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                                                                   EXHIBIT 10.48

                         EXTENSION AND TOLLING AGREEMENT

         This Agreement is entered into this 15th day of December, 2003, between
Western Reserve Life Assurance Co. of Ohio ("WRL") and Global Preferred
Holdings, Inc. ("GPHI", formerly known as The WMA Corporation).

         WHEREAS, WRL and GPHI, and its subsidiary Global Preferred Re Limited
("GPRe," formerly known as WMA Life insurance Company Limited), have previously
entered into several reinsurance agreements pursuant to the terms of which GPRe
has reinsured life insurance policies and annuity contracts issued by WRL; and

         WHEREAS, on July 12, 2001, WRL and GPHI entered into a "FIRST RIGHT
AGREEMENT" ("FR Agreement"), whereby WRL granted to GPHI certain rights to
reinsure on a coinsurance and modified coinsurance basis certain percentages of
variable life insurance policies and variable annuity contracts of WRL written
by agents of World Marketing Alliance, Inc. or agents of World Financial Group
Insurance Agency; and

         WHEREAS, the parties desire to extend certain deadlines relating to
reinsurance rights of GPHI and GPRe;

         NOW, THEREFORE, in consideration of the mutual promises contained
herein and for other good and valuable consideration the receipt and adequacy of
which is hereby acknowledged, WRL agrees that, should any deadline, expiration
date, time limit or term (a "deadline") otherwise applicable in the FR
Agreement, or otherwise, for GPRe to exercise any rights to reinsure WRL
variable life policies or variable annuity contracts occur or expire after the
date hereof, then each such deadline shall be deemed automatically extended and
tolled, without any further action of any party being required, to the date
ninety (90) days following receipt by either party of written notice from the
other party terminating this Agreement and specifying that all such extended and
tolled deadlines shall be ninety (90) days following the date of such receipt.

         The rights and obligations of WRL, GPHI and GPRe under this Agreement
shall inure to the benefit of and be binding upon each of them and their
respective successors and assigns. This Agreement may not be assigned by either
party without the express, prior, written consent of the other party, which may
not be unreasonably withheld.

         This Agreement shall be governed by and constituted in accordance with
the laws of the State of Ohio without giving effect to any choice of law or
conflicts of law provision.

Accepted By:

         /s/ Edward F. McKernan                    /s/ Jerome C. Vahl
---------------------------------------    -------------------------------------
                Name                                       Name

         President & CEO                                President
---------------------------------------    -------------------------------------
    Global Preferred Holdings, Inc.              Western Reserve Life
                                                Assurance Co. of Ohio

            April 29, 2004                             April 27, 2004
---------------------------------------    -------------------------------------
               Date                                         DateManagement Consulting Services Agreement

 

Exhibit 10.1

MANAGEMENT CONSULTING SERVICES AGREEMENT

MEMORANDUM OF AGREEMENT made at Sunrise, Florida, USA on April 22, 2004

	 	 	 
	BY AND BETWEEN:

	 	Mayor’s Jewelers, Inc., a company incorporated under the
laws of Delaware and having its head office at 14051 North
West 14th Street, Sunrise, Florida 33323 USA
(hereinafter referred to as “Mayor’s”)
	 
	 	 
	AND:

	 	Regaluxe Investment Sarl, a body incorporated under the
Laws of Luxembourg and having its head office at 26, Rue
Louvigny, Luxembourg (hereinafter referred to as
“Regaluxe”),

THIS AGREEMENT WITNESSETH THAT, in consideration of the mutual covenants herein
contained, it is agreed by and between the Parties as follows:

ARTICLE ONE

INTERPRETATION

	1.1.	 	Definitions. For the purposes hereof, the following words and phrases
shall have
the following meanings, respectively, unless otherwise specified by the
context:

	(a)	 	“Advisory, Management and Corporate Services” shall have the
meaning ascribed thereto at Section 2.1 and shall be hereinafter
referred to as AMCS;

	(b)	 	“Agreement” shall mean this Management Consulting Services
Agreement and all instruments supplemental hereto or any amendment
or confirmation hereof; “herein”, “hereof”, “hereto” and “hereunder”
and similar expressions mean and refer to this Agreement and not to
any particular Article, Section, Subsection or other subdivision;

	(c)	 	“Event of Default” shall have the meaning ascribed thereto at
Section 4.2;

	(d)	 	“Parties” shall mean Mayor’s and Regaluxe and “Party” shall
mean any one of them;

	1.2	 	Gender. Any reference in this Agreement to any gender shall include all
genders and words used herein importing the singular number only shall
include the plural and vice versa.

	1.3	 	Headings. The division of this Agreement into Articles, Sections,
Subsections and other subdivisions and the insertion of headings are for
convenience or reference only and shall not affect or be utilized in the
construction or interpretation hereof.

