FACTORING AGREEMENT (CUSTOMER O) Background Sample Clauses

FACTORING AGREEMENT (CUSTOMER O) Background. On 7 May 2018, SY Factoring entered into the Previous Agreements (Customer O) with Customer O, pursuant to which SY Factoring agreed to provide to Customer O i) financing being secured by the accounts receivables of Customer O; 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 O), detailed terms of the factoring services to be provided by SY Factoring to Customer O are to be further agreed by the parties. Factoring Agreement (Customer O) The Board hereby announces that on 21 May 2018, SY Factoring entered into the Factoring Agreement (Customer O) with Customer O pursuant to which SY Factoring granted to Customer O a revolving factoring loan credit limit of RMB170,000,000 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 factoring is with recourse and whether it is with or without notification will be determined based on the accounts receivable assigned. The interest rate of the revolving factoring loan and the service fee in the Factoring Agreement (Customer O) were determined by the parties on arm’s length negotiation taking into account i) the credit rating of Customer O and the debtors of the accounts receivables provided by Customer O; ii) the credit period; and iii) the factoring was with recourse. If the credit limit was never utilized within 90 days by Customer O from the date of signing of the Factoring Agreement (Customer O), SY Factoring shall cease the provision of the credit limit to Customer O. MATERIAL CHANGE OF TERMS OF THE PREVIOUSLY ANNOUNCED DISCLOSEABLE TRANSACTION — THIRD SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER L) Reference is made to the announcement of the Company dated 15 March 2018. After the entering into of the Second Supplemental Factoring Agreement (Customer L), Customer L applied for utilizations of the revolving factoring loan via several applications which had been approved and granted by Xxxxx Xxxx. As at the date of this announcement, RMB163,000,000 of the revolving factoring loan which was utilised remained outstanding. The Board hereby announces that on 21 May 2018, Xxxxx Xxxx entered into the T...
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