Document:

Exhibit 10.48

 

EXHIBIT 10.48

EXECUTION COPY

Dated August 14, 2003

as amended and restated on December 29, 2003

between

BNP PARIBAS BANK N.V.

as Transferee

and

INGRAM MICRO DISTRIBUTION GMBH

as Originator

and

COMPU-SHACK-ELECTRONIC GMBH

as Originator

and

INGRAM MICRO HOLDING GMBH

as Depositor

GERMAN MASTER RECEIVABLES TRANSFER AND SERVICING AGREEMENT

HENGELER MUELLER

RECHTSANWÄLTE

 

 

	 	 	 
	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	PART I.
DEFINITIONS - INTERPRETATION	 	 	5	 
	1.	 	
Definitions
	 	 	5	 
	2.	 	
Interpretation
	 	 	5	 
	PART II. PURPOSE - TERM - CONDITIONS PRECEDENT	 	 	6	 
	3.	 	
Purpose
	 	 	6	 
	4.	 	
Effective Date - Termination
	 	 	6	 
	5.	 	
Conditions Precedent
	 	 	6	 
	PART III. TRANSFER OF RECEIVABLES	 	 	8	 
	6.	 	
Transferable Receivables
	 	 	8	 
	7.	 	
Eligible Receivables
	 	 	8	 
	8.	 	
Eligible Debtors
	 	 	10	 
	9.	 	
Conditions of Transfer
	 	 	10	 
	10.	 	
Transfer of Receivables
	 	 	11	 
	11.	 	
Warranties of Compliance
	 	 	13	 
	PART IV. INFORMATION - PROGRAM MANAGEMENT	 	 	13	 
	12.	 	
Information Obligations of the Originators
	 	 	14	 
	13.	 	
Calculation and Determination of the Financing Conditions by the Transferee
	 	 	14	 
	14.	 	
Transactions to be carried out during the Replenishment Period
	 	 	14	 
	15.	 	
Transactions to be carried out during the Redemption Period or any Temporary Redemption Period
	 	 	14	 
	PART V. SERVICING AND COLLECTION OF RECEIVABLES	 	 	15	 
	16.	 	
Servicing Obligations of the Originators
	 	 	15	 
	17.	 	
Equivalent Payments
	 	 	16	 
	18.	 	
Servicing Mandate
	 	 	17	 
	19.	 	
Obligations of the Originators in respect of Collections
	 	 	18	 
	20.	 	
Renegotiations
	 	 	18	 
	21.	 	
Authority to Sue and be Sued
	 	 	19	 
	22.	 	
Payments of Collections
	 	 	19	 
	23.	 	
Diligence Obligations of the Originators
	 	 	20	 
	24.	 	
Retransfer to the Originators
	 	 	21	 
	25.	 	
Onward Transfer by the Transferee
	 	 	22	 
	PART VI. FINANCING	 	 	23	 
	26.	 	
Characteristics of the Financing
	 	 	23	 
	27.	 	
Maximum Financing Amount
	 	 	24	 
	28.	 	
Issuer of Reference
	 	 	25	 
	29.	 	
Transfer Fee
	 	 	25	 
	30.	 	
Management Fee
	 	 	26	 
	PART VII. DEPOSITS	 	 	26	 
	31.	 	
Creation of Deposits on the Initial Transfer Date
	 	 	26	 
	32.	 	
Change in the Subordinated Deposit
	 	 	26	 
	33.	 	
Change in the Complementary Deposit
	 	 	28	 
	34.	 	
Cash Collateral
	 	 	29	 
	35.	 	
Increase of the Cash Collateral
	 	 	29	 
	36.	 	
Release of the Cash Collateral
	 	 	29	 
	37.	 	
Immobilization Fee
	 	 	29	 
	PART VIII. REPRESENTATIONS AND WARRANTIES - COVENANTS	 	 	30	 
	38.	 	
Representations and Warranties
	 	 	30	 
	39.	 	
Covenants
	 	 	32	 

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	 	 	 	 	 	 	 
	PART IX. EVENTS OF DEFAULT	 	 	33	 
	40.	 	
Events of Default and Termination of the Transferee’s Commitment
	 	 	33	 
	41.	 	
Remedies upon the Occurrence of an Event of Default or a Termination of the Transferee’s
Commitment
	 	 	37	 
	PART X. MISCELLANEOUS	 	 	38	 
	42.	 	
Payments and Currency for Payments
	 	 	38	 
	43.	 	
Waiver
	 	 	39	 
	44.	 	
Late payment Interests
	 	 	39	 
	45.	 	
Taxes
	 	 	39	 
	46.	 	
Change in Circumstances
	 	 	40	 
	47.	 	
Expenses
	 	 	41	 
	48.	 	
Sub-contracting and Substitution
	 	 	41	 
	49.	 	
Confidentiality
	 	 	41	 
	50.	 	
Benefit of the Agreement
	 	 	42	 
	51.	 	
Notices, Communication and Documents
	 	 	42	 
	52.	 	
Exercise of Rights
	 	 	44	 
	53.	 	
Language
	 	 	44	 
	54.	 	
Indivisibility
	 	 	44	 
	55.	 	
Governing Law - Jurisdiction - Counterparts
	 	 	44	 
	SCHEDULE 1 Glossary	 	 	46	 
	SCHEDULE 2 Offer Form	 	 	62	 
	SCHEDULE
3 Form of Statement and Portfolio Files	 	 	64	 
	SCHEDULE 4 Financing Conditions	 	 	72	 
	SCHEDULE
5 Timetable	 	 	76	 
	SCHEDULE 6 Retransfer Form	 	 	77	 
	SCHEDULE 7 Calculation of the Daily and Transfer Fees	 	 	79	 
	SCHEDULE 8 Trigger Event	 	 	83	 
	SCHEDULE 9	 	 	86	 
	SCHEDULE 10 Calculation of the Subordinated Deposit Rate	 	 	89	 
	SCHEDULE 11A Form of the Originator’s Auditors Certificate (Effective Date)	 	 	91	 
	SCHEDULE 12A Form of the Managing Director’s Certificate (Effective Date)	 	 	93	 
	SCHEDULE 12B Form of the Managing Director’s Certificate	 	 	95	 
	SCHEDULE 13 Form of legal opinion of in-house counsel of the Guarantor	 	 	97	 
	SCHEDULE 14 Management Procedures	 	 	99	 
	SCHEDULE 15 Form of ERoT-Certificate	 	 	122	 
	SCHEDULE 16 Part I: US Guarantee (Collections)	 	 	123	 
	 	 	
           Part II: US Guarantee (Fees)
	 	 	135	 
	SCHEDULE 17 Liquidity Fees	 	 	147	 
	SCHEDULE
18A Confirmation of Program Continuation upon an ERoT Withdrawal Event	 	 	148	 

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

THIS AGREEMENT originally made on August 14, 2003 is hereby amended and restated on
December 29, 2003.

BETWEEN:

	1.	(a)	 	INGRAM MICRO DISTRIBUTION GMBH, a German limited liability company
(Gesellschaft mit beschränkter Haftung), having its registered offices at
Heisenbergbogen 3, 85609 Aschheim, Germany, registered in the commercial registry of
the Lower Local Court (Amtsgericht) München under registration number HRB 76025;
	 
	 	(b)	 	COMPU-SHACK-ELECTRONIC GMBH, a German limited liability company
(Gesellschaft mit beschränkter Haftung), having its registered offices at 56564 Neuwied,
Ringstraße 56-58, Germany, registered in the commercial registry of the Lower Local
Court (Amtsgericht) Neuwied under registration number HRB 1470;

	 
	 	 	 	
(each of the parties listed under l(a) and (b), hereinafter referred to as the “Originator”
and collectively, the “Originators”).

	2	 	 	BNP PARIBAS BANK N.V., a Dutch limited liability company (naamloze vennootschap),
licensed as a credit institution, having its registered offices at Herengracht 477, Postbus 10042,
NL - Amsterdam, 1101 EA, registered with the Chamber of Commerce in Amsterdam under the
number 33 166 364, hereinafter referred to as the “Transferee”.
	 
	3.	 	 	INGRAM MICRO HOLDING GMBH, a German limited liability company (Gesellschaft mit
beschränkter Haftung), having its registered offices at 85609 Aschheim, Heisenbergbogen 3,
registered in the commercial registry of the Lower Local Court (Amtsgericht) München under
registration number HRB 99636, whose representatives on the signature page are duly authorized
for the purposes of this Agreement, hereinafter referred to as the “Depositor”.

NOW, THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

WHEREAS:

	(A)	 	The Originators’ business consists of the distribution, sale and purchase of hardware and
software products, the importation and exportation of such products and any other activity in
connection with the distribution of such materials.
	 
	(B)	 	The Originators have agreed to a securitization program of five (5) years with respect to certain
Receivables originated by them.
	 
	(C)	 	Due to the affiliation of the Originators to the Ingram Micro Group, the Transferee has accepted
the offer made to it by the Originators to purchase, from time to time, Receivables under the
terms and subject to the conditions set forth in this Agreement, provided in particular that:

	 	-	 	the payment of such Receivables by the Debtors will be secured by means of a
Subordinated Deposit made by the Depositor in favor of the Transferee;
	 
	 	-	 	the Debtor Payments will be paid to the Collection Accounts;
	 
	 	-	 	the wire transfer of Debtor Payments, the payment of Equivalent Payments and Retransfer
Payments and the payment of the Total Fees and Expenses to the Transferee will be
guaranteed by Ingram Micro Inc.; and
	 
	 	-	 	the various fees payable to the Transferee in connection with the financing granted by it to

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	 	 	 	the Originators, will be based upon the refinancing costs of Eliopée Limited, named as
Issuer of Reference in the area of the securitization of receivables and other financial
assets.

PART I. DEFINITIONS - INTERPRETATION

	1.	 	Definitions

	Capitalized terms and expressions in this Agreement shall have the same meaning as ascribed to such
terms and expressions in the glossary (the “Glossary”) attached hereto as Schedule 1. This Agreement,
including the recitals, the Schedules and each instrument delivered by any Party pursuant to its terms
shall form a single agreement.

	2.	 	Interpretation

	A.	 	Parts and Clauses headings (including paragraphs headings) and the table of contents have been
inserted exclusively to facilitate referral and shall not be used to interpret this Agreement.
	 
	B.	 	In this Agreement, unless the context otherwise requires:

	 	(a)	 	a “Part” or “Clause” or “Schedule” is a reference to a part, clause or schedule to this
Agreement, and references to the Agreement include its whereas and Schedules; references
to the “Parties” refer to the Originators, to the Depositor and to the Transferee.
	 
	 	(b)	 	words in the plural shall cover the singular and vice versa;
	 
	 	(c)	 	unless otherwise stipulated, reference to the time of the day refers to the time in Paris,
France;
	 
	 	(d)	 	references to a month shall mean:

	 	-	 	a period starting on a given day in a calendar month and ending on the numerically
corresponding day in the next calendar month; or
	 
	 	-	 	if the corresponding day is not a Business Day, a period ending on the first Business
Day following the corresponding day unless such following day falls in the next
calendar month, in which case the period shall end on the Business Day immediately
preceding the corresponding day; or
	 
	 	-	 	if the period starts on the last Business Day of a calendar month, or if there is no
numerically corresponding day in the next calendar month, a period ending on the
last Business Day of the next calendar month;

	 	(e)	 	reference to a person includes its successors, transferees and assignees;
	 
	 	(f)	 	reference to a document means that document as novated, amended or supplemented.

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

PART II. PURPOSE - TERM – CONDITIONS PRECEDENT

	3.	 	Purpose

The purpose of this Agreement is to set forth the conditions under which:

	(a)	 	each Originator may, from time to time during the Replenishment Period, transfer Transferable
Receivables to the Transferee by way of sale (Verkaufl) and assignment (Abtretung) and in
accordance with the provisions of this Agreement;
	 
	(b)	 	the Transferee shall pay to each Originator the Purchase Price for any Transferred Receivables in accordance
with the provisions of this Agreement;
	 
	(c)	 	upon each Transfer Date, but prior to each transfer of any Transferable Receivables, the
Depositor shall make a Subordinated Deposit with the Transferee as provided for in Clause 32;

	 
	(d)	 	upon each Transfer Date, but prior to each transfer of Transferable Receivables, the Depositor
shall make a Complementary Deposit with the Transferee as provided for in Clause 33.
	 
	4.	 	Effective Date - Termination
	 
	A.	 	This Agreement shall become effective on the date on which all the conditions precedent set forth
in Clause 5 shall have been satisfied (the “Effective Date”).
	 
	B.	 	This Agreement shall terminate on the earlier of (the “Agreement Termination Date”):
	 

	(i)	 	the Redemption Date; or
	 
	(ii)	 	the sixth Transaction Date following the Final Transfer Date.
	 

	C.	 	The date upon which (i) no more transfer of receivables may be made under this Agreement and
(ii) the Transferee’s Commitment is terminated (the “Final Transfer Date”) shall be the first
Transaction Date which shall occur during the 61st month following the Initial Transfer Date.
The Final Transfer Date shall be advanced under the conditions set forth under Clauses 10.1 A
(b), 41.1, 41.2, 41.3 (D), 45 (C) and 46 (C)(ii), or postponed by mutual consent of the Parties
pursuant to the conditions set forth under Clause 4 (D).
	 
	D.	 	The Parties may agree to extend the Final Transfer Date (and, accordingly, the Agreement
Termination Date) by entering, to that effect, into an amendment to this Agreement. In this case,
the new Final Transfer Date and the new Agreement Termination Date shall be the dates as
mutually agreed between the Parties.
	 
	E.	 	Notwithstanding the Agreement Termination Date, and for so long as there remains a Transferred
Receivable which has not either been paid in full or become an Irrecoverable Receivable: (i) all
of
the representations, warranties, covenants and obligations of the Originators to the Transferee;
(ii) all of the obligations of the Transferee with respect to Release of the Deposits and (iii) the
provisions of Clause 25.2, shall remain in full force and effect.
	 
	5.	 	Conditions Precedent

	This Agreement shall not be effective unless and until each and all of the following conditions precedent
shall have been fulfilled to the satisfaction of the Transferee:

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	(a)	 	from each of the Originator and the Depositor, a copy of its Articles of Association (Satzung),
certified as actual version thereof by its duly authorized representative;
	 
	(b)	 	from each Originator and the Depositor, an original copy of the excerpt of the commercial
registry (Handelsregister) not older than 30 days prior to the date of this Agreement;
	 
	(c)	 	from each Originator and the Depositor, a copy, certified to be true by its duly authorized
representative, of its annual non-consolidated accounts for the fiscal year 2001 and the original
annual non-consolidated accounts for the fiscal year 2002 as published and certified by its
statutory auditors together with the respective unqualified auditor’s opinion relating thereto, and
the related corporate resolutions approving such accounts;
	 
	(d)	 	from each Originator and the Depositor, a certificate from one of its managing directors
(Geschäftsführer) in the form of Schedule 12A, representing that:

	-	 	between the closing date of its audited accounts for the fiscal year 2002 and the execution
date of this Agreement, no event has occurred which could constitute a Material Adverse
Effect;
	 
	-	 	it is not under administration, insolvency, bankruptcy, dissolution, receivership or winding
up and no stoppage of payments has occurred in relation to it;
	 
	-	 	there exists no provision currently in force and which has not been removed (with respect
to any contract or agreement which is binding on it or to which it is a party) which could
impede the execution of this Agreement or the performance of any of its obligations by it
hereunder; in particular there exists no (i) provision limiting the transfer of its receivables
or (ii) negative pledge clauses;

	(e)	 	from each Originator, a certificate from its statutory auditors, issued in the form of Schedule
11A;
	 
	(f)	 	from each Originator and the Depositor, a list of the names of the individuals authorized to act on
behalf of it under this Agreement and a specimen signature of each;
	 
	(g)	 	from each Originator and the Depositor the corporate resolutions authorizing it to enter into and
execute this Agreement;
	 
	(h)	 	the Transferee or any of its agent shall have conducted a due diligence of each of the Originators,
satisfactory in particular as regards origination, management and collections of the Receivables;
	 
	(i)	 	the Originators shall have demonstrated their ability to provide monthly historical data regarding
the Receivables;
	 
	(j)	 	the Transferee shall have received from the Originators a historical monthly analysis of the credit
notes and other dilution (and any other relevant risk factors in relation to the Receivables);
	 
	(k)	 	the Originators shall have demonstrated their ability to provide a reporting Statement on the
Receivables twice a month;
	 
	(l)	 	the Transferee shall have received a legal opinion from Hengeler Mueller as legal advisor to the
Transferee in form and substance satisfactory to the Transferee regarding (i) that the transfer of
the Receivables will constitute a legal true sale of such Receivables and (ii) each Originator’s and
the Depositor’s capacity and authority to enter into this Agreement;
	 
	(m)	 	each of the US Guarantees shall have been issued in the form as set out in Schedule 16 by the
Guarantor in favor of the Transferee, BNP Paribas acting as its agent, and the Transferee shall

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	 	 	have received a certified copy of the last audited consolidated financial statements of the
Guarantor for the fiscal year 2002 and a certificate signed by a duly authorized representative of
the Guarantor representing that: (1) between the closing date of the above mentioned accounts for
the fiscal year 2002 and the execution date of this Agreement, no Material Adverse Effect has
occurred; and (2) the Guarantor is not under administration, insolvency, bankruptcy, dissolution,
receivership or winding up and no stoppage of payments has occurred in relation to it;
	 
	(n)	 	the Transferee shall have received from the Guarantor an in-house legal opinion in form and
substance satisfactory to the Transferee regarding (i) the capacity and authority of the Guarantor
to enter into each of the US Guarantees and (ii) the validity and legality of each of the US
Guarantees; and
	 
	(o)	 	from each Originator, a certificate signed by one of its
managing directors (Geschäftsführer) and
its senior in-house lawyer in the form of Schedule 15 regarding its collection authority with
respect to receivables which are subject to Extended Retention of Title Clauses (verlängerter
Eigentumsvorbehalt).

PART III. TRANSFER OF RECEIVABLES

	6.	 	Transferable Receivables
	 
	A.	 	On a given Statement Date, a Transferable Receivable shall be any Receivable bearing the
following characteristics on such date:
	 
	(i)	 	the Receivable exists, is not an Irrecoverable Receivable and has not been paid in full;
	 
	(ii)	 	the Receivable originates from a contract entered into between an Originator and an Eligible
Debtor and constitutes for both parties a Commercial Contract;
	 
	(iii)	 	the underlying Commercial Contract is valid and enforceable against the relevant Debtor in
accordance with its terms and fully performed by the respective Originator;
	 
	(iv)	 	the underlying Commercial Contract is governed by German Law;
	 
	(v)	 	the amount of the Receivable invoiced by the relevant Originator to the respective Debtor is
inclusive of value-added tax in compliance with applicable tax laws;
	 
	(vi)	 	the Receivable is evidenced by an Invoice, duly recorded in the relevant Statement or Portfolio
File; and
	 
	(vii)	 	the Receivable is denominated in Euros, payable to the relevant Originator by the relevant
Debtor and such Debtor is requested to pay any amount due in relation to such Receivable into
the Collection Account.
	 
	7.	 	Eligible Receivables
	 
	A.	 	On a given Statement Date, an Eligible Receivable shall be any Transferred Receivable bearing
the additional following characteristics on that date:

	(i)	 	the Debtor of such Transferred Receivable is an Eligible Debtor;

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	(ii)	 	the Transferred Receivable is neither an Unpaid Receivable nor an Irrecoverable
Receivable nor a Disputed Receivable;
	 
	(iii)	 	the date upon which the Transferred Receivable is due and payable, which is stated on
the Invoice, is no later than thirty (30) calendar days following the Final Transfer Date;

	 
	(iv)	 	
the date upon which the Transferred Receivable is due and payable, which is stated on
the Invoice, is no later than sixty (60) calendar days following the related Transaction
Date except for Proreserv in which case the Transferred Receivable is due and payable
no later than one hundred forty (140) calendar days following the date of Invoice;
	 
	(v)	 	the Transferred Receivable has been managed since its creation and is managed at the
given date by the relevant Originator, in accordance with the Management Procedures
and the applicable statutes and regulations in force at any relevant time;
	 
	(vi)	 	the Transferred Receivable is not subject to any defense, counterclaim or set-off right;
	 
	(vii)	 	the Transferred Receivable is identified in a Statement and Portfolio Files which strictly
conform with the form of Statement and Portfolio Files attached as Schedule 3 ;
	 
	(viii)	 	the Transferred Receivable is legally and beneficially solely owned by the relevant
Originator free from any adverse claims in favor of any person (including, without
limitation, has not been, in part or in whole, pledged, mortgaged, charged, assigned,
discounted, subrogated or seized or attached or transferred in any way) and is otherwise
free and clear of any Extended Retention of Title Clause (verlängerter
Eigentumsvorbehalt), subject to Clause (B) below, and of any liens or other
encumbrances exercisable against the relevant Originator or the Transferee;
	 
	(ix)	 	the Transferred Receivable can be segregated and identified for ownership purposes on
the Transfer Date thereof and on any day after such Transfer Date;
	 
	(x)	 	the Transferred Receivable constitutes an unconditional and irrevocable obligation of the
relevant Eligible Debtor to pay the full sums of the amounts stated on the due date
therefor; and
	 
	(xi)	 	the Transferred Receivable is enforceable (durchsetzbar), non-litigious (nicht
einredebehaftet) and assignable (abtretbar).

	B.	 	Any Receivable being affected by an Extended Retention of Title Clause shall be an Eligible
Receivable if it meets in addition to the requirements set forth under Clause 7(A) the following
conditions:

	(i)	 	the sale of the relevant Receivable to the Transferee must be characterised as legal true
sale for German civil and insolvency law purposes;
	 
	(ii)	 	the relevant Originator has been granted the authorization to collect the Billing Amount
of such Receivable by the relevant supplier, this authorization shall be express and the
relevant Originator shall not have been notified by such supplier of the withdrawal of
such authorisation;
	 
	(iii)	 	the Purchase Price paid by the Transferee for the Receivable shall at least be equal to the
purchase price due by each Originator to the relevant supplier for the items that are the
subject of such Receivable;
	 
	(iv)	 	the assignment by the relevant Originator of the Receivable to the Transferee is made at
the same time as the payment of the Purchase Price of such Receivable;
	 
	(v)	 	the purchase and the acquisition of the relevant Receivable by the Transferee is not

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	 	 	structured in a way that would prejudice the interests of the relevant supplier; and
	 
	(vi)	 	the relevant Originator is not in a state of financial crisis as such term may be defined in
the respective Extended Retention of Title Clause.

	8.	 	Eligible Debtors

On any Statement Date, an Eligible Debtor shall be a Debtor having the following characteristics:

	(i)	 	the Debtor is (i) a private company having its registered office in Germany (ii) a natural person
having its domicile in Germany or (iii) a private company having its registered office in Germany
and being held by a German public entity;
	 
	(ii)	 	the Debtor is neither an Originator nor a company of the Ingram Micro Group;
	 
	(iii)	 	the Debtor does not have any contractual relationship with any of the Originators providing for
an automatic set-off of debts and credits or a current account relation (Kontokorrent) between
such Debtor and such Originator;
	 
	(iv)	 	the Debtor has not become a Doubtful Debtor;
	 
	(v)	 	the Debtor is not under an Insolvency Proceeding; and
	 
	(vi)	 	the Debtor is not a supplier of any Originator, except as expressly agreed by the Transferee.

	9.	 	Conditions of Transfer

On the Initial Transfer Date, and subsequently on each Transfer Date, the transfer of Transferable
Receivables and the payment of the Purchase Price by the Transferee shall not occur unless each of the
following conditions have been fulfilled to the satisfaction of the Transferee, on the dates agreed upon in
the Agreement or, if such date has not been agreed upon, on each relevant Transfer Date at the latest:

	(i)	 	the Representations and Warranties are accurate;
	 
	(ii)	 	a Statement and the related Portfolio Files have been notified to the Transferee on the Information
Date related to the Initial Transfer Date or such Transfer Date, respectively and all data
contained in such Statement and in such Portfolio Files are consistent with each other;
	 
	(iii)	 	(A) with respect to the Initial Transfer Date, the Deposits have been duly made as provided for in
Clause 31, and (B) with respect to each Transfer Date, the Deposits have been adjusted according
to the provisions of Clauses 32 and 33, respectively;
	 
	(iv)	 	each Originator has delivered, on an annual basis, a certificate from its statutory auditors, issued
in the form of Schedule 11 together with the respective unqualified auditor’s opinion relating
thereto;
	 
	(v)	 	each of the Originators and the Depositor has, on a monthly basis, a certificate from one of its
managing directors (Geschäftsführer) in the form of Schedule 12B, representing that:

	-	 	between the closing date of its non-audited accounts for the fiscal year 2002 and the
execution date of this Agreement, no event has occurred which could constitute a Material
Adverse Effect;
	 
	-	 	it is not under administration, insolvency, bankruptcy, dissolution, receivership or winding

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	HENGELER MUELLER

	 	BNP / Ingram
	

	 	GMRTSA Update

	 	 	up and no stoppage of payments has occurred in relation to it;
	 
	-	 	there exists no provision currently in force and which has not been removed (with respect
to any contract or agreement which is binding on it or to which it is a party) which could
impede the execution of this Agreement or the performance of any of its obligations by it
hereunder; in particular there exists no (i) provision limiting the transfer of its receivables
or (ii) negative pledge clauses;

	(vi)	 	each Originator has delivered an Offer to the Transferee pursuant to Clause 10.1 and, as regards
any Transfer Date other than the Initial Transfer Date, the relevant Debtor Payments, received
during the last Collection Period preceding such Transfer Date, have been credited to the
Transferee’s Account and the relevant Retransfer Payments and the Equivalent Payments due in
respect of such Collection Period have been paid to the Transferee’s Account;
	 
	(vii)	 	the Transfer Date occurs within the Replenishment Period;
	 
	(viii)	 	the transfer of Transferable Receivables and the corresponding payment of the Purchase Price to
be made on the relevant Transfer Date do not contravene any statute or regulation in force;
	 
	(ix)	 	no Event of Default or Potential Event of Default has occurred or is existing and continuing on
the Transfer Date, and the transfer of the Transferable Receivables, as well as the corresponding
payment of the Purchase Price to be made on the relevant Transfer Date, do not constitute a
Potential Event of Default or an Event of Default;
	 
	(x)	 	the Collection Accounts Pledge Agreement has been entered into between each Originator as
pledgor, and the Transferee as pledgee, and continues to exist and constitutes a valid and
enforceable pledge in favor of the Transferee;
	 
	(xi)	 	the Data Protection Trust Agreement has been entered into between each Originator, the
Transferee and the Data Protection Trustee and continues to exist and constitutes a valid and
enforceable obligation of each Originator regarding the transmission of personal data with respect
to the Debtors in favor of the Data Protection Trustee:
	 
	(xii)	 	on the Initial Transfer Date only, (A) the Transferee shall have received a confirmation by the
Rating Agency of the current rating of the Issuer of Reference’s programs in a form satisfactory
to the Transferee, (B) the Originators have agreed with the Transferee which of the dates
appearing in the timetable attached as Schedule 5 shall be deemed the first Transfer Date for the
purposes of this Agreement;
	 
	(xiii)	 	on or before the Initial Transfer Date or each subsequent Transfer Date, the Transferee shall have
been able to fund its Transferee’s Commitment up to an amount at least equal to the amount of
the Financing to be provided on the Initial Transfer Date or on each such subsequent Transfer
Date; and
	 
	(xiv)	 	the Transferee shall have confirmed that the liquidity facility relating to a securitisation
transaction arranged for one French company of the Ingram Micro Group has been syndicated or
that the Transferee considers such syndication no longer desirable.
	 
