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Exhibit 10.6    
    

Execution Version  

        

 

DEED OF PRIORITY  

DATED 12 February 2003  

 

  

 BETWEEN  

 

  

 THE BANK OF NEW YORK  

 as Trustee under the Indenture

dated 12 February 2003 between

FIMEP SA and The Bank of New York  

 

  

  

 
 

CONTENTS    
    

	CLAUSE
 
	 	PAGE

	1.	 	INTERPRETATION	 	1
	2.	 	EXISTING INTERCREDITOR DEED	 	4
	3.	 	RANKING OF DEBT	 	4
	4.	 	SUBORDINATION OF PECS DEBT	 	5
	5.	 	SUBORDINATION OF INVESTOR DEBT	 	6
	6.	 	APPLICATION OF RECOVERIES	 	7
	7.	 	PROTECTION OF SUBORDINATION	 	7
	8.	 	REPRESENTATIONS AND WARRANTIES	 	8
	9.	 	INFORMATION AND CO-OPERATION	 	8
	10.	 	COSTS AND EXPENSES	 	9
	11.	 	NOTICES	 	9
	12.	 	CHANGES TO PARTIES	 	9
	13.	 	MISCELLANEOUS	 	10
	14.	 	GOVERNING LAW AND SUBMISSION TO JURISDICTION	 	11
	SCHEDULE 1	 	13
	Creditor Accession Deed	 	13
	SCHEDULE 2	 	15

  

THIS DEED is made on 12 February 2003 

BETWEEN: 

	(1)
	LUMINA PARENT SARL (a company incorporated in Luxembourg with registered number B.87.573) (the  "Parent");

	(2)
	LUMINA PARTICIPATION SARL (a company incorporated in Luxembourg with registered number B-88254)
("Holdco 2");

	(3)
	FIMEP SA (a company incorporated in France and registered in Paris under number 421 259 615)
("FIMEP");

	(4)
	FIMAF SAS (a company incorporated in France and registered in Paris under number 421 391 269)
("FIMAF");

	(5)
	GP FINANCIERE NEW SUB 1 (a company incorporated in Luxembourg) ("New Sub 1");

	(6)
	LUMINA HOLDINGS (GIBRALTAR) (a company incorporated in Gibraltar with registered number 86730)
("Gibco"); and

	(7)
	HIGH YIELD NOTES TRUSTEE, for itself and for the benefit of the holders of the Notes (as defined below). 

 
 

RECITALS    
    

WHEREAS,
the parties wish to set out their agreement in relation to certain rights and obligations arising in connection with the Debt, as set out herein; 

THE PARTIES AGREE AS FOLLOWS:  

1.     INTERPRETATION  

1.1   Definitions  

In
this deed, the following terms have the meanings given to them in this Clause 1.1. Capitalised terms used herein without definition shall have the meanings assigned to them in the Indenture
(as defined below): 

"Creditor" means each of the High Yield Notes Trustee, the PECS Debt Holders and any Senior Debt Holder; 

"Creditor Accession Deed" means a deed substantially in the form set out in Schedule 1 hereto under which a Creditor becomes a party to this
deed; 

"Debt" means the PECs Debt, the Investor Debt, the High Yield Notes Debt and any other Senior Debt; 

"Enforcement Action" means in relation to any Debt, any action whatsoever to: 

	(a)
	demand
payment, declare prematurely due and payable or otherwise seek to accelerate payment of all or any part of the Debt;

	(b)
	recover
all or any part of the Debt (including by exercising any right of set-off or combination of accounts);

	(c)
	exercise
or enforce any security right or any other rights under any other document or agreement against any Obligor in relation to (or given in support of) all or any part of the
Debt; or 

1

 

	(d)
	petition
for (or take any other steps which may lead to) an Insolvency Event in relation to any Obligor; or

	(e)
	commence
legal proceedings against any Obligor. 

"Equity Investors" means (i) the Original Equity Investors, (ii) any other institution or person who becomes a party to any Investor
Documents and/or (iii) any Subsidiary of the Equity Investors (or any of them) referred to in Clause (i) or (ii) which is not a Subsidiary of Parent; 

"Existing Intercreditor Deed" means the intercreditor deed dated 26 July 2002, as amended and restated on 5 December 2002 among  inter alia FIMEP,
FIMAF, the Existing Senior Lenders (as defined therein) and others in the form set out in Schedule 2 hereto (as amended or
supplemented from time to time in accordance with the provisions of the Indenture). 

"Existing Senior Credit Agreement" shall have the meaning set out in the Indenture; 

"Final Discharge Date" means the date on which all Senior Debt has been fully discharged and all commitments of the holders of any Senior Debt to FIMEP
have come to an end in accordance with the documents governing any Senior Debt; 

"High Yield Notes Debt" means all money and liabilities now or in the future due, owing or incurred by FIMEP under any High Yield Notes Documents in any
currency, whether actual or contingent, whether incurred solely or jointly with any other person and whether as principal or surety, together with all accruing interest and all related losses, costs,
charges and expenses; 

"High Yield Notes Discharge Date" means the date on which all High Yield Notes Debt has been fully discharged and all commitments of the holders of the
High Yield Notes to FIMEP have come to an end in accordance with the High Yield Notes Note Documents; 

"High Yield Notes Funding Bonds Assignment Agreement" means the assignment agreement dated the date hereof between FIMEP and the High Yield Notes
Trustee; 

"High Yield Notes Documents" means the High Yield Notes, the High Yield Notes Funding Bonds Assignment Agreement and each other related trust deed,
indenture, registration rights agreement and ancillary document entered into in connection therewith; 

"High Yield Notes" means the senior notes of FIMEP issued pursuant to the Indenture from time to time; 

"High Yield Notes Trustee" means The Bank of New York, as trustee under the Indenture (and any successor thereof appointed in accordance with the
Indenture); 

"Indenture" means the Indenture, dated the date hereof, between FIMEP and the High Yield Notes Trustee; 

"Indebtedness" has the meaning set forth in the Indenture; 

"Insolvency Event" means in any relevant jurisdiction the earlier of the date on which: 

	(a)
	a
court makes an order, or the board of directors (or equivalent) or shareholders pass a resolution, for the winding up, dissolution, liquidation, bankruptcy, administration or
similar matter in respect of any Obligor; or

	(b)
	a
liquidator, administrator, receiver or similar official in respect of all or substantially all of the assets of an Obligor is appointed thereto or to its assets. 

2

 

"Investor Debt" means all money and liabilities now or in the future due, owing or incurred to any Equity Investor or the Vendor by the Parent or any
Subsidiary thereof under any Investor Document (but excluding, for the avoidance of doubt, under the PECS Instruments) in any currency, whether actual or contingent, whether incurred solely or jointly
with any other person and whether as principal or surety, together with all accruing interest and all related costs, charges and expenses; 

"Investor Documents" means each existing or future document or agreement (including constitutional documents, preference shares, preferred equity
certificates and any document relating to any Investor Debt or any equity investments in Parent or any Subsidiary thereof) providing for the payment of any amount to an Equity Investor in its capacity
as an investor or to the holder of the Vendor Loan Instrument; 

"New Sub 1 PECS" means the preferred equity certificates issued by New Sub 1 and held by Gibco; 

"Obligors" means Parent, Holdco 2, FIMEP, FIMAF, New Sub 1 and Gibco; 

"Original Equity Investors" means Wendel Investissement, Kohlberg Kravis Roberts & Co. LP. and KKR Associates L.P. 

"PECS" means the New Sub 1 PECS, the Subordinated Shareholder PIK Bonds, and any preferred equity certificates or subordinated shareholder debt
subscribed for the purposes of funding any Subsidiary of Parent; 

"PECS Instruments" means the preferred equity certificate instruments, bond instrument or loan instrument and related documents in relation to the PECS; 

"PECS Debt" means all money and liabilities now or in the future due, owing or incurred to the PECS Debt Holders under any PECS Instruments in any
currency, whether actual or contingent, whether incurred solely or jointly with any other person and whether as principal or surety, together with all accruing interest and all related losses and
charges; 

"PECS Debt Holders" means the Parent, New Sub 1, Gibco and any other person which becomes from time to time a creditor in respect of PECs Debt in
accordance with the transfer provisions permitted under this Deed; and 

"Security Agent" shall have the meaning set out in the Existing Intercreditor Deed. 

