Office Depot 2012 Annual Report Download - page 129

Approval granted to debtors whose credit limit exceeds
€
€80,000 can, at any time, be reduced or revoked by ABN AMRO COM FIN,
and the Client is informed of the decision by any means and as soon as possible. Such decisions have immediate effect, but the prior
approval in effect continues to apply to receivables corresponding to the services performed before the Client became aware of the
said decisions.
The Client acknowledges that the decisions of ABN AMRO COM FIN with regard to approval of credit are intended for it solely and
it must not pass on the information to third parties, including to the debtors.
2 – The f) Management mandate/recovery of receivables in ARTICLE 5 Receivables Management is cancelled and replaced by
the following:
f) Management mandate/recovery of receivables
Object of the mandate: ABN AMRO COM FIN, owner of the receivables, has the sole capacity to recover the receivables assigned by
the Client and to collect the payments corresponding to these receivables.
However, with regard to the results of the Client relating to management of its Debtors entry, ABN AMRO COM FIN authorises the
Client to recover and collect the payments relating to the receivables transferred. This mandate does not include any remuneration,
with the costs and outlay of any kind remaining payable by the Client.
The Client informed ABN AMRO COM FIN about the procedures during the audit prior to signing this Agreement. Any significant
change to the said procedures must be subject to the prior consent of ABN AMRO COM FIN. The Client is obligated to apply its
credit and recovery procedures such as noted by ABN AMRO COM FIN and, in general, to pay utmost attention to safeguarding the
rights of ABN AMRO COM FIN.
Collection of payments: the payments received by the Client, corresponding to the receivables transferred, and the payments by
transfer will be paid by banker’s order into the Client’s bank accounts opened with the Banks who are listed in Appendix 7 hereto,
referred to as Collection Accounts.
Recovered bills of exchange and bills of exchange will be submitted to the banks referred to above by the Client from issuance of the
related invoice or from their receipt.
For all intents and purposes, the receivables in return for the balances of these accounts will have been assigned beforehand as a
guarantee to ABN AMRO COM FIN pursuant to Articles L. 313-23 et seq. of the French Monetary and Financial Code as a surety
document which must be signed at the latest on the date of the first submission of receivables. The model assignment document as a
guarantee of professional receivables is shown in Appendix 3.
An agreement will be concluded between the Client and ABN AMRO COM FIN for the purposes of officially setting out the
operating rules of the collection accounts.
The references of the said account will be specified on the invoices. It is agreed that any transfer corresponding to a transferred
receivable, received in an
y
account other than the Collection Account, must be transferred immediatel
y
to the latter.