Document:

Exhibit 4.10

 

AMENDMENT AGREEMENT N 2
TO THE CONVENTION SUR LE RANG

 

BETWEEN :

 

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

 

hereinafter referred to as the « CDC »,

 

AND

 

2)                                     BNP PARIBAS, a French société anonyme
whose registered office is at 16, boulevard des Italiens, 75009 Paris, acting
in its capacity as Agent for the Banks.

 

WHEREAS :

 

I.                                        Pursuant to an agreement relating to the
granting of ordinary loans dated 17 May 1989 between the CDC, Euro Disney
S.C.A. and Euro Disneyland S.N.C. as amended by two amendment agreements dated
10 August 1994 and 30 September 1999 and by an amended and restated
agreement relating to the granting of ordinary loans dated 1 December 2004
the entry into force of which is conditional upon the completion of the
Contribution and the Completion of the Share Capital Increase (the« CDC Ordinary Loan Agreement »), the CDC has made
available to Euro Disney SCA and Euro Disneyland SNC (the « Borrowers »), a loan facility on special conditions
defined as « ordinary loans ». The principal amount of the ordinary
loan to the Operating Company was € 40.604.698,63 as at 30 September 2004
and the principal amount of the ordinary loan to the Financing Company was €
86.851.852,43 as at 30 September 2004.

 

As security for any amounts
becoming due to the CDC under the CDC Ordinary Loan Agreement :

 

(a)          by the Borrowers under the Ordinary Loan A
to the Financing Company and under the Ordinary Loan to the Operating Company,
the Operating Company granted to the CDC a first-ranking hypothèque
on the land on which the « Disneyland Park » theme park was built and
the adjoining campsite under an acte authentique dated
21 November 1989 amended by actes authentiques
dated 4 December 1992 and 19 February 1993, that hypothèque
having been renewed until 1 November 2025 ; and

 

(b)         by the Financing Company under the Ordinary
Loan B to the Financing Company (€ 125.000.000), the Financing Company, in
the context of the 2004 financial restructuring of the Euro Disney group,
undertook to grant to the CDC a second-ranking hypothèque
on the land on which the « Disneyland Park » theme park was built and
the adjoining campsite (the « Second-Ranking Hypothèque »).

 

 

II.                                    Pursuant to the multi-currency loan and letter
of credit facilities agreement dated 5 September 1989 between Euro Disney
SCA, Euro Disneyland SNC and the Banks (as amended by amendment agreements
dated 10 August 1994, 17 March 1995 and amended and restated
with effect from 1 October 2004 by a Phase IA amendment and
restatement agreement dated 1 December 2004 (the « Phase IA Amendment and Restatement Agreement ») (the
« Phase IA Credit Agreement »), the
Bank granted Loans to the Borrowers of an aggregate principal amount, on the
Restatement Date (as defined in the Phase IA Credit Agreement) of €
273,488,244.34.

 

As security for its
obligations in its capacity as Borrower as well as security for its obligations
in its capacity as joint and several debtors  of the
Financing Company under the Phase IA Credit Agreement, the Operating Company
undertook, pursuant to clause 3 of the Phase IA Credit Agreement, to maintain
first-ranking hypothèques on all immeubles par nature ou par destination included in
Phase IA, with the exception of those which were the subject of the
discharge; as security for its obligations as Borrower and as limited guarantor
of the Operating Company, the Financing Company undertook, pursuant to clause 3
of the Phase IA Credit Agreement, to maintain first-ranking hypothèques on all immeubles par nature ou
par destination included in the Parc Disneyland (other than those
which were the subject of the discharge); those hypothèques
were granted by actes authentiques dated 21 November 1989,
4 December 1992, 19 February 1993 and 8 July 1997.

 

III.                                The CDC and the Agent for the Banks entered
into a convention sur le rang by an agreement (acte sous seing privé) dated 30 October 1989 (the
« Convention sur le Rang »),
pursuant to which the registrations (inscriptions hypothécaires)
to be made under the Phase IA Credit Agreement and the CDC Ordinary Loan
Agreement, for the benefit of the Banks and the CDC respectively, provided for
in paragraphs I(a) and II above (the “First-Ranking Hypothèques”),
will rank pari passu and consequently in any order or distribution relating to
the price of the property, the Banks and the CDC will rank pari passu, in
proportion to the amount owed to them.

