(c) | Following purchase of a Non-Conforming US Receivable by the relevant US Originator and (i) the credit of the Repurchase Price into the US Master Purchaser Transaction Account in cleared funds or (ii) the substitution of an Eligible US Receivable as specified in Clause 11.1(b)(ii), the Security Agent is authorized to release (at the relevant US Originator’s expense) the relevant Non-Conforming US Receivable from the Security. |
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(d) | If at any time: |
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| (i) | there arises any set-off, counterclaim, defense or deduction in respect of a US Receivable contributed by a US Originator; or |
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| (ii) | any Rebates, Discount Dilutions and Dilutions occur in relation to a transaction under which a US Receivable arises or any other transaction between the Obligor in respect of such US Receivable and a US Originator; |
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| then such US Originator shall on the next Business Day (i) pay to the US Master Purchaser Transaction Account an amount equal to the amount of such set-off, counterclaim, defense, deduction, Rebate, Discount Dilution or Dilution, or (ii) transfer to the US Master Purchaser Eligible US Receivables with a Face Amount equal to or greater than the amount of such set-off, counterclaim, defence, deduction, Rebate, Discount Dilution or Dilution. |
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(e) | The US Master Purchaser and each US Originator agrees and acknowledges that, in respect of any breach of representation or warranty under Clause 8.2 and Part 3 of Schedule 2, the sole remedy available to the US Master Purchaser shall be to require such US Originator to take the action specified in Clause 11.1(b) and, if such US Originator complies with Clause 11.1(b), neither the Security Agent nor the US Master Purchaser shall be entitled to claim damages or to exercise any other remedy (whether in contract, tort or otherwise) in respect of any such breach. |
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(f) | For the avoidance of doubt, each US Originator agrees with and acknowledges to the US Master Purchaser that nothing in Clause 11.1(e) shall in any way limit or affect the US Master Purchaser’s ability or entitlement to claim damages or to exercise any other remedy (whether in contract, tort or otherwise) in respect of any breach of representation or warranty contained in Part 1 of Schedule 2. |
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Remedy for Certain Breaches of Maximum Obligor Limits
11.2 If, at any time, as a result of the contribution of any US Receivable there is a breach of the representations in paragraph (a) of Part 3 of Schedule 2 by reference to the Eligibility Criteria set out in paragraphs (g) and (i) of Schedule 1 in circumstances where the credit rating of any Obligor has been downgraded prior to the relevant Contribution Date when such US Receivable was contributed and the US Originator that contributed such US Receivable certifies that it was not, on the relevant Contribution Date, aware of such downgrading, then on each succeeding Contribution Date thereafter, such US Originator and the US Master Purchaser shall select US Receivables to be contributed by the US Master Purchaser so as to result in the breach being rectified, to the extent that such US Receivables are available to be contributed, and such US Originator shall only be obliged to comply with the requirements set out in Clause 11.1 in respect of such US Receivables if the breach has not been rectified in this way by the Calculation Date following the date on which such US Originator became aware of such downgrading.
Remedy for Other Breaches of Representations and Warranties
11.3 If any representation or warranty set out in Part 1 or 2 of Schedule 2 with respect to a US Originator or the Parent proves to have been incorrect when made and remains incorrect the US Master Purchaser shall be entitled generally to all remedies available to it under New York law (including, without limitation, an action for damages) for breach of warranty against such US Originator or the Parent.
PROTECTION OF US MASTER PURCHASER, FURTHER ASSURANCE
Subordination of each US Originator’s Rights
12.1 Notwithstanding any other provision of this Agreement, or the winding-up of any US Originator or the US Master Purchaser, until one year and one day has elapsed following the payment of all sums outstanding and owing under the latest maturing Buhrmann Note, the payment and discharge in full of all US Master Purchaser Secured Obligations and the cancellation of the Securitisation Facility, no US Originator shall institute any proceedings against the US Master Purchaser to enforce any of its rights hereunder or purport to enforce its rights hereunder whether by exercising any set-off, or making any withholding or deduction against any amounts otherwise due to the US Master Purchaser under this Agreement or any of the Transaction Documents or otherwise.
