Execution of a Multi-purpose Credit Limit Agreement with PKO Bank Polski SA
The Management Board of Answear.com SA (hereinafter referred to as: _quot;the Company_quot;) informs that on June 28, 2022 the Company concluded the Multi-purpose Credit Limit Agreement with PKO Bank Polski SA with its registered office in Warsaw (hereinafter: the _quot;Agreement_quot;) pursuant to which PKO Bank Polski SA grants the Company a multi-purpose credit limit in the amount of PLN 53 million (fifty three million PLN) to finance the Company's current operations.
The concluded contract replaced the existing contract with PKO Bank Polski SA, which allowed the Company to use the credit limit in the amount of PLN 33 million. Consequently, the company has obtained an additional PLN 20 million resources to finance its current operations.
Under the signed Agreement, the Company has the right to use the following products up to a maximum total value of PLN 53 million:
? bank guarantees up to the amount of PLN 9 million;
? overdraft facility up to the amount of PLN 40 million;
? revolving loan up to the amount of PLN 40 million.
The Bank provides the limit until October 27, 2024.
The company may use the loan in the following currencies: PLN, USD, EUR.
PKO Bank Polski SA debt is secured as follows:
1. blank promissory note issued by the Company, with the Company's promissory note declaration,
2. registered pledge up to the maximum security amount of PLN 79.5 million on inventories, notably commercial goods of total value of PLN 60.0 million, located in the Company's warehouses,
3. transfer of cash receivables under the inventory insurance contract,
4. transfer of funds to the account of PKO Bank Polski SA within the meaning of Art. 102 of the Banking Law in the amount of PLN 1 million,
5. Guarantee of the repayment of the limit granted by Bank Gospodarstwa Krajowego (hereinafter: _quot;BGK_quot;) in the amount of 80% of the loan amount, i.e. in the amount of PLN 42.4 million for the period of 27 months, i.e. until September 27, 2024,
6. the security for BGK is a blank promissory note issued by the Company, with the Company's promissory note declaration.
The company will also provide PKO Bank Polski SA with a declaration of submission to enforcement pursuant to Art. 777 ยง 1 point 5 of the Code of Civil Procedure, in the form of a notarial deed, up to the amount of PLN 90.1 million, with the deadline for submitting an application for the enforcement clause to be issued to the notarial deed by September 27, 2027.