FACTORING SERVICES TRANSACTIONS Sample Clauses

FACTORING SERVICES TRANSACTIONS. On 27 August 2020, the Board also agreed that, upon the expiry of the existing term of the Factoring Services Agreement on 4 November 2020, the term of the Factoring Services Transactions under the Factoring Services Agreement will be extended for one year, which is from 5 November 2020 to 4 November 2021. ACCA and Factoring Company are wholly-owned subsidiaries of the Company as at the date of this announcement. Eastern Airlines is a subsidiary of Eastern Holding and Eastern Holding is a substantial shareholder of the Company. Eastern Airlines is therefore a connected person of the Company pursuant to the Listing Rules. As such, the Factoring Services Transactions constitute continuing connected transactions of the Company. The Group has began to conduct Factoring Services Transactions with Eastern Airlines since November 2019. Since the highest applicable Percentage Ratio calculated with reference to the historical annual caps of the Factoring Services Transactions is less than 0.1%, the Factoring Services Agreement and the historical transactions contemplated thereunder are exempt from the announcement requirement under Chapter 14A of the Listing Rules. Since the highest applicable Percentage Ratio calculated with reference to the future proposed annual caps of the Factoring Services Transactions is more than 0.1% but less than 5%, the Factoring Services Transactions and the future proposed annual caps are subject to the announcement and annual review requirements but exempt from the independent Shareholders’ approval requirement of Chapter 14A of the Listing Rules.
Sample 1
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FACTORING SERVICES TRANSACTIONS. 3.1 Details of the Factoring Services Transactions Parties: Service providers: Factoring Company and ACCA Service recipient: Eastern Airlines Terms: The Board agreed that, upon the expiry of the existing term on 4 November 2020, the term of the Factoring Services Transactions under the Factoring Services Agreement will be extended for one year, which is from 5 November 2020 to 4 November 2021. Services: Factoring Company provides financing commercial factoring services for the account receivables incurred during the operation process of the UATP card issuing business by Eastern Airlines and its customers, which include, but not limited to, all or part of the services in relation to account receivables financing, account receivables management, account receivables collection and repayment guarantee. Of which, Factoring Company will acquire the account receivables of Eastern Airlines arising from using UATP accounts, based on the requirements of Eastern Airlines on conducting UATP card issuing business, and Eastern Airlines will receive factoring financing amounts from Factoring Company. The debtor of the account receivables shall pay the transferred account receivables to Factoring Company upon its maturity. ACCA shall provide financial, data and business resources to support Factoring Company. Service fees: The service fees charged to Eastern Airlines by Factoring Company shall be not lower than 0.9% of each factoring proceed, and shall vary depending on payment days (the longer the payment days, the higher the rate). The service fees charged to Eastern Airlines by ACCA shall be 0.15% of the total factoring proceeds. After the deduction of all the service fees and handling charges receivable by Factoring Company and ACCA on the date of formation of relevant account receivables from the factoring proceeds, Factoring Company shall pay the remaining amounts to Eastern Airlines on the next day of formation of the relevant account receivables, and shall transfer relevant service fees to ACCA. The pricing of the abovementioned services shall be determined through arm’s length negotiation between ACCA, Factoring Company and Eastern Airlines with reference to the costs of specific funds, the actual financing needs of Eastern Airlines and by considering the market condition from time to time, which shall be not lower than the fees charged for the same or similar services provided to other independent third party clients by the Group. The Directors are of the view t...
Sample 1

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