 

The Convention sur le Rang was restated in the acte authentique dated 21 November 1989 and was
amended by an first amendment agreement dated 10 August 1994.

 

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

 

NOW, THEREFORE, IT IS HEREBY AGREED as follows:

 

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

 

2

 

2.                                      The parties acknowledge that they are aware of
all provisions of the CDC Ordinary Loan Agreement and of the Phase IA Amendment
and Restatement Agreement.

 

3.                                      The Convention sur le Rang is amended as
follows :

 

(A)                              all references to the term « Credit Facility » shall be
considered as being references to the Phase IA Credit Agreement;

 

(B)                                paragraphs I and II of the Convention sur le Rang are deleted and
replaced by paragraphs I to IV of the above recitals of the present
amendment agreement ;

 

(C)                                the wording of clause 1 is replaced by the following wording :
« Expressions used in the present agreement have, except where an express
contrary intention is indicated, the meaning given in the Phase IA Credit
Agreement, the Amended and Restated Common Agreement (as defined in the Phase
IA Credit Agreement) and the CDC Ordinary Loan Agreement. » ;

 

(D)                               a new clause 2 is created, worded as follows : « The
provisions of clauses 4 to 7 of the present agreement apply exclusively to
the First-Ranking Hypothèques, none of them being applicable to the
Second-Ranking Hypothèque. »

 

(E)                                 a new clause 3 is created, worded as
follows : “The First-Ranking Hypothèque in favour of the CDC referred to
in paragraph I (a) of the above recitals has been registered until
1 November 2025. The First-Ranking Hypothèques
in favour of the Banks referred to in paragraph II of the above recitals
were registered until 30 November 2011. However, the debt owed to the
Banks under the Phase IA Credit Agreement will not be extinguished, pursuant to
the Phase IA Amendment and Restatement Agreement, until 31 May 2012 or the last
business day of May 2012. Pursuant to the provisions of clause 3 of the
Phase IA Credit Agreement, in the event that the period of registration of any
First-Ranking Hypothèque would expire before
the Final Repayment Date and in the event that the Agent requests renewal at
any moment, the Borrowers have formally and irrevocably agreed that the renewal
of the registration of the hypothèque to
the Final Repayment Date (increased by two years) would be effected at the
latest three months before its expiration at the expense of Euro Disney
Associés SCA.  Such renewals must be
effected at the competent mortgage registries not later than 3 months prior to
the Final Repayment Date.  The total
amount of the debt secured by the First-Ranking Hypothèques shall not be less
than 125 % of the Total Outstanding Amount. The CDC accepts from now on
that these renewals will take place and that once renewed, all provisions of
the present agreement will be applicable to the First-Ranking Hypothèques so renewed.”;

 

(F)                                 the wording of the former clause 2 now
clause 4 is replaced by the following wording : « In relation to
the First-Ranking Hypothèques, the registrations made in favour of the CDC and
the Banks respectively will rank pari passu. Consequently, in any orders or
distributions relating to the price of the properties covered by the
First-Ranking Hypothèques, the Banks and the CDC will rank pari passu, in
proportion to the amount owed to them under the CDC Ordinary Loan Agreement
(except those amounts relating to the B Ordinary Loan to the Financing Company)
and under the Phase IA Credit Agreement respectively, as such amount will be
determined at the date of the order to foreclose initiated by the CDC or the
Agent, resulting in the execution of the First-Ranking
Hypothèques. » ;

 

3

 

(G)                                the wording of the former clause 3 now clause 5 is replaced by
the following wording : « The cancellation of each of the
registrations whose ranking is the subject of this agreement, that is to say
the registrations relating to the First-Ranking Hypothèques, may be effected on
the basis of the sole release of the holder of the registration concerned or
his successors.  In giving effect to the
cancellation without the agreement and not in the presence of the holder(s) of
all competing registrations, the conservateur des
hypothèques will be fully and validly discharged, and this
sub-paragraph shall have entire effect whatever the capacity of the creditors’
representatives and the form of their mandate. » ;

 

(H)                               the wording of the former clause 4 now clause 6 is replaced by
the following wording : « Notwithstanding the provisions for equal
ranking above, each of the CDC and the Agent will independently be entitled to
enforce the above-mentioned First-Ranking Hypothèques granted respectively to
the CDC and the Banks, as they see fit. 
Should the CDC decide to enforce its First-Ranking Hypothèque, it shall
advise the Agent immediately just as the Agent must immediately advise the CDC
of the Banks’ intention to take such step. » ; and

 

(I)                                    the wording of the former clause 5 is
deleted.

