Document:

Exhibit 10.42

 

 

• 200[4]

 

 

AGREEMENT

 

for the sale
and purchase of shares in

 

FINANCIAL
ASSURANCE COMPANY LIMITED

 

 

between

 

 

GE INSURANCE
HOLDINGS LIMITED

as Seller

 

and

 

GEFA UK
HOLDINGS LIMITED

as Buyer

 

 

Weil, Gotshal & Manges

 

One South
Place   London   EC2M 2WG

Tel: +44 (0)
20 7903 1000   Fax: +44 (0) 20 7903 0990

 

www.weil.com

 

 

THIS AGREEMENT is
made on • 200[4] between the
following parties:

 

(1)           GE
INSURANCE HOLDINGS LIMITED, a  company incorporated in
England and Wales (registered number 02221244), whose registered office is at
Vantage West, Great West Road, Brentford, Middlesex TW8 9AG (the “Seller”);
and

 

(2)           GEFA
UK HOLDINGS LIMITED, a company incorporated in
England and Wales (registered number 4914933), whose registered office is at
Vantage West, Great West Road, Brentford, Middlesex TW8 9AG (the “Buyer”).

 

RECITALS

 

(A)           Financial
Assurance Company Limited (the “Company”) was incorporated in England and
Wales on 2 March 1972 under the Companies Act 1948 with registered number
01044679 and is a private company limited by shares.

 

(B)           The
Company has an issued share capital of 31,346,154 ordinary shares of £1 each
(the “Shares”).

 

(C)           The
Seller has agreed to sell and the Buyer has agreed to buy the Shares for the
consideration and upon the terms and subject to the conditions set out in this
Agreement.

 

IT IS AGREED as follows:

 

1              SALE AND PURCHASE

 

The
Seller shall sell and the Buyer shall buy the Shares on the date of this
Agreement, together with all rights attaching to the Shares as at or after the
date of this Agreement.

 

2              CONSIDERATION

 

The
total consideration for the purchase of the Shares shall be satisfied by the
payment on the Completion Date (as defined in Clause 3.1) to the Seller of [£]
[•] (the “Consideration”).

 

3              COMPLETION

 

3.1          Completion shall take place on the date of this Agreement (the “Completion
Date”).

 

3.2          On the Completion Date, the Seller shall deliver or procure the
delivery to the Buyer of the following:

 

3.2.1             duly executed stock transfer form(s) in respect of the Shares and
the relevant share certificate(s); and

 

3.2.2             resignation letters in the agreed form signed by [insert names
of any resigning director/secretary].

 

3.3          On the Completion Date, the Seller shall procure that the directors
of the Company shall hold a board meeting at which:

 

2

 

3.3.1             the transfer of the Shares (subject to stamping) to the Buyer or its
nominee(s) shall be approved for registration in the Company’s books;

 

3.3.2             [if
relevant] such persons as the Buyer nominates shall be appointed as
directors and secretary of the Company with effect from the close of the
meeting; and

 

3.3.3             [if
relevant] the resignations of the directors and secretary referred
to in Clause 3.2.2 shall be tendered and accepted so as to take effect from the
close of the meeting.

 

3.4          [On the Completion Date, the Buyer shall pay the Consideration to
[such bank account as] the Seller [shall have specified in writing to the Buyer
at least [three] Business Days before the Completion Date] [as the Seller may
direct].]

 

4              RIGHTS OF THIRD PARTIES

 

A
person who is not a party to this Agreement has no rights under the Contracts
(Rights of Third Parties) Act 1999 or otherwise to enforce any term of this
Agreement but this does not affect any right or remedy of a third party which
exists or is available apart from the Act.

 

5              VARIATION

 

Any
variation of this Agreement must be in writing and signed by each party or, in
the case of a body corporate, a duly authorised officer or representative of
such party.

 

6              COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which when
executed and delivered constitutes an original of this Agreement, but all the
counterparts shall together constitute one and the same agreement.  No counterpart shall be effective until each
party has executed at least one counterpart.

 

7              WHOLE AGREEMENT

 

This
Agreement contains the whole agreement between the parties relating to the
subject matter of this Agreement to the exclusion of any terms implied by law
which may be excluded by contract. The Buyer acknowledges that it has not been
induced to enter into this Agreement by, and so far as permitted by law and
except in the case of fraud, hereby waives any remedy in respect of, any warranties,
representations, undertakings, promises or assurances not incorporated into
this Agreement.

 

8              GOVERNING LAW

 

This
Agreement is governed by, and shall be construed in accordance with, English
law.

 

3

 

9              JURISDICTION

 

The
parties irrevocably agree that the courts of England have non-exclusive
jurisdiction to decide and to settle any dispute or claim arising out of or in
connection with this Agreement.

 

IN WITNESS WHEREOF THIS AGREEMENT WAS EXECUTED BY THE
PARTIES HERETO ON THE DATE SET OUT ON PAGE 2.

