Document:

Exhibit 4.14(b)

 

Translation for information
purposes only

 

EURO DISNEYLAND IN FRANCE - PHASE
IB

 

Advances
Agreement dated March 25, 1991

Amended
and Restated

 

Between

 

HÔTEL NEW YORK ASSOCIÉS S.N.C.

NEWPORT BAY CLUB ASSOCIÉS
S.N.C.

SEQUOIA LODGE ASSOCIÉS
S.N.C.

CHEYENNE HÔTEL
ASSOCIÉS S.N.C.
HÔTEL SANTA FE ASSOCIÉS S.N.C.

CENTRE DE DIVERTISSEMENTS ASSOCIÉS S.N.C.

 

As
Borrowers

 

 

And

 

EDL
HOTELS S.C.A.

 

As
Guarantor

 

 

And

THE
LENDERS

 

 

And

 

CALYON

Lenders’ Agent

Security
Agent

Financial
Agent

 

 

And

 

THE DEPOSITARIES

 

	
  Agent's
  counsel

  	
   

  	
  Borrowers' counsel

  
	
   

  	
   

  	
   

  
	
  Slaughter
  and May

  	
   

  	
  Freshfields Bruckhaus

  
	
  112, avenue Kléber

  	
   

  	
  Deringer

  
	
  75116 Paris

  	
   

  	
  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 Lenders

  
	
   

  	
   

  
	
  SCHEDULE II

  	
  The Depositaries

  
	
   

  	
   

  
	
  SCHEDULE III

  	
  Model Interest Period Determination Request

  
	
   

  	
   

  
	
  SCHEDULE IV

  	
  Model Depositaries Accession

  
	
   

  	
   

  
	
  SCHEDULE V

  	
  Insurance Provisions

  
	
   

  	
   

  
	
  SCHEDULE VI

  	
  Repayment Schedule for the Tranche C Advances

  
	
   

  	
   

  
	
  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

  

 

3

 

BETWEEN:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

PARTY OF THE FIRST PART,

 

AND:

 

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

 

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

 

PARTY OF THE SECOND PART

 

AND:

 

8.             THE PARTNERS of the Borrowers and the other
financial institutions the names of which are
listed in Schedule I to the Agreement,

 

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

 

PARTY OF THE THIRD PART,

 

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

 

4

 

(hereinafter referred to as
the “Lenders’ 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 “Financial 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 Advances Amendment and Restatement Agreement dated
December 1, 2004, the parties to that agreement have agreed (a) to
establish a consolidated version of the advances 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
Advances Agreement dated March 25, 1991 in all its unamended provisions,
pursuant to the terms of the amended and restated agreement attached as a
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 Tranche C
Advances is € 15,182,518.10.

 

5

 

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 Agreement.

 

“Agreement” means the advances agreement
dated March 25, 1991, between the Borrowers, EDL Hotels SCA as Guarantor, the
Lenders and CALYON as Lenders’ Agent, Security Agent and Financial 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’

 

6

 

Agent,
such investments:

 

(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 the banking institutions that
are parties to the Credit Agreement, as well as any banking institution to
which all or part of the rights and obligations of one of such banking
institutions may be subsequently transferred or assigned under the Credit
Agreement in accordance with Article 5.2 or Article 21 (Beneficiaries of the
Agreement) of the Credit 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, 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 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 Borrowers
and a Leasing Company with respect to one of the Phase IB Installations.

 

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

 

“Depositary”
means the Security Agent and each of the banking institutions with which EDL
Hotels or the 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 Lenders’ Agent and the Financial 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

 

7

 

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 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.

 

“Disney Undertaking”
means the letters from TWDC and 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
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 Lenders’
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 Lenders’ Agent by
the Reference Banks.

 

If, despite the request of the Lenders’ Agent, one or
more of the Reference Banks do not provide a rate to the Lenders’ Agent for the
relevant period, the Lenders’ Agent will determine EONIA on the basis of the
rates provided by the other Reference Banks. 
If, despite the request of the Lenders’ Agent, the Lenders’ 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

 

8

 

TARGET Date as described in paragraph
(i) above, the annual rate as determined by the Lenders’ 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 Advance 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.

 

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 request of the Lenders’ Agent, one or more of the
Reference Banks do not provide a rate to the Lenders’ Agent for an Interest
Period, the Lenders’ Agent will determine EURIBOR on the basis of the rates
provided by the other Reference Banks. 
If, despite the request of the Lenders’ Agent, the Lenders’ 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 SAS
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 BNP PARIBAS,
CALYON 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 of the Agreement.

 

“Final Maturity Date”
means, for Tranche C Advances, 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) of the Credit Agreement.

 

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

 

“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.

 

9

 

“Guarantor”
means EDL Hotels.

 

“Insurance Advisor”
means the insurance advice firm appointed by the Lenders’ Agent
and the Financial 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).

 

“Interest Payment
Date” means (i) for Tranche B, February 5, May 5, August 5 and
November 5 of each year and (ii) for Tranche C, 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 Tranche C Advance, the one, three or six (1, 3 or 6)
month period or, provided that the Majority Lenders 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, for Tranche C Advances, 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
Agreement as lenders.

 

“Lenders’ 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) of the Agreement.

 

“Loan(s)”
means, in the singular, with respect to each Borrower, the outstanding
principal amount owed by such Borrower under the Credit 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 (as
defined in the Credit Agreement) 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 Tranche C Advance, 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

 

10

 

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.

 

“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 the Newport Bay Club Associés SNC, after detaching Parcel F, the map
of which is attached as Schedule X.

 

“Partners”
means the partners of the 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
Advances Amendment and Restatement Agreement” means the agreement
dated December 1, 2004 relating 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 Credit Agreement 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 Lenders.

 

“Repayment Date”
means (i) for Tranche B Advances, February 5 of each year included in the
Repayment Period, and (ii) for Tranche C Advances, each of the Quarterly
Maturity Date indicated in the schedule set forth in Schedule VI.

 

“Repayment Period”
means, for each Borrower and for Tranche B Advances, the period included
between

 

11

 

January 1 following the Fiscal Year during which this
Borrower shall, for the first time, make a Tax Income and the date on which all
Advances are repaid.

 

 “Restatement
Date” means the date on which all the conditions precedent set forth
in the Phase IB Advances Amendment and
Restatement Agreement and not waived by the Lenders’ 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 Credit Agreement, which could be
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 Lenders and the Banks which is
governed by the provisions of the Agreement and the Credit 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 Credit Agreement, which could
be 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 Lenders and the Banks which is
governed by the provisions of the Agreement and the Credit Agreement, opened by
the 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.

 

“Taxable Income”
means the income calculated following the rules of the corporate income tax, as
such income is reported in the financial statements of each of the Borrowers
approved by its statutory auditor(s), after recognition of deferred
depreciation, or depreciation deemed to be deferred, if any.

 

“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.

 

“Tranche”
equally means Tranche B or Tranche C.

 

“Tranche B”
means the Tranche in respect of which the Advances granted by the Lenders are
identified in the first part of Schedule I.

 

“Tranche C”
means the Tranche in respect of which the Advances granted by the Lenders are
identified in the second part of Schedule I.

 

“Tranche B
Advance(s), Tranche C Advance(s)” in the singular means the portion
of an Advance relating to the corresponding Tranche; in the plural means the
total amount of Advances relating to the

 

12

 

corresponding Tranche.

 

“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
5.2, 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 (Unforeseen Circumstances) of the Agreement will be considered as being
references to article 10 (Covenants).

 

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.

 

13

 

SECTION II -
OBLIGATIONS

 

ARTICLE 2 - OBLIGATIONS
OF THE LENDERS AND THE BORROWERS

 

2.1           Each Lender participates in the
Advances in the amounts set forth in Schedule I. The total amount of the
Advances is on the Restatement Date € [•]. The obligations arising under
the Agreement for each Lender are separate from those arising hereunder for the
other Lenders and there will be no joint liability among them.

 

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

 

2.2           The Borrowers will be jointly
and severally liable for the fulfillment of their obligations arising under the
Agreement and joint and several debtors of the sums owed to the Lenders
pursuant to the Agreement.

 

2.3           EDL Hotels will be joint and
several guarantor under the Guarantee for the performance by the Borrowers of
their obligations under the Agreement.

 

ARTICLE 3 - INTEREST

 

3.1           Each of the Tranche B Advances shall bear interest at a fixed
annual rate of three percent (3%) per annum.

 

3.2           Subject to the provisions of Article 3.3 below, the interest
rate applicable to each Interest Period for each Advance of the Tranche C will
be equal to EURIBOR increased by the Margin pursuant to the provisions set
forth below, and will be calculated by the Lenders’ Agent who will immediately
notify the Borrower or Borrowers in question, to EDL Hotels as Guarantor and to
the Lenders.

 

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.

 

3.3           Upon the expiration of the Interest Period for each Tranche C
Advance, each Borrower must determine the duration of the new Interest Period
for the Advance 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 Lenders’ Agent no later than 11:00 a.m. (Paris
time):

 

(i)            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

 

(ii)           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 Lenders’ Agent must inform the Lenders of the contents of the Interest Period Determination

 

14

 

Request. If the Lenders’ 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 Lender
which has not provided notice of its refusal to agree to the duration of said
Interest Period to the Lenders’ Agent no later than 11:00 a.m. (Paris time) on
the third Business Day 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 Lenders on said third Business Day, the Lenders’ 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 Lenders’ 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 Lenders
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 Lenders.

 

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

 

3.4           Notwithstanding any provision to
the contrary in the Agreement, in the event that on a date on which an interest
rate must be determined for a Tranche C Advance and due to circumstances which
affect the inter-bank market: (a) the Lenders, all the participations of which
in the Tranche C Advances represent at least sixty percent (60%) of the total
amount of the Tranche C have notified the Lenders’ Agent that EURIBOR or EONIA,
as the case may be no longer reflects the actual refinancing cost of their
participation in the Tranche C Advances or (b) the Lenders’ 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 Lenders’ Agent must immediately notify the Borrowers, EDL Hotels and each
of the Lenders thereof.

 

During the forty-five (45) Business Days following the
above notice, the Borrowers and the Lenders (the latter being represented by
the Lenders’ 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 Lenders’ Agent have agreed to a substitute interest rate,
after having received the approval of the Lenders, the participations of which
represent at least eighty percent (80%) of the aggregate amount of the Tranche
C Advances, 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 Lenders.

 

In the absence of agreement as provided for above
within the above period of forty-five (45) Business Days, the Lenders’
obligations under the Tranche C Advances Agreement will be rescinded as a
matter of law and the Borrowers will be obligated to prepay all of the Tranche
C Advances 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 Lenders could have borrowed the funds from day to day to finance or
maintain their participation in the Tranche C Advances and (ii) the Margin.

 

3.5           The interest payable pursuant to
the Agreement, whether payable under Article 3 or under any

 

15

 

other article of the Agreement, will be
calculated using the exact number of days elapsed on the basis of a 360-day
year.

