Document:

Exhibit 10.37

 Exhibit 10.37 

 
 

 
 Financing agreement 
 Between the undersigned: 
 ABN AMRO Commercial Finance 

A French limited company (S.A.) with share capital of €20,000,015 
 Whose registered office is located at: 39, Rue Anatole France 
 92532 LEVALLOIS PERRET Cedex

 RCS Nanterre 410 750 863 

Hereinafter referred to as “ABN AMRO COM FIN”, on one side, 
 And 
 OFFICE DEPOT BS 
 A simplified joint-stock company (SAS) with share capital of €140.803.200 
 Whose registered
office is located at: 126, Avenue du Poteau 
 60300 SENLIS 
 RCS 324 559 970 
 Hereinafter referred to as “the Client” on the other side

 Preliminary Title: Definitions 
 For the purposes of this agreement, the following terms are defined as follows: 
 Eligible
receivables: In order to be eligible under the terms of this Agreement, receivables (“Eligible Receivables”) must fulfil all of the following conditions: 
  

	 	-	be unquestionable, liquid and denominated in euros, 

  

	 	-	correspond to firm sales which have been delivered or services which have been provided, 

 

	 	-	have a due date in line with applicable regulations, 

  

	 	-	be issued to any type of debtor located in metropolitan France or in the OECD and agreed in advance by ABN AMRO COM FIN. 

Current account: An account held in the Client’s name with ABN AMRO COM FIN in which all transactions which this Financing Agreement refers
to, that constitute the account balance shall be registered. 
 Cashing accounts: Bank accounts belonging to the Client dedicated to the
collection of payments received on behalf of ABN AMRO COM FIN in the context of the management contract granted by ABN AMRO COM FIN. 
 A
Significant Unfavorable Event is defined by the following: 
  

	 	-	The customer’s financial situation presents a very significant imbalance which can question the company’s sustainability. 

 

	 	-	The Customer controls (owns) companies the importance of which is significant and which are the object of a judgment of liquidation. 

 

	 	-	The Customer is the object of a statement of bankruptcy (suspension of payments). 

 

	 	-	The Customer, has lost in less than 36 months more than half of share capital, without the reconstitution of shareholders’ equity, or without Bank of France being
informed of this reconstitution. 

  

	 	-	A legal representative of the Customer, is under particular scrutiny, for example because of a judgment of personal bankruptcy or a ban to manage a company.

  

	 	-	Companies that own and/or control the majority of shares of the Customer, are the object of a judgment of liquidation. 

 

	 	-	The Customer has taken over a company rated P by the Bank of France and existing management team of the P rated company is not substantially modified.

  

	 	-	The Customer exercises the function of legal representative in more than two companies which are object of a judgment of liquidation in the last 5 years.

 Service fees: ABN AMRO COM FIN’s remuneration, covering both the cost of the services and of the risk client. This
commission is only applicable if the Client activates the financing line. 
 Financing fees: ABN AMRO COM FIN’s remuneration,
covering the delivery of funding prior to the settlement date. This commission is only applicable if the Client activates the financing line. 

Dilution: dilutions refer to any credit which reduce the balance of transferred receivables without a corresponding cash entry in the dedicated
bank account and particularly include credits, discounts, year-end rebates, advertising costs, direct payments (except by Acquisition card) and disputes. 
 Disputes: failure of a debtor to pay, for any reason other than declared insolvency (Bad Debt) as soon as the receivable associated can be considered as bad debt from the accounting point of view
and at the latest 120 days after the due date. 
 Bad Debt: opening of a legal procedure according to Book VI of the French Commercial
Code vis à vis the debtor. 

 Title 1: Purpose of the Agreement 
 This Agreement allows the Client to obtain from ABN AMRO COM FIN the financing, by subrogatory transfer without recourse, of any commercial receivables arising from its activity of supply of office
products and furniture. 
 For the purposes of managing the financing of its business cycle, the Client applied for, and ABN AMRO COM FIN agreed
to provide, a confirmed financing line without recourse for commercial receivables (Title 2) which can be activated at its initiative (Title 3). 
 This facility should not be used by Office Depot Inc. to avoid a breach of any of the covenants stated in the Amended and Restated Credit Agreement dated May 25, 2011 

Title 2: Back-up line of confirmed financing 
 Article 1: Amount, term 
 ABN AMRO COM FIN grants the Client irrevocably a Back-up line of
confirmed financing for an amount of €60,000,000 (sixty million euros) for a period of two years from the date of signature of this agreement. 
 Article 2: Back-up fees 
 The Client shall pay a monthly Back-up fee, subject to VAT, of
€18,000 (eighteen thousand euros) excl. VAT. It is stipulated that this fee is only payable on a pro rata basis for the period during which the financing line is not activated under the conditions set out in Title 2 herein. 

