How legal is Windows cloudbase VHD distribution? (subject to EULA)

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I'm interested in the legality of distributing custom Windows VHD images (with cloudbase). Is cloudbase has an additional partnership agreement with Microsoft? Or any person can download the ISO image from official microsoft site, install the operating system with cloudbase software (no license activation) then create VHD image.

I see that cloudbase provides access to the image after EULA ( https://www.cloudbase.it/downloads/EU... ). Сan i distribute in the same way VHD images of windows + cloudbase for my users (self-prepared images)?

I cannot find the original source on the Microsoft site on this issue ( MICROSOFT SOFTWARE LICENSE TERMS FOR A VIRTUAL HARD DISK IMAGE).