"Senior Debt" means all Indebtedness of FIMEP unless the instrument under which such Indebtedness is incurred expressly provides that it is  pari passu or
subordinated in right of payment to the PECS Debt, the Investor Debt or both, save that "Senior Debt" shall not include (a) any  prêts parcipatifs granted to and holders of titres participatifs, issued by FIMEP or
(b) any obligation in respect of share capital of FIMEP. For the avoidance of doubt, Senior Debt shall include all High Yield Notes Debt. 

"Senior Debt Holder" means the holders of High Yield Notes Debt and any other holder of Senior Debt or any trustee or agent in respect thereof, as
applicable, who has executed a Creditor Accession Deed in accordance with the terms of this Deed. 

"Senior Discharge Date" shall have the meaning set out in the Existing Intercreditor Deed; 

"Subordinated Shareholder PIK Bonds" means the subordinated shareholder payment-in-kind bonds issued on the date hereof by FIMEP
to New Sub 1; and 

"Vendor Loan Instrument" means the instrument by which the Schneider Electric SA made a loan in the principal amount of €150,000,000 to
New Sub 1 on 10 December 2002. 

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1.2   Construction

In
this deed, unless a contrary intention appears: 

	(a)
	a
reference to any person is, where relevant, deemed to be a reference to or to include, as appropriate, that person's successors and permitted assignees or transferees;

	(b)
	references
to Clauses and schedules are references to, respectively, Clauses of and schedules to this deed and references to this deed include its schedules;

	(c)
	a
reference to a statute, statutory instrument or accounting standard or any provision thereof is to be construed as a reference to that statute, statutory instrument or accounting
standard or such provision thereof, as it may be amended or re-enacted from time to time;

	(d)
	a
time of day is a reference to London time;

	(e)
	the
index to and the headings in this deed are inserted for convenience only and are to be ignored in construing this deed;

	(f)
	the
parties intend that this document shall take effect as a deed; and

	(g)
	words
importing the plural shall include the singular and vice versa. 

1.3   Majority consents

Any
consent or instruction required to be given under this deed by the High Yield Notes Trustee will only be given in accordance with the Indenture unless otherwise specified. 

2.     EXISTING INTERCREDITOR DEED

2.1   Acknowledgement

In
the event of any conflict between the provisions hereof and the provisions of the Existing Intercreditor Deed, the Existing Intercreditor Deed shall prevail. The Existing Intercreditor Deed shall
not be amended or varied in any way by this Deed. 

2.2   Effect of Senior Discharge Date

The
provisions of the Existing Intercreditor Deed that govern the relationship between the parties hereto shall continue in full force and effect (as between those parties), notwithstanding the
occurrence of the Senior Discharge Date. In such event, all terms used in the Existing Intercreditor Deed and defined by reference to the Existing Senior Credit Agreement will continue to be binding
on the parties to this Deed (and shall be deemed to be set out in full in the Existing Intercreditor Deed, notwithstanding termination of the Existing Senior Credit Agreement). 

3.     RANKING OF DEBT

The
Debt will rank for all purposes and at all times in the following order: 

	(a)
	first,
the Senior Debt; and

	(b)
	second,
the PECS Debt and the Investor Debt on a pari passu basis. 

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4.     SUBORDINATION OF PECS DEBT

4.1   Agreement to Subordinate

Each
of FIMEP and the PECS Debt Holders hereby acknowledge and agree for the benefit of the High Yield Notes Trustee and any Senior Debt Holder that the payment of the principal and interest and other
amounts on the PECS Debt and any other payment of any kind whatsoever in respect of or on account of the PECS Debt is subordinated: 

	(a)
	in
the case of the Subordinated Shareholder PIK Bonds, as specified under article L228-97 of the French Commercial Code; and

	(b)
	in
the case of all PECS Debt, to the extent and in the manner provided in the Existing Intercreditor Deed and under this Clause 4. 

4.2   Agreements contained in the Existing Intercreditor Deed

Each
Obligor and each PECs Debt Holder agrees for the benefit of the High Yield Notes Trustee and any Senior Debt Holder to comply with the provisions of Clause 9 of the Existing Intercreditor
Deed. 

4.3   Subordination to all Senior Debt

	(a)
	Without
prejudice to the provisions of Clause 14.1 of the Existing Intercreditor Deed, each Obligor, for itself and its successors, and each of the PECs Debt Holders agrees
that, in the event of any Insolvency Event in respect of FIMEP: (i) the holders of Senior Debt of FIMEP will be entitled to receive irrevocable payment in full in cash of all Obligations due
(and that become due thereafter) in respect of such Senior Debt (including interest accruing after the commencement of the relevant Insolvency Event at the rate specified in the applicable Senior
Debt, whether or not allowed in any proceeding related to such Insolvency Event) before the PECs Debt Holders will be entitled to receive any payment with respect to PECs Debt; and (ii) until
all Obligations with respect to Senior Debt (as provided in Clause (i) above) are irrevocably paid in cash in full, any distribution to which any PECs Debt Holder would be entitled but for this
agreement will be made (i) on or prior to the Senior Discharge Date, as set out in the Existing Intercreditor Deed, (ii) at any time thereafter until the High Yield Notes Discharge Date,
to the High Yield Notes Trustee for application in accordance with Clause 6 of this Deed, and (iii) at any time thereafter until the Final Discharge Date, to such person or persons as
the Senior Debt Holders appoint.

	(b)
	To
give effect to the foregoing, each Obligor agrees that, upon the occurrence of an Insolvency Event in relation to an Obligor, the trustee in bankruptcy, liquidator, assignee or
other person distributing the assets of that Obligor or their proceeds shall be directed by the Creditors (other than the High Yield Notes Trustee and the holders of Senior Debt) to pay distributions
of any kind in relation to the PECs Debt: (i) on or prior to the Senior Discharge Date, as set out in the Existing Intercreditor Deed, (ii) at any time thereafter until the High Yield
Notes Discharge Date, to the High Yield Notes Trustee for application in accordance with Clause 6 of this Deed, and (iii) at any time thereafter until the Final Discharge Date, to such
person or persons as the Senior Debt Holders appoint. 

4.4   Turnover

If
at any time on or before the Final Discharge Date: 

	(a)
	Gibco,
Parent, any Subsidiary of Parent or any other PECs Debt Holder receives or recovers a payment or distribution of any kind whatsoever in respect or on account of any PECS Debt; 

5

 

	(b)
	Gibco,
Parent, any Subsidiary of Parent or any other PECs Debt Holder receives or recovers proceeds pursuant to any Enforcement Action in respect or on account of any PECS Debt;

	(c)
	Debtco,
Parent, any Subsidiary of Parent or any other PECs Debt Holder makes any payment or distribution of any kind whatsoever in respect or on account of the purchase or other
acquisition of any PECS Debt; or

	(d)
	any
PECS Debt is discharged by set-off, combination of accounts or otherwise, 

the
recipient or beneficiary of that payment, distribution, set-off or combination will promptly pay all amounts and distributions received (i) on or prior to the Senior Discharge
Date, as set out in the Existing Intercreditor Deed, (ii) at any time thereafter until the High Yield Notes Discharge Date, to the High Yield Notes Trustee (subject to the exceptions permitted
under sub-Clauses 9.1 (i) to (v) inclusive of the Intercreditor Deed) for application under Clause 6 of this Deed after deducting the costs, liabilities and expenses
(if any) reasonably incurred in recovering or receiving that payment or distribution and, pending that payment, will hold those amounts and distributions on trust for the holders of Senior Debt, and
(iii)at any time thereafter until the Final Discharge Date, to such person or persons as the Senior Debt Holders may appoint for application under Clause 6 of this Deed after deducting costs,
liabilities and expenses (if any) reasonably incurred in recovering or receiving that payment or distribution and, pending that payment, such person or persons will hold these amounts and
distributions in trust for the Senior Debt Holders. 

For
the avoidance of doubt, the provisions of Clauses 4.4 (a) to (d) do not apply to the transactions referred to in Clauses 9.1(i) to (v) (inclusive) of the Existing
Intercreditor Deed. 

