee nor any other guarantee of
the performance by the Disney Controlled Affiliates of their obligations under
the Disney Support Documents. The purpose of this paragraph 3 is to clarify but
not to reduce the obligations of WDC otherwise contained in this letter.

 

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 actions or
proceedings 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 any such action or
proceeding brought in any such court has been brought in an inconvenient forum.

 

With effect from the date of completion of the
Contribution, this Letter supersedes the previous letter issued in 1989 with a
similar subject-matter emanating from Disney Enterprises, Inc. (formerly The
Walt Disney Company).

 

This letter is furnished by us to you in the English
language as Agent pursuant to the Facility Agreement in connection with the
financing of Phase IA and is solely for the benefit of the Agent, the Banks and
their assignees.

 

	
  Very truly yours,

  The Walt Disney Company

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and accepted

  on behalf of the Banks that

  are parties to the Facility

  Agreement

  
	
   

  
	
  BNP

  PARIBAS

  as Agent

  
	
   

  
	
  By:

  	
   

  	
   

  

 

80

 

SCHEDULE 22

Form of Disney Undertaking (SNC undertaking)

 

 

To:            Banque BNP PARIBAS

E.C.E.P.

Project Finance

37, place du Marché Saint Honoré

75001 Paris

 

as Agent for the Phase IA Banks

 

December
1, 2004

 

Ladies and Gentlemen:

 

Euro Disneyland
en France

 

Please find attached as Exhibit “1” a copy of an
undertaking letter (the “Undertaking Letter”) dated December 1, 2004 provided
by Disney Enterprises, Inc. to Euro Disneyland SNC.

 

We hereby confirm that you shall be entitled, in your
capacity as Agent for the Banks under the Facilities Agreement (as hereinafter
defined), to enforce the terms of the Undertaking Letter so long as the
Facilities Agreement remains in effect. For purposes hereof, the term “Facilities
Agreement” shall mean the Phase IA Facility Agreement dated 5 September 1989 as
Amended and Restated between (1) Euro Disneyland S.N.C. and Euro Disney
Associés S.C.A. as Borrowers, (2) Banks and financial institutions set out in
Schedule 1 thereto and (3) yourselves as Agent for the Banks.

 

This letter is furnished to you based on the Agreement
that neither this letter nor the Undertaking Letter shall be considered a “Disney
Undertaking” under the Facilities Agreement or included within the term “Disney
Support Documents” under the Facilities Agreement.

 

This letter is furnished by us to you as the Agent of
the Banks under the Facilities Agreement and is solely for the benefit of you,
in your capacity as Agent, and for the institutions for which you are the
Agent.  No provision contained in this
letter shall create or give to any third party (other than such institutions in
their capacity as lenders under the Facilities Agreement) any claim, right or
cause of action beyond such as may exist in the absence of this letter.

 

With effect from the completion date of the
Contribution, this letter supersedes the previous letter dated August 10, 1994
with a similar subject-matter and emanating from Disney Enterprises, Inc.
(formerly The Walt Disney Company).

 

This letter shall be governed by and construed in
accordance with the laws of France.

 

81

 

	
  Very truly yours,

  
	
   

  
	
  Disney Enterprises, Inc.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Agreed and accepted on

  
	
  behalf of the Banks that are parties

  
	
  to the Facilities Agreement

  
	
   

  
	
  BNP PARIBAS

  
	
  as Agent

  
	
   

  
	
  By:

  	
   

  	
   

  

 

82

 

Exhibit « 1 »

[Letterhead Disney Enterprises, Inc.]

 

 

To :                          Euro Disneyland SNC

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

December
1, 2004

 

Ladies and Gentlemen:

 

This is in reference to our Letter of Undertaking
dated June 30, 1994 (the “Letter”), a copy of which is attached as Exhibit A.

 

With effect from the date of completion of the
contribution to be made by Euro Disney SCA to Euro Disney Associés SCA,
pursuant to the Contribution Agreement (Traité
d’Apport Partiel d’Actifs), dated September 30, 2004 and amended on
November 8, 2004, the undertakings set forth in paragraphs 1 through 4 of the
Letter will terminate.

 

Accordingly, at the afore-mentioned date, paragraphs 1
through 4 and the first sentence of the penultimate paragraph of the Letter
shall be deleted therefrom.  The
remainder of the Letter shall remain in full force and effect.