Further Assurance
12.2 Each US Originator agrees that from time to time it will, at its own cost, promptly execute and deliver all instruments and documents, and take all further action as the US Master Purchaser may reasonably request in order to perfect, protect or more fully evidence the US Master Purchaser’s ownership interest in the US Receivables contributed by it and any proceeds thereof without, however, giving notice to the Obligors (except in the circumstances contemplated in Clause 8.1).
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Enforcement
12.3 Each US Originator hereby irrevocably consents to the US Master Purchaser (or the Master Servicer on its behalf) and the Security Agent at any time after the occurrence of a Buhrmann Termination Event, for its own benefit commencing proceedings in the name of such US Originator in respect of any of the US Receivables contributed by it.
Fiduciary Agent
12.4 Each US Originator shall hold as fiduciary agent for the sole benefit of the US Master Purchaser any Contracts and other documentary items and evidence relating to any outstanding US Receivables contributed by such US Originator at the office specified in Clause 7.2 of the Framework Deed.
Payment to a US Originator's Account
12.5 Whenever any amount is due, owing or payable to a US Originator under or in connection with this Agreement, payment of such sum in cleared funds into the account specified by such US Originator to the US Master Purchaser for such purpose shall constitute a complete discharge of the obligation to pay such amounts.
Appropriation of Payments
12.6 If an Obligor makes a general payment to a US Originator on account both of a US Receivable which has been contributed to the US Master Purchaser by such US Originator or which the US Master Purchaser has agreed to accept as a capital contribution and of any other moneys due for any reason whatsoever to such US Originator and makes no apportionment between them, then such payment shall be treated as though the Obligor had appropriated it first to such US Receivable and the proceeds of or comprised in such payment up to the full amount due or to become due in respect of such US Receivable shall accordingly be the property of the US Master Purchaser and such US Originator shall immediately and without deduction transfer that amount, in accordance with the US Collection Account Agreement, to the US Master Purchaser (and shall in the meantime hold such moneys as fiduciary agent for the US Master Purchaser).
Choice of Law
12.7 This Agreement shall be construed in accordance with, and all matters arising out of or relating in any way to this Agreement shall be governed by, the law of the State of New York.
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Submission to Jurisdiction
12.8 Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement. Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Amendments
12.9 No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of electronic messages on an electronic messaging system; provided that in no event shall the representations and warranties contained in paragraphs (h) and (i) of Part 1 of Schedule 2, and paragraph (b) of Part 3 of Schedule 2 of this Agreement be amended or waived.
Integration
12.10 This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith. This Agreement amends and restates the US Contribution Agreement dated as of September 28, 2001, as amended and restated on July 18, 2002; between Corporate Express, Corporate Express of Texas, Inc., the US Master Purchaser, the Parent and the Security Agent.
Security Agent as a Party
12.11 The Security Agent is a party to this Agreement for the purposes only of taking the benefit of the rights but not the obligations of the US Master Purchaser in respect of this Agreement, for receiving notices in accordance with Clause 7 of the Framework Deed and for regulating the agreement of amendments to this Agreement. The Security Agent assumes no obligations under this Agreement.
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IN WITNESS WHEREOF the parties hereto have caused this Amended and Restated Agreement to be duly executed and delivered as at November 30, 2005.
CORPORATE EXPRESS OFFICE PRODUCTS, INC.
CORPORATE EXPRESS DOCUMENT & PRINT MANAGEMENT INC.
ASAP SOFTWARE EXPRESS, INC.
CORPORATE EXPRESS OF TEXAS, INC.
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BUHRMANN SILVER US LLC
BUHRMANN N.V.
