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.
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CONFIRMATION OF TERMS OF THE INTEREST RATE SWAP
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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
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CREDIT LYONNAIS, PARIS
Notional Amount: 15,200,000.00 Euros
Notional Repayment
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Beginning of End of Currency Notional Repayment
Period Period Amount Amount
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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
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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
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INTER PARFUMS GROUP, PARIS
Notional Amount 15,200,000.00 Euros
Notional Repayment
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Beginning of End of Currency Notional Repayment
Period Period Amount Amount
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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
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Beginning of End of Currency Notional Repayment
Period Period Amount Amount
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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
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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
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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
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Notifications should be sent to CREDIT LYONNAIS' address
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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
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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.
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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
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