Amendment #4 Page 497 of 868 tab" 4 r 'nut* nt 9. Notes and loans payable To Ina nce the development. construction and completion of the Picard. be Company entered into lots loan arrangements on April 20. 2012 for a total aggregate pnrcipai amour of up to US991 500,000 Notes and loans payable are denominated in US Col ars and were as follows Interest rates prevailing at March 31, 2015 Decent/fee 31, 2014 March 31, 2015 December 31, 2014 Nederland:se Fin., rocrings-Maedschoppij Voor Ontwirkelirolanden N V (FMO Senor) 7.28% 728% $29225,799 $ 28.758.515 Socete de Promoton el de Participator) pour la Cooperation Ecunomqw (PROPARCO) Deutsche I neesttions-brd Entmcklungsgesellschrit 1.19.4 (DEG) 7.21% 817% 721% 8 17% 24,816,111 23,411.428 23 25:8391 25:020 117 Nederlandse Finarcerings. /Aareschappa \icor Crxwickefingslanden N V (FIAO Sttodnated) 1250% 1250% 11,240,540 11.471.795 Snooper 86.889878 87,447,148 Less - Deferred borrowing costs (3,470,061) Less - PAatunty of one year or less 82.218,817 (4,749,390) 83:34...3695 303 11...67 1°31071) Pnnopal $77.440,427 $ 79.440.447 FMO acted as the 'Lead Arranger' in the Prated financing The provisions of the loam are included in the torrinon Terms Agreement'. the 'Master Accost Agreement*. the 'Rally Coneltreion and Share Peterson Agreement'. and the four 'Loan Ageerrents'. The loan dOettnentS establish affirmagee, negative and !mance' covenants br lir Canparry The loans we secured ty the Project and al es assets, with Otte*. N A acing as offshore security trustee and Sento de America Central. S. A (BAC) stand as onshore secunty trustee As of March 31, 2015 accrued irterest and tees payable on the loan agyernents amount to US$292,375 (December 31. 2014 US$ 319268) Refer to a discussion of resented cash con:Mons under the credt agreement as explained in Note 3 stove. 10. Income tax and deferred Income tax Eob was granted a seven-year exemption on corporate income taxes starbr