Debtors. Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Debtors. Address for Notices: LEAF FINANCIAL CORPORATION, a 1845 Walnut Street, 10th Floor Delaware corporation Philadelphia, PA 19103 By: /s/ MILES HERMAN ----------------------------------- Miles Herman, President Address for Notices: LEAF FUNDING, INC., a Delaware c/o Leaf Financial Corporation corporation 1845 Walnut Street, 10th Floor Philadelphia, PA 19103 By: /s/ MILES HERMAN ----------------------------------- Miles Herman, Senior Vice President SECURED PARTY: NATIONAL CITY BANK, a national banking association By: /s/ MICHAEL J. LABRUM ----------------------------------- Name: Michael J. Labrum Title: Senior Vice President
Debtors. All references to the terms “Borrower”, “Loan Parties” or “Subsidiary Loan Parties” in the Existing Credit Agreement, the Existing ABL Guarantee and Collateral Agreement or the other Existing Loan Documents shall be deemed, and each such reference is hereby amended, to mean and include Borrower and each Subsidiary Loan Party, each as Debtor and Debtor-in-Possession, and their successors and assigns (including any trustee or other fiduciary hereafter appointed as its legal representative or with respect to the propertyofthe estate of such corporation or limited liability company whether under Chapter 11 of the Bankruptcy Code or any subsequent Chapter 7 case and its successor upon conclusion of the Chapter 11 Case of such corporation).
Debtors default of the obligations agreed upon under this Master Agreement, including without limitation, payment in due time and manner of any Sum Due, shall occur automatically by operation of law and without any notice or order being required, upon the occurrence of any of the Events of Default. Upon BORROWER’S Default, the lapsing of all terms shall occur and LENDER shall be entitled to consider the aggregate amount of the Credit Facility Due as a past due debt, and to request and legally demand full payment thereof, plus accrued interest and other charges. As long as BORROWER continues to be in Default LENDER shall be entitled to receive compensatory interest at the Interest Rate plus Late-Payment Interest equal to *** of the Compensatory Interest rate. *** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Debtors. The trading terms of the Group (other than Lai Fung Group) with its customers are mainly on credit. Invoices are normally payable within 30 to 90 days of issuance, except for certain well-established customers, where the terms are extended to 120 days. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables and has a credit control policy to minimise its credit risk. Overdue balances are regularly reviewed by senior management. Since the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are managed by customer/counterparty, by geographical region and by industry sector. There are no significant concentrations of credit risk within the Group as the customer bases of the Group’s trade receivables are widely dispersed in different sectors and industries. The Group’s trade receivables are non-interest-bearing. 14 eSun Holdings Limited Interim Report 2017-201810. DEBTORS (continued) The Lai Fung Group maintains various credit policies for different business operations in accordance with business practices and market conditions in which the respective subsidiaries operate. Sales proceeds receivable from the sale of properties are settled in accordance with the terms of the respective contracts. Rent and related charges in respect of the leasing of properties are receivable from tenants, and are normally payable in advance with rental deposits received in accordance with the terms of the tenancy agreements. Serviced apartment charges are mainly settled by customers on a cash basis except for those corporate clients who maintain credit accounts with the Lai Fung Group, the settlement of which is in accordance with the respective agreements. In view of the aforementioned and the fact that the Lai Fung Group’s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. Trade receivables of the Lai Fung Group were interest-free. An ageing analysis of the trade debtors, net of provision for doubtful debts, based on payment due date, as at 31 January 2018 and 31 July 2017 is as follows: 31 January2018(Unaudited) HK$’00031 July2017(Audited) HK$’000 Trade debtors:Neither past due nor impaired 1 – 90 days past dueOver 90 days past due 176,10064,55830,215 129,49865,67717,500 Total 270,873 212,675