EFTA01366926.pdf

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, December 31, March 31, Decent/fee 31, 2015 2014 2015 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) 7.21% 721% 24,816,111 Deutsche Ineesttions-brd Entmcklungsgesellschrit 1.19.4 (DEG) 817% 8 17% 23,411.428 25:8 23 391 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) 82.218,817 83:3 4...6303..67 311. 95 1 °1 30 1 7) Less - PAatunty of one year or less (4,749,390) 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 starbrg on November 12.2012 The Company calculates the penod income tax expense using the tax rate that would be applicable to the expected total annual earnirgs The maim components of income tax expense in the interim condensed staterrert of comprehensive ircome are. For the three months ended hbrch 31, Nbrch 31, 2016 2010 anent ircorre tax experee $ — S — Wetted income tax expense relang to migration and reversal of temporary dtferences 306,584 303 128 Income tax expense recognized in statement of comprehensive income $ 306.584 5 303.128 F177 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058454 CONFIDENTIAL SDNY_GM_00204638 EFTA01366926