EX-4.3 Master Complementary Deposit Agreement
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- Deposit Agreements
EX-4.3 4 l12143aexv4w3.txt EX-4.3 MASTER COMPLEMENTARY DEPOSIT AGREEMENT EXHIBIT 4.3 GOODYEAR - -------------------------------------------------------------------------------- MASTER COMPLEMENTARY DEPOSIT AGREEMENT - -------------------------------------------------------------------------------- DATED 10 DECEMBER, 2004 Between EUROFACTOR as Agent CALYON as Calculation Agent ESTER FINANCE TITRISATION as Purchaser AND GOODYEAR DUNLOP TIRES FINANCE EUROPE B.V. as Complementary Depositor or Centralising Unit [GIDE LOYRETTE NOUEL LOGO] - -------------------------------------------------------------------------------- ASSOCIATION D'AVOCATS A LA COUR DE PARIS 26, COURS ALBERT 1ER 75008 PARIS TEL. +33 (0)1 40 75 60 00 FAX +33 (0)1 43 59 37 79 E-MAIL ***@*** WWW.GIDE.COM TABLE OF CONTENTS
- 2 - BETWEEN 1. EUROFACTOR, a company incorporated under French law, authorised as a credit institution (etablissement de credit) and having its registered office at Tour d'Asnieres, 4, avenue Laurent Cely, 92608 Asnieres, France, registered with the Trade and Companies Registry of Nanterre under the number 642 041 560, whose representative is duly authorised for the purpose of this agreement (the "AGENT"); 2. CALYON, a company incorporated under French law and authorised as a credit institution (etablissement de credit), having its registered office at 9 quai du President Paul Doumer, 92920 Paris La Defense Cedex, France, registered with the Trade and Companies Registry of Nanterre under the number 304 187 701, whose representatives are duly authorised for the purpose of this agreement (the "CALCULATION AGENT"); 3. ESTER FINANCE TITRISATION, a limited company with a management and supervisory board (societe anonyme a directoire et conseil de surveillance) incorporated under French law and authorised as a credit institution (etablissement de credit), having its registered office at 19 Boulevard des Italiens, 75002 Paris, France, registered with the Trade and Companies Registry of Paris under the number 414 886 226, whose representative is duly authorised for the purpose of this agreement ("ESTER FINANCE" or the "PURCHASER"); 4. GOODYEAR DUNLOP TIRES FINANCE EUROPE B.V., a company incorporated under Dutch law, having its registered office at Deboelelaan 7, 1083 HJ, Amsterdam, The Netherlands, registered with the Trade and Companies Registry of Amsterdam, under the number 34197964, whose representative is duly authorised for the purpose of this agreement (hereafter referred to as the "CENTRALISING UNIT" or the "COMPLEMENTARY DEPOSITOR"). - 3 - WHEREAS GOODYEAR DUNLOP TIRES France S.A., FULDA REIFEN GmbH & Co KG, M-PLUS MULTIMARKENMANAGEMENT GmbH & Co KG, GOODYEAR GmbH & Co KG, DUNLOP GmbH & Co KG, GOODYEAR DUNLOP TIRES Italia SpA and GOODYEAR DUNLOP TIRES Espana SA (the "SELLERS") are in the business of manufacturing and/or supplying tyres and activities relating thereto, and hold receivables over their respective debtors. In order to provide financing to the Sellers, CALYON as arranger has proposed to set up a securitisation transaction by way of the sale, on an ongoing basis, of trade receivables resulting from the usual business of the Sellers in France, Germany, Italy and Spain. For such purposes, ESTER FINANCE has undertaken to purchase certain trade receivables held by the Sellers (the "PURCHASABLE RECEIVABLES") by way of a transfer of receivables pursuant to the provisions of the French law governed General Master Purchase Agreement (the "GENERAL MASTER PURCHASE AGREEMENT") and receivables purchase agreements (the "RECEIVABLES PURCHASE AGREEMENTS") governed by French, German, Italian and Spanish law depending of the laws of the incorporation of the relevant Seller. ESTER FINANCE shall fund the acquisition of Purchasable Receivables: (i) partly out of a senior deposit (the "SENIOR DEPOSIT") effected by the Depositor with the Purchaser in accordance with a master senior deposit agreement (the "MASTER SENIOR DEPOSIT AGREEMENT"); and (ii) partly by way of set-off against any amount due and payable by the