 

	
  Very truly yours,

  
	
   

  
	
  Disney Enterprises, Inc.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Read and approved

  
	
  Euro Disneyland SNC

  
	
  By:

  	
   

  	
   

  

 

83

 

Exhibit A

(Copy of the letter from TWDC to Euro Disneyland S.N.C. dated June 30, 1994
signed by

Jeff Smith and read and approved by Xavier de Mézerac)

 

 

June
30. 1994

 

 

Euro Disneyland SNC

Immeubles Administratifs

Route Nationale 34

Chessv. Seine-et-Marne 

France

 

 

Attention: The Gerant

 

 

Dear Sirs:

 

We are writing in reference to, on the one hand, the finance-lease
agreement (“Contrat de Credit-Bail”) entered
into today by Euro Disney Associés SNC, one of our wholly owned indirect
affiliates, and your company regarding the Parc Euro Disneyland Installations
in France (the “Finance Lease”) and, on the other hand, the sub-lease (“Contrat de Sous-Location”) agreement
regarding the same assets entered into today by Euro Disney SCA and Euro Disney
Associés SNC (the “Sub-Lease”). We hereby confirm our undertakings with respect
to the following items:

 

l.                                          We irrevocably guarantee that, to the
extent of the sums that it will have received beforehand from Euro Disney SCA
under the Sub-Lease (after deduction of the sums actually paid by Euro Disney
SCA pursuant to the additional rent provided under Article 13 A (b) of the
Sub-Lease (the “Sub–Lease Receipts”). Euro Disney Associés SNC shall
immediately pay to your company the sums due and payable pursuant to the
Finance Lease, and, as a consequence, we hereby undertake to pay to your company,
upon first written demand notified by facsimile transmission and confirmed by
registered letter return receipt requested or by any other means, the amount
payable by Euro Disney Associés SNC pursuant to the Finance Lease to the extent
the Sub–Lease Receipts exceed the aggregate sum paid to your company by Euro
Disney Associés SNC pursuant to the Finance Lease.

 

2.                                       Euro Disney Associés SNC and its partners will be
managed in such a way so as to limit as much as possible the risk that these
companies become subject to possible bankruptcy proceedings or have creditors
unaffiliated to our company arising from activities other than those
contemplated by the Finance Lease, the Sub-Lease, and the sale/leaseback of the
1.4 billion of assets (the “Sale/Leaseback”) contemplated by Article III.3 of
Memorandum of Agreement, dated March 14, 1994, between inter alia The Walt
Disney Company and Euro Disneyland SNC. We irrevocably undertake to indemnify
your company and its partners for any damage or losses that it or they may
suffer resulting from the obligations of Euro Disney Associés SNC or its
partners attributable to activities other than those resulting from the Finance
Lease, the Sub-Lease, or the Sale/Leaseback.

 

We will
ensure that Euro Disney Associés SNC and its partners fulfill those obligations
to governmental authorities (whether tax, statutory or regulatory) which may be
required to maintain their legal existence and good legal standing.

 

84

 

3.                                       In the event of the termination of the Finance Lease
in either of the two cases described in the immediately following paragraph, we
irrevocably undertake to grant or to cause to be granted, to the purchaser or
to the new lessee of the Installations (as defined in the Finance Lease) which
are the subject of the Finance Lease at the time of its termination, a Iicense
regarding the intellectual property rights necessary for the operation of the
Installations, under the same terms and conditions as those of the license agreement
between Euro Disney SCA and a wholly-owned subsidiary of our company dated
February 28. 1989, as amended through the date hereof, but without the
reduction of royalties contained in Section 6.1(b) of such agreement, which
reductions end no later than September 30, 2003.

 

The two
events of termination of the Finance Lease referred to above are (i)
termination due to Euro Disney Associés SNC exercising the early termination
option set forth in Article 22 of the Finance Lease and (ii) termination due to
a default in payment by Euro Disney Associés SNC of any sums accruing under the
Finance Lease with respect to any period after the expiration of the twelfth
year following the entry into force of the Finance Lease.

 

4.                                      We hereby undertake for the duration
of this agreement:

 

•                                        to hold, directly or indirectly, all
of the shares constituting the capital of the companies EDL SNC Corporation and
Euro Disney Investments Inc., the sole partners of Euro Disney Associés SNC,
and not to undertake any reduction in the capital of those companies;

 

•                                        that the companies EDL SNC
Corporation and Euro Disney Investments Inc. will remain the sole partners of
Euro Disney Associés SNC (with the only exception of the conditional assignment
of one share which we have been granted);

 

•                                        that no modification of the by-laws
of Euro Disney Associés SNC be made except as may be required by law, and in
particular that it shall not be transformed into another legal form;

 

•                                        to hold, in the event we become a
partner of Euro Disney Associés SNC on June 30, 2006, at least one share of
Euro Disney Associés SNC from such date until the expiration of the Finance
Lease;

 

•                                        not to modify, or allow to be
modified, the subordinated loans existing between Euro Disney Associés SNC and
its partners;

 

•                                        to ensure that any additional
financing which would be extended to Euro Disney Associés SNC shall be on the
same terms and conditions as to subordination as the subordinated loans
referred to in the preceding paragraph;

 

•                                        not to modify, cancel, waive or in
any other manner make inapplicable or void the conditional assignment of a
share executed this day in our favor;

 

•                                        to ensure that Euro Disney Associés
SNC will not grant to any third party any right or security with respect to the
receivables due under the Sub-Lease or with respect to the assets which are the
subject of the Sale/Leaseback;

 

•                                        in the event Euro Disney Associés
SNC terminates the Sub-Lease while the Finance Lease is still in effect, to
guarantee payment, as and

 

85

 

when due, to Euro Disneyland SNC of all amounts which
become due under the Finance Lease after such termination and which are not
paid when due by Euro Disney Associés SNC.