The Back-up fee shall be payable by transfer from the bank account whose references are attached (appendix 8), in advance, on the
25th of each month, from March 2012. 

Title 3: Activation/Deactivation of the financing line 
 Article 1: Activation of the financing line 
 The Client may activate the financing line at
any time by sending ABN AMRO COM FIN an email confirmed by a registered letter with acknowledgment of receipt. 
 The financing line shall be
entirely activated within 3 (three) working days following the client’s request providing all requirements mentioned in article 5 are met. 

The Parties agree that the Client may activate the financing line for a minimum period of 6 (six) months. 

On the day the Agreement is deactivated, the Back-Up line automatically comes into effect under the conditions set out in article 2 below. 

Article 2: Deactivation of the financing line 
 The Client may deactivate the financing line and move back into “back-up” mode at any time by sending ABN AMRO COM FIN an email confirmed by a registered letter with acknowledgement of receipt.

 In this case, the Back-up line of confirmed financing referred to in Title 2 will be built up as transactions generated by activation of the
financing line are liquidated, in particular following the payment of receivables by debtors. 
 Article 3: Scope 

In order to be eligible under the terms of this Agreement, receivables (“Eligible Receivables”) must fulfil all of the following
conditions: 
  

	 	-	be unquestionable, liquid and denominated in euros, 

  

	 	-	correspond to firm sales which have been delivered or services which have been provided, 

 

	 	-	have a due date in line with applicable regulations (article L.441-6 of the French Commercial Code), 

 

	 	-	be issued to any type of debtor located in metropolitan France or in the OECD and agreed in advance by ABN AMRO COM FIN. 

The following are explicitly excluded from the scope of this Agreement: 
  

	 	-	Receivables arising from deposits and/or down payments. 

  

	 	-	Receivables corresponding to conditional sales or consignment sales. 

  

	 	-	Receivables giving rise to partial, provisional or pro forma invoicing. 

  

	 	-	Receivables corresponding to intermediary invoices in the context of corporate or other similar contracts, whose payment, even after receipt without reservations, is
dependent on the achievement of a performance obligation. 

  

	 	-	Receivable arising from fees, charges or penalties payable by debtors. 

  

	 	-	Receivables corresponding to a subcontracted activity. 

  

	 	-	Receivables owed by the Client’s suppliers. 

  

	 	-	Receivables owed by companies over which the Client has effective control via membership of their management or executive board, or of their financial structure or
which exercise the same type of effective reciprocal control. 

  

	 	-	Receivables corresponding to work in progress. 

 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 
  

	 	a)	Opening of debit accounts 

 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: 
  

	 	-	Debtor’s account number in the AR Subledger 

  

	 	-	Debtor’s company name 

  

	 	-	Debtor’s Siren number 

  

	 	-	Debtor’s address and telephone number 

 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. If non-confidential information in its possession is not communicated, the approval shall be deemed to be refused.

 ABN AMRO COM FIN may decide at any time to reduce or terminate acceptance of debtors whose outstanding is above €80,000 (eighty thousand
euros), in which case it shall inform the Client of its decision by any means and at the best delays. Such decisions shall have immediate effect, although receivables corresponding to services rendered before the date on which the Client received
notice shall continue to be accepted. 
 The Client acknowledges that ABN AMRO COM FIN’s decisions concerning acceptance are intended for
it alone, and agrees not to disclose them to any third party, including the relevant debtors. 

	 	b)	Transfer of receivables 

 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.

  

	 	c)	Payment of receivables 

 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. 
  

	 	d)	Transfer of credit notes 

 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. 
  

	 	e)	Justifying documents 

 ABN AMRO COM FIN may
demand the Client’s compliance with the following provisions at any time: 
  

	 	-	Delivery of duplicate invoices 

  

	 	-	Delivery of any documents it shall deem necessary to establish proof of the debt, 

 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: 

 

	 	-	Delivery of original 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)	Management mandate/recovery of receivables 

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. 
 Receipt of payments: payments received by the Client for the transferred receivables and payments by bank
transfer shall be remitted on the Client’s bank accounts referred to as the cashing accounts whose references are attached (appendix 7). 