 

3.6           Subject to the
provisions of paragraph (B) of Article 7 (Undertakings) of the Phase IB Advances
Amendment and Restatement Agreement, on each Interest Payment Date with respect
to an Advance, the Borrower or Borrowers in question will pay to the Lenders’ Agent, for the account of the Lenders, the interests calculated as set forth in Articles 3.1
and 3.2 above.

 

ARTICLE 4 - REPAYMENT OF THE ADVANCES

 

(A)          Tranche
B Advances

 

Tranche B Advances will be repaid by each Borrower on
February 5 of each year during the Repayment Period: the amount of each
repayment to be made on each Tranche B Repayment Date of a Fiscal Year (n)
included in the Repayment Period will be equal to the amount of the Taxable
Income of the Borrower in question for the Fiscal Year (n-1), as multiplied by
the rate of the corporate income tax applicable for the Fiscal Year (n-1).

 

Each Borrower will communicate to the Lenders’ Agent,
fifteen (15) calendar days before the Repayment Date the amount of its Taxable
Income for the Fiscal Year (n-1).  The
Lenders’ Agent will calculate the amounts to be repaid and will communicate the
amount to each Borrower, to EDL Hotels, as Guarantor, and to each of the
Lenders, five (5) Business Days before the Repayment Date.

 

(B)           Tranche
C Advances

 

Each Advance 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
an Advance 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 Advance precedes a repayment date, and if the
requested Interest Period expires after the repayment date in question, the
portion of the Advance 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
Advance 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 Advance to be repaid and the distinct
Interest Period calculated as indicated above.

 

ARTICLE 5 - PREPAYMENT

 

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

 

(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 Lenders’ Agent if the Financial Agent so requests.

 

(C)           Any
prepayment must:

 

16

 

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

 

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

 

(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)          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 Borrower
in question will be obligated to early repay the totality of its Tranches B and
C Advances, it being specified that, in the event of repayment between January
2005 and December 31, 2007 (included), the amounts repaid in respect of the
Tranche C Advances 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 Credit 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 amounts repaid in respect of Tranche C 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
Tranche B Advances equal at least sixty percent (60%) of the aggregate amount
of Tranche B Advances agree that the additional
repayment of Tranche B
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:

 

(a)            the
Borrowers in question must pay

 

(i)      the accrued
interest on the repaid amounts;

 

(ii)     in respect of
the repayment of the Tranche C Advances, the costs for re-use of the funds
which may be incurred by the Lenders, calculated as indicated in Article 16
(Expenses), if the repayment is made on a date other than an Interest Payment
Date; and

 

17

 

(iii)    in
respect of the repayment of the Tranche B Advances, the following amounts:

 

(i’)     an amount equal
to the potential positive difference between (x) the amount of taxes borne by
the Partners of the Borrower concerned as a result of the income made by this
Borrower in the context of this repayment or as a result of the sale of their
shares in accordance with paragraph (b) below (except for taxes on income
related to the payment of the indemnity referred to in (ii) below, and (y) the
amount so repaid of the Tranche B Advances; and

 

(ii’)    an
indemnity equal to the value updated on the date of repayment, at a rate equal
to the Average Rate of Return of the Government bonds from 7 to 30 years (TME),
interests relating to Tranche B Advances, for the period between the date of
this repayment and the maturity date of the Credit-Bail Agreements, such
interest will be calculated by applying to the repaid amount the indicative
depreciation profile of the Tranche B Advances as it will appear, on the date
of early repayment, from the Computer Model and, in all events, with a final
date of theoretical repayment identical to the maturity date of the Credit-Bail
Agreements.

 

(b)           EDL Hotels
shall acquire, or cause to acquire from the Partners, at their par value, the
shares of the Borrower concerned that 
they hold.

 

5.3           (A)          Any prepayment made in
application of article 5.1 of the Agreement 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 Lenders’
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 Lender pursuant to the Agreement. The Lenders’ Agent must credit said
account with the principal and interest amounts, commission, expenses and
related costs paid to each Lender following the payment or repayment made by a
Borrower under an Advance.

 

(B)           Each Lender
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
Lender 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 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.

 

18

 

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

 

7.1.3        The Loan Accounts are deposit accounts which may not have
debit balances. The SCA Loan Agreement operates, in the credit and debit sides,
following terms and conditions provided for in Article 7 (Provisions concerning
the Loan Accounts and the Designated Accounts) of the Credit Agreement, terms
and conditions that may not be modified without the consent of the Lenders’
Agent.  The SNC Loan Account operates as
follows:

 

(E)           It is credited:

 

(a)           by debiting an SNC Designated
Account;

 

(b)           with any insurance payment
relating to Phase IB and paid to a Borrower, other than payments for civil
liability;

 

(c)           with the proceeds of any
other loans or advances made to a Borrower, in particular by EDL Hotels;

 

(F)           It may only be debited with
the amounts transferred to the credit of an SNC Designated Account;

 

(G)           Any instruction to debit a
SNC Loan Account will be sent by the Borrowers to the Security Agent with a
copy to the Lenders’ Agent and the Financial 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 Lenders’ Agent
or the Financial 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 SNC Loan Account and the SCA Loan Account 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        No more than two (2) SNC Designated Accounts, i.e., a cash account and a securities
account, may be opened with the same Depositary or with the Security Agent by a
Borrower. The opening and operation both in the debit and credit sides of SCA
Designated Accounts, including the “SCA Subordinated Loan” Designated Account,
shall be governed by the provisions of Article 7 (Provisions concerning the
Loan Accounts and the Designated Accounts”) of the Credit Agreement, provisions
that may not be modified without the consent of the Lenders’ Agent.

 

Each Depositary must inform the Security Agent, the
Lenders’ Agent and the Financial Agent of the opening of a Designated Account
without  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 SNC Designated Accounts and the SCA Designated
Accounts (including the “SCA Subordinated Loan” 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. All new Designated
Accounts will be pledged in accordance with the provisions of Articles 7.3 and 

 

19

 

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 SNC Designated Accounts will operate as follows:

 

(A)          they may be only credited:

 

(a)           by debiting the SNC Loan
Account or another SNC Designated Account; and

 

(b)           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 order to credit the SNC
Loan Account or any other SNC Designated Account in the same amount; and

 

(b)           with the amount necessary to
make the Authorized Investment.

 

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        EDL Hotels will send to the Lenders’ Agent a copy of the
supporting documentation required by the Credit Agreement for purposes of
debiting an “SCA Subordinated Loan” Designated Account.

 

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 Lenders and the Banks upon
the opening of said Accounts pursuant to a pledge instrument substantially in
the form of the models attached at Schedule VIII (C) and (D) and which EDL
Hotels, in the case of an SCA Designated Account, or the 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 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 Lenders’ Agent
and the Financial 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

 

20

 

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.

 

As soon as the above mentioned master pledge agreement
is signed, the Depositary with which any new Designated Account concerned 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 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 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: EDL Hotels and each Borrower hereby agree
to sign any instrument necessary under the applicable legislation in order to
pledge in favor of the Lenders and the Banks, 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 Security
Agent and the Financial Agent.

 

(b)           Bearer
securities governed by foreign law or governed by French law and in physical
form: EDL Hotels and each Borrower hereby agree to sign and 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 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

 

21

 

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.

 

(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 Borrowers and may only be used, both for debits and credits, upon the
signature of all of the Borrowers.

 

The SNC Designated Accounts may either be joint
accounts opened in the name of multiple Borrowers and may only be used upon the
signature of all of the Borrowers in the names of which said accounts have been
opened, or they may be individual accounts opened in the name of a 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 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) and without prejudice to the ability of the Lenders to exercise their rights
under said Article 13, the Lenders’ Agent may, upon notification provided to
EDL Hotels and to the 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. However, this prohibition may not be held
(i) if the aforementioned Event of Default or event is cured, or (ii) if the
Majority Lenders have waived  their right
to claim this Event of Default or event or (iii) subject to the cases provided
for in Article 13.2(B), if the Banks have not taken any similar measure under
the Credit Agreement and under the conditions provided for therein.

 

22

 

ARTICLE 8 - ORDER TO
ALLOCATE THE AMOUNTS RECEIVED BY THE LENDERS’ AGENT - DISTRIBUTION TO THE
LENDERS

 

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 Lenders’
Agent or the Lenders 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
and the Lenders’ Agent or the Lenders 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;

 

(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
Tranche C Advances – New Lenders Participations) of the Phase IB Advances
Amendment and Restatement Agreement.

 

8.2           In the event that one or more
Lenders receive from a Borrower, EDL Hotels or from any third party any payment
whatsoever, whether or not in advance, which is greater than the amount which
said Lender or Lenders 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
Lenders’ Agent who will distribute and allocate it among the Lenders in
accordance with the provisions of the Agreement.

 

EDL Hotels and each Borrower hereby expressly
acknowledge that the amounts due to each Lender under the Agreement will be determined
after application of the above provisions.

 

SECTION III - GENERAL
CONDITIONS

ARTICLE 9 - REPRESENTATIONS AND WARRANTIES OF THE
BORROWERS

 

EDL Hotels and each of the Borrowers, as far as they
are concerned, hereby makes the following representations and warranties to the
Lenders’ Agent and the Lenders:

 

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 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

 

23

 

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 Lenders hereunder rank and will rank at all times at
least pari passu in priority with the rights and
security interests granted to the Banks under the Credit Agreement; it being
specified that the amounts owed under the Tranche B Advances are not guaranteed
by the mortgages referred to in Article 17 (Guarantee – Security Interests);
and under this sole reserve, the Banks 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 Lenders 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 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 EDL Hotels or 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 EDL Hotels or of such Borrower to perform its obligations hereunder, under
the Guarantee (regarding EDL Hotels) 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 Lenders’ 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 Lenders
hereunder.

