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Section 3.05. Interest

(a) Subject to Default Rate Interest provision, the Borrower shall, on each Interest Payment Date, pay interest on the principal amount of the Loan outstanding during the immediately preceding Interest Period at the per annum rate of 8 % and LIBOR on the Interest Determination Date for one, two, three or six months (whichever period is closest to the duration of the relevant Interest Period) rounded upward to the nearest three decimal places; provided that, with respect to any Disbursement made less than fifteen (15) days before an Interest Payment Date, interest shall be paid on the second Interest Payment Date following the date of that Disbursement. Interest shall accrue from day to day and be calculated on the basis of a 360-day year and the actual number of days in each Interest Period.

(b) If for any reason LIBOR cannot be determined from the Telerate Service or any other service that displays BBA rates, IFC will make such determination by calculating the arithmetic mean (rounded upward to the nearest three decimal places) of the offered rates for deposits.

(c) The Borrower may, as an alternative to paying interest at a variable interest rate on all or any portion of the IFC Loan then outstanding, elect to pay interest at a fixed interest rate on a portion of the IFC Loan:

The Borrower shall exercise such option by notice to IFC not less than five business days prior to the proposed date on which the interest will be fixed (the «Interest Fixing Date»). Such notice shall, unless IFC otherwise agrees, be irrevocable and shall specify the Interest Fixing Date and the date on which the interest variable rate shall be converted to a fixed interest rate (the «Interest Conversion Date») selected by the Borrower and the principal amount of the IFC Loan to be converted to a fixed interest rate; Commencing on the Interest Conversion Date, the portion of the IFC Loan being converted (as specified in the Borrower's notice) shall be subject to a fixed interest rate. The fixed interest rate shall be equal to the forward fixed interest rate for the Loan Currency which is available to IFC in the interest swap market on such Interest Fixing Date for the period commencing on such Interest Conversion Date and ending on the final IFC Loan repayment date, taking into account the principal repayment and interest payment schedules for the IFC Loan. IFC shall determine the fixed interest rate on such Interest Fixing Date and promptly give notice thereof to the Borrower; IFC may at any time elect to consolidate all fixed interest rates then applicable to portions of the IFC Loan into a single fixed interest rate equal to the weighted average of the fixed interest rates then applicable to portions of the IFC Loan. IFC shall determine such consolidated fixed interest rate and promptly give notice thereof to the Borrower. Such consolidated fixed interest rate shall be applicable to all portions of the IFC Loan then bearing interest at fixed interest rates commencing on the Interest Payment Date immedi­ately following the notice from IFC to the Borrower.

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