Centralising Unit to the Purchaser in connection with (a) a subordinated deposit (the "SUBORDINATED DEPOSIT") to be effected by the Centralising Unit with the Purchaser in accordance with the terms and conditions of a master subordinated deposit agreement (the "MASTER SUBORDINATED DEPOSIT AGREEMENT") and (b) a complementary deposit (the "COMPLEMENTARY DEPOSIT") to be effected by the Centralising Unit with the Purchaser in accordance with the terms and conditions of the present master complementary deposit agreement (the "MASTER COMPLEMENTARY DEPOSIT AGREEMENT"). The Purchaser and the Complementary Depositor are willing to define the terms and conditions according to which the Complementary Deposit shall be made by the Complementary Depositor with the Purchaser and shall be pledged as cash collateral in favour of the Purchaser and have agreed to enter into this agreement under the terms and subject to the conditions set forth hereunder. - 4 - NOW IT IS HEREBY AGREED AS FOLLOWS: CHAPTER I - INTERPRETATION ARTICLE 1. DEFINITIONS Capitalised terms and expressions used in this Master Complementary Deposit Agreement shall have the same meaning as ascribed to such terms and expressions in the glossary set out in schedule 1 to the General Master Purchase Agreement. ARTICLE 2. INTERPRETATION (i) The titles of the Chapters, the Schedules and the Articles (including their paragraphs) used herein and the table of contents are for convenience of reference only, and shall not be used to interpret this Master Complementary Deposit Agreement. (ii) In this Master Complementary Deposit Agreement, except if the context calls for another interpretation: (a) references to "CHAPTERS", "ARTICLES" and "SCHEDULES" shall be construed as references to the chapters, articles and schedules of this Master Complementary Deposit Agreement and references to this Master Complementary Deposit Agreement include its schedules; (b) words in the plural shall cover the singular and vice versa; (c) references to the time of the day shall refer to Paris time, unless otherwise stipulated; (d) references to a person shall include its permitted assignees, transferees and successors; (e) references to a document shall mean this document, as amended, replaced by novation or varied from time to time; (f) references to "PARTIES" must be interpreted as references to the parties to the present agreement, and to a "PARTY" shall refer to any of the Parties. - 5 - CHAPTER II - AMOUNT - PURPOSE - DURATION ARTICLE 3. PURPOSE OF THIS AGREEMENT 3.1 The Complementary Depositor shall make a Complementary Deposit with the Purchaser in accordance with the terms of this Master Complementary Deposit Agreement. 3.2 The Complementary Deposit made by the Complementary Depositor under this Master Complementary Deposit Agreement shall be applied and pledged as cash collateral (affecte a titre de gage-especes) in favour of the Purchaser in accordance with and subject to the provisions of Article 10. All repayments of principal to be made by the Purchaser to the Complementary Depositor in respect of the Complementary Deposit shall be made up to the amount and to the extent of the sums received by the Purchaser in respect of the Sold Receivables in the manner described in Article 7. During the Amortisation Period, such repayments under the Complementary Deposit shall be subject to the order of priority of payments provided for under article 16 of the General Master Purchase Agreement. The Complementary Depositor agrees that, for the purposes of repayment of the Complementary Deposit, it will look solely to the amount of the sums received by the Purchaser under the General Master Purchase Agreement in respect of the Sold Receivables until the Program Expiry Date and that the Complementary Depositor shall not, in such capacity, otherwise take or pursue any judicial or other proceedings, or exercise any right or remedy that it might otherwise have, against the Purchaser or the Purchaser's assets save to the extent required for the recovery of such sums. ARTICLE 4. DURATION OF THE AGREEMENT 4.1 This Master Complementary Deposit Agreement shall enter into force on the date