SALIENT TERMS OF THE AGREEMENT. In consideration of the mutual agreements and undertakings set out in the Agreement, SC had agreed to withhold taking legal action against SCSB for the debt which was amounting to RM2,766,942.54 ("Debt”), subject to the following terms and conditions:- • SCSB and IBI shall jointly and severally undertake to satisfy the Debt to SC in the following manner:-
(i) The Debt shall be fully settled by way of transferring IBI’s rights and ownership to all that 21 pieces of freehold land together with all buildings erected thereon free from all encumbrances, held under the title numbers as stated below in favour of SC, whereby IBI as the registered and beneficial owner of the Property shall have simultaneously with the execution of the Agreement, execute the Memorandum of Transfer along with a Power of Attorney to effect the said transfer and all relevant documents including but not limited to the original document of title to the Property to be deposited with Messrs Xxxx Xxxx & Partners as stakeholder.
(ii) Upon the transfer of rights and ownership to the Property in favour of SC, the Debt due and owing to SC shall be deemed to be fully settled. Thereafter, taking into consideration that the market value of the Property is at RM3,650,000.00 only, which exceeds the sum of Debt, there shall be an excess sum of RM883,057.46 only (“Excess Sum”).
(iii) The Excess Sum shall be due and payable by SC to the Debtor and thereon shall be settled within 5 years from the date of this Agreement until full and final settlement.
(iv) The parties hereby authorise the solicitor to register the Power of Attorney at the High Court and simultaneously enter a private caveat each on the Property upon the execution of the Agreement and further authorise the solicitor to effect the transfer of the Property at the instructions of SC.
(v) The parties further agreed that SCSB and IBI shall upon the execution of the Agreement jointly and severally guarantee the repayment of the Debt. The details of the Property are as follows:-
(a) GMS 17637, Xxxx 000, Xxxxxxx 00, Tempat Alor Bangsa, Bandar Alor Setar, Daerah Kota Setar, Negeri Kedah, measuring approximately 168 square metres;
(b) GMS 17638, Xxxx 000, Xxxxxxx 00, Tempat Alor Bangsa, Bandar Alor Setar, Daerah Kota Setar, Negeri Kedah, measuring approximately 102 square metres;
(c) GMS 17639, Xxxx 000, Xxxxxxx 00, Tempat Alor Bangsa, Bandar Alor Setar, Daerah Kota Setar, Negeri Kedah, measuring approximately 102 square metres;
(d) GMS 17640, Xxx...
SALIENT TERMS OF THE AGREEMENT. The salient terms and conditions of the Agreement, among others, are set out as follows:-
SALIENT TERMS OF THE AGREEMENT. 3.1 Scope of Agreement When NISB has product demand, it shall promptly negotiate with Shanghai Liangrun on the quantity, price and delivery place of the Diagnostic Kit, which shall become effective upon confirmation by both parties. The parties understand that NISB’s 51% owned subsidiary, TRI-G is the company registered under Medical Device Authority (MDA), Ministry of Health, Malaysia and licensed to operate under the Medical Device Xxx 0000 (Act 737) shall be in the best endeavours to obtain the necessary approval and license for the Diagnostic Kit to be distributed in Malaysia and in Indonesia. In the event that any of the applications to the MDA in Malaysia or equivalent authority in Indonesia is rejected or with conditions not reasonable or acceptable to the relevant parties or shall not have been given or not obtained, where as there is no other products of interest for approval, either party may terminate this Agreement immediately.
SALIENT TERMS OF THE AGREEMENT. 3.1. The Agreement will be effective on the date of signing of the Agreement and will expire on 31 July 2022, unless terminated earlier by either AAB or AAX, for any reasons whatsoever, by providing thirty (30) days’ prior written notice. In the event of a material breach, either AAB or AAX can terminate the agreement by providing an immediate notice to remedy to the non-defaulting Party. If the defaulting Party doesn't remedy within thirty (30) days, then the non-defaulting Party may terminate the Agreement without further notification.
3.2. AAB will lease one (1) Airbus A330-343 aircraft from AAX in accordance with the terms and conditions stipulated under the Agreement and the Terms and Conditions of Carriage.
3.3. AAB will pay AAX a total estimated consideration of Ringgit Malaysia Two Million One Hundred Eighty One Thousand Three Hundred Seventy Five (RM2,181,375), exclusive of the 6% Sales and Service Tax, within thirty (30) days from the receipt of the invoice from AAX. The total estimated consideration due to AAX comprises actual flown and planned wet lease of the aircraft on an hourly billing basis for the period of the agreement. The final total payment will vary based on hours eventually flown.
3.4. In the event of any cancellation, re-route and/or re-schedule of the flights for commercial reasons, AAB will give forty-eight (48) hours’ prior notice to AAX and if such changes lead to additional direct costs for AAX, then AAB will compensate AAX such costs in full.
3.5. The Agreement is governed by the laws of Malaysia and any dispute will be resolved by arbitration at the Asian International Arbitration Centre.
