Examples of Onshore Group in a sentence
The Onshore Group consists of operations which are located in the PRC.
No later than the fifth Business Day following the date of receipt by the Borrower or any other Offshore Group Member of any Dividends (other than Dividends declared pursuant to Section 5.28) from any Onshore Group Member (the “Onshore Distributions”), the Borrower shall use such cash proceeds to, inter alia, prepay the Term Loans to the extent set forth in Section 2.11(b)(ii).
Accordingly, the provision of the Management Services by Xxx Xxxxx to the Dalian Onshore Group under the Original Agreement as supplemented by the Renewed Management Services Agreement constitutes continuing connected transactions of SOCAM.
The parties agreed to extend the definition of the Dalian Onshore Group by including the New PRC Subsidiaries, and extend the term of the Original Agreement for three years so that it shall end on 31 December 2013 instead of 31 December 2010.
First Tier WFOE means any Onshore Group Member the equity interests in which are directly held and wholly-owned by an Offshore Group Member.
ANNUAL CAPS Pursuant to the Original Agreement as supplemented by the Renewed Management Services Agreement, each of Shanghai SOD, Max Clear and Yida shall provide Management Services to Dalian Onshore Group at an annual management services fee to be calculated at 1%, 1.5% and 1% respectively of the annual total budgeted construction cost for the Dalian Project (which may be revised from time to time).
In addition, as the companies constituting the Dalian Group are the subsidiaries of SOL for the purposes of the Listing Rules, and Max Clear and Yida are connected persons of SOL by virtue of being the substantial shareholders of Richcoast, the engagement by the Dalian Onshore Group of the Management Services from Max Clear and Yida under the Original Agreement as supplemented by the Renewed Management Services Agreement also constitutes continuing connected transactions of SOL.
WFOE Account (subsidiary Cash Management): to the extent legally possible and commercially reasonable, each Obligor shall (and the Borrower shall procure that each other Group Member which is not a VIE Group Member will) ensure that any cash to which an Onshore Group Member (other than a VIE Group Member) is beneficially entitled is promptly paid or credited into a First Tier WFOE Account.
The fees paid or payable to Shanghai SOD, Xxx Xxxxx and Yida by certain companies of the Dalian Onshore Group in respect of the Management Services under the Original Agreement for the financial year ended 31 December 2009 were RMB8.2 million, RMB12.3 million and RMB8.2 million respectively.
Each Credit Party shall (and the Borrower shall ensure that each other Group Member will) keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with GAAP (or IFRS, if applicable with respect to the Onshore Group Members) shall be made of all material dealings and transactions in relation to its business and activities.