hereof and shall terminate on the Program Expiry Date. 4.2 The Complementary Deposit shall be repaid in the manner described in Article 7. - 6 - CHAPTER III - AMOUNT OF THE COMPLEMENTARY DEPOSIT ARTICLE 5. AMOUNT OF THE COMPLEMENTARY DEPOSIT 5.1 Amount of the Complementary Deposit The Complementary Depositor shall make a Complementary Deposit with the Purchaser in accordance with the terms and conditions of this Master Complementary Deposit Agreement. The amount of the Complementary Deposit shall, at all times during the Replenishment Period, be calculated in accordance with the provisions of Schedule 1. During the Amortisation Period, the Complementary Deposit, as calculated as of the last Funded Settlement Date of the Replenisment Period, shall be repaid until the Program Expiry Date, after full repayment of the Senior Deposit, subject to the order of priority set forth in Article 7. The amount of the Complementary Deposit shall be calculated by the Agent on each Calculation Date. 5.2 Calculation and setting up of the Complementary Deposit 5.2.1 Calculation (i) At the latest on the Calculation Date preceding the Initial Settlement Date, the Agent shall calculate and notify forthwith the Purchaser and the Complementary Depositor the amount of the Complementary Deposit to be made in accordance with Article 5.1 above on the Initial Settlement Date, together with the details of such calculation. (ii) On any subsequent Calculation Date during the Replenishment Period, the Agent shall calculate and notify forthwith the Purchaser and the Complementary Depositor (i) the amount of the Complementary Deposit in accordance with Article 5.1 above on the related Settlement Date, and (ii) the amount of the Complementary Deposit on the preceding Settlement Date, together with the details of such calculation. If the new amount of the Complementary Deposit is higher than the amount of the Complementary Deposit on the preceding Settlement Date, the Complementary Deposit shall be increased by the Euro amount of the difference (the "INCREASE IN THE COMPLEMENTARY DEPOSIT"). If the new amount of the Complementary Deposit is lower than the amount of the Complementary Deposit on the preceding Settlement Date, the Complementary Deposit shall be reduced by the Euro amount of the difference (the "REDUCTION OF THE COMPLEMENTARY DEPOSIT"). - 7 - For the avoidance of doubt, any reference to the Complementary Deposit in the Transaction Documents shall be to the Complementary Deposit as it may be increased or reduced in accordance with this Article 5.2.1. 5.2.2 Setting up of the Complementary Deposit (i) On the Initial Settlement Date, before 9.00 am (Paris time), the Complementary Deposit shall be made in Euro with the Purchaser by crediting the Current Account, for the amount calculated in accordance with Article 5.2.1. (ii) On each Settlement Date after the Initial Settlement Date, during the Replenishment Period, before 9.00 am (Paris time): (a) the Complementary Depositor shall make a deposit in respect of the Complementary Deposit in Euro with the Purchaser for an amount corresponding to any Increase in the Complementary Deposit, as calculated in accordance with Article 5.2.1 (ii); or (b) the Purchaser shall repay a portion of the Complementary Deposit to the Complementary Depositor for an amount corresponding to any Reduction of the Complementary Deposit, as calculated in accordance with Article 5.2.1 (ii), subject to the provisions of Article 7. The payments to be made pursuant to (i) and (ii) above shall be effected in accordance with and subject to the provisions of article 6.4 of the General Master Purchase Agreement. ARTICLE 6. NO INTEREST - UNAVAILABILITY FEE The Purchaser and the Complementary Depositor hereby expressly agree that the Complementary Deposit shall not bear interest and that no unavailability fee shall be paid to the Complementary Depositor in relation to the making of the Complementary Deposit. The Complementary Depositor acknowledges that it has entered into intercompany arrangements with the Sellers (the "INTERCOMPANY ARRANGEMENTS") pursuant to which the Complementary Depositor will receive from each