CONDITIONS SPECIFIC TO DISCOUNT ASSIGNMENTS. Discount assignment here means the direct mobilisation of the assigned receivables by registration of the sums corresponding to the credit of the Client’s current account. Any discount assignment is governed by the general terms and conditions of this Agreement and the following special conditions. The discount credit relates either to the receivables from which the Bank has accepted discount Article 17 paragraph 2 (above) or to all the receivables represented by the assignment forms, it being specified, in this second case, that the Bank may then debit, within three working days from the date of the credit entry and without any other formality, the Client's current account of the nominal value of the receivables which, after examination, it has decided to reject. The Bank may, at its sole discretion, either credit the Client's current account with the nominal amount of the receivables sold and debit it with the fees and commissions corresponding to the remuneration of the transaction, or credit the current account with the net amount of the transaction. The Bank may also transfer all or part of the transactions made in this Agreement to a separate account which constitutes only one chapter of the Client's current account. The Bank may also subordinate discounting transactions to holdback a certain percentage on the nominal amount of the discounted receivables allocated to the guarantee of the Client's commitments. The Client is a joint guarantor of the payment of the discounted receivables. In case of non- payment of a receivable at its expiry date and for any reason whatsoever, the Bank shall have the option, without any other formality, either to transfer the amount to the Client's current account, or to enter it in an unpaid account that does not have the legal status of a customer account and not constituting a chapter of the Client's current account. Any unpaid receivable on the date of its maturity will constitute the Client owing interest calculated at the interest owing interest rates applicable to their current account. When the Bank has been fully paid and the legal subrogation has been carried out to the benefit of the Client, the Bank, if the assignment gave rise to notification or the direct commitment referred to in Article 19, shall inform the Client and the assigned debtor to allow them to make any arrangements they deem necessary.
