accounts receivable we sold, and therefore, the receivables remain
recognized on our statement of financial position and the funding
received is recorded as short-term borrowings on our statement of
financial position.
The buyer’s interest in these secured trade receivables ranks ahead of
our interest. The buyer of our trade receivables has no claim on any of
our other assets. The terms of our accounts receivable securitization
program are committed by the participating financial institution until
expiry on December 31, 2015.
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 59