DEUTSCHE TRUSTEE COMPANY LIMITED
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US Eligibility Criteria
In order for a US Receivable contributed by a US Originator to be eligible for contribution, such US Receivable or the Contract from which it is derived, as the case may be, must satisfy the following criteria (theEligibility Criteria):
(a) | Ordinary Course of Business:it has been originated by such US Originator in the ordinary course of business from the sale of goods or performance of services of such US Originator, represents the purchase price of specified goods or services delivered or performed and is non-interest bearing; |
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(b) | Completed Performance: it has been originated by such US Originator pursuant to a Contract under which such US Originator has fully performed its obligations to the related Obligor. |
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(c) | Obligor Limit:it is payable by an Obligor incorporated in or acting through a branch located in the United States or Canada; |
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(d) | Currency:it is denominated and payable in US dollars in the United States; |
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(e) | Maximum Term:it is payable within a maximum period of 125 days from the date the related goods are shipped or the related services are performed; |
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(f) | Assignability:it can be freely and validly transferred by way of assignment to the US Master Purchaser under the terms of the relevant Contract without any requirement to give notice to or obtain consent from the Obligor and without otherwise breaching the Contract under which the US Receivable arises; |
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(g) | No Defaults, Etc.:the US Originator contributing such US Receivable is not in default under the terms of the Contract from which such US Receivable arises; |
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(h) | Obligor:the Obligor in respect of such US Receivable is domiciled in the United States or Canada and is not bankrupt or insolvent or in liquidation, administration, receivership or subject to any analogous proceeding, provided that no more than 5 per cent. of the Face Amount of all Securitised US Receivables comprises Receivables in respect of which the Obligor is domiciled in Canada; |
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(i) | Set-Off: the Maximum Right of Set-Off Limit is not exceeded as a result of the contribution of such US Receivable; |
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(j) | Governing Law:the Contract under which any obligation to make payment in respect of such US Receivable is governed by the law of a State of the United States; |
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(k) | Non-Affiliated Obligor:the Obligor in respect of such US Receivable is not another member of the Buhrmann Group; |
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(l) | Defaults and Delinquencies:it is not a Defaulted Receivable or a Delinquent Receivable; |
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(m) | Bill and Hold: it does not arise under a Contract in respect of which an invoice has been generated but the goods have not been delivered or the services have not been performed; and |
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(n) | Sub-contracted Services: it is not related to a service which is sub-contracted to a third party. |
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SCHEDULE 2
Part 1
Representations and Warranties relating to each US Originator
(a) | Status:it is a corporation duly organized and validly existing under the law of its jurisdiction of incorporation; |
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(b) | Powers and Authorizations:the documents which contain or establish its constitution include provisions which give power, and all necessary authority has been obtained and action taken, for it to own its assets, carry on its business and operations as they are now being conducted and to sign and deliver, and perform the transactions contemplated in, the Transaction Documents to which it is a party; |
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(c) | Legal Validity/Pari Passu Ranking:its obligations under the Transaction Documents to which it is a party constitute, or when executed by it will constitute, its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and its obligations thereunder are and will be direct, unconditional and general obligations which rank equally with all its other unsecured obligations and liabilities, present or future, actual or contingent, save for unsecured obligations and liabilities accorded preference over its other unsecured obligations and liabilities pursuant to any applicable provision law; |
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(d) | Non-Violation:the execution, signing and delivery of the Transaction Documents to which it is a party and the performance of any of the transactions contemplated in any of them do not and will not contravene or breach or constitute a default under or conflict or be inconsistent with or cause to be exceeded any limitation on it or the powers of its members imposed by or contained in: |
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| (i) | any law, statute, decree, rule or regulation to which it or any of its assets or revenues is subject or of any order, judgment, injunction, decree, resolution, determination or award of any court or any judicial, administrative, or governmental authority or organization which applies to it or any of its assets or revenues; or |
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| (ii) | any agreement, indenture, mortgage, deed of trust, bond, or any other document, instrument or obligation to which it is a party or by which any of its assets or revenues is bound or affected; or |
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| (iii) | any document which contains or establishes its constitution; |
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| which might materially and adversely affect its ability to observe or perform its obligations under the Transaction Documents to which it is a party; |