 

ARTICLE 10 - COVENANTS

 

10.1         Covenants
to Inform

 

EDL Hotels and each of the Borrowers hereby covenant
and agree, until such time as all of the advances made by the Lenders 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:

 

24

 

(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 Lenders’
Agent or the Lenders 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 Lenders in accordance with paragraph 1 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;

 

(b)           and to inform
the Lenders’ 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 Lenders’ 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 or EDL
Hotels pursuant to any Phase IB Documents;

 

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

 

(G)           as soon as
practicable, to furnish to the Lenders’ Agent any information that the Lenders’
Agent, acting on behalf of the Lenders, 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 Lenders’ 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 EDL Hotels and each of the Borrowers covenant and agree, until
all the advances made by the Lenders under the Agreement are repaid in full and
all of their other obligations hereunder have been performed:

 

25

 

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

 

(B)           to take all measures that may reasonably be required of EDL Hotels or
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 Lenders’ 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 Lenders’ 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 EDL Hotels or of said Borrower or on the financial condition of the Lenders under the Agreement, or except with the prior written
consent of the Lenders’ Agent with respect to the
structure and nature of the Phase IB Installations;

 

(E)           to provide to the Lenders’ 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 EDL Hotels or 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 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 Lenders’ 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 Credit 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:

 

26

 

(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 Advances and the Loans; such
repayment must be made on a pro rata basis and be accompanied, if necessary, by
a proportional reduction of the Banks’ covenants under the Credit Agreement and
the Covenants of the Lenders under the Agreement (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 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 SNC Designated Account or a SCA Designated Account, as appropriate, until
such allocation is made;

 

(e)                                  to ensure that any insurance proceeds paid or provided
to a Borrower of EDL Hotels 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 Lenders’ Agent, promptly, of any action or proceedings brought by, or against, EDL
Hotels or 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 Lenders’ Agent, promptly upon the receipt thereof by EDL Hotels
or such 

Borrower, of any notice of default or claim
or formal notice, regardless of the source, which could have a material adverse
effect on EDL Hotels or 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;

 

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

 

(a)                                  any representative or agent designated by the Lenders’ Agent or the Expert to have access to the Phase IB
Assets and to inspect or observe all Phase IB Installation 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 EDL Hotels or said Borrower or to which said Borrower has access;

 

27

 

provided, however, that neither EDL Hotels nor any
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 Lenders’ 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 Lenders to create and
maintain the security interests described in Article 17 (Guarantee – Security
Interests);

 

(N)                               to deliver as soon as possible to the Lenders’ 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 Lenders’ 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;

 

(T)                                in the event that any Credit-Bail Agreement might
expire before the last repayment date of the Tranche B Advances, to extend this
expiration date no later than six months before said expiration date at the
concerned Borrower’s costs.  The new
expiration date of said Credit-Bail Agreement will be the theoretical final
repayment date of the IB Advances in accordance with Article 4 (A) (Tranche B Advances), this date being
estimated at the time of said extension based on the then available technical
information and projections.

 

10.3         Covenants
Related to the Construction Lease Agreements EDL Hotels and the Borrowers
expressly agree that any rentals due and payable under any of the Construction
Lease Agreements are subordinate to the prior payment of all amounts then due
and payable under the Agreement and the Credit Agreement.

 

28

 

In the event that any 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 Crédit-Bail Agreement, EDL Hotels covenants
in favor of the Lenders and the Banks 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 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 Lenders or the Banks under the Agreement or the
Credit Agreement any defense based on a breach of the Construction Lease
Agreements by the Borrowers.

 

10.4         General Covenants

 

EDL Hotels and each of the Borrowers covenant and
agree, until all the loans made by the Lenders 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 the SCA Loan
Account or the SNC 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 Lenders’ 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 Lenders and the Majority Banks, other than:

 

(a)                                  indebtedness for borrowed money granted to the
Borrowers under the Agreement;

 

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

 

(c)                                  those granted to it under the Credit 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 Lenders under the Agreement and

 

29

 

to the Banks under the Credit Agreement, and:
either (a) the lenders making the loan corresponding to such indebtedness do
not have the opportunity to accelerate the amounts due to them under such
indebtedness without the prior consent of the Majority Lenders and the Majority Banks, 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 Lenders under the Agreement and to the Banks under
the Credit 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 EDL
Hotels and a Borrower as an authorized loan pursuant to this Paragraph (C) will
be paid into the SCA Loan Account or the SNC Loan Account, as the case may be
(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 Credit Agreement; or

 

(b)                                 liens
arising by operation of law or from a judicial decision as a result of the
normal activity of EDL Hotels or of such Borrower, provided that such liens do
not result from the failure of EDL Hotels or of such Borrower to comply with
its obligations, that a request for the release of such liens is made promptly
by EDL Hotels or such Borrower before a competent court and that EDL Hotels or
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 EDL Hotels or of such Borrower as
security for an overall amount not in excess of five per cent (5%) of EDL
Hotels or of such Borrower’s net assets, as such net assets appear in EDL
Hotels’ or the Borrower’s most recent certified balance sheet; or

 

(d)                                 liens
granted to creditors which have a debt subordinated to that of the Lenders
under the Agreement or to that of the Banks under the Credit Agreement or

 

30

 

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

 

(a)                                  filing
a request or demand or adopting a resolution to dissolve or, in a 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 EDL Hotels or 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 Lenders and Majority Banks, and under normal commercial conditions,
provided that (i) the Borrowers’ Loans and Advances used to finance the
transferred assets have been paid (increased by interest provided for in
Article 5.2 (B)(2) of the Agreement). Any such repayment must be accompanied by
a simultaneous repayment of EDL Hotels’ Loans for an amount pro rata to the
amount of the Borrowers’ Loans repaid as compared to the aggregate amount of
the 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
Borrower in question at the nominal value thereof and (iii) EDL Hotels has
provided to the Lenders’ Agent and the Financial 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 EDL Hotels or 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

 

31

 

Installations; and

 

(ii)           any sale or contribution by the Borrowers to a third
party or the consent by one of the Borrowers to the transfer by EDL Hotels to a
third party of its rights under a Credit-Bail Agreement or, with respect to an
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 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 EDL Hotels or of such
Borrower, as such net assets appear on the most recent certified balance sheet
of EDL Hotels or 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 Lenders 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 Lender(s)’ participation in any Advance,
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 Lender(s), the following provisions will apply:

 

(A)                              the Lender
concerned must immediately inform the Lenders’ Agent in writing; the Lenders’ Agent
must then in turn immediately so inform EDL Hotels and 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 Lender
concerned, with the consent of the Lenders’ 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 Lenders 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 Lender concerned or for the Borrowers;

 

32

 

(C)                                if such a transfer is not possible, EDL Hotels, the Borrowers, the Lender concerned and the Lenders’ 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 Lender in question continue its participation while
undertaking, however, to assume the additional costs which the Lender in question is forced to bear, effective from the date
on which the Lenders’ Agent forwarded to
the Borrowers the notice of the Lender 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 Lender(s) as
principal, interest and commissions increased, as appropriate, by any expenses
or fees borne by the Lender(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
Lenders have been subject to any measure the result of which is to render their
participation in the Agreement illegal.

 

In such event, the Lender in question will be freed
from its obligations immediately effective on the date of notice provided to
the Lenders’ Agent regarding said illegality. The obligations of said Lender
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 account of the Lenders’ Agent at CALYON (for which the Lenders’ Agent
will provide the precise information), or to any other account for which the
specific information is provided by the Lenders’ Agent, before 11:00 a.m.
(Paris time) on the payment date under reference “CALYON - €
121,959,214”.

 

12.2         All payments due under the
Agreement and received by the Lenders’ Agent on behalf of the Lenders will be
distributed on the value date of the receipt thereof by the Lenders’ Agent, pro
rata in accordance with the participation of the Lenders in the total Advances
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 Borrowers will not be
required to execute any withholding of French taxes on the income from loans
made under the Agreement by Lenders located in France.

 

12.6         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.

 

33

 

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

 

(B)                                or
repay in advance that portion of the Advances, 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 Lenders’
Agent for the purposes of the distribution to the Lenders 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 receipt
or such other document.

 

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 Lenders’ 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 Lenders’ Agent;

 

(D)                               a representation made by a Borrower or EDL
Hotels in the Agreement, in the Phase IB Advances
Amendment and Restatement Agreement, or in any certificate, report, instrument
or opinion delivered or signed pursuant to the Agreement or to the Phase IB
Advances 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 or to EDL
Hotels in question by the Lenders’ Agent;

 

(E)                                 a Borrower or EDL Hotels 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 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

 

34

 

or guaranteed by said Borrower or EDL
Hotels, of an amount equal to or in excess
of one million five hundred thousand euros (€1,500,000) with respect to a
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 or EDL Hotels and said claim
is promptly brought before a competent court, in which case the existence of
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)                                a Borrower or EDL Hotels defaults in the payment when due of principal or interest under the Credit
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 or EDL Hotels grants any security
interest to secure any present or future debt, without the prior consent of the
Majority Lenders;

 

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

 

(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 EDL Hotels 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 EDL Hotels 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 or EDL
Hotels and said judgement remains unenforced for a period in excess of thirty
(30) days after the payment date required thereby;

 

(M)                            EDL
Hotels or 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 a 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 or of EDL
Hotels to perform its obligations under the terms
of the Agreement or the Guarantee is compromised;

 

(O)                               a Borrower or EDL Hotels 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 or of EDL Hotels to perform its obligations under the Agreement or the Guarantee is
compromised;

 

35

 

(P)                                 Euro Disney S.C.A. (a)
ceases holding (i) the number of shares of Euro Disney Associés held on the
Restatement Date, or (ii) at least two thirds of the share capital of Euro
Disney Associés 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
Lenders to the extent that, as a result thereof, the risk of the Lenders 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 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 (Guarantee – Security Interests) become inoperative or their
value is diminished as a result of an act of the Borrowers or EDL Hotels;

 

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

 

(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

 

36

 

commitments and obligations under the Common
Agreement and the documents referred to in the Common Agreement and in the
Phase IB Advances 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, the
Disney Undertaking, the Euro Disney 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 Lenders’ 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 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 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 Article 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

 

37

 

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 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

 

38

 

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;

 

(iii)          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, before January 1, 2017;

 

(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 Lenders so requests, the
Lenders’ Agent will, by notice to the Borrowers, declare all the Advances, as
well as any accrued and unpaid interest on such amounts, immediately due and
payable, whereupon such Advances, 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                           (A)          In case of Event of Default, as referred to in Article 13.1
above, it is expressly agreed that the sums owed 

under the Agreement
can be declared due and payable in advance only insofar as the amounts owed
under the Credit Agreement are held due and payable in advance.

 

(B)           However,
the condition referred to in paragraph (A) above shall not apply and the sums
owed under the Agreement may be declared due and payable in advance pursuant to
Article 13.1 above, independently from any similar measure under the Credit
Agreement, in the following cases:

 

(i)                                     if
the Borrowers or the Guarantor have defaulted in the payment of the amounts due
and payable under the Agreement and the cumulated amounts actually paid by the
Borrowers or the Guarantor to the Lenders’ Agent in payment or repayment of
sums due and payable pursuant to the Agreement on the date in

 

39

 

question are lower than the Lenders’ Proportional
Portion in Interest or Principal (except if this situation is cured within five
(5) days from the notification that the Lenders’ Agent shall then sent to the
Borrowers); for purposes of this provision, the Lenders’ Proportional Portion
in Interest or Principal shall be calculated as follows:

 

(a)                                  regarding
the Lenders’ Proportional Portion in Interest, by applying to the cumulated
amount of the interest effectively paid by the Borrowers on the date in
question under the Credit Agreement and under the Agreement, the percentage
represented by the cumulated amount of the interest due and payable (whether
paid or not) on the date in question under the Agreement, compared to the
cumulated amount of interest due and payable (whether paid or not) on this same
date under both Agreements;

 

(b)                                 regarding
the Lenders’ Proportional Portion in Principal, by making the above-mentioned
calculation, mutatis mutandis,
according to the principal amounts actually paid and those due and payable
(whether paid or not) on the date in question;

 

(2)                                  if
a sale has taken place in accordance with Article 5.2 of the Credit Agreement
and after this sale the Loans are no longer directly held by banking
institutions as defined below and on their behalf.  To apply this provision, shall be deemed to
be banking institutions, the first tier foreign banks and as far as France is
concerned, the credit institutions licensed, within the meaning of Articles L.
511-1 et seq. of the French
Monetary and Financial Code, as banks, mutual savings banks, savings banks and
municipal credit union, as well as specialized financial institutions referred
to in Article L. 516-1 of the French Monetary and Financial Code and the Caisse des Dépôts et Consignations.