 

4.                                      The other provisions of the Convention sur le
Rang remain unchanged. The present amendment agreement shall not be interpreted
as creating a new undertaking, as the rights and obligations acquired prior to
the date of the present amendment agreement remain in existence.

 

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

 

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

 

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

 

8.                                      The parties require the registration of the
present agreement.  The present amendment
agreement shall be deposited at the offices of Office Notarial, Pacal Dufour,
Jean-Pierre Benoist and Claudine Savary, 15 boulevard Poissonnière, 75002 Paris
and will be restated by notarial agreement.

 

4

 

	
  Signed in Paris,

  	
   

  	
   

  
	
  1 December 2004,

  	
   

  	
   

  
	
  In 4 counterparts, one of which shall be registered

  	
   

  	
   

  
	
  and one shall be deposited with the Notary.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
  Caisse des Dépôts et
  Consignations

  

 

5Exhibit 4.11

 

Translation

For information only

 

December 1, 2004

 

AMENDMENT TO THE FINANCIAL LEASE
(“CREDIT-BAIL”) BETWEEN

CENTRE DE CONGRES NEWPORT SAS AND
EDL HOTELS SCA

 

 

On December 1,
2004,

 

In Paris

 

Identification of the parties

 

The
parties to this Amendment to the Crédit-Bail
are:

 

1°                                     Centre de Congrès Newport S.A.S., a société par actions simplifiée with a share capital of €
7,358,409, whose registered office is at Immeubles Administratifs, Route
Nationale 34, Chessy, 77144 Montévrain, registered at the Registre du
Commerce et des Sociétés de Meaux under n° 404 137 903

 

Hereinafter referred to either as « Lessor »
or as « Centre de Congrès Newport SAS »

 

OF THE FIRST PART

 

2°                                     EDL Hôtels S.C.A., a société en
commandite par actions, with a share capital of €152,801,556, whose
registered office is at Immeubles Administratifs, Route Nationale 34, Chessy,
77144 Montévrain, registered at the Registre du Commerce et
des Sociétés de Meaux under n° 347 686 206

 

Hereinafter
referred to either as « Lessee » or as « EDL Hôtels »

OF THE SECOND PART

 

Presence – Representation

 

•                  Centre de Congrès Newport SAS is represented by
Mr. Jeffrey R. Speed,

 

•                  EDL Hôtels is represented by Mr. Jeffrey
R. Speed.

 

 

PRIOR
TO ENTERING INTO THIS AMENDMENT, THE PARTIES HERETO HAVE STATED THE FOLLOWING:

 

Recitals

 

Pursuant
to a notarized instrument dated May 15, 1996, received by Me. Burthe-Mique, Notaire Associé in Paris, EDL Hôtels granted a construction
lease to Centre de Congrès Newport SAS, subject to conditions precedent,
pursuant to which Centre de Congrès Newport SAS was to construct on a parcel of
land of 11,600 m2 a building to be used as a convention center and its related
premises.

 

Pursuant
to a notarized instrument of crédit-bail immobilier
(real estate financial lease) dated May 15, 1996, received by Me. Burthe-Mique,
Notaire Associé in Paris (hereinafter
referred to as the “Crédit-Bail”),
Lessor leased to Lessee such convention center together with equipment and
furniture.

 

Pursuant
to the provisions of a memorandum of agreement (hereinafter referred to as “Memorandum
of Agreement”) dated September 30, 2004, Euro Disney SCA, The Walt Disney
Company and creditors of Euro Disney SCA agreed on a number of measures
intended to restore the financial situation of the Euro Disney group. One of
such measures is a deferral of principal maturities owed to the Lessor by the
Lessee under the Crédit-Bail.

 

IN VIEW OF THE FOREGOING, the parties have established the following Amendment to the Crédit-Bail.