4.5   Continuing Offer

This
Clause 4 shall constitute a continuing offer to all persons who, in reliance upon the provisions of this Deed, become holders of or continue to hold Senior Debt, and such provisions are
made for the benefit of the holders of Senior Debt and any one or more of them may enforce such provisions. 

5.     SUBORDINATION OF INVESTOR DEBT

5.1   Agreement to Subordinate

Each
Obligor hereby acknowledges and agrees for the benefit of the High Yield Notes Trustee and any Senior Debt Holders that the payment of the principal and interest on the Investor Debt and any
other payment of any kind whatsoever in respect of or on account of the Investor Debt is subordinated to the extent and in the manner provided in the Existing Intercreditor Deed and under this
Clause 5. 

5.2   Agreements contained in the Existing Intercreditor Deed

Each
Obligor agrees for the benefit of the High Yield Notes Trustee and the Senior Debt Holders to comply with the provisions of Clause 7 of the Existing Intercreditor Deed. 

6

 

6.     APPLICATION OF RECOVERIES

6.1   Application

All
amounts recovered by or paid to the High Yield Notes Trustee and any Senior Debt Holder under this deed (whether under the turnover provisions or otherwise) shall be applied in the following
order: 

	(a)
	first,
(and only in the event that the Senior Discharge Date has not yet occurred) to the Security Agent for application in accordance with Clause 15 of the Existing
Intercreditor Deed;

	(b)
	second,
in payment of unpaid fees, costs and expenses (including interest on those unpaid fees, costs and expenses recoverable under the High Yield Notes Documents) incurred by or on
behalf of the High Yield Notes Trustee and any Senior Debt Holders (and any receiver, adviser or agent appointed by them) and any Senior Debt Holders and the remuneration of the High Yield Notes
Trustee, any Senior Debt Holders and their respective advisers and agents under the High Yield Notes Documents or the documents entered into in connection with any such Senior Debt (as applicable);

	(c)
	third,
in payment to all holders of Senior Debt (as their interests may appear); and

	(d)
	fourth,
in payment of the surplus (if any) to FIMEP or any other person entitled to it (including any other Obligors as the case may be), 

and
pending that application shall be held on trust (i) prior to the High Yield Notes Discharge Date by the High Yield Notes Trustee and (ii) thereafter until the Final Discharge Date by
such person or persons as the Senior Debt Holders may appoint, in each case for the beneficiaries entitled to it. For the avoidance of doubt, following the occurrence of the Senior Discharge Date, all
amounts so recovered shall be applied in accordance with the provisions of sub-Clauses (b), (c) and (d) above. 

6.2   Existing Intercreditor Deed

Each
Obligor acknowledges and agrees to instruct the Security Agent that any moneys otherwise payable by the Security Agent to any of them pursuant to Clause 15.1(h) of the Existing
Intercreditor Deed shall instead be paid to the High Yield Notes Trustee (until the High Yield Notes Discharge Date) and thereafter until the Final Discharge Date to the Senior Debt Holders (or such
person or persons as they may appoint to receive it on their behalf) for application pursuant to Clause 6.1. 

7.     PROTECTION OF SUBORDINATION

7.1   Continuing subordination

The
subordination provisions in this deed constitute a continuing subordination and benefit to the ultimate balance of all Senior Debt regardless of any intermediate payment or discharge of the Senior
Debt in whole or in part. 

7.2   Waiver of defence

The
subordination and priority provisions in this deed will not be affected by any act, omission or circumstance which (but for this provision) may operate to release or otherwise exonerate any
Obligor or the PECS Debt Holders from their obligations under this deed or otherwise affect those subordination and priority provisions, including: 

	(a)
	any
time or indulgence granted to or composition with any Obligor or any other person; 

7

 

	(b)
	the
taking, amendment, compromise, renewal or release of or refusal to enforce any rights, remedies or securities against or granted by any Obligor or any other person;

	(c)
	any
legal limitation, disability, incapacity or other circumstance relating to any Obligor or any other person or any amendment to the terms of this deed or any other document or
security (including the High Yield Note Documents, the PECS Instruments, the Investor Documents and any documents entered into in connection with any Senior Debt); or

	(d)
	any
fluctuation in or partial repayment or prepayment of any Senior Debt. 

8.     REPRESENTATIONS AND WARRANTIES

Each
party to this deed (other than the High Yield Notes Trustee) represents and warrants to and for the benefit of each of the other parties to this deed that it: 

	(a)
	is
duly established and (if a company) duly incorporated and validly existing with limited liability under the laws of the place of its incorporation and has the power to own its
assets and carry on its business;

	(b)
	has
the power and capacity to enter into and comply with its obligations under this deed; and

	(c)
	has
taken all necessary action:

	(i)
	to
authorise the entry into and compliance with its obligations under this deed;

	(ii)
	to
ensure that its obligations under this deed are valid, legally binding and enforceable in accordance with their terms; and

	(iii)
	to
make this deed admissible in evidence in the courts of England and, where such party is incorporated or organised elsewhere, in the jurisdiction in which it is
incorporated or organised (and where incorporated or organised in France, subject to translation and timbre de dimension in France). 

9.     INFORMATION AND CO-OPERATION

9.1   Information

The
Parent (on behalf of itself and each other Obligor) authorises each Creditor to disclose to each other Creditor all information relating to the Parent and its Subsidiaries coming into the
possession of that Creditor in connection with any High Yield Notes Document, PECS Instrument, Investor Document or any documents entered into in connection with any Senior Debt (including the
respective amounts of Debt outstanding from time to time). 

9.2   Notification of breach

Each
party to this deed (other than the High Yield Notes Trustee and any other trustee or agent appointed in respect of any Senior Debt) will notify the High Yield Notes Trustee and any other Senior
Debt Holders of any breach of the provisions of this deed promptly upon that party becoming aware of that breach. 

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10.   COSTS AND EXPENSES

The
Obligors will indemnify the High Yield Notes Trustee and any other Senior Debt Holders on demand from and against any loss which it may incur in connection with the negotiation, preparation,
execution, amendment, release and/or enforcement or attempted enforcement of, or preservation of its rights under this deed, including any present or future stamp or other taxes or duties and any
penalties or interest with respect thereto which may be imposed by any competent jurisdiction in connection with the execution or enforcement of this deed or in consequence of any payment being made
under this deed (whether made by an Obligor or a third person) being impeached or declared void for any reason whatsoever. 

11.   NOTICES

11.1 Mode of service

	(a)
	Except
as specifically provided otherwise in this deed, any notice, demand, consent, agreement or other communication (a "Notice") to
be served under or in connection with this deed will be in writing and will be made by letter or by facsimile transmission to the party to be served.

	(b)
	The
address and facsimile number of each party to this deed for the purposes of Clause 11.1(a) are:

	(i)
	the
address and facsimile number shown immediately after its name on the signature pages of this deed (in the case of any person who is a party as at the date of this
deed);

	(ii)
	the
address and facsimile number notified by that party for this purpose to the High Yield Notes Trustee on or before the date it becomes a party to this deed (in the
case of any person who becomes a party after the date of this deed); or

	(iii)
	any
other address and facsimile number notified by that party for this purpose to the High Yield Notes Trustee by not less than five Business Days' notice. 

11.2 Deemed service

	(a)
	Subject
to Clause 11.2(b), a Notice will be deemed to be given as follows:

	(i)
	if
by letter, when delivered personally or on actual receipt; and

	(ii)
	if
by facsimile, when delivered.

	(b)
	A
Notice given under Clause 11.2(a) but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next
working day in that place. 

12.   CHANGES TO PARTIES

12.1 Assignment and transfers by the Obligors

None
of the Obligors may assign or transfer all or any part of its rights, benefits or obligations under this deed. 

9

 

12.2 Assignments and transfers by Creditors

	(a)
	Subject
to Clause 12.1(Assignment and transfers by the Obligors), a Creditor (in this capacity, the "Transferor") may at any
time assign any of its rights under this deed or transfer any of its rights and obligations under this deed to any person (a "Transferee") to whom a
Transferor is permitted to assign or transfer rights, benefits and obligations under the High Yield Notes Documents, the PECS Instruments or the documents entered into in connection with any Senior
Debt (as the case may be).

