Examples of CEC Group in a sentence
The principal terms of the Master Lease Agreement are as follows: Date: 24 November 2014 (after trading hours) Parties: (1) the Company (2) CEC Pursuant to the Master Lease Agreement, the Group shall from time to time lease properties located within the PRC and owned by the Group to the CEC Group during the term of the Master Lease Agreement.
The Master Lease Agreement is not exclusive and the Group shall have the absolute discretion to determine whether to lease the relevant properties to the CEC Group or not and the Master Lease Agreement shall not restrict or limit the Group to lease the relevant properties to any third parties.
Annual caps It is expected that for each of the year ending 31 December 2015, 2016 and 2017, the maximum annual aggregate rental receivable by the Group from the CEC Group will not exceed the following respective amounts and such amounts have been set as the annual caps for the continuing connected transactions contemplated under the Master Lease Agreement.
In addition, the Directors consider that the entering into the Master Property Management Agreement and the Master Lease Agreement can set out a framework for and streamline these continuing connected transactions between members of the Group and members of the CEC Group.
The Directors (including the independent non-executive Directors) are of the view that the pricing mechanism of the rental payable by the CEC Group contemplated under the Master Lease Agreement is fair and reasonable, on normal commercial terms, and in the interests of the Company and the shareholders of the Company as a whole.
Pursuant to the 2021 First Master Lease Agreement, the rental chargeable by the Group and payable by the CEC Group shall be subject to the provisions of the 2021 First Master Lease Agreement and the rental rate as set out in the separate agreement(s) to be entered into between members of the Group and members of the CEC Group, which shall be on normal commercial terms, fair and reasonable, and no less favourable than those available to other independent third parties.
The 2024 Second Master Lease Agreement is not exclusive and would not create any obligation on the part of the Group to lease the relevant properties from the CEC Group.
The 2021 First Master Lease Agreement is not exclusive and the Group shall have the absolute discretion to determine whether to lease the relevant properties to the CEC Group or not and the 2021 First Master Lease Agreement shall not restrict or limit the Group to lease the relevant properties to any third parties.
Annual caps It is expected that for each of the years ending 31 December 2024, 2025 and 2026, the maximum annual aggregate rental receivable by the Group from the CEC Group will not exceed the following respective amounts and such amounts have been set as the annual caps for the continuing connected transactions contemplated under the 2024 First Master Lease Agreement.
The rental payable by the CEC Group shall be determined by a pricing mechanism with reference to the market rental at the time of entering into of the separate agreements for premises of comparable in location, area and permitted uses, or relevant market comparable obtained from independent valuer (if necessary).