![]() ![]() The Debts shall be collected and paid into the designated account maintained by you with us and held on trust for us. The Debts of all Customers will he purchased on a disclosed basis (that is, giving the notices of assignment for the Debts) except as otherwise agreed by us in writing. NOTICE OF ASSIGnmenT FOR DEBTS AND COLLECTION To be approved by the Bank from time to time and as advised by the Bank to the Client.Ġ.35% flat on the face value of the invoice for each Debt.ĩ0 days unless otherwise specified in a Customer Limit Advice issued in respect of the relevant Customer.ģ0 days after the date of delivery of the Good unless otherwise specified in a Customer Limit Advice issued in respect of the relevant Customer. We may in our own name take out credit insurance and/or appoint Correspondent Factor(s) to collect payment of the Debts. If no First Loss is specified in the Customer Limit Advice, the First Loss of such Customer will be “Nil”. In respect of each day on which the rate for Discounting Charge is to be determined, such rate to be:-įor HKD Financing: at 1.5% per annum over 2 months HIBOR (HongKong Interbank Offered Rate) on such day.įor USD Financing at 1.5% per annum over 2 months LIBOR (London Interbank Offered Rate) on such day.įor details of benchmark interest rates, please refer to the attached Appendix.Īs specified in a Customer Limit Advice issued in respect of the relevant Customer.Ĭredit Cover Percentage(s) /Credit Cover Limit(s) /Credit Protection Events:Īs specified in a Customer Limit Advice issued in respect of the relevant Customer. Web: TREASURE SUCCESS INTERNATIONAL LIMITED The Hongkong and Shanghai Banking Corporation Limitedĩ/F, HSBC Building MongKok, 673 Nathan Road, MongKok, Kowloon An expression used in this letter shall have the meaning given to it in the Invoice Discounting / Factoring Agreement, such expression appears there.Ĭredit Management - we provide services in respect of the collection or debts and/or maintenance of a sales ledger in the manner from time to time determined by the Bank.ĭebt shall be purchased on a disclosed basis as set out in Section E below.Ĭredit Protection - we purchase Credit Protected Debts on a Without Recourse basis (Note: please refer in the Standard Conditions on the meaning of “Without Recourse” as used in this Offer Letter).įinance - we may give you the benefit of Prepayments. ![]() This is the Offer Letter referred to in the Invoice Discounting / Factoring, Agreement among TSL, JGL and us. These services are subject to review at any time and, in any event by. We offer to continue to provide you with the debt purchase services on the terms and subject to conditions set out in this letter as well as the Invoice Discounting / Factoring Agreement among TSL, JGL and us (incorporating, among other things, our Standard Conditions For Invoice Discounting / Factoring ( “Standard Conditions”) (together constituting the “Invoice Discounting / Factoring, Agreement”)). With reference to our recent discussions, we are pleased to advise that we have reviewed and revised the debts purchase services provided to Treasure Success International Limited ( “TSL”) and Jerash Garments And Fashions Manufacturing Company Limited ( “JGL”) (previously TSL only). This offer letter supersedes our previous letter of 28 February 2018. Offer Letter Invoice Discounting / Factoring Agreement EX-10.23 5 tv523928_ex10-23.htm EXHIBIT 10.23Ĭommercial Banking - GTRF Receivables Finance Division ![]()
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