PROPOSAL OF NEW ANNUAL CAPS FOR THE ARI SHAREHOLDERS Sample Clauses

PROPOSAL OF NEW ANNUAL CAPS FOR THE ARI SHAREHOLDERS. LOAN AND GUARANTEE AGREEMENT As the Board expects the transactions contemplated under the ARI Shareholders’ Loan and Guarantee Agreement (as supplemented by the Second ARI Supplemental Shareholders’ Loan and Guarantee Agreement, details of which were mentioned above) will continue, the Board proposes that the New Annual Caps for each of the years ending 31 December 2019, 2020 and 2021 to be HK$1,300 million, respectively. Historical figures, the Existing Annual Caps and the New Annual Caps The following table sets out the amount of historical transactions for the Shareholders’ Loan advanced by any ARI Shareholder to ARI, the Existing Annual Caps and the New Annual Caps: For the year/period ended For the year ending 31 December 2016 31 December 2017 31 August 2018 31 December 2018 31 December 2019 31 December 2020 31 December 2021 Actual Amount Actual Amount Actual Amount Annual Cap Annual Cap (Note) Annual Cap (Note) Annual Cap (Note) HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Maximum daily closing balance of loans (including interests accrued thereon) 442,000 1,168,000 1,149,000 1,300,000 1,300,000 1,300,000 1,300,000 Note: The New Annual Caps represent the maximum principal loans outstanding (including the principal loans guaranteed by the Group) together with interest and Guarantee Fee amount. Basis for the New Annual Caps for the transactions contemplated under the ARI Shareholders’ Loan and Guarantee Agreement (as supplemented by the Second ARI Supplemental Shareholders’ Loan and Guarantee Agreement) The New Annual Caps represent the maximum principal loans outstanding (including the principal loans guaranteed by the Group) together with interest and Guarantee Fee amount. The New Annual Caps were determined with reference to factors including (i) the ongoing business development and operational expenses as well as other financial needs of ARI; and
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