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(e) | Consents:no authorization, approval, consent, license, exemption, registration, recording, filing or notarization and no payment of any duty or tax and no other action whatsoever which has not been duly and unconditionally obtained, made or taken is required to ensure (i) the creation, the validity, legality, enforceability or priority of its liabilities and obligations or of the rights of the US Master Purchaser or the Security Agent against it under the Transaction Documents or (ii) the effective sale, substitution or transfer by way of capital contribution of US Receivables to the US Master Purchaser pursuant to this Agreement; |
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(f) | No Default:no event has occurred which constitutes, or which with the giving of notice and/or the lapse of time and/or a relevant determination would constitute, a contravention of, or default under, any such law, statute, decree, rule, regulation, order, judgment, injunction, decree, resolution, determination or award or any agreement, document or instrument by which it or any of its assets is bound or affected, being a contravention or default which could reasonably be expected to have a Material Adverse Effect; |
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(g) | Tax Liabilities:all material and necessary returns have been delivered by it or on its behalf to the relevant taxation authorities, it is not in material default in the payment of any Taxes, and no claim is being asserted with respect to Taxes which is not disclosed or reserved for in the most recent financial statements delivered in accordance with Clause 8.4(a)(ii) which, if adversely determined, would have a Material Adverse Effect; |
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(h) | Perfection:it has caused or will have caused, within ten days of each Contribution Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the contribution of the US Receivables contributed to the US Master Purchaser on such Contribution Date; |
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(i) | Priority:other than the contribution to the US Master Purchaser pursuant to this Agreement, it has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the US Receivables. It has not authorized the filing of and is not aware of any financing statements against it that include a description of collateral covering such US Receivables other than any financing statement relating to the contribution to the US Master Purchaser hereunder or that has been terminated. It is not aware of any judgment or tax lien filings against it; |
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(j) | No Security:there is no Encumbrance over or in relation to any US Collection Account (or the proceeds of or any interest in such account) and it is not a party to nor are any of such assets bound by any order, agreement or instrument under which it is or in certain events may be required to create, assume or permit to arise any Encumbrance over or in relation to such assets; |
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(k) | Solvency:it is solvent and able to pay its debts as they fall due and has not suspended or threatened to suspend making payments (whether of principal or interest) with respect to all or any class of its debts and will not become insolvent or unable to pay its debts in consequence of any contribution by it of US Receivables under this Agreement or any other obligation or transaction contemplated in the Transaction Documents; |
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(l) | No Buhrmann Termination Event:no Buhrmann Termination Event or Potential Buhrmann Termination Event has occurred; |
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(m) | Insolvency Procedures:no corporate action has been taken or is pending, no other steps (whether out of court or otherwise) have been taken and no legal proceedings have been commenced or are threatened or are pending for (i) its winding-up, liquidation, dissolution, administration or reorganization, (ii) it to enter into any composition or arrangement with its creditors or (iii) the appointment of a receiver, administrative receiver, trustee or similar officer in respect of it or any of its property, undertaking or assets and no event equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction; |
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(n) | Information:none of the information and reports furnished by it in connection with the negotiation and entry into of the transactions envisaged by the Transaction Documents is (or, in the case of oral information, was when given) inaccurate in any material respect, or contains any material misstatement of fact or omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading and it is not aware of any fact, information or circumstance the omission of which from such information or reports would reasonably affect the decision of any potential participant whether to participate in the arrangements contemplated in the Transaction Documents, its assessment of the rights being acquired in relation to any US Receivables contributed by it, the risks associated with the portfolio of US Receivables contributed by it or the risks associated with the transactions and arrangements contemplated in the Transaction Documents; |
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(o) | No Litigation:no litigation to which it is a party or which any third party has brought against it in any court, arbitral tribunal or public or administrative body or otherwise and which, if adversely determined could reasonably be expected to have a Material Adverse Effect; |
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(p) | Ownership:it is an indirect wholly-owned subsidiary of Parent; |
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(q) | Licenses:it has all material licenses that are necessary for carrying on its business; |
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(r) | Investment Company Act:it is not an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended, or is exempt from all of the provisions of such Act; |
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(s) | Place of Business:the chief executive office of such US Originator is identified at the beginning of the US Contribution Agreement, which office is the place where such US Originator is located for the purposes of Section 9-307 of the Uniform Commercial Code (as in effect in the jurisdiction that governs the perfection of the ownership interest in the US Receivables contributed by such US Originator) and there have been no other such locations during the four months preceding the date of the this Agreement; |
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(t) | ERISA:no Encumbrance exists on any US Receivable contributed by it under ERISA or the Code and the rules and regulations promulgated thereunder; no ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect; |
