SY Factoring definition
Examples of SY Factoring in a sentence
The Board hereby announces that on 21 May 2018, SY Factoring entered into the Supplemental Factoring Agreement (Customer G) with Customer G pursuant to which the expiry date of the credit period was revised from 4 June 2018 to 30 April 2019.
On 21 June 2019, SY Factoring entered into the Previous Agreement (Tianshan) with Tianshan pursuant to which SY Factoring to the Tianshan Group agreed to provide a revolving factoring loan with a credit limit of RMB80,000,000 being secured by accounts receivables of the Tianshan Group.
The Board hereby announces that on 21 May 2018, SY Factoring entered into the Factoring Agreement (Customer F) with Customer F pursuant to which SY Factoring and its subsidiaries jointly granted to Customer F a revolving factoring loan credit limit of RMB600,000,000 at an annual interest rate of not more than 10% (including tax, to be paid within the first five business days each month) with an expiry date of 30 April 2019.
Since Guangdong Kunteng is able to increase the accounts receivable assignable to the Group, upon the request of Guangdong Kunteng and upon the approval of such request by SY Factoring after assessment on the quality of the accounts receivables provided by Guangdong Kunteng, SY Factoring entered into the Second Supplemental Factoring Agreement with Guangdong Kunteng.
To finance the business operation of ▇▇▇▇ ▇▇▇▇▇▇, on 17 May 2019, 3 January 2020 and 3 July 2020 respectively, ▇▇▇▇ ▇▇▇▇▇▇▇, Wuxi Communications, SY Factoring and ▇▇▇▇ ▇▇▇▇▇▇ entered into the Previous Agreements.
Owing to its business need, Guangdong Kunteng negotiated with SY Factoring for the increase of credit limit under the Framework Agreement (as supplemented by the First Supplemental Factoring Agreement).
Since each of the Customers is able to provide the accounts receivables as securities for the Digital Financing Solutions to the Group, upon the request of each of the Customers and upon the approval of such request by the Group after assessment on the quality of their accounts receivables owned by each of the Customers, SY Factoring entered into the each of the Facility Agreements with each of the Customers respectively.
The factoring loan was subject to an interest rate of 13.5% per annum (including tax, to be paid by Guangdong Kunteng to SY Factoring when the factoring loan was repaid) and a service fee of 0.35% of the accounts receivable assigned per month (including tax, to be paid by Guangdong Kunteng to SY Factoring within the first 5 Business Days of the next month).
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 SY Factoring.
Pursuant to the Previous Agreements (Customer M), detailed terms of the factoring services to be provided by SY Factoring to Customer M were to be further agreed by the parties.