A long-term loan of PLN 14,000,000.00 for the City of Szczecinek for partial financing of the budget deficit planned in the budget of the City of Szczecinek for 2019

1. The subject of the contract is the granting of a long-term loan in the amount of PLN 14,000,000.00 to the City of Szczecinek for the partial financing of the budget deficit planned in the budget of the City of Szczecinek for 2019, with the following characteristics:

1) Loan amount: PLN 14,000,000.

2) Loan period: from June 2019 to 31/12/2029.

a) Loan launched in tranches until December 31, 2019 based on the Employer's applications submitted to the bank by December 29, 2019.

b) The loan amount not launched by the end of this year will not be used. The Bank will not charge the Employer with additional costs for not using the entire loan.

c) The Purchaser undertakes to take out a loan of at least PLN 10,000,000.00.

3) The loan will be repaid monthly in the following installments and dates:

a) from January 2020 to November 2029 in 119 equal installments in the amount of PLN 116,667.00 on the date falling on the last day of a given month,

b) 31.12.2029 1 installment in the amount of 116 627.00 PLN.

4) The interest will be repaid on a monthly basis from the credit actually used, on the last day of the month.

5) Credit servicing costs are:

a) preparation commission,

b) loan interest rate.

The commission will be payable each time from the amount of tranches launched on the day of launching the loan tranche.

The loan interest rate will be variable, determined on the basis of the base rate plus the contractor's margin.

The base rate is set for a period of 1 month and is the WIBOR rate for 1-month deposits, announced on the 28th or last business day before that date if there is no listing on that day, and applies to interest accrued from the next month .

The contractor's margin is fixed during the loan period (contract duration).

6) The loan repayment security will be a blank promissory note with a promissory note declaration.

7) The Bank undertakes to guarantee the early repayment of part or all of the loan without charging the Purchaser with additional costs, after prior notification of the Bank by the Purchaser within 7 days of the intention to make such repayment.