Francis,

As per Form 9, under the factoring agreement, the factor will be entitled to have recourse against NUR under certain conditions. Please explain in detail each event that may trigger recourse.

Please confirm whether the interest amounting to 15% p.a. is to be paid in any case or whether this information is sort of linked to the recourse - which I would not understand it is. If the factor receives 15% p.a. plus the discount of 38% (consindering the gross proceeds), please explain whether this is market standard. To me the conditions look against good faith and unreasonably disadvantageous. Have you had reviewed the agreement by an independent lawyer (not Shimmy as he is conflicted)?

Thanks