Seller any necessary consideration for the making of the Complementary Deposit and will be indemnified in an appropriate manner by each Seller in accordance with its corporate interest and in respect of the losses incurred by it as a result of the Complementary Deposit made under this Master Complementary Deposit Agreement. - 8 - CHAPTER IV - REPAYMENT - PAYMENTS ARTICLE 7. REPAYMENT 7.1 Principle The repayment of the Complementary Deposit, which shall be carried out until the Program Expiry Date, shall always be subject to (i) the provisions of Article 3.2 above and (ii) the order of priority of payments set forth under article 16 of the General Master Purchase Agreement and under Article 7.2. 7.2 Repayment of the Complementary Deposit 7.2.1 On each Intermediary Purchase Date or Funded Settlement Date during the Replenishment Period, the Purchaser shall repay, if applicable, the Complementary Deposit to the Complementary Depositor, for an amount equal to any Reduction of the Complementary Deposit as calculated under Article 5.2.1 above. 7.2.2 On each Settlement Date during the Amortisation Period, and until the Program Expiry Date, the Purchaser shall repay the Complementary Deposit to the Complementary Depositor, for an amount resulting from the allocations set out in article 16 of the General Master Purchase Agreement. Such repayment shall be principally effected by means of the Distributed Amounts received by the Purchaser under the Sold Receivables until the Program Expiry Date and in accordance with the order of priority of payments as described in article 16 of the General Master Purchase Agreement. In the event that, on the Program Expiry Date, the Distributed Amounts do not permit the repayment in full of any outstanding amount remaining unpaid under the Senior Deposit and under the Complementary Deposit, then, any outstanding amount remaining unpaid under the Complementary Deposit shall reduce the right to repayment to the Complementary Depositor of the Complementary Deposit. 7.3. In the event that during the Amortisation Period, the Centralising Unit, acting in the name and on behalf of the Sellers, repurchases all outstanding Sold Receivables from the Purchaser in accordance with article 4.3. of the General Master Purchase Agreement, the purchase price of such Sold Receivables shall be applied by the Purchaser to the repayment of the Complementary Deposit in accordance with the order provided for under article 16 of the General Master Purchase Agreement. - 9 - ARTICLE 8. PAYMENTS 8.1 All payments to be made in accordance with this Master Complementary Deposit Agreement shall be made in Euro. 8.2 All repayments of principal and all payments falling due on a day which is not a Business Day shall instead fall due on the following Business Day. 8.3 At any time, until the Program Expiry Date, subject to article 6 of the General Master Purchase Agreement, the Purchaser shall be entitled to set-off (i) any amount due and payable by the Purchaser to the Complementary Depositor in respect of the Complementary Deposit and (ii) any amount due and payable by the Complementary Depositor to the Purchaser under this Agreement or any of the Transaction Documents. CHAPTER V - GENERAL PROVISIONS ARTICLE 9. REPRESENTATIONS AND WARRANTIES - UNDERTAKINGS The Complementary Depositor hereby represents and warrants to the Purchaser, as follows: (i) it is a liability company duly incorporated and validly existing under Dutch law and has the capacity (a) to carry on its business, as currently conducted, and to own all of the assets appearing on its balance sheet, except where not having such capacity would not be reasonably likely to result in a Material Adverse Effect, and (b) to enter into and perform its obligations under this Master Complementary Deposit Agreement; (ii) the execution of this Master Complementary Deposit Agreement does not require any authorisation with respect to the Complementary Depositor that has not already been obtained and communicated to the Purchaser, unless in the case of any Governemental Authorisation, the failure to obtain such authorisation would not be reasonably likely to result