Document:

Exhibit 10.1

PH Paris, Factoring Agreement CGA, English translation

 

AGREEMENT FOR THE TRANSFER OF
RECEIVABLES

N° 7783-7784-7785

 

The
present agreement (the “Agreement”) is entered into between:

On one part,

NEWCO
NEXANS SUPERIOR ESSEX , a French company organized
as a “société par action simplifiée”
with a capital of 50.000 Euros, RCS Nanterre B440 088 110 having its
registered office at 4-10 rue Mozart — 92587 CLICHY hereinafter referred
to as the the “Company”

together with :

1.       NEXANS WINDING WIRES  (“Client A”), a “société par
action simplifiée” with a capital of 14.000.000 Euros, RCS Compiègne
444 384 549, having its registered office at Rue Jean Monnet, L’Européen – Parc
Tertiaire de la Croix – 60200 COMPIEGNE, 
(“Client A”), 

2.       LACROIX & KRESS GMBH, registered office at Engterstrasse
34, 49565 Bramsche, Germany, registered in section F of the trade register of
the Local Court in Osnabrück with registration number 21732, with a nominal
capital of 25.000 Euros,  (“Client B”)
and

3.       ESSEX INTERNATIONAL LTD, registered
office at Ellis Ashton Park, Liverpool, L36 6BW, England, registration n°
03512877,  (“Client C”).

 The Company and Clients A, B and C are as the
case may be hereinafter referred
to collectively as the “Clients” and individually as the “Client”

And
:

on the
other part,

Compagnie
Generale d’Affacturage SA, a French company with a capital of EUR 14,400,000,
RCS Nanterre B 702 016 312, having its registered office at La Plaine Saint
Denis (93577), 3 rue Franis de Préssense , hereinafter referred to as “CGA”,

WHEREAS, Clients A, B and C are,
direct or indirect, wholly or partially, owned subsidiaries of the Company
which form with them one integral group of companies;

WHEREAS, in order to enhance
their management processes and financial capabilities, the Company and the
other Clients are willing to enter into financing arrangements in relation to
each of their respective commercial receivables portfolio;

WHEREAS, CGA submitted to the
Clients a financing offer which has been accepted by them, the terms of which
are reflected in this Agreement.

WHEREAS, prior to the present
Agreement, the Client NEXANS WINDING WIRES has subscribed with CGA a contract
of transfer of receivables on October 19, 2005, it is expressly agreed
that NEXANS WINDING WIRES takes on its own the rights and obligations resulting
from the initial agreement.

 1
 

 

THE
PARTIES HERETO HAVE AGREED AS FOLLOWS:

 

ARTICLE 1:  PURPOSE OF AGREEMENT

CGA undertakes, according to the terms of the present Agreement, to provide to each of the Company and the other
Clients a range of financing and management services, without guarantee,  in accordance with the provisions hereof. It
is agreed, qccordingly, that CGA
by paying the amount of the receivables eligible
will be subrogated in the rights of the Clients but will not assume the risk of the financial default of
the relevant debtors.

Each
Client hereby authorizes the Company to act as its agent, on its behalf. The
Company, upon instructions of the Clients, hereby agrees to do so solely for
administration purposes in relation to this Agreement.

The
obligations of the clients hereunder are several. Each Client will support its
own liabilities that may result from the operation of its own current account
and will only take in charge (directly or through the Company in its role of
agent) its portion (on a due proportion basis) of the commissions and costs due
to CGA hereunder.

 

ARTICLE 2:  SCOPE OF APPLICATION

In
order to be eligible under the present Agreement,  the commercial receivables need to fulfill cumulatively the following
conditions:

—                                   be receivables that are certain, liquid and
payable at maturity thereof and
denominated in EUROS, GBP or US Dollars of which the debtors reside in the European Union;

—                                   be receivables that have a maturity
not exceeding 90 days, ending on the
10th of following month ; and

—                                   correspond to goods delivered or
services rendered.

Are
excluded from the scope of application of the Agreement:

—                                   receivables
held on a supplier of Clients; notwithstanding the foregoing, if the amount due
from a Client to a supplier represents less than 2% of the corresponding
outstanding receivables of such Client on such supplier, the receivable shall
be deemed an eligible one; CGA may, on a case by case basis and on an express
request of a Client, increase this ratio.

—                                   receivables
held on debtors that have
directors or majority shareholders in common with the parties (other than CGA) hereto.