	10.	 	Transfer of Receivables
	 
	10.1	 	Offer to Transfer
	 
	A.	 	On any Information Date during the Replenishment Period, each Originator may make an offer
(each, an “Offer”) to sell and assign to the Transferee one or more Transferable Receivable(s),

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	 	 	together with any ancillary rights of such Transferable Receivable(s) and
any related security for the Purchase Price in accordance with this
Agreement, subject to Clause 9, provided that:

	 	(a)	 	on or after the Final Transfer Date, the Transferee shall no
longer be authorized to
purchase any Transferable Receivable;
	 
	 	(b)	 	in the event that any of the Originators does not make an Offer
on two consecutive
Information Dates, the Final Transfer Date shall be deemed to have
occurred on the last of
these two Information Dates; and
	 
	 	(c)	 	no Offer shall be deemed to be made by an Originator for the
Transfer Date relating to
such Information Date if no Transferable Receivable originated during
the Collection
Period immediately preceding such Information Date is reported in the
relevant Statement
and Portfolio Files notified to the Transferee on such Information
Date.

	B.	 	Each Offer must be made substantially in the form set out in
Schedule 2 hereto and shall contain the following information:

	 	(i)	 	the number of Transferable Receivables to be assigned, the
total aggregate outstanding amount of the Transferable Receivables
to be assigned, the amount of Credit and Dilution in respect of
Transferable Receivables to be assigned, and
	 
	 	(ii)	 	in respect of each offered Transferable Receivable, the
invoice number and Debtor identification number, the amount due as
of the relevant Information Date, the due date, a detailed
description of any related security and the invoice date.

	 	 	Additionally, with respect to any such offer, a Debtors File and a
Debtors Table are to be provided to the Data Protection Trustee in the
form of Schedule 3. .
	 
	10.2	 	Financing Conditions

Following the delivery of any Offer in accordance with Clause 10.1 and subject
to Clause 9, the Transferee shall send a notification to the Originators with
a copy to the Depositor and Ingram Micro Coordination Center BVBA/Sprl. in
respect of all Transferable Receivables which are the subject of such Offer on
the relevant Calculation Date in the form of Schedule 4 (the “Financing
Conditions”).

	10.3	 	Acceptance of Offer; Purchase Price

The Purchase Price for any offered Transferable Receivable shall be equal to
the outstanding Billing Amount. The Transferee shall accept any Offer made in
accordance with Clause 10.1 and subject to Clause 9 by payment of the
aggregate Purchase Price for all Transferable Receivables (together with any
related security) contained in such Offer on the next Transfer Date or to the
order of the Transferee as such Transfer Date appears in the then applicable
Schedule 5 attached to this Agreement.

	10.4	 	Transfer of Title

Upon acceptance of the relevant Offer in accordance with Clause 10.3 of this
Agreement the purchase and assignment of the offered Transferable Receivables
and the related security (if any) shall become effective, and all rights
thereto (including any ancillary rights thereto) shall pass to the Transferee;
provided that in the event that the title to the related security is not
transferable by means of a mere agreement between the Transferee and the
relevant Originator, the parties hereto agree that:

	(a)	 	if the related security is governed by Gentian law and the transfer
of possession (Besitzübergabe) is necessary for the transfer of title,
such transfer of possession shall be substituted as follows:

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BNP / Ingram
	 	 	
GMRTSA Update

	 	-	 	if the relevant Originator holds direct possession (unmittelbarer
Besitz) in respect of the related security, such Originator shall
hold such related security in custody for the Transferee free of
charge;
	 
	 	-	 	if the relevant Originator holds indirect possession (mittelbarer
Besitz) in respect of the related security or is entitled to claim
surrender of the related security from a third party for any other
reason, such Originator hereby assigns any claim to surrender
(Herausgabeanspruch) the related security to the Transferee who
hereby accepts such assignment;

	(b)	 	if the related security is governed by the laws of any other
jurisdiction, sub-clause (a) above shall apply mutatis mutandis.
	 
	10.5	 	Transfer Procedures
	 
	A.	 	On each Transfer Date before 1.00 p.m., each Originator shall, subject to
Clause 9, transfer to
the Transferee the Transferable Receivables the subject of the Offer made
on the related
Information Date pursuant to Clause 10.2.
	 
	B.	 	Furthermore, on such Transfer Date:

	 	(i)	 	each Originator shall deliver to the Transferee an Offer; and
	 
	 	(ii)	 	at the same time as the Offer Form is delivered, the Transferee
shall pay to the relevant Originator’s Account an amount equal to the
aggregate Billing Amount of the Group of Transferred Receivables,
with good value on that date.

	11.	 	Warranties of Compliance
	 
	A.	 	On each Transfer Date, each Originator makes the following
representations and warranties (the
Warranties of Compliance) for the benefit of the Transferee in respect of
each Transferred
Receivable in the form of an independent guarantee (selbständige Garantie):

	 	(i)	 	such Transferred Receivable bears all of the characteristics of a
Transferable Receivable;
	 
	 	(ii)	 	such Transferred Receivable is identified in the Statement and
in the Portfolio Files delivered on the Information Date relating to
such Transfer Date and the relevant Statement and the Portfolio
Files strictly conform with the forms attached as Schedule 3; and
	 
	 	(iii)	 	if identified as an Eligible Receivable in the Statement or
in the Portfolio Files delivered on the Information Date relating to
such Transfer Date, such Transferred Receivables bears all the
characteristics of an Eligible Receivable.

	B.	 	The Warranties of Compliance shall be deemed reiterated by each
Originator to the Transferee on
each Transfer Date.

PART IV. INFORMATION – PROGRAM MANAGEMENT

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BNP / Ingram
	 	 	
GMRTSA Update

	12.	 	Information Obligations of the Originators
	 
	A.	 	On each Statement Date, each Originator shall draw up a Statement and the
related Portfolio
Files in order to notify the Offer to the Transferee before 11.00 a.m. on
the Information Date
corresponding to that Statement Date.
	 
	B.	 	Any Statement and any of the Portfolio Files shall be notified in their
respective form as set out in
Schedule 3.
	 
	13.	 	Calculation and Determination of the Financing Conditions by the Transferee

On each Calculation Date, before 04.00 p.m. and after the Transferee has
received a Statement, the Transferee shall notify the Financing Conditions to
the relevant Originator in the form set out in Schedule 4.

	14.	 	Transactions to be carried out during the Replenishment Period

On each Transfer Date before 01.00 p.m., the following transactions shall be
carried out (as far as they should be carried out on such date pursuant to
this Agreement) in the following order of priority:

	(i)	 	payment by the Originators to the Transferee of an amount equal to the
difference between: (a) the amount of Collections relating to the
immediately preceding Collection Period ending before such Transfer Date;
and (b) the Retransfer Payments made in relation to the Retransfers
occurring during such Collection Period (exclusive of its last day);
	 
	(ii)	 	Increase of the Deposits, if any;
	 
	(iii)	 	payment by the Originators to the Transferee of the Transfer Fee and
the Management Fee;
	 
	(iv)	 	payment of the Purchase Price to the relevant Originator by the
Transferee of the Transferred Receivables listed in the Financing
Conditions;
	 
	(v)	 	Release of the Deposits, if any;
	 
	(vi)	 	payment of the Immobilization Fee; and
	 
	(vii)	 	payment of the Collection Fee.
	 
	15.	 	Transactions to be carried out during the Redemption Period or
any Temporary
Redemption Period

On each Transaction Date which is not a Transfer Date before 12.00 a.m.
(during the Redemption Period or any Temporary Redemption Period), the
following transactions (as far as they should be carried out on such date
pursuant to this Agreement) shall be carried out in the following order of
priority:

	(i)	 	payment by the Originators to the Transferee of an amount equal to the
difference between (a) the amount of Collections relating to the
immediately preceding Collection Period ending before such Transaction
Date, and (b) the Retransfer Payments made in relation to the Retransfers
occurring during such Collection Period exclusive of its last day;

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	(ii)	 	payment by the Originators to the Transferee of the Transfer Fee and
the Management Fee;
	 
	(iii)	 	Release of the Complementary Deposit, subject to
the limits and conditions set forth in Part VII;
	 
	(iv)	 	after the redemption in full of the Financing and Complementary Deposit,
Release of the Subordinated Deposit or part thereof, subject to the limits
and conditions set forth in Part VII; and
	 
	(v)	 	payment of the
Immobilization Fee; and
	 
	(vi)	 	payment of the Collection Fee.

PART V. SERVICING AND COLLECTION OF RECEIVABLES

	16.	 	Servicing Obligations of the Originators

For so long as the Financing has not been fully reimbursed pursuant to the
provisions of the Agreement, each Originator as servicer undertakes as follows:

	(i)	 	not to make any change whatsoever in the contractual terms and
conditions applicable to the Transferred Receivables and to such rights
and security interests as may be attached to them, unless otherwise
provided by this Agreement;
	 
	(ii)	 	at the Transferee’s request in order to protect its interests, to inform
the Transferee of any related security and other rights attached to the
Transferred Receivables and to co-operate with the Transferee whenever
said related security and rights are exercised or enforced;
	 
	(iii)	 	not to demand that the Transferee perform any act or carry out any
formality not provided for in this Agreement;
	 
	(iv)	 	to fulfil its contractual obligations towards the Debtors;
	 
	(v)	 	to retain all contracts and documents concerning each Transferred
Receivable until the relevant Transferred Receivable is paid in full or
has become an Irrecoverable Receivable;
	 
	(vi)	 	to remit promptly to the Transferee all documents and contracts relating
to a Transferred Receivable on first demand by the Transferee, in order
to enable it to verify the accuracy of the Warranties of Compliance;
	 
	(vii)	 	to inform the Transferee promptly if any of the Warranties of
Compliance made by such Originator is inaccurate as regards any
Transferred Receivable;
	 
	(viii)	 	to inform the Transferee promptly of any change concerning its computer
system in the event that such change may at any time prevent the
Transferee’s access to the data contained in any Statement or any
Portfolio File, as well as any change concerning the working or running
of any Statement or any Portfolio File;
	 
	(ix)	 	not to change the nature of its business if such change will or is
likely to materially alter the Quality of the Transferred Receivables, or
its ability to fulfil its management obligations under the Agreement;
however, such Originator shall be authorized to modify its general terms
and conditions used in connection with the Commercial Contracts; provided
that it has previously given notice of its intention to the Transferee
and that such modification has no Material Adverse Effect;

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	(x)	 	to carry on its business so that the Quality of the Transferred
Receivables and the ability of the relevant Originator to fulfil its
servicing obligations under the Agreement are not materially altered
thereby;
	 
	(xi)	 	not to change its Management Procedures in a manner likely to alter
materially the Transferee’s rights (in particular, a change causing a
deterioration of the quality of information provided to the Transferee or
of the performance of the Transferable Receivables), and to inform
promptly the Transferee of any material change in those Management
Procedures in any event;
	 
	(xii)	 	to inform the Transferee of any material breach of its obligations as
regards the servicing of the Transferable Receivables;
	 
	(xiii)	 	not to use, for the servicing of the Transferable Receivables (namely,
as regards the use of any Statement or any Portfolio File), software not
belonging to it or which license prohibits the Originator’s use for the
purposes of the Agreement;
	 
	(xiv)	 	not to use any other bank account other than the Collection Accounts for
the Debtor Payments,
	 
	(xv)	 	to set up with the Transferee and at least once a year after 2004 an
updated indicative timetable intended to replace the timetable set up for
the years 2003 and 2004 attached as Schedule 5 and, at the same time, to
specify with the Transferee which of the dates appearing in the relevant
new timetable shall be deemed the first Transfer Date for the relevant
year; and
	 
	(xvi)	 	to inform the Transferee immediately if any supplier withdraws the
authority to collect any Receivable which is subject to an Extended
Retention of Title Clause.
	 
	17.	 	Equivalent Payments
	 
	17.1	 	Amount of an Equivalent Payment

If the Billing Amount of any Transferred Receivable is reduced or the
cumulative Debtor Payments are less than the Billing Amount for any reason
whatsoever other than an inability to pay because Insolvency Proceedings with
respect to the respective Debtor have been instituted (each such reduction, a
“Dilution”) then the relevant Originator shall be treated as having received
the amount of such Dilution on the date of such Dilution in addition to any
other amounts which may be received on such Transferred Receivable. Such
Dilution shall be paid by the relevant Originator on the date and in the
manner set forth in Clauses 17.2 and 17.3 and such payment shall be treated
for the purposes of this Agreement as an Equivalent Payment in an amount
equivalent to the amount of such Dilution.

In particular but not limited to, a reduction of the Billing Amount due to any
of the following events shall be deemed a Dilution for the purposes of this
Agreement:

	(i)	 	the Transferee no longer holds unrestricted title to such Transferred
Receivable and any related security and other rights relating thereto; or
	 
	(ii)	 	the relevant Originator is in breach of one or more Warranties of
Compliance concerning such Transferred Receivable, the consequence of
which is to reduce the amount of this Transferred Receivable or to cause
the Debtor to contest it; or
	 
	(iii)	 	the Debtor Payments are reduced as a consequence of any supplier
enforcing its rights under an Extended Retention of Title Clause.
	 
	17.2	 	Date of Equivalent Payments

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

For so long as the Servicing Mandate is not terminated, the Equivalent Payment
shall be made on the Transaction Date immediately following the date of the
occurrence of the aforementioned event. Upon termination of the Servicing
Mandate, the Equivalent Payment referred to in Clause 17.1 shall be made on the
date on which the respective Dilution occurs.

	17.3	 	Remedies of the Transferee

In any event, in respect of any Equivalent Payment that is due and payable to
the Transferee, each Originator hereby accepts that the Transferee may:

	(i)	 	automatically set-off the amount owed to the Transferee in respect of
said Equivalent Payment against the amount owed to the Depositor in
respect of any Release of the Deposits; or
	 
	(ii)	 	in case no amounts can be set-off, and upon written notice setting out
the reason to the relevant Originator, exercise all rights and remedies
against such Originator or the Guarantor including any of its rights
under the US Guarantee, in order to obtain payment of the sums due and
payable which remain outstanding, without prejudice to the Transferee’s
rights under Clause 40.
	 
	18.	 	Servicing Mandate
	 
	18.1	 	Servicing Mandate

Subject to Clause 18.2, the Originators as servicers shall handle the
collection of the Transferred Receivables on behalf of the Transferee. The
Transferee hereby confers to each Originator the mandate to service the
Receivables and the collection thereunder, which each Originator hereby
accepts. Until termination of the Servicing Mandate, the Transferee shall pay
the Originators a Collection Fee for each Fee Computation Period equal to 0.50
% per annum of the amount of the Financing on the Transaction Date at the
beginning of such Fee Computation Period. The Collection Fee shall be computed
on the basis of the exact number of days in each Fee Computation Period,
adjusted to a 360-day year, and shall be payable on the last Transaction Date
of each Fee Computation Period.

	18.2	 	Termination of Servicing Mandate
	 
	A.	 	It is not initially provided that the Transferee informs the Debtors of
the transfer of Transferred
Receivables. However, in order to protect its interests and in particular
if an Event of Default has
occurred, the Transferee may (i) inform the Debtors of the transfer at any
time in its discretion;
(ii) terminate the Servicing Mandate as regards all or part of the
Transferred Receivables, subject
to having notified the relevant Originator thereof in writing at least
five (5) Business Days before
the date of such termination; (iii) terminate the Collection
Accounts Pledge Agreement
accordingly, and (iv) transfer to a Back-up Servicer the management and
recovery mandate for
collections of the Transferred Receivables. Once appointed, the Back-up
Servicer may directly
notify the Debtors of the transfer and direct the payments of the
Receivables to the Transferee’s
Account.
	 
	B.	 	All costs incurred by the Transferee in connection with:

	 	(a)	 	the termination of the Servicing Mandate and the enforcement of
the Collection Accounts
Pledge Agreement; and
	 
	 	(b)	 	the management of the collection of the Transferred Receivables
and the Collections by the
Back-up Servicer;

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	 	 	shall be borne exclusively by the Originators, up to an amount limited to
EUR two (2) per Invoice (not including legal and court fees). The
Originators shall reimburse all such costs (including legal and court
fees) upon duly justified and documented demand.
	 
	C.	 	The termination of the Servicing Mandate shall not give rise to any
termination indemnity in favor of any Party.
	 
	19.	 	Obligations of the Originators in respect of Collections

With respect to the collection of the Transferred Receivables, for so long as
the Financing has not been repaid in full, each Originator undertakes:

	(i)	 	(A) to refrain from materially modifying its Management Procedures in a
manner that would likely cause prejudice to the Transferee’s rights,
namely by causing an increase of the average term of collection or a lower
collection rate, and, in any event, (B) to inform promptly the Transferee
of any material change in its Management Procedures concerning the
collection procedures and (C) to provide the Transferee with an yearly
update of its Management Procedures;
	 
	(ii)	 	not to change the nature of its business if such a change will or is
likely to materially and adversely affect the collection of the
Transferred Receivables or its ability to fulfil its obligations under
this Agreement, namely as regards the collection of Transferred
Receivables;
	 
	(iii)	 	to carry on its business so that the collection of the Transferred
Receivables or its ability to fulfil its obligations under the Agreement,
namely as regards the collection of Transferred Receivables, cannot be
materially and adversely be affected thereby;
	 
	(iv)	 	to provide the Transferee, upon reception of fully-substantiated
notification by the latter so requesting, Statements, Portfolio Files and
all other documents allowing it to verify the performance of its
obligations as regards the collection of the Transferred Receivables;
	 
	(v)	 	to inform the Transferee of any material breach of its obligations as
regards the servicing of the Transferred Receivables;
	 
	(vi)	 	not to provide any documents containing, to the best of its knowledge,
inaccurate or incomplete information;
	 
	(vii)	 	not to credit on the Collection Accounts any sums that are not Debtor
Payments within the meaning of this Agreement and not to have Debtor
Payments paid to accounts other than the Collection Accounts; and
	 
	(viii)	 	not to use, for the collection of the Transferred Receivables (namely,
as regards the use of any Statement or any Portfolio File), software not
belonging to it or whose license prohibits its use for the purposes of
the Agreement;
	 
	(ix)	 	if any supplier of any Originator withdraws such Originator’s authority
to collect Receivables which are subject to an Extended Retention of
Title Clause, such Originator shall notify the Transferee by telefax
without any delay, but in any case no later than three (3) Business Day
following the receipt of such withdrawal.
	 
	20.	 	Renegotiations

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	A.	 	In the event an Insolvency Proceeding is instituted against a Debtor or a
Group of Debtors in
relation to one or several Transferred Receivables, each Originator may,
subject to the fulfillment
of its diligence obligations under Clause 23, make or accept proposals
with a view to extend the
maturity of those Transferred Receivables. However, for any proposal of
renegotiations not
envisaged in the Management Procedures, or whose characteristics are not
those provided for
such type of proposal of renegotiations in the Management Procedures, the
relevant Originator
must obtain the prior written consent of the Transferee, which shall not
be unreasonably withheld,
before declining or accepting such proposal.
	 
	B.	 	Each Originator shall be entitled to grant Credits in accordance with its
Management Procedures.
	 
	C.	 	Without prejudice to Clause 20. A above, each Originator may renegotiate
the due date of a
Transferred Receivable in accordance with its Management Procedures.
	 
	D.	 	Aside the instances described above, the Originators shall not under any
circumstances modify
the contractual terms and conditions of a Transferred Receivable without
the prior written
consent of the Transferee, which shall not be unreasonably withheld.
	 
	21.	 	Authority to Sue and be Sued
	 
	A.	 	Each Originator as servicer shall hereby be authorised to sue Debtors
owing Transferred
Receivables in any court in Germany or in any other competent jurisdiction
in such Originator’s
own name and for the benefit of the Transferee (gewillkürte
Prozeb istandschaft), the Transferee
being obliged where necessary to assist the respective Originator in
exercising all rights and
remedies under and in connection with the relevant Transferred
Receivables.
	 
	B.	 	The costs, fees and taxes incurred in connection with the above
proceedings shall be borne solely
by the respective Originator. However, any damages paid and court fees
reimbursed, in any
recovery proceeding described above, beyond the Billing Amount of the
relevant Transferred
Receivables shall remain to the benefit of the relevant Originator.
	 
	22.	 	Payments of Collections
	 
	A.	 	For a given Collection Period, the Collections shall be the total sum of:

	 	(a)	 	the Debtor Payments made during that Collection Period; plus
	 
	 	(b)	 	the Equivalent Payments owed by the Originators to the
Transferee with respect to Clause
17.2, as to events described in Clause 17.1 having occurred during
that Collection Period;
plus
	 
	 	(c)	 	the Retransfer Payments owed by the Originators to the
Transferee with respect to all
Retransfers made during that Collection Period (subject to Clause
24.3).

	B.	 	Until and unless an Early Termination Event has occurred during any given
Collection Period:

	 	-	 	each Originator shall be free to use the Debtor Payments standing to
the credit of its respective Collection Accounts at any time during
such Collection Period, subject only to the relevant provisions of
the Collection Accounts Pledge Agreement; and
	 
	 	-	 	each Originator shall, on the Transaction Date following such
Collection Period before 01.00 p.m., debit from the Collections
Accounts and credit to the Transferee’s Account the full amount of
the Debtor Payments having been made during such Collection Period.

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	C.	 	Upon the occurrence during any given Collection Period of an Early
Termination Event which is
continuing, the Transferee, in its capacity as beneficiary under the
Collection Accounts Pledge
Agreement, shall be entitled to send a Stop Drawing Notice (as defined in
the Collection
Accounts Pledge Agreement) to each bank with which any of the Collection
Accounts are held
and exercise all of the rights and privileges conferred to him in its
capacity as beneficiary under
the Collection Accounts Pledge Agreement in accordance with the respective
terms thereof.
	 
	D.	 	In the event that, on a Transaction Date, the relevant Originator is in
default of its obligation to
credit the full amount of the Collections for the immediately preceding
Collection Period to the
Transferee’s Account (whether by debit from the Collections Account or
otherwise), the
Transferee may, without prejudice and in addition to any relevant
provisions of the Collection
Accounts Pledge Agreement, make a demand under the relevant US Guarantee
in accordance with
its terms. Such demand shall be made by the Transferee before close of
business (Paris time) on a
Business Day in the US for payment instructions to be granted by the
Guarantor at the latest on
05.00 p.m. (Los Angeles time) on the Business Day in the US of such demand
and effective
payment to be made before 05.00 p.m. (Los Angeles time) on the fourth
Business Day in the US
at the latest after such demand. A demand under the relevant US Guarantee
may only be made on
or after the day following each relevant Transaction Date in respect of
the Collections for the
immediately preceding Collection Period or, as the case may be, on or
after any Final Transfer
Date.
	 
	E.	 	In the event that a Debtor is both a debtor in respect of one or more
Receivables not transferred to
the Transferee by the relevant Originator and a debtor in respect of one
or more Transferred
Receivables, any payment received from this Debtor shall first be applied
to the Transferred
Receivables each time that:

	 	(a)	 	the Debtor expressly instructs to that effect, in accordance
with § 366(1) of the German
Civil Code (Bürgerliches Gesetzbuch); or
	 
	 	(b)	 	where the said Debtor Payment is obviously related to a Transferred
Receivable.

	F.	 	In an event other than those mentioned under paragraph (E) above, and
unless the Debtor
expressly indicates the contrary, the Debtor Payment shall, as between the
relevant Originator
and the Transferee, be applied first to the Transferred Receivables
relating to such Debtor, and in
the order of priority corresponding to their respective due dates,
beginning with the oldest among
them.
	 
	23.	 	Diligence Obligations of the Originators

Within the framework of the servicing and the collections of the Transferred
Receivables, each Originator undertakes to act as a diligent, prudent and
informed servicer. In particular, each Originator undertakes:

	(i)	 	to comply with any applicable statutes and regulations in force;
	 
	(ii)	 	to use a level of care and diligence at least equivalent to that used in
connection with its own receivables (Sorgfalt in eigenen
Angelegenheiten);
	 
	(iii)	 	to ensure that any related security, rights, claims, privileges,
encumbrances and other benefits attached to the Transferred Receivables
are valid and remain in force and are exercised in due time;

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	(iv)	 	to oppose any claim challenging the existence, validity, amount or
maturity of the Transferred Receivables or any related security, rights,
claims, privileges, and other benefits, if any, attached thereto;
	 
	(v)	 	to take such steps as may be required or appropriate for the recovery of
the sums of all kinds due under the Transferred Receivables; and
	 
	(vi)	 	to take such steps as may be required to cause any attachment, seizure,
or any civil enforcement measure levied or applied for by a third party
against it and affecting a Transferred Receivable to be released or
withdrawn and to do so within 30 calendar days or any longer timeframe
upon which the Parties have agreed.
	 
	24.	 	Retransfer to the Originators
	 
	24.1	 	Conditions of Acceptance of Retransfer
	 
	A.	 	Each Originator may offer to re-purchase and have re-assigned from the
Transferee one or more
Transferred Receivables previously sold and assigned to the Transferee by
it. However, such
request may only be accepted by the Transferee subject to the following
conditions:

	 	(a)	 	the Retransfer concerns all and not just part of the Billing
Amount of the relevant
Receivable, the relevant Originator being in charge of identifying
the amounts of the
Debtor Payments or Equivalent Payments already received;
	 
	 	(b)	 	the Retransfer occurs by means of sale (Verkauf) and assignment
(Abtretung) on the basis of an offer (a “Retransfer
Offer”) in the form of Schedule 6, its
amount per receivable
being equal to the Billing Amount of each Transferred Receivable;
	 
	 	(c)	 	the relevant Originator shall serve a Retransfer Offer which shall
contain the following:

	 	-	 	the intended Retransfer Date, which shall be a Transaction Date
(except as provided for in Clause 24.3); and
	 
	 	-	 	the identification of each Transferred Receivable proposed for
Retransfer, as such is specified in the form of Schedule 6, and

	 	(d)	 	the Transferee is the owner of the Receivables proposed for
Retransfer on the intended
Retransfer Date or, should the Transferee have exercised its rights
to onward transfer such
Receivables to any Permitted Onward Transferee pursuant to Clause
25.1, the Transferee
has the right to obtain the retransfer of the same from such
Permitted Onward Transferee
on the intended Retransfer Date.

	B.	 	The Retransfer shall be offered by the relevant Originator to the
Transferee on the Information
Date corresponding to the Transaction Date which such Originator proposes
for the Retransfer
(except as provided for in Clause 24.3), or no later than three (3)
Business Days before the
intended Retransfer Date.
	 
	24.2	 	Means of Retransfer
	 
	A.	 	Upon satisfaction of the conditions set forth in Clause 24.1, the Transferee
shall, at its discretions, accept any Retransfer Offer as notified by any Originator.
The Retransfer shall take effect upon the payment of the Retransfer Payment on the Retransfer
Date agreed upon by the parties hereto and before 11.00 a.m. on such date or, in the absence of such
agreement, on the date set forth in the offer of Retransfer and before 11.00 a.m. on such date.

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	B.	 	The Retransfer Payment shall be made on the Retransfer Date against
delivery by the Transferee of a Retransfer Offer.
	 
	24.3	 	Retransfer Date

Any Retransfer accepted by the Transferee shall occur on a Transaction Date.
For good reason (aus wichtigem Grund) and upon delivery by any Originator of a
duly substantiated offer, such Originator, may, with respect to one or more
Transferred Receivables, ask the Transferee that the Transferred Receivables be
retransferred on a date other than a Transaction Date, in which case the
relevant Originator shall indemnify the Transferee for any additional costs
incurred by a Retransfer made on a day other than a Transaction Date, pursuant
to the conditions set forth under Clause 44.