	(b)
	An
assignment or transfer will only be effective if (i) the High Yield Notes Trustee and any other Senior Debt Holder executes a Creditor Accession Deed duly completed and
signed on behalf of the Transferee under which the Transferee agrees to be bound by all of the terms of this deed as if it had originally been party to this deed as a Creditor, and (ii) in
respect of a Transferee who is becoming a PECS Debt Holder, FIMEP registers such Transferee as the holder of all PECS Debt being transferred to it.

	(c)
	Subject
to the prior approval of FIMAF, any Senior Debt Holder may (at its option), agree to be bound by, and to enjoy the benefits of, the terms of this Deed as if it had originally
been a party hereto by executing a Creditor Accession Deed.

	(d)
	Each
of the parties to this deed (other than the Transferee and any other Senior Debt Holder) irrevocably authorises the High Yield Notes Trustee to execute on its behalf any Creditor
Accession Deed which has been duly completed and executed on behalf of the Transferee.

	(e)
	The
High Yield Notes Trustee will promptly notify the other parties to this deed of the receipt and execution by it on their behalf of any Creditor Accession Deed. 

12.3 Benefit of deed

This
deed will be binding upon, and inure for the benefit of, each party to it and its or any subsequent permitted successors or assigns. This deed shall cease to be binding on a Creditor from and
after the date it ceases to be a Creditor. 

13.   MISCELLANEOUS

13.1 No implied waivers

	(a)
	No
failure or delay by the High Yield Notes Trustee or any other Senior Debt Holder in exercising any right, power or privilege under this deed will operate as a waiver of that right,
power or privilege, nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise of that right, power or privilege, or the exercise of any other
right, power or privilege.

	(b)
	The
rights and remedies provided in this deed are cumulative and not exclusive of any rights and remedies provided by law.

	(c)
	A
waiver given or consent granted by any party under this deed will be effective only if given in writing and then only in the instance and for the purpose for which it is given. 

13.2 Invalidity of any provision

	(a)
	If
any provision of this deed is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall
not be affected or impaired in any way. 

10

 

	(b)
	Without
prejudice to the generality of paragraph (a) above, the obligations of any Obligor under this deed will not extend beyond a point where they would cause the
infringement of section 151 of the Companies Act 1985 or any similar enactments or provisions in any other jurisdiction. 

13.3 Counterparts

This
deed may be executed in any number of counterparts and all of those counterparts taken together shall be deemed to constitute one and the same instrument. 

13.4 Perpetuity period

The
perpetuity period applicable to the trusts created by this deed is 90 years. 

13.5 Third party rights

The
Contracts (Rights of Third Parties) Act 1999 shall apply to this deed only in respect of the benefit of the subordination provisions being extended to holders of Senior Debt under Clause 4
(Subordination of PECS Debt) and no other third party shall have any rights under this deed. 

13.6 Liquidation of Parent, Holdco 2 and New Sub 1

Parent,
Holdco 2, Gibco and New Sub 1 being a party to this deed shall not prevent the liquidation of any of them to the extent not prohibited by the High Yield Notes Documents whereupon they will
cease to be parties to this deed for all purposes. 

13.7 Termination

This
deed shall terminate on the Final Discharge Date. 

14.   GOVERNING LAW AND SUBMISSION TO JURISDICTION

14.1 Governing law

This
deed (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this deed) shall be governed by, and construed in accordance with, English
law. 

14.2 Submission to jurisdiction

For
the benefit of each party to this deed, each other party to this deed irrevocably submits to the jurisdiction of the courts in England for the purpose of hearing and determining any dispute
arising out of this deed and for the purpose of enforcement of any judgment against its assets. 

14.3 Freedom of choice

The
submission to the jurisdiction of the courts referred to in Clause 14.2 (Submission to Jurisdiction) shall not (and shall not be construed so as to) limit the right of any Senior Debt
Holder to take proceedings against any Obligor or other party hereto in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the
taking of proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. 

11

 

14.4 Service of process

Without
prejudice to any other permitted mode of service, each Obligor agrees that service of any claim form, notice or other document for the purpose of any proceedings in such courts shall be duly
served upon it if delivered or sent by registered post to Hackwood Secretaries Limited at One Silk Street, London EC2Y 8HQ or such other address in England or Wales as FIMAF may notify from time to
time to the High Yield Notes Trustee. 

IN WITNESS whereof this deed has been duly executed on the date first above written. 

12

  

 
 

SCHEDULE 1
  Creditor Accession Deed    
    

THIS DEED is made on    •    

BETWEEN: 

	(1)
	•    (the ["New PECS Debt Holder/New High Yield Notes
Trustee/New Senior Debt Holder"]); and

	(2)
	•    in its capacity as High Yield Notes Trustee under the Deed of Priority.
[and]

	(3)
	[    •    in its capacity as a Senior Debt Holder under the Deed of Priority]. 

RECITALS: 

	(A)
	This deed is supplemental to an deed of priority dated 12 February 2003 (the "Deed of
Priority") between    •    .

	(B)
	This deed has been entered into to record the accession of the [New Creditor] as [a PECS Debt
Holder/the High Yield Notes Trustee/New Senior Debt Holder] under the Deed of Priority. 

IT IS AGREED as follows: 

1.     DEFINITIONS

Words
and expressions defined in the Deed of Priority have the same meanings when used in this deed. 

2.     ACCESSION OF NEW CREDITOR

	2.1
	The [New Creditor] agrees to become, with immediate effect, a party to, and agrees to be bound by the terms of,
the Deed of Priority as if it had originally been party to the Deed of Priority as [a PECS Debt Holder/the High Yield Notes Trustee/a Senior Debt Holder].

	2.2
	The [New Creditor]] confirms that its address details for notices in relation to Clause
[    ] (Notices) are as follows: 

	 	Address:	 	•
	 	Facsimile:	 	•
	 	Attention of:	 	•

	2.3
	The High Yield Notes Trustee [and any other Senior Debt Holder] for itself and the other parties to the Deed of
Priority other than the [New Creditor] confirms the acceptance of the [New Creditor] as [a PECS Debt Holder/the High Yield Notes Trustee/a
Senior Debt Holder] for the purposes of the Deed of Priority. 

3.     COUNTERPARTS

The
deed may be executed in any number of counterparts and all of those counterparts taken together shall be deemed to constitute one and the same instrument. 

4.     LAW

This
deed (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this deed) shall be governed by and construed in accordance with English law. 

IN WITNESS whereof this deed has been duly executed on the date first above written. 

13

  

 
 

Signatories to the Creditor Accession Deed    
    

	[The New Creditor]	 	 
	

Executed as a deed by	
 	

)	
 	

 
	[Name]	 	)	 	 
	acting by [a director and its	 	)	 	 
	secretary/two directors]	 	)	 	 
	 	 	 	 	 
	Director .........................................	 	 
	 	 	 	 	 
	Director/Secretary .........................	 	 
	  	 	 	 	 
	  	 	 	 	 
	  	 	 	 	 
	The High Yield Notes Trustee	 	 
	

Executed as a deed by	
 	

)	
 	

 
	[Name]	 	)	 	 
	acting by [a director and its	 	)	 	 
	secretary/two directors]	 	)	 	 
	 	 	 	 	 
	Director .........................................	 	 
	 	 	 	 	 
	Director/Secretary .........................	 	 
	  	 	 	 	 
	  	 	 	 	 
	  	 	 	 	 
	[Senior Debt Holder]	 	 
	

Executed as a deed by	
 	

)	
 	

 
	[Name]	 	)	 	 
	acting by [a director and its	 	)	 	 
	secretary/two directors]	 	)	 	 
	 	 	 	 	 
	Director .........................................	 	 
	 	 	 	 	 
	Director/Secretary .........................	 	 