CGA shall have no duty to
verify compliance with the foregoing criteria and each Client shall be solely responsible for ensuring such
compliance by such Client.

Each
Client undertakes not to assign or
to provide the receivables that have been transferred to CGA as a guarantee to a third party.

 

ARTICLE 3:  CURRENT ACCOUNT AGREEMENT

A current account is opened
in the books of CGA in the name of each Client. All the operations processed in
performance of the present Agreement shall be recorded in the single current account opened in the name of the relevant Client; For each
Client, reciprocal debts and receivables due by and between CGA and
the relevant Client 

 2
 

 

in
relation to the present Agreement, deemed to be connected and
indivisible, shall be reflected as debit or credit entries and shall be set off
between them.

In case of plurality of
accounts opened in the name of a Client,
such accounts are nothing but chapters of that Client’s current account, with all consequences attached, no
matter the currency used for the operations. In any case, each Client remains liable for any foreign exchange risk with
respect to such Client’s receivables.

The Clients’ current accounts could be opened in EUROS, in
GBP for United Kingdom and in United States of America Dollars.

 

ARTICLE 4:  OPERATIONS IN CURRENCIES OTHER THAN EURO

A receivable denominated
in a currency out of the EURO zone is credited to the current account of the relevant Client for its counter value in the currency of said account.

This counter value
results from the application, on the value
day of its credit entrance to such
current account, of the average exchange rate (for cash) of the last
business day, quoted in France and communicated by Banque de France.

The counter value of the
payments encashed in currencies different than the one of such current account is determined by
the exchange rate (for cash) applied by the bank that made the transaction.

 

ARTICLE
5:  TRANSFER OF RECEIVABLES

Each Client transfers to
CGA, at the choice of such Client, on a weekly or monthly frequence, the
invoices issued corresponding to the receivables of such Client since the last preceding remittance (hereinafter, the “transferred
receivables”). Remittance shall be composed of the following documents:

—                                   a
summary voucher being the
subrogation deed against payment by CGA
to the Clients as determined hereafter; and

—                                   a
detailed inventory list of
invoices and credit notes transmitted separately
in electronic form.

CGA shall pay the amount
of the transferred receivables by crediting the current account of each relevant Client; by virtue and on the
date of such payment CGA is subrogated in the rights of the relevant Client in relation to the
transferred receivables, in accordance with the provisions of article 1250-1
and actions of the French Civil Code.

 

ARTICLE
6:  DELEGATION OF CREDIT INSURANCE POLICY

Each Client delegates to
CGA its right to indemnity resulting from its credit insurance policy. However,
any indemnity, paid in this respect, will be credited to the current account of
the relevant Client.

Each Client undertakes to
take any measure necessary so that a delegation amendment in relation to the
credit insurance policy is obtained in favor of CGA.

Each Client undertakes to
respect strictly the insurance policy's terms and conditions of its credit
insurance contract,. CGA  not being
required to make any control in this respect.

Each Client undertakes to
specify in the insurance policy all the debtors of such Client falling within
the scope of application of this Agreement.

Justification

Each Client shall deliver to CGA at its first demand:

- the copy of approvals or modifications of approvals, setting forth per debtor
the maximum granted credit;

 3
 

 

- all documents proving
that the insurance policy's obligations are punctually observed, in particular:
declaration of turnover (“declaration d'aliment”), loss declaration,and payment
of premium.

General right of
information

Each Client shall deliver to CGA a copy of its credit insurance policy as well
as any existing or future amendment. Each Client allows CGA to communicate to
the credit insurer and to obtain from it any information relating to its
activity, its clients and any incident that might occur during the processing
of transactions.

 

ARTICLE 7:  FINANCING OF THE RECEIVABLES

 

7.1
Maximum authorized financing envelope
facility

CGA will finance receivables within the limit of one and unique
global maximum authorized outstanding of:

-  EUR 35,000,000 (thirty-five million Euros) or
its counter value in GBP or in US Dollars as defined in Article 4.

This global maximum outstanding amount is of a
revolving nature. It is distributed among the Clients as follows:

–              Client A : 29 M€

–              Client B : 3 M€ 

–               Client C : 3 M€

This allocation of the maximum outstanding amount
could be modified at any time with immediate effect,  by the Company, by written request, within
the global amount of 35,000,000 Euros.

