Form of Credit facility to Banks - Agence Française de Développement

If the Borrower fails to pay the Lender on time any amount (in principal, prepayment
compensatory indemnity or incidental expenses of any kind, other than overdue interest) under
the Agreement, such amount shall bear interest, within the limits permitted by law, for the
period from the said amount’s payment date to the date of its actual payment (whether before or
after an arbitral award, if any, is made), at the Interest Rate applicable to the Interest Period
concerned plus [●insert percentage in words] ([●]%) 7 ,without the need for formal notice from
the Lender.
4.3.2 Late-payment Interest on Overdue Interest
Late-payment interest shall be charged on overdue interest in arrears one year or more, as
permitted by law, at the Interest Rate applicable to the Interest Period(s) concerned plus [●insert
percentage in words] ([●]%) 8 , without the need for formal notice from the Lender.
The Borrower shall pay any outstanding interest pursuant to this Clause 4.3 (Late Interest) upon the
Lender's first demand, or at any Payment Date following the outstanding payment.
The collection of late-payment interest by the Lender shall neither imply the grant of a term of
payment, nor constitute a waiver of any of its rights hereunder.
4.4 Communication of Interest Rates
The Lender shall promptly inform the Borrower of each Interest Rate set in accordance with the
Agreement.
4.5 Overall Effective Rate (Taux effectif global)
The Parties acknowledge that due to certain characteristics of the Facility (and in particular to
the variability of the applicable Interest Rate), the overall effective rate cannot be calculated at
the Signing Date.
With a view to complying with French law and enabling the Borrower to know the actual cost
of the Facility, the Lender deems it useful to clarify, pre-supposing that the Facility is entirely
drawn down at the Signing Date and assuming an indicative fixed rate on [date] of [percentage
in words] ([●]%) per annum, that the Facility overall effective rate would be [●insert
percentage in words] ([●]%) for a half-yearly period and that the overall effective rate per
annum would be [●insert percentage in words] ([●]%). 9
5. CHANGE OF THE CALCULATION OF INTEREST
5.1 Notification
In the event that, during an Interest Period, as a result of any circumstances affecting the
European interbank market, EURIBOR cannot be fixed, the Lender shall notify the Borrower.
5.2 Replacement Rate
During a period of thirty (30) calendar days following the notification given by the Lender in
compliance with Clause 5.1 (Notification) above, the Parties shall negotiate a replacement rate
applicable to the Facility, provided that such replacement rate shall not be refused without
reasonable grounds. The replacement rate (if any) shall apply retroactively as from the first day
of the relevant Interest Period.
7 Rate determined by AFD.
8 Rate determined by AFD.
9 Indicative rate determined by AFD few dates before the Signing Date.
9