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(u) | No Fraudulent Transfer: such US Originator (i) is consummating the transactions contemplated by the Transaction Documents in good faith and for a valid legal and business reason, (ii) is not entering into any Transaction Document with the actual intent to hinder, delay or defraud its present or future creditors, (iii) is receiving reasonably equivalent and fair value for the US Receivables being contributed by it under the US Contribution Agreement; and |
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(v) | Status: it is a “United States person” as defined in Code Section 7701(a)(30). |
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Part 2
Representations and Warranties relating to the Parent
(a) | Status:it is duly organized and validly existing under the law of its jurisdiction of incorporation; |
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(b) | Powers and Authorizations:the documents which contain or establish its constitution include provisions which give power, and all necessary authority has been obtained and action taken, for it to own its assets, carry on its business and operations as they are now being conducted and to sign and deliver, and perform the transactions contemplated in, the Transaction Documents to which it is a party; |
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(c) | Legal Validity/Pari Passu Ranking:its obligations under the Transaction Documents to which it is a party constitute, or when executed by it will constitute, its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and its obligations thereunder are and will be direct, unconditional and general obligations which rank equally with all its other unsecured obligations and liabilities, present or future, actual or contingent, save for unsecured obligations and liabilities accorded preference over its other unsecured obligations and liabilities pursuant to any applicable provision law; |
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(d) | Non-Violation:the execution, signing and delivery of the Transaction Documents to which it is a party and the performance of any of the transactions contemplated in any of them do not and will not contravene or breach or constitute a default under or conflict or be inconsistent with or cause to be exceeded any limitation on it or the powers of its members imposed by or contained in: |
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| (i) | any law, statute, decree, rule or regulation to which it or any of its assets or revenues is subject or of any order, judgment, injunction, decree, resolution, determination or award of any court or any judicial, administrative, or governmental authority or organization which applies to it or any of its assets or revenues; or |
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| (ii) | any agreement, indenture, mortgage, deed of trust, bond, or any other document, instrument or obligation to which it is a party or by which any of its assets or revenues is bound or affected; or |
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| (iii) | any document which contains or establishes its constitution; |
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| which might materially and adversely affect its ability to observe or perform its obligations under the Transaction Documents to which it is a party; |
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(e) | Consents:no authorization, approval, consent, license, exemption, registration, recording, filing or notarization and no payment of any duty or tax and no other action whatsoever which has not been duly and unconditionally obtained, made or taken is required to ensure the creation, the validity, legality, enforceability or priority of its liabilities and obligations or of the rights of the US Master Purchaser or the Security Agent against it under the Transaction Documents; |
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(f) | No Default:no event has occurred which constitutes, or which with the giving of notice and/or the lapse of time and/or a relevant determination would constitute, a contravention of, or default under, any such law, statute, decree, rule, regulation, order, judgment, injunction, decree, resolution, determination or award or any agreement, document or instrument by which it or any of its assets is bound or affected, being a contravention or default which could reasonably be expected to have a Material Adverse Effect; |
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(g) | Tax Liabilities:all material and necessary returns have been delivered by it or on its behalf to the relevant taxation authorities and it is not in material default in the payment of any Taxes, and no claim is being asserted with respect to Taxes which is not disclosed or reserved for in the most recent financial statements delivered in accordance with Clause 8.4(a)(ii) which, if adversely determined, would have a Material Adverse Effect; |
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(h) | Accounts: its audited consolidated financial statements (including the income statement and balance sheet) have been prepared on a basis consistently applied in accordance with the relevant accounting standards and give a true and fair view of its results for the relevant period and the state of its affairs at that date; |
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(i) | No Material Adverse Change:since its most recent financial statements, there has been no change in its financial condition or its operations that could reasonably be expected to have a Material Adverse Effect; |
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(j) | No Buhrmann Termination Event:no Buhrmann Termination Event or Potential Buhrmann Termination Event has occurred; |
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(k) | Insolvency Procedures:no corporate action has been taken or is pending, no other steps have been taken and no legal proceedings have been commenced or are threatened or are pending for (i) its winding-up, liquidation, dissolution, administration or reorganization, (ii) it to enter into any composition or arrangement with its creditors or (iii) the appointment of a receiver, administrative receiver, trustee or similar officer in respect of it or any of its property, undertaking or assets and no event equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction; |