 

13.3                           In the event that amounts due to
the Lenders under the Agreement are accelerated pursuant to this Article, each
Borrower will, in addition, indemnify each of the Lenders from and against all
direct expenses and all losses which each of the Lenders has sustained by
reason of the liquidation or re-use of deposits from third parties required to
finance all or part of such amounts, and will compensate each of the Lenders
for all reasonable expenses incurred as a result thereof, including attorneys’
fees and shall pay to them the indemnity relating to the Tranche B Advances, as
provided for in Article 5.2(B)(a)(iii).

 

Each Lender will prepare and deliver to the Lenders’
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 Lenders 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 Lenders’ Agent as being one percent (1
%) per annum over the EONIA rate, increased by the Margin, as a matter of law
and without any formal notice thereof.

 

The Lenders’ Agent must immediately inform the
Borrower in question, EDL Hotels and the Lenders 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.

 

40

 

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

 

Late payment interest must be paid in euros.

 

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

 

ARTICLE 15 - COMMISSIONS

 

15.1         The commission of the Lenders’
Agent and the commission of the Security Agent have been the subject of separate
letters between the Borrowers, the Lenders’ 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 Lenders’ Agent on behalf of the Lenders the amount of any loss suffered
by any Lenders as a result of:

 

(A)                              prepayment in accordance with Article 11 of the
Agreement (Unforeseen Circumstances) 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 Lender during the remainder of the
relevant Interest Period, if the Borrowers had not prepaid; and

 

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

 

Such difference, if any, will be increased by the
total expenses incurred by said Lender 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 remaining to run of the Interest Period in question,
provided that these expenses are demonstrated by said Lender.

 

16.2         Each of the Borrowers hereby
agrees to indemnify each Lender, the Lenders’ 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
Lenders for the preparation, negotiation and signature of the Agreement will be
paid to the Lenders’ 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 Lenders, the Lenders’ Agent and the
Security Agent for any consequences of delay

 

41

 

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 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 security interests mentioned below.
Unlike mortgages referred to in paragraph (A) below to be allocated only to the
guarantee of the amounts owed under Tranche C and not Tranche B, all the other
security interests referred to in this Article shall be allocated to the
guarantee of all the amounts owed under the Agreement, under Tranche B and Tranche
C.

 

(A)                               Mortgages

 

(a)                                  As security and guarantee for the payment and repayment
of all amounts due to the Lenders by the
Borrowers under the Tranche C Advances pursuant to the Agreement, the Borrowers
acting jointly and severally have agreed to grant to the Lenders 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 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 Borrowers will grant to each of the Lenders a registration securing the
amount of the Commitment of the Lender concerned, plus an amount for related
expenses evaluated at five percent (5%) of the principal. The principal amount
secured thereby will therefore be a total of eight hundred million francs (FF.
800,000,000) plus an amount for related expenses evaluated at five percent (5)
of the principal, i.e., forty million francs (FF. 40,000,000);

 

(ii’)          such
first priority registrations will be on an equal basis with the security
interests which are granted in favor of the Banks under the Credit Agreement to
secure the Loans;

 

as a result, any order or distribution of sales
proceeds related to the mortgaged assets will be applied pro rata among the
Lenders and the Banks according to the amounts that the Lenders and the Banks,
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

 

42

 

Lenders and the Banks according to the amounts that
the Lenders and the Banks, 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 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 Tranche C Advances or by a decision of the Majority Banks.

 

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.

 

In the event that 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
first request of the Lenders’ Agent, who may make it at any time. Any renewal
referred to in the present paragraph shall be made at the 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 Lenders and the Banks 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 EDL
Hotels’ Loan Account or to the Borrowers’ 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 Lenders
and the Banks with respect to the Credit-Bail Agreements;

 

(D)                                Pledge of Bank Accounts and Authorized Investments:

 

a pledge in favor of the Lenders and the Banks 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); and

 

(E)                                  Pledge of the Receivables

 

a pledge in favor of the Lenders and the Banks of all
receivables of the Borrowers which arise or may arise from the Development Agreement,
pursuant to a pledge instrument dated [•], 1991.

 

43

 

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 Lenders hereby instruct the
Lenders’ 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 Lenders.

 

In the event that the Borrowers default in the due
performance of any obligation under the Agreement, the Lenders 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
Lenders, notification of which will be provided to the Borrowers by the
Security Agent. However, the Majority Lenders may only reach a decision to
enforce the mortgages prior to November 5, 2012 if the amounts due under the
Agreement have been declared accelerated and due and payable in conformity with
Article 13 (Event of Default) or if the mortgages are enforced under the Credit
Agreement.

 

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:

 

(a)                                  the
Majority Lenders 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 Lenders’ Agent, unless the Majority Lenders have given
instructions to the contrary; and

 

(c)                                  the
other security interests (other than the mortgages which may only be enforced
at the Majority Lenders’ initiative 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 Advances have been
accelerated.

 

17.5         Sharing among the Lenders and
the Banks

 

The amounts that the Lenders and the Banks have
outstanding under the Agreement and the Credit 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 Lenders
will have a higher or lower priority with respect to amounts outstanding due to
the Banks, 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 Lenders
and the Banks 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

 

44

 

set forth in Article 8 (Order to Allocate the Amounts
Received by.-the Lenders’ Agent - Distribution to the Lenders) and divided
among the Lenders and the Banks 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 Lenders’ Agent -
Distribution to the Lenders) will be distributed on a pro rata basis between
the Lenders and the Banks in accordance with the amount owed to each of the
Lenders and the Banks under the Advances and the Loans;

 

(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 Advances and the
Loans 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 Lenders and the Banks
pro rata with respect to the amounts of same nature of interests due under the
Advances and the Loans, respectively; and

 

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

 

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 Lenders and the Banks in the order set forth in Article
17.6 (Distribution between the Banks and the Lenders of the Amounts Generated
from the Enforcement of Security Interests other than the Mortgages), provided
that such distribution will be made pro rata with respect to the respective
amounts of the same nature due under Tranche C Advances only, on the one hand,
and under the Loans, on the other hand.

 

SECTION IV - AGENTS

 

ARTICLE 18 - LENDERS’ AGENT

 

18.1         Each of the Lenders hereby
irrevocably authorizes the Lenders’ 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 Lenders’ Agent pursuant to the Agreement.

 

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

 

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

 

In addition, the Lenders’
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;

 

45

 

(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 or EDL Hotels;

 

(C)                                with
respect to the Borrowers or EDL Hotels, in the event of default by the Lenders
in the fulfillment of any of their obligations arising under the Agreement,
with respect to the Lenders, in the event of default by any of the Borrowers or
EDL Hotels in the fulfillment of their obligations arising under the Agreement.

 

18.3         The Lenders’ 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
Lenders’ Agent for all expenses reasonably incurred by the Lenders’ Agent as a
result of the exercise or the protection of any rights of the Lenders 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
Lender will pay to the Lenders’ Agent a portion of these expenses in proportion
to its share of the total amount of the Advances.

 

18.5         With respect to its
participation in the Advances, the Lenders’ Agent will have the same rights,
powers and obligations as the other Lenders.

 

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

 

No provision in the Agreement will
oblige the Lenders’ Agent to
undertake, on behalf of a Lender,
Borrowers identification procedures with respect to any person whatsoever, and
each Lender confirms to the Lenders’ Agent that each Lender 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 Lenders’ Agent for all direct losses incurred by
the Lenders’ Agent in its capacity as Lenders’ Agent under the Agreement. In
the event that the Borrower or the Guarantor defaults in the fulfillment of
this obligation, each of the Lenders will indemnify the Lenders’ Agent in
proportion to its share of the total amount of Advances.  In such event neither the Borrower in
question nor the Guarantor will be relieved of its obligations under this
article.

 

18.8         The Lenders’ Agent will inform
the Lenders 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 Lenders’ Agent must, at the request of the Majority Lenders,
declare all amounts due to the Lenders pursuant to the Agreement due and
payable in accordance with the provisions of Article 13 (Event of Default).

 

18.10       The Lenders’ Agent will not be
held liable for any action taken at the request of the Majority Lenders, and
any action taken at the request thereof will be binding on all of the Lenders.
No provision of the Agreement authorizes the Lenders’ Agent to grant to any of
the Borrowers an

 

46

 

amendment of any of
the provisions of the Agreement without the prior consent of all of the
Lenders, 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 Lenders’
Agent enter into a settlement agreement in the name of the Lenders or represent
the Lenders in any legal proceeding without the prior written consent of each
relevant Lender.

 

18.12       Each Lender hereby declares that
its decision to conclude the Phase IB Amended and Restated Advances 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 Lenders’ Agent or of any other Lenders with respect
to the creditworthiness or the financial situation of any of the Borrowers.

 

ARTICLE 19 - SUCCESSORS TO THE LENDERS’ AGENT

 

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

 

Subsequent to such a resignation or dismissal, the
Majority Lenders will designate a new Lenders’ 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 Lenders’ Agent.

 

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

 

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

 

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

 

ARTICLE 20 - AUTHORITY OF THE SECURITY AGENT

 

20.1         Each of the Lenders 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,
for reiteration purposes.

 

The directors, managers and employees of the Security
Agent will in no way be liable to the Borrowers or the Lenders 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 Lenders for:

 

47

 

(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 Lenders’ 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 Lenders.

 

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

 

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 Lenders’
Agent so informs the Security Agent.

 

20.2         With respect to its
participation in the Agreement as a Lender, the Security Agent will have the
same rights, powers and obligations as the other Lenders 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 Lender
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 Credit Agreement.

 

20.4         Each of the Lenders 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 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

 

48

 

will give the Lenders’ 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 Lenders which will not be required to justify their
decision. Subsequent to such a resignation or dismissal, the Majority Lenders
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 Lenders, 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 Lenders, 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 Lenders.

