The Management Board of CITY INTERACTIVE S.A. hereby informs that on 3 February 2009 the Issuer has concluded a factoring agreement with Bertelsmann Media Sp. z o.o. with its seat in Warsaw, a Arvato Services Polska Branch in Plewiska near Poznań (hereinafter referred to as ‘Factor’).
The maximum limit of Factor’s engagement in financing the Issuer has been established at PLN 5,000,000. The agreement has been concluded for an indefinite period of time. As collateral securing the performance of the agreement, the Issuer undertook to issue a blank bill of exchange with a bill of exchange declaration, to assign the rights under the open account credit risk insurance policy concluded with T.U. Euler Hermes S.A. with its seat in Warsaw and to place a registered pledge on electronic property. The Factor is entitled to receive remuneration not lower than regular remunerations on the factoring services market, calculated as per cent of monthly purchased liabilities and additional operating fees, as well as interest for advancing calculated based on one-month WIBOR or EURIBOR plus the Factor’s margin.
The criterion for acknowledgement of the agreement as significant is the amount of the maximum limit of granted financing which exceeds 10% of the amount of the Issuer’s own capital.
