Conclusion of a factoring agreement
11.05.2018
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Date |
2018-05-11 |
Current report no. |
16/2018 |
| The Management Board of TIM SA with its registered office in Wrocław announces that on 10.05. 2018 it was notified on signing by mFaktoring SA with its registered office in Warsaw_hereinafter referred to as: “Faktor”_of Factoring Agreement No. 53/2018_hereinafter referred to as: “The Agreement”_concluded by and between TIM SA_hereinafter referred to as: „The Company”_ and Faktor, dated 07.05.2018. The subject of the Agreement is the provision of factoring services by Faktor for the benefit of TIM SA: Under the Agreement, Faktor undertook to make available funds up to the total amount of the available limit of PLN 20,000,000 (twenty million PLN) along with taking over of the insolvency risk of the Company’s customers. The security of the Agreement shall be a transfer of rights upon the insurance policy concluded with Atradius Crédito y Caución S.A de Seguros y Reaseguros Spółka Akcyjna Oddział w Polsce, in blanco bill of exchange along with the bill of exchange agreement of the Company, assignment of the Company’s bank account with mBank SA. Faktor, under the Agreement, has the right to charge fees and interest on the financing granted as well as further operational fees set out in the Agreement, where the amounts of such payments have been established on market terms. The above Agreement was made for an indefinite period of time. The Management Board of TIM SA notes that the above information is considered confidential within the meaning of the definition set out in Article 7 MAR due to the fact that the amount of potential liability of TIM SA towards the entities belonging to the mBank Group may influence future financial results of TIM SA.
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SIGNATURES OF PERSONS REPRESENTING THE COMPANY
| 2018-05-11, Anna Slobodzian-Pula – Member of the Board 2018-05-11, Piotr Tokarczuk – Member of the Board |