 

5.                                       We hereby undertake to cause Euro Disney Associés SNC
to have available all arnounts necessarv to pay, and to cause to be paid by
Euro Disney Associés SNC or another third party, any and all French
publication, registration or similar taxes, charges or duties which may be
assessed against Euro Disnevland SNC or Euro Disnev Associés SNC with respect
to the execution of the Finance Lease, the Sub-Lease or the termination of the
Contrat de Crédit Bail dated April 26, 1989. including the amount of any
penalty which may be assessed by the French Tax Authorities on account of the
above-mentioned taxes, charges and duties.

 

6.                                       Notwithstanding the provisions of Article 10 of law no
66-537 of July 24, 1966, we hereby expressly irrevocably, on our behalf as well
on the behalf and for the account of each of the companies of our group that we
directly or indirectly control, and in particular on behalf and for the account
of EDL SNC Corporation and Euro Disney Investments Inc., (i) waive any recourse
that we would have or consider ourselves to have against any partner of Euro
Disneyland SNC for claims arising pursuant to the Finance Lease, the Sub-Lease,
or this letter, and (ii) undertake not to take any action which could result in
Euro Disneyland SNC being subject to bankruptcy or insolvency proceedings:
provided, however, that we may participate in proceedings initiated by third
parties.

 

The
undertakings set forth in paragraphs 1 through 4 herein are irrevocable and
will remain in force (i) until the expiration of the twelfth year of the
Finance Lease, in the event that Euro Disney SCA exercises its option to
purchase the Finance Lease pursuant to Article 12 of the Sub-Lease, or (ii)
until the expiration of the Finance Lease in the event that Euro Disney SCA
does not exercise the purchase option referred to above. The undertaking set
forth in paragraph 5 and the waiver set forth in paragraph 6 shall remain in
force notwithstanding the expiration of the undertakings set forth in
paragraphs 1 through 4 above.

 

The
undertakings herein shall be governed by French law. Any disagreement
pertaining to the undertakings set forth in this letter shall be subject to the
exclusive jurisdiction of the Commercial Court of Paris. This shall not be
construed as an agreement by The Walt Disney Company to submit to the
jurisdiction of any court in France with respect to any matter other than the
undertakings set forth in this letter.

 

Sincerely,

 

Read and Approved:

 

Euro
Disneyland SNC 

By: Xavier de

Mezerac

 

86

 

SCHEDULE 23

Euro Disney S.A.S. Undertaking

 

TWDC
Procurement Letter

 

[on letter head of TWDC]

 

	
  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

  73, avenue Pierre Mendès-France

  75003, PARIS

  
	
   

  	
   

  
	
  To:

  	
  CALYON

  9, quai du Président Paul Doumer

  92920 PARIS LA DEFENSE CEDEX

  
	
   

  	
   

  
	
   

  	
  as Agent for the creditors which are parties the
  Phase IA Partners Advances Agreement, the Phase IB Credit Facility Agreement
  and the Phase IB Advances Agreement

  

 

December 1,
2004

 

Ladies and Gentlemen:

 

Euro Disneyland in France

 

1.                                      We
refer to the Common Agreement dated 10 August, 1994 Amended and Restated
between (1) Euro Disney S.C.A., Euro Disneyland S.N.C., Euro Disney Associés
S.C.A., EDL Hôtels S.C.A., Hotel New York Associés S.N.C., Newport Bay Club
Associés S.N.C., Sequoia Lodge Associés S.N.C., Cheyenne Hotel Associés S.N.C.,
Hotel Santa Fe Associés S.N.C. and Centre de Divertissements Associés S.N.C. as
borrowers (the “Borrowers”), (2) the banks which are party to the Phase IA
Credit Facility, (3) Caisse des Dépôts et Consignations, (4) the partners of
Euro Disneyland S.N.C. which are party to the Phase IA Partners Advances
Agreement, (5) the banks which are party to the Phase IB Credit Facility
Agreement and (6) the partners of the Hotel S.N.C.s and the banks which are
party to the Phase IB Advances Agreement. Capitalized terms not defined herein
shall have the meaning ascribed to them in the English version of the Common
Agreement signed for identification by or on behalf of the parties thereto.

 

2.                                      We
also refer to the Phase IA Credit Facility, the CDC Loan Agreements, the Phase
IB Credit Facility Agreement, the Phase IB Advances Agreement, the Phase IA
Partners

 

87

 

Advances Agreement and to the CDC Second
Park Agreements (the “Bank Debt Agreements”).

