EXHIBIT 10.115.1 CREDIT LYONNAIS UAC CHAMPS SUR MARNE US PAYMENT METHODS 15-17 RUE ALFRED NOBEL PARC DESCARTES 77420 CHAMPS SUR MARNE INTER PARFUMS GROUP MR. LECLERCQ 4 ROND POINT DES CHAMPS ELYSEES 75008 PARIS PARIS, on Jul. 29, 2004 Reference No. 323550Y/F002700BAR Ladies and Gentlemen: Pray find herewith the Confirmation, in duplicate, of the terms of the interest rate swap with reference number indicated above. We thank you in advance for agreeing to return a signed copy to us at the address mentioned above. We have enjoyed doing business with you and request that you receive our kindest regards, we remain sincerely yours, CREDIT LYONNAIS NOTA BENE: You have performed a REPAYABLE SWAP transaction. Following this Confirmation, you will receive, throughout the lifetime of your SWAP, a confirmation entitled NOTICE OF FIXING (OF RATE) AND LIQUIDATION with each rate renewal. This document shall indicate the rate retained for the period and the payment amount due at the end of this period. - -------------------------------------------------------------------------------- CONFIRMATION OF TERMS OF THE INTEREST RATE SWAP - -------------------------------------------------------------------------------- PARIS, on Jul. 29, 2004 TO: INTER PARFUMS GROUP, PARIS Attn: MR. LECLERCQ From: CREDIT LYONNAIS, PARIS - BACK OFFICE DERIVATIVE PRODUCTS Reference No.: 323550Y/F002700BAR Hereafter are confirmed the terms of the interest rate swap operation between INTER PARFUMS GROUP, PARIS ("Counterparty") and CREDIT LYONNAIS, PARIS ("CREDIT LYONNAIS"), carried out within the framework of the Agreement ("the Agreement") established under the auspices of the French Association of Banks (l'Association Francaise de Banques - AFB). Declarations made at the time when the framework of the agreement is final are renewed by each Party on the date of the interest rate swap operation. Date interest rate swap operation is finalized: Jul. 22, 2004 Start date: Sep. 30, 2004 Date of Final Payment: Jun. 30, 2009, adjusted accordingly to the following business day, unless it is the next month 1 - PAYER OF VARIABLE AMOUNTS - ----------------------------- CREDIT LYONNAIS, PARIS Notional Amount: 15,200,000.00 Euros Notional Repayment - -------------------------------------------------------------------------------- Beginning of End of Currency Notional Repayment Period Period Amount Amount - -------------------------------------------------------------------------------- Sep. 30, 2004 Dec. 30, 2004 EUR 15,200,000.00 800,000.00 Dec. 30, 2004 Mar. 30, 2005 EUR 14,400,000.00 800,000.00 Mar. 30, 2005 Jun. 30, 2005 EUR 13,600,000.00 800,000.00 Jun. 30, 2005 Sep. 30, 2005 EUR 12,800,000.00 800,000.00 Sep. 30, 2005 Dec. 30, 2005 EUR 12,000,000.00 800,000.00 Dec. 30, 2005 Mar. 30, 2006 EUR 11,200,000.00 800,000.00 Mar. 30, 2006 Jun. 30, 2006 EUR 10,400,000.00 800,000.00 Jun. 30, 2006 Sep. 29, 2006 EUR 9,600,000.00 800,000.00 Sep. 29, 2006 Dec. 29, 2006 EUR 8,800,000.00 800,000.00 Dec. 29, 2006 Mar. 30, 2007 EUR 8,000,000.00 800,000.00 Mar. 30, 2007 Jun. 29, 2007 EUR 7,200,000.00 800,000.00 Jun. 29, 2007 Sep. 28, 2007 EUR 6,400,000.00 800,000.00 Sep. 28, 2007 Dec. 31, 2007 EUR 5,600,000.00 800,000.00 Dec. 31, 2007 Mar. 31, 2008 EUR 4,800,000.00 800,000.00 Mar. 31, 2008 Jun. 30, 2008 EUR 4,000,000.00 800,000.00 Jun. 30, 2008 Sep. 30, 2008 EUR 3,200,000.00 800,000.00 Sep. 30, 2008 Dec. 30, 2008 EUR 2,400,000.00 800,000.00 Dec. 30, 2008 Mar. 30, 2009 EUR 1,600,000.00 800,000.00 Mar. 30, 2009 Jun. 30, 2009 EUR 800,000.00 800,000.00 2 - -------------------------------------------------------------------------------- Variable Rate : EUR-EURIBOR-TELERATE PAGE 248 Frequency : Quarterly Basis of Variable Amount Calculations Exact/360 Calculation Period Adjustment Adjusted Date(s) Variable Rate is Calculated 2 Business days before the first business day of each period of application Variable Amount: An amount equal