Conclusion of an agreement for financing working assets with Bank Handlowy w Warszawie SA
The Management Board of Answear.com SA (hereinafter: "Company") informs that on 13th of November 2021 the Company concluded with Bank Handlowy w Warszawie SA a Framework Agreement for Revolving Credit Line (hereinafter: "Framework Agreement") for the following products:
- trade loan facility for the purpose of financing the Company's liabilities to suppliers,
- short-term bank guarantees,
- import letters of credit with the possibility of rollover
and the Framework Agreement for the Trade Loan Facility within the aforementioned Framework Agreement.
The total amount of credit limit granted for the Company is PLN 15,000,000. The Framework Agreement has been concluded for the period ended 30th of September 2022.
The Company has agreed to make a statement on submission to execution pursuant to Article 777 § 1 point 5 of the Code of Civil Procedure, in the form of a notarial deed, up to the amount of PLN 18,000,000.
Moreover, the Company is obliged to maintain quarterly inflows, directly from its business partners at the minimum value being proportional to Bank Handlowy's stake in the Company's financing when compared to other financing banks, but not less than PLN 10,000,000 and until the moment of full repayment of credit line.