	25.	 	Onward Transfer by the Transferee
	 
	25.1	 	Onward Transfer during the Replenishment Period
	 
	A.	 	At any time prior to the Redemption Date, the Transferee may onward
transfer to any Permitted
Onward Transferee, by any means, all or part of the Transferred
Receivables. The rights and
obligations of the Originators and of the Transferee under this Agreement
shall remain unchanged
in any event, notwithstanding the onward transfer to any Permitted Onward
Transferee of all or
part of the Transferred Receivables. In particular, the procedures
governing the creation,
Increases and Releases of the Deposits shall remain unchanged.
	 
	B.	 	In the event of an onward transfer as described above in paragraph (A),
the Transferee shall
ensure that such transfer is not likely to cause a termination of the Servicing Mandate. In the
event that the relevant Permitted Onward Transferee directly authorizes each Originator to collect
the Receivables onward transferred to it on its behalf, each Originator shall have the same rights
and obligations under such mandate as those granted to it under the Servicing Mandate and such
mandate may be terminated under the same conditions.
	 
	25.2	 	Onward Transfer during the Redemption Period
	 
	A.	 	At any time after the Redemption Date, and in the event the Transferee
intends to onward transfer
all Transferred Receivables to any Permitted Onward Transferee, the
Transferee shall notify the
Originators thereof and set out the conditions of the transfer which have
been accepted by such
Permitted Onward Transferee, by facsimile, confirmed by registered letter
with acknowledgement
of receipt, in order to allow all of the Originators to demand a
Retransfer of the relevant
Transferred Receivables prior to such onward transfer being effected.
	 
	B.	 	If all of the Originators demand such Retransfer in writing before the
fifth (5th) Business Day
following receipt of the aforementioned letter by all of the Originators,
the Retransfer shall be
carried out by all of the Originators and the Transferee under conditions
at least equally favorable
to the Transferee as those governing the offer to the Permitted Onward
Transferee mentioned
above.
	 
	C.	 	In the event that any of the Originators refuses or does not reply before
the fifth (5th) Business
Day following receipt of the aforementioned letter by all of the
Originators, the Transferee shall
be free to transfer the relevant Transferred Receivables to the
aforementioned Permitted Onward
Transferee under the conditions set forth in the said letter or under any
other conditions more
favorable to the Transferee.
	 
	D.	 	The payment of a purchase price by any Permitted Onward Transferee to the
Transferee pursuant
to this Clause 25 shall be construed as having the effect of a Retransfer
Payment of same amount
for the purpose of calculating the amount of the Deposits on each relevant
date.

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

PART VI. FINANCING

	26.	 	Characteristics of the Financing
	 
	26.1	 	Transferee’s Commitment

On each Transaction Date, subject to compliance with all the conditions set forth in Clauses 5, 9 and
10.1 and without prejudice to the Transferee’s rights under Clauses 41.1, 41.2, 41.3, 45 (C) or 46 (C),
the Transferee hereby undertakes to provide the Financing to the Originators
(the “Transferee’s Commitment”). On each Calculation Date, the Financing
shall be computed pursuant to the terms and conditions set forth in this Part VI.

	26.2	 	Calculation of the Financing during the Replenishment Period

A.     On
each given Transfer Date during the Replenishment Period and provided that this Transfer Date is
a Principal Transaction Date, the Financing shall be calculated by
the Transferee according to the information, calculations and data set out in a consolidated
statement calculated by the Transferee on the Statement Date related to this Transfer Date, on
the basis of the Statement of both Originators, in the following manner (given that the
Subordinated Deposit is calculated according to Part VII):

	 	 	 
	 	 	
F = min [FMax; FC; Fr]
	 	 	 
	where:	 	 
	 	 	 
	“F”	 	
means the amount of Financing
	 	 	 
	“FMax”	 	
means the Maximum Financing Amount
	 	 	 
	“FC”	 	
means the Computed Financing Amount
	 	 	 
	“Fr”	 	
means the Requested Financing Amount
	 	 	 
	where:	 	 
	 	 	 
	 	 	

	 	 	 
	where:	 	 
	 	 	 
	“NOR”	 	
means the Net Outstanding Receivables Amount
	 	 	 
	“SDR”	 	
means the Subordinated Deposit Rate as computed for each
Principal Transaction Date pursuant to Schedule 10

B.     On each given Transfer Date during the Replenishment Period and provided
that this Transfer
Date is an Intermediary Transaction Date, the Financing shall be calculated by
the Transferee according
to the information, calculations and data set out in a consolidated statement
calculated by the Transferee
on the Calculation Date related to this Transfer Date, on the basis of the
Statement of both Originators,
in the following manner (given that the Subordinated Deposit is calculated
according to Part VII):

	 
	F = min [FPTD; FMax; FC; Fr]

where:

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	 	 	 
	“F”	 	
means the amount of Financing
	 	 	 
	“FPTD”	 	
means the Financing Amount as calculated on the Principal
Transaction Date immediately preceding the relevant Intermediary Transaction
Date
	 	 	 
	“FMax”	 	
means the Maximum Financing Amount
	 	 	 
	“FC”	 	
means the Computed Financing Amount
	 	 	 
	“Fr”	 	
means the Requested Financing Amount
	 	 	 
	where:	 	 
	 	 	 
	 	 	

	 	 	 
	where:	 	 
	 	 	 
	“NOR”	 	
means the Net Outstanding Receivables Amount
	 	 	 
	“SDRPTD”	 	
means the Subordinated Deposit Rate on the Principal Transaction
Date immediately preceding such Intermediary Transaction Date

C.     On each Transaction Date which is not a Transfer Date during any Temporary
Redemption Period, the Financing shall be calculated as set out in Clause
26.3.

	26.3	 	Calculation of the Financing during the Redemption Period

On each Transaction Date during the Redemption Period, the Financing shall be
calculated in the following manner (given that the Subordinated Deposit is
calculated according to Part VII):

	 	 	 
	 	 	
F(if) = max [0; F(io) – PS(if)]
	 	 	 
	where:	 	 
	 	 	 
	“(io)”	 	
means the Transaction Date occurring at the beginning of the Fee
Computation Period
	 	 	 
	“(if)”	 	
means the Transaction Date occurring at the end of the Fee Computation Period
	 	 	 
	“F”	 	
means the amount of Financing
	 	 	 
	“PS”	 	
means the Principal Share of the Collections

	27.	 	Maximum Financing Amount
	 
	27.1	 	Initial Maximum Financing Amount

The Maximum Financing Amount shall be EUR 230,000,000 (two hundred thirty
million Euros) at the effective date of the Agreement. After that date, the
Maximum Financing Amount may be reduced according to the conditions set out in
Clause 27.2.

	27.2	 	Reduction of the Maximum Financing Amount
	 
	A.	 	The Maximum Financing Amount may be reduced at any time upon request of
the Originators. Such reduction shall become effective on the first
Transaction Date agreed upon between the Originators and the Transferee,
or failing that, on the first Transaction Date subsequent to the period
of ten (10) Business Days following the receipt of such request by the
Transferee.

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	HENGELER MUELLER	 	
BNP / Ingram
	 	 	
GMRTSA Update

	B.	 	A reduction of the Maximum Financing Amount shall not be requested by
the Originators if as a result of such reduction the Maximum Financing
Amount is below EUR 100,000,000 (one hundred million Euros).
	 
	28.	 	Issuer of Reference
	 
	28.1	 	Choice of an Issuer of Reference
	 
	A.	 	The Parties expressly agree that the Transfer Fees shall be based on the
refinancing costs of
Eliopee Limited, which has been chosen by the Parties as Issuer of
Reference in the area of
securitization of receivables and other financial assets, and from which
the Transferee undertakes
to obtain all information needed to calculate said fees.
	 
	B.	 	The Issuer of Reference is solely in the business of issuing billets de
tresorerie and any other
short-term notes in order to finance the acquisition of receivables and
other financial assets. The
Issuer of Reference is a bankruptcy remote multi-seller vehicle created to
refinance different types
of assets, mainly trade receivables. The Transferee agrees to notify the Depositor about any
material change with respect to the types of assets refinanced by the Issuer of Reference.
	 
	28.2	 	Financing costs of the Issuer of Reference

The Parties hereby agree that the following costs of the Issuer of Reference
shall be taken into account in the calculation of the Transfer Fee:

	(i)	 	the costs incurred in connection with the issuance of billets de
trésorerie and any other short-term notes;
	 
	(ii)	 	the costs incurred both in connection with the implementation of and, as
the case may be, the drawdown under the Liquidity Agreement.

The calculation of the above-mentioned costs is described under Clauses 29 and
37.

	29.	 	Transfer Fee
	 
	29.1	 	The Originators shall pay the Transferee a Transfer Fee on each
Transaction Date until the Agreement Termination Date, calculated pursuant to the terms of Schedule 7.
	 
	29.2	 	The calculation of the Transfer Fee is based on the financing costs of
the Issuer of Reference incurred for one (1) entire year, i.e. on financing costs which shall
remain constant for each 360-calendar day period and shall be those effectively payable by the Issuer of
Reference on the first day of each such 360-calendar day period.
	 
	29.3	 	For each 360-calendar day period as from the first applicable
360-calendar day period which shall commence on the first Transaction Date, the financing costs of the
Issuer of Reference shall be as follows:
	 
	(i)	 	issuance of billets de trésorerie or other short-term notes:
	 
	 	 	the amount of the daily weighted fee incurred by the Issuer of Reference
shall be calculated pursuant to Schedule 7.

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GMRTSA Update

	(ii)	 	Liquidity Agreement:

	 	-	 	if no drawdown is made pursuant to the Liquidity Agreement, a commitment fee calculated
in accordance with the Liquidity Agreement and as further described in Schedule 17;
	 
	 	-	 	if a drawdown is made pursuant to the Liquidity Agreement, an drawdown interest rate
calculated in accordance with the Liquidity Agreement and as further described in
Schedule 17.

	29.4	 	The Transfer Fee shall be computed on the basis of the exact number of days in each Fee
Computation Period, adjusted to a 360-day year, and shall be payable on the Transaction Date
relating to the end of such Calculation Period.
	 
	30.	 	Management Fee

Until the Agreement Termination Date, notwithstanding the occurrence of any Event of Default, the
Originators shall pay to the Transferee a Management Fee on the last Transaction Date of each Fee
Computation Period equal to:

	(i)	 	0.61 % of the amount of the Financing on the Transaction Date at the beginning of such Fee
Computation Period terminated before the relevant Transaction Date subject to a monthly
minimum of EUR 15,000 plus 0.50 % of the amount of the Financing on the Transaction Date at
the beginning of such Fee Computation Period terminated before the relevant Transaction Date;
and
	 
	(ii)	 	where applicable, in case of termination of the Servicing Mandate given to each Originator
pursuant to Clause 18.2, the amount effectively borne and justified by the Transferee pursuant to
the Collection of the Transferred Receivables.

The Management Fee shall be computed on the basis of the exact number of days in each Fee
Computation Period, adjusted to a 360-day year, and shall be payable on the last Transaction Date of
each Fee Computation Period.

PART VII. DEPOSITS

	31.	 	Creation of Deposits on the Initial Transfer Date
	 
	A.	 	On the Initial Transfer Date before 01.00 p.m. the Depositor shall make with the Transferee a
Subordinated Deposit calculated by the Transferee pursuant to Clause 32.1 and a
Complementary Deposit calculated by the Transferee pursuant to Clause 33.1.
	 
	B.	 	The Parties agree that the Depositor shall make the Deposits on behalf of the Originators by
crediting the Transferee’s Account with the amount thereof.
	 
	32.	 	Change in the Subordinated Deposit
	 
	32.1	 	Amount of the Subordinated Deposit during the Replenishment Period
	 
	A.	 	On each Transfer Date during the Replenishment Period, and provided that this Transfer Date is
a Principal Transaction Date, the amount of the Subordinated Deposit shall be calculated by the

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BNP / Ingram
	HENGELER MUELLER	 	
GMRTSA Update

	 	 	Transferee as follows:

	 	 	 
	 	 	
SD = SDR x min [FMax; FC; Fr)]
	 	 	 
	where:	 	 
	 	 	 
	“SD”	 	
means the amount of the Subordinated Deposit on the relevant Transfer Date
	“FMax”	 	
means the Maximum Financing Amount on the relevant Transfer Date
	“Fr”	 	
means the Requested Financing Amount
	“FC”	 	
means the Computed Financing Amount
	“SDR”	 	
means the Subordinated Deposit Rate on the relevant Transfer Date computed for each
Principal Transaction Date pursuant to Schedule 10.

	B.	 	On each Transfer Date during the Replenishment Period and provided that this Transfer Date is
an Intermediary Transaction Date, the amount of the Subordinated Deposit shall be calculated by
the Transferee as follows:

	 	 	 
	 	 	
SD = SDRPTD x min [FMax; FC; Fr)]
	 	 	 
	where:	 	 
	 	 	 
	“SD”	 	
means the amount of the Subordinated Deposit on the relevant Transfer Date
	“FMax”	 	
means the Maximum Financing Amount on the relevant Transfer Date
	“Fr”	 	
means the Requested Financing Amount by the Originators on the relevant Transfer Date
	“FC”	 	
means the Computed Financing Amount
	“SDRPTD”	 	
means the Subordinated Deposit Rate on the Principal Transaction Date immediately

preceding such Intermediary Transaction Date

	C.	 	On each Transaction Date which is not a Transfer Date during any Temporary Redemption
Period, the amount of the Subordinated Deposit shall be calculated by the Transferee as indicated
under Clause 32.2(A).
	 
	32.2	 	Amount of the Subordinated Deposit during the Redemption Period
	 
	A.	 	During any Temporary Redemption Period and during the Redemption Period, on each
Transaction Date which is not a Transfer Date and so long as both of the Financing and the
Complementary Deposit are not repaid in full in accordance with this Agreement, the amount of
the Subordinated Deposit shall be equal to the amount of the Subordinated Deposit on the
preceding Transaction Date.
	 
	B.	 	During the Redemption Period, on each Transaction Date which is not a Transfer Date occurring
after the repayment in full of both of the Financing and the Complementary Deposit shall be
calculated as follows:

	 	 	 
	 	 	
SD(if) = SD(io) – max [0 ; -
(F(if) + CD(io) - CS(if) -
PS(if)]
	 	 	 
	where:	 	 
	 	 	 
	“(io)”	 	
means the Transaction Date occurring at the beginning of the Fee Computation Period
	“(if)”	 	
means the Transaction Date occurring at the end of the Fee Computation Period
	“SD”	 	
means the amount of the Subordinated Deposit subject to the Increase made in accordance
with Clause 40.3.3

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	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 
	“F”	 	
means the amount of the Financing
	“CD”	 	
means the amount of the Complementary Deposit
	“CS”	 	
means the amount of the Complementary Share of the Collections
	“PS”	 	
means the amount of the Principal Share of the Collections

	32.3	 	Change in the Subordinated Deposit
	 
	A.	 	On each Transfer Date during the Replenishment Period, the change in the Subordinated Deposit
shall be equal to the difference (positive, negative or zero) between the amount of the
Subordinated Deposit on this date calculated pursuant to Clauses 32.1 and 32.2 and the amount
of the Subordinated Deposit on the previous Transfer Date.
	 
	B.	 	On each Transaction Date which is not a Transfer Date during any Temporary Redemption
Period or during the Redemption Period, the Subordinated Deposit shall not be reduced as long as
the Financing and the Complementary Deposit have not been repaid in full.
	 
	33.	 	Change in the Complementary Deposit
	 
	33.1	 	Amount of the Complementary Deposit during the Replenishment Period
	 
	A.	 	On each Transfer Date during the Replenishment Period, the amount of the Complementary
Deposit shall be calculated as follows:

	 	 	 
	 	 	
CD(if) = OTR(if) – F(if) – SD(if)
	 	 	 
	where:	 	 
	 	 	 
	“CD”	 	
means the amount of the Complementary Deposit
	“OTR”	 	
means the Outstanding Transferred Receivables Amount
	“F”	 	
means the amount of the Financing
	“SD”	 	
means the amount of the Subordinated Deposit

	B.	 	On each Transaction Date which is not a Transfer Date, during any Temporary Redemption
Period, the amount of the Complementary Deposit shall be calculated pursuant to Clause 33.2.
	 
	33.2	 	Amount of the Complementary Deposit during the Redemption Period

On each Transaction Date which is not a Transfer Date, during any Temporary Redemption Period and
during the Redemption Period, the amount of the Complementary Deposit shall be calculated as follows:

	 	 	CD(if) = max [0 ;
CD(io) – CS(if) – max [0 ;
– (F(io) – PS(if))]]
	 
	33.3	 	Change in the Complementary Deposit
	 
	A.	 	On each Transfer Date, during the Replenishment Period, the Complementary Deposit shall
record a change, positive, negative or null, equal to:
	 
	 	 	CD(if) - CD(io)

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GMRTSA Update

	B.	 	On each Transaction Date which is not a Transfer Date, during any Temporary Redemption
Period and during the Redemption Period, the reduction, if any, of the Complementary Deposit
shall be equal to the Complementary Share of the Collections effectively collected by the
Transferee increased, as the case may be, by the residual amount of the Principal Share of the
Collections after repayment in full of the Financing.
	 
	34.	 	Cash Collateral

The Originators and the Depositor irrevocably agree that the Deposits created pursuant to the provisions
of this Agreement, the amount of which may vary in respect of any Increases and the Releases of the
Deposits, shall be applied as cash collateral to the benefit of the Transferee, to secure timely and full
payment of all sums that may be owed by the Originators to the Transferee under this Agreement
(including sums owed from the Debtors which shall be repaid by the Originators to the Transferee
pursuant to this Agreement).

	35.	 	Increase of the Cash Collateral

In the case of any Increase of the Cash Collateral in accordance with Clause 32 and 33, the Parties
agree that the Depositor, on the Transferee’s request, shall increase the Cash Collateral by crediting the
Transferee’s Account with the required amount thereof.

	36.	 	Release of the Cash Collateral
	 
	A.	 	On each Transaction Date upon which a Release of the Cash Collateral is to occur pursuant to
Clauses 32 and 33, the Cash Collateral shall be released, in full or in part, by the Transferee to
the Depositor limited to the amounts corresponding to the Debtor Payments already repaid by the
Originators to the Transferee.
	 
	B.	 	The Release of the Cash Collateral, in full or in part, shall be subject to the payment in full of the
amounts secured thereunder as specified in Clause 34. In the event of the non-payment of any
such amount, the non-paid amount to be repaid under a Release of the Cash Collateral to be
performed shall be reduced by such amount.
	 
	C.	 	The Parties hereby acknowledge that the Transferee shall carry out any Release of the Cash
Collateral by merely crediting the Depositor’s Account of the amount of such Release.
	 
	37.	 	Immobilization Fee
	 
	A.	 	On each Transaction Date up to and including the Redemption Date, notwithstanding the
occurrence of any Event of Default, in remuneration for the Deposits, the Transferee shall pay the
Depositor, by crediting the Depositor’s Account, an Immobilization Fee equal to the Synthetic
Period Rate applicable on such date multiplied by the respective amount of each Deposit on the
preceding Transaction Date.
	 
	B.	 	On each Transaction Date after the Redemption Date (excluded), notwithstanding the occurrence
of an Event of Default, in remuneration for the Deposits, the Transferee shall pay the Depositor,
by crediting the Depositor’s Account, an Immobilization Fee equal to the Synthetic Period Rate
applicable on the Redemption Date multiplied by the respective amount of each Deposit on the
preceding Transaction Date.

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GMRTSA Update

	C.	 	The Immobilization Fee shall be computed on the basis of the exact number of days in each Fee
Computation Period, adjusted to a 360-day year, and shall be payable on the Transaction Date
relating to the end of such Fee Computation Period.

PART VIII. REPRESENTATIONS AND WARRANTIES - COVENANTS

	38.	 	Representations and Warranties
	 
	38.1	 	From the Originators

Each Originator hereby makes the following Representations and Warranties to the Transferee in the
form of an independent guarantee (selbstandige Garantie) and accepts that the following
Representations and Warranties shall be deemed to be reiterated according to Clause 38.3:

	(i)	 	such Originator is a company duly organized and validly existing under the law of its place of
incorporation;
	 
	(ii)	 	such Originator has the capacity to carry on its business, to own all of the assets referred to on
its balance sheet, to enter into this Agreement and to perform its obligations thereunder;
	 
	(iii)	 	no authorization except those already obtained by such Originator is required to execute the
Agreement;
	 
	(iv)	 	the execution of this Agreement and the performance of the Originator’s obligations thereunder
do not violate any provision of its articles of association (Satzung) and other constitutional
documents or any provision, in particular concerning restrictions on the transfer of receivables
or any negative pledges, of any agreement or undertaking to which it is a party or by which it is
bound, and does not in any manner violate the statutes and regulations applicable to it;
	 
	(v)	 	such Originator’s obligations arising from this Agreement are binding upon it and enforceable
in accordance with their terms;
	 
	(vi)	 	the payment of any sums due or to be paid to the Transferee under this Agreement does not
require any authorization that has not already been obtained;
	 
	(vii)	 	all financial documents provided by such Originator to the Transferee are true and accurate;
	 
	(viii)	 	such Originator conducts its business in all material respects in accordance with all applicable
laws and regulations;
	 
	(ix)	 	no claim has been raised, or, to such Originator’s knowledge, is intended to be raised against it,
which may prevent or prohibit the performance of this Agreement or of its obligations
thereunder, or which may constitute a Material Adverse Effect;
	 
	(x)	 	no event has occurred since the closing date of its last fiscal year which may have a Material
Adverse Effect;
	 
	(xi)	 	it proves to be technically possible to run each and any Statement and any Portfolio Files so
that this does at no time prevent the Transferee from identifying any Transferred Receivable or
information related thereto contained in such Statement or Portfolio Files, regardless of the date
of transfer of such Transferred Receivable;

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	(xii)	 	on each Transaction Date, the Transferable and Transferred Receivables comply with the
Warranties of Compliance;
	 
	(xiii)	 	the Guarantor controls directly or indirectly 100% of such Originator’s share capital or voting
rights;
	 
	(xiv)	 	save for the effects against the relevant Debtor, which depend on notice to, or acceptance by,
such Debtor, the assignment of each Receivable in the manner herein contemplated will:

	 	-	 	constitute a valid and binding assignment between the Originator and the Transferee;
	 
	 	-	 	transfer in accordance herewith, the legal and economic title of such Receivable (and any
Collections in respect thereof) to the Transferee without notice of such assignment being
served upon the relevant Debtor and so that such Receivables (and any Collections) will not
form part of the Originator’s insolvency estate; and
	 
	 	-	 	be effective to pass to the Transferee full and unencumbered title to the Receivable and the
benefit thereof (including in such context, any Collections and other rights in connection
therewith such as related security),
	 
	 	-	 	and no further act, condition or thing will be required to be done in connection therewith to
enable the Transferee to require payment of any such Receivable or the enforcement of any
such right in the courts of Germany.

	(xv)	 	the underlying Commercial Contract is governed by German law and is valid and enforceable
against the relevant Debtor in accordance with its terms and fully performed by such
Originator;
	 
	(xvi)	 	each sale and transfer will be effected at arm’s length, within the ordinary course of business of
the Originator, and will not result in any kind of fraudulent preference;
	 
	(xvii)	 	any transaction hereunder is in accordance with the German Data Protection Act (Bundes-
Datenschutzgesetz) and with any and all other applicable laws relating to the protection of data
relating to Debtors;
	 
	(xviii)	 	no Event of Default or Potential Event of Default has occurred or is existing and is continuing;
	 
	(xix)	 	such Originator has performed all its obligations under each of the Commercial Contracts and
there exist no circumstances as at this date or the relevant Transfer Date in which any Debtor
could exercise a right of set-off under the relevant Commercial Contract;
	 
	(xx)	 	no Originator is in any insolvency, administration, suspension of payments, liquidation,
receivership or any such other proceeding; no petition has been presented for the entering into
an insolvency procedure nor for the making of an administration order in relation to such
Originator and no receiver, administrative receiver, administrator or receiver and manager has
been appointed in relation to such Originator; and
	 
	(xxi)	 	such Originator has obtained from any supplier who has supplied goods which are the basis for
any Transferred Receivable the authority to collect such Transferred Receivable and no ERoT
Event has occurred and is continuing.
	 
	38.2	 	From the Depositor

The Depositor hereby makes, to the Transferee, (a) the Representations and Warranties set forth under
Clauses 38.1 (i) to (x), which shall apply to the Depositor mutatis mutandis and, in addition, (b)

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represents and warrants that the Parent Company controls directly or indirectly 100% of its share
capital or voting rights and the Depositor accepts that the Representations and Warranties referred to in
(a) and (b) above shall be deemed to be reiterated according to the provisions set out under Clause 38.3.

	38.3	 	Reiteration

Each of the Representations and Warranties of Clauses 38.1 and 38.2 shall be deemed to be reiterated
by each Originator and the Depositor, respectively on each Transaction Date. These Representations
and Warranties shall remain in full force and effect until repayment in full of the Financing.

	39.	 	Covenants

Until the Agreement Termination Date, each Originator and the Depositor, undertake(s):

	(i)	 	to provide the Transferee:

	 	-	 	as soon as possible but no later than (i) on August 31, 2003 with respect to the fiscal year
2002 and (ii) on July 31, 2004 with respect to the fiscal year 2003 and (iii) on July 3 1 of
each following year with respect to the respective immediately preceding fiscal year (A)
with its most recent annual accounts (balance sheet, profit and loss account and notes
thereto) as published and certified by its statutory auditors together with the unqualified
auditor’s opinion relating thereto and (B) with the report of its managing directors relating
thereto and the minutes of the annual meeting of its shareholders approving the said
accounts, no later than thirty days following the said annual meeting;
	 
	 	-	 	within (10) ten working days from its shareholders’ approval of the annual accounts at the
latest, with an annual solvency certificate from its statutory auditors in the form of
Schedule 11B;
	 
	 	-	 	as soon as possible but no later than 90 days after the end of each fiscal year of the
Guarantor with respect to the immediately preceding fiscal year, with the most recent
consolidated audited annual accounts of the Guarantor prepared in accordance with US
GAAP; and
	 
	 	-	 	as soon as possible with any information on the Receivables and the Debtors;
	 
	 	-	 	as soon as possible with any other information, reports or statements which the Transferee
may at any time reasonably request;

	(ii)	 	to request promptly all authorizations as may be necessary for the performance of its obligations
under the Agreement;
	 
	(iii)	 	upon knowledge by such Originator or the Depositor that a Potential Event of Default or an
Event of Default has occurred, to notify promptly the Transferee thereof;
	 
	(iv)	 	to conduct its business in compliance with all applicable laws and regulations;
	 
	(v)	 	not to modify its corporate purpose or its legal form in a way which may have a Material Adverse
Effect;
	 
	(vi)	 	to inform the Transferee of any reorganization under which the Parent Company would no longer
hold, directly or indirectly, at least 51% of the share capital or voting rights of the Depositor or
such Originator;
	 
	(vii)	 	as to each Originator only:

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	 	-	 	to remit to the Transferee’s Account, upon each Transaction Date all Collections relating
to the last Collection Period terminated before such Transaction Date;
	 
	 	-	 	upon the Transferee’s reasonable request and subject to reasonable prior written notice
thereof by the Transferee, to allow the Transferee to carry out or to commission any expert
appraisal or audit (in all cases, at the Originator’s expense and up to a maximum amount
of EUR 15,000 per Originator per year; if the expenses actually incurred exceed such
amount, the respective Originator and the Transferee shall negotiate in good faith whether
such expenses were incurred in a prudent manner so that it is appropriate for the full
amount to be borne by such Originator) in respect of the Transferable and the Transferred
Receivables originated by such Originator and its Management Procedures;
	 
	 	-	 	to maintain an adequate level of insurance coverage, as required by law or normally taken
out in its business sector;
	 
	 	-	 	to save all data relating to the Transferred Receivables as recorded in any Statement or any
of the Portfolio Files delivered to the Transferee on each Information Date for a period of
at least six years after the Transfer Date relating to such Information Date as required by
Section 257 of the German Commercial Code (Handelsgesetzbuch);
	 
	 	-	 	to immediately inform the Transferee if any of such Originator’s suppliers has withdrawn
the authority of such Originator to collect Transferred Receivables which are the subject of
an Extended Retention of Title Clause.