7.2 Availability of financing funds

At the
request of the Company or the relevant
Client, CGA will transfer upon receipt of this request, available funds
by wire transfer from the current account
mentioned in Article 3 of this Agreement
to the bank account(s) of each relevant Client.If the request is received
by CGA before 11H00 (French time) on a given business day, the requested
available funds shall be wired by CGA on the same business day on the bank
account(s) of the relevant Client. The requests can be made by fax, by
letter or via our website  “CGA Contact”.
These requests shall be made by a person duly authorized by the relevant
Client.

Available
funds result from the outstandings amounts
of transferred receivables, from which the commissions defined in Article 10
hereof are deducted, together with the retention as defined in Article 8.

The
first operation will consist in the transfer of the existing clients balances,
according to Article 5 hereof. In the framework of this Agreement, the
funds can be made available on the signature date of the Agreement to the
extent that the receivables are free of any right and that all the conditions
defined in this Agreement are fulfilled.

 

ARTICLE 8:  RETENTION
OF FINANCING

The
retention corresponds to 10% of the amount of the outstanding amount of the
receivables that are the purpose
of the financing.

This
retention correspond to the unavailable portion constituted to secure all the
obligations in principal, commission, costs and incidentals (credit notes,
disputes, ...) of the Clients towards CGA under this Contract.

Exercise
of CGA’s right of recourse:
CGA may terminate the financing of
relevant unpaid receivables: 60 days after their maturity date.

 4
 

 

This
retention can be increased up to 20% in case of breach of one of the following
financial covenants if not remedied by the Company or relevant Client within
three business days. The retention percentage could be decreased to 10% if any
of the covenant is complied with once again and/or the breach is finished.

At the level of  the Company’s audited consolidated
accounts for each fiscal year ending December 31:

- Fonds propres (Equity) / total bilan (total balance sheet) should be >10%

- Excédent brut d’exploitation (EBITDA: earning before interest, taxes,
depreciation and amortization) should
be > 0

These ratios are calculated on the basis of such annual consolidated accounts of the Company; such ratios are calculated
yearly.

At the level of each Client

-               Privileges
sociaux et fiscaux (preferential claims : tax and staff related) should be < 5% of sales

1 fonds
propres (Equity) : ligne DL de la liasse fiscale + ligne VI de I’annexe 8 de la
liasse fscale.
2 total
bilan (total balance sheet) : ligne EE de la liasse fiscale + montant des
créances clients mobilisées par escompte, dailly ou affacturage + engagement de
credit bail.
3 Excédent
brut d’exploitation : Ligne FL +Ligne FQ - ligne FS - Ligne FT - Ligne FU -
Ligne FW - Ligne FX.- ligne FY - ligne FZ + ligne FO de I’annexe 3 de la liasse
fiscale
4 chiffre d’affaires
(sales) : ligne FL de la liasse fiscale

 

ARTICLE 9:  MANDATE FOR
THE MANAGEMENT AND COLLECTION OF RECEIVABLES

9.1 Definition of the mandate

As
owner of the receivables by virtue of
subrogation, CGA is accordingly the only entity authorized to collect
payments on the receivables.

Nevertheless,
in the context of this Agreement,
CGA appoints the Clients as its agent
to collect the amount of the transferred receivables paid by subrogation. During the term of this mandate, the Clients are accordingly
dispensed from informing the debtors
of the existence of this Agreement
and from including the subrogation payment
clauses in favor of CGA on the invoices
that they send to them.

CGA
undertakes not to intervene directly or indirectly with debtors, except in the event that the appointment is revoked or if
so expressly requested in writing
by the Clients.

9.2 Collection of the receivables

Each Client undertakes to comply with their usual collection procedures, and, in general, to take
all reasonable steps that would be necessary to saveguard CGA’s rights. Neither the
Company nor any of the Clients are allowed, according to their collection
mandate, to engage any legal proceedings against debtors or to instruct lawyers
or collection agents for the collection purpose without the prior written
consent of CGA. Conversely, neither the Company nor any of the Clients can be
obliged by CGA to do so, being understood that in case of refusal of any of the
Clients to engage such legal proceedings upon request of CGA, CGA may
revoke  the collection mandate of this
Client according to Article 9.5.

Each Client will
inform CGA of any modification that may be made in its collection procedures.

9.3 Payment collections

CGA
shall open in its own name  a bank
account for each Client, which will be dedicated to the collection of such Client’s debtors’ payments. The references
of each of these accounts shall be given in writing to each relevant Client.