to the product of the notional amount, of the variable rate and of the basis of calculation of the variable amounts Period(s) of Application for Quarterly, every September 30, Variable Amounts December 30, March 30 and June 30, beginning on September 30, 2004 and ending on the final repayment date Variable Amount Payment Date The last business day of each period of application of the variable amounts Capitalization: None Financial Center(s) retained for the determination of business days regarding: Dates variable rate is determined Target Business Day(s): Payment Dates: Target Business Day(s): Business Day Convention: For the determination of the Adjusted according to the variable rate aforementioned business day convention For the determination of payments Adjusted according to the aforementioned business day convention, unless it is the next month 2 - PAYER OF VARIABLE AMOUNTS - ----------------------------- INTER PARFUMS GROUP, PARIS Notional Amount 15,200,000.00 Euros Notional Repayment - -------------------------------------------------------------------------------- Beginning of End of Currency Notional Repayment Period Period Amount Amount - -------------------------------------------------------------------------------- Sep. 30, 2004 Dec. 30, 2004 EUR 15,200,000.00 800,000.00 Dec. 30, 2004 Mar. 30, 2005 EUR 14,400,000.00 800,000.00 Mar. 30, 2005 Jun. 30, 2005 EUR 13,600,000.00 800,000.00 Jun. 30, 2005 Sep. 30, 2005 EUR 12,800,000.00 800,000.00 Sep. 30, 2005 Dec. 30, 2005 EUR 12,000,000.00 800,000.00 Dec. 30, 2005 Mar. 30, 2006 EUR 11,200,000.00 800,000.00 Mar. 30, 2006 Jun. 30, 2006 EUR 10,400,000.00 800,000.00 Jun. 30, 2006 Sep. 29, 2006 EUR 9,600,000.00 800,000.00 Sep. 29, 2006 Dec. 29, 2006 EUR 8,800,000.00 800,000.00 Dec. 29, 2006 Mar. 30, 2007 EUR 8,000,000.00 800,000.00 Mar. 30, 2007 Jun. 29, 2007 EUR 7,200,000.00 800,000.00 Jun. 29, 2007 Sep. 28, 2007 EUR 6,400,000.00 800,000.00 3 - -------------------------------------------------------------------------------- Beginning of End of Currency Notional Repayment Period Period Amount Amount - -------------------------------------------------------------------------------- Sep. 28, 2007 Dec. 31, 2007 EUR 5,600,000.00 800,000.00 Dec. 31, 2007 Mar. 31, 2008 EUR 4,800,000.00 800,000.00 Mar. 31, 2008 Jun. 30, 2008 EUR 4,000,000.00 800,000.00 Jun. 30, 2008 Sep. 30, 2008 EUR 3,200,000.00 800,000.00 Sep. 30, 2008 Dec. 30, 2008 EUR 2,400,000.00 800,000.00 Dec. 30, 2008 Mar. 30, 2009 EUR 1,600,000.00 800,000.00 Mar. 30, 2009 Jun. 30, 2009 EUR 800,000.00 800,000.00 - -------------------------------------------------------------------------------- Variable Rate : EUR-EURIBOR-TELERATE 12 MONTHS AT THE END OF PERIOD PAGE 248 SUBJECT TO A SPECIFIC CLAUSE Frequency : 12 months Basis of Variable Amount Calculations Exact/360 Calculation Period Adjustment Adjusted Date(s) Variable Rate is Calculated 2 Business days before the first business day of each period of application Variable Amount: An amount equal to the product of the notional amount, of the variable rate and of the basis of calculation of the variable amounts Period (s) of Application for Variable Amounts Quarterly, every September 30, December 30, March 30 and June 30, beginning on September 30, 2004 and ending on the final repayment date Variable Amount Payment Date The last business day of each period of application of the variable amounts Capitalization: None IF EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD < 2.10% THEN 3.25% IF 2.10% < EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD <= 3.85% THEN EURO-EURIBOR 12 MONTHS AT THE END OF PERIOD IF EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD > 3.85% THEN 3.85% Financial Center(s) retained for the determination of business days regarding: Dates variable rate is determined: Target Business Day(s): Payment Dates: Target Business Day(s): Business Day Convention: For the determination