PART IX. EVENTS OF DEFAULT

	40.	 	Events of Default and Termination of the Transferee’s Commitment
	 
	40.1	 	General Events of Default

Each of the following Events of Default shall constitute a General Event of Default:

	(i)	 	any failure by any Originator or the Depositor to make any due payment under this Agreement
unless its failure to pay is caused by administrative or technical error and such payment is made
within three (3) Business Days of its due date;
	 
	(ii)	 	any default by any Originator or the Depositor, other than specified in paragraph (i) above, of
any of their covenants or obligations under this Agreement provided that no Event of Default
under this paragraph will occur if the failure to comply is capable of remedy and is remedied
within five (5) Business Days of the occurrence date of the default;
	 
	(iii)	 	any of the Representations and Warranties of any Originator or of the Depositor pursuant to
Clause 38, or any information contained in any document delivered by any Originator or the
Depositor to the Transferee under this Agreement is found to be inaccurate in any material
respect at the date upon which it was made or delivered;
	 
	(iv)	 	any Originator or the Guarantor or the Depositor is subject to a voluntary dissolution or
Insolvency Proceedings;
	 
	(v)	 	the Parent Company has ceased to hold, directly or indirectly, at least 51 % of the issued share
capital or voting rights of any Originator or the Depositor;

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	(vi)	 	any event which shall have a Material Adverse Effect;
	 
	(vii)	 	the validity of this Agreement or of any transfer of Transferred Receivables is successfully
challenged before a court of law;
	 
	(viii)	 	the Guarantor is in breach of its Financial Covenants (as defined under each of the US
Guarantees) or any of the US Guarantees ceases to be effective in accordance with its terms; and
	 
	(ix)	 	the amount of the Financing is at any time after the first Transaction Date below EUR
35,000,000.
	 
	40.2	 	Receivables Trigger Events

The occurrence of any Receivables Trigger Event shall constitute an Event of Default.

	40.3	 	ERoT Events
	 
	40.3.1	 	The occurrence of any ERoT Trigger Event (as defined in Schedule 8 Part 3) shall constitute an
Event of Default.
	 
	40.3.2	 	The occurrence of any of the following events shall constitute an “ERoT Withdrawal Event”
and an Event of Default:

	 	(a)	 	any of the suppliers (each, a “Withdrawing Supplier”) of any Originator notifies such
Originator that its authority to collect Receivables which are subject to an Extended
Retention of Title Clause is withdrawn (each, a “Supplier Withdrawal”);
	 
	 	 	 	provided that no ERoT Withdrawal Event shall be deemed to have occurred, if, during the
related Consultation Period:

	 	(A)	 	within a period of three (3) Business Days from the receipt by the relevant
Originator of notice of a Supplier Withdrawal:

	 	(i)	 	the respective Originator provides evidence reasonably satisfactory to the
Transferee that it (1) has no accounts payable outstanding to such
Withdrawing Supplier and (2) commits to have no accounts payable
outstanding with respect to such Withdrawing Supplier at any time until the
end of the related Consultation Period; or
	 
	 	(ii)	 	the respective Originator (1) has paid an amount equal to the aggregate
amount of all accounts payable outstanding to such Withdrawing Supplier
into an escrow account held by the Transferee and (2) commits to pay into
such escrow account on a daily basis until the end of the related Consultation
Period an amount equal to the aggregate amount of all accounts payable
which fall due on such day and (3) has granted to the Transferee the authority
to, upon consultation with such Originator, dispose of the funds held in such
account in order to discharge such accounts payable;

	 	and	 	 
	 
	 	(B)	 	any of the following measures has been taken during the related Consultation Period:

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	 	(i)	 	the Financing has been reduced to zero and all other obligations of the
Originators, the Depositor and the Guarantor hereunder have been fulfilled; or
	 
	 	(ii)	 	the relevant Originator has provided evidence reasonably satisfactory to the
Transferee that the Withdrawing Supplier has re-granted such Originator’s
authority to collect Receivables which are subject to an Extended Retention of
Title Clause; or
	 
	 	(iii)	 	the relevant Originator has provided evidence reasonably satisfactory to the
Transferee that it is able to identify Receivables which are subject to the
Extended Retention of Title Clause imposed by the Withdrawing Supplier and
to ensure that such Receivables are not offered to the Transferee.

	 	 	During such Consultation Period,

	 	(i)	 	if any Transaction Date occurs, the Transferee shall not be obliged to purchase any
Transferable Receivables at such Transaction Date; and
	 
	 	(ii)	 	the Transferee, in its capacity as pledgee under the Collection Accounts Pledge
Agreement, shall at any and all times be entitled to serve a Stop Drawing Notice in
the form of Schedule 2 to the Collection Accounts Pledge Agreement (with a copy to
all Originators).

	 	 	If the measures set forth under (A) (i) or (ii) and (B) (i) or (ii) or (iii) have been taken in
accordance with the terms of such provisions, the Transferee shall at the end of the relevant
Consultation Period (i) confirm the remedy of the respective Supplier Withdrawal by a
letter to the respective Originator substantially in the form of Schedule 18A and (ii)
withdraw the Stop Drawing Notice by a letter substantially in the form of schedule 3 to the
Collection Accounts Pledge Agreement; provided that none of the actions mentioned in (i)
and (ii) above shall prevent the Transferee to enforce any of its other rights and remedies
pursuant to this Agreement.
	 
	(b)	 	a Supplier Withdrawal by a Non-Relevant Supplier has occurred, however, such Supplier
Withdrawal is not deemed to constitute an ERoT Withdrawal Event pursuant to Clause
40.3.2 (a) (A) and (B) above, and at any time within the Consultation Period starting from
the notice of the occurrence of such Supplier Withdrawal, an additional Supplier
Withdrawal is notified to any Originator by any Non-Relevant Supplier; and

	 	(A)	 	any of the requirements set forth under Clause 40.3.2 (a) (A) and (B) has not been
fulfilled during the new Consultation Period with respect to the additional Supplier
Withdrawal; or
	 
	 	(B)	 	after the end of such new Consultation Period, the managing directors of such
Originator have not issued a certificate in the form as set forth in Schedule 12B.

	 	 	During such new Consultation Period,

	 	(i)	 	if any Transaction Date occurs, the Transferee shall not be obliged to purchase any
Transferable Receivables at such Transaction Date; and

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	 	(ii)	 	the Transferee, in its
capacity as pledgee under the Collection
Accounts Pledge Agreement, shall at any and all
times be entitled to serve a Stop Drawing
Notice in the form of Schedule 2 to the
Collection Accounts Pledge Agreement (with a
copy to all Originators).

	 	 	 	If such second Supplier Withdrawal is deemed not to
constitute an ERoT Withdrawal Event pursuant to (A)
and (B) above, the Transferee shall at the end of
the second Consultation Period (i) confirm the
remedy of the respective Supplier Withdrawal by a
letter to the respective Originator substantially in
the form of Schedule 18A and (ii) withdraw the Stop
Drawing Notice by a letter substantially in the form
of schedule 3 to the Collection Accounts Pledge
Agreement; provided that none of the actions
mentioned in (i) and (ii) above shall prevent the
Transferee to enforce any of its other rights and
remedies pursuant to this Agreement.
	 
	 	(c)	 	(i) a Supplier Withdrawal has
occurred, however, such Supplier Withdrawal is not
deemed to constitute an ERoT Withdrawal Event
pursuant to Clause 40.3.2 (a) (A) and (B) above,
and (ii) at any time within the Consultation Period
starting from the notice of the occurrence of such
Supplier Withdrawal, an additional Supplier
Withdrawal is notified to any Originator by any
supplier and (iii) (aa) either the first Supplier
Withdrawal or the additional Supplier Withdrawal
was made by a Relevant Supplier or (bb) at any time
within the Consultation Period starting from the
notice of the occurrence of such additional
Supplier Withdrawal, a third Supplier Withdrawal is
notified to any Originator by any supplier; and
	 

	 	(A)	 	any of the requirements
set forth under Clause 40.3.2 (a) (A) and (B) has
not been fulfilled during the new Consultation Period with
respect to the second Supplier Withdrawal; or
	 

	 	(B)	(i)	 after the end of a three months period
following the commencement of such
new Consultation Period, the Transferee in
its reasonable opinion having conducted a
credit audit of the relevant Originator
and/or the Guarantor decides that a material
deterioration of the business or the
financial condition of such Originator or the
Guarantor has occurred; unless
	 

	 	(ii)	 	within three (3)
Business Days upon notice of (i) being
served on the Depositor with a copy to
Ingram Micro Coordination Center
BVBA/Sprl., the Originators have exercised
in their absolute discretion the option to
make a Retransfer Offer with respect to all
Transferred Receivables and have made the
respective Retransfer Payment.
	 

	 	During the three months period mentioned in (B) (i) above,
	 
	 	(i)	 	if any Transaction Date
occurs, the Transferee shall not be obliged to
purchase any Transferable Receivables at such
Transaction Date and Clause 40.1 (ix) shall not
be applicable during such three months period;
and
	 
	 	(ii)	 	the Transferee, in its
capacity as pledgee under the Collection
Accounts Pledge Agreement, shall at any and all
times be entitled to serve a Stop Drawing
Notice in the form of Schedule 2 to the
Collection Accounts Pledge Agreement (with a
copy to all Originators).

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	 	 	 	If such second Supplier Withdrawal is deemed not to
constitute an ERoT Withdrawal Event pursuant to (A)
and (B) above, the Transferee shall at the end of
the three months period mentioned in (B) (ii) above
(i) confirm the remedy of the respective Supplier
Withdrawal by a letter to the respective Originator
substantially in the form of Schedule 18B and (ii)
withdraw the Stop Drawing Notice by a letter
substantially in the form of schedule 3 to the
Collection Accounts Pledge Agreement; provided that
none of the actions mentioned in (i) and (ii) above
shall prevent the Transferee to enforce any of its
other rights and remedies pursuant to this
Agreement.

	40.3.3	 	If (i) an ERoT Withdrawal Event has occurred because
the measures set forth in Clause 40.3.2 (a) (A) have
not been fulfilled and (ii) any insolvency or similar
proceeding has been commenced with respect to the
Guarantor or the Guarantor is in a stoppage of payment
situation, an amount equal to three times the aggregate
amount of accounts payable outstanding to the relevant
Withdrawing Supplier shall be transferred from the
Complementary Deposit to the Subordinated Deposit.
	 
	40.4	 	Issuer Event of Default

Each of the following events shall constitute an Issuer Event of
Default:

	(i)	 	any or all Liquidity Bank(s) has(ve)
notified the Issuer of Reference its intention to
partially renew or its intention not to renew its
commitment under the Liquidity Agreement (the
Transferee hereby undertaking to inform the Depositor
and each Originator of such non renewal or partial
renewal upon becoming aware of the same), provided that
no Issuer Event of Default shall be deemed to have
occurred if upon notice of such non renewal or partial
renewal, the Issuer of Reference and each relevant
Liquidity Bank have found an alternative solution
within a 20-Business Day period following the above
mentioned notice (such alternative solution being
subject to the confirmation by the Rating Agency that
the current rating of the Notes issued by the Issuer of
Reference is not likely to be challenged because of
such solution and including, but not being limited to,
the reduction of each relevant Liquidity Bank’s maximum
amount of commitment or the replacement of each
relevant Liquidity Bank);
	 
	(ii)	 	the Issuer of Reference becomes unable
to issue Notes (other than as as a result of the
occurrence of an event of market disruption); or
	 
	(iii)	 	the rating of the Notes issued by the
Issuer of Reference is withdrawn or downgraded below
the rating granted to such notes as of the date hereof.
	 
	41.	 	Remedies upon the Occurrence of an
Event of Default or a Termination of the Transferee’s
Commitment
	 
	41.1	 	Voluntary Early Termination

By written notice to the Depositor and the Originators, the
Transferee may (but is not obliged to) declare the
termination of this Agreement following the occurrence of:

	 	(a)	 	any General Event of Default
(other than the General Events of Default listed in
Clause 40.1) upon the termination of the grace period
specified for such General Event of Default
in Clause 40.1, if any; or
	 
	 	(b)	 	any ERoT Event, in accordance with the terms of Clause
40.3.

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In any of the above cases, the Final Transfer Date shall be
either (i) the date indicated by the Transferee to the
Depositor and the Originators in the above mentioned notice,
or (ii) failing such indication, the first Transaction Date
following the date of receipt by the Depositor and the
Originators of the above mentioned notice. The provisions of
this Agreement concerning the Redemption Period shall apply
as of the Final Transfer Date, as determined in this Clause
41.1.

	41.2	 	Mandatory Early Termination without Consultation Period

Upon the occurrence of any General Event of Default set out
in Clause 40.1(i), Clause 40.1(iv), Clause 40.1(vi), Clause
40. l(vii), or Clause 40.1(viii) or any Receivables Trigger
Event, the Transferee shall serve a written notice to the
Originators and the Depositor, declaring the termination of
this Agreement. In this case, the Final Transfer Date shall
be the first Transaction Date following the date of
reception of the notification by the Originators and the
Depositor, and the provisions of the Agreement concerning
the Redemption Period shall apply as of the Final Transfer
Date, as determined in this Clause 41.2.

	41.3	 	Mandatory Early Termination with Consultation Period
	 
	(A)	 	Upon the occurrence of any Issuer Event of
Default or any Collections Trigger Event or ERoT
Trigger Event, the Transferee and the Originators shall
consult with one another and endeavor in
good faith, during the duration of a Consultation Period
starting from the occurrence of such
Issuer Event of Default or Collections Trigger Event or
ERoT Trigger Event, to find a solution
mutually acceptable to the Parties.
	 
	(B)	 	If another Transaction Date occurs during
this Consultation Period, the Transferee shall not be
obliged to purchase any Transferable Receivables at that
Transaction Date, and the provisions
under this Agreement applying to any Temporary Redemption
Period and Redemption Period
shall take effect.
	 
	(C)	 	If an agreement is reached on the
alternative solution within this Consultation Period,
this
solution shall be applied by the Parties on the date upon
which they have agreed.
	 
	(D)	 	If an agreement cannot be reached within
this Consultation Period and if such Issuer Event of
Default or Collections Trigger Event or ERoT Trigger Event
is continuing at this date, the
Transferee shall serve notice to the Originators of
the termination of the Transferee’s
Commitment. Upon termination of the Transferee’s
Commitment pursuant to the foregoing
provision, the Final Transfer Date shall be the first
Transaction Date following the date of
acknowledgement of receipt by the Originators of the above
mentioned termination notice, and the
provisions of the Agreement concerning the Redemption
Period shall apply on this date.

PART X. MISCELLANEOUS

	42.	 	Payments and Currency for Payments

For the purpose of making the payment of all sums due under
this Agreement, the Originators and the Transferee expressly
agree to use exclusively the following bank accounts:

	(i)	 	the Collection Accounts;
	 
	(ii)	 	the Transferee’s Account; and
	 
	(iii)	 	the Depositor’s Account.

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Any Debtor Payments shall be directed by the Originators to the Collection
Accounts in accordance with the Collection Accounts Pledge Agreement. Any
amount due by the Originators to the Transferee shall be credited on the
Transferee’s Account. Any amount due by the Transferee to an Originator shall
be credited on the relevant Originator’s Account. The payment of indemnity
amounts, expenses and charges, as are payable in accordance with this
Agreement, shall be made in Euros.

	43.	 	Waiver
	 
	For so long as the Financing has not been irrevocably repaid in full, each
Originator shall waive the right to effect any set-off between any amount owed
by it to the Transferee pursuant to this Agreement and any amount which is owed
to it by the Transferee, in any respect whatsoever to the extent permitted by
applicable law, even if the reciprocal claims are certain, liquid and due and
payable, or related claims.
	 
	44.	 	Late payment Interests
	 
	A.	 	In the event that an Originator fails to pay the Transferee any sum
whatsoever owed under this
Agreement on the day it is due and payable, the relevant Originator shall
pay the Transferee, to
the extent permitted by applicable law, late payment interests computed
over the period between
the due date and the actual date on which said sum is paid, at a rate of
interest per annum equal
to EONIA + 1.00%.
	 
	B.	 	Late payment interests shall be owed even if the Transferee did not
declare the termination of this
Agreement pursuant to Clause 40. Late payment interests shall not be
exclusive of payment of a
compensation to remedy certain and specific damages suffered by the
Transferee, in accordance
with the provisions of Clause 42.
	 
	45.	 	Taxes
	 
	A.	 	Any amount which should be paid or remitted by an Originator in favor of
the Transferee under
this Agreement shall be made net of any deduction or withholding (with the
exception of
corporate income tax), unless the relevant Originator is required to make
said deduction or
withholding, in which case, to the extent permitted by law, the relevant
Originator shall increase
the amount to be paid or remitted to the Transferee such that following
said deduction or
withholding, the Transferee shall receive a net amount (free of any
deduction or withholding of
tax) which is equal to what it would have received had there been no such
deduction or
withholding.
	 
	B.	 	In the event and to the extent of any taxes, duties or charges becoming
due, being imposed upon
or otherwise becoming attributable to or payable by the Transferee (i) in
Germany (in particular any trade tax (Gewerbesteuer)) by whatever reason in connection with this
Agreement or (ii) in
connection with the transactions contemplated hereby or (iii) in connection
with the income
derived hereunder or thereunder or (iv) in connection with the refinancing
by the Transferee of the
purchase of Transferred Receivables hereunder or (v) otherwise or in
connection with their
collection or realisation, the Originators shall pay such additional
amounts to the Transferee
which are required to ensure that the Transferee finally is able to fulfil
its tax payment obligations and therefore receives, and is able to retain at any time for its free
disposal in full an unreduced
amount being equal to the aggregate of all amounts collected in relation to
Transferred Receivables.

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	C.	 	If the applicable laws do not permit the aforementioned increase to be
made, the Transferee and
the relevant Originator shall consult with one another in the shortest
possible time and endeavor
in good faith to find a solution mutually acceptable to the Parties.
	 
	D.	 	If such an agreement cannot be reached within 30 calendar days following
the effective date of
said levy, deduction or withholding of tax, the Final Transfer Date shall
be deemed to have
occurred on the 30th calendar day following the effective date of said levy, deduction or
withholding of tax.
	 
	46.	 	Change in Circumstances
	 
	A.	 	If, as a result of:

	(a)	 	any new law, regulation, directive or any amendment to any law,
regulation or directive or
any change in the manner it is interpreted by a governmental
authority responsible for its
enforcement; or
	 
	(b)	 	any compliance by the Transferee (or its parent company) with a
recommendation or

regulation of a competent central bank or any other financial,
monetary or other authority
(including but not limited to a recommendation or regulation
affecting the capital adequacy
requirements applicable to the Transferee (or its parent company) in
light of its obligations
and such amounts as are owed to it under this Agreement);

	B.	 	  (a)    the Transferee (or its parent company):

	 	(i)	 	incurs a cost as a result of granting, financing or
maintaining the Transferee’s Commitment; or
	 
	 	(ii)	 	suffers an increase in the cost of granting,
financing or maintaining the Transferee’s Commitment; or
	 
	 	(iii)	 	is compelled to make any payment whatsoever or to
waive any return based on or computed by reference to the gross
amount of those sums of any kind which it has received or is
entitled to receive from the Originators pursuant to this
Agreement; or

	(b)	 	any amounts payable to the Transferee under this Agreement or
any related documents is
reduced or any regulatory capital adequacy requirements, as imposed
on the Transferee (or
its parent company) as the result of the Transferee entering into
this Agreement and any
transactions contemplated thereby, is increased;
	 
	(c)	 	it becomes impossible for the Originators to fulfil their
respective obligations pursuant to
this Agreement; or
	 
	(d)	 	it becomes unlawful for the Transferee (or its parent company)
to maintain or give effect to
its obligations as contemplated in this Agreement or impossible for
the Transferee to
maintain the Transferee’s Commitment; or
	 
	(e)	 	any new condition is imposed on the Transferee (or its parent
company) in respect of this
Agreement;

	C.	 	then in each of those cases:

	(a)	 	the Transferee shall give the Originators written notice of that event;
and
	 
	(b)	 	the Transferee shall be entitled to claim from the Originators payment
of compensation for

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BNP / Ingram
	HENGELER MUELLER	 	
GMRTSA Update

	 	 	the entire term of this Agreement in an amount sufficient to
compensate the Transferee (or its parent company, respectively) for
said incurred costs, reduction, payment or relinquishment of any
return actually borne by the Transferee (or its parent company,
respectively) and which arose subsequent to the date of receipt by
the Originators of the above-mentioned notification; or

	 	 	provided that (i) if the Originators contest the amount of the
compensation claimed by the Transferee, the Transferee and the Originators
shall promptly consult with one another within a 30-calendar day period
during which each Party endeavors in good faith to find a solution
mutually acceptable to the Parties; and (ii) if the Parties are unable to
reach agreement by the end of that 30-calendar day period, the Originators
shall pay the amount of the compensation as determined by the Transferee
and the Final Transfer Date shall be deemed to have occurred on the last
calendar day of the consultation over the said 30-calendar day period.

	D.	 	The Transferee hereby undertakes to give the Originators written
notice of its becoming aware of any possibility of the occurrence of any
event described in paragraph A of this Clause.
	 
	47.	 	Expenses

The Originators shall reimburse the Transferee, upon duly justified written
request of the Transferee, all reasonable and documented expenses (including
court and lawyers’ costs and fees) arising from any modification to this
Agreement and from any protection or enforcement of the rights of the
Transferee under this Agreement.

	48.	 	Sub-contracting and Substitution
	 
	A.	 	Each Party shall have the right to add or appoint a third party to assist
it in the performance of
certain tasks, provided that it has so informed the other Parties and the
Rating Agency.
	 
	 	 	In addition, each Party shall have the right to nominate a third party to
replace it in the performance of certain tasks, provided that:

	 	(i)	 	it has so informed the other Parties, or, concerning the
Originators, it has obtained the prior approval of the Transferee;
	 
	 	(ii)	 	it shall remain responsible for the proper performance of its
obligations in accordance with Section 278 of the German Civil Code
and the third party expressly waives any contractual recourse
against the other Parties, unless the Agreement expressly provides
for the contrary;
	 
	 	(iii)	 	the third party undertakes to perform all of the obligations
to which the said Party is subject under the Agreement.

	B.	 	The Transferee has appointed BNP Paribas to act in its name and on its
behalf in all matters
relating to this Agreement and, in that capacity, to perform all of its
obligations under this
Agreement. BNP Paribas shall only be accountable to the Transferee for the
performance of its
duties and obligations under this Agreement, and shall not be accountable
to any third party or
anyone else whosoever, and shall only be liable for gross negligence and
willful misconduct.
	 
	49.	 	Confidentiality

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	HENGELER MUELLER	 	
GMRTSA Update

Each Party undertakes to treat any and all information that comes to its
knowledge concerning the other Party as confidential.

This undertaking shall not:

	(i)	 	prevent the transmission of any information to supervisory authorities,
statutory auditors, legal advisers, tax authorities, the Rating Agency,
the Issuer of Reference or any other entities appointed pursuant to
Clause 48;
	 
	(ii)	 	preclude the possibility of any Party using any information to protect or
enforce its rights under the Agreement, notably by bringing any legal
action.

This confidentiality undertaking shall remain in effect for three (3) years
from the Agreement Termination Date.

	50.	 	Benefit of the Agreement

The benefit of this Agreement shall not be transferred to any third party
without the prior written consent of any Party.

	51.	 	Notices, Communication and Documents

	51.1.	 	Addresses

Unless otherwise subsequently notified to each of the Parties on the following
terms, all notices, communication and documents in connection with this
Agreement shall take effect as of the date that it is received, and shall be
transmitted by way of registered mail with acknowledgment of receipt
requested, or by facsimile, to:

	(i)	 	The Originators:

	 	 	 	 
	 	Ingram Micro Distribution GmbH
	 	 
	 	 
	 	 
	 	Title:

	 	
	 	For the attention of:

	 	
	 	 
	 	 
	 	Mail to:

	 	
	 	 
	 	 
	 	Address:

	 	
	 	Fax:

	 	
	 	Tel:

	 	
	 	E-mail:

	 	
	 	 
	 	 
	 	Compu-Shack-Electronic GmbH
	 	 
	 	 
	 	 
	 	Title:

	 	
	 	For the attention of:

	 	
	 	 
	 	 
	 	Mail to:

	 	

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BNP / Ingram
	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 	 
	 	Address:

	 	
	 	Fax :

	 	
	 	Tel:

	 	
	 	E-mail:

	 	

	(ii)	 	The Depositor:

	 	 	 	 
	

	Ingram Micro Holding GmbH	 	 
	 
	 	 	 
	

	Title:
	 	
	

	For the attention of:
	 	
	 
	 	 	 
	

	Mail to:	 	 
	 
	 	 	 
	

	Address:
	 	
	

	Fax:
	 	
	

	Tel:
	 	
	

	E-mail:
	 	
	 
	 	 	 

	(ii)	 	The Guarantor (Ingram Micro Inc.):

	 	 	 	 
	 	Title:
	 	
	 	For the attention of:
	 	
	 	Title:
	 	
	 	For the attention of:
	 	
	 	 	 	 
	 	Address:
	 	
	 	Fax:
	 	
	 	Tel:
	 	
	 	E-mail:
	 	
	 	 	 	

	(iii)	 	The Transferee (BNP Bank N.V. represented by BNP Paribas):

	 	 	 	 
	

	Address:
	 	
	

	Fax:
	 	
	

	Tel:
	 	
	

	E-mail:
	 	
	 
	 	 	 
	

	For the attention of:
	 	

In addition, a copy of any notice, communication or document in connection with
this Agreement shall be automatically and simultaneously sent to Ingram
European Coordination Center N.V./S.A. at the following address:

	 	 	Ingram Micro Coordination Center BVBA/Sprl.:

	 	 	 	 
	 	Title:

	 	

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BNP / Ingram
	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 	 
	 	For the attention of:

Title:

For the attention of:

	 	 
	 	 
	 	 
	 	Address:

	 	 
	 	Fax :

	 	 
	 	Tel:

	 	 
	 	E-mail:

	 	 
	 	

	 	 

	51.2.	 	Effectiveness

Unless otherwise mutually agreed by each of the Parties, any notice,
communication or document made or delivered by one person to another under or
in connection this Agreement will only be effective:

	(i)	 	if by way of fax, when received in legible form; or
	 
	(ii)	 	if by way of registered mail with acknowledgement of receipt
requested, when received by the relevant person or officer in charge; or
	 
	(iii)	 	if by way of electronic mail, when received in legible and virus-free
form.
	 
	52.	 	Exercise of Rights

Absent an express waiver, any failure by a Party to exercise its rights under
this Agreement shall not constitute a waiver of those rights.

	53.	 	Language

Any document provided under or in connection with this Agreement, including all
or part of its Schedules, shall be made in English.

