Type of Factoring Sample Clauses

Type of Factoring. The recourse right is attached. If any lessees to the Finance Lease Agreement I, the Finance Lease Agreement II, the Finance Lease Agreement III, the Finance Lease Agreement IV and the Finance Lease Agreement V fails to fully settle any undue amount 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) within the agreed time limit, the Factoring Bank has recourse for a claim against the Company in respect of the outstanding payment. Transfer of the Undue Lease Receivables Pursuant to the Factoring Agreement, for obtaining the Funds from the Factoring Bank, the Company has agreed to transfer and the Factoring Bank has agreed to receive the creditor’s rights and relevant rights 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) and the Factoring Bank has agreed to provide the Funds to the Company. The Funds shall be payable by the Factoring Bank to the Company within 1 day from the date of transfer of the undue sums of 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). The Company does not separately calculate the profit before and after tax of the Lease Receivables I, the Lease Receivables II, the Lease Receivables III, the Lease Receivables IV and the Lease Receivables V.
Sample 1Sample 2See All (5)
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Type of Factoring. No recourse right is attached. If the Lessee under the Finance Lease Agreement I and the Finance Lease Agreement II 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 Transactions Pursuant to the Factoring Agreement I, the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables under the Finance Lease Agreement I to the Factoring Bank, with the total transfer principal of Lease Receivables of RMB241,104,125.21. The Factoring Bank has agreed to receive such creditor’s rights and relevant rights of the Lease Receivables and provide lease factoring services to the Company. The Company does not separately calculate the profits before and after tax of such Lease Receivables. Pursuant to the Factoring Agreement II, the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables under the Finance Lease Agreement II to the Factoring Bank, with the total transfer principal of Lease Receivables of RMB465,992,736.18. The Factoring Bank has agreed to receive such creditor’s rights and relevant rights of the Lease Receivables and provide lease factoring services to the Company. The Company does not separately calculate the profits before and after tax of such Lease Receivables. Pursuant to the Factoring Agreement III, the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables under the Finance Lease Agreement II to the Factoring Bank, with the total transfer principal of Lease Receivables of RMB365,792,318.18. The Factoring Bank has agreed to receive such creditor’s rights and relevant rights of the Lease Receivables and provide lease factoring services to the Company. The Company does not separately calculate the profits before and after tax of such Lease Receivables.
Sample 1See All (5)
Type of Factoring. No recourse right is attached. If the Lessee under the Finance Lease Agreement 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 Pursuant to the Factoring Agreement, 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 principal of Lease Receivables of RMB2,000,000,000. The Factoring Bank has agreed to receive such creditor’s rights and relevant rights of the Lease Receivables and provide lease factoring services to the Company. The Company does not separately calculate the profits before and after tax of such Lease Receivables.
Sample 1See All (4)
Type of Factoring. The recourse right is attached. If any lessees to the Finance Lease Agreements fails to fully settle any undue amount from the Lease Receivables within the agreed time limit, the Factoring Bank has recourse for a claim against the Company in respect of the outstanding payment. Transfer of the Undue Lease Receivables Pursuant to each of the Factoring Agreements, for obtaining the factoring facility of approximately RMB69,374,538, RMB39,042,322, RMB21,887,863 and RMB16,389,170 from the Factoring Bank,
Sample 1Sample 2
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. 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. Factoring Services According to the Factoring Agreement, the Factoring Bank will provide the Company with factoring facilities of RMB1,297,088,169.85, which is expected to be payable on 1 November 2018. Factoring Charge and Interests The charge for factoring services amounted to RMB6,073,660. The charge for factoring services shall be paid by the Company to the Factoring Bank at the date when it receives the factoring facilities (i.e. 1 November 2018). 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/360. 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.
Sample 1
Type of Factoring. The recourse right is attached. If any lessees to the Finance Lease Agreement I, the Finance Lease Agreement II and the Finance Lease Agreement III fails to fully settle any undue amount from the Lease Receivables I (i.e. RMB14,583,477), the Lease Receivables II (i.e. RMB11,182,550) and the Lease Receivables III (i.e. RMB39,972,778) within the agreed time limit, the Factoring Bank has recourse for a claim against the Company in respect of the outstanding payment. Transfer of the Undue Lease Receivables Pursuant to the Factoring Agreement, for obtaining the Funds from the Factoring Bank, the Company has agreed to transfer and the Factoring Bank has agreed to receive the creditor’s rights and relevant rights of the undue sums from the Lease Receivables I (i.e. RMB14,583,477), the Lease Receivables II (i.e. RMB11,182,550) and the Lease Receivables III (i.e. RMB39,972,778) and the Factoring Bank has agreed to provide the Funds to the Company. The Funds shall be payable by the Factoring Bank to the Company within 1 day from the date of transfer of the undue sums of the Lease Receivables I (i.e. RMB47,220,933). The Company does not separately calculate the profit before and after tax of the Lease Receivables I, the Lease Receivables II and the Lease Receivables III.
Sample 1
Type of Factoring. The recourse right is attached. If any lessees to the Finance Lease Agreement I fails to fully settle any undue amount from the Lease Receivables I (i.e. RMB47,220,933) within the agreed time limit, the Factoring Bank has recourse for a claim against the Company in respect of the outstanding payment. Transfer of the Undue Lease Receivables Pursuant to the Factoring Agreement, for obtaining the Funds from the Factoring Bank, the Company has agreed to transfer and the Factoring Bank has agreed to receive the creditor’s rights and relevant rights of the undue sums from the Lease Receivables I (i.e. RMB47,220,933) and the Factoring Bank has agreed to provide the Funds to the Company. The Funds shall be payable by the Factoring Bank to the Company within 1 day from the date of transfer of the undue sums of the Lease Receivables I (i.e. RMB47,220,933). The Company does not separately calculate the profit before and after tax of the Lease Receivables I.
Sample 1
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Type of Factoring. If Xxxxxx Xxxxxx fails to fully repay the Accounts Receivable to the Factoring Company, the Factoring Company does not have any recourse or claim against Guangdong Yuehai Land in respect of the outstanding amount of the Accounts Receivable. Factoring Service Charges The utilisation charges (the “Factoring Service Charges”) applicable to the Funds are calculated by: the amount of the Funds x (6.5%/360) x the total number of days in the period from the date of the provision of the Funds to the due date of the Accounts Receivable (i.e. 31 December 2023) (or in the event that the Accounts Receivable are paid prior to the relevant due date, to the actual payment date of the Accounts Receivable). The relevant Factoring Service Charges for the periods (i) from the date of the provision of the Funds to 21 December 2021; (ii) from 22 December 2021 to 21 December 2022; and (iii) 22 December 2022 to 21 December 2023; and (iv) 22 December 2023 to 31 December 2023 shall be payable by Guangdong Yuehai Land to the Factoring Company on or before 21 December 2021, 21 December 2022, 21 December 2023 and 31 December 2023, respectively. The rates of the Factoring Service Charges are determined by the parties after arm’s length negotiation, taking into account (i) the credit rating of Xxxxxx Xxxxxx, (ii) the due date of the Accounts Receivable and (iii) the market rate of factoring service charges.
Sample 1
Type of Factoring. The recourse right is attached. If any lessees to the Finance Lease Agreement I, the Finance Lease Agreement II, the Finance Lease Agreement III, and the Finance Lease Agreement IV fails to fully pay the Lease Receivables I, the Lease Receivables II, the Lease Receivables III, and the Lease Receivables IV within the agreed time limit due to credit issues, the Factoring Bank has recourse for a claim against the Company in respect of the outstanding payment.
Sample 1

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