of the variable rate: Adjusted according to the aforementioned business day convention For the determination of payments: Adjusted according to the aforementioned business day convention, unless it is the next month Only the differentials will be exchanged: Yes Agent: CREDIT LYONNAIS, PARIS, in the event they are not able, then the agent indicated in the framework of the Agreement 3 - PAYMENT INSTRUCTIONS - ------------------------ Payment to INTER PARFUMS GROUP, PARIS: Account for payment in EUR 4 Payment by credit from your account Ref: 00572 00060BH CREDIT LYONNAIS Payment to CREDIT LYONNAIS, PARIS Account for payment in EUR Payment by debit from your account Ref: 00572 00060BH CREDIT LYONNAIS 4 - NOTIFICATIONS - ----------------- Notifications should be sent to CREDIT LYONNAIS' address - -------------------------------------------------------- CREDIT LYONNAIS UAC CHAMPS SUR MARNE US PAYMENT METHODS 15-17 RUE ALFRED NOBEL PARC DESCARTES 77420 CHAMPS SUR MARNE TEL: 01 60 95 94 21 FAX: 01 60 95 94 37 Notifications should be sent to the Counterparty's address: - ----------------------------------------------------------- INTER PARFUMS GROUP MR. LECLERCQ 4 ROND POINT DES CHAMPS ELYSEES 75009 PARIS Telex: Tel: 0153770000 Fax: 0140740842 5 - BROKER : DIRECT - ---------- Statements Any market operation involving term financial instruments carries risks, notably variations of interest rates, exchange rates, stock exchanges, or stock exchange price indexes. Regarding these risks, each party declares and attests that each of them possesses the knowledge and experience in the matter of investments necessary to evaluate the characteristics of the risks incurred by entering into this transaction. Each party declares and attests to have identified their needs regarding the present transaction as it relates to their activity and their financial situation and to have conducted their own analysis of all financial, legal, fiscal, accounting, and regulatory aspects of the transaction and that they will not require a discount from the other party for any of these items. CREDIT LYONNAIS intervenes as a party to the present transaction, and not as counsel. It shall in no way be held responsible for any financial consequences caused by the intervention of the other party regarding the financial instruments. Each party declares and attests that they are finalizing this transaction on their own behalf and not as legal representatives. As set forth in the regulations (cf. article 3.3.9 of the RGMF). CREDIT LYONNAIS hereby proposes that an evaluation of this transaction be sent to you at least once every year. As regards this evaluation, please do not hesitate to contact your usual intermediary in order to set up how this transmission will be made. 5 THE PARTIES HEREBY DECLARE THAT THE PRESENT CONFIRMATION MAY BE SENT ELECTRONICALLY, THROUGH AN INFORMATION PROCESSING SYSTEM AND MAY BE SIGNED BY THE PARTIES THROUGH THE DIGITALIZATION OF A SIGNATURE BELONGING TO A DULY AUTHORIZED PERSON (HEREINAFTER "DIGITIZED SIGNATURE") WITHIN THE FRAMEWORK OF THE PRESENT CONFIRMATION, (GOVERNED BY THE FRAMEWORK OF THE AGREEMENT) A DIGITIZED SIGNATURE SHALL BE ACCEPTED BETWEEN THE PARTIES AS IDENTIFICATION OF THE PERSON AUTHORIZED BY EACH PARTY TO SIGN AND TO WHOM, WITH THEIR CONSENT, IS GRANTED THE RIGHTS AND OBLIGATIONS SET FORTH IN THE CONFIRMATION. THE PARTIES HEREBY DECLARE AND ACCEPT THAT A DIGITIZED SIGNATURE SHALL BE CONSIDERED EQUIVALENT TO A HANDWRITTEN SIGNATURE AND HEREBY EXPRESSLY RELINQUISHES THE RIGHT TO REFUSE TO TAKE PART IN ANY PROCEDURE BASED ON THE ABSENCE OF A HANDWRITTEN SIGNATURE. PLEASE RETURN TO US THE DUPLICATE COPY OF THIS CONFIRMATION, SIGNED BY YOUR AUTHORIZED REPRESENTATIVE, AS SOON AS POSSIBLE Sincerely, CREDIT LYONNAIS, PARIS INTER PARFUMS GROUP (ILLEGIBLE SIGNATURE) Stephane BOITEUX Credit Lyonnais Capital Market Administration Back Office Derivative Products 6