Each Client,
in accordance with its mandate, receives its debtors’ payments as a depositary agent and commits itself to:

 5
 

 

-                                            Remit the payment means and
instruments to the dedicated account of such Client without delay and
informing CGA,

-                                            Ask debtors to make their wire transfers directly to the dedicated account of such Client and provide CGA with a copy of that
request. Any wire transfers
credited to another account should be repaid
into the dedicated account of
such Client immediately.

Should
these commitments not be respected, CGA is allowed, if such breach is not remedied by the Client within three business days,
to reduce the payments it would have to make to the relevant Client or to debit the current account of such Client by the same amount,
without prejudice to any other legal action CGA would have against such Client in such cases.

Should
the current account of a Client
be debited, this debit note operates to repay CGA only if the available portion
of the current account of such Client
has an adequate credit position.

Each Client authorize CGA to credit its relevant
current account with any
remittance CGA may receive in
the name of such Client,
regardless of its date or
allocation.

9.4 Information relating to the performance of the collection
agency mandate

Each Client undertakes to transmit to CGA, on a monthly basis, at latest on the 10th business day
of the following month, the following documents established as of the last day
of the month:

-                                            Reconciliation statement established on the document
forms given by CGA

and by
electronic file:

-                                            a balance age analysis of the matured and unmatured transferred
receivables, per outstandings, showing overdue transferred receivables by
period of 30 days;

-                                            a detailed statement of each debtor account;

-                                            a monthly list of unmatured commercial bills;

Each Client
also undertakes to transmit from
time to time a copy of the summary vouchers of remittance of payment orders to
bank.

Finally
each Client undertakes to transmit to CGA an exhaustive
list of its financialpartner institutions with their full contact information.

9.5 Revocation of the appointment as collection agent

In case
of a substantial breach by a Client of its obligations under the collection
agency mandate and in the absence of any remedy of such breach by such Client
within three business days after written notification of breach sent by CGA to
such Client with a copy to the Company, CGA may then revoke the collection
agency of that Client and proceed directly with the collection of the
transferred receivables related to it and receipt of payments. Such Client will
in this case furnish CGA with all helpful reasonable assistance.

CGA
will use its best efforts to afford to the relevant Client a time period of ten
business days in France, Germany and the United Kingdom in order to allow him
to explain to the debtors this
change in situation or, if on a simple
request of the relevant Client, CGA may return the entirety of the
transferred receivables to such Client
provided CGA is reimbursed.

In the
event that the collection agency is revoked in a manner requiring debtor’s notification, CGA will
receive for notification and management expenses a fee equal (all taxes included):

 6
 

 

-               to
EUR 5 per debtor and EUR 6 per
invoice* in France (tax included),

-               to EUR 16 per debtor and EUR 8 per invoice* in
Germany,

-               to GBP 10 per debtor and GBP 5 per invoice* in
United Kingdom,

*
carried by CGA as at the date of revocation of the agency.

The
notification will be made by CGA according to the legal rules in effect in
the countries of each debtor. These modalities will be precised by separate
courier.

 

ARTICLE 10: 
REMUNERATION OF CGA

In the
context hereof, commissions and fees earned by CGA are subject, if any, to
French VAT.

10.1 Service commission

CGA
will receive, monthly, a service commission (excluding tax) equal to EUR 7,500
or its counter value in GBP or in US Dollars as defined Article 4.

This amount is due and payable at the beginning of each month.

The Clients, or the Company acting on
their behalf, will indicate to CGA the breakdown allocation of this
service commission.

10.2 Financing commission

CGA
will receive, on a monthly basis, in arrears, a financing commission (excluding tax) calculated at CGA’s rate plus
0.47 % per annum, payable upon receipt of invoice by each relevant Client.

The financing commission is calculated pro rata temporis on the withdrawals
registered on the debit side of the current account as from the day of such withdrawal until the actual collection by
CGA of payments or reimbursements received, or until the date of exercise by
CGA of its right of recourse as defined under Article 8.

CGA’s
rate is defined as a rate resulting, for each calendar month, from the
arithmetic average of the EONIA* for the period from the last working day of
the previous month up to the last but one working day of the current month.

*EONIA
: European Overnight Index Average notified daily by the Central European Bank

In case
of financing in GBP or in US Dollars, LIBOR* in the relevant currency will
substitute to EONIA.

*CGA’s
rate is defined as the rate resulting, for each calendar month, from the daily
application of LIBOR (London InterBank Offer Rate) calculated on a one week
period.

 

ARTICLE 11: 
EFFECTIVENESS, TERM AND TERMINATION OF THE CONTRACT

This
Agreement enters into effect on the date it is signed.

