SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER N) Sample Clauses

SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER N). On 16 April 2018 and 25 April 2018, SY Factoring entered into the Previous Agreements (Customer N) with Customer N, pursuant to which SY Factoring agreed to provide to Customer N, among other things, i) a revolving factoring loan with a credit limit of RMB43,000,000 at an annual interest rate of 14% (including tax) being secured by the accounts receivables of Customer N or the purchase orders entered into by Customer N as the vendor which would expire on 20 April 2019; and ii) accounts receivable management services and accounts receivable collection services for a period of 2 years from the date of signing of the framework agreement. The factoring was with recourse and without notification. After the entering into of the Previous Agreements (Customer N), Customer N applied for utilizations of the revolving factoring loan via several applications respectively which had been approved and granted by SY Factoring. As at the date of this announcement, RMB947,472.35 of the revolving factoring loan which was utilized remained outstanding. Supplemental Factoring Agreement (Customer N) The Board hereby announces that on 21 May 2018, SY Factoring entered into the Supplemental Factoring Agreement (Customer N) with Customer N pursuant to which i) the revolving factoring loan credit limit granted by SY Factoring to Customer N was revised from RMB43,000,000 to RMB100,000,000; ii) the factoring loan prepayment ratio was revised from not more than 80% of the accounts receivable assigned to not more than 100% of the accounts receivable assigned or not more than 80% of the purchase order assigned (as the case may be); iii) the annual interest rate was revised from 14% (including tax) to not more than 15% (including tax, the exact interest rate to be determined upon each drawdown); iv) the service fee was revised from nil to not more than 2% of the accounts receivable assigned (including tax, the exact service fee to be determined upon each drawdown); v) the expiry date of the credit period was revised from 20 April 2019 to 30 April 2019; and vi) the factoring was revised from being without notification to being with or without notification which would be determined based on the accounts receivable assigned. Save as disclosed above, all the terms of the Previous Agreements (Customer N) shall remain materially unchanged and in full force and effect and binding on the parties. The interest rate and the service fee were determined by the parties on arm’s length negotiation tak...
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Related to SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER N)

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