 

3.                                      We
also refer to the letter dated December 1, 2004 of Euro Disney SAS to BNP
PARIBAS, CALYON and CDC in respect of the undertaking by Euro Disney S.C.A. not
to carry on activities other than those set out in the Common Agreement and the
Covenants (the said letter hereinafter the “Letter” and attached as Exhibit A
hereto).

 

4.                                      In
our capacity as controlling shareholder of Euro Disney SAS, manager of Euro
Disney S.C.A., we hereby irrevocably undertake, from the date of completion of
the Contribution until the date on which all sums due to the creditors under
the Bank Debt Agreements shall have been fully repaid or paid and on which all
other obligations under the Bank Debt Agreements shall have been fully
performed, to cause Euro Disney SAS to comply with its undertakings under the
Letter.

 

5.                                       (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,

  The Walt Disney Company

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed and accepted on behalf of the

  creditors that are parties to the Phase IA

  Credit Facility

  
	
   

  
	
   

  
	
  BNP PARIBAS

  as Agent

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  

 

88

 

	
  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:

  	
   

  	
   

  

 

89

 

SCHEDULE 23

Euro Disney S.A.S. Undertaking

 

Exhibit A

 

[Exhibit A to this Schedule
23 only exists in French and absent a translation into English is summarized as
follows:

 

A letter from Euro Disney
S.A.S., as manager of Euro Disney SCA, to BNP Paribas, as agent for the Phase
IA Banks, CALYON, as agent under the Phase IB Credit Agreement, Phase IB
Advances Agreement and Phase IA Partners Advances Agreement, and CDC, whereby
Euro Disney S.A.S. undertakes to manage Euro Disney SCA in accordance with the
undertaking by Euro Disney SCA not to take on activities other than those set
out in the Common Agreement and the Common Undertakings.]

 

90

 

SCHEDULE
24

Compensation letter

 

 

[See Exhibit 4.19 of the Form 20-F]

 

91

 

SCHEDULE 25

Letter relating to the Master Agreement

 

 

CONFIDENTIAL

 

[Euro Disney
SCA Letterhead]

 

BNP PARIBAS

16 boulevard des Italiens

75009 Paris

For the attention of [ ]

 

CALYON

7 quai Paul Doumer

92920 Paris La Défense

For the attention of [ ]

 

Chessy, [  ] 2004

 

Dear Sirs,

 

We refer to your question concerning the number of
hectares in respect of which our company may lose its development rights in the
event that the minimum development thresholds provided for in article 15.2.2 of
the Agreement for the Creation and Operation of Euro Disneyland in France dated
24 March, 1987 (the “Agreement”) are not met.

 

We hereby confirm that as at today’s date our Company
has not lost any of its development rights under the Agreement.

 

On the basis of the number of hectares of land and
equipment developed or included in a Detailed Programme as at today’s date
(namely 1,170.6 hectares) (please refer to the table prepared by our Real
Estate Department in Annex 1), and on the assumption that there would be no
additional future development or Detailed Programme until the dates mentioned
hereafter, our Company would lose its rights in relation to the following
number of hectares at the dates specified below :

 

	
  On 31 December, 2007

  	
  0 hectares

  
	
   

  	
   

  
	
   

  	
  (1,170.6 hectares of land and equipment having been
  developed or included in a Detailed Programme, the threshold of 975 hectares
  has been reached)

  
	
   

  	
   

  
	
  On 31 December, 2017

  	
  772.4 hectares

  
	
   

  	
   

  
	
   

  	
  (namely threshold of 1,943 less 1,170.6 hectares of
  land and equipment developed or included in a Detailed Programme as of
  today’s date

  

 

92

 

You also asked us to give an estimate of the number of
hectares of additional land which our Company could envisage developing or
including in a Detailed Programme as at 31 December, 2007 and 31 December,
2017, and to supply the calculation of the number of hectares in relation to
which our Company may lose its rights on the basis of such an estimate.

 

By way of reply to this request, you will find
attached hereto a second table prepared by our Real Estate Department on the
basis of its forecasts as at today’s date and given the current economic
context (please refer to the table in Annex 2).

 

Please note that these figures are only a theoretical
working hypothesis, which does not take into account our commitments to the
banks or the content of our five year Business Plan. On that basis, our Company
would lose its rights in relation to the following number of hectares at the
dates indicated below:

 

	
  On 31 December, 2007

  	
  0 hectares

  
	
   

  	
   

  
	
  On 31 December, 2017

  	
  0 hectares

  

 

Please note also that according to article 15.5 of the
Agreement our Company could have lost its rights to develop the land marked for
the second park (a “Second Major Attraction” or an expansion of the Euro
Disneyland Park) if the construction thereof had not started before 1st
January, 2011.

 

This letter is addressed exclusively to you in your
respective capacity as Agent of the Phase IA Banks and Agent of the Phase IA
and IB Partners and of the Phase IB Banks, as well as to your legal advisers,
pursuant to the agreements and undertakings entered into in 2004 in relation to
the financial restructuring of Euro Disney. It may not be disclosed to any
third party whatsoever without our prior written approval.