Promissory notes and bills of exchange shall be remitted on the dedicated bank account by the Client at the date of invoice issuing or on receipt.

 For whatever purposes it may serve, receivables credited to these accounts shall have firstly been transferred to ABN AMRO COM FIN in
accordance with articles L. 313-23 and following of the French Monetary and Financial code, pursuant to a security document which shall be signed at the latest upon the date of the first remittance of receivables. The template for the assignment
agreement for receivables is appended as Appendix 3 and the protocols regarding the operation of the cashing accounts will be implemented between the client, ABN AMRO COM FIN and the banks concerned. The references of the aforementioned account
shall be stated on original invoices. It is understood that any credit transfer corresponding to a transferred receivable, received on any bank account other than the cashing bank account shall be immediately transferred to the dedicated account.

 In case of deactivation of the financing line both parties commit to terminate the protocol of functioning of the cashing accounts as soon as
all operations initiated during the activation phase are settled. 

 As soon as the above mentioned operations are settled ABN AMRO COM gives up to the transfer of the
receivables credited to these cashing accounts. 
 Pursuant to the terms of a particular functioning agreement to be concluded with each of the
aforementioned banks, the Client shall refrain from operating those cashing accounts in debit or changing the domiciliation of the payments without having obtained ABN AMRO COM FIN’s prior consent. 

Disclosure: The Client shall report on the performance of the mandate, at the first remittance of receivables and at least twice a month, by
communicating to ABN AMRO COM FIN the information set out below in a format agreed by the Parties (ABN AMRO COM FIN shall therefore supply the Client with a specifications document allowing it to prepare the corresponding files). 

 

	 	-	The general ledger with the unmatched invoices of debtors included in the scope of the Agreement; the Client shall maintain the invoices settled with bills of exchange
payable on a future date in the general ledger submitted to ABN AMRO COM FIN. 

  

	 	-	The up-to-date list of active debtors included in the scope of the application. 

 

	 	-	List of the bad debts accounted over the past fortnight and registered in the “416” account category. 

 

	 	-	The up-to-date statement of accruals for year-end rebates and advertising costs. 

 ABN AMRO COM FIN shall be entitled to conduct any necessary verification regarding the transferred receivables that could be on its premises and on detailed documents, after the appointment made with the
Client to be decided within 48 (forty-eight) business hours from the request by ABN AMRO COM FIN, except in case of justified emergency. The Client shall provide all assistance necessary. 
 Cancellation of the mandate: ABN AMRO COM FIN may revoke the mandate 15 (fifteen) business days after a formal notice sent by registered letter with acknowledgment of receipt, left unremedied, in
the event of: 
  

	 	-	Significant Unfavourable Event; 

  

	 	-	dilutions (as defined in Preliminary Title) exceeding 10 % of the nominal amount including VAT of the transferred receivables, the calculation being established
according to a method communicated by ABN AMRO COM FIN and appended hereto (Appendix 4); 

  

	 	-	arrears above 30 (thirty) days as from the due date exceeding 10% (ten percent) of the outstanding amount of transferred receivables, after deduction of the unallocated
credits, the calculation being established according to a method communicated by ABN AMRO COM FIN and appended hereto (Appendix 4); 

  

	 	-	DSO recorded in ABN AMRO COM FIN’s books of more than 75 (seventy-five) days, according to a calculation method communicated by ABN AMRO COM FIN and appended
hereto (Appendix 4). 

 If the mandate is revoked, ABN AMRO COM FIN shall have to take over collection of the transferred
receivables; the Client hereby agrees to do everything to help inform debtors of the revocation of the mandate and notify new payment account details. 
 Therefore, in the event of revocation, all invoices issued must strictly include the following text in a prominent position: 
 To ensure full settlement, payment is to be made to ABN AMRO Commercial Finance and sent to 39, Rue Anatole France 92532 Levallois-Perret Cedex 

Tel: +33 (0)1 41 49 93 93     /     Fax: +33 (0)1 47 48 93 60 

Bank details: Neuflize OBC – 3, Avenue Hoche 75008 PARIS 
 RIB: (sent under separate cover) 
 Receivable transferred to ABN AMRO Commercial Finance
in accordance with articles L.313-23 to L.313-35 of the French Monetary and Financial Code 
 In return of the taking over of the collection
by ABN AMRO COM FIN, the factoring fee shall be increased by 0.20%. (zero point two percent) and this pricing shall apply as of the effective date of mandate revocation and shall be applied to all receivable outstanding at this date. 