SALIENT TERMS OF THE AGREEMENT. (A) Details of the Lease
SALIENT TERMS OF THE AGREEMENT. (a) By virtue of the Agreement, TSSC, MS1 and MS2 (collectively referred to as the “Parties”) mutually agree with each other that the share capital in the JV Company shall be allotted to the Parties in the following agreed proportion pursuant to terms and conditions contained in the Agreement:-
(i) TSSC : 30% of the share capital of the JV Company;
(ii) MS1 : 50% of the share capital of the JV Company; and
(iii) MS2 : 20% of the share capital of the JV Company.
(b) In accordance with the terms of the Agreement, the Parties agree to provide initial paid up capital to the JV Company, in proportion to their respective shareholdings in the JV Company, with initial capital of RM1,000,000 to be injected into the JV Company.
(c) The JV Company shall carry out the business relating to industrial real estate property development, acquisition, ownership, operation, management, and leasing (the business activities may include related services such as industrial property consultancy, valuation, design and construction, development management, marketing and sales, and investment) and/or such other businesses in such manner as the Board of Directors may from time to time decide.
SALIENT TERMS OF THE AGREEMENT. (a) The Agreement is to signify MSPI and PT Gaya (collectively referred to as the “Parties”) commitment to establish the JV Company, with an authorized capital of Rp 140,000,000,000 (one hundred forty billion Rupiah), and an issued and paid-up share capital of Rp100,000,000,000 (one hundred billion Rupiah), consisting of 100,000 (one hundred thousand) Shares, each in a nominal value of Rp 1,000,000 (one million Rupiah).
(b) The capital and shareholding composition of the JV Company will be as set out below: Capital Structure Authorized Capital: Rp140,000,000,000 Subscribed and Paid-Up Capital: Rp100,000,000,000 Shareholding Shareholder Number % Par Value Composition of Shares 1. Mah Sing Plastics Industries Sdn. Bhd. 70,000 70% Rp 70,000,000,000 (equivalent to about RM21,140,000) 2. PT Gaya Sukses Mandiri Kaseindo 30,000 30% Rp 30,000,000,000 (equivalent to about RM9,060,000) Rp Total 100,000 100% 100,000,000,000 (equivalent to about RM30,200,000) Note: the exchange rate of Indonesian Rupiah (“Rp”) 100 : Ringgit Malaysia 0.0302), being the middle rate quoted by Bank Negara Malaysia at 5:00 p.m. on 22 January 2024, has been applied in this announcement for illustration purposes.
(c) Subject to the terms and conditions of the Agreement, the Shareholders agree that the JV Company shall carry on the following business activity:
(i) KBLI Code 22293 – Manufacturing of Plastic Goods and Technical/Industrial Equipment
(ii) KBLI Code 46900 – Wholesale Trading of Various Goods
(d) In the event the JV Company requires additional funding in the future, the Parties agree that funds required by the JV Company shall be funded with the following methods under the following order:
(i) By using its own resources;
(ii) By seeking the necessary funds from external parties, namely financing companies, banks, or other entities within the financial sector, by terms acceptable and approved by the general meeting of shareholders of the JV Company;
(iii) By way of loan from the Shareholders; and/or
(iv) The combination of any of the above methods.
SALIENT TERMS OF THE AGREEMENT. (a) Zhejiang Materials Industry Chemical Group will be responsible for the purchase and supply of key raw materials to Huaxiang (China). The finished goods produced by Huaxiang (China)will be sold back to Zhejiang Materials Industry Chemical Group based on the actual raw materials prices used in production plus a pre-determined fixed processing fee of the respective product produced.
(b) Zhejiang Materials Industry Chemical Group will also act as the sole distributor of Huaxiang (China)’sfinished products to Huaxiang (China)’s customers (“Customers”).
(c) Huaxiang (China) will be leasing part of its warehousing facilities to Zhejiang Materials Industry Chemical Group to store the latter’s raw materials and finished goods.
SALIENT TERMS OF THE AGREEMENT. 1 and Agreement 2 INFORMATION ON EDSB
SALIENT TERMS OF THE AGREEMENT. 2.1 KSM is allowed to take all necessary steps and measures to sell and distribute the Products including but not limited to appoint other company(ies) (“Sub-Distributor”) which undertakes not to disclose any information about the Manufacturers and its businesses to any 3rd party, in particular, their competitors.
2.2 The Manufacturers shall provide training, courses or other promotional exercises in relation to the Products to KSM and /or its Sub-Distributor.
2.3 The Manufacturers shall provide the recommended selling price of the Products (inclusive of any trade offer, special offer, promotional packs or other similar activity), which may be varied or adjusted from time to time subject to the mutual written agreement of the Parties.
2.4 All aspects of the warehousing, distribution and advertising and promotion of the Products by KSM shall be in KSM’s own cost and expenses. KSM shall comply with all legal requirements in relation to the storage, promotion and sale of the Products.
2.5 KSM shall make clear to its customers and the prospective customers, that it is acting as a Sole-Distributor of the Products and not as an agent of Manufacturers or as being entitled to bind the Manufacturers in any way and unless expressly authorised by the Manufacturers in writing, KSM shall not make any promise, representations or give any warranty or guarantee in respect of the Products.
2.6 The Agreement may be terminated at any time by either party with or without cause by giving to the other party not less than 90 days’ written notice.