 

The French version of this letter shall prevail over
any other version drafted in an other language.

 

Yours faithfully.

 

[

 

([representative of the Operating Company])]

 

93

 

Annex 1

Areas of land and equipment developed by Euro Disney or included in a Detailed
Programme to date

 

DEVELOPED SURFACES

 

Euro Disneyland Phases I,
II and III

 

	
  TOTAL AREA:

  	
   

  	
  1,943 ha

  
	
   

  	
   

  	
   

  
	
  TOTAL transferable surfaces:

  	
   

  	
  1,742 ha

  

 

PHASE I

 

	
  Transferable parcels

  	
   

  	
  375 ha

  
	
  including Disneyland Paris installations

  	
   

  	
  319 ha

  
	
   

  	
   

  	
   

  
	
  Secondary infrastructure

  	
   

  	
  112 ha

  
	
   

  	
   

  	
   

  
	
  Primary infrastructure

  	
   

  	
  125 ha

  
	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  612 ha

  

 

 

PHASE II (Detailed Programme Commitments)

 

	
  Transferable parcels:

  	
   

  	
   

  
	
  •                  CCI

  	
   

  	
  25 ha

  
	
  •                  Park area

  	
   

  	
  7.5 ha

  
	
  •                  Station area

  	
   

  	
  3.5 ha

  
	
  •                  International Business Park

  	
   

  	
  40 ha

  
	
  •                  Waste disposal

  	
   

  	
  1 ha

  
	
  •                  Second Park

  	
   

  	
  26 ha

  
	
  TOTAL

  	
   

  	
  103 ha

  
	
  •                  Amendment 04-II

  	
   

  	
  22.97 ha

  
	
  •                  Amendment 05-II

  	
   

  	
  34.6 ha

  
	
  •                  Amendment 06-II

  	
   

  	
  3.8 ha

  
	
  •                  Amendment 07-II

  	
   

  	
  7.50 ha

  
	
  TOTAL

  	
   

  	
  171.87 ha

  
	
  Secondary Infrastructure

  	
   

  	
  28 ha

  
	
  Primary Infrastructure (estimation)

  	
   

  	
  45 ha

  
	
  TOTAL Phase II

  	
   

  	
  245 ha

  

 

94

 

TOTAL SURFACES DEVELOPED
TO DATE: 857 ha

 

[Primary infrastructure: 35 ha

+ Amendment 07-II: none

+ Amendment 06-II: none

+ Amendment 04-II: none

+ Amendment 05-II: 10 ha]

Total: 45 ha

 

PHASE III (signed
15 September 2003)

 

	
  Transferable parcels

  	
   

  	
   

  	
   

  	
  SHON

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  North Area

  	
   

  	
  47 ha

  	
   

  	
  110,000 m2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  Tourism Area

  	
   

  	
  13.8 ha

  	
   

  	
  65,000 m2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  Station Area

  	
   

  	
  5.5 ha

  	
   

  	
  113,000 m2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  Lake Area

  	
   

  	
  4.4 ha

  	
   

  	
  70,000 m2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  East Area 

  	
   

  	
  47 ha 

  	
   

  	
  98,500 m2 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  International Business Park

  	
   

  	
  104.8 ha

  	
   

  	
  520,000 m2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  •                  Second Park Security Area

  	
   

  	
  4.1 ha

  	
   

  	
  0

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  226.6 ha

  	
   

  	
  976,500 m2
  (approx)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Secondary Infrastructure

  	
   

  	
  50 ha

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Primary Infrastructure

  	
   

  	
  15 ha

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Public Installations (estimation)

  	
   

  	
  22 ha

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Phase III

  	
   

  	
  313.6 ha

  	
   

  	
   

  

 

[South A4:

In Disney perimeter: 118 ha

Outside Disney perimeter: 516 ha]

 

	
  TOTAL OF 3 PHASES

  	
  1,170.6 ha

  

 

95

 

Annex 2

Contemplated areas of land and equipment for development by Euro Disney or
inclusion in a

Detailed
Programme by 31 December 2007 and 31 December 2017.