 

 

	
  Signed by

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  GE INSURANCE HOLDINGS

  	
  )

  	
   

  
	
  LIMITED

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  for and on
  behalf of)

  	
  )

  	
   

  
	
  GEFA UK HOLDINGS)

  	
  )

  	
   

  
	
  LIMITED)

  	
  )

  	
   

  

 

4Exhibit 10.43

 

 

AGREEMENT ON
TRANSFER OF A PORTFOLIO OF

INSURANCE
CONTRACTS

 

 

Between:

 

- Vie Plus,
having its registered office at Tour Franklin – Terrasse Boieldieu – 92800
Puteaux represented by Mr. [     ], acting in the
capacity of [     ].

(the “Transferor”)

 

And:

 

- Financial
New Life Company Limited, incorporated in England and Wales registered under n°
4873014 having its registered office at Vantage West, Great West Road,
Brentford, Middlesex TW8 9 AG, acting directly or through its French branch having
its registered office at [     ], represented by Mr.
[     ], acting in the capacity of
[     ].

(the “Transferee”)

 

 

It has been settled and agreed as
follows:

 

 

Article
1

 

In application
of the provisions of article L. 324-1 of the Insurance Code, the Transferor
shall transfer all of its portfolio of payment protection insurance contracts
together with their rights and obligations and all underlying reserves
applicable to such contracts, such as they result from the transfer balance
sheet appended herewith (Appendix 1) (the “Transferred Portfolio”), to the
Transferee, which undertakes to accept this transfer.

 

1

 

Article
2

 

The transfer
of the Transferred Portfolio is made in consideration for payment by the
Transferee to the Transferor of EUR [  
] (the “Purchase Price”) payable by bankers draft or bank transfer, as
instructed by the Transferor.

 

 

Article
3

 

The
commitments stipulated in Article 1 above are taken subject to the condition
precedent of approval of the transfer by an order made by the Minister of the
Economy, Finance and Industry pursuant to the conditions stipulated Article L.
324-1 of the Insurance Code.

 

 

Article
4

 

Subject to
Article 9 below, on publication in the Journal Officiel of the decree bearing
approval of the transfer (the “Entry into Possession”), the Transferee shall be
substituted to the Transferor, in respect of the Transferred Portfolio, with
regard to the policyholders, creditors and third parties.

 

 

Article
5

 

In addition to
the stipulations of this agreement and its appendices, the transfer is granted
and accepted by FINCL subject to execution by the latter of the following
charges:

 

(a) The
Transferee shall take the Transferred Portfolio in the state in which it is
found on the day of Entry into Possession without being entitled to exercise
any recourse against the transferring company for any reason whatsoever,
particularly due to change in the composition of the Portfolio, insolvency of
the debtors, error in description or content, whatever the difference;

 

(b) as from
the time of Entry into Possession, the Transferee shall pay all taxes,
contributions and levies of all kinds to which the Transferred Portfolio may be
liable, at present or in future, notably with regard to the Registration
Authorities concerning the tax on insurance agreements;

 

(c) as from
the same day, it shall perform all policies, contracts, agreements and
commitments relative to the Transferred Portfolio;

 

(d) it shall
comply with the laws, decrees, orders, regulations and customs concerning the
Transferred Portfolio, and it shall be personally responsible for all
authorisations that might be required.

 

2

 

Article
6

 

The records
relative to current contracts, supporting documents on the existence of the
assets transferred, accounting and, generally, all documents bearing on the
transfer shall be handed over to the Transferee by the Transferor.

 

 

Article
7

 

The
transaction which is the subject of this agreement is subject, in respect of
registration duty, to in Article 1065 paragraph 1 of the French General Tax
Code.

 

 

Article
8

 

The present
transfer agreement includes the following appendices:

 

•                  Transfer balance sheet;

 

•                  Itemised statement included in the appendix stipulated by Article
L.344-3 of the Insurance Code (itemised list of investments);

 

•                  Statement C5;

 

•                  Statement C6;

 

•                  Draft business transfer agreement referred to below in article 9.

 

 

Article
9

 

The present
Transfer Agreement is part of a transfer by the Transferor, subject to the
Entry into Possession, of all assets and liabilities of the Transferor
pertaining to its payment protection insurance activity, pursuant to a business
transfer agreement (contrat de cession de fonds de commerce) attached
hereto in draft form.

 

3

 

Executed in
five (5) copies, each party acknowledging that it has received its own, three
(3) copies being submitted to the Treasury Division of the Ministry of the
Economy, Finance and Industry.

 

 

Paris, [date] 2004

 

 

	
  Vie Plus

  	
   

  	
  Financial New Life Company

  

 

4

 

Appendix
1

 

 

Transfer
balance sheet

 

5

 

Appendix
2

 

 

Itemised statement included in the appendix stipulated by Article
L.344-3 of the

Insurance Code (itemised list of investments)

 

6

 

Appendix 3

 

 

Statement C5

 

7

 

Appendix 4

 

 

Statement C6

 

8

 

Appendix 5

 

 

Draft business transfer agreement

 

9

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