In the event that ABN AMRO COM FIN receives payments relating to invoices whose title has not been transferred to it, even after termination of this
Agreement, shall be deemed to receive them on behalf of the Client and in the capacity of its agent. 
 In the event of a serious breach of
contract by the Client, defined as any behaviour likely to prevent ABN AMRO COM FIN from benefiting from its rights according to the present document, ABN AMRO COM FIN shall have the right to revoke the mandate without prior notice. 

The Client undertakes not to revoke this power before the final balance of the current account has been established. 

The Client grants ABN AMRO COM FIN full powers to endorse all payment title that might be made out to the order of the Client. The Client undertakes not
to revoke such powers for so long as its current account in ABN AMRO COM FIN’s books remains open. The power shall be used by ABN AMRO COM FIN only in case the mandate is revoked. 
 In the case of the cancellation of the mandate the client commits to communicate to ABN AMRO COM FIN, at its request, a copy of the bills of order and delivery within a reasonable time. 

 Article 6: Financing of receivables 
 The Client may at any time send a drawdown request to ABN AMRO COM FIN for a determined amount of up to a maximum of €60,000,000 (sixty million euros), which shall imperatively be paid by bank
transfer in the invoicing currency during the afternoon of the day of the request if the request has been sent prior to 10am and on the following day for all requests sent after 10am. 
 In the event that the Current Account balance available is greater than the receivables outstanding, ABN AMRO COM FIN shall transfer the entire excess to a bank account, the details of which shall have
been given by the Client, once this excess is greater than €10,000 (ten thousand euros). 
 The available balance is the result of the
current account balance, minus non-financeable receivables, particularly made up of: 
  

	 	-	unapproved receivables; 

  

	 	-	disputes; 

  

	 	-	receivables bringing the financing of a single debtor up to 3% (three percent) of the total outstanding of eligible receivables except agreement by ABN AMRO COM FIN of
a list communicated by the client during the contract life; 

  

	 	-	commissions due to ABN AMRO COM FIN, incl. VAT; 

  

	 	-	year-end rebates due by the Client to debtors (it is specified that the amounts that are not claimed or deducted by the debtors twelve months after they are payables
are not deductible); 

  

	 	-	constitution of the retention guarantee. 

Article 7: Retention guarantee 
 The
Client agrees to its current account being debited for the amounts necessary to build up a retention guarantee equal to 20% (twenty percent) of the total outstanding Eligible Receivables transferred, by deduction of 20% (twenty percent) of the
amount of each remittance slip. 
 The total amount of the retention guarantee may under no circumstances be less than the highest amount of
outstanding Eligible Receivables transferred which have been payable for longer than 30 (thirty) days. 
 The retention guarantee is intended to
cover the amount of dilutions and the bad debts. 
 The amounts retained within the retention guarantee shall be blocked as cash collateral and
held by ABN AMRO COM FIN in whole ownership and as a security. ABN AMRO COM FIN shall hold the credit balance of the retention guarantee in full ownership and shall therefore be able to set off its repayment obligation of these amounts automatically
and up to the level of the balance potentially in debit in the Current Account at any time, and upon its definitive closure. 
 All excess
amounts, where relevant, shall be returned to the Client. 
 Twice a month, ABN AMRO COM FIN shall withdraw the amount of the dilutions and the
bad debts recorded over the period from the retention guarantee. 
 In the event the total amount of dilutions and bad debts is higher than 8%
(eight percent) of the transferred receivables, the rate of the retention guarantee applied to future transfers may be increased by the difference between the percentage recorded and 8% (eight percent). 

