Office Depot 2012 Annual Report Download - page 119

The Client shall transfer to ABN AMRO COM FIN on a weekly basis and according to the specifications attached to this Agreement
(Appendix 1), the list of the Eligible Receivables.
Transfer of title of the Eligible Receivables shall be by conventional subrogation in accordance with article 1250-1° of the French
Civil Code. By crediting the Current Account of the amount of the receivables transferred by the Client and which are listed in the
summary forms, ABN AMRO COM FIN shall become the sole holder of the title of the aforementioned receivables as a result and as
from the day of their registration in the account. The amount of the transferred receivables shall be credited to the current account
within a maximum of 48 (forty-eight) hours of receipt of the form.
To that effect, and at the latest on activation of the Agreement, the Client shall sign a permanent subrogation form in favour of ABN
AMRO COM FIN, of which a template is appended hereto (Appendix 2).
ABN AMRO COM FIN shall be entitled to request at any time the delivery of any document on the transferred receivables, in
particular invoices, purchase orders (except for phone orders) and delivery notes, which are deemed to be in its possession. ABN
AMRO COM FIN may request the Client to do its best to deliver the documents within a reasonable time.
The Client shall be dispensed from informing its debtors of the existence of this Agreement and from affixing any transfer clause on
its invoices.
ABN AMRO Commercial Finance shall credit the Client’s current account with the amount of the transferred receivables which fulfil
the conditions of this agreement, including VAT.
The Client shall provide ABN AMRO COM FIN with all credit notes to be deducted from the transferred receivables, as soon as they
are issued.
An explanation must be provided for these credit notes. These shall be deducted from the current account balance.
However, their booking on the current account shall not imply acceptance or verification by ABN AMRO COM FIN.
ABN AMRO COM FIN may demand the Client’s compliance with the following provisions at any time:
In the case of the cancellation of the mandate ABN AMRO COM FIN may demand the Client’s compliance with the following
provisions at any time:
Purpose of mandate: ABN AMRO COM FIN, owner of the receivables, shall be exclusively entitled to recover the receivables
transferred by the Client and to receive payments corresponding to these receivables.
However, with regard to the Client’s performances in relation to the management of its Debtors’ ledger, ABN AMRO COM FIN
mandates the Client to collect and receive payments in relation to the transferred receivables. This mandate shall not lead any
obligation of payment. Expenses of any kind shall remain payable by the Client.
The procedures have been communicated by the Client to ABN AMRO COM FIN during the diligences made prior to the signature
of this Agreement. Any significant change to such procedures must firstly be accepted by ABN AMRO COM FIN. The Client
commits to apply the credit and collection procedures as acted by ABN AMRO COPM FIN and generally to exercise due care to
protect ABN AMRO COM FIN’s rights.
Recei
p
t of
p
a
y
ments:
p
a
y
ments received b
y
the Client for the transferred receivables and
p
a
y
ments b
y
bank transfer shall be remitted
b) Transfer of receivables
c) Pa
y
ment of receivables
d) Transfer of credit notes
e) Justif
y
in
g
documents
-Deliver
y
of du
p
licate invoices
- Delivery of any documents it shall deem necessary to establish proof of the debt,
-Deliver
y
of ori
g
inal invoices in order to send them to debtors in the event of revocation of the mandate,
- Delivery of bills of exchange accepted from debtors or promissory notes issued by them, in the event of revocation of the
mandate,
f) Mana
g
ement mandate/recover
y
of receivables