	54.	 	Indivisibility
	 
	A.	 	If a provision of this Agreement is or becomes void or ceases to be
effective and enforceable, the
legality, validity or enforceability of any other provision of the
Agreement shall not be affected
thereby. However, the Parties shall modify any provision of the Agreement
which becomes or
ceases to be effective and enforceable, invalid or unenforceable, to the
extent that it is reasonably
possible to modify such provision in order for it to become legal, valid
and enforceable and after
the mutual written consent of the Parties.
	 
	B.	 	If, after the execution of this Agreement, any additional formality
proves to be necessary in
connection with the Agreement or each instrument delivered by any Party
pursuant to its terms,
each Party undertakes to fulfil such formality that another Party may
reasonably request, to the
extent that such formality does not substantially modify its rights and
obligations under the
Agreement.

	55.	 	Governing Law - Jurisdiction - Counterparts

	A.	 	This Agreement shall be governed by, and construed in accordance
with German law if not explicitly provided otherwise in this Agreement.

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	HENGELER MUELLER	 	
GMRTSA Update

	B.	 	Any dispute as to the validity, execution, interpretation or any other
matter arising from this
Agreement shall be subject to the jurisdiction of the District Court
(Landgerichf) in Frankfurt am
Main, Germany.
	 
	C.	 	Each of the US Guarantees shall be governed by the laws of the State of
California and subject to
the jurisdiction of the Courts of the State of California.
	 
	D.	 	This Agreement may be executed (including execution by facsimile) in one
or more counterparts (Ausfertigungen). Each signed counterpart shall constitute an original.

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	HENGELER MUELLER	 	
GMRTSA Update

SCHEDULE 1

Glossary

	 	 	 
	Account Bank

	 	means any bank from time to time party to the Collection Accounts
Pledge Agreement and in the books of which any Collection
Account is opened in the name of the relevant Originator.
	 
	 	 
	Agreement

	 	means this master receivables transfer and servicing agreement
entered into between BNP Bank N.V. as Transferee, Ingram Micro
Distribution GmbH and Compu-Shack-Electronic GmbH as Originators
and Ingram Micro Holding GmbH as Depositor.
	 
	 	 
	Agreement Termination Date

	 	has the meaning ascribed to it under Clause 4.
	 
	 	 
	Back-up Servicer

	 	means BNP Paribas Lease Group or any other authorized entity
which may be appointed by the Transferee to collect the
Transferred Receivables and to replace the Originators in the
event of a termination of the Servicing Mandate and which is not
a competitor of the Ingram Micro Group.
	 
	 	 
	BNP Paribas

	 	means BNP Paribas, a limited corporation organized under French
law, having its registered office at 16, boulevard des Italiens,
75009 Paris, France, duly incorporated under number 662 042 449 RCS Paris.
	 
	 	 
	Billet
de Trésorerie

	 	means a negotiable certificate of indebtedness governed by
Articles L. 213-1 to L. 213-4 of the French Monetary and
Financial Code (Code monétaire et financier) and the Decree n°
92-137 dated 13 February 1992 and subsequent amendments or
additions thereto, issued by the Issuer of Reference.
	 
	 	 
	Billing Amount

	 	means the nominal amount, taxes included, of a Receivable.
	 
	 	 
	Business Day

	 	means any day other than Saturday and Sunday upon which the
interbank market is open in Paris (France), Amsterdam (The
Netherlands), Munich and Koblenz (Germany),
Brussels, (Belgium) and Saint-Helier (Jersey) for the entire day.
	 
	 	 
	Business Day in the US

	 	means any day other than Saturday and Sunday upon which the
interbank market is open in Paris (France) and Los Angeles (USA)
for the entire day.
	 
	 	 
	Calculation Date

	 	means the second Business Day preceding each Transaction Date, upon which the Transferee shall notify the relevant Originator: (i) its acceptance of the Offer made by the relevant Originator on the related Information Date; and (ii) the Financing
Conditions related to such acceptance.
	 
	 	 
	Calculation Period

	 	means the exact number of days in each Fee Computation Period

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	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 
	

	 	for the calculation of the Transfer Fee adjusted to a 360-day year.
	 
	 	 
	Cash Collateral

	 	means the cash collateral created pursuant to the provisions of this
Agreement, the amount of which may vary in respect of the Increase
and the Release of the Cash Collateral in favor of the
Transferee in order to secure the payment of such sums of all kinds
as may be owed by an Originator to the Transferee pursuant to this
Agreement.
	 
	 	 
	Collection Account

	 	means any of the bank accounts of any Originator that will be exclusively dedicated to the collections related to the Transferred
Receivables and is opened in the books of Dresdner Bank AG or any other account bank; provided that such other bank has been notified
in writing to the Transferee, has executed an account pledge agreement substantially in the form of the Collection Accounts
Pledge Agreement and whose short-term debt obligations are rated by the Rating Agencies not lower than P-l.
	 
	 	 
	

	 	At the date hereof, the Collection Accounts are the following
accounts:
	 
	 	 

	 	 	 
	

	-	 means account no.
             opened by Ingram Micro Distribution
GmbH in the books of Dresdner Bank AG,
bank sort 700 800 00; and
	 
	 	 
	

	-	means account no.              opened by Compu-Shack Electronic GmbH
in the books of Dresdner Bank AG,
bank sort code 700 800 00.
	 
	 	 

	 	 	 
	Collection Accounts Pledge Agreement

	 	means the pledge agreement in respect of the Collection Accounts of
the Originators entered into between each Originator as pledger and
the Transferee as pledgee.
	 
	 	 
	Collection Fee

	 	means the collection fee calculated and paid by the Transferee to the
Originators in consideration for the Servicing Mandate
pursuant to Clause 18.1.
	 
	 	 
	Collection Period

	 	means, on a given Statement Date, the period from the
immediately preceding Statement Date, exclusive, to such
Statement Date, inclusive.
	 
	 	 
	Collections

	 	means the sum of all the Debtor Payments, Equivalent Payments and
Retransfer Payments paid by the Originators to the
Transferee.
	 
	 	 
	Collections Trigger Event

	 	means any of the Trigger Event defined as such and disclosed in Schedule 8 (Part 2).
	 
	 	 
	Commercial Contract

	 	means any commercial contract giving rise to a Receivable, such as
entered into by an Originator and an Eligible Debtor within the
meaning of section 354a of the German Commercial Code.
	 
	 	 
	Complementary Deposit

	 	means a deposit made by the Depositor with the Transferee, according
to the provisions set forth under Part VII.
	 
	 	 
	Complementary Share of

	 	means, in connection with each Transaction Date relating to the

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	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 
	the Collections

	 	end of a Collection Period, the product of:
	 
	 	 

	 	 	 
	

	(i)	 the Collections on the Transaction Date
relating to the end of the relevant Collection
Period, and
	 
	 	 
	

	(ii)	1 minus the Principal Ratio established on
the Transaction Date relating to the beginning of
the relevant Collection Period.

	 	 	 
	 
	 	 
	Computed Financing Amount

	 	or “FC” means, on each Transfer Date during the
Replenishment Period, the amount of financing
computed by the Transferee on the related
Calculation Date and equal to:
	 
	 	 
	

	 	FC = NOR / (1 + SDR)
	 
	 	 
	

	 	where:
	 
	 	 

	 	 	 
	

	“SDR”	 means the Subordinated Deposit Rate
on the relevant Transfer Date; and
	 
	 	 
	

	“NOR”	 means the Net Outstanding Receivables
Amount on the relevant Transfer Date.
	 
	 	 

	 	 	 
	Concentration Ratio

	 	means, in respect of any relevant Debtor or Group
of Debtors referred to in Schedule 9 and on a given
Transaction Date, the ratio equal to;
	 
	 	 

	 	 	 
	

	(i)	 the Outstanding Eligible Receivables
Amount relating to such Debtor or Group of Debtors
on such date, divided
by
	 
	 	 
	

	(ii)	the Outstanding Eligible Receivables
Amount relating to all Debtors and Group of Debtors
on such date;
	 
	 	 

	 	 	 
	

	 	as such ratio is determined by the Transferee on
the related Calculation Date on the basis of the
information appearing in the most recent Statement.
	 
	 	 
	Consultation Period

	 	means, for the purpose of Clauses 40 and following,
a period of twenty (20) Business Days starting from
the delivery date of any relevant notice required
to be delivered in accordance with such clauses or
the occurrence of any relevant event referred to in
these clauses.
	 
	 	 
	Credit

	 	means, in relation to any Transferred Receivable,
any decision made at any time by any Originator for
the benefit of the Debtor of the said Transferred
Receivable, according to which all or part of the
Billing Amount of the relevant Transferred
Receivable is reduced or cancelled.
	 
	 	 
	Daily Fee

	 	means the fee calculated by the Transferee on the
Calculation Date according to the provisions of
Schedule 7 and serving as a basis
for calculating the Transfer Fee.
	 
	 	 
	Data Protection Trust Agreement

	 	means the data protection trust agreement entered
into on August 14, 2003 between the Originators,
the Transferee and the Data

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BNP / Ingram
	HENGELER MUELLER	 	
GMRTSA Update

	 	 	 
	

	 	Protection Trustee.
	 
	 	 
	Data Protection Trustee

	 	means BNP Paribas or any other person designated as such under
the Data Protection Trust Agreement.
	 
	 	 
	Debtor

	 	means a debtor in relation to one or more Transferable or
Transferred Receivables.
	 
	 	 
	Debtors Table

	 	means the information with respect to the Debtors provided to
the Data Protection Trustee in substantially the form of
Schedule 3.
	 
	 	 
	Debtor Payment

	 	in respect of Transferred Receivables, means any
amount whatsoever paid by a Debtor to the relevant Originator
(or to the Transferee in the event of cancellation of the
Servicing Mandate).
	 
	 	 
	Debtors File

	 	means the information with respect to the Debtors provided to
the Data Protection Trustee in substantially the form of
Schedule 3.
	 
	 	 
	Defaulted Receivable

	 	means a Transferred Receivable which, at a given date:
	 
	 	 
	

	 	(i)        is an Unpaid Receivable; or
	 
	 	 
	

	 	(ii)       is owed by an Insolvent Debtor; or
	 
	 	 
	

	 	(iii)      is an Irrecoverable Receivable.
	 
	 	 
	Delinquency Current Month Ratio

	 	means, at any given Statement Date relating to a Principal
Transaction Date, the delinquency current month ratio determined
as :
	 
	 	 
	

	 	-          the Outstanding Delinquent Receivables Amount, divided by
	 
	 	 
	

	 	-          the Outstanding Eligible Receivables Amount.
	 
	 	 
	

	 	The Delinquency Current Month Ratio is expressed as
a percentage and calculated on each Calculation Date by the
Transferee on the basis of the information appearing in the
relevant Statement.
	 
	 	 
	Delinquent Payable

	 	means any Payable due by an Originator, which, at any given
Statement Date, remains unpaid for more than 30 calendar days
after its due date.
	 
	 	 
	Delinquent Payables Ratio

	 	With regards to an Originator, means, at any given Statement
Date, the delinquent payables ratio determined as :
	 
	 	 
	

	 	-          the Outstanding Delinquent Payables Amount, divided by
	 
	 	 
	

	 	-          the Outstanding Payables Amount.
	 
	 	 
	

	 	With regards to an Originator, the Delinquent Payables Ratio is
expressed as a percentage and calculated on each Calculation
Date by the Transferee on the basis of the information appearing
in the relevant Statement.

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	HENGELER MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 
	Delinquent Payables

Rolling Average Ratio

	 	With regards to an Originator, means, at any given Statement Date
relating to a Principal Transaction Date, the average of the
Delinquent Payables Ratios of the last three subsequent
Transaction Dates.
	 
	 	 
	Delinquent Receivable

	 	means a Transferred Receivable (other than a Disputed
Receivable) which, at any given Statement Date, remains unpaid
for 31 to 60 calendar days after its due date and which is not an
Irrecoverable Receivable.
	 
	 	 
	Delinquency Rolling

Average Ratio

	 	means, at any given Statement Date relating to a Principal
Transaction Date, the average of the Delinquency Current Month
Ratios of the three previous subsequent Statement Dates relating
to a Principal Transaction Date.
	 
	 	 
	Deposit

	 	depending on the context, means the Subordinated Deposit or the
Complementary Deposit.
	 
	 	 
	Deposits

	 	means both the Subordinated Deposit and the Complementary
Deposit
	 
	 	 
	Depositor

	 	means Ingram Micro Holding GmbH, having its registered offices
at Heisenbergbogen 3, 85609 Dornach, Germany.
	 
	 	 
	Depositor’s Account

	 	means account no.              opened by the Depositor in the
books of Dresdner Bank AG, bank sort code 700 800 00, or any
other account opened by the Depositor in the books of any other
bank before or after the entering into force of this Agreement,
provided that the Transferee shall be notified in writing and in due
time by the Depositor of the opening of such account or accounts.
	 
	 	 
	Dilution

	 	shall have the meaning ascribed to it in Clause 17.1.
	 
	 	 
	Dilution Amount

	 	means on a given Statement Date, the aggregate amount of Credits
issued since the previous Statement Date.
	 
	 	 
	Dilutions Outstanding

	 	means the aggregate outstanding amount of Credits on each
Statement Date as identified by the Originators in each Statement.
	 
	 	 
	DIO

	 	means, with regards to an Originator, at any given Statement
Date, the days of inventory outstanding, as declared by each
Originator in the relevant Statement.
	 
	 	 
	Disputed Receivable

	 	means any Transferred Receivable which, at any given Statement
Date, remains unpaid for at least 31 calendar days after its due
date and is designated as such in the books of the respective
Originator.
	 
	 	 
	Doubtful Debtor

	 	means a Debtor registered under the “doubtful debtors” category
pursuant to the Management Procedures.
	 
	 	 
	DPO

	 	means, with regards to an Originator, at any given Statement
Date, the days of payables outstanding, as declared by each
Originator in the relevant Statement.

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	HENGELER MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 	 	 	 	 
	DSO Current Month Ratio	 	means on each Transaction Date, the number of days equal to 15
multiplied by the aggregate of :
	 
	 	 	 	 	 	 
	 	 	(a)	 	the number “X”, entirely rounded downward so that :
	 
	 	 	 	 	 	 
	

	 	 	 	(i)
	 	the aggregate of the Net Billing Amounts of the
Group of Transferred Receivables on the “X”th previous
Transfer Date is less than the Outstanding
Transferred Receivable Amount on such Transaction Date; and
	 
	 	 	 	 	 	 
	

	 	 	 	(ii)
	 	the aggregate of the Net Billing Amounts of the
Group of Transferred Receivables on the “X+l”th previous
Transfer Date exceeds the Outstanding Transferred
Receivable Amount on such
Transaction Date; and
	 
	 	 	 	 	 	 
	 	 	(b)	 	the positive value which equals to :
	 
	 	 	 	 	 	 
	

	 	 	 	(i)
	 	the Outstanding Transferred Receivable Amount as
at such Transaction Date less the aggregate of the Net
Billing Amounts of the Group of Transferred
Receivables on the “X”th previous Transaction Date, divided
by:
	 
	 	 	 	 	 	 
	

	 	 	 	(ii)
	 	the aggregate of the Net Billing Amounts of the
Group of Transferred Receivables on the “X+l”th Transaction
Date preceding such Transaction Date.
	 
	 	 	 	 	 	 
	DSO Rolling Average

Ratio	 	or “DSO 3M” means, at any given Transaction Date, the average of the DSO Current Month Ratios of the six previous
subsequent Transaction Dates.
	 
	 	 	 	 	 	 
	Early Termination Event	 	means any of the early termination events specified in
Clauses 41.1, 41.2 and 41.3.
	 
	 	 	 	 	 	 
	Effective Date	 	has the meaning ascribed to it in Clause 4.
	 
	 	 	 	 	 	 
	Eligible Debtor	 	means a Debtor having, on the given date, all of the
characteristics set forth under Clause 8.
	 
	 	 	 	 	 	 
	Eligible Receivable	 	means a Transferred Receivable having the characteristics set
out in Clause 7.
	 
	 	 	 	 	 	 
	Eliopeeé Limited	 	means Eliopée Limited, a limited company organized under the
laws of Jersey, having its registered office at 22 Greenville
Street, St. Helier, Jersey JE4 8PX.
	 
	 	 	 	 	 	 
	EONIA	 	means the overnight eurocurrency rate against
private-sector instruments, expressed as an annual rate,
determined by the European Union Banking Federation according
to information received from the principal financial
operators as to the operations carried out on a given Target
Day and published the following Target Day at about 7:00 a.m.
(Brussels time) on the REUTER screen (page Eonia) by the
European Union Banking Federation.

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	HENGELER MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 	 	 	 	 
	 	 	In the event that EONIA should no longer be available or is
replaced by an equivalent rate or a rate of the same kind, as well
as in the event of a change in the organization publishing EONIA
or in the means of publication, the rate resulting from the said
change or replacement shall automatically apply to the conditions
set out in the above paragraphs, and any reference to “EONIA”
shall be deemed to refer to that rate.
	 
	 	 	 	 	 	 
	ERoT Exposure	 	means, with regards to an Originator, at any given Statement
Date, the difference between :
	 
	 	 	 	 	 	 
	 	 	(a)	 	DPO, and
	 
	 	 	 	 	 	 
	 	 	(b)	 	DIO.
	 
	 	 	 	 	 	 
	ERoT Indicator	 	means, with regards to an Originator, at any given Statement Date
relating to a Principal Transaction Date, the maximum of :
	 
	 	 	 	 	 	 
	 	 	(a)	 	zero (0), and
	 
	 	 	 	 	 	 
	 	 	(b)	 	the minimum of :
	 
	 	 	 	 	 	 
	

	 	 	 	(i)
	 	the ERoT Exposure on this Statement Date, and
	 
	 	 	 	 	 	 
	

	 	 	 	(ii)
	 	the ERoT Exposure on the Statement Date relating to
the previous Principal Transaction Date.
	 
	 	 	 	 	 	 
	Equivalent Payment	 	means a payment as defined in Clause 17.1.
	 
	 	 	 	 	 	 
	ERoT Event	 	means any EroT Trigger Event or ERoT Withdrawal Event.
	 
	 	 	 	 	 	 
	ERoT Trigger Event	 	means any of the events set forth in Schedule 8 (Part 3).
	 
	 	 	 	 	 	 
	ERoT Withdrawal

Event	 	means any of the events set forth in Clause 40.3.2.
	 
	 	 	 	 	 	 
	EURIBOR	 	means the “Euro Inter-Bank Offered Rate” listed for a period of
one month under the aegis of the European Union Banking
Federation and published at 11 :00 a.m. (Brussels time) each
Target Day on Reuter EURIBOR page 01, as exists two (2)
Target Days before the first day of the interest period for which
EURIBOR is calculated, or, if the said information is unavailable
and no equivalent rate is available to replace it, the rate calculated
by the Transferee as the average (rounded, where applicable, to
the nearest one-sixteenth percent (1/16%) of the annual rates
communicated to the bank by each of the reference banks, or by at
least two of them, as the annual rates at which Euro deposits are
offered to them with the same term and for the same amount by
prime banks. In the event that at least two of the reference banks
fail to communicate their rates to the Transferee as described
above, the annual rate calculated as above shall be that proposed
to the Transferee in the same conditions.
	 
	 	 	 	 	 	 
	 	 	In the event that EURIBOR should no longer be available or is
replaced by an equivalent rate or a rate of the same kind, as well
as in the event of a change in the organization publishing

- 52 -

 

	 	 	 	 	 
	HENGELER MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 
	

	 	EURIBOR or in the means of publication, the rate resulting
from the said change or replacement shall automatically
apply to the conditions set out in the above paragraphs and
any reference to “EURIBOR” shall be deemed to refer to that
rate.
	 
	 	 
	

	 	For the purposes of the present definition, “reference
banks” means the registered offices in Paris of BNP
Paribas, Crédit
Lyonnais, Société Générate and Crédit Agricole Indosuez.
	 
	 	 
	EUR

	 	means the single European currency which is legal tender
within the member nations of the European Union which have
been admitted to participate in the third phase of the
European Monetary Union.
	 
	 	 
	Event of Default

	 	means any of the events of default specified in Clauses
40.1 through 40.4.
	 
	 	 
	Extended Retention of
Title Clause

	 	means a clause applied by an Originator’s supplier in a
sale of goods which provides that Receivables originated by
the relevant Originator from the sale of such goods to its
Debtors are subject to a security interest of such supplier
(verlängerte or erweiterte Eigentumsvorbehalte) if the
relevant Originator has not yet made full payment to such
supplier of the amounts owed to it.
	 
	 	 
	Fee Computation Period

	 	means, on a given Transaction Date, a period running from
the precedent Transaction Date, included, to such
Transaction Date, excluded.
	 
	 	 
	Final Transfer Date

	 	has the meaning ascribed to it pursuant to Clause 4.
	 
	 	 
	Financing

	 	means, on each Transaction Date, the financing granted to
the Originators by the Transferee, calculated pursuant to
articles 26.2 and 26.3 of the Agreement.
	 
	 	 
	Financing Conditions

	 	means, at a given Transaction Date, the conditions of the
related Financing as notified by the Transferee to the
Originators on each Calculation Date in substantially the
form of Schedule 4, which may be given in whole or in part
to the extent permitted herein by electronic mail as a file
which specifies the details of the calculation procedure
and the amounts relating to the Financing, Deposits,
Transfer Fee and Management Fee based on the Statement
provided by the Transferee to the Originators on the
relevant Information Date.
	 
	 	 
	General Event of Default

	 	means any of the events set out in Clause 40.1.
	 
	 	 
	Group of Debtors

	 	means a group of debtors designated as such in Schedule 9.
	 
	 	 
	Group of Transferred
Receivables

	 	means, on a given Transfer Date, all of the Transferable
Receivables which are transferred to the Transferee by any
Originator on that date pursuant to the conditions set
forth in Clause 10.
	 
	 	 
	Guarantor

	 	means Ingram Micro Inc., a Delaware company located at 1600
E. St Andrew Place, Santa Ana, California 92705, USA.

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	HENGELER MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 
	Immobilization Fee

	 	means the fee due by the Transferee to the
Depositor as a remuneration of each Deposit
made and as described in Clause 37.
	 
	 	 
	Increase

	 	means any positive change in a Deposit.
	 
	 	 
	Ineligible Receivable

	 	means before its retransfer, if any, a
Transferred Receivable which does not bear all
of the characteristics of an Eligible
Receivable, as of the respective Statement
Date, as set out under Clause 7, or no longer
bears any one of them, and which is thus
financed by means of the Complementary
Deposit.
	 
	 	 
	Information Date

	 	means the 2nd Business Day preceding each
Calculation Date upon which each Originator
transmits a Statement, the Portfolio Files and
an Offer to the Transferee.
	 
	 	 
	Ingram Micro Group

	 	means the Parent Company and all of its
consolidated subsidiaries.
	 
	 	 
	Initial Transfer Date

	 	means the first Transfer Date, as such date
shall be specified by the parties hereto
pursuant to Clause 9 (xii) among the dates in
the timetable attached as Schedule 5 and shall
occur no later than the
end of January 2004. The Initial Transfer Date
indicates the start of the Replenishment
Period.
	 
	 	 
	Insolvency Proceeding

	 	means, for any Debtor or any Originator or the
Depositor, to be subject to a voluntary
dissolution or an insolvency proceeding (i.e.
inability to pay its debts
when they fall due
(Zahlungsunfähigkeit); overindebtedness
(Überschuldung) or impending illiquidity
(drohende Zahlungsunfähigkeit), within the
meaning of Sections 17, 18 and 19 of the
German Insolvency Code (Insolvenzordnung).
	 
	 	 
	Insolvent Debtor

	 	means any Debtor which is the subject of
Insolvency Proceedings.
	 
	 	 
	Intermediary Transaction

Date

	 	means each date immediately following a
Principal Transaction Date indicated in column
“Transaction Date” of the current
timetable of Schedule 5 and as this timetable
shall be up-dated bv the Originators pursuant
to Clause 16 (xv).
	 
	 	 
	Invoice

	 	means any invoice issued by any Originator
with respect to a Commercial Contract giving
rise to a Receivable held by the relevant
Originator with regard to a Debtor.
	 
	 	 
	Irrecoverable Receivable

	 	means a Receivable which has become,
on a given date, irrecoverable pursuant to
the criteria as set out in the German VAT
Guidelines (Umsatzsteuerrichtlinien) to
recover the value added tax billed by any
Originator with respect to such Receivable and
paid by the Debtor of such Receivable.
	 
	 	 
	Issuer of Reference

	 	means Eliopée Limited, incorporated in Jersey,
rated P1, in its capacity as issuer of
reference, as set out under Clause 29.1(A)
or, upon mutual agreement of the Parties, any
other multiseller vehicle which is a
bankruptcy remote special vehicle created to
refinance different kinds of assets on the
commercial paper markets.
	 
	 	 
	Issuer Event of Default

	 	means any of the events set out in Clause 40.4.

- 54 -

 

	 	 	 	 	 
	HENGELER
MUELLER

	 	 	 	BNP / Ingram
	

	 	 	 	GMRTSA Update

	 	 	 	 	 
	Liquidity Agreement	 	means the contract providing a liquidity mechanism to the Issuer of
Reference within the framework of its activity of issuing the
billets de trésorerie and other short-term notes.
	 
	 	 	 	 
	Liquidity Bank	 	means any Bank being part of the Banking Pool including BNP Paribas
acting as pool agent, on its behalf and of behalf of the banks
composing the banking pool, pursuant to the Liquidity Agreement.
	 
	 	 	 	 
	Management Fee	 	means the management fee calculated by the Transferee, pursuant to
Clause 30, in consideration of the management of the
transactions contemplated hereunder by the Transferee.
	 
	 	 	 	 
	Management Procedures	 	means the management procedures of any Originator dealing with the
management of Transferable Receivables, as approved by the
Transferee during its audit prior to the entry into force of this
Agreement, and described in the document provided to the
Transferee as a condition precedent to the entry into force of this
Agreement in accordance with Clause 5 and attached as Schedule 14.
	 
	 	 	 	 
	Material Adverse Effect	 	means
	 
	 	 	 	 
	

	 	(a)
	 	any material impairment of the legality, validity
or enforceability of the German Master Receivables Transfer and
Servicing Agreement against any Originator or the Depositor, or
	 
	 	 	 	 
	

	 	(b)
	 	any event, act, occurrence, change or other circumstance,
which results in a material adverse effect on, or, a material
impairment of, the collectibility or the Collection of the
Transferable Receivables or the Transferred Receivables.
	 
	 	 	 	 
	Maximum Financing

Amount	 	or “FMax” means EUR 230,000,000 (two hundred thirty million Euros)
at the execution date of this Agreement. This amount may be
modified pursuant to the conditions set out in this Agreement.
	 
	 	 	 	 
	Net Billing Amount	 	on a given Statement Date, means the outstanding aggregate Billing
Amounts of the Transferred Receivables determined by the Transferee
on the basis of the information appearing in the most recent
Statement and Portfolio Files.
	 
	 	 	 	 
	Net Dilution Amount	 	means on a given Statement Date, the aggregate amount of Credits
issued since the previous Statement Date less the aggregate amount
of Credits issued and paid since the previous Statement Date.
	 
	 	 	 	 
	Net Outstanding

Receivables Amount	 	as determined in Schedule 9.
	 
	 	 	 	 
	Non-Relevant Supplier	 	means any supplier of any Originator who is not a Relevant Supplier.
	 
	 	 	 	 
	Notes	 	means the Billets de
Trésorie issued by the Issuer of Reference.