Payments with subrogation transferred to the Client remain acquired for the fraction of the bad debts exceeding the amount of the outstanding retention
guarantee; if the amount of unpaid receivables at a certain date is in excess of the retention guarantee amount, the resulting loss shall be borne by ABN AMRO COM FIN. 
 In order to neutralize the financial cost, the retention guarantee shall not be included in calculation of the financing fee. 
 The retention guarantee procedure is set out in Appendix 4 
 Article 8: Remuneration

 8-1 Service fee: 
 ABN
AMRO COM FIN shall receive a factoring fee, excl. VAT, of 0.17% (zero point one seven) of the net amount of the transferred New Eligible Receivables (incl. VAT) at the time of each transfer. 
 The minimum annual fee comprising the factoring fee is fixed at €120,000 (one hundred and twenty thousand euros) and is due for the whole contractual year, beginning on the start date of this
agreement and receipt of which may be divided into monthly fractions at ABN AMRO COM FIN’s initiative. 
 Every six months, ABN AMRO COM
FIN shall compare the fees effectively paid with the corresponding part of the minimum annual fee, and, where relevant, shall carry out the corresponding regularisation so that the collected fee is equivalent to the minimum annual fee. 

In the event that in any contractual year ABN AMRO COM FIN receives as much back-up commission, as defined in Title 1, as service commission,
the two commissions shall be calculated on a pro-rata temporis basis. 
 8-2 Financing fee: 

The financing shall result in a post accounted financing fee, subject to VAT and calculated on a pro rata basis at the rate of 1-month Euribor + a margin
of 2.40% (two point four percent), excluding VAT per annum. The benchmark rate for a given month shall be the rate of the last working day of the previous month. 

 The financing fee, calculated day by day on the balance of the current account, shall be applied to any
remaining amount due by the Client while the current account is not discharged, it being specified that any payment received from a debtor shall decrease the financing fee base as soon as it is booked in on the account. 

For example, in order to comply with the law, article L.313-4 of the French Monetary and Financial Code, the global effective rate applicable on 21/02/12
would be 3,02 % (three point zero two per cent) a year, for a financed amount of €60,000,000 (sixty million euros) (maximum amount available after application of the formula stated in article 7 paragraph 4). 

In the mandate revocation scenario stipulated in article 5 of Title 2 above, all costs incurred for management, recovery and receipt by ABN AMRO COM FIN
of the transferred receivables shall be payable exclusively by the Client. 
 All present or future taxes, fiscal duties and related charges
which may become due as a result of execution of this Agreement shall be payable exclusively by the Client. 
 Other services shall be invoiced
based on the applicable pricing (Appendix 7). 
 8-3 Activation/deactivation fees: 

ABN AMRO COM FIN shall receive a fixed fee of €10,000 (ten thousand euros) excl. VAT for every activation/deactivation of the financing line.

 Article 9: ABN AMRO ComFin Online service 
 ABN AMRO COM FIN shall make available to the Client a range of ABN AMRO ComFin Online services, allowing it to view and manage its current accounts and debtor accounts, as well as to make financing and/or
approval requests, via the secure website located at the following URL address: 
 www.abnamrocommfin-direct.fr. 

The Client declares that it has received and accepted the General Terms and Conditions for Use of the ABN AMRO ComFin Online Service (Appendix 6), which
are also accessible at the following URL address: 
 www.abnamrocommfin-direct.fr. 

Subscription to the service is agreed for an unspecified term and shall end at the same time as this Agreement. 

However, the Client may terminate the Service by sending ABN AMRO COM FIN a registered letter with acknowledgement of receipt. Termination shall be
effective three months following the end of the month in which notification letter is sent. 
 The Client acknowledges that ABN AMRO COM FIN may
not be held liable towards it or towards third parties for any termination of its access to the Service under the conditions set out above. 

Subscription to the ABN AMRO ComFin Online Service shall be subject to the applicable pricing conditions. 

Article 10: Disclosure obligation and verification right 
 ABN AMRO COM FIN shall give notice to the Client of transactions involving the transferred receivables by sending it the corresponding statements and a monthly summary itemizing the transactions that took
place during the previous month. The Client shall have the use of the electronic data system of ABN AMRO COM FIN. 
 The Client shall give
notice to ABN AMRO COM FIN at once of any significant unfavourable event or any plan likely to seriously impact shareholding structure or any change of its Chairman or its Managing Director. The Client shall provide ABN AMRO COM FIN with a certified
balance sheet including the notes thereto and its profit and loss account upon their establishment but no later than the first week of July, it being specified that these documents shall be communicated as drafts if they have not been submitted to
the annual general assembly within this time. A copy of the reports certified by the statutory auditors shall also be communicated upon their availability. 
 The Client undertakes to supply to ABN AMRO COM FIN on request a copy of its general terms and conditions of sale along with any amendments thereto. 