in a Material Adverse Effect ; (iii) the execution of this Master Complementary Deposit Agreement and the performance of the obligations under this Master Complementary Deposit Agreement do not contravene any of the provisions of the Complementary Depositor's articles and memorandum of association, agreements or undertakings to which it is a party or by which it is bound, and do not in any manner contravene the statutes and regulations applicable to it, except in each case, to the extent that no Material Adverse Effect would result from such breach; (iv) the obligations arising out of this Master Complementary Deposit Agreement are binding on the Complementary Depositor and enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, moratorium and other laws affecting creditors' rights generally; - 10 - (v) in the event that, in accordance with the provisions of this Master Complementary Deposit Agreement and the General Master Purchase Agreement, the Complementary Deposit is not repaid in full on the Program Expiry Date, the Complementary Depositor shall incur any losses out of its own business, and the Purchaser shall not be liable, in any manner whatsoever, in this respect (except, as the case may be, as provided in article 4.2 (b) of the General Master Purchase Agreement); and (vi) the constitution of the Complementary Deposit as cash collateral (affectation a titre de gage especes) in favour of the Purchaser, as set forth in Article 10 below, complies with the Complementary Depositor's corporate interest and does not exceed its financial capabilities ; the Complementary Depositor has entered into Intercompany Arrangements with the Sellers and GOODYEAR DUNLOP TIRES EUROPE B.V., pursuant to which the Complementary Depositor shall receive from each Seller any necessary consideration for making the Complementary Deposit and shall be indemnified as is appropriate by each Seller and GOODYEAR DUNLOP TIRES EUROPE B.V. in respect of any losses incurred by the Complementary Depositor as a result of the Complementary Deposit made under this Master Complementary Deposit Agreement. CHAPTER VI - CASH COLLATERAL ARTICLE 10. APPLICATION OF THE COMPLEMENTARY DEPOSIT AS CASH COLLATERAL FOR THE BENEFIT OF THE PURCHASER 10.1 The Complementary Depositor hereby irrevocably agrees that the Complementary Deposit made under this Agreement shall, by virtue of this Article, be pledged as cash collateral (affecte a titre de gage-especes) by the Centralising Unit in favour of the Purchaser until the Program Expiry Date, to secure the payment of (i) any sum due to the Purchaser in respect of the Sold Receivables, and (ii) any sum due to the Purchaser by any Seller or the Centralising Unit pursuant to the Transaction Documents; provided that no party shall be entitled to receive, as a result of such pledge, any amounts in addition to those that they are entitled to receive pursuant to Article 16 of the General Master Purchase Agreement. The Complementary Depositor hereby irrevocably agrees that the pledging of the Complementary Deposit as cash collateral (affectation du depot complementaire a titre de gage-especes) in favour of the Purchaser shall transfer to the Purchaser the ownership of the sums received under the Complementary Deposit. 10.2 The cash collateral (gage-especes) shall be deemed created and effective as of the date on which the Complementary Deposit is made with the Purchaser. - 11 - 10.3 The obligation of the Purchaser to transfer back to the Complementary Depositor the Complementary Deposit (creance en restitution) shall automatically be reduced by any principal amount paid by the Purchaser to the Complementary Depositor in relation to the Complementary Deposit in accordance with Article 7 above. 