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(l) | Information:none of the information and reports furnished by it in connection with the negotiation and entry into of the transactions envisaged by the Transaction Documents is (or, in the case of oral information, was when given) inaccurate in any material respect, or contains any material misstatement of fact or omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading and it is not aware of any fact, information or circumstance the omission of which from such information or reports would reasonably affect the decision of any potential participant whether to participate in the arrangements contemplated in the Transaction Documents, its assessment of the rights being acquired in relation to any US Receivables, the risks associated with the portfolio of US Receivables or the risks assoc iated with the transactions and arrangements contemplated in the Transaction Documents; |
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(m) | No Litigation:no litigation to which it is a party or which any third party has brought against it in any court, arbitral tribunal or public or administrative body or otherwise and which, if adversely determined could reasonably be expected to have a Material Adverse Effect; |
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(n) | Licenses:it has all material licenses that are necessary for carrying on its business; |
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(o) | Investment Company Act:it is not an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended, or is exempt from all of the provisions of such Act; and |
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(p) | ERISA:no ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect; |
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Part 3
Representations and Warranties relating to the US Receivables
(a) | US Eligibility Criteria:each US Receivable contributed by it to the US Master Purchaser complies in all respects with the US Eligibility Criteria set out in Schedule 1; |
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(b) | Ownership of US Receivables:immediately prior to the Contribution Date it owns good and marketable title to each US Receivable contributed by it and is entitled to transfer and assign and is transferring and assigning it to the US Master Purchaser free from any Encumbrance; |
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(c) | Transfer and Good Title:in relation to each US Receivable contributed by it, (i) the information set out in each Invoices File and Counterparty File, and the particulars of such US Receivable set out in any other information and statements of any kind supplied or to be supplied to the US Master Purchaser as evidence of or relating to such US Receivable are in all material respects true, accurate, correct, complete and not misleading; (ii) on completion of the transfer of such US Receivable in accordance with Clause 4 hereof, the US Master Purchaser will obtain good and marketable title to and beneficial ownership of such US Receivable free and clear of any Encumbrance; (iii) there are no legal, regulatory or contractual restrictions or binding orders and no other obligations which prevent the transfer of title of such US Receivable to the US Master Purchaser; and (iv) the Contract from which such US Receivable derives does not contain any obligations of the US Originator of a personal nature or which involve personal skill or confidence or other personal considerations. |
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(d) | Status of Contracts:all goods and/or documents to be delivered or services to be supplied under the Contract under which such US Receivable arises have been delivered, dispatched or supplied to the relevant customer (or its agent or bank (as appropriate)) and, subject to returns, corrections and dilutions that occur in the ordinary course of business, all the requirements of the Contract (including requirements as to the nature, description, specifications, amount, quantity, quality, fitness for purpose, merchantability, time of loading or delivery, manner and costs of delivery, insurance, carriage, and the nature, condition or terms of any documents) have been complied with in full and all other terms and conditions upon which the payment of such US Receivable may be dependent have been fulfilled; no material default, breach or violation has occurred under the Contract and no event which could constitute such a default, breach or violation has occurred; |
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(e) | Valid and Binding:the Contract under which such US Receivable arises (i) was duly authorized by such US Originator and the other parties thereto, (ii) is a legally valid and binding obligation of each of the relevant parties thereto which is and will be enforceable against such parties in accordance with its terms and complies with all statutory and other requirements for its validity and (iii) there is no fact, circumstance, act, omission or state of affairs which would constitute a breach of any warranty, term or condition of the Contract or which would permit the relevant Obligor or any other Person to reject the goods delivered (or to be delivered) or the documents tendered (or to be tendered) under the Contract or which would provide the relevant Obligor (or any other person who is liable to make a payment in respect of such US Receivable) with any reason, justification, excuse or defense of any kind for not making timely payment in full of the whole amount due in respect of such US Receivable, except for returns, corrections and dilutions that occur in the ordinary course of business; |
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(f) | No Variation:there has been no variation, amendment, waiver or extension of time of any kind in respect of the original terms of the Contract under which such US Receivable arises which in any material way adversely affects the terms of such US Receivable, or its enforceability or collectability, except for returns, corrections and dilutions that occur in the ordinary course of business; |
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(g) | No Violation:such US Receivable and such Contract under which such US Receivable arises do not contravene in any material respect any applicable law, rule or regulation and such US Originator has not and, so far as such US Originator is aware no other party to the Contract has, contravened any such law, rule, regulation or any agreement, judgment, injunction, order, decree or other instrument binding upon any of them, in each case which in any material way affects the enforceability or collectability of such US Receivable; |
