Factoring services. 1. After the signing of this Agreement, after the Client has transferred its legally owned accounts receivable to the Factoring Bank as agreed in this Agreement, the Factoring Bank shall provide to the Client at least one of the following services, including collection of accounts receivable, management of accounts receivable, guarantee of bad debts, factoring financing, as specified in the Factoring Limit and Conditions Notice and/or Factoring Conditions Notice (applicable to Service Factoring) signed by the Client and the Factoring Bank:
Factoring services. Chinalco Factoring has agreed to provide factoring financing services to the Company in accordance with the terms and conditions of the Factoring Cooperation Agreement. Subject to the Factoring Cooperation Agreement, the Company shall enter into specific contracts or agreements for such specific factoring services to specify the terms of relevant transactions. Those specific contracts or agreements must be in line with the principles and terms of the Factoring Cooperation Agreement and the relevant laws and regulations. The Company and Chinalco Factoring shall design a payment method on a flexible basis according to the specific factoring services.
Factoring services the rates of such services have become generally transparent and standardized across the market. The rates charged to the Everbright Group and its associates are determined based on the then funding and management costs of the Company in addition to reasonable profits on arm’s length negotiation after taking into account the risks associated with the factoring projects and market competition.