It is
concluded for a period of three years as from the date of signature.

The
Company (acting for itself and on behalf of Clients) may terminate it at any
time, complying with a two months prior notice. In this case, CGA shall receive
an amount corresponding to 18 months of Service Commission. It is so understood
that if the Company terminates the Agreement after a period of 18 months
starting from the date of signature, no penalty shall be due, provided that CGA
has effectively received the amount corresponding to 18 month service
commissions.

 7
 

 

CGA may terminate the Agreement without prior notice in the
following events:

—                                   a force majeure (fire, strike, destruction or actual
impossibility for CGA to conduct its business...);

—                                   the appointment of a bankruptcy administrator (or its
equivalent in English or German law), voluntary liquidation or cessation of the
business of a Client;

—                                   a substantial modification in the legal situation of
the Clients, particularly in the event that NEXANS ceases to hold, directly or
indirectly, 38 to 42% of the capital of the Company, unless such substantial
modification is expressely accepted by CGA;

—                                   any behaviour or substantial breach by any of the Clients of any of its contractual obligations which is not
remedied by the said Client within two business days after a written
notification sent by CGA to such Client (with copy to the Company).

 

ARTICLE 12: 
ATTRIBUTION OF JURISDICTION.

This
contract is exclusively subject to French law.

The
contract takes effect under the condition precedent: a first demand guarantee
from the Company at the level of 35.000.000 Euros is obtained by separated
deeds without benefit of division or discussion that includes the taking in
charge of the undertaking pursuant to the prior executed contract between
Nexans Winding Wires and CGA dated October 19, 2005.

The
parties agree that the Commercial Tribunal of Paris will have jurisdiction to
settle any dispute in regard to this Agreement, being understood that CGA
reserves the right also to submit disputes to other tribunals that have
jurisdiction there over in accordance with applicable rules.

Done in
five originals, at Levallois Perret, on [               ](1) 2005

 

	
  THE COMPANY

  	
  THE GUARANTOR

  	
  CGA

  
	
   

  	
   

  	
   

  
	
  CLIENT A

  	
  CLIENT B

  	
  CLIENT C

  

 

(1) Please note that
the date of execution is missing and has not been completed on the signature
page of the executed French version received by PDF from CGA last Friday 6
January 2006. In addition there is no other date appearing on the executed
French version of the Agreement itself as being the date of execution which is
the date, as per article 11, triggering the official entry into effect of the
Agreement and of the three years period of its validity. Although the date of
execution of the Agreement could be known and attested in fact by cross
referencing the provision of the executed separate guarantee issued by Essex
Nexans Europe on October 28, 2005, which refers to the Agreement as being
dated as of the 27 of October 2005, we recommend that this should be
regularized and be completed through a one page letter Addendum to be
signed by all parties.

 

 8Exhibit 10.2

UNOFFICIAL TRANSLATION

AMENDMENT
N°1 TO THE TRANSFER OF RECEIVABLES AGREEMENT

N° 7783-7784-7785

BETWEEN

ESSEX
NEXANS EUROPE (prior ALTENSYS) SAS with a capital of EUR 40
390 000,RCS Compiègne B 440 088 110 , having its registered office at Compiègne
rue Jean Monnet, l’Européen — Parc Tertiaire de la Croix (60200)

AND

ESSEX
NEXANS (prior ESSEX WINDING WIRES) with a capital of EUR 14
000 000, RCS Compiègne 444 384 549, having its registered office at Compiègne
rue Jean Monnet, l’Européen-Parc Tertiaire de la Croix (60200)

Hereinafter
referred to as Member A;

ESSEX
NEXANS L+K (prior LACROIX+KRESS WINDING WIRES) GmbH
registered office at Engterstrasse 34, 49565 Bramsche, Germany, registered in
section B of the trade register of the local court in Osnabrük with
registration number 21732 with a nominal capital of 25.000 Euros

Hereinafter
referred to as Member B;

The company and
the Members A and B are collectively referred to as “Members” or individually “
the Member”.

