SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER E) Background Sample Clauses

SUPPLEMENTAL FACTORING AGREEMENT (CUSTOMER E) Background. On 26 December 2017, Xxxxx Xxxx entered into the Previous Agreements (Customer E) with Customer E pursuant to which Xxxxx Xxxx agreed to provide to Customer E, among other things, i) a revolving factoring loan with a credit limit of RMB200,000,000 at an annual interest rate of 9% (including tax, to be paid by Customer E to Xxxxx Xxxx within the first five business days each month) being secured by a pool of accounts receivables of Customer E which would expire on 25 December 2018; ii) accounts receivable management services and accounts receivable collection services for a period of 2 years from the date of signing of the framework agreement. The factoring was with recourse and without notification. After the entering into of the Previous Agreements (Customer E), Customer E applied for utilizations of the revolving factoring loan via several applications respectively which had been approved and granted by Xxxxx Xxxx. As at the date of this announcement, RMB199,590,000 of the revolving factoring loan which was utilized remained outstanding. The Board hereby announces that on 21 May 2018, Xxxxx Xxxx entered into the Supplemental Factoring Agreement (Customer E) with Customer E pursuant to which i) the revolving factoring loan credit limit granted to Customer E was revised from RMB200,000,000 to RMB600,000,000; ii) the factoring loan prepayment ratio was revised from not more than 70% of the accounts receivable assigned to not more than 80% of the accounts receivable assigned or not more than 50% of the purchase order assigned (as the case may be); iii) the annual interest rate was revised from 9% to not more than 10%; iv) the expiry date of the credit period was revised from 28 December 2018 to 30 April 2019; v) the factoring was revised from being without notification to being with or without notification which would be determined based on the accounts receivable assigned; and vi) the credit limit could be granted by Xxxxx Xxxx or any of its associated companies but the accumulated credit limit would not exceed the credit limit granted by Xxxxx Xxxx. Save as disclosed above, all the terms of the Previous Agreements (Customer E) shall remain materially unchanged and in full force and effect and binding on the parties. The interest rate was determined by the parties on arm’s length negotiation taking into account i) the credit rating of Customer E and the debtors of the accounts receivables provided by Customer E; ii) the credit period; and iii) the factoring...
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