On request, the Client also undertakes to send ABN AMRO COM FIN a copy of agreements relating to year-end rebates and advertising costs, as well as a
copy of monthly VAT declarations. 
 The Client undertakes to send ABN AMRO COM FIN a quarterly operating report in US GAAP, at the latest
one month after the end of the calendar quarter, along with the documents of similar nature requested by ABN AMRO COM FIN. 
 Independently of
the audits referred to in Title 3 below, the Client authorises ABN AMRO COM FIN at any time to carry out any verifications (particularly of accounting items) which it shall deem useful. These audits will generate no invoicing from ABN AMRO COM FIN.

 The Client undertakes to do the necessary to release ABN AMRO COM FIN from any liability in the event of loss or destruction of the sold item
and generally for all damage or injury caused to third parties. 
 Title 4: Audits 

From the signature of this document ABN AMRO COM FIN shall conduct a quarterly audit at the Client’s premises. 

The Client shall contribute €3000 (three thousand euros) excl. VAT to the quarterly audit costs, per audit. 

 Title 5: Term and termination of the Agreement 

The Agreement is agreed for a term of two years which may be renewed for a term to be defined by the Parties. 

The Parties undertake to meet, at the latest three months before the expiry of the initial period, in order to discuss whether or not to renew the
Agreement. 
 ABN AMRO COM FIN may terminate the Agreement with 15 (fifteen) days’ notice, sent by registered letter with acknowledgment of
receipt in the event of: 
  

	 	-	change of control of the Client or the OFFICE DEPOT Group; 

  

	 	-	significant unfavourable event affecting the Client or the OFFICE DEPOT Group; 

 

	 	-	any serious failure by the Client to fulfil its contractual obligations, including any actions by the Client that may prevent ABN AMRO COM FIN’s rights from being
exercised. 

 The Client may terminate the Agreement may with 15 (fifteen) days’ notice, sent by registered letter with
acknowledgment of receipt in case of any serious failure by ABN AMRO COM FIN to fulfil its contractual obligations, including any actions by ABN AMRO COM FIN that may prevent the Client’s rights from being exercised. 

Unless agreed otherwise by ABN AMRO Commercial Finance, outstanding financed amount during this notice period may not exceed that which exists on the
date of termination. 
 The termination of the Agreement, and after balancing of the transactions shall automatically lead to the termination of
any collateral granted in the framework of the aforementioned Agreement and ABN AMRO COM FIN undertakes to grant any release with effect at the date of the balancing of the transactions. 
 Title 6: Transfer of this Agreement 
 Any total or partial transfer, in any form whatever,
of the benefit of the provisions of this Agreement by the Client to a third party shall be subject to the explicit prior consent of ABN AMRO COM FIN. 
 Title 7: Jurisdiction and applicable law 
 Any dispute relating to the execution,
interpretation or termination of this Agreement shall be referred to the Paris Commercial Court (Tribunal de Commerce), French law being exclusively applicable. 
 Title 8: Confidentiality 
 Each Party undertakes that for the duration of the Agreement and
as from its end or termination to: 
 (i) Unless stipulated otherwise by law and/or regulations of the parties and/or group, maintain
confidential the clauses of this Agreement at all times and ensure that its employees, agents, representatives and external advisors do the same (by exception, the financing partners of the Client shall be informed by ABN AMRO COM FIN of the
existence of this Agreement); 
 (ii) Refrain from using or disclosing any information of a financial, technical or commercial nature
that it could obtain in regard of the business, the company, the goods, the services, the Clients and the suppliers of the other Party, with the exception of the information that: 

 

	 	-	is publicly available without it being a result of a breach of the recipient Party; or 

 

	 	-	is made publicly available by an order, a directive or a decision from a court or another competent authority; 

 

	 	-	were in possession by the recipient Party before its disclosure; 

  

	 	-	would be supplied to such Party by a third party which did not acquire such information under a confidentiality undertaking. 

