SEC Group definition
Examples of SEC Group in a sentence
As SEC is a connected person of the Company under the Hong Kong Listing Rules, SEC and SEC Group (excluding the Group) are connected persons of the Group.
The proposed annual caps were determined by the Board, after taking into account the anticipated extent of guarantees for the operational needs of certain member companies of SEC Group from the SE Finance to ensure healthy operation of the business.
ITC grants to the SEC Group a non-exclusive, worldwide, royalty bearing, perpetual license for the life of and under the Licensed Patents, including the Patents listed in Exhibit A hereto, to make, have made, use, sell, lease or otherwise dispose of Covered TDMA Subscriber Units, Covered TDMA Infrastructure Units and components and subassemblies intended for use with Covered TDMA Subscriber Units and/or Covered TDMA Infrastructure Units.
The Company will also enter into separate guarantee agreements for each specific guarantee service contemplated under the Framework Guarantee Agreement with the SEC Group.
On 7 February 2018, SE Finance, a subsidiary of the Company, entered into the Framework Guarantee Agreement with SEC, pursuant to which SE Finance has agreed to provide guarantee services to SEC Group, and the Previous Framework Guarantee Agreement will be superseded by the Framework Guarantee Agreement as from the Effective Date.
The extent of guarantees required from SE Finance in each of the previous years ended 31 December 2015, 2016 and 2017 for the operational needs of certain subsidiaries of SEC Group amounted to approximately RMB324.9 million, RMB873 million and nil, respectively.
During the term of this Agreement, if the SEC Group institutes or actively participates as an adverse party in, or otherwise provides material support to, unless SEC is required by law to do so by any juridical or other governmental authority, any legal action anywhere in the world, the purpose of which is to invalidate or limit the validity or scope of the Licensed Patents, ITC shall have the right to consider such action as a material breach of this Agreement.
The Company is of the view that the risks arising from such transactions can be controlled considering the close working relationship between the Group and the SEC Group which enables SE Finance to conduct timely assessment of the financial conditions and understand the business nature and credit worthiness of the companies within the SEC Group.
SEC hereby grants to ITC and IDC a non-exclusive, worldwide, perpetual, royalty free, license under the SEC Group Patents, such license authorizing ITC and IDC to manufacture, use or sell any digital wireless telecommunications products [***].
The table below sets out the proposed annual caps for the transactions contemplated under the Framework Guarantee Agreement: Extent of guarantees to the SEC Group 52.00 64.48 52.00 64.48 Upon the Framework Guarantee Agreement taking effective, the annual cap under the Previous Framework Guarantee Agreement for the year ending 31 December 2018 will be replaced by the proposed annual cap under the Framework Guarantee Agreement for the year ending 31 December 2018.