 

21.3         Each of the Lenders (hereinafter
the “Selling Lender”) will have the right to sell or otherwise transfer all or
part of its rights and obligations under the Tranche C Advances, for a minimum
amount of €1,372,041 (said minimum amount will not apply to the sale or transfer
of the balance of the rights and obligations of the Lender in question) to any
other bank or banking institution with a sound reputation, provided that prior
notice thereof is provided to the Lenders’ 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
Lender, it will have complied with any law, regulation or practice relating to
the Borrowers identifications procedures; it being specified that any sale of
rights and obligations relating to Tranche C shall necessary be held by a
Partner.

 

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 Lender 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 Lenders’ Agent an act of
transfer in conformance with the model attached as Schedule IX to the
Agreement, duly completed and signed by the Lender 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 Lender
under the Agreement.

 

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

 

49

 

ARTICLE 22 - NOTICES

 

22.1         Any notice, request or
communication which may or must be made pursuant to the Agreement must 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 Lenders’ Agent and to each of the Borrowers.

 

22.4         Any notice to the Lenders’ 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
Lenders 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 Lender 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 Lenders 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 Lenders’ Agent, the Security
Agent and each Lender 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 Borrowers with respect to any obligation of said
Borrower pursuant to the Agreement; and

 

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

 

ARTICLE 26 - CONFIDENTIALITY

 

26.1         The Lenders’ Agent, the Security
Agent and each of the Lenders hereby agree:

 

(A)                              to consider as strictly confidential with respect to
any third party other than their buyers

 

50

 

to the extent that these buyers have signed a
confidentiality agreement substantially identical to the provisions of this
Article 26, and 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 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 Lenders’
Agent, the Security Agent or the Lenders under the Agreement, to which EDL
Hotels may not withhold its consent without valid reason.

 

26.2         The Lenders’ Agent, the Security
Agent and each of the Lenders 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
Lenders’ Agent may, by providing written notice to EDL Hotels, request that
information be provided to it, subject to the condition that the Lenders’ Agent
and each of the Lenders 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 Lenders 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 Lenders’ 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

 

51

 

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 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 Lender of
its rights and obligations under the present agreement to a party which is not
already a Lender

 

obliges the Lenders’ Agent or a Lender (or, in the hypothesis of paragraph (iii) above, the new potential Lender) to conform to borrowers identification procedures and
it does not already hold the necessary information, each Borrower will, upon
the request of the Lenders’ Agent or of
the Lender in question, provide without
delay or make sure to be provided, any documentation or other evidence
reasonably requested by the Lenders’ Agent
(on its own behalf or on behalf of a Lender) or by such Lender (on its own behalf
or, in the hypothesis described in paragraph (iii) above, on behalf of the new
potential Lender) in order for the Lenders’ Agent, the relevant Lender, or in the hypothesis described in paragraph (iii)
above, the new potential Lender, 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 Lender will
on the request of the Lenders’ Agent
provide without delay or make sure to be provided, any documentation or other
evidences reasonably requested by the Lenders’ Agent (on its own behalf or on behalf of a Lender) in order for the Lenders’ 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
Tranche C Advances 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 Advances global cost and acknowledge that it
has received 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 Tranche C Advance, as an example, is
given at the Restatement Date to the Borrower in question. The effective global
interest rate applicable to a Tranche B Advance would be three percent (3%) per
annum.

 

ARTICLE 29 - PARTICIPATION OF THE FINANCIAL AGENT

 

The Financial 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.

 

52

 

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 Lender and the Guarantor expressly and irrevocably accept
the exclusive competence of the Commercial Court of Paris to resolve such
disputes, actions or proceedings.

 

Amended
and Restated in Paris

at
the Restatement Date.

 

53

 

Schedule
I

The Lenders

 

Tranche B

 

	
   

  	
   

  	
  UNDERTAKINGS

  	
   

  
	
  LENDERS

  	
   

  	
  Tranche B Advances

  	
   

  
	
  AXA BANQUE

  	
   

  	
  1,372,041.16

  	
   

  
	
  137 rue Victor Hugo

  	
   

  	
   

  	
   

  
	
  92687 Levallois Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 55 62 83 70

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 55 62 81 22

  	
   

  	
   

  	
   

  
	
  Attention: Robert
  SENEMAUD

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CALYON

  	
   

  	
  8,232,246.92

  	
   

  
	
  9 Quai du Président Paul
  Doumer

  	
   

  	
   

  	
   

  
	
  92920 Paris La Défense
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 41 89 00 00

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 41 89 18 92

  	
   

  	
   

  	
   

  
	
  Attention: Jean-Hervé
  CARIOU / Patrick Savignac

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CASDEN BANQUES POPULAIRES

  	
   

  	
  1,372,041.15

  	
   

  
	
  91 Cours des Roches

  	
   

  	
   

  	
   

  
	
  77186 Noisiel

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 64 80 32 74

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 64 62 22 88

  	
   

  	
   

  	
   

  
	
  Attention: PatrickSebert

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CRCA BRIE

  	
   

  	
  5,488,164.59

  	
   

  
	
  24 Avenue du Maréchal
  Foch

  	
   

  	
   

  	
   

  
	
  BP 205

  	
   

  	
   

  	
   

  
	
  77101 Meax Cedex

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 60 25 96 68

  	
   

  	
   

  	
   

  
	
  Attention: Agnès
  Coulombe / Monique Milville

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CRCA CENTRE EST

  	
   

  	
  1,372,041.15

  	
   

  
	
  269 Faubourg Croncels

  	
   

  	
   

  	
   

  
	
  10000 Troyes Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 3 25 71 43 60

  	
   

  	
   

  	
   

  
	
  Fax: 33 3 25 71 44 12

  	
   

  	
   

  	
   

  
	
  Attention: Jean-François
  Louis

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CRCA NORD EST

  	
   

  	
  2,744,082.33

  	
   

  
	
  25 rue Libergier

  	
   

  	
   

  	
   

  
	
  51088 Reims Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 3 26 83 36 71

  	
   

  	
   

  	
   

  
	
  Fax: 33 3 26 83 30 52

  	
   

  	
   

  	
   

  
	
  Attention: PDF - DJGF -
  GESTION DES

  	
   

  	
   

  	
   

  
	
  FILIALES ET
  PARTICIPATIONS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CREDIT AGRICOLE SA

  	
   

  	
  15,092,452.71

  	
   

  
	
  C/OCALYON

  	
   

  	
   

  	
   

  
	
  9 Quai du Président Paul
  Doumer

  	
   

  	
   

  	
   

  
	
  92920 Paris La Défense
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 41 89

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 41 89 18 92

  	
   

  	
   

  	
   

  
	
  Attention: Jean-Hervé
  CARIOU

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CREDIT FONCIER DE FRANCE

  	
   

  	
  13,720,411.57

  	
   

  
	
  Direction des
  Engagements

  	
   

  	
   

  	
   

  
	
  4 quai de Bercy

  	
   

  	
   

  	
   

  
	
  94224 Charenton Cedex

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 57 44 79 44

  	
   

  	
   

  	
   

  
	
  Attention: Phlippe
  Lestang / Maurice Boukobza

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DEXIA CREDIT LOCAL

  	
   

  	
  15,397,350.74

  	
   

  
	
  76 rue de la Victoire

  	
   

  	
   

  	
   

  
	
  75320 Paris Cedex 09

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 43 92 73 23

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 43 92 74 00

  	
   

  	
   

  	
   

  
	
  Attention: Nathalie
  DERUE

  	
   

  	
   

  	
   

  

 

54

 

	
   

  	
   

  	
  COMMITMENTS

  	
   

  
	
  LENDERS

  	
   

  	
  Tranche B Advances

  	
   

  
	
  FORTIS BANQUE France

  	
   

  	
  3,963,674.45

  	
   

  
	
  29-30 quai de Dion
  Bouton

  	
   

  	
   

  	
   

  
	
  92800 Puteaux

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 55 67 81 72

  	
   

  	
   

  	
   

  
	
  Attention: Henri de
  Rochebrune / Angeline Fusil

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK

  	
   

  	
  2,896,531.33

  	
   

  
	
  14 Place Vendôme

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

  
	
  Tel.: 44 207 777 1682

  	
   

  	
   

  	
   

  
	
  Fax: 44 207 777 3459

  	
   

  	
   

  	
   

  
	
  Attention: Steven HAWKINS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NATEXIS BANQUES POPULAIRES

  	
   

  	
  2,744,082.31

  	
   

  
	
  45/51 rue St Dominique

  	
   

  	
   

  	
   

  
	
  75007 Paris

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 58 19 29 96

  	
   

  	
   

  	
   

  
	
  Attention: Régine
  Allombert-Blanc / Eric Piette

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SOCIETE DU LOUVRE

  	
   

  	
  1,372,041.15

  	
   

  
	
  10 Avenue de Friedland

  	
   

  	
   

  	
   

  
	
  75008 Paris

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 45 64 50 00

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 42 89 13 10

  	
   

  	
   

  	
   

  
	
  Attention: Laurent
  Aymard

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SOFINCO

  	
   

  	
  2,286,735.26

  	
   

  
	
  rue du Bois Sauvage

  	
   

  	
   

  	
   

  
	
  91038 Evry Cedex

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 60 76 39 02

  	
   

  	
   

  	
   

  
	
  Attention: Christian
  Leprince

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  78,053,896.82

  	
   

  

 

Tranche
C

 

	
   

  	
   

  	
  COMMITMENST

  	
   

  
	
  LENDERS

  	
   

  	
  Tranche
  C

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  6,326,049.21

  	
   

  
	
  37, Place du Marché St
  Honoré

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 43 16 90 47

  	
   

  	
   

  	
   

  
	
  Attention: Martine
  Aubert / Olivier Jean

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CALYON

  	
   

  	
  4,639,102.75

  	
   

  
	
  9 quai du Président Paul
  Doumer

  	
   

  	
   

  	
   

  
	
  92920 Paris La Défense
  Cedex

  	
   

  	
   

  	
   

  
	
  Tel.: 33 1 41 89 00 00

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 41 89 18 92

  	
   

  	
   

  	
   

  
	
  Attention: Jean-Hervé CARIOU / Patrick Savignac

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  J P MORGAN CHASE BANK

  	
   

  	
  1,054,341.53

  	
   

  
	
  14 Place Vendôme

  	
   

  	
   

  	
   

  
	
  75001 Paris

  	
   

  	
   

  	
   

  
	
  Tel.: 44 207 777 1682

  	
   

  	
   

  	
   

  
	
  Fax: 44 207 777 3459

  	
   

  	
   

  	
   

  
	
  Attention : Steven HAWKINS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NATEXIS BANQUES POPULAIRES

  	
   

  	
  3,163,024.61

  	
   

  
	
  45/51 rue St Dominique

  	
   

  	
   

  	
   

  
	
  75007 Paris

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Fax: 33 1 58 19 29 96

  	
   

  	
   

  	
   

  
	
  Attention: Régine
  Allombert-Blanc / Eric Piette

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  15,182,518.10

  	
   

  

 

55

 

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

  

 

56

 

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.]

 

57

 

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.]

 

58

 

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.]