 

Amendment to the Crédit-Bail

 

Unless
otherwise defined (or otherwise specified) herein, capitalized terms used
herein shall have the meaning ascribed to them in the Memorandum of Agreement.

 

ARTICLE 1
– MODIFICATION OF THE REPAYMENT SCHEDULE

 

The
parties acknowledge that Annex 1 hereto sets forth the current repayment schedule under
the Crédit-Bail.  It has been substituted to the temporary
repayment schedule that was attached as Annex 5 to the Crédit-Bail on the date of signature of the Crédit-Bail (such temporary repayment schedule referred
to percentages of the Eligible Investment Amount (as defined in the Crédit-Bail) since exact amounts could not be determined at
the date of signature of the Crédit-Bail).

 

Subject
to the condition set forth in Article 3 below, the parties agree that this
Annex 1 shall be replaced by the repayment schedule set forth in Annex 2
hereto, provided that the final term of this Crédit-Bail
shall remain unchanged.

 

Any
reference to Annex 5 in the Crédit-Bail should
therefore be deemed a reference to Annex 2 hereto.

 

2

 

ARTICLE 2  – MODIFICATION OF ARTICLE 13.2

 

Subject
to the condition set forth in Article 3 below, the parties agree that the
first paragraph of Article 13.2 of the Crédit-Bail
shall be replaced by the following:

 

“Lessee shall pay to Lessor
the rental fee, plus VAT, in full semi-annually in arrears on January 1st
and July 1st following the Effective Date and for the last rental fee, on
the date of expiration of this Crédit-Bail or
on the effective date of termination in the event of an early termination, with
the exception of the principal amounts referred to in paragraph (iv) of Article 13.1
which shall be paid annually on July 1st of each year, or if July 1st
of any year is not a business day, on the following business day.”

 

ARTICLE 3
– CONDITION PRECEDENT AND EFFECTIVE DATE

 

This
Amendment to the Crédit-Bail is subject to the
condition precedent that the Share Capital Increase Realization takes place no
later than March 31, 2005.

 

Provided
such condition precedent is met, this Amendment shall enter into effect on the
Effective Date.

 

ARTICLE 4
– MISCELLANEOUS

 

4.1                                 Remaining Terms and Conditions.  Unless
amended herein, all other terms and conditions of the Crédit-Bail
shall remain in full force and effect.

 

4.2                                 Costs.  Lessee shall pay all costs,
duties and fees pertaining to the execution and performance of this Amendment
to the Crédit-Bail.

 

4.3                                 Domicile. For purposes of this Amendment to the Crédit-Bail,
the parties elect domicile at their respective registered offices.

 

4.4                                 Jurisdiction.  This Amendment to the Crédit-Bail shall be governed by and interpreted in accordance
with French law. All disputes arising in connection with this Amendment to the Crédit-Bail shall fall within the exclusive jurisdiction of
the Tribunal de Grande Instance of Paris.

 

4.5                                 Notices.  All notices or other
communications required under this Amendment to the Crédit-Bail
shall be made according to the provisions of Article 30 of the Crédit-Bail.

 

3

 

IN WITNESS WHEREOF

 

Signatures
follow.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EDL
  Hôtels SCA

  	
   

  	
  Centre
  de Congrès Newport SAS

  
	
  Mr. Jeffrey R. Speed

  	
   

  	
  Mr. Jeffrey R. Speed

  

 

 

Annex
1 – Current Repayment Schedule

 

Annex
2 – New Repayment Schedule

 

4

 

Annex 1 – Current Repayment Schedule

 

 

Principal (01.01.2001)  =     23,319,821.27  euros

 

	
  FY

  	
   

  	
   

  	
   

  	
  Principal
  Repayments

  	
   

  	
  Principal
  Balance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (in
  Euros)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2002

  	
   

  	
  4

  	
  %

  	
  932,792.85

  	
   

  	
  22,387,028.42

  	
   

  
	
  2003

  	
   

  	
  4

  	
  %

  	
  932,792.85

  	
   

  	
  21,454,235.57

  	
   

  
	
  2004

  	
   

  	
  4

  	
  %

  	
  932,792.85

  	
   

