THE FACTORING AGREEMENTS Sample Clauses
The "Factoring Agreements" clause defines the contractual arrangements under which a business sells its accounts receivable to a third party, known as a factor, in exchange for immediate cash. Typically, this clause outlines the terms governing the sale, such as which receivables are eligible, the process for transferring ownership, and the responsibilities of both the seller and the factor. By establishing clear rules for the factoring relationship, this clause ensures that both parties understand their rights and obligations, thereby facilitating smooth financial transactions and mitigating disputes over payment or collection.
THE FACTORING AGREEMENTS. The principal terms contained in each of the Factoring Agreements are substantially similar. The principal terms of the Factoring Agreements are summarized as follows: The Factoring Agreement I, the Factoring Agreement II, the Factoring Agreement III, the Factoring Agreement IV, the Factoring Agreement V, the Factoring Agreement VI and the Factoring Agreement VII: May 17, 2024
THE FACTORING AGREEMENTS. The Board hereby announces that on November 26, 2020, the Company entered into the Factoring Agreement I, the Factoring Agreement II, the Factoring Agreement III, and the Factoring Agreement IV with the Factoring Bank, pursuant to which the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables I, Lease Receivables II, Lease Receivables III, and Lease Receivables IV under the Finance Lease Agreement I, the Finance Lease Agreement II, the Finance Lease Agreement III, and the Finance Lease Agreement IV, the outstanding lease principals of which are RMB36,492,432, RMB52,922,619, RMB52,922,619 and RMB52,922,619, respectively, to the Factoring Bank, and the Factoring Bank has agreed to receive such creditor’s rights and relevant rights and to provide the Company with factoring facilities with a total of approximately RMB164,700,000 and factoring facility services. The principal terms contained in each of the Factoring Agreements are substantially similar. The principal terms of the Factoring Agreements are summarized as follows: November 26, 2020
THE FACTORING AGREEMENTS. The Board hereby announces that on September 28, 2021, the Company entered into the Factoring Agreement IV with the Factoring Bank, pursuant to which, (i) the Factoring Bank has agreed to provide the Company with recourse factoring services of approximately RMB69,374,537.8 from the execution date of the Factoring Agreement IV, and the Company has agreed to transfer of the undue sums from the Lease Receivables VIII (i.e. RMB45,035,148) and the Lease Receivables IX (i.e. RMB43,000,498) to the Factoring Bank for obtaining the Funds from the Factoring Bank; and (ii) the Funds shall be repayable by the Company to the Factoring Bank by March 15, 2024 pursuant to the terms and conditions of the Factoring Agreement IV. Within the past twelve months, on November 19, 2020, the Company entered into the Factoring Agreement II with the Factoring Bank, pursuant to which the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables V and Lease Receivables VI under the Finance Lease Agreement V and the Finance Lease Agreement VI, the outstanding lease principals of which were RMB31,821,666 and RMB50,476,061, respectively, to the Factoring Bank, and the Factoring Bank has agreed to receive such creditor’s rights and relevant rights and to provide the Company with factoring facility of approximately RMB68,217,954 and factoring facility services. On March 12, 2021, the Company entered into the Factoring Agreement III with the Factoring Bank, pursuant to which the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables VII under the Finance Lease Agreement VII, the outstanding lease principals of which were RMB23,019,722 to the Factoring Bank, and the Factoring Bank has agreed to receive such creditor’s rights and relevant rights and to provide the Company with factoring facility of approximately RMB17,455,250 and factoring facility services. On September 28, 2021, the Company entered into the Factoring Agreement IV with the Factoring Bank. As the Factoring Agreement II and the Factoring Agreement III were entered into with the Factoring Bank within a 12-month period prior to and inclusive of the date of the Factoring Agreement IV, the transactions contemplated under the Factoring Agreement II, the Factoring Agreement III and the Factoring Agreement IV will be aggregated as a series of transactions for the Company pursuant to Rule 14.22 of the Listing Rules. As the highest applicable...