14

  

 
 

SCHEDULE 2
  EXISTING INTERCREDITOR DEED    
    

15

  

 
 

Signatories to the Deed of Priority    
    

	The Parent	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	LUMINA PARENT SARL	 	)	 	 
	acting by its authorised signatories	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 
	 	 	 	 	 	 	 
	Address:	 	15, rue de la Chapelle

L-1325 Luxembourg	 	 	 	 
	Facsimile:	 	00 33 155 31 7930	 	 	 	 
	Attention:	 	Arnaud Desclèves	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Holdco 2	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	LUMINA PARTICIPATION SARL	 	)	 	 
	acting by its authorised signatory	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	 Notice Details	 	 	 	 
	As for the Parent	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	FIMEP	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	FIMEP SA	 	)	 	 
	acting by its authorised signatory	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 
	Address:	 	89, rue Taitbout

75009 Paris	 	 	 	 
	Facsimile:	 	00 33 142 85 2367	 	 	 	 
	Attention:	 	Jean-Bernard Lafonta	 	 	 	 

16

 

	FIMAF	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	FIMAF SAS	 	)	 	 
	acting by its authorised signatory	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 
	As for FIMEP	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Gibco	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	LUMINA HOLDINGS (GIBRALTAR)	 	)	 	 
	acting by its authorised signatories	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	New Sub 1	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	GP FINANCIERE NEW SUB 1	 	)	 	 
	acting by its authorised signatory	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 
	As for the Parent	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	High Yield Notes Trustee	 	 	 	 
	 	 	 	 	 	 	 
	Executed as a deed by	 	)	 	 
	THE BANK OF NEW YORK	 	)	 	 
	acting by its authorised signatories	 	)	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Authorised Signatory	 	 	 	 
	 	 	 	 	 	 	 
	Notice Details	 	 	 	 

17

QuickLinks

Exhibit 10.6

CONTENTS

RECITALS

SCHEDULE 1 Creditor Accession Deed

Signatories to the Creditor Accession Deed

SCHEDULE 2 EXISTING INTERCREDITOR DEED

Signatories to the Deed of PriorityQuickLinks
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Exhibit 10.7    
    

  

Dated 11 February 2003 

   

FIMEP S.A.

and

GP FINANCIERE NEW SUB 1 S.C.S.

 
 

  
  Subordinated Shareholder PIK Bonds    
    

 
 

SUBSCRIPTION AGREEMENT    
    

Relating
to Subordinated Shareholder PIK Bonds in an aggregate principal amount

of €1,164,519,839 

  

This Agreement is made on 11 February 2003 between 

	(1)
	FIMEP S.A., a société anonyme governed by the laws of
France, having its registered office at 89, rue Taitbout, 75009 Paris (France), 

hereafter
referred to as the "Issuer", and 

	(2)
	GP Financière New Sub 1 S.C.S., a société en commandite
simple governed by the laws of Luxembourg, having its registered office at 398 route d'Esch, BP 2501 L-1025 Luxembourg, (Grand Duchy of Luxembourg), 

hereafter
referred to as the "Subscriber". 

The
Issuer and the Subscriber are hereafter collectively referred to as the "Parties" and individually as a  "Party". 

Background  

	(A)
	The
Issuer will issue $350,000,000 aggregate principal amount of the 10.5% dollar denominated senior notes due 2013 and €277,500,000 aggregate principal amount of the
11.0% euro denominated senior notes due 2013 (the "High Yield Notes") in a private placement to occur on or about 12 February 2003 (the  "Closing Date").

	(B)
	On
or about the Closing Date, FIMAF SAS, a société par actions simplifiée organized and
existing under the laws of France ("FIMAF"), Lumina Financing I SARL, a société à
responsabilité limitée organized and existing under the laws of Luxembourg ("Lumina Financing I")
and the Subscriber will enter into a delegation agreement (the "Delegation Agreement I").

	(C)
	On
or about the Closing Date, FIMAF, the Subscriber and the Issuer will enter into a delegation agreement (the "Delegation Agreement
II");

	(D)
	The
Issuer proposes to issue, without the issue constituting a public offering, one billion one hundred and sixty four million five hundred and nineteen thousand eight hundred and
thirty nine (1,164,519,839) subordinated shareholder PIK bonds due 30 June 2026 with a nominal value of one euro (€1) each (the  "Bonds"), representing a total issue of Bonds in an aggregate
principal amount of one billion one hundred and sixty four million five hundred and
nineteen thousand eight hundred and thirty nine euro (€1,164,519,839) (the "Issue").

	(E)
	The
Subscriber proposes to subscribe for the Bonds. 

It is agreed as follows:  

1      Issue and Subscription  

Subject
to the conditions precedent set out in Article 5 below, the Issuer agrees to issue on the Closing Date one billion one hundred and sixty four million five hundred and nineteen thousand
eight hundred and thirty nine (1,164,519,839) Bonds to the Subscriber who agrees to subscribe such Bonds at a price of one euro (€1) per Bond, representing a total amount of one
billion one hundred and sixty four million five hundred and nineteen thousand eight hundred and thirty nine euro (€1,164,519,839) (the "Subscription
Price"). On issue and subscription, the Issuer shall enter the Subscriber's name in the Register of Bondholders and issue a certificate to the Subscriber in the form set out in
Schedule A. 

2      Subscription Price—Costs and Expenses  

The
Subscription Price will be paid by the Subscriber to the Issuer on the Issue Date (as defined under the terms and condition of the Bonds set out in Schedule B (the  "Conditions"). 

1

 

Subject
to the provisions of the Intercreditor Deed and the Priority Deed (each as defined in the Conditions), the Issuer agrees to bear and pay all costs and expenses, including VAT (if applicable),
in connection with the Issue. 

3      Private Offering  

The
Issuer and the Subscriber undertake that no action has been or will ever be taken by the Issuer and/or the Subscriber that would permit a public offer of the Bonds in any country or jurisdiction
where any such action for that purpose is required and that, where such action is not required, they will not proceed with such public offering. 

Accordingly,
the Issuer and the Subscriber undertake that they will not, directly or indirectly, offer or sell Bonds or distribute or publish any offering circular, prospectus, form of application,
advertisement or other offering material, in each case with respect to the Bonds, in any country or jurisdiction. 

The
Subscriber acknowledges that it is not authorised to make public any information or to make any representation in connection with theissue of the Bonds, unless required by applicable law or
regulation (including the rules of the US Securities and Exchange Commission or any similar governmental body) or the rules of any listing authority to do so. 

4      Conditions  

The
Conditions, and notably but not exclusively any transfer restrictions, subordination provisions and turn-over provisions contained therein, form an integral part of this Agreement. In
subscribing the Bonds, the Subscriber agrees to be bound by each of the Conditions, including without limitation Condition 3 and Condition 5 thereof. 

5      Conditions Precedent  

This
issue of the Bonds pursuant to this Agreement shall be subject to (i) the issue of the High Yield Notes having occurred (or occurring concurrently therewith) and (ii) the Issue
having been authorised by the general shareholders' meeting of the Issuer and approved either by a decision of the Board of Directors (Conseil
d'Administration) of the Issuer or by its Chairman (Président du Conseil d'Administration) or Director
(Administrateur) upon being duly authorised by a resolution of the Board of Directors. 

6      Notices  

All
notices, requests, permissions, waivers and other communications hereunder shall be in writing in the English language and shall be deemed to have been duly given if signed by the respective
persons giving them (in the case of a company, the signature shall be by a director or an officer thereof) and delivered by hand, or upon receipt following deposit in the mail (registered, return
receipt requested), properly addressed and postage prepaid or by facsimile upon receipt (provided the same is confirmed by hand or by mail (in the case of such mail, as above sent within three
(3) days of such facsimile) to the registered office of the other Party. 

7      Interpretation  

This
Agreement, the Conditions, the Intercreditor Deed and the Priority Deed (each as defined in the Conditions) contains the entire understanding and agreement of the Parties hereto with respect to
the subject matter contained herein. This Agreement may be amended only by a written instrument executed by the Parties or their respective successors or assigns. The section and clause headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

2

 

8      Partial Invalidity  

If,
at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of
the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

9      Third Party Rights  

Without
prejudice to Condition 2.3, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

10    Counterparts and Signatures  

This
Agreement may be executed in any number counterparts of, and this has the same effect as if the signature on the counterparts were on a single copy of this Agreement. 

11    Law and Jurisdiction  

This
Agreement shall be governed by and construed in accordance with English law. The Issuer and the Subscriber hereby submit to the jurisdiction of the English Courts. 