 

59

 

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.]

 

60

 

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 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.]

 

61

 

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.]

 

62

 

Schedule VI

Repayment Schedule for the Tranche C Advances (Echéancier
de remboursement des Avances de la Tranche C)

 

(amount in euros)

 

Repayment Schedule for the Phase IB Advances –
Tranche C

 

	
   

  	
   

  	
  Avances Tranche C

  	
   

  	
  Hôtel New York Associés SNC

  	
   

  	
  Hôtel Newport Bay Club Associés

  SNC

  	
   

  	
  Hôtel Sequoia Lodge Associés
  SNC

  	
   

  	
  Cheyenne Hôtel Associés SNC

  	
   

  
	
  Date

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding

  amount before

  amortisation

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding amount

  before amortisation

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding

  amount before 

  amortisation

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding

  amount before

  amortisation

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding

  amount before

  amortisation

  	
   

  
	
  05/11/2009

  	
   

  	
  799 079,90

  	
   

  	
  15 182 518,10

  	
   

  	
  138 664,60

  	
   

  	
  2 634 627,46

  	
   

  	
  143 824,22

  	
   

  	
  2 732 660,12

  	
   

  	
  129 620,09

  	
   

  	
  2 462 781,75

  	
   

  	
  99 967,51

  	
   

  	
  1 899 382,60

  	
   

  
	
  05/02/2010

  	
   

  	
  799 079,90

  	
   

  	
  14 383 438,20

  	
   

  	
  138 664,60

  	
   

  	
  2 495 962,86

  	
   

  	
  143 824,22

  	
   

  	
  2 588 835,90

  	
   

  	
  129 620,09

  	
   

  	
  2 333 161,66

  	
   

  	
  99 967,51

  	
   

  	
  1 799 415,09

  	
   

  
	
  05/05/2010

  	
   

  	
  799 079,90

  	
   

  	
  13 584 358,30

  	
   

  	
  138 664,60

  	
   

  	
  2 357 298,26

  	
   

  	
  143 824,22

  	
   

  	
  2 445 011,68

  	
   

  	
  129 620,09

  	
   

  	
  2 203 541,57

  	
   

  	
  99 967,51

  	
   

  	
  1 699 447,58

  	
   

  
	
  05/08/2010

  	
   

  	
  799 079,90

  	
   

  	
  12 785 278,40

  	
   

  	
  138 664,60

  	
   

  	
  2 218 633,66

  	
   

  	
  143 824,22

  	
   

  	
  2 301 187,46

  	
   

  	
  129 620,09

  	
   

  	
  2 073 921,48

  	
   

  	
  99 967,51

  	
   

  	
  1 599 480,07

  	
   

  
	
  05/11/2010

  	
   

  	
  799 079,90

  	
   

  	
  11 986 198,50

  	
   

  	
  138 664,60

  	
   

  	
  2 079 969,06

  	
   

  	
  143 824,22

  	
   

  	
  2 157 363,24

  	
   

  	
  129 620,09

  	
   

  	
  1 944 301,39

  	
   

  	
  99 967,51

  	
   

  	
  1 499 512,56

  	
   

  
	
  05/02/2011

  	
   

  	
  799 079,90

  	
   

  	
  11 187 118,60

  	
   

  	
  138 664,60

  	
   

  	
  1 941 304,46

  	
   

  	
  143 824,22

  	
   

  	
  2 013 539,02

  	
   

  	
  129 620,09

  	
   

  	
  1 814 681,30

  	
   

  	
  99 967,51

  	
   

  	
  1 399 545,05

  	
   

  
	
  05/05/2011

  	
   

  	
  799 079,90

  	
   

  	
  10 388 038,70

  	
   

  	
  138 664,60

  	
   

  	
  1 802 639,86

  	
   

  	
  143 824,22

  	
   

  	
  1 869 714,80

  	
   

  	
  129 620,09

  	
   

  	
  1 685 061,21

  	
   

  	
  99 967,51

  	
   

  	
  1 299 577,54

  	
   

  
	
  05/08/2011

  	
   

  	
  799 079,90

  	
   

  	
  9 588 958,80

  	
   

  	
  138 664,60

  	
   

  	
  1 663 975,26

  	
   

  	
  143 824,22

  	
   

  	
  1 725 890,58

  	
   

  	
  129 620,09

  	
   

  	
  1 555 441,12

  	
   

  	
  99 967,51

  	
   

  	
  1 199 610,03

  	
   

  
	
  05/11/2011

  	
   

  	
  799 079,90

  	
   

  	
  8 789 878,90

  	
   

  	
  138 664,60

  	
   

  	
  1 525 310,66

  	
   

  	
  143 824,22

  	
   

  	
  1 582 066,36

  	
   

  	
  129 620,09

  	
   

  	
  1 425 821,03

  	
   

  	
  99 967,51

  	
   

  	
  1 099 642,52

  	
   

  
	
  05/02/2012

  	
   

  	
  799 079,90

  	
   

  	
  7 990 799,00

  	
   

  	
  138 664,60

  	
   

  	
  1 386 646,06

  	
   

  	
  143 824,22

  	
   

  	
  1 438 242,14

  	
   

  	
  129 620,09

  	
   

  	
  1 296 200,94

  	
   

  	
  99 967,51

  	
   

  	
  999 675,01

  	
   

  
	
  05/05/2012

  	
   

  	
  799 079,90

  	
   

  	
  7 191 719,10

  	
   

  	
  138 664,60

  	
   

  	
  1 247 981,46

  	
   

  	
  143 824,22

  	
   

  	
  1 294 417,92

  	
   

  	
  129 620,09

  	
   

  	
  1 166 580,85

  	
   

  	
  99 967,51

  	
   

  	
  899 707,50

  	
   

  
	
  05/08/2012

  	
   

  	
  799 079,90

  	
   

  	
  6 392 639,20

  	
   

  	
  138 664,60

  	
   

  	
  1 109 316,86

  	
   

  	
  143 824,22

  	
   

  	
  1 150 593,70

  	
   

  	
  129 620,09

  	
   

  	
  1 036 960,76

  	
   

  	
  99 967,51

  	
   

  	
  799 739,99

  	
   

  
	
  05/11/2012

  	
   

  	
  5 593 559,30

  	
   

  	
  5 593 559,30

  	
   

  	
  970 652,26

  	
   

  	
  970 652,26

  	
   

  	
  1 006 769,48

  	
   

  	
  1 006 769,48

  	
   

  	
  907 340,67

  	
   

  	
  907 340,67

  	
   

  	
  699 772,48

  	
   

  	
  699 772,48

  	
   

  
	
  TOTAL

  	
   

  	
  15 182 518,10

  	
   

  	
   

  	
   

  	
  2 634 627,46

  	
   

  	
   

  	
   

  	
  2 732 660,12

  	
   

  	
   

  	
   

  	
  2 462 781,75

  	
   

  	
   

  	
   

  	
  1 899 382,60

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  Hôtel Santa Fe Associés SNC

  	
   

  	
  Centre de Divertissement
  Associés 

  SNC

  	
   

  
	
  Date

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding amount

  before amortisation

  	
   

  	
  Amortisation

  	
   

  	
  Outstanding

  amount before

  amortisation

  	
   

  
	
  05/11/2009

  	
   

  	
  99 967,51

  	
   

  	
  1 899 382,60

  	
   

  	
  187 035,98

  	
   

  	
  3 553 683,57

  	
   

  
	
  05/02/2010

  	
   

  	
  99 967,51

  	
   

  	
  1 799 415,09

  	
   

  	
  187 035,98

  	
   

  	
  3 366 647,59

  	
   

  
	
  05/05/2010

  	
   

  	
  99 967,51

  	
   

  	
  1 699 447,58

  	
   

  	
  187 035,98

  	
   

  	
  3 179 611,61

  	
   

  
	
  05/08/2010

  	
   

  	
  99 967,51

  	
   

  	
  1 599 480,07

  	
   

  	
  187 035,98

  	
   

  	
  2 992 575,63

  	
   

  
	
  05/11/2010

  	
   

  	
  99 967,51

  	
   

  	
  1 499 512,56

  	
   

  	
  187 035,98

  	
   

  	
  2 805 539,65

  	
   

  
	
  05/02/2011

  	
   

  	
  99 967,51

  	
   

  	
  1 399 545,05

  	
   

  	
  187 035,98

  	
   

  	
  2 618 503,67

  	
   

  
	
  05/05/2011

  	
   

  	
  99 967,51

  	
   

  	
  1 299 577,54

  	
   

  	
  187 035,98

  	
   

  	
  2 431 467,69

  	
   

  
	
  05/08/2011

  	
   

  	
  99 967,51

  	
   

  	
  1 199 610,03

  	
   

  	
  187 035,98

  	
   

  	
  2 244 431,71

  	
   

  
	
  05/11/2011

  	
   

  	
  99 967,51

  	
   

  	
  1 099 642,52

  	
   

  	
  187 035,98

  	
   

  	
  2 057 395,73

  	
   

  
	
  05/02/2012

  	
   

  	
  99 967,51

  	
   

  	
  999 675,01

  	
   

  	
  187 035,98

  	
   

  	
  1 870 359,75

  	
   

  
	
  05/05/2012

  	
   

  	
  99 967,51

  	
   

  	
  899 707,50

  	
   

  	
  187 035,98

  	
   

  	
  1 683 323,77

  	
   

  
	
  05/08/2012

  	
   

  	
  99 967,51

  	
   

  	
  799 739,99

  	
   

  	
  187 035,98

  	
   

  	
  1 496 287,79

  	
   

  
	
  05/11/2012

  	
   

  	
  699 772,48

  	
   

  	
  699 772,48

  	
   

  	
  1 309 251,81

  	
   

  	
  1 309 251,81

  	
   

  
	
  TOTAL

  	
   

  	
  1 899 382,60

  	
   

  	
   

  	
   

  	
  3 553 683,57

  	
   

  	
   

  	
   

  

 

 

63

 

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.

 

64

 

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.

 

65

 

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.

 

66

 

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.]

 

67

 

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]

 

68

 

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.]

 

69

 

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.]

 

70

 

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.

 

71

 

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.]

 

72

 

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.]

 

73

 

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 Lender and the Assignee relating to the Lender’s
participation in the Advances as stated in Schedule I of the Advances
Agreement.]