  	
  20,521,442.72

  	
   

  
	
  2005

  	
   

  	
  4

  	
  %

  	
  932,792.85

  	
   

  	
  19,588,649.87

  	
   

  
	
  2006

  	
   

  	
  5

  	
  %

  	
  1,165,991.06

  	
   

  	
  18,422,658.80

  	
   

  
	
  2007

  	
   

  	
  5

  	
  %

  	
  1,165,991.06

  	
   

  	
  17,256,667.74

  	
   

  
	
  2008

  	
   

  	
  6

  	
  %

  	
  1,399,189.28

  	
   

  	
  15,857,478.46

  	
   

  
	
  2009

  	
   

  	
  6

  	
  %

  	
  1,399,189.28

  	
   

  	
  14,458,289.19

  	
   

  
	
  2010

  	
   

  	
  6

  	
  %

  	
  1,399,189.28

  	
   

  	
  13,059,099.91

  	
   

  
	
  2011

  	
   

  	
  7

  	
  %

  	
  1,632,387.49

  	
   

  	
  11,426,712.42

  	
   

  
	
  2012

  	
   

  	
  7

  	
  %

  	
  1,632,387.49

  	
   

  	
  9,794,324.93

  	
   

  
	
  2013

  	
   

  	
  8

  	
  %

  	
  1,865,585.70

  	
   

  	
  7,928,739.23

  	
   

  
	
  2014

  	
   

  	
  8

  	
  %

  	
  1,865,585.70

  	
   

  	
  6,063,153.53

  	
   

  
	
  2015

  	
   

  	
  8

  	
  %

  	
  1,865,585.70

  	
   

  	
  4,197,567.83

  	
   

  
	
  2016

  	
   

  	
  9

  	
  %

  	
  2,098,783.91

  	
   

  	
  2,098,783.91

  	
   

  
	
  2017

  	
   

  	
  9

  	
  %

  	
  2,098,783.91

  	
   

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  100

  	
  %

  	
  23,319,821.27

  	
   

  	
  -23,319,821.27

  	
   

  

 

5

 

Annex 2 – New Repayment Schedule

 

	
  Date

  	
   

  	
  Principal
  (Before

  Repayments)

  	
   

  	
  Principal

  Repayments

  	
   

  	
  Principal
  Balance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  01/07/2005

  	
   

  	
  20,521,443

  	
   

  	
  0

  	
   

  	
  20,521,443

  	
   

  
	
  03/07/2006

  	
   

  	
  20,521,443

  	
   

  	
  0

  	
   

  	
  20,521,443

  	
   

  
	
  02/07/2007

  	
   

  	
  20,521,443

  	
   

  	
  0

  	
   

  	
  20,521,443

  	
   

  
	
  02/07/2008

  	
   

  	
  20,521,443

  	
   

  	
  0

  	
   

  	
  20,521,443

  	
   

  
	
  01/07/2009

  	
   

  	
  20,521,443

  	
   

  	
  0

  	
   

  	
  20,521,443

  	
   

  
	
  01/07/2010

  	
   

  	
  20,521,443

  	
   

  	
  932,793

  	
   

  	
  19,588,650

  	
   

  
	
  01/07/2011

  	
   

  	
  19,588,650

  	
   

  	
  1,165,991

  	
   

  	
  18,422,659

  	
   

  
	
  02/07/2012

  	
   

  	
  18,422,659

  	
   

  	
  1,165,991

  	
   

  	
  17,256,668

  	
   

  
	
  01/07/2013

  	
   

  	
  17,256,668

  	
   

  	
  1,399,189

  	
   

  	
  15,857,478

  	
   

  
	
  01/0712014

  	
   

  	
  15,857,478

  	
   

  	
  1,399,189

  	
   

  	
  14,458,289

  	
   

  
	
  01/07/2015

  	
   

  	
  14,458,289

  	
   

  	
  1,399,189

  	
   

  	
  13,059,100

  	
   

  
	
  01/07/2016

  	
   

  	
  13,059,100

  	
   

  	
  1,632,387

  	
   

  	
  11,426,712

  	
   

  
	
  01/07/2017

  	
   

  	
  11,426,712

  	
   

  	
  11,426,712

  	
   

  	
  0

  	
   

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]