The subject of the contract is to grant the Cekcyn Commune a consolidation loan in the amount of PLN 5,806,500.00 (in words: five million eight hundred six thousand five hundred zlotys).

1. The subject of the order is the granting of a consolidation loan in the amount of PLN 5,806,500.00 to the Cekcyn Commune (in words: five million eight hundred six thousand five hundred zlotys).

2. Consolidation loan The Commune of Cekcyn intends to allocate to the full repayment of previously incurred liabilities, ie bank loans taken out in the following banks:

a) Bank Spółdzielczy in Koronowo - PLN 292,500.00

b) Bank Gospodarstwa Krajowego in Warsaw - the amount of PLN 731,000.00

c) Bank Gospodarstwa Krajowego in Warsaw - the amount of PLN 4,495,000.00

d) Bank Spółdzielczy w Koronowie - PLN 288,000.00.

3. The loan will be repaid by 2034.

4. Grace in loan repayment - until 31.3.2020.

5. The collateral for the timely repayment of the loan with interest will be a blank promissory note together with a promissory note declaration bearing the countersignature of the Treasury of the Commune.

6. The possible amount of commission on granting the loan will be charged once on the day of the loan release.

7. The Awarding Entity provides for the possibility of early repayment of a loan or a part thereof without incurring any charges in this respect, without notifying the bank of the intention to make such a repayment.

8. The loan may not be charged with other fees and commissions.

9. Settlements between the contracting authority and the contractor will be made in Polish zlotys [PLN].

10. The interest rate of the loan is calculated according to the variable WIBOR 1M rate set for a period of 1 month in the amount of the WIBOR 1M rate as the arithmetic average of all days of the month (ie together with days off where the rate from the previous day applies) and applicable to determine the interest rate starting from 1st day of the following month - assuming the actual number of days in a year.

11. The interest rate specified at the time of conclusion of the contract may change during the contractual period only if the WIBOR 1M rate for one-month deposits changes (base rate). The margin during the contractual period is constant.

12. The loan will be discharged by a transfer to the current account indicated by the awarding entity at the request of the awarding entity.

13. The loan will be repaid in 60 unequal quarterly installments, payable on the last working day of each month ending the quarter, starting from 31.3.2020.

14. The amount of capital installments according to the schedule specified in point 4.14 of the Terms of Reference.

15. The loan will be released at the request of the awarding entity in one tranche, not later than two days after signing the contract.

16. Interest will be paid in monthly installments on the last business day of each month starting from the month in which the loan will be launched.

17. Due interest is calculated for each day of using the credit from the day of its activation.

18. The repayment of interest and capital is the day the receivables are credited to the credit account.

19. If the date of payment of interest falls on a day recognized by law as non-working day, the repayment takes place on the first business day falling before the public holiday.

20. Interest on the loan will not be capitalized.

21. When calculating interest, the actual number of calendar days is assumed.

22. To calculate the price for the implementation of the subject of the contract, the WIBOR 1M of 1.7.2019 should be used as the base rate, while the date of the loan release should be 16.9.2019.

23. The Awarding Entity does not envisage awarding the contracts referred to in art. 67 section 1 point 6 of the PPL Act.

A detailed description of the subject of the contract is included in the Specification of the Essential Terms of the Order and its attachments.