Without
prejudice to any other mode of service allowed under any relevant law, each Party: 

	(a)
	irrevocably
appoints Hackwood Secretaries Limited at One Silk Street, London EC2Y 8MQ as its agent for service of process in relation to any proceedings before the English Courts in
connection with this Agreement; and

	(b)
	agrees
that failure by the process agent to notify the relevant party of the process will not invalidate the proceedings concerned. 

12    Rules of Interpretation  

In
this Agreement, unless a contrary intention appears, a reference to: 

	(a)
	an
"amendment" includes any amendment, supplement, variation, novation, modification, replacement or restatement and  "amend," "amending" and "amended" shall be construed accordingly;

	(b)
	"including" means including without limitation and "includes" and  "included" shall be construed accordingly; and

	(c)
	a
"person" includes any person, individual, firm, company, corporation, government, state or agency of a state or any undertaking
(within the meaning of section 259(1) of the Companies Act 1985) or other association (whether or not having separate legal personality) or any two or more of the foregoing. 

13    Other Rules of Interpretation  

In
this Agreement, unless a contrary intention appears: 

	(a)
	a
reference to any person is, where relevant, deemed to be a reference to or to include, as appropriate, that person's successors and permitted assignees or transferees;

	(b)
	references
to clauses and schedules are references to, respectively, clauses of and schedules to this Agreement and references to this Agreement include its schedules; 

3

 
	(c)
	a
reference to (or to any specified provision of) any agreement or document is to be construed as a reference to that agreement or document (or that provision) as it may be amended
from time to time, but excluding for this purpose any amendment which is contrary to any provision of the Intercreditor Deed or the Priority Deed;

	(d)
	a
reference to a statute, statutory instrument or accounting standard or any provision thereof is to be construed as a reference to that statute, statutory instrument or accounting
standard or such provision thereof, as it may be amended or re-enacted from time to time;

	(e)
	the
table of contents of and the headings in this Agreement are inserted for convenience only and are to be ignored in construing this Agreement; and

	(f)
	words
importing the plural shall include the singular and vice versa. 

IN
WITNESS whereof this Agreement has been entered into the day and year first above written. 

FIMEP S.A.

By:

GP Financière New Sub 1 S.C.S.

By:

4

 
 
 

SCHEDULE A    
    

BOND CERTIFICATE  

FIMEP S.A.

€1,164,519,839

Subordinated Shareholder PIK Bonds due 30 June 2026  

Number: 001 

CERTIFICATE  

This Bond Certificate is issued in respect of €1,164,519,839 in aggregate principal amount of the €1,164,519,839 Bonds due 30 June 2026,
each in the denomination of €1 (the "Bonds") of FIMEP S.A. (the "Issuer"). Any reference
herein to the " Conditions" is to the terms and conditions of the Bonds endorsed hereon and any reference herein to a particular numbered Condition
shall be construed accordingly. 

This
is to certify that: 

	 
	 
	 

	 	[name of subscriber]	 
	 	of	 
	 	[address of subscriber]	 

is
the person registered in the register maintained by the Issuer in relation to the Bonds (the "Register") as the duly registered Holder of the Bonds
represented by this Bond Certificate (the " Bondholder"). 

Subject
to the Intercreditor Deed and the Priority Deed (each as defined in the Conditions), the Issuer, for value received, promises, all in accordance with the Conditions, to pay to the Bondholder,
and the Bondholder is entitled to receive, the principal sum of: 

€1,164,519,839

(One billion one hundred and sixty four million,

five hundred and nineteen thousand eight hundred and thirty nine euro) 

on
such date or dates as the same may become due and payable in accordance with the Conditions, together with interest on such principal sum at the times and the rate specified in the Conditions. 

This
Bond Certificate is evidence of entitlement only. Title to the Bonds passes only on due registration in the Register and only the Bondholder is entitled to payment in respect of this Bond
Certificate. Transfers of these Bonds and registration of any transfer of this Bond Certificate are subject to the Conditions. 

As
witness the manual signature of an authorised signatory of the Issuer. 

	 
	 

	FIMEP S.A.	Issued on: [•] 2003
	

By

(authorised signatory)	

 

5

 
 
 

FORM OF TRANSFER    
    

For
value received, we, [name of registered Holder], being the registered Holder
of the Bond(s) represented by this Bond Certificate (the "Transferor"), hereby transfer to: 

the
"Transferee"        

€[    •    ]                        in principal
amount of the
€1,164,519,839 Bonds due 30 June 2026 (the "Bonds") of FIMEP S.A. (the " Issuer")
being [insert number of Bonds] Bonds represented by this Bond Certificate and to
which this form of transfer relates, and we hereby irrevocably request and authorise the Issuer to effect the relevant transfer by means of appropriate entries in the Register relating to the Bonds.
By its signature below, the Transferee acknowledges the terms and condition of the Bonds (the "Conditions"), including, without limitation, the
subordination provisions contained in Condition 5 thereof. 

Dated: 

Transferee  

	 
	 	 

	

By:	
 	

	 	 	(duly authorised)

Transferor  

	 
	 	 

	

By:	
 	

	 	 	(duly authorised)

Bonds:  

	(a)
	The
name of the person by or on whose behalf this form of transfer is signed must correspond with the name of the registered Holder as it appears on the face of this Bond Certificate.

	(b)
	A
representative of such registered Holder should state the capacity in which he signs e.g., executor.

	(c)
	The
signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered Holder or be certified by a financial
institution in good standing, notary public or in such other manner as the Issuer may require.

	(d)
	Any
transfer of Bonds shall be in the minimum denomination of €1 or any amount in excess thereof which is an integral multiple of €1.

	(e)
	No
Bond shall be transferred and no transfer shall be recorded in the Register unless the transferee accedes to the Intercreditor Deed and the Priority Deed (for so long as those
documents remain in full force and effect) as a Creditor (as defined in the Intercreditor Deed).

	(f)
	In
accordance with the Conditions, no transfer is valid and title is not transferred unless and until it is recorded in the Register. 

6

  

 
 

SCHEDULE B
  Terms and Conditions of the Bonds    
    

These
Conditions relate to a duly authorised issue of €1,164,519,839 Bonds due 30 June 2026, each in the denomination of €1 (the  "Bonds") issued by FIMEP S.A. (the "Issuer"). 

References
to "Conditions" are, unless the context otherwise requires, to the numbered paragraphs of these Conditions. 

1      Certain Definitions  

"Business Day" means any day on which commercial banking institutions are open for business and carrying out transactions in euro in the Republic of
France and which is a TARGET Day. 

"Final Maturity Date" means 30 June 2026. 

"High Yield Notes" means $350,000,000 10.5% Senior Notes due 2013 and €277,500,000 11.0% Senior Notes due 2013 issued by the Issuer on
or about the Issue Date pursuant to the Indenture. 

"Indenture" means the indenture, dated the Issue Date, by and between the Issuer and the Trustee under which the High Yield Notes are issued as amended
from time to time. 

"Intercreditor Deed" means the intercreditor deed dated 26 July 2002 as amended and restated on 5 December 2002 and as it may be further
amended and restated from time to time, between, inter alia, the Issuer, the Bondholders and the agents and lenders under a senior credit agreement dated 26 July 2002, as amended and restated
on 5 December 2002 and at the option of the Issuer to the extent set forth therein, any other Intercreditor Deed (as defined in the Indenture). 

"Interest Period" means each one year period starting on the first day following the last day of the immediately preceding period (or, in respect of the
first Interest Period, on the Issue Date) and having a duration of one year. 

"Issue Date" means 12 February 2003. 

"Priority Deed" means a deed of priority dated on or about the date hereof between, inter alia, the Issuer, the Trustee, GP Financière
New Sub 1 S.C.S. and Lumina Parent S.A.R.L as it may be amended and restated from time to time. 

"TARGET Day" means a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system is operating. 

"Trustee" means the trustee with respect to the High Yield Notes (initially being The Bank of New York). 

"Unpaid Sum" means any amount owed and payable and not paid by the Issuer on its normal due date. 