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	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	Offer Form	 	means the transfer form made in the form of Schedule 2 that the
Originator, shall notify to the Transferee on each Information
Date.
	 
	 	 	 	 
	Originator	 	means any of these subsidiaries of Ingram Micro Holding GmbH:
	 
	 	 	 	 
	

	 	(a)
	 	Ingram Micro Distribution GmbH, having its registered
offices at Heisenbergbogen 3, 85609 Aschheim, Germany;
and
	 
	 	 	 	 
	

	 	(b)
	 	Compu-Shack-Electronic GmbH, having its registered
offices at 56564 Neuwied, Ringstraße 56-58, Germany.
	 
	 	 	 	 
	Originators	 	means both Ingram Micro Distribution GmbH and Compu-Shack-
Electronic GmbH.
	 
	 	 	 	 
	Outstanding Delinquent

Payables Amount	 	With regards to an Originator, on a given Transaction Date,
means the total outstanding amount of Delinquent Payables
determined by the Transferee on the basis of the information
appearing in the most recent Statement.
	 
	 	 	 	 
	Outstanding Delinquent

Receivables Amount	 	on a given Transaction Date, means the outstanding amount of
Delinquent Receivables determined by the Transferee on the
related Calculation Date on the basis of the information appearing
in the most recent Statement.
	 
	 	 	 	 
	Outstanding Eligible

Receivables Amount	 	on a given Transaction Date, means the outstanding amount of
Eligible Receivables determined by the Transferee on the related
Calculation Date on the basis of the information appearing in the
most recent Statement.
	 
	 	 	 	 
	Outstanding Ineligible

Receivables Amount	 	on a given Transaction Date, means the outstanding amount of
Ineligible Receivables determined by the Transferee on the related
Calculation Date on the basis of the information appearing in the
most recent Statement.
	 
	 	 	 	 
	Outstanding Payables

Amount	 	With regards to an Originator, on a given Transaction Date,
means the total outstanding amount of Payables determined by the
Transferee on the basis of the information appearing in the most
recent Statement.
	 
	 	 	 	 
	Outstanding Transferred

Receivables Amount	 	on a given Transaction Date, means the outstanding amount of
Transferred Receivables not fully paid on that date, including, as
the case may be, the Group of Transferred Receivables, on the
basis of the information appearing in the most recent Statement.
	 
	 	 	 	 
	Overconcentration Amount	 	For each Debtor or group of Debtors, the Overconcentration
Amount is the portion of the Outstanding Eligible Receivables
Amount which exceeds the Overconcentration Limits set forth for
such Debtor or Group of Debtors. The Overconcentration Amount
will be financed in full by means of the Complementary Deposit.
	 
	 	 	 	 
	Overconcentration Limits	 	means, in respect of any Debtor or Group of Debtors the limit (in
%) as set out in Schedule 9 of the Concentration Ratio equal to (i)
the Outstanding Eligible Receivables Amount relating to such
Debtor or Group of Debtors on such date, divided by (ii) the

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	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	 	 	Outstanding Eligible Receivables Amount relating to all Debtors
and group of Debtors on such date; as such ratio is determined by
the Transferee on the basis of the information appearing in the
most recent Statement.
	 
	 	 	 	 
	Parent Company	 	on the execution date of the Agreement, Ingram Micro Inc., a
corporation incorporated in the State of Delaware, United States
of America, with its executive offices located at 1600 E. St.
Andrew Place, Santa Ana, CA 92705, or after the execution date
of the Agreement, any holding company which may come to hold,
directly or indirectly, the Originators.
	 
	 	 	 	 
	Party	 	means each and all of the three parties to this Agreement.
	 
	 	 	 	 
	Payable	 	means any trade payable due by an Originator arising from a sale
or a provision of services provided by any Originator’s supplier.
	 
	 	 	 	 
	Permitted Onward

Transferee	 	means (i) any special purpose vehicle created to refinance different
kinds of assets on the financial markets, any investment fund or
any financial or credit institution or any insurance company or
similar entity carrying out investment and other financial activities
on a regular basis or (ii) any affiliate of any entity mentioned in (i)
above which is not a direct competitor of the Ingram Micro
Group.
	 
	 	 	 	 
	 	 	For the purpose of the above definition, “affiliate” of any person
shall mean any other person which, directly or indirectly, controls,
is controlled by or is under common control with such person
(excluding any person acting in any proceeding for the relief of
financially distressed debtors under the laws of any jurisdiction).
A person shall be deemed to be controlled by any other person if
such other person possesses, directly or indirectly, power:
	 
	 	 	 	 
	

	 	(a)
	 	to vote 33,113 % or more, of the securities having ordinary
voting power, for the election of the directors or managing
general partners; or
	 
	 	 	 	 
	

	 	(b)
	 	to direct or cause the direction of the management and
policies of such person whether by contract or otherwise.
	 
	 	 	 	 
	Portfolio File	 	means each and any of the following electronic files permitting
together the identification of each Transferred Receivable or
Transferable Receivable:
	 
	 	 	 	 
	

	 	-
	 	the file setting out the information on the Receivables on a
given Statement Date as contemplated by Schedule 3;
	 
	 	 	 	 
	

	 	-
	 	the file setting out the information on the Receivables
between two Statement Dates as contemplated by
Schedule 3; and
	 
	 	 	 	 
	

	 	-
	 	the file setting out the information on the Debtors on a
given Statement Date as contemplated by Schedule 3.
	 
	 	 	 	 
	 
	 	 	 	 
	Potential Event of Default	 	means an event which, but for the expiry of any grace period or
the giving of any notice (or any combination of the foregoing)
would constitute an Event of Default or an Early Termination
Event.

- 57 -

 

	 	 	 
	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	Principal Ratio	 	means, on each Transaction Date relating to the end of a
Collection Period, the ratio of
	 
	 	 	 	 
	

	 	(i)
	 	the sum of the amount of the Financing and the amount of
the Subordinated Deposit calculated on such date; and
	 
	 	 	 	 
	

	 	(ii)
	 	the Net Outstanding Receivables Amount calculated on such
date.
	 
	 	 	 	 
	 	 	On each Transaction Date which is a Transfer Date during the
Replenishment Period, the Principal Ratio shall be calculated on
the basis of the information appearing in the Statement
communicated on the Information Date related to such
Transaction Date.
	 
	 	 	 	 
	 	 	On each Transaction Date which does not correspond to a
Transfer Date during the Redemption Period or any Temporary
Redemption Period, the Principal Ratio shall be calculated on the
basis of the information appearing in the last Statement upon
which a Transfer has occurred as communicated before the
beginning of the Redemption Period or such Temporary
Redemption Period.
	 
	 	 	 	 
	Principal Share of the
Collections	 	means, in connection with a Transaction Date relating to the end
of a Collection Period, the product of
	 
	 	 	 	 
	

	 	(i)
	 	the sum of the Collections on the Transaction Date relating
to the end of the relevant Collection Period; and
	 
	 	 	 	 
	

	 	(ii)
	 	the Principal Ratio established upon the Transaction Date
relating to the beginning of the relevant Collection Period.
	 
	 	 	 	 
	Principal Transaction Date	 	means the Initial Transfer Date and, following such Initial
Transfer Date every two dates appearing in the timetable attached
as Schedule 5 or in the updated timetable replacing the timetable
attached as Schedule 5 as provided for in Clause 16 (xv).
	 
	 	 	 	 
	Purchase Price	 	Means, with respect to any Transferable Receivable, the amount
as set forth in Clause 10.3.
	 
	 	 	 	 
	Quality of the Transferred
Receivables	 	means the main characteristics and quality of the Receivables as
audited by the Transferee during its due diligence process
conducted pursuant to Clause 5 (h) and reported in the
Transferee’s due diligence report attached as Schedule 15.
	 
	 	 	 	 
	Rating Agency	 	means Moody’s
France S.A. or any other rating agency agreed
between the Parties.
	 
	 	 	 	 
	Receivable	 	means any trade receivable arising from a sale or a provision of
services provided by any Originator pursuant to a Commercial
Contract.
	 
	 	 	 	 
	Receivables Trigger Event	 	means any of the Trigger Events defined as such and set out in
Schedule 8 (Part 1).

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	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	Redemption Date	 	means the first Transaction Date subsequent to the Final Transfer
Date upon which the Financing is repaid in full.
	 
	 	 	 	 
	Redemption Period	 	means the period running from the Final Transfer Date, inclusive,
to the Agreement Termination Date, inclusive.
	 
	 	 	 	 
	Release	 	means, within the limits of the amounts received by the
Transferee, any reduction of a Deposit (or a Cash Collateral)
incurring a negative movement in the Transferee’s Account and a
corresponding positive movement in the Depositor’s Account.
	 
	 	 	 	 
	Relevant Supplier	 	means any supplier of any Originator whose aggregate outstanding
amount of account payables represents more than 3% of the total
outstanding amount of accounts payable of such Originator.
	 
	 	 	 	 
	Replenishment Period	 	means the period running from the Initial Transfer Date, included,
to the Final Transfer Date, excluded.
	 
	 	 	 	 
	Representations and
Warranties	 	means the representations and warranties undertaken by the
Originators and the Depositor set out under Clause 38.
	 
	 	 	 	 
	Requested
Financing Amount or “Fr”	 	means the financing amount requested by Ingram Micro
Coordination Center BVBA/Sprl. on behalf of the Depositor.
	 
	 	 	 	 
	Retransfer	 	means any retransfer of Transferred Receivables made by the
Transferee to any Originator by way of a Retransfer Offer against
the related Retransfer Payments.
	 
	 	 	 	 
	Retransfer Date	 	means, with regard to a Transferred Receivable, the Transaction
Date (or any other date specified under Clause 24.3), upon which
both (i) such Transferred Receivable is transferred by the
Transferee to the relevant Originator, by virtue of a Retransfer
Form and (ii) the relevant Retransfer Payment is effective.
	 
	 	 	 	 
	Retransfer Form	 	means the retransfer form to be served to any Originator by the
Transferee upon each Retransfer Date in the form of Schedule 6.
	 
	 	 	 	 
	Retransfer Payment	 	means, in respect of any Retransfer, the payment made on the
Retransfer Date by the relevant Originator to the Transferee for an
amount equal to the aggregate of the Net Billing Amounts of the
relevant Transferred Receivables.
	 
	 	 	 	 
	Servicing Mandate	 	means the mandate granted by the Transferee to the Originators as
servicers to act in his name and on his behalf to manage and
collect the Transferred Receivables pursuant to Clause 18.1.
	 
	 	 	 	 
	Statement	 	means the “report” document setting out the information
contemplated in Schedule 3, required to be communicated by each
Originator to the Transferee on each Information Date or upon
first request by the Issuer.
	 
	 	 	 	 
	Statement Date	 	means the 2nd Business Day preceding each Information Date on
which a Statement and a Portfolio File relating to the receivables
and the Originators are established.

- 59 -

 

	 	 	 
	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	 	 	Upon the occurrence of an Event of Default or in the event that the
Transferee considers, in its reasonable credit judgement, that any
information delivered on the Receivables transferred on the
previous Statement Date are not up to date or misleading at the
date of the request, a Statement Date may be:
	 
	 	 	 	 
	

	 	(i)
	 	the 1st Business Day following the date of reception by the
relevant Originator of a written notice by the Transferee
requesting the transmission of such Statement, if that notice
is received by the relevant Originator before 12 midday on
the given date of reception; or
	 
	 	 	 	 
	

	 	(ii)
	 	the 2nd Business Day following the date of reception by the
relevant Originator of a written notice by the Transferee
requesting the transmission of such Statement, if that notice
is received by the relevant Originator after 12 midday on the
given date of reception.
	 
	 	 	 	 
	Stop Drawing Notice	 	means any notice sent by the Transferee to any Account Bank in
the form of Schedule 2 to the Collection Accounts Pledge
Agreement.
	 
	 	 	 	 
	Subordinated Deposit	 	means a deposit made by the Depositor on behalf of the
Originators with the Transferee as a guarantee for the complete
reimbursement of the Financing, according to the provisions set
forth under Part VII.
	 
	 	 	 	 
	Subordinated Deposit Rate
“SDR”	 	means the rate of the Subordinated Deposit calculated pursuant to
the formula set out in Schedule 10.
	 
	 	 	 	 
	Supplier Withdrawal	 	has the meaning ascribed to it in Clause 40.3.2 (a).
	 
	 	 	 	 
	Synthetic Daily Rate	 	means, at a given date, the ratio between:
	 
	 	 	 	 
	

	 	(i)
	 	the Daily Fee at the same date; and calculated pursuant to
Schedule 7;
	 
	 	 	 	 
	

	 	(ii)
	 	the amount of Financing at the Transaction Date preceding
the given date.
	 
	 	 	 	 
	Synthetic Period Rate	 	means, at each Transaction date at the end of a given Fee
Computation Period, the sum of the Synthetic Daily Rates of this
Fee Calculation Period.
	 
	 	 	 	 
	Target Day	 	means a day upon which the TARGET system (Trans-European
Automated Real-Time Gross Settlement Express Transfer System)
is active.
	 
	 	 	 	 
	Temporary Redemption

Period	 	means any temporary redemption period during the Replenishment
Period; provided that a Temporary Redemption Period shall start
on any Transaction Date which is not a Transfer Date and shall
end on the earlier of the two following dates:
	 
	 	 	 	 
	

	 	(i)
	 	the next Transaction Date which is a Transfer Date, or
	 
	 	 	 	 
	

	 	(ii)
	 	the Transaction Date which is not a Transfer Date and

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	HENGELER MUELLER

	 	BNP / Ingram

GMRTSA Update

	 	 	 	 	 
	

	 	 	 	which occurs after two successive Transaction Dates
which were not Transfer Dates.
	 
	 	 	 	 
	Total Fees and Expenses	 	means any and all fees (including the Transfer Fee and the
Management Fee) and all expenses which may be due and payable
to the Transferee under this Agreement.
	 
	 	 	 	 
	Transaction Date	 	means, as the context requires, either a Prinicipal Transaction
Date or (b) an Intermediary Transaction Date.
	 
	 	 	 	 
	Transferable Receivable	 	means a Receivable having all the characteristics set out in Clause
6.
	 
	 	 	 	 
	Transfer Date	 	means a Transaction Date during the Replenishment Period, upon
which any Originator transfers a Group of Transferred
Receivables to the Transferee pursuant to the relevant Transfer
Form.
	 
	 	 	 	 
	Transfer Fee	 	means the transfer fee calculated by the Transferee according to
the method set out in Schedule 7.
	 
	 	 	 	 
	Transferee	 	means BNP Paribas Bank N.V., a credit institution registered
under the laws of Netherlands which is a wholly-owned subsidiary
of BNP Paribas.
	 
	 	 	 	 
	Transferee’s Account	 	means account no.
                                              
 opened by the
Transferee in the books of BNP Paribas SA / Agence Centrale.
	 
	 	 	 	 
	Transferee’s Commitment	 	has the meaning ascribed to it under Clause 26.1.
	 
	 	 	 	 
	Transferred Receivable	 	means a Receivable which has been transferred to the Transferee
pursuant to the provisions of this Agreement.
	 
	 	 	 	 
	Unpaid Receivable	 	means any Transferred Receivable which, at any Statement Date,
remains unpaid for at least 61 calendar days after its due date.
	 
	 	 	 	 
	US Guarantee	 	means each of the guarantees issued by the Guarantor in favour of
the Transferee as contemplated under this Agreement.
	 
	 	 	 	 
	Warranties of Compliance	 	means the guarantees provided by each Originator to the
Transferee under Clause 11.
	 
	 	 	 	 
	Withdrawing Supplier	 	has the meaning ascribed to it in Clause 40.3.2 (a)

- 61 -

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 7

Calculation of the Daily and Transfer Fees

I. - CALCULATION OF THE TRANSFER FEE DURING UNTIL THE REDEMPTION DATE

On each Transaction Date during the period from the Initial Transfer Date
(excluded) to the Redemption Date (included) and notwithstanding the
occurrence of any Early Termination Event, the Originators shall pay the
Transfer Fee calculated as follows:

I.1 - CALCULATION OF THE TRANSFER FEE

The calculation of the Transfer Fee is made on the Transaction Date being the
last day of the relevant Fee Computation Period.

     Transfer Fee = SPR(if) x [F(io)+ SD(io)+ CD(io)]

whereby :

     

whereby :

	 	 	 
	“(i)”

	 	means any calendar day including the Fee Computation Period
	 
	 	 
	“(io)”

	 	means the Transaction Date being the first day of the relevant Fee Computation Period
	 
	 	 
	“(if)”

	 	means the Transaction Date being the last day of the Fee Computation Period
	 
	 	 
	“SPR”

	 	means the Synthetic Period Rate
	 
	 	 
	“DSR”

	 	means the Daily Synthetic Rate
	 
	 	 
	“F”

	 	means the amount of the Financing
	 
	 	 
	“SD”

	 	means the amount of the Subordinated Deposit
	 
	 	 
	“CD”

	 	means the amount of the Complementary Deposit

I.2 - Calculation
of the Daily Synthetic Rate :

     

I.3
- Calculation of the Daily Fee : 

The Daily Fee is computed on the basis of the aggregate financial costs to be
borne by the Issuer of

- 62 -

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

Reference when issuing Billets de Trésorerie or other short term notes, namely:

	1.	 	Interest on drawdowns outstanding under the Liquidity Agreement;
	 
	2.	 	Placement and issuing fees on Billets de Trésorerie or other short term
notes; and
	 
	3.	 	Commitment fee under the Liquidity Agreement.
	 
	The Daily Fee shall be calculated as follows: 

A. If no drawdown is outstanding under the Liquidity Agreement:

Daily
Fee (DF) = CBT(J) + 1/360 * FMax
(1,02*eLL)

B. If one or several drawdown(s) is(are) outstanding under the Liquidity Agreement :

whereby, in each instance:

	 	 	 
	DF

	 	means the Daily Fee
	 
	 	 
	CBT(J)

	 	means the weighted average cost (as calculated below) of the notes
issued by the Issuer of Reference
	 
	 	 
	DLL

	 	means the aggregate amount of drawdowns outstanding under the Liquidity
Agreement
	 
	 	 
	iLL

	 	means the interest due on drawdowns outstanding under the Liquidity Agreement.
	 
	 	 
	eLL

	 	means the percentage of commitment fee under the Liquidity Agreement
	 
	 	 
	FMax

	 	means the Maximum Financing Amount

I.4 - Calculation of the Weighted Average Cost

The calculation of the weighted average cost borne by the Issuer of Reference
when issuing Billets de Trésorerie or other short term notes (CBT(J)) is
used to determine the share to be borne by both Originators in the aggregate
financial costs of the Issuer of Reference.

The weighted average cost is calculated as follows:

     CBT(J) = CJ * PJ

whereby :

	 	 	 
	CJ

	 	means the gross daily cost borne by the Issuer of Reference when issuing
Billets de Trésorerie or other short term notes
	 
	 	 
	PJ

	 	means the daily share of both Originators

whereby :

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	 	GMRTSA Update

whereby :

	 	 	 
	Ni

	 	means the nominal value of each Billet de Trésorerie i (or other
short term note i)
	 
	 	 
	Dri

	 	means the maturity date of each Billet de Trésorerie i (or other short term note i)
	 
	 	 
	Dei

	 	means the date of issuance of each Billet de Trésorerie i (or other short term note i)
	 
	 	 
	ri

	 	means the prepaid interest rate of each Billet de Trésorerie i (or other short term note i)

whereby :

A. If no drawdown is outstanding under the Liquidity Agreement:

B. If one or several drawdown(s) is(are) outstanding under the Liquidity
Agreement:

whereby, in each instance

	 	 	 
	F

	 	means the outstanding amount of the Financing on the first
day of the Fee Computation Period
	 
	 	 
	TLL

	 	means (if applicable) the aggregate amount of drawdowns
outstanding under the Liquidity Facility and not yet applied to
the repayment of Billets de Trésorerie or other short term notes
	 
	 	 
	FLL

	 	means (if applicable) the outstanding amount of drawdowns
not repaid under the Liquidity Facility
	 
	 	 
	Fe

	 	means the assets of the Issuer of Reference refinanced or
to be refinanced by the issuance of Billets de Trésorerie or other
short term notes
	 
	 	 
	TLLe

	 	means (if applicable) the amount of drawdowns outstanding under
all liquidity facilities available to the Issuer of Reference
	 
	 	 
	FLLe

	 	means (if applicable) the outstanding amount of drawdowns not
repaid under all liquidity facilities available to the Issuer of
Reference

II. - CALCULATION OF THE TRANSFER FEE as of THE REDEMPTION Date

On each Transaction Date during as of the Redemption Date (excluded) both
Originators shall pay the Transfer Fee calculated as follows:

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	 	GMRTSA Update

     Transfer Fee = SPRA . [SD(io) + CD(io)]

whereby :

	 	 	 
	“SPRA”

	 	means the Synthetic Period Rate on the Redemption Date
	 
	 	 
	“SD(io)”

	 	means the amount of the Subordinated Deposit on the preceding Transaction Date
	 
	 	 
	“CD(io)”

	 	means the amount of the Complementary Deposit on the preceding
Transaction Date

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	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 8

Trigger Event

PART 1

Receivables Trigger Events

On each Statement Date relating to a Principal Transaction Date, each of
the following trigger events shall be defined as a “Receivables Trigger
Event” for the purpose of the Agreement:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Receivables
	Ratios (R)
	 	Trigger Event

	1.

	 	Defaulted Receivables	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	Principal Ratio
	 	x
	 	Defaulted Receivables	 	 
	

	 	 as
of the previous

	 	 	 	since the last Statement Date
	 	 
	 	 	Principal Transaction Date
	 	relating to a Principal Transaction Date
	 	 
	 	 	
	 	 
	

	 	 	 	 	 	 	 	R > 9,2%
	

	 	 	 	Subordinated Deposit	 	 	 	 
	 	 	 	 	     as of the previous Principal Transaction Date	 	 
	 	 	 	 	 	 	 	 	 
	2.

	 	Dilution Ratio	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	Principal Ratio
	 	x
	 	Dilution Amounts	 	 
	

	 	as of the previous

	 	 	 	since the last Statement Date
	 	 
	 	 	Principal Transaction Date
	 	relating to a Principal Transaction Date
	 	 
	 	 	
	 	 
	

	 	 	 	 	 	 	 	R > 37%
	

	 	 	 	Subordinated Deposit	 	 	 	 
	 	 	 	 	     as of the previous Principal Transaction Date	 	 
	 	 	 	 	 	 	 	 	 
	3.	 	Eligible Receivables Ratio	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Net Outstanding
Receivables Amount 

 	 	R < F

(Financing)
	 	 	 	 	1 + Subordinated Deposit Rate
	 	 

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	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

PART 2

Collections Trigger Events

On each Statement Date relating to a Principal Transaction Date, each of
the following trigger events shall be defined as a “Collections Trigger
Event” for the purpose of the Agreement:

	 	 	 	 	 
	Ratios (R)
	 	Collections Trigger Event

	1.

	 	Deliquency Rolling Average Ratio (see
definition in Schedule 1)
	 	R > 1,8%
	 
	 	 	 	 
	2.

	 	DSO Rolling Average Ratio (see definition in
Schedule 1)
	 	R > 40 days

PART 3

ERoT Trigger Events

On each Statement Date relating to a Principal Transaction Date, each of
the following trigger events shall be defined as a “EroT Trigger Event”
for the purpose of the Agreement:

	•	 	With regards to Ingram Micro Distribution GmbH

	 	 	 	 	 
	Ratio (R), Indicator (I)
	 	ERoT Trigger Event

	1.

	 	Delinquent Payables Rolling Average Ratio
(see definition in Schedule 1)
	 	R > 13%
	 
	 	 	 	 
	2.

	 	ERoT Indicator (see definition in Schedule 1)
	 	I > 15 days

	•	 	With regards to Compu-Shack-Electronic GmbH

	 	 	 	 	 
	Ratio (R), Indicator (I)
	 	ERoT Trigger Event

	1.

	 	Delinquent Payables Rolling Average Ratio
(see definition in Schedule 1)
	 	R > 25%
	 
	 	 	 	 
	2.

	 	ERoT Indicator (see definition in Schedule 1)
	 	I > 30 days

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	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 9

Calculation of the Net Outstanding Receivables Amount

and the Overconcentration Limits

with:

	 	 	 
	“OER”	 	
means the Outstanding Eligible Receivables Amount
	 	 	 
	“NOR”	 	
means the Net Outstanding Receivables Amount
	 	 	 
	“D”	 	
means the total Dilutions Outstanding
	 	 	 
	“yi”	 	
means the Outstanding Eligible Receivables Amount with respect to “the Debtor or Group
of Debtors i”;
	 	 	 
	“ci”	 	
means the Overconcentration Limit with respect to the “Debtor or
Group of Debtors i”(in %)
	 	 	 
	“xi”	 	
means the Overconcentration Amount with respect to the “Debtor or Group of Debtor i”;
	 	 	 
	“I”	 	
means all the Debtors and Group of Debtors with respect to which a positive
Overconcentration Amount has been determined.

with

ü         xi=yi -( ci* NOR)

ü
        OER = min
[OERD; OERD – max(0 ; MM)]

with

	 	 	 
	“OER”	 	
means the Outstanding Eligible Receivables Amount
	 	 	 
	“OERD”	 	
means the Outstanding Eligible Receivables Amount represented by the Originators in the

relevant Statement Form
	 
	and

	 	 	 
	“MM”	 	
means the mismatch calculated on each Statement Date M pursuant to the following
computation formula:

MM =
[(OTRM –
OTRM-1)– (Group of Transferred
ReceivablesM – CollectionsM)]

with

	 	 	 
	“OTR”	 	
Outstanding Transferred Receivables Amount
	 	 	 
	“M”	 	
the current Transaction Date

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	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

	 	 	 
	“M-1”	 	
the previous Transaction Date

 - 69 - 

 

	 	 	 
	

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	HENGELER MUELLER

	 	GMRTSA Update

	 	 	 
	

	 	 	 	 	 	 	 
	Debtors or Group of Debtors	 	ci	 	 	 	 
	
	 	
	 	 	 	 
	Aggregate of the first 4 top Debtors or Group of
Debtors	 	
17 %
	 	 	 
	Each of the first 4 top Debtors or Group of
Debtors (subject to a special treatment for
Proreserv (see below))

Proreserv	 	
5 %

8 % if the overdue (61-90 days) Transferred
Receivables with respect to Proreserv £ 0%
	 	 	 
	 	 	
or
	 	 	 
	 	 	
5 % if the overdue (61-90 days) Transferred
Receivables with respect to Proreserv
> 0%
	 	 	 
	Other Debtors or Group of Debtors different from
either the first 4 top Debtors or Proreserv	 	
3 %

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	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 10

Calculation of the Subordinated Deposit Rate

On each Transaction Date (D) which is a Principal Transaction Date, the
Subordinated Deposit Rate, in percentage, shall have been calculated as
follows:

 - 71 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

 - 72 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 11A

Form of the Originator’s Auditors Certificate (Effective Date)

[Letterhead of PwC]

In [  ] on
[  ] 200[  ]

BNP Paribas Bank N.V.

Attention: [   ]

Address: [   ]

By mail and telecopy

Dear Sirs,

This letter is provided pursuant to the German Master Receivables Transfer
and Servicing Agreement dated August 14, 2003 made by and between BNP Paribas
Bank N.V. as Transferee, Ingram Micro Distribution GmbH and
Compu-Shack-Electronic GmbH as Originators and Ingram Micro Holding GmbH as
Depositor (hereafter referred to as the “GMRTS
Agreement”).

