Basis Occurrence basis.
Quarterly As of the last day of each Fiscal Quarter.
Monthly Not later than the 20th calendar day (or, if such day is not a Business Day, on the next succeeding Business Day) of each calendar month (other than the calendar months in which a Payment Date occurs) and commencing in May 2020, the Issuer shall compile and make available (or cause to be compiled and made available) to the Rating Agency, the Trustee, the Collateral Manager, the Initial Purchaser and each other Holder shown on the Register and any beneficial owner of a Note who has delivered a Beneficial Ownership Certificate to the Trustee a monthly report on a settlement date basis (except as otherwise expressly provided in this Indenture) (each such report a “Monthly Report”). As used herein, the “Monthly Report Determination Date” with respect to any calendar month will be the 10th Business Day preceding the date the Monthly Report is made available. The Monthly Report for a calendar month shall contain the following information with respect to the Collateral Obligations and Eligible Investments included in the Assets, and shall be determined as of the close of business on the Monthly Report Determination Date for such calendar month:
Historical figures The historical amounts of the fees for the provision of gold refining services by Xxxxxxx Refinery to the Group for the two years ended 31 December 2015 and 31 December 2016 and the eleven months ended 30 November 2017 are set out as follows: For the year ended 31 December 2015 For the year ended 31 December 2016 For the eleven months ended 30 November 2017 RMB’ million RMB’ million RMB’ million (approximately) (approximately) (approximately) Gold refinery fee payable by the Group to Zhaojin Refinery 7.41 7.23 5.15 The annual cap of the fee for the provision of gold refining services by Zhaojin Refinery to the Group for the financial year ending 31 December 2017 under the 2015 Gold Refinery Agreement was RMB9,900,000 which has not been exceeded as at the date of this announcement and is not expected to be exceeded before 31 December 2017. Annual caps The Company expects that the annual caps for the annual fees payable by the Company to Zhaojin Refinery for the provision of gold refining services for each of the three years ending 31 December 2018, 31 December 2019 and 31 December 2020 shall not exceed RMB12.60 million. The above annual caps are arrived at after taking into account (i) the historical fees payable by the Company to Zhaojin Refinery for the provision of gold refining services; and (ii) the expected sales and production of gold by the Group. In view of the anticipated increase in our gold production capacity and other factors such as sales strategy having regard to anticipated gold price trend and production capability, the annual caps for the transactions under the Gold Refinery Agreement will be higher than those in the past three years. Pricing policies The processing fee per gram for crude gold with gold content less than 99% is determined by the parties to the Gold Refinery Agreement after arm’s length negotiation having regard to the price charged by similar service providers in the local market. The terms offered by Xxxxxxx Refinery to the Company shall be no less favourable than that offered by independent third party refineries to the Company. The Gold Refinery Agreement also provided that the fees at which Zhaojin Refinery provides gold refining services to the Company shall not be higher than the fees charged by Xxxxxxx Refinery on any independent third party at that time for the same type of services provided in the normal course of business and shall not be higher than the fees charged by any independent third party to the Group at that time for the provision of same type of services. The pricing policies under the Gold Refinery Agreement will be reviewed regularly and if necessary to ensure that it is consistent with market-oriented, fair and reasonable principles. Reasons for and benefits of entering into the Gold Refinery Agreement PRC laws and regulations require gold refining to be carried out at a refinery that has been licensed by the Shanghai Gold Exchange to produce standard gold bullion. The Group is not a qualified gold refinery and has to rely on other enterprises that possess the relevant licence to refine crude gold to standard gold bullion. Zhaojin Refinery is a licensed gold refinery in the PRC and has been being commissioned by the Company to refine golds since its incorporation. Given the aforesaid and after taking into account the terms of the Gold Refinery Agreement, the Directors (including the independent non-executive Directors) consider that the entering into of the Gold Refinery Agreement is in the interests of the Company and the Shareholders as a whole, and the terms thereof are fair and reasonable, and is entered into on normal commercial terms in the ordinary and usual course of business of the Company.
Discriminatory Vendors An entity or affiliate who has been placed on the discriminatory vendor list may not submit a bid, proposal, or reply on a contract to provide any goods or services to a public entity; may not submit a bid, proposal, or reply on a contract with a public entity for the construction or repair of a public building or public work; may not submit bids, proposals, or replies on leases of real property to a public entity; may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity; and may not transact business with any public entity.
