Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB105,332,451.30 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables I (i.e. RMB48,935,333), the Lease Receivables II (i.e. RMB57,551,700), the Lease Receivables III (i.e. RMB10,673,958), the Lease Receivables IV (i.e. RMB7,717,041) and the Lease Receivables V (i.e. RMB5,362,979) to the Factoring Bank for obtaining the Funds from the Factoring Bank. The Company intends to use the Funds as general working capital.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreements, (i) the Factoring Bank agreed to provide recourse factoring facility of approximately RMB69,374,538, RMB39,042,322, RMB21,887,863 and RMB16,389,170 to the Company respectively; and (ii) the Company agreed to transfer of the undue sums from the Lease Receivables VIII (RMB45,035,148), the Lease Receivables IX (RMB43,000,498), the Lease Receivables X (RMB48,280,358), the Lease Receivables XI (RMB28,319,848) and the Lease Receivables XII (RMB26,050,189) to the Factoring Bank for obtaining the relevant factoring facility from the Factoring Bank. The Company intends to use the Funds as general working capital. Factoring Period The factoring period under the Factoring Agreement IV is from the execution date of the Factoring Agreement IV to March 15, 2024. The factoring period under the Factoring Agreement V is from the execution date of the Factoring Agreement V to December 23, 2024. The factoring period under the Factoring Agreement VI is from the execution date of the Factoring Agreement VI to November 18, 2024. The factoring period under the Factoring Agreement VII is from the execution date of the Factoring Agreement VII to February 10, 2025.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement II, the Factoring Bank will provide factoring facility services for the Lease Receivables V and the Lease Receivables VI with an aggregate factoring facilities of approximately RMB68,217,954 to the Company. Pursuant to the terms and conditions of the Factoring Agreement III, the Factoring Bank will provide factoring facility services for the Lease Receivables VII with factoring facilities of approximately RMB17,455,250 to the Company.
Factoring Facilities interest = factoring facilities balance x factoring facilities interest rate x actual days of occupation/360.
Factoring Facilities. The Factoring Bank has agreed to provide factoring facility services for the Lease Receivables with an aggregate factoring facility principal of approximately RMB1,296,780,003 to the Company in accordance with the terms and conditions of the Factoring Agreement. The sum of such factoring facilities is expected to be payable within a week upon entering into the Factoring Agreement, the purpose of which is to supplement the working capital of the Company or repay the bank debts. Type of Factoring No recourse right is attached. If the Lessee fails to fully pay the Lease Receivables within the agreed timeframe due to credit issues, the Factoring Bank has no recourse for a claim against the Company in respect of the outstanding payment. Subject of the Transaction The Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables under the Finance Lease Agreement to the Factoring Bank, with the total transfer amount of Lease Receivables of approximately RMB1,296,780,003. The Factoring Bank has agreed to receive such creditor’s rights and relevant rights of the Lease Receivables and provide factoring facility services to the Company. The Company does not separately calculate the profit before and after tax of such Lease Receivables. Factoring Charge and Interests The charge for factoring services amounted to approximately RMB5,186,494. The charge for factoring services shall be paid by the Company to the Factoring Bank at the date when it receives the factoring facilities. The interest rate applicable to factoring facilities is 4.75%, being a rate on the facility payment date equivalent to the five-year benchmark interest rate of loans denominated in RMB as announced by the People’s Bank of China for the corresponding facility period. Factoring facilities interest = factoring facilities balance × factoring facilities interest rate × actual occupancy day/365. The amount of the factoring facilities interest is the same as the amount of interest payable by the Lessee under the Lease Receivables, and will be paid by the Company to the Factoring Bank upon receipt of the rent paid by the Lessee on each rent payment date.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement I, the Factoring Bank will provide factoring facility services for the Lease Receivables I with an aggregate factoring facilities of approximately RMB29,700,000 to the Company. Pursuant to the terms and conditions of the Factoring Agreement II, the Factoring Bank will provide factoring facility services for the Lease Receivables II with an aggregate factoring facilities of approximately RMB45,000,000 to the Company. Pursuant to the terms and conditions of the Factoring Agreement III, the Factoring Bank will provide factoring facility services for the Lease Receivables III with an aggregate factoring facilities of approximately RMB45,000,000 to the Company. Pursuant to the terms and conditions of the Factoring Agreement IV, the Factoring Bank will provide factoring facility services for the Lease Receivables IV with an aggregate factoring facilities of approximately RMB45,000,000 to the Company. Factoring Period The factoring period under the Factoring Agreement I is from the payment date of factoring facility to September 21, 2023; the factoring periods under the Factoring Agreement II, Factoring Agreement III, and Factoring Agreement IV are from the payment date of factoring facility to October 31, 2022 respectively.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB37,770,000 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables I (i.e. RMB47,220,933) to the Factoring Bank for obtaining the Funds from the Factoring Bank. The Company intends to use the Funds as general working capital.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement I, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB114,023,902.2 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables I (i.e. RMB35,074,116), the Lease Receivables II (i.e. RMB35,661,551), the Lease Receivables III (i.e. RMB33,896,250) and the Lease Receivables IV (i.e. RMB30,619,559) to the Factoring Bank for obtaining the Funds from the Factoring Bank. Pursuant to the terms and conditions of the Factoring Agreement II, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB37,929,321.9 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables V (i.e. RMB43,525,602) to the Factoring Bank for obtaining the Funds from the Factoring Bank. The Company intends to use the Funds as general working capital.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement II, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB68,217,954 to the Company and the Company has agreed to transfer the undue sums from the Lease Receivables V (i.e. RMB31,821,666) and the Lease Receivables VI (i.e. RMB50,476,061) to the Factoring Bank for obtaining the relevant factoring facility from the Factoring Bank. Pursuant to the terms and conditions of the Factoring Agreement III, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB17,455,250 to the Company and the Company has agreed to transfer the undue sums from the Lease Receivables VII (i.e. RMB23,019,722) to the Factoring Bank for obtaining the relevant factoring facility from the Factoring Bank. Pursuant to the terms and conditions of the Factoring Agreement IV, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB69,374,537.8 to the Company and the Company has agreed to transfer the undue sums from the Lease Receivables VIII (i.e. RMB45,035,148) and the Lease Receivables IX (i.e. RMB43,000,498) to the Factoring Bank for obtaining the Funds from the Factoring Bank. Factoring Period The factoring period under the Factoring Agreement II will be no more than 3 years. The factoring period under the Factoring Agreement III will be no more than 2 years. The factoring period under the Factoring Agreement IV is from the execution date of the Factoring Agreement IV to March 15, 2024.
Factoring Facilities. Pursuant to the terms and conditions of the Factoring Agreement IV, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB69,374,537.8 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables VIII (i.e. RMB45,035,148) and the Lease Receivables IX (i.e. RMB43,000,498) to the Factoring Bank for obtaining the relevant factoring facility from the Factoring Bank. Pursuant to the terms and conditions of the Factoring Agreement V, the Factoring Bank has agreed to provide recourse factoring facility of approximately RMB39,042,321.90 to the Company and the Company has agreed to transfer of the undue sums from the Lease Receivables X (i.e. RMB48,280,357.67) to the Factoring Bank for obtaining the Funds from the Factoring Bank. The Company intends to use the Funds as general working capital. Factoring Period The factoring period under the Factoring Agreement IV is from the execution date of the Factoring Agreement IV to March 15, 2024. The factoring period under the Factoring Agreement V is from the execution date of the Factoring Agreement V to December 23, 2024.