10.4 The Complementary Depositor acknowledges that in accordance with the security referred to above, during the Amortisation Period, it may not in any case nor at any moment claim repayment of the Complementary Deposit other than within the limit of the Distributed Amounts received by the Purchaser, which are available for the application to the Complementary Depositor, in accordance with Article 7. CHAPTER VII - MISCELLANEOUS ARTICLE 11. FEES AND EXPENSES The Complementary Depositor, in the name and on behalf of the Sellers, shall bear, in particular, any costs and expenses incurred by CALYON as arranger, EUROFACTOR as Agent, and ESTER FINANCE, in accordance with article 29 of General Master Purchase Agreement. ARTICLE 12. SUBSTITUTION AND AGENCY Each Party shall have the right to be assisted by, to appoint or to substitute for itself one or more third parties in the performance of certain tasks provided that: (i) such Party has given prior written notice of the exercise of that right to the other Parties; (ii) such Party remains liable to the other Parties for the proper performance of those tasks and the relevant third party/parties has or have expressly renounced any right to any contractual claim against the other Parties; (iii) the relevant third party/parties undertake(s) to comply with all obligations binding upon such Party under this Master Complementary Deposit Agreement; and (iv) the substitution, assistance or agency shall not entail an increase in the costs incurred by the other Parties. The Parties acknowledge however that, in order to avoid doubt, this Article shall not apply to the Complementary Depositor in respect of the making of the Complementary Deposit. - 12 - ARTICLE 13. CONFIDENTIALITY For the purposes to this Master Complementary Deposit Agreement, the Parties agree to be bound by the provisions relating to confidentiality as provided for under article 31 (Confidentiality) of the General Master Purchase Agreement. ARTICLE 14. TRANSFERABILITY OF THIS AGREEMENT Subject to Article 12, this Master Complementary Deposit Agreement is concluded on the intuitu personae of the Parties to this Master Complementary Deposit Agreement. Therefore, none of the Parties may transfer this Master Complementary Deposit Agreement, or its rights and/or obligations hereunder, to any third party whatsoever, without the prior written consent of the other Parties. ARTICLE 15. NOTICES 15.1. Except as otherwise set forth in the Transaction Documents, all notices, requests or communications which must or may be made pursuant to this Master Complementary Deposit Agreement shall be by way of writing, mail or fax. 15.2. All notices, requests or communications to be made and all documents to be delivered from one Party to the other Party under the Master Complementary Deposit Agreement shall be made and delivered to the addressees referred to in schedule 7 to the General Master Purchase Agreement. 15.3. All notices, requests or communications made and all documents delivered under the Master Complementary Deposit Agreement shall only take effect upon the date of their receipt by its addressee. 15.4. Each of the Parties may at any time modify the addressee of the notices, requests or communications to be made and the documents to be delivered to it under the Master Complementary Deposit Agreement by sending to that effect a letter or fax to the other Party indicating the name of the new addressee. 15.5. The Parties agree that the Centralising Unit shall be responsible for receiving written notice on behalf of the Sellers, and that any notice given by the Purchaser to the Sellers and delivered to the Centralising Unit shall be deemed validly received by all of the Sellers upon receipt by the Centralising Unit. - 13 - ARTICLE 16. EXERCISE OF RIGHTS 16.1 All rights conferred on the Purchaser under this Master Complementary Deposit Agreement or by any other document delivered pursuant to or incidental to this Master Complementary Deposit Agreement or any Transaction Document, including rights conferred by law, shall be cumulative and may be exercised at any time. 16.2 The fact that the Purchaser or the Complementary Depositor does not exercise a right or delays in doing so shall in no way be construed as a waiver of that right. The exercise of any right or a partial exercise of such a right shall not prevent the Purchaser or the Complementary Depositor from exercising such a right again in the future, or from exercising any other right. ARTICLE 17. INDIVISIBILITY Each Party acknowledges that the General Master Purchase