Discount line/credit facility offered by
financial entity to enable company to sell customer invoices to the financial
entity, generally without recourse. Can be linked to post financing agreement,
debtor management and collection facilities, etc. Invoices are issued and
endorsed over to the financial entity, who will collect on maturity from the
Lines will be set up for individual customers or groups
of customers in a similar risk category. Finance is available in Spain for both
for local and international sales.