	1.4	 	Severability. Any Article, Section, Subsection or other subdivision of
this Agreement or any other provision of this Agreement which is, or
becomes, illegal, invalid or unenforceable shall be severed here from and
shall be ineffective to the extent of such illegality, invalidity or
unenforceability and shall not affect or impair the remaining

 

 

	 	 	provisions hereof, which provisions shall be severed from any illegal,
invalid or unenforceable Article, Section, Subsection or other
subdivision of this Agreement or any other provisions of this Agreement.

	1.5	 	Entire Agreement. This Agreement, together with any documents to be
delivered pursuant hereto or thereto, constitute the entire agreement
between the Parties pertaining to the subject matter hereof and supersede
all prior agreements, understandings, negotiations and discussions,
whether oral or written, of the Parties.

	1.6	 	Waiver. No waiver of any of the provisions of this Agreement shall be
deemed to constitute a waiver of any other provisions (whether similar or
not) nor shall such waiver constitute a continuing waiver unless otherwise
expressly provided in writing and duly executed by the Party to be bound
thereby.

	1.7	 	Governing Law. This Agreement shall be governed, interpreted and
construed in accordance with the Laws of the State of Delaware applicable
therein.

	1.8	 	Language. The parties have required that this Agreement and all documents
or notices relating thereto be in the English language.

	1.9	 	Accounting Principles. Accounting terms not otherwise defined have the
meanings ascribed thereto under U.S. Generally Accepted Accounting
Principles (GAAP). Wherever in this Agreement reference is made to GAAP.

	1.10	 	Currency: Unless otherwise indicated, all Dollar amounts in this
Agreement are expressed in US Dollars.

	1.11	 	Independent contractor. Nothing contained in this Agreement shall be
construed as creating any relationship between the Parties other than that
of independent contractors. Regaluxe shall not represent to third parties
being authorized or entitled to execute or agree on behalf of Mayor’s or
bind Mayor’s to any agreement or document of any kind whatsoever.

ARTICLE TWO

SERVICES

	2.1	 	Advisory, Management and Corporate Services. On Mayor’s request, Regaluxe
agrees to provide to Mayor’s the services (collectively known as the
“AMCS”) outlined in the Attachment 1 “Offer of “A.M.C.S.” to Mayor’s
Jewelers Inc.”

	2.2	 	Representations and Warranties. Regaluxe hereby represents and warrants
to Mayor’s as follows and acknowledges that Mayor’s is relying upon such
representations and warranties in connection with this Agreement:

	(a)	 	the personnel of Regaluxe will have the required skills and
capacity to provide AMCS in accordance with this Agreement;

	(b)	 	Regaluxe knows of no facts or circumstances, which would
prevent it from providing personnel to Mayor’s hereunder; and

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	(c)	 	Regaluxe represents that the amounts to be invoiced to
Mayor’s shall be reasonable in all circumstances, having regard to
the nature of the services to be rendered, the qualifications of the
person providing such services and generally prevailing market
conditions.

	2.3	 	Standard of Performance. The personnel of Regaluxe will perform AMCS in a
professional and prudent manner, using sound and proven principles and
procedures.

	2.4	 	Notification. Each Party shall forthwith notify the other Party of any
circumstances or facts that materially and adversely affect or could
reasonably be expected to materially and adversely affect such Party’s
performance of its obligations hereunder.

ARTICLE THREE

FEES

	3.1	 	Fees. Effective the date hereof, Mayor’s shall, in consideration of
Regaluxe agreeing to provide AMCS to Mayor’s, pay to Regaluxe a maximum
amount of US$125,000 for the two-month period ending June 30, 2004, and
US$125,000 for each quarter afterwards up to and including the quarter
ending March 31, 2005. Payments to Regaluxe will be pro-rated monthly and
will by paid by Mayor’s on the 10th of each calendar month. Regaluxe
shall provide Mayor’s with an invoice satisfactory to support said
payments. If necessary, Regaluxe can invoice to Mayor’s additional fees
for extraordinary activities upon Mayor’s prior approval.
Should the $US / € exchange rate increase to and remain above 1,30$
/ 1€ or decrease to and remain below 1$ / 1€ for 15 consecutive business
days, the Parties agree to reevaluate the Fees and make adjustments as
they deem necessary.

	3.2	 	Other Out-of-Pocket Disbursements. Mayor’s will also reimburse, upon
presentation of supporting documents, Regaluxe for the following direct
out-of-pocket disbursements reasonably and actually incurred by Regaluxe
in the performance of AMCS:

	(a)	 	lodging and transportation expenses reasonably incurred by
the personnel of Regaluxe in the performance of AMCS; and

	(b)	 	such other out-of-pocket disbursements.