Title 9: Effective start of the Agreement 

The Agreement shall be effective once it has been signed. 
 Signed in Senlis, on February 24, 2012 
 In two original copies supplied to each Party.

 Authorised signature and company stamp 
 /s/Michel Milicent 
 Michel Milicent 
 Managing Director 
 THE CLIENT 
 Write before the signature and company stamp the hand-written words “lu et approuvé” (“read and approved”). 
 /s/Arben Bora 
 Arben Bora 
 Managing Director 
 ABN AMRO Commercial FinanceExhibit 10.38

 Exhibit 10.38 
 AMENDMENT No. 1 
 To the Financing Agreement
concluded on 24th February 2012 

Between the undersigned: 
 ABN AMRO Commercial
Finance 
 A French limited liability company (S.A.) with share capital of €20,000,015 

Whose head office is at: 39, rue Anatole France 

92532 LEVALLOIS PERRET Cedex 
 Nanterre Trade and
Companies Register 410 750 863 
 Hereinafter referred to as “ABN AMRO COM FIN”, party of the first part 

And 
 OFFICE DEPOT BS 

A French simplified joint-stock company (SAS) with share capital of €140,803,200 
 Whose head office is at: 126, avenue du Poteau 
 60300 SENLIS 

Trade and Companies Register 324 559 970 

Hereinafter referred to as “the Client”, party of the second part 
 1 – The a) opening of accounts receivable in ARTICLE 5: Receivables Management is cancelled and replaced by the following: 

a) Opening of accounts receivable 
 Prior to
activation of the line of credit, and at the most once per week, the Client shall send ABN AMRO COM FIN the computer file meeting the requirements of the specifications appended hereto (Appendix 1) of the debtors included in the scope of
application, cited in Article 1, comprising the following information: 
  

	-	Account number of the debtor in the subledger 

  

	-	Company name of the debtor 

  

	-	SIREN number of the debtor 

  

	-	Address and telephone number of the debtor 

Only the SIREN number given by the Client is valid as identification of the debtor. 
 The debtors assigned by the Client benefit from an automatic outstanding loan set by default at €80,000 (eighty thousand euros). Clients who benefit from an outstanding loan exceeding €80,000
(eighty thousand euros), which has been validated by ABN during the last audit prior to activation of the line of credit, continue to benefit from this outstanding loan throughout the contract. 

For any outstanding loan exceeding €80,000 (eighty thousand euros) due from a debtor not subject to public law, the Client shall transfer to ABN
AMRO COM FIN any non-confidential information in its possession enabling it to assess solvency. With regard to debtors whose credit limit exceeds €80,000 (eighty thousand euros), ABN AMRO COM FIN agrees to inform the Client of its approval
within a maximum of two working days from when the information is sent by the Client. If it does not send the non-confidential information in its possession, approval is deemed to be refused. 

 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 any account other than the Collection Account, must be transferred immediately to the latter. 

 In the event of deactivation of the credit line, the parties agree, from liquidation of the operations
initiated during the activation phase, to put an end to the operating agreements of the collection accounts. 
 Furthermore, ABN AMRO COM FIN
agrees to waive the assignments of receivables in return for the balances of the bank accounts from liquidation of the operations. 
 Under the
terms of a special operating Agreement with the bank, the Client is prohibited from having the said Collection Account operate in debit or from modifying the address of payments without the prior consent of ABN AMRO COM FIN. 

Information: The Client will report, on first submission of receivables and at least twice per month, on the performance of the mandate by sending ABN
AMRO COM FIN, in the form agreed between the Parties, the elements listed below (for this purpose, ABN AMRO COM FIN provides the Client with specifications enabling it to set the corresponding files): 

 

	-	The general ledger for unreconciled entries of the debtors included in the scope of application; the Client will keep in the general ledger sent to ABN AMRO COM FIN
invoices cleared by bills of exchange falling due. 

  

	-	The updated list of debtors included in the scope of application. 

  

	-	The list of defaulting debtors and debtors downgraded to “416” during the past two weeks. 

 

	-	An updated statement of provisions for rebates on turnover and advertising costs. 

