Article 2. Rate and payment of interest

1. The rate of interest applicable for each interest period, as defined hereinafter, shall be one point three seven five per cent (1.375%) per annum above the London Inter Bank Offered Rate, hereinafter called ‘the Interest Rate”.

The interest shall accrue for each and every period from and including each Drawdown Date to and not including the day as specified for interest payment on Exhibit B attached hereto, hereinafter called “the Interest Payment Date”, immediately following such Drawdown Date, and thereafter from and including each Interest Payment Date to and not including the next Interest Payment Date, hereinafter called “the Interest Period” on the outstanding balance of the Loan at separate rates for each Interest Period calculated on the basis of the actual number of days elapsed and 360-day-yuear, the interest accrued on the Loan is hereinafter called “the Interest”, and shall be paid semi annually in arrears on each Interest Payment Date.

2. The applicable LIBOR for each Interest Period shall be the arithmetic mean, round upward, if necessary, to the nearest whole multiple of 1/16 of 1%, of the six month LIBOR for deposits in the United States Dollars as quoted on Reuters monitor page ‘LIBO’ at or about 11:00 a.m., London time on the second business day in London, England prior to the first day of each Interest Period.

3. The Lender shall notify the Borrow of the Interest Rate promptly after the Quotation Date for each Interest Period and such notice (except for manifest error) shall be conclusive, binding.

Such notice shall be made in the manner as described in Article 16 hereof.

Unit 3

Text A