We have made inquiries at the competent court for insolvency proceedings
(see Sec. 2 Insolvency Code - Insolvenzgericht) which - in the event of an
insolvency - would be responsible for Ingram Micro Distribution GmbH and
Compu-Shack-Electronic GmbH at their respective registered addresses whether
with regard to these companies, as at the date of this letter,

	 	(i)	 	a petition for the commencement of the insolvency proceeding
has been filed (Sec. 13 subseq Insolvency Code)
	 
	 	(ii)	 	or whether insolvency proceedings have commenced (Sec. 27
Insolvency Code) on either of these companies
	 
	 	(iii)	 	or whether a petition has been denied by the insolvency
court due to insufficient assets (Sec. 26 Insolvency Code).

An employee of the Insolvency Court has verbally confirmed to us that there
are no court documents with regard to any of the circumstances mentioned
under (i) to (iii) above.

This letter is provided solely for the purpose set forth in the first
paragraph and may not be used for any other purpose.

Yours very truly,

[Signature of a duly authorised representative of the Auditors]

 - 73 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 11B

Form of the Originator’s Auditors Certificate

[Letterhead of PwC]

In [  ] on
[  ] 200[  ]

BNP Paribas Bank N.V.

Attention: [   ]

Address: [   ]

By mail and telecopy

Dear Sirs,

This letter is provided pursuant to the German Master Receivables Transfer
and Servicing Agreement dated August 14, 2003 as amended and restated on
December 29, 2003 made by and between BNP Paribas Bank N.V. as Transferee,
Ingram Micro Distribution GmbH and Compu-Shack Electronic GmbH as Originators
and Ingram Micro Holding GmbH as Depositor (hereafter referred to as the
“GMRTS Agreement”).

We have made inquiries at the competent court for insolvency proceedings
(see Sec. 2 Insolvency Code - Insolvenzgericht) which - in the event of an
insolvency - would be responsible for Ingram Micro Distribution GmbH and
Compu-Shack-Electronic GmbH at their respective registered addresses whether
with regard to these companies, as at the date of this letter,

	 	(iv)	 	a petition for the commencement of the insolvency proceeding has
been filed (Sec. 13 subseq Insolvency Code)
	 
	 	(v)	 	or whether insolvency proceedings have commenced (Sec. 27 Insolvency
Code) on either of these companies
	 
	 	(vi)	 	or whether a petition has been denied by the insolvency court due to
insufficient assets (Sec. 26 Insolvency Code).

An employee of the Insolvency Court has verbally confirmed to us that there
are no court documents with regard to any of the circumstances mentioned
under (i) to (iii) above.

This letter is provided solely for the purpose set forth in the first
paragraph and may not be used for any other purpose.

Yours very truly,

[Signature of a duly authorised representative of the Auditors]

 - 74 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 12A

Form of the Managing Director’s Certificate (Effective Date)

		
	[Letterhead of Ingram Micro Distribution GmbH/Compu-Shack-Electronic
GmbH]

	 	In [  ] on [  ] 200[  ]

	 	BNP Bank N.V.

[Branch       ]

Attention : [  ]

by mail and telecopy

Dear Sirs,

The undersigned,
[  ], managing director (Geschäftsführer) of [Ingram Micro
Distribution GmbH/Compu-Shack-Electronic GmbH], a German limited liability
company, having its registered offices at [  ], registered in the commercial
registry of the Lower Local Court (Amtsgericht
)[  ] under registration
number HRB [  ],

represents, with reference to the German master receivables transfer and
servicing agreement dated August 14, 2003 between BNP Paribas Bank N.V. as
Transferee, Ingram Micro Distribution GmbH and Compu-Shack-Electronic GmbH as
Originators and Ingram Micro Holding GmbH as Depositor (the “GMRTS
Agreement”),

to BNP Paribas Bank NV, a Dutch limited liability company, having its
registered seat in the Netherlands, Herengracht 477, Postbus 10042, 1101 EA
Amsterdam, registered with the Chamber of Commerce in Amsterdam under the
number 33 166 364,

	(i)		 	that, to the best of its knowledge, between the closing date of the
audited accounts for the fiscal year 2002 and the date hereof, no event has
occurred which could constitute a Material Adverse Effect;
	 
	(ii)		 	that [Ingram Micro Distribution GmbH/Compu-Shack-Electronic GmbH] is not
under administration, insolvency, bankruptcy, dissolution, receivership or
winding up and no stoppage of payments occurs in relation to it; and
	 
	(iii)		 	that there exists no provision currently in force and which has not
been removed (with respect to any contract or agreement which is binding on
it or to which it is a party) which could impede the execution of the GMRTS
Agreement by [Ingram Micro Distribution GmbH/Compu-Shack-Electronic GmbH] or
of any of its obligations hereunder, particularly any provisions limiting the
transfer of its receivables or negative pledge clauses.

Capitalized terms and expressions in this certificate, unless herein
defined shall have the same meaning as ascribed to such terms and expressions
in the glossary attached as Schedule 1 to the GMRTS Agreement.

Best regards,

[Signature of the Managing Director of [Ingram Micro Distribution GmbH/Compu-Shack-Electronic

 - 75 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

GmbH]]

 - 76 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 12B

Form of the Managing Director’s Certificate

		
	     [Letterhead of Ingram Micro Distribution GmbH/Compu-Shack-Electronic
GmbH]

	 	In [  ] on
[  ] 200[  ]

BNP Bank N.V.

[Branch       ]

Attention : [ ]

by mail and telecopy

Dear Sirs,

The undersigned,
[  ], managing director
(Geschäftsführer) of [Ingram Micro
Distribution GmbH/Compu-Shack-Electronic GmbH], a German limited liability
company, having its registered offices at [  ], registered in the commercial
registry of the Lower Local Court (Amtsgericht
) [  ] under registration number
HRB [  ],

represents, with reference to the German master receivables transfer and
servicing agreement dated August 14, 2003 as amended and restated on December
29, 2003 between BNP Paribas Bank N.V. as Transferee, Ingram Micro
Distribution GmbH and Compu-Shack-Electronic GmbH as Originators and Ingram
Micro Holding GmbH as Depositor (the “GMRTS
Agreement”),

to BNP Paribas Bank NV, a Dutch limited liability company, having its
registered seat in the Netherlands, Herengracht 477, Postbus 10042, 1101 EA
Amsterdam, registered with the Chamber of Commerce in Amsterdam under the
number 33 166 364,

	(i)	 	that, to the best of its knowledge, between the closing date
of the audited accounts for the fiscal year 200[ ] and the date
hereof, no event has occurred which could constitute a Material
Adverse Effect;
	 
	(ii)	 	that [Ingram Micro Distribution GmbH/Compu-Shack-Electronic
GmbH] is not under administration, insolvency, bankruptcy,
dissolution, receivership or winding up and no stoppage of payments
occurs in relation to it;
	 
	(iii)	 	that there exists no provision currently in force and which
has not been removed (with respect to any contract or agreement
which is binding on it or to which it is a party) which could
impede the execution of the GMRTS Agreement by [Ingram Micro
Distribution GmbH/Compu-Shack-Electronic GmbH] or of any of its
obligations hereunder, particularly any provisions limiting the
transfer of its receivables or negative pledge clauses; and
	 
	(iv)	 	that [Ingram Micro Distribution GmbH/Compu-Shack-Electronic
GmbH] will fufill all its obligations under tax laws and applicable
interpretative guidelines to provide the relevant tax authorities
on a timely basis with all and complete tax returns, filings and
reports (including, without limitation, with all monthly
self-assessed VAT filings (Umsatzsteuervoranmeldungen) and annual
VAT returns (Umsatzsteuerjahreserklärungen); [Ingram Micro
Distribution GmbH/Compu-Shack-Electronic GmbH] will use the
payments which it receives from the Transferee under the GMRTS
Agreement to discharge its VAT liabilities to the competent German
tax authorities fully and in a timely manner.

 - 77 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

Capitalized terms and expressions in this certificate, unless herein
defined shall have the same meaning as ascribed to such terms and expressions
in the glossary attached as Schedule 1 to the GMRTS Agreement.

Best regards,

[Signature of the Managing Director of [Ingram Micro Distribution
GmbH/Compu-Shack-Electronic GmbH]]

 - 78 - 

 

	 	 	 
	

	 	BNP / Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 15

Form of ERoT-Certificate

[Letterhead of Ingram Micro Distribution GmbH/Compu-Shack-Electronic GmbH]

	 	 	 
	

	 	In [ ], on [ ] 200[ ]
	 
	 	 
	

	 	BNP Bank N.V.

[Branch     ] 

Attention : [ ]

by mail and telecopy

Dear Sirs,

The undersigned, [
], managing director (Geschäftsführer) of [Ingram Micro
Distribution GmbH/Compu-Shack-Electronic GmbH], a German limited liability
company, having its registered offices at [ ], registered in the commercial
registry of the Lower Local Court (Amtsgericht) [ ] under registration
number HRB [  ],

represents, with reference to the German master receivables transfer and
servicing agreement dated August 14, 2003 as amended and restated on December
29, 2003 between BNP Paribas Bank N.V. as Transferee, Ingram Micro
Distribution GmbH and Compu-Shack-Electronic GmbH as Originators and Ingram
Micro Holding GmbH as Depositor (the “GMRTS Agreement”),

to BNP Paribas Bank NV, a Dutch limited liability company, having its
registered seat in the Netherlands, Herengracht 477, Postbus 10042, 1101 EA
Amsterdam, registered with the Chamber of Commerce in Amsterdam under the
number 33 166 364,

that since the most recent ERoT-Certificate, none of [Ingram Micro
Distribution GmbH/Compu-Shack- Electronic GmbH]’s suppliers has withdrawn the
authority to collect Receivables which are subject to an Extended Retention
of Title Clause.

Capitalized terms and expressions in this certificate, unless herein
defined shall have the same meaning as ascribed to such terms and expressions
in the glossary attached as Schedule 1 to the GMRTS Agreement.

Best regards,

[Signature of the Managing Director of [Ingram Micro Distribution
GmbH/Compu-Shack-Electronic GmbH]]

- 79 -

 

	 	 	 
	

	 	BNP/ Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SCHEDULE 16

Part I: US Guarantee (Collections)

Pursuant to this Guaranty (the “Guaranty”), dated as of ___________
August 2003, Ingram Micro Inc., a Delaware corporation (the “Guarantor”),
hereby unconditionally, absolutely and irrevocably guarantees as primary
obligor and not as a surety merely, to the Beneficiary (as defined below),
with offset or deduction, the full and punctual payment when due of all the
retransfer of Collections (as defined under the GMRTS Agreement referred to
below) payable by Ingram Micro Distribution GmbH and Compu- Shack-Electronic
GmbH, companies organised and existing under the laws of Germany (the
“Originators”) and Ingram Micro Holding GmbH, a company organised and
existing under the laws of Germany (the “Depositor”), being collectively, the
“Obligors”, under the German Master Receivables Transfer and Servicing
Agreement (together with all amendments and other modifications, if any, from
time to time made to it, the “GMRTS Agreement”) dated __________ August 2003
made by and between the “Obligors” and BNP Bank NV, a company organized and
existing under the laws of The Netherlands (thereunder, the “Transferee” and
hereunder, the “Beneficiary”); unless otherwise defined herein, all
capitalised terms used herein without definition have the meanings provided
for in the GMRTS Agreement (all of the foregoing guaranteed obligations being
the “Guaranteed Obligations”).

This Guaranty is a continuing guarantee and will extend to the ultimate
balance of all sums payable under the Guaranteed Obligations, PROVIDED THAT
all payments by the Guarantor hereunder shall be limited to an aggregate
maximum amount of Euros 230,000,000 or the US dollar equivalent thereof
converted at the spot rate.

Pursuant to this Guaranty, the Guarantor undertakes to pay to BNP
Paribas, a company organised and existing under the laws of France, acting
hereby as agent on behalf of the Transferee (in this capacity, the “Agent”),
any amount denominated in euros requested by the Agent in relation to this
Guaranty, upon first written demand sent by the Agent on any Business Day US
in the form of Exhibit 1 hereto (the “Notification”) specifying (i) the
amount requested for payment by the Guarantor hereunder (the “Requested
Amount”) along with explanation of how such Requested Amount is calculated
pursuant to the GMRTS Agreement and the date such amount was due from the
Obligors, (ii) the account of the Beneficiary (the “Beneficiary’s Account”)
and (iii) a certification from an officer of the Agent that the Requested
Amount is the past due amount owed by the Obligors to the Beneficiary under
the GMRTS Agreement. The Notification shall be sent by the Agent to the
Guarantor by facsimile and confirmed by email before 11.00 a.m. (Los Angeles
Time) on the date of its receipt (the “Notification Date”). The Guarantor
waives any right it may have to dispute such demand and the amount requested
to avoid a payment hereunder. The foregoing provision shall be without
prejudice to any claim the Guarantor may have against the Beneficiary after
the making of any payment pursuant to the terms hereof.

The Guarantor shall send the appropriate payment instructions and
confirm the sending thereof to the Agent at the latest at 5.00 p.m. (Los
Angeles time) on the Notification Date and credit the Beneficiary’s Account
with the Requested Amount in euros and immediately available funds, at the
latest at 5.00 p.m. (Los Angeles time) on the fourth Business Day US
following the Notification Date.

- 80 -

 

	 	 	 
	

	 	BNP/ Ingram
	HENGELER MUELLER

	 	GMRTSA Update

SECTION I. Consents and Waivers by Guarantor.

	 	(a)	 	This Guaranty shall be binding upon the Guarantor, its successors and
assigns, and shall remain in full force and effect irrespective of, and
shall not be terminated by, the existence of any law, regulation or order
now or hereafter in effect in any jurisdiction affecting the terms of the
GMRTS Agreement or any other agreement or instrument relating thereto
(the foregoing agreements, documents and instruments being, collectively,
the “Credit Documents”), or the rights or obligations of any Obligor
under or with respect to any of the Credit Documents. The liability of
the Guarantor under this guaranty shall be absolute, unconditional and
irrevocable irrespective of:

	 	(i)	 	any lack of validity or enforceability of any Obligor’s
obligations under or with respect to any Credit Document;
	 
	 	(ii)	 	any change, whether or not agreed to by the Beneficiary, in the
time, manner or place of payment of, or in any other term of, all or
any of the Credit Documents or any other amendment, renewal,
extension, acceleration, compromise or waiver of or any consent or
departure from the terms of provisions of any of the Credit
Documents;
	 
	 	(iii)	 	the lack of power or authority of any of the Obligors to
execute and deliver any of the Credit Documents, any set-off or
counterclaim which may at time be available to or assorted by any
Obligor against the Beneficiary with respect to such Obligor’s
obligations under any of the Credit Documents; the existence or
continuance of any Obligor as a legal entity; the consolidation or
merger of any Obligor with or into any other corporation, or the
sale, lease or other disposition by any Obligor of all or
substantially all of its assets to any other business entity,
whether or not effected in compliance with provisions of any of the
Credit Documents; or the bankruptcy or insolvency of any Obligor,
the admission in waiting by any Obligor of its inability to pay its
debts as they mature, or the making by any Obligor of a general
assignment for the benefit of, or entering into a composition or
arrangement with, creditors; and
	 
	 	(iv)	 	any other circumstance which might otherwise constitute a
defence available to, or legal or equitable discharge of, the
Obligors or the Guarantor;

	 	 	it being the purpose and intent of this Guaranty that the obligation
of the Guarantor hereunder shall be absolute, unconditional and
irrevocable and shall not be discharged or terminated except by full and
complete performance of all of the Guaranteed Obligations but without
prejudice to any claim the Guarantor may have against the Beneficiary
after the making of any payment pursuant to the terms hereof.

	 	(b)	 	The Guarantor agrees that it is directly and primarily liable to the
Beneficiary, that the obligations hereunder are independent of the
obligations of each Obligor, and that a separate action or actions may be
brought and presented against the Guarantor, whether or not an action is
brought against any of the Obligors or any other person, or whether the
Obligors or any other person is joined in any such action or actions. The
Guarantor agrees that any releases which may be given by the Beneficiary
to any Obligor or endorser shall not release it from this Guaranty.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	(c)	 	The Guarantor does hereby waive and relinquish, so far as it
may lawfully and effectively do so, the benefit and advantage of any
and all valuation, stay, appraisement, extension or redemption law
or laws now in effect or hereafter enacted, and also waives
promptness, diligence, notice of acceptance, default, dishonour,
non-payment, non-performance or any other notice to or upon any
Obligors or the Guarantor.

	3.2	 	No Subrogation

	 	(a)	 	Any and all present and future debts and obligations of each
Obligor to the Guarantor,
including rights of reimbursement and subrogation, are hereby
postponed in favour of and
subordinated to the payment in full in cash of all of the Guaranteed
Obligations.
	 
	 	(b)	 	Notwithstanding any payment or payments made or expenses
incurred by the Guarantor
pursuant to this Guaranty, the Guarantor shall not be subrogated, in whole or in part, to
the rights of the Beneficiary against any Obligor under the Credit Documents until the
Guaranteed Obligations shall have been paid in cash in full. If any amount shall be paid to
the Guarantor in violation of the preceding sentence, such amount shall be deemed to have
been paid to the Guarantor for the benefit of, and held in trust for, the Beneficiary and, in
addition, shall forthwith be paid to the Agent for the account of the Beneficiary to be
credited and applied upon the Guaranteed Obligations if then matured or forthwith be
repaid to the relevant Obligor if such obligations are then unmatured. The Guarantor
hereby agrees that, as between itself on the one hand and the Beneficiary on the other hand,
the Guaranteed Obligations may be declared to be forthwith due and payable
notwithstanding any stay, injunction or other prohibition preventing such declaration as
against any Obligors and that, in the event of any such declaration, the Guaranteed
Obligations (whether or not then due and payable by any Obligors) shall forthwith become
due and payable by the Guarantor for purposes of this Guaranty.

	3.3	 	Reinstatement of Guaranty

This Guaranty shall continue to be effective, or be reinstated, as the case
may be, if at any time any payment, or any part thereof, of any of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned
by the Beneficiary upon the insolvency, bankruptcy or reorganization of any
Obligor, the Guarantor or otherwise, all as though such payment had not been
made.

	3.4	 	 Undertakings of the Guarantor
	 
	1.	 	The Guarantor undertakes not to permit that at any time during this
Guaranty:

	 	(a)	 	the ratio of (x) Consolidated EBITDA for any period of four
consecutive Fiscal Periods of
the Guarantor to (y) Consolidated Interest Charges for such period to
be less than 2.5 to
1.0; provided that, for purposes of calculating the preceding ratio
the contribution of any
Subsidiary of the Guarantor acquired (to the extent the acquisition is
treated for accounting
purposes as a purchase) during those four Fiscal Periods to
Consolidated EBITDA shall be
calculated on a pro forma basis as if it had been a Subsidiary of the
Guarantor during all
of those four Fiscal Periods.
	 
	 	(b)	 	the Consolidated Tangible Net Worth at the end of any Fiscal
Period to be less than the
sum of (i) USD 991,445,000, plus (ii) 50 % of Consolidated Net Income
(without taking
into account any losses incurred in any Fiscal Year of the Guarantor)
for each Fiscal Year
of the Guarantor ended on or after December 28, 2002.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	 	The accounting terms used in bold type for the calculation of the ratios
under l.(a) and l.(b) above (the “Financial Ratios”) shall have the
meaning ascribed to them in Exhibit 3 hereto.
	 
	2.	 	The Guarantor undertakes to provide the Agent with its annual
consolidated audited accounts for each of its fiscal year (and for the
first time for the fiscal year ended on December 28, 2002) no later than
90 days after the end of each subsequent fiscal year.
	 
	3.	 	 Assignment - Successors

This Guaranty is a continuing guaranty and shall be binding upon the Guarantor
and its successors and assigns. This Guaranty shall inure to the benefit of the
Beneficiary hereunder and its successors and assigns and shall be considered to
be assigned upon the assignment or transfer by the Beneficiary of any of its
rights and obligations under the Credit Documents without requiring any act of
or consent or acknowledgment from the Guarantor. In furtherance of the
foregoing, the Guarantor shall execute and deliver to any assignee or
transferee or the Beneficiary such additional counterparts of this Guaranty as
the Agent, on behalf of the Beneficiary, may request in writing at any time and
from time to time.

	3.6	 	 Governing law - Submission to jurisdiction

This guarantee shall be governed by and its provisions construed under the laws
of the State of California any litigation based hereon, or arising out of,
under, or in connection with, this guaranty or any course of conduct, course of
dealing, statements (whether oral or written), or actions of the Beneficiary or
the Guarantor pursuant to this guaranty shall be brought and maintained, to the
extent permitted by applicable law, exclusively in the state or federal courts
in the State of California. The Guarantor hereby expressly and irrevocably
submits to such jurisdiction for the purpose of any such litigation as set
forth above and irrevocably consents to the service of any and all process in
such litigation or proceeding by the mailing of copies of such process to the
Guarantor at its address specified in Exhibit 2 hereto, in each case marked for
the attention of the Worldwide Treasurer and the General Counsel, Ingram Micro
Inc., or by personal service within or without the State of California in the
manner permitted by the laws of each such state.

	3.7	 	Miscellaneous Provisions

	 	(a)	 	No amendment to or waiver of any provision of this Guaranty, nor
consent to any
departure by the Guarantor here from, shall in any event be effective
unless the same shall
be in writing and signed by the Agent on behalf of the Beneficiary,
and then such waiver or
consent shall be effective only in the specific instance and for the
specific purpose for
which given.
	 
	 	(b)	 	All notices and other communications provided to any party hereto
shall be made in the
manner, and subject to the provisions set forth in Exhibit 2 hereto.
	 
	 	(c)	 	Section captions used in this Guaranty are for convenience of
reference only, and shall not
affect the construction of this Guaranty.
	 
	 	(d)	 	Wherever possible each provision of this Guaranty shall be
interpreted in such manner as
to be effective and valid under applicable law, but if any provision
of this Guaranty shall
be prohibited by or invalid under such law, such provision shall be
ineffective to the extent
of such prohibition or invalidity without invalidating the remainder
of such provision of the
remaining provisions of this Guaranty.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	3.8	 	Waives of Jury Trial

The Beneficiary and the Guarantor hereby knowing, voluntarily and intentionally
waive any rights they may have to a by jury in respect of any course of
conduct, course of dealing, statements (whether verbal or written) or actions
of the Beneficiary or the Guarantor.

[Remainder of page intentionally blank

Signature pages to follow.]

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

IN WITNESS WHEREOF, the undersigned corporation has caused this Guaranty to be
executed on its behalf as of the date above written by one of its officers duly
authorised thereto.

	 	 	 	 	 
	 	 	INGRAM
MICRO INC., a corporation
	 	 	organised and existing under the laws of the State
	 	 	of Delaware,
	 	 	United States of America
	 	 	 	 	 
	 	 	
By	 	 
	 	 	 	 	

	 	 	 	 	Thomas A. Madden,
	 	 	 	 	Executive Vice President and Chief Financial
	 	 	Officer

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

Exhibit 3

Definitions of accounting terms

The accounting terms used in bold type in Section 3.4 (Undertakings of the
Guarantor) § 1 shall have the following meanings:

     “Business Improvement Program Charges” means, for any period, the
aggregate business improvement program charges recorded in accordance with
GAAP by the Guarantor and its Consolidated Subsidiaries during such period
with respect to the comprehensive business improvement program described in
the September 18, 2002 press release of the Guarantor.

     “Capitalized Lease Liabilities” of any Person means, at any time, any
obligation of such Person at such time to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real and/or personal
property, which obligation is, or in accordance with GAAP (including FASB
Statement 13) is required to be, classified and accounted for as a capital
lease on a balance sheet of such Person at the time incurred; and for purposes
of this Guaranty the amount of such obligation shall be the capitalized amount
thereof determined in accordance with such FASB Statement 13.

     “Cash Business Improvement Program Charges” means Business Improvement
Program Charges that will require a corresponding cash expenditure.

     “Consolidated Assets” means, at any date, the total assets of the
Guarantor and its Consolidated Subsidiaries that would be reflected on a
consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries
as at such date in accordance with GAAP.

     “Consolidated EBITDA” means, for any period, Consolidated Income (or
Loss) from Operations for such period adjusted by adding thereto (a) the
amount of all amortization of intangibles, depreciation and any other non-cash
charges that were deducted in arriving at Consolidated Income (or Loss) from
Operations for such period and (b) the amount of Cash Business Improvement
Program Charges recorded in accordance with GAAP during such period; provided
that the cumulative amount of Cash Business Improvement Program Charges added
may not exceed $50,000,000.

     “Consolidated Income (or Loss) from Operations” means, for any period, the
amount of “income or loss from operations” (or any substituted or replacement
line item) reflected on a consolidated statement of income of the Guarantor and
its Consolidated Subsidiaries for such period in accordance with GAAP.

     “Consolidated Interest Charges” means, for any period, the sum (without
duplication) of the following (in each case, eliminating all offsetting debits
and credits between the Guarantor and its Consolidated Subsidiaries and all
other items required to be eliminated in the course of the preparation of
consolidated financial statements of the Guarantor and its Consolidated
Subsidiaries in accordance with GAAP):

	 	(a)	 	aggregate Net Interest Expense for such period
plus, to the extent not
deducted in determining Consolidated Net Income for such
period, the amount
of all interest previously capitalized or deferred that was
amortized during
such period, plus
	 
	 	(b)	 	all debt discount and expense amortized or
required to be amortized in the
determination of Consolidated Net Income for such period,
plus

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	(c)	 	all attributable interest, fees in lieu of interest and
“losses on sales of
receivables” (or any substituted or replacement line item)
reflected on a consolidated statement of income of the
Guarantor and its Consolidated Subsidiaries for such
period, in each case associated with any securitization
program by the Guarantor or any of its Consolidated
Subsidiaries.

     “Consolidated Liabilities” means, at any date, the sum of all obligations
of the Guarantor and its Consolidated Subsidiaries that would be reflected on
a consolidated balance sheet of the Guarantor and its consolidated
Subsidiaries as at such date in accordance with GAAP.

     “Consolidated Net Income” means, for any period, the consolidated net
income of the Guarantor and its Consolidated Subsidiaries as reflected on a
consolidated statement of income of the Guarantor and its Consolidated
Subsidiaries for such period in accordance with GAAP.

     “Consolidated Stockholders’ Equity” means, at any date:

	 	(a)	 	Consolidated Assets as at
such date,

     less

	 	(b)	 	Consolidated Liabilities as at such date.

     “Consolidated Subsidiary” means any Subsidiary whose financial statements
are required in accordance with GAAP to be consolidated with the consolidated
financial statements delivered by the Guarantor from time to time.

     “Consolidated Tangible Net Worth” means, at any date:

	 	(a)	 	Consolidated Stockholders’ Equity as at such
date plus the accumulated aftertax amount of non-cash charges
and adjustments to income and Consolidated Stockholders’
Equity attributable to employee stock options and stock
purchases through such date,

     less

	 	(b)	 	goodwill and other Intangible Assets of the Guarantor and its
Consolidated Subsidiaries.

     “Fiscal Period” means a fiscal period of the Guarantor or any of its
Subsidiaries, which shall be either a calendar quarter or an aggregate period
comprised of three (3) consecutive periods of four (4) weeks and five (5)
weeks (or, on occasion, six (6) weeks instead of five), currently commencing
on or about each January 1, April 1, July 1 or October 1.

     “Fiscal Year” means, with respect to any Person, the fiscal year of such
Person. The term Fiscal Year, when used without reference to any Person, shall
mean a Fiscal Year of the Guarantor, which currently ends on the Saturday
nearest December 31.

