FACTORING AGREEMENT (CUSTOMER M) Background Sample Clauses

FACTORING AGREEMENT (CUSTOMER M) Background. On 9 January 2018 and 10 January 2018, SY Factoring entered into the Previous Agreements (Customer M) with Customer M, pursuant to which SY Factoring agreed to provide to Customer M i) financing being secured by either the accounts receivables of Customer M or the purchase orders entered into by Customer M as the vendor; ii) accounts receivable management services; and iii) accounts receivable collection services for a period of 2 years from the date of signing of the framework agreement. Pursuant to the Previous Agreements (Customer M), detailed terms of the factoring services to be provided by SY Factoring to Customer M were to be further agreed by the parties. Factoring Agreement (Customer M) The Board hereby announces that on 21 May 2018, pursuant to the Previous Agreements (Customer M), SY Factoring entered into the Factoring Agreement (Customer M) with Customer M pursuant to which SY Factoring granted to Customer M a revolving factoring loan credit limit of RMB100,000,000 at an annual interest rate of not more than 15% (including tax, the exact interest rate to be negotiated upon each drawdown) and a service fee of not more than 2% of the accounts receivable assigned (including tax, the exact service fee to be negotiated upon each drawdown) which would expire on 30 April 2019. The interest rate and the service fee were determined by the parties on arm’s length negotiation taking into account i) the credit rating of Customer M and the debtors of the accounts receivables provided by Customer M; ii) the credit period; and iii) the factoring was with recourse. If the credit limit was never utilized within 90 days by Customer M from the date of signing of the Factoring Agreement (Customer M), SY Factoring shall cease the provision of the credit limit to Customer M.
Sample 1
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Related to FACTORING AGREEMENT (CUSTOMER M) Background

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