 

74

 

Schedule
X

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

 

75Exhibit 4.15(a)

 

Translation for information purposes only

 

EURO DISNEYLAND IN FRANCE – PHASE
IB

 

 

1 December 2004

 

PHASE
IB AMENDMENT AND RESTATEMENT CREDIT AGREEMENT

 

Credit Agreement

dated March 25, 1991

 

 

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

  	
  Lenders’ counsel

  
	
   

  	
   

  
	
  Slaughter and May

  	
  Freshfields

  
	
  112, avenue
  Kléber

  	
  Bruckhaus Deringer

  
	
  75116 Paris

  	
  2 – 4 rue
  Paul

  
	
   

  	
  Cézanne

  
	
   

  	
  75008 Paris

  

 

 

TABLE OF
CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Transitional Period

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Partial Prepayment of the Banks
  Loans – New Banks Participations

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Amendment and
  Restatement of the Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Conditions Precedent

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Undertakings

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Guarantee Confirmation

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Effective Date

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Financial Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Waiver of rights

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Lenders’ Agent
  Intervention

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Depositaries
  Intervention

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  No Novation

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Severability of
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Formalities

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Language

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Governing law

  	
   

  
	
   

  	
   

  	
   

  
	
  21.

  	
  Jurisdiction

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 1

  	
  Banks and Depositaries

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 2

  	
  Amended and Restated Agreement

  	
   

  
				

 

2

 

	
  Schedule 3

  	
  Banks Participation to the Loans as
  of 1 October 2004

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 4

  	
  New Repayment Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 5

  	
  Legal Opinions Models

  	
   

  

 

3

 

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, the names and addresses of which
are listed in Schedule I,

 

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

 

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,

 

4

 

(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 acting in its capacity as agent for the Phase IB Advances
Agreement,

 

(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 I,

 

PARTY OF THE SEVENTH
PART.

 

WHEREAS:

 

 

(A)          Pursuant
to a credit agreement dated March 25, 1991 (the “Agreement”),
the Banks granted to the Borrowers a credit of a maximum aggregate amount of
two billion nine hundred million French Francs, for the purpose of financing
partially the development and the launching of the Phase IB Installations
operation as well as certain cash needs of EDL Hotels.

 

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

 

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

 

5

 

20 September
2004) set out the measures necessary with a view to restoring the financial
balance of the Euro Disney Group; the memorandum of agreement, as amended was
accepted by a letter signed by all parties on 30 September, 2004 (the “Memorandum
of Agreement”).

 

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

 

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

 

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

 

NOW, THEREFORE, IT IS HEREBY AGREED as follows:

 

1.            Definitions

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

“Contract” means this contract,
including its Schedules.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

2.             Transitional
Period

 

(A)          (1)            For each repayment date falling between 1
October 2004 and the Share Capital Increase Completion 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 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 partial 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 € 29,544,907.20.

 

(B)          (1)            In the event that the Completion of the Share
Capital Increase does not take place and subject to the provisions of Clause 10
(Termination) the Waiver period shall be
extended until 31 March 2005 or, in the event of consultation pursuant to
paragraph (a) of Clause 7.7 (Termination) of
the Memorandum of Agreement, until the termination of certain of its provisions
in accordance with that Clause.

 

(2)           In the
event of the Completion of the 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 of the Banks Loans – New Banks
Participations

 

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

 

8

 

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

 

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

 

(a)           the
amount of principal in respect of the Loans of each of the Banks which must be
prepaid on the Share Capital Increase Completion Date ; and

 

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

 

(2)           The
total principal amount of the Banks Loans which must be prepaid is equal, as at
1 October 2004, to € 29,544,907.20 (hereinafter the “Maximum Prepayment
Amount”).

 

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

 

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

 

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

 

(1)           the
Loans of each of the Banks will be reduced by the Maximum Prepayment
Amount ;

 

(2)           the
participation in the Loans of each of the Banks will be as indicated next to
its name in Schedule 3;

 

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

 

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

 

9

 

4.             Amendment
and Restatement of the
Agreement

 

The parties hereby agree:

 

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

 

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

 

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

 

(2)           to
implement the Memorandum of Agreement; and

 

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

 

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

 

5.             Conditions
Precedent

 

The entry into force of this Contract is subject (to the extent set out
in Clause 9 (Effective Date)) to the receipt
by the Financial Agent of the following documents and payments and to the
confirmation by the Financial Agent that these documents and payments are in
all respects satisfactory, provided that the Financial 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 Implementation Date (as defined in the Memorandum of Agreement), (ii) all
amounts payable as commissions referred to in Clause 16 (Commissions) of the Agreement and (iii)
all costs and ancillary expenses payable under the Agreement.

 

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

 

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

 

(b)           Phase
IA Credit Amendment and Restatement Agreement;

 

(c)           legal
opinions of Freshfields Bruckhaus Deringer, legal advisers to the Borrowers as
to French law; of Cleary Gottlieb Steen & Hamilton, external legal advisers
in certain areas to TWDC, Disney Enterprises, Inc., Euro Disney Investments,
Inc., EDL SNC Corporation, Euro Disney Investments SAS, EDL

 

10

 

Corporation SAS and Euro Disney Associés S.C.A. (formerly Euro Disney
Associés SNC) as to New York, Delaware and French law; substantially in the
form of Schedule 5, and of De Brauw Blackstone Westbroek, legal adviser
to the Agent as to Dutch law and Slaughter and May, legal advisers to the Agent
as to French law;

 

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

 

(a)           Phase IA
Credit Amendment and Restatement;

 

(b)           Phase
IB Partners Advances Amendment and Restatement;

 

(c)           Phase
IA Partners Advances Amendment and Restatement;

 

(d)           Common
Agreement Amendment and Restatement;

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

(3)           certificates:

 

(a) from each of the Borrowers:

 

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

 

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

 

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

 

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

 

(ii) Phase IA Credit Amendment and Restatement Agreement

 

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

 

(a)           Phase
IA Credit Amendment and Restatement Agreement;

 

12

 

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

 

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

 

(d)           Common
Agreement Amendment and Restatement;

 

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

 

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

 

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

 

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

 

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

 

(6)           certificate
from Euro Disney Associés S.C.A. confirming that the Contribution is in full
force and effect and guaranteeing that (i) all the formalities relating to the
Contribution to be undertaken before the Share Capital Increase Date have been
carried out, (ii) Euro Disney Associés S.C.A. has good title to all assets,
rights and obligations transferred in accordance with the Contribution
Agreement and (iii) there are no assets and liabilities, other than those
excluded by the Contribution Agreement, which have not been transferred to Euro
Disney Associés S.C.A.;

 

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

 

6.             Representations
and Warranties

 

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

 

13

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(D)          there
are no proceedings pending before any court, arbitrator, tribunal,
administrative or governmental authority or other body having authority over it
and, to its knowledge, no judgement or award has been given or made by, any such
authority, in either case, would be likely to have a material adverse effect on
its ability to perform its obligations under any agreement listed in Clause 5 (Conditions Precedent) or its financial condition or the
financial condition of the Borrowers;

 

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

 

7.                             Undertakings

 

(A)          EDL
Hotel undertakes that from the Contract Date until the Share Capital Increase
Completion Date or, if the latter has not occurred by 31 March 2005 (or any
later date agreed in accordance with paragraph (b) of clause 7.7

 

14

 

(Termination) of the Memorandum of Agreement, until the date of
termination of this Contract and subject to the provisions of Clause 2
(Transitional Period), to maintain the total amount of the security deposit
referred to in paragraph (ii) of the definition of the Security Deposits at €
34,000,000 (excluding accrued interest);

 

(B)           The
Borrowers undertake as follows:

 

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

 

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

 

(i)            the statuts of each Borrower;

 

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

 

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

 

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

 

(C)           On the
fifth day following the Share Capital Increase Completion Date, each Borrower
shall pay to the Financial Agent for the account of the Banks, in accordance
with Clause 12 (Payments) of the Amended and
Restated Agreement, the additional amount of interest relating to the period
between 1 October 2004 and the Completion of the Share Capital Increase Date.
Such additional amount of interest shall be equal to the Loans amount
stipulated in Clause 2 (Obligations of the
Banks and the Borrowers) of the Amended and Restated Agreement
multiplied by an annual interest rate of 2%. Such additional amount of interest
shall be calculated for that period in accordance

 

15

 

with the stipulations of the
Amended and Restated Agreement, and notably of Clause 3 (Interests).

 

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

 

8.                             Guarantee Confirmation

 

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

 

9.                             Effective Date

 

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

 

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

 

10.                          Termination

 

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

 

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

 

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

 

16

 

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

 

11.                          Financial Agent

 

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

 

12.                          Waiver of rights

 

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

 

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

 

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

 

13.                          Lenders’
Agent Intervention

 

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

 

14.                          Depositaries
Intervention

 

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

 

17

 

15.                          Costs and Expenses

 

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

 

16.                          No Novation

 

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

 

17.                          Severability
of Provisions

 

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

 

18.                          Formalities

 

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

 

19.                          Language

 

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

 

20.                          Governing law

 

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

 

21.                          Jurisdiction

 

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

 

Signed in Paris

 

On 1 December 2004

 

in 7 original copies

 

18

 

	
  EDL Hotels S.C.A

  
	
   

  
	
   

  
	
  by
  Jeffrey R. Speed

  
	
   

  
	
   

  
	
  Hotel New York Associés S.N.C.

  
	
   

  
	
   

  
	
  by
  Dominique Le Bourhis

  
	
   

  
	
   

  
	
  Newport Bay Club Associés S.N.C.

  
	
   

  
	
   

  
	
  by
  Dominique Le Bourhis

  
	
   

  
	
   

  
	
  Sequoia Lodge associés S.N.C.

  
	
   

  
	
   

  
	
  by Dominique Le Bourhis

  

 

19

 

	
  Cheyenne Hotel Associés S.N.C.

  
	
   

  
	
   

  
	
  by Dominique Le Bourhis

  
	
   

  
	
   

  
	
  Hotel Santa Fe Associés S.N.C.

  
	
   

  
	
   

  
	
  by Dominique Le Bourhis

  
	
   

  
	
   

  
	
  Centre de Divertissements Associés
  S.N.C.