 

AREAS TO BE DEVELOPED

 

 

TOTAL AREA:  1,943 ha

 

 

Developed or committed areas to date                                   1,170.6
ha

 

 

	
  To be developed prior to 31 December 2017

  	
  772.4 ha

  

 

96

 

SCHEDULE
26

List of Indebtedness

 

 

Other
Indebtedness

Amounts
as at September 30 2004

 

	
  Crédit
  Bail, Leasing

  	
   

  	
   

  	
   

  	
  Principal

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IT Equipment

  	
   

  	
  14 413 872

  	
   

  
	
   

  	
   

  	
  Fixed Assets

  	
   

  	
  4 786 136

  	
   

  
	
   

  	
   

  	
  Divers

  	
   

  	
  2 329 526

  	
   

  
	
   

  	
   

  	
  Car Leasing

  	
   

  	
  3 727 042

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  25 256 576

  	
  (1)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Purchases on credit and deferred payment
  terms for a period exceeding 180 days

  	
   

  	
   

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The issue of guarantees, endorsements or
  indemnities or the undertaking of payment obligations in whatever form
  relating to Borrowings contracted by third parties outside the Group

  	
   

  	
   

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The issue of securities representing claims
  against any Group company, other than Equity Securities

  	
   

  	
   

  	
   

  	
  0

  	
   

  

 

(1) Reported
amounts are based upon the existing definition of Additional Indebtedness in
the Common Agreement as of September 30, 2004 and the Company’s past
practice.  Each contract will be
re-examined in light of the modifications to the Other Indebtedness definition
in Financial Year 2005

 

97

 

Financing
Agreements (in M€):

Principal
Amounts as at September 30, 2004

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  ED
  SCA

  	
   

  	
  EDL
  SNC

  	
   

  	
  EDL
  Hotels SCA

  	
   

  	
  Hotels
  SNCs

  	
   

  	
  Total

  	
   

  
	
  Phase 1A Credit Facility(1) :

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tranche A

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  70,0

  	
   

  	
  155,9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  225,9

  	
   

  
	
   

  	
   

  	
  EIB

  	
   

  	
  4,24%

  	
   

  	
  5,9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  5,9

  	
   

  
	
   

  	
   

  	
  Crédit Local de France

  	
   

  	
  Euribor + 0.47%

  	
   

  	
  4,4

  	
   

  	
  3,9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  8,3

  	
   

  
	
   

  	
   

  	
  Tranche D1

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  18,1

  	
   

  	
  39,7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  57,8

  	
   

  
	
   

  	
   

  	
  Tranche D2

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  13,0

  	
   

  	
  29,3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  42,3

  	
   

  
	
  CDC Ordinary (2)

  	
   

  	
  5,15%

  	
   

  	
  40,6

  	
   

  	
  86,9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  127,5

  	
   

  
	
  CDC Participating

  	
   

  	
  5,15%

  	
   

  	
  128,3

  	
   

  	
  274,4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  402,7

  	
   

  
	
  Phase 1A Partners’ Advances:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tranche B

  	
   

  	
  3%

  	
   

  	
   

  	
   

  	
  304,9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  304,9

  	
   

  
	
  Phase 1B Credit Facility

  	
   

  	
  Euribor + 1%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  22,4

  	
   

  	
  128,2

  	
   

  	
  150,6

  	
   

  
	
  Phase 1B Advances:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tranche B

  	
   

  	
  3%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  78,1

  	
   

  	
  78,1

  	
   

  
	
   

  	
   

  	
  Tranche C

  	
   

  	
  Euribor +1.125%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  18,9

  	
   

  	
  18,9

  	
   

  
	
  Crédit-Bail 1.4 BFRF (Additional Capacity
  1994)

  	
   

  	
  1%

  	
   

  	
  213,4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  213,4

  	
   

  
	
  Stand By Credit Agreement

  	
   

  	
  Euribor

  	
   

  	
  125,0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  125,0

  	
   

  
	
  CDC 2nd Gate (Walt Disney Studios)

  	
   

  	
  5,15%

  	
   

  	
  381,1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  381,1

  	
   

  
	
  Convention Center

  	
   

  	
  Euribor + 0.20%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  20,5

  	
   

  	
   

  	
   

  	
  20,5

  	
   

  
	
   

  	
   

  	
  TOTAL

  	
   

  	
   

  	
   

  	
  993,9

  	
   

  	
  900,9

  	
   

  	
  42,9

  	
   

  	
  225,1

  	
   

  	
  2 162,9

  	
   

  

 

(1) Rates
are averages, the principal represents the amounts owed by the companies

(2) Finama
Bank guarantees the partners of EDL SNC for an amount of 86.9 M€ at a cost of
1% of the principal per annum.

 

98

 

Market
Transaction

as
at September 30, 2004

 

	
  Interest
  Rate Hedging:

  	
   

  	
   

  	
   

  	
  Principal

  	
   

  	
  Latent
  Result

  	
   

  
	
  SWAPS

  	
   

  	
   

  	
   

  	
  20 000

  	
   

  	
  -24

  	
   

  
	
  FRA

  	
   

  	
   

  	
   

  	
  40 000

  	
   

  	
  0

  	
   

  

 

	
  Foreign
  Exchange Hedging:

  	
   

  	
   

  	
   

  	
  Principal

  	
   

  	
  Latent
  Result

  	
   

  
	
  Forward Sale GBP

  	
   

  	
   

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  
	
  Forward Sale CHF

  	
   

  	
   

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  
	
  Forward Buy USD

  	
   

  	
   

  	
   

  	
  -11 969

  	
   