2      Form, Denomination and Title  

2.1   Form and Denomination  

The
Bonds will be in fully registered form and will be represented by Bond Certificates (each a "Bond Certificate") which will be in definitive form,
without interest coupons attached. The Bonds will be issued in the denomination of €1 (the "Initial Nominal Value"). Subject to
Clause 3 below, a Bond Certificate will be issued to each Bondholder in respect of its registered holding or holdings of Bonds. Each Bond Certificate will be numbered serially with an
identifying number which will be recorded in the register (the "Register") which shall be maintained by the Issuer. 

7

 

2.2   Title  

Title
to the Bonds will only pass by and upon registration in the Register. In these Conditions, "Bondholder" and  "Holder" mean the person in whose name a Bond
is registered in the Register (or, in the case of joint Holders, the first-named thereof). The Holder of
any Bond will (except as otherwise ordered by a court of competent jurisdiction or required by law) be treated as its absolute owner for all purposes, whether or not it is overdue and regardless of
any notice of ownership, trust or any interest therein, any writing thereon by any person (other than a duly executed transfer thereof in the form endorsed thereon) or any notice of any previous theft
or loss thereof, and no person will be liable for so treating the Holder. 

2.3   Third Party Rights  

No
person shall have any right to enforce any term or condition of the Bonds under the Contracts (Rights of Third Parties) Act 1999. 

3      Transfer of Bonds and Issue of Bonds  

3.1   Transfer  

Subject
to Condition 3.4, a Bond may be transferred upon the surrender of the Bond Certificate representing that Bond, together with the form of transfer endorsed thereon (the  "Transfer Form") duly
completed and executed, to the Issuer, together with such evidence as the Issuer may reasonably require to prove the title of the
transferor and the authority of the persons who have executed the Transfer Form. Transfer Forms are available from the Issuer upon the request of any Holder. In the case of a transfer of only a
portion of the Bonds represented by a Bond Certificate, a new Bond Certificate in respect of the balance of the Bonds not transferred will be issued to the transferor. 

Any
transferee of the Bonds will accede to the Intercreditor Deed and the Priority Deed (for so long as those documents remain in full force and effect) as a Creditor (as defined in the Intercreditor
Deed) in respect of PECs Debt (as defined in the Intercreditor Deed). 

3.2   Delivery  

Each
new Bond Certificate to be issued upon a transfer of any Bonds will, within five Business Days of the request for transfer being duly made, at the transferee's option, be hand delivered to the
transferee or mailed free of charge to the transferee by uninsured post to such address as the transferee entitled to the Bonds represented by such Bond Certificate may have specified. 

3.3   No Charge  

Registration
or transfer of Bonds will be affected without charge to the Holder or transferees thereof, but upon payment (or against such indemnity from the Holder or the transferee thereof as the
Issuer may require) in respect of any tax or other duty of whatever nature which may be levied or imposed in connection with such registration or transfer. 

3.4   Closed Periods  

Unless
otherwise agreed by the Issuer, no Bondholder may require the transfer of a Bond to be registered during the period of 15 calendar days ending on the due date for any payment of principal or
interest in respect of such Bond. 

8

 

4      Status of Bonds  

Subject
to Condition 5, the obligations of the Issuer under the Bonds in respect of principal, interest and other amounts, constitute direct, unsecured and, to the extent referred to in
Condition 5, subordinated obligations of the Issuer. The Bonds shall rank subordinated and junior in right of payment to all other existing or future non-subordinated obligations of
the Issuer. They shall at all times rank pari passu and without any preference among themselves and equally and ratably with any other existing or
future direct, unsecured and subordinated obligations of the Issuer with the exception of any prêts participatifs granted to, and any  titres participatifs issued by, the Issuer which shall rank subordinate and junior to the Bonds. 

5      Subordination  

5.1   Agreement to Subordinate  

The
payment of the principal of and interest on the Bonds and any other payment of any kind whatsoever in respect of or on account of the Bonds is subordinated, (i) as specified under article
L228-97 of the French Commercial Code and (ii) in addition to the extent and in the manner provided in the Intercreditor Deed, the Priority Deed, and in this Condition 5, to
the prior payment in full in cash of all sums under all Senior Debt (as defined in the Priority Deed) of the Issuer and the High Yield Notes Documents (as defined in the Intercreditor Deed), whether
outstanding on the date hereof or hereafter incurred. 

If
any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) or, following an order of  redressement judiciaire, the sale of the whole business (cession totale de l'entreprise) of the Issuer,
or if the Issuer is liquidated for any reason, all rights of the Bondholders hereunder, whether relating to redemption, payment of interest or any other payments, shall be subordinated to repayment in
full of all other present and future non-subordinated creditors of the Issuer, whether secured or unsecured, provided that, subject to such
payment in full, the Bondholders will be paid in priority to holders of any prêts participatifs granted to, and holders of  titres participatifs
issued by, the Issuer. 

5.2   Intercreditor Deed—Enforcement  

The
payment or reimbursement of any amount owed by the Issuer to the Bondholders under these Conditions shall be subject to each and every provision of the Intercreditor Deed, the Priority Deed and to
this Condition 5. In addition, each and every provision of these Conditions shall be subject to the terms and conditions of the Intercreditor Deed and the Priority Deed and, in the case of any
conflict between these Conditions and the Intercreditor Deed or the Priority Deed, the Intercreditor Deed or, as the case may be, the Priority Deed, shall prevail. 

6      Interest  

6.1   Interest  

Each
Bond bears interest on its Initial Nominal Value at a rate of five (5) per cent. per annum (the "Rate of Interest"). 

Each
Bond will cease to bear interest from the due date for final redemption unless, upon due surrender of the relevant Bond Certificate, payment of principal is improperly withheld or refused, in
which case it will continue to bear interest at such rate (as well after as before judgment) until the day on which all sums due in respect of such Bond up to that day are received by or on behalf of
the relevant Holder. 

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6.2   Methods of calculation—Payment  

	(i)
	Interest
due in respect of each Bond for all or any part of a particular Interest Period will be calculated on the basis of (a) the exact number of days elapsed
during the relevant Interest Period (the first day thereof being included and the last day thereof being excluded) and by reference to a year of three hundred and sixty (360) days and
(b) the Initial Nominal Value.

	(ii)
	Subject
to the Intercreditor Deed and the Priority Deed, interest in respect of each Note shall only be payable on the Final Maturity Date or on any other date on which
the Notes are redeemed in accordance with these Conditions. 

6.3   Default Interest  

	6.3.1
	Any Unpaid Sum shall give rise to the payment of default interest on that Unpaid Sum which will accrue on a daily basis and shall be
calculated on the basis of (i) Rate of Interest, and one and a half per cent. (1.5%) per annum, and (ii) the actual number of days elapsed in the relevant default period.

	6.3.2
	Subject to the Intercreditor Deed and the Priority Deed, interest shall be due to the Bondholders pursuant to this Condition 6.3 on
the Final Maturity Date or any other date on which the Bonds are redeemed in accordance with these Conditions. 

7      Redemption and Cancellation  

7.1   Final Redemption  

Subject
always to the Intercreditor Deed and the Priority Deed and Condition 7.2 and unless previously redeemed, the Bonds will be redeemed at their Initial Nominal Value, together with all
Interest due and payable and any other sums then due under the Bonds, on the Final Maturity Date. At the option of the Issuer, on the Final Maturity Date and with the consent of the Bondholders, the
Bonds may be repaid by way of issuance of bonds or other debt instruments in an amount equal to the amount due on the Final Maturity Date under the Bonds, having an interest rate at least equal to the
interest rate applicable to the Bonds hereunder and a maturity of no more than 5 years, such debt instruments to be redeemed in cash. 

7.2   Voluntary Early Redemption  

The
Issuer may elect to prepay or redeem the Bonds at any time prior to the Final Maturity Date provided that such payment is not prohibited by the Intercreditor Deed or the Priority Deed. 

7.3   Cancellation  

All
Bonds redeemed as aforesaid shall be surrendered for cancellation, be cancelled forthwith and may not be re-issued or re-sold. 