  
	
   

  
	
   

  
	
  by
  Dominique Le Bourhis

  
	
   

  
	
   

  
	
  CALYON

  

 

acting
in its capacity as Agent in the name and for the benefit of the Phase IB Banks,
the names of which are set out in Schedule 1, as well as Lenders’ Agent and
Security Agent, by Michel Anastassiades and Jean-Hervé Cariou

 

20

 

Schedule 1

 

Banks and Depositaries

 

BANKS

 

Name and Addresses

 

	
  BANCO DE SABADELL

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  

 

21

 

	
  CALYON

  
	
  9 Quai du Président Paul Doumer

  
	
  92920 Paris La Défense Cedex

  
	
  Tel : 33 1 41 89 00 00

  
	
  Fax : 33 1 41 89 18 92

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

  
	
   

  
	
  CITIBANK NA

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  

 

22

 

	
  DRESDNER BANK FRANKFURT

  
	
  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

  
	
  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

  
	
  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

  
	
   

  
	
  MIZUHO CORPORATE & BANKING CO LTD

  
	
  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

  
	
  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

  
	
  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

  
	
  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

  

 

23

 

DEPOSITARIES

 

	
  Name

  	
   

  	
  Addresses

  
	
  CALYON

  	
   

  	
  9 quai du Président Paul Doumer,
  92920 Paris La Défense

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  

  16 boulevard des Italiens, 75009 Paris

  

 

24

 

Schedule 2

 

Amended and Restated Agreement

 

[See Exhibit 4.15 (b) of the Form 20-F]

 

25

 

Schedule
3

 

Banks’ participation to the Loans as
of October 1, 2004

(after prepayment)

 

SNC Credit

 

	
  Bank

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
  (%)

  	
   

  	
   

  	
   

  
	
  BANCO DE SABADELL

  	
   

  	
  1.80

  	
   

  	
  1 857 040.31

  	
   

  
	
  BANK OF AMERICA NA LONDRES

  	
   

  	
  5.88

  	
   

  	
  6 059 953.55

  	
   

  
	
  BANQUE SANPAOLO PARIS

  	
   

  	
  2.80

  	
   

  	
  2 886 885.08

  	
   

  
	
  BARCLAYS BANK PLC

  	
   

  	
  1.93

  	
   

  	
  1 984 533.84

  	
   

  
	
  BAYERISCHE HYPO-UND VEREINSBANK AG, PARIS

  	
   

  	
  2.61

  	
   

  	
  2 684 225.04

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  4.26

  	
   

  	
  4 393 085.98

  	
   

  
	
  BQ FEDERATIVE CREDIT MUTUEL

  	
   

  	
  1.52

  	
   

  	
  1 568 959.28

  	
   

  
	
  CALYON

  	
   

  	
  2.44

  	
   

  	
  2 510 334.85

  	
   

  
	
  CITIBANK NA

  	
   

  	
  4.26

  	
   

  	
  4 393 085.97

  	
   

  
	
  CREDIT INDUSTRIEL ET
  COMMERCIAL

  	
   

  	
  4.50

  	
   

  	
  4 636 447.68

  	
   

  
	
  CREDIT SUISSE FIRST
  BOSTON ZURICH

  	
   

  	
  4.11

  	
   

  	
  4 236 190.06

  	
   

  
	
  CAISSE EPARGNE ET DE
  PREVOYANCE ILE DE FRANCE PARIS

  	
   

  	
  5.66

  	
   

  	
  5 835 271.84

  	
   

  
	
  DEUTSCHE BANK AG

  	
   

  	
  12.54

  	
   

  	
  12 924 480.38

  	
   

  
	
  DRESDNER BANK FRANKFURT

  	
   

  	
  7.65

  	
   

  	
  7 877 616.98

  	
   

  
	
  GOLDMAN SACHS AND COMPANY

  	
   

  	
  5.81

  	
   

  	
  5 983 036.29

  	
   

  
	
  MERRILL LYNCH CAPITAL MARKETS BANK LTD

  	
   

  	
  1.04

  	
   

  	
  1 073 536.39

  	
   

  
	
  MIZUHO CORPORATE & BANKING CO LTD

  	
   

  	
  4.11

  	
   

  	
  4 236 190.06

  	
   

  
	
  MORGAN STANLEY INTERNATIONAL BANK LTD

  	
   

  	
  7.93

  	
   

  	
  8 169 380.58

  	
   

  
	
  NATEXIS BANQUES
  POPULAIRES

  	
   

  	
  13.36

  	
   

  	
  13 761 469.28

  	
   

  
	
  SANTANDER CENTAL HISPANO LONDON

  	
   

  	
  5.79

  	
   

  	
  5 965 789.36

  	
   

  
	
  TOTAL

  	
   

  	
  100.00

  	
   

  	
  103 037 512.80

  	
   

  

 

SCA Credit

 

	
  Bank

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
  (%)

  	
   

  	
   

  	
   

  
	
  BANCO DE SABADELL

  	
   

  	
  1.80

  	
   

  	
  324 679.66

  	
   

  
	
  BANK OF AMERICA NA LONDRES

  	
   

  	
  5.88

  	
   

  	
  1 059 505.08

  	
   

  
	
  BANQUE SANPAOLO PARIS

  	
   

  	
  2.80

  	
   

  	
  504 734.79

  	
   

  
	
  BARCLAYS BANK PLC

  	
   

  	
  1.93

  	
   

  	
  346 970.26

  	
   

  
	
  BAYERISCHE HYPO-UND VEREINSBANK AG, PARIS

  	
   

  	
  2.61

  	
   

  	
  469 302.29

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  4.26

  	
   

  	
  768 074.69

  	
   

  
	
  BQ FEDERATIVE CREDIT MUTUEL

  	
   

  	
  1.52

  	
   

  	
  274 312.39

  	
   

  
	
  CALYON

  	
   

  	
  4.26

  	
   

  	
  768 074.68

  	
   

  
	
  CITIBANK NA

  	
   

  	
  2.44

  	
   

  	
  438 899.82

  	
   

  
	
  CREDIT INDUSTRIEL ET
  COMMERCIAL

  	
   

  	
  4.50

  	
   

  	
  810 623.35

  	
   

  
	
  CREDIT SUISSE FIRST
  BOSTON ZURICH

  	
   

  	
  4.11

  	
   

  	
  740 643.45

  	
   

  
	
  CAISSE EPARGNE ET DE
  PREVOYANCE ILE DE FRANCE PARIS

  	
   

  	
  5.66

  	
   

  	
  1 020 222.37

  	
   

  
	
  DEUTSCHE BANK AG

  	
   

  	
  12.54

  	
   

  	
  2 259 679.47

  	
   

  
	
  DRESDNER BANK FRANKFURT

  	
   

  	
  7.65

  	
   

  	
  1 377 300.20

  	
   

  
	
  GOLDMAN SACHS AND COMPANY

  	
   

  	
  5.81

  	
   

  	
  1 046 057.09

  	
   

  
	
  MERRILL LYNCH CAPITAL MARKETS BANK LTD

  	
   

  	
  1.04

  	
   

  	
  187 694.06

  	
   

  
	
  MIZUHO CORPORATE & BANKING CO LTD

  	
   

  	
  4.11

  	
   

  	
  740 643.45

  	
   

  
	
  MORGAN STANLEY INTERNATIONAL BANK LTD

  	
   

  	
  7.93

  	
   

  	
  1 428 311.32

  	
   

  
	
  NATEXIS BANQUES
  POPULAIRES

  	
   

  	
  13.36

  	
   

  	
  2 406 016.23

  	
   

  
	
  SANTANDER CENTAL HISPANO LONDON

  	
   

  	
  5.79

  	
   

  	
  1 043 041.68

  	
   

  
	
  TOTAL

  	
   

  	
  100.00

  	
   

  	
  18 014 786.33

  	
   

  

 

26

 

Schedule
4

 

New Repayments Schedule

 

(amount in euros)

 

	
  Repayment Date

  	
   

  	
  Amount outstanding

  before Amortisation

  	
   

  	
  Total Amortisation

  	
   

  	
  Amortisation

  	
   

  
	
  01/10/2004

  	
   

  	
  150
  597 206.33

  	
   

  	
  19.62

  	
  %

  	
  29
  544 907.20

  	
   

  
	
  05/11/2004

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2005

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2005

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2005

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2005

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2006

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2006

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2006

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2006

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2007

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2007

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/08/2007

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/11/2007

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/02/2008

  	
   

  	
  121
  052 299.13

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
   

  
	
  05/05/2008

  	
   

  	
  121
  052 299.13

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/08/2008

  	
   

  	
  116
  008 453.33

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/11/2008

  	
   

  	
  110
  964 607.53

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/02/2009

  	
   

  	
  105
  920 761.73

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/05/2009

  	
   

  	
  100
  876 915.93

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/08/2009

  	
   

  	
  95
  833 070.13

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/11/2009

  	
   

  	
  90
  789 224.33

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/02/2010

  	
   

  	
  85
  745 378.53

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/05/2010

  	
   

  	
  80
  701 532.73

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/08/2010

  	
   

  	
  75
  657 686.93

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/11/2010

  	
   

  	
  70
  613 841.13

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/02/2011

  	
   

  	
  65
  569 995.33

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/05/2011

  	
   

  	
  60
  526 149.53

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/08/2011

  	
   

  	
  55
  482 303.73

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/11/2011

  	
   

  	
  50
  438 457.93

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/02/2012

  	
   

  	
  45
  394 612.13

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/05/2012

  	
   

  	
  40
  350 766.33

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/08/2012

  	
   

  	
  35
  306 920.53

  	
   

  	
  3.35

  	
  %

  	
  5
  043 845.80

  	
   

  
	
  05/11/2012

  	
   

  	
  30
  263 074.73

  	
   

  	
  20.10

  	
  %

  	
  30
  263 074.73

  	
   

  

 

27

 

Schedule
5

 

Legal
opinions

 

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

 

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

 

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

 

28

 

December 1, 2004

 

BNP
Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as
Agent under the

Contrat d’Ouverture de Crédit Multidevises

dated September 5, 1989, as amended

among Euro Disney SCA, Euro Disneyland SNC

and various lenders represented by BNP Paribas

 

Calyon

9, quai Paul
Doumer

92920 Paris La
Défense Cedex

as
Agent under the

Contrat d’Avances d’Associés

dated April 26, 1989, as amended

among Euro Disneyland SNC

and various lenders represented by Calyon;

Contrat d’Ouverture de Crédit

dated March 25, 1991, as amended

among EDL Hôtels SCA, certain SNCs

and various lenders represented by Calyon; and

Contrat d’Avances

dated March 25, 1991, as amended

among certain SNCs, EDL Hôtels SCA as guarantor

and various lenders represented by Calyon.

 

Ladies and
Gentlemen:

 

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

 

1

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

 

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

 

4

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

7

 

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

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CLEARY, GOTTLIEB, STEEN & HAMILTON

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fabrice Baumgartner, a Partner

  

 

8

 

December 1, 2004

 

BNP
Paribas

E.C.E.P.

Project Finance

37, place du Marché St-Honoré

75001 Paris

as Agent under the

Contrat d’Ouverture
de Crédit Multidevises

dated September 5, 1989, as amended

among Euro Disney SCA, Euro Disneyland SNC

and various lenders represented by BNP Paribas

 

Calyon

9, quai Paul
Doumer

92920 Paris La
Défense Cedex

as
Agent under the

Contrat d’Avances d’Associés

dated April 26, 2989, as amended

among Euro Disneyland SNC

and various lenders represented by Calyon;

Contrat d’Ouverture de Crédit

dated March 25, 1991, as amended

among EDL Hôtels SCA, certain SNCs

and various lenders represented by Calyon; and

Contrat d’Avances

dated March 25, 1991, as amended

among certain SNCs, EDL Hôtels SCA as guarantor

and various lenders represented by Calyon.

 

Ladies and
Gentlemen:

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

10

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

(iv)      the judgment was obtained by fraud;

 

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

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

13

 

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

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  CLEARY,
  GOTTLIEB, STEEN & HAMILTON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Andrew Bernstein, a Partner

  	
   

  

 

14

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