 ABN AMRO COM FIN is authorised to launch any investigation that it deems necessary, including by an on-site inspection and of documents after making an appointment with the Client, which must be decided
within 48 (forty-eight) working hours from the request of ABN AMRO COM FIN, unless there is proven urgency. The Client will provide all the assistance required. 
 Revocation of the mandate: ABN AMRO COM FIN can revoke the mandate, 15 (fifteen) working days after notice has gone unheeded, by registered letter with acknowledgement of receipt, in the event of:

  

	-	A Significant Unfavourable Event; 

  

	-	Dilution (such as set out in the Introductory Section) exceeding 10% (ten percent) of the nominal amount including taxes of the transferred receivables, with the
calculation being established in accordance with a method notified by ABN AMRO COM FIN and appended hereto (Appendix 4); 

  

	-	outstanding payments beyond 30 (thirty) days of the due date exceeding 10% (ten percent) of the total outstanding receivables transferred after attributing unallocated
credits, the calculation being established in accordance with a method notified by ABN AMRO COM FIN and appended hereto (Appendix 4); 

  

	-	average payment period of receivables noted in the books of ABN AMRO COM FIN exceeding 75 (seventy-five) days, in accordance with a calculation method notified by ABN
AMRO COM FIN and appended hereto (Appendix 4); 

 In the event of revocation of the mandate, ABN AMRO COM FIN will directly take
charge of recovery of the transferred receivables; the Client agrees in advance to provide all the help needed to inform the debtors of the revocation of the mandate and to provide the details of its new payment account. 

Therefore, in the event of revocation, the following text must be shown clearly on all copies of invoices: 

 To be in full discharge, payment to be made out to ABN AMRO Commercial Finance to be sent to 39, rue Anatole
France 92532 Levallois-Perret Cedex Tel: 01 41 49 93 93 / Fax: 01 47 48 93 60 Bank address: Banque Neuflize OBC - 3, avenue Hoche 75008 PARIS 

Bank account particulars: (sent in a separate letter) 
 Receivable assigned to ABN AMRO Commercial Finance pursuant to Articles L.313-23 to L.313-35 of the French Monetary and Financial Code. 
 In return for taking charge of the recovery by ABN AMRO COM FIN, the Service Commission will be increased by 0.20% (zero point two percent) and applied to the receivables comprising the outstanding
amounts from the effective date of revocation of the mandate. 
 ABN AMRO COM FIN, in the event that it receives, even after termination of this
Agreement, payments relating to invoices, ownership of which has not been transferred to it beforehand, is deemed to receive them on behalf of the Client and in its capacity as representative of the latter. 

In the event the Client seriously breaches its contractual obligations, including all behaviour of the Client that may have the effect of preventing ABN
AMRO COM FIN from fulfilling its rights hereunder, ABN AMRO COM FIN can revoke the mandate without notice. 
 The Client must not revoke this
authorisation before a final balance of the Current Account has been drawn up. 
 Lastly, for all intents and purposes, the Client grants power
to ABN AMRO COM FIN to endorse the orders to pay which could be made out to it and must not revoke this power of endorsement insofar as the Current Account in the books of ABN AMRO COM FIN are not closed. This power will be exercised by ABN AMRO COM
FIN only in the case of revocation of the mandate. 
 In the event of revocation of the mandate, the Client agrees to send ABN AMRO COM FIN,
upon request, a copy of the proof of deliveries and invoices, within a reasonable period. 
 3 – The other
provisions of the financing agreement concluded on
24th February 2012 remain unchanged. 

Drawn up in Senlis, on 24/02/2012 
 In two
original copies issued to each of the parties. 
 THE CLIENT 
 Write the following by hand above the signature and company stamp 
 Read and approved 

/s/ Michel Milcent 
 Name of the signatory:
Michel Milcent 
 OFFICE DEPOT BS 
 A
French simplified joint-stock company (SAS) with share capital of €140,803,200 
 126, avenue du Poteau 

60300 SENLIS 
 COMPIEGNE Trade and Companies
Register 324 559 970 
 Position: Managing Director 

 ABN AMRO Commercial 
 Write the following by hand above the signature and company stamp 
 Read and approved 

/s/Arben Bora 
 Name of the signatory: Arben
Bora 
 ABN AMRO Commercial Finance 

Position: Managing Director 
 ABN AMRO
Commercial Finance 
 39, rue Anatole France 
 92532 Levallois-Perret Cedex 
 Tel.: 01 41 49 93 93 SIRET 41075086300020 

[signature]

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