	 	 	In no event shall these expenses exceed US$7,500 in any quarter without
the prior written consent of Mayor’s.

	3.3	 	Invoices. Regaluxe will invoice Mayor’s for amounts payable pursuant to
Sections 3.1 and 3.2. Each invoice will be itemized to show, among other
things, the kind of professional skill who, during the calendar month,
rendered AMCS and the number of hours worked by each, and details of
out-of-pocket disbursements and expenses covered by such invoice together
with supporting vouchers and receipts.

	 	 	If needed any applicable exchange rate will be calculated in accordance
with GAAP.

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	3.4	 	Credit Agreement. If a default or an event of default exists under that
certain Revolving Credit, Tranche B Loan and Security Agreement, dated as
of August 20, 2002, by and among Mayor’s, Mayor’s Jewelers of Florida,
Inc., a Florida corporation, and each of the other Domestic Subsidiaries
parties thereto, Fleet Retail Group Inc., GMAC Commercial Finance LLC,
Back Bay Capital Funding LLC, and Fleet Retail Group Inc., as amended,
Mayor’s shall not be obligated to pay the fees set forth in this Article
Three until such default has been cured.

ARTICLE FOUR

TERM; REMEDIES

	4.1	 	Term. This Agreement will become effective on May 1st, 2004 and will
remain in effect until March 31st, 2005. Thereafter, forty-five
(45) days prior to the end of the term and each renewal term, Regaluxe
will provide Mayor’s with a comprehensive and detailed report of
all of the work performed during such term, and upon Mayor’s
review and consideration of such report, Mayor’s may renew the Agreement for an additional one (1) year term by providing notice thereof to Regaluxe.

	4.2	 	Event of Default. An “Event of Default” will mean any of the following:

	(a)	 	The failure by any Party to perform or fulfill any obligation
pursuant to the Agreement;

	(b)	 	Failure by Regaluxe to provide at least 250 hours of service
to Mayor’s in any quarter; and

	(c)	 	The bankruptcy of any Party or the making by such Party of an
assignment for the benefit of creditors, or the appointment of a
trustee or receiver and manager or liquidator to such Party for all
or a substantial part of its property, or the commencement of
bankruptcy, reorganization, arrangement, insolvency or similar
proceedings by or against such Party under the laws of any
jurisdiction, except where such proceedings are defended in good
faith by such Party.

	4.3	 	Remedies. If any Event of Default shall have occurred to any Party, then
the other Party may immediately terminate this Agreement and exercise the
remedies permitted by the law.

	4.4	 	Default Interest. If any Party fails to pay as and when due and payable
any amount hereunder which is not in dispute, then such Party shall pay
interest on such amount from the due date up to and including the date
when such amount and all interests thereon are paid in full at the rate
per annum equal to (i) the rate of interest commonly known and referred to
as the U.S. Prime Rate as published in the Wall Street Journal plus (ii)
one percent (1%). Such interests shall be payable on demand.

ARTICLE FIVE

GENERAL

	5.1	 	Notices. Any notice, consent, approval, direction or other instrument
required or permitted to be given hereunder shall be in writing and given
by delivery or sent by telex, telecopier or similar telecommunication
device and addressed:

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	(a)	 	in the case of Mayor’s to:

	 	 	 
	Attention:

	 	Chief Executive Officer

Mayor’s Jewelers Inc.,

14051 North West 14th Street,

Sunrise, Florida 33323

USA

	(b)	 	in the case of Regaluxe to:

	 	 	 
	Attention:
	 	The Group CEO

Regaluxe Investment SàrL

26, Rue Louvigny, Luxembourg
	 	 	 
	and a copy to:
	 	Group Controller;

Regaluxe Investment SàrL – Branch Office

Via Pomba 1, 10123,

Turin, Italy.

	 	 	Any notice, consent, approval, direction or other instrument given as
aforesaid shall be deemed to have been effectively given and received, if
sent by telex, telecopier or similar telecommunications device on the
next business day following such transmission or, if delivered, to have
been given and received on the date of such delivery. Any Party may
change its address for service by written notice given as aforesaid.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and at
the place first above mentioned.

	 	 	 	 	 
	 	REGALUXE INVESTMENT SàrL

 	 
	 	By:  	/s/ Filippo Recami
 	 
	 	 	Name:  	Filippo Recami 	 
	 	 	Title:  	Group CEO 	 
	 

	 	 	 	 	 
	 	MAYOR’S JEWELERS, INC.

 	 
	 	By:  	/s/ Marc Weinstein
 	 
	 	 	Name:  	Marc Weinstein 	 
	 	 	Title:  	SVP and CAO 	 

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