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(h) | Business, Credit and Collection Policy:(i) such US Originator has complied with its usual business, underwriting, credit and collection criteria and procedures in entering into the Contract under which such US Receivable arises and in relation to the administration of such US Receivable to the date on which it is purchased hereunder (which criteria have been consistently applied in the management of its business); and (ii) such US Originator has taken steps to require that each Obligor makes payment of each US Receivable to a US Lockbox Account; |
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(i) | Documentary Sales:the Contract under which such US Receivable arises does not provide for payment by means of a letter of credit, a bill of exchange or promissory note; |
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(j) | No Termination or Defense:the Contract under which such US Receivable arises has not been terminated or frustrated and is not subject to force majeure or any right of rescission; and there is no justification of any kind for the non-payment of the full Face Amount of such US Receivable when due; |
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(k) | Set-off:there is not and such US Originator is not aware of any circumstances which, as of the date of its contribution, would give rise to: |
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| (i) | any right of set-off, counterclaim, defense, or deduction in respect of such US Receivable; or |
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| (ii) | except as otherwise disclosed to the US Master Purchaser and the Master Servicer, any Credit Note, discount, allowance or reverse invoice; |
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(l) | Fraud, Dispute or Amendment:the Contract under which such US Receivable arises has not: |
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| (i) | been entered into fraudulently by the Obligor in respect thereof; |
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| (ii) | been passed to the claims or legal department or referred to external lawyers; or |
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| (iii) | had its terms modified or varied subsequent to the time when the Contract was entered into save for the issuance of Credit Notes which have reduced the Face Amount and Purchase Price of such US Receivable; |
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(m) | Misrepresentation, Duress:the Contract under which such US Receivable arises was not entered into as a consequence of any conduct constituting fraud, misrepresentation, duress or undue influence by such US Originator, its directors, members, officers, employees or agents or by any other person; |
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(n) | Segregation:with effect from the time when such US Receivable is purchased by the US Master Purchaser, the “Purchased On Date” column contained in the Invoices File in respect of such US Receivable and which is contained in the computer systems of the US Master Purchaser will clearly designate a “1” (indicating a “yes” ) indicator showing such US Receivable as having been transferred to the US Master Purchaser and that it and all amounts collected in respect of it belong to the US Master Purchaser; |
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(o) | Selection:such US Receivable is due under Contracts selected randomly (except in order to comply with this Agreement) from those complying with the representations and warranties contained in this Schedule 2; |
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(p) | No Taxes: |
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| (i) | Such Receivable is assignable free and clear of any sales or transfer Taxes, and no payment to be received by the US Master Purchaser in respect of such US Receivable is subject to any Taxes imposed by withholding; |
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| (ii) | the US Master Purchaser is treated as a partnership for purposes of United States Treasury Regulation 1.7701-3(b)(1)(i); |
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| (iii) | the US Master Purchaser is not liable for any United States Tax imposed by a State in which the Obligor in respect of such US Receivable resides or is organized or through which the US Master Purchaser receives payments in respect of such US Receivable; and |
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| (iv) | such Receivable is not subject to any lien filed by the US Internal Revenue Service or the Pension Benefit Guaranty Corporation; |
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(q) | Data Protection:the disclosure of information relating to the Obligor in respect of such US Receivable as contemplated by this Agreement is not contrary to any applicable data protection law; |
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(r) | Accounts:such US Receivable constitutes an “account” (and not an “instrument” or “chattel paper” ) within the meaning of Section 9-102 of the Uniform Commercial Code; |
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(s) | Location:such US Receivable arises from the sale of goods or provision or rendering of services within the United States; |
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(t) | Perfection: all financing statements and other documents required to be recorded or filed in order to perfect and protect the US Master Purchaser's ownership interest in such US Receivable against all creditors of the US Master Purchaser have been duly filed in each filing office necessary for such purpose and all filing fees and taxes, if any, payable in connection with such filings have been paid in full and the Security Agent has a first priority perfected interest therein; and |
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(t) | Lockbox Payment:each Obligor has been instructed to make all payments in respect of the US Receivables directly into a lockbox account identified in and subject to the terms of the US Lock Box and Assigned Account Agreement |
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SCHEDULE 3
Form of US Solvency Certificate
The undersigned, [NAME OF US ORIGINATOR], is able to pay its debts as they fall due and has not suspended making payments on any of its debts nor has it commenced negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness, by reason of actual or anticipated financial difficulties nor does it expect for any such events to occur.