Agreement, the Master Subordinated Deposit Agreement and the Master Complementary Deposit Agreement shall form a single set of contractual rights and obligations and that, if the General Master Purchase Agreement, or the Master Subordinated Deposit Agreement becomes void or ceases to be effective and enforceable for any reason whatsoever, this Master Complementary Deposit Agreement shall also become void or cease to be effective and enforceable accordingly. Any payment already made by the Centralising Unit acting in the name and on behalf of the Sellers or on its own behalf to the Purchaser under this Master Complementary Deposit Agreement, the General Master Purchase Agreement, the Receivables Purchase Agreements and the Master Subordinated Deposit Agreement shall not be affected by such a nullity, ineffectiveness or unenforceability. ARTICLE 18. PARTIAL INVALIDITY If one or more provisions of this Master Complementary Deposit Agreement is or becomes invalid, illegal or unenforceable in any respect in any jurisdiction or with respect to any Party, such invalidity, illegality or unenforceability in such jurisdiction or with respect to such Party or Parties shall not, to the extent permitted by applicable law, render invalid, illegal or unenforceable such provision or provisions in any other jurisdiction or with respect to any other Party or Parties hereto. Such invalid, illegal or unenforceable provision shall be replaced by the Parties to such contract with a provision which reflects in so far as is reasonably possible the intentions of the invalid, illegal or unenforceable provision. Any fees, costs and expenses incurred by the Parties in connection with any amendment necessary or advisable pursuant to this Article shall be borne exclusively by the Complementary Depositor. - 14 - ARTICLE 19. AMENDMENTS No amendment to this Master Complementary Deposit Agreement may be made without the written consent of each other party hereto and (a) unless the Rating Agencies (i) have been informed and provided by the Arranger with all necessary details they may require in respect of such contemplated amendment and (ii) have confirmed that the contemplated amendment will not entail a downgrading or withdrawal of the current ratings of the Notes issued by the Issuers, or that the contemplated amendment will reduce such downgrading or prevent such withdrawal, and (b) each Issuer and each Liquidity Bank has given its prior written consent to such amendment (such consent not being unreasonably withheld or delayed). ARTICLE 20. LIMITED RECOURSE - NON PETITION 20.1. Limited Recourse Each of the Parties agrees to limit its claims and recourse against ESTER FINANCE (including in the event of a breach by ESTER FINANCE of any of its representations and warranties, or any of its obligations hereunder) to the amount of the Available Funds on the relevant date. 20.2. Non Petition Each of the Parties irrevocably and unconditionally undertakes and agrees: (a) not to exercise any rights of contractual or other recourse which it may have against ESTER FINANCE in the event of a breach by ESTER FINANCE of any of its representations and warranties, or any of its obligations under this Master Complementary Deposit Agreement, except in the event of the gross negligence (faute lourde) or wilful misconduct (dol) on the part of ESTER FINANCE; and (b) not to institute any legal proceedings, take other steps or institute other proceedings against ESTER FINANCE, the purpose or effect of which is the appointment of a conciliator or an ad hoc agent, or the opening of receivership proceedings or insolvency proceedings (redressement judiciaire or liquidation judiciaire) or any other similar proceedings. ARTICLE 21. GOVERNING LAW - JURISDICTION 21.1 This Master Complementary Deposit Agreement shall be governed by French law. 21.2 Any dispute as to the validity, interpretation, performance or any other matter arising out of this Master Complementary Deposit Agreement shall be subject to the jurisdiction of the competent courts of Paris (Cour d'appel de Paris). The choice of this jurisdiction is entirely for the benefit of the Purchaser which shall retain