     “GAAP” means U.S. generally accepted accounting principles as of the date
hereof provided however, that if, after the date hereof, there shall be any
change in the Guarantor’s Fiscal Year or GAAP (whether such modification is
adopted or imposed by the Federal Accounting Standards Board, the American
Institute of Certified Public Accountants or any other professional body)
which changes result in a change in the method of calculation of financial
covenants set forth herein, the parties hereto

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

agree to promptly enter into negotiations in order to amend such financial
covenants so as to reflect equitably such changes, with the desired result
that the evaluations of the Guarantor’s financial condition shall be the same
after such changes as if such changes had not been made; provided, further,
that until the parties hereto have reached a definitive agreement on such
amendments, the Guarantor’s financial condition shall continue to be evaluated
on the same principles as those in effect on the date hereof.

     “Intangible Assets” means, with respect to any Person, that portion of
the book value of the assets of such Person which would be treated as
intangibles under GAAP, including all items such as goodwill, trademarks,
trade names, brands, trade secrets, customer lists, copyrights, patents,
licenses, franchise conversion rights and rights with respect to any of the
foregoing and all unamortized debt or equity discount and expenses.

     “Net Interest Expense” means, for any applicable period, the aggregate
interest expense of the Guarantor and its Consolidated Subsidiaries (including
computed interest on Capitalized Lease Liabilities) deducted in determining
Consolidated Net Income for such period, net of interest income of the
Guarantor and its Consolidated Subsidiaries included in determining
Consolidated Net Income for such applicable period.

     “Person” means any natural person, company, partnership, firm, limited
liability company or partnership, association, trust, government, government
agency or any other entity, whether acting in an individual, fiduciary or
other capacity.

     “Subsidiary” means, with respect to any Person, any corporation, company,
partnership or other entity of which more than fifty percent (50%) of the
outstanding shares or other ownership interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors of, or
other persons performing similar functions for, such corporation, company,
partnership or other entity (irrespective of whether at the time shares or
other ownership interests of any other class or classes of such corporation,
company, partnership or other entity shall or might have voting power upon the
occurrence of any contingency) is at the time directly or indirectly owned by
such Person, by such Person and one or more other Subsidiaries of such Person,
or by one or more other Subsidiaries of such Person.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

Part II: US Guarantee (Fees)

Pursuant to this Guaranty (the
“Guaranty”), dated as of ____ August 2003, Ingram Micro Inc., a
Delaware corporation (the “Guarantor”), hereby unconditionally, absolutely and
irrevocably guarantees as primary obligor and not as a surety merely, to the
Beneficiary (as defined below), with offset or deduction, the full and punctual
payment when due of whole or part of the Total Fees and Expenses (as defined
under the GMRTS Agreement referred to below) payable by Ingram Micro
Distribution GmbH and Compu-Shack-Electronic GmbH, companies organised and
existing under the laws of Germany (the “Originators”) and Ingram Micro Holding
GmbH, a company organised and existing under the laws of Germany (the
“Depositor”), being collectively, the “Obligors”, under the German Master
Receivables Transfer and Servicing Agreement (together with all amendments and
other modifications, if any, from
time to time made to it, the “GMRTS Agreement”)
dated _____ August 2003 made by and
between the
“Obligors” and BNP Bank NV, a company organized and existing under the laws of
The Netherlands (thereunder, the “Transferee” and hereunder, the
“Beneficiary”); unless otherwise defined herein, all capitalised terms used
herein without definition have the meanings provided for in the GMRTS
Agreement (all of the foregoing guaranteed obligations being the “Guaranteed
Obligations”).

This Guaranty is a continuing guarantee and will extend to the ultimate
balance of all sums payable under the Guaranteed Obligations, PROVIDED THAT
all payments by the Guarantor hereunder shall be limited to an aggregate
maximum amount of Euros 15,000,000 or the US dollar equivalent thereof
converted at the spot rate.

Pursuant to this Guaranty, the Guarantor undertakes to pay to BNP Paribas, a
company organised and existing under the laws of France, acting hereby as
agent on behalf of the Transferee (in this capacity, the “Agent”), any amount
denominated in euros requested by the Agent in relation to this Guaranty, upon
first written demand sent by the Agent on any Business Day US in the form of
Exhibit 1 hereto (the “Notification”) specifying (i) the amount requested for
payment by the Guarantor hereunder (the “Requested Amount”) along with
explanation of how such Requested Amount is calculated pursuant to the GMRTS
Agreement and the date such amount was due from the Obligors, (ii) the account
of the Beneficiary (the “Beneficiary’s Account”) and (iii) a certification
from an officer of the Agent that the Requested Amount is the past due amount
owed by the Obligors to the Beneficiary under the GMRTS Agreement. The
Notification shall be sent by the Agent to the Guarantor by facsimile and
confirmed by email before 11.00 a.m. (Los Angeles Time) on the date of its
receipt (the “Notification Date”). The Guarantor waives any right it may have
to dispute such demand and the amount requested to avoid a payment hereunder.
The foregoing provision shall be without prejudice to any claim the Guarantor
may have against the Beneficiary after the making of any payment pursuant to
the terms hereof.

The Guarantor shall send the appropriate payment instructions and confirm the
sending thereof by mail to the Agent at the latest at 5.00 p.m. (Los Angeles
time) on the Notification Date and credit the Beneficiary’s Account with the
Requested Amount in euros and immediately available funds, at the latest at
5.00 p.m. (Los Angeles time) on the fourth Business Day US following the
Notification Date.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

SECTION I. Consents and Waivers by Guarantor.

	 	(a)	 	This Guaranty shall be binding upon the Guarantor, its successors
and assigns, and shall
remain in full force and effect irrespective of, and shall not be
terminated by, the existence
of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting the
terms of the GMRTS Agreement or any other agreement or instrument
relating thereto (the
foregoing agreements, documents and instruments being,
collectively, the “Credit
Documents”), or the rights or obligations of any Obligor under or with
respect to any of
the Credit Documents. The liability of the Guarantor under this
guaranty shall be absolute,
unconditional and irrevocable irrespective of:

	 	(i)	any lack of validity or enforceability of any
Obligor’s obligations under or with respect to any Credit
Document;
	 
	 	(ii)	any change, whether or not agreed to by the
Beneficiary, in the time, manner or place of payment of, or in
any other term of, all or any of the Credit Documents or any
other amendment, renewal, extension, acceleration, compromise or
waiver of or any consent or departure from the terms of
provisions of any of the Credit Documents;
	 
	 	(iii)	the lack of power or authority of any of the Obligors
to execute and deliver any of the Credit Documents, any set-off
or counterclaim which may at time be available to or assorted by
any Obligor against the Beneficiary with respect to such
Obligor’s obligations under any of the Credit Documents; the
existence or continuance of any Obligor as a legal entity; the
consolidation or merger of any Obligor with or into any other
corporation, or the sale, lease or other disposition by any
Obligor of all or substantially all of its assets to any other
business entity, whether or not effected in compliance with
provisions of any of the Credit Documents; or the bankruptcy or
insolvency of any Obligor, the admission in waiting by any
Obligor of its inability to pay its debts as they mature, or the
making by any Obligor of a general assignment for the benefit
of, or entering into a composition or arrangement with,
creditors; and
	 
	 	(iv)	any other circumstance which might otherwise
constitute a defence available to, or legal or equitable
discharge of, the Obligors or the Guarantor;

	 	 	it being the purpose and intent of this Guaranty that the obligation of
the Guarantor hereunder shall be absolute, unconditional and irrevocable
and shall not be discharged or terminated except by full and complete
performance of all of the Guaranteed Obligations but without prejudice to
any claim the Guarantor may have against the Beneficiary after the making
of any payment pursuant to the terms hereof.

	 	(b)	 	The Guarantor agrees that it is directly and primarily liable to
the Beneficiary, that the
obligations hereunder are independent of the obligations of each
Obligor, and that a
separate action or actions may be brought and presented against the
Guarantor, whether or
not an action is brought against any of the Obligors or any other
person, or whether the
Obligors or any other person is joined in any such action or actions.
The Guarantor agrees
that any releases which may be given by the Beneficiary to any Obligor
or endorser shall
not release it from this Guaranty.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	(c)	 	The Guarantor does hereby waive and relinquish, so far as it
may lawfully and effectively do so, the benefit and advantage of any
and all valuation, stay, appraisement, extension or redemption law
or laws now in effect or hereafter enacted, and also waives
promptness, diligence, notice of acceptance, default, dishonour,
non-payment, non-performance or any other notice to or upon any
Obligors or the Guarantor.

	3.2 	 	No Subrogation

	 	(a)	 	Any and all present and future debts and obligations of each
Obligor to the Guarantor,
including rights of reimbursement and subrogation, are hereby
postponed in favour of and
subordinated to the payment in full in cash of all of the Guaranteed
Obligations.
	 
	 	(b)	 	Notwithstanding any payment or payments made or expenses
incurred by the Guarantor
pursuant to this Guaranty, the Guarantor shall not be subrogated, in whole or in part, to
the rights of the Beneficiary against any Obligor under the Credit Documents until the
Guaranteed Obligations shall have been paid in cash in full. If any amount shall be paid to
the Guarantor in violation of the preceding sentence, such amount shall be deemed to have
been paid to the Guarantor for the benefit of, and held in trust for, the Beneficiary and, in
addition, shall forthwith be paid to the Agent for the account of the Beneficiary to be
credited and applied upon the Guaranteed Obligations if then matured or forthwith be
repaid to the relevant Obligor if such obligations are then unmatured. The Guarantor
hereby agrees that, as between itself on the one hand and the Beneficiary on the other hand,
the Guaranteed Obligations may be declared to be forthwith due and payable
notwithstanding any stay, injunction or other prohibition preventing such declaration as
against any Obligors and that, in the event of any such declaration, the Guaranteed
Obligations (whether or not then due and payable by any Obligors) shall forthwith become
due and payable by the Guarantor for purposes of this Guaranty.

	3.3 	 	Reinstatement of Guaranty
	 
	 	 	This Guaranty shall continue to be effective, or be reinstated, as the case
may be, if at any time any payment, or any part thereof, of any of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned
by the Beneficiary upon the insolvency, bankruptcy or reorganization of any
Obligor, the Guarantor or otherwise, all as though such payment had not been
made.
	 
	3.4 	 	Undertakings of the Guarantor
	 
	1.	 	The Guarantor undertakes not to permit that at any time during this
Guaranty:

	 	(a)	 	the ratio of (x) Consolidated EBITDA for any period of four
consecutive Fiscal Periods of
the Guarantor to (y) Consolidated Interest Charges for such period to
be less than 2.5 to
1.0; provided that, for purposes of calculating the preceding ratio
the contribution of any
Subsidiary of the Guarantor acquired (to the extent the acquisition is
treated for accounting
purposes as a purchase) during those four Fiscal Periods to
Consolidated EBITDA shall be
calculated on a pro forma basis as if it had been a Subsidiary of the
Guarantor during all
of those four Fiscal Periods.
	 
	 	(b)	 	the Consolidated Tangible Net Worth at the end of any Fiscal
Period to be less than the
sum of (i) USD 991,445,000, plus (ii) 50 % of Consolidated Net Income
(without taking
into account any losses incurred in any Fiscal Year of the Guarantor)
for each Fiscal Year
of the Guarantor ended on or after December 28, 2002.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	 	 	The accounting terms used in bold type for the calculation of the ratios
under l.(a) and 1 .(b) above (the “Financial Ratios”) shall have the
meaning ascribed to them in Exhibit 3 hereto.

	2.	 	The Guarantor undertakes to provide the Agent with its annual consolidated
audited accounts for each of its fiscal year (and for the first time for the
fiscal year ended on December 28, 2002) no later than 90 days after the end of
each subsequent fiscal year.
	 
	3.	 	Assignment - Successors

This Guaranty is a continuing guaranty and shall be binding upon the Guarantor
and its successors and assigns. This Guaranty shall inure to the benefit of
the Beneficiary hereunder and its successors and assigns and shall be
considered to be assigned upon the assignment or transfer by the Beneficiary
of any of its rights and obligations under the Credit Documents without
requiring any act of or consent or acknowledgment from the Guarantor. In
furtherance of the foregoing, the Guarantor shall execute and deliver to any
assignee or transferee or the Beneficiary such additional counterparts of this
Guaranty as the Agent, on behalf of the Beneficiary, may request in writing at
any time and from time to time.

	3.6 	 	Governing law - Submission to jurisdiction

This guarantee shall be governed by and its provisions construed under the
laws of the State of California any litigation based hereon, or arising out
of, under, or in connection with, this guaranty or any course of conduct,
course of dealing, statements (whether oral or written), or actions of the
Beneficiary or the Guarantor pursuant to this guaranty shall be brought and
maintained, to the extent permitted by applicable law, exclusively in the
state or federal courts in the State of California. The Guarantor hereby
expressly and irrevocably submits to such jurisdiction for the purpose of any
such litigation as set forth above and irrevocably consents to the service of
any and all process in such litigation or proceeding by the mailing of copies
of such process to the Guarantor at its address specified in Exhibit 2 hereto,
in each case marked for the attention of the Worldwide Treasurer and the
General Counsel, Ingram Micro Inc., or by personal service within or without
the State of California in the manner permitted by the laws of each such
state.

	3.7 	 	Miscellaneous Provisions

	 	(a)	 	No amendment to or waiver of any provision of this Guaranty, nor
consent to any
departure by the Guarantor here from, shall in any event be effective
unless the same shall
be in writing and signed by the Agent on behalf of the Beneficiary,
and then such waiver or
consent shall be effective only in the specific instance and for the
specific purpose for
which given.
	 
	 	(b)	 	All notices and other communications provided to any party hereto
shall be made in the
manner, and subject to the provisions set forth in Exhibit 2 hereto.
	 
	 	(c)	 	Section captions used in this Guaranty are for convenience of
reference only, and shall not
affect the construction of this Guaranty.
	 
	 	(d)	 	Wherever possible each provision of this Guaranty shall be
interpreted in such manner as
to be effective and valid under applicable law, but if any provision
of this Guaranty shall
be prohibited by or invalid under such law, such provision shall be
ineffective to the extent
of such prohibition or invalidity without invalidating the remainder
of such provision of the

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	 	 	remaining provisions of this Guaranty.

	3.8 	 	Waives of Jury Trial

The Beneficiary and the Guarantor hereby knowing, voluntarily and intentionally
waive any rights they may have to a by jury in respect of any course of
conduct, course of dealing, statements (whether verbal or written) or actions
of the Beneficiary or the Guarantor.

[REMAINDER OF PAGE INTENTIONALLY BLANK

SIGNATURE PAGES TO FOLLOW.]

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

IN WITNESS WHEREOF, the undersigned corporation has caused this Guaranty to be
executed on its behalf as of the date above written by one of its officers duly
authorised thereto.

	 	 	 	 	 
	 	 	INGRAM MICRO INC., a corporation
	 	 	organised and existing under the laws of the State
	 	 	of Delaware,
	 	 	United States of America
	 	 	 	 	 
	 	 	
By	 	 
	 	 	 	 	

	 	 	 	 	Thomas A. Madden, Executive Vice President
	 	 	and Chief Financial Officer

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

Exhibit 3

Definitions of accounting terms

The accounting terms used in bold type in Section 3.4 (Undertakings of the
Guarantor) § 1 shall have the following meanings:

     “Business Improvement Program Charges” means, for any period, the
aggregate business improvement program charges recorded in accordance with
GAAP by the Guarantor and its Consolidated Subsidiaries during such period
with respect to the comprehensive business improvement program described in
the September 18, 2002 press release of the Guarantor.

     “Capitalized Lease Liabilities” of any Person means, at any time, any
obligation of such Person at such time to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real and/or personal
property, which obligation is, or in accordance with GAAP (including FASB
Statement 13) is required to be, classified and accounted for as a capital
lease on a balance sheet of such Person at the time incurred; and for purposes
of this Guaranty the amount of such obligation shall be the capitalized amount
thereof determined in accordance with such FASB Statement 13.

     “Cash Business Improvement Program Charges” means Business Improvement
Program Charges that will require a corresponding cash expenditure.

     “Consolidated Assets” means, at any date, the total assets of the
Guarantor and its Consolidated Subsidiaries that would be reflected on a
consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries
as at such date in accordance with GAAP.

     “Consolidated EBITDA” means, for any period, Consolidated Income (or
Loss) from Operations for such period adjusted by adding thereto (a) the
amount of all amortization of intangibles, depreciation and any other non-cash
charges that were deducted in arriving at Consolidated Income (or Loss) from
Operations for such period and (b) the amount of Cash Business Improvement
Program Charges recorded in accordance with GAAP during such period; provided
that the cumulative amount of Cash Business Improvement Program Charges added
may not exceed $50,000,000.

     “Consolidated Income (or Loss) from Operations” means, for any period, the
amount of “income or loss from operations” (or any substituted or replacement
line item) reflected on a consolidated statement of income of the Guarantor and
its Consolidated Subsidiaries for such period in accordance with GAAP.

     “Consolidated Interest Charges” means, for any period, the sum (without
duplication) of the following (in each case, eliminating all offsetting debits
and credits between the Guarantor and its Subsidiaries and all other items
required to be eliminated in the course of the preparation of consolidated
financial statements of the Guarantor and its Consolidated Subsidiaries in
accordance with GAAP):

	 	(a)	 	aggregate Net Interest Expense for such period
plus, to the extent not
deducted in determining Consolidated Net Income for such
period, the amount
of all interest previously capitalized or deferred that was
amortized during
such period, plus
	 
	 	(b)	 	all debt discount and expense amortized or
required to be amortized in the
determination of Consolidated Net Income for such period,
plus

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

	 	(c)	 	all attributable interest, fees in lieu of interest and “losses
on sales of
receivables” (or any substituted or replacement line item)
reflected on a consolidated statement of income of the
Guarantor and its Consolidated Subsidiaries for such
period, in each case associated with any securitization
programs by the Guarantor or any of its Consolidated
Subsidiaries.

     “Consolidated Liabilities” means, at any date, the sum of all obligations
of the Guarantor and its Consolidated Subsidiaries that would be reflected on
a consolidated balance sheet of the Guarantor and its Consolidated
Subsidiaries as at such date in accordance with GAAP.

     “Consolidated Net Income” means, for any period, the consolidated net
income of the Guarantor and its Consolidated Subsidiaries as reflected on a
consolidated statement of income of the Guarantor and its Consolidated
Subsidiaries for such period in accordance with GAAP.

     “Consolidated Stockholders’ Equity” means, at any date:

	 	(a)	 	Consolidated Assets as at
such date,

     less

	 	(c)	 	Consolidated Liabilities as at such date.

     “Consolidated Subsidiary” means any Subsidiary whose financial statements
are required in accordance with GAAP to be consolidated with the consolidated
financial statements delivered by the Guarantor from time to time.

     “Consolidated Tangible Net Worth” means, at any date:

	 	(c)	 	Consolidated Stockholders’ Equity as at such date
plus the accumulated after-tax amount of non-cash charges and adjustments to income and
Consolidated
Stockholders’ Equity attributable to employee stock
options and stock
purchases through such date,

     less

	 	(d)	 	goodwill and other Intangible Assets of the
Guarantor and its Consolidated
Subsidiaries.

     “Fiscal Period” means a fiscal period of the Guarantor or any of its
Subsidiaries, which shall be either a calendar quarter or an aggregate period
comprised of three (3) consecutive periods of four (4) weeks and five (5)
weeks (or, on occasion, six (6) weeks instead of five), currently commencing
on or about each January 1, April 1, July 1 or October 1.

     “Fiscal Year” means, with respect to any Person, the fiscal year of such
Person. The term Fiscal Year, when used without reference to any Person, shall
mean a Fiscal Year of the Guarantor, which currently ends on the Saturday
nearest December 31.

     “GAAP” means U.S. generally accepted accounting principles as of the date
hereof provided however, that if, after the date hereof, there shall be any
change in the Guarantor’s Fiscal Year or GAAP (whether such modification is
adopted or imposed by the Federal Accounting Standards Board, the American
Institute of Certified Public Accountants or any other professional body)
which changes result in a change in the method of calculation of financial
covenants set forth herein, the parties hereto

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

agree to promptly enter into negotiations in order to amend such financial
covenants so as to reflect equitably such changes, with the desired result
that the evaluations of the Guarantor’s financial condition shall be the same
after such changes as if such changes had not been made; provided,
further,
that until the parties hereto have reached a definitive agreement on such
amendments, the Guarantor’s financial condition shall continue to be evaluated
on the same principles as those in effect on the date hereof.

     “Intangible Assets” means, with respect to any Person, that portion of
the book value of the assets of such Person which would be treated as
intangibles under GAAP, including all items such as goodwill, trademarks,
trade names, brands, trade secrets, customer lists, copyrights, patents,
licenses, franchise conversion rights and rights with respect to any of the
foregoing and all unamortized debt or equity discount and expenses.

     “Net Interest Expense” means, for any applicable period, the aggregate
interest expense of the Guarantor and its Consolidated Subsidiaries (including
computed interest on Capitalized Lease Liabilities) deducted in determining
Consolidated Net Income for such period, net of interest income of the
Guarantor and its Consolidated Subsidiaries included in determining
Consolidated Net Income for such applicable period.

     “Person” means any natural person, company, partnership, firm, limited
liability company or partnership, association, trust, government, government
agency or any other entity, whether acting in an individual, fiduciary or
other capacity.

     “Subsidiary” means, with respect to any Person, any corporation, company,
partnership or other entity of which more than fifty percent (50%) of the
outstanding shares or other ownership interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors of, or
other persons performing similar functions for, such corporation, company,
partnership or other entity (irrespective of whether at the time shares or
other ownership interests of any other class or classes of such corporation,
company, partnership or other entity shall or might have voting power upon the
occurrence of any contingency) is at the time directly or indirectly owned by
such Person, by such Person and one or more other Subsidiaries of such Person,
or by one or more other Subsidiaries of such Person.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

SCHEDULE 17

Liquidity Fees

	-	 	if no drawdown is made pursuant to the Liquidity Agreement, a commitment fee
calculated at an annual interest rate of: (i) maximum 0.75% for the period
starting from the execution date of this Agreement and ending on the last
Transaction Date occurring prior to the third anniversary date of the execution
date of this Agreement; then (ii) maximum 0.45% for the two (2) successive
periods of 364 days each subsequent to the period mentioned in (i) above and
for which the Liquidity Agreement may be renewed in accordance with its terms,
provided that (A) the same annual interest rate shall be applied if the Final
Transfer Date is extended pursuant to Clause 4 (D) of the German Master
Receivables Agreement the above rates shall be applied on the 102% of the
Maximum Financing Amount; and
	 
	-	 	if a drawdown is made pursuant to
the Liquidity Agreement, EURIBOR + maximum 1.30% (or
EONIA + 1.30% for a period of less than one (1) calendar month).
	 
	 	 	The applicable EURIBOR and EONIA upon the financing costs of the Issuer of
Reference in connection with the Liquidity Agreement shall be the one
published the day upon which a drawing is made under such agreement.

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	HENGELER MUELLER	 	
BNP / Ingram

GMRTSA Update

EXECUTION PAGE

	 	 	 
	BNP PARIBAS BANK N.V.
	 	 	 
	By:	 	 
	 	 	

	 	 	 
	INGRAM MICRO DISTRIBUTION GMBH
	 	 	 
	By:	 	 
	 	 	

	 	 	 
	 	 	

	 	 	 
	COMPU-SHACK-ELECTRONIC GMBH
	 	 	 
	By:	 	 
	 	 	

	 	 	 
	INGRAM MICRO HOLDING GMBH
	 	 	 
	By:	 	 
	 	 	

- 107 -Exhibit 10.49

 

EXHIBIT 10.49

Waiver Letter

Date: 26 January 2004

	 	 	 	 	 
	 	 	
To:
	 	BNP Paribas Bank N.V.
	 	 	 	 	Represented by BNP Paribas
	 	 	 	 	3,rue d’ Antin
	 	 	 	 	75002 Paris
	 	 	 	 	France
	 	 	 	 	(the
“Transferee”)
	 	 	 	 	To the attention of: Marylene Monci/Eric Lefol
	 	 	 	 	 
	 	 	 	 	by mail and telecopy: +33 1 42 98 69 19
	 	 	 	 	 
	 	 	
CC:
	 	Ingram Micro Coordination Center BVBA/Sprl.
	 	 	 	 	Luohthavenlaan 25 A
	 	 	 	 	1800 Vilvoorde
	 	 	 	 	Belgium
	 	 	 	 	To the attention of:Bèatrioe Ransquin/Luc Vlaminck
	 	 	 	 	 
	 	 	 	 	by mail and telecopy: +32 2 254 92 90
	 	 	 	 	 
	 	 	
From:
	 	Compu-Shack
Electronic GmbH
	 	 	 	 	Ringstraßle 56-58
	 	 	 	 	56564 Neuwied
	 	 	 	 	Germany
	 	 	 	 	(“Compu-Shack”)

Dear Sirs,

	1.	 	We refer to the German Master Receivables Transfer and Servicing Agreement (the
“GMRTS Agreement”) entered into between the Transferee, Ingram Micro
Distribution GmbH and Compu-Shack as Originators and Ingram Micro Holding GmbH
as Depositor, dated August 14, 2003 as amended and restated on December 29,2003.

 

 

BNP / Ingram

Waiver Letter

	2.	 	Capitalized terms and expressions not defined herein shall have
the meaning ascribed to them in
the glossary attached as Schedule 1 to the GMRTS Agreement.
	 
	3.	 	We hereby request that you, the Transferee, agree to

	 	(a)	 	expressly waive in accordance with Clause 52 (Exercise
of Rights) of the GMRTS
Agreement with respect to the period from the date hereof
(inclusive) through 30 June
2004 (inclusive) (the “Waiver Period”) each of the following:
	 

	 	(i)	 	the failure by Compu-Shaok to make Offers
thereby satisfying the conditions set out in Clause
10.1 A (b) (Transfer of Receivables) of the GMRTS
Agreement. The Transferee hereby agrees that the Final
Transfer Date shall not consequently be deemed to have
occurred on the second Information Date on which no
Offer is made; and
	 
	 	(ii)	 	the failure by Compu-Shack to comply with
Clause 12 A (Information Obligations of the
Originators) of the GMRTS Agreement;
	 

	 	(b)	 	acknowledge that during the Waiver Period none of the
items listed in paragraph 3 (a)
hereof constitutes an Event of Default pursuant to Clause
40.1 (ii) (Events of Default and
Termination of Transferee’s Commitment) of the GMRTS
Agreement as each such item
has been waived.
	 

	4.	 	Each party hereto hereby agrees that Clause 49
(Confidentiality), Clause 50 (Benefit of
Agreement), Clause 51 (Notices, Communication and Documents) and
Clause 54 (Indivisibility)
of the GMRTS Agreement shall apply mutatis mutandis to this Waiver
Letter.
	 
	5.	 	This Waiver Letter shall be governed by, and construed in
accordance with, German law. Any
dispute as to the validity, execution, interpretation or any other
matter arising from this Waiver
Letter shall be subject to the jurisdiction of the District Court
(Landgericht) in Frankfurt am
Main, Germany.

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\

BNP / Ingram

Waiver Letter

	6.	 	This Waiver Letter may be executed (including by facsimile) in
one or more counterparts. Each
signed counterpart shall constitute an original.
	 
	7.	 	Please confirm your consent to the terms of this Waiver Letter
by countersigning below.

Sincerely yours,

Compu-Shack-Electronic GmbH

	 	 	 
		 	

Acknowledgement and
consent
We hereby acknowledge and consent to the terms of this Waiver Letter:

BNP Paribas Bank N.V.

By:

- 3 -

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