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EXHIBIT 10.2
Translated from the French
CURRENT ACCOUNT AGREEMENT
BETWEEN THE UNDERSIGNED:
1. The company ESCAPADE SA, a French societe anonyme (corporation) with share
capital of FF 250,000, whose registered office is located at Le Petit Gue,
24800 Nantheuil de Thiviers, registered with the Commercial and Companies
Registry of Perigueux under the number 000 000 000,
Hereinafter referred to as "the Company",
represented by Xx. Xxxx Xxxxx, duly authorized for purposes hereof by decision
of the Board of Directors dated July 20, 1999;
AND
2. Xx. Xxxxxxx Xxxxxxx, a French national, born in Paris, France on December
12, 1956 and residing in La Fouillarge, 24460 Chateau-l'Eveque.
WHEREAS:
On July 20, 1999, Escapade SA's Board of Directors authorized its Chairman to
enter into a shareholder's current account agreement with Xx. Xxxxxxx Xxxxxxx in
the amount of FF 3,234,000, and to take out a loan in the amount of FF
11,636,780 from XX Xxxxx France Holding, Inc.
Xx. Xxxxxxx Xxxxxxx, in his capacity of legal representative of XX Xxxxx France,
agrees to grant Escapade SA a current account advance under the terms and
conditions set out hereafter.
NOW, THEREFORE, IT IS HEREBY STATED AND AGREED AS FOLLOWS:
Article 1 - Advance on shareholder's current account
Xx. Xxxxxxx Xxxxxxx now remits to the Company, on account number 20112500001
opened in the books of the Credit Suisse Hottinguer, 00 xxx xx Xxxxxxxx 00000
Xxxxx, a sum of FF 3,234,000 as a shareholder's current account advance.
Article 2 - Term
This current account advance is granted for a term of one month, which is
automatically renewable for a period of one month within the limit of two
months.
Nonetheless, the Company may make advance repayment of the entirety of said
advance in the event that, prior to the term thus provided for, it takes out a
bank loan that is first allocated to the repayment of said advance and of the
loan granted by XX Xxxxx France Holding, Inc.
Article 3 - Remuneration
The sums advanced to the Company shall bear interest at the rate set out in
Article 39-1 3(degree) of the Xxxxxx Xxxxxxx Tax Code, which is currently 4.38%.
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Interest shall be paid monthly on the 20th of each month.
Article 4 - Repayment
The Company shall be required to repay the sums advanced to it by Xx. Xxxxxxx
Xxxxxxx in accordance with the conditions provided for by Article 2 above.
Article 6 - Applicable law - Competent jurisdiction
This agreement is subject to French law and to the jurisdiction of the
Commercial Court of Paris.
Executed in Paris
On July 22, 1999
In two counterparts
/s/ Xxxx Xxxxx /s/ Xxxxxxx Xxxxxxx
Escapade SA, represented by Xx. Xxxxxxx Xxxxxxx
Xx. Xxxx Xxxxx