the right to bring proceedings in any other competent court. - 15 - Made in Paris, On 10 December, 2004, in four (4) originals. ESTER FINANCE /s/ Richard Sinclair --------------------------------- Name : Richard Sinclair Title : Director General GOODYEAR DUNLOP TIRES FINANCE EUROPE B.V. /s/ Ronald M. Archer --------------------------------- Name : Ronald M. Archer Title : Vice President-Finance and Chief Financial Officer EUROFACTOR /s/ Nathalie Rossen --------------------------------- Name : Nathalie Rossen Title : CALYON /s/ Richard Sinclair /s/ G. Campagne-Simon - ------------------------------ -------------------------- Name : Richard Sinclair Name : Title : Executive Director Title : - 16 - SCHEDULE 1. CALCULATION OF THE AMOUNT OF THE COMPLEMENTARY DEPOSIT 1. DURING THE REPLENISHMENT PERIOD, UNLESS AN EARLY AMORTISATION EVENT DESCRIBED IN ARTICLE 13.3. OF THE GENERAL MASTER PURCHASE AGREEMENT HAS OCCURRED AND A PROCEDURE OF SEPARATION OF FLOWS UNDER THE COLLECTION ACCOUNT AGREEMENTS HAS BEEN IMPLEMENTED 1.1. AMOUNT OF THE COMPLEMENTARY DEPOSIT ON THE INITIAL SETTLEMENT DATE COMPLEMENTARY DEPOSIT = Initial Purchase Price of Purchasable Receivables; - Subordinated Deposit; - Senior Deposit; - Adjusted Collections calculated as of such date. 1.2. AMOUNT OF THE COMPLEMENTARY DEPOSIT ON EACH FUNDED SETTLEMENT DATE COMPLEMENTARY DEPOSIT = Complementary Deposit as of the preceding Settlement Date + Initial Purchase Price of Purchasable Receivables to be purchased on such Settlement Date; - Adjusted Collections calculated as of such Settlement Date; - Amount of the Subordinated Deposit on such Settlement Date minus the amount of the Subordinated Deposit on the preceding Settlement Date; - Amount of the Senior Deposit on such Settlement Date minus the amount of the Senior Deposit on the preceding Settlement Date; + Deferred Purchase Price calculated as of such Settlement Date. - 17 - 1.3. AMOUNT OF THE COMPLEMENTARY DEPOSIT ON EACH INTERMEDIARY SETTLEMENT DATE COMPLEMENTARY DEPOSIT = Complementary Deposit as of the preceding Settlement Date + Initial Purchase Price of Purchasable Receivables to be purchased on such Settlement Date; - Adjusted Collections calculated as of such Settlement Date; - Amount of the Subordinated Deposit on such Settlement Date minus the amount of the Subordinated Deposit on the preceding Settlement Date; + Excess Foreseen Collections to be received in cash on the Purchaser's Account for such Settlement Date. 2. DURING THE REPLENISHMENT PERIOD, IF AN EARLY AMORTISATION EVENT DESCRIBED IN ARTICLE 13.3. OF THE GENERAL MASTER PURCHASE AGREEMENT HAS OCCURRED AND A PROCEDURE OF SEPARATION OF FLOWS UNDER THE COLLECTION ACCOUNT AGREEMENTS HAS BEEN IMPLEMENTED 2.1. AMOUNT OF THE COMPLEMENTARY DEPOSIT ON A FUNDED SETTLEMENT DATE COMPLEMENTARY DEPOSIT = Complementary Deposit as of the preceding Settlement Date + Initial Purchase Price of Purchasable Receivables to be purchased on such Settlement Date; - Adjusted Collections calculated as of such Settlement Date; - amount of the Subordinated Deposit on such Settlement Date minus the amount of the Subordinated Deposit on the preceding Settlement Date; - amount of the Senior Deposit on such Settlement Date minus the amount of the Senior Deposit on the preceding Settlement Date; - 18 - - any amount received on the Purchaser's Collection Accounts within the period between the Assessment Date preceding such Settlement Date and the preceding Assessment Date; + Deferred Purchase Price calculated as of such Settlement Date. 2.2. AMOUNT OF THE COMPLEMENTARY DEPOSIT ON AN INTERMEDIARY SETTLEMENT DATE COMPLEMENTARY DEPOSIT = Complementary Deposit as of the preceding Settlement Date + Initial Purchase Price of Purchasable Receivables to be purchased on such Settlement Date; - Adjusted Collections calculated as of such Settlement Date; - amount of the Subordinated Deposit on such Settlement Date minus the amount of the Subordinated Deposit on the preceding Settlement Date; - any amount received on the Purchaser's Collection Accounts within the period between the Assessment Date preceding such Settlement Date and the preceding Assessment Date. - 19 -