AND “Compagnie
Générale d’Affacturage” with a capital of 14.400.000 Euros, registered office
at RCS Bobigny B 702 016 312, with registered office at St Denis (93200) 3 rue
Francis de Pressensé,

Hereinafter
referred to as CGA;

WHEREAS

The
parties agree by mutual agreement to remove the Member C ESSEX INTERNATIONAL
LIMITED (that became ESSEX NEXANS UK) from the agreement for the transfer of
receivables, registered office at Ellis Ashton Park, Liverpool, L36 6BW,
England, registration N° 03512877

 

THE
PARTIES HERETO HAVE AGREED AS FOLLOWS:

ARTICLE
1 FINANCING OF RECEIVABLES

The article 7.1 of the
agreement is amended by adding the following provision:

1.1.        Temporary overspending of
maximum outstanding financing authorised from 11 July 2006 to 31 May 2007;

CGA will provide a
range of financing services within a limit of supplemental financing of
20.000.000 Euros (twenty millions EUR), and that supplemental limit expired as
of 31 May 2007; this limit of maximum outstanding financing will be brought
temporarily up to  55.000.000 EUR (fifty five millions EUR).

During the period
of validity, this maximum outstanding financing will be shared out among the
Members as follows:

-                    Member A — ESSEX
NEXANS: 50 M EUROS

-                    Member B —
ESSEX NEXANS L+K: 5M Eur

The Company may
amend at any time and in writing that sharing out without prior notice, within
the limit of the global amount of 55.000.000 EUR.

1.2.        Cancellation of Temporary
overspending prior 31 May 2007

Any party may
terminate the temporary agreement by registered letter with acknowledgement of
receipt upon two months prior notice.

If
beyond this period, overspending of maximum outstanding financing still
remains, the Member will then be entitled to:

-                    either
reimburse directly to CGA by transfer

-                    or reimburse
via payments collected par CGA received directly from debtors.

1.3.
End of the temporary overspending

As from 1st June 2007, the maximum outstanding financing
will be reduced to 35 000 000 M (thirty five millions EUR)

If at the date of
1st June 2007, overspending of maximum outstanding
financing still remains, the Member will then be entitled to either

-                    either
reimburse directly to CGA by transfer

-                    or reimburse
via payments collected par CGA received directly from debtors.

 

ARTICLE
2 FINANCING RETENTION

Article 8 1st paragraph of agreement for the transfer of
receivables is modified as follows:

The retention
corresponds to the 12% of the amount of outstanding of the receivables subject
to financing.

Article 8 4th paragraph 1 of agreement for the transfer of
receivables is modified as follows:

This retention can
be increased up to 22% in case of breach of one of the events as defined under
article 8 of Agreement for transfer of receivables if not remedied by any
defaulting party within three business days. This retention can be decreased to
12% if the defaulting party remedies to the breach.

Any other
provision of article 8 remains valid.

ARTICLE
3 REMUNERATION OF CGA

3.1.
Service commission

Article 10.1 of
the Agreement is modified as follows:

In compensation of
supplemental outstanding financing as per Article 1 of the present Amendment,
CGA will receive monthly a supplemental service commission equal to 2500 Euro.

This amount is due
and payable at the beginning of each month. This supplemental service
commission will be paid during the period of validity of outstanding financing.

The Members or the
Company acting on behalf of the Members will communicate to CGA the sharing out
of this service commission.

3.2.
Financing commission

Article 10.2. of
the agreement is modified as follows:

CGA will receive
on a monthly basis, in arrears, a service commission (excluding tax) calculated
at CGA’s rate plus 0,47% per annum, calculated on the outstanding financed up
to 35 000 000 EUR and payable upon receipt by each Member.

Regarding
outstanding financed beyond 35 000 000 Euro, CGA receives on a monthly basis,
in arrears a financing commission, calculated at CGA’s rate plus 0,67 % per
annum and payable upon receipt by each Member.

 

The financing
commission is calculated prorata temporis on the withdrawals debited from the
current account on the day of such withdrawal until the effective collection by
CGA of payments or reimbursements received, or to the date of exercise of CGA’s
right or recourse as contemplated under Article 8.

The rate is
defined as a rate obtained, for each calendar month, from the arithmetic
average of the EONIA for the period from the last working day of the previous
month up to the last but one working day of the current month.

EONIA: European
Overnight Index Average notified daily by the Central European Bank.

ARTICLE
4 EFFECTIVENESS OF THE AMENDMENT

The other terms and
conditions remain unchanged.

The amendment takes
effect on 11 Th of July 2006

Done in five originals,
at La Plaine St Denis, on 11 Th of July 2006.

The
English translation of this contract has been provided for information purposes
only, the French version will be the only version binding on the Parties.

	
  COMPANY

  	
   

  	
      GUARANTEE

  	
   

  	
  CGA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MEMBER A

  	
   

  	
  MEMBER B

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