  	
  -203

  	
   

  

 

	
  Options

  	
   

  	
   

  	
   

  	
  Principal

  	
   

  	
  Latent
  Result

  	
   

  
	
  N/A

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Note: Spot

  	
   

  	
  GBP =

  	
   

  	
  1,4560

  	
  €

  	
   

  	
   

  
	
   

  	
   

  	
  CHF =

  	
   

  	
  0,6442

  	
  €

  	
   

  	
   

  
	
   

  	
   

  	
  USD =

  	
   

  	
  0,8059

  	
  €

  	
   

  	
   

  

 

99

 

SCHEDULE 27

Outstanding Amounts as at 1 October 2004 after Prepayment

 

	
  Banks

  	
   

  	
  SNC
  Loan

  	
   

  	
  SCA
  Loan

  	
   

  
	
   

  	
   

  	
  (euro)

  	
   

  	
  (euro)

  	
   

  
	
  Banco
  Santander Hispano S. A

  	
   

  	
  4,531,694.00

  	
   

  	
  2,047,260.15

  	
   

  
	
  Bank of America N.A.

  	
   

  	
  10,448,936.25

  	
   

  	
  4,710,328.47

  	
   

  
	
  Bank of Nova Scotia

  	
   

  	
  7,872,098.91

  	
   

  	
  3,534,496.14

  	
   

  
	
  Bank of Scotland

  	
   

  	
  12,033,375.63

  	
   

  	
  5,376,075.27

  	
   

  
	
  Banque
  Fédérative du Crédit Mutuel

  	
   

  	
  2 154 797.02

  	
   

  	
  967,223.24

  	
   

  
	
  Bayerische Hypo- und
  Vereinsbank

  	
   

  	
  8,248,502.70

  	
   

  	
  3,726,383.72

  	
   

  
	
  BNP
  PARIBAS

  	
   

  	
  8,587,252.41

  	
   

  	
  3,872,488.28

  	
   

  
	
  B.R.E.D.
  Banque Populaire

  	
   

  	
  2,154,797.02

  	
   

  	
  967,223.24

  	
   

  
	
  CALYON

  	
   

  	
  5,520,365.59

  	
   

  	
  2,491,044.93

  	
   

  
	
  Crédit
  Industriel et Commercial

  	
   

  	
  3,864,437.42

  	
   

  	
  1,734,629.15

  	
   

  
	
  Citibank NA New York

  	
   

  	
  5,890,119.97

  	
   

  	
  2,618,553.51

  	
   

  
	
  Crédit
  Agricole S.A.

  	
   

  	
  4,803,234.67

  	
   

  	
  2,172,790.90

  	
   

  
	
  Crédit
  Foncier de France

  	
   

  	
  4,740,922.57

  	
   

  	
  2,128,056.82

  	
   

  
	
  Credit Suisse First Boston

  	
   

  	
  10,421,814.01

  	
   

  	
  4,665,813.67

  	
   

  
	
  Deutsche Bank AG

  	
   

  	
  42,281,639.63

  	
   

  	
  19,030,699.74

  	
   

  
	
  Dresdner Bank AG

  	
   

  	
  8,628,664.74

  	
   

  	
  3,873,146.75

  	
   

  
	
  Goldman Sachs Paris Inc

  	
   

  	
  19,902,921.06

  	
   

  	
  8,921,596.01

  	
   

  
	
  JPMorgan Chase Bank

  	
   

  	
  2,154,797.02

  	
   

  	
  967,223.24

  	
   

  
	
  Natexis
  Banques Populaires

  	
   

  	
  19,917,431.12

  	
   

  	
  8,946,455.24

  	
   

  
	
  Morgan Stanley Bank International
  Limited

  	
   

  	
  4,531,694.00

  	
   

  	
  2,047,260.14

  	
   

  
	
  TOTAL

  	
   

  	
  188,689,495.75

  	
   

  	
  84,798,748.59

  	
   

  

 

100

 

SCHEDULE 28

New scheduled repayments

 

	
  Instalment

  	
   

  	
  SCA Loan

  	
   

  	
  SNC Loan

  	
   

  
	
   

  	
   

  	
  (euro)

  	
   

  	
  (euro)

  	
   

  
	
  May 2008

  	
   

  	
  21,099,069.99

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2008

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2008

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2009

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2010

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  August 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  November 2011

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  February 2012

  	
   

  	
  3,981,229.91

  	
   

  	
  11,793,093.48

  	
   

  
	
  May 2012

  	
   

  	
  3,981,229.91

  	
   

  	
  0.00

  	
   

  

 

101

 

SCHEDULE 29

Waiver of Debt Agreements

 

 

	
  

  	
   

  	
   Enterprises, Inc.

  

 

October 1,
2004

 

TO:                                                  Euro Disney SCA

 

FROM:                               Disney Enterprises, Inc.