The fair saleable value of the assets of the undersigned exceeds the amount that will be required to be paid on or in respect of the debts and other liabilities (including contingent, unmatured and subordinated liabilities) of the undersigned as they mature and the undersigned has not incurred debts, does not intend to incur debts and does not believe that it has incurred debts beyond its ability to pay such debts as they mature. The undersigned is not engaged in, and is not about to engage in, a business or any transaction (including, without limitation, the transactions contemplated by the Transaction Documents) for which the undersigned has or will have unreasonably small capital to carry out its business as conducted or as proposed to be conducted.
Furthermore, the undersigned is not aware of any proceedings having been or being instituted against it seeking a judgment of insolvency, bankruptcy, suspension of payments or any other relief under any bankruptcy or insolvency law, nor is it aware of any such proceedings being threatened in respect of the undersigned, or of anything analogous and having a substantially similar effect to any of the events specified above under the laws of any jurisdiction in which the undersigned carries on its business or has a material part of its assets.
[NAME OF US ORIGINATOR]
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SCHEDULE 4
Form of US Compliance Certificate
To | Buhrmann Silver US LLC 1 Environmental Way Broomfield, Colorado 80021-3416 |
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| Deutsche Trustee Company Limited Winchester House 1 Great Winchester Street London EC2N 2DB |
This certificate is delivered to you in accordance with Clause 8.4(a) of the US Contribution Agreement dated September 28, 2001 as amended and restated on July 18, 2002 and November 30, 2005 (theUS Contribution Agreement). The definitions contained in the Master Definitions and Framework Deed dated September 20, 2000, as amended and restated on September 28, 2001, July 18, 2002, April 16, 2003 and November 30, 2005, shall apply to this certificate. The date of this certificate is [_____ _____].
[NAME], a senior financial officer of [US ORIGINATOR], does hereby certify that:
| (i) | as at [_____ _____]1no Buhrmann Termination Event or Potential Buhrmann Termination Event existed [other than [_____ _____]]2[and no Buhrmann Termination Event or Potential Buhrmann Termination Event existed at any time during the period since [the US Closing Date]3/[the date of the last certificate delivered under Clause 8.4(a)]4]; and |
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1 | Specify a date not more than ten Business Days before the date of [delivery of] the certificate. |
2 | If any Buhrmann Termination Event or Potential Buhrmann Termination Event did exist, give details; otherwise delete. |
3 | Include in respect of the first certificate delivered under Clause 8.4(a); otherwise delete. |
4 | Include unless the certificate is the first certificate delivered under Clause 8.4(a); in which case delete. |
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| (ii) | during the period since [the US Closing Date]/[the date of the last certificate delivered under Clause 8.4(a)] the US Originator has complied [in all respects] with its obligations under US Contribution Agreement and each of the other Transaction Documents [other than [_____ _____]]5 |
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5 | If the US Master Purchaser/US Originator has failed to comply with any obligation, give details; otherwise delete. |
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EXECUTION COPY
Dated as of November 30, 2005
CORPORATE EXPRESS OFFICE PRODUCTS, INC.
(as an Initial US Originator)
CORPORATE EXPRESS DOCUMENT & PRINT MANAGEMENT INC.
(as a US Originator)
ASAP SOFTWARE EXPRESS, INC.
(as a US Originator)
CORPORATE EXPRESS OF TEXAS, INC.
(as an Initial US Originator)
BUHRMANN SILVER US LLC
(as US Master Purchaser)
BUHRMANN N.V.
(as Parent)
And
DEUTSCHE TRUSTEE COMPANY LIMITED
(as Security Agent)
AMENDED AND RESTATED
US CONTRIBUTION AGREEMENT
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CONTENTS
Page I
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Page II