Office Depot 2012 Annual Report Download - page 117

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Compliance with the eligibility conditions for the transferred receivables shall be the Client’s responsibility, ABN AMRO COM FIN
does not have any control over this; it is stipulated that the Client shall send ABN AMRO COM FIN, at its request, any document or
any useful information in connection with transactions.
The Client shall refrain from entering into any agreement (mobilization of receivables, factoring or other) causing a third party to
come into competition with ABN AMRO COM FIN with regards to the Eligible Receivables.
The Client undertakes to transfer to ABN AMRO Commercial Finance title over all receivables which are freely transferable.
Article 4: Current account agreement
The transactions handled pursuant to this Agreement shall be recorded in a current account opened in the name of the Client in the
books of ABN AMRO COM FIN; the sums due by ABN AMRO COM FIN as well as all sums due by the Client pursuant to this
Agreement shall be recorded in this current account (the “Current Account”).
The reciprocal discounts, debts and receivables recorded in the Current Account constitute solely account entries, all such entries
being indivisibly merged. Any debit balance arising from this merger shall be immediately due and every credit balance shall be
immediately available within the limits set out in Article 6 herein.
The Client and ABN AMRO COM FIN agree that the aforementioned reciprocal receivables and debts arising from performance of
this Agreement are related and indivisible, in such a way that they constitute each other’s guarantee and mutually offset each other
even when the conditions required for legally offsetting are not met.
As many sub-current-accounts may be opened in the name of the Client as necessary and shall all be part of the Current Account.
The Client’s Current Account shall not contain any overdraft authorisation. Should a debit position arise, in particular in respect of the
payment of any receivables held by ABN AMRO COM FIN against the Client, ABN AMRO COM FIN shall immediately be entitled
to claim repayment of the corresponding amounts from the Client.
ABN AMRO COM FIN shall send the Client a monthly Current Account statement. Each statement shall be deemed to reflect the
reality and the accuracy of the transactions between the Client and ABN AMRO COM FIN, except for obvious errors or motivated
and justified disputes, notified by the Client to ABN AMRO COM FIN within 60 days as from the notification date. Should the
monthly reconciliation carried out by the Client between its Accounts Receivable SubLedger and the Current Account reveal any
differences, the Client undertakes to carry out all usual verifications and to inform ABN AMRO COM FIN without delay of the
results of its verifications.
Termination of the Agreement launches the closure period for the Current Account, starting as from the date of notification of
termination. The definitive closure and the balance of the Current Account shall only be established subject to the settlement of all
pending transactions.
Article 5: Management of receivables
Prior to the activation of the financing line, and no more than once a week, the Client shall transmit to ABN AMRO COM FIN the
file meeting the requirements defined in the specifications document appended to this Agreement (Appendix 1) of all debtors included
in the application scope, referred to in article 1, including the following information:
The Siren number supplied by the Client shall exclusively prevail for identification of the debtor.
Debtors benefiting from an outstanding credit granted by the Client and approved by ABN AMRO COM FIN at the date of the audit
prior to the signing of the Agreement shall benefit from a credit approval up to that amount. New debtors for whom the outstanding
amount is inferior or equal to €€80,000 (eighty thousand euros) shall automatically benefit from a default credit approval of €€80,000
(eighty thousand euros). For any new outstanding amount above €€80,000 (eighty thousand euros) on a private debtor, the Client shall
transmit to ABN AMRO COM FIN all non-confidential information in its possession allowing ABN AMRO COM FIN to assess the
solvency. For debtors whose credit limit is above €€80,000 (eighty thousand euros), ABN AMRO COM FIN undertakes to send the
Client the approval granted within 2 (two) working days maximum following the communication of the information from the client. I
f
non-confidential information in its
p
ossession is not communicated, the a
pp
roval shall be deemed to be refused.
a) O
p
enin
g
of debit accounts
- Debtor’s account number in the AR Subled
g
er
- Debtor’s com
p
an
y
name
- Debtor’s Siren number
- Debtor’s address and tele
p
hone number