 

 

Ladies and Gentlemen:

 

We refer to (i) the Standby Revolving Credit Agreement
(the “Standby Credit”) dated August 5 , 1994 between Euro Disney SCA and Disney
Enterprises, Inc. (formerly The Walt Disney Company) and (ii) the Memorandum of
Agreement dated June 8, 2004 among Euro Disney, Euro Disneyland SNC, EDL Hôtels
SCA, the Hotel SNCs (as defined therein), The Walt Disney Company (“TWDC”),
Caisse des Dépôts et Consignations, the Lenders (as defined therein), BNP
Paribas, Calyon and the Steering Committee, as amended on September 27, 2004
(the “Memorandum of Agreement”), and more particularly its Article 7.1.1 (as
amended).

 

Effective on and as of the date hereof, and subject
only to the condition subsequent set forth below, we hereby discharge Euro
Disney SCA of it obligation to repay to us a portion, equal to the amount of €
10 million, of the principal currently outstanding under the Standby Credit
(such € 10 million portion being hereinafter referred to as the “Discharged
Amount”) and hereby waive all claims with respect to our rights to enforce the
repayment of such Discharged Amount.

 

The foregoing discharge of the Discharged Amount and
waiver of rights of repayment with respect thereto are subject to the condition
subsequent that all transactions, documents, contracts and amendments
contemplated by the Memorandum of Agreement will have been unconditionally and
irrevocably completed, closed and executed and become unconditionally and
irrevocably effective no later than March 31, 2005, unless otherwise agreed in
writing by us by no later than April 30, 2005.

 

In the event that the condition referred to in the
preceding paragraph is not satisfied, the foregoing discharge and waiver will
automatically terminate and be of no further force or effect on the fifth
Business Day following April 30, 2005 (such day being the “Early Termination
Date”) with no notice or other action required on our part or on the part of
any other person or entity, and on the Early Termination Date the Discharged
Amount will be reinstated in full and will become immediately due and payable
in full to us on such date, together with interest calculated as provided by
the Standby Credit from (and including) the date hereof to (but excluding) the
Early Termination Date. For purposes, hereof, a “Business Day” means any day
(other than a Saturday or a Sunday) on which banks are open for business in Los
Angeles and Paris.

 

 

500 South
Buena Vista Street / Burbank, California 91521 / 818-560-1000

 

Part of the Magic of The  Company©

 

102

 

This letter shall be governed by, and interpreted in
accordance with, the laws of the State of New York without reference to the
choice of law doctrine. Any disputes arising from this letter shall be
submitted to the exclusive jurisdiction of the courts of the State of New York
or of the United States District Court for the Southern District of New York.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/ Joseph M. Santaniello

  
	
   

  	
  Disney Enterprises, Inc.

  
	
   

  	
  by: Joseph M. Santaniello

  

 

103

SCHEDULE
30

Part 1

Amendment Agreement to the nantissements

de comptes agreements (Phase IA Loan)

 

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

 

An amendment
agreement between Euro Disneyland SNC, BNP Paribas, as agent for the Phase IA
Banks and holder of the Accounts and CDC, which implements certain amendments
necessitated by the 2004 financial restructuring to the Accounts Pledge
Agreement, under which Euro Disneyland SNC had pledged all amounts outstanding
in its Loan Accounts in order to secure Euro Disneyland SNC’s payment
obligations with respect to the Banks under the CDC Ordinary Loan Agreement and
the Phase IA Credit Agreement.]

 

 

104

 

SCHEDULE
30

Part 2

Amendment Agreement to the nantissements 

de solde de compte agreement [SCA]

 

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

 

An amendment agreement
between Euro Disney SCA, BNP Paribas, as agent for the Phase IA Banks and
holder of the Accounts, CDC, which implements certain amendments necessitated
by the 2004 financial restructuring to the Accounts Pledge Agreement, under
which Euro Disney SCA had pledged all amounts outstanding in its Loan Accounts
in order to secure Euro Disney SCA’s payment obligations with respect to the
Banks under the CDC Ordinary Loan Agreement and the Phase IA Credit Agreement.]

 

105

 

SCHEDULE 31

Form of 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.]

 

106

 

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”).

 

107

 

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 

 

108

 

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;

 

(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

 

109

 

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.                                     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 

 

110

 

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, 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

 

111

 

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;

 

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

 

112

 

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

 

113

 

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

  

 

396758

 

114

 

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 

 

115

 

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.”

 

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 

 

116

 

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).

 

117

 

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 

 

118

 

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.

 

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 

 

119

 

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

  

 

120

 

SCHEDULE 32

Agreement in principle of the tax administration

 

 

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

 

A letter from the General
Tax Administration (Direction Génerale des
Impôts) to Euro Disney SCA, relating to the transfer (without
limitation) of the tax losses of Euro Disney S.C.A to Euro Disney Associés.]

 

121

 

SCHEDULE 33

New Revolving Credit Facility

 

[See Exhibit
4.7 to the Form 20-F]

 

122

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