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8      Payments  

8.1   Principal and Interest  

Subject
to the Intercreditor Deed and the Priority Deed, payments of interest, principal or any premium in respect of the Bonds will be made by transfer to the account of each Bondholder notified to
the Issuer by the Bondholder from time to time. Any payment of interest, principal or premium in respect of the Bond will only be made upon presentation and surrender of the relevant Bond Certificate
to the Issuer. For the purposes of Condition 8.1, the Bondholder will be deemed to be the person shown as the Holder (or the first-named of joint-holders) on the Register on the fifteenth day before
the due date for such payment, unless otherwise agreed by the Issuer. Interest, principal or any premium in respect of the Bonds shall not be due and payable if payment thereof is not permitted by the
Intercreditor Deed or the Priority Deed. 

8.2   Payments Subject to Tax Laws  

All
payments of principal and interest or any other sum in respect of the Bonds are subject in all cases to any applicable tax or other laws and regulations in the place of payment. No commissions or
expenses shall be charged to the Bondholders in respect of such payments. 

8.3   Payment on Business Days  

If
any due date for payment of principal or interest of any Bond is not a Business Day, then the Holder thereof shall be entitled to payment of the amount on the immediately following day which is a
Business Day and no adjustment shall be made to the calculation of the amount of interest, principal or premium payable on any Bond resulting from the due date for a payment not being a Business Day. 

8.4   Partial Payments  

If
at any time a partial payment of principal and/or interest is made in respect of any Bond, the Issuer shall endorse the Register with a statement indicating the amount and date of such payment and,
in the case of partial payment upon presentation of a Bond Certificate, shall endorse the relevant Bond Certificate with a statement indicating the amount and date of such payment. 

9      Taxation  

The
Bonds being deemed to be issued outside the Republic of France, under current French law, interest and other revenues in respect of the Bonds benefit from the exemption from deduction of tax at
source on account of French taxes provided by Article 119-bis, 125-A-III and 131 quater of the  Code Général des Impôts.
Accordingly, such payments do not give the right to any tax credit from any French
source. 

If
French law should require that any payment of principal or interest in respect of the Bonds be subject to withholding with respect to any present or future taxes, duties, assessments or other
governmental charges of whatever nature imposed or levied by or on behalf of the Republic of France or any authority therein or thereof having power to tax (together, "
taxes"), the Issuer will, to the fullest extent then permitted by law, and subject to the Intercreditor Deed and the Priority Deed, pay such additional amounts as may be
necessary in order that the Bondholders, after such deduction or withholding, receive the full amount provided in such Bonds to be then due and payable. Any reference in these Conditions to principal
and/or interest shall be deemed to include any additional amounts which may be payable under this Condition 9. 

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10    Prescription  

Claims
in respect of principal and interest will become void unless made within a period of ten years (in the case of principal) and five years (in the case of interest) from the appropriate Relevant
Date. 

For
this purpose, "Relevant Date" means, in relation to any Bond, whichever is the later of (i) the date on which payment in respect of such Bond
first becomes due and payable and (ii) if the full amount payable on such date has not been received by a Bondholder on or prior to such due date, the date on which, the full amount having been
so received, notice to that effect shall have been given to the Bondholders in accordance with Condition 12. 

11    Replacement of Bond Certificates  

If
any Bond Certificate is mutilated, defaced, destroyed, stolen or lost, it may be replaced by the Issuer subject to all applicable laws, upon payment by the claimant of such costs and expenses as
may be incurred in connection therewith and on such terms as to evidence, security and indemnity or otherwise as the Issuer may reasonably require. Mutilated or defaced Bond Certificate must be
surrendered before replacements will be issued. 

12    Notices  

Notices
to Bondholders will be deemed to be validly given if sent by mail to them (or, in the case of joint Holders, to the first-named in the Register) at their respective addresses as recorded in
the Register or any other means previously agreed with Bondholders and, unless otherwise agreed by the addressee, will be deemed to have been validly given when received. 

13    Enforcement  

Subject
to the Intercreditor Deed and the Priority Deed, at any time after the Bonds become due and payable, any Bondholder may institute such proceedings against the Issuer as it may think fit to
enforce the terms of the Bonds. 

14    Meetings of Bondholders, Modification and Waiver  

14.1 Powers of Meetings  

Subject
to the Intercreditor Deed and the Priority Deed, a Meeting shall, without prejudice to any powers conferred on other persons by these Conditions, have power by Resolution: 

	(i)
	to
sanction the exchange or substitution or the conversion of the Bonds into shares, bonds or other obligations of the Issuer or the substitution of any person for the
Issuer as principal obligor under the Bonds;

	(ii)
	to
approve any change in the date fixed for payment of principal or interest in respect of the Bonds, or any increase or reduction in the amount of principal or
interest payable on any date in respect of the Bonds, or any alteration in the method of calculating the amount of any payment in respect of the Bonds or the date of any such payment;

	(iii)
	to
waive or authorise any breach of the Conditions; or

	(iv)
	to
otherwise sanction any proposal by the Issuer for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the
Bondholders against the Issuer, arising under these Conditions. 

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14.2 Convening a Meeting  

The
Issuer shall at any time convene a Meeting if it receives a written request by any of the Bondholders. 

The
Issuer shall give at least 14 days clear notice (or any other clear notice as may be agreed by all the Bondholders) of a meeting to the Bondholders specifying the day, time and place of
meeting and the nature of the resolutions proposed. 

14.3 Chairman  

The
Chairman of a Meeting shall be such Bondholder or other person as the Issuer may nominate in writing, but if no such nomination is made the Bondholders shall choose one of their number to be
Chairman. 

14.4 Quorum  

The
quorum at any Meeting for the passing of a resolution is one or more Bondholders holding in the aggregate more than 50% of the Bonds then outstanding. 

14.5 Voting Procedures  

Any
question submitted to a Meeting will be decided by a show of hands. Each Bondholder shall have one vote in respect of each Bond held. Declaration by the Chairman that a decision has or has not
been passed as a Resolution shall be conclusive evidence of that fact. 

14.6 Announcement  

	(i)
	The
Chairman will announce the result of the Resolution, which is binding on all Bondholders (whether or not present at the Meeting).

	(ii)
	Notice
of the passing of a Resolution shall be given to Bondholders within 14 days, however failure to do so shall not invalidate the Resolution. 

14.7 Interpretation  

For
the purposes of Condition 14, references to a "Meeting" are to a meeting of the Bondholders and include, unless the context otherwise requires, any adjournment. "Resolution" means a resolution
passed at a Meeting duly convened and held in accordance with these Conditions by a majority of at least fifty per cent of the votes cast. References to "Chairman" are to the chairman of a Meeting
appointed pursuant to Condition 14.3. 

15    Governing Law and Jurisdiction  

15.1 Governing Law  

The
Bonds are governed by, and shall be construed in accordance with, the laws of England and Wales. 

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15.2 Jurisdiction  

The
Issuer agrees, for the benefit of the Bondholders, that the courts of England and Wales shall have, subject as follows, exclusive jurisdiction to hear and determine any suit, action or proceedings
which arise out of or in connection with the Bonds ("Proceedings") and, for such purposes, irrevocably submits to the jurisdiction of such courts.
Nothing in this Condition 15.2 shall limit the right of the Bondholder to take Proceedings in any other court of competent jurisdiction, nor shall the taking of Proceedings by the Bondholder in
any one or more jurisdiction preclude the taking of Proceedings by the Bondholder, in any other jurisdiction (whether concurrently or not) if and to the extent permitted by law. 

15.3 Appropriate Forum  

The
Issuer irrevocably waives any objection which it might have now or hereafter to the courts of England and Wales being nominated as the forum to hear and determine any Proceedings and agrees not to
claim that any such court is not a convenient or appropriate forum. 

15.4 Process Agent  

The
Issuer agrees that the process by which any Proceedings in England and Wales are begun may be served on it by being delivered in connection with any Proceedings in England, to Hackwood Secretaries
at One Silk Street, London EC2Y 8H2 or at any other address in England and Wales as the Issuer may notify from time to time to the Noteholders. 

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QuickLinks

Exhibit 10.7

Subordinated Shareholder PIK Bonds

SUBSCRIPTION AGREEMENT

SCHEDULE A

FORM OF TRANSFER

SCHEDULE B Terms and Conditions of the Bonds

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